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Kim Hyun-bin

Korea Times Digital Media Reporter

Kim Hyun-bin began his journalism career at Arirang TV from 2012 to 2017, specializing in defense, foreign affairs and the economy. In 2018, he joined The Korea Times, covering society and business, and is currently responsible for embassy affairs.

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3 individuals win LG Humanitarian awards

From left are Lee Jung-ah, Cho Yeon-je and late Seong Gong-il. Courtesy of LG Welfare FoundationBy Kim Hyun-binThe LG Welfare Foundation gave humanitarian awards to three individuals who have helped improve society."The award is given to encourage righteous people who do not spare their devotion and service for their neighbors," an LG official said.Lee Jung-ah, aged 55, began teaching underprivileged teenagers in night schools and study rooms in Bucheon, Gyeonggi Province, while she was a university student in 1988. In 2004, she launched a youth community organization and since 2011 has operated free meal trucks for runaway teenagers who have left home for various reasons including domestic violence. Over 6,000 teenagers have utilized the meals so far.Additionally, Lee supports alternative housing and self-reliant living spaces for teenagers. Since last year, she has operated the trouble counseling bus to help teenagers gain the strength to overcome their difficulties on their own. "What is more urgent than a shelter for teenagers in difficult circumstances is a community they can le

May 11, 2023By Kim Hyun-bin
3 individuals win LG Humanitarian awards
Companies

Hyundai Motor Group to create robust EV ecosystem

Minister of Economy and Finance Choo Kyung-ho, front row second from right, visits a production line at Hyundai Motor's plant in Ulsan, Tuesday. Courtesy of Ministry of Economy and FinanceBy Kim Hyun-binHyundai Motor Group is planning to expand its production of domestic electric vehicles (EVs) so as to solidify its position as a first mover in the EV industry, company officials said Tuesday.The company unveiled its plan to Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, during his visit to the mobility company's Ulsan plant, including the construction of a new EV production plant there.Hyundai aims to start building the new plant, which will be dedicated to EVs, in the fourth quarter of this year, by investing approximately 2 trillion won ($1.51 billion), completing the plant by 2025. It will be Hyundai's first new domestic plant in 29 years since the Asan plant began operations in 1996.Kia EV9/ Courtesy of Hyundai Motor GroupThe new plant will produce a variety of next-generation cars based on intelligent smart systems, automation, and environmentally frien

May 9, 2023By Kim Hyun-bin
Hyundai Motor Group to create robust EV ecosystem
Companies

KITA seeks to revitalize Korea-Japan business exchanges

Korea International Trade Association (KITA) Chairman Koo Ja-yeol, center, poses with Kansai Economic Federation Executive Director Kakumoto Keiji, left, and Kansai Economic Federation Chairman Miyabe Yoshiyuki, during a luncheon meeting in Osaka, Japan, Tuesday. Courtesy of KITABy Kim Hyun-binKoo Ja-yeol, chairman of the Korea International Trade Association (KITA), held a luncheon meeting with the Kansai Economic Federation in Osaka, Japan, Tuesday, hoping the easing of relations between Korea and Japan would serve as an opportunity to strengthen cooperation with the Kansai region, Japan's second-largest economic zone.At the meeting, Koo said the South Korea-Japan relationship is becoming favorable after two summit meetings between the two countries, and that economic cooperation is accelerating. He also introduced various private sector exchange programs such as the 22nd Tokyo Korea product exhibition and the Korea-Japan future industry cooperation forum that are being pursued to activate private sector exchanges.The luncheon was attended by key Japanese business leaders including

May 9, 2023By Kim Hyun-bin
KITA seeks to revitalize Korea-Japan business exchanges
Companies

Hybrid sales jump due to insufficient EV infrastructure

Hyundai Motor's eco-friendly Tucson Hybrid SUV North American model / Courtesy of Hyundai Motor GroupBy Kim Hyun-binA worker in his early 40s surnamed Kwon recently purchased a new hybrid vehicle as rising gas prices and inflation had been taking a toll on his budget. Initially, Kwon looked into purchasing an electric vehicle (EV) but turned to a hybrid as he believes the country lacks EV infrastructure and he also has safety concerns.“Initially, I considered purchasing an EV but went with a hybrid as there seem to be difficulties finding vacant charging stations,” Kwon said. “Also we have a young child and there were many accidents that engulfed EVs into flames, so I didn't want to take the risk.”Like Kwon, many are choosing hybrids, and carmakers are responding quickly to the increased demand by expanding their hybrid lineups.According to the CARISYOU data research institute, the total number of hybrid cars sold in Korea from January to April this year increased by 25.6 percent compared to the previous year, reaching a total of 91,750 vehicles.It is analyzed

May 9, 2023By Kim Hyun-bin
Hybrid sales jump due to insufficient EV infrastructure
Companies

Kishida calls for stronger Korea-Japan cooperation in global supply chains, high-tech industries

Japanese Prime Minister Fumio Kishida, fifth from right, poses with Korean business leaders at the Lotte Hotel in Seoul, Monday. From fourth from left are Korea International Trade Association (KITA) Chairman Koo Ja-yeol, Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik, Kishida, Federation of Korean Industries (FKI) Acting Chairman Kim Byung-joon and Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won. Courtesy of FKIBy Kim Hyun-binJapanese Prime Minister Fumio Kishida has asked Korean business leaders to strengthen cooperation with their Japanese counterparts in creating sustainable global supply chains and advancing chips, batteries and other strategic industries, according to the Japanese Ministry of Foreign Affairs and participants, Monday.“It would be good if companies take the lead in cooperation between Korea and Japan,” Kishida, who came to Korea Sunday to hold a summit with President Yoon Suk Yeol, said during his meeting with heads of Korea's six major business associations at Lotte Hotel Seoul.The participants of the meeting included

May 8, 2023By Kim Hyun-bin
Kishida calls for stronger Korea-Japan cooperation in global supply chains, high-tech industries
Companies

Korean bio firms eye US market buoyed by bilateral pacts

President Yoon Suk Yeol, left, shakes hands with U.S. President Joe Biden during a joint press conference held at the Rose Garden of the White House, April 26 (local time). Korea Times photo by Seo Jae-hoonBy Kim Hyun-binKorean bio and pharmaceutical firms are seeking to expand into the U.S. market after the governments of the two countries agreed to expand cooperation in those sectors. The two governments signed 23 MOUs in the bio sector during President Yoon Suk Yeol's state visit to the U.S. last month.The agreements cover cooperation in research and development (R&D), as well as medical devices and digital health. As a result, there is growing optimism of increased momentum in efforts by domestic pharmaceutical and bio companies to enter the U.S.Industry officials believe the recent MOUs are encouraging signs that the current administration recognizes bio as a major industry and a large number of bio-healthcare companies were able join the presidential delegation to the U.S.Daewoong Pharmaceutical signed a technology export contract for new drug candidates worth about 640 bil

May 5, 2023By Kim Hyun-bin
Korean bio firms eye US market buoyed by bilateral pacts
Companies

LX marks 2nd anniversary, total assets up 40%

By Kim Hyun-binLX Group recently marked two years since its launch, after being spun-off from LG Group in 2021. As its total assets have increased by 40 percent under group chairman Koo Bon-joon's leadership, the management of LX Group has been characterized as stable and pursuing a steady external expansion policy as well as qualitative growth.The total assets of LX Group stood at 11.27 trillion won ($8.4 billion) as of the end of last year, which is up nearly 40 percent from 8.93 trillion won at the end of 2020 before the spin-off. The company's sales and operating profit also recorded 25.27 trillion won and 1.35 trillion won, respectively, up 57.7 percent and 234.3 percent.The Fair Trade Commission, which acknowledged the separation of LX from LG Group in June last year, newly designated LX Group as a conglomerate on April 25, which made it the 44th largest conglomerate by asset ranking. LX Group Chairman Koo Bon-joon LX Group has LX Holdings as its holding company

May 5, 2023By Kim Hyun-bin
LX marks 2nd anniversary, total assets up 40%
Companies

LS Group opens Dream Center to help Korean-Vietnamese families in Hanoi

LS Group CEO Ahn Won-hyung, ninth from left, poses with Korean Ambassador to Vietnam Oh Young-joo, eighth from left, along with other Korean and Vietnamese government officials at the opening ceremony of the LS Dream Center held in Hanoi, Vietnam, Thursday. Courtesy of LS GroupBy Kim Hyun-binLS Group opened a center in Hanoi, Vietnam, Thursday, in collaboration with the Korea Partnership for Innovation of Agriculture (KOPIA), to provide employment and childcare assistance to Korean-Vietnamese households known as "Hanbe."According to the Hanoi Hanbe Family Association, the number of such households in Vietnam increased from about 500 in 2016 to 2,200 last year.LS Group opened the LS Dream Center, a four-story building with six rooms, in the center of Hanoi, where many Hanbe households reside. The company plans to offer computer-based self-reliance education, family counseling, parenting education and child education at the center to contribute to solving local social problems.LS Group CEO Ahn Won-hyung and Korean Ambassador to Vietnam Oh Young-joo attended the opening ceremony of the

May 4, 2023By Kim Hyun-bin
LS Group opens Dream Center to help Korean-Vietnamese families in Hanoi
Companies

POSCO International seeks to become top global grain producer

Posco International's palm oil plantation in Indonesia / Courtesy of POSCO InternationalBy Kim Hyun-binPOSCO International will become one of the world's top 10 grain producers by 2030 by securing more farmland and building more grain processing facilities abroad, the company said Wednesday.To become the Korean version of multinational grain and livestock feed producer, Cargill, POSCO International plans to invest heavily in three strategies by 2030: securing a global raw material procurement system, establishing a stable food value chain and fostering new Ag-Tech businesses, according to the company, Thursday.The goal is to secure 860,000 hectares of farmland, 7.1 million tons of production, and 2.34 million tons of processed products through joint ventures (JV) with farming companies in major producing countries such as Australia, North America, and South America. All of which, will amount to an area which is about 15 times the size of Seoul.POSCO International has already established a partnership with Hancock Prospecting in Australia to secure a 250,000-hectare wheat cultivation

May 4, 2023By Kim Hyun-bin
POSCO International seeks to become top global grain producer
Companies

Hyundai Motor chief honors Korean War veterans

Hyundai Motor Group Executive Chair Chung Euisun, front row second from left, and other company executives pay tribute to war veterans buried at the Korean War Veterans Memorial in Washington, D.C., April 26 (local time). Chung accompanied President Yoon Suk Yeol on his state visit to the U.S. as part of an economic delegation. Courtesy of Korea-U.S. Alliance Foundation

May 4, 2023By Kim Hyun-bin
Hyundai Motor chief honors Korean War veterans
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