The Korea Times

Let's make Samsung, SK invest more here

By Lee Hyo-sikIt is widely known that there are two things humans cannot avoid: death and taxes. Everybody dies at some point and people have to pay taxes when making money to live. Many often go to great extents to not pay any tax or to pay only the minimum. Tax significantly influences how we behave and the same goes for corporations.Companies want to build plants, hire workers and produce goods in a place where they pay less taxes. Given this simple fact, the National Assembly's recent passage of the drastically modified “K-Chips Act” was such a disappointment as it deals decisive blow to Korea's semiconductor industry when Samsung Electronics and SK hynix struggle to compete with TSMC, Intel and other foreign rivals on the global stage.Under the initiative of President Yoon Suk-yeol, the ruling People Power Party (PPP) launched a special committee to enhance the competitiveness of the domestic semiconductor industry. After a series of deliberations, the committee chaired by independent lawmaker Rep. Yang Hyang-ja finalized the act and submitted it to the Assembly for

Jan 4, 2023By Lee Hyo-sik

Opinion

Should government keep buying surplus rice?

By Lee Hyo-sikRice means something special to Koreans as the crop has been an essential part of the nation's culinary culture for as long as people on the Korean Peninsula have engaged in agriculture. For many years, rice farming used to be the most popular occupation, before the industrialization of modern Korea, as most people lived in rural areas.However, things have changed rapidly over the past few decades as the nation has become one of the world's 10 largest economies with more than 92 percent of people now residing in cities and engaging in non-agriculture jobs. According to Statistics Korea, agriculture accounted for only 2 percent of Korea's $1.8-trillion gross domestic product in 2021, with 4.3 percent of the country's 51.7 million people, or 2.22 million people, making a living by farming.Over the years, rice has become less important in Koreans' diet because people consume more meat, vegetables and other crops. Yet, production has not come down in proportion to declining consumption because the government buys hundreds of thousands of tons of rice every year at higher th

Oct 19, 2022By Lee Hyo-sik

Should government keep buying surplus rice?

Companies

Cutera expands lawsuit to target Lutronic USA's parent firm in Korea

By Lee Hyo-sikCutera, a leading cosmetic and laser equipment maker in the U.S., has expanded its lawsuit against Lutronic USA to include the latter's parent company in Korea, according to legal documents filed with the U.S. District Court for the Eastern District of California, Wednesday.In January 2020, Cutera filed the suit against the U.S. subsidiary of the Korean aesthetic laser device maker for allegedly stealing trade secrets by hiring its former employees. The company also sued the former workers, most of whom are salespeople including former executive Larry Laber, for violating their contracts and duties. The amount of damages sought by Cutera has not yet been determined but is rumored to be in the tens of millions of dollars.The court in early 2021 issued a preliminary injunction against Lutronic USA, ordering it not to use Cutera's trade secrets and not to destroy any related documents. In its complaint filed with the court, Cutera said it decided to file new complaints against Kosdaq-listed Lutronic, headed by CEO and board Chairman Hwang Hae-lyung, and a former contractor

Aug 4, 2022By Lee Hyo-sik

Cutera expands lawsuit to target Lutronic USA's parent firm in Korea

Opinion

Can Busan beat Riyadh?

By Lee Hyo-sikIt's still 15 months until 170 countries around the world vote to decide which city will host the World Expo 2030. But in Korea, the campaigning has already been in full swing as government officials and businesspeople have rolled up their sleeves to attract the international event to the southeastern port city of Busan.The bidding campaign began in earnest when President Yoon Suk-yeol took the nation's office in May, as the former prosecutor-turned politician sought to return favor to Busan and South Gyeongsang Province where voters heavily favored him over his liberal rival Lee Jae-myung.First, bureaucrats and politicians of the ruling People Power Party took the lead, stressing how important it is for Korea to host the World Expo in Busan. Then, business tycoons, including SK Group Chairman Chey Tae-won, followed suit, pledging to mobilize all their resources to support Busan's bid.Samsung, SK, Hyundai Motor, LG, Lotte and other large business groups said their CEOs and top executives have asked foreign government officials and business counterparts to lend a ha

Aug 3, 2022By Lee Hyo-sik

Companies

POSCO International invests $3.9 million in bio venture firm

Bioapp researchers check tobacco leaves at a company laboratory in Pohang, North Gyeongsang Province. The firm grows a range of plants to extract plant protein for vaccine development. / Courtesy of POSCO InternationalBy Lee Hyo-sik POSCO International, the trading arm of POSCO Group, has invested 5 billion won ($3.9 million) in a bio venture firm Bioapp for a 4.4 percent stake, as part of its ongoing efforts to secure future profits, company officials said Thursday.Bioapp, established in 2011, has been developing vaccines for swine fever, bird flu, COVID-19 and other diseases, using proteins extracted from a wide range of plants. POSCO said the 5 billion won will be spent to expand the firm's production lines and finance clinical trials of its vaccines.In December, Bioapp introduced a vaccine for swine fever and has been working on vaccines for bird flu and other diseases inflicting livestock.“We decided to acquire the stake in Bioapp because we see great business potential in its plant protein bio platform, which has been producing 'green vaccines.' Compared to other vaccines

Jul 22, 2022By Lee Hyo-sik

POSCO International invests $3.9 million in bio venture firm

Companies

'It isn't over until it's over': KCCI chairman

Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won speaks during a press briefing at Haevichi Hotels & Resorts on Jeju Island, Wednesday. Courtesy of KCCIChey 'optimistic' about Busan's bid to host World Expo 2030 By Lee Hyo-sik JEJU ― Korea will beat Saudi Arabia in the ongoing competition to host the World Expo 2030, as Samsung, SK, Hyundai Motor and other large business groups here have rolled up their sleeves to attract the international event to the southeastern port city of Busan, according to the head of the country's largest business association, Wednesday. Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, who is also chairman of SK Group, said he and his fellow business tycoons will make every effort to help Busan defeat the Saudi Arabian capital of Riyadh when the 170 Bureau International des Expositions (BIE) member nations vote on an Expo venue in November 2023.“We are optimistic about Busan's bid,” Chey said during a press briefing at Haevichi Hotels & Resorts on Jeju Island. “I am very much aware of Saudi Ara

Jul 14, 2022By Lee Hyo-sik

'It isn't over until it's over': KCCI chairman

Companies

Convenience stores hit by delayed soju, beer deliveries

Liquor wholesalers wait in line to pick up boxes of HiteJinro soju at a factory in Icheon, Gyeonggi Province, on June 7. Yonhap By Kim Jae-heunConvenience store operators have decided to supply stores with only one box of HiteJinro soju per day as part of efforts to cope with the ongoing strike by the Cargo Truckers Solidarity, according to company officials Thursday. About 25,000 unionized truck drivers began an indefinite strike on Tuesday amid soaring fuel prices, to demand the extension and expansion of the Safe Trucking Freight Rates System, which guarantees minimum cargo rates for trucks, as well as higher freight fares and additional labor rights. They are responsible for transporting HiteJinro's alcohol beverage products from its factory in Cheongju, North Chungcheong Province, to all over the country. The Cheongju factory produces 70 percent of HiteJinro's soju in Korea. Ministop was the first to take the step of limiting its convenience stores from ordering more than one box of HiteJinro's soju products, such as Chamisul, Chamisul Original and Jinro, starting from June 4. T

Jun 9, 2022By Lee Hyo-sik

Convenience stores hit by delayed soju, beer deliveries

Law & Crime

Top court confirms dismissal of request to cancel construction permit of two unfinished nuclear reactors

Construction site of Shingori No. 5 and Shingori No. 6 reactors in Ulsan / Korea Times fileThe Supreme Court said Thursday it has confirmed the appellate court's ruling to dismiss a request to cancel the nuclear watchdog's permit to build nuclear power reactors in the southeastern coastal city of Ulsan.The cancellation request was filed by Greenpeace Korea and some Ulsan residents in September 2016, who claimed that the Nuclear Safety and Security Commission (NSSC) allowed the construction of Shingori No. 5 and Shingori No. 6 reactors "without considering the unique hazards of (the nuclear plants)."The NSSC had given a nod to the project three months earlier. The Seoul Administrative Court rejected the call-off request in 2019, saying that while the nuclear watchdog's permission was partially unlawful, the potential damage from killing the project far outweighed the illegality, considering the project's financial and social costs. An appellate court also ruled in favor of the nuclear watchdog, citing public welfare and interest.The government launched a special commission in July 201

Aug 5, 2021By Lee Hyo-sik

Top court confirms dismissal of request to cancel construction permit of two unfinished nuclear reactors

North Korea

Unification ministry hopes for North Korea to respond to offer for discussion on virtual conference system

Unification Minister Lee In-young / Yonhap The unification ministry on Thursday expressed hope that North Korea will respond to South Korea's recent offer for discussion on setting up a virtual conference system for inter-Korean talks.South Korea made a proposal to discuss the matter with North Korea days after the two Koreas restored cross-border communication lines last week that had been severed for more than a year after North Korea cut them off in protest of anti-Pyongyang leaflets sent from the South. North Korea has yet to provide answers to the offer. "We have sufficiently explained the need for the establishment of a virtual conference system for the sake of safe dialogue amid the coronavirus situation. Since we made the offer for discussions in that context, we expect the North to respond," a ministry official said.Saying that the North has not yet provided answers to the offer, the official said that the ministry continues to make all necessary preparatio

Aug 5, 2021By Lee Hyo-sik

Unification ministry hopes for North Korea to respond to offer for discussion on virtual conference system

Foreign Affairs

Marking the 49th UAE National Day

H.H. Sheikh Khalifa Bin Zayed Al Nahyan, UAE president / Courtesy of Embassy of UAEUAE Embassy in Korea contributed the article below on the occasion of the country's 49th National Day. ― ED.On 2 December 2020, the UAE will celebrate the 49th anniversary of the union of the seven emirates. This occasion marks a sincere reflection of the federation's journey ― rich in monumental events and achievements ― building on the foundation that was first laid down by the late Sheikh Zayed bin Sultan Al Nahyan and his brothers, the fellow founding fathers. Today, His Highness Sheikh Khalifa bin Zayed Al Nahyan, President of the UAE, follows in their footsteps, leading our nation on its journey towards the future.Throughout the year 2020, the UAE has witnessed achievements in several fields at the national, regional and international levels. This year, the UAE continued with its ambitious national efforts, launching a peaceful nuclear power plant, the first of its kind in the region, as well as entering the global race to explore outer space by sending the first Arab and Islamic probe to Mars ―

Dec 1, 2020By Lee Hyo-sik

Lee Hyo-sik

Read more

Let's make Samsung, SK invest more here

Should government keep buying surplus rice?

Cutera expands lawsuit to target Lutronic USA's parent firm in Korea

Can Busan beat Riyadh?

POSCO International invests $3.9 million in bio venture firm

'It isn't over until it's over': KCCI chairman

Convenience stores hit by delayed soju, beer deliveries

Top court confirms dismissal of request to cancel construction permit of two unfinished nuclear reactors

Unification ministry hopes for North Korea to respond to offer for discussion on virtual conference system

Marking the 49th UAE National Day

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