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Lee Kyung-min

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Companies

Korea to join $140 bil. project to rebuild Ukraine's transport, energy infrastructure

This photo released by Ostorozhno Novosti, July 17, shows damage to a roadway on the Crimean Bridge connecting the Russian mainland and the Crimean Peninsula over the Kerch Strait. AP-YonhapBy Lee Kyung-minThe government plans to support efforts by state-run and private construction companies involved in a $140 billion (180 trillion won) project to rebuild war-torn Ukraine's transport infrastructure and energy sectors, according to government ministries and observers, Sunday.About 70 trillion won will be handled by Samsung C&T, Hyundai Engineering & Construction, Kolon Global, HD Hyundai XiteSolution and Hyundai Rotem ― firms that attended a meeting to discuss the reconstruction of Ukraine on the sidelines of President Yoon Suk Yeol's visit to Poland last month.Hyundai Engineering & Construction signed a memorandum of understanding (MOU) with Ukraine's Boryspil International Airport for reconstruction and expansion projects. Samsung C&T signed a smart city development deal with Lviv, a city in western Ukraine.A land minister-led delegation will be dispatched to facili

Aug 20, 2023By Lee Kyung-min
Korea to join $140 bil. project to rebuild Ukraine's transport, energy infrastructure
Health

Korea to elevate garden crops as globally recognized 'K-exports'

Strawberries / Courtesy of Rural Development AdministrationStrawberries, grapes, peaches and persimmons gain popularityBy Lee Kyung-minKorea plans to bolster locally grown horticultural crops, otherwise known as garden crops, as high-quality, healthy and fresh produce, an agriculture ministry-affiliated institute said Monday.Underpinning the efforts of the Rural Development Administration (RDA) is the soaring worldwide popularity of Korean cultural products, K-pop, film and other entertainment industries extending to Korea-made food and snacks. Exports of agricultural products stood at an all-time high of $8.82 billion (11.5 trillion won) last year, a 3.1 percent year-on-year increase led in significant part by 39 horticultural crops making the list of top 50 agricultural export items. Among the 39 crops are strawberries, grapes, peaches and persimmons.Strawberries are one of the most popular export items, having generated explosive growth, a feat achieved in less than 20 years since locally-produced strawberry varieties first outnumbered imported ones.Korea paid over 3 billion won i

Aug 13, 2023By Lee Kyung-min
Korea to elevate garden crops as globally recognized 'K-exports'
Companies

Contribution Journey of Korean strawberries around the world

Deputy Administrator at the Rural Development Administration (RDA) Yun Jong-chul / Courtesy of RDABy Yun Jong-chul I remember buying tons of strawberries in a red basket at the market as a child. I remember popping two or three strawberries into my mouth at once because of the small size of each strawberry. I remember eating them a day after I bought them, half of them shriveled up, and some were so sour that I had to sprinkle sugar on them. But now, Korean strawberries are recognized as the finest not only in Korea but also around the world. Korean strawberry exports have increased more than 13-fold from $4.4 million in 2005 to $58.8 million in 2022. Exports showcase the excellence of Korean strawberries to overseas markets and support domestic strawberry prices, increasing the incomes of farmers. How did Korean strawberries, which were once difficult to export, due to their extremely perishable nature, come to the point where they are dominating the international market? Nicknamed the fruit of empresses for their cute shape, sweet and sour flavor, and fragrance, strawberries have b

Aug 13, 2023By Lee Kyung-min
[Contribution] Journey of Korean strawberries around the world
Companies

Food tech startups on rise, looking to offer robot-mediated services

A cooking robot manufactured by Wave Lifestyle Technologies prepares a dish in the kitchen of a restaurant in Seoul, May 8. Courtesy of Lifestyle TechnologiesBy Lee Kyung-minA growing number of food tech services are moving to introduce artificial intelligence (AI) and robot-mediated services, in a move to integrate the advanced technologies with businesses seeking to cut fixed labor costs and fortify overall efficiency, market watchers said Thursday. Wave Lifestyle Technologies, a local kitchen robot startup is seeking to attract 33 billion won ($25 million) in investment for the development and fast commercialization of robots.Up to 20 billion won will be mobilized by ABiz, a local private equity fund in the form of issuing convertible bonds.The startup was founded in 2018 as a supplier of cooking robots and dispensers that automatically put a variety of food ingredients on or in certain containers.The firm plans to acquire Hanil Oneex, a local supplier of food-making machines and other kitchen equipment needed at cafeterias of large conglomerates and their affiliates.Wave-manufact

Aug 10, 2023By Lee Kyung-min
Food tech startups on rise, looking to offer robot-mediated services
Companies

Preorders begin for Audi's Q4 40 e-Tron, Q4 Sportback 40 e-Tron

Audi Q4 40 e-Tron / Courtesy of Audi KoreaBy Lee Kyung-minBuyers of the Audi Q4 40 e-Tron and Q4 Sportback 40 e-Tron will be able to receive their vehicles this month, the carmaker said Thursday.The two models are equipped with large interior space, in-vehicle operation systems, displays, as well as progressive exterior design, sporty driving and agile handling functions and excellent safety.Both have an output of 204 horsepower and a maximum torque of 31.6 kilogram-meters.They have 82 kilowatt-hour lithium-ion batteries. The Q4 e-Tron 40 can run 411 kilometers on a single charge and the Q4 Sportback e-Tron 40 can run 40 kilometers.They are suitable for various driving situations such as daily city driving and long-distance driving.The two show octagonal single-frame front grills with vertical struts on the front.The sporty design of the two is highlighted by short front overhangs, sports steering wheels and muscular bodies.The matrix LED headlights on the premium models of the Q4 40 e-tron and Q4 Sportback 40 e-tron help safer driving with high visibility.Drivers can choose from fou

Aug 10, 2023By Lee Kyung-min
Preorders begin for Audi's Q4 40 e-Tron, Q4 Sportback 40 e-Tron
Companies

SPC plagued by repeated serious industrial accidents

A Shany factory operated by SPC Group in Seongnam, Gyeonggi Province. YonhapBy Lee Kyung-minA worker in her 50s at a factory operated by Shany, an SPC Group bread and snack manufacturing affiliate, was hospitalized, Tuesday, after she was caught between a lift and food manufacturing equipment, according to police and the firm, Wednesday.The industrial accident in Seongnam, Gyeonggi Province, is a major blow to the food and beverage manufacturing conglomerate, since it comes only eight months after a worker died in a similar industrial accident last October at SPL, the group's bread-making affiliate in Pyeongtaek. In the months following that death, two more workers had their fingers either cut off or broken after getting them caught in a bread-making machine. The public outcry against SPC's dereliction of health and safety workplace oversight led to the firm's chair pledging a 100 billion won ($75 million) investment in October. But few believe the investment commitment had any positive impact on the workers or their safety. Experts say that repeated accidents result, in part, f

Aug 9, 2023By Lee Kyung-min
SPC plagued by repeated serious industrial accidents
Companies

Coupang's earnings hit record-high in Q2

By Lee Kyung-minCoupang achieved record revenues and operating profit in the second quarter of this year despite weakening consumer sentiment amid inflation and economic recession concerns, the Nasdaq-listed e-commerce titan said Wednesday.Second-quarter sales of $5.8 billion was up 16 percent from a year ago, while operating profit of $145 million was an improvement by $221 million.Adjusted EBITDA stood at $300 million with a margin of 5.1 percent. Short for earnings before interest, taxes, depreciation and amortization, EBITDA is one of the most widely used measures of a company's financial health and ability to generate cash.Operating cash flow for the past 12 months was $2 billion, a year-on-year increase of $2.3 billion.Free cash flow was $1.1 billion for the same period, an increase of $2.2 billion year-on-year.The number of active customers increased 10 percent from a year ago to 19.7 million.Coupang founder Kim Bom-suk, also known as Bom Kim, expressed confidence in further growth and improved profitability.He emphasized that the corporate free cash flow more than doubled in

Aug 9, 2023By Lee Kyung-min
Coupang's earnings hit record-high in Q2
Companies

Six women among latest batch of new Hyundai Motor manufacturing workers

Hwang Jae-hee, a new technician at the Hyundai Motor plant in Ulsan / Courtesy of Hyundai Motor GroupBy Lee Kyung-minA total of six female technicians joined Hyundai Motor's assembly line at its Ulsan plant, the automotive conglomerate said Tuesday.They are among 185 entry-level Hyundai Motor employees set to begin their careers starting in September, after four weeks of training at the automaker's human resources development institute.The month-long training of the employees will include understanding changes and new developments in the automotive industry and fostering future visions, understanding the importance and quality management of the automobile production processes as well as strengthening the on-site adaptability of workers.The youngest woman to have joined is Hwang Jae-hee, 19, who has experience in excavator manufacturing.“I didn't expect to pass the entrance exam because it was much more competitive than you could imagine,” she said. “I couldn't believe it even after I received a letter that I had been admitted. I checked it several times. I am young

Aug 9, 2023By Lee Kyung-min
Six women among latest batch of new Hyundai Motor manufacturing workers
Companies

Hyundai Motor shares remain in limbo, despite record earnings

By Lee Kyung-minShares of Hyundai Motor Group's 12 affiliates remain wildly undervalued, as evidenced by their price-to-book (P/B) ratios averaging below 1, despite operating profits topping the list of the country's major conglomerates for two consecutive quarters as of June, market analysts said Tuesday. The P/B ratio measures the market's valuation of a company relative to its book value. It is used by investors to identify potential investments and a low P/B ratio means a company's stock price is undervalued compared to the value of its assets. The P/B ratio for the automotive giant's four peers ― Samsung, SK, LG and POSCO ― far exceeds 1, averaging between 1.7 and 6.56.The highest ratio of 6.56 was registered by the six affiliates of POSCO, followed by 20 SK Group affiliates (2.36), 16 Samsung affiliates (1.85) and 10 affiliates of LG Group (1.7). Ten out of 12, or 88 percent, of Hyundai affiliates displayed a P/B ratio of lower than 1. Such a ratio was logged by five out of 10 LG Group affiliates, nine out of 20 SK Group affiliates and six out of 16 Samsung

Aug 8, 2023By Lee Kyung-min
Hyundai Motor shares remain in limbo, despite record earnings
Companies

Power demand soars to yearly high amid heat wave

Minister of Trade, Industry and Energy Lee Chang-yang speaks during a meeting at Korea Midland Power in Seoul, Monday. YonhapBy Lee Kyung-minThe nation's power demand has reached an year-to-date high of 92.9 gigawatts (GW), propelled by hot air carried by Typhoon Khanun, which is approaching the Korean Peninsula, and the return of major industries to work from a weeklong vacation, the energy ministry said Monday.The government said the short-term summertime power demand will be more than met, as underpinned by an over 104 GW supply capacity accounted for in part by the resumed operation of the Hanbit Unit 2 with a capacity of 0.94 GW since Aug. 4 High temperatures are likely to continue throughout this week, keeping the electricity demand at or above 92.9 GW. Daytime highs are likely to peak at 36 degrees Celsius, Monday, and gradually inch down to a range of 29 to 33 degrees Celsius until Sunday.The Ministry of Trade, Industry and Energy said the demand high of 92.9 GW will still leave over 11 GW of reserve power. The Korea Power Exchange expects (KPX) Korea to reach an in

Aug 7, 2023By Lee Kyung-min
Power demand soars to yearly high amid heat wave
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