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Lee Kyung-min

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Economy

Vietnamese tourists emerge as big spenders in Korea

South Jeolla Province officials welcome arriving foreign tourists at Muan International Airport in this March file photo. Korea Times file By Lee Kyung-minA growing number of Vietnamese people are coming to Korea on vacation, making large purchases at retail chains and department stores in Seoul and other regions that have yet to snap out of years of financial slowdown from the COVID-19 pandemic, according to a report revealed on Friday.Behind the recent spike in spending by Vietnamese travelers here is the resumption of flight routes. Korea's international airports in Gimhae, Busan and South Jeolla Province's Muan operate direct flights to Vietnam. Data from BC Card, a credit card firm, showed the number of card transactions made by Vietnamese tourists in the first six months of this year spiked 468 percent from the year before. For context, the year-on-year increase was 358 percent for foreign tourists excluding Vietnamese.The data analyzed 1.2 million foreign t

Jul 29, 2023By Lee Kyung-min
Vietnamese tourists emerge as big spenders in Korea
Companies

Range Rover gains popularity for design, performance

Range Rover, a luxury flagship sports utility vehicle (SUV) of Land Rover / Courtesy of Land RoverBy Lee Kyung-minRange Rover, the luxury flagship sport utility vehicle (SUV) line of Land Rover, is gaining popularity with an increasing number of drivers for its exterior and interior design and driving performance, the automaker said Friday.The 5th generation All New Range Rover's interior features high-end materials and intuitive technology.The main control unit has a clear layer structure. The arrangement is intuitive. The steering wheel has a strong horizontal design. They all give a sense of stability.Most of the interior, including the top of the dashboard and headlining, is carefully finished with leather material.Hidden-until-lit lighting technology is applied to the back. It is the most modern feature of vehicle design.The second row with luxurious executive-class seats provides comfort and versatility.The wheelbase is 75 millimeters longer than the current model.The third-row seat is a stadium seat sitting 41 millimeters higher than the front seat. The third row has 864 milli

Jul 28, 2023By Lee Kyung-min
Range Rover gains popularity for design, performance
Companies

Kolmar nurtures organoid culturing as new growth engine

A NEXT&BIO researcher handles samples at Korea University in northeastern Seoul. Courtesy of Kolmar Korea HoldingsYoon Sang-hyun, vice chairman of Kolmar Korea Holdings / Courtesy of Kolmar Korea HoldingsBy Lee Kyung-minNEXT&BIO, a subsidiary of Kolmar Korea Holdings, a local beauty and bio health care company, is fostering organoid businesses to speed up commercialization and mass production of cultured products for tailored illness treatments and to replace animal testing, the firm said Thursday.The term organoid refers to a miniaturized and simplified version of an organ produced in vitro in 3D that mimics the key functional, structural and biological complexity of that organ.NEXT&BIO signed an agreement with Singapore-based Aimbiotech last August to jointly develop a lung cancer immuno-cancer drug candidate discovery and evaluation system, as mediated by “organoid-on-a-chip.”The local Kolmar subsidiary plans to introduce a platform technology that accurately evaluates the effectiveness of treatment, mostly through organoid culturing with samples from lung

Jul 27, 2023By Lee Kyung-min
Kolmar nurtures organoid culturing as new growth engine
Companies

Space aviation agency 'desperately needed': science minister

Minister of Science and ICT Lee Jong-ho speaks during a briefing at the Seoul Government Complex, Thursday. YonhapBy Lee Kyung-minThe establishment of the Space Aviation Administration is a task “desperately needed” for the effective management of space exploration initiatives currently scattered across industries and state-funded research institutes, the country's top science policymaker said Thursday.Chief among the functions of the envisioned 300-strong administrative agency with 720 billion won ($563 million) budget is to outline overarching space policies,as underpinned by a presidential committee-backed policy drive to fortify the management of space infrastructure critical to bolstering national security and space environment monitoring. Existing space institutes will not undergo organizational restructuring, a measure to guarantee the independence of their high-value research-intensive works. Included are Korea Aerospace Research Institute (KARI) and Korea Astronomy and Space Science Institute (KASI).“We will mobilize utmost efforts to elevate the count

Jul 27, 2023By Lee Kyung-min
Space aviation agency 'desperately needed': science minister
Companies

Highly skilled foreign workers call for eased visa rules, ID system overhaul

Minister of Trade, Industry and Energy Lee Chang-yang, fourth from left, poses with foreign professionals at the Korea Press Center, Wednesday. YonhapBy Lee Kyung-minForeign employees of local chip, automotive and telecommunication titans called on the government to ease visa extension and mortgage policies, according to the industry ministry, Wednesday. They said the government should establish a recruitment website to help highly skilled foreign workers access timely job information, and revise social benefit programs to better represent the interests of hard-working, tax-paying non-Koreans. Also needed is revision of the ID verification system whereby non-Korean names are too long to be entered in their entirety. The Ministry of Trade, Industry and Energy said employees of Samsung Electronics, SK hynix, Hyundai Motor and SK Telecom as well as grad students at Korea Advanced Institute of Science and Technology (KAIST) and Ulsan National Institute of Science & Technology (UNIST) attended a discussion organized to share difficulties experienced by non-Korean industry experts seek

Jul 26, 2023By Lee Kyung-min
Highly skilled foreign workers call for eased visa rules, ID system overhaul
Companies

Hyundai Motor's Q2 operating profit exceeds 4 trillion won for 1st time

By Lee Kyung-minHyundai Motor said Wednesday that its second-quarter revenue increased 17.4 percent year-on-year to 42.2 trillion won ($33 billion), and operating profit rose 42.2 percent to 4.2 trillion won. This was backed by continued strong demand for its electric vehicles (EV), SUVs and luxury models around the world.The company's operating profit margin for the period hit 10 percent, the highest since the second quarter of 2013. Its net profit including non-controlling interest was also up by 8.5 percent to 3.35 trillion won.Hyundai Motor sold over 1.05 million vehicles around the globe in the second quarter, an 8.5 percent increase from a year earlier. Sales in markets outside of Korea were up by 7.6 percent to 854,210, and sales in Korea increased by 12.7 percent to 205,503.The overall sales increase, especially for SUV and Genesis luxury models, as well as favorable exchange rates, helped lift revenue in the second quarter.Hyundai Motor also sold nearly 78,000 EVs in the period, an increase of 47 percent from a year earlier.The company expects to strengthen sales momentum th

Jul 26, 2023By Lee Kyung-min
Hyundai Motor's Q2 operating profit exceeds 4 trillion won for 1st time
Companies

POSCO International signs deals with Indonesia to explore offshore gas fields

POSCO International Vice Chairman Jeong Tak, right, shakes hands with Pertamina Hulu Energi President Wiko Migantoro after signing a memorandum of understanding in Tangerang, Indonesia, Tuesday. Courtesy of POSCO InternationalBy Lee Kyung-minPOSCO International has signed a product distribution contract with Indonesian government organizations and state-run oil firm Pertamina Hulu Energi (PHE) in Tangerang, Indonesia, Tuesday. PHE is a subsidiary of PT Pertamina Hulu Indonesia, the country's state-run oil and gas producer.In attendance were POSCO International Vice Chairman Jeong Tak, Pertamina Chairman Nicke Widyawati and PHE President Wiko Migantoro. Under the contract, the POSCO affiliate will claim some of the gas and oil from Bunga mine. The remaining natural resources from the mine will be divided between the government of Indonesia and the POSCO affiliate. The POSCO affiliate will be able to explore the mine on Jana Island for six years followed by a 30-year development and production period.The ratio of distribution between the Indonesian government and POSCO International wi

Jul 25, 2023By Lee Kyung-min
POSCO International signs deals with Indonesia to explore offshore gas fields
Companies

Hyundai Motor Group, SNU open battery research center to secure global EV leadership

Hyundai Motor Group Executive Chair Chung Euisun, third from right, and Seoul National University (SNU) President Ryu Hong-lim, third from left, pose with SNU students in the lobby of a battery research center set up jointly by the two organizations on the university campus in southern Seoul, Tuesday. Courtesy of Hyundai Motor GroupBy Lee Kyung-minHyundai Motor Group announced the establishment of a Joint Battery Research Center set up jointly with Seoul National University (SNU), Tuesday. This collaborative effort between the local automotive titan and SNU aims to advance battery technologies and foster industry-academia cooperation to establish global leadership in the battery sector.The opening ceremony for the center took place at SNU's main campus and was attended by esteemed guests, including Hyundai Motor Group Executive Chair Chung Euisun.“Our mission to develop a diverse range of mobility solutions equipped with advanced batteries is driven by our strong commitment to a sustainable environment for future generations,” he said. “Through pioneering joint rese

Jul 25, 2023By Lee Kyung-min
Hyundai Motor Group, SNU open battery research center to secure global EV leadership
Companies

Renault Korea's XM3 nearing 200,000 exports to Europe

XM3 E-TECH Hybrid / Courtesy of Renault Korea MotorsBy Lee Kyung-minThe popularity of coupe-type small sports utility vehicles (SUV) XM3, or Renault Arkana, manufactured by Renault Korea Motors is increasing, as evidenced by the June sales of the vehicle model jumping to 4,956, up 29.3 percent from the year before, according to the firm, Monday. A total of 97,652 units of Renault Arkana were sold over the past year, leading the Korean automaker's export growth.Anchoring the robust sales is its soaring popularity in Europe where over 80,000 Arkanas were sold last year, nearly double from 41,800 a year earlier.Renault Korea exceeded 100,000 sales in June of last year less than two years after it first exported the Arkana in 2021. The SUV topped 100,000 additional sales the following year.The firm said the SUV is gaining popularity for its stylish design, fuel economy and steering performance sturdy enough to travel rough roads in Europe.The CMF-B platform used in Renault and Nissan is famous for its ability to maintain stability at high speeds.The platform-commanded suspension holds to

Jul 24, 2023By Lee Kyung-min
Renault Korea's XM3 nearing 200,000 exports to Europe
Companies

Gov't launches service to produce student-made semiconductors

Semiconductor majors and university officials pose at Kumoh National Institute of Technology in Gumi, North Gyeongsang Province, Jan. 25. Korea Times fileBy Lee Kyung-minThe government will begin a service whereby undergrads and grad students can make and verify the viability of semiconductors they designed, a process of trial and error intended to enhance the young experts' knowledge and advance chip technology, the science ministry said Monday. Propelling the trial run of the government-funded project is to encourage students to have hands-on experience as future chip experts, deepening their understanding of high-tech design and manufacturing of digital devices and their commercial application viabilities.The Ministry of Science and ICT said chips will be made at labs operated by the Electronics and Telecommunications Research Institute, Seoul National University and Daegu Gyeongbuk Institute of Science and Technology. Students will be provided with 500-nanometer complementary metal oxide semiconductor manufacturing and packaging services.Semiconductor majors will be eligible for

Jul 24, 2023By Lee Kyung-min
Gov't launches service to produce student-made semiconductors
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