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Lee Kyung-min

Korea Times AI content 2 team Reporter

Value context and insight. lkm@koreatimes.co.kr

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Retailers show mixed responses to fridge door installation policy

Refrigerators are newly equipped with doors to help conserve energy at a Lotte Mart store in Songpa District, southeastern Seoul, Feb. 13. YonhapBy Lee Kyung-minOpinions are split over the government's plan to require the installation of doors on all refrigerators at large retail shopping malls and convenience stores, according to market watchers, Sunday.Chief among the proponents of the energy-saving campaign are retail chains and department stores, since the measure can cut down electricity bills substantially and bolster corporations' brand image as green, sustainable businesses. But less enthusiasm is coming from convenience store operators with smaller premises, as it is difficult to apply the door modifications to refrigerators in smaller spaces.Their responses come ahead of the plan by the Ministry of Trade, Industry and Energy to mandate doors on all refrigerators starting as early as the first week of August.The ministry says the initiative will boost energy efficiency, as illustrated by a study that showed using fridges with doors with a temperature set to 5 degrees Celsius

Jul 24, 2023By Lee Kyung-min
Retailers show mixed responses to fridge door installation policy
Companies

GSK, Green Cross, Kwang Dong fined for rigging vaccine prices

Fair Trade Commission (FTC) Chairman Han Ki-jeong speaks during a press conference at Sejong Government Complex, Thursday. YonhapBy Lee Kyung-minA total of 32 local and global vaccine manufacturers, distributors and retail sellers, were fined a combined 40.9 billion won ($32.1 million) for rigging bid prices of vaccines, the country's antitrust agency said Thursday. Included are global multinational pharma titan GlaxoSmithKline and its local peers ― Kwang Dong Pharmaceutical, GC Biopharma, SK Discovery, Yuhan and Korea Vaccine Sales.The 32 firms were able to win 147 lucrative government contracts between February 2013 and October 2019, according to the Fair Trade Commission (FTC), after sharing their bidding prices with firms they arranged to front as their competitors and put in higher prices.Their orchestrated attempts were at play over the course of 170 government contract biddings. Twenty-three biddings failed, while the remaining three were won by a third party. The FTC said their act of collusion is a grave offense, since the biddings organized by Public Procurement Servic

Jul 20, 2023By Lee Kyung-min
GSK, Green Cross, Kwang Dong fined for rigging vaccine prices
Companies

Korean companies face shortage of skilled workers amid rapid population aging

gettyimagesbankBy Lee Kyung-minAn increasing number of Korean firms are expected to grapple with shortages of highly skilled workers due to the rapidly aging population, a study showed Thursday.The country's research and development in turn is forecast to lose its growth momentum, especially in the manufacturing and service industries in need of high-tech experts vital to outlining sustainable business models, the study added. Experts say the survival of most corporate entities will come under threat unless the government and private firms revise birthrate-related policies and seniority-oriented wage structures and bolster the productivity of aging workers. Also needed is an environment fostering creative and innovative ideas which more often than not come from young workers.According to the report by the Sustainable Growth Initiative (SGI) under the Korea Chamber of Commerce and Industry (KCCI) released Thursday, the mean average age of Korean workers was 46.8 last year. The figure will inch up to 50 by 2030 and further to 53.7 in 2050.The 2050 estimate is 9.9 years higher than the

Jul 20, 2023By Lee Kyung-min
Korean companies face shortage of skilled workers amid rapid population aging
Companies

NEOM exhibition to showcase design philosophy, city planning tech

A bird's eye view of The Line / Capture from NEOM websiteBy Lee Kyung-minThe government will hold an event aimed at enhancing the public's understanding of Saudi Arabia's high-tech construction projects next week, according to the land ministry, Wednesday.Minister of Land, Infrastructure and Transport Won Hee-ryong and NEOM CEO Nadmi Al-Nasr said they will hold the event, titled “Discover NEOM: A New Future by Design,” at Dongdaemun Design Plaza (DDP) in Seoul from July 26 to Aug. 3.The exhibition will be open from 8 a.m. to 8 p.m. every day for nine days. Admission is free, but only those who completed pre-registration online will be allowed in. The ministry said models of Saudi Arabia's construction projects will be on display, showcasing innovative design philosophies and city planning technologies.Included is The Line, an urban project constructing a linear smart city stretching 170 kilometers that will have a population of 9 million in the NEOM region of Saudi Arabia.NEOM, is the new smart city being built in Tabuk Province in the country. The green city construction

Jul 19, 2023By Lee Kyung-min
NEOM exhibition to showcase design philosophy, city planning tech
Companies

Korea seeks to become world's top biopharmaceutical manufacturer by 2030

Songdo Bio Cluster in Incheon / Korea Times fileGov't to establish Korean version of BioMADE, expand bio exports to $50 bil.By Lee Kyung-minKorea will seek to achieve bio-related economic production of 100 trillion won ($79 billion) and increase biopharmaceutical exports to $50 billion by 2030, the industry ministry said Wednesday.Chief among the next-generation growth drivers will be biopharmaceutical manufacturing, bioenergy, new biomaterials development and digital bioenergy ecosystem establishment. These research-intensive and long-term investment-oriented areas are increasingly prioritized by Korea's advanced peers, as part of collective efforts to identify a breakthrough to tackle years of low growth and climate change. The government will establish a Korean version of BioMADE, to strengthen the competitiveness of bio-manufacturing and manage infrastructure investment risks.BioMADE is short for Bio Industrial Manufacturing & Design Ecosystem set up by the U.S. with a mission to “enable domestic bio-industrial manufacturing at all scales, develop technologies to enhanc

Jul 19, 2023By Lee Kyung-min
Korea seeks to become world's top biopharmaceutical manufacturer by 2030
Companies

HLB's liver cancer treatment Rivoceranib closer to FDA approval

HLB Chairman Jin Yang-gonBy Lee Kyung-minHLB, a local pharmaceutical firm, said it has received a letter of notification from the U.S. Drug Administration (FDA) for its liver cancer treatment drug Rivoceranib to undergo New Drug Application (NDA) filing acceptance, according to the firm, Tuesday.HLB said this is the final process before FDA approval, an outcome that has been 15 years in the making, since the development of the liver cancer drug began in 2008.The NDA, according to the FDA, is the vehicle through which drug sponsors formally propose that the FDA approve a new pharmaceutical for sale and marketing in the U.S. The data gathered during the animal studies and human clinical trials of an Investigational New Drug (IND) become part of the NDA.“We have received the notification through our U.S. subsidiary, Elevar Therapeutics,” an HLB official said.HLB holds global rights over the anticancer drug. It is a targeted anticancer agent targeting vascular endothelial growth factor receptor 2 by inhibiting angiogenesis growth of cancer tissues, according to the firm.Eleva

Jul 18, 2023By Lee Kyung-min
HLB's liver cancer treatment Rivoceranib closer to FDA approval
Companies

Robots to prepare meals in public schools

A cooking robot makes a noodle dish at COEX, Seoul, March 30. YonhapBy Lee Kyung-minKorea Institute for Robot Industry Advancement signed a memorandum of understanding (MOU) with the Seoul Metropolitan Office of Education to put cooking robots to use on a trial basis at public schools in the second half of this year, seeking to deal with a shortage of cafeteria workers, the institute and education authorities said, Tuesday.The robots will fill 274 positions left vacant after many school cafeteria workers quit citing health issues brought on by labor-intensive catering and meal preparation work. Chief among health problems cited by the cafeteria workers are joint and muscle ailments caused by repetitive labor.The education office will work together with Korea Robotics and the Korea Franchise Association to prepare cooking manuals. The robots will prepare stir-fried foods, soup or stew and deep-fried dishes.“The work environment for school cafeteria workers will be enhanced, considerably aided by robots doing the physically demanding work,” the education office said. A serv

Jul 18, 2023By Lee Kyung-min
Robots to prepare meals in public schools
Companies

Merck leads sustainable manufacturing, digital transformation

EMD Electronics Executive Director Safa Kutup Kurt, left, and Miriam Aclan, senior manager of FE Global Incoming & Supplier Quality Engineering at Micron Technology, give a presentation during a panel discussion for SEMICON West 2023 at Moscone Center in San Francisco, California. U.S. July 13 (local time). Courtesy of MerckBy Lee Kyung-minMerck, a German multinational science and tech firm, held a discussion on sustainable manufacturing and digitization, according to the firm, Monday.The discussion titled “Scaling End-to-End Advanced Predictive Manufacturing” was held July 13, as part of SEMICON West 2023 held at Moscone Center in San Francisco, California, from July 11 to 13 (local time).Among over 100 attendees were speakers Dr. Safa Kutup Kurt, executive director and head of operations, digital solutions at EMD Electronics, a business of Merck KGaA Darmstadt, Germany. EMD stands for Emmanuel Merck Darmstadt. He provided insights into industry trends and innovations that can enhance quality and supply chain resilience, and Miriam Aclan, senior manage

Jul 17, 2023By Lee Kyung-min
Merck leads sustainable manufacturing, digital transformation
Companies

Korea expected to increase defense exports 87% by 2027: FKI

K2 tanks manufactured by Hyundai Rotem / Korea Times fileBy Lee Kyung-minKorea will be able to generate 29.7 trillion won ($23.4 billion) in defense exports by 2027, up about 87 percent from 15.9 trillion won in 2021, as sustained by robust growth momentum in recent years, according to a state-run think tank, Monday. The industry will create 69,000 jobs by 2027, more than doubling the 33,000 in 2021, it added.The Korea Institute for Industrial Economics & Trade (KIET), which conducted the study at the request of the Federation of Korean Industries (FKI), said the strong figures will push up Korea's rank on the list of global defense powerhouses to fourth, up from the current eight.The report said Korea's defense exports came to $17.3 billion last year, almost a six-fold increase from $3 billion in 2020.Advancing the rapid growth is defense exports to Poland.Exports of Korea-made fighter jets, tanks and artillery weaponry to Poland over the past year have topped 600 billion won.Korea's export of tanks and other armored vehicles to Poland stood at $255 million in the first four mon

Jul 17, 2023By Lee Kyung-min
Korea expected to increase defense exports 87% by 2027: FKI
Companies

Fried chicken replaces pricier samgyetang

A promotional image of bhc fried chicken / Korea Times fileBy Lee Kyung-minThe year-round popularity of fried chicken is nothing new in Korea. But even more people are choosing it not purely as an accompaniment to beer or soju but purely as a “sambok” dish, instead of “samgyetang,” a hot chicken stew. The word “sambok” refers to a time of year when Koreans choose to eat a hot dish to fight off the excessive heat. This is because the price of one bowl of boiled chicken has jumped to about 20,000 won ($15.79), according to food industry watchers, Friday. Samgyetang, is a delicious chicken stew stuffed with ginseng, rice and other anti-fatigue ingredients, long known as a must-eat Korean dish during the three hottest days of summer: “sambok,” meaning the three “boks” of the year. Koreans partake in this tradition as a way to stay healthy throughout the sweltering summer heat waves.Sambok comprises “chobok,” “jungbok” and “malbok”. Chobok, or the first bok, began Tuesday. Jungbok means the mid

Jul 15, 2023By Lee Kyung-min
Fried chicken replaces pricier samgyetang
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