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Lee Kyung-min

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Korea to put on 4 drone shows overseas

A drone show takes place near the Han River in Seoul, April 29. Yonhap By Lee Kyung-minKorea will host four drone shows overseas this year, to promote the excellent products and services of strong local players, the land ministry said Sunday.The Ministry of Land, Infrastructure and Transport and Korea Institute of Aviation Safety Technology said they will increase this year's overseas drone technology demonstration shows to four, up from one.Korea will host the shows in Colombia in July, Saudi Arabia in August and the Czech Republic in October. It held its first overseas drone show in Uzbekistan in June.Participants of this year's overseas shows were selected in a public draw.The 13 firms are specialized in collecting spatial data, processing spatial information, smart farms, monitoring and reconnaissance, defense, agriculture, construction and measurement, air traffic and safety, drone software and drone soccer.The ministry said that the June drone show in Uzbekist

Jul 9, 2023By Lee Kyung-min
Korea to put on 4 drone shows overseas
Companies

Korea holds 4th IPEF talks in Busan this week

Trade Minister Ahn Duk-geun, seventh from left, pose with government officials who attended Indo-Pacific Economic Framework for Prosperity talks in Detroit, U.S. May 27 (local time). Courtesy of Ministry of Trade, Industry and Energy By Lee Kyung-minThe fourth official talks of the Indo-Pacific Economic Framework for Prosperity (IPEF) are being held in Busan for seven days from Sunday to July 15, the Ministry of Trade, Industry and Energy said.About 650 government officials of 14 countries are attending the negotiations, including vice ministers of the U.S., Japan, Australia, Singapore, Vietnam and India. A combined 21 Korean ministries and government agencies are joining the talks. Also among the attendees are officials of New Zealand, Thailand, Brunei, Malaysia, the Philippines, Indonesia and Fiji.This week's talks are the fourth round of negotiations and the first since the conclusion of Pillar 2 which is centered on a supply chain issues agreement reached in Det

Jul 9, 2023By Lee Kyung-min
Korea holds 4th IPEF talks in Busan this week
Companies

LG, LS chiefs to accompany President Yoon on Poland visit

LG Group Chairman Koo Kwang-mo, left, and Hanwha Group Vice Chairman Kim Dong-kwan / Korea Time fileBy Lee Kyung-minA total of 89 leaders of state-run and private entities will accompany President Yoon Suk Yeol on his visit to Poland next week, according to the country's business lobby, Thursday. Yoon will be on a six-day trip to Poland and Lithuania from July 10 to 15.Among them are LG Group Chairman Koo Kwang-mo, Hanwha Group Vice Chairman Kim Dong-kwan and LS Group Chairman Koo Ja-eun, according to the Federation of Korean Industries (KFI).Koo will visit the manufacturing facilities of the group's battery affiliate LG Energy Solution in Wrocław. Kim will seek to advance talks on the construction of defense equipment manufacturing plants in Poland. Hanwha plans to establish a corporate entity in Poland in the latter half, to expand its presence in the East European market where demand for defense equipment is soaring amid Russia's invasion of Ukraine. The FKI said about 63 percent of the leaders are in renewable energy, batteries, mobility and infrastructure ― promising growth-driv

Jul 6, 2023By Lee Kyung-min
LG, LS chiefs to accompany President Yoon on Poland visit
  • Yoon to attend NATO summit, visit Poland
Companies

KSOE moves ahead of Hanwha Ocean, Samsung in H1

By Lee Kyung-minHD Korea Shipbuilding & Offshore Engineering (KSOE) has won about 90 percent of the annual target construction orders in the first six months of the year, in what the firm said was a result of exceptional experience and technology approved by the global market.The figure, however, does not leave Hyundai affiliate's two key competitors ― Hanwha Ocean and Samsung Heavy Industries ― fretful, according to market watchers, since the two global players have already won years' worth of orders sufficient to generate ongoing profit. They are almost certain to win the second-half target orders, as determined by Qatar liquefied natural gas (LNG) carriers project. Last year, the three won the combined orders to build 40 ships during the first round.According to market watchers, HD Hyundai's affiliate won orders of $14 billion (18 trillion won) as of June. This is 89 percent of the annual target order of $15.74 billion.Of the 106 ships, over a third, or 33 are petrochemical carriers (PC), followed by three

Jul 6, 2023By Lee Kyung-min
KSOE moves ahead of Hanwha Ocean, Samsung in H1
Companies

Korea fortifies cooperation with Malaysia for ICT, smart livestock farming

Minister of Agriculture, Food and Rural Affairs Chung Hwang-keun / YonhapBy Lee Kyung-minThe government will fortify cooperation with Malaysia to foster exchanges in smart ICT-mediated farming technologies, the agriculture ministry said Wednesday.The Ministry of Agriculture, Food and Rural Affairs said it signed a memorandum of understanding (MOU) with Malaysia's livestock businesses in Kuala Lumpur, July 5. Among the attendees were Animal Industry Data Korea CEO Kyeong Noh-kyum and the Malaysian Poultry Association, represented by president Kwei Yew Tong.In December of last year, Animal Industry Data Korea and a chicken farm in Malaysia signed a contract whereby the Korean firm will provide a smart livestock farming and management service known as Farms Plan. The service encompasses livestock healthcare solutions through image data analysis.The plan includes real-time monitoring of farming conditions and analyzes livestock feeding and behavior. This leads to disease control solutions.Malaysia's livestock association vice president Sim Zhi Zhan, who also attended the MOU signing even

Jul 5, 2023By Lee Kyung-min
Korea fortifies cooperation with Malaysia for ICT, smart livestock farming
Companies

Korea launches public-private SMR alliance

Minister of Trade, Industry and Energy Lee Chang-yang, front eight from left, and heads of state-run energy organizations and private firms pose for a photo at an event celebrating the launch of the SMR Alliance at the Westin Josun Seoul hotel, Tuesday. YonhapBy Lee Kyung-min A private-public partnership has been launched to advance the small modular reactor (SMR) sector, the industry ministry said Tuesday. The SMR Alliance comprising 42 state-run and private entities called for government assistance to enhance their competitiveness on the global stage, where the capability to generate a stable supply of affordable energy is increasingly prioritized for green growth. SMRs are advanced nuclear reactors that have a power capacity of up to 300 megawatts (MW), about one-third of the generating capacity of traditional nuclear reactors. SMRs can produce a large amount of low-carbon electricity, saving costs and construction time. They can be deployed incrementally to match increasing energy demand, according to industry officials. Among the 42 participants were the Ministry of Trade, Indus

Jul 4, 2023By Lee Kyung-min
Korea launches public-private SMR alliance
Companies

Cinema chains struggle to secure cash amid sluggish ticket sales, rising costs

People walk in front of the box office of a movie theater operated by CJ CGV. Korea Times fileBy Lee Kyung-minLocal movie theater chain operators are resorting to liquidity crunch-induced issuance of short-term bonds, in what market watchers say is a risky operation of corporate financials brought on by a steady increase in borrowing that failed to offset a nosedive in ticket sales during the pandemic years. CJ CGV and Lotte Cultureworks, the entertainment and movie chain affiliates of CJ Group and Lotte Group are issuing hybrid bonds or perpetual bonds. Megabox Joongang, the country's largest multiplex cinema chain, is issuing short-term commercial papers as well as callable and puttable bonds. The back-to-back issuances of bonds by the three theater chains are to pay off previous debt nearing a maturity or a rollover.Hybrid bonds are subordinated bonds issued by non-financial entities. The yields of hybrid bonds are significantly higher than those of senior bonds from the same issuer. They are hybrid because they combine the characteristics of bonds ― payment of a coupon

Jul 4, 2023By Lee Kyung-min
Cinema chains struggle to secure cash amid sluggish ticket sales, rising costs
Companies

Gov't, businesses slam KCTU's general strike

Korean Confederation of Trade Unions (KCTU) head Yang Kyung-soo, sixth from left, and union members hold a press conference in front of the presidential office in Yongsan, Seoul. The union members said Monday's walkout will continue through July 15. Korea Times photo by Shim Hyun-chulBiggest umbrella labor group starts 2-week walkoutBy Lee Kyung-minThe government and a coalition of employers’ groups called for stern measures against what they have characterized as “illegal strike,” railroaded by the top left-wing umbrella union dismissing due negotiation process stipulated under the law, the industry ministry and the groups said Monday. The move came after the Korean Confederation of Trade Unions (KCTU) launched a two-week general strike Monday morning to protest the Yoon Suk Yeol government's labor policies. Business groups argue that the collective action is undermining not only the recent turnaround momentum in the country’s trade balance, but also threatens stability in healthcare and other services industries.The “politically-charged&rdquo

Jul 3, 2023By Lee Kyung-min
Gov't, businesses slam KCTU's general strike
Companies

African ministers to visit Korea for 'K-Rice Belt' initiative

Government officials from African countries and Korea pose before the start of an agricultural development course at Asan City Agricultural Technology Center in South Chungcheong Province, June 20, 2018. Korea Times fileBy Lee Kyung-minThe Korean government will invite ministers from eight African countries to Seoul, July 10, for a meeting about the “K-Rice Belt,” the agriculture ministry said Monday. The Korea-led initiative is part of the official development assistance (ODA) program introduced to help countries struggling with a lack of agricultural infrastructure, compounded by geographical and other limitations unfavorable to growing crops.Korea will share knowledge and experience on enhancing rice productivity and farming technology so that African countries can grow a variety of crops developed by organizations affiliated with Korea's agriculture ministry. Korea will discuss ways to help African peers build critical agriculture infrastructure.The participating countries are Ghana, Gambia, Guinea, Guinea-Bissau, Senegal, Uganda, Cameroon and Kenya.The Ministry of Ag

Jul 3, 2023By Lee Kyung-min
African ministers to visit Korea for 'K-Rice Belt' initiative
Companies

Convenience stores join move to lower food product prices

A woman shops at a CU convenience store in Seoul. Courtesy of BGF RetailBy Lee Kyung-minLocal convenience stores are either lowering product prices or withdrawing plans to raise them, according to market watchers, prodded by similar moves taken by confectionery, bakery and snack makers.The price adjustments were prompted by a government recommendation that makers of the country's most popular food items should contribute to easing the financial burden on households struggling due to soaring living costs.Convenience stores have lowered the prices of private brand (PB) products, including milk and ice cream. PB products are goods produced by a manufacturer for exclusive sale under a retailer's brand and are available only at proprietary stores.CU, a convenience store chain, was first to lower the price of three snacks and two types of milk.The prices of these products will be lowered by 100 won ($0.08) from July 1.CU said the lowering of the retail price despite wholesale price increases reflects its efforts to ease the burden on product suppliers.“We are aware that our small and

Jun 30, 2023By Lee Kyung-min
Convenience stores join move to lower food product prices
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