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Lee Kyung-min

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Korea exports 10 'hanwoo' cattle to Malaysia

Kim Jung-hee, fifth from left, deputy minister for food policy at the Ministry of Agriculture, Food and Rural Affairs, poses with ministry officials at Incheon Port, Thursday. Courtesy of Ministry of Agriculture, Food and Rural AffairsBy Lee Kyung-minKorea has exported 10 cattle for the production of “hanwoo,” or Korean beef, to Malaysia, a deal closed after months of government efforts to ensure the safe and close management of livestock despite the outbreak of foot-and-mouth disease here in May, the agriculture ministry said Thursday. Malaysia approved the import of the cattle on June 19, as impressed by Korea's speedy and thorough disease control response and the transparency of the country's agriculture and livestock infection authorities. The export of halal-certified premium beef-producing livestock will boost the country's share in the $1.9 billion halal market. High-ranking ministry officials attended a ceremony to celebrate the first shipment of 10 hanwoo cattle to Malaysia at Incheon Port.“I visited Malaysia's Minister of Agriculture and Food Security

Jun 30, 2023By Lee Kyung-min
Korea exports 10 'hanwoo' cattle to Malaysia
Companies

Hillstate Seonhwa the Wise apartments up for sale

Hillstate Seonhwa the Wise / Courtesy of Hyundai Engineering & Construction By Lee Kyung-minHillstate Seonhwa the Wise, an apartment complex in Daejeon's Seonhwa-dong, will go up for sale, according to Hyundai Engineering & Construction, Thursday.The future value of the complex is expected to soar due to its proximity to Daejeon Station, a key commercially busy district designated as Daejeon City Convergence Special Zone. It is also near the government industrial complex.Hyundai's construction affiliate said Daejeon's real estate market is recovering from a years-long slowdown.Daejeon is emerging among a handful of beneficiaries of the industrial complex development project, as advanced by the passage of a National Assembly subcommittee bill, May 30.The bill will allow the city to establish a complex whereby industrial facilities, housing and cultural spaces will be built to accommodate workers who move to the region.In March, the government said that it will invest

Jun 29, 2023By Lee Kyung-min
Hillstate Seonhwa the Wise apartments up for sale
Companies

Booyoung chief makes donations to 280 Suncheon residents

Booyoung Group Chairman Lee Joong-keun / Courtesy of Booyoung GroupBy Lee Kyung-minBooyoung Group Chairman Lee Joong-keun gave up to 100 million won ($76,500) each to 280 people in his hometown of Suncheon, South Jeollla Province, the firm said Wednesday.The group said Lee has given a combined 140 billion won to his former elementary and middle school classmates and Suncheon residents, as well as people he served with in the military.Lee wired between 26 million won and 90.2 million won to 280 Suncheon residents from late last month to early this month. The amounts are gift tax-deducted.The amounts given were calculated based on the number of years they had lived in the region. The group said Lee wanted to express his gratitude to those who helped him when he was young and poor.“This is personal and has nothing to do with the company,” the group said.In 2021, he gave away between 100 million and 1 billion won to his non-immediate relatives.Booyoung built a large multi-purpose education and child care facility last year in Phnom Penh, Cambodia.The facility, Woojeong Cambod

Jun 28, 2023By Lee Kyung-min
Booyoung chief makes donations to 280 Suncheon residents
Companies

Agriculture ministry to foster K-food business

Korea's popular fruits including shine muscat are on display at a local retail chain. Korea Times fileBy Lee Kyung-minThe government is aiming to achieve $15 billion (19 trillion won) in agricultural exports by 2027 by fostering K-food industries, including traditional food makers, confectioneries, green bio and food tech businesses, the agriculture ministry said Wednesday.Kimchi, seaweed and pears, for example, will be elevated to represent Korea's healthy eating culture. Instant noodles will be promoted as Korea's most convenient snack. The plan announced by the Ministry of Agriculture, Food and Rural Affairs is intended to further bolster Korea's food industry market. The market size came to 656 trillion won in 2021, maintaining year-on-year growth at 16 percent for the second year in a row. The figure was 607 trillion won in 2020, 535 trillion won in 2019 and 521 trillion won in 2018.The ministry announced a five-year growth plan whereby the country's local food industry will register a 9 percent year-on-year growth through 2027 to reach 1,100 trillion won.The ministry will estab

Jun 28, 2023By Lee Kyung-min
Agriculture ministry to foster K-food business
Companies

Japan puts Korea back on trade 'white list' after 4 years

President Yoon Suk Yeol, right, and his Japanese counterpart Fumio Kishida shake hands before a summit at the presidential office in Yongsan, Seoul, May 7. YonhapBy Lee Kyung-minJapan put Korea back on its list of favored trade partners, Tuesday, seeking to improve bilateral economic ties nearly four years after downgrading the neighboring country's status, Seoul's industry ministry said.The Ministry of Trade, Industry and Energy said Japan's trade ministry decided to amend simplified export control guidelines to reinstate Seoul on its “white list” under which a greater number of Korean businesses will be able to export goods to Japan faster. The amendment will take effect starting July 21.The latest development came as a follow-up measure after Tokyo lifted export curbs on Seoul in March following a summit between President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida where the two leaders agreed to bolster efforts to improve economic ties. In the following month, Korea put Japan back on its white list.Japan removed Korea from its white list in July 2019 after

Jun 27, 2023By Lee Kyung-min
Japan puts Korea back on trade 'white list' after 4 years
Companies

POSCO International, CIP to foster offshore wind power, green biz

POSCO International Vice Chairman Jeong Tak, right, and Copenhagen Infrastructure Partners Vice Chairman Torsten Rodberg Smed hold copies of a signed memorandum of agreement in Seoul, Tuesday. Courtesy of POSCO InternationalBy Lee Kyung-minPOSCO International, a general trading subsidiary of the country's steel titan POSCO, will partner with Copenhagen Infrastructure Partners (CIP), one of the world's largest green energy asset managers, to advance offshore wind power and green hydrogen businesses in Pohang, North Gyeongsang Province, according to the firm, Tuesday.POSCO International Vice Chairman Jeong Tak and CIP Vice Chairman Torsten Rodberg Smed signed a memorandum of agreement whereby the two firms will fortify cooperation to bolster businesses in Pohang, where POSCO steel mills and POSCO Future M, a chemical subsidiary of POSCO, are located.POSCO International is reorienting its business portfolio to foster sustainable growth and future competitiveness in energy, steel, food and new businesses.It plans to expand its renewable energy business to include offshore wind power, as

Jun 27, 2023By Lee Kyung-min
POSCO International, CIP to foster offshore wind power, green biz
Companies

Will KEPCO turn around in 2nd half?

Korea Electric Power Corp. headquarters in Naju, South Jeolla Province / YonhapBy Lee Kyung-minDebt-ridden Korea Electric Power Corp. (KEPCO), a state-run energy firm, will be able to improve its financial condition in the third quarter of this year, buoyed by stabilizing global energy prices and electricity fee hikes over the past year, market analysts said Monday. Propelling the optimism is short-term sales increase expected in the summer months of July through September, certain to offset years of losses extended by pricing structures whereby energy production cost far overwhelmed retail sales prices. Data from FnGuide, a financial service provider, showed that KEPCO's operating profit in the July-September months as estimated by local brokerages averaged 1.68 trillion won ($1.28 billion). This is lower than the most upbeat projection of 1.81 trillion won made by Shinhan Investment & Securities in mid-June. Shinhan said the figure for the fourth quarter will be about 1.5 trillion won. A third-quarter surplus would be the first surplus in 10 quarters since the January-March per

Jun 26, 2023By Lee Kyung-min
Will KEPCO turn around in 2nd half?
Companies

Up to 69,000 jobs to disappear if minimum wage raised to 10,000 won, says lobby group

Labor group members hold a rally in front of the labor ministry's Seoul branch office, May 25. YonhapBy Lee Kyung-minUp to 69,000 jobs will disappear if the state-mandated hourly minimum wage is raised to 10,000 won ($7.68) next year, according to a study by a business lobby group, Monday.Young, low-income groups and small businesses will be affected the most by the possibility of fewer jobs, a hardship certain to exacerbate the prolonged economic slowdown defined by the dreaded combination of drops in consumption and business activity in the economy.Experts say rapid across-the-board wage hikes should be revised to better reflect the needs of employers, after a thorough review of the intensity of labor and the productivity of specific industries. Otherwise, more businesses will be pushed into bankruptcy, amplifying default risks in the economy.Members of the minimum wage commission that represent labor groups said that the figure for next year should be raised to 12,210 won. The 26.9 percent year-on-year increase will translate to a monthly income of over 2.55 million won, provided

Jun 26, 2023By Lee Kyung-min
Up to 69,000 jobs to disappear if minimum wage raised to 10,000 won, says lobby group
Companies

Cement makers at odds with gov't over price hikes

A construction site in Seoul / YonhapBy Lee Kyung-minCement makers and the government are locking horns over recent price hikes in construction materials, market watchers said, Sunday.Cement makers say price hikes are inevitable since the government's carbon neutrality initiatives mandate a significant investment in expensive green materials in the makeup of cement. The government's committee on carbon neutrality said greenhouse gas emissions produced by the cement industry need to be lowered by 34 million tons by 2030.In response, the government says that carbon-neutral technologies are the basis of national economic development in the construction industry, and are eligible for tax credits among other government policy assistance mechanisms. This is why the government is asking “to share the pain."The Ministry of Trade, Industry and Energy said it held a meeting with the cement industry on June 23.Among the attendees were SsangYong C&E and Sungshin Cement, both of whom said they will raise cement prices next month, a further increase from the 40 percent jump already exper

Jun 25, 2023By Lee Kyung-min
Cement makers at odds with gov't over price hikes
Companies

Hyundai E&C signs $5 bil. petrochemical deal with Aramco

Minister of Land, Infrastructure and Transport Won Hee-ryong, back row center, poses with government officials and private business leaders of Korea and Saudi Arabia, after signing a contract between Hyundai Engineering & Construction and Aramco, June 24 (local time). Courtesy of Ministry of Land, Infrastructure and TransportKorean builder to build mega plant in Middle Eastern countryBy Lee Kyung-minHyundai Engineering & Construction signed a $5 billion (6.4 trillion won) deal with Saudi Arabia's state oil company Aramco to build a mega complex for petrochemical production in the Middle Eastern country, the land ministry said Sunday.The deal, which will advance the Amiral project packages No. 1 and 4, is the largest contract won by a Korean builder with Saudi Arabia. Aramco is the owner of Amiral Petrochemical Plant.The Ministry of Land, Infrastructure and Transport said Korean-Saudi cooperation will take a further mutually beneficial turn, as underpinned by Korea's expertise in construction and city planning helping the oil-rich country move away from fossil fuels.It added t

Jun 25, 2023By Lee Kyung-min
Hyundai E&C signs $5 bil. petrochemical deal with Aramco
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