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Lee Kyung-min

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Companies

Small biz owners reject proposed minimum wage hike

The minimum wage commission holds a meeting at the Sejong Government Complex, Thursday. YonhapBy Lee Kyung-minSmall businesses said they squarely reject the hourly minimum wage of over 12,000 won ($9.28) proposed by labor groups, according to market watchers, Thursday.This came shortly after members of the minimum wage commission representing labor groups said the hourly minimum wage for next year should be raised to 12,210 won. This is 26.9 percent higher than this year's 9,620 won.The labor representatives held a press conference at the Sejong Government Complex before the commission's seventh plenary session.They said the 12,210 won hourly minimum wage translates to a monthly income of about 2,551,890 won, provided that 209 hours are worked.However, the Korea Federation of Micro Enterprise said the commission is turning a blind eye to the hardships of low-income businesses.“Only about a week is left before the deadline for next year's minimum wage. But the minimum wage commission is ignoring the opinions of the small businesses,” they said in a statement.The federation

Jun 22, 2023By Lee Kyung-min
Small biz owners reject proposed minimum wage hike
  • Labor demands 26.9% increase in next year's minimum wage
Companies

HD Hyundai CEO visits shipyard in Vietnam

HD Hyundai CEO Chung Ki-sun, back row fifth from left, poses with workers at Hyundai Vietnam Shipbuilding in Khanh Hoa, Vietnam, Thursday. Courtesy of HD Hyundai By Lee Kyung-minHD Hyundai CEO Chung Ki-sun visited Hyundai Vietnam Shipbuilding, a regional affiliate of the shipbuilder, according to the firm, Thursday.Chung visited the Vietnamese entity's shipyard in Khanh Hoa to examine the shipbuilding progress and boost the morale of executives and employees.This came shortly before President Yoon Suk Yeol's state visit to the country.Chung is a member of the president-led economic delegation, comprising heads of local conglomerates. He said the firm was able to achieve excellent results in Vietnam thanks to the hard work of its executives and employees despite unfavorable circumstances“I will continue to work harder for Hyundai Vietnam Shipbuilding to write a model success story representing the Korean shipbuilding industry,” he said during the visit. Hyundai Vie

Jun 22, 2023By Lee Kyung-min
HD Hyundai CEO visits shipyard in Vietnam
Companies

POSCO's steel for LCO2 carriers obtains Lloyd's Register certification

Andy McKeran, maritime performance services hub director at Lloyd's Register, left, and Park Eul-son, head of POSCO's Energy and Shipbuilding Materials Marketing Office, hold a copy of a certification during the 2023 Nor-Shipping Exhibition in Oslo, Norway, June 6. Courtesy of POSCO By Lee Kyung-minPOSCO-developed steel needed to manufacture large liquefied carbon dioxide (LCO2) carriers has received international certification for the first time in Korea, the local steel giant said Wednesday.The certification was given by Lloyd's Register, best known for the classification and certification of ships. The United Kingdom entity inspects and approves important components and accessories, including life-saving appliances, marine pollution prevention, fire protection, navigation, radio communication equipment, deck gear, cables, ropes and anchors.POSCO said the certification was given at the 2023 Nor-Shipping Exhibition in Oslo, Norway, June 6.“Nor” is short for a Notic

Jun 21, 2023By Lee Kyung-min
POSCO's steel for LCO2 carriers obtains Lloyd's Register certification
Companies

Why do young civil servants want to move to private sector?

Sejong Government Complex / YonhapLow pay, heavy workload, rigid office culture said to be behind public service exodusBy Lee Kyung-minYoung public servants are quitting their jobs and heading to the private sector, due to frustration over low pay, limited prospects of promotion and a rigid work culture, according to market watchers. The exodus has accelerated since the government's ministries began to move to Sejong, an administrative city located 112 km south of Seoul.A woman in her late 20s in the public service said she quit her job.“I make no more than 1.8 million won ($1,400) a month, unless I work overtime. I don't see the point anymore.”She said minimum wage workers make more money than she does.“The same hours worked means 1.8 million won for me and over 2 million won for minimum wage part-time workers. I felt stuck.”Similarly, a Sejong-based public servant said he went on leave. Months of people-facing service at the complaints department left him drained. “I thought the public service was not that bad a choice, since it has high job security a

Jun 21, 2023By Lee Kyung-min
Why do young civil servants want to move to private sector?
Companies

KT seeks to earn 1 trillion won in sales from AI business in 2025

KT AI/DX Convergence Division Vice President Song Jae-ho speaks during a press conference at Novotel Ambassador Seoul Hotel, Wednesday. Courtesy of KT By Lee Kyung-minKT, a local telecommunications service provider, plans to increase sales of its artificial intelligence (AI) convergence business to 1 trillion won (773 million) by 2025, as underpinned by diversified AI-mediated robotics, health care and education services, according to the firm, Wednesday.About 7 trillion won will be invested by 2027 to fortify AI competitiveness and outline global expansion plans.The firm held a press conference at Novotel Ambassador Seoul Hotel, where it announced plans to expand the supply of service robots to be used in delivery. The areas of use for robots will be expanded to quarantine, indoor and outdoor delivery, small logistics in factories and agricultural delivery robots.KT also said it will launch a remote health care service for chronic illness patients. Nurses and nutri

Jun 21, 2023By Lee Kyung-min
KT seeks to earn 1 trillion won in sales from AI business in 2025
Companies

KHNP nears clinching deal to build nuclear waste processing facility in Romania

A nuclear power plant in Cernavoda, Romania / Courtesy of Korea Hydro & Nuclear PowerBy Lee Kyung-minKorea's state-run energy firms and private entities are closer to winning a deal to build a nuclear waste treatment facility in Romania, according to market watchers, Tuesday.Korea Hydro & Nuclear Power (KHNP), Korea Electric Power Corp. Engineering & Construction (KEPCO E&C), Hyundai E&C and Samsung C&T have cleared a quality screening test commissioned by SN Nuclearelectrica S.A. (SNN), a partially state-owned Romanian nuclear energy company. The Korean entities will soon be able to ink a deal with SNN to build a tritium removal facility (TRF) at a nuclear power plant in Cernavoda, the only nuclear power plant in Romania. It produces around 20 percent of the country's electricity. The project will be worth about 250 billion won ($195 million). The TRF is designed to reduce the volume of tritiated water, allowing the reuse and recycling of tritium instead of releasing it into the environment.The facility can greatly reduce the amount of radioactive waste in nu

Jun 20, 2023By Lee Kyung-min
KHNP nears clinching deal to build nuclear waste processing facility in Romania
Politics

Pfizer employees lead green campaign

Pfizer Korea employees pose on a trail of Mount Nam in central Seoul, June 16. Courtesy of Pfizer Korea By Lee Kyung-minPfizer Korea employees participated in environmental protection activities as part of the Green Move Campaign established last year to advance its environmental, social and corporate governance (ESG) initiative, titled “Moves for a Healthier World,” according to the firm, Tuesday. Pfizer Korea signed a business agreement last year with Forest for Life, a private environmental advocacy group.At least 233 members of the public in Daejeon, Seoul and other cities went tree planting for a combined 622 hours during the second half of last year.The tree planting activities promote the health of employees, citizens as well as nature and a sense of community, the firm said. It also improves physical well-being and psychological stability.Executives and employees of Pfizer Korea are committed to the campaign. The first one was launched last year. They engage

Jun 20, 2023By Lee Kyung-min
Pfizer employees lead green campaign
Companies

LG bolsters Busan Expo bid in Paris ahead of BIE General Assembly

An LG-made billboard promoting Busan's bid to host World Expo 2030 is installed near Charles de Gaulle International Airport in Paris, France. Courtesy of LGBy Lee Kyung-minLG Corp. is intensifying promotional activities in Paris and France, to bolster Korea's bid to host World Expo 2030 in its southern coastal city of Busan, according to the firm, Friday. Paris is the city where Bureau International des Expositions (BIE) will hold its General Assembly over the following month. BIE is an intergovernmental organization in charge of overseeing and regulating World Expos.The local conglomerate said it will install large advertisements near Charles de Gaulle International Airport in Paris for a month starting June 16 (local time) to support the Expo bid.The international airport is a gateway to major cities in Europe averaging 4.8 million monthly users last year.The firm said the ad campaigns will illustrate the competitiveness of Busan as a venue for the World Expo, mostly by highlighting that the city has modern and traditional characteristics as well as eco-friendly qualities.It will

Jun 16, 2023By Lee Kyung-min
LG bolsters Busan Expo bid in Paris ahead of BIE General Assembly
Companies

Electricity rate hike unlikely in Q3

People walk by air-conditioning units installed on the outdoor wall of a multi-story residential building in Seoul, May 15. Korea Times fileBy Lee Kyung-minThe government will leave electricity rates unchanged for the third quarter, according to market watchers, Friday, due to souring public resentment concerning the soaring cost of living as well as the moderate stabilization of global energy prices. Also at play is higher energy demand expected in the summer, as well as election campaigning considerations ahead of next year's general election. Korea Electric Power Corp., a state-run energy firm, said it submitted a report to the Ministry of Trade, Industry and Energy on the factors involved in setting the electricity rates for the July-September period. Included are global energy prices such as crude oil and liquefied natural gas. An announcement will be made on June 21.This year's fee was raised by 13.1 won ($0.01) per kilowatt hour (kWh), and 8 won in the first and second quarters, respectively. This combined with three hikes last year has led to a 39 percent higher electricity f

Jun 16, 2023By Lee Kyung-min
Electricity rate hike unlikely in Q3
Companies

Samsung, SK hynix benefit from soaring demand for high-performing memory chips amid AI boom

Samsung Electronics employees pose at the firm's manufacturing plant in Pyeongtaek, Gyeonggi Province, in this file photo. Courtesy of Samsung ElectronicsBy Lee Kyung-minThe local memory chip market is showing signs of a boom, underpinned by the industry-wide recovery after the release of new products made by NVIDIA, Intel and AMD, according to market watchers, Thursday. The three global logic chip powerhouses are key partners of Korea-based global memory chip leaders, Samsung Electronics and SK hynix. The shares of these KOSPI-listed IT titans are in turn expected to climb further. The three industry leaders have released new logic chips needed for artificial intelligence (AI) and high-performance computing (HPC).They are increasing the use of high-bandwidth memory (HBM), a high-speed computer memory interface for 3D-stacked synchronous dynamic random-access memory (SDRAM). It is used together with high-performance graphics accelerators, network devices, high-performance data centers and some supercomputers.The first HBM memory chip was produced by SK hynix in 2013.According to Tren

Jun 15, 2023By Lee Kyung-min
Samsung, SK hynix benefit from soaring demand for high-performing memory chips amid AI boom
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