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Lee Kyung-min

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Companies

Vietnam emerges as source of Korea's biggest trade surplus

Southeast Asian country is now Korea's 3rd-largest trading partnerBy Lee Kyung-minVietnam is now the source of Korea's biggest trade surplus, which reached $34.26 billion (45 trillion won) last year, driven by exports that stood at $60.98 billion, outpacing imports which totaled $26.72 billion, trade ministry data showed.The figure more than tripled compared to 2012, when Korea's trade surplus with the Southeast Asian country was just $10.22 billion. The two countries established diplomatic relations in 1992 and signed a bilateral free trade agreement in 2015.Also at play is Vietnam's increasing role as a global production hub and as a manufacturing alternative to China. An increasing number of global firms are moving their production facilities to Vietnam from China, leading to a high overall trade volume. The Southeast country is also emerging as a generator of high-value products, such as organic light-emitting diodes (OLEDs) and semiconductors, reorienting its profile significantly away from labor-intensive goods and services.The trade surplus is expected to continue displaying r

May 22, 2023By Lee Kyung-min
Vietnam emerges as source of Korea's biggest trade surplus
  • 'Economic cooperation is cornerstone of Korea-Vietnam ties'
Companies

POSCO International hires IR expert to bolster shareholder value

POSCO International Investor Relations Division Senior Vice President Chung In-cheol / Courtesy of POSCO InternationalBy Lee Kyung-minPOSCO International, the trade affiliate of POSCO Group, has appointed Chung In-cheol as the first head of a new investor relations division, aimed at bolstering the firm's share price and subsequent shareholder value, the firm said Thursday.The new position is redefining the company as an “eco-friendly, comprehensive player” in the global market.Chung's previous roles include investor relations executive at Seoul Semiconductor and CHA Biotech.POSCO International plans to lead investor relations activities, centering on the newly established department using his extensive work experience and highly regarded industry analysis capabilities.The affiliate will operate Value Day, whereby shareholders and the firm will be able to communicate openly about corporate growth strategies and goals of key businesses, including energy and food.To fortify digital communication, video clips will be produced and shared on the firm's YouTube channel to help

May 18, 2023By Lee Kyung-min
POSCO International hires IR expert to bolster shareholder value
Politics

Korea to share post-war rebuilding know-how with Ukraine

Minister of Land, Infrastructure and Transport Won Hee-ryong, second from right, and Yulia Svyrydenko, Ukraine's first vice prime minister, second from left, attend a meeting at Seoul Government Complex in Gwanghwamun, Wednesday. Courtesy of Ministry of Land, Infrastructure and Transport By Lee Kyung-minMinister of Land, Infrastructure and Transport Won Hee-ryong promised Wednesday to share Korea's post-war reconstruction know-how with Ukraine which is looking forward to fortifying bilateral cooperation for rapid post-war recovery and economic growth, the land ministry said Wednesday. Won met with Yulia Svyrydenko, Ukraine's first vice prime minister who doubles as minister of economic development and trade, to discuss post-war rebuilding of the Eastern European country. The high-level meeting came on the heels of a similar one-on-one between Won and Ukraine's first lady Olena Zelenska.Won expressed hope that the war would come to an end as soon as possible followe

May 17, 2023By Lee Kyung-min
Korea to share post-war rebuilding know-how with Ukraine
Companies

Gov't, private sector work together to advance carbon-free drive

Minister of Trade, Industry and Energy Lee Chang-yang delivers a congratulatory speech at Korea Press Center in Seoul, Wednesday. Yonhap By Lee Kyung-minA public-private forum has been launched to help local businesses adjust to the global wave of strengthened greener energy mandates, according to the industry ministry and the country's business network, Wednesday.The forum seeks to review and promptly implement ways of reaching zero-carbon power generation, including nuclear energy and clean hydrogen, mostly by establishing internationally recognized energy certification systems.Propelling the drive is the rapid spread of RE100, a global initiative embraced by advanced economies whereby all energy is sourced from renewables. The U.S.-led campaign is not binding. But using expensive renewables can push up production costs, leading to a price disadvantage for local players on the global stage in the long term. The Ministry of Trade, Industry and Energy the Korea Cha

May 17, 2023By Lee Kyung-min
Gov't, private sector work together to advance carbon-free drive
Companies

Korea promises to help Ukraine rebuild infrastructure

Land, Infrastructure and Transport Minister Won Hee-ryong speaks during a press conference in Sejong, Tuesday. Courtesy of Ministry of Land, Infrastructure and TransportBy Lee Kyung-minKorea will provide timely and necessary resources and decades of experience to expedite the rebuilding of war-torn Ukraine, the country's top infrastructure policymaker said Tuesday. The reiterated commitment of Land, Infrastructure and Transport Minister Won Hee-ryong came shortly after the state visit of Ukraine's first lady Olena Zelenska and Yulia Anatoliivna Svyrydenko, the country's first vice prime minister who doubles as minister of economic development and trade.Tuesday's pledge is the continuation of the country's offer of assistance to Ukraine. A team of infrastructure and foreign ministries attended a two-day Ukraine Recovery Conference in Lugano, Switzerland, in July of last year.The ministry said Korea will be able to use its experience in infrastructure and city planning, as acquired through rapid government-led economic growth.The assistance may be limited due to thorny diplomatic or mi

May 16, 2023By Lee Kyung-min
Korea promises to help Ukraine rebuild infrastructure
  • Ukraine looks to Korean firms for post-war reconstruction
Companies

Korea seeks Japan's support for World Expo 2030 bid

Korea-Japan Economic Association Chairman Kim Yoon, front row fourth from left, poses with Trade Minister Ahn Duk-geun, front row fifth from left, Japan-Korea Economic Association Chairman Mikio Sasaki, front row sixth from left, and other officials of Korea and Japan applaud during an event at Lotte Hotel in Seoul, Tuesday. YonhapBy Lee Kyung-minAbout 240 high-ranking government officials and business leaders of Korea and Japan shared ways to boost bilateral cooperation, Tuesday, for Korea's bid to host World Expo 2030 in Busan, according to the trade ministry.The Ministry of Trade, Industry and Energy said that the two sides discussed ways for Korea to help Japan successfully organize the World Expo 2025 in Osaka, and for Japan to help Korea win the right to host the World Expo 2030 in Busan.The face-to-face two-day event was resumed after four years off due to the COVID-19 pandemic. The high-profile event in Seoul is the latest development in the recent wave of rapprochement between the two countries. Other items on the agenda include strengthening bilateral cooperation to bolster

May 16, 2023By Lee Kyung-min
Korea seeks Japan's support for World Expo 2030 bid
Companies

BMW breaks ground on R&D center in Incheon's Cheongna

BMW R&D Center Korea in Cheongna International City in Incheon / Courtesy of BMW Group KoreaBy Lee Kyung-minBMW Group Korea has begun the construction of a research and development center in Incheon's Cheongna International City, said the Korean office of the global automotive titan, Monday.Korea is the fifth country to house a global research facility affiliated with the car manufacturer, following the U.S., China, Japan and Brazil.The center is the latest effort of BMW Group to invest in the Korean market so as to expand its customer base, after it established the BMW Driving Center in Incheon in 2014. BMW Group has driving experience centers in both Germany and the U.S. But the Driving Center in Korea is the first in the world to combine both a driving track and a dedicated brand experience, the firm said.The construction of the research center, BMW R&D Center Korea, came about four years after a group of executives from the carmaker's head office visited the country in 2019 to outline research and investment plans.The research center will be a leading global hub, where a

May 15, 2023By Lee Kyung-min
BMW breaks ground on R&D center in Incheon's Cheongna
Companies

Electricity, gas rates to be raised to cap soaring losses

Minister of Trade, Industry and Energy Industry Lee Chang-yang speaks during a press briefing at the Seoul Government Complex in Gwanghwamun, Monday. Yonhap Low-income families exempt from hike for 1 yearBy Lee Kyung-minA four-person household will shoulder an additional 7,400 won ($5.52) increase on average in their combined monthly gas and electricity bills from June following an 8 won per kilowatt hour (kWh) hike in power rates and a 1.04 won per megajoule (MJ) rise in gas bills, the government said Monday.The new electricity and gas rates will come into effect from May 16.Under the new price scheme, the Ministry of Trade, Industry and Energy said the monthly electricity bill for a four-person household that uses 332 kWh of electricity on average will be raised to 66,590 won from 63,570 won.The monthly gas fee will increase by 4,400 won, provided that a household uses 3,861MJ every 30 days.Monday's decision is aimed at reducing snowballing losses at two state-run

May 15, 2023By Lee Kyung-min
Electricity, gas rates to be raised to cap soaring losses
  • Will utility fee hikes affect inflation cooldown?
Companies

'Samsung Electronics to establish high-tech semiconductor R&D base in Japan'

Samsung Electronics' manufacturing plant in Pyeongtaek, Gyeonggi Province. Courtesy of Samsung ElectronicsBy Lee Kyung-minSamsung Electronics will build a development facility in Yokohama, in what is a collaboration between the chip industries of Japan and Korea, according to a Nikkei report, Sunday. Samsung was unavailable for comment.The new facility will be built in Yokohama, southwest of Tokyo, home to the Korean company's existing site, Samsung R&D Institute Japan. The development hub will be a separate unit.Specific details are not available other than the company will build a production line for a prototype chip device, the Japanese media outlet said.The news is a further boost to President Yoon Suk Yeol's administration's plan to provide greater tax incentives for local chipmakers, as outlined in the K-Chips Act. It includes increasing tax credits for semiconductor facility investments, shortening and simplifying the approval process for manufacturing plant construction and making exemptions for government-commissioned feasibility studies.The government also plans to esta

May 14, 2023By Lee Kyung-min
'Samsung Electronics to establish high-tech semiconductor R&D base in Japan'
Companies

Kakao restructures money-losing affiliate

Former Kakao Enterprise CEO Baek Sang-yeop / Courtesy of Kakao EnterpriseBy Lee Kyung-minKakao Enterprise, the business-to-business (B2B) subsidiary of Kakao Corp., said it will fortify cloud-based businesses, in a move to restructure the money-losing entity which is certain to extend years of losses that began in 2021. Its net loss came to 161.2 billion won ($119.9 million) in 2022, steeper than the 96.3 billion won registered a year earlier. The net figure for 2020 was a profit of 67.8 billion won. Kakao Enterprises CEO Baek Sang-yeop has resigned, ending his three-year stint. He will be succeeded by the firm's cloud division head and vice president Lee Kyung-jin. Most of the almost 1,000 Kakao Enterprise employees will find new positions in the local IT titan's subsidiaries.Baek put out a notice on the firm intranet server, May 12, saying that cloud-centered business models with great growth potential and high investment values will be the priority of the restructuring.“We will seek and promote exit, sales and the transfer of non-core projects with relatively low growth and

May 14, 2023By Lee Kyung-min
Kakao restructures money-losing affiliate
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