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Lee Kyung-min

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Companies

Shipbuilders desperately need more foreign workers

Minister of Trade, Industry and Energy Lee Chang-yang, right, and Financial Services Commission Chairman Kim Joo-hyun, center, attend a meeting with local shipbuilders at Hotel Hyundai by Lahan Ulsan, Ulsan, Wednesday. YonhapBy Lee Kyung-minLocal shipbuilders and key parts manufacturers called for measures to revise visa programs to make it easier to hire more foreign workers with hands-on experience, according to the industry ministry, Thursday.The collective demand is in line with Korea's lead in the industry amid a rapid recovery of global demand, underpinned by more buyers opting for high-value, green vessels for sustainable growth. Korea's market share of 70 percent in the global high-value, green shipbuilding industry in the first three months of this year is bolstered further by the country having won orders to build 17 green liquefied natural gas (LNG) vessels, out of the total 19 orders placed worldwide, as of March. The Ministry of Trade, Industry and Energy, and Financial Services Commission (FSC) held a meeting with top and medium-sized shipbuilders, late Wednesday, after

May 11, 2023By Lee Kyung-min
Shipbuilders desperately need more foreign workers
Companies

LS Electric-SCG partnership looks to fortify microgrid biz

LS Electric Managing Director Cho Wook-dong, fourth from right, poses with SCG International Managing Director Abhijit Datta, fourth from left, and other officials of the two firms after signing a memorandum of understanding at SCG headquarters in Bangkok, Wednesday. Courtesy of LS ElectricBy Lee Kyung-minLS Electric, the power supply solutions affiliate of LS Corp., will partner with Siam Cement Group (SCG), the second-largest firm in Thailand specializing in cement-building, materials and chemicals, to fortify its microgrid business in Southeast Asia, according to the firm, Thursday.A microgrid is a local electrical grid with defined electrical boundaries, acting as a single and controllable entity.The LS affiliate will provide technical support to establish an energy management system (EMS) at the headquarters of the group in Bangkok, encompassing software and programming assistance for system design.The Thailand firm will provide the equipment necessary for stable EMS operation, including solar energy facilities and an energy storage system (ESS).The corporate identity of the Tha

May 11, 2023By Lee Kyung-min
LS Electric-SCG partnership looks to fortify microgrid biz
Companies

Coupang posts earnings surprise in Q1

Robots deliver packed goods at Coupang's fulfillment center in Daegu. Courtesy of Coupang E-commerce firm earns $100 million operating profit Coupang founder and CEO Bom Kim / AP-Yonhap By Lee Kyung-minCoupang, a New York Stock Exchange-listed, Seoul-based e-commerce firm, registered an operating profit of over $107 million in the first three months of this year, despite recession woes fanned by higher borrowing rates and inflation, market watchers said Wednesday.Further bolstering the three consecutive quarters of robust operating profit were sales in the same period coming to an all-time high of $5.8 billion. Net income of $90.8 million is a significant turnaround from a year earlier when it registered a net loss of $209 million. Observers say the strong first-quarter earnings are a sign of stable profit this year, meaning the firm can snap out of

May 10, 2023By Lee Kyung-min
Coupang posts earnings surprise in Q1
Companies

Korea to propel lead as global shipbuilding powerhouse

Minister of Trade, Industry and Energy Lee Chang-yang delivers a congratulatory speech against the backdrop of a liquefied natural gas vessel manufactured by HD Hyundai Heavy Industries, at the firm's shipyard in Ulsan, Wednesday. YonhapGov't helps shipbuilders secure workers, offers financial aid for R&DBy Lee Kyung-minThe government will expand refund guarantee financing, bolster investments and increase the number of foreign workers for shipbuilders, in a coordinated policy drive to help the local growth-driver industry cement its lead globally, according to the industry, justice ministries and the financial policy regulator, Wednesday. Underpinning the initiative is the robust growth of and outlook for the local shipbuilding industry, as evidenced by $9.4 billion (12.4 trillion won) in orders won in the first three months of this year. It accounts for 40 percent of the global market share. Korea registered a 12-year high of 38.68 million compensated gross tonnage (CGT) as of March, enough to generate income for the next three years. CGT is an indicator of the amount of work n

May 10, 2023By Lee Kyung-min
Korea to propel lead as global shipbuilding powerhouse
Companies

Korea bolsters deals with Saudi Arabia for smart cities, UAM, robotics

Minister of Land, Infrastructure and Transport Won Hee-ryong, right, and Saudi Minister of Transport and Logistics Saleh bin Nasser Al Jasser laugh during a forum at the Four Seasons Hotel Seoul, Tuesday. YonhapBy Lee Kyung-minOver 200 business executives, transport authorities and sovereign funds of Korea and Saudi Arabia agreed to fortify bilateral cooperation, Tuesday, in a joint commitment to creating a virtuous cycle of IT-powered green city planning in the fossil fuel-rich country, the land ministry said Tuesday. This is a follow-up to the visit by Saudi Arabia's Crown Prince Mohammed bin Salman Al Saud to Korea last November, when business deals of up to 40 trillion won ($30 billion) were signed in manufacturing, smart technology, bio and healthcare, city planning, infrastructure building, energy, agriculture, environment and gaming.Underpinning the strong bilateral relationship is $156.5 billion in overseas construction orders inked between Korea and Saudi Arabia as of March. The figure accounts for 17 percent of Korea's total overseas construction orders over the past five d

May 9, 2023By Lee Kyung-min
Korea bolsters deals with Saudi Arabia for smart cities, UAM, robotics
Companies

SK hynix engineers vow to lead in HBM memory chip sector

A team of SK hynix engineers attend a meeting. Courtesy of SK hynixBy Lee Kyung-minA team of SK hynix engineers said they will continue with their efforts to advance the semiconductor industry, according to the country's leading chipmaker, Thursday.The team was the first to create the HBM3, the industry's first 12-layer memory chip, a feat achieved in 2021 followed by mass-production of the advanced HBM3 24 gigabyte (GB) package in 2022.HBM is short for high bandwidth memory, 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.SK hynix HBM Product Planning Team Leader Kim Wang-su said that artificial intelligence (AI) technologies are increasingly embraced by leading businesses, propelling the demand for high-performance semiconductors that underpin them.“We will continue to fortify competitiveness in high-value and high-performance pro

May 9, 2023By Lee Kyung-min
SK hynix engineers vow to lead in HBM memory chip sector
Companies

1st YEAR in OFFICE President strives to create biz-friendly conditions

President Yoon Suk Yeol listens to an official from Doosan Enerbility at the company's nuclear reactor factory in Changwon, South Gyeongsang Province, in this June 22, 2022 photo. YonhapGov't still has long way to go before bearing fruitful resultsBy Lee Kyung-minSince his inauguration, President Yoon Suk Yeol has made attempts to restore market-oriented growth and root out what he calls the “deviant behaviors” of some labor unions, under a drive to revitalize an economy scarred by the COVID-19 pandemic and other external economic shocks.One of his drives that has been hailed was a greater use of nuclear energy and fostering the industry, which has been long demonized under a nuclear phase-out drive railroaded by his predecessor Moon Jae-in.Others include expanded tax credits for key growth driver industries, including semiconductors, related parts and equipment manufacturers, as well as lowering corporate, property and capital gains taxes.The president sought to fortify fiscal soundness, a shift from expansionary policies during the pandemic years.However, the conservati

May 9, 2023By Lee Kyung-min
[1st YEAR in OFFICE] President strives to create biz-friendly conditions
  • 1st YEAR in OFFICE Yoon's economic team somewhat successful in juggling growth, inflation
Companies

Agriculture minister vows to boost food security, foster young farmers

Minister of Agriculture, Food and Rural Affairs Chung Hwang-keun speaks during a press briefing at the Sejong Government Complex, Monday. YonhapBy Lee Kyung-minPromotion of greater use of floury rice to help bolster food self-sufficiency, fostering of IT-savvy young farmers and agricultural land zoning to prevent haphazard development in rural areas will be the top three priorities of the government, the country's top agriculture policymaker said Monday.Underpinning the first of three ― food security ― is Korea's floury rice, developed by the ministry-affiliated Rural Development Administration to better utilize surplus rice in Korea. Floury rice is easy to store and more suited for food processing ― characteristic strengths of wheat, almost all of which is imported. This is why it can help reduce dependence on wheat imports, according to Minister of Agriculture, Food and Rural Affairs Chung Hwang-keun. “The government plans to have the floury rice replace as much as 10 percent of imported wheat, thereby increasing the country's food self-sufficiency rate to 55.5 percent by 202

May 8, 2023By Lee Kyung-min
Agriculture minister vows to boost food security, foster young farmers
Companies

Decision on electricity rate for Q2 expected this month

Representatives of the ruling People Power Party attend a meeting to discuss energy price increases at the National Assembly in Yeouido, Seoul, April 6. Korea Times photo by Ko Young-kwon By Lee Kyung-minThe government and the ruling People Power Party (PPP) are in the final stages of talks to set the electricity rate for the second quarter of this year. An announcement is expected to be made before June, according to market watchers, Friday.At issue is how much electricity fees should be allowed to rise, which is a politically sensitive step that could sour public support for the government, already waning due to surging costs of living over the past few years.Market watchers say the increase will be no more than 10 won ($0.01) per kilowatt hour (kWh), since a rate hike of 13.1 won per kWh for the first three months of this year remains a major source of public frustration, coupled with a spike in gas prices last winter.The electricity fee hike will help fortify th

May 5, 2023By Lee Kyung-min
Decision on electricity rate for Q2 expected this month
Companies

Refiners' earnings outlooks bleak in Q2

SK Energy CLX in Ulsan / Courtesy of SK InnovationBy Lee Kyung-minThe earnings outlooks of local refineries are expected to be somewhat underwhelming in the second quarter, hobbled by weakening demand due to the global economic downturn, according to market watchers, Friday.Supporting this projection are declining refining margins, defined as the difference in value between the final products produced by a refinery and the raw input materials including crude oil. Also at play is the dissipating impact of the unexpected continuation of high oil prices, more than a year after Russia's invasion of Ukraine, which sparked the energy crisis.S-Oil, a petroleum and refining company, suffered a 61.3 percent year-on-year drop in first-quarter operating profit to 515.7 billion ($388 million).The first quarter performance was an improvement from the previous three months when operating losses reached 160.4 billion won due to one-off factors, mostly sliding oil prices that caused the value of inventory products to fall, while storage costs rose.The refinery logged sales of 9.1 trillion won in the

May 5, 2023By Lee Kyung-min
Refiners' earnings outlooks bleak in Q2
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