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Lee Kyung-min

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Companies

Hyundai Glovis enters clean energy business

GS Energy Vice President Kim Seong-won, left, and Hyundai Glovis CEO Lee Kyoo-bok pose for a photo after signing a memorandum of understanding at the Hyundai Glovis headquarters in Seoul Monday. Courtesy of Hyundai GlovisBy Lee Kyung-minHyundai Glovis, the logistics affiliate of Hyundai Motor Group, and GS Energy, the energy affiliate of GS Group, have teamed up to fortify ammonia-hydrogen energy cooperation, according to market watchers, Monday. The move is the latest development in their joint green energy partnerships, about four months after the two signed a memorandum of understanding (MOU) for carbon capture, utilization and storage (CCUS) projects with GS Caltex and Korea East-West Power last November. The four entities agreed to strengthen cooperation in promoting liquid carbon dioxide and battery recycling projects. The Hyundai and GS affiliates signed an MOU at Hyundai Glovis' headquarters in Seoul, attended by Hyundai Glovis CEO Lee Kyoo-bok and GS Energy Vice President Kim Seong-won.Under the agreement, Hyundai Glovis will provide maritime transportation services for clea

Mar 27, 2023By Lee Kyung-min
Hyundai Glovis enters clean energy business
Companies

Samsung Display strike looms due to deadlocked wage negotiations

Samsung Display Asan Campus in South Chungcheong Province / Courtesy of Samsung DisplayBy Lee Kyung-minSamsung Display, the display manufacturing affiliate of Samsung Group, is facing a growing risk of a labor strike, the latest development in a months-long deadlock in wage negotiations between management and unionized workers, according to the firm and market watchers, Friday.The unionized workers said they plan to file a request for dispute resolution with the National Labor Relations Commission (NLRC), saying the 10th round of negotiations rendered no result. They are reportedly considering going on strike. The workers seeking NLRC involvement took similar action two years earlier.The commission-mediated settlement is a system whereby a plan is delivered to both management and labor on labor conditions including wages, working hours and employee benefits.Up to 20 days of mediation presided over by a NLRC committee can lead to a mutually agreeable resolution. But workers can initiate a strike, if the plan is refused by either the management or the labor side.The union said the mana

Mar 24, 2023By Lee Kyung-min
Samsung Display strike looms due to deadlocked wage negotiations
Companies

Over 70% of firms unwilling to embrace longer workweek

gettyimagesbankBy Lee Kyung-minMore than seven out of 10 firms said they are not willing to embrace the recently proposed longer workweek, a study showed Friday. Of those who said they would, almost three-quarters said the longer workweek will be implemented only temporarily in the event of a short-term demand surge, production disruption due to equipment malfunctions or peak season.Also, 74.5 percent of firms said they will make employees work less than 60 hours a week at most when the extended workweek is implemented. Among those who said their maximum work hours will be more than 60, 90.7 percent were manufacturing firms, a response indicative of an industry-wide labor shortage over the past few years. The Korea Chamber of Commerce and Industry (KCCI) surveyed 302 firms and only 27.8 percent said they would adopt the maximum workweek of 69 hours.About 56 percent said they would put in place the longer workweek if the government mandate expands in the months to come.Of the 56 percent, 72.2 percent said the new system will be avoided unless it becomes necessary due to short-term cli

Mar 24, 2023By Lee Kyung-min
Over 70% of firms unwilling to embrace longer workweek
Companies

Hyundai Motor makes used car business official

Hyundai Motor CEO Chang Jae-hoon, second from left, and Hyundai Motor Company Global President and Chief Operating Officer (COO) Jose Munoz, right attend the firm's general shareholders' meeting at the company headquarters in Seocho, Seoul, Thursday. Courtesy of Hyundai MotorBy Lee Kyung-min Hyundai Motor has added financial product sales and auto dealership businesses to its list of corporate activities, in a declaration to enter the used car market, the auto giant said on Thursday.Among its new growth objectives was the auto giant becoming a leader, defined by software-centered operation. The plan, according to the firm, is a gradual step towards transitioning as a mobility powerhouse to lead the global electric vehicle (EV) industry paradigm. The firm said its new business portfolio will enable easier access to consumers looking for vehicles of solid quality, as mediated by credit-based, affordable financing programs.“The financing program will first and foremost lessen the burden of buying used cars of great quality, as certified by our quality assurance programs,” Hy

Mar 23, 2023By Lee Kyung-min
Hyundai Motor makes used car business official
Companies

Will Apple Pay launch boost local iPhone sales?

An iPhone user makes a payment using Apple Pay at a convenience store in Seoul, Tuesday. YonhapBy Lee Kyung-minMarket analysts are divided over whether iPhone sales will dramatically increase to over 30 percent of the total market share in Korea after the launch of Apple Pay, a contactless mobile payment service provided by global tech titan Apple, two days ago.Most said that an Apple Pay-driven increase in local sales of the iPhone will not dramatically increase, not at least before the release of the iPhone 15 series in the second half of this year. The market share of the American mobile devices, they add, will not surpass the dominant Galaxy series, since the payment system is not that strong of a determinant when consumers choose new phones.But they also said many young consumers are willing to switch to iPhone as they seek to stop using Samsung Pay, a similar system provided by the Galaxy series made by Samsung Electronics.Data from Counterpoint Research, a market research firm, shows Apple's market share in Korea stood at 22.5 percent in 2022, whereas that of Samsung Galaxy wa

Mar 23, 2023By Lee Kyung-min
Will Apple Pay launch boost local iPhone sales?
Companies

Korea-Japan communication channels to resume for energy, chips, supply chain cooperation

President Yoon Suk Yeol, left, and Japanese Prime Minister Fumio Kishida, right, and officials of the two countries attend a summit at the Japanese prime minister's official residence in Tokyo, Japan, March 16 (local time). Korea Times fileBy Lee Kyung-minKorea will resume its communication channels with Japan for fortified cooperation in energy, chips and supply chains, the trade minister said Wednesday. Minister of Trade, Industry and Energy Lee Chang-yang said Korea will also withdraw a World Trade Organization (WTO) suit over Japan's curbs on three key materials needed to manufacture semiconductors and displays this week. The materials are fluorine polyimide, photoresist and hydrogen fluoride. Japan will lift a four-year export restriction on the three materials this week. Japan produces about 90 percent of the global supply of fluorine polyimide and photoresist and around 70 percent of hydrogen fluoride. Local semiconductor industries were left helpless over the past few years due to the export curbs. This development comes as an achievement of the recent two-day summit in Japan

Mar 22, 2023By Lee Kyung-min
Korea-Japan communication channels to resume for energy, chips, supply chain cooperation
Companies

Korean firms balk at donating to fund compensating victims of Japan's forced labor

President Yoon Suk Yeol, left, and Japanese Prime Minister Fumio Kishida shake hands at the Japanese Prime Minister's office in Tokyo, March 16. Korea Times file By Lee Kyung-minMost of the state-run and private Korean companies that benefited from the 1965 Korea-Japan treaty appear to be hesitant about donating to a fund compensating Korean victims of forced labor under Japan's colonial rule, according to industry officials, Monday. The treaty enabled the resumption of bilateral diplomatic relations after WWII, in exchange for $500 million (655 billion won) in economic assistance Japan provided to Korea.The stances of the companies could weaken the government's push to resolve decades of bilateral friction over the politically and diplomatically charged issue, despite the recent summit between the leaders of the two countries.Earlier this month, the South Korean government announced an alternative plan to compensate victims of forced labor during World War II by Ja

Mar 22, 2023By Lee Kyung-min
Korean firms balk at donating to fund compensating victims of Japan's forced labor
Companies

Game shares soar as China allows import of Korean games

An illustration of Cookie Run: Kingdom, a game developed by Dev Sisters / Korea Times fileBy Lee Kyung-minShares of local game companies soared, some by as much as over 20 percent, Tuesday, a day after the Chinese government allowed several Korean games to be sold in the country, according to industry officials. The latest decision by the Chinese government followed a similar one in December 2022, when leading local players were allowed to provide service there after years of slowdown due to a Chinese government-led retaliation campaign against Korea. The sentiment was triggered and sparked largely by three-way diplomatic friction over the deployment on Korean soil of a U.S. Terminal High Altitude Area Defense (THAAD) missile defense system against short-, medium- and intermediate-range ballistic missile threats. This according to some market watchers is an indication that the anti-Korea sentiment in China is easing rapidly, helping expand the presence of local firms there. According to Korea Exchange, shares of Dev Sisters soared to an intraday high of 56,300 won ($42.96), Tuesday,

Mar 21, 2023By Lee Kyung-min
Game shares soar as China allows import of Korean games
Companies

Korea to ease emission reduction targets for firms by expanding nuclear energy use

Kim Sang-hyup, head of the 2050 Carbon Neutrality and Green Growth Commission, speaks during a press briefing at the Sejong Government Complex, Tuesday. YonhapBy Lee Kyung-minKorea has opted to lower its greenhouse gas emission targets for industries by expanding nuclear and renewable energy use in a move to ease the burden on local manufacturers, a presidential commission said Tuesday.According to the plan announced by the 2050 Carbon Neutrality and Green Growth Commission, a presidential committee chaired by Prime Minister Han Duck-soo, the government will spend $41.8 billion by 2027 to lower the nationally determined contribution (NDC) target for industries to 11.4 percent.NDC is a non-binding national plan highlighting climate change mitigation, including targets to reduce greenhouse gas emission levels outlined by the United Nations body.The new target is down from the previous goal of 14.5 percent set under the former Moon Jae-in administration in 2021. Instead, the target for the nuclear energy and renewables sector will be raised to 45.9 percent, up from 44.4 percent.The targ

Mar 21, 2023By Lee Kyung-min
Korea to ease emission reduction targets for firms by expanding nuclear energy use
Companies

Seoul event to promote Busan's Expo bid

Visitors watch a video promoting Busan's bid to host the World Expo 2030 inside a room at Busan City Hall, Jan. 3. Korea Times fileBy Lee Kyung-minThe government will hold an event to promote Korea's bid to hold the World Expo 2030 in Busan next week, according to the industry ministry, Monday. The five-day event will be held at the Gwanghwamun square, Seoul, ahead of the visit early next month of a delegation from the Bureau International des Expositions (BIE). The BIE is an intergovernmental organization that is in charge of overseeing and regulating World Expos. A variety of events will be held every day from 11 a.m. to 10 p.m. between March 30 and April 3. The expo promotion committee comprises the Prime Minister's Office, the industry ministry, the Busan Metropolitan Government, the Korea Chamber of Industry and Commerce (KCCI), Hyundai Motor and its sister firm Kia Motor, SK Group and LG Group among many others.The ministry said private firms will each have an event to promote their flagship products and their brands at the square, where their booths will be set up alongside li

Mar 20, 2023By Lee Kyung-min
Seoul event to promote Busan's Expo bid
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