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Lee Kyung-min

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Companies

Gov't to provide $293 billion in trade financing to revitalize exports

Minister of Trade, Industry and Energy Lee Chang-yang speaks during a ministerial-level meeting at the Seoul Government Complex in Gwanghwamun, Friday. Yonhap By Lee Kyung-min The government will provide a total of 360 trillion won ($293 billion) in trade financing and assistance with obtaining certifications for local exporters abroad as part of its efforts to boost the nation's faltering exports amid deepening global economic downturn, according to trade ministry officials Friday.The latest measure seeks to anchor 100 trillion won investment planned by the country's top 10 manufacturers, a much-needed yet extremely risky growth strategy in times of sustained uncertainties and unfavorable macroeconomic conditions. The slowdown in exports and the widening trade deficit were led primarily by declining unit prices of semiconductors and increased product stockpiles.The weakening global market demand for Korean-produced chips will not recover ― not at least in the

Feb 3, 2023By Lee Kyung-min
Gov't to provide $293 billion in trade financing to revitalize exports
Companies

Unionized workers at Samsung Electronics' affiliates form alliance

Unionized workers at nine affiliates of Samsung Electronics hold a press conference in front of Samsung Digital Plaza in Gangnam, southern Seoul, Thursday. YonhapBy Lee Kyung-min A coalition of unionized workers at nine affiliates of Samsung Electronics formed an alliance, Thursday, in what they say will function as the first unified communication channel to have their collective demands better met. Among the affiliates involved are electronics, display, battery manufacturing, customer services and electronic goods sales. Market watchers say whether their collective move will be limited to bargaining for their financial interests remains to be seen. Some express concerns that their influence can and will be swayed by political needs, as evidenced by a labor union under Samsung Group endorsing then-major contender Lee Jae-myung during the last presidential election. The endorsement was later heavily criticized by union members for misrepresenting the voices of many who balked at the idea of politicized labor power. “We have established a unified standing front to deliver joint r

Feb 2, 2023By Lee Kyung-min
Unionized workers at Samsung Electronics' affiliates form alliance
Companies

Gov't to mandate fire-resistant materials in soundproof tunnels

Flames and smokes rise from a fire inside the soundproof tunnel on an expressway connecting Seoul and Incheon, Dec. 29, 2022. YonhapBy Lee Kyung-min The government will replace acrylic sheets with polycarbonate sheets and tempered glass when setting up soundproof tunnels, the infrastructure ministry said Thursday, in the latest measures to strengthen fire-proofing and prevent mass casualties.The cheap acrylic materials were the cause of extended and amplified damages from a fire on the expressway between Seoul and Incheon in December of last year. Five people died and 41 were injured.The Ministry of Land, Infrastructure and Transport said it will begin replacing the materials used on the ministry-managed highways. The replacement will be completed by the end of this year.About 200 billion won ($163 million) will be needed to replace materials for 58 soundproof tunnels. The ministry will spend about 90 billion won. The rest will be shouldered by local governments and private entities.The ministry will outline standards to ban the use of fire-prone materials and mandate the constructio

Feb 2, 2023By Lee Kyung-min
Gov't to mandate fire-resistant materials in soundproof tunnels
Companies

SK oceanplant seeks future in oceans

Employees of SK oceanplant pose for a photo in front of an offshore wind turbine jacket to be exported. Courtesy of SK oceanplantBy Lee Kyung-minSK oceanplant, an offshore wind power affiliate of SK Group, plans to become the first mover in the global top-tier offshore wind power generator industry.The subsidiary of SK ecoplant said Wednesday that it has been rebranded as SK oceanplant from Samkang M&T and adopted a new corporate identity.At offshore wind farms, there are no obstacles that can interrupt wind flow. Unlike onshore wind farms that can create noise or damage the landscape, offshore wind farms have better public acceptance, which is one of its advantages.This is why the global offshore wind power market is expected to grow fast.Offshore wind power generation is forecast to increase significantly, by 113.4 percent between 2021 and 2025, while onshore wind power is expected to grow only 15.7 percent, according to the Global Wind Energy Council's (GWEC) Global Offshore Wind Report. It also forecast offshore wind installations will be increased from 35 gigawatts (GW) in 2

Feb 2, 2023By Lee Kyung-min
SK oceanplant seeks future in oceans
Companies

Korea suffers record-high trade deficit in January amid falling exports

Trade shortfall expected to continue through 1st half of 2023By Lee Kyung-minKorea registered an all-time high trade deficit of $12.69 billion (15.62 trillion won) in January, marking the 10th consecutive month of deficits, which were brought on by surging energy imports and plunging exports, the trade ministry said Wednesday.Experts say the recent slowed growth of exports will continue at least during the first half of this year, as global consumers buy fewer Korean-made goods, including semiconductors.Further exacerbating the grim outlook are elevated energy prices that are showing no immediate signs of relenting due to Russia's prolonged invasion of Ukraine. Korea relies on imports to meet over 93 percent of its energy needs.Data from the Ministry of Trade, Industry and Energy showed exports fell 16.6 percent from a year earlier to $46.27 billion in January. This is a far sharper drop compared to the 2.6 percent year-on-year decrease in imports which came to $58.9 billion. January's steep trade deficit acc

Feb 1, 2023By Lee Kyung-min
Korea suffers record-high trade deficit in January amid falling exports
Tech & Science

Hyundai Motor unveils mobility's future as mobile living space

A concept image, released by Hyundai Motor Group, Monday shows the automotive group's vehicle attached to an entrance of a building with the vehicle serving as an integral part of the living space. Courtesy of Hyundai Motor GroupBy Lee Kyung-minHyundai Motor Group unveiled an animated video called “Mobile Living Space,” which it says will redefine future mobility as an organic connection mechanism between vehicles and buildings.The four-minute clip shows a mobility vehicle that is attached to a residential building as an extension of the home space. An animated character Logan goes into what initially seemed like a small room that has a desk and a chair. It then detaches from a building and self-drives to an office. The attached or “docked” vehicle serves as an integral part of the living space, Hyundai said, enhancing the living environment.The space can function as an air conditioner, or an entertainment room where audio and video functions of users' cell phones or home smart devices can be mirrored on a larger screen and speakers. It can even provide power

Jan 30, 2023By Lee Kyung-min
Hyundai Motor unveils mobility's future as mobile living space
Companies

POSCO Holdings to fortify silicon anode output to bolster materials biz

Top executives of POSCO Holdings attend a meeting to fortify future growth strategies, Nov. 7, 2022. Korea Times fileBy Lee Kyung-minPOSCO Holdings said, Friday, that it will invest 59.1 billion won ($47.8 million) with its subsidiary POSCO Silicon Solution to build silicon anode production facilities, in a move to fortify its secondary battery materials business.Construction of the plant, with an annual production capacity of 450 tons, will begin in June in Pohang, North Gyeongsang Province. It will be completed in the first half of 2024.Silicon anode batteries are an extension of widely used lithium-ion batteries. The next-generation material boasts enhanced performance and energy efficiency. An increasing number of local and global battery manufacturers are rushing to develop the silicon-based anode material, with the market expected to grow 34 percent every year by 2030, POSCO Holdings said.The next-generation material takes up less than 5 percent of a rechargeable battery's content at present, but the figure is expected to double to over 10 percent by 2025 and to over 25 percent

Jan 27, 2023By Lee Kyung-min
POSCO Holdings to fortify silicon anode output to bolster materials biz
Companies

Middle East 'sales diplomacy' picks up speed

Minister of Land, Infrastructure and Transport Won Hee-ryong, second from left, and Hamid Naim Khudair Abdullah Al-Ghazi, third from left, Iraq's interior ministry secretary general pose for a photo in Baghdad, Iraq, Wednesday (local time). YonhapBy Lee Kyung-minMinister of Land, Infrastructure and Transport Won Hee-ryong is accelerating efforts to win overseas construction orders in Saudi Arabia, Iraq and Qatar, the ministry said on Friday.Won met with trade, transport and interior authorities in the three Middle Eastern countries during his trip from Wednesday to Thursday (local time) to fortify cooperation in smart-city planning and infrastructure construction.Won met with Atheer Dawoud Salman Al Ghrairy, trade minister of Iraq, Wednesday and agreed to hold a Korea-Iraq joint committee in the first half of this year, almost five years since the last meeting held in Baghdad in 2017.Won also met with Taliv Abdulah Baeish Al-Saad, deputy transport minister, and Hamid Naim Khudair Abdullah Al-Ghazi, the country's interior ministry secretary-general, and shared the latest developments

Jan 27, 2023By Lee Kyung-min
Middle East 'sales diplomacy' picks up speed
Companies

People attempt to cut surging heating costs with creative solutions

A tent set up inside a bedroom for the provision of extra heat. Korea Times file By Lee Kyung-minA man in his 20s, surnamed Kim, has set up a tent over his bed, a decision he said has greatly helped with the recent cold wave. He lives alone in a small housing unit that provides centralized heating. “I was unsure about it at first,” he said. “But now that I have used it for a couple of days, I understand why this was so popular online. It's better than you think. I highly recommend it.”He had set the thermostat to 15 degrees Celsius, the lowest manually settable temperature and seldom comes out from the tent once he is in. The plastic material of the tent is not at all breathable, effectively trapping the air and body heat inside. Prices vary, but they can go for as low as about 25,000 won including shipping.“I don't think higher prices in this case necessarily guarantee that they do a better job of keeping the air warm. Items cheaper than 30,000 won should be enoug

Jan 27, 2023By Lee Kyung-min
People attempt to cut surging heating costs with creative solutions
  • Koreans stunned by spike in heating costs
Companies

Koreans stunned by spike in heating costs

A utility bill encompassing gas and electricity sticks out from a mailbox at an apartment complex in Seoul, Wednesday. Yonhap Planned gas, electricity rate hikes in Q2 to increase burden on households, businessesBy Lee Kyung-minAn office worker in her 30s surnamed Lee had to take a harder look at her December gas bill. It showed she was being charged almost 50 percent more than the year before. “There are four people in my family and the rate was 550,000 won ($449), far higher than last year's which was around 350,000 won. I couldn't believe what I was seeing at first. We did not turn up the thermostat all that much ― no more than usual anyway. I thought something might have gone wrong with the meters when calculating the amount used.”She heard on the news over the past year about Russia's invasion of Ukraine pushing up global energy prices, and that some European countries were bracing for an energy crisis. But little did she know that the military conflict halfway

Jan 26, 2023By Lee Kyung-min
Koreans stunned by spike in heating costs
  • Gov't to expand energy vouchers for vulnerable people as heating bills surge
  • Korea's gas, coal imports hit record high in 2022: data
  • People attempt to cut surging heating costs with creative solutions
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