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Lee Kyung-min

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Companies

KEPCO accelerates net-zero drive with UAE

Korea Electric Power Corp. (KEPCO) CEO Cheong Seung-il, left, and Mohamed Al Hammadi, CEO of Emirates Nuclear Energy Corp., pose for a photo after signing a memorandum of understanding at the UAE presidential office in Abu Dhabi, Sunday (local time). Courtesy of KEPCOBy Lee Kyung-min Korea Electric Power Corp. (KEPCO) and Emirates Nuclear Energy Corp. (ENEC), its counterpart in the United Arab Emirates (UAE), are accelerating efforts to fortify green and sustainable energy cooperation, under a broader goal of elevating the net-zero drive to a new growth engine, the Korean state-run energy firm said Tuesday.Sunday's agreement between KEPCO CEO Cheong Seung-il and ENEC CEO Mohamed Al Hammadi came during the eight-day state visit of President Yoon Suk Yeol to the Middle Eastern country and Switzerland. Chung was among the high-level government officials in the delegation that accompanied Yoon.The two will seek the opportunity to jointly enter the global nuclear power facility market, as underpinned by joint research activities in establishing a power grid for neighboring countries in th

Jan 17, 2023By Lee Kyung-min
KEPCO accelerates net-zero drive with UAE
Companies

Chaebol tycoons facilitate President Yoon's business agenda

Samsung Electronics Chairman Lee Jae-yong By Lee Kyung-minKorea's chaebol leaders are expected to advance “business diplomacy,” the chief objective of President Yoon Suk Yeol during his eight-day trip to the United Arab Emirates (UAE) and Switzerland, according to market watchers, Monday. Anchoring their rosy outlook is the reiterated commitment of Yoon and his UAE counterpart to the bilateral cooperation encompassing trade, defense, energy, manufacturing, construction and smart city planning ― areas where strong respective local market players have excelled at building a foundation in the Middle Eastern country over the past few years. SK Group Chairman Chey Tae-won Chief among the over 100 members of the delegation are Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Chairman Chung Euisun, HD Hyunda

Jan 16, 2023By Lee Kyung-min
Chaebol tycoons facilitate President Yoon's business agenda
Companies

Korea's property tax to GDP highest among OECD: lawmaker

Apartment complexes in Seoul. Korea Times fileBy Lee Kyung-min Koreans faced the heaviest property tax burden relative to the country's gross domestic product (GDP) among OECD members in 2021, resulting from multiple failed real estate policies under the previous Moon Jae-in administration, a ruling party lawmaker said Friday.Years of demand-control measures implemented by the Moon administration in the form of heavier taxes on owners of expensive and multiple homes, coupled with borrowing regulations put in place to curb rising housing prices only backfired and accelerated price hikes. It is remembered as the most devastating policy misstep of the Moon administration.Korea's failed yet railroaded approach on the real estate market was markedly different from its peers, almost all of whose tax policies were eased since the COVID-19 pandemic to better navigate the health crisis and the resulting economic slowdown.Data from Rep. Yoo Gyeong-joon of the ruling People Power Party showed the burden, as measured by property taxes divided by the country's GDP, came to 4.502 percent in 2021,

Jan 14, 2023By Lee Kyung-min
Korea's property tax to GDP highest among OECD: lawmaker
Companies

Team Korea to bolster exports of nuclear energy systems

Second Vice Minister of Trade, Industry and Energy Park Il-jun speaks during a meeting attended by members of Team Korea, a task force established to facilitate the export of the country's nuclear reactors, at InterContinental Seoul COEX, southern Seoul, Friday. YonhapBy Lee Kyung-minState-run energy companies and private firms in the nuclear energy industry will join hands to advance exports of the stable and affordable power generation systems, the energy ministry said following a meeting attended by officials from the sector, Friday.The Korea-developed APR1400, a nuclear reactor with a capacity of 1,400 megawatts, is increasingly recognized by its industry peers for its cost, quality and technological advantages.Communication channels will be strengthened with the Czech Republic, the Philippines, the United Kingdom, and Turkey, to win orders to build nuclear reactors there. Also fortified will be government assistance to foster industries related to nuclear power generation equipment manufacturing, as well as facility safety and maintenance.Second Vice Minister of Trade, Industry

Jan 13, 2023By Lee Kyung-min
Team Korea to bolster exports of nuclear energy systems
Companies

Korea to boost share of nuclear power to 34.6% of energy mix by 2036

Gov't also plans to raise reliance on renewables to 30.6% from current 6.2%By Lee Kyung-minKorea will increase the proportion of nuclear power to over 30 percent of the country's total energy mix by 2036, while the share of renewable energy will rise to 20 percent, the government said Thursday. The proportion of fossil fuel and liquefied natural gas (LNG) will be drastically reduced to below 15 percent and 10 percent, respectively. The Ministry of Trade, Industry and Energy said the proportion of nuclear energy will be raised to 34.6 percent by 2036, up from 23.4 percent in 2018. The proportion of renewables will rise to 30.6 percent, up from 6.2 percent during the same period.The plan is the final version of the new energy directives under the Yoon Suk Yeol administration announced in July, when he reiterated the need to place greater emphasis on nuclear energy as not only a power source but an export growth driver. The set of policies have since undergone reviews by relevant ministries, public hearings and parliamentary standing committees. They have also been subject to environmen

Jan 12, 2023By Lee Kyung-min
Korea to boost share of nuclear power to 34.6% of energy mix by 2036
Companies

Kakao Entertainment draws equity financing of $964 mil. from Singapore, Saudi Arabia

Kakao Entertainment's offices in Gangnam District, Seoul. Courtesy of Kakao EntertainmentBy Lee Kyung-min Kakao Entertainment, a cultural content affiliate of Kakao Corp., said Thursday that it has drawn equity financing to the amount of 1.2 trillion won ($964 million) from leading global sovereign wealth funds. They are Singapore's Government of Singapore Investment Corp (GIC) and Saudi Arabia's Public Investment Fund (PIF).The amount is the highest figure a local cultural content generator has raised to date, and the largest investment among Kakao affiliates, the firm said.“It's significant that we were able to secure funds of this scale at a time when both the Korean and global markets face a lot of uncertainty with weakening investment sentiment,” said Kakao Corp. Chief Investment Officer and Executive Vice President Bae Jae-hyun, who led the deal.“This is testament to the global competitiveness and future growth potential of Kakao Entertainment's unique intellectual property value chain, which spans multiple categories in the entertainment industry.”The f

Jan 12, 2023By Lee Kyung-min
Kakao Entertainment draws equity financing of $964 mil. from Singapore, Saudi Arabia
Companies

Should Sejong get KTX station?

Osong Station in Cheongju, North Chungcheong Province / Korea Times fileBy Lee Kyung-minShould the KTX bullet train have a stop in Sejong, an administrative city south of Seoul? The long debate resurfaced again recently, sparked by a heated social media spat between Sejong Mayor Choi Min-ho and North Chungcheong Province Governor Kim Young-hwan.The governor says the issue is a closed matter, after a government-commissioned feasibility study concluded in 2017 that the cost-benefit analysis had a figure of 0.58, far below 1.0 ― the minimum level considered economically and financially viable. He maintains that Osong Station in Cheongju, North Chungcheong Province, is sufficient to accommodate commuters that ride the high-speed rail service to the administrative city from Seoul and Gyeonggi Province. He has also aired grievances that a better transport link would trigger a population exodus from the province to the administrative city.However, the mayor of the city says the matter should be revisited, in line with the Yoon Suk Yeol administration's new policy which calls for establishin

Jan 12, 2023By Lee Kyung-min
Should Sejong get KTX station?
Companies

Korea seeks to sign free trade deals with over 10 countries in 2023

Trade Minister Ahn Duk-geun speaks during a meeting at the Seoul Government Complex in Gwanghwamun, Seoul. YonhapBy Lee Kyung-minUp to 10 resource-rich countries will sign free trade agreements with Korea, in order to weather the rapidly deteriorating global trade as well as economic conditions, the trade ministry said Wednesday. “Korea will identify new overseas markets where strong local players will be able to thrive, a priority equally important as leading the global discourse on establishing trade norms,” Trade Minister Ahn Duk-geun said during a meeting at the Seoul Government Complex in Gwanghwamun. “Korea's strength in manufacturing and economic stability will help draw foreign investments and create growth.”Korea also seeks to strengthen trade partnerships with over 20 countries this year, as underpinned by the Trade and Investment Promotion Framework (TIPF) whereby bilateral cooperation will be expanded to include not only trade but also supply chain issues. “The TIPF will concern 20 countries with which Korea has no trade agreement as of yet,&

Jan 11, 2023By Lee Kyung-min
Korea seeks to sign free trade deals with over 10 countries in 2023
Companies

Third launch of Nuri space rocket planned for May: KARI

Korea Aerospace Research Institute (KARI) President Lee Sang-ryool speaks during a press conference in Seoul, Tuesday. YonhapBy Lee Kyung-minKorea's Nuri, a space rocket developed by the Korea Aerospace Research Institute (KARI), will be able to launch in early May, for the third time, the science ministry-affiliated research institute said Tuesday. The first launch in October 2021 failed but the second one in June last year succeeded. A final preparation review will be conducted Wednesday, to get the go-ahead to launch the rocket, a process overseen by the Ministry of Science and ICT.“A team of researchers will be formed in late March, and they will prepare for the launch of Nuri 3 without any complications,” said KARI Vice President Lee Hwan-seok during a press conference in Seoul organized by the institute, Tuesday.The sentiment is echoed by KARI head Lee Sang-ryool. The months-long internal rift over organizational restructuring at KARI should and will, he added, find a breakthrough in order to mobilize resources to better prepare for the third launch of Nuri.“T

Jan 10, 2023By Lee Kyung-min
Third launch of Nuri space rocket planned for May: KARI
Companies

Korea's nuclear reactor export bids gain traction in Africa

Shin Hanul nuclear reactors in Uljin, North Gyeongsang Province / Korea Times fileBy Lee Kyung-minOfficials from state-run nuclear power companies will visit Uganda this week, upon a request from their counterparts in Africa for a consultation to build two 1,000-megawatt (MW) reactors by around 2030, according to market watchers and Korea Hydro & Nuclear Power (KHNP), Tuesday. The project which could amount to $9 billion (11.3 trillion won) is the latest development in the continued demand from countries around the world seeking to fortify energy partnerships with Korea. The East Asian country is increasingly being recognized for its cost, quality and technological advantages as best encapsulated by the APR1400 ― a Korea-developed nuclear reactor with a capacity of 1,400 MW. The countries expressing interest include Poland and the Czech Republic, as well as Ghana. Further underpinning the export bid is President Yoon Suk Yeol's new energy policy drive whereby the country plans to export about 10 reactors by 2030, in a newly marked reorientation of its energy initiative so as to a

Jan 10, 2023By Lee Kyung-min
Korea's nuclear reactor export bids gain traction in Africa
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