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Lee Kyung-min

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Korea to foster local grain production to bolster food self-sufficiency

Kim Jung-hee, deputy minister for food grain policy, speaks during a press briefing at the Sejong Government Complex, Thursday. Courtesy of Ministry of Agriculture, Food and Rural AffairsBy Lee Kyung-minThe government will foster the output of locally-grown grain to help increase the country's food self-sufficiency rate to 55.5 percent by 2027, up from 44.4 percent last year, the agriculture ministry said Thursday.The number of overseas grain terminals operated by local firms will be increased to five from two, to secure stable grain distribution channels. The two are in Ukraine and the Port of Longview in the U.S. state of Washington, operated respectively by POSCO International, a trading affiliate of POSCO, and Pan Ocean, a shipping firm.Global cooperation with key current grain-producing countries will be strengthened, as fortified by stronger overseas development assistance (ODA) ties and plans to diversify trade partner countries in Central and South America. The Ministry of Agriculture, Food and Rural Affairs said these moves are part of a medium- to long-term food security st

Dec 22, 2022By Lee Kyung-min
Korea to foster local grain production to bolster food self-sufficiency
Companies

Hyundai Motor gives $186,800 in bonuses to 6 World Cup heroes

Football club Jeonbuk Hyundai Motors owner and Hyundai Motor Group Chairman Chung Eui-sun, right, and Jeonbuk Hyundai Motors player Lee Dong-gook, pose for a photo an event celebrating the football club's victory and the retirement of Lee at Jeonju World Cup Stadium, Jeonju, North Jeolla Province, Nov. 1 2020. Courtesy of Hyundai Motor GroupBy Lee Kyung-minSix football players will be given a combined 240 million won ($186,840) in bonuses for helping Korea advance to the round of 16 at the 2023 FIFA World Cup, as approved by Hyundai Motor Group Chairman Chung Euisun, the firm said Wednesday.The award of 40 million won was given each to six players of Jeonbuk Hyundai Motors, a professional football club based in Jeonju, North Jeolla Province. It competes in the K League 1, the top tier of local football federation. They make up 23 percent of the 26 players on the national team.The cash award was given as a token of appreciation for the efforts and hard work of Jeonbuk Hyundai players whose contributions shined in elevating the country's standing on the global stage. “Korea advan

Dec 21, 2022By Lee Kyung-min
Hyundai Motor gives $186,800 in bonuses to 6 World Cup heroes
Companies

Interwork Korea wins award for digital manufacturing

Interwork Korea CEO Moon Hyun-myoung poses for a photo after winning an award given by the Korea Institute of Industrial Technology, Dec. 15. The head of the cosmetics supplier said he will continue to digitalize the manufacturing process, thereby advancing technological innovation to contribute to the growth of the country's cosmetics industry. Courtesy of Interwork Korea

Dec 21, 2022By Lee Kyung-min
Interwork Korea wins award for digital manufacturing
Companies

Hyundai Mobis, Ottopia to introduce automotive grade remote assistance

Corporate logos of Hyundai Mobis and Ottopia / Courtesy of Hyundai MobisBy Lee Kyung-minHyundai Mobis, the global automotive supplier affiliate of Hyundai Motor Group, will partner with Ottopia, an Israeli teleoperation software firm, to develop end-to-end remote mobility solutions for expedited commercialization of autonomous mobility services, the Hyundai affiliate said Wednesday.The two will work together, with Ottopia providing core software technologies and Hyundai Mobis providing system integration, as enabled by its Remote Mobility Assistance (RMA) automated and autonomous service platform.Services available on the platform will include teleoperation, remote diagnostics, over-the-air updates and fleet management.The platform is designed to remotely control vehicles without passengers including cargo trucks and industrial vehicles as well as robotaxis and shuttle buses.Ottopia's teleoperation software allows their developers to dramatically cut research and development costs and comply with regulatory requirements.Its patented technology provides a reliable low-latency, high-ba

Dec 21, 2022By Lee Kyung-min
Hyundai Mobis, Ottopia to introduce automotive grade remote assistance
Companies

Internal rift at KARI feared to adversely affect Korea's space program

Ko Jeong-hwan, the head of KARI's Korea Space Launch Vehicle II R&D directorate / Korea Times fileBy Lee Kyung-minThe government initiative to fortify space programs is showing rapid signs of weakening, a concern escalated by a series of resignations offered by key senior researchers at the Korea Aerospace Research Institute (KARI), the developer of the Nuri space rocket, or KSLV-II. The Nuri is a three-stage launch vehicle, and the nation's second rocket after the Naro-1. Senior researchers have taken extreme offense at the recent organizational restructuring of the science ministry-affiliated institute, in what they have characterized as the debilitating and insulting dismembering of the dignified organization central to elevating the country's scientific profile.The finance ministry has yet to revise its Dec. 12 plan to split a 243-strong department within the institute overseeing the launch vehicle into one led by Ko Jeong-hwan. According to the plan, the head of KARI's Korea Space Launch Vehicle II R&D directorate will be left with five non-research officials. He offered

Dec 20, 2022By Lee Kyung-min
Internal rift at KARI feared to adversely affect Korea's space program
Companies

Merger of KORAIL and SR postponed

Corporate logo of Korea Railroad Corp. (Korail) / Korea Times fileBy Lee Kyung-minThe merger of state-run Korea Railroad Corp. (Korail) and its subsidiary SR Corp., operator of the Super Rapid Train (SRT) rail service, has been postponed for further discussion to remove pandemic-related factors, the transport ministry said Tuesday.Korail employees represented largely by the Korean Confederation of Trade Unions (KCTU, one of the country's umbrella unions, are calling for a swift merger, saying the status quo encouraging competition between the two is a stepping stone toward the much-feared privatization of the state-run entities.They say operating losses incurred by Korail have been exacerbated since SR went into full-fledged operation in 2016. SRT fares are 10 percent lower than those of KORAIL's trains.Korail is also taking issue with SR having taken over the lucrative lines connecting Seoul and Busan. The SRT stops at large cities in South and North Jeolla provinces. This is why KORAIL says its financials are being eroded by the money-losing Saemaeul and Mugunghwa tr

Dec 20, 2022By Lee Kyung-min
Merger of KORAIL and SR postponed
Companies

'Happy employees make happy company': LG Energy Solution

LG Energy Solution CEO Kwon Young-soo, fourth from right, has a conversation with employees. Courtesy of LG Energy SolutionLG Energy Solution, the rechargeable battery manufacturing affiliate of LG Group, said it will fortify corporate growth, Monday, defined by greater emphasis on employee happiness and satisfaction, a key strategy for retaining skilled young workers. Firm CEO Kwon Young-soo said earlier this year on the company's intranet that he would listen to the concerns and opinions of employees.“The most important customer of LG Energy Solution is its employees,” he said. “We will transform corporate culture to make young workers happy so that they are part of an entity where contributions are valued.”About 80 percent of 10,105 local LG affiliate employees are MZ Generation (born between 1981 and 2005) as of the second quarter of this year.This is why the firm says the working environment is governed not by hierarchical, top-down orders, but more of a “horizontal” way of exchanging opinions and ideas. The open and free work settings are mor

Dec 19, 2022By Lee Kyung-min
'Happy employees make happy company': LG Energy Solution
Companies

Science minister distances himself from KARI restructuring controversy

Minister of Science and ICT Lee Jong-ho speaks during a press conference with a group of reporters in Sejong. Courtesy of Ministry of Science and ICTBy Lee Kyung-minMinister of Science and ICT Lee Jong-ho expressed hope that an internal dispute over the organizational restructuring of Korea Aerospace Research Institute (KARI), the developer of the Nuri space rocket or KSLV-II, would be resolved soon. Nuri is a three-stage launch vehicle, and the second rocket after Naro-1.Whether six senior KARI researchers, including Ko Jeong-hwan, head of KARI's Korea Space Launch Vehicle II R&D directorate, who offered to resign, would return to work with full commitment remains to be seen. Observers say this is an unlikely scenario since the government has yet to revise early plans to split the 243-strong department overseeing the launch vehicle to one led by Ko left with five non-research officials. “The recent offer of resignation was a process that came from academic integrity and pride in technological research as a scientist,” Lee said during a press conference with a gr

Dec 19, 2022By Lee Kyung-min
Science minister distances himself from KARI restructuring controversy
Companies

Hanwha inks main contract to acquire DSME

The headquarters of Hanwha Group in Seoul. YonhapConglomerate likely to replace shipbuilder's CEO, executivesBy Lee Kyung-minHanwha Group's acquisition of Daewoo Shipbuilding & Marine Engineering (DSME) was completed, Friday, after the government approved a motion for state-run Korea Development Bank (KDB) to sell part of its 55.68 percent stake in the debt-ridden shipbuilder to the country's seventh-largest conglomerate.The shipbuilder's CEO Park Du-seon is highly likely to be replaced, largely because the conglomerate needs to remove any liabilities associated with the figure a close acquaintance of former President Moon Jae-in.Whether Hanwha will install one of its affiliate heads to the shipbuilder's top management spot remains to be seen, in what market watchers say is almost a foregone conclusion.The prospect is backed by the 5,000 unionized workers of DSME who have shown no opposition, as illustrated by the uninterrupted and successful due diligence at the shipbuilder's shipyard in Okpo, Geoje Island late last month. Their collective acceptance of the acquisition followed

Dec 16, 2022By Lee Kyung-min
Hanwha inks main contract to acquire DSME
Companies

KEPCO seeks to build 4 nuclear reactors in Turkey

Korea Electric Power Corp. (KEPCO) CEO Cheong Seung-il, fourth from right, goes on a guided tour of Barakah Nuclear Power Plant in Abu Dhabi, United Arab Emirates, Dec. 6. Courtesy of KEPCOBy Lee Kyung-minKorea Electric Power Corp. (KEPCO) plans to build up to four nuclear reactors in Turkey, according to the state-run energy firm, Thursday, in what market watchers say will generate up to 40 trillion won ($30 billion) in export income.This is the latest development in the country's energy initiative to elevate nuclear power as a vital, stable source of energy, including the export of APR1400 reactors. The Korea-developed reactors are increasingly recognized for cost, quality and technological advantage by global peers.Anchoring further positive prospects is KEPCO's overseas expansion drive, as outlined by CEO Cheong Seung-il who said Korea will fortify its business relations with the United Kingdom, Turkey and African countries during his visit to the United Arab Emirates (UAE) last week. In 2009, Korea inked a 20 trillion won deal with the Middle Eastern country to build four APR140

Dec 15, 2022By Lee Kyung-min
KEPCO seeks to build 4 nuclear reactors in Turkey
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