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Lee Kyung-min

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Companies

Seaweed, tuna propel Korea's record marine product exports to $3 bil.

K-pop fans pose for a photo promoting Korea's seaweed at the K-Pop Festival in London, July 7. Courtesy of Ministry of Oceans and FisheriesBy Lee Kyung-minKorea's marine product exports are expected to register a record high of over 4 trillion won ($3 billion) this year, powered by the popularity of seaweed and tuna in South East Asia, the oceans ministry said Wednesday.Anchoring this optimism is the figure having exceeded the ministry's goal of $3 billion on Dec. 9. It's a much-needed feat for the export-reliant economy set to log a record-high trade deficit of $50 billion this year, the first time in 14 years for Korea. Korea Customs Service data showed the country's year-to-date trade deficit stood at $47.46 billion as of Dec. 10, more than double the $20.6 billion in 1996.The Ministry of Oceans and Fisheries said Korea's marine product exports soared 15 percent from a year earlier, buoyed by $620 million in sales of seaweed and $580 million in tuna sales. Korea has an over 70 percent market share in the global seaweed market. The export figure surpassed $100 million for the first

Dec 14, 2022By Lee Kyung-min
Seaweed, tuna propel Korea's record marine product exports to $3 bil.
Companies

Korea to invest over $1.5 bil. to revitalize nuclear power industry

Minister of Trade, Industry and Energy Lee Chang-yang, eighth from left, and nuclear power industry officials attend a ceremony to celebrate the completed construction of Shin Hanul unit 1 at the Shin Hanul Nuclear Power Plant in Uljin, North Gyeongsang Province, Wednesday. YonhapOperation of Shin Hanul unit 1 expected to boost competitiveness of Korea's nuclear exportsBy Lee Kyung-minKorea will be able to meet higher-than-expected energy demand this winter, as fortified by the construction of Shin Hanul unit 1 at the Shin Hanul Nuclear Power Plant in Uljin, North Gyeongsang Province, the energy ministry said Wednesday.The full-fledged operation of Korea's 27th nuclear reactor on Dec. 7 will help reduce the country's dependence on liquefied natural gas (LNG), thereby narrowing its trade deficit. Korea depends on imports to meet more than 93 percent of its fuel needs. The prospects of Korea's nuclear reactor exports, the ministry said, will be best illustrated by the efficient and effective use of the Korea-developed APR 1400, the same model Korea plans to export to the Czech Republic

Dec 14, 2022By Lee Kyung-min
Korea to invest over $1.5 bil. to revitalize nuclear power industry
Companies

Gov't rejects demand for unconditional extension of minimum freight rate

Minister of Land, Infrastructure and Transport Won Hee-ryong speaks at a press conference at Sejong Government Complex, Monday. Courtesy Land, Infrastructure and Transport'Logistics system overhaul, removal of middlemen vital to restructuring truckers income system'By Lee Kyung-minThe government will not accept a demand by the main opposition party and the truckers' union to extend for three more years a much-disputed law guaranteeing unionized truckers a minimum freight rate, stressing it will instead overhaul how truckers are paid in order to prevent a repeat of the devastating strike by truck drivers, the transport minister said Monday. Minister of Land, Infrastructure and Transport Won Hee-ryong stressed that he is aware of concerns that the law without extension will expire, crippling low-income truckers. But the seemingly time-sensitive expiration, he added, can be remedied by further discussion in the months to come for a retroactive application of the related, revised laws.“The government will prioritize reasonable revisions reflecting the concerns of all parties and st

Dec 12, 2022By Lee Kyung-min
Gov't rejects demand for unconditional extension of minimum freight rate
Companies

Hyundai Motor dealers to help underprivileged, chronically ill children

Car dealers of Hyundai Motor attend a ceremony to celebrate the launch of the fund set up to help the underprivileged at the firm's headquarters in southern Seoul, Dec. 9. YonhapBy Lee Kyung-minA total of 15 car dealers of Hyundai Motor have jointly established a 20 million won ($15,239) fund to help underprivileged, chronically ill children with their medical expenses, the firm said Monday. The donation was made in the form of a matching grant, whereby the firm matched a previous 10 million won donation by 15 employees.The funds delivered to ChildFund Korea, a children's advocacy organization, will be used for medical treatment, medicine and operating costs as needed.The creation of this fund is the latest in a series of social contribution efforts by the car manufacturer. A group of Hyundai employees had set up a 20 million won fund in September to help car accident victims with medical and living expenses. The fund was delivered to the TS Korea Transportation Safety Authority, a state-run organization affiliated with the transport ministry.The 15 employees attended a ceremony held

Dec 12, 2022By Lee Kyung-min
Hyundai Motor dealers to help underprivileged, chronically ill children
Banking & Finance

Bank workers criticized for refusing to return to pre-pandemic work hours

gettyimagesbankBy Lee Kyung-minEmployees of the country's top commercial lenders are coming under heavy criticism for what many consider as an unreasonable and selfish refusal to return to pre-pandemic working hours, according to industry watchers, Sunday.Local banks have opened at 9:30 a.m. and closed at 3:30 p.m. since July 12 last year, as part of stricter COVID distancing measures. Previously, they had opened at 9 a.m. and closed at 4:00 p.m.The unionized financial workers say the reduced hours should remain because the number of in-person visits by customers is low. This is a self-serving justification lacking any rationale, according to many, since the government is considering lifting the indoor mask mandate in the coming weeks.Further fueling the criticism of the highest-paid white-collar workers is their demand for a four-day workweek and an expansion of employee benefits, something that many find unacceptable. Their record-high profits over the past few years were powered almost exclusively by emergency expansionary monetary policies and had nothing to do with their individ

Dec 12, 2022By Lee Kyung-min
Bank workers criticized for refusing to return to pre-pandemic work hours
Companies

Korea to host ISO in Jeonju next year

Members of the International Organization for Standardization (ISO)/Technical Committee (TC) 211 attend an annual plenary meeting in Stockholm, Sweden, Dec. 9. Courtesy of Ministry of Land, Infrastructure and TransportBy Lee Kyung-minKorea will host an international spatial data standardization congress in Jeonju, North Jeolla Province, next year, the land ministry said Sunday.The decision was made at the International Organization for Standardization (ISO)/Technical Committee (TC) 211 during an annual plenary meeting in Stockholm, Sweden from Dec. 5 to Dec. 9.The Ministry of Land, Infrastructure and Transport said the 2023 congress, the 56th international conference on spatial information, will include a standardization meeting joined by experts and academics from 70 member countries.They will hold academic sessions and seminars on standardization case studies, and standard strategy advisory meetings.The annual event will help local firms expand businesses overseas, with the ministry's assistance in spatial information technology promotion, raising international awareness and establ

Dec 11, 2022By Lee Kyung-min
Korea to host ISO in Jeonju next year
Companies

Return-to-work order issued to striking steel, petrochemical truckers

Prime Minister Han Duck-soo, third from left, speaks during a Cabinet meeting at the Seoul Government Complex in Gwanghwamun, Thursday.Gov't expects outcome similar to one seen in cement industryBy Lee Kyung-minAbout 15,000 striking truckers in the steel and petrochemical industries will be prosecuted unless they return to work immediately, the government said Thursday, in the latest expansion of an executive order issued to put an end to the 15-day collective action wreaking havoc on the export-reliant economy.Propelling the stern order are 1.31 trillion won ($986 million) and 1.28 trillion won in losses incurred respectively by the steel and petrochemical industries over the past two weeks. Outbound shipments at the two key manufacturing industries have subsequently tanked to 43 percent and 20 percent of the seasonal averages, respectively. Thursday's action is expected to prompt a large number of striking truckers to come back to work, as seen by at least 60 percent of their peers in the cement industry having returned to their jobs since Nov. 29 when the unprecedented order was i

Dec 8, 2022By Lee Kyung-min
Return-to-work order issued to striking steel, petrochemical truckers
Companies

KHNP CEO confident about nuclear plant export to Czech Republic

Korea Hydro & Nuclear Power (KHNP) CEO Whang Joo-ho, second from left, meets with Industry and Trade Minister of the Czech Republic, Jozef Sikela, at the ministry in the Czech Republic, Sept. 19 (local time). Korea Times fileBy Lee Kyung-minKorea has cost, quality and technological advantages over its U.S. and French peers when it comes to nuclear power plant construction, a reason why Korea Hydro & Nuclear Power (KHNP) CEO Whang Joo-ho remains confident about Korea's chance of winning in a three-way bidding war to build a nuclear reactor in the Czech Republic. The Korea-U.S. alliance to cooperate in the nuclear energy business, he added, would not deteriorate, despite a legal dispute over claims of intellectual property rights violations by U.S. Westinghouse Electric Company against Korea.The lifespan of a dozen old nuclear power plants will gradually be extended, a priority he considers critical to advancing the efficient and effective use of nuclear energy to underpin robust mutual growth with renewables. “Korea undeniably has a number of competitive advantages to wi

Dec 8, 2022By Lee Kyung-min
KHNP CEO confident about nuclear plant export to Czech Republic
  • 'Korea-developed APR1400 Shin Hanul provides stable power source'
Companies

'Korea-developed APR1400 Shin Hanul provides stable power source'

Shin Hanul reactor 1 in Uljin, North Gyeongsang Province / Courtesy of Korea Hydro & Nuclear PowerCommercial operation of Shin Hanul 1 to help with winter electricity demandBy Lee Kyung-minULJIN ― It took about four hours from Sejong, an administrative city south of Seoul, to Hanul Nuclear Power's headquarters in Uljin, North Gyeongsang Province, operated by Korea Hydro & Nuclear Power (KHNP), a state-run energy firm.The eastern coastal city is where the Hanul Nuclear Power Plant is located. Shin Hanul unit 1 began commercial operation, Wednesday, 12 years after its construction began in April 2010. The facility houses Hanul reactors 1-6, all of which are in operation. Shin Hanul units 3 and 4 will be built soon. Security clearance was extremely tight to enter the premises. Reporters had to submit IDs before applying to join a guided tour organized by the state-run energy firm.Cleared reporters were allowed in only after having their fingerprints checked. Without a temporary ID issued at the main gate, security officials blocked entry.Electronic devices including cellphones a

Dec 8, 2022By Lee Kyung-min
'Korea-developed APR1400 Shin Hanul provides stable power source'
  • KHNP CEO confident about nuclear plant export to Czech Republic
Companies

NCSoft leads AI-powered ethical management

By Lee Kyung-minNCSoft, a local video game developer, is accelerating efforts to establish ethical management of artificial intelligence (AI) data, a principle defined by privacy, unbiasedness and transparency, the firm said Wednesday. The initiative is part of the environmental, social and corporate governance (ESG) goals outlined by the IT industry player, the role of which in the rapid digital world is expanding to set standards for sustainable growth.The firm has mapped out its “NC AI Ethics Framework,” whereby smart technologies will be elevated to a “human-centered” solution provider and data operator.Among the top considerations is privacy, a value with growing importance due to the frequent use of personal information online.The firm says it protects user privacy and personal information when data is being used and processed, as enabled by corporate policies whereby data needed for AI learning is collected whereas personal information undergoes encryption. Transparency will be maintained with full disclosure of how the machine-processed data is stored

Dec 5, 2022By Lee Kyung-min
NCSoft leads AI-powered ethical management
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