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Lee Kyung-min

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Companies brace for logistics chaos as truckers begin strike

Unionized truckers under the Korean Confederation of Trade Unions (KCTU) engage in sit-ins at the Pohang Steel Industrial Complex in Pohang, North Gyeongsang Province, Thursday. YonhapBy Lee Kyung-min Key local manufacturers are bracing for a logistics crisis brought on by a strike by unionized truckers under the Korean Confederation of Trade Unions (KCTU), Thursday, in what market watchers say was bound to be repeated due to deadlocked negotiations over “unreasonable” labor demands, compounded further by a lack of preventative measures.The all-out struggle amplified by 25,000 hardline union members, or less than 6 percent of the 440,000 truckers nationwide, is the second collective action of the year after the first one in June, which lasted about a week incurring about 2 trillion won ($1.5 billion) in losses in economic activities.On Tuesday, the government decided on a three-year extension of a disputed law put in place to guarantee a minimum wage for truckers to help prevent cargo overloading and sleep deprivation. The law took effect in 2020 and was set to expire on

Nov 24, 2022By Lee Kyung-min
Companies brace for logistics chaos as truckers begin strike
  • Truckers go on strike amid supply disruption woes
Companies

SK bioscience temporarily halts production of COVID-19 vaccine due to falling demand

SKY Covione, a COVID-19 vaccine developed by SK bioscience. Korea Times fileSK bioscience CEO Ahn Jae-yong. Korea Times fileBy Lee Kyung-min SK bioscience, a biotech affiliate of SK Group, said Wednesday that it has temporarily halted the production of SKY Covione, a COVID-19 vaccine, due to plummeting demand amid a declining number of infections.Further compounding the halt in production is a more stringent set of approval requirements of global health and drug agencies, including the World Health Organization (WHO) and the European Medicines Agency (EMA). Exports to developing countries including those in Africa will take more time than initially projected, due to tightened scrutiny in line with the global community inching closer to the endemic phase of the years-long COVID-19 pandemic.“We have halted the production of the vaccine except for key ingredients needed to meet demands upon approval of international health agencies,” a SK bioscience official said. The decision was due chiefly to the oversupply of the vaccine brought on by the absence of government purchase o

Nov 23, 2022By Lee Kyung-min
SK bioscience temporarily halts production of COVID-19 vaccine due to falling demand
Companies

Korea to reduce dependence on China for exports, eyes Middle East, America and EU

President Yoon Suk-yeol, center, speaks during a meeting attended by nine government ministries at Korea Trade-Investment Promotion Agency (KOTRA), in Seoul, Wednesday. YonhapExport strategies to fortify deteriorating trade balance By Lee Kyung-min The government will mobilize utmost efforts to fine-tune export strategies, under a broader goal of fortifying Korea's trade balance which is showing signs of a greater-than-expected deficit, according to nine economy-related ministries, Wednesday.Chief among the objectives is strengthening the overseas expansion of 15 growth-driving local manufacturing industries, including a close and continued follow-up of the 26 memorandums of understanding (MOUs) signed between Korea and Saudi Arabia. The Middle Eastern country signed investment deals with Korean businesses amounting to about 40 trillion won ($29 billion), as reaffirmed by the country's prime minister and Crown Prince Mohammed bin Salman during his visit to Korea last week. Infrastructure minister Won Hee-ryong said Monday that trillions of won in joint business projects will be annou

Nov 23, 2022By Lee Kyung-min
Korea to reduce dependence on China for exports, eyes Middle East, America and EU
Companies

LG Energy Solution logs highest quarterly earnings in Q3

Researchers at LG Energy Solution. Courtesy of LG Energy SolutionLG Energy Solution, the rechargeable battery manufacturing affiliate of LG Group, said Tuesday that its sales and operating profit in the third quarter have reached an all-time high, propelled by robust sales in the U.S. and Europe.Sales of 7.64 trillion won ($5.63 billion) in the July-September period were up 89.9 percent from 4.27 trillion won a year earlier and up 50.8 percent from 5.7 trillion won, the previous quarter.Operating profit stood at 521.9 billion won in the same period, turning into a surplus from an operating loss of 372.8 billion won a year ago. The figure is up 166.8 percent from 195.6 billion won in the previous quarter.The third quarter operating profit is the highest ever except for the 724.3 billion won logged in the second quarter of last year reflecting one-off, lump-sum incomes from a license deal settlement payment and corporate reserves.LG Energy Solution CFO and Senior Vice President Lee Chang-sil said the strongest quarterly performance was due to the surge in demand for electric vehicle (E

Nov 23, 2022By Lee Kyung-min
LG Energy Solution logs highest quarterly earnings in Q3
Companies

Korea to build Antarctica's 6th inland station by 2030

Oceans and Fisheries Minister Cho Seung-hwan speaks during a press briefing at Sejong Government Complex, Monday. YonhapBy Lee Kyung-min The government will build an inland research station in Antarctica by 2030, as part of a long-term plan to elevate the country's standing in the global science and research community, the oceans ministry said Tuesday. About 277.4 billion won ($205 million) will be spent by 2027 to construct the 15,000-ton Araon 2, the latest model of the icebreaker research vessel Araon built in 2009. The chief priority of the first comprehensive policy assistance package is to secure greater power and influence in the global science and technology hegemonic war, marked by fierce competition over the past few decades. Equally important is conducting research on methods of countering climate change, an initiative that cannot continue without global cooperation in the years to come.The envisioned construction will make Korea the sixth global player to have an inland station on the continent, following the U.S. Russia, France, Japan, China and Italy.The presence of Kor

Nov 22, 2022By Lee Kyung-min
Korea to build Antarctica's 6th inland station by 2030
Companies

Gov't to announce tangible Saudi projects before year's end

Minister of Land, Infrastructure and Transport Won Hee-ryong, right, speaks during a meeting with a group of reporters at the Government Complex Sejong, Monday. Ministry of Land, Infrastructure and TransportBy Lee Kyung-minThe government will announce up to 10 trillion won ($7.3 billion) in construction projects in Saudi Arabia, in the latest development in a series of government-level initiatives to solidify mega business deals, Land Minister Won Hee-ryong said Monday. The Korea-Saudi joint projects will be expanded to encompass culture, defense, energy and infrastructure building, in what he said was a highly tangible vision underpinned by decades of trust established between the two countries over the past decade. The failures and poorer-than-expected performances of local construction firms in the oil-rich Middle Eastern country under previous administrations will not be repeated this time, a lesson to maintain stronger bilateral ties over the long term. December“A number of projects amounting to some trillions of won will be announced before the end of the year,” Min

Nov 21, 2022By Lee Kyung-min
Gov't to announce tangible Saudi projects before year's end
Companies

Korea's key manufacturers face bleak outlook in 2023

gettyimagesbankBy Lee Kyung-minKorea's leading manufactures are expected to face major setbacks in 2023 due to multiple challenges, including declining exports, an industrial downturn, weakened consumer sentiment and surging inventory levels, an industry ministry-affiliated research institute report showed Monday. Compounding the woes of the export-reliant economy are unfavorable global economic and financial conditions, borne out mostly by the sustained depreciation of the Korean currency against the U.S dollar and rising inflation and tightening monetary policies in major economies.The factors triggered by fears of a global economic slowdown will impact the export growth of almost all of the country's industries, except automobiles, shipbuilding, rechargeable batteries and biohealth. 4% dropIn its 2023 outlook report, Korea Institute for Industrial Economics and Trade (KIET) forecast the combined exports of Korea's 13 leading industries will reach $517.9 billion (700 trillion won) in 2023, down 4 percent from $539.7 billion this year. The 13 are automobile, shipbuilding, general ma

Nov 21, 2022By Lee Kyung-min
Korea's key manufacturers face bleak outlook in 2023
Companies

Korea Ginseng Corp. to promote red ginseng in Qatar

A customer learns about the health benefits of Korean red ginseng in Qatar. Courtesy of Korea Ginseng Corp.By Lee Kyung-min Korea Ginseng Corp. (KGC), a state-run ginseng manufacturer, will promote the positive health benefits of Korean red ginseng in Qatar, where sports fans from around the world will gather for the FIFA World Cup. The quadrennial showpiece international football tournament will begin Nov. 20 (local time) and continue through Dec. 18. Thirty-two teams will compete across 64 matches.The Korean firm will run ads of Cheong Kwan Jang, Korea's leading red ginseng brand with over 120 years of tradition, in major commercial districts in the country. The brand's products help boost the immune system, increase stamina and enhance physical energy, according to the firm.The brand's flagship products such as Cheong Kwan Jang Everytime, a stick-type ginseng extract, will be sold at over 200 stores across the country.The extract type increases the efficacy of ginseng absorption by up to four times, compared to ginseng capsules or pills made from powdered ginseng root.“Our 1

Nov 21, 2022By Lee Kyung-min
Korea Ginseng Corp. to promote red ginseng in Qatar
Companies

Energy ministry launches K-recycling alliance to stabilize supply chain

Workers move used electric vehicle batteries for recycling. Korea Times fileBy Lee Kyung-min The government has launched the K-Recycling Alliance, a public-private cooperation initiative whereby recycling of key minerals will be promoted and strategized to stabilize the supply chain, the energy ministry said. Propelling the initiative are the growing uncertainties in the global supply chain, brought on by Russia's invasion of Ukraine and the drawn-out hegemony-oriented U.S.-China trade feud. Many local manufacturers have long stressed the need to fortify self-reliance in the procurement of key materials to limit blowback from global geopolitical volatilities, a key factor that can disrupt the Korean economy which isn't resource rich.The government-led drive is the latest in a series of industrial waste recycling efforts spearheaded by local conglomerates. Hyundai Motor Group and Samsung SDI, SK On, LG Energy Solution ― three battery manufacturing affiliates of Samsung, SK and LG Groups ― formed a private alliance to foster battery recycling in May.According to the Korea Energy Econom

Nov 18, 2022By Lee Kyung-min
Energy ministry launches K-recycling alliance to stabilize supply chain
Companies

Mega deals with Saudi Arabia signal new Middle East boom for Korea

Minister of Trade, Industry and Energy Lee Chang-yang, front row center, and Saudi Arabia's Investment Minister Khalid A. Al-Falih, right, attend the Korea-Saudi Investment Forum at the Korea Chamber of Commerce and Industry (KCCI) in Seoul, Thursday. Yonhap S-Oil to invest $7 bil. to build massive petrochemical plants in Ulsan By Lee Kyung-min Korea and Saudi Arabia have made deals worth up to 40 trillion won ($30 billion) for joint economic cooperation in major industries, including manufacturing, smart technology, bio and healthcare, city planning, infrastructure building, energy, agriculture, environment and gaming, the industry ministry said Thursday.Central to the joint economic ties lies the five-stage construction project worth $500 billion (662 trillion won) for Neom, the new smart city being built in Tabuk Province. The green city construction project is spear

Nov 17, 2022By Lee Kyung-min
Mega deals with Saudi Arabia signal new Middle East boom for Korea
  • Local stocks soar over business partnerships with Saudi Arabia
  • Chaebol chiefs meet Saudi crown prince to seek lucrative deals in oil-rich nation
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