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Lee Kyung-min

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Companies

KEPCO to borrow from banks to stabilize bond market

Korea Electric Power Corp. headquarters in Naju, South Jeolla Province / Korea Times fileBy Lee Kyung-minCommercial lenders will grant up to 10 trillion won ($7.2 billion) in loans to Korea Electric Power Corp. (KEPCO) before the year's end, to limit further financial market dislocation sustained by top-rated, government-guaranteed bonds issued by the state-run energy firm, according to market participants, Wednesday. The government-recommended measure is intended to help KEPCO find a line of credit with banks for operating funds, instead of issuing more AAA-rated bonds, which have almost exclusively absorbed investment funds over the past few months.This measure in turn will lower the recent sharp increase in corporate bond yields, stabilizing the short-term market turbulence, the government said. Data from the Bank of Korea showed that the spread between three-year AA- corporate bonds and government-issued bonds was 1.14 percentage points on Oct. 14 ― the widest since September 2009 during the global financial crisis. The wider the figure, the harder it is for firms to find a line

Nov 9, 2022By Lee Kyung-min
KEPCO to borrow from banks to stabilize bond market
Companies

K-Chips Act in limbo due to DPK's 'anti-biz' politicking

A manufacturing plant of Samsung Electronics in Pyeongtaek, Gyeonggi Province. Korea Times fileBy Lee Kyung-minThe competitive edge of the local chip industry will fall behind its global peers, as stunted by the blind push of the Democratic Party of Korea (DPK) against a bill introduced to foster the growth driver industry, according to market watchers, Tuesday. The main opposition party claims the bill is designed only to “cut taxes for the rich.”Further fueling concerns is Korea's weakening standing in the global chip market, as indicated by only three Korean firms making the list of the world's top 100 semiconductor powerhouses by market cap. They are Samsung Electronics, SK hynix and SK square.The bill, the K-Chips Act, includes ways to increase tax credits for semiconductor facility investments, shorten and simplify the approval process for manufacturing plant construction and make exemptions for government-commissioned feasibility studies.Upon passage, the tax credit of around 6 percent will be increased to as high as 20 percent. This in turn can help local chipmake

Nov 8, 2022By Lee Kyung-min
K-Chips Act in limbo due to DPK's 'anti-biz' politicking
Companies

Korea braces for winter energy crisis

A Gas meter in Seoul. Korea Times fileBy Lee Kyung-minKorea is expected to grapple with soaring energy prices this winter, as evidenced by about a 40 percent spike in heating costs this year, brought on by elevated global key commodity prices in the wake of Russia's invasion of Ukraine, according to market watchers, Monday.Further advancing the grim outlook is the rapid weakening of the Korean currency against the U.S. dollar, the key factor in surging energy import costs.The increase in costs has and will continue to be shouldered entirely by taxpayers, in a gradual yet steady hike in electricity rates through the first half of next year, months before the April 10 general election in 2024.40 percent increaseData from Korea District Heating Corp. shows that the rate for household heating costs per 1 megacalorie (1Mcal) this year rose to 89.88 won ($0.06) last month, up from 74.49 won in July and 66.98 won in April. The figure marked a 38 percent jump from 65.23 won in March.This year's increases come roughly three years after the last hike in August 2019.The increase of 20.7 percent

Nov 7, 2022By Lee Kyung-min
Korea braces for winter energy crisis
Companies

KORAIL hit for worker's death, derailment

Workers repair disconnected train tracks at Yeongdeungpo Station in southern Seoul, Monday, a day after a Mugunghwa train derailed there and injured 34 passengers, Sunday. YonhapKorail CEO Na Hee-seung Korea Times fileBy Lee Kyung-minLand Minister Won Hee-ryong called for a fundamental and complete overhaul of Korea Railroad Corp. (KORAIL), the state-run rail operator, Monday, after a train had derailed late Sunday. The accident that caused injuries to at least 34 passengers came less than a day after a maintenance worker died while working, Nov. 5.The series of accidents are fueling criticism of KORAIL CEO Na Hee-seung. He may become the first head of a state-run organization to be charged under a law, which subjects CEOs of large companies to a period of imprisonment of up to one year or fines of up to 1 billion won ($712,000) if fatal industrial accidents occur at their organization or its smaller partner firms. Na was questioned over the death of a rail worker in his 50s in Daejeon, March 14, according to the Ministry of Employment and Labor, Monday. The rare and heated rema

Nov 7, 2022By Lee Kyung-min
KORAIL hit for worker's death, derailment
  • Train derails in central Seoul, injuring 30 passengers
Companies

'Rapid growth of Korea's nuclear power technology threatens US'

Employees of Korea Hydro and Nuclear Power celebrate the installation of an APR-1400 reactor at Shin Kori Unit 3, a Korea-developed nuclear power plant, in Ulju, Ulsan Metropolitan City, July 15, 2010. Korea Times fileWestinghouse desperate to undercut Korea's high-quality, cost-effective productsBy Lee Kyung-minKorea will have to navigate a bout of unexpected challenges to win overseas nuclear power plants construction orders, mostly that of political and diplomatic nature irrelevant to cost, quality and commercial viability -- areas where Korea maintains high competitiveness over its advanced global peers, market watchers said, Sunday.Propelling the concern is the much-contested U.S. Inflation Reduction Act (IRA), whereby American buyers of electric vehicles (EVs) will have tax credits denied or significantly curtailed, unless the final assembly was finished within the U.S. or EVs carry batteries that contain at least a percentage of key minerals mined or processed in the U.S. or countries that signed free trade agreement with the U.S.The unexpected legislation to drum up support f

Nov 6, 2022By Lee Kyung-min
'Rapid growth of Korea's nuclear power technology threatens US'
Companies

Land minister, builders on trip to win construction projects in Saudi Arabia

Minister of Land, Infrastructure and Transport Won Hee-ryong. Korea Times fileBy Lee Kyung-min A delegation led by Land Minister Won Hee-ryong has embarked on a trip to Saudi Arabia, a key prospective partner in Korea's overseas construction projects, the land ministry said, Friday. The six-day trip is the latest in a government policy initiative to help local builders win overseas construction contracts of $50 billion (71 trillion won) every year through 2027, a drive the ministry says will revive the industry. Saudi Arabia has generated $156 billion, or 17 percent, of Korea's overseas construction order total of $925 billion over the past five decades, according to the International Contractors Association of Korea. The figure is twice the $83.1 billion from the United Arab Emirates (UAE).Central to the five-stage project of $500 billion is winning orders involving Neom, a city being built in Tabuk Province in northwestern Saudi Arabia. The new city will incorporate smart city technologies and is expected to function as a tourist destination with a population of up to 9 m

Nov 4, 2022By Lee Kyung-min
Land minister, builders on trip to win construction projects in Saudi Arabia
Companies

BIXPO 2022 to advance carbon neutrality, sustainable growth

Electric Power Research Institute (EPRI) CEO Arshad Mansoor gives an opening speech at the BIXPO 2022 held at Kimdaejung Convention Center, Wednesday. Courtesy of KEPCOBy Lee Kyung-minOver 4,000 energy authorities and business executives from around the world gathered in Gwangju, south of Seoul, Wednesday, to share their insights into advancing carbon neutrality initiatives at an annual international conference, according to Korea Electric Power Corp. (KEPCO), the event organizer.Officials of 233 local and global energy firms attended the BIXPO 2022 held at Kimdaejung Convention Center, where academic discussions and new energy technologies demonstrations will continue through Friday. KEPCO seeks to elevate the annual conference to a global must-visit event, as underpinned by compelling storytelling whereby attendees are able to understand and experience the inner workings and growth potential of energy value chain operations.Energy projects are equally prioritized regardless of commercial viability as green initiatives that can engage the entire process encompassing energy sources p

Nov 2, 2022By Lee Kyung-min
BIXPO 2022 to advance carbon neutrality, sustainable growth
Companies

Korea to become battery powerhouse by 2030

Minister of Trade, Industry and Energy Lee Chang-yang, sixth from left, and the heads of battery manufacturers pose for a photo at an event, organized to recognize the growth and efforts of the local battery manufacturing industry, at JW Marriott Hotel Seoul, Tuesday. Courtesy of Ministry of Trade, Industry and EnergyBy Lee Kyung-minThe government is aiming to make Korea-produced batteries account for at least 40 percent of global market share by 2030, as assisted by the establishment of an intergovernmental alliance to secure key battery materials, fostering a sustainable industrial ecosystem and expansion of tax credits, the trade ministry said Tuesday.Public-private partnerships will be fortified to help advance mineral resourcing, refining and smelting, key areas many local firms lack experience with and expertise in compared to their global peers.The objective is part of a long-term strategy to elevate the country and become a global battery powerhouse, as reinforced by a 50 trillion won ($35 billion) investment commitment from battery manufacturers all the way to 2030. The inve

Nov 1, 2022By Lee Kyung-min
Korea to become battery powerhouse by 2030
Companies

Korea bolsters spatial data cooperation with Tanzania, Ethiopia

Minister of Land, Infrastructure and Transport Won Hee-ryong Korea Times fileBy Lee Kyung-minThe government will help Tanzania and Ethiopia with effective digital cadaster, as part of an official development assistance (ODA) program, the land ministry said Tuesday. A cadaster is a comprehensive recording of the real estate or property in a country, often represented graphically in a cadastral map.Minister of Land, Infrastructure and Transport Won Hee-ryong had a separate meeting with Chaltu Sani Ibrahim, Ethiopia's Minister of Urban and Infrastructure and Angelin Mabula, Tanzania's land minister.They agreed to foster cooperation to share knowledge and experience in the effective management of spatial information, the establishment of related key databases, policymaking and administration.Won signed a memorandum of understanding (MOU) with Ethiopia's minister at the Korea Territorial Development Museum in Seoul.The MOU will help Korean state-run entities and private players advance the spatial information system in the country.The latest example of ODA in Ethiopia is a consulting proj

Nov 1, 2022By Lee Kyung-min
Korea bolsters spatial data cooperation with Tanzania, Ethiopia
Companies

Daewoo E&C fortifies capabilities to become global construction powerhouse

A bird's-eye view of Sihwa Lake Tidal Power Station in Gyeonggi Province / Courtesy of Daewoo E&CBy Lee Kyung-minDaewoo Engineering & Construction is fortifying its capabilities to become a global construction powerhouse, as enabled and underpinned by a strong track record from years of large construction projects involving infrastructure, energy plants and residential and multi-purpose buildings, the firm said Thursday.The firm will celebrate its 50th anniversary next year, a meaningful milestone in the Korean construction industry, as it seeks to elevate its standing on the global stage buttressed by advanced technologies and competent, thorough management.Chief among the achievements is the 2011 construction of Sihwa Lake Tidal Power Station in Gyeonggi Province.It became the world's largest tidal power installation, with a total power output capacity of 254 megawatts, surpassing the 240-megawatt Rance Tidal Power Station in France that had been the best of its kind globally for 45 years.Tidal power generation is considered cheaper compared to methods using solar or wind p

Nov 1, 2022By Lee Kyung-min
Daewoo E&C fortifies capabilities to become global construction powerhouse
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