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Lee Kyung-min

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Korea signs MOU, LOI with Poland for nuclear energy cooperation

A nuclear power plant in Gyeongju, North Gyeongsang Province Korea Times fileBy Lee Kyung-minA group of energy authorities and business executives from Poland signed a letter of intent (LOI) and a memorandum of understanding (MOU) with their Korean counterparts, Monday, for cooperation on a construction project for a nuclear power plant in Patnow, central Poland, the energy ministry said. They are officials of Polska Grupa Energetyczna (PGE), a state-owned public power firm in Poland, ZE PAK, the country's largest solar power plant, Korea's Ministry of Trade, Industry and Energy and Korea Hydro & Nuclear Power (KHNP). Monday's agreements are for a private sector-led project that is much less appreciated compared to the one signed recently between Poland and the U.S.' Westinghouse Electric Company. Poland chose the American firm over KHNP, Oct. 28 (local time), to lead the construction of its first nuclear power station. The American firm winning the bid was influenced in part by a lawsuit it filed in the U.S. against two Korean state-run counterparts ― KHNP and Korea Electric Pow

Oct 31, 2022By Lee Kyung-min
Korea signs MOU, LOI with Poland for nuclear energy cooperation
Companies

Korea to build 1st nuclear decommissioning institute by 2026

A bird's-eye view of the country's first nuclear power plant decommissioning research institute in Ulsan. Courtesy of Korea Hydro & Nuclear PowerBy Lee Kyung-minThe government has begun the construction of the country's first nuclear power plant decommissioning research institute in Ulsan, the energy ministry said Monday.The Institute will develop technologies to ensure safe permanent suspension of nuclear power plants and function as a comprehensive platform to advance radioactive waste analysis.The construction of a similar institute to decommission pressurized heavy-water reactors will begin in the first half of next year in Gyeongju, North Gyeongsang Province.The Ministry of Trade, Industry and Energy said about 313 billion won ($219 million) will be spent to build the institute by 2026 in Ulju, a small county of Ulsan that borders Busan, on a 22,500-square-meter site.Over 87 billion won will be drawn from the ministry, followed by 193.4 billion won from state-run energy firms including Korea Hydro & Nuclear Power (KHNP), and 32.2 billion won from the municipalities of Bu

Oct 31, 2022By Lee Kyung-min
Korea to build 1st nuclear decommissioning institute by 2026
Companies

Businesses cancel Halloween promotions following Itaewon tragedy

A stage and audience seats remain empty due to cancellation of all cultural events related to Halloween at a village in Gangneung, Gangwon Province, Sunday. YonhapHousehold spending on Halloween events to dwindleBy Lee Kyung-minLarge conglomerates and their consumer-facing service affiliates rushed to cancel Halloween events, Sunday, the day after at least 153 people died in a crowd crush a day earlier in Seoul's Itaewon, according to market watchers.The industry-wide efforts to elevate the Western holiday to an annual sales event with themed promotions and events will be significantly curtailed, since Halloween will be associated with the deadly incident for years to come. Many expect excessive promotion of Halloween will have no place in Korea, as some critics have attributed the large crowds attending events on Halloween weekend to the commercial interests of businesses.Household spending on the festival will subsequently dwindle, due to parents feeling much less pressure to buy Halloween-themed products such as costumes, decorations and candy.Painful reminder“We have cancel

Oct 30, 2022By Lee Kyung-min
Businesses cancel Halloween promotions following Itaewon tragedy
Companies

Hyundai Motor CEO visits Latin America to promote Busan's Expo bid

Hyundai Motor CEO Chang Jae-hoon speaks at an event celebrating the beginning of construction of Hyundai's electric vehicle manufacturing plant in the U.S. state of Georgia, Tuesday (local time). YonhapBy Lee Kyung-minHyundai Motor CEO Chang Jae-hoon is on a trip to three countries in Latin America, a region of key voting power with 29 member countries of the Bureau International des Expositions (BIE), the intergovernmental organization in charge of overseeing and regulating World Expos.The global car giant said Chang is promoting bids for Busan to host the World Expo 2030 in Busan in his six-day trip to the Bahamas, Chile and Uruguay.Chang's visit follows a six-day trip to Europe by Song Ho-sung, CEO of Kia, Hyundai's affiliate, for similar promotional efforts. Song left on Oct. 23 for Serbia, Albania and Greece. The competitiveness of the port city will be highlighted, the firm said, as illustrated by policy efforts to transition into a smart, eco-friendly city with climate change concerns factored in. The CEO will discuss ways to strengthen cooperation between Korea and Latin Amer

Oct 27, 2022By Lee Kyung-min
Hyundai Motor CEO visits Latin America to promote Busan's Expo bid
Companies

KAIST president to call for global efforts to navigate digitization

KAIST President Lee Kwang-hyung / Korea Times fileBy Lee Kyung-minKorea Institute of Science and Technology (KAIST) President Lee Kwang-hyung will deliver a keynote speech at an international forum in Seoul, Friday, the Daejeon-based university said Thursday.The academic event is the latest joint initiative between KAIST and New York University, a month after the two opened a joint campus in New York City in September. “Friday's forum will provide a meaningful opportunity to recognize timely changes of the new era where digital technology, government platforms and public data are emerging as effective media that can create social and economic value,” Lee said.“The forum organized jointly by KAIST and NYU ― two global leaders in innovative cooperation ― will help advance the future of cooperative governance that generates positive influences with governments, private firms, civil society, academia and international organizations.”Lee will stress the importance of global efforts to navigate the challenges of escalating hegemony-oriented feuds over digital and sm

Oct 27, 2022By Lee Kyung-min
KAIST president to call for global efforts to navigate digitization
Companies

KT&G urged to spin off ginseng unit to bolster corporate value

KT&G headquarters in southern Seoul. Korea Times fileBy Lee Kyung-minFlashlight Capital, a Singaporean activist private equity fund, has recommended Korean cigarette manufacturer KT&G spin off its ginseng business for a stock listing, in a critical step toward recovering corporate value amid a growing global trend toward environmental, social and corporate governance (ESG) considerations, according to market watchers, Wednesday.The fund with a stake of about 3 percent in the firm made recommendations including reorienting its investment portfolio to streamline non-core businesses of 2 trillion won ($1.4 billion), fortifying its shareholder return policy and enhancing activism-oriented ESG values. Also included was the need to establish a medium- to long-term plan to elevate Lil, a heat-not-burn (HNB) cigarette developed by the firm, as a key growth driver. The new strategy, according to Lee Sang-hyun, founder of the fund and the former head of Carlyle Korea, a global alternative asset manager, will lift the firm's recently rocketing share price from around 92,000 won fur

Oct 26, 2022By Lee Kyung-min
KT&G urged to spin off ginseng unit to bolster corporate value
Companies

'There is no Korea-US alliance when it comes to money'

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 fileWestinghouse desperate to tank Korea's nuclear plant export bidBy Lee Kyung-minA lawsuit filed in the U.S. by Westinghouse Electric Company against two Korean state-run counterparts over claims of intellectual property (IP) violations indicates how fast financial interests can weaken the Korea-U.S. alliance, market watchers said Wednesday. Many say the desperate last-minute maneuvering by the American nuclear power firm is designed only to undercut Korea Electric Power Corp. (KEPCO) and its subsidiary Korea Hydro & Nuclear Power (KHNP) in their bids to win nuclear power plant construction projects in Poland and the Czech Republic.The U.S. firm says Korea's two state-run entities should not be able to export APR-1400, a Korea-developed nuclear power plant that used key Westinghouse technologies, unless approved by the firm and the U.S. Department of Energy

Oct 26, 2022By Lee Kyung-min
'There is no Korea-US alliance when it comes to money'
Companies

Why Hyundai Motor chief goes to US so often

Hyundai Motor Group Chairman Chung Euisun, left, shakes hands with U.S. President Joe Biden at Grand Hyatt Seoul, May 22. Korea Times fileChung to attend groundbreaking ceremony for EV plant in GeorgiaBy Lee Kyung-minHyundai Motor Group Chairman Chung Euisun left for the U.S., Monday, in a preemptive move to meet with policymakers with substantial influence in mapping out the specifics of the Inflation Reduction Act (IRA), according to market watchers, Tuesday. His most pressing task is to buy time until after the car giant's Georgia manufacturing plants begin operating in 2025, about two years after beginning construction in the first half of next year. The groundbreaking ceremony was held Tuesday (local time).This is the sixth U.S. visit of the head of the auto giant seeking to limit the fallout of the IRA whereby American buyers of electric vehicles (EVs) are denied tax credits of up to $7,500 (10.7 million won), for vehicles that have final assembly outside of North America.No significant amendment to the IRA could tank the sales of Hyundai in North America, where it sold 244,000

Oct 25, 2022By Lee Kyung-min
Why Hyundai Motor chief goes to US so often
Companies

Open Net in the pocket of Google Korea: lawmaker

The logo for Google on the window of the Google for Startups Campus Seoul in Gangnam, southern Seoul. Korea Times fileBy Lee Kyung-minOpen Net, a non-profit private organization established with the sole sponsorship of Google Korea, is spearheading a campaign against a bill that requires the Korean office of the global IT giant to pay a substantial internet usage fee, a parliamentary science and ICT committee member said Tuesday.The supposedly non-profit entity was launched in 2013, and has since received 1.36 billion won ($9.5 million) through 2021, said the committee member, blasting the online forum for “cooperating” to engineer ad campaigns on YouTube, the chief growth driver of the IT giant, in order to frustrate the bill. The contentious YouTube ads encourage viewers to sign a petition on behalf of Open Net, to help discard what it has characterized as an evil that “will lead to immense consequences for content creators and the operation of the online platform.” Over 260,000 signatures were collected as of Tuesday. Rep. Byun Jae-ill of the main oppo

Oct 25, 2022By Lee Kyung-min
Open Net in the pocket of Google Korea: lawmaker
Companies

CJ group chairman's son promoted to lead food biz strategy

CJ Chief Global Growth Officer Lee Sun-hoBy Lee Kyung-minLee Sun-ho, the only son of CJ Group Chairman Lee Jay-hyun, has been promoted to lead the group's food businesses and growth strategies, it said Monday. He will lead a division of CJ CheilJedang, the group's food ingredient manufacturing affiliate, as chief global growth officer (CGGO). The role of the new CGGO will encompass strategy planning for the group's global food business, new investment and identifying new growth drivers, including the development of plant-based food products. “Lee's contributions to fortifying the competitiveness of the group's future growth were largely recognized, as illustrated by the successful integration between the group's Korean entity and Schwan's Company, a leading U.S. food services firm,” the group said in a statement. Other than the group heir, 44 CJ figures were promoted to executives as part of a personnel reshuffle at CJ Group announced two months earlier than usual.CJ Olive Young CEO Lee Sun-jungCJ Olive Young, a consumer goods manufacturing affiliate of the group, has nam

Oct 24, 2022By Lee Kyung-min
CJ group chairman's son promoted to lead food biz strategy
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