my timesThe Korea Times
lkm

Lee Kyung-min

Korea Times AI content 2 team Reporter

Value context and insight. lkm@koreatimes.co.kr

Go to EmailGo to URL

Read more

Companies

Korea to bolster overseas expansion of hallyu-related businesses

A Korean entrepreneur, third from left, based in Vietnam promotes Korea-made products during Vietnam Expo 2022 in Hanoi, April 13. Korea Times fileBy Lee Kyung-minThe government will hold K-EXPO VIETNAM 2022, whereby local small and medium-sized firms will be able to identify hallyu-centered market demands and tailor corresponding promotion strategies for Southeast Asia, five ministries said Wednesday. Around 250 hallyu-related businesses will be represented at the event including cultural content creators, consumer goods and food manufacturers and smart e-mobility services providers. Over 600 buyers from Vietnam, Indonesia and Thailand will be there. The first part of the event will be held at the JW Marriott Hotel in Hanoi, Vietnam, from Oct .15 to 18. One-on-one consultations on export strategies will be provided by Vietnamese law firms, followed by network building sessions. The second event will be held at the International Convention Center in Hanoi from Oct. 27 to 28.The event will be supervised by the Ministry of Culture, Sports and Tourism. Also involved are the Ministry of

Oct 12, 2022By Lee Kyung-min
Korea to bolster overseas expansion of hallyu-related businesses
Companies

NYC, Korean Air, AMCHAM form partnership to boost US minority women-owned businesses

Korean Air Chairman & CEO Cho Won-tae, left, New York City Mayor Eric Adams, center, and American Chamber of Commerce in Korea (AMCHAM) Chairman & CEO James Kim hold a copy of a signed agreement on their new initiatives at New York City Hall, Oct. 11 (local time). Under the new initiative, Korean Air will increase its work with NYC-certified Minority Women-Owned Business Enterprises (MWBE) and the creation of internship programs at Korean Air's offices in Seoul and New York. The agreement will also create opportunities for MWBE to do business in Korea with the assistance of AMCHAM. Courtesy of AMCHAM

Oct 12, 2022By Lee Kyung-min
NYC, Korean Air, AMCHAM form partnership to boost US minority women-owned businesses
Companies

LG CNS nurtures digital tech startups

CEOs of tech firms that made the list of LG CNS-launched “Startup Monster” program pose for a photo. Courtesy of LG CNSBy Lee Kyung-minLG CNS, an IT services provider affiliate of LG Group, said Wednesday that seven candidates made it on the list of “Startup Monster,” a nurturing program for budding tech startups launched by the firm. The seven will receive a cash award of 100 million won ($70,200) each and an opportunity to have their business solutions commercialized over the next six months.They are Symbiote AI, a developer of an avatar social network with cutting-edge artificial intelligence (AI) technology, select star, an AI data mining service provider using cloud sourcing, voinosis, a voice command-oriented smart medical services provider, Carpenstreet, a 3-dimensional modeling design solution services provider, fitfuns, a metaverse-based financial services provider, SmartMind, an applied AI transformation accelerator and Looko, an AI-based fashion and styling services app developer. A total of 320 firms applied for the challenge, raising the competiti

Oct 12, 2022By Lee Kyung-min
LG CNS nurtures digital tech startups
Companies

KEPCO hit for financial mismanagement, excess welfare benefits

KEPCO CEO Cheong Seung-il speaks during a meeting of the National Assembly's Trade, Industry, Energy, SMEs, and Startups Committee held at the firm's headquarters in Naju, South Jeolla Province, Tuesday. YonhapBy Lee Kyung-minDebt-ridden Korea Electric Power Corp. (KEPCO) came under heavy criticism during an audit by the National Assembly, Tuesday, over its failure to maintain financial soundness and oversee energy voucher programs, as well as over the collusion of a group of company officials seeking a stable post-retirement source of income.The lax management and oversight failures will further the criticism of the country's largest state-run energy firm, as fueled by recent electricity rate hikes, the first in a series of steady increases in energy prices over the coming years.KEPCO says the hikes are inevitable to mitigate the estimated operating loss of about 30 trillion won ($20.9 billion) for this year, a result of unexpected global geopolitical volatility taking a turn for the worse. However, taxpayers are furious that KEPCO is passing the increase onto the public, all the wh

Oct 11, 2022By Lee Kyung-min
KEPCO hit for financial mismanagement, excess welfare benefits
Companies

Hyundai Rotem accused of using monopolistic status to raise KTX prices

A photo of KTX, a high-speed train, manufactured by Hyundai Rotem. Korea Times fileBy Lee Kyung-minThe price of KTX high-speed trains operated by KORAIL has spiked 49 percent over the past six years, due to what one opposition lawmaker characterized as the result of a monopoly over the public transit market engineered by Hyundai Rotem, a railway vehicle manufacturing affiliate of Hyundai Motor Group. Rep. Choi In-ho of the Democratic Party of Korea said the demands of the Hyundai affiliate on price hikes is almost always met due to a lack of healthy competition in the market, a chief driver of chronic losses at national railway operator. New market players should be nurtured and allowed to enter the lucrative market, the lawmaker said, to prevent collusion, delays in orders and price increases, all of which are shouldered by taxpayers.Data cited by Choi showed the contract amount between KORAIL and the Hyundai affiliate over 84 KTX bullet trains came to 387.7 billion won ($269 million) in 2021, up from 268.8 billion won in 2016.The difference of 118.9 billion won is explained by a pe

Oct 11, 2022By Lee Kyung-min
Hyundai Rotem accused of using monopolistic status to raise KTX prices
Companies

INTERVIEW 'Open celebration of kimchi empowers young people'

New York State Assembly member Ron Kim, fifth from left, Korea's Consul General of the Republic of Korea in New York Chung Byung-hwa, second from right, and Korea Agro-Fisheries & Food Trade Corporation (aT) CEO Kim Choon-jin, seventh from left, and other dignitaries celebrate the passage of Kimchi Day Resolution at the New York State Assembly at the New York State Capitol in Albany, New York, May 24. Courtesy of Ron Kim5-term NY Korean-American assemblyman stresses sense of identity, culture By Lee Kyung-minRon Kim, or Ronald Tae-sok Kim, a five-term member of the New York State Assembly from the 40th district, said embracing kimchi, a fermented Korean dish, is about developing an elevated sense of identity and culture, a point of pride increasingly appreciated and celebrated not only by Koreans but also people of Korean heritage. Kim was instrumental in designating Nov. 22 as Kimchi Day in the U.S., currently recognized in four states: New York, Virginia, California and Washington D.C. The fermented side dish with a strong smell has long been a source of ridicule and therefore

Oct 11, 2022By Lee Kyung-min
[INTERVIEW] 'Open celebration of kimchi empowers young people'
Economy

Nearly 15% of Korea's foreign direct investment ended up in tax havens

gettyimagesbankBy Lee Kyung-minOver $11.2 billion (1.59 trillion won) in foreign direct investments (FDI) made by Korean firms and individuals found its way to tax havens including the Cayman Islands and Panama last year, a main opposition party lawmaker said Monday. This amount accounted for 14.6 percent of the country's total FDI totaling $76.4 billion in the same period.Investment funds funneled to tax havens are used mostly for corporate mergers and acquisitions. However, concerns remain about illicit activities from links between the funds and tax evasion attempts through shell corporations set up and operated by Korean nationals. According to data submitted to Rep. Kang Jun-hyeon of the main opposition Democratic Party of Korea by the state-run Export-Import Bank of Korea, Korea's FDI in tax havens came to $8.6 billion in 2019, up from $1.81 billion in 2012. The figure has been on the rise over the past decade.The FDI in tax havens accounted for 13.3 percent of the total FDI made by Korean firms and individuals in 2019, up from 6.1 percent in 2012.Investments worth over $5.8 bi

Oct 11, 2022By Lee Kyung-min
Nearly 15% of Korea's foreign direct investment ended up in tax havens
Companies

'Fishermen kept in dark about consequences of tidal wind power plants'

A photo of a tidal wind power generation complex on Jeju Island. Korea Times fileBy Lee Kyung-minThe former Moon Jae-in administration withheld a government-commissioned study that warned of damage to the fisheries industry from the planned construction of tidal wind power plants, a ruling party lawmaker said Monday.The study by the Korea Energy Agency in March of last year concluded that the then government initiative to build 68 such plants with a combined capacity of 15.6 gigawatts in coastal regions would significantly undermine the livelihoods of over 121,000 residents, according to Rep. Ku Ja-keun of the People Power Party. They generate a combined 3.38 trillion won ($2.37 billion) in annual sales of marine products.However, the public's access to the study was soon restricted thereafter, and it was uploaded the following month as a “classified” file to All Public Information in One (ALIO), a finance ministry-operated website where select management information on Korea's 350 state-run, quasi-governmental entities is available.Further fanning criticism, in his view,

Oct 10, 2022By Lee Kyung-min
'Fishermen kept in dark about consequences of tidal wind power plants'
Companies

Kosdaq-listed Model Solution seeks rapid innovative growth

Model Solution CEO Woo Byung-il, center, celebrates the listing of the firm on the Kosdaq, at the headquarters of the Korea Exchange in Yeouido, Seoul, Friday. Courtesy of Model SolutionBy Lee Kyung-minModel Solution, a prototyping services solution subsidiary of Hankook & Company Group, was listed on the Kosdaq market, Friday, the first among the high-tech prototype industry players to make a local stock market debut, the company said.After being acquired by Hankook & Company in 2018, Model Solution has since registered an annual average increase of 14 percent in operating profit.Sales and operating profit came in at 61.1 billion won ($43.2 million) and 8.9 billion won, last year, a year-on-year increase of 9.8 percent and 32.1 percent, respectively. Sales in the first half of this year amounted to 32.2 billion won.The next growth strategy for the newly-listed firm will be the development of a hardware brand and enhanced recognition, as buttressed by full commercialization and the mass production of its augmented reality (AR) and head-mounted display (HMD) prototypes next ye

Oct 7, 2022By Lee Kyung-min
Kosdaq-listed Model Solution seeks rapid innovative growth
Companies

Gov't launches Digital Twin Society initiative to better cope with disasters, urban problems

Government officials and academic figures celebrate the launch of Digital Twin Society initiative at Ministry of Land, Infrastructure and Transport building in Sejong, Friday. Courtesy of Ministry of Land, Infrastructure and TransportBy Lee Kyung-minThe government has launched a forum for government, academia and private experts to advance discussions on and the development of digital twin technology, the land ministry said Friday.The term digital twin refers to a virtual representation of a real-world physical system, people or a process that serves as the indistinguishable digital counterpart of it for practical purposes, such as system simulation, integration, testing, monitoring, and maintenance.This technology will help improve the accuracy of simulation models enabled by the fuller integration of the internet of things (IoT).This smart technology can bolster the effective management of state resources, leading to an improvement in public safety and security, city planning, disaster prevention and capabilities to overcome environmental challenges.The Ministry of Land, Infrastruc

Oct 7, 2022By Lee Kyung-min
Gov't launches Digital Twin Society initiative to better cope with disasters, urban problems
previous page
165166167168169
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.