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

Nat'l Assembly audits begin Tuesday

The schedule for the parliamentary audits posted on the wall of an office at the National Assembly, Monday. YonhapBy Lee Kyung-minThe National Assembly will begin its parliamentary audits of 783 government organizations, Tuesday, the first such scrutiny of the Yoon Suk-yeol administration five months since its inauguration. The audits by 14 standing committees will continue through Oct. 24. One of the main highlights will be a comprehensive comparative oversight of policy missteps between Yoon and his predecessor Moon Jae-in, mostly over allegations of corruption in the energy and real estate markets as well as price mismanagement of key foods and services including agricultural produce. Whether the scrutiny will be reduced to partisan political bickering remains to be seen. The main opposition Democratic Party of Korea (DPK) has been ratcheting up calls for someone to take responsibility over Yoon's recent diplomatic gaffes and the relocation of the presidential office to Yongsan. This followed the ruling People Power Party (PPP) pledging to lay bare the Moon administration's policy

Oct 2, 2022By Lee Kyung-min
Nat'l Assembly audits begin Tuesday
Companies

'China-oriented lithium supply chain hurts local battery ecosystem'

gettyimagesbankBy Lee Kyung-minKorea needs to diversify the current global supply chain to reduce its growing reliance on China for lithium, a key raw material needed to produce battery cathodes, a report showed, Thursday.Data from the Korea International Trade Association (KITA) showed that Korea's monthly imports of lithium from China averaged 64 percent in the first seven months of this year, up from a yearly average of 59 percent a year earlier. The annual figure is up further from 47 percent in 2020.Imports of lithium from China in the first seven months spiked to over $1.61 billion (2.3 trillion won), up by more than 47-fold from the year before. It was led by a 50-fold year-on-year increase of $1.47 billion in the import of lithium hydroxide, more than 90 percent of which comes from China. The rapid increase in the import of the key material will disturb the local battery industry ecosystem, heightening the risk of supply crunches and subsequent disruptions in overall production not only in electric vehicles (EVs) but also in other key manufacturing industries, the report said

Sep 29, 2022By Lee Kyung-min
'China-oriented lithium supply chain hurts local battery ecosystem'
Companies

LG chief vows to invest in clean tech despite growing uncertainties

LG Group Chairman Koo Kwang-mo / Korea Times fileBy Lee Kyung-minLG Group Chairman Koo Kwang-mo reiterated a group-wide commitment to developing clean tech, a technological basis to advance carbon neutrality by transitioning to renewables and recycling electronics goods waste, the firm said Wednesday.The virtuous cycle is part of an environmental, social and governance (ESG) initiative, published for the first time in an LG Group-commissioned report. The green drive is what the chairman sees as a key long-term sustainable growth strategy, in the midst of global uncertainties as illustrated by accelerating inflation, global supply chain disruptions and climate change issues.“We will continue to foster and invest in clean tech to set a path that is both sustainable and reflective of the concerns of each and every stakeholder and the public at large,” he said in the report.The report outlines the goals and business achievements of the group's key affiliates including LG Electronics, LG Display, LG Innotek, LG Chem, LG Energy Solution, LG Household & Health Care, LG Uplus

Sep 28, 2022By Lee Kyung-min
LG chief vows to invest in clean tech despite growing uncertainties
Companies

Korea to invest $65 bil. to advance car industry

Industry Minister Lee Chang-yang, fourth from left, speaks during a meeting with automotive industry officials at the Korea Chamber of Commerce and Industry (KCCI) in Seoul, Wednesday. YonhapBy Lee Kyung-minThe government will seek a more than 12-fold increase in global sales of Korean-made electric vehicles (EVs) over the next eight years, pushing the country's market share up to 12 percent from 5 percent by 2030, the industry ministry said Wednesday.This is part of a long-term growth strategy to solidify the global standings of domestic carmakers, underpinned by government assistance to build and advance infrastructure, create a sustainable industrial ecosystem, fortify supply chain stability and foster promising autonomous driving and mobility market players.According to automotive industry policy directives unveiled by the Ministry of Trade, Industry and Energy, around 95 trillion won ($65 billion) in investments will be facilitated to bolster the industry, including tax incentives and nurturing of over 30,000 automotive experts by 2030.Key vehicle software, including operating s

Sep 28, 2022By Lee Kyung-min
Korea to invest $65 bil. to advance car industry
Companies

GS E&C, BASF to cooperate in modular carbon capture device standardization

GS E&C President Huh Yoon-hong, right, and BASF Vice President Evelyn Shen hold signed copies of a memorandum of understanding (MOU) at the Korean firm's headquarters in downtown Seoul. Courtesy of GS E&CBy Lee Kyung-min GS Engineering & Construction (E&C), a construction affiliate of GS Group, will fortify cooperation with BASF, a German multinational chemical firm, to standardize modular carbon capture devices, the local firm said Tuesday. This is part of the firm's long-term business portfolio reorientation, strengthened to prioritize green modularization defined by the ability to create different configurations for increased customer value through subdividing products in a logical way that provides economies of scale.The move is the latest in a slew of global cooperation efforts, as illustrated by previous MOUs it signed to advance modularization of green energy and biofuel manufacturing facilities. One signed in January between GS E&C and SG H2 Lancaster LLC, a U.S. energy firm, was to strengthen cooperation for renewables and green hydrogen manufacturing pla

Sep 27, 2022By Lee Kyung-min
GS E&C, BASF to cooperate in modular carbon capture device standardization
Companies

POSCO, LX riding high on soaring raw materials prices

A palm oil farm operated by POSCO International. Korea Times file By Lee Kyung-minPOSCO International and LX International, the trading affiliates of steel giant POSCO and LX Group, respectively, are registering an unexpected earnings surprise, a rare boon propelled by a spike in global key raw material prices, coupled with the sharp depreciation of the Korean won against the greenback, industry officials and market watchers said Monday.The rapid weakening of the Korean currency is a grave concern for the local financial authorities, mostly due to foreign capital outflow risks that are closely tied to stable market operations in an emerging economy. However, the otherwise grim news is a great opportunity for local trading firms, long struggling due to years of globalization that almost completely undermined the role of intermediaries that charge commissions based on trade volume.Global uncertainties-led depreciation of the Korean currency prompted price increases of

Sep 27, 2022By Lee Kyung-min
POSCO, LX riding high on soaring raw materials prices
Companies

Agriculture minister to attend G20 meeting

Minister of Agriculture, Food and Rural Affairs Chung Hwang-keun. Korea Times fileBy Lee Kyung-minMinister of Agriculture, Food and Rural Affairs Chung Hwang-keun will attend the G20 agriculture ministers' meeting in Bali, Indonesia, Wednesday, the ministry said Monday. The G20 or Group of Twenty is an intergovernmental forum comprising 19 countries and the European Union (EU).The ministers will promote resilient and sustainable agriculture and food systems. Also on the agenda items are ways to promote open, fair, predictable, transparent and non-discriminatory agricultural trade to ensure food availability and affordability for all. They will discuss innovative agripreneurship through digital agriculture to improve farmers' livelihood in rural areas.The meeting was first held in 2011 under the leadership of France, then-chair of the G20. It has been held every year since 2016 to address the global food crisis.Among those in attendance are G20 members and representatives from international organizations including the United Nations Food and Agriculture Organization (FAO) and the Orga

Sep 26, 2022By Lee Kyung-min
Agriculture minister to attend G20 meeting
Companies

Discord over rest area food prices prompts Korea Expressway Corp. CEO to resign

Korea Expressway Corp. (KEX) CEO Kim Jin-sook. Korea Times file By Lee Kyung-minKorea Expressway Corp. (KEX) CEO Kim Jin-sook resigned Friday, apparently due to intensifying scrutiny brought on by discord with the land ministry over lowering food prices at expressway rest stops. Her three-year term began in April 2020 under the previous Moon Jae-in administration.Minister of Land, Infrastructure and Transport Won Hee-ryong called for a comprehensive audit of the state-run land ministry-affiliated organization, a move he said was necessary to remove “forces that oppose innovation.”The measure followed a month-long conflict over the KEX's rejection of the ministry's suggestion to lower food prices at 207 expressway rest areas by 10 percent, mostly by reducing the commission fee of 41 percent paid to the KEX and operators of rest areas by vendors.The ministry pushed for the plan to help many rest area users struggling with surging prices of goods and services, an idea t

Sep 24, 2022By Lee Kyung-min
Discord over rest area food prices prompts Korea Expressway Corp. CEO to resign
Companies

Gov't to promote locally produced wheat, soybeans to raise food self-sufficiency

A wheat production complex in Jeonju, North Jeolla Province. Courtesy of Korea Agro-Fisheries & Food Trade Corp.By Lee Kyung-minThe government is accelerating efforts to improve the quality and promote the consumption of locally produced wheat over the next five years, as part of measures to raise the food self-sufficiency rate to over 55 percent.According to the Ministry of Agriculture, Food and Rural Affairs and the Korea Agro-Fisheries & Food Trade Corp. (aT), a state-run ministry-affiliated firm, the self-sufficiency rate for the widely used crop will be raised to 7.9 percent, up from 0.8 percent as of 2020. The plan will help the country's total self-sufficiency rate reach over 55 percent by 2027, up from 45.8 percent as of 2020. Also factored in is the need to better prepare for food crises in the event of continued global geopolitical volatilities. Greater government grants and policy assistance will lead to a gradual increase in the number of wheat production complexes nationwide, as evidenced by the number rising to 74 this year, up 45 percent from 51 the year before

Sep 22, 2022By Lee Kyung-min
Gov't to promote locally produced wheat, soybeans to raise food self-sufficiency
Companies

Renewable energy industry hit by solar panel irregularities

A solar power complex in Hamyang, South Gyeongsang Province. Korea Times file Experts say investment in renewable energy must continueBy Lee Kyung-minA slew of irregularities and alleged lax management of the renewable energy industry under the previous Moon Jae-in administration are fueling concerns that the entire green energy sector will become collateral damage and fall behind the country's advanced peers, experts said Tuesday. Due punishment for any attempt to defraud the government's grant schemes or collusion among market participants is the right course of action, they say. However, painting renewables with a broad brush as a corrupt industry that sought illicit gains at the expense of other energy businesses, in their view, will result in the regression of the most hard-working power generation workers. Also at stake is the competitive edge of the country's manufacturing industries whose strength will be determined not only by how stable and affordable thei

Sep 21, 2022By Lee Kyung-min
Renewable energy industry hit by solar panel irregularities
previous page
166167168169170
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.