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Lee Kyung-min

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Companies

Young dissatisfied public servants eye jobs in private sector

By Lee Kyung-min A growing number of young public servants are quitting their jobs, a rush brought on and fanned by discontent over their remuneration packages falling far short of their peers in the private sector, according to market watchers, Tuesday.The once much sought-after positions due to their high job security are losing their appeal, due in large part to the seniority-based pay structure that doesn't reflect a person's performance. Many young, ambitious workers say their efforts to create meaningful change are more often than not sidelined and met by cynicism, prevalent in state-run organizations where competition and change are not in any way encouraged or appreciated. Further accelerating the collective rush is their dismal annual wage increase of around just 1 percent, a figure far below the current inflation rate of over 6 percent and completely unacceptable for many entry-level public servants whose monthly pay is already lower than minimum wage.The Korean Government Employees' Union and the Federation of Public Officials Unions, Korea's two largest unions representi

Sep 8, 2022By Lee Kyung-min
Young dissatisfied public servants eye jobs in private sector
Companies

Hyundai Motor, KT to fortify automated air mobility biz via share exchange

The IONIQ 5 made by Hyundai Motor / Korea Times file By Lee Kyung-minA share exchange of 750 billion won ($543 million) between Hyundai Motor Group, the auto giant and KT, the country's second-largest telecommunication services provider, Wednesday, will advance the automated air mobility business, a key source of growth for the two firms, market watchers said Thursday.They both stressed that the purpose of the exchange is investment, seeking to create distance from speculation that the shares could be used to exercise control in key business decisions. Hyundai Motor Group and KT held a board meeting Wednesday and approved the exchange. Hyundai Motor will hold a 7.7- percent stake in KT. KT in return will hold 445.6 billion won, or 1.04 percent of Hyundai Motor and 300.3 billion won, or 1.46 percent of Hyundai Mobis, the car parts manufacturing affiliate of Hyundai Motor, respectively.At the top of the agenda will be the construction of the infrastructure for satel

Sep 8, 2022By Lee Kyung-min
Hyundai Motor, KT to fortify automated air mobility biz via share exchange
Companies

LG Group chief seeks global expansion

LG Group Chairman Koo Kwang-mo Korea Times fileBy Lee Kyung-min LG Group Chairman Koo Kwang-mo will visit manufacturing plants and business facilities operated by major affiliates overseas soon, according to industry watchers, Tuesday. The business community says the visit scheduled for later this month or early next month will accelerate the group's global expansion, a  drive Koo is confident to undertake due to his years of experience in innovating corporate culture and organizational structures. He is expected to go to Poland to visit the manufacturing plants of LG Energy Solution in Wroclaw and LG Electronics in Mlawa. Also on the agenda is promoting Busan's bid to host the 2030 World Expo.Whether the chairman's role will expand to securing key raw materials for batteries remains to be seen. Also important is establishing closer cooperation with prospective buyer countries.“The young chairman has kept a low profile most of the time, leaving key management decisions to CEOs of the group's affiliates,” an industry watcher said. “Expectations are high that he

Sep 7, 2022By Lee Kyung-min
LG Group chief seeks global expansion
Companies

Korea urged to revise EV subsidy scheme to benefit locally manufactured vehicles

An illustration of K9, an electric bus made by Chinese electric vehicle manufacturer BYD / Korea Times fileBy Lee Kyung-min The government should revise the current state subsidy scheme for electric vehicles (EVs) to provide larger benefits to made-in-Korea vehicles as China and other countries do for their own cars, experts said Tuesday. Underpinning the protectionist-leaning recommendation is the much-contested Inflation Reduction Act (IRA), the U.S. stimulus package whereby Korean EVs and batteries will have their tax credits denied or significantly curtailed.They say Korea is practically the only EV manufacturing powerhouse that fails to protect local players, as illustrated by the price- and fuel efficiency-based grant scheme. The indiscriminate spending of taxpayers' money on bolstering the sales of foreign-made EVs needs prompt revisiting, they argue, after a thorough review of similar policies in European countries, as well as China and Japan. The global rivals of Korea grants greater subsidies to certain locally produced models with competitive edge, a growth strategy that c

Sep 6, 2022By Lee Kyung-min
Korea urged to revise EV subsidy scheme to benefit locally manufactured vehicles
Companies

'Inflation Reduction Act is in clear violation of KORUS FTA'

Experts criticize US' protectionist political maneuvering ahead of electionBy Lee Kyung-minThe much-contested U.S. Inflation Reduction Act (IRA) whereby Korean Electric vehicles (EVs) and batteries will have their tax credits denied or significantly curtailed in the world's largest economy is a clear violation of international trade norms, experts said Wednesday.They say that the protectionist stimulus package seeks to boost U.S. President Joe Biden's relatively low support rate of around 40 percent in the lead-up to the November mid-term elections, a last-minute move to change the political environment in favor of the Democratic Party. The Biden administration began denying tax credits of up to $7,500 (10 million won) last month to buyers of EVs manufactured outside the country, as stipulated in the act. A portion of the tax credit ― $3,750 ― will be made available when EV makers use batteries made of at least 40 percent critical materials extracted or processed from the U.S. or countries that have free trade agreements with the U.S., or are recycled in North America. The percentage

Sep 6, 2022By Lee Kyung-min
'Inflation Reduction Act is in clear violation of KORUS FTA'
Companies

First shipment of SKYCovione

Prime Minister Han Duck-soo, seventh from left, poses with SK Discovery Executive Vice Chairman Chey Chang-won, second from right, SK bioscience CEO Ahn Jae-yong, left, and other government officials during a ceremony to mark the first shipment of SKYCovione, a COVID-19 vaccine made by the biopharmaceutical affiliate of SK Group, at the firm's manufacturing plant in Andong, North Gyeongsang Province, Friday. Courtesy of SK bioscience

Sep 2, 2022By Lee Kyung-min
First shipment of SKYCovione
Companies

Korea to fine-tune nuclear export strategy

Trade, Industry and Energy Deputy Minister Cheon Young-gil speaks at the Clean Hydrogen Trade Initiative at KINTEX in Goyang, Gyeonggi Province, Thursday. Courtesy of Ministry of Trade, Industry and EnergyBy Lee Kyung-min The government is accelerating efforts to formulate long-term strategies for facilitating export of nuclear energy systems, as underpinned by stronger cooperation with prospective buyer countries in energy, economic and human exchanges, a team of government officials said Friday.The specifics of the previous memorandum of understanding (MOU) signed with Korea's European peers will be implemented by a working-level group of ministry officials, reflecting the concerns and suggestions of the business community. A greater number of diverse post-export growth strategies will be outlined to provide maintenance of nuclear power generators, power plants, and sales of key replacement equipment and parts needed for the stable and safe operation of nuclear facilities.The private-public cooperative efforts for fine-tuning the strategies came on the heels of criticism over the c

Sep 2, 2022By Lee Kyung-min
Korea to fine-tune nuclear export strategy
Companies

Animal welfare should be considered amid livestock industry sustainability: expert

Kim Yoo-yong, a professor in the Department of Food and Animal Biotechnology at Seoul National University and the chairman of the Asian-Australasian Association of Animal Production Societies (AAAP) / Joint Press Corp.By Lee Kyung-min A blind push organized by animal rights activists to reform the current system of industrial agriculture could crash the country's livestock industry, one expert said, Sunday. As compelling and morally righteous animal rights claims may appear, the concerns of local stakeholders who have firsthand experience in managing the farming environment must not be ignored while promoting animal welfare, according to Kim Yoo-yong, a professor in the Department of Food and Animal Biotechnology at Seoul National University and the chairman of the Asian-Australasian Association of Animal Production Societies (AAAP). He delivered a speech at the AAAP Animal Science Congress held at Jeju Convention Center in Seogwipo, Jeju Island, Aug. 25.Although the U.K. is known for leading the way in requiring high animal welfare standards, in the U.K., the number of pigs there ha

Aug 29, 2022By Lee Kyung-min
Animal welfare should be considered amid livestock industry sustainability: expert
Companies

'Foreign envoys to Korea are key to hosting World Expo 2030'

Prime Minister, second from right, and Korea Chamber of Commerce and Industry (KCCI) Chairman and SK Group Chairman Chey Tae-won, right, attend a meeting Four Seasons Hotel in Seoul, Aug. 26. YonhapPM, Conglomerate CEOs continues all-out promotional efforts worldwide By Lee Kyung-min The role of foreign ambassadors to Korea is immense in the country's bid to host the World Expo 2030, as stressed by Prime Minister Han Duck-soo who plans to meet with each and every foreign diplomatic official in Korea, according to market watchers, Sunday. The collective voices from ambassadors, Han maintains, will mobilize the much-needed momentum for aligning support from around the world, as strengthened by their combined first-hand experience on how Korea can and will competently and successfully organize the high-profile international event. Further underpinning the view is continued promotional campaigns led by the country's top conglomerates' CEOs. Their individual and group-wide resources through diverse channels of communications are devoted to Korea hosting the global event similar to one hel

Aug 28, 2022By Lee Kyung-min
'Foreign envoys to Korea are key to hosting World Expo 2030'
Companies

Government to open second presidential office in Sejong by 2027

An illustration of a government building in Sejong Government Complex / Korea Times fileBy Lee Kyung-min Several government ministries will team up to help facilitate the construction of a second presidential office in Sejong City, an administrative area 144 kilometers south of Seoul, by 2027, according to government officials, Sunday.Setting up a second presidential office and a legislative building in Sejong was a key campaign pledge of President Yoon Suk-yeol, a vision he believes will cement the sparsely populated city as the nation's administrative capital. The plan gained traction after the National Assembly revised related laws in May. The Ministry of Land, Infrastructure and Transport, Ministry of Interior and Safety and the National Agency for Administrative City Construction said a joint team of officials will commission a study before October to determine the function, size and location of the second office. Plans to strengthen the public transportation system and infrastructure in a broader context of city planning will also follow.The government and the ruling People Pow

Aug 28, 2022By Lee Kyung-min
Government to open second presidential office in Sejong by 2027
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