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Lee Kyung-min

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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
Companies

'US Inflation Reduction Act goes against international trade norms'

Deputy Trade Minister Jeong Dae-jinBy Lee Kyung-min The much-contested U.S. Inflation Reduction Act, under which Korean manufacturers of electric vehicles (EVs) and EV batteries will be put at a significant cost disadvantage in the world's largest economy, goes against international trade norms, the trade ministry said Wednesday.The Biden administration began denying tax credits of up to $7,500 (10 million won) last week to buyers of EVs manufactured outside the country, as stipulated under the act. Laws specific to EV battery manufacturers will take effect in stages over the next few years. Advancing the stimulus package at the expense of Korea's key manufacturers are the falling approval rating of the U.S. president. He is seeking a dramatic upswing to his dismal polling numbers ahead of the November mid-term elections, mostly through protectionist policies to revitalize the U.S. economy scarred from the years of the COVID-19 pandemic.Lingering possibility “We do not go as far as to characterize the act as a violation, but possibilities are there,” Deputy Trade Minister

Aug 25, 2022By Lee Kyung-min
'US Inflation Reduction Act goes against international trade norms'
  • Korean businesses up in arms against US Inflation Reduction Act
Companies

Debt-ridden KEPCO's hefty salaries draw criticism

The headquarters of Korea Electric Power Corp. (KEPCO) in Naju, South Jeolla Province. Korea Times fileKEPCO CEO Cheong Seung-ilState-run utility firm has more debt than Samsung Electronics, Hyundai MotorBy Lee Kyung-min The number of workers at Korea Electric Power Corp. (KEPCO) with an annual salary of at least 100 million won ($74,600) has doubled over the past four years, fueling criticism that the money-losing state-run utility fortified employee benefits at the expense of corporate financial soundness, data showed Wednesday. The hefty compensation strengthens the finance ministry's move to put in place drastic austerity measures, defined by reductions in employee remuneration and benefits to curtail debt at the country's major state-run energy firms that long remained unscrutinized under the previous Moon Jae-in administration.KEPCO suffered a record-high operating loss of over 14.3 trillion won in the first six months of this year, a rapid increase from 187.3 billion won in the same period of last year. This is more than twice the annual operating loss of 5.8 trillion won in 2

Aug 24, 2022By Lee Kyung-min
Debt-ridden KEPCO's hefty salaries draw criticism
Companies

New KHNP CEO vows extensive support for nuclear systems export

Korea Hydro & Nuclear Power (KHNP) CEO Whang Joo-ho speaks during his inaugural address held at the KHNP headquarters in Gyeongju, North Gyeongsang Province, Monday. Courtesy of KHNPBy Lee Kyung-min Korea's nuclear industry is aiming to emerge as a global export powerhouse with the full and extensive support of the government, a much-awaited momentum for recovery powered by the new CEO of the country's state-run nuclear energy firm. Korea Hydro & Nuclear Power (KHNP) CEO Whang Joo-ho, whose three-year term began Monday, said fortifying the key energy industry will be his top priority, as reiterated by the Yoon Suk-yeol administration.“We will export 10 nuclear power plants,” he said during his inaugural address held at the KHNP headquarters in Gyeongju, North Gyeongsang Province, Monday.“We will write a new history, a goal we can achieve with potential and pride as a global nuclear powerhouse that began without any technology or capital. I hereby ask for the full commitment of the 12,000 KHNP employees,” he said.The former professor of nuclear engineer

Aug 23, 2022By Lee Kyung-min
New KHNP CEO vows extensive support for nuclear systems export
Companies

'Taking US to WTO for denying state subsidies to Korean EVs lacks merit'

Trade Minister Lee Chang-yang speaks during a session at the National Assembly on Yeouido, Seoul, Monday. Korea Times fileBy Lee Kyung-min No meaningful outcome is expected within a desired timeframe from Korea taking the U.S. to the World Trade Organization (WTO) for putting Korean manufacturers of electric vehicles (EVs) at a significant cost disadvantage in the world's largest economy, market watchers and experts said Tuesday. They say Korea is taking collateral damage from the U.S. Biden administration seeking a dramatic upswing in sinking approval ratings ahead of the November mid-term elections, mostly through protectionist policies to revitalize the U.S. economy scarred from years of the COVID-19 pandemic.The Biden administration denies tax credits of up to $7,500 (10 million won) to buyers of EVs manufactured outside the country, as stipulated under the Inflation Reduction Act (IRA). The act includes spending a record $369 billion for climate and clean energy drives, through which the country's carbon emissions will be cut by 40 percent by 2030. Certain to cripple are Hyunda

Aug 23, 2022By Lee Kyung-min
'Taking US to WTO for denying state subsidies to Korean EVs lacks merit'
Companies

Hankook Tire seeks global expansion with high-tech EV products

An illustration of a tire from the iON electric vehicle-specific tire brand launched by Hankook Tire / Courtesy of Hankook TireBy Lee Kyung-minHankook Tire, Korea's top tire manufacturer and the seventh-largest worldwide, is expected to solidify its market expansion, underpinned by high-tech, quality products best suited for bolstering the performance of electric vehicles (EVs), the firm said, Monday. Further anchoring the upbeat corporate outlook is a steady increase in demand for eco-friendly vehicles, coupled with high fuel prices sustained by the elevated global prices of key commodities due to geopolitical volatilities.The two factors help stabilize the popularity of EVs, and subsequent demand for the newer, high-performing, non-durable automotive parts.The firm in May launched iON, an EV-specific tire brand, becoming the first in the world to provide a full lineup of EV tires. The launch in Europe was illustrative of the firm's marketing priorities seeking innovation, a harder and more demanding choice since tuning up ― mostly reusing ― existing products was out of the picture.

Aug 23, 2022By Lee Kyung-min
Hankook Tire seeks global expansion with high-tech EV products
Companies

Fried chicken franchises face growing pressure to lower prices

A bucket of fried chicken sold for 6,900 won ($5.23) at a branch of Homeplus in Seoul. Korea Times fileKyochon CEO So Jin-seBy Lee Kyung-min Korea's three major fried chicken franchises ― Kyochon, Genesis BBQ and BHC ― are coming under mounting pressure to lower their prices, cornered by what many have characterized as an “extreme overpricing designed for the sole benefit of the middleman,” according to market watchers, Monday.Propelling the criticism is the recent explosive sales of a bucket of fried chicken sold at large retail chains including Homeplus and Emart where it is priced at less than 7,000 won ($5.23). In contrast, the three chicken franchises sell most of their similar-sized menu items for well over 20,000 won. Franchisees take issue with purchase policies whereby key ingredients must be bought in bulk at preset rates ― usually for much higher than market prices.Genesis BBQ head Yoon Hong-geunThe fixed cost compounded by royalties eats into their profit margins, a reason they say the middleman almost exclusively rakes in immense profits ― and will conti

Aug 22, 2022By Lee Kyung-min
Fried chicken franchises face growing pressure to lower prices
Banking & Finance

Unionized financial services workers to strike next month

Unionized members of the Korean Financial Industry Union hold a street rally in Mapo District, Seoul, in 2016. Korea Times fileBy Lee Kyung-min The unionized members of the Korean Financial Industry Union, encompassing state-run and commercial lenders, have decided to go on strike, Sept. 16, according to the union, Sunday. They say the collective action is inevitable unless their demands are met, including: a 6.1-percent salary increase, the reduction of their work hours to 36 hours a week and the scrapping of plans for bank branch closures. The strike will be met by criticism, largely because the demands of white-collar office workers with an annual salary average of 100 million won ($74,850) or over could be seen as “selfish” in the eyes of borrowers with spiking interest rates. Commercial lenders have thrived over the past few years on the back of ultra-low rates for mortgage and unsecured loans brought on by emergency expansionary monetary policies.Financial Supervisory Service data submitted to Rep. Kim Jong-min of the main opposition Democratic Party of Korea, a mem

Aug 22, 2022By Lee Kyung-min
Unionized financial services workers to strike next month
Companies

Hyundai Steel accelerates ESG drive with waste recycling

A truck carrying coffee grounds for recycling. Courtesy of Hyundai SteelBy Lee Kyung-min Hyundai Steel, the steelmaking and iron mill affiliate of Hyundai Motor Group, is accelerating efforts for carbon neutrality, as illustrated by its recycling of coffee grounds, cow dung and waste sludge from semiconductor manufacturing. The firm signed a memorandum of understanding with Incheon Metropolitan City last month, to cooperate in a study whereby used coffee grounds in the city will be used to reduce odors from animal waste at farms. They will be sent to a North Gyeongsang branch office of the Korea Institute for Health and Social Affairs, a state-run research organization. Data from the organization showed that the coffee grounds can reduce animal waste odors by 95 percent.Korea imports about 150,000 tons of coffee beans every year, but only 0.2 percent of them are used to extract coffee. The remaining 99.8 percent are thrown away in landfills.“Coffee grounds have been treated as nothing but household waste, but are now being recognized as a sustainable resource,”

Aug 21, 2022By Lee Kyung-min
Hyundai Steel accelerates ESG drive with waste recycling
Companies

INTERVIEW 'Kangwon Land will become multi-purpose vacation resort'

A bird's-eye view of Kangwon Land in Jeongseon, Gangwon Province. Courtesy of Kangwon LandCEO Lee Sam-kulEx-vice interior minister and CEO outlines growth vision beyond casino operations By Lee Kyung-min Kangwon Land will continue efforts to transform itself into a multi-purpose, high-end vacation resort that can accommodate people of all ages with different leisure interests in all seasons, an initiative under the CEO Lee Sam-kul, whose growth vision prioritizes sustainability of the state-run casino operator, long criticized for promoting gambling.“The healthy, long-term survival of the state-run entity will be on the line unless we prepare new business models that can overhaul the dominant negative public perception about the province, which is blessed with the gift of nature and warm-hearted people,” the former vice minister of the interior ministry added.Kangwon Land opened in 1998 as a casino to revitalize the local economy following the closures of mines ― the region's key growth driver. It has since built a resort with a golf course, hotel rooms, a water park and

Aug 20, 2022By Lee Kyung-min
[INTERVIEW] 'Kangwon Land will become multi-purpose vacation resort'
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