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Lee Kyung-min

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Samsung's defective washing machine fans consumer concerns

Shattered pieces of the door of a Samsung Electronics washing machine. YonhapBy Lee Kyung-min Won Jeong-yeon, a mother of two in her 30s, makes sure that the door of her Samsung Electronics washing machine is tightly closed. This is a new habit she has after watching the news about a man who cut his leg on pieces of the shattered door of his washing machine made by the consumer electronics giant after it exploded, Aug. 11. The man sustained only minor injuries, but the sound from the explosion left him and his family in shock for days, according to local news media reports. The man, who lives in Incheon, said the door of the machine exploded at around 11 a.m., just when he was about to enter the room where it was installed.The door shattered into pieces with a loud crashing sound. He wanted to turn the machine off, but was unable to because he feared that there would be another explosion.The man called Samsung's customer service hotline, but was told that no technical engineers were immediately available.He called 119 and firefighters came and cut off the electricity to the machine.A

Aug 17, 2022By Lee Kyung-min
Samsung's defective washing machine fans consumer concerns
Companies

Cayman Islands is Korea's second-largest foreign investor: trade ministry

gettyimagesbankBy Lee Kyung-min The inflow of investment funds from the Cayman Islands, a popular tax haven, stood at over $1.5 billion (1.9 trillion won) in the first six months of this year, the second-largest holdings after the U.S., the trade ministry data showed Tuesday. The sharp 25-fold increase from $62 million a decade ago fans speculation that funds there could be linked to money laundering or tax evasion attempts, a claim strengthened by the island's low trading volume, the size of its economy and small population. For context, the increase in foreign direct investment (FDI) in Korea in the same period was only 56 percent, standing at about $11 billion, up from $7.1 billion in 2012.Data from Korea International Trade Association (KITA) showed that the Cayman Islands imported $2.84 million worth of goods made in Korea in the first half of this year. The population of only 60,000 was ranked as Korea's 184th-largest trading partner by volume. Investment funds funneled through tax havens are mostly used for mergers and acquisitions (M&As), the ministry says. Legal as they

Aug 16, 2022By Lee Kyung-min
Cayman Islands is Korea's second-largest foreign investor: trade ministry
Companies

Government to supply 2.7 million homes by 2027

Land Minister Won Hee-ryong speaks at a press conference at the Seoul Government Complex in Gwanghwamun, Tuesday. YonhapNew measures signal shift toward market-oriented real estate policyBy Lee Kyung-minThe government will supply 2.7 million homes over the next five years, including 1.58 million units in Seoul, Incheon and Gyeonggi Province, to help stabilize housing prices, the finance and land ministries said, Tuesday. A comprehensive study will be conducted on sustainable and affordable housing for low-income earners, many of whose living arrangements remain extremely vulnerable as evidenced by the recent devastating flood damage to a large number of Seoul's semi-basement dwellings, known as “banjiha” in Korean.The first housing plan unveiled by the Yoon Suk-yeol administration will be led by the private sector, a marked turn from the previous drive under predecessor Moon Jae-in, who prioritized state-run redevelopment and reconstruction plans.Equally pursued will be speedy deregulation of overall land and construction requirements. Greater tax deductions will be provi

Aug 16, 2022By Lee Kyung-min
Government to supply 2.7 million homes by 2027
Companies

Korea grapples with excess rice

gettyimagesbankBy Lee Kyung-min The government is expected to struggle to find storage facilities for excess rice that it plans to purchase from farmers, a longstanding problem compounded further by this year's good harvest thanks to favorable weather conditions, according to market watchers, Monday.Local consumption of the staple crop is unlikely to climb, mostly because many Koreans associate rice intake with weight gain.The stagnating demand overwhelmed by supply is the reason the government and farmers tussle every year over how much excess rice should be bought with taxpayer money.Under the law, the government can buy rice if the excess volume is more than 3 percent of the annual estimate or if the price falls by over 5 percent from average figures.Korea produced 3.8 million tons of rice last year, up 10.7 percent from 2020. This year's estimate is 3.8 million tons, whereas the estimate for consumption is likely to be 3.5 million tons.Shortage of storage facilitiesData from Rep. Choi Chun-sik of the ruling conservative People Power Party and a member of the National Assembly's A

Aug 16, 2022By Lee Kyung-min
Korea grapples with excess rice
Companies

US Inflation Reduction Act to help battery manufacturers, hurt auto biz

The manufacturing plant of LG Energy Solution in Ochang, North Chungcheong Province. Korea Times fileBy Lee Kyung-min Local battery makers with facility investment plans in the U.S. are expected to thrive, powered by the sweeping passage of the Inflation Reduction Act by the House of Representatives that will help increase the market share over their Chinese counterparts, coupled with price advantages from greater state grants, according to market watchers, Monday.By contrast, the growth perspective following the major victory of the Biden administration will not be as bright for local automobile manufacturers whose electric vehicle (EVs) manufacturing plants are based in Korea. They will be denied large state grants unless they build manufacturing facilities in the U.S.The Act will advance the Build Back Better initiative seeking to revitalize the U.S. economy, scarred from years of the COVID-19 pandemic. The plan includes spending a record $369 billion (481 trillion won) for climate and clean energy drives, through which the superpower's carbon emissions will be cut by 40 percent b

Aug 15, 2022By Lee Kyung-min
US Inflation Reduction Act to help battery manufacturers, hurt auto biz
Companies

Will Samsung heir be promoted to chairman?

Samsung Electronics Vice Chairman Lee Jae-yong answers reporters' questions at the Seoul Central District Court, Aug. 13. Korea Times fileBy Lee Kyung-min Pardoned Samsung Electronics Vice Chairman Lee Jae-yong, who has pledged to make “a significant contribution to the Korean economy,” is highly likely to become chairman of the chip giant soon, a long overdue promotion that will test his leadership to steer the company through an increasingly uncertain business environment, according to industry watchers Sunday.Lee, the heir of the nation's largest conglomerate, has reiterated his commitment to continued investments, job creation and economic growth, a slew of goals he said he is grateful to achieve as a responsible entrepreneur. Lee made the comments Friday after being granted a special presidential pardon on the occasion of Aug. 15 Liberation Day.Chief among his business initiatives will be fostering Korea's semiconductor industry, the country's key growth driver under mounting pressure to carefully calibrate national interests in the midst of fierce global competition

Aug 14, 2022By Lee Kyung-min
Will Samsung heir be promoted to chairman?
Companies

Pardoned Lotte chief sets swift global expansion agenda

Lotte Group Chairman Shin Dong-bin, right, attends the Global Summit of the Consumer Goods Forum in Dublin, Ireland, June 22. Korea Times fileBy Lee Kyung-minPardoned Lotte Group Chairman Shin Dong-bin is expected to accelerate the conglomerate's business presence overseas, lifted by cleared legal and corporate compliance issues that global investors remained uneasy about, according to market watchers, Sunday. Shin was sentenced to two and a half years in prison in October 2019, following his conviction in a protracted corruption trial involving disgraced former President Park Geun-hye. His sentence was suspended for four years, allowing him in principle to continue making decisions for the firm.However, years of legal issues slowed down one of the country's leading conglomerate's business drives, blunted by Shin's travel bans leading to stalled talks on mergers and acquisitions (M&As). Growth“We are grateful for the pardon,” Lotte Group said in a statement immediately after President Yoon Suk-yeol pardoned the chairman on the occasion of Korea's Liberation

Aug 14, 2022By Lee Kyung-min
Pardoned Lotte chief sets swift global expansion agenda
Companies

Oceans ministry to fortify maritime, logistics biz

Minister of Oceans and Fisheries Cho Seung-hwan speaks during a press briefing at Sejong Government Complex, Wednesday. Courtesy of Ministry of Oceans and FisheriesBy Lee Kyung-min The government will strengthen policy assistance for enhanced port logistics, a critical measure to help export firms overcome years of the COVID-19 health crisis and better prepare against unexpected similar disruptions, the oceans minister said Thursday. The new policy objectives outlined by the Minister of Oceans and Fisheries, Cho Seung-hwan, seeks to promote the country's efforts in seeking long-term, sustainable growth underpinned by safe, green and digital administrative resources allocation.The ministry said large cargo storage facilities will be built at Busan Port, to help exporters limit losses from short to long-term delays in shipping. High value-added services will be introduced at major ports, including liquefied natural gas (LNG) stations and shipyard maintenance facilities, to promote integrated, high-productivity industrial activities. A new port in Jinhae, Busan will become a smart mega

Aug 11, 2022By Lee Kyung-min
Oceans ministry to fortify maritime, logistics biz
Companies

Coupang achieves first-ever earnings surplus in 2nd quarter

Coupang delivery vehicles. Korea Times fileBy Lee Kyung-min Coupang registered $66.17 million (86.2 billion won) in adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) in the second quarter of this year, marking the first surplus since the launch of the e-commerce giant in 2014, it said Thursday.Operating profit came to $67.14 million, down 87 percent from the year before and falling below 100 billion won for the first time. Sales stood at $5.03 billion, up 12 percent year-on-year. It is lower than the $5.11 billion in sales achieved in the first quarter, but the rapid depreciation of the Korean currency against the U.S dollar led to the record-high figure.Chief among the drivers of the robust earnings was a 27 percent year-on-year increase in sales reported by the product commerce division encompassing overnight delivery services and fresh produce deliveries. The strong performance led to the price of the New York Stock Exchange-listed firm surpassing $20 during intraday trading for the first time since April 4. It closed at $19.76, up more than 4 perce

Aug 11, 2022By Lee Kyung-min
Coupang achieves first-ever earnings surplus in 2nd quarter
Companies

Agriculture ministry to promote exports of smart farming tech, foster young experts

Minister of Agriculture, Food and Rural Affairs Chung Hwang-keun speaks during a press briefing at Sejong Government Complex, Wednesday. Courtesy of Ministry of Agriculture, Food and Rural AffairsGov't to temper produce price inflation ahead of Chuseok By Lee Kyung-minThe government will nurture young farmers with ideas for promising growth models, underpinned by increased financial support, training and educational opportunities to advance the traditional industry, the agriculture minister said, Wednesday.The new policy objectives outlined by Minister of Agriculture, Food and Rural Affairs Chung Hwang-keun will power the country's efforts to export smart technology-mediated farming, the next-generation growth initiative fully integrating the country's strength in technology with growing demand from Korea's peers for cooperation in the areas such as healthy food and lifestyle as seen by the Korean wave, or Hallyu.Apart from market diversification moves, the ministry will grant greater emergency assistance to farmers and agricultural businesses experiencing a spike in production costs

Aug 10, 2022By Lee Kyung-min
Agriculture ministry to promote exports of smart farming tech, foster young experts
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