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Lee Kyung-min

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Companies

Samsung Electronics in tougher business environment than TSMC

Samsung Electronics employees pose for a photo at the firm's manufacturing plant in Gyeonggi Province, Aug. 3. Korea Times fileBy Lee Kyung-min Korea's Samsung Electronics, the top global memory chipmaker and the world's second-largest foundry business, falls behind top market player TSMC, a Taiwan-based global foundry business leader, hobbled by heavy corporate tax, higher labor costs and a shortage of workers, a private think tank said, Wednesday. Samsung's efforts to fortify its overseas business to outperform its Taiwanese competitor, which accounts for over half of the global market share will be in vain unless backed by government policies, the Korea Economic Research Institute (KERI) said. They include lowering tax rates, granting greater tax incentives for facility investment and research and development (R&D) activities, as well as measures to train and educate highly skilled experts. The institute under the Federation of Korean Industries (FKI), the country's largest business lobby, said the comparative analysis of the two semiconductor powerhouses showed that Korea is

Aug 10, 2022By Lee Kyung-min
Samsung Electronics in tougher business environment than TSMC
Economy

Surging costs of living push people to take side jobs

A woman shops at a grocery store in Seoul, June 27. Korea Times file By Lee Kyung-min Choi Sun-hoo, a father of two living in Sejong, an administrative city south of Seoul, recently began working as a delivery man on weekends. “I'm a salaryman, and my monthly paycheck alone is hardly enough to support my family,” he said. His two children, both middle schoolers, go to private cram schools for Korean, math and English. Their education costs have not been low, but they'd been more or less manageable. But not anymore, because the prices of everything else spiked ― from putting food on the table to maintaining the roof over their heads. “I mean it's really what they say. Everything went up except my salary,” Choi said. “I don't know. My wife told me that she was thinking about taking a job as a cashier at a nearby retail chain mall. I didn't know what to say,” he added.Choi is not the only one who took on a side job to make ends meet.Shin Ji-seon, a mother of two in her

Aug 8, 2022By Lee Kyung-min
Surging costs of living push people to take side jobs
Companies

'Gov't should help manufacturers digitize fast to overcome global supply chain risks'

gettyimagesbankBy Lee Kyung-min The government should fortify policy assistance to help manufacturers swiftly digitize, as prompted by the continued efforts of Korea's advanced global peers to tackle global supply chain disruptions and soaring costs of raw materials, a government research organization suggested, Sunday.Easy and quick exchanges of key data between large conglomerates and their small and medium-sized enterprise peers will help bolster the industries' competitive advantage, pushing up the overall productivity of the economy, according to the Korea Institute for Advancement of Technology. The early and effective transition to digital processes could be an important breakthrough to overcome the looming crisis in manufacturing. The sector is the country's growth driver, accounting for 27.8 percent of the GDP.The institute said Korea should benchmark the cases of the U.S., Japan, and the European Union (EU), mostly in their differing approaches tailored to the size, capabilities and sustainability of individual firms.The institute said that Korea should improve the level of

Aug 7, 2022By Lee Kyung-min
'Gov't should help manufacturers digitize fast to overcome global supply chain risks'
Companies

Danuri lunar orbiter set for launch

Researchers at Korea Aerospace Research Institute (KARI) conduct a final check of Danuri at the institute's headquarters in Daejeon in May. Courtesy of KARI By Lee Kyung-min Korea's lunar orbiter, Danuri, is fully prepared for a successful launch on Friday, according to the state-run aeronautics and space agency, Thursday. The orbiter, otherwise known as the Korea Pathfinder Lunar Orbiter (KPLO), was developed by the Korea Aerospace Research Institute (KARI), with assistance of the U.S.'s National Aeronautics and Space Administration (NASA).Danuri left Incheon International Airport, July 5, and arrived at Cape Canaveral Space Force Station (CCSFS) in Florida, July 7. It will be launched for its moon mission at 8:08 a.m., Friday, carried by SpaceX's Falcon 9, a U.S. rocket.The liftoff had been initially scheduled for Wednesday, but faced a two-day delay due to rocket maintenance issues.The orbiter was erected around 3 p.m., Thursday, for a final checkup before countd

Aug 4, 2022By Lee Kyung-min
Danuri lunar orbiter set for launch
Companies

Samsung, SK, Lotte, POSCO take carbon capture tech to Southeast Asia

gettyimagesbankBy Lee Kyung-minAn increasing number of local conglomerates are seeking to fortify carbon capture utilization and storage (CCUS) business cooperation with Southeast Asia, a move to maximize mutual interests through combining their need to identify storage facilities with the group of countries' substantial dependence on fossil fuels, according to market watchers, Wednesday. They are energy affiliates of POSCO, Samsung, SK, Lotte and GS.Malaysia and Indonesia, for example, rely on coal, oil and natural gas for over 80 percent of their power consumption. All coal-powered plants need to be shut down by 2030, as outlined by the Paris Agreement. However, applying CCUS technology can help the facilities buy time before their full shutdowns.CCUS technologies involve the capture of carbon dioxide (CO2) from fuel combustion or industrial processes as well as the transport of CO2 via ship or pipeline. It is used to create valuable products or services or be stored permanently deep underground in geological formations.The technology for storing carbon is referred to as CCS,

Aug 3, 2022By Lee Kyung-min
Samsung, SK, Lotte, POSCO take carbon capture tech to Southeast Asia
Companies

Oceans ministry to release last of eight captive dolphins

A group of dolphins including Beebong, the last captive Indo-Pacific bottlenose dolphin, perform inside an aquarium on Jeju Island, May 21. Korea Times fileBy Lee Kyung-min The government is accelerating preparations to free the last captive Indo-Pacific bottlenose dolphin, named Beebong, to waters off Jeju Island, as illustrated by months of training to help it readjust to the wildlife environment, according to officials, Wednesday.The Ministry of Oceans and Fisheries said discussions are underway among animal rights groups, experts and government officials, to safely release the endangered species back to the ocean. The ministry has not finalized the timeline of the release, only adding that a ministry-led committee will determine the pace of the rehabilitation course with the health and the outcome of training factored in. Beebong is the last among eight captive dolphins held in an aquarium on Jeju Island since 2012, when the ministry designated them as endangered species.The remaining seven have since been released ― three in 2013 and two each in 2015 and 2017.The aquatic mammal

Aug 3, 2022By Lee Kyung-min
Oceans ministry to release last of eight captive dolphins
Companies

Renewable energy shares rally on high energy prices

Solar panels at a renewable energy complex in Yeonggwang, South Jeolla Province / Korea Times fileBy Lee Kyung-min Shares of solar, wind and other renewable energy companies are on a steep rise, propelled by the passage of a U.S. inflation reduction bill and Russia's invasion of Ukraine that triggered a global energy crisis, market watchers said Tuesday. The U.S. Inflation Reduction Act will enable investments of $369 billion (481 trillion won) in energy security and climate solutions.Some market analysts say the local shares will report solid medium- to long-term growth, lifted by many countries seeking energy independence, mostly in the form of reducing imports of crude oil, natural gas and fossil fuels.Shares of Hanwha Solutions, a multinational energy services, petrochemical and real estate development affiliate of Hanwha Group, soared nearly 30 percent over the past week. The share price closed at 44,100 won, Tuesday, down 0.11 percent from the previous session. The biggest day among the five-consecutive-day spike was July 28, when it rocketed 20.37 percent to 42,250 won. The pr

Aug 2, 2022By Lee Kyung-min
Renewable energy shares rally on high energy prices
Companies

LX criticized for 'monopolization' of cadastral survey market

LX CEO Kim Jung-ryul, left, speaks during a National Assembly audit of government institutions Oct. 15, 2021. Korea Times fileBy Lee Kyung-min Korea Land and Geospatial Informatix Corp. (LX) came under fire over what small market players have characterized as “monopolization” of the lucrative cadastral survey market, according to officials, Tuesday. A cadaster is a comprehensive record of the real estate in a country, often represented graphically in a cadastral map. LX CEO Kim Jung-ryul said the state-run organization's business activities are well within the bounds of the law, whereby the function, objective and extent of the entity's businesses are clearly defined. He added that there were “no incidents where LX ate into the private market share.” The comment was in response to a question raised by Rep. Jo Myung-hee of the ruling People Power Party during a meeting of the National Assembly Land, Infrastructure and Transport Committee, Monday. “Of the four ministry-supervised state-run organizations, LX is the only one that is eating into the market sh

Aug 2, 2022By Lee Kyung-min
LX criticized for 'monopolization' of cadastral survey market
Companies

2 men receive POSCO Heroes cash award for preventing knife attack

Jeong Ku-kwanBy Lee Kyung-min POSCO TJ Park Foundation has announced the names of those who have been honored as POSCO Heroes, receiving 10 million won ($7,654) in cash, Monday.The POSCO Heroes Fellowship program was established in 2019 to honor and enrich the value of sacrifice. A total of 62 people have been awarded so far. According to the foundation, Jeong Ku-kwan and Kim Yoo-jin received the award for saving a woman who was attacked by a knife-wielding man in the hallway of an apartment, July 16.Kim Yoo-jinJeong reportedly ran into the hallway after hearing a woman scream. He found a man with a knife in his hand, and jumped on him to protect the woman.The attacker dropped the knife, breaking the blade. When he picked it up to attack the woman again, Jeong called for help.Their neighbor Kim came to help the two. Kim managed to wrest the knife away from the attacker and help the police take him into custody.The woman was taken to a nearby hospital unconscious, but is recovering now. According to the foundation, Jeong said it was not until after the attacker was in police custody t

Aug 1, 2022By Lee Kyung-min
2 men receive POSCO Heroes cash award for preventing knife attack
Companies

SK Bioscience seeks approval for COVID vaccine in Europe

SKY Covione, a COVID-19 vaccine developed jointly by SK Bioscience and the Institute for Protein Design under the University of Washington / Courtesy of SK BioscienceBy Lee Kyung-min SK Bioscience, a biotech affiliate of SK Group, said Monday that it has applied for a conditional approval for the use of SKY Covione, a COVID-19 vaccine, with the European Medicines Agency (EMA).SKY Covione was developed jointly by the SK affiliate and the Institute for Protein Design (IPD) under the University of Washington. The product development was funded by the Bill & Melinda Gates Foundation, a private foundation, and the Coalition for Epidemic Preparedness Innovations (CEPI), a global coalition launched at Davos in 2017.It will be supplied to the global market through the COVID-19 Vaccines Global Access (COVAX) initiative, a worldwide program set up to enable equitable access to COVID-19 vaccines, upon making it onto the World Health Organization (WHO) Emergency Use List.The vaccine adopted Adjuvant AS03, the trade name for a squalene-based immunologic adjuvant used in various vaccine produc

Aug 1, 2022By Lee Kyung-min
SK Bioscience seeks approval for COVID vaccine in Europe
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