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Lee Kyung-min

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Korea to help Ukraine rebuild war-torn cities

Land, Infrastructure and Transport Minister Won Hee-ryong, second row, second from right, meets with two Ukrainian lawmakers, Sergey Taruta and Andrii Nikolaienko, and Ukraine Ambassador to Korea Dmytro Ponomarenko in Seoul, Wednesday. Courtesy of Ministry of Land, Infrastructure and TransportBy Lee Kyung-minThe infrastructure minister met with two Ukrainian lawmakers and Ukraine's ambassador to Korea, Wednesday, to discuss ways of rebuilding war-torn cities, according to the Ministry of Land, Infrastructure and Transport.The meeting came on the heels of Korea's offer to provide assistance to Ukraine, led by a team of officials of the infrastructure and foreign ministries during the two-day Ukraine Recovery Conference in Lugano, Switzerland, from July 4 to 5 (local time).Korea will be able to use its experience in infrastructure and city planning as part of the rapid government-led economic growth, the two countries agreed, in facilitating the recovery of the Eastern European country. Similar ministry-led post-war reconstruction efforts are in progress in Iraq, as evidenced by the Al

Jul 6, 2022By Lee Kyung-min
Korea to help Ukraine rebuild war-torn cities
Companies

Korea should brace for more inflation, energy shocks: energy minister

Trade, Industry and Energy Minister Lee Chang-yang speaks during a press briefing in Sejong, Tuesday.By Lee Kyung-min Korea should fine-tune its export competitiveness and seek a more extensive use of nuclear power in order to weather inflation and energy shocks, a deadly mixture of risks that could cripple the livelihoods of many and sap economic vitality, the country's top energy policymaker said, Tuesday.The nation's import-oriented power plan will remain extremely vulnerable to global commodity price volatility, unless policy goals are reoriented to prioritize energy efficiency, according to Trade, Industry and Energy Minister Lee Chang-yang.The more sustainable initiative long embraced by advanced peers of Korea will, in his view, help the country re-evaluate the national energy strategy which has focused almost exclusively on rapid economic growth at the expense of long-term energy conservation considerations. “The economy is experiencing a bout of difficulties as of late, sparked by global inflation and soaring energy prices around the globe," Lee said during a press mee

Jul 6, 2022By Lee Kyung-min
Korea should brace for more inflation, energy shocks: energy minister
Companies

POSCO Holdings to acquire next-generation anode maker for $37 million

POSCO holdings logo / Korea Times fileBy Lee Kyung-min POSCO Holdings signed a contract, July 1, to buy a 100-percent stake in a battery materials manufacturer for $36.6 million, the steel giant said Tuesday in a press release and public disclosure to the stock exchange.Following the deal, Tera Technos, a Daejeon-based manufacturer and supplier of SiOx, a silicon-based anode material, will become the newest affiliate of POSCO. The move is aimed at fortifying POSCO's battery business, mostly through the early and full commercialization of SiOx, a newer and higher-performing material that boosts energy efficiency by about four times compared to graphite, the currently used material for lithium-ion anodes.An increasing number of local and global battery manufacturers are rushing to develop the silicon-based anode material, with the market expected to grow 39 percent every year by 2030, POSCO Holdings said.The next-generation material takes up less than 5 percent of a rechargeable battery's content at present, but the figure is expected to double to over 10 percent by 2025 and to over 25

Jul 5, 2022By Lee Kyung-min
POSCO Holdings to acquire next-generation anode maker for $37 million
Companies

Korea to increase nuclear power generation to over 30% by 2030

Energy ministry to cut fossil fuel dependency, fortify overseas energy procurement By Lee Kyung-min Korea will increase the portion of nuclear energy to over 30 percent of the nation's total energy mix by 2030, the energy ministry said, Tuesday. This is a clear shift in policy under the Yoon Suk-yeol administration defined by the early and full scrapping of the nuclear phase-out initiative led by his predecessor, Moon Jae-in.The ministry also said that a special law will be established to ensure private-oriented development and procurement of overseas energy resources, fortifying the country's energy security alongside measures to outline electricity price calculation methods tied to changes in global energy prices.Dependence on fossil fuels will be lowered in stages to the 60 percent range by 2030, down from the current 81.8 percent.Imports of coal for energy in the same period will be reduced by 40 million tons of oil equivalent (toe), a unit of energy released by burning one ton of crude oil. The number of energy innovation ventures will double to 5,000 by that time, up from 2,500

Jul 5, 2022By Lee Kyung-min
Korea to increase nuclear power generation to over 30% by 2030
Companies

Energy tech university becomes major headache as KEPCO's losses swell

Students attend an admissions ceremony at the Korea Institute of Energy Technology (Kentech) in Naju, South Jeolla Province, March 2. YonhapBy Lee Kyung-min Korea Institute of Energy Technology (Kentech), a much-criticized technology university associated with Korea Electric Power Corp. (KEPCO), is emerging as a major headache for the state-run power firm, whose record-high losses will mean that it won't be able to finance the operation of the higher educational institution in need of about 1.6 trillion won ($1.2 billion) over the next few years, according to critics, Monday.They say that the opening of the ill-conceived and ill-prepared university in Naju, South Jeolla Province, was rushed solely because it was a campaign pledge that was promised by former President Moon Jae-in. Fueling the simmering and seemingly endless criticism is the spike in operating losses by the state-run energy firm over the past year, certain to increase in the coming months due to elevated global energy prices brought on and amplified by geopolitical volatilities. KEPCO suffered 7.78 trillion won in oper

Jul 5, 2022By Lee Kyung-min
Energy tech university becomes major headache as KEPCO's losses swell
Companies

Global energy expert praises SK Innovation's green transformation

Kannan Ramaswamy / Courtesy of SK InnovationBy Lee Kyung-min A green transformation initiative led by SK Innovation, an energy affiliate of SK Group, has a “very high potential for eventual success,” a global expert on energy and corporate governance in emerging markets, said Monday.Kannan Ramaswamy, chair professor at the Thunderbird School of Management at Arizona State University, made the assessment in an op-ed posted on the SK affiliate's website, holding the Korean firm's carbon reduction plan in high regard.“In the midst of such uncertainty, SK Group is one of the few that has stepped up its commitment with a clear sense of purpose and clarity,” he said.The comment followed SK Group Chairman Chey Tae-won's plan announced in 2021 targeting a 200 million ton reduction in carbon emissions by 2030, which roughly accounts for 1 percent of total global carbon reduction goals, and that the group would reach net-zero by 2050.Although other CEOs have made similar promises, Ramaswamy said, SK Group enjoys some distinct advantages that increase the probability of

Jul 4, 2022By Lee Kyung-min
Global energy expert praises SK Innovation's green transformation
Companies

Korea strengthens cooperation with Poland in nuclear energy, defense

Lee Chang-yang, minister of trade, industry and energy, second from left, and Anna Moskwa, minister of climate and environment of Poland, second from right, hold a meeting at the climate ministry in Poland, June 30 (local time). YonhapBy Lee Kyung-minKorea is gearing up to strengthen its partnership with Poland in the areas of nuclear energy, defense and advanced IT technologies. The move is part of the Yoon Suk-yeol administration's drive to find new overseas markets for Korean products, according to the trade and industry ministry, Friday.Minister of Trade, Industry and Energy Lee Chang-yang met with his Polish counterpart and high-ranking political leaders, June 30 (local time), during his first official overseas trip accompanied by representatives of a dozen state-run and leading private energy firms.The high-level meeting is the latest effort by the top energy policymaker to facilitate the sale of Korea's nuclear power plants, which includes operation and maintenance services. Lee visited the Czech Republic earlier to seek Korea's participation in nuclear energy and other power

Jul 1, 2022By Lee Kyung-min
Korea strengthens cooperation with Poland in nuclear energy, defense
Banking & Finance

IBK CEO seeks to help small Korean firms expand in Vietnam

Yoon Jong-won, CEO of Industrial Bank of Korea (IBK), sixth from right, and key officials of the Vietnamese central bank pose for a photo, June 27 (local time). Courtesy of IBKBy Lee Kyung-min Industrial Bank of Korea (IBK) CEO Yoon Jong-won met officials of key state-run and private financial firms of Vietnam to bolster cooperation for greater financing and business expansion opportunities for small Korean ventures and startups, the state-run lender said Friday. During a five-day business trip to the Southeast Asian country, Yoon discussed mid-term financial cooperation projects led jointly by Korean firms and Vietnamese state-run agencies, mostly on ways to establish an ecosystem for small businesses to outline stable profit models. Among the top financial and economic policy officials he met was Deputy Governor of the State Bank of Vietnam (SBV) Doan Thai Son. The IBK plans to open a few more branches in Vietnam, in addition to ones in Hanoi and Ho Chi Minh. New ones will open in industrial complexes and major commercial districts to better accommodate the financing needs of both

Jul 1, 2022By Lee Kyung-min
IBK CEO seeks to help small Korean firms expand in Vietnam
Companies

Gov't braces for soaring power demand in summer

Prime Minister Han Duck-soo, third from left, presides over a meeting attended by top economy-related ministry officials at the Government Complex in Gwanghwamun, Seoul, Thursday. YonhapElectricity reserve falls to 5-year low By Lee Kyung-minThe government is bolstering energy reserves to prevent possible blackouts triggered by an earlier and more intense heatwave in the summer, with electricity demand this year expected to peak in the second week of August, the Ministry of Trade, Industry and Energy said Thursday.The short-term energy demand is affected by ongoing geopolitical uncertainties from the ongoing Russia-Ukraine conflict, a power supply risk set to push down this year's reserve energy supply rate to a multi-year low.Further fanning the bleak outlook is the electricity price increase that took effect July 1, straining not only low-income households and the self-employed but also industries cornered to shoulder increases in production costs and other expenses. The government plans to raise the nuclear power supply to 20.7 gigawatts (GW) in the second week of August, up from

Jun 30, 2022By Lee Kyung-min
Gov't braces for soaring power demand in summer
  • Summer electricity demand forecast to creep up over heat wave
Companies

Small businesses decry 5% minimum wage hike

A jobseeker passes by a board of job listings on the wall of a state-run employment agency in Seoul, Thursday. YonhapBy Lee Kyung-min Kim Joo-won, 42, who owns a small restaurant in Seoul, said Thursday that he will have to let at least one worker go if the government's new hourly minimum wage takes effect next year. “The minimum wage has been on a sharp rise in recent years, and it is certain to rise yet again next year. I can't take it anymore,” Kim said.The restaurant owner said his business is far from making a meaningful turnaround after years of the COVID-19 pandemic, and the minimum wage hike is not helping him. Kim said he had to lay off a couple of minimum wage workers two years ago at the beginning of the health crisis, mostly because of limitations on private gatherings and restrictions on operating hours.The government's lifting of most social distancing rules in April was a move he had been awaiting for a long time, but the effects have yet to sink in fully, he said.“I don't know how the government is justifying raising the hourly wage without factoring

Jun 30, 2022By Lee Kyung-min
Small businesses decry 5% minimum wage hike
  • Minimum wage for next year increased 5% to 9,620 won
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