my timesThe Korea Times
lkm

Lee Kyung-min

Korea Times AI content 2 team Reporter

Value context and insight. lkm@koreatimes.co.kr

Go to EmailGo to URL

Read more

Companies

Gov't to help local vaccine developers, ingredient makers with overseas expansion

President Yoon Suk-yeol, front center, listens to how a liquid nitrogen freezer works to store blood, cells and Deoxyribonucleic acid (DNA) at National Biobank of Korea under the Korea National Institute of Health in Cheongju, North Chungcheong Province, May 26. Korea Times fileBy Lee Kyung-min The government will help local vaccine developers and key pharmaceutical ingredient makers strengthen cooperation with their prospective business partners overseas, mostly in the areas of technical cooperation, raw input material trading supply and exports, officials said, Thursday.The government assistance is buttressed by a rosy global pharmaceutical industry outlook, as presented by the research findings of Airfinity, a global health intelligence and analytics services provider. It said that the COVID-19 vaccine market amounted to $65.6 billion (84.4 trillion won) last year, more than double the size of the non-COVID-19 vaccine market, which stood at $33 billion. KoreaBio, a private organization representing about 600 local firms, said that the COVID-19 vaccine market is expected to grow fu

Jun 16, 2022By Lee Kyung-min
Gov't to help local vaccine developers, ingredient makers with overseas expansion
Companies

Kepco vows to improve financial soundness to justify electricity rate hikes

Electricity meters in Seoul. Korea Times fileBy Lee Kyung-min Korea Electric Power Corp. (Kepco) has vowed to dispose of non-essential assets and reduce spending as it tries to persuade the government to approve proposed electricity rate hikes, according to company officials, Thursday. The slew of measures to fortify its financial soundness came hours before the state-run energy firm submitted the plan, with the energy ministry seeking a quarter-on-quarter electricity rate increase of up to 3 won per kilowatt hour (kWh). It is also demanding that the current maximum ceiling of 3 won be raised to 5 won.Kepco's demand for rate hikes is explained in large part by its skyrocketing operating loss over the past year, brought on by spiking global crude oil, coal and liquefied propane gas prices, raw input materials to generate electricity.But equally scrutinized is whether and by how much the state-run entity sought measures to tighten its financials, a key bone of contention set to take center stage for political debate fanned by soaring living expenses certain to accelerate in the coming

Jun 16, 2022By Lee Kyung-min
Kepco vows to improve financial soundness to justify electricity rate hikes
Companies

Truckers' strike lays bare vulnerabilities of Korea's logistics system

Cargo trucks leave POSCO in Pohang, Wednesday, hours after the unionized truckers reached an agreement to halt a strike that had continued for the past eight days. Korea Times fileBy Lee Kyung-min Korea's logistics system is extremely vulnerable to unforeseen risks, as illustrated by an eight-day strike by unionized truckers under the Korean Confederation of Trade Union (KCTU) that ended up incurring about 2 trillion won ($1.5 billion) losses in economic activities, market watchers said Wednesday. Some say the week-long walk-out dragged on due in part to inaction by the transport authorities seeking to dodge their responsibility for a set of thorny labor demands to the National Assembly. Which of the two parties ― the government or the truckers ― is more at fault for the short-term disruption remains debatable. But the immense losses suffered by Korea's major exporters, mostly manufacturers, will not be recuperated by either.Of graver concern is a lack of measures to counter the acute vulnerabilities of the supply chain and logistics system of the export-reliant economy, certain to b

Jun 15, 2022By Lee Kyung-min
Truckers' strike lays bare vulnerabilities of Korea's logistics system
Companies

Policymakers in dilemma over electricity rate hike

Deputy Prime Minister and Finance Minister Choo Kyung-ho holds a watermelon at a retail market in Seoul, June. 5. Korea Times fileBy Lee Kyung-min The finance and energy ministries are in a bind over raising electricity rates, a double-edged sword and a major headache for policymakers increasingly pressured to mitigate the impact of a spike in inflation and global energy prices, according to market watchers and officials, Wednesday. The state-run Korea Electric Power Corp. (KEPCO) maintains that electricity rates capped by the previous Moon Jae-in administration should be normalized to reflect the surge in global prices of key commodities, triggered and sustained by the Russian invasion of Ukraine. The Ministry of Trade, Industry and Energy shares the same view.However, the Ministry of Economy and Finance says more prudence is required, since even the slightest increase in key energy prices is closely tied to living expenses and can add to low-income households' financial strain. A significant rate hike will further stoke inflation already accelerating over the past year, propelled b

Jun 15, 2022By Lee Kyung-min
Policymakers in dilemma over electricity rate hike
Companies

Korea's nuclear biz exports drive gains steam

Yoon administration's policy support in high gearBy Lee Kyung-min Korea is accelerating efforts to export its nuclear energy systems, a new policy initiative gaining strong momentum with the full backing of the Yoon Suk-yeol administration seeking to win 10 advance orders of nuclear projects overseas,  according to energy experts. Bilateral and multilateral cooperation with key countries in the European Union, the Middle East as well as the U.S. will be fortified to better utilize the once-demonized energy source, noted for its cheap and stable supply in extreme weather conditions. Experts say Yoon's new energy policy is no longer about politically undercutting the nuclear phase-out drive that occurred under the Moon Jae-in administration, but creating a new growth driver for the country as it has limited natural resources for a sustainable, green future.The assessment is evidenced by a number of global top nuclear technology developers and energy firms that are fortifying cooperation with Korea's state-run and private energy firms including Westinghouse Electric Company, a U.S.

Jun 15, 2022By Lee Kyung-min
Korea's nuclear biz exports drive gains steam
Companies

Postal workers' planned strike adds fuel to logistics chaos

Korea Post's unionized postal delivery workers under the Korean Confederation of Trade Unions (KCTU) hold a press conference in Yongsan District, Seoul. May 25. Korea Times fileBy Lee Kyung-min The planned national strike by unionized postal delivery workers under the Korean Confederation of Trade Unions (KCTU) is adding fuel to the ongoing logistics crisis initiated by cargo truckers, according to market watchers, Tuesday.The plan to begin the general walk-out Saturday announced by about 1,500 workers at Korea Post (KP) is expected to amplify fears of major economic activities grinding to a halt, with key manufacturing industries hit by the truckers' weeklong strike already cornered and searching for costly alternative delivery methods or experiencing steep losses in the short term ― if not outright losses of business contracts with major clients. According to the Ministry of Trade, Industry and Energy, the truckers' strike over the past eight days has incurred an estimated loss of 1.6 trillion won ($1.24 billion), as of Monday. Among the companies hardest hit are export firms, incl

Jun 14, 2022By Lee Kyung-min
Postal workers' planned strike adds fuel to logistics chaos
Companies

Hyosung Honorary Chairman Cho Suk-rae wins YoungSan Diplomat Award

Hyosung Group Honorary Chairman Cho Suk-rae / Courtesy of Hyosung GroupBy Lee Kyung-min Hyosung Group Honorary Chairman Cho Suk-rae was given the YoungSan Diplomat Award presented by the Seoul Forum for International Affairs (SFIA), in recognition of his contributions as a “private diplomat” to the growth of the country, coordinating economic cooperation with the U.S., Japan and China, the private, non-profit organization said, Tuesday.During a ceremony held virtually at Seoul Plaza, Cho said he was honored to help Korea achieve economic growth, adding that the recognition is not only for himself but extends to a far larger number of people working tirelessly for the development of the country.“I was merely given opportunities to work at forums and organizations where business figures of the U.S. and Japan worked for enhanced economic and personnel exchanges,” he said.“It is heartening that Korea has become the world's 10th-largest economy, an outcome of continued, committed efforts by all involved. I hope we will further the collective efforts for the c

Jun 14, 2022By Lee Kyung-min
Hyosung Honorary Chairman Cho Suk-rae wins YoungSan Diplomat Award
Companies

Empty houses in rural areas become headache for gov't

An empty house in Gyeonggi Province Korea Times fileBy Lee Kyung-min The government will establish a law to better manage empty houses all across the country, especially in remote, sparsely populated rural areas where unoccupied, abandoned residences may be used in violent crimes often involving at-risk, vulnerable people, according to officials, Monday.The Ministry of Agriculture, Food and Rural Affairs, the Ministry of Oceans and Fisheries and the Ministry of Land, Infrastructure and Transport said they will commission a 100 million won ($77,820) study over the course of the next year to determine the efficacy of current related laws and review measures to improve efficiency in the management of unused real estate becoming increasingly wasteful. The collective efforts of the three ministries followed criticisms over a steep rise in the number of empty residences in recent years, certain to climb in the coming years in a fast-aging society defined by a nosedive in population due to the ultra-low birth rate.Data provided by the three ministries showed that over 1.51 million, or 8 pe

Jun 13, 2022By Lee Kyung-min
Empty houses in rural areas become headache for gov't
Companies

Soaring utility bills to weigh on households, businesses

Electricity meters in an apartment complex in Seoul. Korea Times fileGovernment set to raise gas rates again in July By Lee Kyung-min Surging utility bills resulting from higher global energy prices are feared to place a heavier financial burden on businesses and households in the coming months, already struggling with soaring prices of food, gasoline and other daily necessities, according to market analysts Monday.The prices of key commodity items, including crude oil and liquefied natural gas (LNG), have skyrocketed over the past few months due to Russia's invasion of Ukraine, compounded by global oil demand far exceeding supply. Key oil-producing countries announced a plan to increase output, but the move has done little to ease market jitters.Korea registered a 9.6 percent combined rise in electricity, gas and water prices last month, the highest increase since the government began compiling related statistics in January 2010. Electricity and city gas prices both jumped 11 percent, while water prices rose 3.5 percent. The double-digit spikes and more rises in store in the coming

Jun 13, 2022By Lee Kyung-min
Soaring utility bills to weigh on households, businesses
Companies

Gasoline, diesel prices surge to record highs

A board shows that the prices of gasoline and diesel are 2,190 and 2,180 won per liter, respectively, at a gas station in Seoul, June 12. YonhapBy Lee Kyung-min The spiking prices of gasoline and diesel are unlikely to break their weeks-long streak of rising, sustained by global oil prices staying elevated due to demand far exceeding supply amid continued geopolitical uncertainties, a limited increase in output by oil-producing countries and a recovery in spending, market watchers said, Sunday.Local fuel prices are expected to climb further since the soaring global key commodity prices will be fully reflected with a time lag of about two or three weeks. Also propping up the upward price trajectory is surging demand ahead of the U.S. summer season and eased COVID-19 lockdowns in parts of China, compounded further by the ongoing Russian invasion of Ukraine. Drivers will bear the full brunt of the costly fuel prices in the weeks ahead, despite previous government measures of a 30-percent cut in fuel taxes that have been more than offset by high global crude oil prices. Breaking records

Jun 13, 2022By Lee Kyung-min
Gasoline, diesel prices surge to record highs
previous page
177178179180181
next page

Top 5 stories

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.