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Lee Kyung-min

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UAE nuclear energy authority visits Korea to boost cooperation

Second Vice Minister of Trade, Industry and Energy Park Il-jun, left, shakes hands with Mohamed Al Hammadi, managing director and CEO of Emirates Nuclear Energy Corp. (ENEC) at the headquarters of the Ministry of Foreign Affairs in Seoul, Tuesday. YonhapBy Lee Kyung-min A delegation from the United Arab Emirates (UAE) will stay in Korea through Friday to accelerate bilateral cooperation in the long-stalled joint nuclear business, the energy ministry said Wednesday. Underpinning the fruitful outcome of their weeklong stay is a recent rush of shifts in Korea's energy policy under the Yoon Suk-yeol administration, whose policy directives are defined by the full and early scrapping of a nuclear phase-out initiative of the preceding Moon Jae-in administration and fortifying the long-shunned energy source. The drive is illustrated by the Ministry of Trade, Industry and Energy initiating the process to replace Korea Hydro & Nuclear Power Corp. (KHNP) CEO Chung Jae-hoon, the chief architect and enforcer of the Moon administration's anti-nuclear energy policy, Monday. His three-year term

Jun 1, 2022By Lee Kyung-min
UAE nuclear energy authority visits Korea to boost cooperation
Companies

Science minister pledges full support to bolster semiconductor workforce

Minister of Science and ICT Lee Jong-ho, third from left in the front row, speaks during a meeting with officials of the semiconductor industry and research institutes at Korea Advanced Institute of Science and Technology (KAIST) in Daejeon, Monday. YonhapBy Lee Kyung-min The science minister expressed his commitment to making large investments in order to nurture over 3,140 highly-skilled professionals in the semiconductor industry over the next five years, in the latest announcement of long-term investment plans to foster a key national growth driver, according to the ministry and industry sources, Tuesday.Minister of Science and ICT Lee Jong-ho met with officials of Korea's top chipmakers including Samsung Electronics and SK hynix, Monday, and reiterated that he will increase state grants and overall spending for in-depth and intensive training and education of semiconductor and artificial intelligence (AI) specialists.The meeting is the continuation of his policy initiative, as illustrated by his visit to FuriosaAI, a Seoul-based AI semiconductor startup, May 24. It was his firs

May 31, 2022By Lee Kyung-min
Science minister pledges full support to bolster semiconductor workforce
Companies

Korea-US alliance to boost local nuclear power industry

Companies expected to speed up investments in small modular reactors By Lee Kyung-min Korea's leading firms are fortifying investments in their nuclear power businesses, propelled by the rapidly elevated standing of the long-shunned power source at the recent Korea-U.S. summit, according to market watchers, Wednesday. During their three-day summit, Presidents Yoon Suk-yeol and Joe Biden reaffirmed their commitment to the development and advancement of a cheaper, affordable and stable source of energy, alongside strengthened overall cooperation in semiconductor and battery manufacturing. The new priority of the joint economic alliance underscores the rare momentum for both countries, a sign many firms characterize as a stable corporate growth opportunity to overcome years of setbacks due to the COVID-19 pandemic. Also anchoring the optimism are new energy policy directives by the Yoon administration to scrap the nuclear phase-out policy of the previous Moon Jae-in administration, which has been criticized largely for lacking viable alternatives.Small modular reactors Chief among the

May 31, 2022By Lee Kyung-min
Korea-US alliance to boost local nuclear power industry
Companies

Oceans ministry to inspect working conditions of foreign fishermen

Officials of the Ministry of Oceans and Fisheries and foreign national fishermen exchange opinions during a meeting held in the first half of 2021. Courtesy of Ministry of Oceans and FisheriesBy Lee Kyung-min A group comprised of the government, vessel operators and fishermen's unions will conduct a survey and on-site inspections on deep-sea fishing vessels over the next month, in an effort to improve the human rights and working conditions of fishermen of foreign nationality, the oceans ministry said, Sunday.These efforts are part of a regular biannual inspection by the ministry led by 11 local maritime and fishery agencies as well as crewmen and vessel owners, mostly over labor law violations involving wages and the unlawful seizing of passports. The Ministry of Oceans and Fisheries said that workers aboard vessels of 20 tons or larger will be interviewed between Monday and June 20. Written questionnaires for the survey and interpretation for in-person interviews will be provided in the fishermen's native languages. “The government will thoroughly conduct the survey and inte

May 29, 2022By Lee Kyung-min
Oceans ministry to inspect working conditions of foreign fishermen
Companies

Samsung Display to close LCD business

Samsung Display's manufacturing plant in Asan, South Chungcheong Province. Korea Times fileBy Lee Kyung-min Samsung Display has decided to close its liquid-crystal display (LCD) business in June, hobbled by a declining global competitive edge due to cheaper products made by its Chinese and Taiwanese counterparts, according to the industry, Sunday. No investment plan details have since been announced. The decision by the display affiliate of Samsung Group came six months sooner than expected, due in large part to rapid losses from falling LCD prices. According to Display Supply Chain Consultants (DSCC), a U.S. market research firm, the average price index of LCD panels, measured against 100 in January 2014, will fall to 36.6 in September of this year. The figure has dropped farther from the record low of 41.5 in April of this year, and 58 percent lower than the record high of 87 in June 2021.  Also factored in was Samsung Electronics, the largest buyer of Samsung Display products, partnering with overseas LCD suppliers, including BOE Technology Group, a Chinese electronic compon

May 29, 2022By Lee Kyung-min
Samsung Display to close LCD business
Companies

Samsung to invest 450 trillion to cement lead in chip, bio sectors

Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, fourth from left in front row, and Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik, fifth from left in front row, and CEOs of leading Korean firms raise their fists during a ceremony to mark the declaration of the new entrepreneurial spirit at the KCCI building in Seoul, Tuesday. Courtesy of KCCI By Lee Kyung-min Samsung Electronics will invest 450 trillion won ($355 billion) in the high-tech manufacturing of semiconductors, bio sectors and advanced telecommunications over the next five years, the company said Tuesday. This is the single largest domestic investment the chip giant has made so far.The amount is up 120 trillion won from 330 trillion won spent over the past five years. Eighty percent of the total will be locally invested, creating 80,000 jobs.“The funds will help the global leader in memory chip manufacturing cement itself as a semiconductor powerhouse,” a Samsung official

May 24, 2022By Lee Kyung-min
Samsung to invest 450 trillion to cement lead in chip, bio sectors
  • Samsung, Hyundai Motor become Korea's strategic assets after Yoon-Biden summit
Companies

Samsung, Hyundai Motor become Korea's strategic assets after Yoon-Biden summit

From left are U.S. President Joe Biden, President Yoon Suk-yeol and Samsung Electronics Vice Chairman Lee Jae-yong at Samsung Electronics' manufacturing plant in Pyeongtaek, Gyeonggi Province, May 20. Korea Times fileKorea-US economic interests highlighted beyond joint securityBy Lee Kyung-min Samsung Electronics and Hyundai Motor have cemented themselves as Korea’s strategic assets representing new key national security priorities, lifted by the nation's growing economic ties with the United States after U.S. President Joe Biden's recent visit to Seoul, business groups and market watchers said Tuesday.The alliance in the manufacturing of semiconductors, electric vehicles and other high-tech products has essentially surpassed the Korea-U.S. joint defense interests in value, they say, signaling the beginning of a new era of more profound cooperation propped up by global value chain issues amid the COVID-19 pandemic and the prolonged U.S.-China hegemony war. Trust-oriented long-term joint innovation and investments will be promoted. This, they expect, will result in acc

May 24, 2022By Lee Kyung-min
Samsung, Hyundai Motor become Korea's strategic assets after Yoon-Biden summit
  • Samsung to invest 450 trillion to cement lead in chip, bio sectors
Companies

Can KEPCO reverse worsening financial soundness?

KEPCO headquarters in Naju, South Jeolla Province Korea Times fileBy Lee Kyung-min Korea Electric Power Corp. (KEPCO) should adopt a policy that allows volatile global oil and coal prices to be reflected in billed utility rates without government intervention, according to economists and company officials Monday.The renewed recommendation is buttressed by the state-run energy firm's staggering operating loss of nearly 8 trillion won ($6.3 billion) in the first quarter of this year, a drop far bigger than its 5.86 trillion won operating loss for all of last year. Behind the steep loss was a freeze in electricity rates despite surging global oil and coal prices amid geopolitical uncertainties and an energy crisis amplified by Russia's invasion of Ukraine. KEPCO posted a 4 trillion won operating profit in 2020. Market watchers say the easiest and surest way to temper soaring inflation is for the government to cap the electricity rate, but this short-term price stabilization measure will only add to the long-term buildup of losses that will fall entirely on taxpayers. “The policy i

May 23, 2022By Lee Kyung-min
Can KEPCO reverse worsening financial soundness?
Companies

POSCO to transform itself into eco-friendly steelmaker

POSCO's HyREX technology is displayed at Kintex in Goyang, Gyeonggi Province, last Sept. 8. Courtesy of POSCOBy Lee Kyung-min POSCO plans to spearhead discussions on transforming coal-based steelmaking into a green, sustainable project, the Korean steel giant said Monday.The long-term goal is buttressed by HyREX, a hydrogen-based steelmaking technology developed by POSCO and defined by the exclusive use of hydrogen as an energy source.The environmentally sustainable method produces significantly less greenhouse gas emissions compared to the use of fossil fuels associated largely with the production of contaminants, hazardous byproducts and solid waste. HyREX is the latest and more advanced version of FINEX, a POSCO technology where molten iron is produced directly in a blast furnace. The process, touted by the steel giant as an innovative and paradigm-shifting technology, eliminates preliminary processing and uses cheaper iron ore powder and bituminous coal as raw materials. The high-tech growth strategy was introduced at HyIS 2021: Hydrogen Iron & Steel Making 2021, the world's

May 23, 2022By Lee Kyung-min
POSCO to transform itself into eco-friendly steelmaker
Companies

New double agenda for President Yoon Suk-yeol

National strategy needed to enhance competitiveness of SMEsBy Han Sang-man A new presidency raises hope for the inauguration of a new era for the Republic of Korea as well, with the bold reformation of faulty policies and the launching of new ones that will allow the country to prosper and people to have a better life. The key difference for the new administration from many previous ones is that it is the first to lead a country acknowledged by the U.N. Conference on Trade and Development in 2021 to be a developed economy. South Korea started as one of the poorest countries amid the ruins of the Korean War and achieved rapid growth during the following years, joining the world's top 10 economies in 2021. The new government must approach its mission from this new starting point as a leading powerhouse to properly frame its agenda for the next five years. In order to usher in a new era of economic success and leadership, the most important task of the new administration must be to overcome economic and social polarization while simultaneously promoting dynamic economic growth. It used

May 22, 2022By Lee Kyung-min
New double agenda for President Yoon Suk-yeol
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