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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Companies

HDC to rebuild partially collapsed apartment complex

Former HDC Hyundai Development Company CEO Chung Mong-gyu, right, and his successor Yu Byoung-gyu, listen to questions from reporters during a press conference at the firm's headquarters in Yongsan, Seoul. YonhapBy Lee Kyung-min HDC Hyundai Development Company, a scandal-tainted construction affiliate of HDC Group, will spend 200 billion won ($157 million) over the next six years to demolish and reconstruct an apartment complex of eight buildings in Gwangju, including one that partially collapsed in January, its former CEO Chung Mong-gyu said, Wednesday.The announcement is the latest in a series of safety lapse scandals involving the Hyundai affiliate, amplified by January's collapse that killed six workers and injured one at the company's construction site in Gwangju's Hwajeong-dong. It came only about half a year after a similar accident caused 17 casualties at a redevelopment site it was supervising in Hak-dong in the southern metropolitan city last June. The plan came as a response to heated criticism from a group of people who demanded total reconstruction after the complete dem

May 4, 2022By Lee Kyung-min
HDC to rebuild partially collapsed apartment complex
Companies

CHA Biotech's US subsidiary opens CDMO plant in Texas

Matica Bio CEO Song Yun-jeong, fifth from left, and officials of the firm and other dignitaries in the public and private sectors participate in a tape-cutting ceremony at the opening of the U.S. affiliate of CHA Biotech, May 3 (local time). Courtesy of CHA BiotechBy Lee Kyung-min Matica Biotechnology, a U.S. affiliate of CHA Biotech, has opened a cell and gene therapy manufacturing facility in College Station, Texas, according to the cell therapeutics and stem cell developer affiliate of CHA Medical & Bio Group, Wednesday.The contract development and manufacturing organization (CDMO) facility met the Current Good Manufacturing Practice (cGMP) required to conform to related guidelines recommended by pharmaceutical authorization agencies including the U.S. Food and Drug Administration (FDA). Best-in-class experts in cell and gene therapy manufacturing will advance CHA Biotech's business by utilizing their experience and expertise in the management of over 250 vector production projects for over 10 types of viral vectors at global leading CDMO players. They are Lonza, a Swiss multi

May 4, 2022By Lee Kyung-min
CHA Biotech's US subsidiary opens CDMO plant in Texas
Companies

Should Korea build new airport near Gadeok?

Critics claim Moon putting political considerations before economic feasibility By Lee Kyung-min The government's controversial plan to build a 13.7 trillion won ($10.8 billion) international airport near Gadeok Island, off the coast of Busan, is facing growing criticism from many environmental activists and economists who claim the project lacks economic feasibility and will destroy the marine environment.The critics also argue building the airport in the sea is politically motivated as President Moon Jae-in and the ruling Democratic Party of Korea (DPK) seek to garner more support from voters in Busan and South Gyeongsang Province ahead of the June 1 local elections.But proponents of the project say the yearslong push to build an airport in the southeastern area near the second-largest city promotes the balanced growth of the country which is largely focused on the Seoul area.Balanced growth?On April 29, the Ministry of Economy and Finance said the government will forgo a feasibility study and push ahead with its plan to start construction in the latter half of 2025 and complete i

May 3, 2022By Lee Kyung-min
Should Korea build new airport near Gadeok?
Economy

Utility rate hikes to deepen inflation concerns

A woman shops for vegetables at a traditional market in Seoul, April 7. Korea Times file Delayed utility rate hikes to take toll on incoming Yoon administration By Lee Kyung-min The continued rise in electricity and gas rates will add to inflationary pressure, already on a rapid upward trajectory over the past year due to soaring import prices and the recovery of the service industry, according to market watchers.Korea has raised its gas and electricity prices for May, with additional hikes in store in the coming months. The rush of increasing utility rates that have been delayed by the outgoing Moon Jae-in administration could lead to deteriorating living standards for many. The situation is unlikely to improve anytime soon given the spike in global commodity prices, including energy and agricultural produce, triggered by Russia's war in Ukraine. Rising inflation will not be easily tempered, as indicated by April's inflation expectations exceeding a nine-year high

May 2, 2022By Lee Kyung-min
Utility rate hikes to deepen inflation concerns
Companies

Smart, innovative agriculture expected to advance sustainable growth

Farmers cultivating seed potatoes in Sunchang, North Jeolla Province. Courtesy of the Rural Development AdministrationRural Development Administration celebrates 60th anniversary By Lee Kyung-min The development of advanced agricultural business models powered by artificial intelligence (AI) and smart technologies will lead the innovative growth of the country's farmers, thereby transforming the traditionally labor-intensive industry into a high-tech, research- and capital-intensive growth driver, according to the Rural Development Administration (RDA), a state-run organization supervised by the Ministry of Agriculture, Food and Rural Affairs, Monday.The RDA is a state-run research institute affiliated with the Ministry of Agriculture, Food and Rural Affairs.Damage to the environment will be minimized to drive an eco-friendly, sustainable growth model, whereby information on land, weather and other agricultural conditions will be updated and used to improve overall business efficiency to help with high-quality, maximum production output. Each of the farmers will be provided with cus

May 1, 2022By Lee Kyung-min
Smart, innovative agriculture expected to advance sustainable growth
Companies

Korea should deregulate to become Asian financial hub: AMCHAM

Yoon Suk-yeol, then the People Power Party presidential candidate, left, and AMCHAM Chairman and CEO James Kim attend a forum at the Conrad Seoul, Dec. 28, 2021. Korea Times fileBy Lee Kyung-min American Chamber of Commerce in Korea (AMCHAM Korea) called on President-elect Yoon Suk-yeol to remove regulations so as to make Korea the best business destination for global companies in Asia, Sunday.Thirty-four members of the AMCHAM board of governors sent a letter to the presidential transition committee on behalf of the U.S. business community in Korea detailing a set of policy recommendations for the incoming administration. AMCHAM board members highlighted the need to increase the flexibility of employment conditions, mitigate CEO risks, restore the flat tax rate for foreign residents and improve the regulatory environment to ensure effective communication.Korea's labor market, they added, needs an extension of exemptions from the 52-hour workweek limitation.They called for modifications to the current strict criminal liability placed on CEOs in the event of fatal industrial accidents

May 1, 2022By Lee Kyung-min
Korea should deregulate to become Asian financial hub: AMCHAM
Environment & Animals

INTERVIEW Korea seeks to take initiative in preventing deforestation

Korea Forest Service Minister Choi Byeong-am speaks during an interview with The Korea Times at the organization's headquarters in Daejeon, April 25. Courtesy of Korea Forest ServiceOfficials from 144 countries to attend World Forestry Congress 2022 in SeoulBy Lee Kyung-min Korea will lead the global initiative in preventing deforestation by 2030, an agenda that will take center stage at the 15th World Forestry Congress to be held this week in Seoul, according to the country's top forestry policymaker.The extremely challenging yet tangible goal requires action- and commitment-oriented leadership, anchored by extensive experience in forestry development, a responsibility Korea is happy and confident to undertake, Korea Forest Service (KFS) Minister Choi Byeong-am said in an interview with The Korea Times at KFS headquarters in Daejeon, April 25. Korea's role, he said, will not be limited to mediating the varying interests of countries around the world, but will instead be about elevating the discussion to build a global consensus on the need to outline and uphold long-term, sustainabl

May 1, 2022By Lee Kyung-min
[INTERVIEW] Korea seeks to take initiative in preventing deforestation
  • INTERVIEW The case for building cities out of wood
  • Korea pledges increased support for reforestation in developing countries
Companies

When will KAIST establish medical school?

Officials of Korea Advanced Institute of Science and Technology (KAIST) and the North Chungcheong Province government pose for a photo after signing a memorandum of understanding at the provincial government's office, March 22. Courtesy of North Chungcheong ProvinceKAIST President Lee Kwang-hyungBy Lee Kyung-min Skepticism has been growing over a controversial plan by the Korea Advanced Institute of Science and Technology (KAIST) to establish a new medical school in 2027, due to opposition from doctors, medical school students and residents reportedly seeking to protect their vested interests, according to stakeholders, Thursday.The prestigious technology academic institution in Daejeon will begin construction in 2025 on a biomedical satellite campus town in Osong, North Chungcheong Province, following the approval of the presidential transition committee, Wednesday.The university says the town will first and foremost create an ecosystem whereby education, research and corporate venture activities can be fostered, propped up by an institutional framework that prioritizes nurturing b

Apr 28, 2022By Lee Kyung-min
When will KAIST establish medical school?
Companies

SK bioscience closer to obtaining approval for COVID-19 vaccine

President-elect Yoon Suk-yeol, second from right, greets employees of SK bioscience at the firm's headquarters in Seongnam, Gyeonggi Province, Monday. SK Group Chairman Chey Tae-won, right, and Presidential Transition Committee Chairman Ahn Cheol-soo, third from right, also attended the event. YonhapYoon vows full support for vaccine development By Lee Kyung-min SK bioscience, a local biotech affiliate of SK Group, said Monday that its COVID-19 vaccine candidate GBP510 showed more successful, better immune responses compared to those formed by AstraZeneca's vaccine, when measured by immunogenicity. Immunogenicity is the ability of a foreign substance, such as an antigen, to provoke an immune response in a human body. The assessment is backed by the Phase 3 clinical trial of 4,037 adults aged 18 and older in Korea, Thailand, Vietnam, New Zealand, Ukraine and the Philippines. This is the latest development in the yeas-long effort to develop and commercialize a domestic COVID-19 vaccine, a step toward strengthening the country's vaccine sovereignty. Apart from the synthetic antigen vacc

Apr 25, 2022By Lee Kyung-min
SK bioscience closer to obtaining approval for COVID-19 vaccine
Companies

Galaxy S22 preorders rise in Japan

Galaxy S22 Ultra models. Korea Times fileBy Lee Kyung-min Expectations are mounting that Samsung Electronics will be able to report better-than-expected sales in Japan, as indicated by the number of preorders for the new Galaxy S22 series, which increased 50 percent compared to the S21 series. Whether and how fast the Korean IT giant, with a market share of 9.7 percent, will be able to overtake its second-largest Japanese counterpart, Sharp, which accounts for 10 percent of the market, remains to be seen.The Korean firm's rise in rank is a notable performance in an increasingly saturated smartphone market dominated by Apple which accounts for more than 60 percent of sales. According to Strategy Analytics, a U.S. market analysis service provider, Japan's smartphone market shrank 5 percent last year compared to 2020. Samsung Electronics said the 50 percent increase was for preorders of its latest models received in Japan from April 7 to April 20. Two local carriers, KDDI Corp. and NTT DoCoMo, will provide connection services. The popularity of the Galaxy S22 Ultra was attributed to its

Apr 23, 2022By Lee Kyung-min
Galaxy S22 preorders rise in Japan
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