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Lee Kyung-min

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Companies

Korean steelmakers to visit US to seek tariff revision

POSCO Gwangyang steel plant. Korea Times fileBy Lee Kyung-min A group of local steelmakers and trade association member companies plan to meet with their U.S. counterparts and policymakers later this month to urge the world's largest economy to lower trade barriers for made-in-Korea steel products, according to industry officials Wednesday. Accelerating the plan is a collective concern that Korean steel exporters are increasingly sidelined by their global competitors, as indicated by the U.S. showing no immediate signs of lifting its import quota. The U.S. eliminated tariffs on steel and aluminum imports from Japan, Britain and European Union (EU) countries. Under Section 232 of the Trade Expansion Act agreed in 2018 during the Trump administration, Korea's tariff-free steel exports to the U.S. are limited to 70 percent of the three-year average between 2015 and 2017. Japan and the European Union were subject to a high tariff of 25 percent despite no cap on export volume. Korea's steel exports to the U.S. decreased subsequently to 2.69 million tons last year, or 70 per

Apr 20, 2022By Lee Kyung-min
Korean steelmakers to visit US to seek tariff revision
Companies

Farmers, fishermen say CPTPP 'threatens' food security

A group of farmers and fishermen protest against the government's move to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) during a public hearing at the Sejong Government Complex, March 24. Korea Times fileBy Lee Kyung-min Joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will threaten the country's food security, a group of farmers and fishermen said during a discussion at the National Assembly, Tuesday.They say the government is railroading the politically divisive plan to apply for membership in the mega trade deal involving 11 member countries, without due countermeasures to protect local farmers and fishermen whose livelihoods will be fundamentally uprooted, compounded further by a heightened threat to overall food security.“The government has yet to address our collective concerns, let alone come up with answers to solve the problem,” Korean Advanced Farmers Federation head Lee Hak-koo said during a discussion organized by Rep. Yoon Jae-kab of the Democratic Party of Korea. Yoon sits on t

Apr 19, 2022By Lee Kyung-min
Farmers, fishermen say CPTPP 'threatens' food security
Companies

Korea revises visa rules to secure more foreign workers for shipbuilders

Hyudai Heavy Industries shipyard in Ulsan. Korea Times fileBy Lee Kyung-min A total of 4,428 skilled foreign shipyard workers will be granted greater job opportunities at 335 small businesses partnering with seven local shipbuilding and marine companies, as the government eases rules on the E-7 visa, Tuesday. Eligible are welders, painters, electrical engineers and plant engineers. The measure will be implemented at the request of local shipbuilders and municipalities in the country's southeastern coastal regions, prompted by a short-term, acute workforce shortage amid a rapid recovery in global shipping demand recently. This is a much-awaited rebound momentum for Korean shipbuilders whose global top status was lost due to years of an industry-wide slowdown.Data from Korea Offshore Shipbuilding Association (KOSHIPA) showed that the number of workers in the shipbuilding industry more than halved over the past eight years to 92,000 last year, down from 203,000 in 2014 when the industry was booming. The association said the industry will be 9,500 workers short in September since local

Apr 19, 2022By Lee Kyung-min
Korea revises visa rules to secure more foreign workers for shipbuilders
Companies

Korea joining CPTPP tall task for Yoon administration

A group of farmers and fishermen hold a rally protesting the government's move to apply for membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) at the Gwanghwamun Government Complex in Seoul, April 8. Korea Times fileDeputy Prime Minister and Finance Minister Hong Nam-ki attends a meeting at the Gwanghwamun Government Complex in Seoul, April 8. Korea Times fileMembership application due this month, negotiations may take yearsBy Lee Kyung-min Joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will be a tall task for the incoming Yoon Suk-yeol administration, as it will require effective leadership and communication skills to coordinate the diverse range of interests ― from those of export firms to those of agricultural workers ― according to market watchers, Monday.Whether and how well the business-friendly Yoon administration wins the support of farmers and fishermen in fear of the permanent loss of their livelihoods will define the success of its economic policy directives under the president-elect,

Apr 18, 2022By Lee Kyung-min
Korea joining CPTPP tall task for Yoon administration
  • Hong to discuss Korea's financial soundness on last overseas visit
Companies

15.3% of hourly workers paid less than minimum wage last year

gettyimagesbankBy Lee Kyung-min Over 3.2 million hourly workers were paid less than Korea's legal minimum wage last year, data showed Sunday. Some businesses claim this resulted from a rapid increase in the minimum wage over the past four years under the Moon Jae-in administration. The cumulative increase in Korea's state-set hourly minimum wage between 2016 and 2021 was 44.6 percent, sharper than Canada's 26.5 percent over the same period. The figure for the U.K. was 23.1 percent, followed by Japan (13 percent), Germany (12.4 percent) and France (6 percent) and the U.S. (0 percent at the national level, though the effective minimum wage has increased in 30 states and Washington D.C. since 2014).In another inter-country comparison, Korea's minimum-to-median wage ratio ― measured by the ratio of the hourly minimum wage divided by the median earnings of full-time employees ― is higher compared to that of other OECD member nations. Thus, Korea's minimum wage is 61.2 percent of the median wage for full-time employees, the eighth highest after Colombia, Costa Rica, Chile, Turkey, Portugal

Apr 18, 2022By Lee Kyung-min
15.3% of hourly workers paid less than minimum wage last year
Tech & Science

Chipmakers rush to raise employee salaries to tackle worker shortage

A researcher observes a semiconductor chip. Korea Times fileBy Lee Kyung-min Major semiconductor firms are raising employee salaries to tackle a shortage of skilled professionals in the high-tech industry, an effort underpinned by the government's policy to nurture young experts to strengthen the country's growth driver, according to industry watchers, Sunday. The industry-wide move coincides with Korea's key semiconductor manufacturers revising their human resources policies to promote the early education and training of young, high-achieving undergrads to reduce costs needed to train entry-level employees that have little to no experience in and knowledge of chipmaking. The presidential transition committee said April 13 that the incoming Yoon Suk-yeol administration will create education and training courses to offset a feared shortage of about 30,000 workers over the next decade.Samsung Electronics has yet to set this year's salary raise, but is expected to maintain last year's rate of 7.5 percent year on year.Its major competitor SK hynix's rate was 8 percent last year, and the

Apr 17, 2022By Lee Kyung-min
Chipmakers rush to raise employee salaries to tackle worker shortage
Companies

Jeju's 2nd airport construction plan gets boost from land minister nominee

A bird's-eye view of Seogwipo City's Seongsan on Jeju Island. Korea Times fileFormer Jeju Governor Won Hee-ryong Korea Times fileBy Lee Kyung-minThe heavily contested push to build a second airport in Seogwipo City's Seongsan on Jeju Island is expected to resume, buoyed by President-elect Yoon Suk-yeol's nomination of former Jeju Governor Won Hee-ryong to lead the Ministry of Land, Infrastructure and Transport, according to market watchers, Thursday. Whether and how well Won and Yoon manage the fierce pushback of some Jeju residents remains to be seen, a test of their leadership, negotiation and communication skills. The construction plan has been blocked since last July, when the environment ministry rejected an environmental impact assessment study submitted by the land ministry, citing the lack of projections on and subsequent response measures for extinction risks of at-risk wildlife, among other environmental consequences. The land ministry has since been revising the report and plans to submit it around June. Jeju divided A group of Jeju residents, mostly living in and aro

Apr 14, 2022By Lee Kyung-min
Jeju's 2nd airport construction plan gets boost from land minister nominee
Companies

Chairmen of KEF, Heritage Foundation meet to bolster cooperation

Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik, left, shakes hand with U.S. Heritage Foundation Chairman Kevin Roberts at the foundation in Washington, D.C., Wednesday (local time). Courtesy of KEFBy Lee Kyung-min Korea Enterprises Federation (KEF) Chairman Sohn Kyung-shik met with U.S. Heritage Foundation Chairman Kevin Roberts to strengthen economic cooperation, the Korean organization said Thursday. The economic policy directives of the incoming Yoon Suk-yeol administration share the philosophy and principles long enriched and upheld by the conservative U.S. think tank, defined by the critical role of the free market and deregulation, Sohn noted, a strong connection he said should advance efforts to expedite the launch of a Korean version of the foundation. “The role of private-led policy research institutes such as the Heritage Foundation is pivotal to establishing mid- to long-term national growth strategies encompassing politics, economy, diplomacy and civil society,” Sohn said during a meeting with Roberts at the foundation in Washington D.C., Wednesd

Apr 14, 2022By Lee Kyung-min
Chairmen of KEF, Heritage Foundation meet to bolster cooperation
Companies

SK bioscience to develop antiviral nasal spray

A SK bioscience employee conducts an experiment. Courtesy of SK bioscienceBy Lee Kyung-min SK bioscience, a biotech affiliate of SK Group, said Wednesday that it will develop a spray-type antiviral drug, with research funds provided by the Bill & Melinda Gates Foundation, a private foundation.Also joining the project are the Institute for Protein Design (IPD), a research institute under the University of Washington, and the International AIDS Vaccine Initiative (IAVI), a global not-profit, public-private partnership working to accelerate the development of vaccines to prevent HIV infection and AIDS. HIV, short for “human immunodeficiency virus,” is a virus that attacks the body's immune system. AIDS, short for “acquired immunodeficiency syndrome,” is a chronic, potentially life-threatening condition caused by HIV.The SK affiliate said the spray will help prevent infections, including COVID-19, mostly by forming a protective film inside the nose that prevents virus penetration. The nasal spray can be widely used to prevent and treat a variety of infectious

Apr 14, 2022By Lee Kyung-min
SK bioscience to develop antiviral nasal spray
Companies

Aviation experts prepare for recovery of travel industry

International Civil Aviation Organization (ICAO) Legal Seminar is in session at the Conrad Hotel in Yeouido, Seoul, Tuesday. YonhapBy Lee Kyung-min The global aviation industry should strengthen in-flight and airport infection containment efforts, as a top priority amid signs of recovery for the industry hit hardest by the COVID-19 pandemic, according to industry experts, Wednesday.The recommendation was made during the 2022 International Civil Aviation Organization (ICAO) Legal Seminar at the Conrad Hotel in Yeouido, Seoul.The three-day event that began Tuesday was jointly organized by the Ministry of Land, Infrastructure and Transport and ICAO, a United Nations organization that oversees global aviation policy in 193 member countries. Representing the ICAO at the event were Secretary General Juan Carlos Salazar, Legal Affairs Director Michael Gill and Legal Committee Chairperson Siew Huay Tan. The global aviation experts discussed the desired future course of laws governing international aviation, as well as aviation safety and security, to better respond to post-pandemic travel d

Apr 13, 2022By Lee Kyung-min
Aviation experts prepare for recovery of travel industry
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