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Lee Kyung-min

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Yoon to scrap Moon's anti-nuclear policies

Then-presidential candidate Yoon Suk-yeol speaks about his energy policy near a nuclear reactor in Uljin, North Gyeongsang Province, Dec. 29, 2021. Korea Times fileBy Lee Kyung-min The nuclear phase-out policy spearheaded by the Moon Jae-in administration will be scrapped, as President-elect Yoon Suk-yeol has vowed to overturn his predecessor's unpopular energy policy and develop Korea into a global leader in nuclear technology, according to scholars and industry analysts Thursday. Soon to be resumed is the construction of Shin Hanul reactors 2 and 3 in Uljin, North Gyeongsang Province, the long-stalled, politically disrupted plan that would have developed into a civil damage suit between plant builder Doosan Heavy Industries and the state-run Korea Hydro & Nuclear Power (KHNP). The use of 10 old plants scheduled for closure by 2030 will be extended following strengthened maintenance work for safety, and in turn function as a key energy source to advance the low-carbon economy.Better late than never “It is late, but nothing is never too late,” said Lee Jong-ho, a seni

Mar 10, 2022By Lee Kyung-min
Yoon to scrap Moon's anti-nuclear policies
  • Market-driven economy to gain momentum under Yoon
Companies

AMCHAM, ECCK to build constructive relations with Yoon administration

AMCHAM Chairman and CEO James KimBy Lee Kyung-min The American Chamber of Commerce in Korea (AMCHAM) and European Chamber of Commerce in Korea (ECCK) issued official statements of congratulations to President-elect Yoon Suk-yeol, Thursday. AMCHAM Chairman & CEO James Kim warmly congratulated President-elect Yoon on behalf of the foreign investment community in Korea.“We join the people of Korea in celebrating another successful presidential election,” he said in the statement. “AMCHAM is grateful to have met with President-elect Yoon Suk-yeol at a special meeting with AMCHAM member companies last December. We discussed his visions for creating a global investment environment to enhance Korea's competitiveness and boosting trade between the U.S. and Korea.” ECCK Chairman Dirk LukatKim added that AMCHAM is confident that President-elect Yoon recognizes the value of the U.S.-Korea alliance, and the members will work closely with his administration to strengthen the bilateral commercial and economic partnership further.“The Moon administration has shown

Mar 10, 2022By Lee Kyung-min
AMCHAM, ECCK to build constructive relations with Yoon administration
  • Financial industry leaders call on Yoon to deregulate capital market
Companies

Gangwon, South Jeolla residents concerned about mine closures

A coal mine in Taebaek, Gangwon Province. Korea Times fileBy Lee Kyung-min Residents of Gangwon and South Jeolla provinces are expressing concerns over government plans to shut down three coal mines in the regions, a decision they say would crash the local economy, which has already been experiencing a significant slowdown, according to municipal administration officials, Wednesday.The residents also said that a rapid phase-out of the once-booming industry that relied on the cheap energy source will come at an expense to the livelihoods of those with a low income in the sparsely populated rural areas. This is why they are demanding long-term government measures to help soon-to-be out-of-work miners with job training and new employment opportunities. On March 3, the government said it reached an agreement with a union under Korea Coal Corp. (KCC) to shut down three mines by 2025 on the condition that workers be paid a state subsidy and a lump sum as compensation for emotional distress. One mine in Hwasun, South Jeolla Province is scheduled to cease operation by 2023, followed by two m

Mar 9, 2022By Lee Kyung-min
Gangwon, South Jeolla residents concerned about mine closures
Companies

Russia's plummeting ruble to hit Korean firms

President of Russia Vladimir Putin. Korea Times fileBy Lee Kyung-min Korean companies engaged in business with Russia are expressing concerns over the plummeting value of the Russian ruble, a foreign currency risk amplified by escalating geopolitical volatility triggered by Russia's invasion of Ukraine, according to industry watchers and economists, Tuesday. The shared concern came on the heels of Korea being included on the Russian government's list of “unfriendly countries.” Forty-eight countries whose businesses are owed more than10 million rubles (95.8 million won) by their Russian counterparts or individuals can ― and almost certainly will ― be paid in Russia's currency, rapidly depreciating both against the U.S. dollar and Korean won. On the list were countries that approved strong sanctions against Russia for its Ukraine invasion. Korean firms in Russia are expected to bear the full brunt of the impact, since they receive rubles in return for their products and services. Subject to even greater uncertainties are those who were paid in the U.S. dollar, the global re

Mar 8, 2022By Lee Kyung-min
Russia's plummeting ruble to hit Korean firms
Companies

GM Korea protests prosecution's travel ban on CEO

GM Korea CEO Kaher KazemBy Lee Kyung-min GM Korea said it would take legal action against the prosecution's recent travel ban on its CEO, Kaher Kazem. “We are exploring all possible measures to protest the prosecution's deeply regretful and unreasonable move,” an official of the Korean unit of the U.S.-headquartered carmaker said, Monday.The comment came hours after the prosecution imposed the travel ban on Kazem, who has been appointed to lead the global carmaker's Shanghai office starting on June 1. The U.S. head office said on March 5 (local time) that Kazem was to join SAIC General Motors Corporation Limited, a joint venture between GM and SAIC Motor.This travel ban is the third move by the prosecution since November 2019, when it opened an investigation into GM Korea and four of its officials, including Kazem.The four ― as well as the corporate entity ― are standing criminal trial for the illegal control and supervision of 1,700 irregular workers hired by GM Korea's subcontractors between 2017 and 2019 after sending them to work at its plants in Incheon, Ch

Mar 7, 2022By Lee Kyung-min
GM Korea protests prosecution's travel ban on CEO
Companies

Transport ministry strengthens safety measures for high-speed trains

Passengers evacuate a derailed high-speed train in Yeongdong, North Chungcheong Province, Jan. 5. Korea Times fileBy Lee Kyung-min The transport ministry said Monday that it has established high-speed train safety management and rapid response measures, in a bid to help prevent train derailment following one such incident two months prior.Seven people suffered minor injuries, Jan. 5, after a high-speed bullet train that was traveling between Daejeon and Gimcheon-Gumi Station derailed due to wheel damage, in what could have been a fatal accident. The ministry suspended the operation of 13 similar trains immediately after the accident, in cooperation with state-run rail operators KORAIL and SR, and replaced 432 wheels. The ministry has since set up a taskforce comprised of 48 train experts to specify the prevention measures.The ministry will upgrade maintenance record-keeping and technology, such as using ultrasonic detection equipment to locate cracks in wheels. This will enable closer monitoring of train equipment and for malfunctions while improving efficiency and safety. Preservati

Mar 7, 2022By Lee Kyung-min
Transport ministry strengthens safety measures for high-speed trains
Companies

Ukraine war tilts produce prices closer to crisis point

gettyimagesbank By Lee Kyung-min Russia's invasion of Ukraine is showing signs of developing into a global food crisis, as indicated by key staple food prices registering a record-high increase in February, United Nations data showed Sunday.Disruptions will be most pronounced in the global grain and edible vegetable oil supply, since the two countries account for a combined 29 percent of global grain exports and 80 percent of sunflower oil exports, respectively.The military conflict will come at the expense of low-income groups in countries which almost exclusively rely on imported cheap agricultural produce for survival, a risk compounded further by soaring living expenses brought on by inflation amid the COVID-19 pandemic.Record-high figures According to the Ministry of Agriculture, Food and Rural Affairs, the United Nations Food and Agriculture Organization (FAO) said on March 4 (local time) that the FAO Food Price Index (FFPI) rose to 140.7 last month, the high

Mar 6, 2022By Lee Kyung-min
Ukraine war tilts produce prices closer to crisis point
Companies

ICT minister promotes Korea's advanced 5G technology at MWC

Science and ICT Minister Lim Hye-sook delivers a keynote speech at Mobile World Congress (MWC) 2022 in Barcelona, Spain, March 1 (local time). Courtesy of Ministry of Science and ICTBy Lee Kyung-min Korea will lead the global advancement of high-tech telecommunication technologies, underpinned by continued efforts to take the initiative in innovation-led technologies such as the metaverse, blockchain, artificial intelligence (AI) and cloud computing, the country's ICT minister said Wednesday.Her reiteration of the overarching policy drive coincides with a growing number of requests from around the world for strengthened technology cooperation to establish high-speed internet service in remote and underdeveloped regions and wireless connections in trains and subways. Greater personnel and technology exchanges will be in store for 6G, the next generation of enhanced telecommunication standards following 5G. “I was able to confirm the global standing of Korea, especially in the sectors of 5G and metaverse, key ICT technologies,” she said after attending Mobile World Congress

Mar 2, 2022By Lee Kyung-min
ICT minister promotes Korea's advanced 5G technology at MWC
Companies

Opening of energy technology university met with skepticism

The construction site of the Korea Institute of Energy Technology (KENTECH) in Naju, South Jeolla Province. YonhapKENTECH President Yoon Eui-joonBy Lee Kyung-min Skepticism is running high over the Korea Institute of Energy Technology (KENTECH), a much-criticized technology university associated with state-run Korea Electric Power Corp. (KEPCO), marred by questionable plans concerning its operations and financing, according to critics Wednesday.They say that the much-rushed opening of what they characterize as an ill-conceived and ill-prepared university in Naju, South Jeolla Province, Wednesday, leaves the key issues unaddressed, and instead is being used as the political symbol of President Moon Jae-in's successful delivery of a campaign pledge. Central to the criticism is the lack of the university's educational facilities, professors and stable income to finance operating costs of 1.6 trillion ($1.3 billion), about half of which have to be shouldered by KEPCO and its four energy subsidiaries over the next decade. Further fueling this pessimism is the record-high operating loss of

Mar 2, 2022By Lee Kyung-min
Opening of energy technology university met with skepticism
Companies

Gov't to foster military-private sector tech cooperation

An illustration of drones. Korea Times fileBy Lee Kyung-min The government will invest 251 billion won ($208 million) to facilitate 250 state-run projects whereby integration of advanced technologies with military operations will enhance defense capabilities, the industry ministry said, Tuesday.The measure to bolster private-military partnerships coincides with the heightened importance of strengthening technological prowess, brought on by the escalating conflict between the world's two largest economies. Korea has long sought ways to identify a strategy to better limit and navigate external shocks triggered by IT disputes. This strategy has increasingly spilled over into defense, among other national security matters. Fourteen government ministries and agencies, including the Ministry of Trade, Industry and Energy and the Defense Acquisition Program Administration (DAPA), said that they have allocated 251 billion won to advance 250 projects this year, up 19.2 percent from the previous year. The projects ― including 47 new tasks ― are a continuation of previous initiatives, the first

Mar 2, 2022By Lee Kyung-min
Gov't to foster military-private sector tech cooperation
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