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

POSCO International on alert over grain terminal in Ukraine

A grain terminal operated by POSCO International in Ukraine Courtesy of POSCO InternationalBy Lee Kyung-min A grain terminal in Ukraine operated by POSCO International, a trading subsidiary of steelmaker POSCO, is facing increasing threat of Russian attacks amid the escalating military conflict across the Eastern European nation, the company said Tuesday. Any artillery attack on the terminalan with an annual grain capacity of 2.5 million tons located in Mykolaiv could lead to a significant dent in the POSCO subsidiary's corporate profit. Its food business accounts for about 24 percent of its sales alongside steel manufacturing and energy. POSCO International will have to revisit its business plans. The firm sought to increase grain capacity to 25 million tons worldwide by 2030, up from the current 8 million tons, thereby becoming the world's 10th-largest food firm. Its growth prospect was solid, as evidenced by the 12 percent year-on-year increase in both sales of 8.1 trillion won ($6.7 billion) and operating profit of 25.8 billion won last year. “Signing of purc

Mar 1, 2022By Lee Kyung-min
POSCO International on alert over grain terminal in Ukraine
Companies

Moon criticized for flip-flopping on nuclear energy

President Moon Jae-in is being briefed on energy policies at Cheong Wa Dae, Feb. 25. Korea Times filePresident now favors nuclear power amid surging oil prices By Lee Kyung-min President Moon Jae-in has come under intense criticism over his sudden embrace of nuclear energy, Monday, in what critics say is a desperate, last-minute turnaround in policy to limit the accountability of his administrative failures.Energy experts said Monday that the nuclear phase-out policy spearheaded by Moon is the definition of populism gone wrong, brought into existence largely because the then-presidential candidate used the Korean film “Pandora” ― a disaster movie highlighting the consequences of using the much-criticized energy source ― for his own political gain. The railroading of Moon's green initiative over the past five years has come at the expense of the nuclear energy industry, experts said. Many small and medium-sized businesses in the industry say they had to bear the brunt of the “ill-conceived, ill-executed and politically motivated” government policy. Gone to wast

Feb 28, 2022By Lee Kyung-min
Moon criticized for flip-flopping on nuclear energy
Companies

Escalating Ukraine crisis to weigh further on Korean exporters

Trade minister Yeo Han-koo, second from left, is being briefed about the impact of Russia-Ukraine crisis on Korean firms at the Russia Desk of the Korea Strategic Trade Institute in Seoul, Thursday. YonhapBy Lee Kyung-min Korean exporters are expected to see a significant drop in profitability, crippled by spiking oil and raw material prices amid the escalation of the Russia-Ukraine crisis, market watchers said Friday.The sales increase by manufacturing, which accounts for over half of the country's exports, will hardly be good news, since higher production costs led by soaring commodity prices will mean sharper losses. This means that the more they sell, the steeper their profitability will fall. Korea's key manufacturers ― encompassing the steel, petrochemical, chemical, automobile and transport industries ― rely heavily on coal-powered fuels, notably crude oil, a reason why sustained volatility in global oil prices will crimp exports and hamper the economic recovery from the COVID-19 pandemic. U.S. President Joe Biden said Thursday (local time) that the country will impose export

Feb 25, 2022By Lee Kyung-min
Escalating Ukraine crisis to weigh further on Korean exporters
  • Sputnik vaccine manufacturers in Korea wary of Russia sanctions
Companies

Korea to bolster infrastructure cooperation with Egypt

Minister for Land, Infrastructure and Transport Noh Hyeong-ouk, left, and Transport Minister of Egypt Kamel Al-Wazir hold copies of a signed memorandum of understanding, Feb. 24. Courtesy of Ministry of Land, Infrastructure and TransportBy Lee Kyung-min Korea is seeking to bolster economic cooperation, including infrastructure building, following the signing of a memorandum of understanding (MOU) with Egypt. The transport minister recently visited Egypt to help transport businesses bolster their competitiveness in the country, an important strategic partner of Korea.According to the Ministry of Land, Infrastructure and Transport, minister Noh Hyeong-ouk visited Egypt from Wednesday until Friday (local time) in a bid to bolster economic cooperation, including infrastructure building between the two countries.The three-day visit was a follow-up to a memorandum of understanding (MOU) in the amount of $1 billion (1.2 trillion won) signed by President Moon Jae-In during his state visit trip to Egypt in January of last year. More Korean firms will be able to expand their market presence in

Feb 25, 2022By Lee Kyung-min
Korea to bolster infrastructure cooperation with Egypt
Companies

KEPCO loses 6 trillion won due to soaring oil, coal prices

KEPCO CEO Cheong Seung-ilBy Lee Kyung-min Korea Electric Power Corp. (KEPCO) posted a 5.86 trillion won ($4.8 billion) operating loss last year, crippled by a freeze in electricity rates despite surging global oil and coal prices, the state-run utility company said Thursday. In 2020, the firm posted a 4 trillion won operating profit. Last year's figure is the largest loss since 2008 when its operating losses reached 2.79 trillion won amid a spike in oil prices in the aftermath of the global financial crisis. It also exceeded the market consensus of around 4 trillion won in operating losses by a wide margin. Sales rose to 60.57 trillion won, up 3.4 percent from a year earlier, led by increased sales of electricity. However, operating costs rose faster to 66.43 trillion won, due mostly to increased fuel prices. Net loss amounted to over 5 trillion. Sales of electricity climbed 4.7 percent last year, driven by an increase in the average operating rate of the manufacturing industry. However, the increase meant steeper losses, since the electricity rate was not raised correspondingly to

Feb 25, 2022By Lee Kyung-min
KEPCO loses 6 trillion won due to soaring oil, coal prices
Companies

Gov't to foster digital healthcare as new growth driver

gettyimagesbankFirst Vice Minister of Trade, Industry and Energy Park Jin-kyu. Korea Times fileBy Lee Kyung-min The government will establish an institutional framework to create a market and a healthy ecosystem for digital healthcare services, a key growth driver to underpin the economy, the trade ministry said Thursday.High-tech digital medical services will be used to treat the elderly and patients with chronic diseases, many of whom have limited access to high-quality, and in some cases, costly medical services. The Ministry of Trade, Industry and Energy said the government will help businesses with the development of data convergence-oriented services including effective use of digital devices and treatment services for residents in remote rural areas.A law will be enacted to facilitate remote digital healthcare services, with continued discussions with doctors, pharmacists and other healthcare professionals. The government will develop a methodology for digital treatment device development and test evaluation technologies, enabling a speedy implementation and application in the

Feb 24, 2022By Lee Kyung-min
Gov't to foster digital healthcare as new growth driver
Companies

GM Korea to introduce 10 electric vehicle models by 2025

GM Korea CEO Kaher Kazem speaks during an online press conference, Wednesday. Courtesy of GM KoreaBy Lee Kyung-min GM Korea will roll out 10 electric vehicle (EV) models in Korea by 2025, in a bid to broaden consumer choices and strengthen its market presence here, the automaker's CEO said Wednesday. This is part of its U.S. head office's plan to invest $35 billion (41.3 trillion won) to roll out 30 EVs by 2025. The envisioned new EVs will meet the needs of drivers with varying lifestyles and budgetary constraints, with models ranging from entry-level to SUVs and luxury models. “GM Korea will pursue an EV market growth strategy in line with GM's EV market portfolio to expand customer options and experiences,” CEO Kaher Kazem said during an online press conference at The-K Hotel in Seoul.Chevrolet's Bolt EV and Bolt EUV Courtesy of GM KoreaFor starters, the new Chevrolet Bolt EV and Bolt EUV will be available in the market starting in the second quarter of this year.The two models will accelerate the popularization of EVs in Korea, the automaker said. They are in a reasona

Feb 23, 2022By Lee Kyung-min
GM Korea to introduce 10 electric vehicle models by 2025
Companies

Sejong gov't complex hit by rapid COVID-19 spread

A bird's-eye view of Sejong Government Complex. Korea Times file By Lee Kyung-min SEJONG ― The number of new COVID-19 infections in Sejong and nearby Daejeon and South Chungcheong Province soared over the weekend, with residents becoming increasingly concerned that the administrative city south of Seoul and its surroundings will no longer remain relatively insulated from the raging Omicron variant.Many expressed anxiety that infections in the sparsely populated region will spread just as rapidly as in Seoul, with the fear of death and losing their elderly loved ones spreading faster. “I have been in self-quarantine since I was confirmed last week,” a government official said on condition of anonymity. “Those who came into contact with me at work including the ones who were in the same office as me rushed to get tested at my urging. I'm sorry because I feel like I caused them the trouble.”The official who works for one of the Sejong-based government ministries is on

Feb 22, 2022By Lee Kyung-min
Sejong gov't complex hit by rapid COVID-19 spread
  • New COVID-19 cases near 100,000 again due to continued Omicron surge
Companies

Industry minister visits Indonesia to boost economic cooperation

Trade, Industry and Energy Minister Moon Sung-wook Korea Times fileBy Lee Kyung-min Trade, Industry and Energy Minister Moon Sung-wook visited Jakarta, Indonesia, from Sunday to Tuesday (local time), to strengthen cooperation with the Southeast Asian country, the trade ministry said Tuesday. Indonesia is a key country for Korea's New Southern Policy, a diplomatic initiative spearheaded under the Moon Jae-in administration to diversify trade partners and better respond to global value chain (GVC) disruptions. The minister reviewed the progress of the policy in Indonesia and reiterated the importance of continued economic cooperation between the two countries, a critical step to stabilizing the supply of raw materials and new growth industries, including electric vehicles (EVs), charging stations and rechargeable EV batteries. In a congratulatory speech made at the opening of a business forum attended by key local and Korean business figures, Moon cited the growth of trade in recent years.The trading volume between Korea and Southeast Asia rose to $220 billion (262 trillion won) last y

Feb 22, 2022By Lee Kyung-min
Industry minister visits Indonesia to boost economic cooperation
Companies

SK ecoplant acquires global E-waste recycling firm TES

SK ecoplant CEO Park Kyung-il, right, and Rodney Muse, managing partner of Navis Capital Partners, hold a copy of a signed stock purchase agreement at Fullerton Hotel, Singapore, Monday. Courtesy of SK ecoplantBy Lee Kyung-min SK ecoplant has acquired TES, a Singapore-based global electronic waste (E-waste) recycling firm, as part of a long-term plan to establish itself as the leader in the green service market, the firm said Monday. Electronic waste refers to discarded electrical or electronic devices. The environmental business affiliate of SK Group bought a 100-percent stake in TES for $1 billion (1.19 trillion won) in a stock purchase agreement (SPA) signed between the CEO of SK ecoplant and his counterpart, Rodney Muse, the managing partner of Navis Capital Partners, the largest shareholder of TES. SK ecoplant will be able to lead the E-waste market by helping to create a zero-waste, zero-pollution, circular economy, mostly by recycling used materials and making use of them as energy sources. TES is the world's leading IT sustainable lifecycle services provider that operates 43

Feb 22, 2022By Lee Kyung-min
SK ecoplant acquires global E-waste recycling firm TES
previous page
187188189190191
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.