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Lee Kyung-min

Korea Times AI content 2 team Reporter

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Companies

SK chief to head SK Telecom, forgo remuneration

SK Group Chairman Chey Tae-wonBy Lee Kyung-min SK Group Chairman Chey Tae-won will serve as chairman of SK Telecom without pay or any executive authority, in a bid to help the group's telecommunications affiliate accelerate its artificial intelligence (AI) business and digital innovation, the group said Monday.Chey will not engage in corporate decision-making and instead will guide the management and the board to lead innovation, the group said. SK Telecom's daily management activities will be led by current firm executives including CEO Ryu Young-sang, and major decisions will be made by the board chaired by Kim Yong-hak. SK Telecom will be able to accelerate key initiatives to become a global AI company. The firm's medium- to long-term growth vision beyond short-term profit will in turn increase corporate valuation.Chey's decision was backed by support from SK Telecom's outside directors who agreed that the affiliate's valuation will be strengthened in the long term.“Innovation to become a global AI firm is a task that can no longer be delayed, and we are pressed for time wit

Feb 21, 2022By Lee Kyung-min
SK chief to head SK Telecom, forgo remuneration
Companies

Calls growing to embrace nuclear energy amid surging energy costs, Ukraine uncertainty

A nuclear plant in Uljin, North Gyeongsang Province Korea Times fileBy Lee Kyung-min Korea should promptly recognize the need to increase the use of nuclear energy, the only viable alternative to unstable and costly renewables prone to extreme volatility due to weather conditions and geopolitical risks, energy experts said Sunday.The affordable and stable source of energy, demonized largely for political objectives under the Moon Jae-in administration, is the only answer to soaring energy costs, certain to fall on the public in the form of higher utility bills once the presidential election is over next month.Further anchoring the view is escalating tensions in Ukraine, a geopolitical uncertainty that the global investment banking sector says could send crude oil prices to as high as $150 (179,000 won) per barrel in the first quarter of this year in a full-fledged energy crisis. Also to be factored in is a recent move by the European Commission (EC) to recognize nuclear and natural gas as green energy sources, an indication that even the European Union countries are acknowledging tha

Feb 20, 2022By Lee Kyung-min
Calls growing to embrace nuclear energy amid surging energy costs, Ukraine uncertainty
Companies

Teenage Hyosung owner family members increase their shareholdings

Hyosung Group Chairman Cho Hyun-joonBy Lee Kyung-min The children of Hyosung Group Chairman Cho Hyun-joon and those of his younger brother, Vice Chairman Cho Hyun-sang, were found to have increased their shares in the group's key affiliates over the past two months, which is viewed as a long-term plan to transfer power to the fourth generation of family ownership, industry watchers said Tuesday. The purchase of a considerable number of widely undervalued shares in a bearish market will effectively strengthen the control of the six Hyosung owner family members younger than 20 years of age, anchored further by high dividend payouts from the group's rapidly growing affiliates Hyosung TNC, Hyosung Chemical and Hyosung Advanced Materials. Civic groups say the record-high earnings registered under the five-year leadership of Cho Hyun-joon will be eclipsed by corporate responsibility issues and owner risks, as evidenced by the ongoing criminal trial of the chairman over antitrust law violations and collusion charges.Hyosung Group Vice Chairman Cho Hyun-sangTeenage owners According to the Fi

Feb 15, 2022By Lee Kyung-min
Teenage Hyosung owner family members increase their shareholdings
Companies

BBQ's 'Olympic marketing' raises eyebrows

Korea Skating Union Chairman and Genesis BBQ head Yoon Hong-geun / Korea Times file photoBy Lee Kyung-min Korea Skating Union Chairman Yoon Hong-geun, who is also the chairman of Genesis BBQ, is facing criticism for having 2022 Beijing Winter Olympic skaters “promote” the country's third-largest fried chicken franchise, according to critics Monday.Critics take issue with Olympic athletes mentioning the brand's top-selling menu items right after winning medals in nationally televised interviews, calling it distasteful to use the attention-grabbing few seconds in the promotional scheme.They also say the fried chicken seller is fully aware that there would be objections to Olympic athletes raising the country's profile on the global stage, but was counting on most consumers indulging the young hard-working athletes, despite the corporate profit motive at play. 30% sales increaseAccording to Genesis BBQ, sales of its Golden Olive Chicken soared about 30 percent compared to the seasonal average from Feb. 9 to 11, with orders from franchisees for ingredients needed for the menu

Feb 14, 2022By Lee Kyung-min
BBQ's 'Olympic marketing' raises eyebrows
Companies

Former Samsung SDS executive to join Clebus

Lee Jang-hwanBy Lee Kyung-min Former Samsung SDS executive Lee Jang-hwan will join Clebus as its vice president and chief strategy officer (CSO), the blockchain-tech metaverse platform company said Monday.Lee led Samsung's IT solution subsidiary, where he put to use his extensive experience in public consulting, solution consulting and corporate marketing.He is expected to play a crucial role in revitalizing and upgrading the hyper-connected metaverse ecosystem, a prime objective of Clebus, based on his years of experience in high-tech IT services provided by the Samsung affiliate in local and foreign markets.Clebus is in the process of establishing decentralized peer-to-peer (P2P) exchanges and non-fungible token (NFT) markets.An NFT is a unique unit of data using technology whereby digital content is logged and authenticated on cryptocurrency blockchains including Ethereum for easier ownership and sales. Examples include videos, songs and images. Clebus-X, a cryptocurrency exchange that will also function as an NFT market platform to be set up by the firm, will introduce an online

Feb 14, 2022By Lee Kyung-min
Former Samsung SDS executive to join Clebus
Companies

Former US Ambassador Mark Lippert to join Samsung Electronics

Mark Lippert. Korea Times fileBy Lee Kyung-min Former U.S. Ambassador to Korea Mark Lippert is expected to join Samsung Electronics next month, functioning as an effective intermediary between Korea and the U.S. amid heightened tension over economic and national security concerning semiconductor, battery and vaccine manufacturing, according to industry watchers, Friday.How effectively he integrates his deep understanding of Korean corporate culture with ongoing, sensitive chip-making trade issues remains to be seen. Lippert will also be tested by growing U.S. demands, notably the insistence on Samsung and SK hynix providing sensitive semiconductor data. The widely known Korea-friendly figure who served from 2014 and 2017 as ambassador under the Obama administration, will assume the role of executive vice president and head of corporate affairs for Samsung Electronics America, replacing his predecessor David Steel whose term ended in July of last year. The former ambassador will report to top Samsung Electronics figures for businesses in the North American region, focusing primarily o

Feb 12, 2022By Lee Kyung-min
Former US Ambassador Mark Lippert to join Samsung Electronics
Companies

Former LS Group chairman dies at 77

Koo Ja-hongBy Lee Kyung-min Former LS Group Chairman Koo Ja-hong has died at the age of 77, the group said Friday. The LS-Nikko Copper Chairman served as the chairman of LS Group, a spinoff from LG Group, from 2004 to 2012, during which time the conglomerate fostered electric wire and electronic parts making businesses as well as copper smelting and refining operations, backed further by mergers and acquisitions (M&As), research and development (R&D) and overseas expansions. He stepped down as group chairman in 2012 to pave the way for his cousin, Koo Ja-yeol, the current chairman of Korea International Trade Association, to succeed him. Upon graduating from Gyeonggi High School and Princeton University in the U.S., he began his professional career at an affiliate of the now-defunct LG Group in 1973. He had since worked in the import department until 1995 when he became CEO and chairman of LG Electronics. The electronics affiliate under his leadership thrived, helping the firm weather the 1997 Asian financial crisis and cement itself as a leader in the home appliance and digi

Feb 11, 2022By Lee Kyung-min
Former LS Group chairman dies at 77
Companies

Sampyo to undergo full-scale investigation over workers' deaths

Fire authorities continue rescue efforts at a collapsed quarry operated by Sampyo Industry in Yangju, Gyeonggi Province, Feb.1. Korea Times file Sampyo Industry CEO Lee Jong-shin By Lee Kyung-min Sampyo Industry is facing a full-scale investigation into the deaths of its workers; with company CEO Lee Jong-shin being booked for allegedly violating a new law governing industrial accidents, the Ministry of Employment and Labor said Friday.The mid-size construction arm of Sampyo Group became the first to face potential punishment under the law, which took effect Jan. 27, that imposes a minimum prison term of one year for company CEOs with regard to critical on-site industrial accidents including death. Industry watchers are closely monitoring developments, since any penalty for Lee and the company will largely set the tone going forward concerning futur

Feb 11, 2022By Lee Kyung-min
Sampyo to undergo full-scale investigation over workers' deaths
Companies

Gov't, dairy farmers clash over milk prices

A consumer reaches for a milk carton at a retail chain store in Seoul. Korea Times file By Lee Kyung-min A group of dairy farmers is threatening an all-out strike followed by a refusal to supply milk for confectionery and coffee-making industries, in protest of the government's plan to lower milk prices, according to the association of dairy farmers Thursday.The Ministry of Agriculture, Food and Rural Affairs is seeking to establish a new method of setting milk prices so as to reflect falling market demand, a years-long overhaul move opposed fiercely by dairy farmers who maintain that the current production cost-tied method remain in place.The supplier-friendly status quo comes at the expense of consumers, many of whom have turned to cheaper imported milk. Korea's self-sufficiency ratio of raw milk fell to 48.1 percent in 2020, down from 77.3 percent in 2001. The number of dairy farms slumped to 4,929, down 61.1 percent from 12,827 over the same period. The number o

Feb 11, 2022By Lee Kyung-min
Gov't, dairy farmers clash over milk prices
Companies

Korean steelmakers feared to fall behind EU, Japanese rivals

By Lee Kyung-min Concerns are growing among local steelmakers over a recent tariff agreement between the U.S. and Japan, the latest in a series of unfavorable developments leaving Korea's key industry unable to benefit from surging demand for steel in the world's largest economy. The U.S. is the third-largest importer of Korean steel products after China and Japan, accounting for 9.9 percent of Korea's steel exports in 2021. At the crux of the issue is Korea's tariff-free steel exports to the U.S. being limited to 70 percent of the three-year average between 2015 and 2017, a once-advantageous trade term over Japan and the European Union, both of which were subject to a high tariff of 25 percent despite facing no cap on export volume. This was agreed in 2018 with trade representatives in the Trump administration under Section 232 of the Trade Expansion Act, a move the U.S. said was crucial to safeguarding its national security under heightened threat due to imported goods, but viewed largely as a measure to keep rising steel powerhouse China at bay. Korea's steel exports to the U.S. d

Feb 10, 2022By Lee Kyung-min
Korean steelmakers feared to fall behind EU, Japanese rivals
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