LG beats Q1 earnings estimates, outpaces Samsung for 1st time

Despite the global economic downturn, LG Electronics announced surprise earnings for the January-March period, outpacing its crosstown rival Samsung Electronics' financial result for the first time in more than a decade. In a regulatory filing on Thursday, the consumer electronics giant said its operating profit for the first quarter was 1.5 trillion won ($1.12 billion), down 22.9 percent from a year earlier. It has become the company’s second-highest profit for the January-March pe

April 27, 2023

[Herald Interview] Fairfax County ready to support Korean companies expanding into US

Fairfax County of Virginia, one of the major business destinations in the US, is home to 8,800 tech companies, including nine listed on the Fortune 500. South Korea also has a sizeable business community consisting of some 80 companies -- the largest number among Asian countries -- including Dongwon Group, SK Signet, Golfzon and Korea Aerospace Industries. Behind the successful attraction of the big names and multinational businesses stands Fairfax County Economic Development Authority, which se

April 27, 2023

Korean chip, car industries unassuaged by summit talks

South Korean chip suppliers and automakers have been left unimpressed by the summit between Presidents Yoon Suk Yeol and Joe Biden, after it failed to bring out any tangible measures to ease their concerns over Washington's increasingly protectionist policies. Holding a joint press conference after their summit on Wednesday, the two presidents announced their agreement on strengthening cooperation in advanced technology sectors, including chips, electric vehicles and batteries. But they did

April 27, 2023

Samsung posts worst quarterly earnings in 14 years

Samsung Electronics, which posted its worst quarterly earnings in 14 years amid weak demand and falling chip prices, said it expects a gradual recovery in the second half of the year as the effects of production cuts kick in from the following quarter. In response, the world's largest memory chip and smartphone maker plans to increase the proportion of advanced processes and high-value-added products and continue to invest in securing future technologies. “We are in the process of red

April 27, 2023

Korea, US agree to bolster ties on bioeconomy

The Korea Biotechnology Industry Organization said Wednesday it has signed an agreement with its US counterpart Biotechnology Innovation Organization to bolster ties in the bio-economy, ranging from supply chain management to research and development. The two organizations signed a memorandum of understanding for enhanced partnership on the sidelines of President Yoon Suk Yeol’s state visit to the US for a summit with President Joe Biden. The agreement is the first of its kind signed betwe

April 26, 2023

Posco Future M, LG Energy Solution sign W30tr cathode supply deal

South Korean battery materials maker Posco Future M said Wednesday it has inked a deal worth 30.25 trillion won ($22.6 billion) to supply high-nickel cathode to LG Energy Solution, the nation’s largest electric vehicle battery maker, for the next seven years. The mega deal comes after the company secured a 10-year supply deal worth 40 trillion won with Samsung SDI, another major battery maker here, in January. Cathode, making up more than 40 percent of battery prices, is a key battery ma

April 26, 2023

SK hynix suffers record loss in Q1, eyes recovery in Q2

In the wake of escalating competition between the US and China, SK hynix said it is reviewing plans for future operation of its manufacturing facilities in China, as it announced its worst operating profit losses on Wednesday. “We are looking at various factors of long-term geopolitical risks, market demand and operation efficiency to comprehensively review the future operation of our manufacturing plant in China,” Kim Woo-hyun, chief financial officer for SK hynix, said on the ear

April 26, 2023

Apple still in need of Korea-made displays despite production push

US tech giant Apple will likely continue its reliance on Korean-made displays, although it has been making a “sweeping effort” to develop its own components for more direct control over its designs, a report showed Tuesday. According to a report released by the Institute for Information & Communications Technology Promotion, Apple is expanding its use of in-house components such as chips and displays in its flagship iPhones as part of a strategy to maintain its dominance in the m

April 25, 2023

Are Koreans really fat?

For 27-year-old Choi, the main focus in her life recently has been getting her weight down. The after-work dinners at her new job and frequent dates with her new boyfriend have resulted in her tipping the bathroom scale into the above-55-kilogram range for the first time in her life, prompting her to panic-buy a gym membership, exercise equipment and organic meal kits. “I just feel so big since I’ve put on the extra weight. I want to get my weight down to below 50 kilograms,” s

April 25, 2023

Samsung, SK under renewed pressure to join US chip battle against China

South Korean chipmakers are facing increasing pressure amid an intensifying US-China rivalry, as Washington has reportedly requested the Korean government to hold back from filling China's shortfalls in chips. Seoul’s presidential office refused to comment Monday over a report from the Financial Times that the White House had asked the Korean government to urge its chipmakers to "not fill any market gap" in China, if Beijing bans US-based Micron Technology from selling chips

April 24, 2023

Yoon joined by chaebol leaders on US trip amid concerns of protectionism

South Korea’s top conglomerate chiefs are heading to the US this week to accompany President Yoon Suk Yeol on his state visit, hoping to find a breakthrough in business uncertainties surrounding increasingly protectionist policies in the all-important market. Taking his biggest economic delegation to date in his weeklong state visit to the US from Monday, Yoon is expected to relay the difficulties Korean companies face with the US' introduction of the CHIPS and Science Act and Inflati

April 23, 2023

Celltrion employees unimpressed by company's new dress code

South Korean pharmaceuticals giant Celltrion last week announced a set of new workplace policies, including a stricter dress code, prompting complaints and mockery among young employees. According to the company on Sunday, the official dress code bans employees from wearing jeans and other casual attire such as hoodies, sweatpants, crew-neck tees and anything that has large brand logos. Instead, workers are advised to wear collared shirts, jackets, slacks and black sneakers. Celltrion allowed

April 23, 2023

[Photo News] Samsung's Ramadan offers

Visitors try out Samsung Electronics devices at Samsung's pop-up store at Dubai Mall in Dubai, Friday. The pop-up store, marking the Eid Al Fitr, offers hands-on experiences of Samsung's latest mobile devices and home appliances, and SmartThings, its smart home platform.

April 23, 2023

Samsung hit with $303m jury verdict in computer-memory patent lawsuit

Computer-memory company Netlist convinced a federal jury in Texas on Friday to award it more than $303 million for Samsung Electronics's infringement of several patents related to improvements in data processing. The jury in Marshall, Texas determined after a six-day trial that Samsung's "memory modules" for high-performance computing willfully infringed all five patents that Netlist accused the Korean tech giant of violating. Representatives for the companies did not immed

April 22, 2023

LG wins ISO certification for open-source software security assurance

LG Electronics said Friday that it has been recognized as complying with the global standard for its open-source software security management system by a globally renowned nonprofit organization. The South Korean tech giant was accredited by Linux Foundation’s OpenChain Project as the first firm in the global industry to certify the ISO/IEC DIS 18974 standard, the key requirements of a quality open-source security assurance program, LG officials said. The company met all 30 security cert

April 21, 2023

S. Korea to spend W560b to promote software sector this year

South Korea will invest over 560 billion won ($422.6 million) to foster software development companies and experts, with the goal of accelerating the country's push for digital innovation, the Science Ministry said. The Ministry of Science and ICT announced its plans for advancement of the software industry at an economic meeting Friday, intending to build on the fundamental strength of digitization and support the sector’s overseas expansion. Its yearly budget for the project stands

April 21, 2023

[Photo News] Samsung honors Korean War heroes

A video featuring Korean War heroes is displayed on a giant outdoor billboard Samsung Electronics set up in Times Square in New York on Thursday. Samsung released the video to mark the 70th anniversary of the South Korea-US alliance and the 1953 armistice agreement that brought about a cessation to the Korean War.

April 20, 2023

[Photo News] LG honors Korean War heroes

A video featuring 12 high-profile US and South Korean war veterans plays on LG Group’s giant billboard in the heart of Times Square in New York on Thursday. South Korea’s Ministry of Patriots and Veterans Affairs made the video in commemoration of the 70th anniversary of the Korea-US alliance this year.

April 20, 2023

Samsung, LG resume talks on OLED partnership

Talks for a rare partnership between Samsung and LG appear to have been resumed recently as Samsung seeks to buy LG panels for its latest OLED TVs for the first time, according to industry sources on Thursday. “The two have resumed related talks ... with an aim to sign a deal by the end of the first half this year,” an industry source said on condition of anonymity. Samsung Electronics is reportedly interested in buying around 200,000 to 300,000 white OLEDs from LG Display, and when

April 20, 2023

Is Google Korea no longer dream workplace?

Google’s biggest round of layoffs across its global operations has forced workers into a game of chance to keep their jobs. Amid escalating job insecurity, a labor union has been set up at the Korean unit to organize some 850 workers and speak out their concerns. “With the ongoing job cuts within the US tech industry, employees have been concerned about their job security and decided to establish a union,” Kim Jong-sub, head of the Google Korea union, said upon its launch earli

April 20, 2023