Samsung, SK chiefs to visit ASML to discuss chip alliance

Samsung Group Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won are set to travel to the Netherlands this week to strengthen business ties with ASML, the sole provider of equipment critical in producing advanced chips. The heads of South Korea's top two conglomerates are accompanying President Yoon Suk Yeol on his state visit to the Netherlands from Monday to Thursday. There, they will visit ASML's headquarters in Veldhoven, and also explore the Dutch firm's newly built cle

Dec. 10, 2023

SK carries out complete reshuffle of top brass

SK Group, the country’s second-largest conglomerate, has carried out a complete reshuffle of its top leadership, with a new, younger generation of top executives taking the helm at key affiliates to tackle the ever-changing business environment. In its year-end executive reshuffle on Thursday, the chiefs of four major affiliates -- SK Supex Council Chairman Cho Dae-sik, SK Innovation Vice Chairman Kim Jun, SK Corp. Vice Chairman Jang Dong-hyun and SK hynix Inc. Vice Chairman Park Jung-ho

Dec. 7, 2023

[Photo News] Life’s good day in Indonesia

LG Electronics said Thursday that it has recently held the 33rd-anniversary event of its Indonesian operation, titled “Life’s Good Day,” with some 6,500 employees and their family members joining. The tech giant travels around the world to introduce its new brand identity, Life’s Good, putting renewed emphasis on customer satisfaction. (LG Electronics)

Dec. 7, 2023

LG Display launches voluntary redundancy program in efficiency drive

LG Display, the top display maker in producing high-end organic light-emitting diode panels for TVs, has launched a voluntary redundancy program for its factory workers in its latest bid to reduce costs after months of operational losses, according to industry sources on Wednesday. Workers at its manufacturing plants in Paju, Gyeonggi Province and Gumi, North Gyeongsang Province, are eligible for voluntary retirement if they are over 40 years old. The company is offering severance pay for 36 m

Dec. 6, 2023

[Contribution] Future of agriculture

By Chung Hwang-keun Minister of agriculture, food and rural affairs “Technology changes agriculture and, consequently, the lives of farmers,” said John May, chairman and CEO of John Deere, an American manufacturer of farm machinery and industrial equipment that is drawing the world’s attention for its advanced autonomous farming machines. By implication, he emphasized the necessity of technological innovation in agriculture, going beyond traditional ways of farming, to re

Dec. 6, 2023

[KH Explains] China ups OLED ante to take over Korean shares

China’s recent move to ramp up investment in organic light-emitting display panels is stoking fears among Korean display makers that they may face another fierce price war with their Chinese runner-ups, even over the most sophisticated display technology. Last week, China's top display panel maker, BOE Technology, announced a plan to invest 63 billion yuan ($8.84 billion) to build a production facility with 8.6-generation technology for OLED panels for laptops and tablet PCs. The amou

Dec. 5, 2023

Generational shift looms in SK leadership

SK Group Chairman Chey Tae-won is expected to carry out a complete reform of the conglomerate’s top leadership this week, seeking a generational shift to handle uncertainties in the fast-changing market. According to industry sources on Monday, Chey asked four chief executives of the group's major affiliates -- SK Supex Council Chairman Cho Dae-sik, SK Innovation Vice Chairman Kim Jun, SK Corp. Vice Chairman Jang Dong-hyun and SK hynix Inc. Vice Chairman Park Jung-ho -- to step down,

Dec. 4, 2023

LS Cable develops world’s fastest data transfer cable

LS Cable & System, South Korea’s leading cable manufacturer, said Monday it had launched a new Power over Ethernet cable that can support speeds up to 5 gigabits per second (Gbps), the world’s fastest for data transmission. PoE cables are capable of delivering both data and electric power in a single Ethernet cable, and are easy to install in places such as ceilings and between gaps. It is utilized to transmit data and power to security cameras, digital signage, and audio-visual

Dec. 4, 2023

SK chief suggests Korean, Japanese businesses form ‘union’ to overcome global crisis

SK Group Chair Chey Tae-won suggested that South Korean and Japanese business circles form a "union" to handle the global economic crisis triggered by geopolitical conflicts and division, speaking at a forum in Japan on Thursday. "The era of a single global market has passed due to geopolitical conflicts, climate change and digital transformation," said Chey, who doubles as the head of the Korea Chamber of Commerce and Industry, in his opening speech at the Tokyo Forum 2023

Dec. 1, 2023

[Exclusive] PUBG developer wins lawsuit against Chinese copycat in US

South Korean game developer Krafton has won a copyright lawsuit against Chinese game maker NetEase to put an end to a five-year legal battle as a US court sided with Krafton. According to a ruling by the Superior Court of the State of California for the County of San Mateo, the court said that NetEase’s mobile games “Knives Out,” “Rules of Survival” and “Survivor Royale” were similar to Krafton’s battle royal shooter PlayerUnknown’s “Ba

Nov. 30, 2023

KT CEO carries out first organizational revamp

South Korean telecommunications giant KT Corp. on Thursday conducted the first organizational restructuring and executive shakeup since the company’s new chief, Kim Young-shub, took office in August. The telecom carrier has also set a new vision of a “digital innovation partner that creates a better future for customers” with the aim of becoming a global leader specializing in information and communication technology services. “We expect this year’s reshuffle will b

Nov. 30, 2023

Corning appoints company veteran as new Korea head

US tech giant Corning Inc. said Thursday that it had appointed Vaughn Hall, its international vice president, as the president of Corning’s Korea Region and Corning Precision Materials. Starting his career at Corning in 1995 as a senior engineer in the company's Harrodsburg plant in Kentucky, Hall has served a number of leadership roles in production management of the company's glass business in the US and Asia, including Japan, Taiwan and China. "As we celebrate 50 years in

Nov. 30, 2023

Corporate Korea explores new opportunities in Expo bid

Despite Busan’s disappointing loss in its bid to host the 2030 World Expo, Korea's economic circle viewed its rallying efforts in the past year and a half as having "expanded the horizon" for companies with new opportunities in the global market. Saudi Arabia's Riyadh was chosen to host the World Expo in 2030 on Tuesday, garnering 119 votes out of 165 in a secret ballot held during the Bureau International des Expositions general assembly in Paris. Busan and Rome were k

Nov. 29, 2023

Samsung promotes execs in 30s, 40s for future growth

Samsung Group's key technology affiliates -- Samsung Electronics, Samsung Display and Samsung SDS, Samsung SDI and Samsung Electro-Mechanics -- on Wednesday promoted a swath of young executives in their 30s and 40s as part of their ongoing efforts to build a foundation for future growth. Samsung Electronics promoted a total of 143 executives in a year-end reshuffle, a decrease from last year’s 183. The total number of executives promoted this year was the lowest since May 2017 marked

Nov. 29, 2023

[Herald Interview] 'Korea strives to set global standards for data protection in generative AI era'

With the rise of generative artificial intelligence like ChatGPT, regulators across the world have started to establish rules and regulations on the technology. South Korea is also getting ready to come up with normative systems on the burgeoning AI that it hopes will serve as a benchmark for other countries, the nation's data protection watchdog chief said. Although the European Union and the United States are so far leading the world in the push to regulate AI, Korea is receiving global a

Nov. 28, 2023

LG Electronics CEO to present AI vision at CES

LG Electronics CEO Cho Joo-wan will lay out the blueprints for the home appliance giant’s vision and innovation in artificial intelligence-based future growth a day ahead of the opening of the Consumer Electronics Show in January in Las Vegas, according to the company on Tuesday. Under the theme of “Reinvent your future,” the CEO will unveil the company’s key focuses for next year at the company’s global press conference, dubbed the “LG World Premiere,”

Nov. 28, 2023

Samsung's Harman acquires audio platform Roon

Harman, Samsung Electronics' audio and automotive component subsidiary, said Tuesday it acquired Roon, a popular music player platform, to strengthen its home audio business. Roon is a music player platform for enthusiasts, featuring a rich interface for browsing and discovering music, compatibility with almost any audio device and a playback engine designed to deliver the best possible sound, according to Samsung. Roon is available on all popular operating systems, and the firm also manu

Nov. 28, 2023

Samsung sets up control tower for new growth drivers

    Samsung Electronics announced the establishment of a new team in charge of exploring future business items, appointing a top-level Samsung veteran as the team's inaugural head in the company's annual leadership reshuffle Monday. No changes were made in the company's two-CEO system, with Han Jong-hee and Kyung Kye-hyun maintaining their respective seats as device and chip business division chiefs. Industry sources say the tech giant has opted for stability rather than seeking a dras

Nov. 27, 2023

LG infuses year-end reshuffle with younger fresh blood, focuses on performance

LG Group, the country’s fourth-largest conglomerate, announced its year-end executive reshuffle on Friday, seeking to infuse the top brass with younger blood. From Wednesday to Friday, affiliates of LG Group held board meetings to appoint three new chief executive officers and promote 136 executives. Among the 99 to become executives, 97 of them were born after 1970 and five were born in the 1980s, the conglomerate said. “The latest executive reshuffle sought to reform the leadership

Nov. 24, 2023

Kakao T to launch ride-hailing service in Asia, Middle East

The ride-sharing service Kakao T will be available in Australia, Taiwan, the United Arab Emirates, Jordan and Kuwait from next week, Kakao Mobility announced Friday. Users of the Kakao T app will be able to hail local taxis, premium sedans and midsize SUVs in the five countries from Nov. 30 onward, bringing Kakao's ride-hailing services to a total of 37 countries worldwide. The company said it also plans to enter the US market within this year. According to Kakao Mobility, the latest expans

Nov. 24, 2023