LG’s symbolic headquarters to be refurbished in decade

LG Group said Monday it has kicked off the construction to renovate the lower floors of its symbolic LG Twin Towers, a landmark in Yeouido, western Seoul, where its major affiliates including LG Electronics are headquartered. Since the buildings were established in 1987, it is the second time the nation's fourth-largest conglomerate carries out a renovation of the two skyscrapers. It renovated the working spaces in the upper level floors in 2009, and it is the it is the first time the group

Feb. 6, 2023

[Photo News] NFT art in Times Square

Non-fungible artworks by renowned artist Barry X Ball are showcased on LG Electronics’ digital billboard in iconic Times Square in New York City on Sunday. The attached QR code allows visitors to experience the tech giant’s NFT art trade platform LG Art Lab.

Feb. 5, 2023

[Herald Interview] Samsung bets big on cameras to fight Apple

SAN FRANCISCO -- Samsung Electronics unveiled the new Galaxy S23 smartphones, the latest lineup of its flagship S series, on Wednesday, putting much emphasis on enhanced camera functions -- a secret weapon to fight against its archrival, Apple. “We’ve enhanced our camera system that allows users to take the best photos and videos in any environment. … The Galaxy S23 series not only comes with a 200-megapixel sensor but also provides a satisfactory camera experience with more

Feb. 5, 2023

[Weekender] Humanlike AI chatbot ChatGPT takes world by storm

Artificial intelligence has become a part of our lives, sparking innovation around every corner. After Google DeepMind's AlphaGo surprised the world by winning a historic match against Korean Go grandmaster Lee Se-dol in 2016, the ability of a new humanlike chatbot has recently opened people’s eyes to how far AI has progressed. California-based startup OpenAI released ChatGPT to the public in November last year and gained over 1 million users within a week. The AI-powered chatbot is a

Feb. 4, 2023

Naver to introduce search GPT in first half of year

South Korean internet giant Naver said Friday it will launch its own generative pretrained transformer, or GPT, for search functions by the end of June, as OpenAI's artificial intelligence chatbot ChatGPT has been taking the tech world by storm. “We are gearing up to handle new search trends, such as the generative AI that is gaining a lot of attention now. And we plan to introduce our own upgraded version of SearchGPT in the first half of this year,” Chief Executive Officer Cho

Feb. 3, 2023

SK Bioscience expected to log 70% drop in profit as COVID vaccine demand dwindles

Korean biopharmaceutical firm SK Bioscience is expected to log a sharp decline in its sales and operating profit for 2022, as demand wanes for COVID-19 vaccines, its key source of revenue, according to a report from a local securities firm on Friday. The company’s annual sales for last year are expected to drop 49 percent on-year to 474.2 billion won ($385.7 million), while its operating profit is also expected to plunge 70.3 percent to 141 billion won, the report released by Meritz Securi

Feb. 3, 2023

Samsung targets double-digit growth in Galaxy S sales

SAN FRANCISCO -- Samsung Electronics’ mobile head Roh Tae-moon said the South Korean tech titan counts on demand for its premium smartphone devices to drive double-digit growth in sales this year, despite the consumers’ pent-up desire for a phone shopping and macroeconomic headwinds. At a press conference held at the Chase Center in San Francisco, Wednesday, following the Samsung Galaxy Unpacked 2023 event, Roh showed confidence in expanding the tech firm’s presence in a glob

Feb. 2, 2023

Samsung bolsters ties with Qualcomm, Google to deter Apple

Samsung Electronics, the world’s largest smartphone maker by shipments, is bolstering ties with global tech giants Qualcomm and Google to build the next-generation extended reality ecosystem, as its archrival Apple, which tops in revenue, is expected to launch a mixed reality headset this year. At the annual unpacking event showcasing the new Galaxy S23 smartphone series, Roh Tae-moon, Samsung Electronics' president and head of mobile experience, appeared together with Qualcomm Presid

Feb. 2, 2023

Samsung Galaxy S returns with faster, more eco-friendly design

SAN FRANCISCO -- Samsung Electronics on Wednesday unveiled its flagship Galaxy S23 smartphone lineup equipped with upgraded camera functions, faster processors and even sustainable features, touting it “the most powerful S series ever.” The South Korean tech giant held the Samsung Galaxy Unpacked 2023 event at the Masonic Auditorium in San Francisco, with some 2,000 journalists and industry people in attendance. It was the first in-person unveiling of the S series phones after thre

Feb. 2, 2023

HLB's anticancer drug receives greenlight in China

The combination use of Jiangsu Hengrui Medicine’s camrelizumab and HLB Bio’s rivoceranib has received a novel drug approval from the National Medical Products Administration of China, HLB Bio announced Wednesday. With the approval, the camrelizumab-rivoceranib combination can be used as the first-line treatment for patients with unresectable hepatocellular carcinoma in China. The approval was given three years and nine months after the company started its phase 3 clinical trial April

Feb. 1, 2023

SK hynix, hit with first operating loss in decade, to cut spending

South Korean memory chipmaker SK hynix reiterated Wednesday its plan to halve investment and reduce production of low-profit products this year, as the company witnessed a sharp drop in profit amid severe slump in the global chip market. “Revenues continued to grow last year, but the operating profit decreased compared with a year earlier as the industry entered into a downturn from the second half,” SK’s Chief Financial Officer Kim Woo-hyun said during an earnings call for the

Feb. 1, 2023

[Photo News] D-1 new Galaxy

A Galaxy Experience Space at Powell Street, San Francisco is seen Tuesday, one day before Samsung Electronics unveils its latest flagship Galaxy S smartphone lineup in the US city. The tech giant plans to operate a total of 29 interactive experience spaces in key cities on Wednesday to allow visitors to try out its new smartphones and other mobile devices.

Jan. 31, 2023

SK On exceeds hiring goal in Georgia ahead of schedule

The US State of Georgia said Tuesday SK Battery America, a production subsidiary of South Korean battery giant SK On, has exceeded its hiring goal two years earlier than the initial schedule to fill jobs at its manufacturing facilities for electric vehicle batteries in the city of Commerce, Jackson County. The state government said the company had achieved its goal of 2,600 employees as of the end of 2022, with plans to expand the workforce to some 3,000 this year. Since launching its EV batte

Jan. 31, 2023

Samsung defies chip price slump, vows to continue investment

Despite witnessing a sharp drop in chip profits, Samsung Electronics said it will not scale back its output and spending in 2023, bucking the trend of cost-cutting among its global rivals. "The deteriorated business environment is not so favorable for our performance for now, but we believe it is also an opportunity where we can thoroughly prepare for the future," the company said Tuesday in the earnings call for the fourth quarter of 2022. The company added that its capital expenditur

Jan. 31, 2023

LG Innotek aims high with new chip substrate plant

LG Innotek said Monday it will ramp up development of its flip chip ball grid array packages, or high-density package substrates to secure a top position in the market. "FC-BGA is a sector LG Innotek can excel in, as the company has been leading the global substrate material market with its unrivaled technology and productivity," said LG Innotek's president and CEO, Jeong Cheol-dong. "We will create differentiated customer value so the company can lead the global FC-BGA marke

Jan. 30, 2023

[Newsmaker] Why is Samsung starting a legal fight against smartphone repair shops in US?

Samsung Display has recently filed a complaint against 17 smartphone repair shops in the US over their use of “illegal” panels that it says infringed its highly sophisticated OLED patents, according to industry sources Monday. The display-making unit of Samsung Electronics is a market leader making almost 70 percent of OLED panels used in high-end mobile devices, including Samsung Galaxy and Apple iPhone smartphones. Sources say the company seems determined to offer no leniency for

Jan. 30, 2023

Samsung hires ex-Ericsson execs to boost network business

South Korean tech giant Samsung Electronics has hired two experts from Swedish telco Ericsson to reinforce its network business. According to industry sources on Sunday, Samsung recently established a task force under its network business division to oversee a new business strategy. For the task force chief, the company hired Henrik Jansson, formerly the strategic sourcing manager for Ericsson. The company also recruited Jo Mi-sun who served as the head of sustainability and corporate responsibi

Jan. 29, 2023

Samsung Biologics 2022 earnings hit all-time high with W3tr sales

Korean contract manufacturer Samsung Biologics' earnings in 2022 hit all-time high, mainly because its biopharmaceutical unit was included in the consolidated financial result after a full acquisition early in the year. Its sales almost doubled to 3 trillion won ($2.4 billion) from 1.56 trillion won in 2021, according to its regulatory filing on Friday. It logged 983.6 billion won in operating profit, up 83 percent from 537.3 billion won a year earlier. The dollar figure above has been calc

Jan. 27, 2023

LG Electronics Q4 operating profit tumbles 91%

LG Electronics said Friday its operating earnings for the fourth quarter dipped more than 90 percent from a year earlier on slumping demand for home appliances coupled with global economic difficulties. The consumer electronics giant reported an operating profit of 69.3 billion won ($56.1 million) for the October-December period, down 90.7 percent from the same period a year prior, the regulatory filing showed. It was the first time South Korea’s No. 2 home appliances maker had reported a

Jan. 27, 2023

Samsung SDS posts record revenue on upbeat cloud sales

South Korean IT solutions provider Samsung SDS logged a record sales of 17.2 trillion won ($14 billion) in 2022 that was driven by an expansion in its cloud business, the firm said Thursday. In a regulatory filing, the company said its annual sales in 2022 saw a growth of 26 percent when compared to the previous year. It also posted an operating profit of 916.1 billion won. In the fourth quarter of 2022, the company garnered 4.25 trillion won in sales and an operating profit of 187.5 billion won

Jan. 26, 2023