Samsung, LG to hold shareholders meetings this month

Korea’s two largest electronics companies are set to hold shareholders meetings this month, with industry watchers keeping a close eye on Samsung’s plans to confirm its first-ever stock split.Samsung Electronics will hold a shareholders meeting on March 23 to discuss its 50-to-1 stock split, which was announced in January. “The company had received numerous requests for a stock split based on the view that a high share price was a hindrance to potential investors. The request increased in freque

March 13, 2018

Kakao Taxi seeks monetization with addition of paid taxi-hailing options

Kakao Taxi, South Korea’s most widely used taxi-hailing mobile app, is introducing a “paid option” that lets users call up taxis faster or immediately by paying an extra fee on top of the ride fare.　The move marks Kakao’s first attempt to monetize Kakao Taxi, which, despite amassing a large user base over the years, has yet to find a concrete business model for generating stable profits.　Kakao Mobility, which operates all of Kakao’s mobility services including Kakao Taxi under the collective Kak

March 13, 2018

KAIST seeks expanded state funding for science, tech leadership vision

South Korea’s top science and technology university KAIST has called on the South Korean government to expand its financial support for the institute, as it seeks to strengthen its research and training programs and help Korea remain competitive in the new age of technology-driven economies.KAIST on Monday unveiled its “2031 vision” road map, which includes an action plan to innovate its academic training, pave new research areas, encourage more tech-driven entrepreneurship and build a more glob

March 13, 2018

LG opens first premium brand shop in Kuwait

LG Electronics has opened its first premium brand shop in Kuwait as part of efforts to push its top-tier products in the Middle East, the company said Tuesday.The two-story, 433-square-meter store opened Sunday (local time) at the Rozanah Mall in Kuwait. The store features a premium experience zone displaying products such as those from the LG Signature line.Visitors to the store can browse and test out products such as LG’s premium organic light-emitting diode TVs, washing machines and refriger

March 13, 2018

Daewoo Electronics expands to Midwestern China with Dayou Group

Daewoo Electronics, a new subsidiary of South Korean midsize conglomerate Dayou Group, said Monday the company would enter new provinces in the Midwestern part of China with an aim to target the premium market there. It is the first overseas expansion for Daewoo Electronics since the firm was acquired by Dayou last month, using the group’s existing distribution network in China.Daewoo will provide its home appliances for large retailers in Sichuan, Hunan and Wuhan province, starting this year. T

March 12, 2018

Outlook for global chip market turns rosier: sources

The global semiconductor market is expected to grow at a faster-than-expected click this year thanks to rising demand for DRAMs and other chips, industry sources said Monday.With concerns over an oversupply in the second half of this year waning, more market trackers have revised up their growth projections for the world chip market this year, putting shares of chipmakers on an upward curve.According to the sources, a recent report from the World Semiconductor Trade Statistics has forecast globa

March 12, 2018

Market remains unexcited about latest premium phones

The South Korean smartphone market gave a tepid response to the release of the Samsung Galaxy S9 and S9+ smartphones, driving down expectation on the newest premium smartphones this year. According to the telecom industry, preorders of Galaxy S9 and S9+ devices made from Feb. 28 with subscriptions to one of three mobile carriers were estimated to near 180,000 units, reaching about 70 percent of the preorders of predecessors Galaxy S8 and S8+phones. Samsung is launching the S9 series more than a

March 11, 2018

Posco, Samsung SDI win electric vehicle battery project in Chile

South Korea’s steel giant Posco and battery maker Samsung SDI will build and run an cathode production facility in Chile with lithium supply guaranteed by the Chilean government, the firms announced Sunday. The Posco and Samsung SDI consortium will make a combined investment of 57.5 billion won ($54.2 million) to set up a joint venture to start producing annually about 3,200 tons of cathode materials -- Nickel Cobalt Aluminum and Nickel Cobalt Manganese -- for electric vehicle batteries in the n

March 11, 2018

LG Chem CEO sets revenue growth for 40 percent in 2020

SEOSAN, South Chungcheong Province -- LG Chem’s revenue will grow 40 percent in the next two years, driven by rising demand on batteries, particularly batteries for electric vehicles and energy storage systems, the company‘s chief executive said Friday.At a meeting with reporters Friday at LG Chem’s Daesan complex in Seosan, South Chungcheong Province, LG Chem CEO Park Jin-soo said that batteries will account for “about half” of the 10 trillion won ($9.3 billion) in revenue growth for the compan

March 11, 2018

Blockchain can prevent delays in payment for products delivered by SMEs: report

Smart contracts based on blockchain technology can effectively prevent delays in payments for delivered goods and make it impossible to unilaterally alter original contracts, a local think tank said Sunday.The report by Korea Small Business Institute said blockchains can open new horizons for how small and medium enterprises conduct business with their larger contractors.Blockchain, often associated with cryptography and virtual currency, is considered an incorruptible digital ledger that can do

March 11, 2018

First-day sales of Galaxy S9 only 70 percent of predecessor

The first-day sales performance of Samsung Electronics Co.'s new flagship Galaxy S9 smartphones were around 70 percent of the previous series in South Korea, industry sources showed Saturday, reflecting the market's weaker-than-expected reaction.   According to the sources, 180,000 units of Galaxy S9 smartphones were distributed through the country's three mobile carriers on Friday, lower than the 260,000 units posted by the Galaxy S8 series. Samsung's new smartphone is currently available only

March 10, 2018

[Weekender] Cleaning delivered to your door with a simple tap

With temperatures slowly rising, the number of Koreans in long, padded jackets is dwindling.Coming on March 21 this year, the official start of spring is a traditional time for cleaning. And younger Koreans are going digital by opting for mobile apps to find veteran cleaners. Victor Ching, CEO of Miso, noticed the potential of a mobile-based cleaning service here and launched a cleaning app of the same name in August 2015 with a dream to create an “Uber” in cleaning.  Victor Ching, CEO of Miso (

March 9, 2018

Samsung Bioepis launches Europe’s first Herceptin biosimilar

Samsung Bioepis, the new drug development arm of South Korea’s Samsung Group, has launched its Herceptin biosimilar in the UK through its local marketing partner MSD, becoming the first company to bring a cheaper copy of the blockbuster anticancer drug to Europe.　MSD, also known as Merck & Co. in North America, announced Thursday that Ontruzant, the first biosimilar copy of Roche’s breast cancer therapy Herceptin (trastuzumab), had begun sales in the UK. Biosimilars refer to cheaper, near-replic

March 9, 2018

Human players beat AI robots in curling game

ICHEON -- Human players handily beat robots with artificial intelligence (AI) in a curling game on Thursday, despite the machines demonstrating evolving skill levels.At a competition hosted by the Ministry of Science and ICT, two robots named Curly exhibited considerable skill in placing stones on target and showed the ability to formulate strategy.Two robots named Curly face off against a human team at a competition hosted by the Ministry of Science and ICT in Icheon Thursday. (Yonhap)The robot

March 8, 2018

Samsung SDS seeks lead in smart logistics with AI, blockchain

Samsung SDS, the IT solutions and logistics service arm of South Korea’s Samsung Group, is seeking to outshine rivals in the global logistics business with its smart logistics platform that leverages artificial intelligence and blockchain technology to improve operational efficiency.　The company on Thursday shared the latest upgrades to it smart logistics platform Cello -- an end-to-end integrated logistics solution that handles logistics process from start to finish, including supply chain plan

March 8, 2018

MWC phones hit Korean market Friday

Major smartphones introduced at this year‘s Mobile World Congress by Korean strongholds Samsung and LG are set to hit the market Friday amid concerns about a slowdown in the smartphone market here.Samsung Electronics is rolling out its Galaxy S9 while LG Electronics is bringing out its V30S ThinQ, both of which were showcased at MWC in Barcelona.With LG having pushed back the release of its newest flagship phone, tentatively being called the G7, industry interest has been focused on the sales pe

March 8, 2018

Artificial intelligence is coming to home karaoke

Artificial intelligence is coming to home karaoke, with wireless carrier KT and karaoke machine maker KY Kumyoung Group teaming up to create a new service this year, according to KT on Thursday.The two firms signed an agreement Thursday at KT’s headquarters in Jongno-gu, Seoul. The two companies are planning to create a new artificial intelligence-powered karaoke service for homes this year, and to continue cooperating in the entertainment sector using KT’s latest technologies and Kumyoung’s mus

March 8, 2018

[Photo News] Dyson V10's Asia Debut

DYSON V10’S ASIA DEBUT -- Dyson’s vice president of floor care and robotics, John Churchill, demonstrates the functions of the new V10 cordless vacuum at the K Museum of Contemporary Art in Seoul on Wednesday. Churchill announced that Dyson would no longer be developing corded vacuums, moving completely into the cordless vacuums sphere. On Wednesday, the company revealed the new Dyson Cyclone 10 vacuum and Dyson Pure Cool air purifier for the first time in Asia, following similar events in New Y

March 7, 2018

Samsung CEO touts partnerships with Chinese mobile leaders on Galaxy S9

Samsung Electronics’ head of smartphones Koh Dong-jin is trying to appeal to Chinese consumers with the latest flagship Galaxy S9 series smartphones as part of efforts to restore Samsung’s position in the market.“Samsung will try to provide new value for Chinese consumers and economy, while continuing to invest in technological innovation,” said Koh in his keynote speech during a launching ceremony in China on Tuesday. Samsung held a launching ceremony for Galaxy S9 and S9 Plus smartphones in Gu

March 7, 2018

LG Innotek CEO eyes China with world’s most powerful UV LED chip

LG Innotek, a parts manufacturing subsidiary of LG Corp., announced Wednesday that the company has its eye on the global water treatment market, especially in China, with its ultraviolet ray light-emitting diode technology. The company said it had developed a 150-milliwatt UV LED chip for commercialization this year and would further raise the power to 200 milliwatts next year. LG Innotek is more familiar as a provider of smartphone camera modules, known to be a major supplier of the dual camera

March 7, 2018