Samsung to acquire Harman in connected cars push

Samsung Electronics said Monday it will acquire US connected car system provider Harman International Industries to accelerate its push into the smart car business.It is the largest-ever merger and acquisition of a foreign firm by a Korean company. The tech giant said it will acquire Harman for $112 per share in cash, for a total equity value of approximately $8 billion.The transaction, which is subject to approval by Harman shareholders, regulatory approvals and other customary closing conditio

Nov. 14, 2016

LG’s V20 sold 200,000 units in US

LG Electronics’ flagship smartphone V20 has reached cumulative sales of 200,000 units in the US market within 10 days of its launch, the company said Monday. The Korean tech giant said the sales of around 20,000 units per day were nearly double those of the previous model V10.  LG V20. (Yonhap)The V20, which sports a 5.7-inch display and dual cameras, is the most-hyped smartphone of the year when it comes to audio features. The phone is equipped with three mics and four digital-to-analog convert

Nov. 14, 2016

Naver forms W50b fund for media contents startups

South Korea’s top portal operator Naver has joined hands with SoftBank Ventures Korea to establish a new 50 billion won ($42.75 million) investment fund to nurture promising start-ups in the media content business and boost its own competitiveness as a platform provider.　　Naver said Monday that it will form the “SB Next Innovation Fund” in partnership with the venture capital arm of Japanese telecom giant SoftBank. They will make early investments in local firms that possess standout services or

Nov. 14, 2016

[ECONOMY AT RISK] Korea’s software still behind despite hardware prowess

The Korea Herald is publishing a series of articles on the alarming state of the country’s economy and the challenges to be addressed. This is the fifth installment. -- Ed.South Korea’s software capacity such as artificial intelligence and smart cars has much to be desired due to the lack of personnel, investment and partnership among industries, experts said. 　According to data from Hyundai Research Institute, Korea’s AI technology is still at the 75 percent level compared to the nations holdin

Nov. 13, 2016

[ECONOMY AT RISK] Hurdles lie ahead for Korea's biotechnology push

The Korea Herald is publishing a series of articles on the alarming state of the country’s economy and the challenges to be addressed. This is the fifth installment. -- Ed.Faced with the continued slowdown of its manufacturing sector, South Korea is eyeing new growth in the field of biotechnology, a promising industry expected for a sharp growth in the years ahead.　Biotechnology broadly refers to the use of genetic engineering and molecular biology to modify living cells to produce novel substan

Nov. 13, 2016

Samsung’s market cap rises to W375tr

Samsung Group’s combined market capitalization has risen to 375.52 trillion won ($322 billion) following the stock market debut of its biotechnology unit, a local financial data provider said Sunday.After Samsung BioLogics’ Kospi entrance on Thursday, Samsung’s 15 listed affiliates accounted for 29.07 percent of the total market cap of all the companies traded on Korea’s main stock exchange, WISEfn said.The figure marks a 1.25 percentage point increase from the group’s 27.82 percent ownership re

Nov. 13, 2016

Seoul to decide Google's request for map data next week

The South Korean government will make a decision next week whether to allow global giant Google Inc. to export government-supplied map data outside the country, a government official said Sunday.The Ministry of Land, Infrastructure and Transport, which supervises mapping policy, put off a decision on Google's recent request at its latest decision-making panel in August.It will hold a second-round meeting with officials from foreign, defense and other-related ministries next week to make a decisi

Nov. 13, 2016

Nexon’s Q3 earnings decline due to strong yen

South Korea’s leading game company Nexon said Thursday that its third-quarter operating profit fell 12 percent on-year to 16.3 billion yen ($154.6 million), crediting the decline to a strong yen during the cited period.　The company’s revenue also fell 11 percent on-year to 44.3 billion yen, according to its regulatory filing. The figures reflect exchange rates in the July-September period.Nexon, which is listed on the Tokyo Stock Exchange, pointed out that its third-quarter performance took a hi

Nov. 10, 2016

Sems Games to open first online, offline pop-up toy store

Sems Games said on Nov. 7 that it will open its first pop-up store, called “Playhouse,” in Seoul’s Hongdae area by the end of this year. At Playhouse, customers will be able to experience PLAP, a comprehensive and innovative toy service developed by the company to enable simultaneous offline toy design/assembly and online games via the Playhouse platform, after which the pop-up store was named.Actual-size character figurines and houses designed via the convergence toy platform Playhouse and prin

Nov. 10, 2016

Samsung BioLogics makes strong market debut after Trump victory

Samsung BioLogics, a contract manufacturer of biologic drugs under the Samsung Group, made a strong stock market debut Thursday, as its shares were buoyed by rosy expectations for the pharmaceutical industry after Donald Trump’s victory in the US presidential election.　Shares of Samsung BioLogics opened at 135,000 won ($117.50) apiece on Korea’s main stock market Kospi, slightly lower than their initial public offering price of 136,000 won.　After trading began, the shares continued to rally thro

Nov. 10, 2016

Samsung hesitant on foldable phones

Samsung Electronics is being cautious about the rollout of its foldable smartphone as it closely gauges market demand, according to sources familiar with the matter. “Samsung is already capable of mass producing foldable phones -- although premium models are usually made in small quantities -- by late next year. But, the company is not sure whether there is market demand for the costly, foldable devices,” a source told The Korea Herald on condition of anonymity. “If (the market condition is) con

Nov. 10, 2016

[Photo News] Ingress competition to take place in Seoul

INGRESS EVENT IN SEOUL -- Niantic, the developer of the smash hit augmented reality mobile game “Pokemon Go” will host a competition for its earlier-launched AR-based game “Ingress” in Jamsil, Seoul from Friday to Sunday. “Ingress” is a multiplayer mobile game utilizing AR technology in which users, belonging to teams, must capture “portals” at places of cultural significance and create virtual triangular “control fields” over geographical areas. The event, titled “Ingress Anomaly Via Seoul Noir

Nov. 10, 2016

Successful content business propels Kakao's Q3 earnings

Kakao, operator of South Korea’s largest mobile messenger KakaoTalk, said Thursday that its third-quarter operating profit rose 87 percent on-year to 30.3 billion won ($26.4 million), propelled by a strong mobile contents business.　The company‘s revenue in the July-September period also surged 70.5 percent on-year to 391.4 billion won. However, net income fell 7.7 percent on-year to 13.62 billion won due to “costs generated by Kakao’s financial activities,” it said.Kakao’s revenue hike was drive

Nov. 10, 2016

Korean scientist wins stem cell patent in US

South Korean scientist Hwang Woo-suk has won a patent for a stem cell line in the United States, marking the second patent on the related technology, data showed Wednesday.A 15-member research team led by Hwang registered the human embryonic stem cell line, called NT-1, with the US Patent and Trademark Office (USPTO) on Oct. 25. The former Seoul National University (SNU) professor created NT-1 in 2004 and claimed that it was the world's first stem cell batch extracted from cloned human embryos.

Nov. 9, 2016

Samsung to start Galaxy S8 testing in January

[THE INVESTOR] Samsung Electronics is expected to start testing its upcoming Galaxy S8 smartphone in January, while it is still gauging the launch date, multiple suppliers told The Investor on Nov. 8.“Key suppliers are required to provide an initial batch of their parts for the Galaxy S8 from January,” said an official of a parts maker on condition of anonymity.“Full volume supplies will start in February.” Parts makers were mixed about the launch schedule of Samsung’s new flagship phone that is

Nov. 8, 2016

Samsung runs apology ad over Galaxy Note 7 recall

Samsung Electronics ran an apology ad in major U.S. newspapers on Monday, pledging to thoroughly look into what led to the massive recall of its Galaxy Note 7 smartphone and renewing its commitment to consumer safety."An important tenet of our mission is to offer best-in-class safety and quality. Recently, we fell short on this promise. For this we are truly sorry," Samsung said in the ad that appeared in the Washington Post, the New York Times and the Wall Street Journal in the name of Gregory

Nov. 8, 2016

Samsung BioLogics, CLIO to go public this week

A number of closely watched initial public offerings will take place in South Korea this week, including that of contract drug manufacturer Samsung BioLogics and cosmetics company CLIO.Samsung BioLogics, the biopharma contract manufacturing arm of Korean tech giant Samsung Group, will be listed on Korea’s main bourse Kospi on Thursday, marking the largest IPO of the year here.A sign is seen at the Samsung BioLogics headquarters in Songdo, Incheon. (Sohn Ji-young/The Korea Herald)On Wednesday, ho

Nov. 7, 2016

Samsung offers glimpse of AI-powered Galaxy S8

Samsung Electronics’ next flagship smartphone Galaxy S8 will adopt an artificial intelligence platform, which will also be applied into all of its home appliances, the company said Friday. “We will focus on how to provide more pleasure and convenience to users through VIV Labs’ AI solution,” Lee Jae-yong, Samsung Electronics’ vice chairman, said while meeting the chiefs of VIV Labs in the company’s Seocho office building in Seoul on Friday. Lee added that Samsung would strengthen its technology

Nov. 6, 2016

Samsung to adopt AI feature for Galaxy S8

Samsung Electronics Co., is seeking to adopt a voice-based digital assistant for its next flagship device, the Galaxy S8, an executive said, as the world's largest manufacturer of smartphones is struggling to recover and woo back customers following the Galaxy Note 7 debacle."The Galaxy S8 will be our first platform to be equipped with AI-based voice recognition service," Rhee In-jong, a Samsung Electronics vice president, said during a meeting with reporters on Friday.The executive stressed tha

Nov. 6, 2016