[Photo News] Samsung-Aramco 5G partnership

Samsung Electronics and Aramco, Saudi Arabia’s state-run oil and gas company, have signed a memorandum of understanding for a strategic partnership to accelerate the industrial adoption of 5G network technology in the largest Middle Eastern country by area. Under the agreement, the two companies will promote the digital transformation of Saudi Arabia’s industrial sectors by adopting LTE and 5G high-speed network technologies.

March 24, 2023

Samsung Group celebrates low-key 85th anniversary

South Korea's largest conglomerate, Samsung Group, on Wednesday marked the 85th anniversary of its founding in a low-key manner. It is the first year that the big day has been celebrated following de facto leader Lee Jae-yong’s promotion to executive chairman of Samsung Electronics. Industry sources and Samsung officials said the group commemorated this year’s anniversary without organizing any official events as in other years. There was no special message delivered to employ

March 22, 2023

Samsung, SK breathe tentative sigh of relief over US chip subsidy rules

The United States has revealed the details of its “guardrail” proposal for global chipmakers who wish to receive its chips subsidy and have production facilities in China, "loosening" the restriction by allowing the limited expansion of production capacity in China. Home to two of the world's largest memory chipmakers, Samsung Electronics and SK hynix, Korea's chip industry is somewhat relieved that the guardrail statute “slightly opens up the windpipe&rd

March 22, 2023

Boryung to set up JV with US space station developer

South Korean drug maker Boryung said Tuesday the company will establish a joint venture with US commercial space station developer Axiom Space in its latest foray into the space health care industry. “(Boryung) came to an agreement with Axiom Space yesterday to establish a joint venture in South Korea," Boryung CEO Jay Kim said during the company's annual shareholders meeting, held at its headquarters in Seoul on Tuesday. According to Boryung, the two companies have signed a lett

March 21, 2023

Innospace opens new era for space sector

Innospace, a South Korean startup specializing in developing hybrid space rockets, on Tuesday announced that the previous day's launch of the Hanbit-TLV had been successful, opening up a new era for the country’s private space sector. The Hanbit-TLV, which was launched from the Alcantara Space Center in Brazil at 2:52 p.m. on Sunday there, flew for 4 minutes and 33 seconds with its engine burning for 106 seconds after the liftoff, and eventually landed in the safety zone in Brazilian

March 21, 2023

[Photo News] Saving energy in style

Samsung Electronics on Tuesday unveiled this year’s new Bespoke home appliances lineup at a press event in Seoul. Twenty-seven new products are expected to be launched in the first half of the year, coming equipped with artificial intelligence-based energy-saving features.

March 21, 2023

Samsung CEO hints at buyout of Rainbow Robotics

Samsung Electronics Vice Chairman and co-CEO Han Jong-hee said Tuesday that the tech giant was in talks to secure a greater stake in Rainbow Robotics, a local humanoid robotics company, in an apparent move to ramp up its presence in the burgeoning robotics market. At a press event held to introduce Samsung’s new Bespoke home appliances lineup in Seoul earlier in the day, Han noted that the company has a strong appetite to acquire Rainbow Robotics and related talks are on the way “l

March 21, 2023

LG CNS offers cloud cost optimization service

South Korean information technology service provider LG CNS said it launched cloud cost optimization service FinOps Clinic, which assesses clients’ cloud usage to offer the optimal budget and reduce overall cloud spending. More companies are using multiple cloud services from multiple service providers, and the new service is aimed to allow clients to effectively manage their costs by identifying mismanaged or abnormal cost occurrences, LG CNS said. FinOps -- formed by combining "fina

March 21, 2023

Kakao suspends AI chatbot service due to 'massive' popularity

Kakao Brain, an artificial intelligence technology research and development subsidiary of Kakao, said Monday it has temporarily suspended its generative AI-based chatbot service, within a day after its open beta release, due to technical glitches. At around 4 p.m. on Monday, Ddmm was unexpectedly closed after too many users flocked to try out the service. By the time Kakao had suspended the service, some 13,000 users had added the service to their mobile messenger, KakaoTalk. The exact date for

March 20, 2023

GI Innovation sets IPO price below target range

GI Innovation, a local biotech firm, said Monday its initial public offering price has been set at 13,000 won ($9.90), lower than the minimum price range that the company targeted. The IPO price was determined after GI Innovation conducted a two-day book-building process targeting institutional investors last week. A total of 563 institutions, including 46 foreign entities, joined the process, the company said. The overseas institutions reserved some 13.77 million shares, while local institution

March 20, 2023

Lunit's cancer-detecting solution gets EU approval

Lunit, a provider of artificial intelligence-powered cancer solutions, said Monday that it has received approval from the European Union for the commercial launch of its AI-based medical software used in detecting breast cancer. The solution, dubbed Lunit Insight Digital Breast Tomosynthesis, is an AI-based software solution to help identify suspicious lesions with 3D mammograms. “(Lunit) has laid the groundwork for sales in European countries by earning the CE marking in around one month

March 20, 2023

[Contribution] Reviving Korea's green legacy on International Day of Forests

By Nam Sung-hyun Today is the International Day of Forests. Forests account for 31 percent of the land surface area of the Earth. They play a crucial role in responding to climate change as they absorb 2 billion metric tons of carbon dioxide yearly as a major terrestrial carbon sink. Forests also provide habitats to 80 percent of terrestrial species, proving to be the cornucopia of biodiversity. In other aspects, approximately 1 billion people worldwide obtain essential nutrients from forests

March 20, 2023

LG unveils vision for ThinQ smart home platform

LG Electronics said Monday it presented a blueprint for ThinQ, a platform brand that connects home appliances and consumer electronics with smart technology for higher efficiency, at the Connectivity Standards Alliance member meeting in Seoul. Jung Ki-hyun, vice president of LG's platform business center, attended the four-day event as a keynote speaker and shared the company's vision for providing more consumer-friendly smart home services. He outlined three core values of ThinQ: adva

March 20, 2023

Innospace launches world’s 1st hybrid rocket with electric pump

Innospace, a South Korean startup specializing in developing hybrid space rockets, said it has launched the Hanbit-TLV -- an 8.4-ton single-stage thrust hybrid rocket standing at 16.3 meters tall -- from the Alcantara Space Center in Brazil at 2:52 p.m. on Sunday local time. “We will announce the results of the engine’s flight performance and whether the payload’s mission ends up in a success after a comprehensive analysis of the flight data,” said Innospace in a text to

March 20, 2023

S. Korean startup Innospace launches test launch vehicle HANBIT-TLV

Innospace, a South Korean space startup, said Monday its suborbital test launch vehicle, HANBIT-TLV, has been launched. The 8.4-ton thrust single stage hybrid rocket was fired from the Alcantara Space Center in northern Brazil at 2:52 p.m. Sunday (local time), or 2:52 a.m. Monday (Korean time), according to the company. "We are now verifying the flight performance of the engine and its payloads," Innospace said in a statement. "We will announce the final result of the launch later

March 20, 2023

Yoon calls for Korea-Japan cooperation on chips, batteries

South Korean President Yoon Suk Yeol called for close cooperation of businesses of South Korea and Japan, especially in cutting-edge fields of semiconductors and batteries, during a meeting of entrepreneurs of the two countries, Friday. The two biggest business groups of South Korea and Japan, Korean Federation of Industries and Japan Business Federation -- commonly known as Keidanren -- hosted the Korea-Japan Business Roundtable on the second day of Yoon's two-day visit to Tokyo. Yoon held

March 17, 2023

Samsung Biologics to invest W2tr for 5th plant

Samsung Biologics said Friday it is investing 2 trillion won ($1.5 billion) to build its fifth production plant as part of efforts to meet market demands and bolster its manufacturing competitiveness. The company announced the plan after an approval from the board of directors earlier in the day. Last year, the company’s revenue exceeded the 3 trillion-won mark for the first time within the bio pharma industry, with its operating profits reaching some 1 trillion won. While its fourth pla

March 17, 2023

Samsung ups stake in Rainbow Robotics

Samsung Electronics has purchased more shares in Rainbow Robotics, a local humanoid robotics company, in an apparent move to ramp up its presence in the burgeoning robotics market. In a regulatory filing on Wednesday, Rainbow Robotics reported its Chief Executive Officer Oh Jun-ho and other special interest groups sold their combined 4.8 percent stake in the company to Samsung for 27.8 billion won ($21.2 million). Adding to its 10.22 percent stake purchased in January, Samsung now owns a tota

March 16, 2023

Fundamentals in focus as Samsung CEO signals continued investment

SUWON, Gyeonggi Province -- While forecasting a grim business outlook amid a global economic downturn, Samsung Electronics Vice Chairman Han Jong-hee vowed to overcome difficulties by focusing on the "fundamentals" and to maintain investment, during this year's annual shareholders meeting Wednesday. “We expect this year to be more difficult than ever, as management uncertainties surrounding the company would continue. But even in these situations, we were able to overcome

March 15, 2023

S. Korea, Dutch trade ministers pledge to bolster ties on chips

Trade ministers of South Korea and the Netherlands on Tuesday agreed to further strengthen bilateral cooperation on various industries, especially in the semiconductors amid growing pressures from the US to curb investment in China. South Korean Minister for Trade Ahn Duk-geun met with Dutch Minister for Foreign Trade and Development Cooperation Liesje Schreinemacher to exchange views on the two countries' partnership on economic security. They agreed to further strengthen complementary c

March 14, 2023