Skin care start-up crowdfunds its way to global fans

Korean hardware start-up WayWearable is aiming to take K-beauty to the world with a smart skin care device that helps women in their daily life.And it has found sufficient reason to believe it can: Its debut product, WAY, used crowdfunding on global platform Indiegogo in May and June to raise over $120,000 from fans in 44 countries ― 243 percent of what it asked for, before the product even hit mass production. “K-beauty is hot nowadays. We would like to create a new movement blending K-beauty a

Aug. 20, 2015

LG Chem to beef up acrylic acid, SAP production

LG Chem said Wednesday it had finished expansion work on production lines for acrylic acid and a super absorbent polymer -- two basic materials on which the company pins high hopes for market leadership.Following the expansion, its production plant in Yeosu, South Jeolla Province, has an annual production capacity of 510,000 tons of acrylic acid and 360,000 tons of SAP, the world’s fifth- and fourth-largest capacities, respectively. The company predicted an additional 300 billion won ($250 milli

Aug. 19, 2015

Naver envisions ‘Smart Gangwon’

Naver, the largest Web portal operator in South Korea, said Wednesday it would put in great efforts to transform Gangwon Province into an innovation hub. Holding an event to mark the 100th day of its Creative Economy and Innovation Center, a start-up incubator, in the province Tuesday, Naver vowed to utilize state-of-the-art information and communications technology to grow small and medium-sized businesses in the region and help local enterprises overcome challenges caused by the geological hur

Aug. 19, 2015

[Photo News] Samsung attracts tourist shoppers

SAMSUNG ATTRACTS TOURIST SHOPPERS-- Tech giant Samsung Electronics said Tuesday that it would hold promotional events to give gifts to foreign customers who purchase Samsung products at the firm’s retail stores at duty free shops during the “Korea Grand Sale,” a nationwide shopping event for foreign tourists held from August throughout October.　(Samsung)

Aug. 19, 2015

[Photo News] New wireless speakers

NEW WIRELESS SPEAKERS -- South Korean electronics firm LG Electronics said Wednesday it would add two new Bluetooth speakers -- the Music Flow P5 and SoundPop 360 -- to its wireless audio lineup. The tech firm will showcase the speakers at the IFA electronics trade show to be held in Berlin in September. (LGE) NEW WIRELESS SPEAKERS -- South Korean electronics firm LG Electronics said Wednesday it would add two new Bluetooth speakers -- the Music Flow P5 and SoundPop 360 -- to its wireless audio

Aug. 19, 2015

Samsung to face litigation from suppliers

Dozens of Korean and foreign suppliers of Samsung Electro-Mechanics are seeking legal action against the electronics parts manufacturing unit of Samsung Group for its alleged mishandling of production contracts.BeCom, a local manufacturer, said Tuesday that the company, together with its 14 subcontractors in Korea and overseas, were suffering from combined financial losses of 46 billion won ($39 million) due to Samsung’s unilateral breach of contract. In June, BeCom inked a deal with Samsung Ele

Aug. 18, 2015

KT, BC Card launch all-in-one digital wallet

South Korea’s leading mobile carrier KT and its financial business unit BC Card released a “versatile” smart wallet, which allows users to easily manage options for payment and rewards, from credit cards to digital coupons. Utilizing beacon, GPS and Wi-Fi technologies, the new smart mobile wallet, dubbed CLiP, automatically provides users the information of credit, debit and membership cards available at nearby coffeehouses, restaurants and retail stores. The digital wallet also suggests the bes

Aug. 18, 2015

[Photo News] Card issuers get smart

CARD ISSUERS GET SMART -- Samsung Electronics said Tuesday that it would collaborate with 10 credit card companies to nurture the Samsung Pay mobile payment service. Executives from the tech giant and the card firms, including KB Kookmin Card, Woori Card and Samsung Card, pose at a meeting to map out ways to work together on the mobile payment system in Seoul, Tuesday. (Samsung Electronics)

Aug. 18, 2015

SK Group considers W46 trillion investment in chipmaker hynix

SK Group is considering pouring about 46 trillion won ($38 billion) over the next few years to expand the production facilities of its chipmaking unit SK hynix, officials said Monday.The large-scale investment move came after group chairman Chey Tae-won returned to management after being released from jail following a special presidential pardon last week.Before presiding over a meeting with CEOs across group affiliates on Monday, Chey said, “I will have to move quickly and make on-site visits.”

Aug. 17, 2015

LG Display to invest W10tr in OLED

South Korea’s top display-maker LG Display said Monday it would invest 10 trillion won ($8.5 billion) in OLED production by 2018, pledging a strategic shift to focus on the still nascent but lucrative display technology.The new investment plan was announced as part of the 20th anniversary of its LCD production at its plant in Paju, Gyeonggi Province. During the ceremony, LG Display CEO Han Sang-beom hinted at pouring considerable resources into OLED in the coming years, pinpointing the latest di

Aug. 17, 2015

Samsung unveils plan to create 30,000 youth jobs in two years

South Korea’s largest conglomerate, Samsung Group, said Monday it would create about 30,000 new jobs for young workers over the next two years.For this, Samsung will make investments worth around 100 billion won ($84.5 million) to provide vocational and educational opportunities, the officials said. Samsung Group`s headquarters in Seoul. (Yonhap)Samsung’s move is in line with the government’s efforts to improve the youth job market.“Samsung will fulfill its responsibility to society by contribut

Aug. 17, 2015

CrucialTec expects robust revenue growth in H2

South Korea’s leading fingerprint scanner maker CrucialTec said Monday that its fingerprint module business would continue to gain traction during the rest of this year thanks mainly to the burgeoning Chinese biometrics market. The Pangyo-headquartered firm said in its regulatory filing it would rake in around 285 billion won ($240 million) in revenue in the latter half of this year, up 280 percent compared to the same period last year. CrucialTec CEO Charles Ahn poses with fingerprint modules a

Aug. 17, 2015

[Photo News] LG eyes Middle East market

LG EYES MIDDLE EAST MARKET -- South Korean tech giant LG Electronics said Monday it would step up its marketing efforts, targeting the high-end segment of the Middle Eastern market. The company has recently opened a premium retail store in Jordan following those in Iran and Lebanon, which were launched in the first half this year. (LGE) LG EYES MIDDLE EAST MARKET -- South Korean tech giant LG Electronics said Monday it would step up its marketing efforts, targeting the high-end segment of the Mi

Aug. 17, 2015

[Photo News] KT runs promotion for new Galaxys

KT RUNS PROMOTION FOR NEW GALAXYS -- South Korea’s leading mobile carrier KT launches experience zones for Samsung Electronics’ new phablets -- Galaxy Note 5 and Galaxy S6 Edge Plus -- at its retail stores across the nation on Monday. (KT)

Aug. 17, 2015

IT industry rises as major pillar of Korean economy

Along with the steel, automotive and shipbuilding sectors, the IT industry has served as a locomotive that has driven South Korea’s economy for decades.At the forefront of South Korea’s IT scene were electronics businesses run by conglomerates including Samsung Electronics, LG Electronics and Daewoo Electronics (now Dongbu Daewoo Electronics owned by Dongbu Group).Having produced the nation’s first transistor radio in 1959, LG, then called Goldstar, was a pioneer in the domestic home appliance m

Aug. 16, 2015

Samsung's big-screen Galaxy phones face tough test

NEW YORK -- It’s clear that the success of Samsung’s latest smartphone and phablet will be a crucial test for Lee Jae-yong, the heir to Korea’s largest conglomerate and vice chairman of Samsung Electronics.And it’ll certainly be a tough challenge, given the hugely saturated nature of today’s smartphone market that has competition cropping up at every bend in the road.“Samsung definitely has a huge presence, all over the U.S. and in the world,” said one participant at last week’s Samsung Unpacked

Aug. 16, 2015

Samsung to release new phablets in S. Korea this week

Samsung Electronics Co. plans to launch its two new phablets in South Korea this week to coincide with the commercial start of a mobile payment service on its home turf, a company executive said Saturday.Samsung, the world's largest smartphone maker, showcased the Galaxy Note 5 and Galaxy S6 Edge+ phablets, or a combination of a smartphone and a tablet PC, in New York on Friday as part of efforts to galvanize its mobile business."The release of the phablets in South Korea is scheduled for Thursd

Aug. 16, 2015

Samsung pushes new phablets amid ailing handset returns

South Korea's top tech giant Samsung Electronics Co. showcased two new phablets on Thursday in the United States, with one being the larger edition of the Galaxy S6 Edge that curves on both sides, in its latest bid to revitalize its mobile business. JK Shin, president and CEO of Samsung Electronics holds the Samsung Galaxy S6 Edge+ (left) and the Samsung Galaxy Note 5 during a presentation, Thursday at Lincoln Center in New York. (AP-Yonhap)Dubbed the Galaxy Note 5 and the Galaxy S6 Edge+, the p

Aug. 14, 2015