[Contribution] Petrochemical business to explore Gen AI potentials

By Marco Moder Partner at McKinsey & Company Korea Once the key growth engine for the nation’s economy. Now a major roadblock in value chain realignment and market road map. This is where South Korea’s petrochemical industry stands as of now. It is undeniable that the industry faces numerous challenges. Over the past few years, the rapid oversupply from China has intensified demand competition, causing profitability to plummet to an unprecedented level. Also, as the business cy

May 30, 2024

Corning eyes leadership in glass substrate market for chips

Corning is looking to expand its presence in the burgeoning glass substrate market for semiconductors, using its special proprietary technologies, the company's president in charge of Korea operation said Wednesday. Speaking at his first press conference here after assuming his role as the president of Corning's Korea Region last November, Vaughn Hall also presented the company's new initiative window glasses, introducing the lighter, energy-efficient ATG Glass. "I have high

May 29, 2024

Samsung, Lennox set up HVAC joint venture in US, Canada

Samsung Electronics Co. said Tuesday that it has agreed to set up a joint venture with a leading provider of climate solutions for a heating, ventilation and air-conditioning and refrigeration business in the United States and Canada. According to Samsung, the newly established JV, named Samsung Lennox HVAC North America, will sell ductless AC and heat pump products in the US and Canada. The JV is 50.1 percent owned by Samsung, with the remaining stake being held by Lennox. However, Samsung did

May 28, 2024

SK C&C, Hana team up to develop smart battery plant machines

SK Inc. C&C, an IT solutions unit of SK Group, said Tuesday that it inked a memorandum of understanding to jointly develop plant machines tailored for secondary battery manufacturing with Hana Technology, a local equipment maker, eyeing exports to North America and Europe. Hana’s key equipment will be supplied to be transformed by using SK’s digital factory operation know-how and other advanced technologies like artificial intelligence and big data. The machines will be capable o

May 28, 2024

[Photo News] Power of optimism

LG Electronics’ new “Optimism your feed” campaign video is played on a signage screen at Times Square in New York. The tech giant said Tuesday it has teamed up with online influencers to spread the power of optimism among young social network service users. The campaign is part of LG’s new brand identity “Life’s Good.” (LG Electronics)

May 28, 2024

[Photo News] Tumbler washer at Starbucks

LG Electronics said Monday that its “myCup” tumbler washers have been installed at all Starbucks outlets nationwide as part of a partnership with the Ministry of Environment and Starbucks Korea. Based on LG’s Dios dishwasher technology, the tumbler washer offers two modes: a quick 30-second wash and a thorough wash course -- both using 65-degrees-Celsius hot water. (LG Electronics)

May 27, 2024

[Herald Interview] Autocrypt eyes global leadership in automotive security

LEIPZIG, Germany -- The automotive security sector has never been more important with the growth of connected cars and the advancement of software for vehicles. Autocrypt, a South Korean startup, has been making strides and is looking to become a leading provider of automotive cybersecurity and mobility solutions. “Cars are now equipped with loads of software so now they are exposed to hacking like computers (facing risks) in the backend server and various (types of) IT infrastructure,&rdq

May 27, 2024

[Photo News] Samsung chief meets Chinese premier

Samsung Electronics Chairman Lee Jae-yong met Chinese Premier Li Qiang in Shilla Seoul on Sunday. During their meeting, Lee expressed gratitude for the Chinese government's support for Samsung affiliates during the COVID-19 crisis, including exempting them from the lockdown measures. Saying the cooperation between Samsung and China represented the Korea-China relationship in microcosm, Li encouraged the tech giant to further investment in his country. Li, traveling to Seoul to attend the Ko

May 26, 2024

[Africa Forum] Korea ready to support Africa’s FDI push

African ambassadors and Korean trade experts explored the economic potential of bilateral ties between Korea and Africa during the Africa Day Business Forum, co-hosted by The Korea Herald and the African Group of Ambassadors in Seoul on Thursday. In a panel discussion mediated by Tunisian Ambassador to Korea Kais Darragi, they discussed ways to attract more investment into African countries. Hong Soon-young, vice president of the Export-Import Bank of Korea, urged African nations to go all-out t

May 26, 2024

Samsung denies report on HBM chips failing Nvidia tests

Samsung Electronics, the world's No. 1 memory chipmaker, on Friday denied a report that its high bandwidth memory chips had yet to pass Nvidia's tests for use in the US chip giant's AI processors. Samsung said testing for HBM supply is progressing "smoothly" with various global partners. "We are currently working closely with multiple companies and continuously testing technology and performance,” the Korean tech giant said in a statement. “We are cond

May 24, 2024

South Korea unveils W26tr support program for chip industry

South Korean President Yoon Suk Yeol on Thursday unveiled a national support program worth 26 trillion won ($19 billion) to boost the country's semiconductor industry, in a move to up its game amid the global competition. The comprehensive chip support package includes financial programs, research and development strategies and infrastructure support. But it came short of direct subsidies which industry players here have been requesting to compete with international rivals. "With tax c

May 23, 2024

LG, UNESCO to develop online education course on AI ethics

LG AI Research, LG Group’s artificial intelligence think tank, said Wednesday that it has inked a strategic partnership with UNESCO to develop an education course on AI ethics. The partnership, signed on the sidelines of this week’s AI Seoul Summit, LG and UNCESO agreed to convene an advisory group of international experts within the year. The education course is slated to be launched by the end of 2025, and LG said some progress could be shared at the AI Action Summit in Paris next

May 23, 2024

A.Virtual's air sanitizer hits Dubai market

Air sterilization solutions provider A.Virtual said Wednesday it would introduce its air sanitizer to the Dubai market through a partnership with Sharaf DG, the largest electronics retailer in the Middle East. A.Virtual's air sanitizer with sterilization capabilities will be exclusively available in Sharaf DG's five stores in Dubai, located in Dubai Mall, Deira City Centre, Times Square Centre, Mirdif City Centre and Dubai Hills. Sharaf DG operates over 40 stores across the Middle East

May 22, 2024

Global leaders vow to promote safe, inclusive AI at Seoul summit

Leaders of major global powers Tuesday adopted a declaration pledging to promote safe, innovative and inclusive artificial intelligence amid the fast-evolving tech environment. The “Seoul Declaration” was adopted during a virtual leaders' session of the AI Seoul Summit, co-hosted by President Yoon Suk Yeol and British Prime Minister Rishi Sunak. The declaration aims to address the broad spectrum of opportunities and challenges posed by the design, development, deployment and use

May 22, 2024

[Herald Interview] 'Lifting regulations key to corporate push for RE100'

Regulations are holding back companies like Samsung Electronics in speeding up their renewable energy commitments, so the government should remove them and pursue grid transformation, the head of Climate Group said Tuesday. Noting how Korea had a lot of regulatory limitations on implementing renewable energy plants, Helen Clarkson, the chief executive officer of the London-based entity, highlighted the role of the government and that its initial moves are the key for the country to "get on

May 22, 2024

14 global tech giants adopt business pledge on 'responsible' development of AI

A group of South Korean and global tech companies adopted a joint pledge Wednesday, vowing to responsibly develop and use artificial intelligence and to address social challenges with the technology. The Seoul AI Business Pledge was announced by 14 companies, including Korea's Samsung Electronics Co., Naver Corp., Kakao Corp. and KT Corp., as well as global big tech companies, such as Google, Microsoft, OpenAI and IBM, during the opening ceremony of the AI Global Forum in Seoul. The AI Glob

May 22, 2024

Dabeeo launches palm oil farm AI monitoring project in Indonesia, covering area larger than Seoul

Leading geospatial intelligence AI technology firm Dabeeo on Monday commenced its latest AI monitoring project of palm oil farms in Indonesia, covering an area that is larger than the South Korean capital of Seoul. The company inked a deal with Tunas Sawa Erma Group, one of Indonesia's major palm oil producers, for the project, spanning across a total of 765 square kilometers. "While high-precision satellite imagery is commonly used for military and IT purposes, cases like this one,

May 22, 2024

K-water boasts 'super-gap' technoloiges at World Water Forum

Korea Water Resources Corp., or K-water, said Tuesday that it presented three "super gap" technologies the agency has developed to tackle water issues at the 10th World Water Forum in Bali, Indonesia. The technologies include digital twin technology for water management, AI-based water purification plants, and a smart water network management system. Recognized for their potential to tackle the unpredictable and unprecedented climate crisis, they were featured in a special session at

May 21, 2024

XR partnership between LG, Meta falls through

The highly-publicized partnership between LG Electronics and Meta for an extended reality device seems to have fallen through largely due to the lukewarm outlook for the XR market overall, according to industry sources on Monday. “LG and Meta may continue collaborating in other areas such as artificial intelligence and metaverse. But for an XR device, they are pushing back their plans after seeing the sluggish sales of the earlier models, especially Apple’s Vision Pro,” an indu

May 20, 2024

LG CNS launches Orelo conference interpreting solution

Korean IT service provider LG CNS said on Monday it has launched a multi-lingual video conference interpretation solution, called “Orelo,” which can simultaneously interpret up to three different languages in real-time. The solution can distinguish about 100 languages by voice alone and provides simultaneous interpretation in the languages used by the meeting participants. It recognizes the statement in a certain language and immediately translates it into selected languages and prov

May 20, 2024