Kakao launches KakaoGames for global push

[THE INVESTOR] Internet giant Kakao on July 1 announced the official launch of its renamed game unit KakaoGames following its shareholders’ approval the day before. The company said the branding renewal comes in order to elevate its global awareness and improve operational efficiency overall. The company aims, among other things, to expand its presence in the global market. Unlike its cross-town rival Naver that earns more than 35 percent of sales from overseas markets, Kakao has almost no prese

July 1, 2016

Korea tops average Internet speed worldwide: report

[THE INVESTOR] Korea has the highest average Internet connection speed in the world, according to a report by Akamai Technologies, a content delivery network provider headquartered in the US. The organization’s quarterly report, “State of the Internet,” showed that in the first quarter of the year Korea has four times faster average Internet speed at 29 Mbps, an 8.6 percent increase over the previous quarter. It was followed by Norway, Sweden, Hong Kong and Switzerland. The world average was 6.3

July 1, 2016

Samsung’s consumer electronics business to post robust Q2 profit

[THE INVESTOR] Tech giant Samsung Electronics’ consumer electronics business is forecast to see its operating profit for the April-June period surpass 1 trillion won ($870 million). Market analysts also expect Samsung to show a strong business performance in the latter half this year, enjoying the weak Korean won due to Britain’s vote to exit the EU. The CE business will likely see its operating income for the second quarter cross 1 trillion won for the first time since 2009, according to invest

July 1, 2016

LG’s appliance business expected to see record profits in Q2

[THE INVESTOR] LG Electronics is expected to post more than 10 percent operating profit ratio in its appliance business in the second quarter on upbeat sales of more lucrative high-end products, analyst estimates found on July 1. The home appliance and air solutions division enjoyed record sales and operating profit to sales ratio in the first quarter. Especially the operating profit ratio soared to 8 percent in the April-June period and the figure is expected to exceed 10 percent in the second

July 1, 2016

Samsung’s components businesses likely to suffer loss in Q2

 [THE INVESTOR] Samsung Group’s electronic components businesses, including Samsung Electro-Mechanics, and Samsung SDI, are forecast to show disappointing earnings results for the April-June period, according to market analysts.Samsung Electro-Mechanics will post 21.7 billion won ($18.9 million) in operating income, down 49.4 percent from the previous quarter, with its revenue coming in at 1.6 trillion won, up 2.6 percent from the first quarter, according to a recent investment report released b

July 1, 2016

Yozma hints at US$100m funding for Korean biotech ventures

[THE INVESTOR] Yozma Group chairman Yigal Erlich on June 30 hinted at new funding worth up to US$100 million in Korea’s biotech venture firms. Yozma Group chairman Yigal Erlich　The head of the leading venture capitalist based in Israel was visiting Seoul to attend a conference among bioscience experts and industry officials. Touting Korea’s advanced medical techniques, he showed expectations about the growth potential of the nation’s biotech industry. During his visit, Yozma Group also signed a

June 30, 2016

Qualcomm IT tour held for Korean engineering students

[THE INVESTOR] Qualcomm Korea held the 14th Qualcomm IT Tour for engineering students in Korea and invited them to its American headquarters as part of it efforts to update them on cutting-edge wireless technologies, the company said on June 30. A total of 25 Korean engineering students had a chance to meet with engineers and management from the firm and learn about the company’s mobile technologies.They also had a presentation in the presence of Derek Aberle, president of the company, and discu

June 30, 2016

SKT to develop 5G technologies with Deutsche Telekom, Ericsson

[THE INVESTOR] Korea leading network operator SK Telecom has signed a memorandum of understanding with Deutsche Telekom and Ericsson to develop core technologies for the next-generation network, or 5G.Through the partnership, the three will conduct trial tests of key 5G technologies including network functions virtualization(NFV), software-defined telecommunications infrastructure(SDTI), and distributed cloud, all of which will provide optimized end-user experiences, SKT said on June 30.The Kore

June 30, 2016

Samsung Display to replace another LCD plant with OLED operations

[THE INVESTOR] Samsung Display has decided to replace one of its liquid-crystal display plants with organic light-emitting diode panel-making production lines in a move highlighting the firm's resolve to focus on the latter.  This is the sixth such LCD plant that Samsung has shut down or replaced with OLED operations. Industry sources said on June 30 that the display-making unit of Samsung Electronics will stop the operation of its LCD production line in Asan, South Chungcheong Province, by the

June 30, 2016

Google Maps told to censor defense facilities for full services in Korea

[THE INVESTOR] Korea’s Defense Minister Han Min-koo said Google Maps will be allowed to offer full services in the nation only if it censors core security facilities on its digital map.Earlier this month, the US Internet giant requested permission from the Ministry of Land, Infrastructure and Transport to get access to South Korea’s geographical data in a bid to make its flagship online maps’ services, such as the zoomed-in view of the satellite images, fully available in Korea.It was Google’s l

June 30, 2016

LG Uplus banned from new bids on bribery scandal

[THE INVESTOR] LG Uplus, the nation’s No. 3 telecom carrier, has been suspended from bidding for government orders for the next three months.According to the Office of Supply on June 30, the punitive measure took effect on June 28 following the company’s recent defeat in a legal dispute with the Ministry of National Defense. In 2012, a military officer was sentenced to a prison term after the Defense Ministry found him guilty of taking bribes from LG Uplus in return for business favors. The mini

June 30, 2016

KT Music wins award for Asia’s best mobile music app

[THE INVESTOR] Network operator KT said June 30 that mobile on-demand music app genie, operated by its subsidiary KT Music, received an award at the Mobile World Congress in Shanghai, an annual mobile trade show.GSMA, the organizer of the mobile trade show, evaluated mobile music apps in Asia, and KT Music’s app received top scores in a range of categories including user experience, quality of content, and technology advancement. KT Music’s virtual reality music streaming platform genie VR. KT M

June 30, 2016

Samsung joins project to develop smart grid in Jeju

[THE INVESTOR] Tech giant Samsung Electronics said June 30 that it would join a project to build a tourist complex on Jeju Island. The tech giant said it has joined hands with land developer JCC to develop a smart energy grid fitted with environmentally friendly energy management systems in the Jeju Ora Tourist Complex, which is scheduled to be built by 2021. The resort to be built on 3.6 million square meters of land by 2021 will feature 7,650-seat convention center, hotels, condos, shopping ma

June 30, 2016

Samsung Display in talks with Indian firm to sell LCD equipment

[THE INVESTOR] Display maker Samsung Display is reportedly planning to sell its liquid-crystal display equipment at its L7 manufacturing line in Asan, South Chuncheong Province.“Samsung Display is currently negotiating with India-based Twinstar Display to hand over the LCD manufacturing equipment at the L7 line to Twinstar Display,” reported online news outlet iNews 24 citing an anonymous source. “The potential deal will likely involve Samsung’s technical support for the Indian company as the la

June 29, 2016