Samsung Electronics likely headed for first quarterly loss in nearly 15 years: analysts

Samsung Electronics Co. is likely to post an operating loss in the second quarter on a chip downturn and decline in mobile demand, in what will be the first quarterly loss for the world's largest memory chip maker in nearly 15 years, according to analysts Sunday. Samsung Electronics could suffer an operating loss of as much as 1.28 trillion won ($961 million), according to an estimate by Hi Investment & Securities Co. Among the local brokerages that gave a similar outlook, SK Securities

April 23, 2023

Samsung hit with $303m jury verdict in computer-memory patent lawsuit

Computer-memory company Netlist convinced a federal jury in Texas on Friday to award it more than $303 million for Samsung Electronics's infringement of several patents related to improvements in data processing. The jury in Marshall, Texas determined after a six-day trial that Samsung's "memory modules" for high-performance computing willfully infringed all five patents that Netlist accused the Korean tech giant of violating. Representatives for the companies did not immed

April 22, 2023

LG wins ISO certification for open-source software security assurance

LG Electronics said Friday that it has been recognized as complying with the global standard for its open-source software security management system by a globally renowned nonprofit organization. The South Korean tech giant was accredited by Linux Foundation’s OpenChain Project as the first firm in the global industry to certify the ISO/IEC DIS 18974 standard, the key requirements of a quality open-source security assurance program, LG officials said. The company met all 30 security cert

April 21, 2023

[Test drive] Porsche can make your heart beat faster

Ferry Porsche gave birth to the Porsche 356 ‘No. 1’ Roadster with his team in 1948, breathing life into his dream of the ideal sports car and marking the beginning of one of the most recognized auto brands in the world. The founder of Porsche said, “In the beginning, I looked around and could not find quite the car I dreamed of, so I decided to build it myself." Commemorating the 75th anniversary of the legendary brand’s establishment this year, Porsche has been cond

April 21, 2023

S. Korea to spend W560b to promote software sector this year

South Korea will invest over 560 billion won ($422.6 million) to foster software development companies and experts, with the goal of accelerating the country's push for digital innovation, the Science Ministry said. The Ministry of Science and ICT announced its plans for advancement of the software industry at an economic meeting Friday, intending to build on the fundamental strength of digitization and support the sector’s overseas expansion. Its yearly budget for the project stands

April 21, 2023

Colombian avocados found to have excessive level of pesticides

More than 200 times the amount of pesticides permitted on avocados had been detected in those shipped from Colombia to South Korea, according to the Ministry of Food and Drug Safety. In 22,080 kilograms of Colombian avocados imported by a Korean agricultural product trade platform operator Tridge, 2.03 milligrams per kilogram of thiabendazole had been detected. This is much higher than the standard of 0.01 milligram per kilogram set by the Korean regulator. Thiabendazole, a fungicide and pestici

April 21, 2023

Apple Pay triggers surge in Hyundai Card users

Hyundai Card, the first partner of Apple Pay in South Korea, saw a 75 percent on-month increase in the number of its new card users during the first month since the payment service launched in Korea. The number of new Hyundai Card members has increased by 203,000 following the launch of Apple Pay in Korea on Mar. 21, according to data from the Credit Finance Association of Korea. The number of new members of Hyundai Card in March was the highest among eight local credit card companies -- Lotte,

April 21, 2023

[Photo News] Upcycling air waste

South Korean low-cost carrier Jeju Air on Friday launched new merchandise made from decommissioned life vests as part of the company's efforts in achieving carbon neutrality. Collaborating with global upcycling brand Nukak, Jeju Air has released three products -- a passport wallet, travel bag and mini pouch -- available online.

April 21, 2023

Seoul shares open lower on Tesla drop, recession woes

South Korean stocks opened lower Friday, led by the decline in auto and battery shares following Tesla Inc.'s sharp fall on Wall Street and US data signaling a slowing economy. The benchmark Korea Composite Stock Price Index slid 12.97 points, or 0.51 percent, to 2,550.14 in the first 15 minutes of trading. Wall Street ended lower Thursday after Tesla hinted at more price cuts to come and that it intends to do so even if it hurt its margins. New claims for unemployment benefits in the Unite

April 21, 2023

Exports down 11% during first 20 days of April

South Korea's exports fell 11 percent on-year in the first 20 days of April, data showed Friday, amid the prolonged slump in the global chip industry. The country's outbound shipments stood at $32.4 billion in the April 1-20 period, compared with $36.3 billion a year earlier, according to the data from the Korea Customs Service. Imports shed 11.8 percent on-year to $36.5 billion during the cited period, resulting in a trade deficit of $4.13 billion. In March, outbound shipments fell 13

April 21, 2023

[Photo News] Samsung honors Korean War heroes

A video featuring Korean War heroes is displayed on a giant outdoor billboard Samsung Electronics set up in Times Square in New York on Thursday. Samsung released the video to mark the 70th anniversary of the South Korea-US alliance and the 1953 armistice agreement that brought about a cessation to the Korean War.

April 20, 2023

[Photo News] LG honors Korean War heroes

A video featuring 12 high-profile US and South Korean war veterans plays on LG Group’s giant billboard in the heart of Times Square in New York on Thursday. South Korea’s Ministry of Patriots and Veterans Affairs made the video in commemoration of the 70th anniversary of the Korea-US alliance this year.

April 20, 2023

Diageo Korea, British Embassy to sponsor Chevening Scholarships until 2026

Diageo Korea said Thursday that it has signed a memorandum of understanding with the British Embassy in Seoul to extend sponsoring the UK government's global scholarships program. Through the extension, the Korean unit of the British drinks group plans to continue to help foster global leaders in Korea until 2026. The Chevening Scholarships are a global scholarship program organized by the British Ministry of Foreign Affairs. They are awarded to talented people with excellent academic backg

April 20, 2023

Korea eyes W20tr boost for secondary battery sector through 2030

South Korea will invest 20 trillion won ($15 billion) in research and development of secondary batteries for electric vehicles through 2030 to secure global competitiveness, the government said Thursday. "Secondary batteries are among the country’s crucial strategic assets, along with semiconductors. Their importance cannot be stressed enough. Secondary batteries are at the center of the global competition for technological supremacy. It is the power of EVs in times of carbon neutrali

April 20, 2023

[K-Food] Harim at forefront of exporting Korean superfood samgyetang

This article is the seventh installment in a series of interviews with global business chiefs of South Korean food companies that are expanding aggressively in overseas markets. -- Ed. Amid the rising demand for healthy foods, South Korea has increasingly exported its traditional superfood samgyetang, or ginseng chicken soup, to overseas markets in recent years. According to the Korea Agro-Fisheries and Food Trade Corp., exports of samgyetang have jumped by 64 percent from $11 million in 2017 to

April 20, 2023

Hyundai Engineering, SK Ecoplant to cooperate on pink hydrogen

Hyundai Engineering announced Thursday that it has agreed to work with US-based reactor and reactor fuel developer Ultra Safe Nuclear Corporation and SK Ecoplant to develop a pink hydrogen production system. Pink hydrogen refers to hydrogen produced by using nuclear power to electrolyze water, splitting hydrogen from oxygen for use as a fuel. On Thursday, the companies signed a three-way memorandum of understanding at SK Ecoplant’s headquarters in central Seoul. Under the agreement, the th

April 20, 2023

Seoul shares end lower on Fed rate hike woes

Seoul shares closed down Thursday, as the possibility of continued rate hikes by the US Federal Reserve dented market sentiment. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index lost 11.97 points, or 0.46 percent, to close at 2,563.11. Trading volume was high at 938 million shares worth 12.2 trillion won ($9.2 billion), with losers outnumbering winners 647 to 231. Foreign investors bought a net 156 billion won worth of stocks, while institutions and

April 20, 2023

[KH Explains] Is EcoPro a ‘meme stock’?

Stock prices of South Korean battery materials firm EcoPro and its affiliates have been skyrocketing over the past few months, backed by a retail investor frenzy. EcoPro was previously a little-known stock listed on the tech-laden Kosdaq. But recently it has been arguably the most talked about stock in the local equity market. The group’s shares -- those of EcoPro, EcoPro BM and EcoPro HN, nicknamed the "three brothers" -- have been on a rapid rise as Korean battery firms are e

April 20, 2023

Samsung, LG resume talks on OLED partnership

Talks for a rare partnership between Samsung and LG appear to have been resumed recently as Samsung seeks to buy LG panels for its latest OLED TVs for the first time, according to industry sources on Thursday. “The two have resumed related talks ... with an aim to sign a deal by the end of the first half this year,” an industry source said on condition of anonymity. Samsung Electronics is reportedly interested in buying around 200,000 to 300,000 white OLEDs from LG Display, and when

April 20, 2023

Korean battery makers supply 8 out of 10 US tax eligible EVs

South Korean battery makers LG Energy Solution, Samsung SDI and SK On have supplied batteries for roughly 8 out of 10 electric vehicle models eligible for US tax credits, industry sources said Thursday. Of the 22 electric vehicles, 17 models have installed Korea-made batteries, with LG Energy Solution topping the list with 11 models. LG’s list includes GM’s Cadillac Lyriq and Chevrolet Volt, Volt EUV, Equinox, Silverado and Blazer; Chrysler’s Pacifica PHEV. Ford counts the E-Tr

April 20, 2023