[THE INVESTOR] GS Caltex, South Korea’s second-largest oil refiner, said on Sept. 23 that it has recently stopped a carbon-fiber development project for Tesla Motors. Since 2014, the company was working on a stronger but lightweight bumper material using carbon-fiber-reinforced thermoplastic or CLFT to be used in bumpers of Tesla cars. CLFT is a type of carbon fiber composite material that is gaining rapid popularity among carmakers as a substitute for steel. Even compared to the more popular ca

Sept. 23, 2016

[THE INVESTOR] South Korea’s internet giant Kakao is working on self-driving car technology with aims to run a pilot program within one or two years, Chung Joo-hwan, head of online-to-offline business, hinted on Sept. 22. “We have started diverse research projects to seek opportunities on driverless driving,” he said during an international conference on smart mobility in Seoul. “We are working on more effective driving routes for self-driving cars through our services such as KakaoNavi.” Kakao’

Sept. 22, 2016

[THE INVESTOR] Swedish furniture giant IKEA is recalling more dressers sold in Korea amid safety concerns about the products after deaths of at least six toddlers abroad in falling accidents. With an additional 15 models recalled, a total of 30 dresser models are expected to be recalled in Korea. About 100,000 units of the affected models are believed to have been sold here. Andre Schmidtgall, the country chief, said on Sept. 22 the company that is operating only one outlet in Korea plans to inc

Sept. 22, 2016

[THE INVESTOR] LG CNS, the IT solutions unit of LG Group, has withdrawn its plan to create a large-scale smart farm complex in Saemangeum, North Jeolla Province, amid fierce resistance from farmers in the adjoining areas. “We failed to persuade farmer groups opposing to the project,” an LG CNS official was quoted as saying by a local news outlet. “We have decided to withdraw the project completely.” The rendering image of LG CNS’ smart farm complex, called Smart BioparkThe company had planned to

Sept. 22, 2016

[THE INVESTOR] South Korean food and entertainment giant CJ Group on Sept. 21 was confirmed to have not participated in the final bidding to acquire McDonald’s Korean unit. Two consortiums, led by Maeil Dairies Industry and NHN Entertainment, respectively, joined the final bidding that closed on Sept. 14 in the US. “We didn’t participate in the final bidding due to deal conditions,” a CJ official was quoted as saying. “We will continue seeking merger and acquisition opportunities across affiliat

Sept. 21, 2016

[THE INVESTOR] Samsung Electronics has started shipping the first batch of 500,000 refurbished Galaxy Note 7 smartphones to US telecom carriers and retailers as its planned recall of the phone starts there on Sept. 21. The recall comes six days after an order made by the US Consumer Product Safety Commission. Samsung issued a recall of all 2.5 million Note phones -- including 1.5 inventories -- due to explosive batteries on Sept. 2. In the US alone, about 1 million devices are expected to be rec

Sept. 21, 2016

[THE INVESTOR] Kiwoom Securities on Sept. 21 lowered LG Electronics’ target stock price from 85,000 won (US$76) to 75,000 won, saying its struggling smartphone business shows no sign of an immediate turnaround. “We are cutting the company’s third-quarter operating profit projection from 390.2 billion won to 307.1 billion won,” the securities firm said. “Sales of home appliances and TVs will maintain high profitability but its smartphone business will lose more money due to the sluggish flagship

Sept. 21, 2016

[THE INVESTOR] South Korea’s Transport Ministry on Sept. 20 officially notified air carriers and airports here allowing in-flight use of the refurbished Samsung Electronics Galaxy Note 7 smartphone. The order comes after the Korean tech giant started recalling the Note phone due to explosive batteries in Korea this week. Passengers having the recalled devices are being advised not to use or charge onboard an airplane for safety reasons. A salesperson uses a Galaxy Note 7 smartphone at a Samsung

Sept. 21, 2016

[THE INVESTOR] Samsung Electronics has recently inked a deal to purchase new chip-making systems, called extreme ultraviolet lithography, from Netherlands-based ASML, News 1, a local news outlet, reported on Sept. 20. According to the report, Chung Seung-eun, senior vice president and chief of Samsung’s semiconductor research and development center, visited ASLM’s headquarters to finalize the deal worth about 200 billion won (US$178.41 million). The new deal comes after the Korean tech giant sol

Sept. 20, 2016

[THE INVESTOR] Canada’s BlackBerry began selling its first Android-based smartphone Priv in Korea on Sept. 20, returning to the competitive market after a four-year hiatus. The new launch comes as foreign handset makers such as Japan’s Sony and China’s Huawei are seeking to secure a footing in the nation’s mid-range smartphone market, with the high-end segment dominated by Samsung and Apple. The retail price is set at 598,000 won (US$534) in Korea. The latest Priv phone is the first-ever BlackBe

Sept. 20, 2016