SK Group has reclaimed its title as the nation’s second-largest conglomerate in terms of market capitalization, largely buoyed by its chipmaking unit SK hynix’s strong performance in recent months. According to market tracker Korea CXO Institute on Tuesday, SK Group’s market cap surged to 171.87 trillion won ($128.8 billion) as of Friday’s close, surpassing LG Group’s 167.77 trillion won on the nation’s main bourse Kospi. The figures included the value of pref

Industry Jan. 23, 2024

Sam Altman, the CEO of OpenAI, is reportedly arranging a meeting with SK Group Chairman Chey Tae-won on his trip to Korea this week, as he seeks to meet a growing need for semiconductors while reducing reliance on the US artificial intelligence chip leader, Nvidia. Altman’s upcoming visit will mark his first in seven months since he was in Seoul at the invitation of the Ministry of SMEs and Startups in June 2023. The OpenAI chief previously showed a strong willingness to explore joint chip

Technology Jan. 22, 2024

LG Innotek, the electronic component manufacturing unit of LG Group, will suspend the production of its vehicle motor plant in Pyeongtaek, Gyeonggi Province, later this year to relocate facilities to other sites at home and abroad, according to industry sources Friday. With the planned relocation, the company is expected to streamline operations and improve profitability. The facilities are likely to be transferred to the company’s other motor plants in Gwangju, China, Mexico and Poland. T

Technology Jan. 19, 2024

LAS VEGAS -- In the middle of the sandy windswept desert of Las Vegas, SK Ecoplant’s recycling subsidiary, TES, realizes a circular economy through the destruction and recycling of electronic waste. The 3,700-square-meter facility, the fourth of its kind in the US, specializes in IT asset disposition, or ITAD, which destroys various types of information stored in IT equipment -- from PCs and laptops, to hard disks and data center equipment -- in a safe and environmentally responsible way.

Technology Jan. 16, 2024

The victory of the US-friendly Democratic Progressive Party candidate Lai Ching-te in Taiwan's presidential election has raised concerns about its potential impact on the Korean semiconductor industry and the global supply chain. South Korea's two leading semiconductor makers -- Samsung Electronics and SK hynix -- are reviewing the impact of the election results on the global foundry market, but the outlook appears mixed, experts said Monday. Experts pointed to the geopolitical risks f

Technology Jan. 15, 2024

LAS VEGAS -- South Korea's largest telecom carrier SK Telecom is seeking to expand cooperation with big tech firms to fulfill its vision of becoming a "global AI company," according to its AI assistant service chief on Wednesday. "SK Telecom’s AI services are anticipated to achieve effective results based on various possibilities and capabilities both here and abroad. To accelerate our global business expansion, we’ve formed a global tech alliance and cooperated w

Technology Jan. 12, 2024

LAS VEGAS -- A Disney-like amusement park came to life at the Las Vegas Convention Center for the CES 2024, the world's largest annual tech show, which kicked off in Las Vegas on Tuesday. “SK Wonderland,” the name of SK Group’s pavilion, resembled a fairy-tale theme park, greeting visitors with a series of unique and colorful attractions operated by the energy-to-telecom conglomerate’s advanced technologies. In collaboration with SK’s seven affiliates, includin

Technology Jan. 11, 2024

LAS VEGAS -- Samsung Electro-Mechanics CEO Chang Duck-hyun unveiled the company's new vision centering on four key technology developments -- the mobility industry, robots, artificial intelligence and servers, as well as energy -- to respond to the development of future industries in advance. "The electronics industry is expected to quickly enter an era where humanoids incorporating AI are applied to daily life and industry beyond mobile and mobility platforms," Chang said at a

Technology Jan. 11, 2024

LAS VEGAS -- LG Electronics CEO Cho Joo-wan said Wednesday that the tech giant will spend about 10 trillion won ($7.6 billion) in annual investment, more than double 2023's spending, to maximize its future growth engines despite lingering uncertainties in the macroeconomic circumstances. “We’re committed to maximizing future growth by expanding investment, mainly focusing on key businesses with high-growth and high-profit such as electronics, heating, ventilation and air conditi

Technology Jan. 11, 2024

LAS VEGAS/SEOUL -- Chey Jae-won, executive vice chairman of SK Group and SK On CEO, on Wednesday vowed to accelerate plans for the battery maker's market debut at the CES 2024 tech show being held in Las Vegas this week. “It’s hard to predict (the exact timeline for the initial public offering) because we have to consider market conditions and prepare (for the IPO process),” said Chey to the press. “But we’ll push forward (the schedule) as soon as possible when

Mobility Jan. 11, 2024

LAS VEGAS – Samsung Electronics Vice Chairman and co-CEO Han Jong-hee said the South Korean tech giant may set out a plan for megasized mergers and acquisitions this year as a way to solidify its leadership in the global market. “To strengthen our existing businesses and discover future growth engines, we’ve been steadily on M&A deals. We are hopeful that a new (M&A) plan will come up within this year,” Han said at a press conference Tuesday on the sidelines of CE

Technology Jan. 10, 2024

LAS VEGAS/SEOUL -- The era of artificial intelligence is opening, and its success will depend on how the market is created to measure up to high expectations and investment, SK Group Chairman Chey Tae-won said, taking part in the CES 2024 technology show in Las Vegas on Tuesday. After touring the showrooms of Samsung Electronics and LG Electronics on the opening day of the world's largest tech show, Chey pointed to transparent TV screens as novel items that may open an entirely new product

Industry Jan. 10, 2024

K-pop artist G-Dragon was spotted visiting the CES 2024, the world’s largest tech show which kicked off in Las Vegas on Tuesday. G-Dragon popped into the showrooms of Korean tech firms, including Samsung Electronics, LG Electronics, and SK Group, where he explored their cutting-edge technologies. When asked about his surprise visit to the tech show, he replied, “I’m interested in all technologies, and came to learn more about AI.” Stopping by SK Group’s exhibition b

Technology Jan. 10, 2024

LAS VEGAS -- SK hynix, the world's second-largest memory chip maker, on Monday unveiled its ambitious goal of hitting 200 trillion won ($150 billion) in market cap in the next three years, consolidating its leadership in the burgeoning era of artificial intelligence. “Currently, our market cap stands at about 100 trillion won. In the next three years, we aim to reach 200 trillion won,” SK hynix CEO Kwak Noh-jung said during the company’s first-ever press conference held at

Technology Jan. 9, 2024

LAS VEGAS -- Two days ahead of the kick-off of CES 2024 in Las Vegas, SK Group said it is ready to draw much attention from global partners and attendees at the annual tech show by showcasing its up-to-date technologies in carbon reduction and artificial intelligence this year. In a press conference held with a group of Korean reporters on Sunday (local time), SK USA Vice President Kim Dong-hyun showed confidence in the group’s capabilities to present its key tech affiliates’ solut

Technology Jan. 8, 2024