LG Innotek CEO Jeong Cheol-dong received the Gold Tower Order of Industrial Service Merit, the highest honor in the field awarded by the South Korean government, at the annual Trade Day ceremony Wednesday for his notable contribution to the national economy. Jeong was honored for his part in strengthening the competitiveness of the national industry by securing proprietary technologies in materials and parts, developing new technologies, leading process innovation and localizing equipment over t

Industry March 15, 2023

Key tech companies of Samsung Group, South Korea's largest conglomerate, will invest a combined 60.1 trillion won ($46.1 billion) over the next decade for the country’s manufacturing business in rural areas to pursue balanced regional development. This equates to about 10 percent of the South Korean government’s budget of 638 trillion won for this year. The spending plan by Samsung’s affiliates, including Samsung Electronics, Samsung Display, Samsung SDI and Samsung Electr

Industry March 15, 2023

US tech behemoth Apple said Tuesday it will open its fifth retail store in South Korea later this month, expanding its presence in the country, home to its archrival Samsung Electronics. Named Apple Gangnam, the store will open near the Shinnonhyeon Subway Station in southern Seoul on March 31. The location is less than a kilometer away from three skyscrapers owned by Samsung Group. The three buildings are home to Samsung’s financial units after Samsung Electronics relocated to an office b

Industry March 14, 2023

In an apparent move to counter Apple Pay’s long-awaited debut this month, Samsung Pay is seeking a stronger alliance with local mobile payment providers to consolidate its digital payment service's dominant position at home. Samsung Electronics has been in discussion with Kakao’s payment leg Kakao Pay over a potential partnership deal, seeking business synergy between the two popular payment services, according to industry sources on Monday. If the service integration is realize

Industry March 13, 2023

South Korea’s IT services firm Samsung SDS on Friday unveiled a renewed vision for its burgeoning cloud business, touting itself as the nation’s only “hybrid” service provider that offers integrated hardware and software solutions for corporate clients. “Cloud computing itself is inherently complicated enough and it also covers a vast range of options now. We’d like to simplify the service for our clients under our new brand slogan, ‘Cloud. Simply Fi

Technology March 12, 2023

Samsung Electronics on Thursday debuted its first organic light-emitting diode TVs in a decade at home, making official its comeback to the fast-growing premium TV segment, which is currently dominated by its crosstown rival, LG Electronics. The tech giant held a media event at its headquarters in Gangnam, southern Seoul, unveiling its brand new TV lineup this year, which also included its latest high-end LCD TVs, branded as Neo Quantum LED or Neo QLED TVs. The world’s largest TV maker i

Technology March 9, 2023

LG Electronics, the dominant No. 1 company in the organic light-emitting diode TV market, said Wednesday it welcomes more tech firms, including its archrival Samsung Electronics, entering the fast-growing OLED TV market. Ahead of the official release of its 2023 TV lineup, LG held a press briefing with a group of local reporters at the company's research and development campus in Seoul and boasted its confidence in the quality of its OLED TV products. “As observing an increasing numbe

Technology March 8, 2023

SK Inc. Materials, an advanced materials unit under South Korea’s SK Group, said Tuesday it is making an additional investment into 8 Rivers, a US clean energy tech firm specialized in developing carbon capture, utilization and storage (CCUS). With the planned investment, the Korean firm is expected to become the largest shareholder of 8 Rivers. Under the renewed partnership, the two firms are set to further strengthen their existing ties on diverse clean energy products within the US. Fou

Industry March 7, 2023

SK Inc., the investment arm of SK Group, said Tuesday it has finalized the agenda for the upcoming shareholders meeting this month, which aim to boost both the expertise and inclusivity of its board of directors as well as enhance shareholder benefits. The holding unit of the nation’s third-largest conglomerate said the board held a meeting a day earlier to approve the agenda items and appointed a financial services lawyer as the final candidate for its outside director. Hyun-ju Helen Pak

Industry March 7, 2023

SK Group said Monday that Chairman Chey Tae-won met with major business leaders in Spain, Portugal and Denmark to strengthen cooperation in green energy during his recent visit to Europe as a presidential special envoy. Chey had a meeting with Danish wind turbine company Vestas Chief Executive Officer Henrik Andersen on Thursday to discuss ways to expand the two sides’ cooperation in the offshore wind power sector. The SK chairman made various business proposals, including the two companie

Industry March 6, 2023

South Korean Trade, Industry and Energy Minister Ahn Duk-geun will meet with officials of major semiconductor companies, including Samsung Electronics and SK hynix, Tuesday to discuss countermeasures to the US CHIPS Act and its requirements, according to the ministry on Monday. The meeting aims to listen to domestic chipmakers’ needs and grievances regarding the conditions for the first US CHIPS for America funding opportunity for subsidies and come up with negotiation and support measures

Technology March 6, 2023

South Korea's semiconductor inventory has increased to its highest point in 26 years, data showed Sunday, hammered by the sluggish demand for chips, the country's main export item, amid economic uncertainties. According to data compiled by Statistics Korea, the inventory to sales ratio of chips produced by local chipmakers came in at 265.7 percent in January, the highest since 288.7 percent was posted in March 1997. Exports of chips also nosedived 42.5 percent on-year to $5.69 billion

Technology March 5, 2023

Chiefs of South Korea’s major information and communication technology conglomerates attended the Mobile World Congress 2023, which kicked off in Barcelona, Spain, on Monday. As innovative future technologies ranging from telecommunications and mobile to artificial intelligence and robots are showcased at the event, they gathered to foster new growth engines. On the first day of the MWC, SK Group Chairman Chey Tae-won visited the ICT trade show to support the group’s telecommunicatio

Technology Feb. 28, 2023

SK Telecom, South Korea's largest mobile carrier, said Monday it would look to lead the artificial intelligence transformation in all areas of its business with its advanced technologies and to establish an alliance with major AI service providers to foster an ecosystem. SK Telecom Chief Executive Officer Ryu Young-sang unveiled the telecommunications giant’s “AI to Everywhere” strategy to lead innovation in a press conference held a day before the annual Mobile World Cong

Technology Feb. 27, 2023

Samsung Electronics said Friday it had kicked off its annual tech seminar series in Frankfurt, Germany, Thursday, showcasing cutting-edge technologies behind its 2023 TV lineup, which includes Neo quantum dot light-emitting diode and organic light-emitting diode TVs. The tech seminar sessions have served as a platform for picture and sound experts around the globe, delivering detailed information and exclusive hands-on experiences with new Samsung products for the last 12 years. This year&rsqu

Technology Feb. 24, 2023