Samsung Group commemorated the 36th anniversary of the death of Lee Byung-chull, the founder of Korea’s largest conglomerate, in a memorial service Friday. Lee's relatives, including former Leeum Samsung Museum of Art Director Hong ra-hee, Lee's daughter-in-law, and his two granddaughters Lee Boo-jin and Lee Seo-hyun, who are presidents of Hotel Shilla and Samsung C&T, respectively, paid tribute to the late founder, gathering at Hoam Art Museum in Yongin, Gyeonggi Province. C

Industry Nov. 17, 2023

The prosecution on Friday demanded five years in prison for Samsung Electronics Chairman Lee Jae-yong on charges of stock price rigging and accounting fraud connected to the controversial 2015 merger of two Samsung affiliates. Prosecutors also requested a fine of 500 million won ($387,000) for Lee during the final hearing at the Seoul Central District Court. Lee is charged with stock price rigging, breach of duty and accounting fraud in the course of the controversial 2015 merger of two Samsung

Industry Nov. 17, 2023

South Korean President Yoon Suk Yeol attended the Indo-Pacific Economic Framework summit in San Francisco on Thursday, where leaders of the 14 member countries discussed strengthening regional economic cooperation. Yoon is in the US for a three-day trip to attend the Asia-Pacific Economic Cooperation forum, and took part in other multilateral and bilateral meetings, including the IPEF summit hosted by US President Joe Biden. In 2022, the Biden administration launched the IPEF in an effort to str

Industry Nov. 17, 2023

LG Electronics will make its official debut in the US electric vehicle charger market with its own slow and rapid charger models, the tech giant said Thursday. The company plans to roll out an 11-kilowatt charger and a 175kW fast-charging model in the US market in the first half of 2024. To meet the increasing needs of the growing EV users, the company also said it will expand its lineup of fast chargers in the second half of next year. "We will respond to the ever-increasing demand for EV

Industry Nov. 16, 2023

The heads of South Korea’s top two conglomerates Samsung Group and SK Group are expected to travel to the Netherlands, a semiconductor powerhouse, next month to accompany President Yoon Suk Yeol on his state visit there, according to industry sources on Wednesday. Yoon is scheduled for a state visit to the Netherlands upon the invitation of Dutch King Willem-Alexander on Dec. 12 and 13. It is the first time a South Korean president will make a state visit to the small European country sinc

Industry Nov. 15, 2023

A group of Korean university students has won the top honors at The James Dyson Award, an international engineering competition for young innovators, with their unique invention -- a “hands-free” intravenous drip device. The award was launched by The James Dyson Foundation, an international charity of Sir James Dyson, the founder and chief engineer of the UK appliance giant, in 2005. The billionaire inventor handpicks the award winners every year. This is the first time that a Korean

Industry Nov. 15, 2023

LG Group affiliates, including the country's leading home appliance maker, LG Electronics, are preparing grand promotional events to celebrate the first championship win of its baseball team, the LG Twins, in 29 years. The Twins defeated the KT Wiz 6-2 in Game 5 of the Korean Series at Jamsil Baseball Stadium in Seoul, claiming the best-of-seven series 4-1 on Monday, for their first championship since 1994. "I am really grateful to the fans who have shown unchanging love and support fo

Industry Nov. 14, 2023

SK hynix has started supplying 16-gigabyte packages of Low Power Double Data Rate 5 Turbo, the fastest mobile DRAM available today, to its customers, the company announced Monday. The world’s second-largest memory chipmaker said it has started shipping its up-to-date product to Chinese smartphone manufacturer Vivo, which will be using the memory chips in its latest smartphones, the X100 and X100 Pro. LPDDR is a low-power DRAM for mobile devices, including smartphones and tablets, which aim

Industry Nov. 13, 2023

LG Display is expected to get out of the red next year earlier than expected, by supplying organic light-emitting displays for Apple's upcoming iPad Pro, of which the panels are to be three times more expensive than that of the iPhone. According to industry sources on Sunday, the Korean panel maker will start OLED production for the upcoming iPad Pro in February next year at its plant in Paju, Gyeonggi Province. This is about three months earlier than predicted, with Apple forecast to launc

Industry Nov. 12, 2023

Samsung Electronics’ flagship Galaxy S smartphones will offer a real-time translation function for phone calls, the tech giant said Thursday. The surprise announcement comes a day after it unveiled Samsung Gauss, its own generative AI model, which will make its commercial debut on the upcoming Galaxy S phones in 2024, possibly the Galaxy S24 series. With a vision to open a “new era of AI” for mobile devices, Samsung said it will be introducing Galaxy AI for its smartphones to

Industry Nov. 9, 2023

Samsung Electronics on Wednesday debuted its own generative artificial intelligence model, dubbed Samsung Gauss, renewing competition with its archrival Apple and other tech giants in the burgeoning AI market. The world’s largest smartphone maker by shipments also hinted that the new AI chatbot will power its upcoming Galaxy smartphone, possibly the Galaxy S24 in 2024. "We will continue to support and collaborate with the industry and academia on generative AI research," said Kim

Industry Nov. 8, 2023

LX Holdings Chief Executive Officer and Vice President Roh Jin-seo has been promoted to president in a regular personnel reshuffle, the business group announced Tuesday. A close confidante of the group’s chairman Koo Bon-joon, Roh served as the chief strategy officer in the holdings company before he took on the CEO position last March. “Roh led the growth of the group by coming up with strategies to strengthen business competitiveness and reorganizing the business portfolio. He also

Industry Nov. 7, 2023

Family members of Samsung Group, South Korea’s biggest conglomerate, are selling stakes worth some 2.57 trillion won ($1.97 billion) to pay their inheritance tax bill, according to a regulatory filing on Monday. Hong Ra-hee, the widow of the late former Samsung Group Chairman Lee Kun-hee, and her two daughters, Lee Boo-jin and Lee Seo-hyun, signed a trust contract with Hana Bank to dispose of stakes worth about 2.57 trillion won combined, on Oct. 31. The Samsung heirs began their five-year

Industry Nov. 6, 2023

Samsung Display has filed a complaint against BOE Technology and seven of its affiliates to the United States’ International Trade Commission, claiming the Chinese display makers violated trade secret regulations, an ITC document revealed on Friday. According to the document from the ITC, Samsung Display filed the complaint on Oct. 31, accusing the Chinese rival of violating a US Tariff Act in the US' importation and sales of organic light-emitting diode display modules and compon

Industry Nov. 3, 2023

South Korean President Yoon Suk Yeol invited the chiefs of the country's top conglomerates -- Samsung Electronics, SK Group and LG Group -- to a private banquet Tuesday to discuss pending issues, according to industry sources on Thursday. Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won and LG Group Chairman Koo Kwang-mo were reportedly invited to the meeting at the presidential office in Yongsan, central Seoul, with Hyundai Motor Group Executive Chair, leader of

Industry Nov. 2, 2023