South Korea's leading semiconductor makers Samsung Electronics and SK hynix face a grim outlook in their fourth quarter sales due to sluggish demand for memory chips, a report said on Monday. In a report, Daol Investment and Securities forecast that Samsung Electronics, the world's largest memory chip and mobile phone maker, would log sales of 73.2 trillion won ($56.2 billion) in the fourth quarter this year, down 4.4 percent than the previous year. Operating profit would plunge by 4

Industry Dec. 19, 2022

LG Electronics has been chosen as one of the most active corporations working with startups and was honored for its collaboration practices in East Asia at the seventh Corporate Startup Starts Awards. According to LG Electronics on Sunday, it has been named a East Asia Corporate Startup Star for its cooperation with startups in East Asia. The award is divided into seven regional awards -- Europe, North America, South America, Africa, Middle East, East Asia, China. The CSS Awards, jointly organiz

Industry Dec. 18, 2022

South Korea is highly expected to join a strategic chip alliance proposed by the United States, as the trade minister stressed the country “cannot miss out” in the semiconductor industry, a key pillar of the Korean economy. Minister of Trade, Industry and Energy Lee Chang-yang said the government is considering joining the so-called Chip 4 grouping that connects the four global chip powerhouses -- South Korea, the United States, Taiwan and Japan. “We really cannot miss (opportu

Industry Dec. 18, 2022

The latest JTBC TV series “Reborn Rich” is a hit in South Korea. The drama's popular “reincarnation” fantasy plot is mixed with real-life stories of chaebol, a subject of both admiration and dislike in South Korea. Three weeks after the first episode aired on Nov. 18, the latest episode saw its viewership rating hit the 20 percent mark over the weekend, the only TV drama to have breached that level this year in Korea. It is also ranked high on other popular global streami

Industry Dec. 13, 2022

South Korean chipmaker SK hynix said Thursday it has developed the world's fastest server memory module that has greatly improved the operation speed of existing module chips in the market. The new product, DDR5 Multiplexer Combined Ranks Dual In-line Memory Module, boasts a data transfer rate of a minimum 8 gigabits per second, almost 80 percent faster than the 4.8 gigabits of the current DDR5 chips. Developed in collaboration with global chip giants Intel and Renesas, SK hynix said their

Industry Dec. 8, 2022

South Korea, the United States and Japan should work closely together to address geopolitical challenges pressing Northeast Asia and beyond, SK Group Chairman Chey Tae-won said at a forum. Chey made the remarks at the 2022 Trans-Pacific Dialogue in the US, an annual gathering hosted by the Chey Institute for Advanced Studies, an SK-affiliated think tank named after the chairman's father, SK Group founder Chey Jong-hyun. The three-day forum, which kicked off Monday, was attended by former an

Industry Dec. 7, 2022

Samsung Electronics said Tuesday Chairman Lee Jae-yong visited a Samsung C&T construction site of a new nuclear power plant in the United Arab Emirates and encouraged workers there. The construction unit of Samsung Group is building two nuclear reactors at the Barakah nuclear power plant. During his visit, Lee held a meeting with local employees, most of them in their 20s and 30s. “The Middle East, which is currently pushing for a ‘great transformation’ to find a new growth eng

Industry Dec. 6, 2022

Samsung Electronics on Tuesday promoted a total of 187 executives in a year-end reshuffle, including young leaders in their 30s and 40s, in an apparent attempt to push for change amid business uncertainties next year. The total number slightly decreased from last year’s 198, but more research and development specialists were promoted. “We carried out an executive reshuffle based on their performance and growth potential with an aim to strengthen the company’s readiness for the

Industry Dec. 6, 2022

Samsung Electronics on Monday appointed a female president, its first who is not a member of the founding family, in a year-end reshuffle that put emphasis on elevating young leaders based on their performances. Lee Young-hee, now president and head of global marketing, is a veteran marketer who joined Samsung in 2007 after serving in various roles at global companies, including Unilever and L’Oreal. The 58-year-old is known for playing a leading role in elevating the awareness of Samsung&

Technology Dec. 5, 2022

A South Korean delegation consisting of government officials and lawmakers departed for Washington on Sunday to meet their US counterparts and discuss ways to minimize the impact of the Inflation Reduction Act against local carmakers. The five-day trip aims to put more pressure on the US Congress to revise the controversial bill, which has scrapped generous incentives for electric vehicles made outside of the US. Korean automotive duo Hyundai and Kia, which currently operates no production base

Industry Dec. 4, 2022

South Korea’s top 10 chaebol groups are still reliant on internal transactions -- a frequent target of antitrust scrutiny -- with their combined trade volume making up more than 10 percent of their total sales. According to the Fair Trade Commission on Thursday, transactions among affiliates of the nation’s 10 largest conglomerates stood at 156 trillion won ($120 billion) last year, a 15.1 percent jump from a year ago. The steep increase was due to their overall sales growth. The rat

Industry Dec. 1, 2022

Samsung Electronics said Wednesday sales of its foldable phones for corporate use more than doubled on-year, partly because more companies have adopted remote working policies in the wake of the COVID-19 pandemic. From January to October, sales of Galaxy Z Fold and Galaxy Z Flip phones jumped by 105 percent compared to the same period in the previous year, the world's largest smartphone maker said. The Galaxy Z Fold4 and Galaxy Z Flip4 -- the latest versions rolled out this year -- led to t

Industry Nov. 30, 2022

South Korean telecom giant SK Telecom said Tuesday it forged a partnership with Singapore’s largest mobile carrier Singtel to expand its metaverse service into the Asia-Pacific region. Singtel operates in 21 countries to provide mobile communication and high-speed internet services to about 770 million users around the world. Under their partnership, the two sides agreed to work together on initiating a metaverse project in Singapore and extend the project in the Asia-Pacific region overal

Technology Nov. 29, 2022

South Korea is heavily reliant on China for its semiconductor exports, and it should diversify its overseas markets to mitigate associated risks of decline in trade with the neighboring country, a report said on Monday. According to statistics released from the Korea International Trade Association, South Korea’s semiconductor exports to China from January to September was $42 billion, rising 1.7 percentage points from the previous year becoming 40.6 percent of the country's total vol

Industry Nov. 28, 2022

Kenya seeks to be in “sync” with South Korea on all the issues it stands for, and wants to build stronger ties in politics, the economy and culture, said Alfred Mutua, Kenya’s Cabinet secretary for foreign affairs. “Kenya believes in the principle of peace and prosperity; we support Korea's position about the peninsula. ... Issues that Korea stands for are the same issues that we stand for,” Mutua said in an interview with The Korea Herald on Thursday. Mutua wa

Foreign Affairs Nov. 28, 2022