Petrochemicals-to-battery materials company LG Chem has become the third most valuable chemical brand in the world, up a notch from a year earlier, data showed Wednesday. LG Chem’s brand value, estimated at $4.3 billion, followed that of Germany-based BASF and Saudi Arabia-based Sabic, according to London-headquartered consulting firm Brand Finance. LG Chem’s brand valuation rose over 19 percent compared to the estimate of the previous year. This is the highest point LG Chem has

Technology June 8, 2022

Samsung Electronics Vice Chairman Lee Jae-yong is poised to embark on a two-week trip to Europe on Tuesday, highlighting the South Korean chip-to-consumer electronics giant’s need for a breakthrough. Also under the spotlight is whether the largest conglomerate in Korea would be looking to secure a new growth driver in Europe, coupled with Samsung‘s fresh investment pledge announced earlier in May. The Seoul Central District Court on Thursday approved Lee’s absence from the t

Technology June 6, 2022

Tilda, a virtual artist powered by the artificial intelligence engine of South Korean conglomerate LG, has showcased 30 upcycled clothing designs on World Environment Day that fell on Sunday, according to the company Monday. The collection on the metaverse comprising 13 jackets, 14 trousers and three hats, dubbed the “Digital Upcycling Project,” was designed to highlight using digital waste to reduce carbon footprint. In its first solo fashion collection, Tilda combined digital w

Technology June 6, 2022

Samsung Electronics said Thursday it is teaming up with internet giant Naver to set up the nation’s first-ever private 5G network. The private wireless 5G network, designed to support secure and data-intensive communications of a specific entity within a specific area, will be deployed in Naver’s second headquarters building, called Naver 1784, in the tech hub Bundang district of Seongnam, Gyeonggi Province. The private network, alongside automated logistics technology by Hyundai

Technology June 2, 2022

The latest open remarks by US tech giant Qualcomm’s CEO Cristiano Amon has reignited speculation that the firm would purchase a stake in SoftBank-backed chip designer Arm through a consortium with global chipmaking rivals including South Korean firm SK hynix. This highlights the growing cash pile-up of South Korea-based memory chip designer and manufacturer SK hynix, coupled with its parent SK Group’s 142.2 trillion won ($114.6 billion) spending pledge in semiconductors over the nex

Technology June 1, 2022

Samsung Electronics Vice Chairman and de facto leader Lee Jae-yong met Intel CEO Pat Gelsinger, the company said Monday, raising expectations over a possible collaboration amid an intensifying race for next-generation chip technology. The heads of the world’s No. 1 and No. 2 companies in the chip industry by revenue held a meeting during Gelsinger‘s visit to Seoul. He flew to Korea after attending the 2022 World Economic Forum in Davos, Switzerland. Samsung’s $82.3 billion rev

Technology May 30, 2022

Samsung Display, the display making arm of Samsung Electronics, is poised to fully shut down its unprofitable liquid crystal display panel business for televisions in June, after over 30 years of operation. “(Samsung Display) will terminate its supply of LCD panels in June,” an industry source said Monday. The company has been manufacturing its lower-end panels in Asan, South Chungcheong Province. The long-awaited move came as LCD TV panel prices have been on a constant decl

Technology May 30, 2022

Posco Chemical said Friday it has signed a deal to create a joint venture with US auto maker General Motors to launch a $327 million cathode materials plant for batteries that can power 220,000 electric vehicles annually in Quebec, Canada. The material firm, based in Pohang, North Gyeongsang Province, will invest $278 million in an 85:15 joint venture between Posco Chemical and GM, called Ultium CAM. The deal is preceded by Posco Chemical‘s plan to launch an operation there under Posco Ch

Technology May 27, 2022

LG Group said Thursday it has confirmed a spending package of 106 trillion won ($83.7 billion) through 2026 to consolidate its manufacturing and research base in South Korea. The five-year plan is intended to add momentum to LG‘s domestic business regarding next-generation electric vehicle batteries, artificial intelligence, biopharmaceutical technology and clean technology. The expenditures are aimed at ramping up research capabilities, boosting production and securing infrastructure

Technology May 26, 2022

Samsung Electronics said Wednesday it has partnered with US software company Red Hat to develop software technologies for next-generation memory solutions, as the industry is anticipating the birth of software to be integrated in memory chip hardware. Red Hat, an IBM subsidiary, is known for Red Hat Enterprise Linux, a commercial open-source Linux operating system distribution developed by the company. Under the partnership, Samsung and Red Hat will jointly develop and validate a software tha

Technology May 25, 2022

South Korean information technology solutions firm LG CNS has come up with 52 real-life applications for artificial intelligence, in line with its move to expand AI-related consulting services, the company said Wednesday. The use cases will allow its clients to better identify what kind of AI solutions they would need, and help LG CNS recommend the most optimal solution to the clients, LG CNS said in a statement. For example, if a company is looking to avoid worksite disasters, LG CNS will r

Technology May 25, 2022

South Korean telecommunication firm SK Telecom unveiled Wednesday plans to explore more use cases of quantum-protected chips used in Samsung Galaxy Quantum series smartphone, in hopes of entering mass market by the first quarter of 2024. The world‘s first-ever crypto chip solutions have so far been applied to the Galaxy Quantum series smartphone -- available for purchase only in Korea -- based on the quantum random number generator chip solutions SK Telecom developed jointly with Switzerl

Technology May 25, 2022

South Korean battery maker Samsung SDI said Wednesday it is building its first US plant in the state of Indiana along with its joint venture partner Stellantis, joining its crosstown rivals to secure its footing in the burgeoning electric vehicle market. The $2.5 billion plant, located in Kokomo, Indiana, is expected to break ground later this year and start operations in the first quarter of 2025. The companies said they aim to elevate its production capacity from the current 23 gigawatt-ho

Technology May 25, 2022

South Korea’s largest conglomerate Samsung announced Tuesday plans to invest a combined 450 trillion won ($355.8 billion) and create some 1 million jobs in Korea over the course of five years -- the largest ever in the group’s history -- in order to maintain its competitive edge and navigate uncertainties. Samsung also chose chip design, foundry and biotechnology as the major three pillars of its future growth in its investment guidance. The groupwide plan is expected to set the

Technology May 24, 2022

SK Group, South Korea‘s second-largest conglomerate by assets, disclosed Monday actions to create social value and tools to measure how much impact it has generated through 2021 in numbers. The group with its subsidiaries contributed 18.4 trillion won ($14.5 billion) to issues such as unemployment, climate change, phone scams, blood shortages, car accidents due to drowsy driving, among others. The figure rose 60 percent from that of 2020, its estimate showed. SK had nearly 190 affiliates

Technology May 23, 2022