South Korean conglomerates are increasing their support for startups created and spun off by their own employees, the companies said Monday. The move is part of an effort to strengthen the country’s startup ecosystem by encouraging creative business ideas and technological innovation, they said. Samsung Electronics said it had selected five outstanding projects pitched by its employees this year, with the goal of spinning them out as independent units. The tech titan’s in-house

Technology May 18, 2020

Samsung Electronics Vice Chairman Lee Jae-yong on Monday paid a visit to the company’s memory chip plant in Xian, China -- the first foreign business mogul to enter the country after the coronavirus outbreak. The South Korean tech giant’s heir apparent checked on the memory business in China during the visit accompanied by Memory Business President Jin Gyo-young and Samsung’s China operations chief Hwang Deuk-kyu. “There will be no future if we are caught in the past

Technology May 18, 2020

LG Electronics has introduced a portable air conditioner with greater flexibility in use and better connectivity with smart devices, the company said Sunday. The movable air conditioner is designed to target households that frequently move in and out and those who have difficulty installing outdoor condensers. The AC is equipped with a dual inverter compressor with two cylinders, increasing cooling and energy saving capabilities. The portable model uses up to 29 percent less electricity

Technology May 17, 2020

The de facto leaders of Samsung Electronics and Hyundai Motor Group held a business meeting Wednesday to discuss cooperation on battery technology for electric vehicles. Samsung Electronics Vice Chairman Lee Jae-yong and Hyundai Motor Senior Vice Chairman Chung Euisun met at an EV battery plant operated by Samsung SDI, in Cheonan, South Chungcheong Province.  According to industry sources, it was Chung’s first visit to the battery affiliate’s facility.  The Hyundai M

Technology May 13, 2020

At first sight, the 899,800 won ($740) LG Velvet looks like it could be out of Samsung’s premium Galaxy S lineup of phones, especially with its water drop shape notch for selfie camera and the 3D Arc Design on the display. While some might say the price tag is too high for a midrange phone, the LG Velvet is the tech firm’s flagship phone, pledging to provide greater affordability than Samsung and Apple’s premium phones with comparable entertainment features. What real

Technology May 12, 2020

SK hynix, the world’s second-largest memory provider, said Tuesday that the company will start using artificial intelligence-based solutions to improve its manufacturing process for memory chips. Under a memorandum of understanding with the Korea Advanced Institute of Technology, SK hynix will provide KAIST with data collected during the chip manufacturing process in its clean rooms in real time through a cloud system. KAIST will analyze the data using AI-based models and come up with

Technology May 12, 2020

LG Uplus, the third-largest mobile carrier in South Korea, said Friday it has clocked a 11.5 percent on-year growth in operating profit in the first quarter, despite adverse market conditions due to the COVID-19 outbreak. The telecom affiliate of LG Group posted 3.28 trillion won ($2.69 billion) in revenue and 219.8 billion won operating profit during the January-March period, up 11.9 percent and 11.5 percent, respectively, compared to the same period last year. Its net profit stood at 148.8

Technology May 8, 2020

Samsung Electronics’ compliance monitoring committee on Thursday demanded heir Lee Jae-yong and group affiliates come up with more details of plans to root out illegal practices. The committee led by former Chief Justice Kim Ji-hyung held a meeting to discuss the televised public apology delivered by Vice Chairman Lee on Wednesday.  In response to the committee’s recommendation in March, Lee made the apology about unlawful actions taken to smooth the power transfer from his

Industry May 7, 2020

Apologizing for past wrongdoings while inheriting leadership from his father, Samsung Electronics heir and Vice Chairman Lee Jae-yong pledged Wednesday he will not hand over management control to his children. “I will not pass the company’s managerial rights to my children,” Lee said during a televised press conference, arranged upon the firm’s external compliance committee’s advice. He touched on issues chosen by the committee, including an apology over illegal

Industry May 6, 2020

Samsung Electronics heir and Vice Chairman Lee Jae-yong on Wednesday said he plans not to pass on the management of the tech empire to his children, in a televised public apology in Seoul. “I would like to take this opportunity to say that I do not plan on bequeathing the management rights of the company to my children,” Lee said. “I have thought about it for a long time, but it is the first time to publicly say it,” he said as he stood before reporters to deliver the

Industry May 6, 2020

LG Electronics said Wednesday it has filed over 1,000 patents related to its proprietary steam technology. The South Korean tech giant has been highlighting the role of steam in home appliances ranging from clothes care systems, dryers and dish washers to ovens, amid the growing interest in health and hygiene in the wake of the coronavirus spread. Trademarked as TrueSteam, the LG steam technology was first applied to a washing machine in 2005, which helped enhance the washing quality by remo

Technology May 6, 2020

Despite uncertainties in the global business environment triggered by the coronavirus pandemic, South Korea’s biggest tech giant Samsung Electronics said Monday it made the largest-ever investment in research and development in the first quarter. The South Korean tech giant spent a total of 5.36 trillion won ($4.37 billion) on R&D activities in the January-March period, surpassing its previous record of 5.32 trillion won in the fourth quarter of 2018, its financial data reported to

Technology May 4, 2020

If a Samsung Galaxy user gets a smartphone powered by Samsung’s Exynos chipset, is the person getting the short end of the stick? Depending on where they buy their Samsung phones, two users might end up owning Galaxy devices with identical exteriors, but different brains -- that is, different mobile application processors. The chances are 50-50: Users get either Samsung’s Exynos or Qualcomm’s Snapdragon chipset. In the case of the Galaxy 20 series, Samsung equipped phon

Technology May 3, 2020

Korean tech titans on Wednesday reported better-than-expected earnings results for the first three months of the year, with LG Electronics achieving the largest-ever first-quarter operating margin and Samsung Electronics posting 21.9 percent on-year rise in semiconductor sales. But both expressed grave concerns about the upcoming quarters, anticipating sharper falls in sales as the COVID-19 pandemic continues. According to its earnings announcement, LG Electronics obtained 1.09 trillion won

Technology April 29, 2020

Samsung Electronics said Wednesday the company is bracing for bigger adversities from the COVID-19 crisis, anticipating sharper falls in sales of some products. In its first quarter earnings announcement, the South Korean tech giant posted 6.45 trillion won ($5.29 billion) in operating profit, growing 3.43 percent from a year earlier. The company’s sales stood at 55.33 trillion won, up 5.61 percent from the same period last year. But its net profit dropped 3.15 percent to 4.88 trillion

Technology April 29, 2020