Jo Seong-jin, vice chairman and CEO of LG Electronics, is expected to step down from the top position of one of South Korea’s main tech firms as LG Group intends to choose change over stability in the upcoming organizational reshuffling, according to industry sources Thursday. According to local news reports, the 63-year-old vice chairman has tendered his resignation as he requested LG Group Chairman Koo Kwang-mo, 41, to pass the leadership baton onto the next generation and seek a major c

Technology Nov. 28, 2019

ASSET MANAGEMENT MIRAE ASSET Mirae Asset Global Investments is continuing to make efforts to expand its presence in the global financial market by introducing innovation investment solutions to global investors, according to the company. It has been 15 years since the biggest Korean asset management firm started establishing its global network by launching overseas offices in many parts of the world. Still, the financier is seeking to grow further in the global market by launching various f

Market Nov. 28, 2019

KT, South Korea’s second-largest mobile carrier, announced Thursday the launch of artificial intelligence-equipped 4K over-the-top media service, declaring its intention to enter global markets. Dubbed as Seezn -- a new combination of words see and citizen -- the KT OTT service uses a AI-based content recommendation feature that recognizes facial expressions of users and analyses the movements to suggest customized content in line with their mood. Users can also personalize the service by

Technology Nov. 28, 2019

KT, one of South Korea’s leading mobile carriers, said Tuesday it is preparing solutions to support the artificial intelligence-driven transformation of ASEAN countries based on its high-tech capabilities. The company is currently working to build AI-enabled hotels in various Southeast Asian countries including the Philippines, Malaysia, Thailand and Vietnam. It also plans to introduce 5G AI factory and autonomous driving solutions that will facilitate the region’s transformation. KT

Technology Nov. 26, 2019

SK Telecom CEO Park Jung-ho on Monday proposed a technology-driven entertainment project for growth of Asia’s culture and economy at the Culture Innovation Summit during the ASEAN-Korea Summit in Busan. The head of Korea’s No. 1 telecom company suggested creating an association for the content industry across Asia, which he named “TEAM” to stand for “tech-driven entertainment for Asian movement.” “Korea is the third-largest content exporter after the Uni

Technology Nov. 25, 2019

LG CNS, an information and communications technology solutions affiliate of LG Group, is taking the lead in the ongoing efforts to build smart cities across South Korea by offering secure solutions, according to the company on Monday.The LG unit is currently participating in multiple smart city projects led by the Ministry of Land, Infrastructure and Transport and by provincial governments. Among others, LG CNS is providing consultations on government-led smart city projects in Sejong and B

Technology Nov. 25, 2019

After a brutal downturn this year, South Korea’s memory chip industry is expected to start recovering in 2020, led by growth in demand for 5G-enabled devices and the resumption of investments in data centers, according to industry observers on Sunday.“The fundamentals of the semiconductor industry are showing signs of improving in 2020,” said Lee Su-bin, an analyst at Daishin Securities. The DRAM market is projected to reach a balance in supply and demand, as prices are expecte

Technology Nov. 24, 2019

Former Justice Minister Cho Kuk was grilled by prosecutors for about 9 1/2 hours on Thursday for a second time, questioned in relation to his family’s alleged wrongdoings.The questioning, which took place at the Seoul Central District Prosecutors Office, comes a week after Cho attended the first questioning on allegations he may have been involved in some of the charges raised against his wife, Chung Kyung-sim. Chung, a university professor, was indicted on 15 counts related to a dubious p

Politics Nov. 21, 2019

Chances are good that the United States may exempt Apple from China tariffs, with President Donald Trump citing competition from Samsung for the local smartphone market, news reports suggested Thursday. During his Wednesday visit to Apple’s laptop manufacturing facility in Austin, Texas, Trump hinted at the need to adjust tariffs for Apple amid lagging trade talks between the US and China. “The problem we have is Samsung is a great company but is a competitor of Apple,” Trump s

Technology Nov. 21, 2019

South Korean manufacturers claimed nearly half of the global TV market as of the third quarter of this year with Samsung Electronics’ solid lead in the large premium TV segment, according to market data on Wednesday. Recent data from market researcher IHS Markit showed that Samsung and LG accounted for a combined 46.2 percent of the global market in terms of sales value in the third quarter. The combined share of the two Korean TV makers stood at 48.1 percent in the second quarter. Samsung

Technology Nov. 20, 2019

Samsung SDI said Wednesday it will help reduce the wage gap between the company and its contractors as part of efforts to seek co-prosperity. South Korea’s leading lithium-ion battery maker, an affiliate of Samsung Electronics, will run a 132.2 billion won ($113 million) worth program to support its contractors to increase wages of their employees. It has signed a trilateral agreement for this with suppliers and Korea Commission for Corporate Partnership.  “Through the agreement

Technology Nov. 20, 2019

With the smartphone market mirroring the PC industry, South Korean tech firms Samsung Electronics and LG Electronics are banking on outsourcing production to other global manufacturers to boost their sales overseas, according to industry sources Tuesday. The country’s two biggest phone makers are seeking to increase production by third-party original development manufacturers in countries like India and China. It may be bad news for contractors here, but may be appreciated by overseas vend

Technology Nov. 19, 2019

Around 200 students who have received training at Samsung Software Academy for Youth since December last year landed jobs in the software sector, the South Korean tech giant said Monday. Known as SAFFY, the software academy is a training institution for students who are seeking jobs in the software field. Four centers were opened in Seoul, Daejeon, Gwangju and Gumi at the end of last year as part of Samsung Electronics’ plan to support the country’s software talent. A total of 500 jo

Technology Nov. 18, 2019

The fourth and biggest Samsung Electronics labor union will be launched under the Federation of Korean Trade Unions this week, industry sources said Tuesday.Breaking a 50-year streak of adherence to an anti-union stance, it marks the first time that the country’s largest family-run conglomerate will allow the establishment of a union under the federation. It already has three small labor unions. Around 400 Samsung employees are rumored to have signed up for the fourth union. The company di

Technology Nov. 12, 2019

Samsung Display said Monday it has received a gold grade from Underwriters Laboratories in recognition of its efforts to recycle waste at its factory. The panel maker’s second plant in Asan, South Chungcheong Province, reached 97 percent in terms of the percentage of industrial waste recycled as of 2018. UL, a global certification organization for waste recycling with the aim of achieving zero waste to landfills, grants a silver grade to companies that reach 90 to 94 percent in recycling a

Technology Nov. 11, 2019