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LATEST NEWS

North Korea to make Munich Security Conference debut in 2020
Justice minister expresses intent to probe prosecution over indictment of p...
Samsung sets up tech platform center, names new home appliance biz chief
Search operations for S. Koreans missing in Himalayas suspended due to bad ...
Samsung may see passive funds cut exposure sooner than expected
Furlough threat hangs over US military bases in S. Korea
NSC members discuss follow-up measures to Hormuz troop dispatch decision: C...
Another Korean sexual slavery victim dies, number of survivors at 19
Labor leader gets suspended sentence for organizing violent protests
Duty-free shares suffer decline amid new coronavirus fear

Jan 23, 2020 Technology

Samsung sets up tech platform center, names new home appliance biz chief

Samsung Electronics created an in-house technology platform unit and named a new chief for its home appliance business in the company's latest reshuffle, corporate sources here said Thursday. Samsung combined its in-house tech units related with artificial intelligence, internet of things and big data solutions to set up a new tech group, tentatively named "next-generation platform center," according to the company officials. The center will be headed by Chung Eui-suk, an executi

SK Chairman Chey Tae-won advocates social value measurement model in Davos

SK Group Chairman Chey Tae-won promoted the need to upgrade measurements of social value creation during his speech at the World Economic Forum that is underway in Davos, Switzerland, the firm said Thursday.“It is not an option but an obligation to change the goals and systems of corporate management from the interests of shareholders to those of stakeholders,” he said in a panel session held under the theme of “Stakeholder Capitalism in the Asian Century” at the Davos Co

Jan 23, 2020
Industry
Hyundai Motor heir gets rid of Elliott risk

The road to Hyundai Motor Group Executive Vice Chairman Chung Euisun reigning over the nation’s largest automobile giant is predicted to be less bumpy as activist hedge fund Elliott, which had put the brakes on his succession plans, recently sold all its stakes in Hyundai Motor companies. According to the industry, Elliott sold its stakes of 2.9 percent of Hyundai Motor, 2.1 percent of Kia Motors and 2.6 percent of Hyundai Mobis as of Wednesday. Elliott’s departure is expected to giv

Jan 23, 2020
Transport
Firms scurry to scout outside directors with new regulation

Following a recent change in regulations limiting tenures of outside directors, South Korea companies are scurrying to scout new members ahead of their general shareholders meetings in March.Citing a need to reinforce shareholders’ rights and institutional investors, the Cabinet approved on Tuesday revisions to the enforcement decrees of the Commercial Act, Capital Market Act and National Pension Act.To secure independency of outside board directors, the revised rule limits people who have

Jan 23, 2020
Industry
[News Focus] What will happen at Hanjin KAL’s March shareholders meeting?

Eyes on KCGI, Bando Construction, Kakao to see if they back Cho Won-tae or Cho Hyun-ah

Jan 23, 2020
Transport
LS Group scion steps down to ‘hone more biz skills’

Yesco Holdings CEO Koo Bon-hyuk, 42, voluntarily stepped down from his role 10 days after his appointment, citing a lack of experience, the company announced Wednesday.Koo is the third-generation scion of the Koo-family who founded and own LS Group, the overarching business above Yesco Holdings, the holding entity of city gas retailers.His promotion from the executive vice president of LS-Nikko Copper to the CEO position at Yesco Holdings had made headlines last year as what many perceived as a

Jan 23, 2020
Industry
Samsung's new foldable phone may be priced under 2m won: sources

Samsung Electronics Co.'s new foldable smartphone to be unveiled next month may be priced under 2 million won ($1,710), industry sources said Thursday, as the South Korean tech giant eyes attracting more consumers over its global rivals.Samsung's clamshell-type foldable phone, supposedly known as the Galaxy Z Flip, is set to be introduced at the company's "Unpacked" event in San Francisco on Feb. 11, along with a new version of its flagship smartphone that is likely to be named the Gal

Jan 23, 2020
Technology
[Photo News] Final farewell for late Lotte founder

Relatives and associates gathered to bid a final farewell to Shin Kyuk-ho, the late founder and honorary chairman of Lotte Group, commemorating his legacy in a ceremony in Seoul on Wednesday.Shin was a self-made entrepreneur, who built his way up to establish Lotte Group, one of the five biggest conglomerates in South Korea – the others being Samsung, Hyundai, LG and SK. He passed away Sunday at the age of 97. More than 1,400 people participated in the ceremony held at Seoul’s Lotte

Jan 22, 2020
Industry
Samsung Biologics records 65% jump in operating profit

Samsung Biologics said Wednesday its operating profit in 2019 rose 65 percent on-year, on the back of increased revenue. The company recorded 701.6 billion won ($602 million) revenue with operating profit of 92 billion won operating profit, up 31 percent and 65 percent on-year, respectively.The growth was credited to the enhanced operation rate of its three plants.Its net profit recorded 203 billion won, a 21 billion won, or -9.5 percent, fall on-year. Samsung Biologics explained this reflects t

Jan 22, 2020
Industry
'Samsung plans to add video to smartphone messaging'

Samsung Electronics’ upcoming smartphones -- possibly including the clamshell device unofficially dubbed “Galaxy Z Flip” and the flagship Galaxy S20 series -- are expected to feature a new video chat service supported by Google’s Android system, according to sources on Wednesday. There are ongoing trilateral talks among device manufacturer Samsung, mobile carrier SK Telecom and Google on starting a video messaging service on Samsung’s Android-powered phones, a high-

Jan 22, 2020
Technology
[Monitor] ICT exports falls 20% on-year in 2019

South Korea’s exports of information and communication technology products fell nearly 20 percent on-year in 2019, according to data by the Ministry of Trade, Industry and Energy. It is due mainly to a prolonged trade row between the United States and China, a drop in chip prices and a base effect as the country posted record-high exports in 2018.The nation’s outbound ICT shipments totaled $176.9 billion last year, down from $220.4 billion in 2018. It still recorded a trade surplus o

Jan 22, 2020
Industry
Samsung, Posco record W1tr operating profit for 2 decades

Samsung Electronics and Posco are the only South Korean companies to record an operating profit of 1 trillion won ($858 million) for more than 20 years, latest data showed Wednesday. A new study by the Sustainable Growth Institute surveyed changes in operating profit of Korean companies between 1998 and 2018. The number of companies with an operating profit exceeding 1 trillion won stood at 18 in 2018, up from four in 1998, the survey found. The growth, however, has halted since 2010 when

Jan 22, 2020
Industry
Hyundai Motor sales surpass W100tr for first time in 2019

Automaker sees boost from higher-end models; firm to maintain year-end dividend at the 3,000 won level

Jan 22, 2020
Transport
Daewoong to export gastric acid blocker to Mexico

Daewoong Pharmaceutical said Wednesday it has signed a deal worth $50 million to supply Mexico’s Moksha8 with gastric acid blocker fexuprazan. Given the local authorities’ approval, Moksha8 aims to launch fexuprazan in the second half of 2022. The expansion of Daewoong’s fexuprazan to overseas markets is in direct competition with CJ HealthCare’s tegoprazan-based K-CAB. Both fexuprazan and tegoprazan are potassium-competitive acid blockers, an advanced treatment compared

Jan 22, 2020
Industry
Netmarble to launch A3: Still Alive in March

CEO Kwon Young-sig bets on convergence of MMORPG and Battle Royale genres for global market

Jan 22, 2020
Industry

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