By Marco Moder Partner at McKinsey & Company Korea Once the key growth engine for the nation’s economy. Now a major roadblock in value chain realignment and market road map. This is where South Korea’s petrochemical industry stands as of now. It is undeniable that the industry faces numerous challenges. Over the past few years, the rapid oversupply from China has intensified demand competition, causing profitability to plummet to an unprecedented level. Also, as the business cy

Corning is looking to expand its presence in the burgeoning glass substrate market for semiconductors, using its special proprietary technologies, the company's president in charge of Korea operation said Wednesday. Speaking at his first press conference here after assuming his role as the president of Corning's Korea Region last November, Vaughn Hall also presented the company's new initiative window glasses, introducing the lighter, energy-efficient ATG Glass. "I have high

Samsung Electronics Co. said Tuesday that it has agreed to set up a joint venture with a leading provider of climate solutions for a heating, ventilation and air-conditioning and refrigeration business in the United States and Canada. According to Samsung, the newly established JV, named Samsung Lennox HVAC North America, will sell ductless AC and heat pump products in the US and Canada. The JV is 50.1 percent owned by Samsung, with the remaining stake being held by Lennox. However, Samsung did

SK Inc. C&C, an IT solutions unit of SK Group, said Tuesday that it inked a memorandum of understanding to jointly develop plant machines tailored for secondary battery manufacturing with Hana Technology, a local equipment maker, eyeing exports to North America and Europe. Hana’s key equipment will be supplied to be transformed by using SK’s digital factory operation know-how and other advanced technologies like artificial intelligence and big data. The machines will be capable o

LG Electronics’ new “Optimism your feed” campaign video is played on a signage screen at Times Square in New York. The tech giant said Tuesday it has teamed up with online influencers to spread the power of optimism among young social network service users. The campaign is part of LG’s new brand identity “Life’s Good.” (LG Electronics)

LG Electronics said Monday that its “myCup” tumbler washers have been installed at all Starbucks outlets nationwide as part of a partnership with the Ministry of Environment and Starbucks Korea. Based on LG’s Dios dishwasher technology, the tumbler washer offers two modes: a quick 30-second wash and a thorough wash course -- both using 65-degrees-Celsius hot water. (LG Electronics)

S. Korean startup partners with Germany's BMW, Japan's Hitachi, Vietnam's Vingroup

Samsung Electronics Chairman Lee Jae-yong met Chinese Premier Li Qiang in Shilla Seoul on Sunday. During their meeting, Lee expressed gratitude for the Chinese government's support for Samsung affiliates during the COVID-19 crisis, including exempting them from the lockdown measures. Saying the cooperation between Samsung and China represented the Korea-China relationship in microcosm, Li encouraged the tech giant to further investment in his country. Li, traveling to Seoul to attend the Ko

African ambassadors and Korean trade experts explored the economic potential of bilateral ties between Korea and Africa during the Africa Day Business Forum, co-hosted by The Korea Herald and the African Group of Ambassadors in Seoul on Thursday. In a panel discussion mediated by Tunisian Ambassador to Korea Kais Darragi, they discussed ways to attract more investment into African countries. Hong Soon-young, vice president of the Export-Import Bank of Korea, urged African nations to go all-out t

Samsung Electronics, the world's No. 1 memory chipmaker, on Friday denied a report that its high bandwidth memory chips had yet to pass Nvidia's tests for use in the US chip giant's AI processors. Samsung said testing for HBM supply is progressing "smoothly" with various global partners. "We are currently working closely with multiple companies and continuously testing technology and performance,” the Korean tech giant said in a statement. “We are cond

Yoon calls semiconductor industry key to national economic growth

LG AI Research, LG Group’s artificial intelligence think tank, said Wednesday that it has inked a strategic partnership with UNESCO to develop an education course on AI ethics. The partnership, signed on the sidelines of this week’s AI Seoul Summit, LG and UNCESO agreed to convene an advisory group of international experts within the year. The education course is slated to be launched by the end of 2025, and LG said some progress could be shared at the AI Action Summit in Paris next

Air sterilization solutions provider A.Virtual said Wednesday it would introduce its air sanitizer to the Dubai market through a partnership with Sharaf DG, the largest electronics retailer in the Middle East. A.Virtual's air sanitizer with sterilization capabilities will be exclusively available in Sharaf DG's five stores in Dubai, located in Dubai Mall, Deira City Centre, Times Square Centre, Mirdif City Centre and Dubai Hills. Sharaf DG operates over 40 stores across the Middle East

Samsung, Naver chiefs pledge to enhance safety of AI innovation

36 Korean members struggle to secure renewable energy sources due to tough rules, high costs