The government said Wednesday that it will allocate an additional 1.1 billion won ($958,000) to the development of next-generation semiconductors in an effort to boost the industry.This year's R&D budget will be put at 35.6 billion won, according to the Ministry of Trade, Industry and Energy.The state research and development funds will help the country maintain its worldwide competitiveness and raise self-sufficiency in the production of semiconductors, the ministry said.The state R&D expenditu

South Korea's tech giant Samsung Electronics Co. topped a U.S. quality test for the fitness smartband segment, industry watchers said Wednesday.According to the research conducted by industry tracker J.D.Power and Associates, Samsung Electronics won the highest consumer satisfaction ratings for a smartband for fitness.With the satisfaction rating-- based on performance, reliability, features, price, ease of operation, style and warranty -- calculated on a 1,000-point scale, J.D. Power said the S

[THE INVESTOR] Woowa Brothers, the operator of food delivery app Baedal Minjok, said July 13 that the company returned to profit in the first half of this year after suffering an operating loss for two years.The Korean start-up posted 900 million won (US$750,000) operating profit during the half year with its sales coming in at 34.9 billion won. The company attributed the operating profit in the first half to reduced marketing costs and surging orders. In May, the total number of monthly deliver

Prosecutors on Wednesday summoned Kim Jung-ju, founder of the nation’s largest game company Nexon, on suspicions that he gave insider information to a senior prosecutor who raked in hefty stock gains.The prosecutors said they are investigating whether Kim gave information about the stock market debut of Nexon Japan in advance to Jin Kyung-joon, a prosecutor who is one of Kim’s college friends. Nexon founder Kim Jung-juIn 2005, Jin bought 10,000 Nexon shares at 425 million won ($370,000) and sold

Samsung’s QLED TV plan not possible within two years, Han says

[THE INVESTOR] LG Display vice chairman and president Han Sang-beom on July 12 dismissed the possibility that the company would withdraw any time soon from the liquid-crystal display business where Chinese rivals are fast securing a footing with cheaper panels. “It is unavoidable for us to stick to LCD for now. We wouldn’t seek to withdraw from the market like our rival (Samsung Display),” Han told reporters at the company’s manufacturing plant in Paju, Gyeonggi Province. LG Display vice chairma

Regulatory hurdles stand in the way of Korean launch of ‘Pokemon Go’ while game’s local distributor Pokemon Korea Inc. says local launch “yet to be decided”

Two men (left) play Pokemon Go on their smartphones outside of Nintendo’s flagship store in New York City on Monday. AFP-Yonhap

[THE INVESTOR] The Korean government is renewing its commitment to the display and semiconductor sectors where Chinese players are fast catching up with their Korean rivals.Korea has reduced related government budgets as Korean companies such as Samsung Electronics, SK hynix and LG Display became top players in the fields. Samsung Electronics’ semiconductor plant in Xian, ChinaDuring the years, Chinese companies have grown rapidly largely boosted by their government’s full support. The governmen

[THE INVESTOR] Samsung Electronics president and mobile chief Koh Dong-jin on July 13 showed confidence about the company’s upcoming launch of the Galaxy Note 7 on Aug. 2.“We have improved ‘note’ functions this time, upgrading software for user convenience,” Koh told reporters in Seoul. Samsung Electronics mobile chief Koh Dong-jin speaks at the Galaxy S7 unpack event held in Barcelona in February.He is scheduled to take the stage to unveil the new Note phablet at an unpack event in New York. Si

[THE INVESTOR] SK Holdings C&C, a data services firm, said July 13 that it would work with a local robot company to develop new robot solutions utilizing up-to-date artificial intelligence and cloud computing technologies.Signing a partnership deal on the day at its headquarters in Bundang, the C&C and Robocare vowed to collaborate to develop the robot solutions.The C&C will deploy its AI, big data and cloud computing technologies for the joint project while the local robot maker will make use o

[THE INVESTOR] Electronic components producer LG Innotek has recently decided to build a camera module plant in Vietnam, reportedly pushed by Apple to reduce supply prices. According to news reports, the Korean firm plans to build a new camera module plant in Haiphong City, Vietnam, with the full capacity operation scheduled to start from 2018. LG Innotek’s camera modules. LG Innotek“Apple has requested LG Innotek to newly establish a camera module plant in Vietnam where labor cost is much cheap

[THE INVESTOR] Samsung Group is expected to announce the official withdrawal of its 7.6 trillion won (US$6.60 million) investment proposal in the Saemangeum development project this month, the Seoul Shinmun reported on July 13. Saemangeum is an area comprising reclaimed tidal land situated on the southwest coast of Korea. Currently, it is being developed as a free trade and economic zone. A rendering of the Saemangeum free trade zoneThe news daily said Samsung’s withdrawal could deal a huge blow

South Korean tech giant Samsung Electronics Co. said Wednesday that it will showcase its new high-end smartphone model, the Galaxy Note 7, in the United States next month.The showcase event will take place on Aug. 2 in New York and will be streamed live on the tech firm's website, according to Samsung. (Yonhap)Similar events will be held simultaneously in London and Rio de Janeiro, the company said.The released invite suggests that the new Note will offer an iris scanner, which uses the unique p

[THE INVESTOR] South Korean network operator KT has joined hands with tech giant Samsung Electronics and media content producer Warner Bros. Home Entertainment to commercialize high-dynamic-range imaging -- a next-generation video technology that produces more dynamic images.During a media event on July 12 in Seoul, KT unveiled a lineup of services and products utilizing HDR. Yoo Hee-kwan, KT’s head of media business, introduces the firm’s HDR services at the press meeting in Seoul on July 12. K