South Korean chipmaker SK hynix unveiled Tuesday its new chip plant -- the largest of its kind globally -- in a move to strengthen its leadership in the global memory chip market. The new plant, named M14, is located on a site of 53,000 square meters at its Icheon headquarters in Gyeonggi Province. It has a maximum production capacity of 200,000 300-millimeter semiconductor wafers per month. The plant also features the world’s largest clean room, a two-story building with a combined floor space

Audi, together with Korean battery makers LG Chem and Samsung SDI, aims to take on Tesla with its new full-electric sport utility vehicle that drives 500 kilometers on a single charge. The German marque is set to unveil a preview of the e-tron quattro concept at the upcoming Frankfurt auto show in September. It plans to put the car into production in 2018 as its first mainstream electric car. The car’s 500-kilometer driving range is more than triple that of other mass-market EVs on the market. E

Samsung Electronics’ new mobile payments system Samsung Pay made its Korean debut on Thursday, aiming to replace credit cards with mobile phones. Starting with the Korean service, Samsung Pay will be released in the U.S. on Sept. 28 after a monthlong beta service. Launches in other markets are set to come in phases. A customer pays with Samsung Pay at a grocery. Samsung ElectronicsKey to the service is its compatibility with existing credit card terminals, as it creates a small magnetic field th

LG Chem said Wednesday it had finished expansion work on production lines for acrylic acid and a super absorbent polymer -- two basic materials on which the company pins high hopes for market leadership.Following the expansion, its production plant in Yeosu, South Jeolla Province, has an annual production capacity of 510,000 tons of acrylic acid and 360,000 tons of SAP, the world’s fifth- and fourth-largest capacities, respectively. The company predicted an additional 300 billion won ($250 milli

For decades, the Korea-Japan rivalry has favored Korean firms and helped them secure a firm footing in global markets. In the past, they were desperate to mimic the success of big Japanese names such as Sony and Toyota. But over time, companies like Samsung and Hyundai appealed with quality products at cheaper prices, gobbling up their Japanese rivals’ market shares. Today Korean and Japanese firms compete head-on across almost all industries. And when it comes to information technology, Koreans

Samsung Group founder’s eldest son Lee Maeng-hee, father of CJ Group chairman Lee Jay-hyun, died Friday at age 84. He had been hospitalized at a Beijing hospital after his lung cancer spread to other parts of his body. The late Lee was often called the “ill-fated prince” of the Samsung empire.His father Lee Byung-chull had originally designated him as his successor in the early 1960s. However, Maeng-hee clashed with his father on issues including his aggressive management style, which led the gr

NEW YORK -- It’s clear that the success of Samsung’s latest smartphone and phablet will be a crucial test for Lee Jae-yong, the heir to Korea’s largest conglomerate and vice chairman of Samsung Electronics.And it’ll certainly be a tough challenge, given the hugely saturated nature of today’s smartphone market that has competition cropping up at every bend in the road.“Samsung definitely has a huge presence, all over the U.S. and in the world,” said one participant at last week’s Samsung Unpacked

Daum Kakao, the Korean Internet giant, is betting big on a new CEO who may be less experienced but full of enterprise for its next big leap in the burgeoning mobile era. The company said Monday it has named 35-year-old Rim Ji-hoon, founder of venture capital firm K Cube Ventures, to replace the current co-CEOs Choi Sae-hoon, 48, and Lee Sir-goo, 49. Daum Kakao’s new CEO nominee Rim Ji-hoonAlthough the average age of the employees at Daum Kakao is 34, a 30-something CEO is quite rare even within

Eight out of 10 South Korean companies intend to do business in North Korea after unification, a recent survey found Monday, with resource development and infrastructure building cited as their key interests. The Korea Chamber of Commerce and Industry recently conducted the survey on its 500 member companies. Of them, 87.2 percent responded they were willing to carry out North Korea-related projects when the two Koreas are unified.  Gaeseong and Haeju, both located near Gyeonggi Province, were p