Undervalued no more: Jusung Engineering to spin off chip business

Jusung Engineering, the first-generation chipmaking equipment firm in Korea, has decided to spin off its lucrative semiconductor equipment business into a new entity with hopes of elevating its undervalued market cap. Noting how the company has been suffering from undervaluation, Hwang Chul-ju, the founder and chairman, said the latest decision will boost the value of its chip business, the No. 1 at home. “The company is just way too undervalued when it has proprietary technologies used in

June 5, 2024

Tmax unveils new corporate identity to mark 27th anniversary

Korean software developer Tmax Group celebrated its 27th anniversary Monday by unveiling its renewed corporate identity. Held in Seongnam, Gyeonggi Province, 550 employees joined the anniversary event, with an additional 1,000 participating online through Tmax's collaboration solution, Tmax WAPL. The new CI, introduced by Kim Jae-hwan, chief marketing officer of Tmax, embodies the company's outstanding, boundless and integrative qualities. The vibrant blue color conveys a sense of vita

June 4, 2024

KT, Microsoft forge partnership for AI push

Korean telecommunications giant KT Corp. said Tuesday it has forged a strategic partnership with Microsoft to enhance ties on artificial intelligence, among others. The new partnership, aiming at jointly developing AI, cloud and IT services tailored for the Korean market, was sealed at Microsoft’s headquarters in Redmond, Washington, on Monday, with KT CEO Kim Young-shub and Microsoft CEO Satya Nadella in attendance. With details of the partnership coming in September, this is the first

June 4, 2024

Green energy firms showcase innovations at ENVEX 2024

The Ministry of Environment and the Korea Environment Conservation Institute are co-hosting the International Exhibition on Environmental Technology and Green Energy (ENVEX) at Coex in Seoul, which began Monday and runs to Wednesday. Launched in 1979, ENVEX, now in its 45th year, aims to boost domestic demand and lay export bases for outstanding small and medium-sized green energy enterprises. It boasts the longest history among environmental technology exhibitions in Korea. ENVEX will showcase

June 4, 2024

Samsung out to reclaim foldable crown

Competition in the growing foldable smartphone market is set to get fiercer. Samsung Electronics is out to regain market leadership with a new foldable phone series next month, while Chinese rivals are trying to catch up with the Korean tech giant’s market dominance in the sector. Lenovo-owned Motorola has reportedly passed the Chinese government’s certification and is expected to roll out its new flagship foldable phone, Razr 50 Ultra, within the next month, according to industry so

June 3, 2024

Chey apologizes for 'public concern' after massive divorce settlement

SK Group Chairman Chey Tae-won issued an apology on Monday after his high-profile divorce settlement ruling -- ordering him to pay a record 1.38 trillion won ($1 billion) to his ex-wife -- raised concerns for the company's employees and stakeholders. Taking part in an extraordinary meeting held by the SK Supex Council, the conglomerate's top decision-making body, Chey also vowed to do his best to make sure his personal affairs do not have negative impacts on the company’s busines

June 3, 2024

Korea seeks to bolster ties with Tanzania, key supply chain partner

South Korea has been seeking to bolster ties with Africa, with its vibrant economies, young population and abundant natural resources. Tanzania, among others, is emerging as a key partner at a time when countries around the world are competing to secure high-value natural resources amid fast-reshaping supply chains for key industrial sectors. Korea has also been working to elevate economic ties with Tanzania, home to 633 million people – Africa's fifth-largest nation by population. Th

June 2, 2024

How will SK chief's W1.3tr divorce settlement affect his ownership?

The high-profile divorce settlement ruling ordering SK Group Chairman Chey Tae-won to pay his ex-wife a record 1.38 trillion won ($1 billion) has commanded attention for how the chaebol chief will raise the cash as well as the possible impact the ruling could have on the shareholding structure of the nation’s second-largest conglomerate. The Seoul High Court on Thursday ordered Chey to pay 1.38 trillion won in property division and 2 billion won in a one-off alimony payment to his estrange

May 31, 2024

Superintelligence to reshape human-machine collaboration

As humans are increasingly associating with artificial intelligence at home and in the workplace, global tech experts gathered Thursday at this year's EmTech Korea to discuss what these technologies might look like in the next decade. Orchestrated by the MIT Technology Review, the annual conference aimed at exploring the fusion of global technology trends and industries took place at the Coex convention and exhibition center in Seoul for the first time. In a panel discussion moderated by Ka

May 30, 2024

Tech influencers discuss AI, robotics, health tech at EmTech Korea

Global tech influencers and professors gathered at this year's EmTech Korea to discuss the impact and potential of breakthrough technologies encompassing artificial intelligence in various sectors including space and robotics, energy and health tech, in Seoul on Thursday. Orchestrated by the MIT Technology Review, the annual conference aimed at exploring the fusion of global technology trends and industries took place at the Coex convention and exhibition center in Seoul, for the first time

May 30, 2024

Samsung's new chip head urges collective efforts to stay top

Jun Young-hyun, the new head of Samsung Electronics’ semiconductor business, called Thursday for unity among management and employees to retain its leadership in the ever-evolving chip industry. “Samsung’s semiconductor business has 50 years of history and has maintained the No. 1 position in memory. We have secured unrivaled technological assets by overcoming numerous crises and challenges,” he said in his inauguration message posted on the company’s internal bulle

May 30, 2024

[Contribution] Petrochemical business to explore Gen AI potentials

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

May 30, 2024

Corning eyes leadership in glass substrate market for chips

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

May 29, 2024

Samsung, Lennox set up HVAC joint venture in US, Canada

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

May 28, 2024

SK C&C, Hana team up to develop smart battery plant machines

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

May 28, 2024

[Photo News] Power of optimism

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)

May 28, 2024

[Photo News] Tumbler washer at Starbucks

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)

May 27, 2024

[Herald Interview] Autocrypt eyes global leadership in automotive security

LEIPZIG, Germany -- The automotive security sector has never been more important with the growth of connected cars and the advancement of software for vehicles. Autocrypt, a South Korean startup, has been making strides and is looking to become a leading provider of automotive cybersecurity and mobility solutions. “Cars are now equipped with loads of software so now they are exposed to hacking like computers (facing risks) in the backend server and various (types of) IT infrastructure,&rdq

May 27, 2024

[Photo News] Samsung chief meets Chinese premier

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

May 26, 2024

[Africa Forum] Korea ready to support Africa’s FDI push

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

May 26, 2024