South Korean IT solutions provider LG CNS said Friday it has submitted a prospectus to the financial authorities to officially begin the public offering process, aiming for a listing on the country’s main bourse Kospi in February. The company plans to issue 19.38 million shares in the upcoming IPO. The target offering price is between 53,700 won and 61,900 won ($37.88-$43.44) a share, with the estimated market capitalization expected at up to 6 trillion won. LG CNS will conduct a book-buil

Industry Dec. 6, 2024

Samsung Electronics carried out a year-end executive reshuffle and organizational restructuring on Wednesday, naming new leaders for key roles including chief financial officer. Samsung appointed Park Soon-cheol, executive vice president of the corporate management team at the tech giant, as its new CFO. The 58-year-old financial expert has extensive experience across various divisions at the tech giant, including Samsung’s now-disbanded control tower, the future strategy office, as well a

Industry Dec. 4, 2024

Naver and Kakao, the nation’s top two internet companies, suffered malfunctions for hours due to a spike in traffic after President Yoon Suk Yeok issued his short-lived martial law decree. After Yoon made the sudden declaration at 10:23 p.m. on Tuesday, the Naver Cafe platform for community discussions experienced access issues on smartphones, which were resolved after midnight. Even after access normalized, some functions such as posting and editing comments experienced disruptions until

Technology Dec. 4, 2024

LG CNS said Tuesday it would launch its smart real estate business in the US, leveraging digital transformation technologies to enhance building asset value. The company signed a trilateral memorandum of understanding with SomeraRoad, a US-based real estate investment firm, and Mastern America, the US subsidiary of Korean alternative investment manager Mastern Investment Management, to collaborate on smart building projects. Under the partnership, the three firms plan to jointly promote smart

Industry Dec. 3, 2024

LG Electronics said Monday it is teaming up with the Ministry of Trade, Industry and Energy to expand exports of its cooling solutions for data centers powering AI. The large-scale cooling systems, called chillers, are in high demand as thermal management becomes crucial for operating massive data centers. According to LG, Industry Minister Ahn Duk-geun visited LG’s chiller plant in Pyeongtaek, Gyeonggi Province, earlier in the day and pledged the ministry’s full support to boost t

Industry Dec. 2, 2024

Artificial intelligence startup Rebellions said Monday that it has completed a merger with Sapeon Korea, SK Telecom’s AI chip subsidiary, to officially form Korea’s first AI chip unicorn under the unified name Rebellions. The merger was finalized about six months after the plan was announced in June. Rebellions has valued the merged entity at around 1.3 trillion won ($929 million), based on the agreed merger ratio of 1:2.4 for Sapeon Korea and Rebellions, respectively. The merged ent

Industry Dec. 2, 2024

Samsung Electronics has entered a new round of competition with LG Electronics in the home appliance subscription services market by launching its own service centered on artificial intelligence products. Samsung announced Sunday the introduction of its AI subscription club service, which is available at the tech giant’s offline store nationwide and official online store. This service allows consumers to pay a monthly subscription fee to use home appliances for a certain period. By subsc

Industry Dec. 1, 2024

Samsung Display CEO Choi Joo-sun will be relocating as the new chief of Samsung SDI, the battery-making unit said Thursday. Choi has a Ph.D in electrical engineering from the Korea Advanced Institute of Science and Technology. He has served in key positions at Samsung Electronics, including head of DRAM development in the memory division, head of strategic marketing and head of the America for the device solutions division. He later became head of the large display business unit and CEO of Samsu

Industry Nov. 28, 2024

Samsung SDS, the South Korean IT solutions affiliate of Samsung Group, said Thursday that it has appointed Lee June-hee, corporate executive vice president of the Network Business Division at Samsung Electronics, as its new CEO. Lee is recognized as an expert in information technology. He has played a key role in leading the commercialization of Samsung’s flagship smartphone Galaxy series and 5G networks at the tech giant. After graduating in electrical and computer engineering at Seoul Na

Industry Nov. 28, 2024

Samsung Display announced Thursday that it has appointed Yi Chung, head of mobile display business at the display maker, as its new chief executive officer. Yi has a Ph.D. in chemical engineering from Pohang University of Science and Technology. He is a seasoned expert in display technology, having accumulated extensive experience in liquid crystal display and organic light-emitting diode development and process technologies during his tenure at Samsung Electronics’ LCD Division and Samsun

Industry Nov. 28, 2024

Samsung Electronics on Wednesday replaced its foundry business head in its year-end leadership reshuffle and created the new president-level position of chief technology officer in an apparent move to breathe fresh air into its sluggish foundry business. The tech giant promoted Han Jin-man, executive vice president and head of Device Solutions America, to president and head of its foundry business. After joining Samsung in January 1989, Han has held various roles, including leading DRAM and flas

Industry Nov. 27, 2024

SK Group Chairman Chey Tae-won suggested responding to deepening global uncertainties with "design thinking" at the annual Tokyo Forum on Friday. “Most people think design and business are separate disciplines, but both fundamentally share the characteristic of creating new ventures with limited resources,” the chairman said in his opening speech at the event in Tokyo. Chey emphasized the importance of design thinking in the business domain, stating, “CEOs must act

Industry Nov. 22, 2024

OpenAI, the creator of ChatGPT, has reportedly engaged in discussions with Samsung Electronics to integrate artificial intelligence capabilities into Samsung’s electronic devices, according to a report Friday. This move could position OpenAI as a potential challenger to Google, the leading player in the browser and search markets. The discussions were said to mirror a recent agreement between OpenAI and Apple, where OpenAI’s technology powers Apple Intelligence features on new device

Technology Nov. 22, 2024

LG Innotek said Friday it would invest 375.9 billion won ($268.3 million) in a facility in Vietnam to respond to new models in the optical solutions business and enhance its competitiveness. The investment period will extend until Dec. 31. of the following year. The new investment is part of the company’s previously announced plan to invest 1.3 trillion won in expanding its production subsidiary in Hai Phong, Vietnam. The Vietnam production facility primarily manufactures camera modules. T

Industry Nov. 22, 2024

LG Group chose stability in its year-end executive reshuffle on Thursday, rather than seeking drastic changes in the top brass amid growing uncertainties surrounding the business environment at home and abroad. Most CEOs at key affiliates retained their jobs, considering their experiences in tackling challenges at times of economic difficulties. Battery-making unit LG Energy Solution CEO Kim Dong-myung and consumer goods unit LG H&H CEO Lee Jung-ae kept their posts. LG Uplus, the telecom uni

Industry Nov. 21, 2024