Samsung Electronics has replaced all its CEOs and combined its mobile and home appliance business divisions in a surprise move, ditching the decade-old system that landed the South Korean tech giant in the top position in smartphones, TVs and semiconductors. In a year-end leadership reshuffle announced Tuesday, the company said it was reorganizing its operational structure, which will now consist of a consumer business unit called the SET division and a chip business unit called the device solu

Industry Dec. 7, 2021

SK Group, the nation’s third-largest conglomerate, seems to be opting for stability rather than drastic changes in its year-end executive reshuffle, retaining all the CEOs at its key affiliates. While maintaining the top brass, 133 new executives are receiving promotions, the largest class in the past three years, in an apparent move to add weight to its new growth engine businesses that are still in their nascent phases with the potential to lead the group’s future. “Almos

Industry Dec. 2, 2021

SK hynix, the chip-making affiliate of SK Group, said Thursday that it has set up a new business unit solely dedicated to the US market where the memory chip giant has made a renewed push to secure a firm footing and expand partnership with local tech firms. The new unit, called American Business Team, is one of the three new units established under the direct influence of CEO Lee Seok-hee, as part of the company’s year-end executive reshuffle and organizational overhaul. The other two u

Technology Dec. 2, 2021

LG Electronics CEO Kwon Bong-seok has been named the chief operating officer of LG Corp., LG Group’s holding company, becoming the No. 2 man at the nation’s fourth-largest conglomerate, in a major executive reshuffle announced on Thursday. The 58-year-old was awarded with vice chairman title, joining the top brass assisting Chairman Koo Kwang-mo. The group currently has three vice chairmen: LG Energy Solution CEO Kwon Young-soo, LG Household & Health Care CEO Cha Suk-yong and LG

Industry Nov. 25, 2021

Samsung Electronics Vice Chairman Lee Jae-yong has returned home after a packed North American trip, with his vision for the “New Samsung” taking shape and putting a renewed emphasis on chip business. During his 10-day visit to the US and Canada, Lee held a series of meetings with prospective clients, partners and political leaders and finalized the tech giant’s $17 billion US fab investment. Upon his arrival in Seoul on Wednesday afternoon, the tycoon said the responsibili

Technology Nov. 24, 2021

The Korea International Trade Association said Monday that it will bolster the monitoring of supply chains for key materials in close cooperation with government agencies and the trading units of conglomerates, amid the protracted urea solution supply crunch. According to a recent study by the trade lobby, South Korea is heavily dependent on single countries for its supplies of 3,911 materials, with China making up almost half the total. Over the past 10 months, Korea relied on imports from

Industry Nov. 22, 2021

Lee Jae-myung, the presidential candidate of the ruling Democratic Party of Korea, has strongly criticized his archrival, Yoon Seok-youl of the main opposition People Power Party, for hinting at the possibility of canceling a symbolic inter-Korean military agreement, warning that the idea itself poses a serious threat to national security. On a Facebook post Wednesday titled “Candidate Yoon, please stop pushing in the wrong direction,” Lee lashed out at Yoon’s recent remarks t

Politics Nov. 18, 2021

(jylee@heraldcorp.com)

Social Affairs Nov. 18, 2021

Yoon Seok-youl, the presidential candidate of the main opposition People Power Party, said he could consider scrapping a symbolic inter-Korean military agreement if there is no sign of change in North Korea’s attitude, adding he would not seek a summit with the North’s leader Kim Jong-un “just for show.” “A promise can be kept when the partner keeps it. In the event I’m elected president, I would call for the North to carry out the Sept. 19 military agreemen

Politics Nov. 17, 2021

President Moon Jae-in and Richard Hatchett, CEO of Coalition for Epidemic Preparedness Innovation, held a meeting at Cheong Wa Dae on Tuesday and exchanged views on South Korea’s pandemic preparedness and its vision for a global vaccine production hub. Moon applauded CEPI’s leadership role in facilitating investment into vaccine development and manufacturing against COVID-19, which he said greatly helped in saving people’s lives around the world. “Since joining CEPI l

Politics Nov. 16, 2021

Cheong Wa Dae on Monday said that discussions are still underway to hold a trilateral summit between South Korea, China and Japan this year, denying a recent Japanese news report that Seoul has asked to postpone the meeting again. The three neighboring countries have held a summit every year under a rotation system, but last year’s Seoul meeting was canceled due to the coronavirus pandemic. With less than two months left in the year, expectations are low that a meeting will take place

Foreign Affairs Nov. 15, 2021

President Moon Jae-in’s approval rating slipped to a six-month low of 34.2 percent, hit hard by the snowballing development scandal involving Lee Jae-myung, the presidential candidate of the ruling Democratic Party of Korea, a recent poll found Monday. According to Realmeter, his approval rating in the first week of November was 34.2 percent, down 4.5 percent from the previous week, while his disapproval rating increased 5.3 percent to 62.9 percent during the same period. The approval

Politics Nov. 8, 2021

President Moon Jae-in expressed high hopes for battery partnerships with Poland, the Czech Republic, Hungary and Slovakia at a first business forum held between South Korea and the Visegrad Group nations in Budapest on Wednesday. The forum was held on the sidelines of Moon’s state visit to Hungary and a series of summit meetings with the leaders of the four Central European nations during his stay. “The Visegrad Group has become South Korea’s largest investment destination

Foreign Affairs Nov. 4, 2021

President Moon Jae-in arrived in Budapest on Tuesday to hold a series of summit talks with the leaders of the so-called Visegrad Group: Hungary, Poland, Czech Republic and Slovakia. It will be the second gathering between South Korea and the four Eastern European countries. On Thursday, the president will hold multilateral and bilateral meetings with the prime ministers of the Visegrad nations. On the sidelines of the meetings, a business forum, a first of its kind, also will be held to explo

Foreign Affairs Nov. 3, 2021

Korea Aerospace Industries, South Korea’s sole aircraft manufacturer, is in talks with the Slovakian government to sell 10 FA-50 homegrown trainer jets in a $500 million deal, the Defense Acquisition Program Administration said Wednesday. KAI is set to sign a deal with Slovakian aircraft repair company LOTN on Wednesday in Hungary upon President Moon Jae-in’s European tour this week. The president, who arrived in Budapest on Tuesday for a state visit, will hold a summit Thursday

Defense Nov. 3, 2021