Samsung Display to fully exit from LCD TV panel business in June

Samsung Display, the display making arm of Samsung Electronics, is poised to fully shut down its unprofitable liquid crystal display panel business for televisions in June, after over 30 years of operation. “(Samsung Display) will terminate its supply of LCD panels in June,” an industry source said Monday. The company has been manufacturing its lower-end panels in Asan, South Chungcheong Province. The long-awaited move came as LCD TV panel prices have been on a constant decl

May 30, 2022

E-book platform Millie’s Library to go public by end of 2022

Millie’s Library, one of South Korea’s largest e-book subscription platform, said Sunday that it is set for a market debut by the end of this year. The company filed a preliminary prospectus on Friday stating that it will offer 2 million common shares out of the total 8,234,901 shares. If the initial public offering process goes as planned, it will be the country’s first e-book platform to go public. Its shares are poised to start trading on the Korea Exchange’s second

May 29, 2022

[Newsmaker] Kakao's Kim Beom-su steps down from last chairman position

Kakao founder Kim Beom-su has stepped down as chairman at the Brian Impact foundation he established last year for philanthropic projects, the nonprofit said Friday. With the announcement, Kim has resigned from all chairman posts including his resignation as Kakao chairman of the board in March. Kim will keep his position as the head of the Kakao Future Initiative Center. The founder and former CEO of the South Korean IT giant will remain as a registered director on the board and continue to t

May 27, 2022

Posco Chemical to build $327m cathode material plant with GM in Quebec

Posco Chemical said Friday it has signed a deal to create a joint venture with US auto maker General Motors to launch a $327 million cathode materials plant for batteries that can power 220,000 electric vehicles annually in Quebec, Canada. The material firm, based in Pohang, North Gyeongsang Province, will invest $278 million in an 85:15 joint venture between Posco Chemical and GM, called Ultium CAM. The deal is preceded by Posco Chemical‘s plan to launch an operation there under Posco Ch

May 27, 2022

Robots to make rounds with doctors at hospital

Samsung Medical Center said Thursday that it has created a consultative group on Friday to accelerate its plan of adopting a robot-driven smart hospital system. The hospital was selected in 2021 by the Korea Institute for Robot Industry Advancement, an organization under South Korea’s Industry Ministry, to receive up to 1.5 billion won ($1.18 million) in subsidies to carry out a project to operate robots in the hospital. SMC currently operates one robot specializing in the distribution o

May 26, 2022

Hancom launches Korea’s 1st private satellite

Hancom Group, South Korea's leading office software developer, has launched the country's first private Earth observation satellite into orbit, the company said Thursday. According to the firm, the satellite named Sejong-1 was carried on a Falcon 9 rocket developed by US firm SpaceX. The rocket blasted off from the Kennedy Space Center in Cape Canaveral, Florida at 2:35 p.m. on Wednesday. A Hancom official confirmed that the satellite entered its targeted orbit and successfully made communic

May 26, 2022

LG to spend W106tr on battery, biotech, AI, clean tech by 2026

LG Group said Thursday it has confirmed a spending package of 106 trillion won ($83.7 billion) through 2026 to consolidate its manufacturing and research base in South Korea. The five-year plan is intended to add momentum to LG‘s domestic business regarding next-generation electric vehicle batteries, artificial intelligence, biopharmaceutical technology and clean technology. The expenditures are aimed at ramping up research capabilities, boosting production and securing infrastructure

May 26, 2022

[Photo News] Canvas for NFT Art

LG Display said Wednesday that media artist Refik Anadol’s “An Important Memory for Humanity,” a non-fungible token work of art on its transparent OLED display, recently raked in $6.2 million at auction. LG is the sole producer of a large-size transparent OLED display that boasts glass-like clarity to be used across industries, including digital art.

May 25, 2022

Homegrown Nuri rocket set for 2nd launch on June 15

The second launch of South Korea’s homegrown Nuri rocket will take place on June 15, about eight months after its first blastoff failed to complete its mission in October last year, the Ministry of Science and ICT said Wednesday. The launch control committee, composed of officials at the Science Ministry and the Korea Aerospace Research Institute, left a window of backup launch dates open from June 16 to 23 in case of bad weather or other issues that could hinder the planned blastoff.

May 25, 2022

Samsung teams up with Red Hat for memory software development

Samsung Electronics said Wednesday it has partnered with US software company Red Hat to develop software technologies for next-generation memory solutions, as the industry is anticipating the birth of software to be integrated in memory chip hardware. Red Hat, an IBM subsidiary, is known for Red Hat Enterprise Linux, a commercial open-source Linux operating system distribution developed by the company. Under the partnership, Samsung and Red Hat will jointly develop and validate a software tha

May 25, 2022

LG CNS lays out 52 real-life applications for AI

South Korean information technology solutions firm LG CNS has come up with 52 real-life applications for artificial intelligence, in line with its move to expand AI-related consulting services, the company said Wednesday. The use cases will allow its clients to better identify what kind of AI solutions they would need, and help LG CNS recommend the most optimal solution to the clients, LG CNS said in a statement. For example, if a company is looking to avoid worksite disasters, LG CNS will r

May 25, 2022

SK Telecom seeks wider applications of crypto chips behind Samsung Galaxy Quantum phones

South Korean telecommunication firm SK Telecom unveiled Wednesday plans to explore more use cases of quantum-protected chips used in Samsung Galaxy Quantum series smartphone, in hopes of entering mass market by the first quarter of 2024. The world‘s first-ever crypto chip solutions have so far been applied to the Galaxy Quantum series smartphone -- available for purchase only in Korea -- based on the quantum random number generator chip solutions SK Telecom developed jointly with Switzerl

May 25, 2022

Samsung SDI, Stellantis to build $2.5b battery plant in Indiana

South Korean battery maker Samsung SDI said Wednesday it is building its first US plant in the state of Indiana along with its joint venture partner Stellantis, joining its crosstown rivals to secure its footing in the burgeoning electric vehicle market. The $2.5 billion plant, located in Kokomo, Indiana, is expected to break ground later this year and start operations in the first quarter of 2025. The companies said they aim to elevate its production capacity from the current 23 gigawatt-ho

May 25, 2022

[Photo News] Battery Power

Volkswagen ID.4 GTX, powered by LG Energy Solution‘s battery cells and modules, is seen climbing up the dormant Uturuncu volcano in Bolivia in this photo released by the South Korean battery maker. German long-distance driver Rainer Zietlow and his Challenge4 team won a new Guinness World Records title for the highest altitude reached with electric cars.

May 24, 2022

Samsung unveils largest-ever W450tr investment for chip supremacy

South Korea’s largest conglomerate Samsung announced Tuesday plans to invest a combined 450 trillion won ($355.8 billion) and create some 1 million jobs in Korea over the course of five years -- the largest ever in the group’s history -- in order to maintain its competitive edge and navigate uncertainties. Samsung also chose chip design, foundry and biotechnology as the major three pillars of its future growth in its investment guidance. The groupwide plan is expected to set the

May 24, 2022

Google's in-app payment policy leads to content price hikes

With Google poised to begin removing applications that disobey its mandatory in-app payment policy from June 2, South Korean content providers are raising consumer charges as the global IT giant's billing rules require hefty fee rates. Google's in-app payment system means that consumers must use the internal payment system developed by the app market operator, also Google, when purchasing paid content from apps in Google's Play Store. For app developers using Google's in-app billing system,

May 24, 2022

Korea's first lunar mission named 'Danuri'

South Korea's first lunar probe mission, formally known as the Korea Pathfinder Lunar Orbiter, has been named "Danuri," the Ministry of Science and ICT said Monday. Danuri is a combination of the two Korean words "dal" and "nuri," meaning moon and enjoy, respectively. According to the ministry, the name expresses a desire for the country's first moon mission to be successful, and for the probe to enjoy everything that the moon has to offer. Between Jan. 26 and F

May 23, 2022

SK assesses W18tr of social value created

SK Group, South Korea‘s second-largest conglomerate by assets, disclosed Monday actions to create social value and tools to measure how much impact it has generated through 2021 in numbers. The group with its subsidiaries contributed 18.4 trillion won ($14.5 billion) to issues such as unemployment, climate change, phone scams, blood shortages, car accidents due to drowsy driving, among others. The figure rose 60 percent from that of 2020, its estimate showed. SK had nearly 190 affiliates

May 23, 2022

Samsung seeks foundry supremacy with 3nm chips

One of the key moments of last week’s summit talks between South Korean President Yoon Suk-yeol and US President Joe Biden was the two signing a semiconductor wafer, not a visitors’ book, during their visit to Samsung Electronics’ chip manufacturing complex in Pyeongtaek, Gyeonggi Province, Friday. It was the first time that the wafer, produced by Samsung’s new 3 nanometer technology, was unveiled to the public. The Korean tech giant plans to start mass production of th

May 23, 2022

[Market Eye] Chips, batteries, nuclear tech emerge as key agenda in Yoon-Biden summit

US President Joe Biden’s trip to Asia and his choice of South Korea as his first stop underscore Washington’s willingness to address global supply chain uncertainties largely posed by Russia’s invasion of Ukraine, along with efforts to counter dependence on China. This can be achieved by strengthening collaboration with technology powerhouses in Asia’s fourth-largest economy, the summit between President Yoon Suk-yeol and Biden showed. To this end, Yoon and Biden called

May 22, 2022