SK Inc. Materials, an advanced materials unit under South Korea’s SK Group, said Tuesday it is making an additional investment into 8 Rivers, a US clean energy tech firm specialized in developing carbon capture, utilization and storage (CCUS). With the planned investment, the Korean firm is expected to become the largest shareholder of 8 Rivers. Under the renewed partnership, the two firms are set to further strengthen their existing ties on diverse clean energy products within the US. Fou

Industry March 7, 2023

SK Inc., the investment arm of SK Group, said Tuesday it has finalized the agenda for the upcoming shareholders meeting this month, which aim to boost both the expertise and inclusivity of its board of directors as well as enhance shareholder benefits. The holding unit of the nation’s third-largest conglomerate said the board held a meeting a day earlier to approve the agenda items and appointed a financial services lawyer as the final candidate for its outside director. Hyun-ju Helen Pak

Industry March 7, 2023

SK Group said Monday that Chairman Chey Tae-won met with major business leaders in Spain, Portugal and Denmark to strengthen cooperation in green energy during his recent visit to Europe as a presidential special envoy. Chey had a meeting with Danish wind turbine company Vestas Chief Executive Officer Henrik Andersen on Thursday to discuss ways to expand the two sides’ cooperation in the offshore wind power sector. The SK chairman made various business proposals, including the two companie

Industry March 6, 2023

South Korean Trade, Industry and Energy Minister Ahn Duk-geun will meet with officials of major semiconductor companies, including Samsung Electronics and SK hynix, Tuesday to discuss countermeasures to the US CHIPS Act and its requirements, according to the ministry on Monday. The meeting aims to listen to domestic chipmakers’ needs and grievances regarding the conditions for the first US CHIPS for America funding opportunity for subsidies and come up with negotiation and support measures

Technology March 6, 2023

South Korea's semiconductor inventory has increased to its highest point in 26 years, data showed Sunday, hammered by the sluggish demand for chips, the country's main export item, amid economic uncertainties. According to data compiled by Statistics Korea, the inventory to sales ratio of chips produced by local chipmakers came in at 265.7 percent in January, the highest since 288.7 percent was posted in March 1997. Exports of chips also nosedived 42.5 percent on-year to $5.69 billion

Technology March 5, 2023

Chiefs of South Korea’s major information and communication technology conglomerates attended the Mobile World Congress 2023, which kicked off in Barcelona, Spain, on Monday. As innovative future technologies ranging from telecommunications and mobile to artificial intelligence and robots are showcased at the event, they gathered to foster new growth engines. On the first day of the MWC, SK Group Chairman Chey Tae-won visited the ICT trade show to support the group’s telecommunicatio

Technology Feb. 28, 2023

SK Telecom, South Korea's largest mobile carrier, said Monday it would look to lead the artificial intelligence transformation in all areas of its business with its advanced technologies and to establish an alliance with major AI service providers to foster an ecosystem. SK Telecom Chief Executive Officer Ryu Young-sang unveiled the telecommunications giant’s “AI to Everywhere” strategy to lead innovation in a press conference held a day before the annual Mobile World Cong

Technology Feb. 27, 2023

Samsung Electronics said Friday it had kicked off its annual tech seminar series in Frankfurt, Germany, Thursday, showcasing cutting-edge technologies behind its 2023 TV lineup, which includes Neo quantum dot light-emitting diode and organic light-emitting diode TVs. The tech seminar sessions have served as a platform for picture and sound experts around the globe, delivering detailed information and exclusive hands-on experiences with new Samsung products for the last 12 years. This year&rsqu

Technology Feb. 24, 2023

KT Corp. said Thursday that its incumbent CEO Ku Hyeon-mo has decided not to seek a second term, publicizing his official withdrawal from the ongoing review process to pick a leader of the nation’s second-largest telecom company in terms of subscribers. The company said its board of directors accepted Ku’s decision and the recruiting for a new CEO will continue as planned. Ku’s withdrawal comes as he faced an intensifying conflict with the company’s largest shareholder Na

Industry Feb. 23, 2023

Samsung Electronics said Thursday it has launched a virtual open radio access network site running on the ultra-fast 5G network along with Dish Network, the fourth-largest telecommunications carrier in the US. Earlier, Samsung had supplied an initial shipment of 24,000 Open RAN-compliant radios and 5G virtualized RAN software solutions to accelerate Dish’s network deployment across the US, which will allow to provide reliable and fast nationwide coverage to its network users. “Samsun

Technology Feb. 23, 2023

The average annual compensation for Samsung Electronics’ employees and executives last year was over 130 million won ($99,700), data showed Wednesday. According to market tracker Korea CXO Institute, the estimated annual salary that Samsung’s 113,604 employees and executives received in 2022 was between 133 million won and 138 million on average. This was about 8 million won lower than the 144.6 million won posted in 2021, but about 10 million won higher than the 127 million won in 2

Industry Feb. 22, 2023

As IT behemoth Apple will likely launch its mobile payments service Apple Pay in Korea next month, Samsung Electronics appears to be reacting to the rival’s move by strengthening its digital payment service Samsung Pay through a strategic partnership with internet giant Naver. Samsung announced Monday that it signed a partnership agreement with Naver Financial to promote its mobile payment system, making digital payments more convenient for its users. Samsung has gained a stronger online p

Technology Feb. 21, 2023

Almost a decade after Samsung Electronics ditched the organic light-emitting diode TV business, the tech giant has returned to the market where crosstown rival LG Electronics dominates almost 60 percent of sales. Following its global launch last year, Samsung said Monday it would take preorders for its brand-new OLED TV at home, ahead of its official release on March 9. Samsung debuted 55-inch and 56-inch OLED TVs in Latin America, Oceania and Southeast Asia in March last year, but their Korean

Technology Feb. 20, 2023

With the opening of the world’s largest mobile tech show just a week away, South Korea’s major telecommunications firms including SK Telecom and KT Corp. are poised to showcase their future technologies. Korea's No. 1 mobile carrier, SK Telecom, said Sunday it will operate an exhibition space at the annual Mobile World Congress in Barcelona, Spain, under the theme of "AI, the Wave of Innovation." The company will showcase its innovative future technologies like artific

Technology Feb. 19, 2023

LG Uplus Chief Executive Officer Hwang Hyeon-sik apologized Thursday over the recent controversy surrounding the company’s data breaches and the internet connection failure caused by cyberattacks, pledging to beef up information security capabilities. “We sincerely apologize to our customers for the inconvenience caused by the data leakage incident and internet connection failure,” Hwang said in a press conference at the company’s headquarters in Yongsan, central Seoul. &

Industry Feb. 16, 2023