Samsung Electronics forecasts Q3 rebound

Samsung Electronics predicted Wednesday that its operating profits in the July-September period would recover to exceed 2 trillion won ($1.5 billion) after months of efforts to elevate profitability amid memory chip slump. Samsung's third-quarter operating profits is estimated to hit 2.4 trillion won, a 77.9 percent plunge from a year ago, according to the company’s earnings guidance. The figure exceeded the 2.2 trillion won consensus by local analysts provided by market intelligence

Oct. 11, 2023

[HIT Forum] Hanwha at forefront of Korea’s space leadership

Hanwha Aerospace said Wednesday it plans to become a total services provider for outer space, ranging from space-based internet, future air mobility and cosmic data analysis platform. “Although the space sector is considered a high-risk business, it is a key infrastructure for sustainable growth of our future generation. With the combination of big data and artificial intelligence, the space economy is witnessing exponential growth,” said Lee Joon-won, senior vice president at Hanw

Oct. 11, 2023

[HIT Forum] Science minister welcomes HIT forum on space economy

Science and ICT Minister Lee Jong-ho on Wednesday made congratulatory remarks for The Korea Herald’s Humanity in Tech Forum, vowing to take the lead in ushering in Korea’s new space economy. “I give my sincere congratulations for The Korea Herald’s HIT Forum that discusses ‘space’ as its first topic for sharing vision on science and technology innovation,” said Lee in a pre-recorded video played during the forum held at the Shilla Seoul. “It is a t

Oct. 11, 2023

LG Electronics ups Q3 earnings guidance on upbeat demand

LG Electronics said Tuesday it expected its third quarter operating earnings for 2023 to climb 33.5 percent from a year before, amid the strong performance of its home appliance and vehicle component solutions units. LG estimated that its operating profit for the July-September period came in at 996.7 billion won ($738 million), compared with 746.6 billion won a year ago, according to the company’s earnings guidance. The home appliance maker’s earnings guidance for the July-September

Oct. 10, 2023

Uncertainties remain for Samsung, SK after US eases export controls

The decision by the US government to allow Samsung Electronics and SK hynix to supply chip equipment to their China factories indefinitely without separate approvals has given South Korean chipmakers some breathing room. Market watchers, however, believe that uncertainties in the semiconductor industry remain due to the ongoing US-China trade conflict. Despite Washington’s indefinite waiver given to the world’s two biggest memory chipmakers, they still face limitations in expanding t

Oct. 10, 2023

US eases export controls on chip equipment for Samsung, SK factories in China

The United States has decided to allow exports of its semiconductor manufacturing equipment to Samsung Electronics and SK hynix factories in China without a separate approval process, the presidential office said Monday, a much-needed relief to the Korean chipmakers. The US government has designated Samsung Electronics and SK hynix's chip factories in China as "verified end users (VEU)," which would reduce the licensing burden on them by allowing U.S. exporters to ship designated items

Oct. 9, 2023

[Photo News] Final pitch

LG Group’s advertisement for Busan’s bid to host 2030 World Expo is displayed at a Fnac store in Paris. The Korean conglomerate plans to carry out diverse promotional activities across the French capital until Nov. 28 when the Bureau International des Expositions holds a general assembly to decide the host country of the 2030 Expo. (LG Group)

Oct. 9, 2023

[Photo News] Busan Initiative

Hyundai Motor Group on Monday unveiled a new promotional video for Busan’s bid to host the 2030 World Expo. Titled “Busan Initiative with the Whole World,” the new video explores South Korea’s rise as an advanced economy from a war-torn country in the 1950s and Busan’s potential as the host of the 2030 Expo to inspire other nations for sustainable growth. (Hyundai Motor Group)

Oct. 9, 2023

[Photo News] Joining hands to rebuild Ukraine

(From left) Ukrainian Ambassador to South Korea Dmytro Ponomarenko, Ukrainian lawmaker Andriy Nikolayenko, Posco Group Chairman Choi Jeong-woo and Ukrainian lawmaker Serhiy Taruta hold hands for a photo after their talks on rebuilding the war-torn country at the steel giant’s Seoul headquarters, Friday. During the meeting, Posco said its chairman renewed his commitment to joining the reconstruction work. In March, Posco launched a task force dedicated to supporting Ukraine’s rebuil

Oct. 8, 2023

Samsung unveils next-gen Exynos 2400 mobile processor

Samsung Electronics unveiled its next-generation flagship mobile processor, the Exynos 2400, equipped with the latest graphics and generative artificial intelligence technology during its inaugural Samsung System LSI Tech Day 2023 event at its Device Solutions America office in San Jose, California, on Thursday. The Exynos 2400 processor uses the Xclipse 940 graphics processing unit, under the California-based semiconductor maker Advanced Micro Devices’ latest chip architecture codenamed

Oct. 6, 2023

Unity renews extended reality vision at APAC summit

Unity, the industry-standard 3D development platform company, hosted the Unity APAC Industry Summit 2023 in Seoul on Thursday, showcasing advancements and real-world applications in the development of extended reality, or XR, an umbrella term encompassing augmented, mixed and virtual reality technologies. Rory Armes, vice president of solutions development, emphasized during the opening session that the inaugural APAC summit underscores the growing significance of the region in the digital twin

Oct. 5, 2023

Apple under fire for ‘overpriced’ iPhones

Apple’s has been hit by criticism in Korea once again over the price of its latest flagship smartphone series, while the US tech giant is set to take preorders starting Friday, a week ahead of the official release here. A significant decline in the exchange rate has resulted in an actual increase in the shipment price of Apple’s new smartphones despite its public decision to freeze prices, according to Rep. Park Chan-dae of the country’s main opposition Democratic Party of Kore

Oct. 5, 2023

[Photo News] Whiskey in vogue

(From left) Richard Quinn, an English fashion designer and a brand collaborator for Pernod Ricardo Korea; Frantz Hotton, CEO of Pernod Ricardo Korea; Mathieu Deslandes, head of Royal Salute; and Miguel Pascual, chief financial officer of Pernod Ricardo, pose for a photo to celebrate the global debut of the second edition of Royal Salute 21 Year Old Richard Quinn in Seoul on Wednesday. The whisky’s world premiere comes against the backdrop of significant growth in high-end wines and whiskie

Oct. 4, 2023

SKT’s AI-based veterinary service to debut in Japan

SK Telecom said Tuesday that it has forged a business partnership with Japan’s leading pet insurance company Anicom Holdings, as it eyes global expansion with X Caliber, its flagship artificial intelligence-based medical service for pets. The Tokyo-based pet insurance company owns a top market share of 46 percent alongside running various subsidiaries engaged in diverse pet-related businesses, including an electronic chart solution company and an animal hospital operator. Under the agreeme

Oct. 3, 2023

[Photo News] LG OLED TV at Frieze London

Media artist Quayola’s animated painting, titled “Jardins d’Ete” ("Summer Gardens"), is played on the iconic Piccadilly screen in London. As part of its ongoing art projects, LG Electronics said its organic light-emitting diode TVs will be used to display the Italian artist’s digital paintings referencing the late works of French impressionist Claude Monet during the upcoming Frieze London art fair that takes place Oct. 11-15. (LG Electronics)

Oct. 3, 2023

The Korea Herald to hold space forum on Oct. 11

The Korea Herald, South Korea's biggest English newspaper, will hold its annual business forum on Oct. 11 to discuss the rising space sector’s present and future by bringing together the country's space leaders and experts. The Humanity In Tech or HIT Forum will feature two keynote speakers -- Sasha Sagan, acclaimed author and daughter of the legendary US astronomer Carl Sagan, and Dr. Yi So-yeon, Korea’s one and only astronaut. Visiting Seoul for the first time, Sagan will

Sept. 27, 2023

SK Telecom to triple investment in AI

The CEO of SK Telecom, South Korea's largest wireless carrier by subscription, unveiled on Tuesday the company's roadmap to leap forward as a global artificial intelligence firm within the next five years by expanding its business and technology based on its AI assistant service, A. At a press conference held in Seoul earlier in the day, the telecom giant's chief Ryu Young-sang introduced the firm's new "AI pyramid strategy," which focuses on three major areas: AI i

Sept. 26, 2023

Kakao completes its first own data center

South Korean IT giant Kakao, having suffered from its worst-ever server shutdown last year, has completed its first in-house data center in Ansan, Gyeonggi Province, the company said Tuesday. The new facility, called Kakao Data Center Ansan, spans 47,378 square meters within Hanyang University’s ERICA campus in the industrial city, some 29 kilometers south of Seoul. It is expected to become fully operational by the first quarter next year. "Our gratitude extends to both Ansan City and

Sept. 26, 2023

SKT, OpenAI hold AI competition for social good

SK Telecom said on Monday that it successfully wrapped up its international AI competition, “Prompter Day Seoul 2023,” held in partnership with OpenAI. The event’s theme centered around building AI innovations beneficial to humanity. The two-day event first had 226 teams proposing concepts leveraging OpenAI's generative AI model. After online qualifiers, 20 of these teams showcased their AI innovations at Dreamplus Gangnam, a shared office space in Seoul on Saturday and Su

Sept. 25, 2023

SKC to build bioplastics plant in Vietnam

South Korea's advanced materials maker SKC said Monday that it had decided on a location in Vietnam’s northeastern city of Hai Phong to establish a manufacturing plant for biodegradable plastics, as it pushes to expand its eco-friendly business. Amid mounting global calls to reduce plastic waste, the international market size for bioplastics is expected to grow at an annual rate of over 20 percent. SKC and its joint venture Ecovance officials and top executives visited Vietnam on Fr

Sept. 25, 2023