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Baek Byung-yeul

Korea Times K-Culture Reporter

Baek Byung-yeul is a journalist at The Korea Times focused on cultural content, including films and cultural events in South Korea. You can contact him at baekby@koreatimes.co.kr to share your insights.

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Tech & Science

LG Electronics aims to achieve W100 trillion in sales by 2030

Cho Joo-wan, CEO of LG Electronics, announces the company's goal of achieving annual sales of $77 billion by 2030 during a press conference at LG Science Park in Seoul, Wednesday. Courtesy of LG ElectronicsCEO vows to transform company into smart life solution providerBy Baek Byung-yeulLG Electronics aims to achieve 100 trillion won ($77 billion) in sales by 2030 by transforming itself into a smart life solution company, going beyond its existing brand image as a home appliance maker, its CEO said, Wednesday.To that end, LG will earmark 25 trillion won for R&D, 17 trillion won for facility investments and 7 trillion won for strategic investments over the next eight years, totaling over 50 trillion won until 2030.“LG Electronics will become a Smart Life Solution Company that connects and extends customers' experiences in every space of their lives, from home and commercial spaces to the virtual reality world such as metaverse,” Cho Joo-wan, CEO of LG Electronics, said during a press conference at LG Science Park in Seoul.The CEO said the company came up with the vision

Jul 12, 2023By Baek Byung-yeul
LG Electronics aims to achieve W100 trillion in sales by 2030
Companies

Twin panda cubs born in Korea

Twin pandas receive medical checkups at Everland Panda World in Yongin, Gyeonggi Province, Friday, shortly after their birth. Courtesy of Samsung C&TBy Baek Byung-yeulGiant panda twins were born in Korea for the first time through natural breeding, marking an important achievement in collaborative research between China and Korea on the endangered animal species, according to Samsung C&T, Tuesday.Samsung C&T said Ai Bao, a 9-year-old giant panda residing at its theme park Everland located in Yongin, Gyeonggi Province, gave birth to twin female pandas on Friday. They were born to Ai Bao and her partner, 10-year-old Le Bao, both sent from China in 2016.“She gave birth to two pandas at 4:52 a.m. and 6:39 a.m., an hour and 47 minutes apart. The oldest weighed 180 grams at birth and the youngest 140 grams,” Samsung C&T said. Their older sister, Fu Bao, born in July 2020, weighed 197 grams at birth. “Both Ai Bao and the twin cubs are in good health, and Ai Bao is skillfully taking care of her babies, using her parenting experience from her time with Fu Bao

Jul 12, 2023By Baek Byung-yeul
Twin panda cubs born in Korea
Tech & Science

Gov't to expand smart home business with Samsung, LG, Hyundai E&C

gettyimagesbankBy Baek Byung-yeulThe government is seeking to nurture the country's smart home business in cooperation with Samsung Electronics, LG Electronics, Hyundai E&C and other Korean IT, construction and home interior companies, helping them to have more opportunities in the lucrative home automation-related market, both at home and abroad, the ICT ministry said Tuesday.The Ministry of Science and ICT held a meeting at the headquarters of real estate platform operator Zigbang in Seoul to discuss fostering a smart home ecosystem here with experts from not only Samsung, LG and Hyundai E&C but also from interior design companies such as Hanssem and state-run companies such as Korean Land & Housing Corporation.A smart home is an Internet of Things (IoT) system that wirelessly controls multiple devices and applications at home. As various companies had provided their own IoT platforms, users were not able to conveniently use integrated services, but things are changing since last year when Big Tech companies decided to launch a unified IoT protocol called Matter.In Octo

Jul 11, 2023By Baek Byung-yeul
Gov't to expand smart home business with Samsung, LG, Hyundai E&C
Companies

HD Hyundai fosters in-house startups via Dream Cube program

Employees of Avikus, a subsidiary of HD Hyundai, promote its autonomous navigation systems for leisure boats at the Miami International Boat Show in Florida, February. HD Hyundai said Monday that it chose five teams for its Dream Cube in-house startup incubation program to create more examples of in-house startups like Avikus. Courtesy of HD Hyundai By Baek Byung-yeulHD Hyundai is fostering in-house startups through its Dream Cube incubation program in order to support its employees with creative ideas they wish to pursue, the company said Monday. The company said it chose five teams to take part in the Dream Cube program, providing support for commercialization of their business idea for one year. Since the company began receiving applications in March, it has collected a total of 239 business ideas.Over the next year, the five selected teams will further refine their ideas, being provided by metal 3D printing and electronic equipment circuit design, to test the fe

Jul 10, 2023By Baek Byung-yeul
HD Hyundai fosters in-house startups via Dream Cube program
Companies

Netmarble bets big on games based on comics from Korea, Japan

An image from a promotional video for Netmarble's upcoming game Shangri-La Frontier / Courtesy of NetmarbleBy Baek Byung-yeulNetmarble is planning to release games based on popular comics from Korea and Japan in order to bolster its lineup of new game titles and attract new users, according to the company, Monday.The company unveiled the first promotional video for Shangri-La Frontier, a game the company is currently developing based on the popular comic series from Japanese publishing company Kodansha. The promotional video shows the characters in action and a brief introduction that gives a glimpse into the game's world.The comic series depicts the adventures of a high school student who plays the virtual reality game Shangri-La Frontier. In July 2022, Netmarble said it would collaborate with Kodansha to produce the game and participate with the animation production committee to create an animated feature based on the comic series.Netmarble added the animation version of Shangri-La Frontier will air in Japan this October, and the release date for the game version and further detail

Jul 10, 2023By Baek Byung-yeul
Netmarble bets big on games based on comics from Korea, Japan
Tech & Science

Samsung Electronics to bounce back in 3rd quarter: analysts

An advertisement of Samsung Electronics' Galaxy S23 smartphone is seen at the company's store in Seoul, Friday. The company announced its second-quarter earnings guidance saying operating profit in the period is likely to plunge 95.7 percent year-on-year due to weak chip demand. YonhapTech giant's Q2 profit plunges 95.7% to 14-year low amid chip downturnBy Baek Byung-yeulSamsung Electronics is forecast to post its worst quarterly earnings in 14 years in the second quarter of the year as the chipmaker was hit hard by the worst-ever semiconductor downturn and weak smartphone demand, the company said Friday.Analysts forecast that starting in the third quarter, it will rebound on the back of chip production cuts and shrinking inventory at client companies, an industry analyst said Friday.In its earnings guidance from April to June, the tech giant said that its operating profit in the period is expected to be 600 billion won ($460 million), down 95.7 percent from the same period in 2022. Its sales are estimated to be 60 trillion won, down 22.3 percent year-on-year.Experts said Samsung had

Jul 7, 2023By Baek Byung-yeul
Samsung Electronics to bounce back in 3rd quarter: analysts
Tech & Science

LG Energy Solution continues strong performance into Q2

LG Energy Solution employees pose with the company's electric vehicle battery products at the InterBattery 2023 exhibition in southern 'sSeoul COEX convention center, March 15. The company announced its second-quarter earnings guidance saying its operating profit is likely to be at 611.6 billion won, up 212.7 percent year-on-year. Courtesy of LG Energy SolutionBy Baek Byung-yeulLG Energy Solution continued its strong performance in the second quarter of this year with its operating profit doubled from the same period last year, according to the battery maker, Friday. The company has been enjoying the growth of the global electric vehicle (EV) market and tax credits provided by the U.S. Inflation Reduction Act (IRA) that subsidizes eco-friendly vehicles.In its earnings guidance, the company announced it is likely to post sales of 8.735 trillion won ($6.68 billion) and operating profit of 616.6 billion won in the second quarter, up 73 percent and 212.7 percent, respectively, from the same period in 2022.The sale was the company's largest one in its quarterly performance, slightly surpa

Jul 7, 2023By Baek Byung-yeul
LG Energy Solution continues strong performance into Q2
Tech & Science

LG CNS develops robot management platform for distribution centers

LG CNS employees demonstrate how to monitor and control various types of robots at distribution centers through its robot management platform, Thursday. Courtesy of LG CNSBy Baek Byung-yeulLG CNS has developed a robotics management platform that controls and manages various types of robots at logistics distribution centers, the company said Thursday.The company explained that the platform was developed to alleviate the pain points of customers who find it difficult to manage and operate different types of robots in a logistics distribution center with one control system.“Through the robot management platform, customers can monitor and control robots on one platform. The robotics platform can link the control systems of multiple robots, such as automated guided vehicles that move goods along a set route, autonomous mobile robots that explore alternative routes if there are obstacles, warehouse robots that can store, load and move goods, and sorting robots,” the company said.The robot management platform collects and analyzes data from all robots in real time and guides the

Jul 6, 2023By Baek Byung-yeul
LG CNS develops robot management platform for distribution centers
Tech & Science

Nokia aims to contribute to Korea's digital transformation

Ahn Tae-ho, head of Nokia Korea, speaks during a press conference at the Josun Palace hotel in Seoul, Thursday. Courtesy of Nokia KoreaBy Baek Byung-yeulNokia is aiming to contribute to Korea's digital transformation with its innovative network products as the former mobile phone powerhouse is now fully transformed into a business-to-business (B2B) network solutions provider, according the head of its Korean branch, Thursday.“This year, Nokia unveiled a new logo. The new logo shows that Nokia is an open company as the company's strategy is based on collaboration with its partners,” Ahn Tae-ho, head of Nokia Korea, said during a press conference in Seoul.“Nokia focuses on B2B technology and works with a number of companies, and in Korea we work with SK Telecom, KT, LG Uplus and other companies. Specifically, we have network infrastructure, mobile networks, cloud and network services which is a software business, and a licensing business.”During the press conference, Nokia provided an overview of Korea's 5G landscape and how it contributed to the development of

Jul 6, 2023By Baek Byung-yeul
Nokia aims to contribute to Korea's digital transformation
Tech & Science

LG Electronics sets up 1st overseas TV R&D branch in Indonesia

Park Hyoung-sei, head of LG Electronics' Home Entertainment (HE) Division, speaks during an opening ceremony of the company's Indonesia R&D Lab in Cibitung, Indonesia, Thursday. Courtesy of LG Electronics By Baek Byung-yeulLG Electronics established its first overseas R&D Lab in Indonesia dedicated to conducting research activities on TV products as part of its strategy to improve efficiency of new model development in the Southeast Asian nation, its largest TV production base in Asia, according to the company, Thursday.The home appliance maker said its Home Entertainment (HE) Division, which supervises its TV business, opened the R&D Lab in Cibitung, 3.5 kilometers from its TV production facility and about 40 kilometers from Jakarta where its sales entity is located.With the R&D Lab, LG Electronics completed its localized business structure, which starts with R&D and continues with production, sales and after-sales service.“As the variety of TVs made at our Indones

Jul 6, 2023By Baek Byung-yeul
LG Electronics sets up 1st overseas TV R&D branch in Indonesia
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