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Kim Bo-eun

Korea Times Digital Content Reporter

Bo-eun leads the digital content team. She has covered foreign affairs, North Korea, tech, economy and gender issues at The Korea Times. She did a short stint at the South China Morning Post in Hong Kong, where she obtained a new perspective on news production and life. Small sources of joy for her are lounging in the sun, having a good latte and swimming.

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Tech & Science

Russian sovereign fund, Vingroup vying for LG mobile biz

This file photo shows an ad for LG's Velvet smartphone model. YonhapBy Kim Bo-eunA Russian sovereign fund is approaching LG Electronics with the aim of possibly acquiring its mobile business after LG earlier clarified that it was “leaving all possibilities open” for its money-losing mobile phone plants amid continued disastrous sales.Reports said Tuesday the sovereign wealth fund officials from Russia are set to meet LG Electronics managements on the sidelines of their visit to Seoul as early as next week. The planned visit by the Russian Direct Investment Fund (RDIF) would primarily touch on the latest updates of South Korea manufacturing its somewhat controversial COVID-19 vaccine ― Sputnik V ― in Chuncheon, Gangwon Province. LG Electronics' shares closed at 172,500 won, Tuesday, up 4.55 percent from the previous day as the reports fueled optimism that a sale would be in the offing.Regarding the specifics of the meeting, LG has reiterated its earlier position, saying, “We do not know of the meeting. Nothing has changed since the CEO's statement.” Industry so

Feb 16, 2021By Kim Bo-eun
Russian sovereign fund, Vingroup vying for LG mobile biz
Tech & Science

Will SKT-Uber joint venture challenge Kakao?

This file photo shows Uber taxis parked at Banpo Hangang Park in southern Seoul. / Courtesy of UberBy Kim Bo-eunA new player in the local mobility market is drawing attention to whether it will be able to challenge Kakao Mobility's dominance.In December, SK Telecom launched its new mobility unit T Map Mobility, which is preparing to establish a joint venture with Uber in April.The Fair Trade Commission approved the launch of the joint venture last week, stating it would promote competition and innovation in new business areas.Uber is investing $100 million to own a 51 percent stake in the joint venture. The new entity will merge Uber's platform technology with T Map's capabilities. T Map is SK Telecom's version of Google Maps and offers an automotive navigation system based on its map data. The new entity will offer ride-hailing services with Uber vehicles. Attention is growing over the new company's potential, given T Map holds a 55 percent market share in mobile navigation services with 13 million monthly active users. Kakao Mobility holds a 20 percent market share, but for cab-hai

Feb 14, 2021By Kim Bo-eun
Will SKT-Uber joint venture challenge Kakao?
Tech & Science

Major groups in race to secure workers for future biz

By Kim Bo-eunMajor conglomerates here are in a race to hire qualified professionals for future-growth businesses such as semiconductors, batteries and electronic auto components, as they compete for a bigger slice of their respective markets to secure a dominant position.Samsung Electronics' device solution division, SK hynix, EV battery maker Samsung SDI and LG Electronics' vehicle component division are currently hiring experienced professionals in these sectors.Samsung's drive is backed by a pledge its imprisoned leader Lee Jae-yong made earlier for Korea's No. 1 conglomerate to faithfully carry out investments and create jobs. This is part of Samsung's vision to solidify its position as the market leader of memory chips and strengthen its non-memory chip business to become a leader in that sector by 2030. The remarks also come at a time when competitors are stepping up their game ahead of a forecasted semiconductor super cycle driven by high demand for 5G communication chips, mobile application processors and image sensors. Taiwanese foundry chip maker TSMC has vowed to invest up

Feb 14, 2021By Kim Bo-eun
Major groups in race to secure workers for future biz
Tech & Science

Will Biden gov't benefit Korean tech suppliers?

By Kim Bo-eunThe local tech industry is keenly watching President Joe Biden's administration for possible opportunities as new policies have been rolling out following the U.S. president taking office last month. Attention is being paid in particular on how the new government will deal with the escalating conflict with China over sanctions on key IT companies.President Biden is expected to engage more with U.S. allies in his diplomatic and economic strategy toward China, but the struggle to obtain the lead in key technologies is seen as likely to continue.The White House last month referred to Huawei as an "untrusted vendor" that is posing a security threat to the U.S. A presidential official stated the U.S. would not have its telecom networks use equipment from such vendors and increasingly work with allies in securing their networks.The Donald Trump administration earlier banned the use of the telecommunications supplier and smartphone manufacturer's equipment in 5G networks in the U.S. It also blacklisted China's foundry SMIC last year, which made it impossible for U.S. vendors to

Feb 12, 2021By Kim Bo-eun
Will Biden gov't benefit Korean tech suppliers?
  • Biden in call with China's Xi raises human rights, trade
Tech & Science

AI, media biz push KT's earnings up

By Kim Bo-eunKT's businesses in artificial intelligence (AI) and media drove its earnings for 2020, the telecom firm said Tuesday. This development has placed KT's transformation into a global platform company on track, it said. KT saw its operating and net profit for 2020 climb to 1.18 trillion won and 703.4 billion won, respectively, each seeing a 2.1 percent and 5.6 percent improvement from 2019.KT's platform business drove earnings, with sales from B2B digital businesses growing 11.8 percent from the previous year. Businesses in Internet data centers and cloud computing saw two-digit growth, as companies accelerate their drives to go digital.KT is expanding its customer base for cloud projects, centering on public and financial institutions. KT is also expanding its AI contact center solutions, based on speech-to-text and personalized text-to-speech technologies to conglomerates, financial firms and education institutions.Sales from the blockchain business surged nearly sevenfold from 2019, as local governments increased issuance of their cash equivalents in the form of certifica

Feb 9, 2021By Kim Bo-eun
AI, media biz push KT's earnings up
Tech & Science

Kakao vows to boost shareholder value via IPO

By Kim Bo-eunKakao's chief executive said Tuesday the company plans to boost shareholder value through planned initial public offerings (IPOs) of its affiliates.“Kakao's investor portfolio has been diversifying with the composition of investors being led by Koreans at 68 percent, followed by those from the United States and Europe at 9 percent each. KakaoTalk will take the central role in terms of expanding group-wide businesses and this will help strengthen the core competency of Kakao Group. Plus, we plan to boost shareholder value through planned IPOs of the group's affiliates,” CEO Yeo Min-soo told investors during a conference call upon announcing fourth-quarter results.With an estimated value of 10 trillion won, Kakao Group is already larger than the four biggest Korean financial groups. The group said it was able to thrive due to key factors, the biggest of which is synergy through KakaoTalk and Kakao Bank. Chief Investment Officer (CIO) Bae Jae-hyun said Kakao plans to expand its sales of paid content in Southeast Asia this year. “We are eyeing intellectual

Feb 9, 2021By Kim Bo-eun
Kakao vows to boost shareholder value via IPO
Tech & Science

Hyundai-Kia nearing deal with Apple?

By Kim Bo-eunA rendering of an “Apple Car”All eyes are on whether Kia will comment on a deal to partner with Apple in producing self-driving electric vehicles, after a foreign media report stated the parties are nearing a deal.CNBC reported earlier this week that Apple is close to finalizing a contract with Hyundai Motor and Kia to manufacture an Apple-branded autonomous EV at Kia's plant in Georgia.Kia has maintained that nothing has been decided on yet. But the carmaker is set to hold an event for investors Feb. 9 and attention is being drawn to whether the company will unveil the specifics of the plan at that time.The CNBC report said the "Apple Car" under development at the tech giant aims to be put into production in 2024, although the official launch could be delayed.Kuo Ming-chi, an analyst at Taiwan-based TF International Securities, said in an investor note that Apple's first vehicle is expected to be built around Hyundai's E-GMP electric vehicle platform. Kuo projected that Hyundai Mobis will be in charge of designing and producing some of the components.Industr

Feb 6, 2021By Kim Bo-eun
Hyundai-Kia nearing deal with Apple?
Companies

Korea becomes less attractive among foreign firms

A skyline of Seoul's business area on Yeouido / GettyimagesbankStricter regulations endangering foreign investment hereBy Kim Bo-eunForeign firms in Korea are voicing concerns over an increasingly deteriorating business environment, with the government seeking to introduce a “profit-sharing system,” which would force companies to share their earnings with others that have been more seriously damaged by the COVID-19 pandemic. This proposal comes after a law punishing CEOs for major accidents at workplaces was passed, and is waiting to go into effect.Militant unions, a rigid labor market and high corporate tax are some of the factors foreign businesses have continued to state undermine Korea's attractiveness as an investment destination. These factors have not improved but rather worsened under the Moon Jae-in administration given his policies prioritize the protection of workers' rights.GM Korea CEO Kaher KazemGM Korea CEO Kaher Kazem in a recent forum on attracting foreign investment said the strikes that frequently occur in Korea makes it difficult to make investments.He

Feb 5, 2021By Kim Bo-eun
Korea becomes less attractive among foreign firms
Tech & Science

New ICT biz, IPTV drives SKT, LG Uplus earnings

By Kim Bo-eunNew businesses in information and communication technology (ICT) drove earnings of SK Telecom in 2020, the company said Wednesday; while LG Uplus' IPTV and broadband internet business contributed largely to its earnings for last year.SK Telecom's operating profit reached 1.35 trillion won, up 21.8 percent year-on-year ― the portion from new ICT businesses including media and e-commerce accounted for 24 percent of the total. "SK Telecom saw even growth in all business areas including its five new ICT businesses set up in 2020," SK Telecom CFO Yoon Poong-young was cited as saying in a press release.Sales in media and e-commerce grew 15.3 percent from 2019, based on an increase in media service subscribers, and the home and parking lot security businesses also saw growth.SK Broadband generated media sales following its merger with T-broad, the second-largest cable TV operator, which saw a jump in IPTV subscribers. SK Telecom's security business saw growth in key businesses including information security and new businesses covering home and parking lot security.It also recei

Feb 3, 2021By Kim Bo-eun
New ICT biz, IPTV drives SKT, LG Uplus earnings
Tech & Science

Decision on intermediate holding firm looming over SKT

SK Telecom CEO Park Jung-ho speaks to employees in an online event held last November. / Courtesy of SK TelecomBy Kim Bo-eunSwitching SK Telecom into an intermediate holding company to change the group's governance structure has been a long-term project for SK. SK Telecom CEO Park Jung-ho made the project official at a meeting of SK Group's CEOs in 2018, and it has gained traction with him becoming vice chairman of the group's semiconductor unit SK Hynix late last year.Currently, SK holdings has stakes of 26.8 percent stake in SK Telecom and 20.1 percent in SK hynix. The current structure limits merger and acquisition (M&A) opportunities for SK hynix, due to regulations stating that when a second-tier subsidiary of a parent corporation wants to do this, it must take over the target entity outright.If SK Telecom becomes an intermediate holding company, SK hynix becomes a first-tier subsidiary, enabling a broader scope of M&As, which is becoming crucial in the chip industry.Meanwhile, new antitrust regulations that raise the percentage of shares a holding company needs to hold

Feb 2, 2021By Kim Bo-eun
Decision on intermediate holding firm looming over SKT
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