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LG sees stronger dehumidifier sales

A model poses with LG Electronics' brand-new dehumidifier at one of the company’s local outlets in Seoul, Tuesday. / Courtesy of LG ElectronicsBy Kim Yoo-chulLG Electronics is solidifying its position as a dominant player in the dehumidifier market both at home and abroad.On Tuesday, it released new Whisen-branded dehumidifiers with storage capacities of 15 and 17 liters.LG said the products have a sleek curved design and feature light-emitting diode (LED) displays. Retail prices were set at 540,000 won for the 15-liter model and 560,000 won for 17-liter model. Its dehumidifiers have been receiving a warm response from consumers for their advanced technology. Sales of the company’s dehumidifiers doubled this year from a year earlier.LG has identified the product as one of its next earnings generators in its appliances business. The company was the first to sell 10 million dehumidifiers globally since it started producing them 28 years ago. LG dehumidifiers have been the highest-selling in the European retail market for seven straight years, from 2007 to 2013, according to

May 27, 2014By Kim Yoo-chul
Tech & Science

Questions linger on Kakao-Daum merger

Daum CEO Choi Sae-hoon, left, shakes hands with Kakao’s chief Lee Sirgoo after announcing the merger of the two companies at the Plaza Hotel in downtown Seoul, Monday. / YonhapBy Kim Yoo-chulWould the Kakao-Daum merger threaten Naver’s dominance?Even among Kakao and Daum officials, there appears to be less than firm conviction about the synergy.Daum Communications CEO Choi Se-hoon expects Kakao to create powerful synergy."Daum has tried to reach out into the mobile territory without success. But the all-stock deal with Kakao will truly help us," said Choi.Daum is a distant second to Naver as an Internet firm. Naver operates its own chat application ― Line ― in more than 120 countries.Hana-Daetoo Securities analyst Hwang Seung-taek expects "some” synergy as the alliance allows Kakao to use Daum's infrastructure, while Daum may secure its next cash-generator using Kakao platform.But officials at Daum and Kakao admit there are obstacles.“The key issue is how to combine the two different tribes in the shortest time," said one Daum executive by telephone.

May 26, 2014By Kim Yoo-chul
Tech & Science

Lee progresses well

By Kim Yoo-chulAfter Samsung Chairman Lee Kun-hee was brought out of a coma, doctors are now focusing on how much cognitive function he has retained.Samsung Medical Center (SMC), where Lee is being treated, said Monday that his prognosis is good. "We have seen much progress in his health," said an official at the medical center.Late Sunday, Samsung Future Strategy Office said in a release that the chairman suddenly opened his eyes in his bed at the hospital when Lee's family members were watching a baseball game between Samsung Lions and Nexen Heroes.Samsung Vice Chairman Lee Jae-yong, the chairman’s son, immediately called the Samsung Lions.Samsung spokesmen declined to comment on whether Lee spoke. On May 10, Lee suffered a cardiac arrest and was immediately transferred to a hospital by his aides from his house in Hannam-dong, northern Seoul.

May 26, 2014By Kim Yoo-chul
Tech & Science

SK hynix expected to continue bull run

By Kim Yoo-chulShares of SK hynix are expected to continue making gains thanks to a very strong earnings outlook, analysts said.The chipmaker is emerging as a true winner in the "winner-takes-all" chip market, according to analysts. Memory chipmakers are benefiting from improved market conditions given that the recent market restructuring has pushed many operators out of business. Analysts are upbeat about the outlook for SK hynix, citing its strong finances and improving business fundamentals. The firm is not expected to contend with major risks within the next two or three years.Its share price closed last week at 42,350 won on the nation's main bourse, extending its rally for three consecutive weeks.This figure is pushing it close to its all-time high of 49,600 won recorded on June 19, 1997. SK hynix, the producer of a wide range of memory solutions, was created out of a merger between Hyundai Semiconductor and LG Semiconductor and is currently part of the SK Group."We maintain 51,000 won as our target for SK hynix. All market conditions are in favor of SK hynix," said IM Sec

May 25, 2014By Kim Yoo-chul
SK hynix expected to continue bull run
Tech & Science

LG interested in Dongbu HiTek

Group wants to become game changer in automotive chip solution marketBy Kim Yoo-chulLG Group is considering buying a controlling stake in Dongbu HiTek as it seeks to become a major player in the promising automotive chip market, a company executive said Sunday.LG is approaching the Korea Development Bank (KDB) and Nomura Securities, the lead managers handing the sale of the company, he said.“We have an interest in buying shares in Dongbu HiTek. However, the key question is how to narrow differences, including price," said the executive at one of LG Group's technology affiliates. An official at KDB confirmed that the main creditor of Dongbu Group's semiconductor unit sent an invitation letter to LG. Dongbu Group is seeking to sell its entire 37.9 percent stake in HiTek, which including the managerial rights premium is valued at some 160 billion won, said officials.The LG executive, who asked not to be identified, said LG Group of technology affiliates are teaming up to strengthen the group-wide profile in various automotive products such as dashboard, in-vehicle infotainment sys

May 25, 2014By Kim Yoo-chul
Tech & Science

IBM bets on cloud, big data

By Kim Yoo-chulKim Won-jongIBM Korea vice presidentInternational Business Machines (IBM) aims to gain more profit from two business areas that it has identified as its next cash-cows ― cloud and big data.Kim Won-jong, an IBM Korea vice president, said the company is in a transition period and is branching out into new business territories. It has been consistent in readjusting its business portfolios by moving away from less-profitable products to higher-margin operations."IBM Korea is eyeing remarkable growth in cloud computing and big data revenues. We are approaching leading financial institutions, banks and manufacturers to strengthen strategic business partnerships. IBM is receiving a warm response for those related solutions," said the executive in an interview.IBM's strategy is to boost mutual collaboration with its target clients, not just to sell its solutions but to build trust with them."We've acknowledged security concerns from our clients and understand additional spending goes toward addressing the proliferation of data analytics and cloud computing. IBM is offerin

May 22, 2014By Kim Yoo-chul
IBM bets on cloud, big data
Tech & Science

LG signs battery deal with Renault

LG Chem President Kwon Young-soo, right, poses with Thierry Bollore, chief competition officer at Renault Group, after the two companies agreed to jointly develop next-generation car batteries to be used in Renault’s upcoming premium electric vehicles at LG’s headquarters in Yeouido, southern Seoul, Wednesday. / Courtesy of LG ChemBy Kim Yoo-chulRenault, the world's top producer of electric vehicles (EVs), has agreed with Korea's LG Chem to use LG-developed batteries for its next-generation EVs, LG Chem said Wednesday."LG Chem will jointly collaborate with Renault Group for the development of next-generation rechargeable batteries to be used in Renault's new and premium EVs, which will be coming out a few years later," said LG Chem spokesman C.S. Song.Song said that Renault's upcoming EVs will adopt LG-patented high-density and energy-efficient lithium-ion batteries.The spokesman declined to unveil additional details such as the guaranteed battery volume LG promised to the French car manufacturer.Under the agreement, Renault technicians will be coming to LG's battery-manu

May 21, 2014By Kim Yoo-chul
Tech & Science

Samsung accelerates 'smart home' drive

By Kim Yoo-chulSamsung Electronics is strengthening its profile in the market for “intelligent homes” by teaming up with well-known overseas and local solution providers.It is part of its strategy to cut its heavy reliance on components and smartphone businesses.Samsung, a global leader in hardware technologies, believes the market for “intelligent or smart homes” has a huge business potential amid an ongoing consumer shift toward a “smarter life.”Samsung has been in talks with an audio solution provider in the United States to put the provider's premium audio and wireless home networking and entertainment solutions into Samsung home appliances."We are discussing with the Los Angeles-based firm to create a new ‘ecosystem’ for smart homes along with other interested parties. That American company's premium image will have a positive impact on Samsung-led smart home business projects and its image," a Samsung official said.The U.S. electronics components maker been partnering with such Samsung tech affiliates as Samsung Techwin, Samsung S

May 21, 2014By Kim Yoo-chul
Tech & Science

Samsung sees profits fall in chips, displays

Rival SK hynix, LG Display eat into Samsung share By Kim Yoo-chulThe competitiveness of Samsung Electronics, the world's biggest technology company by revenue, mostly lies in semiconductors and displays ― long-time cash-generators for the firm.Today's corporate success is thanks to its firm commitment to push memory chips and displays as Samsung believes those businesses are ideally-positioned to bring profit in the shortest time based on "economies of scale." Chips and displays are cash-intensive. As its chairman Lee Kun-hee initiated those businesses, Samsung has strong pride and an undisrupted edge in the components.For Samsung Electronics, it may be a shame if a rival beats it in terms of profitability.But it actually needs to improve its semiconductor and display businesses as rivals are gradually overtaking the long-time global leader.For the first three months of this year, SK Group's chip affiliate SK hynix defeated Samsung Electronics in terms of profit margin, upsetting Samsung's top management.In a filing to the Korea Exchange, SK hynix reported 3.7 trillion won

May 20, 2014By Kim Yoo-chul
Tech & Science

Lee out of ICU

By Kim Yoo-chulSamsung Electronics Chairman Lee Kun-hee was transferred to a normal hospital room late Monday, Samsung Medical Center (SMC) said Tuesday."All medical checkups have shown that the chairman is very stable. He was moved to a general care unit," SMC said.Lee is still under sedation. The business tycoon had been in the intensive care unit at the hospital for 10 days following a heart attack.

May 20, 2014By Kim Yoo-chul
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