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Transition at Samsung well under way

By Kim Yoo-chulSamsung Electronics Vice Chairman Lee Jae-yong is increasingly assuming the role of his ailing father Lee Kun-hee. Samsung declined to comment on power succession plans but the older Lee remains unconscious in hospital.Executives said Tuesday that while the group is preparing for the "worst-case scenario," the chairman's illness will have no major impact because group affiliates are run independently according to their own business plans."His health issues have no link with management. Samsung is on a normal track," said Lee Joon, head of the Samsung Communications Team.While daughters Lee Boo-jin and Lee Seo-hyun were staying with their father, the Lee Jae-yong is dealing with key pending issues with his top aides at his office in Seocho."If the chairman's health returns to normal, the junior Lee will get a more expanded role," said an executive at one of Samsung's technology affiliates by telephone.Samsung SDS confirmed its plan for an initial public offering (IPO), a move aimed at securing money to pay for inheritance tax.Insiders said Samsung Everland, the de-facto

May 13, 2014By Kim Yoo-chul
Tech & Science

Lee to get clear prognosis today

By Kim Yoo-chulLee Kun-heeLee Kun-hee is recovering and may regain consciousness today, Samsung Group said, Monday. The Samsung Electronics chairman, 72, remains unconscious after suffering a heart attack.Lee was taken off an extracorporeal membrane oxygenation (ECMO) machine that helps lung and heart functions, said Lee Joon, head of Samsung Communications Team, in a briefing at its office in southern Seoul. This may indicate his condition is getting better. "We are told ECMO procedures are no longer necessary. The chairman’s condition is stable and his brain is not damaged," Lee said.Samsung said the chairman's wife Hong Ra-hee was staying with the 72-year-old tycoon. Lee experienced shortness of breath on Saturday night and was immediately taken to Soonchunhyang Hospital.He suffered a cardiac arrest, prompting a medical team to perform cardiopulmonary resuscitation (CPR). Lee is now in Samsung Medical Center. Lee Joon said the chairman’s condition won't impact on day-to-day operations across the Samsung affiliates."Samsung Vice Chairman Lee Jae-yong is checking on the

May 12, 2014By Kim Yoo-chul
Lee to get clear prognosis today
Tech & Science

SK Telecom to extend retirement age

By Kim Yoo-chulSK Telecom, the nation's top mobile carrier, said Sunday that it will extend its retirement age to 60 from 58 because the firm will be introducing a "wage peak" system from this year."SK Telecom's management and labor union agreed to extend the retirement age to 60 by introducing a wage peak system this year," it said in a statement.Upon the agreement, SK Telecom employees will see a 10-percent salary reduction from the age of 59.  But the two sides agreed not to raise the "basic monthly salary" citing challenging market situations that the carrier is facing.SK Telecom is being challenged by its two local rivals ― KT and LG Uplus ― to entice more customers using mobile devices that support an advanced long-term evolution (LTE) wireless tech. The agreement comes after an amendment to an existing law that increases the minimum normal retirement age to 60 was passed on April, last year. The amendment, a response to a gradually aging workforce in South Korea, takes effect starting in 2016 for large companies and in 2017 for small firms."The increase in the m

May 11, 2014By Kim Yoo-chul
SK Telecom to extend retirement age
Tech & Science

Apple's patents have limited impact

Florian MuellerGlobal patent expertBy Kim Yoo-chulA leading patent expert says Apple’s patents will have “not much significant impact” in the United States and Samsung’s payment to the iPhone maker will likely be reduced.“I believe Samsung is now in a strong position to argue that Apple can only have limited impact with its patents in the United States and virtually no impact in the rest of the world because the rubber-banding patent alone is nothing of the kind that forces anyone into a settlement deal,” leading patent litigation expert Florian Mueller said in an e-mail interview Thursday.On that basis, Samsung could go into settlement talks with an offer that would more or less amount to a “zero-zero cross-license,” according to Mueller, who maintains the blog FossPatents.com.The eight members of the jury spent almost four weeks reviewing the evidence presented in the same San Jose court where the first trial was held two years ago. The main issue for the latest legal battle was whether or not Samsung used Google’s Android&rsquo

May 9, 2014By Kim Yoo-chul
Apple's patents have limited impact
Tech & Science

Samsung fridges ranked top in consumer choice

By Kim Yoo-chulSamsung’s premium fridge sold in EuropeSamsung Electronics said Thursday that its premium fridges are receiving favorable reviews from leading publications in Europe."The latest findings helped us become the top in consumer reviews in seven European countries as Samsung fridges were already picked as the 'it' gadgets in influential publications in the United Kingdom, the Netherlands, Belgium, Italy and Spain," spokesman Suk Won-ki said.One such favorable review came from Deco Proteste, a leading Portuguese magazine.Deco Proteste analyzed 50 different fridges sold to consumers based on attributes such as stability, capacity and the power of cooling and freezing. The magazine was established in order to protect the rights and interests of consumers in Portugal and it is also a member of major consumer rights organizations, helping the Korean company raise its awareness in southern Europe.Suk said another French magazine also applauded the hardware specifications and technologies for energy consumption of the company's latest fridges.With an aim of becoming a global

May 8, 2014By Kim Yoo-chul
Samsung fridges ranked top in consumer choice
Tech & Science

Samsung SDS to go public

By Kim Yoo-chulSamsung SDS, the information solutions unit of Samsung Group, said Thursday that it will push for its stocks to be listed on the Korea Exchange (KRX) this year.The move is aimed at securing funds for the firm’s global expansion, the company said."We are seeking an initial public offering (IPO) this year because we need more cash to expand our business areas and to find opportunities for acquisition for external corporate growth," Yoon Sang-woo, head of SDS' communications team, told reporters.Officials at KRX said the firm may go public sometime in the latter half of this year."We know SDS will pick lead managers for the IPO this month to decide on the volume of the share-offering. The IPO is going to take off late this year," said one KRX official.In a statement, SDS said the IPO plan will help it acquire patents in some lucrative business fields that it has identified with cloud computing, big data, and Internet of Things being included."Based on relative patents, SDS is eyeing … healthcare-, retail- and hospitality-related services and solutions," the s

May 8, 2014By Kim Yoo-chul
Tech & Science

Korea Post diversify revenue sources

Korea Post President Kim Joon-ho speaks during a recent interview at his office in Gwanghwamun, downtown Seoul. / Courtesy of Korea PostAgency looks for opportunities abraodBy Kim Yoo-chulThe president of Korea Post said the nation’s postal service is trying hard to enter new business territories and find opportunities abroad in order to address its falling profitability and ensure sustainable growth.“Korea Post is working to diversify its portfolio by cutting its heavy reliance on traditional postal services. Postal services are a backbone industry in every country,” Korea Post President Kim Joon-ho said in a recent interview with The Korea Times at the agency’s headquarters in Gwanghwamun, downtown Seoul.“However, the business isn’t as strong as it was decades ago, so Korea Post is pursuing new opportunities,” he added.Kim said the postal services market has changed significantly. Its original value proposition no longer applies today.“It is true that the market has changed with the widespread and free availability of the e-mail.

May 6, 2014By Kim Yoo-chul
Korea Post diversify revenue sources
Tech & Science

Battle over mobile payment heats up

Global technology giants, including Samsung Electronics, Apple and Facebook, are moving briskly into the mobile payment market to capitalize on the rising number of mobile device users. / Korea Times fileSamsung, Apple, Facebook venturing to lucrative marketBy Kim Yoo-chulThe competition in the mobile payment service market is heating up as global technology giants — Samsung Electronics, Apple and Facebook — are expanding into this rapidly growing segment.Facebook is now speeding up its move to enter the mobile payment market. It is reported that the firm is in talks with three start-ups in London, which provide services in online and mobile international money transfer.Samsung seeks to create a common platform that can connect its products in a single category.The Korean company plans to upgrade its Samsung Wallet, a mobile payment tool that stores users’ credit and debit card data, said company officials.“Samsung wants to compete with Apple, Google, Facebook and even Alibaba in the mobile payments market. The mobile payment business has a huge growth potenti

May 2, 2014By Kim Yoo-chul
Tech & Science

Samsung to set up 'shop-in-shop' at BestBuy

This is Samsung Electronics’ “shop-in-shop” section, dubbed the Samsung Entertainment Experience, set up at one of Best Buy stores in the United States. / Courtesy of Samsung ElectronicsBy Kim Yoo-chulSamsung Electronics said Friday that it has expanded its business alliance with Best Buy by signing a deal to launch a “shop-in-shop” showcase of its high-end products, including premium TVs, at the U.S. firm's outlets.The section, named The Samsung Entertainment Experience, is aimed at helping the Korean technology heavyweight promote its latest TV products, Samsung said in a statement.The section will be set up at approximately 500 Best Buy stores in the U.S. Key products that will be on display will be Samsung’s curved UHD TV and UHD TV lineup. Home audio products will also be prominently featured."We hope customers experience the best values of Samsung products and get an in-depth look at how advanced manufacturing technologies can change their viewing experience at home," said a spokesman at the Suwon, Gyeonggi Province-based outfit.Samsung decli

May 2, 2014By Kim Yoo-chul
Tech & Science

Samsung changes heads of S. America, Russia units

By Kim Yoo-chulSamsung Electronics said Thursday that it has replaced the heads of its South American and Russian operations."Presidents of Samsung's South American and Russian affiliates were recently replaced," said an official by telephone.Chun Sung-ho and Lee Sang-chul had run the company's Russian and South American businesses. They had played key roles in boosting the firm’s share of the TV market before moving to the positions, according to officials.Since March 2011, Chun has been managing the firm's Russian business, while Lee was named as the chief of South American business in late 2012.The official said that presidents have been chosen and the appointments will be announced soon.Samsung Electronics has 10 overseas sales affiliates in North America, Europe, China, the Russian Federation, South America, Southeast Asia, Middle East, Africa and West Asia in order to push customized business strategies according to markets.The latest reshuffle comes as Samsung, the world's biggest vendor in smartphones, is seeking ways to sustain robust growth.During the year-end annual

May 1, 2014By Kim Yoo-chul
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