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Samsung reshuffles 7 executives

By Kim Yoo-chulRhee In-yongJeong Keum-yongSamsung Group's chief communications officer Lee In-yong will be transferred to Samsung Electronics to head its communications team in a reshuffle of senior posts announced Wednesday.Samsung replaced six of seven executives at its future strategy office ― which plays a central role in charting out business strategies and coordinating the interests of group affiliates.The reshuffle, which was unexpected, is to tackle business uncertainties amid a challenging situation, officials said.The group transferred experienced communications, legal and human resources executives from the strategy office to the electronics unit, the group’s main cash cow.Besides Lee, Jeong Keum-yong, head of the strategy office’s human resources team, and Kim Sang-kyun, chief legal officer, will also move to Samsung Electronics. The changes will be effective May 1.An executive said he was shocked over the decision to transfer three key executives from the strategy office to Samsung Electronics as the company normally doesn't send president-level executiv

Apr 30, 2014By Kim Yoo-chul
Samsung reshuffles 7 executives
Tech & Science

IFA likely to gain growth momentum

By Kim Yoo-chulJens Heithecker, Messe Berlin Group executive directorBELEK, Turkey ― A senior executive at the IFA trade fair said that Europe's most-influential annual technology exhibition will try to garner support from its trusted clients at the September show to keep the event going."I don't agree the IFA is losing momentum. As long as we follow the market trend and as long as we do that, I am deeply convinced that momentum will be maintained. We have to respond to and follow the market," Jens Heithecker, global executive director at the Messe Berlin Group, told Korean reporters at this year's IFA Global Press Conference, in Belek, Turkey, Monday (KST).Messe Berlin Group is the organizer of the fair, which will be held in Berlin, Germany, from Sept. 5 to 10.Heithecker continued; "Over the last two years, we've been gaining healthy momentum from a huge increase of the quality of the international media."The executive said the IFA, held every September in Berlin, is in the process of finding new business partners to evolve the world's top-level trade show. "We are l

Apr 28, 2014By Kim Yoo-chul
IFA likely to gain growth momentum
Tech & Science

High entry barriers block foreign firms

By Kim Yoo-chulTuran ErdoganVestel CEOBELEK, Turkey ― Korea is the toughest market to penetrate due to various protective measures, according to the chief executive of a Turkish TV manufacturer, Sunday.At the IFA Global Press Conference 2014, here, Turan Erdogan, CEO of Vestel, said Korea is still one of the most protected markets in the world."Korea is a protective market and applies stiffer barriers," Erdogan said during a session about its business strategies at an upcoming IFA fair in Berlin, Germany, from Sept. 5 to 10.He continued; "Vestel was struggling to ship even TV samples." The firm is a subsidiary of Turkey's Zorlu Holding, and produced about 20 percent of televisions bought in Europe, which is second to Samsung Electronics.Korea signed a free trade agreement (FTA) with Turkey in May, 2013.Despite the FTA, the CEO said the electronics industry in Korea isn't ready to welcome new entrants as he believes Korea is applying tougher technology standards to foreign companies."The FTA is making things easier. I wish I could sell more of our products in Korea, but that won'

Apr 28, 2014By Kim Yoo-chul
High entry barriers block foreign firms
Tech & Science

SDI aims to lead in energy solutions

Samsung SDI employees inspect a lithium battery manufactured by the firm’s plant in Ulsan in this file photo taken in 2013./ Courtesy of Samsung SDIBy Kim Yoo-chulSamsung SDI aims to become a leading supplier in materials and energy solutions by realigning its structure according to its target segments.The move comes less than a month after it agreed to merge with Cheil Industries, another Samsung unit, which produces electronic chemical materials.The affiliate of Samsung Group has been approached by global carmakers about supplying patented battery solutions for electric vehicles (EVs), giving it an edge over its largest local rival LG Chem in the heated race for EV battery solutions. EVs are becoming more popular around the world with increased subsidies from governments.In a statement to The Korea Times, SDI said it will accelerate efforts to diversify and expand its portfolio and devote resources to its target segments.“SDI actively changes its structure according to the markets. We are confident that our businesses will yield profits,” said SDI spokesman Seo Ha

Apr 24, 2014By Kim Yoo-chul
Tech & Science

Samsung, LG to miss IFA press conference

By Kim Yoo-chulBELEK, Turkey ― Samsung and LG Electronics, the world's top two biggest TV manufacturers, will not show up at this year's annual IFA global press conference (GPC) event, according to company officials, Thursday."Samsung won't participate in this year's GPC," an official at the company told The Korea Times without elaborating.LG Electronics is also likely to skip the press conference as talks between it and the IFA manager have failed, said the company official.The 2014 IFA GPC will run from April 24 to April 27 in Belek, Turkey ahead of the IFA scheduled for Sept. 9 to 10 in Berlin. Industry officials said the move is rather a "surprise" as Samsung has been using the GPC as a platform to promote its TV products and to discuss its updated TV business strategies."Samsung’s decision was a bit of a surprise. This follows the latest moves by the world's top TV producer to cut its marketing budget for TVs and smartphones. Samsung is concerned more about distribution channels rather than spending money for showing events," said an official at the Korea Association

Apr 24, 2014By Kim Yoo-chul
Tech & Science

Foreign firms may buy Pantech, Dongbu HiTek

By Kim Yoo-chulExperts are worried that Korea could lose its tight grip on the mobile phone and semiconductor industries because foreign companies are planning to purchase stakes in leading domestic technology firms.Experts said that the Korean government should consider whether or not to allow foreign firms to buy stakes in Dongbu HiTek and Pantech, due to fears over possible technology leaks. Dongbu HiTekOfficials at Korea Development Bank (KDB), the main creditor of Dongbu Group’s semiconductor unit, plans to send an invitation letter to seven potential buyers, four of whom are foreign companies. A KDB spokesman, however, declined to confirm this information.Dongbu Group is selling its 37.9 percent stake in Dongbu HiTek. The entire stake, including the managerial rights premium, which is valued at some 135 billion won, said the officials.“GlobalFoundries of the United States, Bosch of Germany and TowerJazz of Israel will receive the letter from KDB,” said an official at the bank who declined to be named. KDB and Nomura Securities, the lead manager of the dea

Apr 23, 2014By Kim Yoo-chul
Tech & Science

LG claims lead in UHD, 3D displays

Visitors view LG Display’s 55-inch curved OLED and LCD panels at the firm’s plant in Guangzhou, China. / Courtesy of LG DisplayBy Kim Yoo-chulThe outlook for the global display panel industry is mixed because the demand for large-sized TVs is on a decline, hit by the rise in smartphones and tablets. But LG Display has something to say about that.LG Display, the world’s biggest supplier in liquid crystal display (LCDs) and one of the key earnings caterpillars of LG, has high hopes for the growing markets for three-dimensional (3D) and ultra high-definition (UHD) solutions.In a statement to The Korea Times, LG Display said it will boost panel lineups complete with its film-patterned 3D tech built in for the remainder of this year.The updated strategy comes after LG strongly believes it can succeed in the UHD and 3D panel markets thanks to smoother distribution of 3D content in major markets such as China, and aggressive promotion by TV manufacturers for UHD TVs, according to the statement.“LG Display is ideally positioned to widen out lead over rivals in 3D and

Apr 23, 2014By Kim Yoo-chul
Tech & Science

Samsung eyes post-Google era

Hong Won-pyoSamsung ElectronicspresidentBy Kim Yoo-chulSUWON ― A Samsung executive said Tuesday the firm will continue investing in its own operating system for smartphones, called Tizen, in a bid to prepare for a post-Google era."So far, Samsung hasn't been sticking to one platform,” Samsung Electronics Medial Solution Center President Hong Won-pyo told reporters.“Like Google’s Android platform, Tizen could be a common platform that can connect Samsung products in a single category.”Samsung said it will release mobile and consumer electronics devices that run on the Linux-based operating system as early as possible. However, the firm is hesitant to jump into the fray mostly due to "poor market conditions,” sources say.The executive said Samsung is investing more to create its own smartphone ecosystem and to offer a "common platform" for all company products, including mobile phones, TVs and home appliances."We will work together with various manufacturers, solution and parts suppliers to expand our 'smart home’ business,” Hong said.Hong

Apr 22, 2014By Kim Yoo-chul
Samsung eyes post-Google era
Companies

KT to reduct workforce by 25%

Hwang Chang-gyuKT CEO By Kim Yoo-chulKT said Monday that it will cut its total workforce by up to 25 percent. The massive lay-offs are expected to save at least 700 billion won in annual expenses.“A total of 8,320 KT employees applied for the voluntary retirement program. We will terminate contracts with those employees before April 30,” said KT in a statement.The plan will reduce the firm’s total payroll to 23,868 from 32,188.This is the biggest restructuring in the firm’s history, and is the second downsizing effort since 2009 when the nation’s dominant fixed-line operator laid off 6,000 in the wake of the merger of KT and KTF.Spokeswoman Juliana Kim said the company will provide financial compensation based on working period, seniority and performance.A KT employee enters the main entrance of the firm's building in downtown Seoul, Monday. KT plans to cut the number of its employees by up to 25 percent. / Yonhap“The growing expenditure on wages has always been one of the biggest burdens deteriorating KT’s profit structure,” said

Apr 21, 2014By Kim Yoo-chul
KT to reduct workforce by 25%
Tech & Science

Samsung opens 'innovation museum'

Samsung Electronics officials check TV products from the past on display in the “TV History” section inside the Samsung Innovation Museum in Suwon, Gyeonggi Province, Monday. The company plans to open the museum to the public, Thursday. / Courtesy of Samsung ElectronicsBy Kim Yoo-chulSUWON ― Samsung Electronics said Monday that it will open the Samsung Innovation Museum (SIM) at its headquarters in Suwon, Gyeonggi Province, on Thursday.The company said that the opening of the museum, the first of its kind in the industry, symbolizes the company’s tireless commitment to innovation.“The history of the electronics industry is like a map that shows human challenges and a zeal for finding new values,” said Kwon Oh-hyun, vice chairman at Samsung Electronics in a statement, Monday.“Inside the museum, visitors can read about the technology companies’ consistent efforts to find new things. Samsung hopes that visitors share its vision and management philosophy,” he added.The 10,950-square meter museum at the center of Suwon on the outskirts

Apr 21, 2014By Kim Yoo-chul
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