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Samsung operating profit falls 4.3%

By Kim Yoo-chulSamsung Electronics is expected to record an operating profit of 8.4 trillion won ($7.9 billion) in the first quarter, down 4.33 percent from a year ago, as the result of slow smartphone sales growth.That is up 1.08 percent from the previous quarter.According to a preliminary estimate released Tuesday, the first-quarter sales reached 53 trillion won, up 0.25 percent from a year earlier.The estimate did not provide figures for each of its business divisions. These will be made public in the last week of April.Analysts have shown mixed reactions about the first-quarter performance. They said that the figures are mostly in line with the market consensus of 8.4 trillion to 8.5 trillion won but raised concerns about the high dependence on smartphones.“We recently advised our big clients to sell Samsung Electronics stocks because most profit is coming from smartphones. Other than these, we don’t see any positive factors that can lift Samsung’s profit,” said a senior hedge fund manager based in Seoul, by telephone.“Demand for TVs remains weak. Th

Apr 8, 2014By Kim Yoo-chul
Samsung operating profit falls 4.3%
Tech & Science

Korea trapped in Windows dilemma

Government officials talk in a control room set up by the Ministry of Security and Public Administration at the government complex in Seoul, Tuesday, to respond to potential accidents caused by the termination of support of Microsoft’s Windows XP. / Korea Times photo by Shim Hyun-chulGov’t’s plan to cut reliance on Windows face criticismBy Kim Yoo-chulKorea’s plan to diversify its software sources to cut its reliance on the Microsoft (MS) Windows operating system faces criticism from industry experts and officials at various companies.The latest decision by MS to end its Windows XP support starting this week has prompted government officials to look for other software options. While Korea is scratching its head, looking for alternative software, experts pointed out that the country isn’t in a position to completely eliminate MS software in the foreseeable future.They agreed that Korea needs to accelerate efforts to diversify its software sources, but the government’s recently developed plans are not sufficient and will likely fail.“The plan i

Apr 8, 2014By Kim Yoo-chul
Korea trapped in Windows dilemma
Tech & Science

SK buys two oil fields in US

By Kim Yoo-chulSK Innovation (SKI), the nation’s top oil refiner, announced Monday that it will enter the oil-exploration business in the United States by taking over managerial rights of two oil fields there.This is the first time that the company has entered the oil exploration business in the U.S.“SK E&P America, a wholly-owned U.S. subsidiary, has agreed to purchase major stakes in two U.S. oil-development companies, Plymouth and KA Henry. Total investment was 387 billion won,” said the statement.The U.S. unit was set up in Houston in March to handle the oil-exploration business in the U.S.SK E&P acquired a 75-percent stake in an oil field in Grant and Garfield counties, Oklahoma. It also purchased a 50-percent stake in an oil field in Crane County, Texas.The oil field in Grant and Garfield counties has been producing 2,500 barrels of oil on a daily basis since 2011. The Crane County field has been producing 750 barrels a day since 2012, said the statement.“Thanks to the acquisition, our oil production per day will rise to 74,250 barrels from the p

Apr 7, 2014By Kim Yoo-chul
Tech & Science

White House may act on Ortiz selfie

By Kim Yoo-chulA senior White House official indicated Monday it may take legal action against Samsung over a controversial selfie featuring President Obama.“We’ve left that conversation between lawyers,” White House Senior Adviser Dan Pfeiffer told CBS’s Face the Nation program.“Perhaps, maybe this will be the end of all selfies. But in general, whenever someone tries to use the president’s likeness to promote a product, that’s a problem with the White House.”The controversy erupted after Boston Red Sox star David Ortiz took a picture of himself and President Obama during a visit to the White House by the 2013 World Series winners, using Samsung’s Galaxy Note 3 smartphone. Ortiz, who had signed a contract with Samsung, posted the photo on his Twitter, and Samsung’s U.S. subsidiary later re-twitted this to its followers.Samsung is being criticized for using Obama’s photo for its commercial interests.Ortiz told reporters after a game against Milwaukee Brewers, Sunday that, “I got no comment on that. I mean, I&rsqu

Apr 7, 2014By Kim Yoo-chul
White House may act on Ortiz selfie
Tech & Science

Ortiz's selfie makes White House uneasy

By Kim Yoo-chulU.S. President Barack Obama has shown uneasiness about the controversial Ortiz-Obama selfie used by Samsung Electronics to promote its products and corporate image.The White House officially objected Thursday to the use of a selfie Boston Red Sox slugger David Ortiz snapped with U.S. President Barack Obama with a Samsung Galaxy Note3.Samsung said that the selfie photo was not deliberately organized and tweeting a celebrity photo is a proper marketing strategy.“Although we signed a deal with Ortiz before the slugger’s trip to the White House, it was not deliberate,” a Samsung official said. “The photo-taking had nothing to do with us.Samsung Electronics has been consistent in promoting its flagship products within the “socially-understandable” boundry. The world’s top smartphone vendor is teaming up with various celebrities in different areas to improve corporate brand awareness.The picture was taken during an event designed to honor the Red Sox as 2013 World Series champions. Ortiz tweeted it, picking up nearly 40,000 retweets,

Apr 4, 2014By Kim Yoo-chul
Ortiz's selfie makes White House uneasy
Tech & Science

SK gives up solar business

By Kim Yoo-chulKorea’s major conglomerates, such as Samsung, LG, SK and Hyundai, are moving to scale down or restructure their solar businesses due to snowballing losses caused by a prolonged market slump.The solar technology business was once considered one of the next cash cows for the conglomerates, which vowed to increase their investments in facilities.However, the market has since become less lucrative and many Chinese manufacturers have started producing cheaper solar technology products.“The downturn in the solar technology market continues, and recovery is not yet in sight. For example, the market for polysilicon, a key material for solar energy solutions, is still grappling with severe oversupply and weak demand,” said a researcher at the Korea Institute for Industrial Economics and Trade by telephone.The researcher, who declined to be named, said that some big companies are planning to fold their solar energy businesses due to worsening financial soundness.“Worsening performance financially burdens big companies. Withdrawal from the market will come

Apr 3, 2014By Kim Yoo-chul
Tech & Science

Samsung speeds up realignment

Group expected to merge construction units soonBy Kim Yoo-chulSamsung Group recently merged its affiliates in a move to concentrate on key businesses and develop new cash generators./ Korea Times fileSamsung Group is accelerating its move to realign its affiliates through merger and acquisition (M&A) to foster a next cash generator and diversify its revenue portfolios.The nation’s biggest conglomerate said that the group needs to reduce its dependence on Samsung Electronics both in profits and sales amid growing market uncertainties and increasing competition from its rivals.The consumer electronics affiliate accounted for over 75 percent of the group’s total annual profit and revenue in 2013. “Without ‘another Samsung Electronics,’ the group may lose competitiveness sometime later,” said an executive at Samsung Group by telephone.The senior executive said that Samsung is not in crisis but is now facing serious challenges.  “Our chairman ordered top management at Samsung affiliates to develop business models to ensure profit sustaina

Apr 3, 2014By Kim Yoo-chul
Samsung speeds up realignment
Tech & Science

Innotek focuses on parts business

By Kim Yoo-chulLG Innotek, an affiliate of LG Group, said Thursday that it is enjoying surging global demand for its car components, such as anti-lock brake and electric power steering systems.Amid the convergence of the technology and automotive industries, the firm is allocating more funds for manufacturing facilities for car components.In a press release, the firm said it sold over 30 million car components last year.“We sold 7 million anti-lock brake systems (ABS) and 3 million electric power steering solutions in the global markets,” said Kim Hee-jeon, a company spokesman.Last year, 87 million cars were manufactured globally. The portion of cars that adopted LG’s ABS was around 8 percent.Innotek’s shares rose 1.47 percent to end at 103,500 won Thursday.Kim said the firm’s car component business is seeing increasing global demand.LG Group is focusing on car-related businesses ― Chairman Koo Bon-moo has expressed his intention to grow LG Chem, LG Display and Innotek.LG Chem is the world’s top car battery supplier, selling batteries to 20 au

Apr 3, 2014By Kim Yoo-chul
Tech & Science

Mobile firms unveil 'unlimited' LTE plan

LG Uplus CEO and Vice Chairman Lee Sang-chul explains its new mobile pricing plan at a news conference at The Westin Chosun in downtown Seoul, Wednesday. / Korea Times photo by Shim Hyun-chulBy Kim Yoo-chulThe country’s three mobile carriers said Wednesday they will introduce discounted subscription programs for heavy users of smartphones working on the LTE wireless network.LG Uplus, the smallest out of the three, said it will enable its customers to use unlimited data-downloading, voice calling and messaging services with a monthly payment of between 62,000 and 67,000 won, according to the company.“Customers can use all our services by paying a fixed amount of fees,” the firm’s Vice Chairman and CEO Lee Sang-chul said at a press conference in downtown Seoul.The vice chairman said the new service will help expand its customer base.LG’s move follows massive government sanctions on telecom firms. The government imposed business suspensions on them on a rotational basis for continuously offering illegal subsidies to mobile users.SK Telecom also announced a

Apr 2, 2014By Kim Yoo-chul
Mobile firms unveil 'unlimited' LTE plan
Tech & Science

Samsung, Microsoft restore relations

Shin Jong-kyunSamsung Electronics CEOSatya NadellaMicrosoft CEOBy Kim Yoo-chulUltimately, there are no enemies or friends among businesses as they pursue partnerships to advance their own interests according to market situations. “Frenemies,” an urban term that describes people who are both friends and enemies, is a more appropriate word choice for companies’ relationships with each other.Backed by the full support of Google, Samsung Electronics became the world’s biggest smartphone producer and is a representative of the so-called Google Android Software alliance at the expense of Microsoft (MS).MS, another long time ally of Samsung, was forced to remain in the backseat because of its less powerful mobile phone operating system.The Samsung-Google partnership is going strong, with the two companies working together to address their global patent disputes with Apple and sharing confidential data in some confidential Google projects.However, Samsung is still working with MS to diversify its software-sourcing channel and to get substantial help in cloud computing

Apr 2, 2014By Kim Yoo-chul
Samsung, Microsoft restore relations
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