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'Line' ㅡ two-edged sword for Naver

Firm hires Goldman Sachs, JPMorgan for IPOBy Kim Yoo-chulKim Sang-hunNHN CEONaver, Korea’s dominant web portal, has reported impressive earnings for 2013 thanks to robust performance of its free mobile messaging application ― Line.But like Samsung Electronics, which is being pressured to cut its heavy dependence on smartphones, Naver is facing a dilemma over its rapidly growing Line business as its dependence on mobile messenger service is growing month after month.This means that if Line loses growth momentum, it is highly probable that Naver will be significantly impacted due to a lack of an alternate growth engine. Naver is now being challenged by the rise of other free messaging applications services, including China’s We Chat and Korea’s Kakao Talk.The concerns arose after the latest earnings report showed that its growth in 2013 was largely powered by the Line business. The messenger service was launched in Japan in June 2011 and has since reached 231 countries and is offered in 16 languages. In a regulatory filing to the Korea Exchange Thursday, Naver sa

Feb 6, 2014By Kim Yoo-chul
'Line' ㅡ two-edged sword for Naver
Tech & Science

Korea to launch ICT control tower on Feb. 14

By Kim Yoo-chulThe Ministry of Science, ICT and Future Planning (MSIP) said Wednesday that it will launch an Information Telecommunications Strategy Committee to coordinate information communication and technology (ICT) policies among related ministries from next week.The committee will be comprised of 25 members from state-owned technology institutes and other ministries, including education, trade and finance, according to the MSIP in a statement.“The committee will play a key role as a control tower to review and set up Korea’s ICT-related policies. The body will also remain as a coordinator to narrow differences between interested parties,” said an MSIP spokesman.It will have authority to directly report issues that need to be addressed to the MSIP minister Choi Moon-ki and to ask heads of government agencies to revise regulations if necessary, according to the spokesman.

Feb 5, 2014By Kim Yoo-chul
Tech & Science

KMI may land 4th carrier trophy

By Kim Yoo-chulKong Jong-ryeolKMI CEOThe Korean government is expected to pick a Korea Mobile Internet (KMI)-led consortium as the fourth national mobile carrier late this month at the earliest, government officials said Wednesday.The Ministry of Science, ICT and Future Planning (MSIP) said that it has nearly reached a consensus on the selection, which it believes will lower telecom bills by creating more competition in the market dominated by three mobile carriers ― SK Telecom, KT and LG Uplus.“We are in the final stage of reviewing the submitted qualification … before giving a license to the KMI-led consortium. Announcements will be made in late February or early March, at the earliest,” a ministry official told The Korea Times by telephone.The KMI-led consortium is comprised of mobile virtual network operators (MVNOs) that will rent networks from the three existing carriers on a contractual basis.In September, the consortium and Internet Space Time submitted business plans in hopes of getting a license to become the fourth carrier. In previous biddings, bot

Feb 5, 2014By Kim Yoo-chul
KMI may land 4th carrier trophy
Tech & Science

Samsung, Hyundai to boost auto ties

By Kim Yoo-chulSamsung Electronics will strengthen its partnership with Hyundai Motor to enhance its automotive chip solution business, according to company officials.The move by the electronics giant is part of its attempt to reduce reliance on conventional memory chips and diversify its business portfolio.“The automotive chip solution business is a blue ocean. As automotive chips, which will mostly be logic chips for controlling entire computing systems, require high-quality safety conditions, we can’t push the business in a short time. But, with the help of Hyundai Motors, Samsung will cut its reliance on conventional memory chips,” said a senior researcher at one of Samsung’s local factories.Samsung will focus on automotive navigation and entertainment systems, as its chip technology isn’t yet developed enough to supply logic chips for vehicles.“Basically, supplying logic chips to major car companies is Samsung’s long-term goal. But storage devices for cars are getting better," said the researcher.Samsung plans to expand the sale of its e

Feb 5, 2014By Kim Yoo-chul
Tech & Science

Gov't may intervene with LG-Huawei deal

By Kim Yoo-chulThe government may intervene with LG Uplus’ purchase of equipment from Huawei Technologies.“We know the U.S. and U.K. governments prohibit the purchase of Huawei equipment,” said an official at the Ministry of Science, ICT and Future Planning (MSIP) Monday.“We may intervene with the deal,” the official said without elaborating.The ministry has been operating a unit composed of 17 experts from private sectors to draw up measures for enhanced security of Huawei-provided equipment.The U.S. and Great Britain ban the use of the Huawei equipment due to potential breaches of security. Huawei reportedly recently criticized the U.K government’s ban on its videoconferencing equipment, as “misleading” and based on “inaccurate” information.The report regarding the U.K. government came a month after Huawei CEO Ren Zhengfei revealed the firm has exited the U.S. network equipment market, following years of accusations the firm is supplying sensitive information to the Chinese government.Huawei Technologies Korea said that it

Feb 3, 2014By Kim Yoo-chul
Gov't may intervene with LG-Huawei deal
Tech & Science

Olympus Korea releases new videoscopes

An engineer at Olympus uses the company’s latest videoscope to inspect the inside of some equipment. / Courtesy of Wellcom AssociatesBy Kim Yoo-chulJapanese camera titan Olympus Monday unveiled two videoscopes here in a bid to diversify its business portfolio.In a statement, Olympus Korea said that it has introduced two videoscopes call the “IPLEX RX” and “IPLEX RT.” It said the latest solutions effectively house a miniature CMOS sensor atop one end of the scope to preserve details and brighten images.It said that they are used in checking holes in factories, airplane engines and car components that are difficult to reach. “One of the striking factors of the IPLEX RX is that it has an HDR (high dynamic range) image processing technology, called WiDER. By using the videoscopes, our customers can inspect flaws and details with a brightened viewing quality,” said Kim Mi-hyang, an official at Wellcom Associates, which represents Olympus’ public relations activities in Korea on a contractual basis.Kim said the latest products have greater du

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

LG plans to recruit global talent

By Kim Yoo-chulLG Group will hold a technology conference in the first quarter both at home and abroad to hire global talents, the group said Sunday.LG said the group’s main technology affiliates ― LG Electronics, LG Display, LG Chem, LG Innotek, LG Uplus and LG CNS ― will jointly hold the “LG Techno Conference” in and outside Korea by the end of March.LG spokesman Terry Taekyung Lee said the event will be aimed at hiring talented people with graduate and doctoral degrees. Lee declined to comment on the exact timing of the event.“LG Chairman Koo Bon-moo will directly manage the events, assisted by the chief executives of the group’s main technology affiliates. We are in the process of making a schedule,” Lee said.Over the last few years, LG has been hiring experienced personnel with various engineering backgrounds through such events. Koo was in San Francisco to scout North American talent in 2012.“In South Korea, the conference will have several presentations highlighting LG’s commitment to technology leadership to potential

Feb 2, 2014By Kim Yoo-chul
LG plans to recruit global talent
Tech & Science

New KT chief doing big housecleaning

By Kim Yoo-chulHwang Chang-gyuKT CEOKT CEO Hwang Chang-gyu has shifted the company into “emergency mode,” calling for employees to work with a sense of crisis and more responsibility.Hwang said he will drastically cut paychecks for executives, and review all troubled overseas projects, including those in Africa, “from a zero-base” to save costs.“KT has shifted into an emergency mode,” Hwang said in his first meeting with the staff since being picked as the telecom giant’s new head.“We are facing risks that we never faced before. I will cut my annual salary by 30 percent. The annual salaries for executives will be cut by 10 percent. This will save us some 20 billion won."In a conference call to investors and analysts after the announcement of its fourth quarter performance, KT said it will cut investment by 10 percent this year from the previous year and added the company may scrap some unprofitable businesses.“This year, we will invest 2.7 trillion won, a decrease of 10 percent from the previous year,” Kim Young-ho, an execu

Jan 28, 2014By Kim Yoo-chul
New KT chief doing big housecleaning
Tech & Science

SK hynix enjoys record sales, profits

Chipmaker vows profitability, more investmentBy Kim Yoo-chulSK hynix, the semiconductor affiliate of SK Group, enjoyed an outstanding performance in 2013 with record sales and profits despite the prolonged economic downturn.The world’s second-biggest memory chipmaker said in a filing to the Korea Exchange Tuesday that its revenue jumped by 39.4 percent to a record high of 14.16 trillion won for 2013. The firm made a net profit of 2.8 trillion won and an operating profit of 3.3 trillion won.“It’s amazing to see that SK hynix’s operating and net profit margins were 24 and 20 percent, respectively. But what’s more important is that the chipmaker is aiming to do better this year. There are no big risk factors. SK hynix is in the process of re-rating,” said Kim Il-tae, chief investment officer at MIDO Investment, by telephone.The company itself also remains upbeat over its prospects.“Supply and demand will balance out this year. Leading chip suppliers aren’t aggressive in investment in facilities. Also, technology migration toward thinner on

Jan 28, 2014By Kim Yoo-chul
Tech & Science

KT to reduce executives by 27%

KT CEO Hwang Chang-gyu listens during a shareholders’ meeting at KT’s technology development center in Woomyeon-dong, southern Seoul, Monday. Hwang was approved as CEO of the company at the meeting./ YonhapBy Kim Yoo-chulNew KT CEO Hwang Chang-gyu decided Monday to cut the number of the firm’s executives by 27 percent in order to turn the Korean telecommunications giant into a more efficient company.“We have too many executives. Management has full responsibility for the current difficulties KT is facing,” Hwang said after he was approved at a shareholders’ meeting.KT said in a statement later that as many as 35 executives, or 27 percent of its total 130 executives, will be affected by the decision. In particular, 50 percent of executives at back office divisions, such as personnel, finance and planning, will lose their titles.“KT plans to terminate contracts with some of them, while others will be given different roles in other divisions,” according to the company.“I will give full authority to the heads of each business division

Jan 27, 2014By Kim Yoo-chul
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