The Korea Times

Turn crisis into opportunity

Koo Bon-mooLG Group ChairmanBy Kim Yoo-chulLG Group Chairman Koo Bon-moo has called for top executives to turn crises into opportunities in order to survive in the rapidly-changing economic environment.He predicted that the group will face tougher challenges down the road, and urged them to become more flexible in order to adapt to changes at home and abroad. Koo’s sense of urgency was apparent at a two-day meeting of CEOs at its training center in Icheon, Gyeonggi Province which began Wednesday.“We are in an emergency situation. You should be fully aware that today’s risks could create new business opportunities, tomorrow. We have no time to hesitate. You should move faster,” Koo said during the meeting.“Scarcity of LG-owned resources shouldn’t be an excuse. In any situation, you should find ways to win. This is the simple principle that I’ve been pursuing,” the chairman said.Koo’s remarks came a couple of weeks after the chairman stressed the need for faster execution of management decisions in his New Year message to LG employe

Jan 17, 2014By Kim Yoo-chul

Tech & Science

2 Kumho brothers may make up

By Kim Yoo-chulPark Chan-kooKorea Kumho Petrochemical Company (KKPC), a major supplier of synthetic rubbers and specialty chemicals, said Thursday it accepted a decision by a Seoul court that imposed a four-year suspended jail term on the company’s chairman.Park Chan-koo, 66, had been waiting for a verdict after the prosecution demanded a seven-year prison term on charges of embezzlement, breach of trust and insider trading in December, 2013.In a statement, the Seoul Southern District Court said Park was guilty of breach of trust, but wasn’t guilty of direct involvement in embezzlement and insider trading.The court said Park had used money belonging to a KKPC affiliate inappropriately, but added that the company did not incur any actual losses as the funds were entirely reimbursed by his son, Park Joon-kyung, an executive at KKPC.It also said that there was a lack of evidence supporting charges the chairman sold 2.62 million common shares of Kumho Industrial, a de-facto holding company of Kumho Asiana Group, using classified insider information in June 2009 before the gro

Jan 16, 2014By Kim Yoo-chul

Tech & Science

'LG tried to pay for positive reviews on G2'

By Kim Yoo-chulLG Electronics is being criticized for attempting to pay the operator of a technology-related blog for writing a positive review about its latest smartphone.TechCrunch, an influential technology media outlet favorably compared to CNET, disclosed that Burson Marsteller Korea, which handles global public relations for LG’s mobile business, asked it to write an in-depth review of specific features on the G2.“I’d like to inquire about possible options on media tie-up opportunities with TechCrunch because LG is launching its new smartphone, the LG G2 in August. Product review of the LG G2 in comparison with competitor’s product ― 1:1 comparison or 1 against many ― including a torching test,” the document disclosed by TechCrunch reads.The document also continued; “It would be great if you can propose the types of sponsored packages as well as rough pricing information on them.”An LG spokesman said that Burson Marsteller approached the media on its own accord, stressing that LG did not request TechCrunch to write good review

Aug 6, 2013By Kim Yoo-chul

Tech & Science

Samsung, LG to halve China investment

By Kim Yoo-chulLG Display and Samsung Display, the world’s two leading display manufacturers, have decided to halve investment for the construction of advanced display LCD panel plants in China, according to company officials, Tuesday.The officials said that the decision was made because there are growing concerns about oversupply due to a combination of sluggish global demand for TVs and increased production by Chinese manufacturers.LG Display, an affiliate of the LG Group, had originally planned to invest a total of $4 billion to build an LCD panel plant with a capacity of 120,000 glass sheets per month in the southern Chinese city of Guangzhou, which is scheduled to go online from the latter half of 2014. However, it now plans to scale down this investment to $1.8 billion to build a factory that can produce 60,000 sheets per month.“The investment for our first LCD panel plant will be much lower than initially planned because of an unfavorable market situation. The initial investment to the complex will be around some $1.8 billion,” an executive at LG told The Kor

Aug 6, 2013By Kim Yoo-chul

Tech & Science

MS pursues more patent partnerships

By Kim Yoo-chulHoracio Gutierrez, deputy counsel of intellectual property and licensing at Microsoft.The head of Microsoft (MS)’s intellectual property and licensing unit hinted that the U.S. technology giant will continue to expand patent partnerships with major Korean firms, including Samsung and LG, describing continuing relations as “mutually beneficial partnerships.”In a recent interview with The Korea Times, Horacio Gutierrez, deputy counsel of intellectual property (IP) and licensing at MS, said that such partnerships both in patents and others allow Microsoft to benefit from Samsung and LG inventions, and vice versa.“We have longstanding partnerships with companies like Samsung and LG that extend far beyond patent licensing agreements. We believe these partnerships are mutually beneficial to our customers and shareholders,” he said.“We regularly update elements of these partnerships to accommodate changes in product lines, our patent portfolios and customer needs. We see any updates to our patent licensing agreements with these compani

Aug 5, 2013By Kim Yoo-chul

Tech & Science

Samsung, LG retooling TV business

By Kim Yoo-chulSamsung Electronics and LG Electronics, the world’s top two TV manufacturers, are implementing contingency plans to protect their businesses from new threats.The TV makers are experiencing a difficult period due to the ongoing transition toward portable devices such as tablets and products with bigger screens, the lack of customized content for high-end televisions and the stagnant demand for digital TVs.“There is no way out. Even in Korea, LG Electronics is fighting for survival because people aren’t buying TVs. The situation is not much different in Japan and developed markets including the United States,” said an LG executive in a brief interview with The Korea Times.The executive said the company’s management worries about lower profits.However, he stressed that stable demand in emerging markets compared to developed economies will counter the falling revenue in key markets.LG is mulling over restructuring its TV businesses in China and Japan to cut costs and address the declining demand. In developed markets, the company is launc

Aug 2, 2013By Kim Yoo-chul

Tech & Science

Samsung Engineering CEO dismissed

By Kim Yoo-chulSamsung Group fired Park Ki-seok, CEO of Samsung Engineering, Thursday, holding him accountable for a water tank explosion that killed three employees and injured more than 10 others.A water tank burst during a stress test at a polysilicon plant construction site inside Samsung Fine Chemicals in Ulsan, about 410 kilometers southeast of Seoul. “The chief executive of the engineering unit of the group was fired over the latest accident. Samsung appointed Park Jung-heom as the new president at the affiliate,” Samsung’s chief communications officer Rhee In-yong told reporters at the company’s main office in Seocho-dong, northern Seoul.The 1,300-ton water tank was being filled to detect any cracks as part of a stress test, however, it suddenly blew out at the 1,000 ton mark, police said. Workers were hit by flying debris and the tank’s support structure. Samsung Engineering was constructing the tank for SMP, a joint venture between Samsung Fine Chemical and MEMC of the United States. Right after the accident, Samsung blocked reporters from the

Aug 1, 2013By Kim Yoo-chul

Tech & Science

LG to mass-produce OLEDs from 2014

LG Display CEO Han Sang-beom, fifth from left, pulls a lever with Gyeonggi Province Governor Kim Moon-soo, fourth from left, and other LG executives and guests to celebrate the first installment of equipment to be used on a new OLED display-manufacturing line at the firm’s display complex in Paju, Gyeonggi Province, Thursday. / Courtesy of LG DisplayBy Kim Yoo-chulLG Display, the world’s biggest display manufacturer, said Thursday it will start mass-producing OLED (organic light-emitting diode) screens to be used in televisions from the latter half of 2014.“Our new OLED manufacturing line using the so-called eighth-generation glass-cutting technology will go online in the second half of next year after various pilot tests,” company spokesman Lee Sang-wook said.The eighth generation technology screen measures 2,200 millimeters in width and 2,500 millimeters in height, which is customized for TV screens over 50 inches in sizes.The new line has a monthly production capacity of 26,000 glass sheets. Total investment for the new line will reach 700 bi

Aug 1, 2013By Kim Yoo-chul

Tech & Science

Dongbu makes foray into China

Chinese customers check details of a three-door refrigerator manufactured by Dongbu Daewoo Electronics at a department store in China, Wednesday./ Courtesy of Dongbu Daewoo ElectronicsBy Kim Yoo-chulDongbu Daewoo Electronics, the nation’s No. 3 manufacturer of consumer electronics after Samsung and LG Electronics, is making inroads into the lucrative Chinese market by opening offices in three major cities.On Wednesday, the Dongbu Group affiliate said it recently established three sales offices in Shanghai, Beijing and Shenzhen for business expansion.Spokesman Kwon Dae-hoon said those offices are focusing on strengthening partnership with leading Chinese retail channels to push its business in the neighboring country with better supply chain management.“We opened offices in Shanghai in May, followed by Beijing in June and Shenzhen in July. Each office is hiring qualified Chinese employees. China is now Dongbu’s most crucial market,” said the spokesman.Dongbu plans to increase the sale of its premium products, according to the company, by improving its bran

Jul 31, 2013By Kim Yoo-chul

Tech & Science

Ahnlab mulls opening new Asian hub

AhnLab CEO Kim Hong-sun speaks during a recent interview at his office in Pangyo, Gyeonggi Province. / Courtesy of AhnLabBy Kim Yoo-chulThe chief executive of computer virus software developer AhnLab said it plans to open another new subsidiary in Asia to expand its overseas business.“Because our security solutions have been receiving good reviews on the back of increased brand awareness, AhnLab plans to further expand strategically to countries in Asia and to the United States. That’s why we are mulling over the possibility of establishing a new office in Asia,” CEO Kim Hong-sun said in an interview with The Korea Times at AhnLab’s head office in Pangyo on the outskirts of Seoul.AhnLab is a leading provider of information security products and services. It’s been diversifying its business portfolio and expanding its territory amid the growing needs for cyber security.“Our target countries are Singapore, Hong Kong and Thailand. But nothing has been decided yet. AhnLab is currently trying to strengthen its client base and supply more of its pat

Jul 31, 2013By Kim Yoo-chul

Kim Yoo-chul

Read more

Turn crisis into opportunity

2 Kumho brothers may make up

'LG tried to pay for positive reviews on G2'

Samsung, LG to halve China investment

MS pursues more patent partnerships

Samsung, LG retooling TV business

Samsung Engineering CEO dismissed

LG to mass-produce OLEDs from 2014

Dongbu makes foray into China

Ahnlab mulls opening new Asian hub

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