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FKI warns of slowing growth in China, Europe

By Kim Yoo-chulHuh Chang-sooFKI chairman The Federation of Korean Industries (FKI), the country’s largest business lobby, warned on Wednesday that growing economic uncertainties in China and Europe are the biggest challenges facing Korean exporters.FKI head Huh Chang-soo asked companies to boost spending on facilities and develop new business models to brace for the uncertain outlook in major markets.“Korean industries are facing major challenges both inside and outside. The situation in China and Europe is quite serious. That’s not a temporary factor,” Huh said during the annual FKI forum held in Jeju Island.“Korean industries might lose growth momentum. The economic woes in Europe could continue for the next few years. I see a clear sign that the Chinese economy is slowing down. Growths in emerging markets also failed to meet expectations.”The GS Group chairman said that Europe’s debt crisis is exacerbating, posing a challenge to Korean exporters.According to him, Korean industries are being pushed to the corner due to those factors. H

Jul 24, 2013By Kim Yoo-chul
FKI warns of slowing growth in China, Europe
Tech & Science

LG Display eyes future items

By Kim Yoo-chulCEO Han Sang-beomChief executive of LG Display, the world’s biggest display manufacturer, pledged to seek corporate sustainability by investing more for advanced technologies and finding new business partners.Investment will be focused on future technologies like solutions for organic light-emitting diode (OLED) and ultra high-definition (UHD) applications not just for facility expansion as LG Display is one of a few survivors in the volatile display industry, said CEO Han Sang-beom.“LG Display is urged to find new customers that can purchase our products. I believe the answer lies in China as China is a big market that has ultra low-end and ultra high-end segments,” Han said in a dinner meeting with reporters at its main display complex in Paju, near the North-South border.“Amid changing demand and trend, we should find second-tier companies, there as well as global handset makers to keep our current leadership in displays,” he added.LG Display has been the primary supplier for Apple over the past few years. Apple products are using LG&rs

Jul 23, 2013By Kim Yoo-chul
LG Display eyes future items
Tech & Science

KT unveils Web-based IPTV

KT Mediahub President Kim Joo-sung poses with models during a launch event of its new “Olleh TV” service at the firm’s headquarters in downtown Seoul, Monday. / Courtesy of KTBy Kim Yoo-chulKT said Monday that it has launched a Web-enabled TV service for the first time to overtake rivals in the race toward a next-generation platform for TVs.It added that the new TV service dubbed “Olleh TV Smart” is supported by HTML5-based device system.Under the HTML5 system that operates software via Web not applications, KT can provide a TV service that supports both Google android and the iOS platform, which will enable customers to enjoy a variety of content. HTML5 is a markup language for structuring and presenting content for the Web and a core technology of the Internet. HTML5 enables many new features for more dynamic Web applications and interfaces.“As KT has been consistent in generating new eco-systems in platforms to better meet today’s convergence trend, we will try hard to release services that are featured with a greater compatibility an

Jul 22, 2013By Kim Yoo-chul
KT unveils Web-based IPTV
Tech & Science

Samsung bolsters OLED display biz

Models pose next to Samsung Electronics’ 55-inch curved OLED TV. The TV uses Samsung Display’s ZPD OLED screen. / Courtesy of Samsung DisplayFlawless screens help solidify market leadershipBy Kim Yoo-chulSamsung Display, an affiliate of the Samsung Group, solidified its leadership in the advanced display market after it began producing flawless large-sized OLED (organic light emitting diode) screens since late last year. Flawless screens are one of the firm’s latest advancements.The company currently dominates the global demand for small- and medium-sized OLED screens because it supplies such screens to Samsung Electronics, the world’s biggest smartphone manufacturer.But the situation is different in the large-sized TV OLED screen segment. Its biggest rival, LG Display, is catching up by boosting its price-competitive white-based OLED technology. Major TV manufacturers are also shifting their focus to OLED TVs, which have better profit margins than the currently popular LCD TVs.In a statement to The Korea Times, Kim Ho-jung, senior manager of Sa

Jul 22, 2013By Kim Yoo-chul
Samsung bolsters OLED display biz
Tech & Science

LG Display swings to profit in Q2

By Kim Yoo-chulLG Display said Thursday that it swung to profit in the second quarter, thanks to solid demand for smartphone panels and television sets.The firm posted a net profit of 105 billion won ($93 million) in the April-June period, compared with a loss of 112 billion won a year earlier, it said in a regulatory filing.It was a better-than-expected performance by the display giant.Operating profit reached 365.9 billion won, beating earlier market consensus of some 250 billion won. That was up 53 percent from a year ago.It’s revenue totaled 6.57 trillion won which was down by 5 percent year-on-year.The firm said that its profits have increased for the fifth straight quarter. “Despite unfavorable business factors, we succeeded in selling more premium displays. Our strategy to differentiate products than those by competitors paid off,” said company spokesman Lee Sang-wook.By category, LCD panels for TVs accounted for 51 percent of the total revenue, followed by applications for monitors with 21 percent, displays for notebook PCs with 11 percent, panels for tablet

Jul 18, 2013By Kim Yoo-chul
LG Display swings to profit in Q2
Tech & Science

Samsung to expand storage devices business

By Kim Yoo-chulSamsung Electronics said Thursday that the world’s biggest computer memory chipmaker will expand its lineup for data storage service by investing more in next-generation devices called “solid state-drives. (SSDs).”Demand for SSDs is huge because consumers want faster data processing and downloading from laptops, desktops to tablets. SSD is faster than hard disk drives (HDD). “Samsung will clearly lead the SSD market by expanding our product lineup. Our priority is to offer SSDs with up to 1-terabyte capacities with affordable prices to both consumers and corporations,” said Jun Young-hyun, executive vice president at the firm’s memory sales and marketing, in a forum at the Westin Chosun Hotel in downtown SeoulThe plan was unveiled at Samsung SSD Global Summit attended by more than 150 international and local media. The event was aimed at unveiling new SSD products and business strategies.During the forum, Samsung unveiled its 840 EVO SSD for consumers and XS1715 SSD for corporate clients. It said the storage devices will be available

Jul 18, 2013By Kim Yoo-chul
Tech & Science

'Naver the online predator'

Big portal dominates, dictates flow of information on cyberspace By Kim Yoo-chulNHN, operator of Korea’s dominant online portal Naver, is emerging as a public enemy for destroying the cyber ecosystem by expanding its territory to non-core businesses at the expense of smaller players.It has become a principal target of monitoring by the Park Geun-hye administration which has pursued “shared growth” to ensure a level playing field.The Fair Trade Commission (FTC) is currently investigating NHN for abusing its bargaining power and distorting the market.FTC officials and other sources told The Korea Times that the regulator will heavily fine NHN for monopolizing the market, which it believes damages significantly the soundness of the local online content industry.“NHN may insist that its dominance is due to consumer choice, and  that’s understandable. But the fact is that we don’t see many small-scale content providers with strong competitiveness. The government needs to actively intervene in the industry to ensure fair competition and a bette

Jul 17, 2013By Kim Yoo-chul
'Naver the online predator'
  • Stricter checks needed to weaken dominance
  • NHN's expansion forces out small players
Tech & Science

Samsung urged to be PR-focused

By Kim Yoo-chulA well-known progressive economics professor has called for Samsung Group executives to improve its communication skills and management systems.“In decision-making, Samsung is the fastest and smartest. It also has the greatest flexibility in Korea. But it is reluctant to listen to advice about any changes of its closed management systems,” said Kim Sang-jo, an economics professor at Hansung University, during the group’s executive meeting.Kim was invited to be a guest lecturer to a weekly Wednesday meeting at the group’s headquarters in Seoul.This is the first time Kim visited Samsung’s main office. The invitation is very rare given that Kim has called for chaebol reform and economic democratization. He now serves as the head of the Solidarity for Economic Reform.During the lecture titled “Economic Democratization and Samsung,” the professor pointed out that the firm became too arrogant due to its stellar business performance, therefore making it view itself as an exception.“Samsung should regard itself as a part of Korea

Jul 17, 2013By Kim Yoo-chul
Tech & Science

Stricter checks needed to weaken dominance

By Kim Yoo-chulTaurus Investment Trustanalyst Kim Il-taeThe nation’s regulator should beef up monitoring on NHN, the operator of the nation’s dominant Web portal, Naver, in order to prevent the dominance from killing smaller players in the industry, according to an IT expert, Tuesday.But he also pointed out that the control will be carried out in a very sophisticated manner to avoid infringing on consumers’ rights of choice.In an interview with The Korea Times, Kim Il-tae, a senior fund manager at Taurus Investment Management, said that the government needs to closely monitor NHN for any potential wrongdoings.He added it’s not desirable for the portal operator to extend its significant power into non-core businesses such as real estate and wholesale because doing so may kill smaller firms in those industries.“What I want to say is that NHN needs to find measures to increase its corporate awareness. Giving developers a higher ratio of returns over earnings, holding forums for developers and providing visible support to SMEs are possible actions NHN can ta

Jul 17, 2013By Kim Yoo-chul
Stricter checks needed to weaken dominance
  • 'Naver the online predator'
Tech & Science

Transcript: Interview with the authors of The Knockoff Economy

This is a full transcript of an interview with the authors of The Knockoff EconomyBy Kim Yoo-chulQ: Why did you write this book― We wrote the book as a response to the conventional wisdom about the relationship between creativity and copying. Most people simply assume that copying kills creativity – why would someone spend their time and money creating or inventing if others are simply free to copy? And this simple belief – copying kills creativity – is the basis of our intellectual property laws. IP laws exist to stop, or at least to limit, copying.In our view, the conventional wisdom is wrong. Or, at least, it’s far too simple.  We see important creative industries in which copying and creativity seem to get along quite nicely. And even instances where copying seems to lead to more creativity, not less. We wrote this book so that people could get a sense of the true relationship between copying and creativity, which is a lot more friendly than most people believe at first.Q: What is the book about― In the book we look at a group of industries

Jul 16, 2013By Kim Yoo-chul
  • `Apple patent claims mostly not strong'
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