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Samsung to launch 'tech' foundation

Rhee In-yong, Samsung Group’s chief communications officer, talks to reporters at a press conference about the corporation’s plan to establish“Samsung Future Technology Foundation” to bolster balanced growth with local SMEs at its main Seoul office in Seocho-dong, southern Seoul, Monday. / YonhapBy Kim Yoo-chulSamsung Group, the nation’s most-powerful conglomerate, said Monday it will invest a total of 1.5 trillion won ($1.34 billion) over the next 10 years to establish a new foundation to help Korea develop patents in next-generation technologies.The group said the Samsung Future Technology Foundation will focus on developing materials-, hardware-, and industry convergence-related techs.“Developers will completely own patents. Samsung will just focus on supporting technicians and researchers to yield visible profits,” said Rhee In-yong, chief communications officer at Samsung, in a briefing to reporters at its main office in Seocho, southern Seoul, Monday.Samsung plans to spend 300 billion won as seed money to set up

May 13, 2013By Kim Yoo-chul
Samsung to launch 'tech' foundation
Tech & Science

Regulator to target one mobile carrier

Lee Kyeong-jaeKCC ChairmanBy Kim Yoo-chulKorea’s top telecom regulator said Monday that it will single out a mobile carrier for additional punishment for causing an excessive subsidy war.The Korea Communications Commission (KCC) will impose another business suspension and a fine of at least 50 billion won on the company subject to punishment.The move came as the regulator believes that earlier punitive measures imposed on three carriers ― SK Telecom, KT and LG Uplus ― at the same time turned out to be ineffective.“If we decide to impose heavy penalties on a single carrier, no objection is expected. That firm should accept it,” KCC Chairman Lee Kyeong-jae said in a luncheon meeting with reporters near the government complex in Gwacheon, Gyeonggi Province, Monday. The remarks came a day after Jun Young-maan, director at the government agency’s telecom market policy bureau, said that the KCC recently began investigating the three for continuing to offer illegal handset subsides.“We believe that should the KCC penalize a single mobile carrier, it w

May 13, 2013By Kim Yoo-chul
Regulator to target one mobile carrier
Tech & Science

Samsung expects forex losses to reach W3 tril. in 2013

A monitor shows foreign exchange rates at the dealers’ room in the head office of the Korea Exchange Bank, Friday. The U.S. dollar topped 100 yen for the first time in four years. / Korea Times photo by Kim Dong-hoFirms raise guard against weak yenBy Kim Yoo-chulLeading Korean firms, such as Samsung Electronics and Hyundai Motor, are preparing to minimize the impact of shocks that could be caused by the rapid depreciation of the Japanese yen.With the recent fall of the Japanese currency below 100 yen to the U.S. dollar, Korean players are steadily losing their price competitiveness in global markets and experiencing a resulting fall in profit margins.To overcome this, they have entered emergency modes by launching task forces and modifying their overseas marketing strategies.Samsung Electronics admitted that its profit is declining as the yen continues to weaken, albeit stressing that the impact of the weak yen will be short-lived.“The weak yen is hitting us as the trend is truly helping our key Japanese competitors gain a price advantage in key overseas markets. Samsung

May 12, 2013By Kim Yoo-chul
Tech & Science

Samsung plans to invest W50.8 tril.

Hyundai, LG back up ‘creative economy’ By Kim Yoo-chulSamsung Group, the nation’s most powerful industrial conglomerate, will invest more than 50 trillion won this year in a move to create more jobs and support the government’s drive for a “creative economy,” according to Samsung officials Thursday.“We plan to spend as much as 50.8 trillion won this year from last year’s 44 trillion won despite lingering market uncertainties. We will try hard to expand investment on facilities as best we can,” said a ranking Samsung executive in a brief meeting with The Korea Times, Thursday.The group’s detailed investment plan was released a day after Samsung Electronics Chairman Lee Kun-hee expressed his intention to support the Park administration’s shared growth initiative at a breakfast meeting between President Park Geun-hye and an economic delegation in Washington D.C, Wednesday.“We agree with the government’s move toward a creative economy. We will take a lead in strengthening our economic fundamentals by expan

May 9, 2013By Kim Yoo-chul
Tech & Science

NHN's profit jumps on LINE growth

By Kim Yoo-chulNHN, the operator of the nation’s dominant portal Naver, saw its net profit increase in the first quarter of this year, on the back of rapid growth of its messenger service LINE. It expects this robust performance to continue in the coming quarters.The company posted a net profit of 157 billion won between January and March, up 16 percent from the previous year’s 136 billion won. Quarterly revenue increased 17.6 percent year-on-year to 673 billion won during the quarter, and operating profit rose by 10.5 percent to 191 billion won in the cited period.The solid performance was mainly attributed to the rapid rise in its free messaging application ― LINE.“The number of registered users of our LINE messaging app is expected to surpass 300 million, globally. Our LINE business is expanding to countries in Southeast Asia, Spain and in South America. NHN will be aggressive in marketing for expansion,” NHN CEO Kim Sang-hun said, Thursday.LINE has surpassed the 150 million mark in registered users, globally, so far, up from 100 million in January thi

May 9, 2013By Kim Yoo-chul
Tech & Science

Google backs Samsung over Apple

By Kim Yoo-chulInternet giant Google has sided with Samsung Electronics in the ongoing patent battle against iPhone maker Apple.Florian Mueller, German-based patent expert who runs popular FossPatents blog, wrote that Google and Taiwan’s HTC filed the court brief on behalf of Samsung, Monday, urging the U.S. Federal Court of Appeals to rule against Apple’s request for an Android device sales ban in the two firm’s patent fight.Mueller said the brief stated that companies shouldn’t be restricted because of what they see as a trivial feature that infringes on a patent. The expert stressed the “amici curiae” isn’t a big surprise since the devices listed in Apple’s permanent injunction request all run the company’s Android OS. “HTC’s brief is likely a pre-emptive move since it could face an injunction at some point over violating part of the licensing agreement it has with Apple,” Mueller wrote. Taiwan’s HTC has criticized Samsung by alleging that its biggest Korean rival in smartphones used dirty advertisement

May 8, 2013By Kim Yoo-chul
Tech & Science

SK Telecom to invest W1.2 tril. in ICT sector

By Kim Yoo-chulSK Telecom CEO Ha Sung-minSK Telecom, the nation’s top mobile operator, said Wednesday it will invest a total of 1.2 trillion won ($1.1 billion) by 2015 to boost information-based businesses and promote “shared growth.”The move aims mainly at creating synergy between the healthcare and information technology sectors.“We will rise as a leader in the entire information and communications technology (ICT) industries by expanding business territories to business solutions and healthcare,” said the company CEO Ha Sung-min in a news conference to unveil its mid-term business plan at its headquarters in Euljiro, downtown Seoul.Out of the 1.2 trillion won investment package, the company plans to spend 750 billion won in developing software solutions, while 300 billion won and 150 billion won will be spent on research and development and business convergence projects, respectively, Ha said. The SK Group affiliate said the new move was designed to increase its spending on supporting entrepreneurs in the area of ICT and allow other companies to use i

May 8, 2013By Kim Yoo-chul
Tech & Science

Siemens to set up Asia head office in Seoul

Siemens Korea Chairman Kim Jong-kapBy Kim Yoo-chulSiemens said Tuesday it has chosen Korea as its Asia Pacific headquarters for its energy solution business.“Siemens will set up its energy solution business headquarters in Korea and we will use the regional hub as a qualified training center to supply highly-educated engineers, globally,’’ said Kim Jong-kap, chairman of Siemens Korea, in a news conference at the Seoul Plaza Hotel. Kim said the headquarters will hire some 100 skilled workers including high profile foreign engineers by the end of this year and stressed the numbers will be expanded to 500 through 2017. “This is a milestone for Korean engineering-related industries as Korean engineers will go into the mainstream for the development of Siemens’ next technologies, eventually,” the chairman told reporters. The head office will open in October of this year and focus on handling fossil fuel projects in Asia Pacific, including the Middle East, and other energy solution-related businesses.  Korea is the second country to host the company

May 7, 2013By Kim Yoo-chul
Siemens to set up Asia head office in Seoul
Tech & Science

AMD focuses on finding new clients

By Kim Yoo-chulAdvanced Micro Devices (AMD) is seeking to expand its customer base by securing new clients to respond to the rapidly-changing market where the traditional PC segment is shrinking, the company said Tuesday.The world’s second-largest producer of microprocessors used in PCs and servers added that it will focus more on non-conventional and profitable customized chips as its investment in those areas is resulting in more deals and yielding visible profits.“The traditional PC market is shrinking. What’s replacing is what we call new clients. The market has changed. AMD has been consistent in developing customized solutions for customers,” said Gabe Gravning, director of client marketing of the firms said during a meeting with reporters in a Seoul hotel, Tuesday. The executive stressed that AMD is uniquely positioned to meet the rising demand for advanced chips to customers. “It’s time to evolve. Business chances for AMD’s customized chips are increasing significantly,” Gravning told the local media.As demand for conventional P

May 7, 2013By Kim Yoo-chul
Tech & Science

Cheil Industries to cut fashion operations

By Kim Yoo-chulCheil Industries, an affiliate of the Samsung Group, plans to drop one of its casual apparel brands as part of efforts to restructure its fashion business and increase management efficiency under the company’s new CEO.Cheil officials said the Samsung affiliate is in the process of realigning its business portfolio. They said the firm is considering restructuring some of its casual apparel brands, such as FUBU.“Our top management has yet to have any final decisions but announcements will be coming soon,” a company representative said. Sources in the local fashion industry expect Cheil Industries will drop FUBU, one of its menswear businesses, after 14 years.Cheil Industries started selling the brand in 1999. A total of 48 local authorized sellers in Korea including 34 leading department stores currently sell the label.FUBU isn’t the only label expected to disappear from the market. Top management is also considering closing some women’s clothing brands. Production of other clothing brands managed by the firm’s subsidiary in China will

May 6, 2013By Kim Yoo-chul
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