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STX hit by rating downgrade

Firm's crediting rating downgraded due to liquidity crunchBy Kim Yoo-chulThe STX Group, the nation’s mid-tier shipbuilding conglomerate, is struggling to stay afloat due to a series of mishaps, including an acute cash shortage and credit rating downgrades. In particular, shares of STX Group affiliates have plunged as investors dumped stocks after STX Offshore & Shipbuilding said it had submitted a voluntary debt-rescheduling plan to its creditors as part of efforts to access fresh loans.STX Offshore dropped by the daily limit of 15 percent to 4,390 won ($3.91) on the Seoul bourse. The shipbuilder also plunged by the daily limit Tuesday.STX Corp., the group's holding company, also dipped by 10.8 percent to finish at 4,790 won. STX Pan Ocea, the country's leading bulk carrier, closed at 3,500 won, down from 4,680 won on March 26. STX is going into emergency mode as the prolonged slump in the global shipbuilding and shipping industries has cut its profit margins. The group is doing everything it can do in order to fix its balance sheet and to prevent it from complete failure.&

Apr 3, 2013By Kim Yoo-chul
Tech & Science

SK C&C diversifying biz portfolio

By Kim Yoo-chulSK C&C, the information technology (IT) solutions affiliate of the SK Group, is enhancing its non-IT business as the group seeks to reduce reliance on the current volatile logistics-focused business.The Bundang, Gyeonggi Province-based outfit is putting more focus on non-IT business areas by diversifying its business models. The recent acquisition of C&C’s used car-affiliate ― SK EnCar ― reflects C&C’s ambition to match that initiative, the company said in a statement.``We will use EnCar’s network as a core asset to bolster our presence in non-IT businesses and to cut heavy dependence on the local market,’’ the statement read. The company said it plans to foster its EnCar business with the aim of creating 1 trillion won ($891 million) in revenue and generating 100 billion won in operating profit, annually, by 2017. EnCar offers a variety of services including the purchase, sales, export and distribution of vehicles as well as car parts in the used car market. More than 86,000 vehicles are traded annually on its websit

Apr 3, 2013By Kim Yoo-chul
Tech & Science

KT to help retirees

By Kim Yoo-chulKT said Tuesday it will create 1,000 jobs for retirees.This is the first time a private company will help seniors who want to re-enter the workforce in full-time or near full-time positions after retirement."KT is pursuing balanced growth with those who need substantial help amid an aging society. Everyone should get a second life after retirement. We will offer free education to 100,000 and 1,000 will find regular jobs,’’ said Choi Jae-keun, a senior executive at the company, in a press conference at its main office in downtown Seoul.Choi said the company will offer 60-hour high-quality IT education programs.  "We will select 1,000 seniors, who will work at various educational institutes, non-profit organizations and regional communities. KT is underway to find the right partners,’’ said the executive."This plan is just a beginning. As a long-term strategy, KT will open a separate office in downtown Seoul to help them keep up with their work in an organized manner.’’ Choi stressed the Bundang, Gyeonggi Province-based outfi

Apr 2, 2013By Kim Yoo-chul
Tech & Science

Lee Jay-yong to join Boao Forum

By Kim Yoo-chulLee Jay-yongSamsung Electronics Vice Chairman Lee Jay-yong is to be named a new board member of the Boao Forum for Asia.The Boao Forum, viewed as an Asian version of the Davos Forum, is a non-profit, non-governmental organization established in February 2001 by 26 Asian representatives to prepare for a world reorganized by western powers. ``Samsung Vice Chairman Lee will be officially appointed as a board of director member of the forum,’’ said an official at Samsung Communications Team, Tuesday.The seat has been vacant since SK Group Chairman Chey Tae-won stepped down from the position for personal reasons. SK is another of the top-tier industrial conglomerates in Korea.Samsung said Lee will attend the upcoming annual forum which will run from April 6 through 8 in the Chinese resort city of Boao. Samsung officials said Lee is expected to meet with top Chinese politicians.Samsung is actively embracing China as its next consumer electronics market that is expected to eventually replace North America.The official declined to say whether Lee will meet Chinese

Apr 2, 2013By Kim Yoo-chul
Lee Jay-yong to join Boao Forum
Tech & Science

Intel, Cisco strike chip partnership

By Kim Yoo-chulU.S.-based semiconductor giant Intel has formed a new partnership with market leading computer network corporation Cisco.The partnership is part of Intel’s diversification, aimed to offset falling demand for traditional central processing unit (CPU) chips.“Intel has recently signed an agreement to manufacture Cisco’s networking chips on a contractual basis,” said Lee Hee-sung, country manager at Intel Korea, during an interview with The Korea Times.The Intel executive added that the firm, headquartered in Santa Clara, Calif., hopes to take advantage of the growing demand for value-added programmable and logic chips, a profitable segment.Cisco Korea spokeswoman Lee Young-mee declined to comment.The agreement comes after Intel’s profits declined from its conventional CPU-related businesses, which were hit by the transition to graphic processing unit (GPU) chips used in smartphones and tablets.According to Samsung and LG Electronics officials, their companies are less reliant on PC manufacturing, and this has contributed to Intel Korea’

Apr 2, 2013By Kim Yoo-chul
Tech & Science

US nullifies Apple patent

Samsung seeks more damages cut By Kim Yoo-chulSamsung Electronics is expected to see the damages the Korean firm owes Apple in their landmark patent lawsuit further reduced as the U.S. Patent and Trademark Office (USPTO) has decided to nullify one of the U.S. tech giant’s key patents.This is another blow for Apple after U.S. federal judge Lucy Koh, the presiding judge in the world’s biggest technology dispute in history, nearly halved Samsung’s payment to Apple and ordered a new trial on the damages to recalculate them.The nullified Apple patent is the so-called 381 patent ― which is the bounce-back one ― the technology that users get when a person scrolls to the bottom of a screen. The 381 patent also covers a host of touch-screen actions, including dragging documents, said patent experts based in Seoul. The USPTO issued a First Office Action last October that tentatively rejected all claims that Samsung had infringed on Apple's bounce-back patent. As part of its re-examination of the patent, the USPTO recently issued a Final Office Action.``This fin

Apr 2, 2013By Kim Yoo-chul
Tech & Science

SK Planet unveils infotainment platform

Models pose with SK Planet’s in-house car infotainment platform — SKVIP — during the Seoul Motor Show at KINTEX in Goyang, Gyeonggi Province, Monday. / Courtesy of SK PlanetBy Kim Yoo-chulSK Planet unveiled its SK Vehicle Infotainment Platform (SKVIP), Monday, a new service allowing smartphone users to take advantage of a customized solution for their devices while driving.The service includes the 3D T-Map mobile navigation solution; MelOn, a digital music service offering online, unlimited music downloads and streaming; and photo-sharing and eco-driving solutions, according to the company.``Amid the growing convergence of technologies, SK Planet has been consistent in developing various embedded solutions. SK Planet is the only provider that offers both entertainment content and location-based service-driven software,’’ said Lee Ho-yeon, a company spokeswoman, Monday.Lee said the company identified car infotainment systems as one of its next cash-generators and stressed the firm plans to expand its alliance with major auto manufacturers to grow its info

Apr 1, 2013By Kim Yoo-chul
Tech & Science

SK Planet exports e-commerce platform

By Kim Yoo-chulSK Planet, an e-commerce affiliate of Korea’s top mobile carrier SK Telecom, is steadily exporting its platform to other Asian countries.It aims to challenge Google, Microsoft, Apple and Yahoo, the popular platform titans of the industry. On Tuesday, the company launched an e-commerce platform named “The n11.com” in Turkey, where Internet literacy and broadband penetration is rapidly growing.The n11.com service, which has around 2 million products available for sale, is operated by Dogus Planet ― a 50:50 joint venture between SK Planet and Turkey’s Dogus Group."Since SK Planet has acquired rich experience in managing online commerce and music platforms by operating 11st (11 Street) ― a local online auction site ― and the music service MelOn, the venture will help Turkey build an eco-system in e-commerce that satisfies customers, sellers and operators,’’ said company spokeswoman Lee Ho-yeon, Friday.Lee said her company’s consistent after-sales service in Korea will be similarly applied to its business in Turkey. I

Mar 31, 2013By Kim Yoo-chul
Tech & Science

Samsung, KT team up for 'smart building'

By Kim Yoo-chulSamsung Electronics has teamed up with KT to push for the so-called smart building business.Officials at KT said Friday the two companies have reached an agreement to unite to provide Web-connected infrastructures for new buildings. Under the agreement, Samsung will offer IT-control systems, while KT will provide the telecommunication infrastructure.KT is the nation’s dominant fixed-line provider. Samsung has expanded investment in its network business as the firm identified the area as one of the next large cash generators.``This is a win-win deal for both. KT is expanding its smart building business as part of its next growth engine. Samsung is sharpening its network business,’’ said a KT official, adding working-level discussions are currently under way.The move came after top executives from the two companies recently met at a global technology exhibition.``KT Chairman Lee met with Samsung Electronics Vice Chairman and Chief Operating Officer Lee Jay-yong at last month’s technology exhibition in the Spanish city of Barcelona. The two discuss

Mar 29, 2013By Kim Yoo-chul
Tech & Science

Samsung to unveil 3D NAND chips

By Kim Yoo-chulSamsung Electronics has expanded investment in advanced flash memory chips to respond to growing demand for data-intensive devices such as smartphones and to solidify its leadership in the promising market.Samsung, the world’s top supplier of memory chips, plans to allocate more resources and release its first three-dimensional (3D) NAND chips later this year, six months earlier than initially scheduled.  To that end, the company is scheduled to ship samples to clients in the coming months before producing the new chips at its China plant from next year.``We have been consistent in developing 3D NAND manufacturing technology," said a Samsung official, Friday. Samsung plans to ship samples to clients this year and the advanced technology will be applied to its flash chip-making plant in Xi’an, China, which will go online from next year.Global leading chip manufacturers, such as IBM and Toshiba, are currently struggling to develop 3D NAND chips, widely regarded as next-generation chips. NAND flash memory is a type of non-volatile storage technology

Mar 29, 2013By Kim Yoo-chul
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