The Korea Times

Samsung raises profit target to $26 bil. this year

By Kim Yoo-chul Samsung Electronics has revised up its cumulative operating profit target for the year to 30 trillion won ($26 billion). Analysts and Samsung officials told The Korea Times that the new target looked ``achievable,’’ considering the firm’s bullish moves in smartphones and components such as value-added memory chips and premium flat screens. ``Samsung’s top decision-makers have raised this year’s target to 30 trillion won. One thing that I can confirm is that this year will be better than last in terms of cumulative operating profit,’’ a senior Samsung executive told The Korea Times by telephone, asking not to be named. Last year, the technology giant generated 16.25 trillion won in operating profit. This is the first time that it has leaked its annual operating target for 2012. ``That means Samsung’s top executives were impressed by its first quarter performance and believe its dual-strengths ― parts and finished goods ― will bring increased profits,’’ said another company executive contacted by The Korea Times. Samsung became the world’s biggest cell

May 1, 2012By Kim Yoo-chul

Tech & Science

MS seeks to mend relationship with LG

By Kim Yoo-chul The official reason Microsoft (MS) CEO Steve Ballmer will fly to Seoul later this month is to deliver a speech at the 2012 Seoul Digital Forum (SDF). He is not likely to make major announcements such as new investment plans in local venture start-ups but his visit is gaining attention with regard to a bigger player. Industry executives said Monday that Ballmer’s first visit of this year might be about mending fences with LG Electronics via a high-profile meeting, possibly with its head Koo Bon-joon. ``MS has suffered from a deteriorating relationship of late with LG Electronics and many expects Ballmer will do something to correct that,’’ said an industry source requesting anonymity. Previously, LG was one of the closest allies of MS when former CEO Nam Yong was at helm. But the Korean firm bet on Google’s Android software for its smartphones and this soured the relationship with MS. From the perspective of LG, handsets were also a headache as its mobile division lagged behind rivals such as Apple and Samsung Electronics. The department, o

Apr 30, 2012By Kim Yoo-chul

Companies

LG stresses environment in Yeosu

By Kim Yoo-chul LG Group is seeking to improve its image as an environment- conscious enterprise at an international expo to be held in Yeosu. On Sunday, LG said it will set up a four-story pavilion for Expo 2012 Yeosu with the theme of “Life is Green” on 3,724 square meters. “We hope visitors at the expo will better understand LG’s future businesses by experiencing the products on display products,” said company spokeswoman Kim Min-jeong. “Water” is the top word at the LG pavilion, symbolizing the company’s initiatives for green business according to Kim. The corporation is aiming to reap 15 percent of the group’s revenue from pro-environmental ventures by 2020. LG plans to set up a big water screen and a big media show will feature its advanced technologies, artistically, the spokeswoman said. The pavilion will be powered by a solar-energy. It has also applied fine-tuned water treatment technologies as part of its water-saving strategy.

Apr 29, 2012By Kim Yoo-chul

Companies

Intel Korea offers most handsome paycheck

By Park Si-soo What is your dream job? If the first thing that pops up in your head is a high salary, knock on the door of foreign-invested companies here. Their latest internal audit reports rendered to the country’s financial regulator show why. Intel Korea’s average annual salary was 146.7 million won ($128,600), the highest of 10 foreign-invested firms famous in the local job market for handsome payment. It is nearly 50 million won higher than that of the best-paying Korean firm, Kolon whose average salary is 97 million won, according to the Financial Supervisory Service. Kolon is Korea’s foremost manufacturer of textiles and chemical materials. Cisco Systems Korea, a local unit of the U.S.-based networking equipment maker, came second with 128.1 million won, followed by Swedish cell phone manufacturer Nokia’s Seoul office with 114.6 million won. The top three firms are in either information technology or telecommunications industries, indicating those areas robust growth and ensuing handsome returns to their employees. The two industries are expected t

Apr 27, 2012By Kim Yoo-chul

Tech & Science

Reinventing business model

SK chairman to maximize synergy among affiliates By Kim Yoo-chul SK Group Chairman Chey Tae-won is stepping up efforts to reinvent the group by redesigning its business portfolio and creating synergy among affiliates under new business line-up. The group’s recent takeover of Hynix Semiconductor, now SK hynix, was the first step for the chairman to transform the telecom-oriented group into one with a more balanced portfolio. He is now placing a top priority on finding core competencies of key businesses and combining them to create synergy. The chairman sees SK Telecom, SK Planet and SK hynix as key drivers for the group’s future growth. Telecom, logistics, oil, construction and mobile content are the group’s existing key businesses. Chey is the co-CEO of the world’s second-biggest chip supplier with Kwon Oh-chul, who was past of Hynix CEO. The acquisition is the chairman’s initiative to move away from the group’s heavy dependence on the local market. SK has so far failed to yield high returns from businesses outside the Korean peninsula. SK Telecom, the group’s

Apr 27, 2012By Kim Yoo-chul

Tech & Science

Plenty of bang for buck

Samsung Electronics chalks up record profits on mobile sales By Kim Yoo-chul Samsung Electronics posted its best quarterly operating profit during the first three months of this year and is expected to improve on it during the seasonally-favorable second quarter. The world’s biggest supplier of flat screens, memory chips and smartphones reported 45.27 trillion won Friday in first-quarter revenue, up 22 percent from a year ago. Operating profit was 5.85 trillion won, up 98 percent year-on-year. The firm said its impressive performance is thanks to solid sales of finished goods such as smartphones and LED-backlit LCD televisions. ``Samsung sold more smartphones than we expected. The company will release more low- and high-end smartphones in the second quarter to meet rising demand for our phones,’’ Samsung spokesman Lee Seung-joon said. Its information technology and mobile communications division, which handles smartphone business, contributed much to the feat as it racked up 4.27 trillion won in operating profit, while its revenue was 23.22 trillion won. Samsung

Apr 27, 2012By Kim Yoo-chul

Tech & Science

GE signs deal with POSCO

By Kim Yoo-chul General Electric, a top-tier solutions provider has signed an agreement with Korean steel giant POSCO. GE will provide advanced zero liquid discharge (ZLD) technology to POSCO’s steel plant in Maharashtra, India. ZLD means no liquid effluent is released. POSCO is planning to produce steel using the GE technology from the second quarter of 2013. This is the first time for GE to sell its technology to a steel-producing company, according to the American firm in a statement, Thursday. POSCO has maintained a strategic partnership with GE over the last few years and the two companies are partners in various mutual projects. In 2009, GE struck a deal with the Korean steelmaker to provide its electrodialysis reversal (EDR) technology to POSCO via its affiliate POSCO Engineering. EDR is an electrochemical separation process that removes ions and other charged species from water and other fluids.

Apr 26, 2012By Kim Yoo-chul

Tech & Science

SK hynix suffers operating loss of W260 bil. in Q1

Will Chipmaker still purchase Japan's Elpida? By Kim Yoo-chul SK hynix, the world’s second-biggest memory chipmaker, seeking to acquire Japanese firm Elpida to boost its competitiveness, is expected to have second thoughts about a takeover attempt after two unfavorable incidents. First, Japan’s Toshiba decided Wednesday to drop its joint bid plan with SK hynix, which will require the company to look for additional financial resources for the acquisition. On top of that, the chipmaker suffered an operating loss of 260 billion won for the first quarter of the year due to weak chip prices and a one-time bonus payment following its acquisition by SK Telecom. The operating loss is the company’s third straight quarterly loss and following profit of 323 billion won a year ago and a loss of 167 billion won in the previous quarter, SK hynix said in a regulatory filing. The Korean chipmaker is still reviewing the possibility to join the second round of bidding as it is confidant of selling an increased amount of mobile DRAM chips to Apple for use in its i-branded products i

Apr 26, 2012By Kim Yoo-chul

Companies

Samsung renews camera lineup

By Kim Yoo-chul Samsung Electronics unveiled a renewed lineup of high-end, switch-lens cameras, Wednesday, hoping the new models will inject life into its money-losing business. In a launch event for the new NX20, NX210 and NX1000 cameras at the company’s headquarters in southern Seoul, Han Myoung-sup, the head of the business, expected the division to see a ``gradual recovery’’ in the coming months. However, he admitted that the company will probably miss its early-year target of 5 trillion won in revenue from cameras this year. Samsung in recent years has been accelerating efforts to strengthen its position in the digital camera market, which is dominated by Japanese brands Canon, Nikon, Panasonic and Sony. The Korean company, which has dual strength in parts and finished products, has been making strides in the global markets for televisions, smartphones and personal computers, but its camera division has lagged behind. ``Things will get better, but 5 trillion won is proving to be a very tough goal,’’ Han said. Samsung absorbed its subsidiary, Samsung Digital Ima

Apr 25, 2012By Kim Yoo-chul

Companies

LG Electronics swings to profit

By Kim Yoo-chul LG Electronics announced Wednesday that it swung back to the black for the first quarter of the year thanks to improving sales in its main markets of consumer electronics and mobile devices. The electronics giant posted a net profit of 242.5 billion won (about $212.5 million) for the three months to March, a dramatic turnaround from a 15.7 billion won loss in the same period last year. It recorded an operating profit of 448.2 billion won, up 242.5 percent increase from the same period last year. However, revenue declined by more than 7 percent year-on-year at 12.2 trillion won. LG Electronics has struggled to keep up with industry rivals like Samsung Electronics and Apple in recent years and paid dearly for falling behind on mobile Internet devices like smartphones and touch-screen tablets. While the company’s bright start to 2012 has been engineered by improving sales for high-end products in televisions and mobile devices and its strength in the corporate market for air-conditioning systems, market observers say it’s too early to judge whether the c

Apr 25, 2012By Kim Yoo-chul

Kim Yoo-chul

Read more

Samsung raises profit target to $26 bil. this year

MS seeks to mend relationship with LG

LG stresses environment in Yeosu

Intel Korea offers most handsome paycheck

Reinventing business model

Plenty of bang for buck

GE signs deal with POSCO

SK hynix suffers operating loss of W260 bil. in Q1

Samsung renews camera lineup

LG Electronics swings to profit

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