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Companies

Exclusive Kumho Petrochemical set to graduate from workout

By Kim Yoo-chul Kumho Petrochemical is gearing up for a major expansion. “We hope to be free from creditor supervision by the end of this year or even sooner with an overseas acquisition deal next year,” said Chairman Park Chan-koo in an interview. Creditor supervision is an agreement by a firm to improve its financial status under the watch of creditors and can be thought of as a milder form of debt workout. This means Park will be free to expand, ending two years of bank interference, following trouble with Daewoo Engineering and Construction and logistics firm Korea Express, which were acquired by Honorary Group Chairman Park Sam-koo. The Kumho Petrochemical chief is Park Sam-koo’s younger brother. The two Parks fought for control of the group starting in June 2009, but now their split is coming close to a reality. Last year, Kumho Petrochemical reported 5.3 trillion won in revenue and 620 billion won in operating profit — both are records — after it swung into profit in 2010 with an annual operating profit of 360 billion won and net profit of 4

Feb 6, 2012By Kim Yoo-chul
  • Don’t take Park’s mild manngers lightly
  • Clash of egos at Kumho
Companies

Samsung demands Apple pay $1.4 bil.

Royalties wanted for chips used in iPhones By Kim Yoo-chul Samsung Electronics demanded Friday that Apple pay about 16,800 won, or 2.4 percent of the cost of iPhones and iPads, in patent royalties, for every chip used in the devices. Apple said the amount was excessive and asked for a discount. If it accepted, Apple would have to pay $1.4 billion in annual royalties on the basis of just the number iPhones sold last year. The demand and rejection was made at the Seoul District Court during a hearing in a damages suit filed by Samsung, marking the latest twist in its patent war with the American firm. Apple claimed that the Samsung demand doesn’t comply with standard FRAND (fair, reasonable and non-discriminatory) licensing terms so it has no obligation to pay the royalties. The claim that the demand is excessive draws on the Korean firm’s 1998 commitment to license its patents to the European Telecommunications Standards Institute. European antitrust regulators have begun investigating whether Samsung breached antitrust rules by accusing rivals such as A

Feb 3, 2012By Kim Yoo-chul
Tech & Science

Hynix posts loss for 2 quarters in row

By Kim Yoo-chul Hynix Semiconductor posted an operating loss of 167 billion won in the fourth quarter last year, the company said Thursday. Its second-consecutive loss, however, is not seen as bad as its Taiwanese competitors. Hynix is in the process being taken over by SK Telecom, raising hopes for a synergy effect that will boost both firms. The chipmaker believes that its performance will be better in the coming quarters. For the fourth quarter, the net loss amounted to 240 billion won, while revenue increased by a quarter-to-quarter 11 percent to reach at 2.55 trillion won, the company said in a regulatory filing to the Korea Exchange (KRX). For the entire last year, Hynix earned 10.4 trillion won in revenue, while the combined operating profit amounted to 325 billion won. Prices for computer memory chips fell in 2011 for a variety of reasons. Hynix’s chief financial officer Kim Min-chul said the firm sees weak chip demand in the first quarter due to hard disk drive supply constraints and seasonal factors. However, there is a reduction in supplies th

Feb 2, 2012By Kim Yoo-chul
Opinion

Who will blink 1st, Samsung or Apple?

By Kim Yoo-chul Will Samsung Electronics realign its patent war strategy against Apple? Despite recent setbacks, Samsung is not retreating.Its top executives said that there is no stepping back in its fight with Apple, although experts think the two sides will compromise sooner or later through a cross-licensing deal. News that may affect the both firms has come from an unexpected area. Europe has decided to investigate the Korean company to see whether it has abused patents in its mobile devices. This comes at a time when Samsung is fighting a pitched battle to defend itself against a barrage of Apple lawsuits, particularly in Europe,. It may face a fine of up to 10 percent of their global turnover, if Europe proves it has been engaged in anti-trust practices. There are doubts over its commitment to a 1998 vow to submit its patents to the European Telecommunications Standards Institute (ETSI) on fair, reasonable and non-discriminatory (FRAND) terms. Samsung thinks its 3G-related patents will counter Apple’s claims, yet the courts have yet to see things

Feb 2, 2012By Kim Yoo-chul
Tech & Science

Smart grid: new energy solutions

Korea sees green initiative as future growth engine By Kim Yoo-chul Washing machines and refrigerators have joined the ranks of smart devices. This means computerization, improving efficiency and protecting the environment. This focus is shifting to electricity, as experts tackle effective distribution from power plants to consumers. The purpose of this smart revolution is to save costs and limit environmental impact. Cutting carbon dioxide emissions within electricity production is not just a new growth engine but also tied closely with future development. The grid needs to incorporate renewable electricity production from a multitude of distributed sources and be capable of matching electricity supply with demand at the point of real-time usage. ``Smart grids are being found everywhere. Governments and firms are busy investing more on them. The key point is that the market is growing and Korea is taking on a bigger role,’’ said an expert on the area, Park Geun-min. Park said smart grids are a means to modernize existing power networks, an alternative purs

Feb 2, 2012By Kim Yoo-chul
Tech & Science

Optimus’ prime

LG finally sees profit from smartphones, but will it last? By Kim Yoo-chul After years of trailing rivals Samsung Electronics and Apple, LG Electronics may feel it’s finally getting the hang of the cutthroat smartphone market. It bears further watching, however, whether it has enough momentum to overcome its poor start. It has been struggling in its main markets of consumer electronics and mobile phones in recent years but rebounded with a fourth-quarter profit last year. Most encouraging is that smartphones finally joined its money-making products. LG Electronics’ Optimus brand of smartphones has been enjoying increasing sales in major markets like North America and Europe, as the company looks to eat into the Samsung-Apple duopoly. It’s too early to judge whether the comeback in smartphones is legit or a set up for inevitable disappointment. But the company clearly has more believers than it did months ago. ``We expect LG Electronics to sell 37.3 million smartphones this year, which would represent an 85 percent improvement from 2011,’’ said Solomon Investment

Feb 1, 2012By Kim Yoo-chul
Companies

LG Chem to make record investments

By Kim Yoo-chul LG Chem, Korea’s largest chemical firm, plans to make a record investment this year as it sees an upturn in its business. The firm said Tuesday it will invest a total of 2.55 trillion won to increase the output of its petrochemical products as well as LCD glasses, batteries and films used for 3D televisions. That is an increase of 10 percent from a year ago. It has set 24.55 trillion won as the revenue target this year, up 8.2 percent from 2011, it said in a statement. Out of the 2.55 trillion won in investments, 1.75 trillion won will be spent on building new facilities, while the remainder is set for administrative-related affairs, company spokesman Sung Hwan-doo said. “The 700 billion won is earmarked for the petrochemical business, while materials and battery businesses will get 540 billion won and 470 billion won respectively,” according to Sung. LG Chem expects its bottom line to strengthen in the first quarter of this year thanks to lowering inventories and the rising price of petrochemical products. Sung said the demand for its high-

Jan 31, 2012By Kim Yoo-chul
Tech & Science

Exclusive Sony buying more LG 3D flat screens

Switch follows recent breakup of LCD joint venture with Samsung By Kim Yoo-chul Sony is increasingly relying on LG Display to meet its needs for 3D flat screens, after Samsung Electronics bought out the Japanese firm’s share in their joint venture and terminated the partnership, LG sources said Tuesday. Sony is buying more of LG’s film-based 3D screens used in Sony’s popular Bravia TVs. “LG Display is shipping more film-based 3D screens to Sony," one source who is directly involved with the matter told The Korea Times. The LG-Sony collaboration comes at a time when the penetration rate of its film-based 3D panels will rise over 50 percent. It marks a switch for Sony from its reliance on Samsung’s battery-powered 3D technology. LG is pressing on with the cheaper film-based 3D technology and undercutting Samsung. “For cash-strapped Sony, LG’s price-competitive 3D panels are the right cost-saving choice,” said a fund manager from a Europe-based investment bank. Sony has been increasing the number of the conventional LCD TV panels it buys from LG Display.

Jan 31, 2012By Kim Yoo-chul
Tech & Science

Samsung races ahead in tech industry

Big sales increase targeted for smartphones, chips By Kim Yoo-chul Samsung Electronics aims to sell more premium smartphones and advanced TVs, as well as chips and flat-screens. ``Samsung Electronics has continued to generate outstanding results despite an unfavorable economic climate and is widening the gap with regional competitors,’’ said Fitch Ratings. The company had a record-breaking year in 2011. The world’s biggest manufacturer of memory chips and liquid crystal displays (LCDs), said demand for semiconductors for mobile products and servers remained solid despite a weaker showing in personal computers, due to competition from the rising popularity of tablets. ``Samsung aims at 180 trillion won in revenue or slightly more throughout this year. We are optimistic in attaining our target of $200 billion in revenue earlier than planned,’’ CEO Choi Gee-sung said recently. Despite this the company admitted that its growth last year was slower than expected because of economic uncertainties in developed markets, the massive earthquake in Japan and the aftermath of

Jan 30, 2012By Kim Yoo-chul
Tech & Science

LG steps up patent war preparations

Sony settlement only palpable result for tech firm By Kim Yoo-chul This year, LG Group may be more preoccupied in the patent litigation front with precarious prospects. Its export-driven affiliates such as LG Electronics, the group’s display-making unit LG Display, the component affiliate LG Innotek and the group’s rising cash-cow LG Chem have spent millions of dollars on separate patent disputes, according to group officials. The efforts haven’t yielded successful returns. ``When we talk about patents, the formula is that money talks. LG is not doing as well as Samsung, which is engaged in a global war against Apple,’’ said an LG executive, asking not to be identified. Its settlement with Japan’s electronics giant Sony is so far the only one case that was worthwhile. LG and Sony have settled 24 intellectual property disputes, agreeing to cross-license patents instead after LG had filed a complaint about Sony’s PlayStation 3 infringing on its Blu-ray technology that led to the gaming consoles being held for ten days by customs officers in the European Union.

Jan 30, 2012By Kim Yoo-chul
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