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LG Display fires salvo at Samsung

Kwon says he is readjusting focus of OLED business By Kim Yoo-chul LG Display says it plans to break rival Samsung Electronics’ hold on advanced displays in their stiff competition for supremacy in 3D televisions. LG said it has no intention of follow Samsung into developing organic light-emitting diode (OLED) displays for smaller portable devices. ``Samsung is misleading the market because OLED displays are not suitable in terms of picture quality, response time, energy consumption and contrast ratios for smartphones and tablets,’’ said Kwon Young-soo, chief executive of LG Display in a meeting with reporters, late Thursday. Kwon said LG will put more focus on investing in OLED displays for large-sized TVs as it believes the technology could offer a better response time in these. ``LG Display may release a 55-inch OLED TV set sometime in the latter half of next year,’’ he added. He said more smartphone manufacturers will release new models employing LG’s ``Retina Display’’ that has been used in iPhones and iPads. Kwon’s remarks come following talks with Apple

Jul 22, 2011By Kim Yoo-chul
Tech & Science

Acid test on LG Display CEO’s mettle

Volatile business cycle catches up with LG's charismatic leader By Kim Yoo-chul LG Display CEO Kwon Young-soo is facing a critical test of his leadership for the first time since he took the helm in 2007 as the global flat-screen market is heading towards rapid saturation. It seems premature to say that Kwon, who has earned solid praise from LG’s owner families including Chairman Koo Bon-moo, has been cornered to be stripped of his position immediately, as he has helped LG Display rise in the world of flat-screens to compete with Samsung. But the one thing is clear ― momentum. LCDs are increasingly becoming commodity products with wide supply and demand swings. That means the LCD business is volatile and subject to macroeconomic fluctuations because consumers usually cut back their spending on electronics products when the economy is down, cutting into the profits of major LCD makers hit by price falls and rising inventories. Despite such market conditions, Kwon helped LG Display, LG Group’s key display-making unit, see a turnaround in terms of operating profit just

Jul 21, 2011By Kim Yoo-chul
Tech & Science

Hynix falls short of forecast

By Kim Yoo-chul Hynix Semiconductor achieved a sluggish earnings report for the second quarter of this year, hit by lackluster demand for memory chip-embedded consumer products amid a lethargic global economy. It remains to be seen how this underperformance will affect the sale of the chipmaker, attracting SK Telecom and STX as bidders. An estimated 180 billion won in stock that Hynix prepared for patents fights with U.S.-based chip designer Rambus has not been cashed in, boosting Hynix’s operating profit for the latest quarter to 447 billion won ($424 million). On Thursday, the chipmaker reported that its second quarter operating profit more than halved from a year ago to 1.0 trillion won, _ while quarterly sales decreased 16 percent to 2.75 trillion won during the same period. ``The second quarter is usually not the best season for chipmakers. The massive earthquake in Japan lifted the demand for computer memory chips, however, that was short-lived,’’ said Hynix spokesman Son Kyung-bae. Stock analysts said Hynix’s second quarter profit was below expectations, exc

Jul 21, 2011By Kim Yoo-chul
Tech & Science

Siemens seeks joint overseas projects with Korean firms

By Kim Yoo-chul German giant Siemens has been in talks with several unnamed Korean firms for strategic alliances to proceed with joint overseas projects as part of its ``localization strategy,’’ the firm’s top executive in Korea said Thursday. ``We will be aggressive in acquisition deals. Siemens Korea will look to strengthen competitiveness in existing and new businesses,’’ said Kim Jong-kap, the chief executive of Siemens Korea. The former CEO of Hynix Semiconductor, the world’s second-biggest memory chipmaker, is the first Korean chief executive in Siemens’ 60-year business history in Korea. The new executive declined to unveil the amount of investment in Korea that Siemens has in mind this year, though he expects all of its businesses including energy and healthcare to maintain a double-digit growth rate every year under his reign. ``Siemens Korea is planning to more than double the portion of businesses that the Korean affiliate directly manage within the next five years in accordance with our localization strategy,’’ said Kim in a news conference held in downtow

Jul 21, 2011By Kim Yoo-chul
Tech & Science

Miele plans to open R&D center in Korea

By Kim Yoo-chul German-based luxurious home appliances maker Miele plans to build its first research and development (R&D) center in South Korea in efforts to pursue sustainable business growth. The move comes after Miele has been seeing healthy business expansion in Northeast Asia with South Korea leading the way, prompting it to diversify its business portfolio. ``Yes, we have the intention to build an R&D center, here, as part of our mid-term growth strategy,’’ Markus Miele told The Korea Times in Seoul, Wednesday. The managing director and co-proprietor of Miele is the great-grandson of co-founder Carl Miele. He was in Korea for the first time in six years to check out local department stores and key dealers after Miele Korea achieved 30 percent revenue growth for 2010 from the previous previous. ``For Miele, Asia is a truly growing market that should not lose. Miele’s Korean business looks very solid in terms of growth rate and I am bullish about the market outlook for the next three years,’’ said the company’s chief executive. But he declined to give further d

Jul 20, 2011By Kim Yoo-chul
Tech & Science

Lee stresses quality control

Samsung boss takes harder look at mobiles, white goods By Kim Yoo-chul Samsung Electronics Chairman Lee Kun-hee is shifting his sights to significantly improving the quality of key products amid a deepening legal battle between Samsung and its top U.S. client, Apple. The business tycoon has already clarified his firm intention to lead an anti-graft drive after he deplored the fact that the group’s ``clean corporate culture’’ was tarnished. ``Attention is now being focused on what new theme the chairman is to present regarding product quality control and reliability,’’ said an unnamed Samsung executive. The Samsung chairman will attend the firm’s internal product comparison event at its compound in Suwon, which will run through July, Samsung spokeswoman Chae Su-yeon said. The biennial event is seen as an opportunity to compare Samsung products to those of the company’s overseas rivals such as Apple and Hewlett-Packard (HP). Hundreds of products by Sony, Panasonic and Sharp of Japan, in addition to General Electric (GE) and Nokia will also be available for deep ana

Jul 19, 2011By Kim Yoo-chul
Tech & Science

Apple, Samsung, LG work on new LCD

By Kim Yoo-chul Samsung Electronics and LG Display, the world's two largest makers of liquid crystal displays (LCDs), are close to securing big orders from Apple, industry sources said. Apple is looking to order advanced screens for the next version of its immensely popular tablet computers. The deal comes as Apple has been looking to reduce its dependence on Samsung to provide key components such as flash memory chips, processors and LCDs. Samsung, which enjoys a dual strength in parts and finished products, doubles as a

Jul 18, 2011By Kim Yoo-chul
Tech & Science

Will merger king make it stick this time?

By Kim Yoo-chul STX Group Chairman Kang Duk-soo is a legend among salaried workers here. Along with Samsung Group Chairman Lee Kun-hee, Kang is one of the most talked-about businessmen in Korea after STX became the nation’s 14th-biggest conglomerate within a decade through continuous mergers and acquisitions (M&A). The shipbuilding-centered group bought STX Offshore in 2001 and STX Pan Ocean, the nation’s top commodities shipping company in November 2004. It bought Europe’s biggest shipyard Aker Yards in 2007, investing 1.4 trillion won. Now Kang is preparing to strike another mega deal and this time his target is a semiconductor business. Acquiring Hynix Semiconductor would be the group’s biggest-ever acquisition because the combined 15.1 percent stake owned by Hynix’s major shareholders could cost some 3 trillion won. STX claims it wants to diversify its business portfolio by shying away from its heavy dependence on shipbuilding. And the plan seems to make sense, as it is in the early stages of a financing plan with an unnamed Middle Eastern sovereign fund.

Jul 14, 2011By Kim Yoo-chul
Tech & Science

For SK boss, Hynix is all about China

By Kim Yoo-chul SK's surprising proposal to acquire a major stake in Hynix Semiconductor is regarded as a desperate effort to revive its stalling business in China. Market responses were mixed. Citing less synergy with existing key businesses, pessimists say SK’s plan to buy the chipmaker may hurt its financial soundness, resulting in investors unloading SK and SK Telecom stocks. But several unnamed SK executives said the acquisition of the world’s second-biggest computer memory chipmaker will help the group bolster its presence in China, viewed

Jul 14, 2011By Kim Yoo-chul
Tech & Science

Chipmaker welcomes bid

By Kim Yoo-chul A top Hynix executive said the world’s No. 2 memory chipmaker has welcomed formal approaches by Korea’s top telecom firm SK Telecom and the top-tier shipbuilding firm STX Group for a controlling stake in the firm. ``Our stance hasn’t changed. We hope to find a new owner who has a clear vision in the chip-making industry and a determined interest to run the business,’’ said the executive by telephone. The response is the first time since SK Telecom and STX filed their letters of intent (LOIs) to acquire 15 percent of the Icheon, Gyeonggi Province-based chipmaker. Nine Hynix shareholders, including the Korea Exchange Bank (KEB), Shinhan Bank and Woori Bank are offering 88.5 million shares of Hynix which is worth around $2.3 billion at the current market value excluding management premium. The memory chip business is subject to macro-economic conditions because consumers usually cut back their spending either to upgrade their digital devices such as TVs and PCs or drop their plans to buy new ones when economies go cold. Citing the volatile and cyclical

Jul 14, 2011By Kim Yoo-chul
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