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LG Group will not buy Hynix Semiconductor

By Kim Yoo-chul LG Group said Friday it will not buy Hynix Semiconductor, dismissing market speculation that the group will join a bidding race for the purchase of a major stake in the world’s No. 2 computer memory chipmaker. Shares in the Icheon, Gyeonggi Province-based chip manufacturer soared to 6.64 percent to end at 22,500 won Friday, on growing expectations LG Electronics may invest in Hynix intensified after LG named a new chief executive. ``LG Electronics has no interest in Hynix and will not change its current stance even under the new CEO,’’ said Chung Sang-kook, executive vice president of LG Group’s corporate communications, in an interview with The Korea Times. ``Market participants are saying the former LG Electronics CEO Nam Yong’s resignation has ignited hopes for LG to invest in Hynix. But this is untrue,’’ said Chung. His remarks came a few hours after LG appointed Koo Bon-joon, the younger brother of Group Chairman Koo Bon-moo, as the chief executive of LG Electronics, to replace the outgoing Nam. The executive added that a decision on whether to

Sep 17, 2010By Kim Yoo-chul
Tech & Science

Samsungs Lee refuses to head FKI

By Kim Yoo-chul Samsung Electronics Chairman Lee Kun-hee has officially refused to take the top position at the Federation of Korean Industries (FKI), the nation's most influential business lobby. Lee has been pressed to head the FKI since former Chairman Cho Suck-rai stepped down in early July due to health reasons. "I am not in good health. In addition, I am swamped with work," Lee told reporters at Gimpo International Airport before flying to Japan, Friday. It is the first time that the chairman has officially shown his intention not to lead the business lobby. Lee was on his way to Japan to receive an honorary law doctorate from Waseda University in Tokyo on September 20. The chairman said that chief executives will meet with the heads of its major subcontractors at a workshop slated for later this month. "Samsung will add to its efforts to boost better relationships with our suppliers. The key point is how low-ranking employees can feel better about the partnerships," Lee said. Last week during a meeting with President Lee Myung-bak, he said Samsung wil

Sep 17, 2010By Kim Yoo-chul
Tech & Science

LG to invest $432 million in water biz

By Kim Yoo-chul LG Electronics, the world's third-biggest home appliances manufacturer, is planning to invest 500 billion won or some $432 million in the "water treatment business" over the next 10 years. LG said more details about the new business will be forthcoming later but the Seoul-based electronics company added it is eyeing to strike acquisition deals start the business off. "Water scarcity has recently emerged as one of the top concerns in governments. As a corporate citizen to better handle social issues, LG decided on the water treatment business as its next earnings driver," said Lee Jin-se, a senior LG Electronics spokesman, Thursday. Lee declined to comment which companies are possible targets for M&As. "One key point is it's clear that LG must boost competitiveness in the sector as early as possible by implementing various methods," Lee added. LG plans to set up an independent unit composed of 70 people by the end of this year, while it has begun developing "membranes" ― a key component for water treatment. General Electric of the United States and S

Sep 16, 2010By Kim Yoo-chul
Companies

Samsung aims to beat Whirlpool

By Kim Yoo-chul Samsung Electronics aims to be No.1 in the refrigerator market, a senior company executive said, beating U.S. maker Whirlpool. In a news conference, the head of Samsung’s home appliances division Hong Chang-wan told reporters that it will produce at least 10 million refrigerators next year. Samsung and Whirlpool are neck and neck, leading in their niche markets. Of the total, Samsung aims to eat up a 12.5 percent global share this year, while Whirlpool is forecast to have 15.8 percent. ``Samsung is very confident of becoming the world’s top manufacturer of refrigerators in 2011, helped by steady investment in research and development (R&D) and bigger production through overseas acquisitions,’’ Hong said. The executive painted a rosy outlook for other appliances. ``Our goal is simple ― the biggest producer of home appliances by 2013. The production capacities of cleaners and washers will reach over 10 million from 2013,” he said. ``The investment seems a bit aggressive, however, the amount is needed to respond to rising demand,’’ he said.

Sep 16, 2010By Kim Yoo-chul
Companies

Mixed reviews for stocks of Samsung, Hynix

By Kim Yoo-chul Analysts are predicting a mixed outlook for top semiconductor makers Samsung Electronics and Hynix. The unit price of the industry’s benchmark 1 GB DDR3 DRAM was trading at $2.09 as of the end of August from $2.5 in May, while that of 16GB NAND flash dropped to $3.94 from $4.42 as had been traded early this year, said DRAMeXchange, a market research firm. ``Although the sector for flash-type memories looks strong, DRAM prices are sliding a bit faster than previously expected,’’ said Ahn Sung-ho, an analyst at Hanwha Securities, Thursday. Ahn said the consolidated-based operating profit for Samsung in the third quarter will lower to 4.82 trillion won from the previous quarter’s 5 trillion won. Dongbu Securities has also been in line with Hanwha by cutting its target price for Samsung to 1 million won per share from 1.06 million won. Although the chief of Samsung Electronics’ semiconductor division Kwon Oh-hyun remains positive about third quarter earnings despite such worries, a Samsung spokesman said the world’s top DRAM maker is seeing a slower

Sep 16, 2010By Kim Yoo-chul
Companies

Kumho Tire jacks up appeal with new ads

Korea's Kumho Tire said Tuesday that the overwhelmingly positive reactions from viewers and the market to its 50th anniversary advertisements are because they are no longer product-focused. Rather than showing of tire products, the tire-maker emphasizes its corporate transformation efforts by utilizing well-known celebrities as voice models and highlighting memorable parts from books, a company spokesman said. ``It’s a rare and fresh attempt that has never been made before in the Korean tire-industry,’’ said the spokesman. The voices of popular singer and experienced radio DJ Bae Cheol-soo and actress Kim Hye-su can be heard in the advertisements. Kumho added it will continue using the new format in the promotions.

Sep 15, 2010By Kim Yoo-chul
Tech & Science

Samsung television chief invited to speak at ICES

By Kim Yoo-chul Yoon Boo-keun, the president of Samsung Electronics' visual display division, will give a keynote speech at an upcoming technology fair in the United States, early next year. It is the second time that a top-level executive of the company has been invited to speak at the opening of the annual International Consumer Electronics Show (ICES) in the U.S. desert city of Las Vegas. ICES, the world's top electronics show, offers electronics companies the chance to unveil their latest business strategies and updated products. The fair will be held in the Las Vegas Convention Center (LVCC), in January, and Yoon is scheduled to speak on Jan. 6. Microsoft CEO Steve Ballmer and the chief executive at Verizon Wireless Ivan Seidenberg have also been chosen to make presentations. "Yoon has been credited for his contributions to Samsung in maintaining its current lead in the global television industry," said Kim Se-hun, a company spokesman. "The digital media-related industries are keen to understand Samsung's current and next strategies via the top-level execu

Sep 15, 2010By Kim Yoo-chul
Tech & Science

LG bets on Google for smartphone catch-up

By Kim Yoo-chul LG Electronics mobile chief Ahn Seung-kwon said he is certain to overcome a late start to get abreast of Samsung Electronics and Apple in the smartphone business. Ahn sees its upcoming Android-based Optimus One smartphone leading the way against iPhone 4 and Galaxy S. He is positive that the Optimus One will be another "10 million seller," emulating the previous best-selling LG models such as the Chocolate Black Label, Viewty, Shine and Cookie models. "LG will show our capability to face off against our bigger rivals in the global smartphone market," he said in a digital press conference, Tuesday. "By the end of this year, LG will expand the product lineup, both low and high, for a greater market penetration," he said. LG plans to sell its new strategic smartphone in 90 countries through 120 partners including major mobile carriers in the United States and Europe from October. The executive declined to say who would be the carriers for the Optimus, however, LG officials said it has been in talks with AT&T, Verizon Wireless, T-Mobile and Sprint in

Sep 14, 2010By Kim Yoo-chul
Companies

Hanwha L&C to gain foothold in Europe

By Kim Yoo-chul Hanwha L&C, a Korea-based producer of lightweight compound materials for the auto industry, is aiming to boost its European presence by exhibiting its key technologies at a trade show in Germany. On Monday, Hanwha said it will appear at the upcoming Frankfurt Auto Show in Frankfurt, Germany that will run through six days from Sept. 14 to 19. Jeong Eun-joo, a public relations consultant for Hanwha, said the company will exhibit several advanced lightweight materials used in cars such as superlite, EPP and GMT at the fair. ``The show will pave the way for us to boost our corporate recognition as global carmakers are diversifying their channels for the procurement of key parts,’’ Jeong said. ``Hanwha is very keen to expand our footprint in lightweight compound materials-related markets in Europe,’’ said the consultant. Hanwha is supplying such components to major automakers. Its client profiles range from Hyundai-Kia Automotive Group, Toyota, Honda of Japan, Volkswagen of Germany and General Motors (GM) of the United States. Last December, Hanwha sai

Sep 13, 2010By Kim Yoo-chul
Companies

Shipbuilders’ stocks look better

By Kim Yoo-chul It seems premature to say that the shipbuilding industry is on a full recovery track after a years-long slump. But the situation is improving. Investors are showing signs of a renewed appetite for shipbuilders’ stocks in South Korea’s markets, industry officials said Monday. The Baltic Exchange's main sea freight index, which follows rates to ship dry commodities including cement, grain, coal and fertilizer, went up for the 10th straight session last week. Another key measurement gauging the industry’s healthiness ― the Clarkson index ― maintained a stable level for the fourth consecutive week. South Korea is home to the world’s three biggest shipbuilders ― Hyundai Heavy Industries, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy. "The market seems to have gained further momentum," said Song Jae-hak, an analyst at Woori Investment. "It is expected the freight rates and key indexes will steadily rise," he said. Kyobo Securities said the combined book orders by the nation’s top six shipbuilders also including Hanjin Heavy and ST

Sep 13, 2010By Kim Yoo-chul
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