The Korea Times

LG gets Obama’s blessing for US plant

By Kim Yoo-chul Staff reporter LG Chem was celebrating Friday (KST) after having U.S. President Barack Obama attend the groundbreaking ceremony for its new battery plant in Holland, Mich., which will be operated by the company's U.S. unit. The plant is one of nine new advanced battery factories that are being constructed with assistance from the Obama administration's Recovery Act, which offers $2.4 billion in investments for the development of batteries and other electric-car technology that are an essential part of the country's green technology initiatives. Batteries for electric and hybrid electric vehicles are also becoming a crucial revenue source for LG Group, which is moving to reduce its heavy reliance on consumer electronics products, and has identified a growth opportunity in the clean-energy business. "Workers at this plant, which will supply batteries for the new Chevy Volt, learned the other day that they will also be supplying batteries for the new electric Ford Focus as soon as this operation gears up," Obama said in front of the plant's future site, i

Jul 16, 2010By Kim Yoo-chul

Jump-start attempt

Companies

Doosan powerhouse in sports marketing

By Kim Yoo-chul Staff reporter Korea's Doosan Group, the nation's oldest conglomerate, has stepped up efforts to increase consumer awareness and the value of its brand by taking an aggressive marketing approach in the global market, a move that is aimed at facilitating its ambition to join the league of the global top 200 companies by 2020. The approach is in line with the group's efforts to expand its international businesses from nuclear plants, desalination and heavy equipment over the last decade. The transformation has given critical management roles to foreigners and boosting sales outside the peninsular. Beyond the hardware-driven priorities, the group has shifted its sights to brand awareness. ``Selling products is not everything. For corporate sustainability, Doosan Group is launching various marketing campaigns capitalizing on developed markets for brands,'' said senior group spokesman Shin Dong-gyu, Thursday. Referring to its continued pitches for sports marketing, Shin said; ``the key criteria for buying brands that Doosan has an emotional bond with is its ab

Jul 15, 2010By Kim Yoo-chul

Companies

Taihan to lower debt level

By Kim Yoo-chul Staff reporter Taihan Electric Wire, the Korea-based supplier of electrical wire and stainless steel, said it would aim to lower its debt level significantly this year compared to last year, its chairman said, Thursday. Financial markets welcomed the plan. Shares rose by 6.76 percent to end at 11,050 won on the nation's main bourse, the Korea Exchange (KRX) said. Heavy debt has been cited by analysts as the biggest burden to distract Taihan's plan of normalizing its dismal business. Chairman Son Kwan-ho said it will lower the total debt level below 1.5 trillion won by the end of this year from 2.2 trillion won, last year. ``In order to achieve the target, Taihan will sell some of our core assets. Talks have been under way with several buyers,'' Son told reporters in a press conference held in a Seoul hotel. As of the end of first half, the total debt level by Taihan was 1.9 trillion won from 2.2 trillion won in 2009. Son said the company has secured 600 billion won in cash liquidity as of the end of June by issuing new shares and selling stakes

Jul 15, 2010By Kim Yoo-chul

Tech & Science

LG Chem wins Ford battery deal

By Kim Yoo-chul Staff reporter LG Chem has won a contract from Ford Motor to supply batteries for the electric version of Ford's Focus compact vehicle, which will go on sale from 2011. It is the second big deal the company has won in the United States following a contract for the Chevrolet Volt, GM's electric car, signed last year. "Under the contract, we will provide lithium-ion battery packs for the Focus," the company said Wednesday. The size of the deal was not immediately known. The announcement of the LG Chem-Ford deal comes at a time when U.S. President Barack Obama is scheduled to attend a groundbreaking ceremony for LG Chem's battery factory in Holland, Mich. On hand will be LG Group Chairman Koo Bon-moo and LG Chem CEO Kim Bahn-suk. U.S. federal support of $151 million was given for the construction of the $300 million Holland factory, to be named Compact Power. "LG Chem has also been talking with several European carmakers," a spokesman for the firm said. The company expects to sign four more deals before the end of the year. "The latest deal w

Jul 14, 2010By Kim Yoo-chul

Tech & Science

SK Telecom to go strong with Wi-Fi

By Kim Yoo-chul Staff reporter SK Telecom, the country's biggest mobile-phone carrier is talking with major handset vendors like Samsung Electronics and Apple to provide smartphones that work on its second-generation (2G) cellular network. The carrier has approached Apple, which could go multicarrier for the iPhone 4, the latest version of its do-it-all smartphone, and is also looking for a local carrier for its iPad tablet computers. SK Telecom currently controls more than 50 percent of Korean wireless users, but its decision to keep off the iPhone bandwagon has been costly, as it finds itself taking a beating by its industry rival, KT, which has sold nearly 1 million iPhones since its release last November. It remains to be seen whether SK Telecom will get to sell the iPhone 4 or not, but Jung stressed that Apple devices are nonetheless considered as part of SK Telecom's future smartphone lineup. KT is planning to launch the iPhone 4 in July. Most of the smartphones currently on shelves are designed to work on third-generation (3G) networks, but SK Telecom see

Jul 14, 2010By Kim Yoo-chul

Companies

A company with a bright future

By Kim Yoo-chul Staff Reporter LG Chem dates back to 1947, when it was founded under the name of Lucky Chemical Industrial. Now, the LG affiliate is the largest chemical firm in Korea. Sales reached 15.8 trillion won last year, with its operating profit exceeding 2 trillion won, a 70-percent jump from the previous year. Peter Bahnsuk Kim, 61, took over as CEO in 2006. Kim was retained in his post in last year’s LG reshuffle for his company’s outstanding performance. The company has eight domestic plants and one research facility, while maintaining an overseas network of 26 offices and factories. Its portfolio is divided into petrochemicals and information and electronic materials. Its petrochemical operation runs two naphtha cracking centers or NCC in the cities of Yeosu and Daesan, producing polyolefin, synthetic rubber used in tires and shoes, PVC, ABS and other engineering plastics. Its information and electronic materials operations produce small- to large-sized rechargeable batteries used from high-end portable devices to electric cars. It is enlar

Jul 12, 2010By Kim Yoo-chul

Tech & Science

Market for 3D TV needs time to mature

US consumers cautious for lack of content, tech glitches By Kim Yoo-chul Korea Times correspondent LOS ANGELES, California ― With the economic recovery progressing, a growing number of American customers are ready to pay more to buy electronics products. Encouraged by positive signs of strengthening consumer confidence, more shoppers are flocking to electronics stores either to upgrade their hand-held devices or to buy new ones. Also among the hot-selling items are liquid crystal display (LCD) televisions with light-emitting diode (LED) backlight. So far, analysts have been forecasting a greater growth potential in the LED TV segment, as it is quite unclear whether the few premier buyers would be willing to pay to obtain pricier and software imperfect three dimensional (3D) televisions. LED-backlit LCD televisions are on a smoother course in the U.S. market, the world's biggest consumers of electronics. Meanwhile, LED backlighting enhances black levels as well as contrast, making it possible to provide energy efficiency and a longer life for the television.

Jul 12, 2010By Kim Yoo-chul

Tech & Science

Boom or bust?

Samsung's go-to-smartphone garnering mixed reviews in US By Kim Yoo-chul Korea Times correspondent ANAHEIM, Calif. ― Samsung Electronics has launched a massive campaign to promote its brand-new smartphone, the Galaxy S, and obviously, a breakthrough in the U.S. market would be a precondition for global success. A mixed response from American consumers, however, appears to have the Korean technology giant equally inspired and concerned. Samsung is the world's No. 2 mobile phone vendor behind Nokia, but in the lucrative market for smartphones, which provide larger margins than conventional handsets, the company is among the also-rans. Samsung has been criticized for its lack of urgency in advancing its smartphone offerings, but in the Galaxy S, the company believes it finally has a device intriguing enough to compete with the iPhone 4, the latest version of Apple's do-it-all smartphone. Yet industry watchers believe Samsung

Jul 11, 2010By Kim Yoo-chul

Companies

Domestic saturation forces SKT, KT to look for exit

By Kim Tong-hyung, Kim Yoo-chul Staff reporters With the domestic telephony market approaching saturation, major Korean telecommunications companies are accelerating their efforts to better exploit business opportunities in foreign markets in a bid to secure future growth engines and sustainability. SK Telecom and KT, the country's two biggest carriers, are to acquire new revenue sources to make up for their deteriorating voice business. Industry watchers, however, are mixed on the prospects of the companies' overseas ventures, citing their unconvincing track records that include a pile of dead projects in countries such as the United States and China. It remains to be seen whether the companies will find the elusive formula for success in foreign markets this time around. "Korean mobile carriers got a second chance to nurture their overseas businesses as the boundaries between wireless and fixed-line telecommunications services continue to blur. But it remains to be seen whether their renewed efforts will generate the desired returns," said Lee Dong-seop, an analyst at

Jul 9, 2010By Kim Yoo-chul

Companies

Samsung Electronics’ Galaxy S sells well

By Kim Yoo-chul Staff reporter Over 200,000 Galaxy S smartphones have been sold in the 10 days after its debut on the domestic market, SK Telecom said Monday. ``Between June 24 and July 3, sale figures exceeded 200,000," SK Telecom said. Galaxy S is Samsung Electronics' Android-based smartphone released to compete with Apples's iPhone 4, which will be marketed in Korea soon. SK Telecom spokeswoman Cindy Kang said her company has seen a rush of orders. Kang said consumer satisfaction for the Galaxy S was reaching 90 percent. A phone use plan apparently plays a key role in the high satisfaction rate among customers. ``More than half of Galaxy S customers have chosen the `All-In-One 55' billing system for 300 minutes of voice calls and 700 MB of data on a monthly basis with a fixed rate of 55,000 won,'' Kang said. Other more competitive billing plans will be forthcoming. ``Considering the trend, strong sales will continue in July,'' she said. Samsung is hoping to regain its dominant position in the mobile industry with Galaxy S, with a plan to launch the Ga

Jul 5, 2010By Kim Yoo-chul

Kim Yoo-chul

Read more

LG gets Obama’s blessing for US plant

Doosan powerhouse in sports marketing

Taihan to lower debt level

LG Chem wins Ford battery deal

SK Telecom to go strong with Wi-Fi

A company with a bright future

Market for 3D TV needs time to mature

Boom or bust?

Domestic saturation forces SKT, KT to look for exit

Samsung Electronics’ Galaxy S sells well

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