The Korea Times

Doosan stresses financial soundness

By Kim Yoo-chul Staff reporter Doosan Group says it doesn't have any imminent plans to issue new shares from its affiliates. ``There's no need to take big fund-raising action such as selling new shares. Fundamentals of the group's key units are solid enough to buffer a market downturn, if it ever comes to that stage,'' said Shin Dong-gyu, the group's spokesman. The confirmation came after Choi Jong-il, chief financial officer (CFO) of Doosan Heavy, e-mailed stock analysts and institutional investors, denying speculation that the company is facing liquidity problems stemming from a planned bond issuance. According to a copy of Choi's letter, which was obtained by The Korea Times, the CFO claimed financial markets misinterpreted the 130 billion won bond issuance plan. ``We regret the recent drops in the share price of Doosan Heavy and other units. The fall was not due to weakening financial soundness,'' Choi told investors in his email missive. Choi stated Doosan Engineering & Construction has already secured a maximum of 600 billion won cash-equivalent assets, enou

May 20, 2010By Kim Yoo-chul

Tech & Science

Exclusive Hynix plans to invest $8 billion by 2012

By Kim Yoo-chul Staff reporter Hynix Semiconductor, the world's second-biggest manufacturer of dynamic random access memory or DRAM chips used in traditional PCs, plans to invest up to 9 trillion won ($7.94 billion) in its business by 2012, according to an internal document. The move is expected to intensify competition among chip makers to gain a bigger slice of the post-crisis market as most players are planning to boost their investment in tandem with the global economic rebound. According to a 24-page document, which was exclusively obtained by The Korea Times, Hynix aims to increase its sales by 20 percent to 12 trillion won by 2012 from this year's target of 10 trillion won through its investment, which it believes will boost the firm’s global market share to 25 percent. The document, titled "Mid-Term Strategies for Financial Soundness," said that the chip industry will continue its bullish trend down the road, forecasting that more companies will join in an uphill battle to boost capital spending in line with the recovery. The large-scale investment plan comes

May 16, 2010By Kim Yoo-chul

People & Events

Former Dong Ah chairman reaches divorce settlement

By Kim Yoo-chul Staff reporter Choi Won-suk, a former chairman of the now-defunct Dong Ah Group, has just reached a separation agreement with his wife Chang Eun-young, ending their 11-year marriage, legal sources said. The 67-year-old Choi and 40-year-old Chang have agreed to terminate their legal relationship for some unknown "personal reasons," according to their lawyers, Friday. Representatives of Choi or Chang weren't available for comments. "Further details of financial compensation weren't included in the agreement as they've already reached a broad consensus over the division of their assets,’’ Choi's lawyer was quoted as saying by Yonhap News Agency. "The former chairman has decided to let her go," the lawyer said. The two got married in 1999 in a wedding that attracted much attention due to the significant age gap, in addition to their respective fame. Choi was the Dong Ah Group chairman between 1977 and 2001. Chang, a former Miss Korea, quit her six-year job in broadcasting right before the marriage, reports say. Chang was Choi's third wife after a

May 14, 2010By Kim Yoo-chul

Tech & Science

Samsung, Cameron form 3D duo

By Kim Yoo-chul Staff reporter Samsung Electronics is teaming up with "Avatar" director James Cameron as it attempts to race out of the gates in the nascent three-dimensional (3D) television market. In a news conference in Seoul, Cameron praised Samsung's technology utilized in its latest 3D-enabled TVs and expressed high hopes for the role of consumer electronics companies in preparing 3D TV for primetime viewing. "Samsung monitors can run the movie with very high frame rates. In some ways, Avatar will look actually better on these televisions than it did in movie theaters, though there is some room for improvement," Cameron said. "The monitors are big, and offer much clearer and sharper images in realizing the 3D effect." Cameron, on his first visit to Korea, also inked a partnership with the country's leading entertainment agency, SM Entertainment, to develop 3D content. Although Avatar provided the needed jolt for 3D, a bigger push may come from the living room, with Samsung and other electronics makers such as Sony and LG Electronics pushing a range of telev

May 14, 2010By Kim Yoo-chul

Tech & Science

LG Display opens new line

By Kim Yoo-chul Staff reporter LG Display, the world's second-biggest manufacturer of liquid crystal display (LCD) screens, used in everything from handsets, computers to televisions, said Friday that operation of its extension line of the existing eighth-generation panel plant began on May 1. The new line, dubbed "P8E," will mainly produce flat-screens for televisions to meet the rising demand from its major television set makers. LG Display's key clients range from LG Electronics to leading Chinese TV makers, while it also supplies screens to Apple, Hewlett-Packard and Dell. "The extension line, with an initial monthly capacity of 30,000 glass sheets, will churn out 32-, 47-, and 55-inch LCD panels for televisions," said Claire Ohm, a company spokeswoman. LG has invested some 3.4 trillion won ($3 billion) in the line located near the Demilitarized Zone (DMZ) that divides the Korean peninsula, excluding the building cost, Ohm said, adding some 2,200 new workers were hired. LG's Ohm said the company is aiming to raise the monthly production capacity to 120,000 un

May 14, 2010By Kim Yoo-chul

Tech & Science

Samsung to announce mega investment plan

By Kim Yoo-chul Staff reporter Samsung Electronics, the world's biggest technology company, will announce a "massive" investment plan next week, up to the tune of about 20 trillion won ($17.7 billion), company sources said. It would amount to the biggest ever single investment project in the company's history, as Samsung moves to meet the rising demand for televisions and mobile gadgets. Samsung has invested about 14 trillion won to improve the capabilities at its key facilities in 2008, a Samsung spokeswoman said, Friday. "This year's investment would set a new record," she said, saying that most of the money allotted for advancing chips and liquid crystal display (LCDs). Samsung is the world's leading maker of flat-screen televisions, LCDs and memory chips and trails only Nokia as the No. 2 handset vendor. Samsung earlier this year announced an 8.5 trillion won investment plan for 2010, with 5.5 trillion slated for the memory business and the remaining 3 trillion won allocated for LCDs. However, the rising demand for parts has the company deciding it should

May 14, 2010By Kim Yoo-chul

Companies

KT-SKT spat jumps onto int’l stage

By Kim Yoo-chul Staff reporter The conflict between the nation's top two carriers ― SK Telecom and KT ― involving of Apple's 3G iPhones appears to be ongoing. In the Seoul Digital Forum, which has drawn international figures such as Avatar director James Carmeron, Thursday, their bickering was exposed internationally. KT went all out to support Apple, citing the ongoing technology shift to software. In contrast, SK Telecom blasted the U.S. firm the ``unfriendliness'' of the iPhone's user interface, especially for Korean customers. ``A few months have passed since the iPhone's arrival. But the device has already made a huge impact on the nation's telecommunication sector. The iPhone has changed things and we can say that it's a mobile revolution,'' Yoo Tae-yeol, the head of the KT Economic Institute said in a speech. But Yeom Yong-seop, a senior executive of SK Telecom Economic Institute spent much of his time pushing his company's strong partnership with Samsung Electronics, saying the Korean telecom market was different from that in the rest of the world. ``

May 13, 2010By Kim Yoo-chul

Companies

Will Lee, Koo take drivers seat?

By Kim Yoo-chul Staff reporter Samsung and LG Group, Korea's two global conglomerates, are pitted against each other over a wide spectrum of products from mobile phones, televisions and air conditioners to refrigerators and flat screens. Nevertheless, rarely have the owners of the two ― Samsung Electronics Chairman Lee Kun-hee and LG Chairman Koo Bon-moo ― been on a direct collision course with each other until now. The situation calls for both of them to get involved because at stake is the future of their groups. Two questions are foremost in connection with this new development. First, does this mean a major change in the personalities of the two leaders? Both are known for preferring to work behind the scenes. Chairman Lee is known for his "reclusive style" in making any key decisions. It is often said that he works odd hours and many hours nonstop; a characteristic that often describes those who think outside the box. Koo, who is not as shy of public attention as Lee, but still quiet, rarely standing in front of the public. He puts the greatest emphasi

May 13, 2010By Kim Yoo-chul

Tech & Science

LG teams up with Verizon

By Kim Yoo-chul Staff reporter LG Electronics took a slight but noticable step to bolster its presence in the rapidly growing smartphone market by releasing its first smartphone that runs on a Google-powered Android mobile operating platform in the United States. Executives from LG, the world's third-biggest handset vendor, after Nokia and Samsung Electronics, say updated aggressive marketing promotions there will begin by teaming up with Verizon Wireless to revive its struggling handset business. LG fairs well in feature phones and message-centric devices but has long lacked an impressive smartphone profile, allowing smaller handset players such as Apple and Research In Motion (RIM) to shine in the spotlight in relevancy and buzz-worthy devices. Although LG's overall global handset share was around 10 percent that of smartphones was below 3 percent. It doesn't have competitive product lineups or a proper plan to develop its own mobile platform, though LG's bigger rivals are unexpectedly busy either strengthening their internal software-related capabilities or spendi

May 13, 2010By Kim Yoo-chul

Tech & Science

SKT, Disney to form joint venture

By Kim Yoo-chul Staff reporter SK Telecom said Wednesday it will establish a joint venture with the Walt Disney Company to broadcast two Korean language channels on cable and Internet TV services. The new company will help Disney establish a firm foothold here, while helping SKT gain access to the U.S. company's content, which it will offer through its mobile devices. SKT will hold a 51 percent stake in the venture, which will go into operation in the next couple of months. This is the first time in Disney's history for it to set up a joint venture with a foreign company to service its own channels. "The partnership will pave the way for us to bolster SKT's access to Disney's content," spokeswoman Cindy Kang said. "The tie-up is expected to create further chances in a new sector where consumers can watch videos on an array of devices including mobile phones and tablet PCs." The joint venture will show Korean-language versions of the Disney Channel and Playhouse Display Channel aimed at children and families, pending approval from the nation's top telecommunicati

May 12, 2010By Kim Yoo-chul

Kim Yoo-chul

Read more

Doosan stresses financial soundness

Exclusive Hynix plans to invest $8 billion by 2012

Former Dong Ah chairman reaches divorce settlement

Samsung, Cameron form 3D duo

LG Display opens new line

Samsung to announce mega investment plan

KT-SKT spat jumps onto int’l stage

Will Lee, Koo take drivers seat?

LG teams up with Verizon

SKT, Disney to form joint venture

Top 5 stories