The Korea Times

SKIET's affiliate begins supplying 'Flexible Cover Window'

An employee at SKIET checks 'Flexible Cover Window' products, which the company recently started supplying to a global smartphone manufacturer, at its local factory in Jeungpyeong, North Chungcheong Province, Tuesday. Courtesy of SKIETBy Kim Yoo-chulSK IE Technology (SKIET), an affiliate of SK Innovation, said Tuesday it has begun mass producing of an advanced screen material it has named “Flexible Cover Window”, which it hopes will replace conventional device displays, for use in premium foldable and flexible smartphones.In a statement, SKIET said it will start large-scale supply of the material to a global smartphone manufacturer from this month. But the company didn't specify the name of the manufacturer it mentioned in the release citing a non-disclosure agreement between the parties.SK's domestic plant in Jeungpyeong, North Chungcheong Province, will handle the overall production of the products. But the initial volume it supplied to “unnamed smartphone manufacturers” isn't substantial. “Being able to supply the product, a material exclusively used

Jul 21, 2020By Kim Yoo-chul

SKIET's affiliate begins supplying 'Flexible Cover Window'

Companies

EU confirms restart of probe into HHIH-DSME deal

A photo of an HHI-won LPG carrier is seen in this file photo, Sunday. Korea Times fileBy Kim Yoo-chulThe European Union's antitrust regulator has confirmed that it will restart its thorough probe over the validity of a mega merger deal of two Korean shipbuilders ― Daewoo Shipbuilding & Marine Engineering (DSME) and Hyundai Heavy Industries Holdings (HHIH).Sources told The Korea Times Sunday that both DSME and HHIH have been notified of the EU regulator's planned resumption of the investigation because they are in the final process of resubmitting required documents for review by the European regulator.“The key concern by the European Commission was that the merger plan, if approved, would reduce competition in various global cargo shipbuilding markets. The central point is that the merger entity will have greater control in the promising liquefied natural gas (LNG) vessel market,” an official familiar with the issue said, adding HHIH is reviewing a range of options and scenarios for an early approval.“Honestly, chances are quite high that the Commission would gr

Jul 19, 2020By Kim Yoo-chul

EU confirms restart of probe into HHIH-DSME deal

Economy

BOK hints at further cut in growth outlook

Bank of Korea Governor Lee Ju-yeol attends the bank's monetary policy meeting held in the bank's headquarters, downtown Seoul, Thursday. YonhapKey interest rate frozen at 0.5%By Kim Yoo-chulThe Bank of Korea (BOK) left its key interest rate unchanged Thursday, although its governor said revisions to GDP will be “unavoidable” as the global spread of COVID-19 is accelerating.“The BOK lowered the country's economic growth in the second quarter of this year because of worsening exports. The BOK earlier thought the global spread of COVID-19 would have been tamed, although we aren't ruling out the possibility the speed of the virus spreading was heading toward the worst,” BOK Governor Lee Ju-yeol told reporters in a news conference after the rate decision.The central bank kept its benchmark rate steady at a record low of 0.5 percent at its June monetary policy meeting, after slashing a total of 75 basis points since March this year in a bid to fight the effects of the pandemic. In May, the bank foresaw the Korean economy contracting 0.2 percent this year and inflati

Jul 16, 2020By Kim Yoo-chul

BOK hints at further cut in growth outlook

Korea reports 61 new coronavirus infections

Tech & Science

Korea punishes TikTok for data mishandling

In this file photo illustration, the logo of social media application TikTok is displayed on the screen of an iPhone, in Arlington, Virginia. TikTok has been caught up in the escalating dispute between the United States and China, with the Chinese-owned firm accused of acting as a surveillance tool for Beijing, an allegation it denies. AFP-YonhapBy Kim Yoo-chulThe country's top telecom regulator fined Chinese video-sharing platform TikTok 186 million won ($155,000) over the app operator's mismanagement of user data, with the regulator chief Han Sang-hyuck calling it a “problematic company.” The Korea Communications Commission (KCC) said Wednesday the regulator's decision to impose the fine was based on its thorough internal investigation that uncovered TikTok's violation of local telecommunication laws.“The KCC can confirm TikTok didn't get parental consent when collecting personal data for users younger than 14. Plus, TikTok didn't notify its users of its overseas transfer of personal data. While TikTok had promised children under the age of 14 wouldn't be able to

Jul 15, 2020By Kim Yoo-chul

Korea punishes TikTok for data mishandling

Some K-Pop stars' TikTok China accounts blocked from view

Tech & Science

Samsung, SK, Micron; competitors or allies?

Visitors try out Samsung Electronics' Galaxy Z Flip smartphones at its shop in Seoul, Tuesday. Samsung Electronics earlier said its operating profit for the last quarter likely rose 23 percent from the same period last year, helped by robust demand for memory chips used in personal computers and servers as the pandemic has more people working from home. AP-YonhapBy Kim Yoo-chulOver the last few years, a positive or negative earnings report by one memory chip leader ― either Samsung Electronics, SK hynix or Micron Tech ― has resulted in positive or negative stock activity among all companies.While the industry's “top three” rational players are planning to spend a collective $50 billion in order to differentiate their products to win customers, stock activity have been moving in tandem, according to observations by stock market analysts.For investors, this was raising the “question” of whether memory chip companies should be considered as competitors or allies because general market sentiment has grouped the three firms, together. More specifically, any good ne

Jul 14, 2020By Kim Yoo-chul

Samsung, SK, Micron; competitors or allies?

Trends

Hollys 'folding carts' strengthening brand status

Customers lined up to buy the folding cart promotional item at a Hollys Coffee store, Thursday. Courtesy of Hollys CoffeeBy Kim Yoo-chulAs soon as news about the restocking of “Hollys Coffee's Folding Cart” spread on the internet, consumers began flocking to Hollys Coffee stores.Hollys Coffee recently started initiating its second-round sale of folding carts on the back of strong consumer interest in the item. This folding cart, which is the third promotional item offered by Hollys Coffee, boasts great convenience as it can be used for many purposes, including outdoor camping, picnics, and shopping, according to the company release. Customers who spend at least 10,000 won at any Hollys Coffee stores in the country can purchase the folding cart for 11,900 won. However, during the first round of its sale, the folding carts were sold out on the first day at most of its shops, with many consumers leaving empty handed. At some 24-hour Hollys Coffee shops, crowds bigger than expected hurried to line up from 12 am on the day of release.Analysts say the increase in demand for cam

Jul 9, 2020By Kim Yoo-chul

Companies

SK E&C wins $7.2 mil. refinery planning deal

An actual view of an oil refinery plant operated by Uzbekistan's state-run UNG is seen in this undated file photo. Courtesy of SK E&CBy Kim Yoo-chulSK Engineering and Construction reached an agreement with a state oil gas company in Uzbekistan under which the South Korean company will handle the outlining of the planned modernization of an oil refinery there, SK said, Tuesday. The estimated monetary value of the deal is about $7.2 million. Under the contract, SK E&C plans to upgrade an oil refinery plant operated by Uzbekneftegaz (UNG) helping it produce more value-added light petroleum. “Once the relevant processes are completed, the plant's flagship gasoline and diesel products will meet strengthened Euro V requirements,” SK E&C said in a statement.The oil refinery plant is located in the Bukhara region, about 440 kilometers southwest of the Uzbekistan capital of Tashkent, and is enabled to produce 50,000 barrels of crude oil daily, said the release. The agreement came a quarter after the SK unit signed a memorandum of understanding with UNG for the project.

Jul 7, 2020By Kim Yoo-chul

SK E&C wins $7.2 mil. refinery planning deal

Companies

Korea agrees to roll over loans to SsangYong

An inside view of SsangYong's new SUV dubbed “Rexton Sports Dynamic” is seen in this photo, Monday. Korea Times fileBy Kim Yoo-chulThe main creditor of the ailing SsangYong Motors agreed Monday to roll over 90 billion won or some $75 million should the South Korean vehicle manufacturer repay its due this month.“Korea Development Bank (KDB) accepted SsangYong's request for an extension on debt payment of 70 billion won and 20 billion won, due July 6 and July 19, respectively. The debt repayment schedule has been reset to Dec. 31,” according to the state lender.The extension had widely been expected. However, the KDB would have received approval from foreign banks invested in Mahindra, the Indian car manufacturer holding the largest share in the dying Korean car manufacturer. Earlier, KDB said given foreign banks' investment in Mahindra, the bank asked them to make concerted efforts to extend the roll over to SsangYong.Mahindra was considering exiting SsangYong with the South Korean car manufacturer's Indian chairman recently telling reporters it was willing to

Jul 6, 2020By Kim Yoo-chul

Korea agrees to roll over loans to SsangYong

Economy

Top Korean exporters unlikely to exit Hong Kong

A worker checks a copy of Apple Daily's July 1, 2020, edition with the front page reading “Draconian law is effective, one country two systems is dead” at the newspaper's printing plant in Hong Kong, Wednesday. AP-YonhapBy Kim Yoo-chulTop South Korean exporters are considering their options, including possibly quitting Hong Kong, amid growing concerns about the Chinese central government's newly-instituted national security laws.But even in a worse-case scenario, South Korean companies operating there are very unlikely to initiate their backup plans. More precisely, Hong Kong is a major site of chip warehousing for manufacturers and distributors globally.The U.S. decision to withdraw preferential treatment is meant to curtail the risk that companies may export products that contain sensitive information, through Hong Kong, to China.Samsung Electronics' headquarters in Seoul said there were no developments regarding Harman Holding Limited, a company registered in Hong Kong. In 2017, Samsung Electronics acquired Harman International Industries in a deal worth about $8 billi

Jul 3, 2020By Kim Yoo-chul

Top Korean exporters unlikely to exit Hong Kong

Companies

GM awards Hanon Systems as top supplier of year

By Kim Yoo-chulGeneral Motors has recognized Korea's Hanon Systems as one of its top suppliers for the third straight year, the company said Thursday.In a statement, Hanon said GM named it a “GM Supplier of the Year” during a recent virtual ceremony. Hanon supplies thermal and energy management automotive products. The awards ceremony had been scheduled to be held in March but was postponed due to the COVID-19 pandemic. “We are grateful to again receive this honor from GM. Such an achievement is a testament to the focus of our talented global workforce, dedication to build strong customer relationships and commitment to deliver value through innovative thermal energy management,” the company in a press release. “This is the third consecutive year Hanon Systems has received the award, and the fifth honor in the company's history when Halla Climate Control was named GM Supplier of the Year in 1997 and 2000.”The Supplier of the Year award winners were chosen by a global team of GM purchasing, engineering, quality, manufacturing and logistics executive

Jul 2, 2020By Kim Yoo-chul

Kim Yoo-chul

Read more

SKIET's affiliate begins supplying 'Flexible Cover Window'

EU confirms restart of probe into HHIH-DSME deal

BOK hints at further cut in growth outlook

Korea punishes TikTok for data mishandling

Samsung, SK, Micron; competitors or allies?

Hollys 'folding carts' strengthening brand status

SK E&C wins $7.2 mil. refinery planning deal

Korea agrees to roll over loans to SsangYong

Top Korean exporters unlikely to exit Hong Kong

GM awards Hanon Systems as top supplier of year

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