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Hyundai Glovis signs delivery contract with Volkswagen

A massive vehicle cargo vessel operated by Hyundai Glovis is docked in the German port of Bremerhaven, Thursday. Korea Times fileBy Kim Yoo-chulHyundai Glovis, a logistics affiliate of South Korea's Hyundai Motor Group, signed an agreement with Volkswagen's logistics unit under which Glovis will handle the delivery of Audi, Volkswagen, Porsche and Bentley-branded vehicles.The estimated monetary value of the contract is $432 million. The contract will be effective by 2024, Glovis said in a statement.Specifically, under the five-year contract with Volkswagen Konzernlogistik, the South Korean logistics company will be in charge of delivering these branded vehicles from Europe to China over the agreed period. Glovis said the deal is exclusive.“Glovis won some delivery agreements specifically on the routes spanning East Asia, North America and Europe but there were not enough available cargo vessels on our way back to East Asia from Europe. The latest agreement with the German automotive group helps Glovis secure quite stable delivery deals all across the routes,” a company of

Jul 2, 2020By Kim Yoo-chul
Hyundai Glovis signs delivery contract with Volkswagen
Tech & Science

Samsung to strategize ways to expand investment

Samsung Electronics Vice Chairman Lee Jae-yong offers a public apology over alleged bribery and other wrongdoings in a nationally-televised event from the company's headquarters in Seocho, southern Seoul, May 6. Korea Times fileBy Kim Yoo-chulFollowing Samsung's de facto head Lee Jae-yong claiming a rather “symbolic victory” late last week after an independent panel of experts decided prosecutors “should not indict” the Samsung Electronics vice chairman, the group is expected to strategize specific ways on how to expand investment both in and outside Korea.Samsung said it had no official comment on its future business moves following the panel's recommendation, but minutes after the decision, the company's lawyers said in a statement the decision would help Samsung and Lee focus on the best business activities amid the current coronavirus pandemic.Samsung requested the appointment of the civilian review panel, a system established in 2018 by prosecutors aimed at checking the validity of investigations of suspects for alleged crimes before they issued an indict

Jun 28, 2020By Kim Yoo-chul
Samsung to strategize ways to expand investment
Tech & Science

LG asks suppliers to lower part costs

A YouTube live stream from Italy is held as part of the LG Velvet launch seen in this file photo. YonhapBy Kim Yoo-chulLG Electronics is attempting to cut the cost of manufacturing its new mobile _ Velvet _ by taking aim at necessary parts and its partner companies that supplied them. Overall, the corporate outlook isn't too bad for LG Electronics given its solid global positioning in its core products, diverse product portfolio and relatively stable financial structure. Fitch Ratings recently said it believes LG's competitive strength in home appliances and televisions will support its overall operating performance. Amid the spread of COVID-19, a plus factor in terms of demand for home gadgets, LG is anticipated to report a quite impressive performance throughout the year.But unsurprisingly, any meaningful recovery in its handset business is unlikely, as its continuous restructuring and cost-reduction efforts aren't enough to offset the company's already-weak market position in the structurally slowing smartphone market. That means LG needs to undertake more cost-cutting. In li

Jun 28, 2020By Kim Yoo-chul
LG asks suppliers to lower part costs
Tech & Science

LG seen to reduce losses this year

In this photo provided by Apple, Senior Vice President of Software Engineering Craig Federighi speaks during the keynote address of the 2020 Apple Worldwide Developers Conference, June 22 in Cupertino, Calif. AP-YonhapBy Kim Yoo-chulLockdowns that have been in place across the globe have brought economic activity to a virtual standstill, and yet some positive flow-on impact is expected for the display industry as more people work from home, raising demand for plastic-based OLED displays in handheld devices and idling demand for OLED TVs.LG Display has been going through large-scale structural reforms at “zero base,” including its decision to end production of conventional LCDs and to hugely cut its planned capital expenditures by at least 10 percent this year due to the massive influx of cheap Chinese displays amid the pandemic. Given LG's heavy presence in LCDs for use in large-sized TV sets and the continued supply glut, there is no question that LG Display, once the global industry leader, will end this year with heavy losses.But the group's display affiliate is alread

Jun 23, 2020By Kim Yoo-chul
LG seen to reduce losses this year
Companies

Doosan set to abandon Chung-Ang University

Pedestrians walk past the logo of Doosan Group set up its head office in downtown Seoul, Monday. YonhapBy Kim Yoo-chulIn line with its ongoing restructuring efforts, Doosan Group is planning to abandon its management rights to a local university it acquired more than a decade ago, officials familiar with the matter said Monday.“In a wide-scale restructuring plan Doosan submitted to its creditors, abandoning Chung-Ang University was included. It's a kind of the whole package deal because the group also plans to sell its construction affiliate Doosan E&C. Costs saved from the sale of the university could be used to by Doosan Group to raise the asking price for its stake in Doosan E&C,” an official said on condition of anonymity.Doosan acquired the university in 2008 following approval by the education ministry. At the time, the group said the move was in line with its pursuit of socially responsible management. Founded in 1918, the university is well-recognized for its competitiveness in fields such as theater, film, design and the liberal arts.Doosan was looking fo

Jun 22, 2020By Kim Yoo-chul
Doosan set to abandon Chung-Ang University
Tech & Science

Samsung on track to expand ecosystem in logic chips

A worker at Gaonchips, Samsung's local partner, left, is involved in the chip-designing process with the help of a Samsung Electronics employee using the SAFE platform, Thursday. Courtesy of Samsung ElectronicsBy Kim Yoo-chulAfter Samsung Electronics outlined its aim to spend a whopping 133 trillion won ($116 billion) in complicated logic gate chip production to better compete with Taiwan's TSMC and Intel, the main focus is on the character of the investment and Samsung's role in moving forward with its local suppliers.Samsung has long been a global leader in memory chips, but because the chips market position is being compromised due to the massive influx of cheap products from Chinese firms, Samsung is shifting its focus to logic gate chip making by teaming up with major clients on designing and manufacturing custom chips. That work is starting to “add to” Samsung's chip revenue, though the size of the contribution isn't substantial “for the time being,” the company says.No matter how important its logic gate chip blueprint, it can't expect to substantially

Jun 18, 2020By Kim Yoo-chul
Samsung on track to expand ecosystem in logic chips
Companies

Hyundai Motor to build test drive center in Korea

Hyundai Motor Executive Vice Chairman Chung Euisun, second from left, shakes hands with Hankook Technology Group Vice Chairman Cho Hyun-sik in a signing ceremony under which the country's top automotive group plans to install its test drive center in Taean, which is being built by Hankook Technology Group. The signing was held in the Hyundai Motor Group headquarters in Yangjae, southern Seoul, Wednesday. Courtesy of Hyundai Motor GroupBy Kim Yoo-chulHyundai Motor Group plans to establish the “ultimate test drive center” in Taean, South Chungcheong Province, sometime within the first half of 2022.The country's largest car manufacturing conglomerate has teamed up with Hankook Technology Group, which is on track to build a massive advanced drive center in the coastal city, Hyundai said in a statement, Wednesday. Present at the signing ceremony were Hyundai Motor Executive Vice Chairman Chung Euisun, Hankook Technology Group Vice Chairman Cho Hyun-sik and senior executives from each.Hankook Technology Group is in the process of building a 1.26-square-meter site in terms of th

Jun 17, 2020By Kim Yoo-chul
Hyundai Motor to build test drive center in Korea
Companies

SsangYong Motor to seek state relief for survival

By Nam Hyun-woo, Kim Yoo-chulDespite repeated affirmations that SsangYong Motor is a symbol representing the solid partnership between South Korea and India, Mahindra and Mahindra (Mahindra) its largest shareholder does appear to want to unload some of its shares in the ailing South Korean automaker, possibly giving up its controlling stake.Given President Moon Jae-in's focus on India, following a shift in traditional Korean foreign policy toward expanding ties with ASEAN bloc countries, and his counterpart Prime Minister Narendra Modi reciprocity toward Seoul, Mahindra's exit could taint the two leaders' view of and appreciation for each other.Mahindra's repeated threats may have paid off as SsangYong's creditors are seeking a way to make the ailing automaker eligible for support from a state relief fund. The fund was set up to help businesses in backbone industries keep their workers on the payroll amid the COVID-19 pandemic.“The government acknowledges Mahindra's clear intention to move forward with an exit strategy on SsangYong with the Indian firm searching for new investo

Jun 14, 2020By Kim Yoo-chul
SsangYong Motor to seek state relief for survival
Tech & Science

SK battles with KT, LG for D'Live acquisition

By Kim Hyun-bin, Kim Yoo-chulKorea's top three carriers will be competing for acquiring controlling stakes in D'Live, as SK Telecom, KT and LG Uplus were confirmed to have all submitted letters of intent (LOI) for the acquisition of the local TV operator.“Following SK Telecom's submission of its LOI to Bank of America Merrill Lynch, the lead manager of the D'Live deal, which is now up for sale, SK's rival KT and even LG Uplus each submitted LOIs,” a source familiar with the matter said on condition of anonymity, Tuesday.D'Live is the country's No. 2 cable TV operator. The sale price of D'Live is estimated at between 900 billion won and 1 trillion won. The source said KT and LG's late-coming grabs for a D'Live deal could be interpreted as their possible “Plan B” in case of a failure to acquire Hyundai HCN, for which the carriers also participated in the bid. Regarding the latest updates, a KT spokesman said the company was “reviewing the possibility” of chasing the deal. While LG Uplus has acquired CJ HelloVision and SK Telecom received approval fro

Jun 9, 2020By Kim Yoo-chul
Tech & Science

SK partners with Solace for data management

By Kim Yoo-chulSK hynix, the world's second-largest memory chip manufacturer, has teamed up with Solace, a leading data management platform provider.On Tuesday, Solace released a statement saying its PubSub+ Platform was chosen by SK Group's semiconductor affiliate. Solace claimed SK's decision was because of its increased appetite to meet its burgeoning data management needs.The statement added Solace's advanced event broker has enabled SK to handle larger volumes of data and implement event-driven microservices architecture, essential for removing tightly coupled dependencies among legacy applications.“The deployment has helped SK hynix achieve more detailed monitoring and analysis of its data. This follows the use of a change management system to utilize real-time events,” Solace said.“We now enjoy an automated process with high throughput and no downtime. Because of the simple architecture of Solace's unified platform, we find it easy to deploy and upgrade our systems when needed,” Ahn Changhyun, technical leader at SK hynix, was quoted as saying in the st

Jun 9, 2020By Kim Yoo-chul
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