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Tech & Science

LG Electronics expects 'impressive' Q1 profit

Models pose with LG Electronics' new Whisen ThinQ air conditioners, Tuesday. The company said the 2020 model has an upgraded filter cleaning feature. / Courtesy of LG ElectronicsBy Kim Yoo-chulLG Electronics said Tuesday it was expecting to report an operating profit of 1.1 trillion won for the first three months ended March 31, up 21.1 percent from a year ago mostly thanks to cost-saving efforts and better-than-expected sales in home appliances and televisions. In its preliminary earnings results for the first quarter of this year, LG said it was predicting to report consolidated sales of 14.7 trillion won with an operating profit of 1.1 trillion won. LG beat earlier market expectations. Sales were cut by 1.2 percent year-on-year, despite its whopping increase in the quarterly operating profit amid the global spread of the COVID-19 pandemic. Earlier thoughts were LG had been expected to generate an operating profit of 850 billion won during the latest quarter. In the statement, LG said details regarding each of its business units will be announced officially later this month. Compan

Apr 7, 2020By Kim Yoo-chul
LG Electronics expects 'impressive' Q1 profit
  • Samsung expects 'fair' Q1 profit on chips
Tech & Science

SK to push for investment in China despite COVID-19

SK hynix' plan in Wuxi, China, is seen in this file photo, Monday. Korea Times fileBy Kim Yoo-chulDespite market uncertainty for end-user demand due to pressure from the COVID-19 pandemic, semiconductor prices are expected to stabilize throughout the year as the industry's “top three” players remain conservative on capital expenditure and wafer capacity.As a new business order prevails in the global memory chip industry with Samsung Electronics, SK hynix and Micron Technology of the United States collectively controlling the market, the world's second largest memory chip supplier SK plans to spend 3.2 trillion won on its Chinese plant as scheduled, according to company officials.“SK will invest 3.2 trillion won in the company's Wuxi plant following growing calls and needs from customers for smoother path of advanced memory chips using 1x, 1y and 1z-scale technology. This is the planned investment and isn't something new,” an official at SK said Monday. SK is operating a cutting-edge memory chip plant in the Chinese city with the Chinese central and region

Apr 6, 2020By Kim Yoo-chul
SK to push for investment in China despite COVID-19
Economy

BOK set to leave benchmark rate unchanged in April

BOK Governor Lee Ju-yeol speaks during a recent meeting with reporters in this file photo taken Mar. 6. Korea Times fileBy Kim Yoo-chulAfter slashing the key interest rate by 50 basis points at its emergency meeting in March, the country's central bank is likely to leave the key lending rate unchanged at its upcoming monetary policy meeting, analysts and economists said Sunday.An additional 25 basis point cut is “highly likely,” possibly in the third quarter of this year, but not this month they said. This will be to help address funding and liquidity driven risks that most exporters and securities companies here are suffering from, as slower economic growth and lower interest rates drive investment migration to non-traditional businesses.“Given the current benchmark rate, which is 0.75 percent, the room for the Bank of Korea (BOK) to additionally reduce its key rate is limited. Considering previous decisions in which the BOK reduced the rate for a fourth straight time after holding a special monetary policy meeting in 2008, there is the chance that the bank could c

Apr 5, 2020By Kim Yoo-chul
BOK set to leave benchmark rate unchanged in April
Tech & Science

Samsung to exit LCD production

Samsung Electronics Vice Chairman Lee Jae-yong sees display products using QD-LED technology installed in a demo room at Samsung Display's plant in Asan, South Chungcheong Province, in this March 19 file photo. Korea Times fileBy Kim Yoo-chulSamsung will exit the saturated traditional liquid crystal display (LCD) market with the aim of taking the lead in the quantum dot light-emitting display (LED) sector that uses technology relying on advanced “QD-LED” material.“Samsung Display plans to suspend the operation of the firm's LCD plants both in South Korea and China until the end of this year. Employees have been notified and briefed on the details and specifics relating to the closure of the LCD facilities,” a company official said Tuesday.“The suspension of the LCD plants means a shift toward developing profitable and promising advanced displays which are considered the next panel iteration. QD-LEDs, foldable OLEDs and QD-nano displays (QNED) will be the next tech that Samsung will spend money on, replacing conventional LCDs,” a person familiar wit

Mar 31, 2020By Kim Yoo-chul
Samsung to exit LCD production
Tech & Science

Samsung, LG shut down plants in Brazil, US

A passerby wearing a protective face mask, following the outbreak of the novel coronavirus disease, walks past an electric screen displaying logos of the Tokyo 2020 Olympic Games and Galaxy, a brand name of mobile computing devices created by Samsung Electronics, the worldwide smartphone partner for the Games, at Galaxy Harajuku in Tokyo, Japan, Friday. Reuters-YonhapBy Kim Yoo-chulThe rapid and widening spread of the coronavirus, deteriorating global economic outlook and falling oil prices are creating a severe and very extensive business shock for Samsung Electronics and LG Electronics overseas businesses as the South Korean technology firms closed their key plants in Brazil and the United States.On Friday, Samsung Electronics said it has decided to close both its manufacturing facilities in Campinas, southeastern Sao Paolo, Brazil, for two weeks from April 30 to keep workers at the factories safe as the highly contagious coronavirus spreads.Additionally, Samsung decided to extend the closure of its other plant located in the city of Manaus, Brazil, until April 12. The closure came

Mar 27, 2020By Kim Yoo-chul
Samsung, LG shut down plants in Brazil, US
Companies

Coupang's value 'remains strong'

Coupang's distribution center in Incheon, northwestern Seoul. Courtesy of CoupangBy Kim Yoo-chulSome experts consider Coupang, South Korea's top-tier online retail platform operator, as an “unprofitable company.” However, it is still attracting investors and expanding its services, helping it maintain solid corporate value.Based in Seoul, South Korea, Coupang won financial assistance from SoftBank-owned Vision Fund in November 2018. Thanks to the $2 billion investment from the fund, the company's value soared to about $9 billion with the company increasing sales steadily. MIT Technology Review viewed Coupang as one of the “50 Smartest Companies in the World,” while Forbes included the company in its list of “30 Global Game Changers.”Given the business difficulties SoftBank is facing, there were concerns that SoftBank's moves to sell unprofitable and non-core assets would also affect Coupang.In a note to clients, South Korea's SK Securities said SoftBank CEO Masayoshi Son “will continue to invest in Coupang.”“Coupang will be launch

Mar 27, 2020By Kim Yoo-chul
Coupang's value 'remains strong'
Tech & Science

Samsung to sell thinner chips with EUV tech

DRAM modules of Samsung Electronics / Courtesy of Samsung ElectronicsBy Kim Yoo-chulSamsung Electronics said Wednesday it will mass produce highly-advanced and next-generation DRAM memory chips using extreme ultra violet (EUV) processing technology from next year.In a statement, the world's largest memory chip supplier said it had successfully completed building a solid EUV manufacturing infrastructure, and ― more precisely ― had already shipped 1 million 10-nanometer (nm) double data rate 4 (DDR4) DRAM modules in foundry manufacturing. “Samsung has completed qualification testing on the modules from clients,” it said.The company plans to mass produce the “EUV DRAMs” at its plant here starting next year.After enduring weak smartphone market sales in an already saturated local market, and a memory chip supply glut, Samsung is aiming to revive its integrated circuit segment in a “major way.” The company had said earlier that it would spend $116 billion to develop an EUV manufacturing infrastructure, hoping to use this to win more orders from Google,

Mar 25, 2020By Kim Yoo-chul
Samsung to sell thinner chips with EUV tech
Companies

'Default is the only appropriate remedy': USITC

LG Chem engineers are holding rigid-type battery packs at the company's battery manufacturing plant in Ochang, North Chungcheong Province, Sunday. Korea Times fileBy Kim Yoo-chul“Default is the only appropriate remedy,” said the U.S. International Trade Commission (USITC) regarding its recent default judgment over the bitter patent infringements fight between LG Chem and SK Innovation (SKI). The judgment was based on its observation of SKI's “spoliation of evidence.”A 135-page public document signed by USITC's administrative law judge, Cameron Elliott, a copy of which was obtained by The Korea Times, showed what the blockbuster LG Chem-SKI trade secrets misappropriation fight went through specifically, including actions and reactions by the two electric vehicle (EV) battery manufacturers.In the document, the USITC found that SKI “deliberately sought to gain LG Chem proprietary information through the interviews and subsequent employment of LG Chem personnel, and then, after receiving information, distributed it amongst its teams with the instruction to u

Mar 22, 2020By Kim Yoo-chul
'Default is the only appropriate remedy': USITC
Tech & Science

Kwon Young-soo to lead LG Chem board

By Kim Yoo-chulShareholders at annual meetings of LG Group affiliates seemed to agree that the necessary groundwork for reorganizing group-wide decision making has been accomplished when they approved of chief operating officer (COO) Kwong Young-soo's expanded role to support Chairman Koo Kwang-mo.On Friday, LG Chem shareholders approved the appointment of Kwon to head its board of directors; meaning he will manage the boards of the group's four core affiliates as he is already board chairman of LG U+, LG Display and LG Electronics.Usually, a company's board chairman leads in efforts to advise on core business strategies, while monitoring the company's performance, overseeing finance and evaluating overall management. A CEO sets up the company's shared values and common goals while implementing and articulating its strategic plans. The board chairman must often collaborate with the CEO to move forward with such strategies thoroughly.The approval means a lot as the COO is considered to be a top confidant of the group's young chairman.The four LG affiliates that Kwon is now chairman of

Mar 20, 2020By Kim Yoo-chul
Kwon Young-soo to lead LG Chem board
Tech & Science

Samsung, SK, Hyundai to carry out more share buybacks

Shareholders wearing face masks of Samsung Electronics Co. attend the company's annual general meeting in Suwon, South Korea, Wednesday. AP-YonhapBy Kim Yoo-chulLeading exporters here are expected to carry out more share buybacks due to the impact of COVID -19 to buoy up their share prices. The move follows the government easing of restrictions on buybacks, according to a report by investment bank Morgan Stanley, Wednesday.After it adopted a stewardship code, the National Pension Service (NPS) has been pushing companies with large cash-holdings and good liquidity to boost their dividend payouts. The NPS adopted the code in July 2018 and since then has become more engaged in the management of companies in which it holds a stake. Morgan Stanley believes South Korean companies have become more vigilant about keeping up dividends. Despite lower earnings, Korean companies have sought to increase dividend payments from either a dividend per share (DPS) or capital return yield standpoint.It noted that share buybacks have been a weak point for companies here in terms of capital management as

Mar 18, 2020By Kim Yoo-chul
Samsung, SK, Hyundai to carry out more share buybacks
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