The Korea Times

'Virus to have limited impact on Z Flip, Fold output,' Samsung says

People wears masks in front a Samsung Store at a main shopping area as the country is hit by an outbreak of the new coronavirus in downtown Shanghai, China, Feb. 21. Reuters-YonhapBy Kim Yoo-chulSamsung Electronics said Sunday its decision to “temporarily close” its mobile phone plant in Gumi, North Gyeongsang Province where it produces premium smartphones, including the Galaxy Fold and Galaxy Z Flip, will have a limited impact on output.“We don't think the temporary shutdown of our Gumi plant will have a wide impact ... because the situation is properly under control,” an official said.In a press release, the company said that one of its employees at the plant who came into contact with an infected person placed themselves in quarantine, adding that it was having other workers tested for possible COVID-19 (2019-nCoV) infection. The Gumi factory will reopen Feb. 24 afternoon after being closed for disinfectant procedures for two days. Access to the floor where the infected employee worked will be denied until Feb. 25.However, because production volume at the p

Feb 23, 2020By Kim Yoo-chul

'Virus to have limited impact on Z Flip, Fold output,' Samsung says

E-Mart, Lotte Shopping credit rating downgraded

Politics

Korea to invest $9.3 bil. for components, materials

Shipping containers are seen at a port in Tokyo, Japan, in this file photo, Monday. Reuters-YonhapBy Kim Yoo-chulFollowing Japan unexpectedly and unilaterally tightened controls on high-technology exports to Korea last year, the government has decided to invest up to 11.2 trillion won ($9.3 billion) this year alone to help South Korean companies gain the upper hand against their Japanese counterparts in the industrial materials and components sector.“South Korea will invest up to 11.2 trillion won to keep core industries ― automotive, shipbuilding and industrial materials ― running this year. The government-wide financial support is to give assistance to these related industries,” the trade ministry said in a statement Monday.Specifically, the plan provides up to 4.5 trillion won to help local small- and medium-sized enterprises (SMEs) invest in facilities to produce industrial materials and components crucial to manufacturing. The government agency has allocated 3 trillion won to operate programs helping SMEs develop technological advancements. “The government aims

Feb 17, 2020By Kim Yoo-chul

Korea to invest $9.3 bil. for components, materials

Korean economy feared to contract in Q1

Tech & Science

COVID-19's impact on 5G will be limited: Samsung, LG

Roh Tae-moon, Samsung Electronics' mobile chief, previews the Galaxy S20 Ultra 5G during the Galaxy Unpacked 2020 event at the Palace of Fine Arts in San Francisco, Calif., the United States, Feb. 11. EPA-YonhapBy Kim Yoo-chul Industry experts anticipated that offline smartphone sales would dwindle due to coronavirus concerns, keeping consumers home rather than in stores. Yet, Samsung and LG said Friday the virus will have a “limited” impact on their 5G mobile businesses.The assumption is based on findings and observations by top-tier investment banks that the magnitude of the impact won't be as big as predicted because the ramp is backed loaded to start with.“Even in the worst-case scenario, we don't believe the outbreak of COVID-19 will have a major impact on our 5G mobile and relevant equipment businesses. The Chinese 5G smartphone market will be hit; however, there will be more 5G handsets in the latter half of this year,” an official at Samsung Electronics said by telephone.The official added Samsung plans to promote 5G smartphones using online channels f

Feb 14, 2020By Kim Yoo-chul

COVID-19's impact on 5G will be limited: Samsung, LG

Coronavirus has Hong Kong's cross-border students on edge

Politics

Moon thanks Samsung, Hyundai for supporting virus-hit suppliers

President Moon Jae-in, left, shakes hands with Samsung Electronics Vice Chairman Lee Jae-yong before the start of a meeting with leaders of the country's leading businesses at the Korea Chamber of Commerce and Industry (KCCI) headquarters, downtown Seoul, Thursday. YonhapBy Kim Yoo-chulPresident Moon Jae-in thanked the country’s top-tier businesses including Samsung, Hyundai and Lotte for assisting coronavirus-hit domestic suppliers, saying this would help local small and medium-sized enterprises (SMEs) reduce any financial risks, as the 2019-nCoV virus outbreak spreads.“I appreciate your efforts to encourage local SMEs by providing them with necessary financial assistance as the coronavirus spreads,” Moon said at the start of a session with major business leaders at the Korea Chamber of Commerce and Industry (KCCI) headquarters in downtown Seoul. Cheong Wa Dae press pool reports said “This is a desired model for joint growth with SMEs. Samsung and Hyundai have decided to provide them with some trillion won-level emergency assistance. It’s a big plus for

Feb 13, 2020By Kim Yoo-chul

Moon thanks Samsung, Hyundai for supporting virus-hit suppliers

Companies

LG, SK pursuing 'exit strategy' to settle legal tussle

Johan de Nysschen, with Volkswagen, talks about direction the company is going with electric vehicles and the 2021 Atlas at the Chicago Auto Show, Feb. 6, in Chicago. AP-YonhapBy Kim Yoo-chulLG Chem and SK Innovation (SKI) have been embroiled in a lengthy legal battle over alleged theft of trade secrets relating to electric vehicle (EV) lithium-ion battery technology, an industry experts expect to generate over $23 billion by 2027.The story dates back to when LG Chem, LG Group's crucial battery affiliate, filed a lawsuit against the SK Group affiliate in a Delaware court. the United States and a parallel action with the United States International Trade Commission (USITC) alleging “trade secret misappropriation.” This was based on SK's hiring of over 100 former LG employees including engineers who were reportedly asked to relay “confidential facts” and business secrets during the hiring process; and downloaded thousands of documents from LG's database, according to company officials and court filings.SKI flatly denied such allegations stressing growth in its b

Feb 12, 2020By Kim Yoo-chul

LG, SK pursuing 'exit strategy' to settle legal tussle

Tech & Science

Samsung to offer $2.1 billion cash aid to virus-hit suppliers

An inside look at Samsung Electronics' semiconductor facility in Hwaseong, Gyeonggi Province, is seen in this file photo, Sunday. Korea Times fileBy Kim Yoo-chulThe new coronavirus has already killed hundreds of people and is sickening thousands more with every passing day. And from a business standpoint, the Wuhan, China-originated virus is disrupting global technology supply chains including Samsung Electronics suppliers.Samsung Electronics procures components and materials from domestic suppliers for TVs, smartphones and various other types of consumer electronics.However, its local suppliers may already be in dire straits as they struggle to procure materials from China. Many top airlines have outright cancelled services to China impacting logistics, while parts of the country are under quarantine. Also, many of Samsung's plants in China have suspended business operations, impacting business activity of the firm's South Korean suppliers on multiple fronts.On Sunday, Samsung said it will offer up to 2.6 trillion won (some $2.1 billion) cash to local suppliers affected by the outbr

Feb 9, 2020By Kim Yoo-chul

Samsung to offer $2.1 billion cash aid to virus-hit suppliers

Travel agencies take beating from coronavirus

Tech & Science

SK Telecom confirms IPO plans for five affiliates

SK Telecom CEO Park Jung-ho responds to questions during a press conference on the sidelines of this year's Las Vegas technology fair, Jan. 8, the United States. Korea Times fileLG aims to grow PPV-TV business by collaborating with NetflixBy Kim Yoo-chulSK Telecom said Friday it plans to move forward on listing its five affiliates ― ADP Caps, SK Broadband, One Store, 11 Street and Wave ― in a bid to improve the firm's valuation.“Plans for initial public offerings (IPOs) of our five affiliates including fixed-line operator SK Broadband, online commerce operator 11 Street and security operator ADT Caps are being reviewed,” SK Telecom finance chief Yoon Poong-young told investors upon announcing the carrier's fourth quarter earnings for 2019.The executive said the country's leading mobile telecom firm will “communicate with the domestic capital markets” when deciding which valuation method to use for each of the affiliates.“SK Telecom will delve into specifics about the valuation of the firms businesses in preparing for the IPOs. But tha

Feb 7, 2020By Kim Yoo-chul

SK Telecom confirms IPO plans for five affiliates

Tech & Science

Samsung expanding partnership with LG

A woman passes by an advertisement of Samsung Electronics' Galaxy 5G Note10 Plus smartphone at a subway station in Seoul, Thursday. AP-Yonhap By Kim Yoo-chulSamsung and LG, have long been considered “frenemies” given their competitive history in key markets. Both have been trying to outpace one another in smartphone, TV and home appliance sales.The word “frenemy” ― a portmanteau of 'friend' and 'enemy' ― seems to denote a sense of intense rivalry. However, it seems more and more that Korea's tech giants are seeking out strategies that are mutually beneficial to avoid undercutting one another.Samsung's mobile division has chosen LG Chem as its main battery cell supplier for its soon-to-be-announced new flagship phone ― the Galaxy S20 ― sources familiar with the issue said Thursday.Despite the agreement, Samsung will retain its battery unit ― Samsung SDI ― in its supply chain as it plans to procure a “substantial amount of battery cells” from the unit in the coming

Feb 7, 2020By Kim Yoo-chul

Companies

Renault Samsung to shut down factory over virus

In this Feb. 4, file photo, a worker walks among beds in a convention center that has been converted into a temporary hospital in Wuhan in central China's Hubei Province. AP-YonhapBy Kim Yoo-chulAs the coronavirus spreads, Renault Samsung is considering halting operations in Korea for three days starting Feb. 11 due to a disruption in supply chain management, industry sources direct with the knowledge said. “Once the procurement of wiring from Chinese suppliers is resumed, Renault Samsung will re-start operations. The company plans to shut down a factory in Korea for two or three days starting Feb. 11,” the sources said, adding additional plans will be decided on after analyzing the scale, duration and geographic spread of the virus outbreak.The possible plan came a day after South Korea's top carmaker Hyundai Motor and its sister company Kia Motors decided to shut down their operations in South Korea, as they weren't receiving critical wiring components that are made in China.General Motors Korea said it doesn't plan to close its operations, stressing that the compa

Feb 5, 2020By Kim Yoo-chul

Renault Samsung to shut down factory over virus

Coronavirus may send Korean economy into L-shaped slump

Tech & Science

Samsung holds first anti-corruption committee meeting

Kim Ji-hyung, left, former Supreme Court justice and head of Samsung Group's compliance committee, speaks during a press conference in Seoul, Wednesday. YonhapBy Kim Yoo-chulSamsung’s self-initiated compliance committee held its first meeting after the boards of seven affiliates, including Samsung Electronics, agreed to cooperate with its requests regarding possible corruption.Committee chief Kim Ji-hyung, who previously served as a former Supreme Court justice, presided over the meeting at its office in Samsung Life Insurance Seocho Tower, southern Seoul, Wednesday.Those in attendance included Citizens United for Consumer Sovereignty Secretary-General Ko Gye-hyun, Civil Society Organizations Network co-head Kwon Tae-sun, Seoul National University professor Kim Woo-jin, attorney Bong Wook, and Chung-Ang University professor Shim In-sook.Regarding the points discussed, a senior Samsung official said the committee talked over better and effective compliance processes to make sure affiliates adhere to all rules and Samsung-set regulations.“Assuming compliance-related risk is

Feb 5, 2020By Kim Yoo-chul

Kim Yoo-chul

Read more

'Virus to have limited impact on Z Flip, Fold output,' Samsung says

Korea to invest $9.3 bil. for components, materials

COVID-19's impact on 5G will be limited: Samsung, LG

Moon thanks Samsung, Hyundai for supporting virus-hit suppliers

LG, SK pursuing 'exit strategy' to settle legal tussle

Samsung to offer $2.1 billion cash aid to virus-hit suppliers

SK Telecom confirms IPO plans for five affiliates

Samsung expanding partnership with LG

Renault Samsung to shut down factory over virus

Samsung holds first anti-corruption committee meeting

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