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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Musk says he has financing to take Twitter buyout bid to investors

Tesla and SpaceX CEO Elon Musk arrives on the red carpet for the Axel Springer media award in Berlin, in this Dec. 1, 2020, file photo. Musk has lined up $46.5 billion in financing for a possible hostile takeover of Twitter and is "exploring" a direct tender offer to shareholders. AP-Yonhap Elon Musk has lined up $46.5 billion in financing for a possible hostile takeover of Twitter and is "exploring" a direct tender offer to shareholders, according to a securities filing released Thursday.Musk's filing pointed to a $13 billion debt facility from a financing consortium led by Morgan Stanley, a separate $12.5 billion margin loan from the same bank, as well as $21 billion from Musk's personal fortune.The Tesla chief, who has been rebuffed by the Twitter board, is "exploring whether to commence a tender offer... but has not determined whether to do so at this time," the filing said.Still, shares of Twitter did not rise significantly, suggesting skepticism that a deal wi

Apr 22, 2022
Musk says he has financing to take Twitter buyout bid to investors

Naver fails to meet market expectations

Choi Soo-yeon, CEO of Naver / Courtesy of NaverOperating profit down 14% to 302 billion won in 1st quarterBy Baek Byung-yeulNaver's first-quarter earnings fell short of market expectations as its profitability declined, due to soaring labor costs amid slowing e-commerce growth.The internet company said Thursday that it logged 1.84 trillion won ($1.48 billion) in sales and an operating profit of 301.8 billion won in the first quarter, up 23.1 percent and 4.5 percent, respectively, from the same period of 2021. But the figures are still 1.6 percent and 11.6 percent below the market forecasts, respectively.Its top executives attributed the lower-than-expected performance mainly to increased labor costs, adding that the company will offset the worsened profitability by controlling the increase in the number of employees to pre-pandemic levels.“This year, we will focus on streamlining costs such as labor costs. We expect the company's profitability to improve soon,” CEO Choi Soo-yeon told investors during a conference call.Naver Chief Financial Officer Kim Nam-sun attributed t

Apr 21, 2022By Baek Byung-yeul
Naver fails to meet market expectations

SK shieldus vows to offer ironclad cybersecurity

Kim Jong-hyun, the chief of SK shieldus's Secudium Center, introduces the company's cybersecurity control system at its headquarters in Seongnam, Gyeonggi Province, Thursday. Courtesy of SK shieldusBy Baek Byung-yeulSK shieldus has been providing cybersecurity services to over 2,000 customer companies through its 24-hour, 365-day control system, in response to the growing threat of cyberattacks.“In the past, cyberattackers could succeed if they tried to send files through malicious emails, but more recently, various methods have been used,” Kim Jong-hyun, the chief of Secudium Center, which oversees the company's cybersecurity, told reporters, Thursday, at the company headquarters in Seongnam, Gyeonggi Province.“Our Secudium Center security control system provides a service that monitors 24 hours a day, 365 days a year for external cybersecurity threats and ensures that there are no security problems. For example, when a massive zero-day attack occurred last December, it was difficult for companies to check and analyze the situation one by one to respond,” he

Apr 21, 2022By Baek Byung-yeul
SK shieldus vows to offer ironclad cybersecurity

LG Magna to build EV parts plant in Mexico

From second left to right are LG Magna e-Powertrain CEO Cheong Won-suk, LG Electronics' vehicle component solutions division President Eun Seok-hyun, LG Electronics CEO Cho Joo-wan, Magna Powertrain President Tom Rucker and GM Vice President Jeffrey Morrison, during a groundbreaking ceremony of LG Magna e-Powertrain's new factory in Ramos Arizpe, Mexico, April 19. Courtesy of LG ElectronicsBy Baek Byung-yeulLG Magna e-Powertrain, a joint venture between LG Electronics and Canadian car parts maker Magna International, will build an electric vehicle (EV) parts-manufacturing plant in Mexico to supply components to U.S. carmaker GM, LG said, Wednesday.The EV component-making company had a groundbreaking ceremony in Ramos Arizpe for the 260,000-square-meter plant on April 19 (local time). LG Magna e-Powertrain said the plant, scheduled to be completed in 2023, is its first production facility in North America and third overall following its Incheon factory in Korea and Nanjing factory in China.At the factory, the company will produce key EV components such as drive motors and inverters to

Apr 20, 2022By Baek Byung-yeul
LG Magna to build EV parts plant in Mexico

Digital healthcare next growth engine for companies

Visitors try out KT's smart digital healthcare service during the World IT Show at the COEX convention center in Seoul, Wednesday. Courtesy of KTBy Baek Byung-yeulLG Electronics, KT, Naver, Kakao and other Korean companies are foraying into the digital healthcare business ― including telemedicine ― as the importance of healthcare has been highlighted by the ongoing COVID-19 pandemic, company officials said Wednesday.The officials said that companies are rushing into this business because the digitalization of healthcare is clearly seen as a lucrative opportunity for them, with the development of related technologies such as artificial intelligence (AI) and data analysis.“Providing customized services to customers has become important in the healthcare business. In particular, IT companies with data processing and analysis technologies are actively entering this market,” an official from a local telecommunications company said, requesting anonymity.Data showed that the digital healthcare market will increase rapidly with the development of data processing technology. The K

Apr 20, 2022By Baek Byung-yeul
Digital healthcare next growth engine for companies

Samsung, LG, SKT, KT unveil innovative technologies for endemic era at World IT Show

Visitors view photos taken with Samsung Electronics' Galaxy S22 smartphone through the company's Neo QLED 8K TV during the World IT Show at the COEX convention center in Seoul, Wednesday. Courtesy of Samsung ElectronicsBy Baek Byung-yeulSamsung Electronics, LG Electronics, SK Telecom, KT, Kia and other companies from Korea and abroad are displaying their new products equipped with the latest technologies at the World IT Show, the largest IT event in Seoul, which runs until Friday.Company officials said Monday that the IT event, hosted by the ICT ministry, will be an opportunity to promote new technology as well as see how the market moves at a time when the global community is transitioning from a pandemic to an endemic as well as keeping up with the latest technological trends both at home and abroad.The organizing committee said more than 350 large, small and medium-sized companies and public institutions took part in the event. The major exhibition items consist of non-contact technology; artificial intelligence (AI) and internet of things (IoT); digital twin and metaverse; smart

Apr 20, 2022By Baek Byung-yeul
Samsung, LG, SKT, KT unveil innovative technologies for endemic era at World IT Show

LG CNS to build AI smart farm platform

LG CNS employees promote the company's intelligent smart farm platform, Tuesday. Courtesy of LG CNSBy Baek Byung-yeulLG CNS will build a smart farm helping farmers to grow high-quality crops by utilizing the company's digital technologies such as artificial intelligence (AI) and sensors, the IT solution arm of LG Group said Tuesday.The company said the project is promoted jointly by the Ministry of Agriculture, Food and Rural Affairs and South Jeolla Province and involves smart farming on open land rather than inside a greenhouse. The smart farm will be built on 54.3 hectares of farmland in the country's southwestern city of Naju by 2023. The area is about the size of 76 football fields. “The smart farm we have been calling for was to install facilities inside a greenhouse, but this project will be built on open land. According to data from Statistics Korea, about 95 percent of the nation's agricultural land is cultivated in open fields and we expect that this smart farm project will become a leading global model,” a company spokesman said.The smart farm intelligent platf

Apr 19, 2022By Baek Byung-yeul
LG CNS to build AI smart farm platform

LG-led consortium pushing for $9 billion battery supply chain project in Indonesia

LG Electronics' headquarters in Seoul / Courtesy of LG Electronics A Korean consortium led by LG has signed an initial agreement with Indonesian state-run companies for a project worth around $9 billion to establish an electric vehicle battery supply chain in the Southeast Asian country, an LG unit said Monday. The nonbinding framework agreement was signed between the consortium, consisting of LG Energy Solution (LGES), LG Chem, LX International and others, and Indonesia mining company, PT Aneka Tambang, better known as Antam, and the Indonesia Battery (IBC) in Jakarta, Thursday, LGES said in a release. Indonesian government officials from the Ministry of Investment and the Ministry of State-Owned Enterprises also attended the signing event. The project seeks to establish an "end-to-end value chain" for EV batteries encompassing the procurement of raw materials, producing key components, such as precursors and cathode materials, and the manufacturing of battery cell

Apr 18, 2022
LG-led consortium pushing for $9 billion battery supply chain project in Indonesia

Chipmakers rush to raise employee salaries to tackle worker shortage

A researcher observes a semiconductor chip. Korea Times fileBy Lee Kyung-min Major semiconductor firms are raising employee salaries to tackle a shortage of skilled professionals in the high-tech industry, an effort underpinned by the government's policy to nurture young experts to strengthen the country's growth driver, according to industry watchers, Sunday. The industry-wide move coincides with Korea's key semiconductor manufacturers revising their human resources policies to promote the early education and training of young, high-achieving undergrads to reduce costs needed to train entry-level employees that have little to no experience in and knowledge of chipmaking. The presidential transition committee said April 13 that the incoming Yoon Suk-yeol administration will create education and training courses to offset a feared shortage of about 30,000 workers over the next decade.Samsung Electronics has yet to set this year's salary raise, but is expected to maintain last year's rate of 7.5 percent year on year.Its major competitor SK hynix's rate was 8 percent last year, and the

Apr 17, 2022By Lee Kyung-min
Chipmakers rush to raise employee salaries to tackle worker shortage

Twitter adopts 'poison pill' defense against Musk buyout bid

Elon Musk's twitter account is seen on a smartphone in front of the Twitter logo in this April 15 photo. Reuters-Yonhap Twitter moved Friday to defend itself against Elon Musk's $43 billion hostile takeover bid, announcing a "poison pill" plan that would make it harder for the billionaire to get a controlling stake.Musk's proposed buyout faces several hazards, including possible rejection and the challenge of assembling the money, but could have significant impacts on the key social media service if consummated.Twitter said its board unanimously adopted a so-called shareholder rights plan, also known as a "poison pill," which kicks in if an investor buys more than 15 percent in shares without the directors' agreement. Musk holds 9 percent.The maneuver makes it harder for a buyer to build too big of a stake without board approval, by triggering an option that allows other investors to buy more of a company's shares at a discount.Twitter said the plan, which experts c

Apr 16, 2022
Twitter adopts 'poison pill' defense against Musk buyout bid
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