Samsung Electronics continued its winning streak in global TV sales, selling nearly one-third of TVs across the world in the first half, according to market tracker Omdia on Tuesday. In the first six months of this year, 92.6 million units of TVs, worth $475 million, were sold globally. The sales figure was down 6.6 percent compared to a year ago. Omdia cited the Russia-Ukraine war, protracted lockdowns in China’s major cities and inflation fears as the key reasons behind the slowing T

Technology Aug. 23, 2022

Samsung Electronics said Monday it is unveiling a wider lineup of its Bespoke home appliances at the upcoming IFA trade show in Germany in a renewed sales push in the European market. The Bespoke brand, launched in 2019, has revamped Samsung’s home appliance strategy. Its unique modular concept allows users to customize the material, color, size and door configurations of home appliances. Its flagship refrigerator has seen almost 2 million unit sales worldwide since its debut in 2019,

Technology Aug. 22, 2022

Samsung Electronics said Thursday it has inked a deal to supply 5G network equipment to India’s telecom giant Bharti Airtel, its first 5G equipment deal made in the world’s second-largest telecom market. According to the South Korean tech giant, Airtel, India’s No. 2 telecom carrier and the No. 4 globally with 490 million subscribers, on Wednesday selected Samsung as one of its equipment partners ahead of its planned launch of 5G network services this month. Under the deal,

Technology Aug. 4, 2022

LG Energy Solution said Wednesday it will run its production facilities around the world 100 percent with renewable energy from 2025 as part of efforts to meet its 2050 carbon neutrality goals. The world’s second-largest battery maker for electric vehicles renewed its commitment to the RE100 initiative in its recent report on environment, social and corporate governance. As of 2020, the company’s renewable energy transition rate stood at 33 percent, the highest among a total 14 S

Industry Aug. 3, 2022

“Will Samsung make cars again?” is a decades-old question that has dogged the tech giant since it sold off its automotive business to France’s Renault Group during the Asian financial crisis in the late 1990s. Samsung has seen success in almost every sector it set sights on, but making and selling its own brand cars has remained a rare failure for the nation’s largest conglomerate. Despite repeated denials by the top brass, speculation has resurfaced about Samsun

Technology July 31, 2022

LG Electronics said Thursday it has teamed up with US audio experts SoundHound to develop an artificial intelligence-based voice system for vehicles with demand growing for both driving convenience and safety. Best known for its music recognition service, Santa Clara, California-based SoundHound supplies voice assistant systems to a slew of automotive, mobile devices, smart home and robotics companies. As part of a memorandum, SoundHound’s voice recognition technology will be applied t

Technology July 28, 2022

The government on Thursday unveiled a total of 51 regulatory reform projects across industries as part of effort to spur both innovation and investment. Easing excessive regulations is one of the campaign pledges of President Yoon Suk-yeol. Thursday’s announcement is the first batch of the plans following the launch of a new task force, led by Finance Minister Choo Kyung-ho, last month. Six areas, including new industries, environment, bio and health care, are subject to the deregulati

Industry July 28, 2022

LG Energy Solution on Wednesday announced an upgraded growth plan consisting of a threefold growth in sales and a two-digit operating profit ratio in the next five years. This year’s sales target has also been elevated to 22 trillion won ($17 billion) from 19.2 trillion won. The ambitious plan comes as the world’s second-largest battery maker for electric vehicles reported its second-quarter earnings earlier in the day. In the April-June period, the company posted 5.1 trillion wo

Industry July 27, 2022

SK Group Chairman Chey Tae-won on Tuesday (US time) announced South Korea’s second-largest conglomerate’s new $22 billion investment plan in the US in his meeting with President Joe Biden at the White House. Biden in return touted SK’s new multi-billion dollar commitment as one of the “most significant investments” ever seen in the US. “We are announcing another $22 billion in new investment in the US,” Chey told the US president. “All this m

Technology July 27, 2022

US President Joe Biden and SK Group Chairman Chey Tae-won will hold a virtual meeting on Tuesday (US time) to discuss South Korea’s second-largest conglomerate’s spending and hiring plans in the US, according to the White House on Monday. “The president will virtually meet with the chairman and principal owner of the Republic of Korea conglomerate SK Group to discuss the company’s robust investments in American manufacturing and jobs,” the White House said, referr

Industry July 26, 2022

Samsung Electronics has started shipping chips produced using the world’s most advanced 3-nanometer manufacturing technology, which has drastically improved power consumption and performance. On Monday, the tech giant held a ceremony to celebrate the departure of the first batch of 3nm chips from its chip-making complex in Hwaseong, Gyeonggi Province, with some 100 company and government officials in attendance. The 3nm technology is Samsung’s secret weapon to outpacing its rival

Technology July 25, 2022

The South Korean government on Thursday vowed financial and regulatory support to pave the way for the chip industry’s investment of 340 trillion won ($259 billion) over the next five years and nurturing more than 150,000 skilled workers in the field. As chips are increasingly being perceived as key economic security assets around the world, South Korea -- home to the world’s top two memory chipmakers, Samsung Electronics and SK hynix -- has also come up with a more comprehensive r

Industry July 21, 2022

Samsung Electronics on Wednesday sent out invites to the 2022 Galaxy Unpacked event for its new foldable phones that will be held online via its official website at 10 p.m. (Korea time) on Aug. 10. Titled “Unfold Your World,” the event will feature Samsung’s latest Z series, including the larger Z Fold 4 and the more compact Z Flip 4, along with its smart watch Galaxy Watch and Galaxy Buds wireless earphones. Since last year, Samsung has held two separate unveiling events fo

Technology July 20, 2022

Chaebol groups in South Korea are looking to rethink their ambitious investment plans that were announced earlier this year as fears of a global recession are clouding their business outlook. According to industry sources on Monday, SK hynix, the world’s second-largest memory chip maker, recently delayed a decision on its 4 trillion won ($3 billion) expansion plan for local production facilities. The company had planned to build a new plant, called M17, within its chip-making complex i

Industry July 19, 2022

South Korean chip makers are under increasing pressure as Seoul mulls joining a US-led semiconductor alliance, so-called the “Chip 4,” which appears to be aimed at countering Beijing’s growing influence in global supply chains as well as boosting Washington’s manufacturing prowess in high-tech. According to diplomatic sources on Monday, the US government has recently asked Seoul officials to respond to its invitation to join the chip alliance by the end of August, sayin

Industry July 18, 2022