LG Display said Wednesday it has secured fresh funding worth $1 billion from multiple global banks with the aim to expand its presence in the smaller OLED market which is dominated by its archrival Samsung Display. LG Display is the world’s largest manufacturer of large OLED panels for TVs, but still remains a distant No. 2 in the smaller OLED market for smartphones and other mobile devices. The firm said it has raised long-term loans from the Australia and New Zealand Banking Group, HS

Technology June 15, 2022

SK On and Posco Holdings said Wednesday that they have forged a strategic partnership in a move to secure a stable ecosystem for their burgeoning battery business amid deepening worries over global supply chain disruptions. They plan to create a working-level group to work together on global expansion, joint investment in raw materials, a road map for cathode development, expansion of anode supplies and a collection network for used batteries. The extensive partnership comes as both firms are

Technology June 15, 2022

LG Group’s IT solutions unit LG CNS said Tuesday it has been named as a Premier Tier Partner for US cloud giant Amazon Web Services, a recognition given to the most experienced partners representing their respective markets. AWS offers tiers – select, advanced and premier – to recognize its partners that have proven technical expertise and demonstrated customer experience and the highest premier tier is offered to leaders in their markets in terms of the number of clients and

Technology June 14, 2022

Samsung Electronics Vice Chairman Lee Jae-yong reportedly met with BMW Group Chairman Olive Zipse last week in Germany in an apparent move to renew his commitment to Samsung’s electric vehicle battery business, as well as its long-held partnership with the luxury carmaker. According to news reports Monday, the Samsung chief’s first stop of his two-week Europe trip that began last Tuesday was Germany. And he held a meeting with the BMW chief at the carmaker’s Munich headquarte

Technology June 13, 2022

Merck Korea, the local subsidiary of the German science and technology giant, said Thursday that it has completed expansion work of its local production plant in Pyeongtaek, Gyeonggi Province. In October 2020, the company announced plans to invest 20 million euros ($21 million) into expanding facilities at the plant to produce key materials for organic light-emitting diode displays that had been imported from Germany. “We can now quickly respond to customer requests and demands in Asia

Technology June 9, 2022

SK hynix said Thursday it has started mass production of HBM3, the world’s best-performing DRAM, or dynamic random access memory, product, with the first batch being supplied to US chip giant Nvidia. Referring to high-bandwidth memory, the latest development vertically interconnects multiple DRAM chips, drastically increasing data processing speed compared to traditional DRAM chips. The latest HBM3 DRAM is the fourth generation of its HBM product. SK hynix, the world’s second-lar

Technology June 9, 2022

SK Group said Wednesday its annual SK Global Forum will be held this week in San Jose, California, with some 30 company executives and local experts gathering to discuss the conglomerate’s future growth drivers. During the three-day event that kicks off Friday in the US, five affiliates -- SK Innovation, SK Telecom, SK hynix, SK Siltron and SK C&C -- will hold sessions to share their business plans and market trends. SK Innovation, the energy and materials unit, will offer a bluepr

Industry June 8, 2022

Samsung Electronics Vice Chairman Lee Jae-yong on Tuesday left for Europe, home to key partners of the world’s largest memory chip maker’s renewed push for chip supremacy.  Upon his departure from Seoul’s Gimpo Airport earlier in the day, some 50 journalists shouted questions on the purpose of the trip and plans for any new deals, but the Samsung chief declined to answer any of them. Lee’s Europe trip comes six months after his last trip to the Middle East in Dec

Technology June 7, 2022

A business-led civilian committee was launched Tuesday to support Busan’s bid to host the 2030 World Expo, one of the world's biggest international events, in the realm of the World Cup and Olympics. SK Group Chairman Chey Tae-won, who doubles as chairman of the Korea Chamber of Commerce and Industry, leads the committee, while top executives of 11 conglomerates are joining to add weight to the bid from South Korea’s second-largest city. The 11 businesses include: Samsung Electron

Industry May 31, 2022

LG Chem said Tuesday it has set up a joint venture with Tianjin B&M Science and Technology, a materials subsidiary of Chinese miner Huayou Cobalt, to secure a stable supply of key materials for high-nickel cathodes in its latest push for electric vehicle batteries. Under the deal signed on Monday in Seoul, B&M is securing a 49 percent stake in LG Chem’s existing cathode-making unit in Gumi, North Gyeongsang Province, supplying essential materials for nickel, cobalt, manganese, an

Industry May 31, 2022

Ahead of Wednesday’s local elections, candidates are making their last-minute plea for votes, with some of them talking big to take advantage of big name companies and their huge investment plans unveiled recently. Politicians offering populist pledges is nothing new during election campaigns, but this year their rhetoric appears to have gained some weight as they come along with a series of new investment plans, worth a combined 1,000 trillion won ($800 billion), announced by the nation

Industry May 30, 2022

SK Group said Thursday it is investing a total of 247 trillion won ($195 billion) over the next five years to shore up its three growth pillars of semiconductors, batteries and biopharmaceuticals to create some 50,000 new jobs for the local economy. Amid lingering uncertainty over economic slowdown and geopolitical risks, the nation’s second-largest conglomerate, whose key units include SK hynix, SK Telecom and SK On, called new investment and talent acquisition are crucial for it to see

Industry May 26, 2022

From big chaebol groups to fledgling startups, South Korean businesses on Tuesday pledged to work together to revamp the nation’s rigid corporate culture and seek innovation in dealing with social challenges. An event hosted by the Korea Chamber of Commerce and Industry announced the “New Entrepreneurship” initiative, under which they plan to carry out joint and individual projects to create more jobs and tackle other social issues such as climate change. A total of 76 entr

Industry May 24, 2022

One of the key moments of last week’s summit talks between South Korean President Yoon Suk-yeol and US President Joe Biden was the two signing a semiconductor wafer, not a visitors’ book, during their visit to Samsung Electronics’ chip manufacturing complex in Pyeongtaek, Gyeonggi Province, Friday. It was the first time that the wafer, produced by Samsung’s new 3 nanometer technology, was unveiled to the public. The Korean tech giant plans to start mass production of th

Technology May 23, 2022

US President Joe Biden will meet Hyundai Motor Group Chairman Chung Euisun on Sunday in Seoul to thank him for investment in the state of Georgia, Washington’s national security adviser Jake Sullivan said Thursday. The US president is scheduled to arrive in Seoul later in the day for his three-day state visit for summit talks with President Yoon Suk-yeol. His planned meeting with the Hyundai Motor chief comes amid reports that the South Korean auto giant will announce a $7 billion inv

Industry May 21, 2022