South Korean IT solutions provider LG CNS said Thursday it has agreed to establish a joint venture with one of the largest conglomerates in Indonesia to strengthen digital transformation innovation in the 16th largest economy in the world. Under the agreement, LG CNS and Sinar Mas Group will set up a 50-50 joint venture in the latter half of this year to promote consulting, construction and operation for data center services and cloud conversion services, targeting Indonesian companies and publi

Technology March 28, 2024

LG Group unveiled a plan Wednesday to invest 100 trillion won ($74.3 billion) in South Korea by 2028 as it seeks to secure technological competitiveness and expand new growth engines. The announcement was made during the regular shareholders meeting of its holding company LG Corp., held at the Seoul headquarters earlier in the day. The company said the planned investment accounts for 65 percent of LG’s overall global investment by 2028, which reflects its commitment to driving innovation a

Technology March 27, 2024

Amid the escalating US-China rivalry, global supply chains are being reshaped and India, the world’s fifth-largest economy, is getting fresh attention from South Korean tech giants. India boasts the world’s largest population, at over 1.4 billion people, and a robust economy that has experienced substantial growth over the last three decades. Korea’s major conglomerates, which have already secured a sizeable footing in the burgeoning market, are more recently pouring resources

Technology March 27, 2024

South Korean IT solutions provider LG CNS said Tuesday it has teamed up with Vietnam’s largest IT firm to carry out the group’s digital transformation project there. LG CNS recently signed a memorandum of understanding with Hanoi-based FPT Corp. at the Korean IT solutions provider’s headquarters in Seoul. The recent deal is the outcome of the two firms’ years of cooperation as IT partners since 2019, LG CNS officials said. FPT Corp. is a global IT company leading Vietnam&

Technology March 26, 2024

LX Holdings Chairman Koo Bon-joon said Monday he would enhance the group’s crisis response system in a bid to enhance its responsiveness to business uncertainties at home and globally. “The year 2024 will be an important inflection point as we prepare for the next three years of LX’s leap,” Koo said during this year’s annual shareholders meeting held at the company’s headquarters in Seoul. Koo’s comments come as LX Group spun off from LG Group in 2021

Industry March 25, 2024

While forecasting high uncertainties in the macroeconomic environment this year, Samsung Electronics Vice Chairman Han Jong-hee vowed to make efforts to expand technological innovation in burgeoning artificial intelligence and new businesses for sustainable growth. “Along with the high economic uncertainties, we expect new opportunities to increase through next-generation technological innovations such as the full-fledged launch of the AI ​​era,” Han said during this year's annu

Industry March 20, 2024

SK hynix, the world’s second-largest memory chip maker, said Tuesday it has begun mass production of its latest HBM3E chips, the next-generation top-performing DRAM for artificial intelligence applications, solidifying its leadership position in the High Bandwidth Memory market. The chip maker said it will deliver the new chips to its clients at the end of this month after finishing the verification process. SK hynix is a major supplier to the US AI chip leader Nvidia but declined to revea

Technology March 19, 2024

Korean internet giant Naver said Friday it would introduce a set of news service policies to enhance transparency and impartiality, with the intention of preventing defamatory media reports and strengthening measures againsts users who leave comments that violate election laws. To protect users who have suffered defamation or infringement of their rights due to media reports, Naver will provide easier access to request corrections and respond to articles online. The company will create a separat

Industry March 15, 2024

Samsung Electronics could face its first-ever labor strike, as unionized workers have secured the right to legally conduct a walkout after wage talks between management and labor have fallen through, according to industry sources Friday. The National Labor Relations Commission, a government agency under the Labor Ministry, held a coordinating session to arbitrate the wage deal between the two parties a day earlier, but ended up deciding to stop the talks as the two sides could not reach an agree

Industry March 15, 2024

Thursday marked the second anniversary of Naver CEO Choi Soo-yeon taking office. Under the executive's leadership, the internet giant has enjoyed stable growth, setting annual earnings records two consecutive years. Naver logged an all-time high operating profit of 1.49 trillion won ($1.13 billion) and sales of 9.67 trillion won last year. It recorded 8.22 trillion won in annual sales in 2022, surpassing the 8 trillion won mark for the first time. Choi has undertaken management innovation e

Technology March 14, 2024

With increasing complaints from Korean consumers regarding the quality of products and the prevalence of knock-off items they purchased from Chinese e-commerce platforms, the country’s antitrust regulator vowed to strengthen the monitoring of foreign operators’ unfair business practices and uphold stern punishments for any illegal activities under relevant domestic laws. The Fair Trade Commission on Wednesday rolled out a set of comprehensive measures that aim to better protect local

Industry March 13, 2024

Samsung Electronics said Monday it would launch its latest Bespoke AI Combo, a combined washer and dryer powered by artificial intelligence, in global markets in the next few months. "Shipments to the US have already started for their launch later this month," Lee Moo-hyung, executive vice president and head of the customer experience team of the digital appliances business at the company, said during a press briefing. “Their global launch, including in Southeast Asia, is slated

Technology March 11, 2024

Samsung Group, South Korea’s top conglomerate, said Sunday that its official recruitment in the first half of this year will start Monday, with 19 affiliates joining the large-scale hiring of entry-level workers. The key affiliates include Samsung Electronics, Samsung Display, Samsung Biologics, Samsung SDS and Samsung SDI, Samsung C&T, Samsung Life Insurance and The Shilla Hotel. Applicants are required to submit their applications via Samsung’s official recruitment website from

Industry March 10, 2024

Fair Trade Commission Chair Han Ki-jeong on Thursday shared the key policies of the antitrust regulator for this year, including the controversial anti-monopoly platform bill, at a conference hosted by the American Chamber of Commerce in Korea. “The Fair Trade Commission will strive to establish a fair market economy system that serves as the basis for economic stability and market innovation,” Han said, citing deepening inflation and high interest rates as continued economic difficu

Industry March 7, 2024

Korean internet giant Naver on Wednesday said it has signed a partnership with Aramco Digital, a technology subsidiary of Saudi Aramco, for digital innovation in the Middle East and North Africa. Under the deal, the two sides agreed to build a sovereign cloud and super app optimized for the Middle East region. They will also join forces to develop sovereign artificial intelligence based on the Arabic language model. “Aramco Digital is the best partner to implement Naver's cutting-edge

Technology March 6, 2024