With 2020 behind us, the question now is what the recovery will look like for Korea Inc. With COVID-19 still raging here and abroad, and the prospects for vaccination in South Korea appearing hazy, optimism and pessimism coexist. But not much will change, economy-wise, for the next two quarters at least unless vaccines become easily accessible, according to a recent report from global consulting firm Deloitte. Seoul-based consulting firm KPMG Samjong offers positive outlooks for sectors r

Deregulation is what South Korean business entities want badly for the new year, with many of them raising concerns about a slew of legislation that they say will constrain business activities. According to New Year’s messages from heads of the country’s major business lobby organizations, Korean companies are calling on the government to cut them some slack in operating their businesses in the harsh environment that is expected to unfold amid the COVID-19 pandemic throughout 202

The country’s largest conglomerate Samsung has been left unsure of what its future holds as its de facto chief faces possible jail time for corruption. Whether or not Lee Jae-yong will be put behind bars again in the finale of a three-year court saga, leaving a void at the top of the world’s No. 1 chipmaker, will be decided by a Seoul court in January. Samsung Electronics on Wednesday appeared calm, at least on the surface, after local prosecutors demanded nine years in prison fo

Huawei announced Tuesday the company’s 5G and LTE equipment have passed global wireless standards body 3GPP’s testing, highlighting the security of its network. Performed by European certification organization DERKA, Huawei’s 5G RAN gNodeB and LTE eNodeB passed 3GPP’s security assurance specifications testing, known as SCAS, the Chinese company said. The tests included network product general security, air interface security, and basic vulnerability testing, such as da

LG Electronics on Tuesday unveiled the highest-end category of its LCD TV lineup, the LG QNED Mini LED. LG’s announcement came earlier than its archrival Samsung Electronics’ plan to reveal new TV technologies and models for 2021 on Jan. 6, when the virtual edition of the Consumer Electronics Show kicks off. The LG QNED Mini LED TV features LG’s proprietary technology that combines quantum dot and mini LED technologies. For the 86-inch backlight, the company has used arou

S-Oil is continuing to make investments in promising startups in the fields of batteries, new materials, smart factories and carbon emissions, said the oil refining company as it announced Monday its fifth investment. The company inked an investment deal with Beomjun E&C earlier this month, a firm with a modified sulfur technology for high-performance asphalt, as part of its preemptive efforts to collaborate with such firms that could create synergy with the petrochemical and oil refining

The Samsung Galaxy S21 Ultra is expected to support the fastest Wi-Fi speeds among all mobile gadgets in the Korean market, according to news reports Sunday. The highest-end model of the upcoming Galaxy S21 series next month is likely to become the first mobile device to support Wi-Fi 6E, an extended standard technology using the 6-gigahertz band. Compared to the current Wi-Fi 6, the new standard technology enables twice faster transmission of data at the highest speed of 2.4 gigabits per

LG Electronics is forecast to reap a record profit from its home appliance business this year, due to high sales of premium items at home and abroad, according to industry sources on Sunday. As of the third quarter of 2020, LG posted an accumulated operating profit of 2.5 trillion won ($2.27 billion). Some 2 trillion won of that amount was from the company’s home appliance and air solutions business, which sold premium products like the Tromm Styler clothing care system and the DIOS dish

LG Electronics will set up a joint venture with the world’s third-largest auto part maker Magna International in a bid to raise the competitiveness of its vehicle component business, the company said Wednesday. Tentatively named “LG Magna e-Powertrain Co,” the envisioned entity will launch in July 2021. It will be headquartered in Incheon, west of Seoul, and will have around 1,000 employees. 　 According to the plan approved by LG’s board of directors, the joint venture

Samsung Electronics is set to further expand its customizable home appliance lineup, putting greater emphasis on the personal tastes of consumers through its product design and development. On Wednesday, the tech giant said it has added Cube Air, Samsung’s conventional air purifier model, to the Bespoke category, and unveiled a total of eight combinations of panel colors and patterns for the customizable air purifier. “The Bespoke Cube Air provides a sense of unity when it’

Biotech company G+FLAS Life Sciences, Inc. has been selected as a preliminary unicorn company eligible for special guarantee support by the Ministry of SMEs and Startups. The special guarantee for preliminary unicorns can be applied for by companies with proven innovation, growth potential, and market evaluation, or companies with a corporate value of 100 billion won or more and with high grades in technology evaluation. G+FLAS was one of the 15 finalists selected through a national recommenda

With less than a month left to the Samsung Galaxy S21 debut, leaks of renders of the first new phones of 2021 are raising expectations about remarkable changes brought to the Samsung devices. The leaks offered glimpses into some noticeable changes in the Galaxy S21 lineup, such as smaller camera cutouts and greater use of flat displays. While it has been widely known that the Galaxy S21 Ultra, the highest-end model among the lineup, would support the stylus S Pen as an option, the entry mo

Exports could be a breakthrough for the South Korean economy in the post-coronavirus era, a state-run trade agency said Monday. Despite numerous uncertainties that are expected to linger in 2021, the state-run Korea Trade-Investment Promotion Agency raised its exports forecast for next year, saying semiconductors and biotech products, among others, are likely to lead the gains. Overseas shipments would grow 6-7 percent in 2021 to reach $540 billion-560 billion next year, from around $510 bil

As South Korea’s daily coronavirus tally rose to a new record on Sunday, local businesses are bracing for a possible upgrade in the country’s social distancing rules to the toughest level yet – a partial shutdown. While Level 3 of the government-set five-tier social distancing scheme is expected to decimate conventional retail industries, export-driven sectors such as mobile phones and semiconductor chips are less likely to be massively affected, experts and industry insiders

What determines a fair portion of success of new smartphones is the brain of the devices: the mobile application processor. With the news of an upcoming January launch of the Samsung Galaxy S21 series, attention is moving to what will be the core AP of the upcoming gadgets. According to various industry sources on Thursday, Samsung is highly likely to adopt the latest edition of its in-house chipset, supposedly called Exynos 2100, for the highest-end model of the Galaxy S21 series. Throu

Samsung Electronics has tightened measures to prevent the spread of the new coronavirus on its campuses, including a temporary travel ban on its employees, ahead of a possible upgrade in social distancing rules by the government, the tech giant said Wednesday. A task force on pandemic response within its semiconductor division on Tuesday sent a notice to the executives and employees about enhanced rules banning nonessential trips and visits to public facilities such as restaurants and cafes o

The year 2021 is approaching, but the tech world won’t have the excitement it used to have at the beginning of each year. As the unrelenting pandemic forbids in-person tech fairs, where major brands used to unveil innovative new products and technologies, local firms seem to be adjusting their strategies for new launches. The Consumer Electronics Show, the world’s largest event of its kind, which normally takes place in Las Vegas in early January, is set to be held on a virtual

Roh Tae-moon, president of Samsung Electronics’ mobile business, suggested Wednesday through a blog post that the tech giant will unveil its flagship Galaxy S21 series in January, one month earlier than usual. Amid mounting rumors that Samsung would roll out the Galaxy S21 lineup next month, Roh raised the expectations of an early launch by saying, “I look forward to sharing more in January!” in his post titled “Samsung defines one-size fits-all mobile experiences with

Imjingak Pyeonghwanuri Park in Paju, Gyeonggi Province, is located about 7 kilometers south of the cease-fire line.  Developed right after the South-North joint communique of 1972, the park has become a tourist spot.  Relics with sorrow and pain from the Korean War that broke out on June 25, 1950 and confrontation between the two Koreas still exist there.  A steam locomotive preserved and exhibited as a cultural heritage in the park is one of the symbols of the tragic history o

Samsung Electronics on Thursday unveiled the first MicroLED screen for home use, announcing its push for a whole new category of home entertainment. In an online press conference, the South Korean TV manufacturer showcased the new 110-inch MicroLED model, with a retail price tag of 170 million won ($156,612) for the domestic market. It refuses to call the new display a TV, preferring “screen” or “display solution,” it said. “As demand is rising for better home