The National Assembly on Tuesday approved next year's national budget of 673.3 trillion won ($470.5 billion), reduced from the government's original proposal under pressure from the majority-held main opposition bloc. The final package is a 2.5 percent gain from that of this year's but about 4.1 trillion won less than the government’s proposal. The bill passed 183-94 with 1 abstention in an assembly where the main opposition Democratic Party of Korea holds a majority of 170

Industry Dec. 10, 2024

Chinese chipmakers are posing challenges for South Korean memory chip giants, flooding the global market with legacy chips at half the market price amid slowing demand. With the price of the older DRAM chips plunging more than 30 percent, market analysts lowered the earnings prospects for Samsung Electronics and SK hynix, the world's top two memory chip makers. According to DRAMeXchange on Monday, the spot price of 8 gigabyte DDR4 chips for computers fell to $1.35 in November, marking a 35.

Industry Dec. 9, 2024

South Korean home appliances giant LG Electronics is aiming to cement its presence in India, going for an initial public offering in the country, where the firm is a leader in the premium TV and air conditioner market. On Friday, the company’s Indian arm filed for an IPO with the Securities and Exchange Board of India, a draft red herring prospectus from the company showed. LG Electronics, the parent company that fully owns the Indian entity, will sell 101.8 million shares, accounting for

Industry Dec. 8, 2024

Network failures and service disruptions occurred in key areas of Yeouido and Gwanghwamun in Seoul on Saturday, as thousands of citizens filled the streets ahead of the impeachment vote for the embattled President Yoon Suk Yeol. “I could not send any messages on KakaoTalk or Telegram when I reached the front of the National Assembly. My connection was restored when I moved farther away from the Assembly,” a protester said. Media outlets seeking to livestream the rally in front of the

Industry Dec. 7, 2024

Conservative groups of professors and former diplomats separately issued statements on Saturday to oppose the impeachment of the embattled President Yoon Suk Yeol, who came under fire after declaring martial law this week. A right-leaning group of former diplomats, comprising some 230 members, claimed the impeachment motion was illegitimate, having been written without much consideration in only half a day. “Impeachment is not a political decision but a constitutional mechanism that requir

Politics Dec. 7, 2024

SK Group, the country's second-largest conglomerate, carried out a relatively modest year-end reshuffle Thursday, focusing largely on organizational restructuring to boost core competence under the three key themes, technology, field expertise and global presence. With the goal to enhance its US presence, the conglomerate appointed a former chief of the US Trade Representative to oversee government relations at SK Americas. The group also sought for restructuring of SK hynix, its lucrative

Industry Dec. 5, 2024

Although South Korean President Yoon Suk Yeol's surprise declaration of martial law did not make it even through the night, such political unrest in a country home to leading tech giants could result in long-term market fallout, potentially weakening Korea's role in the global supply chain of critical technologies such as chips, experts said Wednesday. In the hours after martial law was declared, the Korean won fell to its lowest level against the US dollar in three years, while Korea-

Industry Dec. 4, 2024

The latest US export controls banning shipments of high-bandwidth memory chips to China are expected to have a limited impact on Korean chipmakers, mainly Samsung Electronics. But the restrictions could result in lost opportunities to acquire new customers, experts said Tuesday. The US Bureau of Industry and Security announced Monday a new set of measures banning the export of critical chips and chip equipment, including HBM, advanced chip packages of stacked DRAM chips. The cutting-edge chips a

Industry Dec. 3, 2024

Samsung Electronics on Friday promoted a total of 137 executives in a year-end reshuffle, including tech-savvy executives with strong achievements in their respective areas, with a goal of reviving stagnant business performance. The total number of promotions is slightly down from last year’s 143, and includes 35 new vice presidents and 92 new managing directors. “Samsung Electronics carried out a major personnel reshuffle strictly based on the principle of meritocracy, with an aim t

Industry Nov. 29, 2024

Samsung Electronics and SK hynix, the nation’s top two chipmakers, are apparently in a rush to secure subsidies for their massive facility spending in recent years in the US, following a fresh threat from President-elect Donald Trump that he could cancel the promised Chips Act federal funding. On Monday, Vivek Ramaswamy, one of the leaders selected by Trump to head the proposed Department of Government Efficiency alongside Tesla founder Elon Musk, hinted at the possibility of subsidy cuts,

Industry Nov. 28, 2024

Samsung Electronics, the world's leading smartphone and memory chip maker, announced a management reshuffle on Wednesday, replacing the top brass at its sluggish chipmaking business division. While retaining the company's three vice chairs for management stability, the company replaced the foundry business chief and created two new positions to enhance operational efficiency. "The company sought to overcome uncertain internal and external business challenges and aim for a new brea

Industry Nov. 27, 2024

As Samsung Electronics is grappling with multiple challenges including poor earnings and technological setbacks, the conglomerate's chaebol chief has publicly acknowledged the struggles for the first time. With chairman Lee Jae-yong pledging to tackle the difficulties, the tech giant is expected to introduce some drastic changes, including a major personnel reshuffle anticipated this week. In the final hearing of a retrial on allegations including stock manipulation related to a controversi

Industry Nov. 26, 2024

Prosecutors requested five years in prison and a fine of 500 million won ($356,000) for Samsung Electronics Chairman Lee Jae-yong on Monday, in the final hearing of a retrial over suspected stock manipulation related to a high-profile 2015 merger case. The prosecution had appealed in February immediately after a lower court acquitted Lee of all 19 charges it had filed. In the appellate court on Monday, the prosecution kept to their original claims, insisting the chief of the country's large

Industry Nov. 25, 2024

Samsung Electronics, the world's largest memory chip maker, is expected to supply its cutting-edge chips to the top graphics processing unit maker Nvidia soon, stepping closer to securing a footing in the lucrative AI chip market. Speaking on the sidelines of a convocation ceremony at Hong Kong University of Science and Technology on Saturday, Nvidia CEO and founder Jensen Huang told Bloomberg Television that the company is "working as fast as it can to certify Samsung's AI memory

Industry Nov. 24, 2024

Amid intensifying competition for chip supremacy, Korean lawmakers are pushing to lift the national cap on working hours to give chipmakers more flexibility. The ruling party's proposal, however, has sparked mixed reactions, with critics labeling it "regressive." In South Korea, home to the world's top memory chip makers Samsung Electronics and SK hynix, employees are prohibited from working more than 52 hours per week -- consisting of 40 regular hours and up to 12 hours of o

Industry Nov. 19, 2024