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Samsung Electronics records operating profit of $2.1 bln in 4Q 2023, down 34.4% year-on-year
SEOUL -- Amid the sluggish global semiconductor market, Samsung Electronics saw its sales and operating profit decrease in the fourth quarter of 2023. The tech giant's operating profit of about 2.8 trillion won ($2.1 billion) in 4Q 2023, down 34.4 percent from the same period a year ago. The conglomerate announced its financial report on January 31 and said that Samsung recorded 67.78 trillion won in sales and an operating profit of 2.82 trillion won. The sales also indicate a 34.4 percent
January 31, 2024
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LIG Nex1 to showcase unmanned coastguard patrol boat at robotics exhibition in UAE
SEOUL -- LIG Nex1, a defense contractor in South Korea, will display an unmanned coastguard patrol boat "Haegum-3" at a global exhibition in Abu Dhabi designed to showcase drones, robots, and other unmanned solutions. The patrol boat is equipped with advanced surveillance equipment, a remote shooting control system, and a guided rocket launcher. Haegum-3 unmanned boat features high seaworthiness, artificial intelligence-based autonomous operation technology, and enhanced combat capabi
January 23, 2024
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Samsung Electronics records semiconductor revenue of $39.9 bln in 2023, down 37.5% percent year-on-year: market data
SEOUL -- Due to the sluggish global semiconductor market, Samsung Electronics faced a significant revenue decline in 2023. Data released by market research firm Gartner showed that the technology giant's global semiconductor revenue was $39.9 billion in 2023, down 37.5 percent from a year ago. The global market research firm reported on January 16 that worldwide semiconductor revenue dropped 11.1 percent year-on-year to $533 billion last year. Samsung secured the second position in global
January 17, 2024
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S. Korea succeeds in launch of solid propellant satellite carrier rocket
SEOUL -- South Korea has succeeded in the launch of a four-stage hybrid fuel rocket carrying a commercial satellite. This is the country's third test launch of its solid propellant rocket, and the carrier was able to put a small-sized commercial satellite into low orbit. A solid propellant rocket is a type of rocket that uses a propellant in a solid form, typically in the shape of grains or a single piece. The propellant is usually a mixture of fuel and
December 4, 2023
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Global defense exhibition 'DX Korea' to take place in Seoul's satellite city in 2024
SEOUL -- "DX Korea," one of South Korea's largest defense exhibitions, will be held at a convention center in Goyang, a northwestern satellite city of Seoul, for three days in September 2024. Various arms manufacturers and military officials from South Korea and abroad will participate in the biannual event designed to showcase advanced products for ground forces. About 350 companies from 40 countries took part in the previous exhibition in 2022. According to the exhibition'
November 29, 2023
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STI to build power semiconductor material plant in Busan by 2026
SEOUL -- South Korea's power semiconductor material supplier STI has partnered with the southern port city of Busan to build a plant for power semiconductor materials by 2026. At the facility, STI will produce components of silicon carbide power semiconductors, which are emerging as key components of electric vehicles. Silicon carbide (SiC) power semiconductors are used to control the direction of current and power conversion in electric vehicles (EVs), electronic
August 22, 2023
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S. Korea to restrict foreign workers' rights to change workplaces
SEOUL -- Starting on July 9, foreign labor workers in South Korea with the non-professional employment visa "E9" will only be allowed to change their workplaces within the same regional area where their previous workplace was located, except for very few special cases. The country aims to help South Korean employers in rural areas struggling with labor shortages due to the frequent turnover of migrant workers. E9 visa is mainly provided for those in the manufacturi
July 6, 2023
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LG Energy Solution forges partnership with Australia's lithium mine operator
SEOUL -- In a bid to diversify and expand lithium supply channels, South Korea's battery maker LG Energy Solution has forged a partnership with Australia's Green Technology Metals, a lithium mine operator. Global battery makers are in a race to acquire as many stable supply channels for lithium and other rare metals that are required for the production of batteries. China controls about 70 percent of the global lithium production. China, Australia, and Chile are the world's top thr
May 19, 2023
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South Korea to accelerate development of new materials in bid to reduce dependency on foreign products
SEOUL -- South Korea revealed a blueprint to nurture future technology laboratories specializing in the development of new materials in a bid to boost the growth of the country's growth engines such as semiconductors, future vehicles, and electric components, and reduce dependency on foreign products. The government has designated 100 prioritized future materials that should be focused on. South Korea was pushed to a risky position in 2019 when Japan took retaliatory steps to regulate expo
March 23, 2023
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S. Korea to beef up key strategic industries under 'New Growth Strategy 4.0'
SEOUL -- The Ministry of Economy and Finance has announced a new growth strategy to help South Korea keep its technological competitive edge in the country’s three strategic industries -- semiconductors, batteries and displays. On February 20, the ministry unveiled "New Growth Strategy 4.0" aimed at finding new economic engines. It plans to work out more than 30 detailed tasks to support the key industries. The ministry said that it will begin to implement around 20 of the task
February 21, 2023
