The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: May 21.
Samsung appoints Jun Young-hyun as new head of semiconductor business
Samsung Electronics has appointed Jun Young-hyun as the head of its semiconductor business to enhance its competitiveness amid challenging global market conditions.
This strategic leadership change follows Samsung’s worst semiconductor performance in 15 years, marked by a significant loss and criticism for falling behind in high-bandwidth memory (HBM) technologies crucial for AI chips.
As Samsung faces increasing competition from SK Hynix, particularly in supplying HBM to major clients like Nvidia, the company is focusing on restructuring and innovation. With Jun’s extensive experience and a new roadmap for advanced HBMs, Samsung aims to regain its competitive edge in the semiconductor industry.
Samsung and LG to clash in robotics market with advanced AI innovations
Samsung Electronics and LG Electronics are set to compete in the robotics market, moving beyond AI appliances.
Samsung has restructured its organization and recruited experts, including completing its first wearable robot, Bot Fit, for launch this year. They are also developing humanoid robots, which is of significant interest to Chairman Lee Jae-yong.
Meanwhile, LG is enhancing its AI-powered robot CLOi with Google’s Gemini AI, set to be showcased at the Google Cloud Summit and potentially released later this year. Both companies are strategically expanding their presence in both B2B and B2C robotics markets.
Overseas direct purchases are surging in South Korea
On May 20, the Presidential Office of South Korea issued an official apology for the confusion caused by the government’s announcement of new measures regarding overseas direct purchases.
S. Korea has long been considered the ‘graveyard’ of global retail giants due to the dominance of domestic retailers. However, the opening of international markets in the 2010s began to stir dissatisfaction among consumers. At that time the question arose: “Why should we pay more for products in Korea when they are cheaper overseas?”
The market for overseas direct purchases in South Korea has grown from 2.51 million transactions in 2009 to 131.44 million last year, a 52-fold increase.
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