South Korea’s SK Hynix Inc, the world’s second-largest memorychip manufacturer, yesterday announced it would spend 46 trillion won (US$38.9 billion) in facility investments over the next 10 years.
The plan was unveiled by SK Group chairman Chey Tae-won — newly released from prison by a presidential pardon — at a dedication ceremony for a new chip plant in Icheon, 80km southeast of Seoul.
The new plant is to eventually attract a total of 15 trillion won investment, with the remaining 31 trillion won going to building two more chip manufacturing plants — one in Icheon and the other in the city of Cheongju.
Photo: Reuters
SK Hynix reported a 65 percent year-on-year increase in second-quarter net profit, missing analyst estimates, as slowing demand for PCs and smartphones dampened memorychip prices.
Chey, 54, received his pardon on Aug. 13 after serving 31 months of a 48-month prison sentence for embezzling 46.5 billion won from two SK Group affiliates.
South Korean President Park Geun-hye said her decision to free Chey had been motivated by a need to “revitalize the economy.”
On his release from prison, Chey promised to work for the “economic and social development of our nation.”
On Tuesday, US President Donald Trump weighed in on a pressing national issue: The rebranding of a restaurant chain. Last week, Cracker Barrel, a Tennessee company whose nationwide locations lean heavily on a cozy, old-timey aesthetic — “rocking chairs on the porch, a warm fire in the hearth, peg games on the table” — announced it was updating its logo. Uncle Herschel, the man who once appeared next to the letters with a barrel, was gone. It sparked ire on the right, with Donald Trump Jr leading a charge against the rebranding: “WTF is wrong with Cracker Barrel?!” Later, Trump Sr weighed
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