This week U.S. President Barrack Obama scales up nationwide LED streetlight upgrade plan, aiming for conversion of 1.5 million streetlights. Things don’t look too bright for Cree, as the company slashes 300 contract worker jobs. Philips is also facing a challenging year ahead, as the company’s 4Q14 revenue falls short of expectations, despite its LED business reporting consistent growth. On the bright side, Taiwanese and Chinese LED manufacturers have cast a fairly optimistic outlook for 2015, while Korean electronic company LG has made new breakthroughs in OLED technology.