my timesThe Korea Times
Business

Companies

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

Nexen Tire aims to improve virtual development capability

Nexen Tire said its virtual development capability is the firm’s next major growth engine, as an increasing number of global carmakers place stronger emphasis on the technology when awarding contracts to tire makers. In a meeting with reporters at its research institute — Nexen UniverCITY — the firm’s chief technology officer underscored the strategy of making up for its weakness in production capacity and corporate size by enhancing its virtual development capability. “We have to get off to a faster start than our rivals in terms of developmental efficiency, as we can no longer compete with our rivals in a conventional way,” Kim Jong-myong, chief technology officer at Nexen Tire, said during a guided tour of the facility in western Seoul. Nexen Tire hopes to focus on enhancing the overall efficiency in developing new tires by introducing relevant tools. “The focus is now on virtual research by utilizing a series of simulation tools and artificial intelligence (AI),” he said. Nexen Tire also spoke highly of its recent introduction of the high-dynamic driving simulator. The

Dec 4, 2025By Lee Min-hyung
Nexen Tire aims to improve virtual development capability

Coupang faces possibility of record fine over massive data breach

Coupang faces the possibility of a record fine by the data protection regulator after the New York-listed e-commerce giant suffered a massive breach of customer information, according to industry sources Thursday. The Personal Information Protection Commission (PIPC) has vowed stern action after Coupang said last week that the personal information of 33.7 million customers had been compromised, raising questions about the size of the fine the company could face. Under the personal information protection law, companies that suffer personal information leaks can be fined up to 3 percent of their total sales, although sales from businesses unrelated to the violation can be excluded. Based on Coupang's sales last year of 41 trillion won ($27.8 billion), the company could have a fine of up to 1.2 trillion won imposed. In August, the privacy watchdog fined wireless carrier SK Telecom a record 134.8 billion won ($91.9 million) over a data breach that affected 23 million users. While it marked the highest-ever penalty levied by the regulator, it fell far short of the highest possible amount that

Dec 4, 2025By Yonhap
Coupang faces possibility of record fine over massive data breach

Hyundai Motor set to revamp software strategy amid Tesla’s FSD launch

Hyundai Motor Group is set to revamp its software strategy, after the head of the carmaker’s global software center offered to step down apparently due to the firm’s little progress in autonomous driving. According to the industry, Hyundai Motor President Song Chang-hyun, who spearheaded the carmaker’s software-defined vehicle (SDV) business, recently resigned from his post. The carmaker did not elaborate on the reason behind his abrupt departure, but Song appears to have taken responsibility for the lack of tangible outcomes in the carmaker’s autonomous driving technologies, compared with its overseas counterparts such as Tesla. Tesla recently started its Full Self-Driving (FSD) service for Korean customers. The Level 2 partial self-driving draws satisfactory responses from a number of Tesla Model S and Model X owners here, as the quasi-autonomous driving service enables them to drastically reduce fatigue on the road. However, Hyundai Motor Group, as a latecomer in autonomous driving, still faces a tough time catching up with Tesla. “It was not an easy journey for us to create

Dec 4, 2025By Lee Min-hyung
Hyundai Motor set to revamp software strategy amid Tesla’s FSD launch

No. of Coupang daily users hits record high despite customer data breach

The number of daily users of e-commerce platform Coupang rose to an all-time high even after its operator announced a massive data breach last week, industry data showed Thursday. According to industry tracker IGAWorks, Coupang's daily active users (DAU) reached 17.98 million on Monday, the highest level since the firm began compiling such data. Coupang's DAU also came in at 17.45 million on Sunday, surpassing the 17 million mark for the first time. The record-breaking figures came shortly after Coupang revealed Saturday that the personal information of 33.7 million customers had been compromised. The affected data includes names, phone numbers, email addresses and delivery details of nearly all Coupang members. The app's DAU hovered around 16 million between Nov. 24 and Saturday, but rose sharply to surpass the 17 million mark after the data breach announcement. For November overall, the platform's monthly active users reached 34.42 million, the highest monthly figure recorded. Industry insiders said most customers who have not suffered direct damage from the breach appear to be continuin

Dec 4, 2025By Yonhap
No. of Coupang daily users hits record high despite customer data breach

Watchdog to probe Coupang over complex account deletion procedure

Korea's media watchdog said Thursday it will launch a fact-finding probe into e-commerce giant Coupang over allegations that the company made its account deletion procedure deliberately complex, following a massive data breach. The Korea Media Communications Commission (KMCC) said it will examine whether Coupang's current account deletion procedure violates the Telecommunications Business Act, which prohibits service providers from restricting users' rights to cancel or terminate their accounts. The probe comes amid criticism that users who wish to delete their Coupang account must go through excessive steps, including entering their password twice, completing a survey and performing other procedures. "Such steps to terminate accounts are seen to cause significant inconvenience to users, and we have launched an emergency investigation," the KMCC said in a release. The KMCC said it plans to impose fines and corrective orders if it identifies any violations by Coupang under the business act. Last week, the U.S.-listed e-commerce giant said the personal information of 33.7 million customers

Dec 4, 2025By Yonhap
Watchdog to probe Coupang over complex account deletion procedure

HD Hyundai aims for W100 tril. in sales by 2030 through renewed strategies

Shipbuilding and heavy engineering conglomerate HD Hyundai set up its goal of achieving annual sales of 100 trillion won ($68 billion) by 2030 by cementing its shipbuilding arm’s global leadership and bolstering mechanical and energy businesses. According to the group, Thursday, the sales goal was set up during a group-wide strategy meeting involving HD Hyundai Chairman Chung Ki-sun and 31 other top executives of its units including HD Hyundai Heavy Industries, HD Korea Shipbuilding & Offshore Engineering and HD Hyundai Oilbank. The participants recognized that the group is in a tight global competition with China in its key businesses such as shipbuilding, construction machinery and energy. They also shared concerns about rising global protectionism across the United States, Europe and China driving countries to invest less in foreign trade and more in domestic expansion. The 100 trillion won milestone is part of the group’s long-term goals despite the pressing geopolitical conditions. The vision also includes advancing eco-friendly, digital and artificial intelligence initiatives

Dec 4, 2025By Ko Dong-hwan
HD Hyundai aims for W100 tril. in sales by 2030 through renewed strategies

POSCO Future M teams up with US Factorial for solid-state battery tech

POSCO Future M, a secondary battery material company, will cooperate with Factorial, a U.S. solid-state battery technology firm, to develop solid-state battery materials, the companies said Thursday. The two sides signed a memorandum of understanding (MOU) on the sidelines of the Future Battery Forum in Berlin on Nov. 25. Under the MOU, the two companies plan to explore cooperation in developing materials for solid-state batteries. Solid-state batteries use solid electrolytes between the cathode and anode materials of a battery cell, enabling higher safety, energy density and charging performance compared to conventional lithium-ion batteries. Factorial is considered a frontrunner in developing solid-state batteries. It is headquartered in Massachusetts and has a pilot production facility in Cheonan, South Chungcheong Province. POSCO Future M said the partnership came after Factorial tested cathode material samples from various material firms, and concluded that POSCO Future M’s materials demonstrated good performances. POSCO Future M is now developing cathode materials for solid-state

Dec 4, 2025By Nam Hyun-woo
POSCO Future M teams up with US Factorial for solid-state battery tech

Coupang data breach threatens livelihoods of small online vendors

A small business owner who sells baby care products on Coupang said the recent large-scale data breach at the e-commerce giant has dealt a direct blow to the livelihoods of marketplace sellers. In a post on an online self-employed community, the merchant wrote, “About 70 percent of our online sales come from Coupang, but orders have dropped by 30 percent since the breach,” adding that a prolonged slump would worsen inventory pressure and operating costs. Another seller in the health supplement category voiced similar concerns. “Ad spending that used to run out within a day or two is barely being used now because traffic has plunged.” The merchant added that growing consumer distrust of the platform is freezing overall sales momentum. As Coupang’s data breach continues to unfold, small business owners are becoming increasingly anxious, with declining consumer activity — from hesitant spending to users abandoning the platform — already translating into tangible revenue losses. Coupang, which specializes in next-day delivery of groceries and daily necessities, is one of Korea

Dec 4, 2025By Jun Ji-hye
Coupang data breach threatens livelihoods of small online vendors

LS Electric completes new high-voltage transformer facilities in Busan

LS Electric said Thursday it has completed the second ultrahigh-voltage power transformer plant at its Busan complex, in an effort to accelerate its push into the North American and other global transformer markets. LS Electric Chairman Koo Ja-kyun, LS Group Chairman Koo Ja-eun, Busan Mayor Park Heong-joon and nearly 200 dignitaries attended the completion ceremony held at the plant in Gangseo District, Busan. The second plant occupies 18,059 square meters of land in the Busan complex, which is 1.3 times bigger than the first plant. LS Electric has invested 100.8 billion won ($68.4 million) for the second plant, whose output is 2.3 times higher than the first. With the expansion, LS Electric’s Busan complex will boost its annual production capacity for ultrahigh-voltage transformers from 200 billion won to 600 billion won. Based on its expanded capacity, the company expects 1 trillion won of revenue from the complex next year. “The aggressive investment is aimed at expanding our market share in the global ultrahigh-voltage transformer market,” LS Electric Chairman Koo said. “Since

Dec 4, 2025By Nam Hyun-woo
LS Electric completes new high-voltage transformer facilities in Busan

OpenAI Korea's new head vows to become best partner for AI transformation

Kim Kyoung-hoon, the new head of OpenAI Korea, said Thursday that the U.S.-based ChatGPT developer is moving ahead with its Stargate project, the company's overarching artificial intelligence (AI) infrastructure program, on a dual-track system in partnership with Samsung Group and SK Group. "We are proceeding with two Stargate projects," Kim, who was recently appointed as general manager at OpenAI Korea, said in a press conference in downtown Seoul. "Coincidentally, our Stargate team from the U.S. headquarters came to Korea this week and met with officials from our partners, Samsung and SK." In October, OpenAI signed separate initial agreements with Samsung and SK for the supply of memory chips tied to the Stargate project, which aims to build global AI infrastructure. The deals were announced during Chief Executive Officer (CEO) Sam Altman's visit to Seoul. The program with SK Group includes plans to build a data center in the country's southwestern region, while the partnership with Samsung covers the joint development of experimental floating data centers. "They are at a very early or

Dec 4, 2025By Yonhap
OpenAI Korea's new head vows to become best partner for AI transformation
previous page
147148149150151
next page

Most Read in Business