Business - The Korea Times

Nerdy unveils 2025 F/W collection under new brand name NDY

Streetwear brand Nerdy has officially rebranded as NDY — short for Not Defined Yet — marking a fresh start with the launch of its 2025 fall/winter collection. The brand announced the name change and unveiled the new lineup Tuesday on its official online store. Since its launch in 2017, Nerdy has stood out for its vibrant and bold color palette and distinctive designs that embody a casual yet sporty streetwear aesthetic. The brand said the new name reflects its ambition to expand its identity, to keep pace with fast-changing fashion trends and further broaden its customer base. “NDY will continue to pursue designs that go beyond Nerdy’s free-spirited and statement-making styling, taking a step further to focus on fashion that embraces liberated transformation,” the company said. “We look forward to consumers’ interest and excitement for NDY’s new journey.” NDY also has a new tagline: “Define Nothing. Be Everything.” It represents the brand’s philosophy of breaking molds to create endless new possibilities and embracing evolution. While Nerdy championed individuality

Aug 20, 2025By Lee Gyu-lee

Petrochemical companies accept 25% NCC capacity cut amid oversupply crisis

Korea's 10 leading petrochemical firms agreed Wednesday to reduce the combined output from their naphtha cracking centers (NCCs) nationwide by up to 25 percent, or 3.7 million tons, in an effort by the government and industry to revive the ailing sector. For the goal, the companies will submit their own self-rescue plans to improve competitiveness by the end of the year, which are likely to contain restructuring of each company as well as merger and takeovers among them. The government made it clear that each company's efforts are a prerequisite for eased regulations, financial support and tax incentives aimed at revitalizing the petrochemical industry. The scheme has come as the industry has been struggling with a prolonged recession fueled by oversupply from China and the Middle East. According to the government, the 25 percent cutback goal is based on Boston Consulting Group's advice that Korean NCCs should reduce their total output by at least 2.7 million tons and up to 3.7 million tons annually. The government said domestic NCC output will reach 14.7 million tons once S-Oil complet

Aug 20, 2025By Park Jae-hyuk

Petrochemical companies accept 25% NCC capacity cut amid oversupply crisis

SPC donates delivery trucks to Foodbank, remains largest donor

SPC is extending its record of donating to Korea Foodbank by providing two cold chain delivery trucks and promising to deliver 10 more in five years, the major food product conglomerate said Wednesday. SPC CEO Do Se-ho on Monday met Korea National Council on Social Welfare President Kim Sung-yi at SPC Future Creation Institute in Seoul’s Dongjak District for a truck donation ceremony. The state-run agency under the Ministry of Health and Welfare manages the free food provider for those living in poverty. SPC previously signed a cold chain truck supply deal with the agency in 2022, helping the philanthropic group distribute food under controlled temperatures. The company has previously donated eight cold chain trucks to the agency. SPC remains the country’s largest donor to Korea Foodbank. Its total donation value so far has reached 327 billion won ($234 million) with an annual average donation of 16.9 billion won since the beneficiary group’s establishment in 1998. Last year, 7 percent of the overall food value Korea Foodbank received was contributed by SPC. “As a food company, S

Aug 20, 2025By Ko Dong-hwan

SPC donates delivery trucks to Foodbank, remains largest donor

InterviewToff Mobility's e-mobility dream soars with Korea's 1st electric planes

GOYANG, Gyeonggi Province — Toff Mobility is altering the dynamics of Korea’s aviation industry. To replace fossil fuel-based planes that are dominating the sky, it is bringing in an alternative that runs on electricity for the first time here. Beyond conventional planes, the company has signed a deal with a Chinese firm to import large-size drones for deployment for critical, life-saving purposes like wildfire control or medical assistance. The Seoul-based startup established just two years ago is already soaring high with its e-mobility dream. That dream not only solves the carbon emission problem; it is creating new paths in the air. Toff Mobility CEO Jaden Jung, a commercial pilot, currently awaits the government’s approval on commercial use of the company’s electric planes. He said only one more flight remains until completion of the test by the Korea Institute of Aviation Safety Technology under the Ministry of Land, Infrastructure and Transport. Being tested is the Velis Electro aircraft made by Slovenia-based Pipistrel, a subsidiary of major American small-size plane man

Aug 20, 2025By Ko Dong-hwan

Toff Mobility's e-mobility dream soars with Korea's 1st electric planes

Nongshim to launch 'KPop Demon Hunters'-themed products

Nongshim, Korea's leading instant noodle maker, said Wednesday it will release flagship products featuring characters from the global hit animated movie "KPop Demon Hunters" later this month. The company's bestselling Shin Ramyun and Shrimp Crackers will roll out in new packages themed with popular characters from the animation, including Rumi, Zoey, Saja Boys and Derpy the tiger, starting late August, according to Nongshim. The company's new sauce product, Shin Toomba Sauce, also set for launch later this month, will be part of the collaboration. The limited-edition products will be available in Korea, North America, Europe, Oceania and Southeast Asia. Nongshim also plans to launch special cup noodles modeled after those eaten by members of the fictional K-pop group Huntrix in the movie, alongside a series of global on- and offline promotional events. Released in June, the Netflix original movie tells the story of a girl group who protects the human world from evil spirits. It became a global phenomenon as the movie ranked second on Netflix's most-popular movies list with 210.5 million vi

Aug 20, 2025By Yonhap

Nongshim to launch 'KPop Demon Hunters'-themed products

SK On-Ford JV begins battery production at Kentucky plant

SK On, the battery-making unit of Korea's SK Group, said Wednesday its 50:50 joint venture with Ford Motor has begun commercial production of electric vehicle (EV) batteries at its first Kentucky plant. SK On and Ford established BlueOval SK in July 2022 with plans to invest 16 trillion won ($11.4 billion) in three U.S. battery plants — two in Kentucky and one in Tennessee. Batteries produced at the Kentucky 1 plant will power Ford's all-electric F-150 Lightning pickup truck and the extended-range E-Transit cargo van, the joint venture said in a press release. "The start of production is a significant milestone that strengthens our position in the EV battery market," BlueOval SK Chief Executive Officer Michael Adams said. "BlueOval SK is creating good-paying American jobs, strengthening the domestic supply chain and driving the transition to zero-emissions transportation." The joint venture plans to start operations at its Tennessee plant next year, while the timeline for the Kentucky 2 plant has yet to be decided. Amid sweeping U.S. import tariffs, SK On has been expanding its manufact

Aug 20, 2025By Yonhap

SK On-Ford JV begins battery production at Kentucky plant

TEST DRIVE Kia’s PV5 electric van gets back to basics of modern vehicles

GOYANG, Gyeonggi Province — Kia’s much-touted modular van, the PV5, stays true to the fundamental purpose of modern vehicles: carrying humans, goods and services. The multipurpose electric van made its global debut in February, about a year after the carmaker’s fresh concept of the platform beyond vehicle was unveiled at the 2024 CES in Las Vegas. The PV5 comes in two types — Passenger and Cargo — depending on the purpose of its delivery. For those who want to use it as a family vehicle, the PV5 Passenger offers comfortable and spacious indoor experiences. The five-seater electric van was smooth yet powerful on first acceleration during the ride from KINTEX in Goyang, a city just northwest of Seoul, to a cafe on Yeongjong Island in Incheon. It took 30 minutes for a one-way trip to the destination. Shattering widespread perception that vans are less comfortable than sedans or SUVs, the PV5 Passenger model was quiet enough for this reporter to feel as if the vehicle is similar to electric SUVs. The electric engine enabled the vehicle to minimize any vibrations from the road to the

Aug 20, 2025By Lee Min-hyung

[TEST DRIVE] Kia’s PV5 electric van gets back to basics of modern vehicles

Gov’t orders probe into KHNP’s nuclear deal with US Westinghouse

The presidential office Tuesday ordered an investigation into allegations that the state-run Korea Hydro & Nuclear Power (KHNP) struck an unfair deal with U.S.-based nuclear technology firm Westinghouse to resolve a legal conflict that had stalled KHNP’s nuclear power project in the Czech Republic. Presidential chief of staff Kang Hoon-sik instructed the Ministry of Trade, Industry and Energy to thoroughly examine the agreement between KHNP, the state-run utility Korea Electric Power Corp. (KEPCO) and Westinghouse, following concerns that the deal may have been unfavorable for Korea. “KHNP and KEPCO are public entities,” presidential spokesperson Kang Yu-jung said during a briefing. “The presidential chief of staff has instructed an investigation into two matters: whether the deal with Westinghouse had a proper legal basis, and whether all the rules and procedures were followed in the signing process.” In January, KHNP and KEPCO reached an agreement with Westinghouse to resolve an intellectual property (IP) dispute over the APR1000 nuclear reactor technology, which KHNP has be

Aug 19, 2025By Lee Gyu-lee

Gov’t orders probe into KHNP’s nuclear deal with US Westinghouse

Lee meets Korea’s top biz leaders before Trump summit

President Lee Jae Myung on Tuesday met Samsung Electronics Executive Chairman Lee Jae-yong and other top business leaders who are set to join the president on his visit to the United States next week, in an apparent effort to explore Seoul’s responses to Washington’s investment push. According to the presidential office, President Lee and the business leaders shared their views and opinions on the current economic and business landscape ahead of his summit with Japanese Prime Minister Shigeru Ishiba on Saturday and U.S. President Donald Trump on Monday. Attending the meeting were business leaders from the shipbuilding, semiconductor, automotive, defense, biotechnology and energy sectors. Participants included Samsung Electronics Executive Chairman Lee Jae-yong, Korea Chamber of Commerce and Industry and SK Group Chairman Chey Tae-won, LG Group Chairman Koo Kwang-mo, Hanwha Group Vice Chairman Kim Dong-kwan, Federation of Korean Industries Chairman Ryu Jin, Doosan Enerbility Chairman Park Gee-won, Hanjin Group Chairman Cho Won-tae, Celltrion Chairman Seo Jung-jin and Hyundai Motor Gr

Aug 19, 2025By Nam Hyun-woo

Lee meets Korea’s top biz leaders before Trump summit

FTC’s regulatory push clouds Mercedes-Benz Korea’s EV prospects

Mercedes-Benz Korea faces another major regulatory risk in its electric vehicle (EV) business, as the Fair Trade Commission (FTC) is on the verge of slapping sanctions on the carmaker for advertising allegedly deceptive battery information. The investigation was the result of a controversy dating back to August last year, after one of the carmaker’s EQE electric sedans caught fire in the underground parking lot of an apartment complex in Incheon. The fire caused significant damage to the facility and to hundreds of vehicles parked nearby. Last week, the antitrust watchdog reached the conclusion that the local subsidiary of the German luxury carmaker should be sanctioned for its alleged violation of fair trade and advertising acts and notified the company accordingly. The company is suspected of having claimed in promotional materials that the vehicle’s battery was sourced from CATL, the world’s largest battery firm, but the car involved in the fire was actually equipped with a battery manufactured by Farasis Energy, a less popular Chinese brand. The FTC has since conducted multiple

Aug 19, 2025By Lee Min-hyung

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