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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.

Hyundai Steel wins award for climate change response

Hyundai Steel has won a renowned award from the Carbon Disclosure Project (CDP) for its excellence in responding to climate change, the steelmaker said Thursday. The company received the Carbon Management Sector Honors at the 2024 CDP Korea Awards last month, earning high recognition for its efforts to establish an eco-friendly production system focused on carbon reduction and for transparently disclosing its environmental management information, the company said. The company set up a roadmap to achieve carbon neutrality by 2050 by making relevant investments to establish an eco-friendly electric furnace. The Carbon Management Sector Honors are awarded to the top three companies in each industry that receive the highest ratings for their carbon-neutral management. “The award has allowed us to win the trust of stakeholders both domestically and internationally and provide valuable investment information to interested parties,” a Hyundai Steel official said. “We will continue to enhance our climate change response capabilities by implementing carbon reduction plans in line with our ca

May 22, 2025By Lee Min-hyung
Hyundai Steel wins award for climate change response

Hyundai, Kia partner with Incheon Int'l Airport to test AI-based EV charging robot

Hyundai Motor and Kia said Thursday they have partnered with Incheon International Airport Corp. for real-world testing of their artificial intelligence (AI)-powered automatic charging robot (ACR) for electric vehicles (EVs). Under a memorandum of understanding, the companies will conduct a pilot test program of the ACR system at the airport, laying the groundwork to expand the use of robotic EV charging to airport environments. Incheon International Airport, which already has the country's largest eco-friendly vehicle infrastructure, plans to install 1,110 EV chargers by 2026, making it an ideal test bed for the new technology. Hyundai Motor and Kia's Robotics Lab will provide both the hardware and software solutions for the pilot program, while working with airport officials to develop optimized service scenarios. The airport will deploy the charging robot on a fleet of eco-friendly airport vehicles and gather user feedback to evaluate the system's usability and effectiveness. "This marks an important turning point in validating the practical value of future mobility technologies," said

May 22, 2025By Yonhap
Hyundai, Kia partner with Incheon Int'l Airport to test AI-based EV charging robot

Antitrust watchdog in dilemma over Google’s proposal to halt cross-sales of YouTube Music

The nation’s antitrust watchdog is stuck in a dilemma over whether to accept Google Korea’s proposal that it would stop bundling YouTube Music with its YouTube Premium subscription service amid unresolved trade tensions between Seoul and Washington. The latest decision from Google came in response to the Fair Trade Commission's (FTC) ongoing investigation into what the authority considered “anti-competitive cross-sales practices” done by the market-dominant platform firm. The bundled YouTube Premium subscription plans are offered only to Korean users. The watchdog started reviewing Google's proposal on Thursday, and it will take at least a couple of months to decide whether to accept it and close the investigation. Once the FTC comes to terms with Google Korea, the company will go unpunished over the high-profile investigation and the business activities which have continued for the past seven years here, which the authority viewed as "unfair." However, the FTC is not likely to give a flat refusal to the proposal due to the possibility of U.S. trade retaliation. Seoul is in trade

May 22, 2025By Lee Min-hyung
Antitrust watchdog in dilemma over Google’s proposal to halt cross-sales of YouTube Music

LIG Nex1 targets global market with multilayered integrated air defense system

LIG Nex1 is accelerating its global expansion with a domestically developed, multilayered integrated air defense system that covers threats from low to high altitudes. In close cooperation with the Defense Acquisition Program Administration and the Agency for Defense Development, the company has played a pivotal role in advancing Korea’s self-reliant defense capabilities by developing and mass-producing advanced weapon systems across all domains — land, sea and air. In particular, LIG Nex1 has served as the prime contractor and systems integrator for several key air defense systems, significantly strengthening the Korean military’s defense capabilities. These include the Cheongung-II, a medium-range, medium-altitude surface-to-air interceptor, and the L-SAM, a long-range, high-altitude interception system. The company also leads the domestic development of other vital systems, such as the Low-Altitude Missile Defense system — which detects, tracks and intercepts multiple long-range artillery threats in minimal time — and the close-in weapon system CIWS-II. Furthermore, LIG Nex1

May 22, 2025By Nam Hyun-woo
LIG Nex1 targets global market with multilayered integrated air defense system

Samsung Biologics to spin off Bioepis as independent firm

Biopharmaceutical contract manufacturer Samsung Biologics will spin off its wholly owned biosimilar subsidiary Samsung Bioepis, in a move aimed at easing concerns from client drugmakers over potential conflicts of interest and enhancing the corporate value of both companies, the two firms said Thursday. In a regulatory filing, Biologics announced that it will spin off a business division overseeing its subsidiary and new investments to create Samsung Epis Holdings. The holding company will then take over the 100 percent stake in Bioepis from Biologics. When the spin-off is completed, only the contract development and manufacturing organization (CDMO) business will remain in Biologics, while Epis Holdings will have a 100 percent stake in Bioepis. This means that its order-based CDMO business and new biosimilar drug business will be completely separated. The holding firm will also establish new biopharmaceutical platform subsidiaries. After the spin-off, shareholders with 100 Biologics shares will receive approximately 65 Biologics shares and 35 Epis Holdings shares. The ratio was set bas

May 22, 2025By Nam Hyun-woo
Samsung Biologics to spin off Bioepis as independent firm

Naver founder, Nvidia CEO Jensen Huang discuss AI cooperation in Taiwan

Lee Hae-jin, founder of South Korea's top portal Naver Corp., met with Nvidia Corp. Chief Executive Officer (CEO) Jensen Huang in Taiwan on Thursday to discuss cooperation in artificial intelligence (AI) and other key areas, industry sources said. During the meeting, Lee, who serves as chairman of the company's board, discussed with Jensen Huang and other Nvidia officials ways to enhance cooperation and explore potential collaboration in sovereign AI and other areas, according to the sources. Lee was in Taiwan to attend the Computex 2025 tech exhibition in Taiwan, accompanied by Naver CEO Choi Soo-yeon and other top executives, they added. It marks Lee's first known overseas business trip since his appointment as the board chairman in March. The appointment was widely seen as a strategic move to lead the company through intensifying global competition in big tech and artificial intelligence (AI). Lee previously met with Huang at Nvidia's U.S. headquarters in June 2024 while serving as Naver's global investment officer. Then, the two discussed issues related to sovereign AI, which refers t

May 22, 2025By Yonhap
Naver founder, Nvidia CEO Jensen Huang discuss AI cooperation in Taiwan

Kakao spins off online portal Daum to revive competitiveness

Korea's internet giant Kakao said Thursday it has spun off Daum, the country's second-largest internet portal, in a bid to revive the platform's competitiveness amid a declining market share. During a board of directors meeting, Kakao approved the plan to spin off the in-house team managing Daum and set it up as a new, wholly owned subsidiary, according to the company. The new entity will take over Daum's core services, including its flagship email and search offerings, as well as its online community, shopping and news platforms. Kakao emphasized that the move is intended to enhance management efficiency and boost competitiveness, rejecting speculation that it plans to sell the portal business. "We have taken the first step to build an environment that can swiftly respond to intensifying market competition," said Yang Joo-il, who has been named the head of the new entity. "We will focus on new experiments and challenges to create opportunities for a second chance for the portal, supported by a faster and more flexible decision-making structure." The spinoff comes 11 years after Daum merge

May 22, 2025By Yonhap
Kakao spins off online portal Daum to revive competitiveness

REPORTER’S NOTEBOOKTrump Jr., Musk put Korea in dilemma

DOHA, Qatar — Despite the participation of two of the world's most eye-catching newsmakers — Donald Trump Jr. and Elon Musk — it was difficult to spot representatives from large Korean companies during the Qatar Economic Forum this week. The only Korean business people seen at the event seemed to be a few startup executives, as well as Samsung C&T officials who attended because of their partnership with the Qatar Free Zones Authority. In the remarks delivered by these two key aides to U.S. President Donald Trump, however, there were some points that the Korean government and companies need to consider — even though the president's oldest son did not mention his Seoul visit last month and the Tesla CEO did not talk about Korea's low birthrate this time. Walking a fine line between politics and business, the two implied they will remain pivotal for governments and companies seeking to reach out to the U.S. administration. Both also did not hesitate to defend Trump's policies from critics during the forum. Trump Jr., who ruled out any deals between the companies he leads and governme

May 22, 2025By Park Jae-hyuk
Trump Jr., Musk put Korea in dilemma
  • Global business leaders come to Doha seeking answers to US policy uncertainties

SK hynix develops new flash storage chip using 321-layer NAND

SK hynix said Thursday it has developed a mobile universal flash storage (UFS) chip based on the world's highest 321-layer 1 terabit NAND flash technology, delivering faster, more power-efficient data processing tailored for on-device artificial intelligence (AI). The new UFS 4.1 product offers a 7 percent improvement in power efficiency compared with the previous generation, which used 238-layer NAND, according to SK hynix. At just 0.85 millimeter thick, slimmer than the previous 1-mm model, the chip is designed to fit into ultra-slim smartphones. It supports sequential read speeds of 4,300 megabytes per second, the fastest for any fourth-generation UFS product to date. In addition, it delivers best-in-class performance with random read and write speeds improved by 15 percent and 40 percent, respectively. SK hynix said the new UFS 4.1 will meet growing market demands for high performance and low power consumption in NAND solutions, ensuring stable operation for AI-powered mobile devices. "We are on track to expand our position as a full-stack AI memory provider in the NAND space by buildi

May 22, 2025By Yonhap
SK hynix develops new flash storage chip using 321-layer NAND

SK earthon secures rights to explore 2 offshore oil blocks in Indonesia

SK earthon, the energy exploration unit of Korea's SK Group, said Thursday it has won exploration rights to two offshore oil and gas blocks in Indonesia. The company said it recently signed production sharing contracts (PSCs) for the Serpang block near Java Island and the Binaiya block near the Maluku Islands with Indonesia's oil and gas regulatory body, in a ceremony attended by Indonesian President Prabowo Subianto and Energy and Mineral Resources Minister Bahlil Lahadalia. Under a PSC, the contractor bears the cost and risk of exploration and development, and shares production output with the host government. Each block spans approximately 8,500 square kilometers, roughly 14 times the size of Seoul. The Serpang block is considered one of Indonesia's most promising petroleum regions, with nearby blocks already in active production. Its undiscovered petroleum resources are estimated at up to 1.2 billion barrels of oil. SK earthon holds a 14 percent stake in the Serpang block, while Malaysia's state-owned Petronas and Japan's Inpex own 51 percent and 35 percent stakes, respectively. The B

May 22, 2025By Yonhap
SK earthon secures rights to explore 2 offshore oil blocks in Indonesia
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