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  • Tech & Science

    Tech leaders showcase technology at Quantum Korea 2026

    Leading technology companies and institutions showcased their latest quantum technology developments at Quantum Korea 2026, which opened on Thursday, as the government seeks to position Korea as a global leader in quantum technology through various policy initiatives. Hosted by the Ministry of Science and ICT since 2023, Quantum Korea will run through Saturday. This year’s edition focuses on how quantum technologies are being implemented and used in actual settings. A total of 56 companies and research organizations from 12 countries, including SK Telecom and KT, participated in the event, displaying quantum computer models and showcasing technologies that use quantum-based encryption and other security solutions. The telecom companies focused on quantum security solutions, as advances in quantum computing are expected to increase the risk of existing encryption systems being compromised. The key concept in their exhibitions was quantum key distribution (QKD) technology. QKD sends encryption keys using the quantum states of photons. Because observing a photon changes its quantum state,

    2 MIN READBy Nam Hyun-woo
    Tech leaders showcase technology at Quantum Korea 2026
  • Companies

    Korea expresses regret over US House committee’s 'lopsided' Coupang report

    2 MIN READBy Ko Dong-hwan
    Korea expresses regret over US House committee’s 'lopsided' Coupang report
  • Companies

    KEPCO rallies industry to commercialize direct current power systems

    2 MIN READBy Lee Kyung-min
    KEPCO rallies industry to commercialize direct current power systems
  • Companies

    BYD Korea looks to offset subsidy exclusion with PHEV sales

    2 MIN READBy Lee Min-hyung
    BYD Korea looks to offset subsidy exclusion with PHEV sales
  • Companies

    POSCO resets portfolio, expands into energy, lithium

    2 MIN READBy Ko Dong-hwan
    POSCO resets portfolio, expands into energy, lithium
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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.

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Companies

MASGA fuels job loss fears in Korea, US

Shipyard workers in both Korea and the United States are expressing concerns about their job security following the two countries' agreement to strengthen cooperation in the shipbuilding sector through the so-called Make American Shipbuilding Great Again (MASGA) project, a $150 billion initiative aimed at revitalizing U.S. shipyards with Korean investments. Korean workers remain anxious over U.S. President Donald Trump’s request for Korean companies to build ships in U.S. territory using American labor, while their U.S. peers have criticized his proposals to purchase ships from Korea. As uncertainties persist over how Korea will raise money and invest in the U.S. shipbuilding industry, calls are growing in both countries to protect shipyard jobs. "MASGA will be impossible without the hands and skills of Korean workers," HD Hyundai Heavy Industries’ union said Wednesday as some of its members fear workforce reductions at the company’s Ulsan shipyard. Hanwha Ocean’s union also cautioned against a rosy outlook for MASGA. Ahead of the Korea-U.S. summit on Aug. 25, the Korean Metal Wor

Sep 4, 2025By Park Jae-hyuk
MASGA fuels job loss fears in Korea, US
Companies

G-Class special edition

Former footballer Cha Bum-kun, center, poses with the Mercedes-Benz G-Class Edition STRONGER THAN THE 1980s at a service center in Seoul, Thursday, alongside former baseball player Choo Shin-soo, right, and actor Lee Dong-whi. Mercedes-Benz Korea plans to sell 25 G 450 d limited-edition models in the local market. Courtesy of Mercedes-Benz Korea

Sep 4, 2025By Lee Min-hyungphoto
G-Class special edition
Companies

Starbucks Korea sees 50% jump in customers with ‘One More Coffee’ coupon

Starbucks Korea said Wednesday that customers using its “One More Coffee” program surged by 50 percent from the previous week after the company expanded the benefit to mark a membership milestone. The program, which usually covers five beverages — brewed coffee, iced coffee, Americano, cafe latte and cold brew — offers a 60 percent discount coupon for a second drink. Until now, the discounted second cup was limited to brewed coffee and Americano drinks. Starting Sept. 1, to celebrate reaching 15 million members, Starbucks expanded the promotion to all menu items for the month. The result was a sharp increase in customers opting for a second drink. Data showed that 80 percent of the coupons were used after 1 p.m., with decaf Americano and half-decaf Americano accounting for 60 percent of redemptions. With the coupon, a tall-size decaf drink cost 2,000 won ($1.5). Starbucks also added a weekend promotion for September: customers ordering delivery worth 20,000 won or more through its mobile app will receive free delivery, and the “One More Coffee” coupon can be used in combinati

Sep 4, 2025By Hankookilbo
Starbucks Korea sees 50% jump in customers with ‘One More Coffee’ coupon
Companies

SK On enters US ESS market with $1.4 bil. LFP battery deal

SK On has received its first large-scale order for energy storage systems (ESS) in the United States, signing an agreement estimated at $1.4 billion to supply up to 7.2 gigawatt-hours (GWh) of ESS products equipped with lithium iron phosphate (LFP) batteries. The Korean battery maker announced Thursday it will provide Flatiron Energy Development with 1 GWh of containerized ESS products equipped with LFP batteries starting next year for the Colorado-headquartered renewable energy firm’s project in Massachusetts. SK On also secured the right of first offer for Flatiron’s plan to additionally install 6.2 GWh of ESS in the U.S. by 2030. “This deal is meaningful because it expands both our product and business portfolios,” said Choi Dae-jin, head of ESS business at SK On. “We will keep strengthening our presence in the North American ESS market using our advanced technologies and production capabilities.” Jonathan Poor, chief operating officer and co-founder of Flatiron, said the company anticipates deploying several projects under this partnership over the coming years. SK On wil

Sep 4, 2025By Park Jae-hyuk
SK On enters US ESS market with $1.4 bil. LFP battery deal
Companies

Kia achieves 1 mil. cumulative sales in Australia after 37 years

Kia, Korea's second-largest automaker, said Thursday it has surpassed 1 million cumulative sales in Australia, 37 years after entering the Oceanian nation. The milestone was marked with a ceremony held Wednesday (local time) at a dealership in Queensland, according to the company. Kia first entered the country in 1988 and launched a local sales subsidiary in 2006. It reached 500,000 units in cumulative sales in 2018 before doubling the figure in just seven years. The Cerato, known as K4 in Korea, was Kia's bestselling model in Australia with 200,780 units sold, followed by the Sportage, Rio and Carnival models, with 188,159 units, 166,062 units and 123,854 units, respectively. "Kia has thrived in a competitive and dynamic market, backed by products that have evolved to meet changing expectations and a brand that has earned the trust of Australian customers," Damien Meredith, chief executive officer (CEO) of Kia Australia, said. "With a fresh wave of innovative models on the horizon, today's celebration marks an exciting starting point for our next chapter."

Sep 4, 2025By Yonhap
Kia achieves 1 mil. cumulative sales in Australia after 37 years
Companies

Celltrion to strengthen biosimilar lineup in Australia

Celltrion, a leading Korean biopharmaceutical company, said Thursday it will strengthen its biosimilar lineup in Australia to meet rising demand in the core Oceania market. Celltrion recently launched two biosimilars in Australia: Omlyclo, a treatment for allergic diseases, and Steqeyma, treatment for autoimmune diseases, the company said in a press release. The company plans to introduce two more biosimilars in Australia next year — Avtozma for autoimmune disease treatment and Stoboclo-Osenvelt for osteoporosis treatment. "The Australian biosimilar market is expected to expand further as local authorities provide various support measures, including a simplified approval process, to encourage adoption of biosimilars," a company spokesperson said. Previously, six Celltrion biosimilars were available in the Australian market: Remsima (sold locally as Inflectra), Remsima SC, Yuflyma, Herzuma, Truxima and Vegzelma. In the January-June period, the company posted a net profit of 171.6 billion won ($123 million) on sales of 961.5 billion won. Celltrion aims to achieve 5 trillion won in annual s

Sep 4, 2025By Yonhap
Celltrion to strengthen biosimilar lineup in Australia
Companies

SK Telecom declines panel's call to extend fee waiver after data breach

SK Telecom has declined a government panel's recommendation to extend its waiver of subscription cancellation fees through the end of the year as part of compensation for a massive data breach, industry sources said Thursday. Last month, a dispute mediation committee under the Korea Communications Commission advised the carrier to exempt fees for customers canceling their mobile service until year-end. SK Telecom had previously pledged to waive the fees for cancellations made by July 14. The sources said SK Telecom did not submit a written opinion to the panel's decision by Wednesday's deadline, effectively signaling its refusal. "We thoroughly reviewed the committee's decision but decided not to accept it after considering its impact on the company and related legal issues," an SK Telecom official said. In April, private data of more than 20 million SK Telecom users were leaked in a cyberattack on the company's network servers. In response, SK Telecom replaced the USIM chips for all 25 million users free of charge, while suspending new subscription services for two months. The company un

Sep 4, 2025By Yonhap
SK Telecom declines panel's call to extend fee waiver after data breach
Business

Korean biz groups launch new forum on revamping regulations

A group of Korean business lobbies on Thursday launched a joint forum aimed at revamping the country's corporate regulations and revitalizing growth engines. The Korea Chamber of Commerce & Industry (KCCI), the Federation of Korean Industries and the Federation of Middle Market Enterprises of Korea launched the Business Growth Forum aimed at reducing excessive regulations and punishments for the corporate community. The move came amid criticism that excessive regulations can hinder companies' business expansions. "Unless regulations differentiated by company size are abolished, we cannot achieve economic growth," SK Group Chairman Chey Tae-won, who also heads the KCCI, said in opening remarks. "Businesses should make a bet by bearing risks and seeking growth, but they are becoming reluctant without incentives to do so," Chey said. "As long as such regulations exist, businesses will opt to remain as small and medium-sized firms, or even split divisions." Chey added the government should encourage small companies to grow into conglomerates, as an increase in the number of large firms will e

Sep 4, 2025By Yonhap
Korean biz groups launch new forum on revamping regulations
Banking & Finance

Securities firms' Q2 net sharply up on commission income, FX gains

Securities companies in South Korea saw their net profit spike in the second quarter on the back of a rise in commission income and gains from foreign exchanges, data showed Thursday. The combined net profit of 60 domestic securities firms came to 2.85 trillion won ($2.05 billion) in the April-June period, up 60 percent from a profit of 1.78 trillion won a year earlier, according to the data from the Financial Supervisory Service. From three months earlier, their net profit rose 16.7 percent, the data showed. The companies' combined net income from commission fees jumped 19.6 percent on-year to 3.85 trillion won in the second quarter, aided by a surge in stock trading, while their combined income from their own investment or stock trading gained 9.2 percent to 3.24 trillion won over the cited period. Their combined assets stood at 851.7 trillion won as of end-June, up 6.7 percent from three months earlier, and debts gained 7 percent to 755.2 trillion won over the cited period. Their capital base climbed 3.9 percent on-quarter to 96.5 trillion won, the data showed. Meanwhile, three futures

Sep 4, 2025By Yonhap
Securities firms' Q2 net sharply up on commission income, FX gains
Banking & Finance

Financial worker union's push for 4.5-day workweek gains traction amid gov't backing

Demand for shorter working hours is growing within the financial sector following President Lee Jae Myung's pledge to introduce a 4.5-day workweek, industry officials said Wednesday. The Korean Financial Industry Union (KFIU), which represents labor unions at major commercial banks and the state-owned Korea Development Bank, recently announced a general strike scheduled for Sept. 26 to call for the introduction of a 4.5-day workweek. Union representatives argue that the new system could help address the country’s low birth rate and ease burdens related to childcare and education, while also boosting domestic consumption. They also claim that the financial industry should once again lead the shift in work culture, noting that the sector was the first to adopt the five-day workweek in 2002. "The 4.5-day workweek proposed by the union is not just for financial sector workers. It marks the beginning of a broader shift toward restoring work-life balance and improving overall well-being across society," said Kim Hyung-sun, the head of the union. "The overwhelming 94.98 percent approval rate

Sep 4, 2025By Lee Yeon-woo
Financial worker union's push for 4.5-day workweek gains traction amid gov't backing
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