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Regulator to decide penalties for SK Telecom over major data leak next week

The data protection regulator said Thursday it will hold a plenary meeting next week to decide penalties against SK Telecom over a major data breach that affected tens of millions of customers. The Personal Information Protection Commission (PIPC) said it will convene the closed-door session next Wednesday to review proposed penalties against the country's largest telecom operator by user numbers. The results, however, may not be finalized if the commission's members require further discussions. In April, SK Telecom belatedly reported the breach, in which universal subscriber identity module (USIM) data was potentially leaked during a cyberattack on its servers, prompting the company to offer free USIM replacements to around 25 million users. The regulator earlier wrapped up an investigation into the data breach and notified SK Telecom of its planned measures late last month. Under the personal information protection law, companies can be fined up to 3 percent of their total sales, although sales from areas unrelated to the violation can be excluded from the calculation. Considering SK Tel

Aug 21, 2025By Yonhap
Regulator to decide penalties for SK Telecom over major data leak next week
Companies

Gov't orders SK Telecom to cut non-mobile cancellation fees after data breach

Korea's telecom watchdog on Thursday ordered SK Telecom to partially waive cancellation fees for non-mobile services following a major data breach that affected its 25 million mobile service users. The move came after the country's top carrier decided to limit the waiver of cancellation fees to mobile service customers. In April, the company belatedly reported its universal subscriber identity module (USIM) data was potentially leaked during an unidentified cyberattack on its servers. The dispute resolution committee of the Korea Communications Commission said customers' cancellations of their contracts, including non-mobile services, with SK Telecom are an "inevitable measure" sparked by the company's negligence. "Fixed-line services, including internet and TV, are usually sold as a combination," the commission noted in a release, acknowledging that cancellation fees for such services are considered damage caused by the data breach. The committee decided SK Telecom should bear 50 percent of the cancellation fees for such bundled services. The commission, meanwhile, also ordered SK Telecom

Aug 21, 2025By Yonhap
Gov't orders SK Telecom to cut non-mobile cancellation fees after data breach
Companies

SK Bioscience, Gates Foundation to deepen cooperation on global health

SK Bioscience, the biotech arm of Korea's SK Group, said Thursday it will expand cooperation with the Gates Foundation on next-generation preventive medicines, with a focus on research and development (R&D) for pandemic preparedness. Officials from SK Bioscience and the foundation held a meeting in Seoul on Wednesday to discuss collaboration on vaccine development and global public health projects, the company said in a press release. The meeting came amid Bill Gates' ongoing trip to Korea that began Wednesday. The two sides have previously worked together on several projects, including the development of vaccines for typhoid and pediatric diarrhea, as well as other antiviral preventive solutions, it said. One of their key achievements was the joint development of SKYCovione, Korea's first domestically developed COVID-19 vaccine, which was commercialized for domestic use in 2022. Gates, who has led global initiatives on climate change, poverty reduction and public health through the foundation, is visiting Korea to explore possible cooperation with local pharmaceutical companies on a vac

Aug 21, 2025By Yonhap
SK Bioscience, Gates Foundation to deepen cooperation on global health
Companies

Hyundai Steel wins Red Dot award for website design

Hyundai Steel has earned the Red Dot Design Award for improving user accessibility to its newly revamped official website, the steelmaker said Wednesday. The company was recognized for effectively presenting the gravity and professionalism of the steel industry with the redesigned online communication channel, the firm said. The Red Dot Design Award is one of the world’s most prestigious design competitions with a history of some 70 years. Each year, it recognizes outstanding works in three categories: product design, design concept and brand and communication design. Hyundai Steel won the award in the brand and communication design category. The company was lauded for enhancing both engagement and accessibility of the website in a more user-friendly manner. The new site was developed under the concept of “Heavy Steel, Light Experience.” The company showcased its decades-long history, innovations and future vision in a more intuitive interface. Hyundai Steel used 3D graphics and vibrant color to improve user experiences, so visitors have easier access to its corporate information si

Aug 21, 2025By Lee Min-hyung
Hyundai Steel wins Red Dot award for website design
Companies

Hyundai, Audi, BYD race for EV sedan market

Hyundai Motor, Audi and BYD are redirecting their strategic focus on electric sedans to achieve balanced sales growth with their SUV lineups. The three carmakers recently introduced flagship all-electric models in Korea, hoping to capture local demand for quality sedans. Last month, Hyundai Motor unveiled the freshly redesigned IONIQ 6 electric vehicle (EV) for the Korean market. The upgraded model came in almost three years after the vehicle debuted in September 2022. The IONIQ 6 is one of the carmaker’s flagship EV models, along with the IONIQ 5 compact SUV. The new IONIQ 6 has clear upsides compared with other electric sedans, as the vehicle is capable of traveling up to 562 kilometers on a single charge — the highest among EVs available in Korea. Given local customers’ strong preference for longer-range EVs, the vehicle holds a strong competitive edge in the non-premium EV sedan market. The vehicle is available for less than 50 million won ($35,700), making it an outstanding competitor for imported premium EVs, whose prices are generally higher even with less driving range than

Aug 21, 2025By Lee Min-hyung
Hyundai, Audi, BYD race for EV sedan market
Companies

KT&G boosts shareholder returns with high dividend payouts, buybacks

KT&G is fueling speculation of record-high shareholder returns this year, after the nation’s largest tobacco company pledged Wednesday to maintain a high dividend payout throughout 2025. The optimism follows the company’s robust second-quarter performance, marking a third straight quarter of growth in both sales and operating profit. Revenue in the first half of the year also surpassed 3 trillion won ($2.14 billion) for the first time, as KT&G continued its long-standing policy of returning large profit shares to shareholders. On Aug. 7, KT&G’s board of directors approved a 200 won increase in dividends to 1,400 won per share, reinforcing its high-dividend policy. The company also announced plans to repurchase and cancel 300 billion won worth of treasury shares starting the following day. To further reinforce its shareholder return plan, the company said it will carry out another share repurchase and cancellation in the second half of this year, using proceeds from the liquidation of noncore assets, including real estate. In the first quarter, the company canceled 360 billion won

Aug 20, 2025By Ko Dong-hwan
KT&G boosts shareholder returns with high dividend payouts, buybacks
Tech & Science

Gov't to purchase over 35,000 GPUs within 2 years: science minister

South Korea plans to purchase more than 35,000 graphics processing units (GPUs) over the next two years as part of a nationwide push to strengthen artificial intelligence (AI) infrastructure, the science minister said Wednesday. Minister of Science and ICT Bae Kyung-hoon announced the plan during a parliamentary session, explaining the government's long-term goal of securing 50,000 GPUs by 2030. "I do not think the government can do everything. The government will pave the way for the private sector to create an AI market and make investments in infrastructure," Bae said. Earlier, the government announced a vision to become a global AI leader by 2030 through its "AI Highway" initiative, which includes establishing a national AI data center equipped with 50,000 GPUs. As part of the initiative, the government launched a project to develop homegrown AI foundation models, with five companies — Naver Cloud, Upstage, SK Telecom, NC AI and LG AI Research — receiving financial support for research and development (R&D), as well as access to government resources. Meanwhile, the ministry said i

Aug 20, 2025By Yonhap
Gov't to purchase over 35,000 GPUs within 2 years: science minister
Companies

POSCO to raise $36 mil. to invest in promising global startups

POSCO, the steelmaking unit of POSCO Group, announced Wednesday that it will create a 50 billion won ($36 million) fund in partnership with POSCO Investment, the group’s corporate venture capital (CVC) unit, to address paradigm shifts in the global steel industry and pursue new business opportunities. The fund, called POSCO CVC No. 1, will launch Aug. 29 with 40 billion won invested by POSCO and 10 billion won from POSCO Investment. CVC refers to venture capital established by nonfinancial companies. Through a CVC, a company can identify promising firms and cooperate with them, investing in startups related to its own business domains. According to POSCO, the new fund will target startups developing technologies in digital transformation, energy efficiency, carbon reduction and renewable energy, aligning with the steelmaker’s strategies for future growth. In particular, 20 percent of the fund will be allocated to investing in promising startups overseas, aiming to strengthen the company’s ties with global innovators. “With this fund, we will expand cooperation with startups that h

Aug 20, 2025By Park Jae-hyuk
POSCO to raise $36 mil. to invest in promising global startups
Companies

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

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
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