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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
  • Banking & Finance

    Shinhan, Kiwoom face probe over JTBC bond sales amid default fallout

    2 MIN READBy Jun Ji-hye
    Shinhan, Kiwoom face probe over JTBC bond sales amid default fallout
  • Companies

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

    3 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
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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

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
Companies

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
Companies

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
Tech & Science

Bringing K-culture to life: TikTok creator bridges Singapore, Korea

When the Korea Tourism Organization (KTO) and TikTok joined forces to host the K-Vibe Global Creator Festa last month, the mission was to showcase Korea through the fresh lenses of international creators. Over six days, 31 influencers explored Seoul, creating short-form content to highlight both the timeless traditions and modern lifestyle of the capital. Among them was Eric Youn, also known as Esyfilms, a Singapore-based Korean TikTok creator. Youn has carved out a unique niche as a cultural bridge between Singapore and his home country, sharing everything from comforting batches of seaweed soup to the thrill of live K-pop performances. Youn’s journey as a creator began unexpectedly in 2020 during the COVID-19 pandemic, when he recorded and shared on TikTok the meals provided for his two-week quarantine after returning from Korea. “The video series went viral. People seemed genuinely curious about what food was served during quarantine,” he told The Korea Times in a recent written interview. “After I was released from quarantine, a follower even told me they would unfollow me no

Aug 20, 2025By Lee Gyu-lee
Bringing K-culture to life: TikTok creator bridges Singapore, Korea
Companies

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
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