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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

Top biz groups prepare strategic responses as new government takes office

Major conglomerates are set to begin high-level meetings later this month to review their overall business strategies in response to the launch of the new Korean administration and rising uncertainties caused by U.S. tariff policies. According to industry officials, Tuesday, Samsung Electronics, SK Group, Hyundai Motor Group and other major business groups in Korea are set to hold a series of strategy meetings from mid-June through July to strengthen their readiness for the shifting business environment. Samsung Electronics is planning to hold a global strategy meeting later this month to outline its business strategy for the second half of the year. While the exact date has not been confirmed, key executives and heads of overseas subsidiaries are expected to attend to review issues facing each business division and assess global market conditions. Discussions are expected to focus on revitalizing the company’s memory business and developing global sales strategies for its new Galaxy foldable smartphones, which are scheduled to be unveiled in July. In addition to reviewing internal bus

Jun 3, 2025By Nam Hyun-woo
Top biz groups prepare strategic responses as new government takes office
Banking & Finance

KB, Shinhan to set up holding companies in Indonesia

The two largest financial groups in Korea — KB and Shinhan — will each create a holding company that will oversee their respective businesses in Indonesia, industry officials said Tuesday. KB Financial Group has nine subsidiaries in Indonesia, and Shinhan Financial Group has three. The holding companies will be set up according to guidelines from the Indonesian Financial Services Authority, also known as OJK. And the end of 2024, OJK implemented a regulation requiring foreign financial firms operating in Indonesia to establish a holding company if they meet certain criteria. The details concerning the criteria were not available. KB Financial Group and Shinhan Financial Group are subject to this regulation among the Korean businesses in Indonesia, industry officials explained. “OJK correspondingly asked the two Korean financial groups to submit a plan on establishment of a holding company by June 23,” an official said. He went on to say, “OJK will provide feedback within two months after it receives the plan, and once the plan is finalized, KB and Shinhan will be required to launc

Jun 3, 2025By Yi Whan-woo
KB, Shinhan to set up holding companies in Indonesia
Companies

Bun crisis hits Korea’s burger industry after SPC plant fatal accident

A fatal accident at SPC Samlip’s Siwha factory has triggered a widespread disruption in hamburger supply chains, leaving franchises like Lotteria and Mom’s Touch scrambling to secure enough burger buns. According to the food service industry on Monday, SPC Samlip is the largest B2B hamburger bun supplier in South Korea. While other plants such as the Seongnam facility also produce hamburger buns, the Siwha site has the largest capacity. SPC Samlip halted operations at the Siwha plant after a fatal accident involving an employee on May 19. The Ministry of Employment and Labor issued a work stoppage order for 10 production lines related to the incident, leading the company to suspend all 29 lines at the facility. This shutdown has paralyzed production of SPC Samlip’s popular KBO-themed pastries as well as the hamburger buns. Major franchises that rely on SPC Samlip’s supply — including Lotteria, No Brand Burger, Mom’s Touch and Burger King — are facing shortages. The only major chain unaffected is McDonald’s Korea, which exclusively sources buns from Grupo Bimbo Korea, the

Jun 3, 2025By Hankookilbo
Bun crisis hits Korea’s burger industry after SPC plant fatal accident
Companies

Hyundai Motor, GM Korea face union tensions amid US tariff risks

Hyundai Motor and General Motors (GM) Korea are grappling with escalating demands from labor unions for substantial wage increases, compounding challenges posed by auto tariffs from the United States. Unions at both automakers are pressing for significant portions of company profits to be distributed as bonuses, despite mounting business uncertainties stemming from U.S. President Donald Trump's push for a 25 percent tariff on automobile imports. Hyundai Motor’s labor union is demanding that 30 percent of the company’s 2024 net profit be paid as a special bonus to union members — an estimated 4 trillion won ($2.9 billion). However, the likelihood of the automaker accepting the demand appears slim, as the company faces growing external risks from potential tariffs. The U.S. accounted for 54 percent of Hyundai’s total exports last year. On Tuesday, Hyundai Motor reported a 1.7 percent decline in sales for May compared to the same period last year, attributing the drop to weaker consumer spending amid an economic slowdown. Hyundai sold 351,174 vehicles last month, down from 357,099

Jun 3, 2025By Lee Min-hyung
Hyundai Motor, GM Korea face union tensions amid US tariff risks
Companies

InterviewL&F confident in overcoming China's dominance in battery industry

As the global battery industry comes under intense U.S. pressure to reduce reliance on China, L&F is seizing the moment to position itself as a key supplier of cathode materials independent of Chinese companies designated as foreign entities of concern (FEOC), which the U.S. government identifies as national security risks. Through continued efforts to develop homegrown cathode materials — ranging from high-nickel NCMA (nickel, cobalt, manganese and aluminum) to lithium iron phosphate (LFP) — the Daegu-based company is preparing to meet the needs of clients seeking FEOC-free supply chains to access the U.S. market. "The market and global customers are asking for three things with LFP — technological independence from FEOC, performance equal to or better than Chinese products and long-term supply chain stability," L&F President and Chief Product Officer Chang Sung-kyun told The Korea Times in a recent interview. L&F has maintained the lead in high-nickel NCMA for premium electric vehicles (EVs), but it has actively diversified its portfolios, expanding into the lower-cost LFP segme

Jun 3, 2025By Park Jae-hyuk
L&F confident in overcoming China's dominance in battery industry
Companies

Hyundai Steel mulls sale of caterpillar track division at Pohang plant

Hyundai Steel, Korea's second-largest steelmaker, said Monday it is considering selling a division that produces caterpillar tracks at one of its domestic plants, amid a prolonged slump in the construction industry. The company is in talks with Daejoo.KC — whose business spans steel structures to auto components — to sell the caterpillar track division of Pohang 1 plant, located 273 kilometers southeast of Seoul, a Hyundai spokesperson said. "Sales of caterpillar tracks produced by Hyundai Steel plunged 65 percent last year compared with 2021 due to intensified competition and an oversupply of low-priced Chinese products," the spokesperson said. Hyundai Steel said it will guarantee job security for employees currently working in the division by relocating them to other departments. The caterpillar-track system is used in the manufacturing of heavy equipment, such as excavators, bulldozers and track loaders. In recent months, the company has faced mounting challenges due to weakening demand and steep U.S. tariffs. In April, Hyundai Steel temporarily shut down one of its three domestic s

Jun 2, 2025By Yonhap
Hyundai Steel mulls sale of caterpillar track division at Pohang plant
Tech & Science

SK Telecom continues to lose users after data breach

SK Telecom has seen a huge drop in the number of subscribers since a large-scale data breach hit hard the nation's largest mobile carrier in April. Mobile number portability (MNP) switches across SK Telecom, KT, LG Uplus and mobile virtual network operators (MVNO) reached nearly 933,509 subscribers in May, the Korea Telecommunications Operators Association said Monday. This represents about a 77 percent surge compared to March's 525,937 subscribers. For the past five years, the MNP switch counts have not surpassed 600,000, but since SK Telecom’s cyberattack, the number spiked to about 700,000 in April and has continued to rise. The number of SK Telecom users who switched off to KT was the highest, reaching about 196,700 last month, while about 158,600 went to LG Uplus. People switching to MVNO from SK Telecom also increased to 85,180 in May. That number usually hovers around 50,000. In contrast, new users transferring to SK Telecom from other carriers dropped to about 10,000 each. Before the hacking incident, SK Telecom had seen around 40,000 subscribers switching from KT and LG Uplus

Jun 2, 2025By Lee Gyu-lee
SK Telecom continues to lose users after data breach
Companies

REPORTER’S NOTEBOOKAntitrust watchdog catches flak for 'reverse discrimination' against Korean firms

The Fair Trade Commission (FTC) is catching flak for showing a “way too lenient” attitude toward foreign companies while failing to maintain consistent regulatory standards for their Korean counterparts. The antitrust watchdog is often described as a "conglomerate sniper," but its latest sanctions on overseas tech firms are drawing questions over the label. The FTC recently accepted a proposal from Google Korea to rectify its unfair business practice by unbundling YouTube Music from its YouTube Premium subscription service. The company also offered to provide 30 billion won ($21.8 million) as part of its self-correction measure, apparently aimed at avoiding regulatory risks from the FTC. The long-delayed investigation into the unjust business practice appeared to have closed without any punitive measures. However, the leniency has not been extended to local firms. Last year, the watchdog slapped Coupang with massive fines of 162.8 billion won, citing the e-commerce firm’s alleged algorithm manipulation when selling its own private-branded products on its platform. The fines marked

Jun 2, 2025By Lee Min-hyung
Antitrust watchdog catches flak for 'reverse discrimination' against Korean firms
Banking & Finance

Seoul shares nearly flat amid renewed tariff woes

Korean stocks finished slightly higher Monday, as investors took a wait-and-see posture ahead of the crucial presidential election amid signs of renewed trade tensions between the United States and China. The local currency rose against the U.S. dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 1.3 points, or 0.05 percent, to close at 2,698.97. Trade volume was moderate at 320.32 million shares worth 7.99 trillion won ($5.82 billion), with losers beating winners 523 to 369. Foreign and retail investors bought a net 127.34 billion won and 98.7 billion won worth of stocks, respectively, while institutions sold 240.17 billion won worth of shares. The index opened lower but soon turned higher, rising nearly 1 percent. But it had moved in and out of negative territory before ending slightly higher. Investor sentiment was dampened as U.S. President Donald Trump said last week that he planned to double tariffs on foreign imports of steel to 50 percent. He also upped trade tensions by accusing China of violating a trade agreement with the U.S. ahead of a scheduled call with Chi

Jun 2, 2025By Yonhap
Seoul shares nearly flat amid renewed tariff woes
Companies

Samsung Pay experiences brief service disruption

Samsung Pay, a mobile payment system operated by Samsung Electronics, experienced a temporary disruption on Monday, its operator said. Starting around 7 a.m., some users reported being unable to make purchases both online and offline. Samsung Electronics acknowledged the issue in a notice posted at 10:30 a.m., confirming that the problem affecting card payments and registration had been resolved. "The error affecting card payments and registration has been fixed, and the service is now operating normally," the company said. "We apologize for any inconvenience this may have caused." However, the cause of the service failure remained unknown. Samsung Pay is a digital wallet platform that allows users to make payments using compatible Samsung smartphones and devices.

Jun 2, 2025By Yonhap
Samsung Pay experiences brief service disruption
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