my timesThe Korea Times

Business

Tech & ScienceCompaniesBanking & FinanceMost respected CEOsAPEC 2025Others
  • 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
Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
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.

Read more

Tech & Science

National AI computing center loses momentum amid profitability concerns

A government project to establish a national artificial intelligence (AI) computing center is at risk of stalling, as the bidding process to select an operator ended without a single applicant. The government plans to reopen bidding on Monday, but AI firms have shown little enthusiasm, citing concerns about the project’s profitability. The Ministry of Science and ICT said Friday that bidding for the national AI computing center project closed at 5 p.m., with no participants. As the tender has failed, the ministry said it will restart the bidding process on Monday, and run for at least 10 days without changes to the original terms for the project. If even a single consortium places a bid during the new bidding process, the applicant will be awarded the project. The project was announced on Jan. 22 as part of the government’s plan to have the public and private sectors working together to secure critical infrastructure and computing resources, such as graphics processing units (GPUs) or other AI accelerators, for the AI transformation. Under the project, the government plans to establis

Jun 1, 2025By Nam Hyun-woo
National AI computing center loses momentum amid profitability concerns
Companies

LG Energy begins mass production of batteries for ESS at US plant

LG Energy Solution (LGES), Korea's leading battery maker, said Sunday it has begun mass production of lithium iron phosphate (LFP) batteries for energy storage systems (ESS) at its manufacturing plant in the United States. The pouch-type LFP batteries for ESS, based on long cell technology, are being manufactured at the LGES plant in Michigan, according to the Korean company. "We are currently in discussions with multiple customers in the North American region for the supply of our ESS batteries," LGES officials said, noting that supply to a number of major U.S. energy firms, such as Terra-Gen and Delta Electronics, has already been confirmed. LGES said it plans to swiftly respond to growing demand for ESS in advanced industries, such as artificial intelligence (AI) data centers and renewable energies. LGES is the only major global battery maker that started mass production of LFP batteries tailored for use in ESS in the U.S.

Jun 1, 2025By Yonhap
LG Energy begins mass production of batteries for ESS at US plant
Companies

Kumho Petrochemical focuses on fostering growth potential this year

Amid a major transition in the global petrochemical industry, Kumho Petrochemical Group is focusing this year on exploring new opportunities and strengthening its growth potential to better position itself for the future. According to the group, Sunday, it is now focusing on analyzing fast-evolving industry trends and building an optimal portfolio to turn future demand into profit. As part of this effort, the company said it is redesigning its core businesses to meet and reflect future demands. Kumho Petrochemical is working to expand customer engagement for its high-performance synthetic rubber product, solution styrene-butadiene rubber (S-SBR), in response to the rapid growth of the electric vehicle (EV) tire market. The growing weight of EV batteries and the unique driving characteristics of electric vehicles — such as rapid acceleration and deceleration — raise concerns about tire durability and wear. S-BBR is viewed as a solution to address those concerns with its unique physical properties, which help overcome the trade-offs traditionally seen in tire technology between durabil

Jun 1, 2025By Nam Hyun-woo
Kumho Petrochemical focuses on fostering growth potential this year
Companies

Hyosung chairman's bet on power biz hits stride amid AI boom

Hyosung Group Chairman Cho Hyun-joon’s vision for proactive investment in power grid equipment is bearing fruit, as the global artificial intelligence (AI) boom fuels soaring demand for high-voltage power supply. His 2020 decision to acquire an extra-high-voltage transformer plant in Memphis, Tennessee, has helped propel the group’s power equipment unit to record earnings in recent months, with the company now targeting 5 trillion won ($3.62 billion) in annual revenue this year. According to Hyosung Heavy Industries, it logged 1.08 trillion won in sales and 102.4 billion won in operating profit in the first quarter of this year, achieving 9.3 percent and 82.2 percent year-on-year increases, respectively. The numbers are the highest first-quarter earnings for the company and widely accepted as an earnings surprise, as it surpassed brokerages' consensus of an operating profit of around 90.1 billion won. The company set new highs in its annual earnings in 2024, logging 4.9 trillion won in sales and 362.5 billion won in operating profit, up 13.8 percent and 40.6 percent respectively from

Jun 1, 2025By Nam Hyun-woo
Hyosung chairman's bet on power biz hits stride amid AI boom
Companies

Last-minute sales of expiring food gain popularity online

Foods nearing their expiration dates are becoming increasingly popular among both consumers and retailers in Korea. Consumers can purchase them at discounted prices, while sellers can generate profit rather than discarding them. The trend is driven by rising retail prices across food products and restaurants over the past year, fueled by higher ingredient costs and other operational expenses. This inflation has led more consumers to cut back on food spending, resulting in declining sales for Korea’s dine-in restaurants and other food-related retail businesses. Luckymeal is an online platform where registered outlets offer paper bags containing random, soon-to-expire food items. Unlike typical shopping, customers do not select specific products — instead, they purchase a surprise “treat bag” at discounts of 50 percent or more. Users of the platform can choose from various stores — ranging from bakeries to side dish or dessert shops — and check the number of available “lucky bags.” They can then reserve a bag along with a preferred pickup time. The platform later confirms

May 31, 2025By Ko Dong-hwan
Last-minute sales of expiring food gain popularity online
Companies

British Business Awards spotlight innovation and inclusion in Korea

Companies, brands and an individual that have played a key role in strengthening trade relations between Korea and the United Kingdom over the past year were honored by the British Chamber of Commerce in Korea (BCCK), Friday. The inaugural edition of the BCCK British Business Awards, held in Seoul alongside the King's Birthday Dinner, the chamber's traditional annual gala, celebrated winners across five categories. Dwight School Seoul received the Responsible Business of the Year Award. The BCCK recognized the international school, located in Seoul’s Mapo District, for its outstanding commitment to education, particularly through the integration of the Belonging, Justice, Equity, Diversity and Inclusion (BJEDI) initiative into its curriculum and institutional policies. Pharmaceutical and biotechnology company AstraZeneca received the Campaign of the Year Award for its "Lung Cancer Zero" initiative. The campaign engaged students, academics and celebrities to promote early lung cancer screening, resulting in 5,000 public pledges. It also contributed to a policy shift by the Korean gover

May 30, 2025By Ko Dong-hwan
British Business Awards spotlight innovation and inclusion in Korea
Companies

Hyundai E&C withdraws from Gadeok airport project

Hyundai Engineering & Construction officially announced Friday its withdrawal from the site preparation project for a new airport on Busan's Gadeok Island. The exit of the preferred contractor has raised concerns that the construction timeline for the airport could face significant delays. The government had selected the consortium — comprising Hyundai E&C, Daewoo E&C and POSCO E&C — as the preferred bidder last year after four failed rounds of competitive bidding. “Despite our efforts to ensure safety and quality, it has become impossible to secure the necessary construction period to guarantee safety. We have decided not to participate in the site preparation project for the Gadeok Island new airport,” Hyundai E&C said in a press statement. “It is unacceptable to comply with unreasonable demands and conditions to shorten the construction period, driven by regional and political interests, which compromise the safety of the airport.” The project, which includes the construction of a runway and breakwaters, carries a budget of 10.53 trillion won ($7.63 billion). A preliminary

May 30, 2025By Ko Dong-hwan
Hyundai E&C withdraws from Gadeok airport project
Companies

Porsche’s battery philosophy: A shining standard in safety

WEISSACH, Germany — Porsche is committed to every production process for electric vehicle (EV) batteries, spanning from its design to safety tests. This is a strict safety-first philosophy for the luxury carmaker. In a recent EV battery workshop, the automaker displayed an unwavering commitment to ensuring the safety of its EV batteries. Porsche Research & Development Centre handles the whole process under partnerships with global battery makers. The carmaker sources batteries for its Taycan EV from LG Energy Solution and does so for its Macan Electric from China’s CATL. However, Porsche teams up with the battery partners from the initial designing phase. After passing the requirement from Porsche, the battery makers start production for the Porsche-specific EV batteries. The carmaker then enters the next phase by placing the batteries into a durability test zone. Only after passing Porsche’s strict high-voltage battery system tests and a series of other safety tests can batteries be mass-produced for adoption into Porsche EVs. As batteries are connected with complex electric in-vehi

May 30, 2025By Lee Min-hyung
Porsche’s battery philosophy: A shining standard in safety
Companies

Leadership risk weighs on Hankook Tire

Hankook & Company, the holding firm of Korea’s largest tire maker Hankook Tire, faces increasing risks to its effective decision-making — particularly in its overseas business — following the imprisonment of Chairman Cho Hyun-bum. Cho was sentenced to three years in prison and taken into custody on Thursday on charges of embezzlement and breach of trust amounting to 20 billion won ($14.5 million). The leadership vacuum comes at a critical juncture, as Hankook Tire faces mounting business risks in the United States, which has imposed a 25-percent tariff on tire and auto part imports — a protectionist measure that poses a significant threat to the company. Under Cho's leadership, the tire company decided to double its production capacity in Tennessee to mitigate the impact of U.S. tariffs. However, his absence is expected to stall key decision-making at Hankook Tire, making it more difficult for the company to proactively deal with external risk factors. A spokesperson at Hankook & Company said the group will take legal steps. “We consider taking legal actions or lodging an appeal

May 30, 2025By Lee Min-hyung
Leadership risk weighs on Hankook Tire
Companies

GKL joins hands with KOMSCO to strengthen digital services

Grand Korea Leisure (GKL) signed a memorandum of understanding with the Korea Minting and Security Printing Corp. (KOMSCO) to enhance visitors’ digital experience at the nation’s largest foreigner-only Seven Luck casino. According to a public company under the Ministry of Culture, Sports and Tourism, Friday, GKL has applied KOMSCO’s latest digital security and authentication technology to its mobile service platform SevenLuck+. It said in a press release that KOMSCO’s digital technology will improve the platform’s security and facilitate the casino’s digitalization in service. “GKL is doing its best to transform it into a smart casino,” GKL President Yoon Doo-hyun said during the signing ceremony with KOMSCO at the company’s headquarters in Seoul, Thursday. “We will continue helping other casinos’ digital transformation with our digital technology and data.” Under the partnership, SevenLuck+ will use KOMSCO’s identification verification technology at the casino’s entrance, issue digital membership cards and provide a cashless electronic wallet service powered

May 30, 2025By Jhoo Dong-chan
GKL joins hands with KOMSCO to strengthen digital services
previous page
466467468469470
next page

Most Read in Business