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  • Companies

    Hyundai Motor’s Namyang R&D Center drives software-defined vehicle transformation

    HWASEONG, Gyeonggi Province — Inside a dimly lit studio at Hyundai Motor Group’s Namyang R&D Center, a researcher sits in a carbon-fiber cockpit surrounded by a massive 270-degree curved screen. As he hits the accelerator, the simulated road rushes past, and the entire rig tilts and vibrates, mimicking subtle asphalt textures of a real test track. Building countless physical prototypes for every design iteration is no longer viable. Instead, Hyundai Motor relies on a high-performance driving simulator operating on a six-degrees-of-freedom (6DOF) motion system. The simulator translates linear and rotational movements — including roll and pitch — into an ultra-realistic driving experience. To achieve maximum fidelity, the carmaker scanned its Namyang proving grounds down to the millimeter, capturing specific slopes, speed bumps and surface roughness. To prevent massive rendering files from lagging, the company deployed a world-first "Terrain Server" system that streams topographical data in real time based on the virtual car’s location. The simulator is highly versatile. Researcher

    3 MIN READBy Lee Min-hyung
    Hyundai Motor’s Namyang R&D Center drives software-defined vehicle transformation
  • Companies

    Genesis BBQ debuts in India's chicken dining scene

    2 MIN READBy Ko Dong-hwan
    Genesis BBQ debuts in India's chicken dining scene
  • Companies

    Hyosung wins $200 mil. power equipment deal in Australia

    2 MIN READBy Lee Min-hyung
    Hyosung wins $200 mil. power equipment deal in Australia
  • Companies

    Classiq, QAI sign partnership to launch Korea's 1st quantum cloud service

    1 MIN READBy Jhoo Dong-chan
    Classiq, QAI sign partnership to launch Korea's 1st quantum cloud service
  • Companies

    Samsung, SK hynix to build HBM packaging fabs in Chungcheong region as part of $252.5 bil. in total investment

    2 MIN READBy Yonhap
    Samsung, SK hynix to build HBM packaging fabs in Chungcheong region as part of $252.5 bil. in total investment
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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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Tech & Science

Will domestic music streaming services regain market share after YouTube's new subscription program?

With the Fair Trade Commission (FTC) set to opt against imposing fines and instead accept Google Korea’s proposal to roll out a YouTube Premium subscription option without YouTube Music, there are questions over whether struggling local music streaming platforms can reclaim their market share from the global tech giant. The FTC said Thursday it initiated a resolution of agreement procedure to review Google Korea’s own proposal to address its practice of bundling YouTube Music with YouTube Premium. A resolution of agreement allows a company under investigation to propose its own corrective measures, and if accepted by the FTC, the case can be closed swiftly without fines or other sanctions. Google Korea proposed introducing a YouTube Premium Lite membership, which allows ad-free video viewing only, unlike the original Premium plan that includes ad-free access to music and music videos, video downloads and background play. The tech giant also included offering a total 30 billion won ($21.7 million) worth of fund to support Korea’s music industry, artists and creators. If the proposal

May 23, 2025By Lee Gyu-lee
Will domestic music streaming services regain market share after YouTube's new subscription program?
Banking & Finance

Financial group heads feared to face pressure to resign under new administration

With leadership changes at financial holding companies frequently occurring with presidential transitions, the pattern is likely to continue after the upcoming June 3 election, according to industry officials, Friday. There is a widespread view within the financial sector that, regardless of whether Democratic Party of Korea candidate Lee Jae-myung or People Power Party candidate Kim Moon-soo wins, heads of financial holding companies appointed during the previous Yoon Suk Yeol administration are likely to face pressure to step down. In particular, with Lee leading in various opinion polls, the financial division of his campaign is reportedly led by figures who are former labor union leaders from the financial sector. This has fueled speculation that the positions of current financial holding company chairpersons could be unsettled under the new administration. Attention is especially focused on whether or not those whose terms expire next year will be able to be reappointed. According to the industry officials, Shinhan Financial Group Chairman Jin Ok-dong and Woori Financial Group Chairm

May 23, 2025By Jun Ji-hye
Financial group heads feared to face pressure to resign under new administration
Banking & Finance

Korea Exchange launches cloud service for large-scale data downloads

The Korea Exchange (KRX) said Friday that it has launched a new large-scale data cloud service, allowing users to download large volumes of data with greater ease and speed. The service has been available through the KRX Information Data System since April 30. It was developed in partnership with Naver Cloud as a cloud service provider and Koscom as a managed service provider. The new system is expected to significantly improve the accessibility and distribution of market data, especially for users handling high-volume datasets such as order books and transaction records for securities and derivatives. Such large datasets, which often exceed 5GB in size, can now be downloaded much faster thanks to this cloud-based infrastructure. In tandem with the new service, the KRX also introduced a subscription-based model for order book and transaction data. Instead of monthly bulk purchases, users can now conveniently access and download the previous day's data daily via the cloud. The KRX said the launch marks the beginning of broader efforts to enhance its data offerings and uncover new revenue s

May 23, 2025By Lee Yeon-woo
Korea Exchange launches cloud service for large-scale data downloads
Companies

Hyosung Group chief sells 4.9% stake in Hyosung Heavy to US tech fund

Hyosung Group Chairman Cho Hyun-joon has sold a 4.9 percent stake in Hyosung Heavy Industries to a major U.S. tech-focused investment fund, the company said Friday. Hyosung Heavy Industries said in a regulatory filing that Cho sold 456,903 shares of the company in an after-hours deal at 568,100 won ($412.5) per share. The total transaction is valued at approximately 259.6 billion won. Following the sale, Cho's ownership in the company went down from 14.89 percent to 9.99 percent. The largest shareholder in Hyosung Heavy Industries remains Hyosung, the group's holding company, with a 32.47 percent stake. The U.S. fund had reportedly been exploring investment opportunities in Korea's power solution sector. The fund is said to have made the investment based on Hyosung Heavy Industries' future growth potential and technological competitiveness. Hyosung stated that it had been in discussions with the fund to establish a strategic partnership. "This is a long-term investment by the fund focused on key growth sectors," a company official said, adding that the two sides plan to deepen their coope

May 23, 2025By Yonhap
Hyosung Group chief sells 4.9% stake in Hyosung Heavy to US tech fund
Banking & Finance

Banks' Q1 net income jumps 28.7% as one-off Hong Kong-tied ELS costs fade

Korean banks reported a combined net profit of 6.9 trillion won ($5 billion) in the first quarter of this year, marking a 28.7 percent increase from 5.3 trillion won a year earlier, according to the Financial Supervisory Service (FSS) on Friday. The rise came despite a decline in interest income amid falling market interest rates, as the impact of one-off expenses — compensation for financial losses linked to equity-linked securities (ELS) tied to the performance of Hong Kong’s Hang Seng China Enterprises Index — faded compared to the same period last year. In the first quarter of 2023, their net profit stood at about 7 trillion won but dropped to the 5 trillion won range in the first quarter of 2024 due to large-scale compensation payments following heavy losses linked to high-volatility Hong Kong-related ELS products amid deteriorating relations between the United States and China. Data from the FSS showed that commercial and policy banks led the earnings rebound among domestic lenders in the first quarter of this year. Commercial banks earned a total net profit of 3.8 trillion w

May 23, 2025By Jun Ji-hye
Banks' Q1 net income jumps 28.7% as one-off Hong Kong-tied ELS costs fade
Tech & Science

Naver enters Thai AI market backed by Nvidia partnership

Naver will make its entry into Thailand’s artificial intelligence (AI) market, signing a memorandum of understanding for a sovereign AI business with a local AI and cloud platform firm, a move stemming from the Korean IT firm’s cooperation with Nvidia. Naver Cloud said Friday it signed the agreement with Thai tech company SIAM.AI Cloud for their joint development of a Thai large language model and a tourism-specific AI agent. SIAM.AI is a leading local tech company driving Thailand’s AI transformation. It plans to use the partnership as a springboard to accelerate the expansion of sovereign AI across the Southeast Asian market. Sovereign AI refers to models tailored to specific national contexts and data sovereignty. Under the partnership, Naver Cloud will contribute its experience in building and operating proprietary LLMs, while SIAM.AI will provide extensive Thai-language data and graphics processing unit infrastructure. They will establish a Thai-language model applicable to actual services by the end of this year, and will release a tourism-specific AI agent to meet strong lo

May 23, 2025By Nam Hyun-woo
Naver enters Thai AI market backed by Nvidia partnership
Companies

Coffee prices rise across Korea amid raw material cost increase

Major coffee chains and instant coffee producers in Korea are raising prices amid an increase in raw material costs, according to industry data Friday. Angel-in-us Coffee, operated by Lotte GRS, said it will increase beverage prices by 200 to 300 won ($0.15-0.22) Thursday. CJ Foodville's bakery cafe chain Tous Les Jours will also raise prices of 32 coffee items by 100 to 300 won Friday. The planned hikes follow earlier price adjustments this year by Starbucks Korea, Hollys and Paul Bassett. Budget coffee brands, such as Baekdabang and Mega MGC Coffee, have also raised prices in recent months. Dongsuh, the nation's leading off-the-shelf instant coffee maker, said it will raise factory prices of its products by an average of 9 percent Friday. Ready-to-drink beverages, such as Maxim T.O.P and Maxwell House, will also increase by an average of 4.4 percent. The company previously raised prices in November, citing rising global coffee bean and palm oil prices, along with continued pressure from foreign exchange movements. "Unusual climate conditions have driven up raw material costs, prompting t

May 23, 2025By Yonhap
Coffee prices rise across Korea amid raw material cost increase
Companies

Coupang scrambles after pricing error sells instant noodles at 10 cents each

A pricing glitch on Coupang late Wednesday night triggered a frenzy among online shoppers after the e-commerce giant mistakenly listed a box of 36 Nongshim ramen noodle soup bowls for just 5,040 won — amounting to only 140 won (about $0.10) per cup. The alert spread quickly through online communities and parenting forums where users had set notifications for major discounts or sold-out items. Shoppers rushed to place orders before the price was corrected, taking advantage of Coupang’s next-day Rocket Delivery service. Normally retailing for around 800 won per cup, the instant noodles were effectively being sold at clearance-level prices. The deal remained live until Coupang realized the error and reverted the product to its original price. Coupang said the incident was caused by a human error that led to incorrect pricing on its Rocket Delivery system. While the company acted quickly to fix the mistake, many users had already secured orders. One customer even posted proof of receiving 900 cups — nine boxes — in the early hours of the morning, paying just 126,000 won instead of th

May 23, 2025By Hankookilbo
Coupang scrambles after pricing error sells instant noodles at 10 cents each
Companies

S-Oil CEO Anwar Al-Hejazi awarded CEO of year

S-Oil CEO Anwar Al-Hejazi was recognized as one of the best corporate leaders in Korea, receiving the CEO of the Year Award from the Korea Management Association (KMA) on Friday. According to the refiner, Al-Hejazi received the honor along with three other CEOs during an award ceremony held at the Grand Hyatt Seoul in Yongsan District, Seoul. The KMA has been presenting the CEO of the Year Award annually since 1969, selecting business leaders who have contributed to the country’s economic development through a review process involving experts from academia, industry and economic organizations. Al-Hejazi was recognized for his contributions to job creation and revitalization of the domestic economy through a 9.2 trillion won ($6.5 billion) petrochemical complex project called Shaheen project, as well as for establishing S-Oil’s position as a market leader through creative brand marketing. Shaheen Project broke ground in March 2023 with the goal of completing a steam cracker and other major petrochemical facilities within the Onsan National Industrial Complex in Ulsan by 2026. As of Ma

May 23, 2025By Nam Hyun-woo
S-Oil CEO Anwar Al-Hejazi awarded  CEO of year
Banking & Finance

Seoul shares inch up late Friday morning on chip, financial gains

Korean stocks traded slightly higher late Friday morning on chip and financial share gains. The benchmark Korea Composite Stock Price Index (KOSPI) rose 2.01 points, or 0.08 percent, to 2,595.68 as of 11:20 a.m. Overnight, U.S. stocks closed mixed after a session marked by high volatility. The passage of U.S. President Donald Trump's tax bill through the House of Representatives was seen as a step toward resolving policy uncertainty, helping ease concerns that had been fueled by a sharp rise in U.S. Treasury yields the previous day. The Dow Jones Industrial Average slipped 1.35 points, unchanged from the previous session percentagewise, while the S&P 500 slid 0.04 percent. The tech-heavy Nasdaq composite gained 0.28 percent. In Seoul, blue chips traded mixed. Chip giant SK hynix climbed 1.37 percent, while market heavyweight Samsung Electronics dropped 0.27 percent. Financial shares gained momentum, with KB Financial rising 2.59 percent and Shinhan Financial climbing 1.85 percent. In contrast, bio and battery shares lost ground. Samsung Biologics plunged 3.15 percent, and top battery manufac

May 23, 2025By Yonhap
Seoul shares inch up late Friday morning on chip, financial gains
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