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Ransomware attack disrupts Korea's largest guarantee insurer
Seoul Guarantee Insurance, South Korea's largest provider of guarantee insurance, has been crippled by a ransomware attack, with its core systems offline for a third straight day. The incident began early Monday, when SGI reported an “abnormal symptom” in its database system. By Tuesday afternoon, a joint investigation by the Financial Supervisory Service and the Financial Security Institute confirmed it was caused by a ransomware breach. As a pivotal player in Korea’s guarantee insurance indust
July 16, 2025 -
Kumho Tire union slams relocation, delays recovery plan
Korea’s second-largest tire manufacturer, Kumho Tire, is facing a labor dispute over its yet-to-be-announced recovery plan following a major fire at its Gwangju plant in May, raising concerns over when the company will restore full production capacity in the city. On Wednesday, the Kumho Tire chapter of the Korea Confederation of Trade Unions announced it would stage a protest in front of the company’s Seoul office on Thursday, criticizing management for reportedly seeking to scale down domestic
July 16, 2025 -
AmCham spotlights AI-era cyber risks, calls for Korea-US cooperation
The American Chamber of Commerce in Korea hosted its first Cybersecurity Seminar on Wednesday under the theme “Cybersecurity as National Security: Global Trends & Industry Lessons,” bringing together senior Korean and US government officials, global business leaders and cybersecurity experts in Seoul. The event underscored the growing importance of cybersecurity in national and economic security amid escalating AI-driven threats and global digital transformation. In his opening remarks, James Ki
July 16, 2025 -
KEPCO attracts W5.5tr funding for Saudi energy projects
The state-run Korea Electric Power Corp. has finalized the initial funding phase for its upcoming energy projects in Saudi Arabia, according to the firm on Wednesday. It secured about 5.5 trillion won ($3.96 billion) in project financing through separate agreements for Saudi Arabia's Al Sadawi photovoltaic project and the Rumah-1 and Al Nairyah-1 independent power plant projects, which will play a pivotal role in supporting the kingdom's energy transition. “KEPCO plans to continue expanding its
July 16, 2025 -
Google bows to antitrust pressure with YouTube Lite in Korea
Google will launch a new standalone YouTube subscription in Korea without YouTube Music — a move aimed at addressing antitrust concerns over alleged unfair bundling practices, according to the country’s competition regulator on Tuesday. The new product, dubbed YouTube Premium Lite, will provide ad-free video streaming without the music streaming service at nearly half the price of the current YouTube Premium plan. Monthly fees are set at 8,500 won ($6.15) for Android users and 10,900 won for App
July 15, 2025 -
Korea may ease age ban on US beef as tariff deadline nears
South Korea may lift its ban on US beef from cattle over 30 months old, using the move as a potential bargaining chip to defuse looming "reciprocal" tariffs from Washington, according to sources on Tuesday. Amid stalled trade talks with the US over 25 percent tariffs set to take effect Aug. 1, Korea appears increasingly willing to relent on the non-tariff barrier. “We’re under heavy pressure to scrap the age limit on US beef, and it’s becoming harder to hold the line,” a government official said
July 15, 2025 -
Industry minister pick eyes Korean version of US IRA
Kim Jung-kwan, the Lee Jae Myung's nominee for industry minister, has pledged to introduce a production-linked tax incentive system for key industries such as semiconductors and batteries, modeled after the US Inflation Reduction Act. In a written response submitted to the National Assembly ahead of his confirmation hearing this week, Kim emphasized the need for aggressive government support that matches policies implemented by competing nations. “It is time for strategic and proactive governmen
July 15, 2025 -
Opposition party denounces Chinese participation in Korea’s offshore wind project
The main opposition People Power Party on Tuesday condemned China Energy Engineering Corporation's participation in Korea’s offshore wind power plant project in the West Sea, raising concerns over possible security threats. “According to a media report, China’s state-run company CEEC is taking part in the 365 (megawatt) wind power project in the waters of Yeonggwang in South Jeolla Province,” said People Power Party spokesperson Lee Jun-woo. “China’s entrance into our domestic offshore wind powe
July 15, 2025 -
Twice as fast, more affordable: LS Electric takes on US power giants
HANOI, Vietnam — LS Electric Chairman and CEO Koo Ja-kyun is spearheading efforts to strengthen the company’s foothold in the US power systems market, buoyed by the rapid expansion of the artificial intelligence-driven data center industry. “Compared to the Big Four power system suppliers in the US — Schneider Electric, Siemens Energy, Eaton Corporation and ABB — LS Electric delivers to clients more than twice as fast and at more competitive prices,” Koo said during a group interview at LS Elect
July 15, 2025 -
With tariff clock ticking, Korea seeks ‘practical, win-win’ deal with US
SEJONG ― With under three weeks to go before the US activates its "reciprocal" tariffs on Aug. 1, South Korea is accelerating negotiations to prevent heavy duties on key export items, aiming for a "practical, win-win" agreement. Trade Minister Yeo Han-koo said Monday that while time is limited, "the real game begins now," noting that Korea "will not sacrifice substance for speed." “With less than 20 days remaining, this is a period of decisions and strategic choices," Yeo told reporters in a bri
July 14, 2025 -
IBK invests W10b in Furiosa AI to bolster Korea's chip sovereignty
Industrial Bank of Korea said Monday it is investing 10 billion won ($7.25 million) in Furiosa AI, a leading Korean startup specializing in artificial intelligence semiconductors, as part of broader efforts to strengthen the country's strategic tech autonomy. The state-run lender highlighted Furiosa AI’s role in advancing Korea’s independent AI chip technology, noting the company had turned down a buyout offer from a major US tech firm in favor of developing its own hardware. Reports in March re
July 14, 2025 -
Olive Young’s global platform logs record sales in H1 on robust US demand
CJ Olive Young’s global online platform posted record sales in the first half of the year, with the United States accounting for more than half of the total, the beauty retail giant said Monday. Named Olive Young Global Mall, the platform posted a 70 percent on-year increase in sales during the January-June period, while order volume rose by about 60 percent over the same span. The strongest driver of sales growth was the US, which contributed over 40 percent of the platform’s first-half growth,
July 14, 2025 -
Korean shipbuilding industry welcomes discussions for possible cooperation with US
South Korea's shipbuilding industry welcomed the government's ongoing discussions with the United States regarding potential cooperation in the sector, calling it a "new opportunity" for the sector, Seoul's industry ministry said Monday. The Ministry of Industry, Trade and Energy met with officials from major shipbuilders here, including HD Korea Shipbuilding & Offshore Engineering Co., and shipbuilding affiliates of Hanwha Group and Samsung Group, as well as equipment companies, in the southeas
July 14, 2025 -
Krafton blames ousted founders for Subnautica 2 delay
Korea’s leading game publisher Krafton pinned the blame for delays in the early access launch of Subnautica 2 on the founders of US subsidiary Unknown Worlds Entertainment, as a legal dispute simmers with the studio’s dismissed executives. In a statement Friday, Krafton called its decision to replace the leadership at California-based Unknown Worlds a “difficult but necessary step” to ensure the quality of the highly anticipated sequel. “We allocated approximately 90 percent of the up to $250 mi
July 13, 2025 -
Korean shipbuilders’ global ambitions depend on local support
Korea’s top shipbuilders are eyeing expansion in the United States and India to capture rising demand for naval and strategic shipbuilding, but their plans hinge on securing skilled workers and government support to avoid the pitfalls that plagued earlier overseas ventures. The country’s two largest players, HD Hyundai and Hanwha Ocean, are pressing ahead with new partnerships and investments. HD Hyundai has teamed up with India’s state-run Cochin Shipyard and US shipbuilders Huntington Ingalls
July 13, 2025