Hyundai Motor advances $6.3 bil. AI hub in Saemangeum

The Korea Times - Oct 30, 2026

Hyundai Motor Group said Friday it will set up two special purpose companies next month to build and operate an artificial intelligence (AI) data center in Saemangeum — a massive reclaimed coastal zone in southwestern Korea — accelerating its 9 trillion won ($6.3 billion) plan to turn the area into an advanced tech hub. Situated in North Jeolla Province roughly 200 kilometers south of Seoul, Saemangeum is a vast, government-backed development area created by damming tidal flats to claim new land from the sea. Long slated for economic transformation, the coastal territory is being developed as a strategic enclave for high-tech industry, green energy and tourism. Five affiliates — Hyundai Motor, Kia, Hyundai Mobis, Hyundai Engineering & Construction and Hyundai AutoEver — have made final decisions to invest in the data center, the group said. Hyundai AutoEver, the group’s information technology and software affiliate, approved its participation through a board resolution. One of the new companies will build the hyperscale data center and its infrastructure. The other will buy hi

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Major financial groups enjoy strong Q3 earnings, but face mounting regulatory pressure

Oct 29, 2026

Major financial groups enjoy strong Q3 earnings, but face mounting regulatory pressure

Korea’s four largest financial groups — KB, Shinhan, Hana and Woori — have shown strong earnings for the third quarter of this year, posting a combined 5.76 trillion won ($4.31 billion) in net profit. But a recent wave of cyberattacks and data breaches, as well as tougher regulatory scrutiny of corporate governance, are adding to the challenges they face, industry officials said Thursday. According to market data, KB Financial Group led the pack with a third-quarter net profit of 1.91 trillion won, up 13.1 percent from a year earlier. Its cumulative profit for the first nine months reached a record 5.79 trillion won. Shinhan followed with 1.58 trillion won, an 11.3 percent increase from the same period last year. Its nine-month net profit also hit a record, at 5.03 trillion won. Hana logged a net profit of 1.22 trillion won, its highest quarterly figure since the 2015 merger of Hana Bank and Korea Exchange Bank. Woori was the only one of the four to post a decline, with net profit falling 15.7 percent to 1.04 trillion won. Even so, it recorded a quarterly profit of over 1 trillion

Hyosung chairman calls for work culture overhaul on 60th anniversary

Oct 29, 2026

Hyosung chairman calls for work culture overhaul on 60th anniversary

Hyosung Group Chairman Cho Hyun-joon called for a fundamental overhaul of work practices and a more resilient corporate culture, Thursday, urging employees to remain steadfast in pursuing their goals as the group marked its 60th anniversary. Speaking at a ceremony at Hyosung’s headquarters in Seoul, Cho said mounting government debt, fiscal deficits, prolonged overseas wars and spreading protectionism in global trade were worsening the business environment. “Our company is by no means immune to these crises,” Cho said. “What we need to overcome them and achieve a new leap forward is an intense commitment to our goals.” He outlined persistence, meticulousness and reliability as key values. “These are not simply slogans,” he said. “They are the attitudes and principles we must put into practice to survive, outperform our competitors and embark on our next 100 years.” Cho also highlighted the meaning of Hyosung’s name, “morning star,” urging employees to remain hopeful through adversity and forge a new future through diligence and perseverance. The ceremony also recogn

Hanwha Aerospace swings to Q3 net loss due to delayed weapons deliveries

Oct 29, 2026

Hanwha Aerospace swings to Q3 net loss due to delayed weapons deliveries

Korean defense firm Hanwha Aerospace said Thursday it swung to a net loss in the third quarter, weighed down by delayed weapons deliveries and one-off costs. The company posted a net loss of 36.7 billion won ($27.5 million) for the July-September period, reversing a profit of 699 billion won a year earlier, according to a regulatory filing. Operating profit fell 46.2 percent on-year to 452 billion won, while revenue declined 6 percent to 6.09 trillion won. Hanwha Aerospace attributed the weaker performance partly to the postponement of K9 self-propelled howitzer deliveries to Poland until the fourth quarter. Some weapons deliveries had also been completed ahead of schedule in the second quarter. The company's ground defense division reported revenue of 1.24 trillion won and operating profit of 21.7 billion won. Its order backlog stood at 35 trillion won as of the end of September. The aerospace division posted revenue of 659.9 billion won and an operating loss of 2.4 billion won, as increased deliveries of geared turbofan (GTF) engines to its client led to higher losses under its risk- an

KHNP, consortium fail to agree on Czech nuclear plant contract

Oct 29, 2026

KHNP, consortium fail to agree on Czech nuclear plant contract

Korea Hydro & Nuclear Power (KHNP) announced Thursday that it had ended negotiations with a consortium of Daewoo E&C and Doosan Enerbility over a construction contract for a 26 trillion won ($19.4 billion) nuclear power project in the Czech Republic, after the two sides failed to reach an agreement on key terms. KHNP said it would begin terminating its cooperation agreement with the consortium and prepare a competitive bidding process to select a new contractor, seeking to minimize disruption to construction of the two Korean-designed APR1000 reactors at the country’s Dukovany site. “KHNP and the construction consortium had worked to reach an amicable agreement through working-level negotiations, a dispute mediation committee and management-level talks, but failed to reach a final agreement,” the state-run nuclear operator said. The breakdown follows about 15 months of negotiations after KHNP signed the main contract with Elektrarna Dukovany II, the Czech state-run company in charge of the project, in June 2025. KHNP said the two sides had already been at odds over key contract ter

Fines won't fix problem: Korea needs new playbook as AI changes hacking paradigm

Oct 29, 2026

Fines won't fix problem: Korea needs new playbook as AI changes hacking paradigm

Fines and stricter regulations are no panacea for a growing wave of suspected artificial intelligence (AI)-assisted cyberattacks targeting Korea's financial sector, a cybersecurity expert said Thursday, calling for a government task force to overhaul the country’s cybersecurity defenses. "Humans simply cannot keep up with AI agents' hacking threats. The entire paradigm of cybersecurity has changed, requiring both the government and the private sector to rethink how they defend against cyberattacks," Lim Jong-in, chair of the AI committee at Soongsil University, said in a phone interview with The Korea Times. Lim, a former presidential special adviser on cybersecurity, called for the launch of a presidential office-led task force to coordinate responses to AI-driven threats, warning that such attacks will become more sophisticated. His warning comes as suspected AI-assisted cyberattacks ripple through Korea's financial sector, spreading from commercial banks to brokerages and cryptocurrency exchanges. Brokerage firm Daishin Securities, cryptocurrency exchange Bithumb and asset manager M

Global coffee brands to converge in Seoul for int'l cafe show

Oct 29, 2026

Global coffee brands to converge in Seoul for int'l cafe show

The 25th Seoul International Cafe Show will open Nov. 11 for a four-day run at Coex in Seoul. This year’s event aims to strengthen its position as a global coffee business platform, bringing together leading coffee brands from around the world to connect with Korea’s dynamic market and explore business opportunities. For global companies and participating brands, the exhibition offers opportunities to establish new business channels, identify emerging industry trends and expand their market reach. Attendees can also explore a range of specialized programs designed to foster cross-border collaboration. A key highlight is Coffee Alley, running under the theme of meeting the world’s top independent specialty coffee brands. This signature showcase will feature a total of 78 powerhouse brands, comprising 58 domestic and 20 overseas participants, including elite international cafes that have dominated global rankings. The newly introduced Bakery Alley and the returning Cherry’s Choice will give brands a platform to showcase innovative products and explore the latest F&B trends through

Mirae Asset to reenter Japan with acquisition of Sanko Securities

Oct 29, 2026

Mirae Asset to reenter Japan with acquisition of Sanko Securities

A decade after it exited the country, Mirae Asset Securities is set to reenter Japan through its acquisition of local brokerage Sanko Securities, as it looks to expand its presence in a market where retail investment is gaining momentum, the company said Thursday. The company said its board approved a plan to purchase 100 percent of the stakes in Sanko Securities through its U.S. affiliate, Mirae Asset Securities Holdings. The deal is valued at an estimated 42.6 billion won ($35.62 million), with the final price to be determined at closing after regulatory approvals and other conditions are met. Mirae Asset will inject a total of 100.6 billion won into its U.S. affiliate to fund the acquisition and subsequent business expansion in Japan. Sanko, which operates under Okasan Securities Group, specializes in proprietary trading — buying and selling stocks, bonds and other securities with its own capital to generate returns. It posted a net profit of roughly 400 million won and net assets of 39.1 billion won for the fiscal year ended March 2026, the company said. The acquisition will give M

Gimcheon hosts Korea's largest tuning car festival as custom vehicle market grows

Oct 29, 2026

Gimcheon hosts Korea's largest tuning car festival as custom vehicle market grows

The 2026 Korea Tuning Car Festival kicks off Friday for a two-day run at Gimcheon Sports Town in Gimcheon, North Gyeongsang Province, bringing together customized vehicles, off-road performance showcases and specialized camping cars, the Ministry of Land, Infrastructure and Transport said Thursday. Now in its fifth year, the event stands as Korea’s largest celebration of car tuning — the practice of modifying automobiles to enhance performance or alter visual design. Jointly organized by the transport ministry, North Gyeongsang Province, Gimcheon city and the Korea Transportation Safety Authority, the festival aims to demystify vehicle customization and foster broader public engagement. Last year’s gathering, also held in Gimcheon, drew roughly 30,000 visitors. To improve accessibility, organizers revamped this year’s setup by moving the venue to a centralized downtown location. Key industry groups will display custom-built camper vans and high-performance modifications, offering attendees direct access to inspect the vehicle interiors. The festival arrives as Korea's vehicle cu

Doosan Enerbility wins SMR supply deal from US firm NuScale Power

Oct 29, 2026

Doosan Enerbility wins SMR supply deal from US firm NuScale Power

Doosan Enerbility Co. said Thursday it has secured a contract from U.S.-based small modular reactor (SMR) developer NuScale Power to supply a key reactor component, expanding their cooperation into commercial reactor equipment production. The Korean power plant equipment maker said the deal covers production of the first upper reactor pressure vessel (URPV) module for NuScale's SMR project. The URPV forms the upper section of the reactor pressure vessel, which contains high-temperature, high-pressure coolant. NuScale Power's SMR design was the first in the United States to receive approval from the U.S. Nuclear Regulatory Commission. SMRs are designed to reduce construction costs and shorten building periods by manufacturing major components as modules for assembly at construction sites.

KITA supports Korean consumer goods firms' foray into UAE, Morocco

Oct 29, 2026

KITA supports Korean consumer goods firms' foray into UAE, Morocco

The Korea International Trade Association (KITA) said Thursday it dispatched a delegation of Korean consumer goods companies to the United Arab Emirates and Morocco from Monday to Thursday to support their expansion into the Middle East and North Africa market through meetings with local government agencies and business networking events. The delegation was led by KITA Executive Vice President Lee In-ho and comprised eight companies specializing in medical devices, cosmetics, hair care products and food products. The UAE is widely considered the business hub in the Middle East, where demand for Korean consumer goods is growing rapidly, driven by strong purchasing power and the rising popularity of Korean culture. Korea's K-beauty exports to the UAE surged more than ninefold from $31 million in 2020 to $287 million last year. The Korea-UAE Comprehensive Economic Partnership Agreement, which took effect in May, has also laid the groundwork for expanding trade and economic cooperation between the two countries. Morocco is a strategic market connecting Europe, Africa and the Middle East. It

Kolmar Korea develops powder skin care that melts into skin

Oct 29, 2026

Kolmar Korea develops powder skin care that melts into skin

Kolmar Korea, a cosmetics developer and manufacturer, said Thursday it has developed a hyaluronic acid powder that melts and is absorbed when rubbed onto the skin, the first such product in Korea. The company said it has obtained a patent for the technology, which turns hyaluronic acid, a widely used moisturizing ingredient, into a powder of sharp, needle-like crystals. It is the first time the ingredient has been made into this form in the cosmetics industry, according to the company. The product mimics spicules, tiny needle-shaped natural materials taken from marine sponges. Spicules lightly stimulate the skin’s surface to help active ingredients absorb, and the tingling sensation they cause has made spicule cosmetics popular. But because they are hard and do not dissolve in water, they can irritate the skin and must be washed off. After about four years of research, Kolmar Korea developed a method of hardening hyaluronic acid particles into crystals and shaping them into 250-micrometer pointed powder. Like spicules, the crystals help ingredients penetrate the skin, but because hyal

Krafton's chairman urges entrepreneurs to venture beyond comfort zone

Oct 29, 2026

Krafton's chairman urges entrepreneurs to venture beyond comfort zone

Krafton Chairman Chang Byung-gyu urged aspiring entrepreneurs to venture beyond familiar territory, arguing that breakthroughs often begin when people abandon comfortable paths and embrace uncertainty. Chang delivered the keynote address, titled “Expanding Into Infinity,” at the 2026 Chung Ju-yung Startup Competition Demo Day on Wednesday at Coex in southern Seoul, where he discussed how personal choices, persistence and lessons from past ventures can open new avenues for growth. Hosted by the Asan Nanum Foundation, the competition marked its 15th edition this year under the theme “Infinite,” inspired by the late Hyundai Group founder Chung Ju-yung’s belief that human potential is limitless. Chang opened by reflecting on the paradox of finite human lives and the impulse to contemplate infinity, recalling how preparing remarks for the groundbreaking ceremony of Krafton’s headquarters in Seongsu-dong led him to consider how ideas and beliefs embedded in buildings can outlast both individuals and companies. He described giving up as one way to discover new possibilities, recount

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