LS Electric Co., a Korean electrical equipment maker, said Thursday it has secured a 180 billion-won ($133 million) contract to supply ultra-high-voltage transformers to a major U.S. technology company. The company said it will supply 345-kilovolt transformers for a hyperscale artificial intelligence (AI) data center project being developed by the unidentified U.S. company and scheduled for completion by 2030. Investment in power infrastructure across North America is rapidly increasing amid rising electricity demand driven by the expansion of AI and cloud computing, LS Electric said. The U.S. market for data center power infrastructure is projected to grow at an average annual rate of 16 percent, from 13 trillion won in 2025 to 56 trillion won in 2035. "The latest contract is expected to help the company win further deals in the North American market," a company official said.

With a discrepancy emerging between Korea and the U.S. over a proposed investment of more than $50 billion in the Alaska liquefied natural gas (LNG) project, questions are growing over whether the project can generate sufficient commercial returns for Seoul. U.S. Secretary of Commerce Howard Lutnick said Wednesday (local time) Korea would invest about $54 billion (73.4 trillion won) in the Alaska LNG project, as part of Seoul's $200 billion investment package to Washington. The White House presented the project as a committed investment, while Korea has maintained that participation remains subject to further review of its “commercial reasonableness.” The gap is significant because Alaska LNG has spent more than a decade struggling to demonstrate that it can compete economically with LNG projects closer to major markets. The project would transport natural gas from Alaska’s North Slope through an approximately 1,300-kilometer pipeline to Nikiski, where it would be liquefied and exported primarily to Asian markets. Glenfarne Group owns 75 percent of the project alongside the state-ow

Shinhan Bank apologized Thursday after personal information belonging to about 25,000 customers was leaked in a data breach, as financial regulators launched an urgent inspection into the incident. According to the bank, the leaked information includes customers' names, phone numbers, annual income and loan eligibility limits, as well as other personal and credit information submitted for loan applications. The data also included 66 cases involving resident registration numbers and 97 cases involving connected information. The breach occurred as an unauthorized external party gained access to some of its services through an abnormal method that bypassed authentication. Shinhan Bank CEO Jung Sang-hyuk apologized and said the bank will take full responsibility for any losses. "We take full responsibility for the fact that an information breach occurred at a financial institution entrusted with protecting our customers' valuable assets and information," Jung said in a statement. "I sincerely apologize for causing concern and inconvenience to our customers. We will devote all resources to addr

Paris Croissant, the parent company of global bakery giant Paris Baguette, has nominated Kang Shin-bong, a former Samsung Electronics vice president, as its next chief executive, turning to leadership with experience spanning consumer businesses, digital platforms and global operations as it seeks to reshape its business and find new sources of growth. Kang, who most recently led Samsung Electronics’ Direct-to-Consumer Center, is expected to be formally appointed after approval by the company’s board. His career includes stints at Boston Consulting Group, eBay, Delivery Hero Korea and Samsung Electronics, giving him experience in strategy, e-commerce, platform businesses and international operations. At eBay, Kang oversaw cross-border trading in the Asia-Pacific region and helped expand its international e-commerce business. He later served as chief executive of Delivery Hero Korea, which operated food-delivery platform Yogiyo, where he focused on organizational and operational changes while pursuing business growth and management innovation. At Samsung Electronics, Kang led the globa

Bibigo, the flagship consumer food brand of CJ CheilJedang, is expanding distribution of its frozen gimbap (seaweed rice roll) across major U.S. supermarkets, capitalizing on surging demand for convenient Korean meals. CJ CheilJedang said Thursday that sales of Bibigo gimbap in the United States rose 59 percent during the January-July period from a year earlier, as its retail footprint more than doubled. The frozen gimbap became available at Kroger in December 2024 and has since expanded to 10 mainstream retail chains, including Albertsons, Food Lion, Cub and Meijer. The number of stores selling Bibigo gimbap has reached 4,734, up 145 percent from 1,924 stores last year, according to CJ CheilJedang. The company said it sees room for gimbap to follow the path of dumplings, which moved from an unfamiliar food into everyday American dining. Gimbap’s portability could also work in its favor, as U.S. consumers are accustomed to foods such as sandwiches and burritos that can be eaten without utensils. CJ CheilJedang said Bibigo gimbap contains 12 grams of plant-based protein, positioning it as

North American shoppers are becoming a major revenue driver for GS25, a leading Korean convenience store chain, with foreign spending at its outlets more than doubling this year and expanding beyond traditional tourist districts in Seoul. GS Retail, which operates GS25, said Thursday that sales to North American customers rose 130.9 percent from a year earlier during the January-August period, the fastest growth among international customer groups. North American customers accounted for about 30 percent of GS25’s foreign customer sales, their largest share on record, while customers from Greater China accounted for about 40 percent. The gap between the two groups narrowed to roughly 10 percentage points, according to GS Retail’s analysis of its customer data. North American shoppers showed a preference for canned beer, wine and spirits, as well as sports drinks, energy drinks and other beverages, with canned beer sales particularly strong. Customers from Greater China showed stronger demand for dairy products and convenience foods, including milk, fermented milk products, noodles and

LG CNS has partnered with U.S. investment firm General Atlantic to co-invest in global enterprise technology firms, the IT services unit of Korea's LG Group said Thursday. Enterprise technology refers to business software and artificial intelligence (AI) that support core operations in industries such as manufacturing, finance, logistics and energy. The two sides signed the agreement Sept. 24 at General Atlantic's headquarters in New York. LG CNS President and CEO Hyun Shin-Gyoon and Martin Escobari, General Atlantic's co-president and head of global growth equity, attended the signing ceremony. Under the deal, the two companies will look for and consider investing in enterprise software and AI companies. LG CNS said the size and terms of each investment will be disclosed once a target company is confirmed. General Atlantic manages $130 billion in assets as of June 30. It has more than 900 employees in 20 countries and over 45 years of experience investing in technology companies. LG CNS plans to use the partnership to diversify beyond its information technology services and AI transforma

Finda is stepping up its efforts to innovate its artificial intelligence (AI) and data-driven financial products with the appointment of its first-ever chief product officer (CPO). The fintech company said Thursday that it has appointed Ahn Joong-hyun, former vice president of NEXUS, to the newly created position. Ahn is a fintech veteran with 20 years of experience across the financial and IT sectors, including e-commerce, internet-only banking, financial platforms and blockchain. His experience spans financial service planning, platform development, business model creation and service operations. In particular, he was involved in the launch of several of Korea's major fintech services, including Naver Pay, Toss Bank and Karrot Pay, helping bring new financial products to market. The new CPO was part of the launch team for Naver Pay, where he helped develop its payment services and fraud detection system. At Toss Bank, he designed core financial products and systems, including account opening, fraud detection, anti-money laundering and authentication. He later led Karrot Pay, helping dri

LG Electronics will invest 150 billion won ($110 million) to set up a new U.S. chiller factory and expand production lines in Korea to meet rising demand for artificial intelligence (AI) data center cooling systems, the company said Thursday. The plant will be established in Windsor, Virginia, and is scheduled to begin production in the first half of 2027. It will have 32,000 square meters of floor space on a 170,000-square-meter site and manufacture air-cooled chillers primarily for AI data centers. LG Electronics will also add air-cooled chiller production lines and upgrade equipment at its factories in Pyeongtaek, Gyeonggi Province, and Changwon, South Gyeongsang Province, by the end of this year. A single-conveyor system spanning all manufacturing stages will improve productivity and enable multiple lines to operate simultaneously. North America hosts more than half of the world's AI data centers. According to market tracker Omdia, global data center power requirements are forecast to rise from 226 gigawatts this year to 420 gigawatts in 2030, with 60 percent concentrated in North A

YONGIN, Gyeonggi Province — Korea’s ambitious plan to expand domestic semiconductor production capacity and strengthen its position in the global chip supply chain will take another step forward this month, as construction is set to begin on the Yongin Semiconductor Cluster National Industrial Complex in Gyeonggi Province this month. The initiative, however, is not free from possible delays, including compensation for residents and businesses already at the site and pressure to meet fast-track construction deadlines ordered by President Lee Jae Myung, who is determined to capitalize on soaring artificial intelligence (AI)-driven memory demand before it cools. Two semiconductor clusters are currently planned in Yongin’s Cheoin District. One is the Yongin Semiconductor Cluster General Industrial Complex, where SK hynix is already building its memory chip fabs, and the other is the Yongin System Semiconductor Cluster National Industrial Complex, which is set to break ground this month and will house Samsung Electronics’ foundry and memory fabs. The Korea Land & Housing Corp. (LH),

A consortium led by Korean plant builder Doosan Enerbility has secured an 840 billion-won ($618 million) deal to build a gas-fired power plant in Vietnam by 2030, the company said Thursday. The consortium, formed by Doosan Enerbility and Vietnam's energy service company PetroVietnam Technical Service Corp. (PTSC), will build the O Mon 3 gas-fired combined-cycle power plant for PTSC's parent company, Petrovietnam (PVN), at a site about 180 kilometers southwest of Ho Chi Minh City, the company said in a press release. The latest engineering, procurement and construction (EPC) contract comes after Doosan Enerbility won a 900 billion-won deal in June last year, in a consortium with a local company, to build another gas-fired combined-cycle power plant at the same site for PVN by 2028. "We will focus on winning further deals from PVN, as the Vietnamese company plans to build gas-fired power plants in the central and northern parts of the country, in addition to the O Mon 3 and 4 projects," a company representative said. Doosan Enerbility has secured five gas-fired power plant deals, including

Renault Korea Motors, the Korean unit of France's Renault S.A., said Thursday its sales fell 24.7 percent in September from a year earlier amid weak demand at home. The automaker sold 6,556 vehicles last month, down from 8,710 units a year earlier, the company said in a release. Domestic sales dropped 45.2 percent on-year to 2,289 units last month, while exports backtracked 5.8 percent to 4,267 units.

LEGO Group has unveiled its first Dragon Ball set, created with the participation of a Korean designer at the Danish toymaker. The 1,764-piece LEGO Icons Dragon Ball Shenron & Goku set, developed in partnership with Japanese animation studio Toei Animation, will go on sale Nov. 4, the company said. Icons is LEGO's product line aimed at adult builders. Dragon Ball, created by the late Japanese manga artist Akira Toriyama, follows a boy named Goku on adventures to collect seven magical orbs known as Dragon Balls. Gathering all seven summons Shenron, a dragon that grants a wish. First published in 1984, the manga was adapted into an anime series by Toei that drew a worldwide following. The set recreates the scene in which Shenron rises from the seven Dragon Balls, with a young Goku riding his magic cloud, the Flying Nimbus. Seven bricks at the base represent the Dragon Balls, and the Goku minifigure can be detached and repositioned. A display stand and a plaque bearing the Dragon Ball logo are included. Lee Jae-won, a Korean designer who works at LEGO's headquarters in Billund, Denmark, too

Hyundai Motor, Korea's biggest carmaker, said Thursday its sales fell 16 percent in September from a year earlier, as there were fewer working days due to the Chuseok holiday. Hyundai sold 307,998 vehicles last month, down from 366,731 units in 2025, the company said in a press release. Domestic sales plunged 25.7 percent to 49,022 units from 66,001 a year earlier, while overseas sales declined 13.9 percent to 258,976 units from 300,730. "Fewer working days due to Chuseok and delayed demand for new models affected the monthly numbers," the carmaker said. Hyundai plans to launch the all-new Tucson sport utility vehicle (SUV) in the domestic market as it expands its SUV lineup. From January to September, cumulative sales backtracked 7 percent to 2,886,763 vehicles from 3,105,346 a year earlier. Domestic sales dropped 16.3 percent to 448,181 units in the first nine months from 535,458 a year earlier, while overseas sales declined 5.1 percent to 2,438,582 units from 2,569,888.

Three consortia led by Korean tech companies will unveil their artificial intelligence (AI) services developed under a government-led project within this month to provide all citizens with access to AI, government and industry sources said Thursday. The three teams — led by SK Telecom, KT and Kakao, respectively — are set to launch a closed beta version of their AI services sometime in October, the sources added. The government's "AI for All" project unveiled in July came amid efforts to lower Korea's dependence on foreign AI models and boost the domestic AI sector. Developers are required to use domestic AI models for at least 50 percent of the offered AI services, with government funding and graphic processing unit (GPU) support. Developers have set a monthly active user target of 5 million for their envisioned services, with Kakao vowing to expand the figure to 10 million by 2027 and 30 million by 2030. Korea plans to inject an additional 250 billion won ($184.37 million), starting next year, to further advance the services, which include costs to secure some 2,000 GPUs. According

James Kim, chairman of the American Chamber of Commerce in Korea (AMCHAM), is welcoming U.S. President Donald Trump’s announcement on Korea’s $54 billion (73.3 trillion won) investment in the Alaska liquefied natural gas (LNG) project, describing it a sign of progress in bilateral economic ties, but called for the two governments to resolve key commercial and legal details. “I see a shared interest in expanding energy cooperation, even if the two governments are emphasizing different aspects of the project,” Kim said in an interview with The Korea Times on Thursday. “A project of this scale requires careful consideration of investment costs, energy prices, commercial viability and participation terms,” he said, adding that questions surrounding the timing and coordination of the announcement are matters for the two governments to address. The contrasting positions have drawn attention because Washington presented the $54 billion figure as a Korean investment commitment, while Seoul has yet to determine details on the scale, structure or timing of any investment. From a busine

Hayfin Capital Management opened a new office in Seoul, Thursday, expanding its presence in the Asia-Pacific region following Samsung Life's investment in the firm as a strategic minority shareholder. Located at Three IFC in Yeouido, in Seoul's financial district, the office will provide on-the-ground coverage for Hayfin's growing base of Korean institutional investors and partners. "The Seoul office's focus is on understanding the needs of Korean institutional investors, connecting them effectively with the global team and enhancing the overall quality of client service," said Choi Si-jin, head of Korea at Hayfin. Choi, newly appointed to lead the office, has nearly two decades of experience in investment and institutional capital formation. He previously served as head of private equity for Asia-Pacific at UBS Asset Management and held senior roles at Wilshire Associates in Hong Kong, Samsung Life and Samsung Asset Management. The office opening follows Hayfin's management buyout, which closed in February 2025. Samsung Life, Mubadala and AXA IM Prime participated in the transaction as

Samsung Electronics Executive Chairman Lee Jae-yong joined global business leaders at a London gala celebrating a Korean art exhibition on Wednesday (local time), bringing cultural outreach and semiconductor partnerships together at the British Museum in the United Kingdom. About 240 political, business and cultural figures attended the dinner. Britain's Princess Anne attended a reception beforehand to mark the exhibition's opening. The exhibition, “Korea: 2,000 Years of Creativity,” explores 2,000 years of Korean creativity through works from the late Samsung Chairman Lee Kun-hee's collection. It is the museum's first major Korean art exhibition since 1984, according to Samsung. Jointly organized by the British Museum, the National Museum of Korea and the National Museum of Modern and Contemporary Art, Korea, it follows exhibitions in Washington and Chicago. London is the third overseas stop. Guests included ASML CEO Christophe Fouquet, Merck CEO Kai Beckmann, ZEISS CEO Andreas Pecher and Imec CEO Patrick Vandenameele, whose organizations cooperate with Samsung on semiconductor tech

Samsung Bioepis and Teva Pharmaceutical Industries have entered into an agreement on commercializing the former’s up to six potential biosimilar candidates, including two confirmed investigational candidates, the companies said Thursday. According to Samsung Bioepis, the two sides have signed a global licensing, development and commercialization agreement for the potential candidates. Of them, two confirmed investigational biosimilar candidates are SB41, referencing AstraZeneca’s Fasenra, a treatment primarily used for severe eosinophilic asthma, and SB44, referencing Novartis’ Ilaris, which treats a range of inflammatory conditions including rare autoinflammatory diseases. Under the terms of the agreement, Samsung Bioepis will be responsible for the development, regulatory registration and manufacturing of the biosimilars, while Teva will be responsible for commercialization in global markets, including the U.S., Europe and Canada. The companies have agreed to an option for expanding the partnership to other territories. Samsung Bioepis said the agreement reinforces their existing

GM Korea, the Korean unit of General Motors, said Thursday its sales surged 73.3 percent in September from a year earlier, driven by strong overseas demand. The company sold 41,101 vehicles last month, up from 23,723 units a year earlier, on robust sales of the Chevrolet Trax Crossover and the Trailblazer sport utility vehicle (SUV), GM Korea said in a press release. Domestic sales fell 40.9 percent to 727 units from 1,231, while exports jumped 79.5 percent to 40,374 from 22,492. From January to September, sales rose 17 percent to 381,785 units from 326,381 in the year-ago period. Domestic sales plunged 36.4 percent to 7,495 from 11,785 during the same period, while exports climbed 19 percent to 374,290 from 314,596. As part of its two-track strategy, GM Korea sells both locally assembled and imported vehicles in Korea, Asia's fourth-largest economy. Its current lineup consists of two locally assembled models — the Trailblazer and Trax Crossover — and one imported model, the GMC Sierra Denali. The Buick Electra E7 plug-in hybrid SUV is expected to be added to the lineup as early as next

The new Urban Cruiser is smaller, not just in size, but also in price.

GM Korea, the Korean unit of General Motors, said Thursday its sales surged 73.3 percent in September from a year earlier, driven by strong overseas demand. The company sold 41,101 vehicles last month, up from 23,723 units a year earlier, on robust sales of the Chevrolet Trax Crossover and the Trailblazer sport utility vehicle (SUV), GM Korea said in a press release. Domestic sales fell 40.9 percent to 727 units from 1,231, while exports jumped 79.5 percent to 40,374 from 22,492. From January to September, sales rose 17 percent to 381,785 units from 326,381 in the year-ago period. Domestic sales plunged 36.4 percent to 7,495 from 11,785 during the same period, while exports climbed 19 percent to 374,290 from 314,596. As part of its two-track strategy, GM Korea sells both locally assembled and imported vehicles in Korea, Asia's fourth-largest economy. Its current lineup consists of two locally assembled models — the Trailblazer and Trax Crossover — and one imported model, the GMC Sierra Denali. The Buick Electra E7 plug-in hybrid SUV is expected to be added to the lineup as early as next

Huawei Technologies is making rapid progress in rolling out a new breed of advanced chip based on its self-developed Tau Scaling Law, with the Chinese company set to adopt the processors across the newly released Mate 90 smartphone series. The roll-out marks another step forward in the Chinese tech giant’s push to overcome stringent US export curbs, which has seen Huawei rewire its smartphone business to run on home-grown technology. Speaking at a press briefing on Tuesday, Huawei consumer...

The new RS5 is the first Audi RS car to feature a hybrid powertrain.

Word on the street is that Apple could announce its new smart home hub on 13 October.

Three weeks ago, I said we should heed AI’s doom warnings. With a valuation for OpenAI of $US1.4 trillion, investors aren’t concerned one bit.

A planned 30-minute reduction in bank branch hours is drawing mixed reactions from customers, with many worrying that shorter service hours could make it harder to get in-person banking services. Under a tentative labor-management agreement reached Monday, bank branches will open at 9:30 a.m. starting April next year, instead of the current 9 a.m., while closing hours will remain unchanged at 4 p.m. Some customers said the shorter hours could worsen already long waits as banks continue to reduce the number of branches and staff. "Even when I go in the morning, there are already long lines, and there are fewer employees available during lunch breaks. I don't understand why they are shortening the hours. If anything, they should keep the branches open until later," said Park, an office worker in Seoul. Some online users suggested that if banks are going to shorten their operating hours, they should instead open later and close later, saying longer evening hours would make it easier for office workers to visit branches after work. The issue is particularly relevant for customers looking for

Korea’s low-cost carriers (LCCs) are caught in a dilemma over rising demand for Starlink in-flight Wi-Fi, as the service carries hefty installation and operating costs for most budget airlines. Korean Air started introducing the service for the first time among local carriers in mid-September, initially focusing on long-haul routes. The flag carrier is expected to face few difficulties in expanding the service across its fleet stably due to the airline’s stronger financial resources than LCCs. Korean Air plans to expand its free Wi-Fi service to most of its fleet by the end of 2027 following its integration with Asiana Airlines. The service will also be introduced to its LCC affiliates. Jin Air plans to begin installing Starlink on its Boeing 737-8 aircraft, while Air Busan and Air Seoul are reviewing suitable aircraft for the system. The three LCCs will be merged into converged Jin Air following the integration of Korean Air and Asiana Airlines. However, other LCCs controlled by smaller parent firms than Korean Air are widely expected to face a tougher cost challenge when introducin

Lisa Su, chief executive officer of Advanced Micro Devices Inc. (AMD), is expected to visit Korea next month to meet with Korean semiconductor companies and government officials, industry sources said Wednesday. The visit would come about seven months after her previous trip to Korea in March. According to government and semiconductor industry sources, a meeting attended by Su is being considered for Oct. 8 in Seoul. The meeting is expected to include the CEOs of major Korean artificial intelligence (AI) semiconductor companies, including Rebellions Inc., FuriosaAI and Mobilint. Su is also expected to meet with Science Minister Bae Kyung-hoon around the time of the meeting, the sources said. During her visit, Su is also coordinating meetings with heads of major Korean companies, including Samsung Electronics Co. When she visited in March, the AMD chief met with Samsung Electronics Chairman Lee Jae-yong. Samsung Electronics has supplied HBM3E chips to AMD for its latest AI solutions since 2025, with the two companies maintaining a close business relationship.

Korea's antitrust watchdog said Wednesday it has begun deliberations on allegations Korean Air Lines Co. failed to meet seat capacity requirements imposed as conditions for its takeover of Asiana Airlines Inc. The Fair Trade Commission (FTC) said its examiner's report recommended taking actions against Korean Air, its affiliate Jin Air and Asiana Airlines for providing fewer than 90 percent of the seats offered in 2019 on routes connecting the central city of Cheongju and the southern resort island of Jeju between December 2024 and December 2025. Under the merger conditions, the watchdog required the airlines to maintain seat capacity on designated routes at no less than 90 percent of corresponding 2019 levels. The report found the airlines had violated the FTC's requirements and recommended imposing penalties for noncompliance and referring the case for criminal investigation. In a separate case, an examiner's report recommended rejecting Korean Air and four affiliated airlines' request to lower the minimum seat capacity requirement from 90 percent to 70 percent of 2019 levels on routes