A global Microsoft outage disrupted operations at major Korean companies on Friday, leaving some employees unable to access emails, coordinate with business partners and manage daily workflows as the tech giant struggled to restore its systems. The disruption affected multiple Microsoft services, including its Outlook email, parts of its Teams messaging app, Microsoft 365 productivity tools and Copilot artificial intelligence (AI) assistant. While the impact varied by company depending on the services used, some employees were forced to postpone work or turn to alternative communication channels. Some major companies sent urgent companywide notices alerting employees about the outage and asking them to check which Microsoft services were affected. Some companies also circulated email notices identifying services that were unavailable. An information technology (IT) industry official said employees had turned to other messaging apps to keep some work moving but the workaround offered only limited relief. “Since we cannot use email, we are exchanging files through messaging apps. But some

Woori Bank CEO Jung Jin-wan has secured a one-year extension of his term, becoming the first among the heads of Korea's five major commercial banks whose terms expire at the end of this year to win another term. Woori Financial Group said Friday that its subsidiary CEO recommendation committee decided to recommend Jung for an additional year, extending his term through Dec. 31, 2027. His reappointment is subject to final approval at a shareholders' meeting scheduled for later this month. Jung was initially appointed in November 2024 for a two-year term, with the possibility of a one-year extension based on his performance. Announcing the recommendation results, Woori Financial pointed to his efforts to strengthen the bank's capital position, expand its digital platform businesses and advance inclusive finance initiatives during his tenure. In particular, the group said Jung had raised Woori Bank's common equity Tier 1 capital ratio — which lagged behind those of rival lenders when he took office — to the second-highest level among commercial banks. Woori Financial also cited his effort

Korea Aerospace Industries (KAI) said Friday it has agreed to expand cooperation with Indonesia's state-run aircraft manufacturer PT Dirgantara Indonesia (PTDI) in the field of aviation, including KF-21 fighter jet production. KAI and PTDI signed three memorandums of understanding (MOUs) covering the KF-21 fighter jet, flight simulators and commercial aircraft on the sidelines of the 12th Korea-Indonesia Defense Industry Cooperation Committee meeting held in Jakarta on Wednesday. Under the KF-21 agreement, the two companies will explore cooperation on manufacturing aircraft components in Indonesia, including three types of structural components, with PTDI participating in the production process. Indonesia has maintained close defense industry ties with KAI, having purchased the company's KT-1 basic trainer aircraft and T-50 advanced trainer jets. The Southeast Asian country has also participated as an international partner in the joint development of the KF-21 fighter jet. KAI has exported 20 KT-1B trainer aircraft to Indonesia and signed a contract to extend their service life. It has a

U.S. tech giant Nvidia Corp. has confirmed its commitment to deploying up to 260,000 graphics processing units (GPUs) in South Korea in partnership with South Korean companies, Seoul's science minister said Friday. In October, Nvidia announced a plan to supply GPUs to South Korea to build large-scale artificial intelligence (AI) factories in the country. In a post on Facebook, Science Minister Bae Kyung-hoon stressed that business cooperation will continue despite Huang's resignation adding that the science ministry has held a meeting with Nvidia on pending issues. The business tie-up plans announced last year involve the South Korean government and major industry leaders, including Samsung Electronics, SK Group, Hyundai Motor Group and Naver Cloud, that will each establish their own AI computing centers powered by Nvidia's latest Blackwell GPUs. A GPU is a high-performance semiconductor chip designed to handle many calculations simultaneously and is widely used to train and run AI models.

Hoban Group is facing a strategic dilemma over its next move in its ongoing ownership battle with Hanjin Group Chairman Cho Won-tae, as sharp swings in Hanjin KAL’s stock make it increasingly costly for either side to keep buying shares to maintain the top shareholder position. Hoban became Hanjin KAL’s largest shareholder on Nov. 4 after increasing its stake to 20.69 percent, narrowly overtaking the 20.58 percent held by Cho and his affiliates. The shift followed a surge in Hanjin KAL shares. The stock has since become even more volatile. It hit a record high of 245,000 won on Tuesday before plunging to an intraday low of 185,000 won on Thursday and closing at 203,500 won on Friday. The sharp swings have added to the financial burden on both sides as they continue to accumulate shares in their battle for control. Hoban has three possible options for its next move. The first is to sell its stake through a block deal. Hoban could negotiate with Cho around next year's annual shareholders meeting over whether to halt further purchases and participate in Hanjin KAL's board. If an agreement

Hoban Group’s stake in Hanjin KAL, the holding company of Hanjin Group, gained an estimated 1.1 trillion won ($822 million) in market value this month through Friday amid sharp share price swings fueled by speculation over a potential battle for control. Its value also rose by about 265.2 billion won from Nov. 4, when Hoban was disclosed as the company’s largest shareholder. Hoban emerged as Hanjin KAL’s second-largest shareholder in 2022 and steadily increased its holdings before overtaking Hanjin Group Chairman Cho Won-tae and related parties. The Nov. 4 disclosure showed that Hoban and related parties held 13,814,053 common shares, or 20.69 percent, narrowly ahead of Cho’s bloc at 20.58 percent. Hanjin KAL shares climbed from 123,900 won on Oct. 30 to 184,300 won on Nov. 4, reaching a closing peak of 239,000 won on Tuesday, a 92.9 percent increase from October’s final close. Profit-taking subsequently pushed the stock down 14.64 percent on Wednesday and another 0.49 percent Thursday. It edged up 0.25 percent Friday to close at 203,500 won. Assuming Hoban’s disclosed sharehol

Personal information of participants of a government-backed startup program has been leaked following a cyberattack against a company supporting the program, the startups ministry said Friday. The artificial intelligence solutions company detected a hacking attack on Wednesday, which compromised the personal data of 20,028 people, including 818 participants of the startup support program, according to the ministry. The leaked information includes the names, phone numbers and email addresses of service users. The data leak took place just months after personal information of 5,000 participants of the startup program was leaked in June in a similar hacking attack. The ministry had announced measures in July to strengthen security for the program and prevent future attacks.

For years, Jensen Huang was more than Nvidia’s CEO – he was a key figure driving the artificial intelligence boom, parlaying close ties with Asian chip foundries and aggressive financial backing into an unprecedented global buildout of data centres. Following his sudden resignation, the industry is confronting two immediate questions: without Huang’s personal relationships in Taiwan and South Korea, can Nvidia defend its priority access to scarce chipmaking and memory supply? And will it...

The tech giant is turning servers off and on again as it works to fix an outage affecting tens of thousands of users around the world.

Jensen Huang resigned as chief executive officer of chipmaker Nvidia following an affair with an alleged Chinese spy, boosting the odds of tighter US export controls against China days before the countries’ leaders are due to meet. Huang left the company he founded in 1993 with immediate effect, according to a statement on Thursday. Chief Financial Officer Colette Kress will act as interim chief executive while the board looks for a permanent replacement to head the world’s second-biggest...

Hoban Group is facing a strategic dilemma over its next move in its ongoing ownership battle with Hanjin Group Chairman Cho Won-tae, as sharp swings in Hanjin KAL’s stock make it increasingly costly for either side to keep buying shares to maintain the top shareholder position. Hoban became Hanjin KAL’s largest shareholder on Nov. 4 after increasing its stake to 20.69 percent, narrowly overtaking the 20.58 percent held by Cho and his affiliates. The shift followed a surge in Hanjin KAL shares. The stock has since become even more volatile. It hit a record high of 245,000 won on Tuesday before plunging to an intraday low of 185,000 won on Thursday and closing at 203,500 won on Friday. The sharp swings have added to the financial burden on both sides as they continue to accumulate shares in their battle for control. Hoban has three possible options for its next move. The first is to sell its stake through a block deal. Hoban could negotiate with Cho around next year's annual shareholders meeting over whether to halt further purchases and participate in Hanjin KAL's board. If an agreement

Hoban Group’s stake in Hanjin KAL, the holding company of Hanjin Group, gained an estimated 1.1 trillion won ($822 million) in market value this month through Friday, despite sharp share price swings. Its value also rose by about 265.2 billion won from Nov. 4, when Hoban was disclosed as the company’s largest shareholder. Hoban emerged as Hanjin KAL’s second-largest shareholder in 2022 and steadily increased its holdings before overtaking Hanjin Group Chairman Cho Won-tae and related parties. The Nov. 4 disclosure showed that Hoban and related parties held 13,814,053 common shares, or 20.69 percent, narrowly ahead of Cho’s bloc at 20.58 percent. Hanjin KAL shares climbed from 123,900 won on Oct. 30 to 184,300 won on Nov. 4, reaching a closing peak of 239,000 won on Tuesday, a 92.9 percent increase from October’s final close. Profit-taking subsequently pushed the stock down 14.64 percent on Wednesday and another 0.49 percent Thursday. It edged up 0.25 percent Friday to close at 203,500 won. Assuming Hoban’s disclosed shareholding remained unchanged, its stake was worth about 2.8

Jensen Huang’s abrupt resignation stunned some Nvidia staff in China and raised questions about the future of the US chipmaker’s operations in a market its co-founder had spent years cultivating, according to company sources. “It’s the end of an era. I really don’t understand why Huang was asked to resign – no one benefits from him stepping down,” one Nvidia employee in China said, declining to be named as they were not authorised to speak to the media. A second employee said colleagues looked...

China’s Semiconductor Manufacturing International Corporation (SMIC) is betting that a relentless data centre buildout will keep artificial intelligence computing power in short supply for the next two years. The bullish forecast comes as scrutiny over former Nvidia CEO Jensen Huang threatens to intensify Washington’s curbs on Chinese access to advanced American processors – a shift that could accelerate China’s reliance on domestic foundries. “By the middle to the second half of 2028 …...

Huang’s resignation is “effective immediately” and caps a spectacular downfall for the poster boy of AI. Donald Trump has weighed in on who should replace him.

Colette Kress, the company’s chief financial officer, will take over as interim CEO.

The year-end electronics event returns with 1,000-plus deals, exclusive launches and an unusual S$67 cash rebate promotion.

Nvidia’s boss was the champion of selling cutting-edge AI chips to China. Now he’s lost his credibility – and a $US4 trillion company.

Apple’s digital media streaming box gets a more powerful chip, support for Siri AI, and a new remote with some nifty features, and a higher price tag.

Hundreds of billions of dollars in market value just evaporated because the man who powers the AI revolution couldn’t keep his private life private.

Coffee brands, roasters, experts and authorities from around the world are gathering in Seoul for the 25th Seoul International Cafe Show, a four-day event that kicked off Wednesday. This year, India and Guatemala took part in one of the event’s flagship programs, Origin Discovery, showcasing their coffee traditions and explaining how their distinctive beans have won loyal followings among coffee lovers worldwide. Organized by the Coffee Board under the Government of India, a session titled Coffees of India introduced the country’s history of coffee cultivation, which dates back to the 1600s and reached its commercial zenith in the 18th century. Indian coffees, including Arabica, Robusta and Excelsa varieties, have been cultivated across Western Ghats — a biodiversity hotspot recognized by the UNESCO — as well as Eastern Ghats and Northeastern states. Amulya K.G., director of the Coffee Board and the host of the session, said there are 441,000 coffee farms in India, 99 percent of which are small holdings of less than 10 hectares. India is the world’s fifth largest coffee export

Mercedes-Benz Korea has entered the nation's fast-growing luxury van market with the V-Class, intensifying competition in a segment previously dominated by Toyota’s Alphard and Lexus LM. The German luxury carmaker launched Wednesday the seven-seat V-Class as a single-trim model priced at 124 million won ($92,700), targeting customers looking for a premium vehicle that combines passenger capacity with a high level of comfort. The launch comes as demand for high-end vans grows in Korea, particularly among business executives, celebrities and families seeking more spacious and comfortable transportation. Toyota and Lexus have established a strong presence in the segment with their Alphard and LM models, respectively. The two brands have benefited from growing demand for premium multipurpose vehicles that offer more space and comfort than conventional luxury sedans and SUVs. The arrival of Mercedes-Benz is expected to intensify competition by giving consumers another premium option. The V-Class luxury van is only available for a diesel powertrain here. The V-Class is positioned as a more sp

Deutsche Bank said Korea needs to improve financial market accessibility and regulatory predictability to attract more global capital, as its world-class companies continue to underpin the country's investment appeal. In a recent exclusive interview with The Korea Times, Alexander von zur Muehlen, Deutsche Bank's CEO of Asia Pacific, Europe, Middle East & Africa and Germany, said "few economies have produced such a concentration of globally competitive companies across strategically important industries" as Korea has. "The next step is to make its financial markets as international as its companies," said von zur Muehlen, who is also a member of the bank's management board. "Greater openness, simplicity and predictability can help broaden international participation." Korea has been opening its financial markets to global investors, introducing 24-hour foreign exchange trading in July. The country also allows foreign institutions to participate directly in its onshore foreign exchange market through the Registered Foreign Institution program, with Deutsche Bank among the first participa

The government is set to prevent incumbent CEOs at financial companies from having an undue influence on appointing their successors, while imposing tougher voting requirements for bank holding company chiefs who seek to extend their tenure, according to financial authorities, Thursday. The measures are part of a long-delayed corporate governance reform package unveiled by the Lee Jae Myung administration and the ruling Democratic Party of Korea (DPK), aimed at making leadership succession more transparent and strengthening board independence across the financial sector. The Financial Services Commission (FSC) plans to draw up amendments to the Act on Corporate Governance of Financial Companies within the year. The changes are expected to take effect six months after the legislation is passed. A central focus is to give independent directors greater control over leadership succession and strengthen their ability to hold management accountable. Under the proposed changes, committees responsible for nominating CEO candidates would consist entirely of independent directors. Sitting CEOs wou

Korea's ramyeon exports are expected to increase 30 percent in 2027 from a year earlier, driven by expanded production capacity, industry sources said Thursday. Ramyeon shipments rose 26 percent to $1.59 billion in the January-October period, already surpassing last year's full-year growth rate of 22 percent and total exports of $1.52 billion, according to data from the trade ministry and other sources. "Major ramyeon makers' investments in production facilities are expected to continue driving export growth next year," an industry official said over the phone. Nongshim, Korea's leading instant noodle maker, began operations last month at its first plant dedicated to exports in the southern port city of Busan. The company currently generates about 40 percent of its total ramyeon sales from overseas markets, including the United States, China and Japan. It operates seven plants in Korea and six overseas facilities — two in the US and four in China — and sells flagship products such as Shin Ramyun, Chapagetti and Neoguri worldwide. Samyang Foods, known for its globally popular Buldak spi

Korean chipmakers Samsung Electronics and SK hynix are monitoring leadership uncertainty at Nvidia, one of their biggest clients, company insiders said Thursday. As the major suppliers of chips used in artificial intelligence (AI) accelerators, the two are assessing potential succession scenarios following reports that Nvidia's board is considering possible replacements for CEO Jensen Huang amid allegations of multiple extramarital affairs. Huang's close ties with Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won have raised concerns that his possible departure could affect business relations. "If Huang is removed, it could inevitably affect networking among top industry executives," a company official said, requesting anonymity. "We cannot rule out the possibility that business discussions could slow or existing plans could change." Others, however, said existing supply agreements were unlikely to be affected, noting that the two companies have traditionally worked with Nvidia executives, including Senior Vice President Jeff Fisher, on detailed business plans.

The global semiconductor upcycle, coupled with easing pressure from higher oil prices, is expected to lead to stronger consumption next year, a state-run think tank projected Thursday. The outlook came amid assessments that this year's global chip upcycle, driven by the artificial intelligence (AI) boom, has had a limited impact on domestic consumption due to the gradual spillover of its benefits, while higher oil prices have weighed more immediately on the room for spending. "Next year, the negative impact of oil price hikes is expected to gradually weaken, while the positive impact of the chip upcycle spreads, leading to stronger consumption compared with this year," the Korea Development Institute (KDI) said in a report. The KDI said bonuses and dividends paid by major chipmakers could also provide additional momentum for domestic consumption, although geopolitical uncertainties in the Middle East may pose some downside risks. Amid the potential challenges, the KDI advised the government to refrain from measures aimed at stimulating short-term spending and instead focus on improving e

The proposed merger of Jin Air, Air Busan and Air Seoul has cleared its final regulatory hurdle, paving the way for the three low-cost carriers (LCCs) to officially operate as a single carrier under the Jin Air brand beginning March 17, the nation’s antitrust authority said Thursday. Under the approvals by the Ministry of Land, Infrastructure and Transport and the Fair Trade Commission (FTC), the three carriers will be integrated through Jin Air's absorption of Air Busan and Air Seoul following Korean Air’s acquisition of Asiana Airlines. The approvals remove the major regulatory obstacles to the restructuring of Hanjin Group's airline business, following the planned launch of the integrated Korean Air as a full-service carrier on Dec. 17. Jin Air will assume the assets, liabilities, employees and legal status of the two other carriers. The combined airline will become Korea's largest LCC by fleet size, with about 58 aircraft in operation by the three carriers combined as of the end of 2025. It will combine the three carriers' routes, aircraft and operating infrastructure, with the a

Grand Korea Leisure, the state-run operator of Seven Luck foreigner-only casinos, has earned an A rating for the third consecutive year in an annual evaluation of corporate environmental, social and governance (ESG) practices. The state-run casino operator, which runs the Seven Luck brand for foreign visitors, said Thursday it received an overall A grade in the 2026 ESG assessment announced Wednesday by the Korea Institute of Corporate Governance and Sustainability. The company also received A grades in all three individual categories: environmental protection, social responsibility and corporate governance. The annual assessment, conducted by the Korea Institute of Corporate Governance and Sustainability since 2011, evaluates listed companies on their sustainability management practices, with 1,022 companies included in this year's review. In the environmental category, Grand Korea Leisure was recognized for strengthening climate-risk management based on recommendations from the Task Force on Climate-related Financial Disclosures, improving its environmental management framework and red

Samsung Electronics broke ground on a new semiconductor packaging facility at its Onyang campus in Asan, South Chungcheong Province, Thursday as part of a 144 trillion-won ($108.4 billion) investment plan by the company and three affiliates to expand advanced manufacturing capacity in the region. The company held a groundbreaking ceremony at the campus, joined by President Lee Jae Myung, Executive Chairman Lee Jae-yong, Deputy Prime Minister Lee Hyeong-il, South Chungcheong Province Gov. Park Soo-hyun and about 100 executives and employees from Samsung and its partner companies. The new production line, aimed at beginning operations in June 2028, a year ahead of the original schedule, will expand the campus' role beyond conventional semiconductor assembly and testing to include advanced high bandwidth memory (HBM) packaging. "Through today's groundbreaking ceremony, we pledge to take another leap forward," Lee Jae-yong said. "This site, which has traditionally focused on simply assembling and testing conventional semiconductors, will become a leading hub for advanced HBM, the heart of A