Musk is a trillionaire again as SpaceX claws back post-IPO slump

The Business Times - Oct 5, 2026

It marks the first time in three months the 55-year-old tech mogul’s fortune passed US$1 trillion

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KCCI, audit authority collaborate to resume construction of 4,000 public housing units

Oct 7, 2026

KCCI, audit authority collaborate to resume construction of 4,000 public housing units

The audit authority has cleared a key hurdle for six stalled public housing projects totaling nearly 4,000 units after the Korea Chamber of Commerce and Industry (KCCI) sought a preliminary consultation on behalf of builders struggling with soaring construction costs. The KCCI said on Tuesday that the Board of Audit and Inspection (BAI) determined that project costs for the six sites, covering 3,936 housing units, can be recalculated to reflect current market conditions. The case marks the KCCI’s first use of the consultation program since it was opened to private organizations in May. “Companies have faced difficulties for a long time, but this was not an issue they could easily make a decision on,” Lee Jong-myung, head of the KCCI's industry innovation division, said. “The BAI's decision to open its doors to the private sector has added another channel for resolving corporate difficulties, and its first result will benefit the public through housing supply.” The six projects are part of a public-private housing program, with public agencies providing the land while private bu

Private sector's role increased in 5th Nuri launch

Oct 7, 2026

Private sector's role increased in 5th Nuri launch

Private companies played a significantly greater role in the successful fifth launch of Korea’s Nuri rocket on Wednesday, signaling that the country’s efforts to keep pace with the global shift toward a private sector-led “New Space” era are gaining momentum. The Nuri rocket completed its fifth launch and 20-minute-long flight successfully after lifting off at the Naro Space Center in Goheung, Jeonnam-Gwangju Special Metropolitan City, at 12:25 p.m. The most notable change in the latest launch was not the rocket itself, but the growing presence of private-sector personnel at the launch site. Hanwha Aerospace has overseen the manufacturing of the Nuri rocket as its system integrator since the fourth launch on Nov. 27 last year, but this time, its role expanded to the consoles at the launch control center. Hanwha Aerospace deployed 42 staffers for the fifth launch. They participated in operations at 20 of the 22 consoles responsible for launch vehicle systems, and at 18 of them, Hanwha employees directly operated the controls instead of specialists from the Korea Aerospace Researc

[EXPLAINER] How AI emerged as new threat in Korea's bank hacking crisis

Oct 7, 2026

[EXPLAINER] How AI emerged as new threat in Korea's bank hacking crisis

Hackers once had to manually test security defenses, identify vulnerabilities and work out how to exploit them. Now, artificial intelligence (AI) can do much of that work, requiring little human input. That possibility is at the center of Korea's latest security crisis in the financial sector, as investigators have found traces of an AI-powered autonomous penetration-testing tool in a series of recent cyberattacks on the country's major banks. Since last week, Shinhan Bank, KB Kookmin Bank, Hana Bank, Yegaram Savings Bank and BNK Busan Bank have all reported data breaches, while Woori Bank and NH NongHyup Bank have detected signs of hacking attempts, though no data leaks were confirmed. Shinhan Bank reported that about 25,000 customers were affected, with personal information including names, phone numbers, annual income and loan limits exposed. KB Kookmin reported 119 affected customers, while Hana Bank said personal information belonging to 89 customers was exposed. The hacking spree has drawn particular concern after investigators reportedly found traces of an AI-powered tool known as

SK Energy, HD Hyundai Oilbank face fines over alleged fuel price fixing

Oct 7, 2026

SK Energy, HD Hyundai Oilbank face fines over alleged fuel price fixing

SK Energy and HD Hyundai Oilbank may face sanctions from the Fair Trade Commission (FTC) over allegations that they colluded on gasoline, diesel and kerosene prices, with combined fines potentially reaching 4.63 trillion won ($3.45 billion). The antitrust regulator said Wednesday that it sent a review report to the two companies, formally launching deliberations over the alleged price-fixing case. The FTC said the alleged collusion lasted from February 2022, shortly before Russia's invasion of Ukraine, through March this year, shortly after the outbreak of the war in Iran. The case covers petroleum products that are essential to household and economic activity. Korea's oil refining industry is highly concentrated, with SK Energy, HD Hyundai Oilbank, GS Caltex and S-Oil accounting for about 98 percent of the domestic market. According to the FTC, SK Energy and HD Hyundai Oilbank exchanged information on the prices of gasoline, diesel and kerosene, including provisional prices, final prices and sales policies. The regulator also determined that the two companies colluded on prices followin

Beef tallow remains hurdle to Charrr's global expansion

Oct 7, 2026

Beef tallow remains hurdle to Charrr's global expansion

Countries’ regulations on imported foods containing beef tallow pose a hurdle for Samyang Foods as the Korean instant noodle giant seeks to expand exports of its latest black bean sauce instant noodles, Charrr. The company has established Buldak as a massively popular product around the globe without using beef tallow, selling 10 billion units and generating cumulative sales of 7 trillion won ($5.2 billion) as of June. Unlike the spicy, brothless instant noodle brand, however, Charrr uses beef tallow as a key ingredient to give its sauce a rich, beefy flavor. Charrr is not Samyang’s first instant noodle product using beef tallow. The company launched Samyang 1963 in November last year with the ambitious goal of reviving the “forgotten” taste of its first instant noodle product, Samyang Ramen, which was introduced in 1963 and used beef tallow. Samyang Ramen, introduced by the late company founder Chun Joong-yoon to help feed a population suffering from widespread poverty at the time, remains a cornerstone of the company’s identity. Its use of beef tallow has now become part of

Bank data breach victims step up calls for compensation

Oct 7, 2026

Bank data breach victims step up calls for compensation

A growing number of customers affected by a string of recent personal data breaches at major commercial banks and other financial firms appear to be turning to class action lawsuits in pursuit of compensation, according to industry officials, Wednesday. The banks have pledged to fully compensate customers whose losses, including those from voice phishing scams, are found to have directly resulted from the leaks. But proving that a loss was caused by a specific data breach can be difficult in practice, and the banks have yet to set out clear standards for determining which claims would qualify, prompting some victims to resort to legal action. Seven financial firms have reported information leaks so far, including three of the country’s largest commercial lenders — Shinhan Bank, KB Kookmin Bank and Hana Bank. Shinhan reported the largest breach, affecting around 25,000 people, followed by 119 at KB Kookmin and 89 at Hana Bank. The exposed data includes customers’ names, contact details, resident registration numbers, annual income and loan limits. The combination of personal and fin

[COVER STORY] Nuri rocket successfully completes 5th flight

Oct 7, 2026

[COVER STORY] Nuri rocket successfully completes 5th flight

Korea’s home-developed Nuri rocket successfully carried out its mission in its fifth launch Wednesday, sequentially deploying 14 out of 15 satellites it carried into their target orbit. The key objective of the fifth launch was to safely deploy the five microsatellite constellations, and the success has demonstrated Korea's increased multi-satellite launch capabilities, taking another step toward privately led commercial launch services. The rocket lifted off from the launchpad at the Naro Space Center in Goheung, Jeonnam-Gwangju Special Metropolitan City, at 12:25 p.m. and completed its roughly 20-minute flight at around 12:45 p.m. The rocket separated its first stage about two minutes after liftoff, followed by the second stage about four and a half minutes into the flight. At around 12:40 p.m., it reached an altitude of 570 kilometers and completed the sequential deployment of five New-space Earth Observation Satellite Constellation for National Safety (NEONSAT) microsatellites (satellites No. 2 to 6), its primary payload, along with nine of the 10 CubeSats it carried. Initially, th

Nuri rocket deploys 14 satellites, 1 CubeSat fails to release

Oct 7, 2026

Nuri rocket deploys 14 satellites, 1 CubeSat fails to release

The Nuri rocket successfully lifted off on its fifth launch and deployed 14 of the 15 satellites it carried into their target orbit Wednesday. The rocket lifted off from the second launch pad at the Naro Space Center in Goheung, Jeonnam-Gwangju Special Metropolitan City, at 12:25 p.m. and completed its roughly 20-minute flight at around 12:45 p.m. The rocket separated its first stage about two minutes after liftoff, followed by the second stage about four and a half minutes into the flight. At around 12:40 p.m., it reached an altitude of 570 kilometers and completed the sequential deployment of five NEONSAT swarm microsatellites (satellite No. 2 to 6), its primary payload, along with nine of the 10 CubeSats it carried. Initially, the Nuri sent signals indicating that all of the CubeSats had been successfully deployed. However, subsequent checks found that PERSAT02, developed by Quaternion, had failed to separate from the rocket. The flight ended at around 12:45 p.m. after the third stage completed its autopilot sequence. "The Nuri rocket successfully completed its planned fifth launch mis

Pornhub returns for Australians, but only if Apple says you’re over 18

Oct 7, 2026

Pornhub returns for Australians, but only if Apple says you’re over 18

The Canadian owner of the adult content website says Apple’s age checks for iPhone and iPad users are some of the hardest to get around.

Nuri rocket successfully deploy 15 satellites

Oct 7, 2026

Nuri rocket successfully deploy 15 satellites

The Nuri rocket successfully lifted off in its fifth launch and deployed 15 satellites into their target orbit, Wednesday. The rocket lifted off from the second launch pad at the Naro Space Center in Goheung, Jeonnam-Gwangju Special Metropolitan City, at 12:25 p.m. and completed its roughly 20-minute flight at around 12:45 p.m. The rocket separated its first stage about two minutes after liftoff, followed by the second stage about four and a half minutes into the flight. At around 12:40 p.m., it reached an altitude of 570 kilometers and completed the sequential deployment of five NEONSAT swarm microsatellites, its primary payload, and 10 CubeSats. The flight ended at around 12:45 p.m. after the third stage completed its autopilot sequence. "The Nuri rocket has been confirmed to have reached its target orbit in accordance with the planned flight sequence, and all five NEONSAT swarm microsatellites were separated in the planned order,” Korea AeroSpace Administration (KASA) Administrator Oh Tae-seog said. “Based on the satellite deployment process and flight status confirmed so far, the

KT&G's No. 2 plant in Indonesia begins operations

Oct 7, 2026

KT&G's No. 2 plant in Indonesia begins operations

KT&G Corp., Korea's dominant tobacco company, said Wednesday its second plant in Indonesia has begun operations as it expands its presence in Southeast Asia. The new plant is located in Pasuruan, East Java, while KT&G's first tobacco manufacturing plant in Indonesia is in Surabaya, the company said in a press release. The new Indonesian plant will serve as KT&G's manufacturing base in Southeast Asia, producing goods for export to neighboring countries and other markets, it said. The plant has an annual production capacity of 21 billion cigarettes, bringing KT&G's total production capacity in Indonesia to 35 billion cigarettes. KT&G operates tobacco plants in five countries — Korea, Russia, Turkey, Indonesia and Kazakhstan. The combined annual production capacity of its four overseas plants is expected to reach 65 billion cigarettes, the company said, without specifying when that target would be reached. KT&G's three domestic plants have a combined annual production capacity of 56 billion cigarettes. The company aims to generate half of its sales overseas in 2027. It is targeting sales of

Nuri rocket set for 5th launch to place 15 satellites into orbit

Oct 7, 2026

Nuri rocket set for 5th launch to place 15 satellites into orbit

Korea's homegrown Nuri rocket is set for its fifth launch Wednesday, carrying 15 satellites, including five that will form part of the country's first domestically launched microsatellite constellation. The three-stage rocket is scheduled to lift off from the Naro Space Center in Goheung, about 400 kilometers south of Seoul, at 12:25 p.m., Oh Tae-seok, administrator of the Korea AeroSpace Administration (KASA), said. Oh said the rocket is technically ready for launch, with weather and space conditions also favorable and no concerns over potential collisions with space objects, allowing the launch to proceed as scheduled. The payload consists of five New-space Earth Observation Satellite Constellation for National Safety (NEONSAT) microsatellites and 10 CubeSats. About four hours before liftoff, the launch team will begin filling the three-stage rocket with kerosene fuel and liquid oxygen oxidizer after completing system checks. Nuri's first and second stages will separate about 123 and 268 seconds after liftoff, respectively, with satellite deployment beginning between 810 and 960 seconds

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