South Korea's biggest banks are preparing to boost security spending following a wave of data breaches, with Shinhan Bank and Woori Bank reversing course after cutting this year's budgets by double digits. The attacks exposed customer information through systems used by employees and loan agents, as even banks that had increased their security budgets suffered breaches. Shinhan earmarked 40.59 billion won ($30.4 million) for information security this year, the least among the five major lenders

Hyosung Heavy Industries completed a new ultra-high-voltage circuit breaker plant in Changwon, South Gyeongsang Province, on Friday to meet rising global demand for power equipment. Hyosung Vice Chairman Lee Sang-woon, Rep. Heo Seong-moo of the Democratic Party of Korea, Rep. Kim Jong-yang of the People Power Party, and Korea Electrotechnology Research Institute President Kang Sang-hee attended the opening ceremony. The 18,996-square-meter plant will manufacture 420 kV, 550 kV and 800 kV export

South Korean President Lee Jae Myung on Thursday dismissed speculation that he would seek a constitutional revision to allow himself to serve another term, pledging to press ahead with reforms. "Though my methods and approaches have become more pragmatic and cautious, my goals have not changed," Lee wrote on X in response to a post expressing disappointment over concerns about a constitutional revision and the possibility that reforms could be weakened. Lee stressed that a constitutional revisio

TAIPEI (AFP) -- Taiwanese chip giant TSMC said Thursday that net profit soared to another record high in the third quarter, buoyed by massive global demand for AI hardware. The result marked the sixth straight record quarterly net profit for the company, the world's biggest contract maker of microchips, including those used in Nvidia AI data center processors. But with the AI boom only growing, analysts warned that chipmakers and other tech firms reporting bumper financial results risk being "ju

Korea Zinc's planned $7.4 billion smelter project in Tennessee is drawing growing support from local officials, who say it will create jobs and help secure US supplies of critical minerals. The endorsement comes days after US President Donald Trump promoted the project at a campaign rally, touting its economic benefits ahead of next month’s midterms. Clarksville Mayor Joe Pitts welcomed the investment, citing its significance for the local economy and US mineral security, according to Nashville-

Korean Air posted record quarterly revenue for the July-September period on surging inbound and steady cargo demand, despite persistently high fuel costs, the national flag carrier said Thursday. According to preliminary earnings data, third-quarter revenue reached 5.04 trillion won ($3.8 billion), the highest of any quarter in the company’s history, up more than 1 trillion won, or 26 percent, from a year earlier. Operating profit climbed 12 percent to 421.2 billion won. Net income soared more t

South Korea's leading conglomerates are considering a multitrillion-won investment in US nuclear power company Westinghouse Electric, in a move that could give Korean businesses a stronger foothold in America's expanding nuclear energy market. But the proposed investment raises a central question: Will buying a stake in Westinghouse translate into construction and equipment contracts for Korean companies? SK Group, Samsung C&T, Hyundai Engineering & Construction and Doosan Enerbility are reviewi

US President Donald Trump has again asserted South Korea pledged $50 billion to a massive liquefied natural gas project in Alaska, despite Seoul's insistence that no final investment decision has been made, as he touts foreign investment ahead of next month’s midterm elections. In a post on Truth Social on Wednesday, Trump said he had launched the Alaska LNG project, describing it as the largest energy infrastructure project in the state’s history. "This 50 billion dollar infrastructure investme

Samsung Electronics Chairman Lee Jae-yong reportedly met with five top executives in Tokyo this week, fueling speculation over the company's semiconductor strategy in Japan and broader business priorities. According to industry sources Thursday, the executives traveled to Tokyo on Tuesday to meet Lee, who was already in Japan. The group included Vice Chairman Chung Hyun-ho, a longtime confidant of Lee; Park Hark-kyu, head of Samsung's business support office; Jun Young-hyun, head of the Device S

Posco said Thursday it signed a memorandum of understanding with Hanwha Ocean to develop and test liquefied natural gas carrier cargo tanks made from its proprietary high-manganese steel, aiming to expand the material's commercial use in shipbuilding. The agreement was signed at Hanwha Ocean's shipyard in Geoje, South Gyeongsang Province, with Posco CEO Lee Hee-geun and Hanwha Ocean CEO Kim Hee-cheul in attendance. Under the deal, Hanwha Ocean will build a demonstration vessel equipped with stee

Taihan Cable & Solution said Thursday it has secured a high-voltage power grid project in the US, signing a 120 billion won ($89 million) cable supply contract as electricity demand surges amid the expansion of artificial intelligence data centers. Under the deal, Taihan's US subsidiary T.E.USA will handle engineering and construction, while the Korean parent will manufacture and supply high-voltage cables and related equipment. The 120 billion won contract covers materials supplied by Taihan to

BUPYEONG, Incheon — Inside GM Korea’s service training center at its Bupyeong plant, two Buick Electra E7 SUVs were parked side by side. One was fully assembled, while the other partially dismantled to show its inner workings beneath its body. Laid out separately in front of the disassembled plug-in hybrid SUV were its 1.5-liter gasoline engine, electric drive unit and high-voltage battery, offering technicians a chance to study the parts they would soon be servicing. Bright orange cables and wa

As Samsung Electronics, SK hynix and Micron Technology race to build new chip factories, concerns are growing that expansion to meet today's AI-driven memory shortage could eventually result in another damaging supply glut. But a leading Korean semiconductor expert argues that expanding capacity could give the industry's dominant players greater flexibility to respond to shifting demand — and potentially help Korean chipmakers regain market share lost to Chinese rivals. Kim Hyung-joon, head of t

South Korean stocks fell for the sixth consecutive session Wednesday on persisting concerns over excessive spending on artificial intelligence as investors remained cautious ahead of US inflation data. The Korean won gained against the US dollar. After choppy trading, the benchmark Korea Composite Stock Price Index lost 26.54 points, or 0.44 percent, to 6,008.81. The KOSPI has dropped since Tuesday last week, including a 5.46 percent plunge the previous day. After opening 0.44 percent higher, th

Palliser Capital, a London-based activist investment fund, has urged Samsung Electronics and Hyundai Motor to reduce discounts on their preferred shares, arguing that the valuation gap represents more than $60 billion in potential value across South Korea's stock market. The fund also suggested Samsung consider issuing American depositary receipts, or ADRs, to help finance preferred share buybacks and cancellations. Speaking at the Sohn San Francisco Investment Conference on Tuesday, Palliser fo