California attorney general subpoenas OpenAI over cyber incidents

Korean companies are advised to expand their operations in the United States, as bilateral economic ties increasingly extend beyond trade to investment, technology and supply-chain resilience, the American Chamber of Commerce in Korea (AMCHAM) said Wednesday. The U.S. business lobby and the Korea Chamber of Commerce and Industry (KCCI) discussed opportunities and challenges of Korean firms when they expand investment and operations in America during the eighth annual Doing Business in the U.S. Seminar. The seminar was held as part of a special program marking the 250th anniversary of U.S. independence. AMCHAM Chairman James Kim said the economic relationship between the two countries is increasingly driven by the aforementioned sectors, rather than trade alone. “The next chapter of the U.S.-Korea economic partnership will be defined not simply by how much we trade, but by how much we build, invest, innovate and grow together,” Kim said. KCCI Executive Vice Chairman Kim Jeong-il emphasized the need for Korean companies to understand local regulations and business conditions, while buil

SK hynix said Thursday it is reviewing various funding options for its U.S. subsidiary Solidigm but that no decision has been made, reiterating its previous position on reports of a possible U.S. listing. Reports circulated that Solidigm is considering an initial public offering (IPO) in the United States as early as next year that could value the subsidiary at up to $150 billion. "We are reviewing various measures to strengthen Solidigm's competitiveness, but our position remains unchanged and that nothing has been decided," the South Korean chipmaker said in a press release. SK hynix said it continues to review the need for investments to secure Solidigm's production capacity and technological competitiveness. "Capital utilization plans related to Solidigm will be reviewed comprehensively, taking into account the company's overall investment plans, financial condition and capital allocation," the company said. SK hynix added that it would "carefully review potential impacts on existing shareholders and evaluate necessary measures to protect their interests."

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),