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  • GS Ventures Invests in AI Data Centers, Embracing Startup Innovations
    GS Ventures Invests in AI Data Centers, Embracing Startup Innovations GS is building a technology ecosystem to develop artificial intelligence (AI) data centers as a future growth engine for the group. The company plans to integrate new technologies from startups in memory, cooling, and cloud sectors with its existing capabilities in power and construction, thereby expanding its business scope across the entire AI data center value chain.On September 15, GS Ventures hosted the '2026 GS Ventures Tech Day' at GS Tower in Gangnam, Seoul.This year's event focused on AI data centers. Seven startups, including six portfolio companies invested in by GS Ventures, presented their related technologies and explored collaboration opportunities with group affiliates.GS has been actively discovering and investing in startups across various sectors, including power and energy, semiconductors and memory, cooling, and cloud, through GS Ventures. The Tech Day was designed to leverage the accumulated network and investment experience to identify new opportunities in the AI data center field.Attendees included GS Chairman Huh Tae-soo, key executives, and officials from affiliates such as GS Energy, GS Caltex, GS Construction, GS E&R, and GS Global, along with representatives from participating startups.The technologies showcased by the participating companies covered key areas of AI data centers, from power stabilization to GPU cloud operations. In the power sector, Synergy presented solutions to enhance the stability and energy efficiency of power supply for AI data centers. Vincen introduced a hydrogen fuel cell solution for data centers, based on technology accumulated in the shipping and maritime sectors.In the memory sector, Exyna unveiled intelligent memory based on Compute Express Link (CXL) to alleviate data processing bottlenecks. In the cooling sector, Coolmicro and SDT presented their respective solutions: a Direct-to-Chip liquid cooling system that directly contacts semiconductor cooling plates to dissipate heat, and an immersion cooling system that submerges servers in an insulating cooling liquid to cool them down.In the operations sector, Elisk Group showcased a modular AI data center, while Vessel AI presented GPU cloud technology specialized for AI computation tasks.Following the presentations, networking sessions took place between GS affiliate business representatives and the startups. Dohyun Soo, CEO of GS AI Infrastructure, the dedicated corporation for AI data center business, and other staff participated to discuss the applicability of the technologies and potential business linkages. GS plans to review the feasibility of technology validation and business application through follow-up discussions.GS is advancing its AI data center business to meet the rapidly growing demand for AI infrastructure. The company aims to gradually complete a 1.2GW data center in Donghae, Gangwon Province, starting in 2028, with plans to add another 1.2GW, bringing the total to 2.4GW.Chairman Huh Tae-soo stated, "The innovative technologies of startups can be the key to resolving technical bottlenecks in AI data centers. We will expand the intersection between GS and startups to jointly develop the domestic AI data center technology ecosystem."Meanwhile, GS recently finalized specific investment plans for its AI data center business. According to a disclosure on September 14, the company plans to invest approximately 15 trillion won in the first phase of the Donghae AI data center, which will have a capacity of 1.2GW. The investment will be financed through project financing and equity, with the current plan indicating that about 20% will come from equity.* This article has been translated by AI. 2026-09-16 09:08:00
  • Irans Foreign Minister Visits Beijing Ahead of US-China Summit
    Iran's Foreign Minister Visits Beijing Ahead of US-China Summit Iran's Foreign Minister is set to visit Beijing once again ahead of the upcoming US-China summit. Coincidentally, this pattern has emerged where the Iranian Foreign Minister visits Beijing about a week before meetings between the US President and the Chinese President.Abbas Araghchi, Iran's Foreign Minister, is scheduled to meet with Wang Yi, a member of the Political Bureau of the Chinese Communist Party and Foreign Minister, on the 16th, as announced by the Chinese Foreign Ministry. While the ministry did not disclose specific agenda items, key issues such as the Iran nuclear problem, relations with the United States, and the situation in the Middle East are expected to be discussed.Araghchi previously visited Beijing on May 6, just a week before then-President Donald Trump's visit to China. Trump met with President Xi Jinping from May 13 to 15, during which trade, the Iran conflict, and the Middle East situation were significant topics of discussion.This time, President Xi is scheduled to meet with President Trump in Washington on the 24th. Araghchi's visit to Beijing on the 16th comes just a week before this summit.As Iran's Foreign Minister, Araghchi is expected to convey three main messages to China ahead of the US-China summit. First, he will seek China's understanding of Iran's position in negotiations with the United States, emphasizing the right of all nations to peaceful nuclear use.Second, he will urge China not to overly participate in additional US pressure or sanctions against Iran. US Treasury Secretary Scott P. O'Neill is set to meet with Chinese Vice Premier He Lifeng this weekend to discuss economic trade negotiations, where he is expected to emphasize China's participation in US sanctions against Iran.Third, he will ask China to adopt a different stance from the US regarding the Hormuz Strait and Middle East issues. Instead of pressuring Iran to normalize the Strait, he will advocate for diplomatic negotiations to restore navigation in the region.In response, Wang Yi is expected to maintain dialogue with the US and call for the normalization of the Hormuz Strait. There is also a possibility that he will express a stance of not actively participating in US sanctions against Iran. During their previous meeting in May, Wang Yi expressed support for Iran's sovereignty and security, emphasizing the need to restore safe navigation in the Hormuz Strait.The Iranian Foreign Minister's visit to Beijing ahead of the US-China summit has occurred twice now. Each time the US and China negotiate over global order, the issue of Iran comes to the forefront, solidifying China's role as a key player in Middle Eastern negotiations.* This article has been translated by AI. 2026-09-16 09:08:00
  • Korea Investment Securities Recommends Increased Stake in Hyosung Heavy Industries
    Korea Investment Securities Recommends Increased Stake in Hyosung Heavy Industries Korea Investment Securities has recommended increasing stakes in Hyosung Heavy Industries, a transformer manufacturer, on September 16. The firm believes that concerns over the re-entry of Chinese equipment into the market have eased due to an executive order from the Trump administration, which may alleviate fears of a slowdown in high-voltage transformer demand.Jang Nam-hyun, a researcher at Korea Investment Securities, stated, "Large-scale data centers must secure stable grid power in the long term, even if they have their own power sources. Recently, data center operators have begun to bear the costs of investing in transmission networks and substation facilities themselves."Hyosung Heavy Industries continues to secure large orders in the North American market. The company announced on September 15 that it had signed two contracts for the supply of high-voltage transformers in the U.S., specifically for 765kV and 345kV transformers, with a combined contract value of 386.6 billion won. The market views these large orders as a sign that concerns over a peak-out in transformer demand have been somewhat alleviated.The upward trend in high-voltage transformer demand is expected to continue for the time being. Jang emphasized, "In addition to the demand for replacing aging power grids, the expansion of regional transmission networks due to the construction of AI data centers by big tech companies will contribute to ongoing shortages in high-voltage transformers. Consequently, the growth in order backlogs for domestic power equipment companies, including Hyosung Heavy Industries, HD Hyundai Electric, and LS Electric, is also expected to persist."* This article has been translated by AI. 2026-09-16 09:04:20
  • OpenAI Pursues New Funding Despite AI Slowdown Debate, Valuation at $1.2 Trillion
    OpenAI Pursues New Funding Despite AI Slowdown Debate, Valuation at $1.2 Trillion OpenAI is reportedly seeking new funding to enhance its competitiveness, despite recent calls for a slowdown in artificial intelligence (AI) development. The company had initially planned to go public this year, but that IPO has been delayed, prompting the need for additional financing.On September 15, the Financial Times reported, citing multiple sources, that OpenAI is in discussions with major investors to raise its valuation to $1.2 trillion (approximately 1,637 trillion won). One source noted that OpenAI has invested billions of dollars in training AI models over the past few years, stating, "Capital is needed."In March, OpenAI raised $122 billion, with its valuation estimated at $852 billion. If the new funding proceeds as planned, OpenAI's valuation could nearly double from its current level.However, sources indicate that discussions about the new funding are still in the early stages, and specific figures may change. Additionally, the timing and decision regarding the new funding are intertwined with OpenAI's IPO plans. The company submitted a confidential filing to the U.S. Securities and Exchange Commission (SEC) in June but later postponed its IPO timeline. Sam Altman, OpenAI's CEO, mentioned in an interview with Fortune magazine on September 12 that going public this year is likely not feasible, stating that the timing is "not appropriate." Despite this, OpenAI is looking to capitalize on the growing demand for its recently announced AI models, GPT-5.6 and GPT-6 Astra, as it seeks to strengthen its position in the competitive AI landscape. This need for new funding arises as OpenAI continues to face pressure to improve its performance and competitiveness.In contrast, OpenAI's competitor Anthropic is valued at $965 billion and has surpassed OpenAI. Anthropic is expected to report profits for the third quarter following a profitable second quarter and is rumored to be planning an IPO as early as next month, highlighting the competitive pressures on OpenAI, which is still operating at a loss.Interestingly, the news of OpenAI's funding pursuit comes amid heightened discussions about slowing down AI development. Major U.S. AI companies, including Anthropic and OpenAI, have called for a reduction in the pace of advanced AI model development due to concerns over reckless development and associated risks. However, critics argue that these companies are not aligning their actions with their rhetoric, as they continue to focus on enhancing their competitiveness.Additionally, Anthropic has reportedly signed a six-year, $13.7 billion computing contract with the Lum Group, which has ties to the Trump administration, according to a report by the technology news outlet The Information on September 13. 2026-09-16 09:04:20
  • Lotte Construction Enters Mokdong Reconstruction Market with 30 Trillion Won Project
    Lotte Construction Enters Mokdong Reconstruction Market with 30 Trillion Won Project “This is Lotte's declaration of entering the Mokdong business.” At a press conference held on September 14 at the 'L'Ell Mokdong Lounge' in Yangcheon-gu, Seoul, a Lotte Construction official explained the significance of the lounge's opening. Although no construction rights have been secured among the 14 complexes in the Mokdong new town, the company announced its intention to actively participate in the reconstruction market, estimated at around 30 trillion won. The lounge features landscaping reminiscent of a forest and smooth, curved spaces. Inside, works by artists Kim Whanki and Kim Chang-yeol are displayed, while a separate area showcases media art reinterpreting works by Monet and Van Gogh. The space emphasizes nature and art over housing types and finishing materials, presenting the high-end brand 'L'Ell' residential concept. Lotte Construction has established lounges near the Omokgyo Station in eastern Mokdong and near the academy district in western Sinjeong-dong. This strategy aims to promote the brand to the existing 26,629 households in Mokdong new town and expand its bidding base ahead of the selection of construction companies. Focusing on Complexes 2, 7, 11, and 14… “We will actively bid if competition arises” Lotte Construction is particularly targeting complexes 2, 7, 11, and 14 in Mokdong. However, the company is not limiting its bidding to these complexes and is open to opportunities across all 14 complexes. Kang Young-soo, head of Lotte Construction's Urban Maintenance Team, stated, “The complexes we are currently targeting have not yet announced bidding notices, so it is difficult to specify which complexes we will participate in,” but added, “We are focusing on complexes 2, 7, 11, and 14.” He continued, “We will strategically decide on participation based on a comprehensive review of each project's profitability, conditions for advancement, and competitive environment,” emphasizing, “If competition arises with other companies, we will actively pursue bids.” The card Lotte Construction is playing for the Mokdong bidding is the 'Sorbonne Project.' This is not a specific complex name but a residential concept aimed at all complexes from 1 to 14 in Mokdong. The plan is to combine Mokdong's educational and natural environment with culture and art, and once specific complexes are determined, collaborate with overseas design firms to reflect the characteristics of each site. Kwon Dong-hyuk, head of Lotte Construction's Urban Maintenance Team, explained, “We started with two questions: What is the important value Mokdong has built over the past 40 years, and what kind of city should Mokdong become after reconstruction?” He added, “The Sorbonne Project aims to enhance Mokdong's education and greenery with the intellect and art of Paris.” Differentiating through Education and Cultural Services… Specifics to be Defined During Bidding Lotte Construction believes that competition in high-end housing will expand from exterior design and high-quality finishing materials to education, culture, and services after residents move in. The lounge also reflects this direction through its art pieces and spatial composition. The company is considering large libraries, book cafes, and learning spaces, and is pursuing collaboration with Lotte Group affiliates. Discussions are underway to introduce hotel-style services from Lotte Hotel Signiel, as well as integrating cultural programs from the Lotte Cultural Foundation and distribution and logistics services from Lotte Shopping and Lotte Mart. Kwon emphasized, “The value of high-end apartments will no longer be determined solely by how extravagant the exterior is, how large the community is, or what finishing materials are used,” stating, “Connecting education, art, culture, nature, wellness, and technology services into a single lifestyle is our vision for a new residential culture.” However, the details disclosed on this day are common plans for the Mokdong bidding. Specific educational programs, designs for each complex, and financial conditions for actual bidding proposals have not yet been revealed. Lotte Construction plans to refine its proposals in line with the bidding timeline, considering the varying profitability of each complex and the strategies of competitors. Regarding shared costs, Kwon noted, “The 14 complexes in Mokdong each have different profitability,” adding, “Our goal is to create the best complexes by enhancing Lotte Construction's capabilities within the defined resources and maximizing future sale prices.” He also stated that they would ensure competitive financial conditions compared to other complexes.* This article has been translated by AI. 2026-09-16 09:04:00
  • Overseas Financial Institutions Allowed to Conduct Won Transactions
    Overseas Financial Institutions Allowed to Conduct Won Transactions A new regulatory framework has been established allowing overseas financial institutions to conduct won-related operations for non-residents abroad. It will also be possible to open integrated won accounts at domestic foreign exchange banks and use the Bank of Korea's won international payment network for transactions.On September 16, the Ministry of Finance announced the revision and notification of the 'Guidelines for Foreign Financial Institutions' Foreign Exchange Operations' and 'Foreign Exchange Transaction Regulations.' This revision institutionalizes 'offshore won operations' and the 'Offshore Won Operations Institutions (RFI-K).' Institutions among the existing offshore foreign exchange operations institutions (RFI) wishing to handle won transactions must register separately with the Ministry of Finance.Once registered, financial institutions can conduct won payments, receipts, deposits, and other operations related to holding, procuring, and managing won for foreign non-residents abroad. They will also be permitted to open won accounts for remittances, investments, and borrowing transactions.However, there are restrictions on the customer base. Institutions with deposit-taking functions, such as domestic banks and foreign financial institutions, are excluded, limiting the scope to foreign non-residents.A payment method has also been established. If RFI-K creates an integrated won account at a domestic foreign exchange bank, that bank can connect to the Bank of Korea's won international payment network to settle won transactions that occur abroad. This allows overseas financial institutions to process won payments through the domestic financial network.To prepare for temporary shortages of won during the payment process, unlimited overdrafts for the purpose of payment support from domestic banks are permitted. The reporting exemption threshold for won borrowing has been raised from 30 billion won to 100 billion won.Additionally, the reporting obligation for capital transactions denominated in won between non-residents is waived, although domestic real estate transactions are excluded. The government aims to simplify the procedures for won remittances and investments by foreign non-residents.However, institutions are required to verify and report transaction details with their counterparties. They must confirm whether customers are foreign non-residents and report recipient and payer identification information, transaction amounts, currency types, and transaction and payment dates to the Bank of Korea on a monthly basis.Measures for soundness management have also been established. The government can restrict the procurement and management methods of won funds, as well as the scope of assets and liabilities of the institutions if necessary. Legal obligations such as customer verification and transaction reporting can be delegated to agents, similar to existing offshore foreign exchange operations institutions.This initiative follows the 'Roadmap for the Internationalization of the Won' announced by the government in July. The government plans to establish infrastructure and systems that allow the use of won in transactions abroad, alongside the Bank of Korea's won international payment network. It aims to manage the flow of funds and soundness resulting from the expansion of won transactions while operating the system.A Ministry of Finance official stated, 'We have established a regulatory foundation to enable won transactions and payments for non-residents abroad,' adding, 'We plan to closely monitor transaction details and compliance with obligations in collaboration with relevant institutions such as the Bank of Korea.'* This article has been translated by AI. 2026-09-16 09:04:00
  • Korea Investment Securities Upgrades Hyosung Heavy Industries Amid Transformer Demand
    Korea Investment Securities Upgrades Hyosung Heavy Industries Amid Transformer Demand Korea Investment Securities on September 16 upgraded its rating for transformer manufacturer Hyosung Heavy Industries to 'overweight.' The firm noted that concerns about the re-entry of Chinese equipment into the market have eased due to an executive order from the Trump administration, which has alleviated fears of a slowdown in high-voltage transformer demand.Jang Nam-hyun, a researcher at Korea Investment Securities, stated, "Large-scale data centers must secure stable grid power in the long term, even if they have their own power sources. Recently, data center operators have begun to bear the costs of investing in transmission networks and substation facilities themselves."Hyosung Heavy Industries has also been securing significant contracts in the North American market. On September 15, the company announced two contracts for the supply of high-voltage transformers in the U.S., involving 765kV and 345kV transformers, with a combined contract value of 386.6 billion won. The market views these large orders as alleviating some concerns about a 'peak-out' in transformer demand.The upward trend in high-voltage transformer demand is expected to continue for the time being. Jang emphasized, "In addition to the need for replacing aging power grids, the expansion of regional transmission networks due to the construction of AI data centers by big tech companies will lead to ongoing shortages in high-voltage transformers. Consequently, the order backlog growth for domestic power equipment companies, including Hyosung Heavy Industries, HD Hyundai Electric, and LS Electric, is also expected to persist."* This article has been translated by AI. 2026-09-16 09:04:00
  • Chinese AI Developer Warns of Anthropics Dominance as a Global Threat
    Chinese AI Developer Warns of Anthropic's Dominance as a Global Threat A key developer from the Chinese artificial intelligence (AI) startup DeepSeek has warned that the dominance of the American AI company Anthropic over advanced AI is akin to Adolf Hitler acquiring nuclear weapons technology first. This statement follows recent comments by Anthropic CEO Dario Amodei, who advocated for a slowdown in AI development and called for tighter controls on advanced AI technology in relation to China.Liu Shengyu, a core developer of DeepSeek V4.1, expressed his concerns in a lengthy post on the social media platform WeChat on September 14, stating, "Advanced AI should be made available to everyone in an open and affordable manner," and he does not believe that Anthropic or OpenAI can achieve this.He emphasized, "I particularly do not want Anthropic to dominate advanced AI or artificial general intelligence (AGI). To exaggerate, Anthropic's control over advanced AI is like Hitler securing nuclear bomb technology before the Allies."Liu further noted that the future of AI could lead to two extreme scenarios: one that liberates productivity through communism, and another where a few tech companies monopolize resources, making social mobility more difficult, reminiscent of the dystopian world depicted in the game 'Cyberpunk 2077.' In this game, advanced technology exists, but wealth and power are concentrated in a few corporations.He added that DeepSeek's mission to develop powerful, fast, and accessible AI and to release it as open-source could help steer the world away from the direction of 'Cyberpunk 2077.'Liu's remarks come amid ongoing debates about AI safety intertwined with the U.S.-China AI technology competition. Amodei had previously argued on September 12 that the pace of AI development should be slowed to allow safety measures to catch up. He warned that if China surpasses the U.S. in AI, it could pose a significant threat to both the U.S. and the world, urging for continued export restrictions on advanced AI semiconductors and equipment to China.In response, the Chinese government quickly rebuffed these claims. The Chinese Foreign Ministry stated, "Fostering fear and engaging in confrontation and malicious competition will only create chaos in global AI governance," emphasizing the need for international cooperation in the AI sector. The state-run Global Times also criticized Amodei's proposal as a 'Cold War-style approach' aimed at stifling China's AI development. 2026-09-16 09:00:00
  • Shinhan Securities Raises GS Construction Target Price Amid Expanded Contracting Areas
    Shinhan Securities Raises GS Construction Target Price Amid Expanded Contracting Areas Shinhan Investment Corp. announced on September 16 that it has raised its target price for GS Construction from 38,000 won to 47,000 won, citing an expansion in its contracting areas to include housing, data centers, and nuclear power plants. The investment opinion remains a 'buy.'Kim Sun-mi, a researcher at Shinhan Investment Corp., stated, "We have adjusted the target multiple from 9 times to 10 times for the domestic sector to reflect the expanded order momentum, and we have also removed the previously applied market discount rate of 10%. This adjustment was made using the sum-of-the-parts (SOTP) valuation method for each business segment."Kim also indicated the potential for further upward revisions in performance forecasts. He projected that GS Construction's revenue and operating profit for 2027 would reach 11.8 trillion won and 599.5 billion won, respectively, representing growth of 7.4% and 5.5% compared to this year. However, he noted that there is a possibility for additional upward revisions.In particular, the data center contracts were highlighted as a short-term performance variable. He mentioned, "If the Donghae AI data center, with a capacity of 100 MW, begins construction, it could boost the company's overall performance by 3% to 5% in 2027-2028. The project has passed the final review for the power system impact assessment, and the 100 MW construction permit review is underway, aiming for approval in September and construction to start in November."The housing sector is also expected to contribute to performance improvements. Kim noted, "As of September, the new housing sales are projected to exceed the annual target with 15,000 units. The high proportion of sales in the first half of the year is expected to contribute to revenue growth in 2027, and operating profit is anticipated to improve rapidly starting in the second half of 2027 when execution rates are confirmed. The potential for improved financial structure following the sale of GS Inima is also a key point to watch in the second half of the year."He added, "Despite the recent rise in stock prices, the current price-to-book ratio (PBR) stands at 0.6 times, which is still over 20% lower than competitors. We expect the valuation gap to narrow as the schedules for major projects become more concrete."* This article has been translated by AI. 2026-09-16 08:56:00
  • Gwangju City Prepares for 2027 Seasonal Labor with Focus on Rights and Safety
    Gwangju City Prepares for 2027 Seasonal Labor with Focus on Rights and Safety Gwangju City is enhancing its management system for workers' rights, safety, and working conditions in response to the expansion of its seasonal labor program aimed at addressing rural labor shortages.On September 14, Gwangju City, in collaboration with the Jeonnam Agricultural Cooperative, held a workshop for officials responsible for the 2027 seasonal labor and agricultural employment program, providing practical training for the stable operation of next year's program.More than 100 participants attended the workshop, including representatives from the agricultural cooperative and team leaders from local governments.This training focused on improving management capabilities regarding potential issues such as wages, labor contracts, human rights, and safety incidents that may arise in rural settings, rather than merely increasing the number of seasonal workers.The workshop shared policy directions for the 2027 seasonal labor program, as well as updates and operational guidelines for rural labor brokerage centers.Key training topics included the preparation of labor contracts and wage payments, which are areas where disputes between employers and seasonal workers are likely to occur.Training also covered the protection of seasonal workers' rights, addressing grievances, and preventing safety incidents that may occur during agricultural work.Particularly emphasized were the procedures for enrolling in the three mandatory insurances for seasonal workers: wage arrears guarantee insurance, agricultural and fishery safety insurance, and accident insurance, to enhance understanding among field personnel.The workshop also shared successful operational cases from various regions and discussed plans to expand public seasonal labor operations.The seasonal labor program allows for the legal employment of foreign workers in agriculture and fisheries during peak seasons when labor is in high demand.As rural areas face an aging population and declining numbers, securing labor has become increasingly challenging. Seasonal workers play a crucial role in meeting labor demands during busy agricultural periods, but as the program expands, the responsibility for managing workers' wages, housing, rights, and safety becomes more critical.The government is also reforming its systems to strengthen working conditions and protect the rights of seasonal workers as the program expands.Accordingly, Gwangju City aims not only to supply seasonal workers to farms but also to enhance the practical capabilities of operating agencies, such as local governments and agricultural cooperatives, to prevent issues that may arise during the workers' employment and living processes.Feedback and suggestions for system improvements gathered during the workshop will be incorporated into the 2027 business plan.Additionally, the city plans to continuously share relevant information with local governments and agricultural cooperatives and monitor the operational status of the seasonal labor program to ensure its stable implementation.Kim Hyun-mi, head of the Agricultural Policy Division at Gwangju City, stated, “For the stable establishment of the seasonal labor program, it is essential to guarantee workers' rights and safety while ensuring responsible employment management by farmers. We will strengthen cooperation with relevant agencies to provide timely labor to farms and ensure a safe and respectful working environment for seasonal workers.”Meanwhile, the government is expanding the operation of foreign seasonal workers and public seasonal labor programs to address rural labor shortages while also enhancing protective measures for workers. The Ministry of Justice is promoting the mandatory use of standard labor contracts and strengthening training on human rights violations this year, while the Ministry of Agriculture, Food and Rural Affairs is implementing three mandatory insurances to bolster protections for seasonal workers' wages and safety in agricultural work.* This article has been translated by AI. 2026-09-16 08:52:00