Latest news with #CheyTaeWon
Zawya
14 hours ago
- Business
- Zawya
South Korea says SK and Amazon to invest $5bln in country's biggest data centre
SEOUL - South Korea's SK Group will invest around 7 trillion won ($5.11 billion) including $4 billion from Amazon Web Services, Amazon's cloud services provider, to build a data centre in the southern city of Ulsan, the Science Ministry said on Friday. The AI data centre, which will be the country's largest, will break ground in September and be fully operational with a capacity of 100 megawatts by 2029, the ministry said in a statement. SK Group Chairman Chey Tae-won said he planned to expand the data centre's capacity to one gigawatt in the future and make it a global hub that handles domestic AI demand during a meeting attended by President Lee Jae Myung and tech CEOs. Artificial intelligence was crucial for South Korea's growth, he said. "It may set a good example that South Korea's high-tech industry is possible not only in the metropolitan area but also in the provinces," Lee said. South Korea's AI-related stocks on Friday extended a rally on policy optimism, with SK Hynix rising more than 3%, Kakao surging 11%, and LG CNS gaining 9%, leading the benchmark KOSPI above a key milestone of 3,000 points for the first time in 3-1/2 years. The official announcement follows media reports earlier this month that SK Group and Amazon Web Services were building a data centre in South Korea. ($1 = 1,368.7600 won) (Reporting by Hyunsu Yim and Jihoon Lee Editing by Ed Davies)
Yahoo
14 hours ago
- Business
- Yahoo
South Korea says SK and Amazon to invest $5 billion in country's biggest data centre
SEOUL (Reuters) -South Korea's SK Group will invest around 7 trillion won ($5.11 billion) including $4 billion from Amazon Web Services, Amazon's cloud services provider, to build a data centre in the southern city of Ulsan, the Science Ministry said on Friday. The AI data centre, which will be the country's largest, will break ground in September and be fully operational with a capacity of 100 megawatts by 2029, the ministry said in a statement. SK Group Chairman Chey Tae-won said he planned to expand the data centre's capacity to one gigawatt in the future and make it a global hub that handles domestic AI demand during a meeting attended by President Lee Jae Myung and tech CEOs. Artificial intelligence was crucial for South Korea's growth, he said. "It may set a good example that South Korea's high-tech industry is possible not only in the metropolitan area but also in the provinces," Lee said. South Korea's AI-related stocks on Friday extended a rally on policy optimism, with SK Hynix rising more than 3%, Kakao surging 11%, and LG CNS gaining 9%, leading the benchmark KOSPI above a key milestone of 3,000 points for the first time in 3-1/2 years. The official announcement follows media reports earlier this month that SK Group and Amazon Web Services were building a data centre in South Korea. ($1 = 1,368.7600 won) Error in retrieving data Sign in to access your portfolio Error in retrieving data
Reuters
15 hours ago
- Business
- Reuters
South Korea says SK and Amazon to invest $5 bln in country's biggest data centre
SEOUL, June 20 (Reuters) - South Korea's SK Group will invest around 7 trillion won ($5.11 billion) including $4 billion from Amazon Web Services, Amazon's cloud services provider, to build a data centre in the southern city of Ulsan, the Science Ministry said on Friday. The AI data centre, which will be the country's largest, will break ground in September and be fully operational with a capacity of 100 megawatts by 2029, the ministry said in a statement. SK Group Chairman Chey Tae-won said he planned to expand the data centre's capacity to one gigawatt in the future and make it a global hub that handles domestic AI demand during a meeting attended by President Lee Jae Myung and tech CEOs. Artificial intelligence was crucial for South Korea's growth, he said. "It may set a good example that South Korea's high-tech industry is possible not only in the metropolitan area but also in the provinces," Lee said. South Korea's AI-related stocks on Friday extended a rally on policy optimism, with SK Hynix ( opens new tab rising more than 3%, Kakao ( opens new tab surging 11%, and LG CNS ( opens new tab gaining 9%, leading the benchmark KOSPI (.KS11), opens new tab above a key milestone of 3,000 points for the first time in 3-1/2 years. The official announcement follows media reports earlier this month that SK Group and Amazon Web Services were building a data centre in South Korea. ($1 = 1,368.7600 won)
South China Morning Post
13-05-2025
- Business
- South China Morning Post
Japan watches South Korea's presidential polls for signs of warmer ties
Japan is watching South Korea 's presidential race with cautious optimism as Democratic Party candidate and presidential front runner Lee Jae-myung signals a potential shift towards closer trade and security ties with Tokyo – though analysts warn he could fall back on the anti-Japan playbook that has long energised his political base. Lee, who polls indicate is the leading contender ahead of June's snap election, has recently issued a flurry of remarks supportive of economic solidarity with Japan, a stance some in Tokyo interpret as pragmatic recognition of shifting dynamics in the region, particularly amid tensions between the United States and China. On May 8, Lee told reporters in Seoul that he 'completely agrees' with a proposal put forward by Chey Tae-won, chairman of the SK Group conglomerate and head of the Korea Chamber of Commerce and Industry, for economic solidarity with Japan as a counterpoint to global 'rule-setters' such as the US and China. Chey has been a vocal advocate for the creation of an economic trading bloc similar to the European Union that unites South Korea with Japan and nations from Southeast Asia. Container ships are loaded at a port in Tokyo, Japan, on Monday. Japan is South Korea's fourth-largest trading partner. Photo: EPA-EFE Lee reinforced that support the following day with a written comment to a forum on regional security and economic challenges, chaired by a member of the Democratic Party, in which he described Tokyo as a valuable partner.
Reuters
07-05-2025
- Business
- Reuters
SK Group Chairman Chey apologises for massive data leak at SK Telecom
SEOUL, May 7 (Reuters) - SK Group Chairman Chey Tae-won apologised on Wednesday for a massive data leak at South Korea's largest mobile carrier, SK Telecom, which has caused concern among its 23 million users over the possible theft of personal and financial information. The data breach, which SK attributed to a malware attack, was detected on April 18 and subscribers have rushed to the carrier's outlets to replace mobile phone Universal Subscriber Identity Module (USIM) cards, which the company is offering free of charge. Make sense of the latest ESG trends affecting companies and governments with the Reuters Sustainable Switch newsletter. Sign up here. Advertisement · Scroll to continue Speaking publicly for the first time since the news, Chey apologised for the concern and inconvenience to customers caused by the data breach and vowed to conduct a sweeping data security review involving outside experts. "What I realised over this is that we've considered it an IT security matter and had people in that area handle it," Chey said when asked what he personally took away from the incident. "I believe we need to look at this as a matter of national defence, not just (data) security." SK Telecom has urged customers to sign up for its USIM Protection Service, which it said provided the same level of prevention as replacing a USIM card. Chey said he has signed up for the service but has not had his USIM card replaced yet. Reporting by Jack Kim, Heekyong Yang Editing by Ed Davies Our Standards: The Thomson Reuters Trust Principles. , opens new tab Share X Facebook Linkedin Email Link Purchase Licensing Rights
