Korea will begin production of its first satellite for the Korean Positioning System (KPS) ahead of a planned launch in September 2029, the space agency said Monday. The Korea AeroSpace Administration (KASA) said it will hold a critical design review with related ministries and research institutions for the KPS No. 1 satellite, marking the final review before production of the flight model begins. The KPS is Korea's planned satellite navigation system designed to provide high-precision positioning, navigation and timing services over the Korean Peninsula and surrounding areas. The government plans to invest 3.72 trillion won ($2.73 billion) in the project over 14 years from 2022. Despite the delay, KASA plans to maintain its goal of deploying all eight KPS satellites by 2035.

The Bank of Korea (BOK) is facing scrutiny over its cybersecurity after the personal information of 186 employees was leaked in a hacking incident earlier this year, according to central bank's data submitted to Rep. Lee Jong-wook of the main opposition People Power Party (PPP), Monday. The breach occurred between May and June after hackers gained access to a GitHub system used by a contractor for the BOK's online training program. The leaked information included employees' names, email addresses, phone numbers, positions, duties and passwords. "We were notified by the contractor of the breach on June 11 and informed the affected employees the following day. We also reported the incident to the Personal Information Protection Commission," a BOK official said. The PPP lawmaker said the central bank should not take the leak of employees' personal information or repeated disruptions to its websites lightly. "As the central bank, the BOK should thoroughly assess the causes of the repeated incidents, review its overall security system and establish measures to prevent them from happening again

Hanwha Ocean said Monday it has won a 680 billion-won ($499.6 million) order to build two liquefied natural gas (LNG) carriers. The Korean shipbuilder said in a regulatory filing that it will deliver the vessels to an unidentified African shipowner by November 2029. With the latest contract, Hanwha Ocean has secured orders worth a combined $7.71 billion for 41 vessels so far this year, including 18 very large crude carriers, eight LNG carriers and six container ships.

KT is joining the ninth meeting of the NATO Wireless Communications Standardization Project (NWCSP), becoming the first Korean telecom company to take part as a 5G and 6G standardization expert. The meeting, hosted by Korea’s Ministry of National Defense and the Telecommunications Technology Association, kicked off its four-day run on Monday, drawing about 100 officials from defense and government agencies, as well as telecom and standards experts from Korea and abroad. Participants will discuss the use of 5G and 6G technologies in defense applications and the development of standards for next-generation military communications. NWCSP is a civil-military cooperation project involving government officials and private sector experts from NATO member and partner countries to discuss the military use and standardization of next-generation mobile communications technologies. The project holds three in-person meetings a year, with its previous edition held in San Diego in May. Throughout the meeting, KT will share its experience deploying commercial 5G technology for defense applications and

AIA Life Korea has tapped Leo Ng as its next chief executive, the insurer said Monday. Ng joins from AIA China, where he has served as chief financial officer since 2016. He brings over 30 years of experience in the life insurance industry, including 12 years with AIA. The Hong Kong-headquartered life insurer operates across 18 markets in the Asia-Pacific region, including Seoul. Ng holds a Bachelor of Mathematics degree from the University of Waterloo in Canada, specializing in actuarial science and statistics, and is a fellow of the Society of Actuaries. “My immediate priority will be to listen and learn by spending time with our people, customers and partners to develop a deeper understanding of the Korean market and the significant opportunities ahead,” he said. Fisher Zhang, regional chief executive and chairman of the board of AIA Life Korea, regarded Ng as a “highly experienced AIA leader with a strong track record across strategy, transformation and financial leadership.” “Korea is an important market for AIA, and I am confident that Leo will work closely with the AIA Ko

Labor disputes at major steel and shipbuilding companies are set to resume after a brief recess over the Chuseok holiday, as unions push for higher wages and greater performance-based rewards amid strong earnings and order backlogs. POSCO, HD Hyundai Heavy Industries and Hanwha Ocean entered the holiday with wage talks stalled or unresolved, after their unions staged or threatened labor action over their demands. The disputes raise the risk of further disruptions, particularly at shipyards working through multi-year order backlogs. At POSCO, the union is set to resume wage negotiations after electing new leadership on Oct. 2. Experiencing its first strike since its establishment, POSCO saw the union stage a 48-hour partial strike earlier this month, followed by a second 120-hour partial strike that ended on Sept. 21. The two sides are at odds over the size and structure of the pay package, with the union seeking a 7.1 percent increase in base pay, bonuses equivalent to 600 percent of base pay, 50 shares under an employee stock ownership plan and a 200 percent holiday bonus. The company,