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South Korea’s Hanwha Sells Entire 5.4% Stake in Eutelsat Amid Strategic Refocus

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South Korean aerospace and defense company Hanwha Systems announced on Thursday that it is selling its entire 5.4% stake in the Franco-British satellite operator Eutelsat for €77.6 million ($88.5 million). This move comes as Eutelsat seeks new investors to support its second-generation low Earth orbit (LEO) satellite program and commitments to the European Union’s IRIS² project.

Eutelsat has faced significant financial challenges, accumulating hundreds of millions of euros in losses, largely due to its declining video business and delayed returns from its 2023 acquisition of OneWeb. The acquisition has struggled amid stiff competition and slower-than-expected technology deployment.

Hanwha’s sale price of €3.00 per share represented a 13.9% discount to Eutelsat’s previous closing price of €3.48 and reflects a steep loss of approximately 70.5% compared to Hanwha’s initial $300 million investment in OneWeb in 2021. Eutelsat’s shares reacted with a 14.8% drop on the Paris market following the announcement.

Hanwha emphasized that the sale aligns with a strategic pivot to focus more on its core businesses related to defense satellites and military communications, rather than civilian satellite operations. A Hanwha representative also resigned from Eutelsat’s board in April, signaling a reduced involvement.

Eutelsat is currently undergoing leadership changes and financial restructuring, with Jean-François Fallacher recently appointed as CEO. There are also reports that the French government is considering increasing its stake in Eutelsat, potentially doubling it with a capital injection of €1.5 billion to stabilize the company.

Meanwhile, both Starlink and Eutelsat OneWeb recently received licenses from South Korea’s Science Ministry to operate satellite internet services in the country, with service launches expected soon. Hanwha acts as a distributor for OneWeb in South Korea under a 2023 agreement targeting improved LEO communications for government and underserved areas.

SK Group Chairman Chey Apologizes for Major SK Telecom Data Breach, Pledges Security Overhaul

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SK Group Chairman Chey Tae-won issued a public apology on Wednesday following a significant data breach at SK Telecom, South Korea’s largest mobile carrier, which has sparked alarm among its 23 million users over potential theft of personal and financial information.

The breach, detected on April 18, was attributed to a malware attack, and has led to widespread concern and customer action. Thousands have visited SK Telecom outlets to replace their USIM (Universal Subscriber Identity Module) cards, which the company is offering free of charge.

Chey, speaking for the first time since the breach became public, said, “I believe we need to look at this as a matter of national defence, not just (data) security.” He acknowledged a need for a more comprehensive and strategic approach to cybersecurity, noting that the company previously treated such threats as a standard IT issue handled internally.

In response to the breach, SK Telecom has launched a USIM Protection Service, which it says provides equivalent protection to replacing the USIM card. Chey confirmed he enrolled in the service but had not yet replaced his own card.

The chairman also pledged a full-scale security review involving external cybersecurity experts to prevent similar incidents in the future and restore public trust in the company’s data protection capabilities.

South Korea Announces $34 Billion Fund to Support Strategic Industries

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South Korea has unveiled plans to establish a $34 billion policy fund aimed at providing financial support to companies operating in strategic sectors such as semiconductors and automotive manufacturing. The government’s decision is driven by escalating global competition and rising protectionist policies, particularly from the United States.

The state-run Korea Development Bank will manage the 50 trillion won fund, which will be distributed to firms in key industries over the next five years. The support will take the form of low-interest loans and investments. This initiative is part of South Korea’s broader strategy to strengthen its position in industries vital to its national economic security.

As the global landscape grows increasingly competitive, South Korea has identified 12 sectors as “national strategic technologies,” including semiconductors, future mobility, rechargeable batteries, biopharmaceuticals, aerospace, and artificial intelligence. These sectors will receive enhanced financial backing and protection to address challenges such as the fragmentation of global supply chains.

Additionally, the government’s semiconductor support package, introduced last year, will be incorporated into this new fund. In a bid to attract talent, South Korea also plans to offer “top-tier” visas and permanent residency to skilled foreign workers with experience in global firms, making it easier for them to join the country’s advanced technology sectors.