Business - The Korea Times

Court approves M&A request by Homeplus prior to rehabilitation plan approval

A court on Friday approved a request to allow discount store chain Homeplus Co. to pursue a merger and acquisition (M&A) deal before a court decision on whether to approve its rehabilitation plan. The Seoul Bankruptcy Court approved Homeplus' pursuit of the M&A deal and the selection of an M&A adviser prior to its rehabilitation plan-related court ruling. The court said the M&A will be carried out on terms favorable to all interested parties, including the debtor company's creditors and employees, and rehabilitation security rights and rehabilitation claims will be repaid early. Homeplus filed for corporate rehabilitation with the Seoul Bankruptcy Court in March after two domestic credit rating agencies downgraded its corporate bonds from A3 to A3-, citing the company's lack of progress in improving its financial health. The company is required to submit its rehabilitation plan to the court by July 10. A court-appointed accounting firm last week recommended the approval for Homeplus' pursuit of the M&A deal.

Jun 20, 2025By Yonhap

Court approves M&A request by Homeplus prior to rehabilitation plan approval

Hanwha Life Esports draws 2,500 fans at global fan fest in Vietnam

Hanwha Life Esports demonstrated its global popularity and strong engagement as its players connected with 2,500 fans during the 2025 HLE Global Fan Fest held Wednesday in Ho Chi Minh City, Vietnam, Hanwha Life said Friday. Launched last year, the fan fest is part of efforts to strengthen the insurer’s global brand presence and expand the international fan base of its esports team. The inaugural event invited 1,500 fans selected by lottery but attracted over 14,000 applicants, highlighting the insurer’s brand potential in the Vietnamese market. Despite the introduction of paid tickets and a 150 percent increase in seating capacity to 2,500 seats for Wednesday’s event, all tickets sold out within just four minutes of the online presale. The event featured the full first-team roster of the League of Legends esports team — Choi "Zeus" Woo-je, Han "Peanut" Wang-ho, Kim "Zeka" Geon-woo, Park "Viper" Do-hyeon and Yu "Delight" Hwan-jung. They actively participated in various activities and interacted closely with fans. "Compared to last year, this year’s event was prepared on a larger

Jun 20, 2025By Jun Ji-hye

Hanwha Life Esports draws 2,500 fans at global fan fest in Vietnam

Hanwha ramps up efforts to mend ties with Lee administration

Hanwha Group is stepping up efforts to mend ties with the Lee Jae Myung administration, settling yearslong disputes with subcontracted workers at its shipyard and appointing a national security policy consultant from Lee's election campaign as an executive at the group's defense unit. The moves come after the ruling party criticized Hanwha Group's recent actions against the Lee administration's policy agenda. Before Lee’s inauguration on June 4, Hanwha Ocean rejected a request from the ruling Democratic Party of Korea (DPK) to withdraw a lawsuit seeking 47 billion won ($34 million) in compensation for losses incurred during a 50-day strike by subcontracted shipyard workers in 2022. Hanwha Ocean CEO Kim Hee-cheul reportedly cited the possibility of breaching shareholders’ trust when Lee asked him in February to find ways to reconcile with workers. Along with the labor dispute, Hanwha Aerospace also faced Lee's criticism in April, as its plan for a large-scale rights offering sharply dragged down its stock price, triggering an uproar from retail shareholders. Lee, who has been pursuing

Jun 20, 2025By Park Jae-hyuk

Hanwha ramps up efforts to mend ties with Lee administration

Coupang faces probe over 'kidnapping ads'

E-commerce giant Coupang is under government investigation for its online ad practices, which have been characterized as "kidnapping ads" that automatically direct users to Coupang's app or website without consent, according to the Korea Communications Commission (KCC) on Friday. The authority has launched an investigation over the company's ad practices, which direct the user to Coupang's app or website when a person visits certain websites or social media pages. The practice does not require clicking a banner or a link button, causing users to complain about the redirection without even knowing of an ad's existence. The KCC said it has been conducting a preliminary investigation since last November, focusing on how the ads appear online and the contract details behind the ads. Authorities suspect the company has violated the country's Telecommunications Business Act by either deliberate neglect or deliberate execution, the KCC said. The KCC is conducting a fact-finding investigation, which is launched when a regulatory breach is deemed likely. If violations are confirmed, the commissio

Jun 20, 2025By Ko Dong-hwan

Coupang faces probe over 'kidnapping ads'

China’s shadow looms larger in Korean auto industry

China’s growing influence on the Korean auto industry fuels concerns that local players may become technologically dependent on emerging Chinese carmakers and parts manufacturers, experts and industry officials said Thursday. In most tech areas, China is making headlines for its outstanding technological progress, but the rapid pace of penetration from Chinese carmakers poses a particular threat to their Korean counterparts. The trend has intensified, as evidenced by multiple partnerships between Korean carmakers and their Chinese rivals. KG Mobility, a mid-tier automaker in Korea, has continued to aggressively deepen ties with Chinese carmakers. Earlier, KG Mobility adopted BYD’s lithium iron phosphate (LFP) batteries for its Torres EVX all-electric SUV. The Korean carmaker is also on track to expand its tech ties with the Chinese electric vehicle (EV) and battery maker by equipping the Torres hybrid SUV with its so-called dual tech hybrid system co-developed with BYD. KG Mobility is also scheduled to launch the SE10 large SUV jointly developed with China’s Chery Automobile someti

Jun 20, 2025By Lee Min-hyung

China’s shadow looms larger in Korean auto industry

LX Pantos breaks ground on $80 mil. logistics center at Busan Port

LX Pantos has begun construction on a mega-sized logistics center in the Busan New Port Hinterland Complex, aiming to strengthen national logistics competitiveness and boost cargo throughput at a key Northeast Asian logistics hub. A groundbreaking ceremony for the New Port Eco Logistics Center was held Thursday in Changwon, South Gyeongsang Province. The New Port Eco Logistics Center will be located within the West Container Terminal at Busan New Port, and the site will cover approximately 125,720 square meters — about the size of 18 football pitches. Upon completion, scheduled for December 2026, it will be the largest logistics center by floor area in both Busan New Port and Busan North Port, spanning 76,083 square meters. The $80.2 million project is primarily funded by LX Pantos, which holds a 90 percent equity stake, while LG Electronics owns the remaining 10 percent. This consortium-based investment marks an innovative strategic partnership model between a shipper and a logistics provider, underscoring a growing trend in collaborative infrastructure development. The center will co

Jun 19, 2025By Park Jae-hyuk

LX Pantos breaks ground on $80 mil. logistics center at Busan Port

MBK chairman says no more personal contributions for Homeplus rescue

Michael ByungJu Kim, chairman of MBK Partners — the private equity firm that owns Homeplus — has said he will refuse to comply with calls for a personal contribution of more than 1 trillion won ($724 million) to support the retailer, which is under a court-led rehabilitation process, according to sources in political circles and the financial investment industry, Thursday. During a closed-door meeting with lawmakers from the National Assembly's National Policy Committee on June 13, Kim maintained that MBK's plan to forfeit its entire 2.5 trillion won stake in Homeplus to facilitate the sale represents the best possible offer, sources said. However, as some critics continue to argue that an immediate capital injection is essential to swiftly normalize the retailer's operations, further controversy is expected. Homeplus ranks as Korea's second-largest discount retail chain, with a network of 126 large-scale stores and 308 smaller outlets nationwide. It has a workforce of around 19,000 employees. In 2015, MBK acquired Homeplus from British retailer Tesco for 7.2 trillion won. After acco

Jun 19, 2025By Jun Ji-hye

MBK chairman says no more personal contributions for Homeplus rescue

Hyundai Motor Group teams up with land ministry for connected digital tachograph

Hyundai Motor and Kia have signed a partnership with the Ministry of Land, Infrastructure and Transport and a transportation safety authority to jointly develop a next-generation connected digital tachograph (DTG) technology, the carmakers said Thursday. Under the partnership, the two auto brands under Hyundai Motor Group aim to improve convenience for commercial vehicle customers and promote a culture of enhanced road safety by leveraging their advanced connected car technologies, they said. The new connected DTG system will integrate the two carmakers’ connected vehicle services with the Korea Transportation Safety Authority (KTSA)’s electronic tachograph analysis system (eTAS). The DTG is an electronic device that automatically records driving information, such as speed, mileage and GPS signals, in real-time. Under Korea’s road traffic act, buses, freight trucks and school vehicles are required to install DTGs and submit driving records. The KTSA analyzes the submitted data to identify risky driving behavior and prevent traffic accidents. However, commercial vehicle operators mu

Jun 19, 2025By Lee Min-hyung

Hyundai Motor Group teams up with land ministry for connected digital tachograph

SPC launches internal watchdog following employee's fatal accident

Korean major food conglomerate SPC Group announced on Thursday the launch of an internal watchdog group to enhance self-monitoring and ensure its business operations comply with the country’s legal regulations. The SPC Compliance Committee consists of four legal experts from outside the company and one internal management leader. Kim Ji-hyung, a legal adviser at Seoul-based law firm Jipyong, heads the committee. The other external members include a lawyer from Jipyong, a professor from Chung-Ang University’s School of Economics and the head of the ISO Committee on Consumer Policy. Kyung Jae-hyung, CEO of Paris Croissant, SPC’s dessert cafe subsidiary, serves as the committee’s sole internal member. SPC launched the committee after police investigators and inspectors from the country’s labor ministry on Tuesday raided SPC Samlip, a confectionery unit under the conglomerate, and its factory in Siheung, Gyeonggi Province, in connection with a fatal accident that killed a factory worker last month. The authorities booked seven factory officials on charges of occupational negligence

Jun 19, 2025By Ko Dong-hwan

SPC launches internal watchdog following employee's fatal accident

Daewoo E&C seeks support from Mozambican president for additional LNG project bids

The chairman of Daewoo Engineering & Construction (E&C) has paid a courtesy call on Mozambican President Daniel Chapo to seek support for potential liquefied natural gas (LNG) construction projects in the African nation, the company said Thursday. During his visit to the presidential office in Maputo on Wednesday (local time), Chairman Jung Won-ju requested the Mozambican government's cooperation in ensuring the smooth progress of Daewoo E&C's current LNG plant project in the country and asked for support in securing additional contracts. According to the company, Chapo responded positively, expressing hope that Daewoo E&C would also offer its development expertise to new urban city and tourism projects in Mozambique. Earlier this week, Daewoo E&C signed a memorandum of understanding (MOU) with Mozambique's state-owned energy firm ENH to collaborate on gas-related construction projects.

Jun 19, 2025By Yonhap

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