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PHOTO 1st CU store in Hawaii

BGF Retail Vice Chairman Hong Jung-kuk, second from left, poses with Robert Kurisu, second from right, CEO of CU Hawaii LLC, in front of BGF Retail's first CU convenience store in the United States, located in Honolulu, Hawaii, Wednesday (local time). CU Hawaii LLC, a subsidiary of Hawaii-based WKF, operates CU Downtown on Oahu under a master franchise agreement signed in May. WKF, with 40 years of experience in real estate, property development, distribution, publishing and media, will help BGF Retail expand CU to 50 locations across Hawaii within three years. Hawaii is the Korean firm’s fourth overseas market expansion after Mongolia, Malaysia and Kazakhstan. Courtesy of BGF Retail.

Nov 13, 2025By Ko Dong-hwanphoto
[PHOTO] 1st CU store in Hawaii
Business

Ulleung islanders question runway safety as airport nears completion

ULLEUNG ISLAND, North Gyeongsang Province — A state-run airport construction project on Ulleung Island has reached nearly 70 percent completion this month, but is facing strong local opposition to its current design. Some local residents are concerned that the coastal airport’s 1,200-meter runway is too short to ensure flight safety, urging the government to extend the structure — whose underwater foundation, built 30 meters below sea level, has already been completed. However, the Ministry of Land, Infrastructure and Transport has rejected the demand, calling it unnecessary. The islanders initially welcomed the project when the airport was categorized as a “2C” facility — a classification under the International Civil Aviation Organization standards and domestic aviation law set by the ministry, which requires a minimum runway length of 800 to 1,200 meters and limits operations to aircraft with wingspans between 24 and 36 meters. However, three years after construction began in 2020, the ministry reclassified the airport as a “3C” facility, which requires a minimum runw

Nov 13, 2025By Ko Dong-hwan
Ulleung islanders question runway safety as airport nears completion
Companies

Lotte Chemical sells entire Pakistan unit amid restructuring

Lotte Chemical said Thursday it has sold its entire stake in a Pakistani subsidiary for 98 billion won ($67 million) as part of its ongoing business reorganization. The company sold its 75.01 percent stake in Lotte Chemical Pakistan Ltd., a producer of purified terephthalic acid, to PTA Global Holdings, it said in a press release. PTA Global Holdings is a special purpose vehicle (SPV) established by AsiaPak Investments Ltd., a Pakistani private equity fund, and UAE-based petrochemical trading firm Montage Commodities FZCO. Lotte Chemical, the chemical arm of South Korea's retail conglomerate Lotte Group, said it has secured a total of 127.6 billion won from the subsidiary, including dividend income over the past three years. The divestment is part of the company's efforts to streamline its business portfolio, enhance competitiveness in line with government-led industrial restructuring and strengthen its financial soundness by selling non-core assets. Lotte Chemical produces basic materials such as polyethylene and ethylene, used in plastics and industrial chemicals across the construction

Nov 13, 2025By Yonhap
Lotte Chemical sells entire Pakistan unit amid restructuring
Companies

NIS detects flaws in text message encryption on KT network smartphones

The National Intelligence Service (NIS) has detected vulnerabilities in text message encryption on smartphones using KT's network and notified both the telecom company and the government, sources said Thursday. In a report submitted to Rep. Choi Min-hee, the NIS verified a tip that text message encryption on certain KT-powered smartphone models could be compromised, according to the sources. The agency confirmed that the flaw made end-to-end encryption defective and potentially susceptible to data theft during transmission. The NIS did not disclose further details, including which smartphone models were affected or whether users' private data had been compromised. End-to-end encryption is a security communications method that ensures only the sender and recipient can read messages, as data is encrypted on the sender's device and only decrypted on the recipient's device. This process is designed to protect data from being accessed by any third parties, including malicious actors. Korean mobile carriers use end-to-end encryption in line with recommendations from the Korea Telecommunications

Nov 13, 2025By Yonhap
NIS detects flaws in text message encryption on KT network smartphones
Companies

Younger leaders take helm of Korean conglomerates

Younger leaders — mostly born in the 1980s — are taking the helm of Korean conglomerates, marking a major generational shift sweeping across the local business landscape in a new tech era driven by artificial intelligence (AI). The latest in a series of leadership changes came from HD Hyundai, whose new Chairman Chung Ki-sun was promoted to the top post last month. He's just one of the third-generation heirs from major tech-driven manufacturing players here to have moved up in recent days. Chung was born in 1982. The company promoted the former HD Hyundai executive vice chairman to the highest-ranking position at a crucial moment for its expansion in the United States under President Donald Trump’s initiative to revive America’s shipbuilding industry. He is the youngest chairman among Korea’s top 10 conglomerates by market capitalization. “We face a very serious management environment amid the hegemonic battle between the U.S. and China, economic slowdown and oversupply risks stemming from China,” Chung said shortly after taking office as the firm’s new chairman. “We sh

Nov 13, 2025By Lee Min-hyung
Younger leaders take helm of Korean conglomerates
Tech & Science

Samsung to release trifold smartphone next month

Samsung Electronics will release its new trifold smartphone next month, industry sources said Wednesday, with its price tag expected to be around 4 million won ($2,720). According to the sources, the Korean tech giant will hold a launch ceremony for the trifold smartphone on Dec. 5 and begin domestic sales. The new model is designed to fold twice in three sections, offering a tablet-sized 10-inch display when fully unfolded while maintaining the portability of a standard smartphone when closed. Samsung Electronics plans to release the product initially in major markets, including China, Singapore and the United Arab Emirates, according to the sources. The new device is expected to be priced between just under 3 million and over 4 million won, they noted. The Galaxy Z Fold 7, released in July, was priced locally at 2.37 million won for the 256GB model. Industry watchers expect Samsung to release around 20,000 to 30,000 units in the initial launch.

Nov 12, 2025By Yonhap
Samsung to release trifold smartphone next month
Tech & Science

Nexon’s Mabinogi Mobile wins 2025 Korea Game Awards

BUSAN — Devcat, a Nexon studio, won the grand prize of the 30th Korea Game Awards with its hit title Mabinogi Mobile, which is based on the intellectual property (IP) of Nexon’s 2004 title, Mabinogi. During the award ceremony at BEXCO convention center in Busan, Wednesday, Mabinogi Mobile won the top honor over competition including Nexon's The First Berserker: Khazan, Netmarble’s Seven Knights Re:BIRTH, Neowiz’s Lies of P: Overture and other hit games. Mabinogi Mobile is a mobile massively multiplayer online role-playing game (MMORPG) that was released in March. It successfully brought the atmosphere and content of the original Mabinogi game into the mobile environment, achieving 3.64 million cumulative downloads and topping Google Play and Apple App Store game charts. “During the development (of Mabinogi Mobile,) my grandmother passed away,” Devcat CEO Kim Dong-gun said after winning the prize. “Because Mabinogi was inspired by the stories she used to tell me, I thought about her a lot while working on the game.” Unlike many MMORPGs which focus on action and battles, th

Nov 12, 2025By Nam Hyun-woo
Nexon’s Mabinogi Mobile wins 2025 Korea Game Awards
Business

ASML completes construction of chip equipment plant in Korea

ASML, a Netherlands-based semiconductor equipment manufacturer, completed construction of a manufacturing plant in Korea, which is expected to serve as a cooperation hub for the Dutch company and Korean chipmakers, the industry ministry said Wednesday. The completion ceremony of the 16,000-square-meter cluster, named the New Campus, was held in Hwaseong, Gyeonggi Province, a major semiconductor hub, according to the Ministry of Trade, Industry and Resources. The ministry said ASML's Hwaseong campus will serve as one of the company's key manufacturing hubs in Asia, while helping Korea strengthen its supply chains for the semiconductor industry. The company also plans to expand its technology exchanges and cooperation with Korean chipmakers, such as Samsung Electronics and SK hynix, it added. ASML is the world's largest manufacturer of extreme ultraviolet (EUV) lithography system, a highly advanced machine used in semiconductor manufacturing to print small circuit patterns onto silicon wafers. The company's plant here will house the so-called repair center, which remanufactures key equipmen

Nov 12, 2025By Yonhap
ASML completes construction of chip equipment plant in Korea
Companies

Korea's mega unicorns rush toward IPOs as market heats up

A wave of Korean unicorns is lining up for initial public offerings (IPO), betting on resurgent investor appetite and a bullish stock market, industry officials said Wednesday. Kbank filed Monday for a preliminary review with the Korea Exchange to list on the KOSPI, targeting a debut in the first half of 2026. The internet-only bank is eyeing a valuation of about 5 trillion won ($3.4 billion). Essex Solutions, a U.S.-based affiliate of LS Group and North America's top wire supplier, also submitted a listing application on Friday. The firm, which counts Tesla as a key client, is expected to seek a valuation above 2 trillion won. Several other firms across sectors are stepping up efforts to tap public markets. Musinsa, the most high-profile contender, has begun IPO preparations. The K-fashion giant aims to hit a 10 trillion won valuation by ramping up overseas expansion and opening more offline stores. It held a pitch last month for investment banks vying to lead the deal. Goodai Global, the K-beauty label behind the hit brand Beauty of Joseon, is also pushing ahead with its IPO plans, targ

Nov 12, 2025By Lee Yeon-woo
Korea's mega unicorns rush toward IPOs as market heats up
Banking & Finance

Lotte Insurance, financial authorities head for courtroom showdown

Lotte Insurance has decided to launch a full-scale confrontation with financial authorities by pursuing legal action over the Nov. 5 decision to place the insurer under prompt corrective action, one of Korea’s most stringent regulatory measures for financial institutions, company officials said Wednesday. The insurer had faced repeated concerns over its financial stability, prompting the Financial Services Commission (FSC) to step in with disciplinary measures. Legal disputes between financial institutions, which operate under strict regulatory oversight, and their supervisory body are highly uncommon. The prompt corrective action system was introduced in 1997 during the Asian financial crisis to prevent the insolvency of financial institutions. It is designed to detect early signs of financial distress and guide companies toward management improvements before problems escalate. The system encourages authorities to intervene preemptively to contain potential risks, as the bankruptcy of a financial institution can trigger instability across the financial market. The system consists of t

Nov 12, 2025By Jun Ji-hye
Lotte Insurance, financial authorities head for courtroom showdown
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