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    Will Homeplus liquidation decision be postponed again?

    Homeplus has submitted an amended rehabilitation plan just three days before a court deadline, but its failure to secure a crucial 200 billion won ($129 million) capital injection is increasing uncertainty over whether the troubled retailer will face liquidation, industry sources said Wednesday. The Seoul Bankruptcy Court will now assess the feasibility of the revised proposal to determine whether to continue with rescue proceedings or dissolve the company. Although the current deadline expires this Friday, expectations are rising that the court will defer the date once more to review the new submission. The country’s second-largest retail chain, controlled by private equity firm MBK Partners, filed for corporate rehabilitation on March 4 last year after struggling with financial difficulties and facing credit rating downgrades. The original deadline for court approval of its rehabilitation plan was March 4 this year, but the court first extended it to May 4 before granting an additional extension until this Friday. Bankruptcy law dictates that a rehabilitation scheme must receive appr

    3 MIN READBy Jun Ji-hye
    Will Homeplus liquidation decision be postponed again?
  • Companies

    Renault Korea's June sales plunge 45 % on weak demand

    1 MIN READBy Yonhap
    Renault Korea's June sales plunge 45 % on weak demand
  • Companies

    GM Korea's June sales rise 6.6% on robust overseas demand

    1 MIN READBy Yonhap
    GM Korea's June sales rise 6.6% on robust overseas demand
  • Companies

    Hyundai Motor's global sales down in June on weaker demand

    1 MIN READBy Yonhap
    Hyundai Motor's global sales down in June on weaker demand
  • Companies

    JoongAng Ilbo puts controlling rights up for sale amid creditor workout

    1 MIN READBy Jung Min-ho
    JoongAng Ilbo puts controlling rights up for sale amid creditor workout
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Business

Nuclear watchdog set to decide whether to extend life span of Kori-2 nuclear reactor

The nuclear watchdog was set to decide Thursday whether to extend the lifespan of the 42-year-old Kori-2 nuclear reactor for an additional 10 years. At its meeting, the Nuclear Safety and Security Commission (NSSC) will review a request from the Korea Hydro and Nuclear Power Co. (KHNP), the state-run power operator, to restart and operate the reactor past its initial 40-year period. This marks the first of 10 life extension requests by the KHNP for its aging reactors and is widely expected to serve as a barometer for the fate of the other nine reactors. The 650-megawatt Kori-2 lightwater reactor on Korea's southeast coast started commercial operation in April 1983. It is the country's oldest active reactor, aside from the Kori-1 and Wolsong-1 reactors, which have been permanently shut down. The Kori-2 has been offline since April 2023, when its initial 40-year operating license expired. If approved, the reactor will operate until April 2033. It would also become the first nuclear facility in Korea to receive a lifespan extension since 2015, when the Wolsong-1 reactor was allowed to resume

Sep 25, 2025By Yonhap
Nuclear watchdog set to decide whether to extend life span of Kori-2 nuclear reactor
Banking & Finance

Korean brokerages to resume US daytime stock trading in November with stronger safeguards

Korean brokerages will restart their suspended daytime trading service for U.S. stocks in November, after the program was put on hold in August last year, industry and government officials said Wednesday. The Financial Supervisory Service (FSS), the country’s financial watchdog, said it will ensure that adequate safeguards are in place to protect investors before the relaunch, while also vowing strict measures in the event of any large-scale system failures. The service allows local investors to buy and sell U.S. stocks during Korea’s daytime hours. Introduced by Samsung Securities in February 2022, it was later expanded to 18 brokerages, with all transactions processed through Blue Ocean ATS (alternative trading system), which is operated by New York-based fintech company Blue Ocean Technologies. However, Blue Ocean ATS experienced a system malfunction on Aug. 5 last year, which came to be known as Black Monday, resulting in the unilateral cancellation of investor orders. Following the incident, Korean brokerages collectively decided to suspend the service on Aug. 16. “After the ma

Sep 25, 2025By Jun Ji-hye
Korean brokerages to resume US daytime stock trading in November with stronger safeguards
Tech & Science

Korean game firms bring subculture titles to Tokyo Game Show

NCSOFT, Netmarble, Smilegate and other major Korean game developers will bring their new titles, many of them in the subculture genre, to the show floor of Tokyo Game Show (TGS) 2025, which kicks off its four-day run Thursday. Touted as one of the world’s top game conventions, TGS draws 200,000 to 300,000 fans every year. Along with Japanese giants Capcom and Bandai Namco, a slew of big-name global studios attend to showcase their latest titles and technologies, while offering attendees a uniquely Japanese array of experiences. For this year’s event, Korean game studios have packed their booths with various subculture games, which typically refer to titles that combine animation-style graphics with elements of character collection. Once perceived as a niche genre, subculture games have entered the mainstream in Korean gaming culture. NCSOFT will showcase Limit Zero Breakers, an animation-style action role-playing game (RPG) developed by Vic Game Studios, a company that specializes in subculture games. It is a single-player PVE (player versus environment) action RPG with linear story-

Sep 25, 2025By Nam Hyun-woo
Korean game firms bring subculture titles to Tokyo Game Show
Companies

InterviewMongolian economy minister seeks investment, cooperation in AI, energy with Korea

Amid the 35th anniversary of diplomatic ties between Mongolia and Korea, cooperation between the two nations is more critical than ever as rising geopolitical tensions around the world underscore the need for resilient partnerships. With Mongolia accelerating its efforts to attract global investors, Nyam-Osor Uchral, the country’s first deputy prime minister and minister of economy and development, underscored the country’s determination to deepen economic ties with Korea in sectors ranging from mining and energy to advanced technology and artificial intelligence (AI), highlighting its drive to create a more transparent and investor-friendly climate. “Last year, foreign direct investment in Mongolia increased significantly, by about 75 percent. However, Korea’s share accounted for only 1.4 percent, which still feels quite insufficient,” the minister said during an interview with The Korea Times in Seoul on Monday. “The Mongolian government recognized the need to further expand the two countries’ ties, holding rounds of discussions for an economic partnership agreement …

Sep 24, 2025By Lee Gyu-lee
Mongolian economy minister seeks investment, cooperation in AI, energy with Korea
Tech & Science

KT CEO apologizes for mismanagement of cellular base stations

KT CEO Kim Young-shub on Wednesday admitted to the mobile carrier’s mismanagement of miniaturized cellular base stations, called femtocells, which became the main loophole exploited for a series of unauthorized mobile payment fraud cases targeting its users. He promised the telecom's full-fledged efforts to address the aftermath of the breach. In response to controversy over repeated reversals in its disclosures to the authorities, the CEO said the company had no intention of downplaying the significance of the incident. “There were several loopholes in (our) management practices of femtocells, and the process of re-collecting (inactive) devices was also inadequate,” Kim said during a National Assembly hearing in Seoul. “We are deeply sorry for causing an unexpected incident related to unauthorized payments, which unsettled not only our customers but also the wider public.” The mobile payment breach came to light earlier this month after police began investigating unauthorized charges affecting KT users in parts of Seoul and Gyeonggi Province. The incident alarmed the public aft

Sep 24, 2025By Nam Hyun-woo
KT CEO apologizes for mismanagement of cellular base stations
Companies

S-Oil marks Chuseok with charity event

S-Oil held its annual charity event, “Sharing Songpyeon with S-Oil,” at its headquarters in Mapo District ahead of the Chuseok holiday, the company said Tuesday. Chuseok, one of the country's biggest traditional holidays, falls on Oct. 3 this year and is often celebrated with songpyeon, a half-moon-shaped rice cake. The event, co-hosted with the Loveaid Foundation Community Welfare Center, brought together CEO Anwar Al-Hejazi and about 100 employees, who prepared 500 Chuseok gift packages worth a combined 60 million won ($44,000). The packages were delivered to low-income households in nearby Gongdeok-dong. Saudi Arabian students studying in Korea and children from the company’s day care center also took part, spending time with community members. “I understand that Chuseok is a special holiday in Korea for sharing warm affection with neighbors,” Al-Hejazi said. “S-Oil wishes to convey comfort and hope to underprivileged neighbors in the local community with heartfelt warmth. I hope everyone enjoys a happy Chuseok holiday.” S-Oil has hosted the songpyeon-sharing event every

Sep 24, 2025By Ko Dong-hwan
S-Oil marks Chuseok with charity event
Banking & Finance

MBK apologizes over Homeplus corporate rehabilitation

MBK Partners issued an official apology over Homeplus’ corporate rehabilitation, Wednesday, expressing deep regret for “causing significant concern and disappointment to the public due to our shortcomings in judgment and management as a major shareholder over the past 10 years.” MBK, a private equity firm, owns Homeplus, Korea’s second-largest supermarket chain. “We sincerely regret that Homeplus has reached the critical stage of corporate rehabilitation, causing uncertainty and hardship for numerous employees, partner companies, creditors and customers,” the firm said in a written apology. Homeplus filed for corporate rehabilitation with the Seoul Bankruptcy Court on March 4, following a credit rating downgrade. The move has drawn strong criticism toward MBK, with many accusing the firm of recklessly placing one of the country’s largest supermarket chains into corporate rehabilitation after acquiring it through a leveraged buyout. Prosecutors have also been investigating allegations that Homeplus raised 600 billion won ($430 million) through short-term bonds while conceali

Sep 24, 2025By Jun Ji-hye
MBK apologizes over Homeplus corporate rehabilitation
Companies

CGV shuts down last LA theater, ending 15-year US presence

CGV, a major multiplex cinema chain, said Wednesday it has closed its last theater in Los Angeles, ending its 15-year physical presence in the North American market. "After much consideration, we have made the difficult decision to permanently close CGV LA," the company said on its U.S. website, noting Sunday was its last day of business. The decision was made to allow a strategic shift toward more competitive, high-performing specialty theaters — 4DX and ScreenX — according to CGV. CGV's U.S. operations began in June 2010 with the opening of a 600-seat theater in LA, followed by a 1,187-seat location in Buena Park in 2017. A large 14-auditorium theater opened in San Francisco in September 2021. But following the COVID-19 pandemic and a decline in moviegoers, the San Francisco location shut down in 2023 and the Buena Park theater closed last year. Shifting its business strategy, the company now plans to focus on expanding its specialized theater technologies. This move is bolstered by a significant 47 percent year-over-year revenue increase from its 4DX and ScreenX formats in North A

Sep 24, 2025By Yonhap
CGV shuts down last LA theater, ending 15-year US presence
Tech & Science

Korea's ICT service exports up 19% in first half of 2025

Korea's exports of services related to the information and communication technology (ICT) sector rose 19 percent in the first half of 2025 from a year earlier, data showed Wednesday, driven by game content. Exports of ICT services amounted to $6.37 billion in the January to June period, compared with $5.81 billion in the same period last year, according to the data from the Ministry of Science and ICT. Imports came to $4.8 billion, up 12.3 percent from the previous year, resulting in a trade surplus of $1.57 billion. By sector, game content accounted for 44 percent of the total, followed by information services with 15 percent and packaged software at 13 percent. By destination, Asia accounted for 55 percent, followed by North America with 28 percent and Europe 15 percent, the data showed.

Sep 24, 2025By Yonhap
Korea's ICT service exports up 19% in first half of 2025
Companies

InterviewNext year's landfill ban prompts private collectors to step up

DONGDUCHEON, Gyeonggi Province — Private trash incinerators nationwide can treat waste efficiently and cleanly when Sudokwon Landfill, a public landfill serving the capital region since 1992, stops accepting non-incinerated waste next year due to limited capacity, according to the head of the private businesses’ association. Kim Hyung-soon, chairman of the Korea Resource-Recycling Energy Mutual-Aid Association (KREMA), which includes 84 registered private incinerator and landfill operators, said that private facilities have been the country’s last line of defense for waste treatment whenever public facilities reach capacity. Kim said private firms are strict about keeping their operations clean, following government regulations that have become increasingly rigorous. He added that private facilities are a legally designated alternative for waste treatment when public facilities become unavailable. “When Sudokwon Landfill stops accepting non-incinerated waste, that leaves 3,200 tons of everyday waste from Seoul, Incheon and Gyeonggi Province untreated each day,” Kim, who runs h

Sep 24, 2025By Ko Dong-hwan
Next year's landfill ban prompts private collectors to step up
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