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  • Companies

    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?
  • Tech & Science

    SK hynix finishes filing for US depositary share offering

    2 MIN READBy Nam Hyun-woo
    SK hynix finishes filing for US depositary share offering
  • 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
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

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Banking & Finance

PHOTO Hana Financial backs autism inclusion program

Hana Financial Group Chairman Ham Young-joo, right, poses with Autism Society of Korea President Kim Yong-jik after signing an agreement at the group’s headquarters in Seoul, Friday. Under the agreement, announced Sunday, the group will support job creation for young adults with autism and provide tailored trust services to ensure safe and secure financial management. Courtesy of Hana Financial Group

Sep 21, 2025By Lee Yeon-woophoto
[PHOTO] Hana Financial backs autism inclusion program
APEC 2025

APEC CEO Summit in spotlight for possible attendance of tech gurus

Expectations are growing that Gyeongju, the host city of the 2025 APEC CEO Summit, will serve as the venue where the world’s most prominent tech magnates share their insights on the future of the global economy. With less than 40 days remaining until the 2025 APEC meetings, which will focus on economic cooperation in the Asia-Pacific region, business leaders in the host country are stepping up efforts to invite key figures from around the world. The target event is the APEC CEO Summit slated for Oct. 28 to 31. Some 900 CEOs have already expressed their intent to join the event, which is expected to host 1,700 company leaders and officials from APEC economies. Chaired by Korea Chamber of Commerce and Industry (KCCI) Chairman Chey Tae-won, the event is expected to serve as a platform connecting business leaders and their companies to tap into new economic prospects. One of the high-profile figures expected in Gyeongju is Nvidia CEO Jensen Huang, the world’s most influential figure in chips for artificial intelligence (AI). While his participation at the CEO summit remains unconfirmed a

Sep 21, 2025By Ko Dong-hwan
APEC CEO Summit in spotlight for possible attendance of tech gurus
Others

Yoon administration's push for Blue Whale gas prospect ends in failure

Korea National Oil Corp. (KNOC) on Sunday confirmed Sunday that the Blue Whale prospect is not economically viable, a blow to the deep-sea gas project once championed by ousted former president Yoon Suk Yeol as the nation’s future energy bonanza. However, the company noted that multiple foreign investors participated in a bid for six other deep-sea gas field prospects in the East Sea, reviving a development project that had seemed like a dead end. KNOC said in a press release that it concluded an in-depth analysis of data from the first exploratory drilling into the Blue Whale prospect, one of the seven potential oil and gas reserves in the deep sea off the coast of Yeongil Bay in Pohang, and found the prospect is not economically viable. The prospect was initially expected to yield enough gas to meet Korea’s demand for the next 29 years and oil demand for four years, translating to a financial value of up to 2,200 trillion won ($1.57 trillion). KNOC conducted exploratory drilling in February and commissioned Core Laboratories, a U.S. provider of core and fluid analysis in the petrol

Sep 21, 2025By Lee Gyu-lee
Yoon administration's push for Blue Whale gas prospect ends in failure
Banking & Finance

Lotte Card's business outlook dims as data breach sparks financial, regulatory strain

Lotte Card is confronting heightened operational risks after a recent cyberattack compromised the personal information of nearly 3 million customers, analysts said Sunday. The incident is expected not only to drive up short-term costs, but also to heighten credit downgrade risks and regulatory exposure. The most immediate concern is the near-term cost burden as the company scrambles to contain fallout from the incident. At a press conference on Thursday addressing the data breach, Lotte Card announced customer support measures — including card reissuance, annual fee waivers and interest-free services — which are projected to cost the company several billion won. "Even excluding these one-off costs, the planned investment of 110 billion won ($79.2 million) over the next five years in information security is expected to pose a medium- to long-term financial burden," said Ahn Tae-young, an analyst at Korea Ratings. "The customer data breach is expected to serve as a significant obstacle to the company's performance recovery." Meanwhile, Korea's three major credit rating agencies — Korea

Sep 21, 2025By Lee Yeon-woo
Lotte Card's business outlook dims as data breach sparks financial, regulatory strain
Business

Multiple foreign companies submit bid for Korea's deep-sea gas project: KNOC

At least two foreign companies have participated in a bid for Korea's deep-sea gas field development project, the Korea National Oil Corp. (KNOC) said Sunday. The KNOC issued a bid invitation for the project in March, allowing interested parties to apply for acquisition of up to a 49 percent stake in the project to become a partner of KNOC, which will have a majority stake in the project. The KNOC said multiple companies submitted a bid for the project, but did not disclose details of the firms, citing the need to "fairly" evaluate the bidders. The KNOC plans to select a preferred bidder among the applicants after reviewing their proposals through S&P Global. Meanwhile, the KNOC said it has concluded through an in-depth analysis on data from the first exploratory drilling into one of the seven potential oil and gas reserves in the deep sea off the coast of Yeongil Bay in Pohang, about 270 kilometers southeast of Seoul, that the so-called Blue Whale prospect does not have economic feasibility. The Blue Whale prospect was found to have a fine geological system of sandstone layers and a cap

Sep 21, 2025By Yonhap
Multiple foreign companies submit bid for Korea's deep-sea gas project: KNOC
Companies

US tariffs on Korea show world’s sharpest increase

The U.S. tariffs imposed on Korean goods grew at the sharpest pace among Washington’s trading partners, data showed Sunday, indicating a sharply rising burden on Korean businesses. According to the data from the Korea Chamber of Commerce and Industry (KCCI), the cost of U.S. tariffs on Korean imports in the second quarter of this year stood at $3.3 billion, the sixth-largest among Washington’s top 10 trading partners in terms of amount. China had the highest with $25.93 billion, followed by Mexico with $5.52 billion, Japan with $4.78 billion, Germany with $3.57 billion and Vietnam with $3.34 billion. Compared to the amount imposed during the fourth quarter of last year, the tariff on Korean imports grew by $3.23 billion, representing a 47.1-fold growth. This was the sharpest growth factor among other trading partners during the same period, followed by 19.5 for Canada, 17.8 for Mexico and 8.2 for Japan. In contrast, China saw the largest tariff increase of $14.18 billion during the same period, but showed the slowest growth among the top 10 countries because high duties on items suc

Sep 21, 2025By Nam Hyun-woo
US tariffs on Korea show world’s sharpest increase
Tech & Science

LG Innotek completes expansion of Vietnamese camera module plant

LG Innotek announced Sunday it has completed the expansion of its camera module plant in Vietnam, part of a broader strategy to cut costs by operating manufacturing hubs in both Vietnam and Korea. The components company said it has completed the construction of the V3 plant, the latest facility at its production site in Hai Phong, and has commenced commercial operations. The construction of the V3 plant follows LG Innotek’s July 2023 pledge to invest $1 billion in Vietnam by the end of 2025 to enhance its optical solutions production capacity. The V3 plant spans 150,000 square meters, the size of about 20 football fields, and more than doubles the company’s overall camera module production capacity in Vietnam. With this, LG Innotek has secured the capability to supply large volumes of camera modules stably to the production lines of major smartphone makers there. LG Innotek is also continuing its investment in optical facilities in Korea. In March 2025, the company signed an investment agreement worth $430 million with the city government of Gumi in North Gyeongsang Province. Under th

Sep 21, 2025By Nam Hyun-woo
LG Innotek completes expansion of Vietnamese camera module plant
APEC 2025

Gov't, Korean biz community in final prep to host global tycoons at APEC

The government and the Korean business community are making a final push to invite global tycoons to business events to be held on the sidelines of the upcoming Asia-Pacific Economic Cooperation (APEC) summit, industry sources said Sunday. Co-hosted by the industry ministry and the Korea Chamber of Commerce and Industry (KCCI), the APEC CEO Summit will be held from Oct. 28 to 31 in Gyeongju, North Gyeongsang Province, bringing together 1,700 participants from APEC member economies and global companies. Market watchers are paying close attention to the possible attendance of Jensen Huang, chief executive officer of global chip giant Nvidia, after sources said he reacted positively to an invitation delivered by SK Group Chairman Chey Tae-won, who also heads the KCCI. Another industry source said Huang is expected to hold a special session on Oct. 31 when a separate event on the artificial intelligence industry will be held. If Huang visits Korea next month, he could also meet APEC member leaders and possibly visit the production lines of Korean tech giants Samsung Electronics and SK hynix.

Sep 21, 2025By Yonhap
Gov't, Korean biz community in final prep to host global tycoons at APEC
Business

EVs take up nearly 20% of newly registered cars in Aug.: data

Electric vehicles (EVs) made up nearly 20 percent of newly registered cars in Korea in August, setting a record following the release of new models by major carmakers, data showed Sunday. Of the 126,787 cars newly registered in the country last month, EVs accounted for 23,269, or 18.4 percent, according to data compiled by auto industry tracker Carisyou. For the January-August period, EVs accounted for 12.7 percent. EVs took up 2.4 percent of registered cars in 2020 and jumped to 9.8 percent in 2022 but had remained at around 9 percent since due to a market slowdown. The accumulated sales of EVs in Korea, meanwhile, are widely expected to top the 200,000 mark for the first time this year. Over the January-August period, the number of newly registered EVs came to 141,986, driven by the release of new models by Hyundai Motor and Kia, along with global players such as Mercedes-Benz AG and BMW.

Sep 21, 2025By Yonhap
EVs take up nearly 20% of newly registered cars in Aug.: data
Companies

KT mobile payment breach hits broader area than initially known: lawmaker

A recent mobile payment breach at KT has affected a broader area than initially reported, expanding beyond the previously identified regions of southwestern Seoul and parts of Gyeonggi Province, a report submitted by the firm to a lawmaker showed Sunday. The newly identified areas include southern parts of Seoul, as well as Goyang, Gyeonggi Province, Rep. Hwang Jung-a of the ruling Democratic Party said, citing the report filed by KT. On Thursday, Korea's second-largest mobile carrier said the number of victims had reached 362, up from its initial report of 278. "It would have been helpful for the investigation if KT had released detailed information on the location and time of the breaches quickly. I cannot understand why KT is releasing the information little by little," Hwang said. Experts point out that the scope of damage continues to increase as KT had limited its probe to automated response system (ARS) breaches. KT currently tracks damage based on cases in which hackers intercepted ARS calls that should have been sent to victims to authorize mobile payments. One of the victims, how

Sep 21, 2025By Yonhap
KT mobile payment breach hits broader area than initially known: lawmaker
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