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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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Companies

Shilla exit sparks concerns over Chinese firm’s entry to Incheon airport

China Duty Free Group (CDFG), the country’s largest state-owned duty free store operator, has emerged as the strongest contender to fill vacancies at Incheon International Airport, following Hotel Shilla’s decision to relinquish its license to sell cosmetics, perfume, liquor and tobacco at Korea’s main gateway. The prospect has raised concerns about China increasing its influence at the airport and Korean duty free store operators losing ground in the global market. According to Hotel Shilla’s regulatory filing, the company will stop operating The Shilla Duty Free shops in the DF1 zone as of March 17, 2026. Hotel Shilla said it viewed the surrender of its license as the most effective way to stem declining profits, despite the obligation to pay a penalty of 190 billion won ($136 million) to Incheon International Airport Corp. (IIAC). “The market has changed significantly due to shifts in core customer consumption patterns and decreased purchasing power,” Hotel Shilla said in a statement. “Accordingly, we asked IIAC to reduce the rent, but our request was denied.” Since wi

Sep 19, 2025By Park Jae-hyuk
Shilla exit sparks concerns over Chinese firm’s entry to Incheon airport
Banking & Finance

MBK's alleged cut to Lotte Card cybersecurity spending raises eyebrows after data theft

MBK Partners, the majority shareholder of Lotte Card, cut intangible investments in the card issuer, including cybersecurity spending, fueling criticism that the private equity fund prioritized profitability over cybersecurity while exposing millions of customers’ personal information and undermining its brand reputation, market watchers said Friday. The criticism comes amid pan-government investigations into the massive data breach at Lotte Card and unauthorized transactions at KT, a telecommunications firm. Financial regulators are raising concerns that the private equity firm may have deliberately curtailed IT and security investments in the Lotte subsidiary after acquiring it in 2019, in a move to boost margins ahead of a future sale. According to Financial Supervisory Service (FSS) data, investment in Lotte Card’s intangible assets — including software, digital infrastructure and IT system maintenance — dropped to 140.5 billion won ($100 million) in the first half of this year, down from 217.3 billion won in 2019. This is in contrast with Shinhan Card, Hyundai Card and KB Ko

Sep 19, 2025By Lee Kyung-min
MBK's alleged cut to Lotte Card cybersecurity spending raises eyebrows after data theft
Companies

Hyundai Motor eyes Europe, India, China amid prolonged US tariff shock

Hyundai Motor will navigate its unceasing tariff risks in the United States by scaling up presence in Europe, India and China — three major powerhouses with strong potential for growth in eco-friendly vehicles, the carmaker’s CEO Jose Munoz said. The global strategy reflects the carmaker’s willingness to offset its U.S. earnings decline through other territories in the mid- to long-term, by using the carmaker’s strength in developing and manufacturing electric vehicles (EVs). The carmaker shared the vision during its annual CEO Investor Day event in New York, Thursday (local time), to alleviate mounting investor concerns over the firm’s steep earnings fall caused by the aftermath of the U.S. government’s imposition of a 25 percent auto tariff. The company’s operating profit plunged 828.2 billion won ($593 million) in the second quarter from a year earlier, and the figure is widely expected to increase in the third quarter due to the prolonged tariff shock. Hyundai Motor is going all out to boost its EV sales in Europe in particular. The automaker is set to launch its much-h

Sep 19, 2025By Lee Min-hyung
Hyundai Motor eyes Europe, India, China amid prolonged US tariff shock
Companies

Int'l customs body sides with Korea in dispute with India over Samsung equipment

The World Customs Organization (WCO) has ruled in favor of Korea in a tariff classification dispute with India over radio units (RUs) used in mobile base stations, the Seoul government said Friday. The dispute involves an estimated 800 billion won ($573 million) in tariffs and related charges for RUs exported by local tech giant Samsung Electronics to India, according to the Ministry of Economy and Finance. The Brussels-based intergovernmental body determined that the RUs should be classified as "parts," which are exempt from tariffs. The ruling contradicts India's previous classification of the RUs as "telecommunication equipment," subject to a 20 percent tariff. Although WCO decisions are not legally binding on individual member states, the ministry emphasized that the ruling is meaningful as it reflects international consensus in support of Korea's position. A ministry official said the decision is expected to work in favor of Korean companies as they continue discussions with Indian tax authorities.

Sep 19, 2025By Yonhap
Int'l customs body sides with Korea in dispute with India over Samsung equipment
Companies

Kumho Petrochemical Group bolsters efforts to reduce carbon emissions

Kumho Petrochemical Group said Friday that its major affiliates have launched a range of initiatives to address the climate crisis by cutting greenhouse gas emissions. With carbon capture, utilization and storage (CCUS) technology and recycling of waste as a raw material, these affiliates are striving to achieve carbon neutrality by 2050 for sustainable growth, according to the group. Kumho Petrochemical, the group's flagship subsidiary, has aligned its operations with the government's circular economy goals, earning certifications for recycling waste as a raw material instead of sending it to landfill. The chemical firm's carbon nanotube products also met the European Union's requirements under the Registration Evaluation Authorization and Restriction of Chemicals regulations, earning the company an award from the Minister of Trade, Industry and Energy. In July, Kumho Petrochemical built CCUS facilities to capture carbon dioxide emitted from its power generation sites and convert it into useful chemicals. "The process makes it possible to use captured carbon dioxide for dry ice, food-gra

Sep 19, 2025By Park Jae-hyuk
Kumho Petrochemical Group bolsters efforts to reduce carbon emissions
Companies

Hanwha Aerospace signs 3rd contract to supply K9 howitzers to Norway

Hanwha Aerospace has signed a third contract with the Norwegian Defence Materiel Agency (NDMA) to deliver 24 additional K9 VIDAR self-propelled howitzers. The agreement was signed in Oslo, Thursday (local time), with Hanwha Aerospace President and CEO Son Jae-il, NDMA Director General Gro Jaere, Norwegian Army Chief Maj. Gen. Lars Lervik and Korean Ambassador to Norway Seo Min-jeong in attendance. The order will increase Norway’s K9 VIDAR fleet to 52 systems, strengthening the artillery capabilities of the NATO member. VIDAR refers to versatile indirect artillery. Norway decided on the expansion after evaluating the platform’s performance and Hanwha’s fulfillment of previous contracts. “We are proud to contribute once again to strengthening Norway’s sovereign defense capabilities,” Son said. “Looking ahead, we will solidify our position as a strategic partner dedicated to securing the capabilities of NATO and the wider European community.” Jaere said the new deal will provide the Norwegian Armed Forces with equipment that meets requirements for time, cost and performance.

Sep 19, 2025By Nam Hyun-woo
Hanwha Aerospace signs 3rd contract to supply K9 howitzers to Norway
Companies

KT reports another suspected data breach case to authorities for investigation

KT aid Friday it has reported a new case of suspected data breaches to authorities for investigation, in a case separate from its recent mobile payment violation. South Korea's No. 2 mobile carrier said the report was submitted to the Korea Internet & Security Agency (KISA) just before midnight the previous day. The mobile carrier said it had carried out an internal investigation for about four months and identified four cases with evidence of server breaches, along with two other suspected cases. The report was submitted just hours after KT held a press briefing Thursday, where the company raised the possible leakage of International Mobile Subscriber Identity (IMSI) and International Mobile Equipment Identity (IMEI) numbers, as well as phone numbers. KT nevertheless claimed the universal subscriber identity module (USIM) certification number had not been compromised, although the latest server breach indicates the company cannot completely rule out the possibility. "The investigation of servers was a separate task that had been carried out for four months and was not related to the mobi

Sep 19, 2025By Yonhap
KT reports another suspected data breach case to authorities for investigation
Companies

Hyundai Rotem opens first US rail parts plant in California

Hyundai Rotem, the train manufacturing subsidiary of Korea's Hyundai Motor Group, said Friday it has opened its first U.S.-based rail parts plant in California to strengthen its foothold in the North American rail market. The new facility in the city of Riverside, named Hyundai Rotem Smart Electric America (HRSEA), spans about 8,500 square meters and will produce key components for rail vehicles, including propulsion control units, traction motors and auxiliary power supplies. A completion ceremony for the plant was held Thursday (local time), attended by officials from the Los Angeles Metro, the Riverside city government and the Korean Consulate General in Los Angeles, as well as executives from Hyundai Rotem and partner firms. In addition to production and testing, the plant will also provide customer services for clients and support follow-up projects related to new parts development. "We look forward to contributing to local job creation and economic growth while moving forward with the Riverside community," said Lee Yong-bae, chief executive officer (CEO) of Hyundai Rotem. Hyundai Ro

Sep 19, 2025By Yonhap
Hyundai Rotem opens first US rail parts plant in California
Business

Hyundai CEO voices hope for 'mutually beneficial' solution for short-term business travel to US

WASHINGTON — The head of Hyundai Motor expressed hope Thursday for South Korea and the United States to work out a "mutually beneficial" solution for skilled workers' short-term business travel to the U.S., following a U.S. immigration raid at its battery plant construction site in Georgia this month. Jose Munoz, the company's president and CEO, made the remarks at a public event, noting that many Korean workers, who were arrested in the Sept. 4 raid at the site for a joint Hyundai-LG Energy Solution venture, were involved in the final testing of advanced battery production technology. U.S. immigration authorities arrested more than 310 South Korean workers in the crackdown, saying that they were found to be working illegally in the U.S., including those on short-term or recreational visas that bar them from working. They were released from detention on Sept. 11. "We hope that the U.S. and Korea can work on mutually beneficial solutions for short-term business travel, especially for specialized technical expertise," he said during the New York event for global investors and analysts. M

Sep 19, 2025By Yonhap
Hyundai CEO voices hope for 'mutually beneficial' solution for short-term business travel to US
Companies

GM Korea's management, union reach tentative wage deal

The management and union of GM Korea, the Korean unit of General Motors, on Thursday reached a tentative agreement on this year's wage negotiations after 19 rounds of talks, the company said. The agreement includes a 95,000 won ($69) monthly base wage hike and a comprehensive bonus package totaling 17.5 million won per worker. The two sides also agreed to introduce a new production incentive allowance for certain shifts and raise assembly-related allowances. The tentative deal will be put to a two-day vote of union members from Monday.

Sep 18, 2025By Yonhap
GM Korea's management, union reach tentative wage deal
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