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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

Hyosung Heavy Industries wins $60 mil. transformer deal with Scottish Power

Hyosung Heavy Industries signed an 85 billion won ($60 million) contract with Scottish Power to supply 400-kilovolt ultra-high-voltage transformers, the Korean firm announced Monday. The transformers will be used to transmit electricity generated from inland and coastal wind farms in Scotland to urban centers. Scotland, which capitalizes on its abundant wind resources, accounts for roughly one-third of the world’s floating offshore wind farms. The Scottish government is ramping up investments in renewable energy and transmission infrastructure as part of its goal to reach net-zero greenhouse gas emissions by 2045. Since entering the Scottish market in 2015, Hyosung Heavy has positioned itself as a total solutions provider offering products, maintenance and services. The company has been the market leader in the United Kingdom for ultra-high-voltage transformers since 2022. In addition to the U.K., Hyosung recently struck a long-term supply deal with a German transmission company for ultra-high-voltage transformers and reactors, becoming the first Korean firm to do so. The company also s

May 19, 2025By Nam Hyun-woo
Hyosung Heavy Industries wins $60 mil. transformer deal with Scottish Power
Companies

Another SPC worker dies in fatal bread factory accident

A worker died Monday in a fatal accident at a bread factory affiliated with bakery giant SPC Group, police said. The accident occurred at SPC's factory in Siheung, Gyeonggi Province, at around 3 a.m., when the worker, known only as a woman in her 50s, reportedly had her upper body caught in the conveyor belt during lubrication work. When rescuers arrived at the scene, she was lying on the floor after being separated from the machine, with her head damaged. She was responsible for spraying lubricant to ensure the conveyor belt runs smoothly during the process of cooling hot bread. Police are investigating the exact cause of the accident and will consider booking factory officials on charges of occupational negligence resulting in death if any violation of safety rules is found. The labor ministry will also investigate whether the Industrial Safety and Health Act and Serious Accidents Punishment Act were violated at the factory. SPC's factories have been beleaguered by various workplace accidents in recent years. In October 2022, a 23-year old employee was killed after her upper body was ca

May 19, 2025By Yonhap
Another SPC worker dies in fatal bread factory accident
Tech & Science

Gov't to spend $130.4 mil. on commercializing next-generation solid-state batteries

Korea will invest 182.4 billion won ($130.4 million) in developing and commercializing next-generation solid-state batteries, used in powering wearable mobile devices and electric vehicles (EVs), the industry ministry said Monday. In detail, the government plans to spend 35.8 billion won until 2028 to develop solid-state batteries for small IT devices, such as smart watches, virtual reality headsets and wireless earphones, according to the Ministry of Trade, Industry and Energy. Another 29.4 billion won will be funneled into developing ultra-compact multilayer ceramic solid-state batteries for auxiliary power systems until 2026. The government will also spend 117.2 billion won by 2028 on developing next-generation rechargeable batteries for EVs, including solid-state, lithium metal and lithium-sulfur batteries. Solid-state batteries are considered a key technology for the future battery market, as they use solid electrolytes instead of conventional liquid electrolytes, enabling improved fire safety and higher energy density. "Once the three promising solid-state battery technologies are f

May 19, 2025By Yonhap
Gov't to spend $130.4 mil. on commercializing next-generation solid-state batteries
Tech & Science

27 mil. user records leaked in SK Telecom data breach

Approximately 27 million user information records were confirmed to have been compromised in a major cyberattack on SK Telecom last month, the government-private sector investigation team announced, Monday. The figure surpasses SK Telecom’s total customer base of 25 million, with new findings showing that malware was also detected on servers that stored users’ device identifiers, likely making the incident one of the worst telecom security breaches in the country’s history. According to the investigation team, a forensic analysis of around 30,000 of SK Telecom's Linux-based servers revealed that 23 had been infected. Investigators identified 25 different types of malware during the probe. The leaked data amounts to 9.82 gigabytes and includes 26.95 million records, primarily containing International Mobile Subscriber Identity (IMSI) data — a critical identifier used to authenticate users on mobile networks. Along with IMSI, the team also reported that approximately 290,000 International Mobile Equipment Identity (IMEI) data records were stored in two compromised servers, raising

May 19, 2025By Nam Hyun-woo and Lee Gyu-lee
27 mil. user records leaked in SK Telecom data breach
Business

Korea, US to hold 2nd round of working-level tariff talks in Washington this week

Korea and the United States are scheduled to hold a second round of technical discussions in Washington this week regarding the latter's sweeping tariff scheme, as the two sides are working toward forging a "package" deal by early July, officials said Monday. A Korean government delegation is expected to depart for Washington around Tuesday to engage in the talks, which could begin as early as Tuesday (U.S. time), according to officials from the Ministry of Trade, Industry and Energy. The two sides were to discuss six key areas of trade imbalances, non-tariff measures, economic security, digital trade, country of origin of products and commercial considerations, they added. Last month, the U.S. began imposing reciprocal tariffs on partner nations, including 25 percent duties on Korea, only to pause them shortly afterward to allow for one-on-one negotiations. Seoul and Washington subsequently agreed to work toward a "July package" deal on trade and other related issues before July 8, when Trump's 90-day pause on reciprocal tariffs is to expire. Following the first round of working-level di

May 19, 2025By Yonhap
Korea, US to hold 2nd round of working-level tariff talks in Washington this week
Business

Seoul needs 'win-win' strategy for shipbuilding partnership with US

Korea should establish a detailed "win-win" strategy to seize business opportunities amid the United States' push to revitalize its shipbuilding industry, a local business lobby said Monday. The recommendation follows a recent meeting between U.S. Trade Representative Jamieson Greer and top executives from major Korean shipbuilders HD Hyundai and Hanwha Ocean to discuss cooperation in shipbuilding. "The Korean government and shipbuilding companies need to present sector-specific proposals aligned with the U.S. government's plans to build new vessels, in order to create mutually beneficial synergies," the Federation of Korean Industries (FKI) said, citing a new report. According to the report, the U.S. is expected to place orders for between 403 and 448 vessels by 2037, including commercial ships, liquefied natural gas (LNG) carriers and naval ships. The projected orders include 100 commercial vessels, 42 to 65 LNG carriers, 10 icebreakers, 129 combat ships and 67 vessels for the National Defense Reserve Fleet. The number of U.S. vessel orders is likely to increase further as the country a

May 19, 2025By Yonhap
Seoul needs 'win-win' strategy for shipbuilding partnership with US
Companies

Emart, Olive Young, Coupang solidify market leadership in Q1

Top players in Korea's retail sector further solidified their market dominance in the first quarter, as more consumers opted to stay with familiar shopping platforms rather than explore new channels. Emart dominated the superstore market, while Olive Young stood out in the beauty product sector and Coupang led the e-commerce space. Their strong market leadership reflects a broader trend of large companies securing more loyal customer bases through greater price competitiveness. Dominating the e-commerce sector in the first quarter was Coupang. The New York Stock Exchange-listed company posted 11.5 trillion won ($7.9 billion) in sales in the January-March period, achieving a 21 percent year-on-year jump to set a new high in its quarterly sales. According to data analysis by IGAWorks, consumer transaction volume on Coupang’s online shopping platforms during the period is estimated to have reached 9.3 trillion won. This accounts for 63.3 percent of the combined volume of the country’s top 10 e-commerce companies, up 6 percentage points from the previous year. Coupang stocks its own merc

May 19, 2025By Ko Dong-hwan
Emart, Olive Young, Coupang solidify market leadership in Q1
Companies

Kumho Tire unlikely to meet earnings target due to fire

Kumho Tire is unlikely to meet its annual earnings target of 5 trillion won ($3.57 billion) following a devastating fire at its key manufacturing facility in the southwestern city of Gwangju. The plant is responsible for approximately 20 percent of the firm’s total tire production. According to the company, the Gwangju factory produced some 12 million tires last year, out of 61.39 million manufactured at its eight plants around the world. The Gwangju plant was built in 1974 and served as the firm’s third-largest production line following ones in Vietnam and Gokseong, South Jeolla Province. With the fire suspending the Gwangju plant's operations, Kumho Tire is facing the risk of losing market share to competitors until the situation is resolved. The company had previously decided to raise its tire production by 6 percent to 65 million globally in hopes of achieving a record annual sales target. With the plant's recovery expected to take a few months, however, the company is expected to revise down the figure. The fire is expected to deal a heavy blow to Kumho Tire’s earnings trajecto

May 18, 2025By Lee Min-hyung
Kumho Tire unlikely to meet earnings target due to fire
Banking & Finance

Banking customers still favor in-person consultations for key services

Jung Yoo-young, 48, a freelance translator living in northeastern Seoul’s Gangbuk District, prefers visiting bank branches in person over using mobile banking. Although relatively young and comfortable using a smartphone, she still feels uneasy about handling sensitive financial information on a mobile device. "There are constant reports of cyberattacks involving financial institutions or USIM information, so I try to avoid doing important tasks on my phone," Jung said. "Even if it takes more time, I feel more secure when a bank employee handles things right in front of me at the branch." According to a recent survey by local market researcher Consumer Insight, many financial consumers like Jung still prefer to handle high-involvement services offline, despite the rapid digital transformation of the financial sector and the growing use of internet banking. The nationwide survey, which analyzed the banking experiences of 10,917 customers aged 20 to 69, found that mobile banking is used mainly for simple tasks such as transfers and remittances, which made up 66 percent, and account inqu

May 18, 2025By Jun Ji-hye
Banking customers still favor in-person consultations for key services
Companies

Daewoo E&C outperforms market expectations with focus on fundamentals

Daewoo Engineering & Construction outperformed market expectations in the first quarter, reflecting its efforts to stabilize profitability through portfolio restructuring and improved cost efficiency. The builder reported Sunday that its revenue and operating profit for the January–March period reached 2.08 trillion won ($1.49 billion) and 151.3 billion won, respectively. Though sales declined 16.47 percent from 2.49 trillion won a year earlier, operating profit improved 31.8 percent from 114.79 billion won during the same period. The builder explained that its profitability improved as it secured high-margin orders in the housing construction and plant sectors. New orders reached 2.82 trillion won in the first quarter, up 13.4 percent from a year earlier. The improvements came after the appointment of the company’s new CEO, Kim Bo-hyun, who has been emphasizing risk management, profitability, cost efficiency and quality as priorities in strengthening the company’s fundamentals since he took office in December. Based on this strategy, the company said it is accelerating efforts to

May 18, 2025By Nam Hyun-woo
Daewoo E&C outperforms market expectations with focus on fundamentals
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