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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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Companies

Nexon, Krafton extend Q1 earnings lead with game franchises

Nexon and Krafton led the Korean gaming market in the first quarter in sales and operating profit, respectively, driven by the steady popularity of their flagship titles. According to Nexon, its sales in the first quarter stood at 1.08 trillion won ($771 million), up 5 percent from a year earlier. Its operating profit reached 395.2 billion won, improving 43 percent during the same period. Its sales were the highest among Korean game developers. Sales of hit titles including MapleStory, Dungeon & Fighter and FC Online spearheaded the overall growth, while new releases including Mabinogi Mobile and The First Berserker: Khazan contributed to the overall sales. Dungeon & Fighter has seen its monthly active users and purchase users both double after a recent update. MapleStory has seen a 43 percent year-on-year increase in domestic sales and 35 percent in overseas sales. Mabinogi Mobile, released in March, has recorded the highest sales in the App Store and second-highest sales in Google Play. Krafton became Korea's most profitable game studio in the first quarter of this year, logging 457.3

May 18, 2025By Ko Dong-hwan
Nexon, Krafton extend Q1 earnings lead with game franchises
Tech & Science

AI-restored voice of firefighter killed on duty touches hearts of parents

"Mom! Dad! How have you been? This is Soo-kwang. Are you surprised by my voice? … I miss you a lot. I love you." This unusual in-flight announcement on a recent T'way Air flight bound for Japan brought passengers to tears as they ate their meals in the cabin. Among those crying were the bereaved family of Kim Soo-kwang, a 27-year-old firefighter who died in January last year while extinguishing a fire at a processed meat factory in Mungyeong, North Gyeongsang Province. Restored using LG Uplus' artificial intelligence (AI) technology, Kim's voice was broadcast on a flight carrying 17 parents of firefighters who were killed in the line of duty. The parents were on the way to a four-day trip to Saga Prefecture in Japan, which was organized by T'way and the Fallen Firefighters Survivor Hope Sharing, a foundation for families of deceased firefighters. In a video clip uploaded to the National Fire Agency's (NFA) YouTube channel on Wednesday, other parents of fallen firefighters were also seen wiping away tears as fellow passengers applauded in support. "Don't worry. We, as your children, were

May 17, 2025By Park Jae-hyuk
AI-restored voice of firefighter killed on duty touches hearts of parents
Others

InterviewKorean corporate governance trapped in Asian financial crisis era, says Dutch pension fund director

Korea’s capital market operates under a set of practices that often diverge from global norms. For example, in 2022, LG Chem spun off its secondary battery business into LG Energy Solution and listed it. The stock price of LG Chem, once nearing 1 million won ($714.9), plummeted by half. Long-term investors who had believed in the future potential of the battery business were left deeply disappointed. Another case is Kakao’s consecutive initial public offerings of its key subsidiaries — Kakao Games, KakaoBank and Kakao Pay — between 2020 and 2021. This decision led to the parent company’s stock price being halved. Yet, it is regarded as a way to raise capital while allowing the founder to maintain control without diluting ownership. Similar incidents, with minor variations, have repeatedly occurred in the market and eroded public confidence in long-term investing. Some investors even refer to the Korean capital market as a "history of shareholder betrayal." "It's a market that gives you a little sense of reward," said Park Yoo-kyung, managing director of emerging markets equitie

May 17, 2025By Lee Yeon-woo
Korean corporate governance trapped in Asian financial crisis era, says Dutch pension fund director
Companies

USTR holds closed-door meeting with US firms in Korea

U.S. Trade Representative Jamieson Greer held a closed-door meeting with more than a dozen U.S. businesses operating in Korea on Friday, during his visit to Jeju for the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade (MRT) Meeting, which concluded its two-day run that day. Greer met with representatives from around 10 U.S. companies in Korea — including Coupang, Google, UPS, Bayer and Novelis — alongside U.S. Senior Official for APEC Matt Murray and American Chamber of Commerce (AMCHAM) Korea Chairman James Kim, to discuss issues such as the trade deficit and non-tariff barriers between the U.S. and Korea. During the meeting, Greer described Korea as “forward-leaning” in advancing trade talks with the United States, despite the ongoing political uncertainty in the country. “I view that as very positive for Korea,” the AMCHAM chairman told The Korea Times, declining to share details of the meeting as it was held under Chatham House Rule. “(Greer) was very complimentary toward the Korean negotiation team.” The companies also discussed various operat

May 16, 2025By Lee Gyu-lee
USTR holds closed-door meeting with US firms in Korea
Companies

Buldak spicy 'ramyeon' maker shares jump nearly 20% on strong earnings

Shares of Samyang Foods, known for its globally popular Buldak spicy "ramyeon," jumped nearly 20 percent after the company reported strong first-quarter earnings. On Friday, Samyang Foods jumped 19.07 percent to 1.18 million won ($846), far outperforming the broader Korea Composite Stock Price Index (KOSPI), which ended up 0.21 percent. The rally followed the company's report of a 49 percent year-on-year gain in net profit in the January-March period. Operating profit surged 67 percent on-year to an all-time high of 133.99 billion won, while sales rose 37 percent to a record high of 529.01 billion won. Samyang Foods earned more than 80 percent of its total revenue from overseas markets. Last year, the company's exports surpassed the 1 trillion-won mark for the first time in its history, driven by strong sales of the Buldak ramyeon series, especially in the United States and China. Samyang aims to exceed 1 trillion won in overseas sales this year by expanding its production capacity. It currently operates three domestic plants, with a fourth scheduled for completion in the first half of this

May 16, 2025By Yonhap
Buldak spicy 'ramyeon' maker shares jump nearly 20% on strong earnings
Companies

Misto Holdings posts $910 mil. in Q1 revenue

Misto Holdings on Friday reported consolidated revenue of 1.24 trillion won ($910 million) in the first quarter of the year, marking a 4.6-percent increase from a year earlier. However, operating profit declined by 0.4 percent year-over-year to 162.7 billion won. By business segment, the Acushnet division recorded revenue of 1.02 trillion won, up 8.7 percent year-on-year, driven by strong sales of the new Pro V1 and Pro V1x golf balls and continued momentum in golf clubs. Acushnet delivered solid results in the first quarter despite challenges such as rising raw material costs, weak consumer sentiment and policy uncertainties, including U.S. tariffs. Its golf balls — used by 75 percent of professional tours worldwide and 68 percent of tour winners — along with clubs and gear, continued to show year-on-year growth, serving as key drivers of performance. The Misto division posted revenue of 215.7 billion won, supported by robust domestic footwear sales and the expansion of online direct-to-consumer channels, even amid a sluggish economy. The company is making long-term efforts to enha

May 16, 2025By Nam Hyun-woo
Misto Holdings posts $910 mil. in Q1 revenue
Companies

Moviation's private jets fly through banned Russian airspace

Moviation, a Korean private jet service provider, has begun offering flights that fly through Russian airspace, which has been restricted to most European airliners in the wake of Moscow's invasion of Ukraine in 2022. Vonaer, Moviation's online private jet booking platform, launched the service through a partnership with a private jet company based in a "third country" that the Russian government has selectively approved for airspace access. Due to confidentiality, Moviation declined to identify the private jet company or disclose the country in which it is based. The flights connect Gimpo International Airport to countries in Europe by passing through previously restricted airspace, saving up to two hours when traveling between Korea and major European cities such as Paris, London, Geneva and Rome. The company said it launched the flights to meet high demand for business travel between May and June. “Unlike Incheon International Airport, Gimpo Airport has separate hangars and gateways for private jets and their passengers," said Lee Mi-hyun, chief strategy officer and vice president o

May 16, 2025By Ko Dong-hwan
Moviation's private jets fly through banned Russian airspace
Companies

US courts Korean shipbuilders to counter China at APEC meeting

The United States used the two-day APEC trade ministers' meeting in Jeju as an opportunity to boost cooperation with Korean shipbuilders, part of the Donald Trump administration's efforts to revive American shipyards and curb China's dominance in the maritime sector. HD Hyundai, the parent company of HD Hyundai Heavy Industries (HHI), said Friday that Executive Vice Chairman Chung Ki-sun met with U.S. Trade Representative Jamieson Greer on the southern island that day to discuss bilateral cooperation in the shipbuilding industry. Greer's first-ever meeting with Korean shipbuilding executives was reportedly arranged at the request of the U.S. government. It follows U.S. Navy Secretary John Phelan's visit last month to the shipyards of HD HHI and Hanwha Ocean — the second Trump administration's first-ever dispatch of a secretary-level official to Korea, which prompted top management of both companies to showcase their technologies. According to HD Hyundai, Chung introduced the recent collaboration between HD HHI and Huntington Ingalls Industries, which operates a shipyard in Mississippi

May 16, 2025By Park Jae-hyuk
US courts Korean shipbuilders to counter China at APEC meeting
Companies

SK hynix's US sales make up over 70% in Q1 on rising AI demand

Chip giant SK hynix has reported that its U.S. sales accounted for over 70 percent of its total revenue in the first quarter on rising demand for premium high bandwidth memory (HBM) chips from major U.S. tech companies. According to the company's financial report released Thursday, revenues in the United States totaled 12.8 trillion won ($9.1 billion) in the first quarter, representing 72 percent of the company's total quarterly sales of 17.6 trillion won. Its U.S. sales amounted to 6.3 trillion won a year ago, accounting for a 50 percent portion. The sharp rise is attributable to increasing sales of artificial intelligence (AI) products, including HBM and enterprise solid state drives (eSSDs), in the U.S. SK hynix, a global leader in the HBM market, has already sold out this year's HBM production, supplying its 12-layer HBM3E product to major customers, including Nvidia Corp. Meanwhile, sales in China dropped to 2.7 trillion won, accounting for 15 percent of quarterly revenue, down from 18 percent in the same period last year.

May 16, 2025By Yonhap
SK hynix's US sales make up over 70% in Q1 on rising AI demand
Companies

Why Qatar invited Shinsegae chairman to state dinner with Trump

Shinsegae Group Chairman Chung Yong-jin had his second face-to-face meeting with U.S. President Donald Trump since the latter's reelection last November, accompanying Trump on his visit to Qatar — one of the destinations for his presidential tour of the Middle East this week. In footage showing Trump greeting guests lining up to attend a state dinner in Doha on Wednesday (local time), Chung is seen shaking hands with the president and Qatari Emir Sheikh Tamim bin Hamad Al Thani, engaging in a brief conversation with them for about 15 seconds. Chung was the only Korean businessman captured in the footage. At least on the surface, the meeting seemed to come as a surprise even to the public relations team at the Korean retail conglomerate. Officials from the team said they did not know why their chairman had traveled to the Middle East, where the company currently has no business operations. Shinsegae spokespersons were unavailable for comment Thursday morning when asked how and why Chung attended the dinner. A Shinsegae spokesperson later said Chung was invited at the request of the Qat

May 15, 2025By Park Jae-hyuk
Why Qatar invited Shinsegae chairman to state dinner with Trump
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