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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

Korea Development Bank gets preliminary nod to open branch in Vietnam after 6 years

The Korea Development Bank (KDB) is nearing the launch of its new branch in Hanoi, Vietnam, six years after it submitted an application, industry officials said Friday. The State Bank of Vietnam (SBV) issued a confirmation later Wednesday, acknowledging the receipt of KDB's application to establish the branch. It is regarded as a de facto preliminary approval — a critical step in the process of establishing a foreign bank branch. This comes nearly six years after KDB submitted its application in July 2019. The delay largely stemmed from the SBV’s concern that the number of banks in Vietnam is excessive relative to the size of its economy. Citing the need for financial system restructuring, the SBV put new applications on hold for an extended period. The Industrial Bank of Korea (IBK) is also awaiting its own confirmation letter, following its application in July 2017 to establish a local banking subsidiary in Vietnam. It currently operates two branches, one in Hanoi and another in Ho Chi Minh City. The Korean government said it has engaged in active financial diplomacy to foster a fav

May 9, 2025By Lee Yeon-woo
Korea Development Bank gets preliminary nod to open branch in Vietnam after 6 years
Companies

LS Group to power Bhutan’s new smart city in Gelephu

LS Group signed a partnership agreement on Friday with a state-run company in Bhutan to build a power grid network for a massive new smart city project in the country, the Korean conglomerate said. LS Corp. President and CEO Myung Roe-hyun met Gelephu Investment and Development Corp. (GIDC) CEO Ujjwal Deep Dahal at the Korean company’s office in Seoul for the signing. The two sides agreed to jointly establish a local subsidiary, LS GIDC, in Bhutan to oversee the project. Under the contract, LS will build power distribution facilities in Gelephu, including transformers, energy storage systems and cables for electricity and communication — core infrastructure components for the smart city project. LS GIDC is seeking to install smart city infrastructure in a region covering 2,500 square kilometers. The company plans to complete construction of an international airport by 2029 and operate power generation facilities based on hydro and other renewable energy sources. The electricity produced will support the energy needs of AI-based businesses and data centers that are expected to be est

May 9, 2025By Ko Dong-hwan
LS Group to power Bhutan’s new smart city in Gelephu
Companies

MBK, Young Poong protest Korea Zinc CEO’s reappointment amid legal probe

MBK Partners and Young Poong Group — Korea Zinc’s largest shareholder — opposed the reappointment of Park Ki-deok as CEO of the zinc smelting firm, they said Friday, citing an ongoing investigation into Park for suspected violations of the Capital Markets Act. The MBK alliance, which has long been engaged in a management control dispute with Korea Zinc Chairman Choi Yun-beom, made these remarks in a statement issued by MBK’s investment vehicle, Korea Corporate Investment Holdings, and Young Poong’s affiliate, YPC. The world’s largest zinc smelter held a board meeting the previous day and reappointed Park as CEO. "Park, along with Choi and Chief Financial Officer Lee Seung-ho, is suspected of engaging in unfair trading practices in connection with the 2.5 trillion won ($1.8 billion) capital increase announced on Oct. 30 last year," the statement read. "He was explicitly named as a suspect in the prosecution’s April 23 search-and-seizure operation at Korea Zinc, under investigation for potential violations of the Capital Markets Act." The alliance argued that reappointing an

May 9, 2025By Jun Ji-hye
MBK, Young Poong protest Korea Zinc CEO’s reappointment amid legal probe
Business

Gadeok airport project faces delays, unlikely to open by 2029

The project to build a new airport on Busan’s Gadeok Island is likely to miss its 2029 completion date, as the government has decided to part ways with its preferred contractor. The Ministry of Land, Infrastructure and Transport said on Thursday that it initiated the process of halting the negotiated contract procedures with Hyundai E&C, which had proposed a construction period of 108 months — two years longer than the originally required 84 months in the bidding conditions. The consortium, led jointly by Daewoo E&C and POSCO E&C, requested the extended timeline after the ministry on April 28 asked for improvements to the basic design plan it had submitted. In response to the government’s target of completing the airport within 84 months, the consortium said it needed an additional 17 months to reinforce the site’s soft ground and seven more months for seawall construction. After reviewing the request, the ministry decided to terminate its partnership with the consortium. Experts argue that given the project's complexity, it is unlikely to be completed within the government's 202

May 9, 2025By Ko Dong-hwan
Gadeok airport project faces delays, unlikely to open by 2029
Banking & Finance

Why are dormant credit cards surging in Korea?

In a country where most adults carry multiple credit cards, dormant accounts have become a growing concern for the industry. On average, around 5,000 credit cards become inactive each day, cutting into issuers’ profits and increasing the risk of financial fraud. Jeong In-a, a 24-year-old university student, holds one such card. In 2023, she signed up for a new Hyundai Card specifically to use Apple Pay, following an exclusive partnership between the two companies. These days, however, she rarely uses the service and the card has been left idle. "Canceling it is a hassle. I’m not sure when I might need it, so I just leave it," Jeong said. According to the Credit Finance Association, as of March, a total of 16.334 million credit cards were dormant across eight major domestic card companies — Shinhan, Samsung, Hyundai, KB Kookmin, Lotte, Hana, Woori and BC. This marks a 13.24 percent increase from a year ago. A key driver behind this trend is the growing issuance of private label credit cards (PLCCs). These co-branded cards offer benefits tailored to specific brands, with marketing co

May 9, 2025By Lee Yeon-woo
Why are dormant credit cards surging in Korea?
Banking & Finance

Banks rush to offer services for active older adults as life expectancy rises

Major commercial banks are ramping up efforts to roll out products and services targeting active older adults who are either retired or nearing retirement, according to industry officials, Friday. These people are generally aged 50 and above who continue to engage in economic and social activities even after retirement. With rising life expectancy, there is growing anticipation that their participation in various economic and social activities will become even more pronounced in the years ahead. On Wednesday, Woori Bank introduced a new loan product aimed exclusively at customers aged 50 and older. This marks the first time the bank has developed a loan offering specifically for this age group. Eligible applicants include wage earners with an annual income of at least 12 million won ($8,600) and a minimum of six months of employment. Public pension recipients — such as those receiving the National Pension — who receive at least 6 million won per year also qualify. The maximum borrowing limit is set at 100 million won. “Given the ongoing financial needs that arise for various reasons

May 9, 2025By Jun Ji-hye
Banks rush to offer services for active older adults as life expectancy rises
Tech & Science

Gov't to announce findings in SKT data breach probe by end-June: minister

The government-led investigation into a major data breach at SK Telecom Co. is expected to release its findings by the end of June, Minister of Science and ICT Yoo Sang-im said Friday. The breach, which occurred on April 18, involved a large-scale leak of universal subscriber identity module (USIM) data, affecting SK Telecom's entire user base of 25 million. In response, a joint government-civilian panel was formed to conduct a comprehensive probe. "The panel is investigating how the hackers infiltrated the system, what exactly transpired and how SK Telecom responded to the incident," Yoo said during a media briefing in Seoul, adding that the government will determine the penalties SK Telecom should face based on the panel's findings. He said the government is also reviewing legal and administrative measures that could compel SK Telecom to waive early termination fees for customers who wish to switch to other carriers in the aftermath of the breach. SK Telecom earlier said more than 250,000 subscribers have switched to its local rivals -- KT Corp. and LG Uplus Corp. -- since the inciden

May 9, 2025By Yonhap
Gov't to announce findings in SKT data breach probe by end-June: minister
Tech & Science

KT cements position as top telecom stock amid SKT's data breach

KT is extending its strong run as Korea’s top telecommunications stock, boosted by its solid earnings in cloud businesses and renewed investor interest in its telecom operations amid rival SK Telecom’s struggles following a major data breach. The mobile carrier announced Friday that its sales for the first quarter of this year stood at 6.85 trillion won ($4.86 billion) on a consolidated basis, up 2.9 percent from a year earlier. The operating profit for the January-March period reached 688.8 billion won, up 36 percent year-on-year. Much of the improvement was attributed to its cloud businesses. The company said its subsidiary, KT Cloud, posted a 42.2 percent year-on-year revenue growth in the first quarter, driven by balanced growth in cloud and data center businesses. KT noted that its cloud business strengthened its leadership in the public sector, while revenue from its artificial intelligence (AI) cloud services, based on graphics processing unit infrastructure for enterprise clients, also increased. Its data center sales went up as well, driven by growing demand for colocation s

May 9, 2025By Nam Hyun-woo
KT cements position as top telecom stock amid SKT's data breach
Business

KHNP chief expects only 'slight' delay in Czech nuclear power plant deal

The chief of South Korea's state-run Korea Hydro & Nuclear Power (KHNP), which is leading a consortium to build nuclear reactors in the Czech Republic, said he expects the ongoing delay in the signing of the envisioned nuclear plant deal to be resolved in the near future, calling it a "slight" delay. "There has been a slight delay to our original timeline, but we expect the issue to be resolved smoothly soon," Whang Joo-ho, president and CEO of KHNP, said while speaking with reporters in Prague on Thursday (local time). The KHNP-led South Korean consortium had originally been scheduled to finalize the contract Wednesday with Elektrarna Dukovany II (EDU II), a subsidiary of the Czech state utility CEZ, for the construction of two nuclear power units at the Dukovany nuclear power plant, located some 200 kilometers southeast of Prague. The signing of the estimated 26 trillion-won ($18.6 billion) deal was temporarily postponed due to a court injunction filed by French energy firm EDF, which lost in the bidding process. Wang highlighted that the Czech Cabinet has already approved all elements

May 9, 2025By Yonhap
KHNP chief expects only 'slight' delay in Czech nuclear power plant deal
Companies

Korea to build world's largest liquefied hydrogen carrier by 2027

Korea plans to build the world's largest liquefied hydrogen carrier (LHC) for demonstration purposes by 2027 as part of efforts to develop future growth engines for the local shipbuilding industry, the industry ministry said Friday. To this end, the government will invest 55.5 billion won ($39.5 million) in 2025 alone, according to the Ministry of Trade, Industry and Energy. LHC is considered a type of high-value and high-tech vessel that is widely expected to play a significant role in the shipbuilding market. The ship, which can transport hydrogen in liquid form, has yet to be commercialized by any country, the ministry explained. The government announced a strategy last year to help the Korean shipbuilding industry lead the LHC market. Under the strategy, the government will support the local industry's efforts to secure core technologies for key materials and parts needed for developing LHCs. "LHCs involve high risks in early stages of development due to their technical complexity, and that is why the government's role is crucial in helping the Korean shipbuilding industry seize new ma

May 9, 2025By Yonhap
Korea to build world's largest liquefied hydrogen carrier by 2027
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