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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

US clean energy alliance joins Seoul-led carbon-free energy initiative

The United States' biggest clean energy alliance has joined a carbon-free energy (CFE) initiative led by Korea, Seoul's industry ministry said Thursday. The U.S. Clean Energy Buyers Association (CEBA) signed a memorandum of understanding (MOU) for bilateral cooperation with Korea's Carbon Free Alliance (CFA) on the sidelines of a CEBA event in Minnesota on Tuesday (U.S. time), according to the Ministry of Trade, Industry and Energy. Under the initial agreement, CEBA will take part in the CFE's global working group, representing the American private sector, on efforts to define carbon-free energy and create international certification standards for such energy. The CFE initiative, a global initiative proposed by Seoul in 2023, focuses on achieving carbon neutrality by utilizing a wide array of carbon-free energy sources, including nuclear and hydrogen power. With CEBA's participation, the CFE global working group now has seven members, including Korea, Japan, the United Arab Emirates and the Czech Republic. "CEBA's involvement, especially with the backing of influential U.S. tech companies

May 8, 2025By Yonhap
US clean energy alliance joins Seoul-led carbon-free energy initiative
Tech & Science

Space agency seeks revision of plan to modify next-gen space rocket into reusable system

Korea's aerospace agency said Thursday it has formally requested a government review to revise the development plan for its next-generation space launch vehicle, aiming to shift toward a reusable rocket system. According to the Korea AeroSpace Administration (KASA), the agency submitted a request to the finance ministry last week for a feasibility reassessment of the project revision. KASA announced in February that it plans to modify its next-generation space rocket into a reusable system and acquire such technology by 2035. In its reassessment request to the ministry, the administration said the envisioned change will be part of its broader strategy to respond to the rapidly shifting landscape of the global space industry. "The transition to a reusable launch vehicle is crucial to enhance competitiveness and respond to emerging trends in space launch development," KASA said in a statement. "We expect this reassessment to serve as a turning point in the project." KASA said it will work closely with the ministry to ensure the revised project plan is thoroughly prepared without any delays.

May 8, 2025By Yonhap
Space agency seeks revision of plan to modify next-gen space rocket into reusable system
Companies

CJ Cheiljedang to invest $72 mil. in new Japanese dumpling plant

Korean food company CJ Cheiljedang said Thursday it will invest 100 billion won ($72 million) to build its fifth plant in Japan as part of its global expansion strategy. The company plans to complete construction of the new dumpling plant by July, with operations scheduled to begin in September to serve the local market, it said in a press release. CJ Cheiljedang currently operates four frozen dumpling plants in the neighboring country. "The resurgence of the Korean Wave in Japan presents a decisive opportunity for the company to strengthen its presence in the Japanese market. We will accelerate localization efforts and strengthen our local production infrastructure to become a global leading company," CJ Group Chairman Lee Jae-hyun said in the release. Japan's frozen dumpling market is estimated to be worth 1.1 trillion won. Sales in CJ Cheiljedang's food division surged 42 percent to 11.35 trillion won in 2024, up from 8.01 trillion won in 2019. The share of overseas sales in its total food revenue also rose to 49 percent, or 5.58 trillion won, up from 39 percent over the same period. CJ

May 8, 2025By Yonhap
CJ Cheiljedang to invest $72 mil. in new Japanese dumpling plant
Banking & Finance

Seoul shares open higher on US gains following Fed's rate freeze

Korean stocks opened slightly higher Thursday tracking overnight gains on Wall Street after the Federal Reserve kept the benchmark rates unchanged. The benchmark Korea Composite Stock Price Index (KOSPI) added 8.01 points, or 0.31 percent, to 2,581.81 in the first 15 minutes of trading. In the United States, the Dow Jones Industrial Average rose 0.7 percent, and the Nasdaq Composite gained 0.27 percent. Earlier, the U.S. central bank held its key rates steady, pointing to risks posed by both higher inflation and unemployment. In Seoul, tech, auto and battery shares led the positive start. Market bellwether Samsung Electronics rose 1.1 percent, and its chipmaking rival SK hynix advanced 2.52 percent. Top carmaker Hyundai Motor climbed 0.27 percent, and its sister Kia added 0.23 percent. Leading battery maker LG Energy Solution went up 0.31 percent, and POSCO Future M increased 0.49 percent. The local currency was trading at 1,396.5 won against the U.S. dollar at 9:15 a.m., up 1.5 won from the previous session.

May 8, 2025By Yonhap
Seoul shares open higher on US gains following Fed's rate freeze
Others

Korea, Czech Republic sign 14 MOUs to deepen economic, nuclear energy cooperation

Korea and the Czech Republic held high-level talks Wednesday aimed at expanding comprehensive economic ties, resulting in the signing of 14 agreements and memorandums of understanding (MOUs), including key accords in the nuclear energy sector. The agreements were signed despite a delay in the signing of an estimated 26 trillion won ($18.6 billion) deal for the construction of two nuclear reactors in the European country. A Korean consortium, led by Korea Hydro & Nuclear Power (KHNP), was originally scheduled to finalize the contract with Elektrarna Dukovany II (EDU II), a subsidiary of Czech state-run utility firm CEZ, on the day, but the signing has been postponed due to a court injunction following a legal challenge by French energy company EDF, a losing bidder in the tender process. The Korean delegation, headed by Industry Minister Ahn Duk-geun, met with Czech Prime Minister Petr Fiala to discuss a wide range of bilateral cooperation in areas such as industry, energy, construction, infrastructure, and science and technology. "I am confident that if leading nuclear companies from Kore

May 7, 2025By Yonhap
Korea, Czech Republic sign 14 MOUs to deepen economic, nuclear energy cooperation
Companies

Hyundai Motor reshuffles US production division to mitigate tariff risks

Hyundai Motor has carried out a reshuffle for its major production facilities in the United States in a strategic move to maximize its operational efficiency amid escalating tariff risks there, according to the carmaker, Wednesday. Under the reshuffle, Chris Susock, who served as president and CEO of Hyundai Motor Manufacturing Alabama (HMMA), has been promoted to chief manufacturing officer at Hyundai Motor North America. The position was created for the first time as part of the firm’s efforts to preemptively tackle uncertainties following U.S. President Donald Trump’s imposition of a 25 percent tariff on all car imports on April 2. He will oversee the overall manufacturing operations for the carmaker’s U.S. production lines, including HMMA and Hyundai Motor Group Metaplant America (HMGMA), as the two facilities’ strategic importance grows rapidly while Trump pushes global carmakers to increase production in the U.S. In response, Hyundai Motor Group’s three car brands — Hyundai Motor, Kia and Genesis — are rebuilding their production portfolios rapidly by opening HMGMA, t

May 7, 2025By Lee Min-hyung
Hyundai Motor reshuffles US production division to mitigate tariff risks
Companies

KHNP files arbitration claim against KEPCO with international court over Barakah project costs

The state-run Korea Hydro & Nuclear Power (KHNP) submitted a request for arbitration with an international mediation court Wednesday regarding a conflict with parent company Korea Electric Power Corp. (KEPCO) over a payment dispute involving additional construction costs for a nuclear power plant in the United Arab Emirates (UAE), company officials said. KHNP asked the London Court of International Arbitration to mediate the conflict over some $1 billion in extra costs incurred during the construction of the Barakah Nuclear Power Plant in the Middle Eastern country, according to the officials. South Korea won the 20 trillion won ($14.3 billion) contract to build the plant in 2009, marking the country's first-ever overseas nuclear power plant project. Following the project's completion last year, KEPCO, the main contractor, and KHNP, which was in charge of operational support services, have been undergoing a final settlement process. KHNP has submitted a formal claim demanding reimbursement for the additional costs, citing delays and extra work orders caused by the UAE and KEPCO. "We regre

May 7, 2025By Yonhap
KHNP files arbitration claim against KEPCO with international court over Barakah project costs
Tech & Science

CJ OliveNetworks’ digital signature compromised in apparent cyberattack

A digital certificate of CJ OliveNetworks, an IT infrastructure unit of CJ Group, was compromised in a suspected cyberattack, according to industry officials and the company on Wednesday. The company said it reported the breach to the Korea Internet & Security Agency (KISA) after confirming that one of its digital certificates had been compromised. An official at the company said the compromised certificate is a digital signature and was immediately deleted on Wednesday morning. Since it was used for developing software and did not contain any personal information, the company reported this case only to KISA, not the country’s Personal Information Protection Commission. According to industry officials, the leaked certificate was used to prove that a program came from CJ OliveNetworks and was safe to run. It was attached to executable files to mark the software as trustworthy for users. Though the company said it is still investigating the incident, the breach is suspected to be a cyberattack led by Kimsuky, a North Korean state-backed hacker group. A day earlier, RedDrip Team, a Chinese

May 7, 2025By Nam Hyun-woo
CJ OliveNetworks’ digital signature compromised in apparent cyberattack
Companies

Timeline of Korea's nuclear reactor deal with Czech Republic remains unclear

Concerns are rising that a Czech court’s temporary halt to a nuclear reactor construction deal between Korea and the Czech Republic may be prolonged, with both governments unaware when the court will make a decision on whether to allow the deal to proceed or not. While the high-profile delegation from Korea was already heading to the European country to sign the deal when the court issued the injunction, the Korean government is trying to downplay the diplomatic discourtesy, showing optimism for the final deal. The concerns came after a local court in the Czech Republic issued the injunction Tuesday to prevent the country's main electricity firm, Czech Power Company (CEZ), from signing a 26 trillion won ($18.6 billion) contract with a Korean consortium, led by Korea Hydro & Nuclear Power (KHNP). The deal was to build two 1,000-megawatt nuclear reactors at Dukovany Nuclear Power Plant, the biggest public procurement project in Czech history and Korea's first nuclear reactor export since 2009. The court granted the injunction by accepting a complaint from the losing bidder, France's EDF,

May 7, 2025By Lee Gyu-lee
Timeline of Korea's nuclear reactor deal with Czech Republic remains unclear
Companies

Lotte Group's AI boost launches new ethics code

Lotte Group announced Wednesday its new code of ethics for employees regarding the use of artificial intelligence (AI), as the technology becomes increasingly integrated across the conglomerate’s various divisions and expanding business operations. The key conglomerate in the country had a pronouncement ceremony for the new future-oriented business principles at the group’s office in Lotte World Tower in southeastern Seoul. Eighty employees of the group’s holding company, Lotte Corp., and subsidiaries who deal with AI technologies joined the event. Lotte Corp. Co-President and Head of Business Innovation Rho Jun-hyung was among the participants. The code, consisting of 10 clauses under six key values, is a set of guidance to keep the workers from causing any social disputes throughout all stages of business tasks, from development to application in practice. The key values are human dignity, security, transparency, fairness, responsibility and solidarity. The group said the key values share common ground with UNESCO as well as the AI ethical guideline from the Korean Ministry of S

May 7, 2025By Ko Dong-hwan
Lotte Group's AI boost launches new ethics code
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