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    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?
  • 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
  • Companies

    JoongAng Ilbo puts controlling rights up for sale amid creditor workout

    1 MIN READBy Jung Min-ho
    JoongAng Ilbo puts controlling rights up for sale amid creditor workout
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Companies

LS GreenLink's new US plant

LS Cable & System President & CEO Koo Bon-kyu, center, holds a new road sign for Chesapeake, Va., after receiving it from Chesapeake Mayor Rick West, right, during the groundbreaking ceremony for LS GreenLink's submarine cable manufacturing plant, Monday (local time). The new plant, to be operated by LS Cable & System's subsidiary, will be the largest of its kind in the United States and marks the Korean company's first manufacturing base in the U.S., according to the company. Courtesy of LS Cable & System

Apr 29, 2025By Ko Dong-hwanphoto
LS GreenLink's new US plant
Tech & Science

SKT's customer protection promise undermined by USIM shortage

SK Telecom’s pledge to replace the universal subscriber identity module (USIM) chips of its 23 million subscribers following a recent customer data breach is faltering due to a supply shortage. The exact scope of the damage has yet to be identified, but the government announced Tuesday that it had confirmed the breach involved four types of information that could potentially be used for USIM cloning. The government also said that the breach did not involve the codes used for identifying mobile devices, meaning that fraud through USIM cloning or swapping can be prevented through SK Telecom’s USIM protection program. However, consumer confusion persists over USIM replacement, as both the company and experts continue to recommend it as the most effective way to prevent potential misuse of personal information, even as the supply of new USIM cards falls far short of surging demand. An investigation team from the Ministry of Science and ICT said it had examined five SK Telecom servers showing signs of attack and confirmed that the compromised data included four types of information, inclu

Apr 29, 2025By Nam Hyun-woo
SKT's customer protection promise undermined by USIM shortage
Companies

LS Cable breaks ground on $681 mil. submarine power cable plant in US

LS Cable & System, Korea's largest cable manufacturer, said Tuesday it has broken ground on a 1 trillion-won ($681 million) submarine power cable plant in the United States. It marks the first large-scale facility investment by a Korean company since the inauguration of President Donald Trump's administration in January. The plant, located in Chesapeake, Virginia, is slated for completion in the third quarter of 2027, with operations set to begin in the first quarter of 2028, the company said in a press release. The investment is aimed at "preemptively" responding to the U.S. supply chain reorganization strategy and meeting the growing demand for undersea power cables in the U.S., it said. In 2024, electricity demand from artificial intelligence (AI) data centers in the U.S. was estimated to be equivalent to half of Korea's annual power demand of 62 gigawatts (GW). That figure is expected to more than triple to 120 GW by 2030, according to the company.

Apr 29, 2025By Yonhap
LS Cable breaks ground on $681 mil. submarine power cable plant in US
Companies

280,000 SKT users replace USIM chips through hacking-prompted replacement service

SK Telecom said Tuesday around 280,000 users have received new universal subscriber identity module (USIM) chips through its free replacement program, launched in response to a recent hacking incident. As of 9 a.m., some 4.32 million users had also booked USIM replacements online, according to the company. The service began at 10 a.m. on Monday, with about 2,600 retail stores nationwide also participating in the replacement effort. Some 25 million SK Telecom subscribers, including nearly 2 million budget phone users, are eligible for the replacement service. The move followed a cyberattack detected on April 18, in which SK Telecom discovered signs of a large-scale leak of customers' USIM data. In response, the company pledged to take swift action and launched the replacement program. Authorities believe the data was leaked from SK Telecom's main server despite the company rejecting the claim. "I don't know why SK Telecom denied that," Choi Jang-hyuk, vice chairperson of the Personal Information Protection Commission, told reporters in a briefing. "I think it would be right to view the leak

Apr 29, 2025By Yonhap
280,000 SKT users replace USIM chips through hacking-prompted replacement service
Banking & Finance

SK Telecom cyberattack fuels data breach concerns in finance sector

A growing number of commercial lenders, card companies, insurance firms and brokerages are strengthening user authentication systems in response to a recent cyberattack on SK Telecom, which partially exposed customers' universal subscriber identity module (USIM) data, market watchers said Tuesday. They say at least two additional steps beyond telecom carrier-mediated user verification are needed to authorize mobile financial transactions, including cash remittances. The USIM data will therefore not be enough to sign in or change personal information online, they added. Many financial companies are adding face recognition features for better data protection. Fraud detection systems are also being strengthened to identify unauthorized financial transactions. According to KB Kookmin, Shinhan, Hana and Woori banks, facial recognition will be required for SK Telecom users for ID verification. This will apply to users seeking to issue new digital certificates or attempt to complete mobile financial transactions on a new cellphone. “An attempt to wire money, for example, will be denied without

Apr 29, 2025By Lee Kyung-min
SK Telecom cyberattack fuels data breach concerns in finance sector
Banking & Finance

Foreign residents’ debit card spending in Korea jumps 75% over past 5 years

The number of foreign residents in Korea using debit cards has grown significantly, with their total spending on these cards soaring by 75 percent over the past five years, according to KB Kookmin Card Tuesday. In its latest analysis, the card issuer also reported that the number of its foreign debit card users rose by 46 percent in 2024 compared to 2019. This sharp increase is attributed to the growing population of foreign workers and international students living in Korea. Notably, the share of debit card holders in their 20s has risen markedly over the past three years. In 2024, foreign residents made an average of 22.8 debit card transactions per month and spent an average of 516,000 won ($359), marking increases of 20 percent and 19 percent, respectively, compared to five years earlier. Among all foreign debit card holders, those in their 30s accounted for the largest share at 27 percent. However, over the past three years, there has been a noticeable increase in the proportion of people in their 20s, who made up 39 percent of new card issuances. In terms of nationality, Chinese nat

Apr 29, 2025By Jun Ji-hye
Foreign residents’ debit card spending in Korea jumps 75% over past 5 years
Companies

Military in talks with SK Telecom over USIM replacement for troops

The military is in talks with SK Telecom on cooperation for providing new universal subscriber identity module (USIM) chips for troops following a major networking hacking incident at the country's biggest mobile carrier, the defense ministry said Tuesday. A cyberattack caused a massive leak of SK Telecom customers' USIM data earlier this month, affecting some 25 million subscribers, according to the company. "Military units are in consultation with offline stores to swiftly provide necessary USIM replacements for troops at front-line units and those who cannot visit such stores in person," ministry spokesperson Jeon Ha-kyou told a regular press briefing. Jeon, however, stressed the hacking incident does not indicate a leak of military intelligence as security measures are already in place for mobile phones used by troops. He said the ministry is reviewing whether USIM replacements are necessary for work phones used by military personnel and seeking cooperation on the matter with the mobile carrier.

Apr 29, 2025By Yonhap
Military in talks with SK Telecom over USIM replacement for troops
Companies

LG Energy Solution, Derichebourg form battery recycling joint venture

LG Energy Solution has established a joint venture with Derichebourg to build a state-of-the-art battery recycling plant, the Korean company said Tuesday. Derichebourg is a leading French company specializing in metal waste recycling. Construction of the facility will begin in 2026 in Bruyeres-sur-Oise, located in the Val-d’Oise region of northern France, with operations set to start in 2027. The plant will focus on preprocessing tasks such as discharging, dismantling and shredding battery scrap — waste generated during battery production — as well as collecting end-of-life electric vehicle (EV) batteries. Marking LG Energy Solution’s first battery recycling JV in Europe, the plant will boast an annual processing capacity of over 20,000 tons at full operation. The extracted black mass will then undergo postprocessing to recover key battery materials, including lithium, nickel and cobalt, which will be reused in LG Energy Solution's battery production. Under the partnership, LG Energy Solution will supply battery scrap from its Polish facility, while Derichebourg will provide end-o

Apr 29, 2025By Park Jae-hyuk
LG Energy Solution, Derichebourg form battery recycling joint venture
Companies

Paldo to launch Pororo kids drinks in Indonesia

Korean food company Paldo said Tuesday it will launch its iconic children's beverage Pororo in Indonesia this year through a partnership with a local company. Paldo signed an agreement with Indonesia's leading food and distribution company, Indofood Group, to supply Pororo drinks for local children, starting in July, the company said in a press release. The drinks will be distributed through the sales network of Indomarco, a distribution unit of Indofood Group, it said. In 2018, Paldo obtained halal certification in Indonesia for the Pororo drinks as part of its global expansion strategy. Halal food refers to products that are prepared according to Islamic Sharia law, which governs not only the handling of meat but also other foods, such as fruits and vegetables. Paldo expects the new partnership in Indonesia will help it expand its presence in east Asia's food and beverage markets. Last month, the company also signed a preliminary agreement with Thailand's leading conglomerate, Charoen Pokphand (CP) Group, to jointly develop new products, expand offline sales networks and launch localized

Apr 29, 2025By Yonhap
Paldo to launch Pororo kids drinks in Indonesia
Banking & Finance

Seoul shares open lower amid tariff concerns

Seoul shares opened lower Tuesday following a mixed close on Wall Street, as investors remained cautious over the future direction of tariff policies under U.S. President Donald Trump's administration. The benchmark Korea Composite Stock Price Index (KOSPI) fell 5.2 points, or 0.2 percent, to 2,543.66 in the first 15 minutes of trading. Overnight, the Dow Jones Industrial Average rose 0.28 percent, while the tech-heavy Nasdaq composite slipped 0.1 percent. In Seoul, tech and shipbuilding stocks led the losses. Market bellwether Samsung Electronics fell 0.36 percent, and chip giant SK hynix lost 1.15 percent. Among shipbuilders, HD Hyundai Heavy Industries dropped 2.38 percent, while its smaller rival Hanwha Ocean plunged 10.53 percent. On the upside, top carmaker Hyundai Motor rose 1.01 percent, and its smaller affiliate Kia gained 1.47 percent. Leading battery maker LG Energy Solution advanced 0.29 percent, and beverage firm Hitejinro edged up 0.52 percent. The local currency was trading at 1,438.75 won against the U.S. dollar at 9:15 a.m., up 3.85 won from the previous session.

Apr 29, 2025By Yonhap
Seoul shares open lower amid tariff concerns
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