Tech sell-off wipes out hedge fund gains, prompting layoffs and risk cuts

The Business Times - Nov 6, 2026

Some funds see flat year-to-date returns as a market rout on Nov 5 compounds industry losses

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Homeplus faces deepening survival crisis; union calls for government aid

Nov 11, 2026

Homeplus faces deepening survival crisis; union calls for government aid

Homeplus, which is undergoing court-led corporate rehabilitation, is facing a deepening survival crisis amid mounting financial difficulties, including unpaid supplier bills, delayed wages and overdue utility payments, industry officials said Wednesday. The company's prolonged search for a buyer has added to uncertainty over its future, prompting its labor union to urge the government to provide emergency funding to prevent further job losses. The major supermarket chain filed for rehabilitation with the Seoul Bankruptcy Court in March last year following a credit rating downgrade. It subsequently suspended operations at some stores before reopening some of them in mid-August this year, but continues to struggle with weak sales and supply disruptions. According to industry insiders, Homeplus failed to fully settle payments in cash to some fresh food suppliers on Oct. 30. The retailer paid 90 percent of amounts owed for agricultural and seafood products in cash, offsetting the remainder against existing supplier deposits. Payments for meat and deli products were covered entirely by those

Hana Financial kicks off annual volunteering campaign with kimchi-making event

Nov 11, 2026

Hana Financial kicks off annual volunteering campaign with kimchi-making event

Hana Financial Group launched its annual two-month volunteer campaign, kicking it off with a kimchi-making event for vulnerable households, the company said Wednesday. The group held a launch ceremony for its "Everyone's Hana Day" campaign at its Seoul office, followed by a kimchi-making event attended by about 250 people, including Chairman Ham Young-joo, employees and their families. At Wednesday's event, participants prepared 11,111 heads of kimchi for distribution to people in need. Ham and other employees also visited a welfare facility for people with disabilities in Yongsan District, Seoul, to deliver kimchi and daily necessities. "Sharing through action has the power to make our society a warmer place,” Ham said. “I hope that the seeds of warmth we plant today will grow into happiness for all, and that everyone at Hana Financial will work together toward that goal.” The company's annual flagship environmental, social and governance initiative, which began in 2011, runs for two months, with employees across the group's affiliates taking part in various volunteer work and don

Korean firms shift CES focus to industrial AI

Nov 11, 2026

Korean firms shift CES focus to industrial AI

Once known primarily as a showcase for consumer electronics, CES is becoming an increasingly important stage for industrial AI, with Korea’s major tech and auto firms preparing to demonstrate the commercial value of artificial intelligence (AI) across industries ranging from semiconductors and robotics to batteries and autonomous driving. Samsung Electronics is expected to focus on AI semiconductors and robotics, while LG affiliates are set to showcase AI-powered appliances and battery technologies. Kia, under Hyundai Motor Group, plans to use the event to highlight advances in autonomous driving through its U.S.-based self-driving subsidiary Motional. The shift reflects Korean firms’ push to move beyond futuristic concepts and demonstrate AI technologies with clearer paths to commercialization. According to the Consumer Technology Association, which organizes the annual CES tech fair in January, Samsung's semiconductor division has already won multiple CES 2027 Innovation Awards for memory products. The winning technologies include UFS 5.0, a next-generation storage solution design

[PHOTO] Hyundai Motor backs 2027 Chungcheong University Games

Nov 11, 2026

[PHOTO] Hyundai Motor backs 2027 Chungcheong University Games

Hyundai Motor President Sung Kim, right, who oversees the automaker's strategic planning, poses with Yum Hong-chul, chairman of the organizing committee for the Chungcheong 2027 FISU World University Games, during a sponsorship agreement ceremony at Hyundai Motor Group's headquarters in Seoul, Wednesday. The event will be held from Aug. 1–12, 2027 across Daejeon, Sejong, North Chungcheong and South Chungcheong provinces. More than 15,000 athletes and team officials from about 150 countries are expected to compete in 18 sports. Courtesy of Hyundai Motor Group

Lotte Foundation for Arts wins top prize at Mecenat Awards

Nov 11, 2026

Lotte Foundation for Arts wins top prize at Mecenat Awards

The Lotte Foundation for Arts, the cultural foundation of Lotte Group, won the grand prize at this year’s Mecenat Awards for its support of classical music and contemporary art, the foundation said Wednesday. The foundation received the award, which comes with a presidential citation, at the 27th Mecenat Awards ceremony held Tuesday at The Westin Josun Seoul hotel. “Mecenat” is a French term for corporate patronage of the arts. The Korea Mecenat Association has hosted the awards since 1999 to honor companies and business leaders who have contributed to the development of culture and the arts in Korea. Lotte Group Chairman Shin Dong-bin founded the foundation in 2015. It started with 20 billion won ($14.7 million), half from his personal funds and half from three Lotte affiliates. Lotte says it has invested about 200 billion won in arts support since then. The foundation runs Lotte Concert Hall and Lotte Museum of Art, both in the Lotte World Tower complex in Songpa District, southern Seoul. It is the only foundation set up by a Korean company that operates both a concert hall with

Samsung E&A wins MEED Projects Award for 15th straight year

Nov 11, 2026

Samsung E&A wins MEED Projects Award for 15th straight year

Industrial plant builder Samsung E&A said Wednesday that it won a MEED Projects Award for the 15th consecutive year, this time for its Jafurah gas processing project in Saudi Arabia. The Jafurah Gas Processing Facilities project received the Strategic Energy Infrastructure Award, one of the special awards, at a ceremony held Tuesday in Dubai, United Arab Emirates, the company said. MEED, originally known as the Middle East Economic Digest, is a weekly business publication covering the Middle East. Each year, it holds awards that recognize outstanding projects in the Middle East and North Africa. Samsung E&A, a Korean engineering and construction company formerly known as Samsung Engineering, has won an award every year since 2012. The Jafurah project is one of Saudi Arabia’s largest unconventional gas field developments. Unconventional gas, such as shale gas, is trapped in rock formations and is harder to extract than gas from conventional reservoirs. Samsung E&A won the contract from the Saudi state energy giant Aramco and handled the entire engineering, procurement and construction p

Musinsa launches corporate uniform platform

Nov 11, 2026

Musinsa launches corporate uniform platform

Musinsa, Korea’s largest online fashion platform, has launched an online service that lets companies and other organizations design and order custom uniforms in one place, the company said Wednesday. The business-to-business platform, called Musinsa Uniform, went live Tuesday. It is aimed at companies, public institutions and amateur clubs that buy clothing in bulk. Until now, Musinsa handled these orders only through a “bulk purchase inquiry” option on its main online store, Musinsa Store. Customers can choose garments from three brands the company runs: Musinsa Standard, its in-house basics label; Musinsa Standard Sports, its activewear line; and the U.S. sportswear brand Champion, which a Musinsa subsidiary distributes in Korea. The products available include short- and long-sleeve T-shirts, pique polo shirts, hooded zip-up sweatshirts and fleece jackets. Buyers can add an organization’s name or logo by embroidery, screen printing or digital printing. Musinsa said it built the platform so customers no longer have to choose garments, find a separate printing company and compar

GS, POSCO join hands for future large-scale AI data center projects

Nov 11, 2026

GS, POSCO join hands for future large-scale AI data center projects

GS Group and POSCO will form a strategic partnership in the artificial intelligence (AI) data center market, combining GS Group's expertise in data center construction and operation with POSCO's high-quality steel materials and technological solutions. GS Group said Wednesday that it has signed a memorandum of understanding with POSCO on a strategic partnership in the AI data center business. The signing ceremony was attended by GS Group Vice Chairman Hong Soon-ki, POSCO CEO Lee Hee-geun and other executives from both companies. Through the agreement, the two companies plan to minimize delays in the supply of equipment and materials during the construction of large-scale data centers and optimize material selection and design solutions to shorten construction periods and reduce costs. These efforts are expected to facilitate the early operation of data centers and improve their profitability, GS Group said. The agreement also includes practical cooperation to explore ways to reduce operating costs, improve space utilization and enhance the durability of facilities and equipment to stren

Kumho Petrochemical steps up safety, environmental management

Nov 11, 2026

Kumho Petrochemical steps up safety, environmental management

Kumho Petrochemical Group is strengthening safety and environmental management across its affiliates to support sustainable growth, stepping up efforts to identify workplace hazards, prevent accidents and reduce environmental impacts. The group's four petrochemical affiliates — Kumho Petrochemical, Kumho P&B Chemicals, Kumho Mitsui Chemicals and Kumho Polychem — jointly operate a safety, health and environment management system, with each company tailoring its measures to its own operations. Kumho Petrochemical focuses on identifying and addressing potential hazards before they lead to accidents, conducting risk assessments covering potential incidents and near misses during production and work processes. Last year, the company revised its assessment procedures to improve documentation and monitoring. It is also deploying more smart safety technologies at its facilities, including intelligent surveillance systems, smart airbags, safety helmets and virtual reality equipment for safety training. Kumho P&B Chemicals is focusing on hazardous chemical management and emergency response mea

AI uncertainties after US midterms 'golden opportunity' for Korea: 2nd vice science minister

Nov 11, 2026

AI uncertainties after US midterms 'golden opportunity' for Korea: 2nd vice science minister

Fresh uncertainties surrounding artificial intelligence (AI) investments following the US midterms could provide a "golden opportunity" for Korea, a high-level science ministry official said Wednesday. Second Vice Science Minister Ryu Je-myung made the remarks at a congratulatory address during an AI conference hosted by the ministry in Seoul as he mentioned growing concerns in the United States that the incoming Democratic Congress could tighten regulations on AI and data centers. "There are observations that market uncertainty could increase amid potential changes in the investment environment for AI and data centers (following the US midterms)," Ryu said at the event. "It (actually) provides a golden opportunity to narrow our gap with leading countries and secure overwhelming national AI competitiveness through aggressive and speedy investments and technological innovation," he added. To that end, the government is considering doubling the amount of funding for the AI sector to around 9.4 trillion won next year, he said. "South Korea is a major research and development powerhouse, whos

NC swings to profit, Nexon beats expectations as Krafton struggles

Nov 11, 2026

NC swings to profit, Nexon beats expectations as Krafton struggles

Korean game developers have reported mixed third-quarter earnings. NC returned to profitability from a year earlier, while Nexon defied market pessimism with solid revenue from its live service games. Krafton, meanwhile, saw its operating profit decline as revenue from PUBG: Battlegrounds (PUBG) failed to keep pace with rising costs associated with its business diversification efforts. NC announced its third-quarter earnings Wednesday, reporting sales of 686.5 billion won ($514.2 million) and an operating profit of 119.6 billion won. Revenue surged 91 percent year-on-year, while the company swung to an operating profit from a loss of 750 million won in the same period last year. Overseas sales accounted for 54 percent of total revenue, marking the fifth consecutive quarter of growth in their share, as the company continued to expand its global revenue base, particularly in North America and Europe. Notably, revenue from mobile casual games increased from the previous quarter to 171.9 billion won. The segment accounted for 25 percent of total revenue, contributing to the diversification o

LG Innotek earns top cooperation rating for 10th consecutive year

Nov 11, 2026

LG Innotek earns top cooperation rating for 10th consecutive year

LG Innotek said Wednesday it received the highest rating in the 2025 Win-Win Growth Index assessment conducted by the Korea Commission for Corporate Partnership, marking its 10th consecutive year at the top level. The index evaluates companies' efforts to promote mutually beneficial partnerships with suppliers and classifies them into five grades, ranging from outstanding to very inadequate. LG Innotek has maintained the highest possible rating since the 2016 assessment, reflecting its sustained efforts to strengthen partnerships with suppliers. Recognizing that suppliers' competitiveness directly contributes to its own, the company has steadily expanded its support programs to address changing business conditions. Its support programs span financing, production innovation, smart factory development, environmental, social and governance (ESG) management, workforce training, artificial intelligence (AI), industrial safety and technology protection. The company operates a 143 billion won ($107 million) supplier partnership fund, established in 2010 to provide loans at below-market interest

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