Homeplus lease terminations leave small businesses in limbo SEOUL, May 26 (AJP) - Homeplus, a South Korean retail chain undergoing court-supervised restructuring, has begun notifying landlords of plans to terminate leases at 17 stores, deepening uncertainty for hundreds of small businesses operating within those locations. The potential closures span major metropolitan areas, including Seoul, Incheon, and Busan, and affect stores in Gayang, Ilsan, Siheung, Jamsil, and other key commercial districts. An estimated 200 to 300 small businesses operate across the affected stores, typically with 10 to 30 vendors per location. Roughly half of those vendors are brand franchisees; the remainder are independent operators, many of whom lack the legal protections afforded to traditional retail tenants. As vendors within large discount chains, they occupy a regulatory gray area, leaving them without access to compensation for key money — a standard practice in South Korean commercial leasing. Homeplus entered corporate rehabilitation proceedings last month, a process that has already led to noticeable declines in customer traffic and revenue. Several vendors report sales drops of 20 to 30 percent since the announcement, and many say they are unsure whether they can continue operating. Communication from Homeplus management has been sporadic, according to affected vendors. Some say they learned of the potential closures through media coverage rather than official notice, further fueling frustration and anxiety. At the center of the crisis are protracted negotiations with landlords — primarily real estate investment trusts — over significant rent reductions and lease transfer terms for sub-tenants. Homeplus is reportedly seeking rent cuts of up to 50 percent. The impasse has already delayed key milestones in the company’s rehabilitation timeline, including required reporting to the court. 2025-05-26 14:48:27

Lee Jae-myung calls inter-Korean summit essential but says now is not the time SEOUL, May 26 (AJP) - Democratic Party (DP) presidential candidate Lee Jae-myung said Monday that while holding a summit with North Korea is something that should happen, current conditions make it unlikely in the near future. “It is something that obviously should happen, but I don’t know whether it will be possible,” Lee told reporters during a visit to Ajou University in Suwon on May 26. “At the moment, it would be extremely difficult.” Lee acknowledged the importance of dialogue with Pyongyang and said Seoul should not hesitate to engage, especially given the frequency of summits South Korea holds with the United States and other neighboring countries. “As we engage in many summits with the U.S. and surrounding nations, there’s no reason not to do the same with North Korea,” he said. “It’s something we should prepare for and work to make possible,” Lee said. He also commented on the potential for a renewed U.S.–North Korea summit, noting that President Donald Trump continues to express interest in meeting North Korean leader Kim Jong-un. Lee said South Korea would support such talks and seek to contribute. “If a U.S.–North Korea summit becomes possible, we will support and cooperate to help it succeed,” he said. “There is definitely a role for us in that process.” On the nuclear issue, Lee made clear he does not support South Korea developing its own weapons. “Pursuing nuclear armament is neither realistic nor desirable,” he said. “We should aim to freeze North Korea’s nuclear capabilities as a step toward denuclearization. While the U.S. has a major role, China and Russia also have responsibilities. We must manage relations with all neighboring countries carefully.” 2025-05-26 13:43:32

Subscriber exodus accelerates at SK Telecom following security breach SEOUL, May 26 (AJP) - South Korea’s largest mobile carrier, SK Telecom, has raised device subsidies and sales incentives in an urgent attempt to stem a wave of customer defections triggered by a widespread security breach and logistical failures earlier this month. The telecom provider reportedly increased its official subsidies for Samsung’s Galaxy S25 smartphones to 680,000 won (about $510) and for Apple’s iPhone 16 Pro and Pro Max models to 650,000 won. With an additional 15 percent in optional support, total discounts rise to 782,000 won and 747,500 won, respectively. The company also significantly boosted dealer incentives for number portability — sales involving customers switching from rival carriers — raising payouts by more than 300,000 won for premium plans at selected retail outlets. Industry sources described the move as the first such adjustment since SK Telecom halted new customer sign-ups earlier this month. The changes follow a steep decline in SK Telecom’s subscriber base, with the company losing nearly 352,000 customers on a net basis over the past month. Typically, net daily customer losses hover around 100, making the recent exodus equivalent to nearly 10 years’ worth of normal churn, by some estimates. The subscriber losses began after SK Telecom suspended new registrations and number transfers at more than 2,600 T World franchise stores nationwide on May 5, citing a shortage of SIM cards required for onboarding new users. While device upgrades continued at other retail locations, the company has struggled to maintain standard promotional activities amid the ongoing supply chain issue. In a statement, a company spokesperson confirmed the changes, describing them as “minimal measures to respond to other mobile carriers’ subsidy increases and sales incentive policies.” The statement referenced competitor KT’s recent move to raise subsidies for the Galaxy S25 to 700,000 won just one day prior to SK Telecom’s decision. SK Telecom said it has so far completed SIM card replacements for approximately 4.17 million customers, while 4.82 million are still awaiting service — numbers that underscore the scope of the operational crisis. The rare disruption has put pressure on South Korea’s highly competitive telecommunications industry, where customer loyalty is often driven by aggressive promotional offers and seamless service. 2025-05-26 11:20:51

South Korea launches $29 billion battery storage initiative SEOUL, May 26 (AJP) - South Korea has launched its most ambitious energy storage initiative yet, opening the door to what officials estimate could become a $29 billion market by 2038 — offering a much-needed boost to domestic battery manufacturers grappling with a global slowdown in electric vehicle demand. The Ministry of Trade, Industry and Energy unveiled plans for a nationwide tender to install 540 megawatts of battery energy storage systems (BESS), marking the country's first major government-led deployment of its kind. The project is part of a broader effort to modernize South Korea’s power grid and support the transition to renewable energy. South Korea’s battery makers, including LG Energy Solution and SK On, have been squeezed by waning EV subsidies and shifting demand, prompting a strategic pivot toward North America, where demand for grid storage is accelerating. Under the terms of the government tender, operators will be required to construct battery storage facilities by 2026 and operate them for 15 years, managing the systems in coordination with the Korea Power Exchange. The installations must meet a combined storage capacity of 3,240 megawatt-hours — enough to power approximately 40,000 electric vehicles equipped with 80-kilowatt-hour batteries. The total investment is estimated at around 1 trillion won, or $731 million. The initiative is closely tied to South Korea’s 11th Basic Plan for Electricity Supply and Demand, which outlines an aggressive ramp-up in renewables. The plan aims to boost the share of green energy from 8.4 percent of the national energy mix in 2023 to 29.2 percent by 2038. Solar and wind generation capacity is expected to quadruple — from 30 gigawatts to 121.9 gigawatts—necessitating large-scale energy storage to stabilize supply amid fluctuating output. But South Korea’s battery industry faces mounting pressure from China, whose manufacturers, led by CATL, currently account for nearly 90 percent of global energy storage battery capacity. CATL expanded its footprint in January by establishing a South Korean subsidiary, signaling an aggressive push into the local market. CATL also dominated the global EV battery market last year with a 37.9 percent share, far outpacing LG Energy Solution’s 10.8 percent, according to industry data. In an effort to shield domestic producers and encourage local development, the South Korean government is introducing selection criteria for the BESS project that go beyond price. Bidders will be scored on a 100-point scale, with 24 points allocated for domestic industrial contribution and job creation. Authorities will also evaluate the sourcing of critical battery materials such as cathodes, anodes and electrolytes. “Energy storage systems are essential for integrating renewables, which are inherently volatile,” said Yoo Seung-hoon, a professor of future energy convergence at Seoul National University of Science and Technology. “The right policies must incentivize companies to use domestically produced secondary batteries.” 2025-05-26 11:15:11

Chung Soon-mi becomes first overseas Korean awarded top Norwegian medal SEOUL, May 26 (AJP) - Musician Chung Soon-mi has become the first overseas Korean to receive Norway’s highest state honor, the Royal Norwegian Order of Saint Olav, the South Korean Embassy in Norway said on Saturday. Chung was awarded the Knight First Class medal of the prestigious Order on Sunday in recognition of her significant contributions to Norwegian arts and culture. Established in 1847 by King Oscar I of Norway, the Royal Norwegian Order of Saint Olav is the country’s most distinguished decoration, bestowed upon individuals who have made exceptional contributions to Norwegian society. Chung studied at esteemed institutions including the Conservatoire National Supérieur de Musique in Paris, the International Menuhin Music Academy in Switzerland, and the San Francisco Conservatory of Music. Since 1981, she has been a professor at the Barratt Due Institute of Music, Norway’s premier music education institution, training generations of musicians. Her previous honors include the City of Oslo Culture Award, the Lindeman Prize, the Anders Jahre Culture Prize, and the Norwegian Arts Council Award of Merit. 2025-05-26 11:04:51

North Korea begins repairs on damaged destroyer after failed launch SEOUL, May 26 (AJP) - North Korea has begun restoring a newly developed warship that was severely damaged during its launch ceremony last week, according to a report by the state-run Korean Central News Agency (KCNA) on Sunday. The 5,000-ton-class destroyer sustained major damage on May 21 at the northeastern port of Chongjin. During the launch event, attended by North Korean leader Kim Jong-un, the warship’s stern reportedly detached from its transport cradle and tipped to one side, partially submerging in seawater. Kim was said to have reacted with visible anger, calling the failed launch a critical and unacceptable accident. He reportedly ordered military authorities to complete full restoration of the vessel by the end of June. KCNA stated that restoration work is underway “according to schedule” under the technical guidance of a team of experts, with efforts currently focused on stabilizing the ship’s balance. The report also noted that Ri Hyong-son, vice department director of the Munitions Industry Department of the ruling Workers’ Party, has been summoned and detained in connection with the incident. 2025-05-26 11:02:36

Final televised debate looms amid last-ditch push for single conservative candidate SEOUL, May 25 (AJP) - With less than ten days remaining until next month's presidential election, four major candidates are set to face off once again in a televised debate scheduled for the coming Tuesday. In the upcoming final debate, which will focus on political issues and wrap up the three-part series, Lee Jae-myung, the presidential candidate of the main opposition Democratic Party (DP) who still leads the race with roughly 50 percent support in most polls, is expected to be assailed with tough questions by Kim Moon-soo of the ruling People Power Party (PPP) and Lee Jun-seok of the minor centrist Reform Party (RP). Also joining the debate is Kwon Young-kook of the minor progressive Democratic Labor Party. According to last Friday's opinion poll by pollster Gallup Korea, the final one ahead of the June 3 snap election, the DP candidate secured 45 percent, down about six percentage points, while Kim Moon-soo jumped seven percentage points to garner 36 percent. The RP candidate, the youngest in the race, also rose by two percentage points to 10 percent, reaching double digits for the first time. The proportion of respondents who remained undecided also fell from 12 percent to 8 percent. As election day to decide South Korea's next president approaches, conservatives appeared to be rallying behind Kim, helping him narrow the gap with the frontrunner. Buoyed by rising support, the emboldened Kim is seeking a last-minute merger with the RP in a bid to field a single candidate. If the two eventually unite, the race could fall within the margin of error. But it remains to be seen, as the younger Lee dismissed the chance to do so. In any case, any decision should be made by this Wednesday, just a day before the two-day early voting begins. No more opinion polls can be released until South Koreans cast their ballots on June 3, so voters will remain in the dark about the impact, even if the two decide to unite at the last minute. The election comes after the Constitutional Court of Korea's ruling early last month to impeach disgraced former President Yoon Suk Yeol over his botched martial law debacle late last year. 2025-05-25 16:54:34

Sales of air conditioners surge amid early heat wave SEOUL, May 25 (AJP) - Samsung Electronics sold more than 10,000 air conditioners per day over the past week, as demand surged ahead of another scorching summer, the electronics giant said on Sunday. Samsung said the daily sales of its air conditioners surpassed the 10,000 mark over the last five days, up over 30 percent from the same period last year. The milestone came about a month earlier than last year, when it was set in mid-June. The early arrival of hot weather may have rushed the surge in demand, amid forecasts that this summer will be hotter and longer than in previous years. Samsung said its production lines have been operating at full capacity, with some 47,000 engineers working to keep up with demand. Rival LG Electronics also said sales of its flagship Whisen air conditioners equipped with artificial intelligence-assisted technology rose about 45 percent on-year during the first four months of this year. 2025-05-25 14:45:19

North Korea arrests those responsible for failed destroyer launch SEOUL, May 25 (AJP) - North Korea has arrested a slew of officials and shipyard workers responsible for the failed launch of its naval destroyer earlier this week and taken steps to investigate them. The country's official Korean Central News Agency (KCNA) said on Sunday that the investigation into the incident is "being intensified." The development came just a few days after leader Kim Jong-un's fury over the incident, which he blamed on "criminal negligence." KCNA earlier quoted North Korean military authorities as saying, "No matter how good the state of the warship is, the fact that the accident is an unpardonable criminal act remains unchanged, and those responsible for it can never evade their responsibility for the crime." The 5,000-ton-class warship was accidentally capsized during a launch ceremony at the northeastern port city of Chongjin last Wednesday, causing a huge embarrassment for Kim, who was there to apparently show off the country's military might. Kim reportedly ordered the destroyer to be repaired before the Workers' Party gathering convenes in late June. KCNA also claimed that the damage was "not serious" and could be repaired in about 10 days, although the extremely secretive nature of the isolated country makes it almost impossible to verify. Satellite images of the site showed the destroyer lying on its side, with most of its hull submerged. "How severe the damage to the vessel is, whether it is a total loss, how long it will take to repair, and how successful the overall salvage operation will be are yet unclear," according to an analysis by the Center for Strategic and International Studies (CSIS). The think tank, nevertheless, speculated that the destroyer "will not be entering service anytime soon and may ultimately prove to be a complete loss," which has "undoubtedly disrupted" Kim's plans to strengthen naval forces "capable of strategic offensive operations." The botched launch "marks a setback for what analysts have viewed as North Korea's most ambitious naval modernization effort in decades," U.S. news outlet CNN also reported. The damaged destroyer is believed to be a follow-up to North Korea's first such vessel, unveiled last month as part of Kim's ambitious plans to build more destroyers and various frigates. It is said to be capable of carrying a range of weapons including nuclear missiles, and was likely built with Russian assistance. 2025-05-25 11:28:09

Conservative candidate Kim Moon-soo to meet former President Park Geun-hye SEOUL, May 24 (AJP) - People Power Party presidential nominee Kim Moon-soo will meet with former President Park Geun-hye at her Daegu residence on Saturday, party officials announced. The meeting occurs ten days before the June 3 presidential election to select a successor to impeached President Yoon Suk Yeol. Kim will be accompanied by Representative Yun Jae-ok, the campaign's chief manager, and party spokesperson Shin Dong-wook. This marks their first encounter since Kim won the party nomination earlier this month. The candidate also plans to visit Gumi, the birthplace of former President Park Chung-hee, Park Geun-hye's father. The election follows the Constitutional Court's April 4 ruling upholding Yoon's impeachment over his December martial law declaration. Kim secured the party nomination on May 3 with 56.5 percent of primary votes. 2025-05-24 17:30:15