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Photo: Lotte Chemical Pakistan / Wikimedia Commons (Public domain)

Gov't Approves Yeosu Petrochemical Restructuring Plan 700B Won

South Korea approved a second restructuring plan for the Yeosu petrochemical complex, detailing the merger of Lotte Chemical’s naphtha cracking center with Yeochun NCC and its integration with DL Chemical and Hanwha Solutions to push toward higher-value products, supported by more than 700 billion won in government aid and 800 billion won from the companies to finance debt repayment and restructuring. The package aims to streamline operations, reform payment systems to curb wage arrears, and broaden tax incentives and regulatory relief as part of a long-term competitiveness push for the industry.

9 sources

Photo: Fritzober / Wikimedia Commons (CC0)

South Korea's carriers launch Ray-Ban Meta AI glasses

South Korea’s three major mobile carriers began selling the Ray-Ban Meta second-generation AI glasses, pairing device discounts with smartphone plans to push Meta’s AI ecosystem beyond smartphones. Shinsegae I&C also announced distribution of Ray-Ban Meta and Oakley Meta through domestic channels, expanding partnerships to bring the AI glasses to a wider market.

11 sources

Bank loan delinquency hits 9-year high in May

Korean banks’ won-denominated loan delinquency rate rose to 0.67% at end-May, the highest in nearly nine years, driven by a jump in corporate lending and a spike in new delinquencies as write-offs fell. SME loans reached 1.00% and large corporates also rose, highlighting growing distress among small and mid-sized borrowers amid high rates and slower demand.

5 sources

Photo: Alexandre Prevot from Nancy, France / Wikimedia Commons (CC BY-SA 2.0)

Novartis Plans 140 Billion Won RLT Hub in Korea

Novartis will invest about 140 billion won to build Korea’s domestic radioligand therapy ecosystem, including local manufacturing, advanced cold-chain logistics, and a plan to train RLT specialists while expanding treatment sites from 10 to 30 hospitals. In partnership with the Ministry of Health and Welfare, the move aims to boost Korea’s RLT research, development, and manufacturing capabilities and improve access for cancer patients.

6 sources

Photo: Oskar Alexanderson / Wikimedia Commons (CC BY-SA 2.0)

Samsung, LG Sweep Energy Winner Awards, Set Record

Samsung Electronics and LG Electronics dominated the 29th Energy Winner Awards, with Samsung winning the Energy Grand Prize for an eighth consecutive year and LG securing a record-tying 12 awards including three grand prizes; both firms highlighted AI-driven, energy-saving technologies across appliances from air conditioners to dishwashers. The ceremony, organized by the Consumer Citizens' Association and supported by the Ministry of Climate, Energy and Environment and the Korea Energy Agency, showcased Samsung's Bespoke AI WindFree Combo Gallery Pro and Infinite Line hood-integrated induction, and LG's Whisen AI Object Collection Tower and other energy-efficient products as leaders in cutting power use.

7 sources

Photo: Magneta6006 / Wikimedia Commons (CC BY-SA 4.0)

Taekwang Expands Win-Win Loan Fund to 50 Billion

Taekwang Industrial, together with Woori Bank, expanded its Win-Win Loan program from 10 billion to 50 billion won to subsidize suppliers, raising the maximum loan per company to 1 billion won and offering interest-rate relief of 3.16 to 3.59 percentage points for 121 partner firms. The initiative also includes non-financial support such as succession planning and asset management, while Taekwang’s savings banks will write off 26.9 billion won in long-delinquent debt to aid vulnerable borrowers.