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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

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: Fashion by Kakao / Wikimedia Commons (Public domain)

KakaoBank union plans full-day strike July 31

KakaoBank's labor union plans a full-day strike on July 31 after wage negotiations collapsed, with mediation failing to narrow differences and around 300 workers taking part in protests. The move fits into broader Kakao group tensions, including earlier logout and partial strikes, amid concerns over compensation, job security, and the company's restructuring woes.

6 sources

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

South Korea Exports Jump 52% July 1-20

South Korea’s exports for July 1–20 rose 52.3% year-on-year to $54.9 billion, led by a 180% surge in semiconductors, while passenger-car shipments fell about 10.6%, and exports to China and the United States grew strongly. Imports climbed 20% to $42.7 billion, producing a $12.2 billion trade surplus, with the period marking a record high though daily averages suggest volatility as global demand and energy prices influence flows.

14 sources

Photo: 헤이레이의 기억 @HeyreyP / Wikimedia Commons (CC BY 2.0)

Kwak Dong-yeon Plans Active-Duty Enlistment August 25

Kwak Dong-yeon will begin mandatory military service on August 25, 2026, enlisting as active duty after his recent Netflix project and confirming he will not appear in the new season of The Village Barber. He is set to participate in the 10th-anniversary special variety show for Love in the Moonlight, with his agency confirming details of his enlistment.

7 sources

Photo: MariaSmith89 / Wikimedia Commons (CC BY 4.0)

Shinsegae OKO plans $500M luxury hotel JV

Shinsegae Group and OKO Group are forming a $500 million joint venture to develop luxury hotels and branded residences under Aman and Janu, expanding hospitality and mixed-use projects across Asia, North America, and South Korea. The collaboration combines Shinsegae Property’s development expertise with OKO’s Aman/Janu brands to pursue global luxury hospitality and related real estate opportunities.