Jets fly near Gwangju Air Base, which was selected as the site of a semiconductor cluster, on July 13.YONHAP
Happy Monday! Welcome to the start of a new week. Today marks the start of our new newsletter format, packed with even more news and stories that you need to know in Korea.
In today's articles, Homeplus is temporarily closing as it aims to resolve its cashflow problem. The company said that it has exhausted the minimum funds needed to keep its stores running.
In other news, as smartphone manufacturers suffer from soaring memory costs, Samsung Electronics is expected to absorb the impact due to having its own semiconductor arm. And a K-pop idol's reported apartment lottery win has sparked debate as to how applicants with substantial cash gain windfalls over regular people.
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Today's top story
BUSINESS
Homeplus goes dark: Retailer temporarily shutters every store as cash runs out
Homeplus is shutting down its headquarters and all supermarket branches starting Monday, as it has exhausted the minimum funds needed to keep stores running. The retailer said it can no longer cover payments to suppliers, let alone basic utility costs such as electricity and water needed to keep stores open.
With normal operations no longer viable, the company will keep stores closed until conditions improve to ensure security and prevent safety incidents.
K-pop star's apartment lottery win sparks debate on housing fairness
A reported apartment lottery windfall tied to the IVE's An Yu-jin has intensified criticism that Korea's housing subscription system favors cash-rich buyers over ordinary home seekers.
South Korea looks to outsource military base security to private firms as man power drops
Facing troop shortages, the Defense Ministry is studying whether private security firms can take over rear-area base duties despite concerns over leaks, infiltration and legal accountability.
