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Korea FTC to Penalize Korean Air, Others Alleged File Deletion in Merger Probe

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The Korea Fair Trade Commission (KFTC) has initiated deliberation proceedings against Korean Air Lines (KRX:003490) and three employees for allegedly deleting work files and emails during an on-site investigation, according to a Thursday statement.

The watchdog also advanced corrective action applications involving other carriers tied to the Korean Air and Asiana Airlines (KRX:020560) merger, including Jin Air (KRX:272450), Air Busan (KRX:298690) and Air Seoul.

Shares of Korean Air fell 3%, while Asiana slipped nearly 2% in recent trade.

What else is happening in Asia?

Asia

Cheng Loong Clarifies Report Projecting September Revenue

Cheng Loong (TPE:1904) said an Economic Daily News report projecting September revenue above NT$4 billion was based solely on forecasts from institutional investors, according to a Wednesday filing.The report stated that the packaging manufacturer's September revenue is expected to remain at August's high level, potentially keeping monthly revenue above NT$4 billion for three consecutive months.

TPE:1904
Asia

Parkson Retail Renews Department Store Lease

Parkson Retail (KLSE:PARKSON) subsidiary, Jiangxi Parkson, renewed the lease on its department store premises, extending the tenancy by 15 years to Dec. 31, 2041, according to a Wednesday Bursa Malaysia filing.The store operator said the renewal covers about 31,955 square meters of space, with annual rent starting at 22 million yuan.

KLSE:PARKSON
Asia

South Korea to Implement Structural Reforms to Aid Economic Recovery

South Korea plans to put in place measures that boost economic recovery and growth through structural reforms, Deputy Prime Minister Koo Yun-cheol said at the Economic Relations Ministers' Meeting on Wednesday.Koo noted that nominal gross domestic product rose 26.4% in the second quarter on an on-year basis, which was the fastest growth in 47 years, while employment increased by 184,000 in August.Koo expects that it'll be faster to achieve a per capita gross national income of $40,000, it said.The government plans to announce steel industry upgrade measures in the fourth quarter, focusing on AI-driven manufacturing, high-value-added specialty steel and hydrogen-based steelmaking. The country will also ease regulations on Knowledge Industry Centers, including allowing broader tenant eligibility and converting vacant units into public rental housing, the filing said.Authorities plan to carry out intensive inspections targeting fraudulent activities, such as manipulating export figures to secure new stock listings, policy-based financial support, or government subsidies; passing off low-cost imports as domestic products; and making fraudulent deliveries in public procurement, it said.

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