Pershing Square Raises $5 Billion in Landmark U.S. IPO and Share Placement 
Asian Stocks Slip as Oil Prices Surge and Fed Signals Inflation Risks 
Iran-U.S. Conflict Escalation Threatens Global Oil Supply and Economic Stability 
Alphabet Earnings Surge on AI Growth, Cloud Revenue, and Strong Search Performance 
Air Liquide Q1 Revenue Misses Estimates Amid Currency and Energy Headwinds 
Nippon Express Stock Jumps as Elliott Investment Signals Strong Foreign Interest in Japan Logistics Sector 
Asian Markets Mixed as Fed Decision, Iran Tensions, and Inflation Data Weigh on Sentiment 
Microsoft Azure Growth Forecast Beats Expectations Amid Rising AI Competition 
Spirit Airlines Gains Key Creditor Support for $500M Bailout Deal 
Oil Prices Ease but Remain Set for Strong April Gains Amid Middle East Tensions 
Dollar Holds Near Two-Week High as Fed Hawkish Shift Lifts Yields, Yen Near Intervention Zone 
Starbucks Raises 2026 Outlook as Turnaround Strategy Boosts Sales and Earnings 
Gold Prices Hold Steady as Iran War and Interest Rate Outlook Weigh on Markets 
Gold Prices Fall as Strong Dollar and Rising Oil Prices Pressure Markets 
WTI Crude Oil Prices Rise Amid Iran Conflict Uncertainty 
Panama Defends Port Takeover Amid U.S.-China Tensions and Canal Dispute 
US-Iran Conflict Escalates Amid Oil Blockade and Rising Global Tensions 
KT Telecom is set to pay its subscribers as compensation for the massive network outage last week. The company will have to shell out from ₩35 to ₩40 billion or $29 to $33 million for this issue.
As per The Korea Herald, a press conference was held, and KT executives admitted that the extensive service interruption that happened on Oct. 25 was due to human error. The company humbly acknowledged that the incident was caused by careless negligence and promised to be more attentive by going back to basics so it could regain the subscribers' confidence once again.
"We deeply apologize for causing inconvenience and have prepared realistic prevention measures and compensation packages to never allow this to happen again," Seo Chang Seok, KT's executive director, said during the press conference on Monday, Nov. 1.
It was mentioned that Seo would also lead the team that was formed to carry out the task of network transformation so the company would avoid a similar mistake in the future. To compensate its subscribers, KT is planning to waive the network usage fee for the month of November.
The exemption for the said fee will be applicable to all of the telecom's subscribers, including those who are subscribed to wired and wireless broadband internet or IP-type phone services. It was revealed that the firm made the decision to compensate users for the downtime last week that lasted for 89 minutes by 10 times.
This means that KT Telecom will be exempting 15 hours of service fees from the monthly bill. There is no exact amount since it will depend on the bill of each subscriber's subscription plan. For instance, those who signed up for the 50,000 plan will be given a 1,000 discount.
The entire cost of KT's compensation was estimated to be around ₩35 billion and up. The company will be setting up a call center and a website dedicated to answering calls for complaints in the next two weeks.
The Korea Times reported that the service failure last week also disabled stock trading by individuals. Debit and credit card payments on delivery and ordering platforms were also affected, and taxi drivers had difficulties in navigation services and receiving calls, so there was a lot of damage, so these will be compensated.
"We ask that the service subscribers consider that this was the best possible solution, given the plan needs to be fair and drawn up as fast as possible," Park Hyo-Il, KT's head of customer division, told the press.
