Qoo10 seeks merger of embattled e-commerce subsidiaries TMON, WeMakePrice

The chief of Qoo10, the Singapore-based parent firm of TMON and WeMakePrice, said Friday it has begun a process to merge the two e-commerce platforms to help resolve the liquidity crisis facing the companies. On Thursday, Qoo10 applied for the establishment of a new business entity named K-Commerce Center for World with an initial capital of 1 billion won ($730,000) to proceed with the merger plan, the company said in a statement. The merger between TMON and WeMakePrice requires approval from th

Aug. 9, 2024

Customs agency opens probe into Tmon, WeMakePrice

The Korea Customs Service has initiated an investigation into potential damages related to overseas product purchases made through the troubled e-commerce platforms Tmon and WeMakePrice. The probe comes in response to customer reports that items purchased through these platforms cleared customs but were not delivered. "We have launched an internal investigation following reports from customers and media that a courier company moved these items to a different location inside the country upon

Aug. 9, 2024

Naver's operating profit surges 27% in Q2

South Korean internet giant Naver on Friday reported record-high quarterly revenue of 2.6 trillion won ($1.91 billion) for the April-June period this year, thanks to profit increases in all of its major businesses including the search platform and cloud service. During an earnings call, Naver Chief Executive Officer Choi Soo-yeon said the company will enhance the user experience by launching a “search feed” feature and adopting AI tools in the second half of the year. Choi also said

Aug. 9, 2024

Meritz Fire joins protracted race for MG Insurance acquisition

A three-way takeover battle for MG Non-Life Insurance began Thursday, with Meritz Fire & Marine Insurance entering the prolonged race as a new contender. According to local reports, three companies submitted letters of intent to participate in the fourth preliminary bidding for MG Insurance on Thursday. The contenders include Meritz Fire & Marine Insurance and private equity firms Dayli Partners and JC Flowers. Meritz Fire, the non-life insurance arm of local financial holding company Me

Aug. 9, 2024

KT&G profits jump in Q2, led by overseas cigarette sales

South Korea’s leading tobacco manufacturer KT&G on Thursday reported a surge in its earnings in the second quarter of this year, largely driven by the upbeat performance of its overseas business. The company posted 321.5 billion won ($233 million) in operating profits in the April-June period, a 30.6 percent jump from a year ago. Sales also increased 6.6 percent to 1.424 trillion won on-year. Its overseas business, in particular, drove up its earnings overall, the company said. Oversea

Aug. 8, 2024

Hyundai Elevator, Kakao team up to integrate robotics with elevators

Hyundai Elevator said Thursday that it has signed a memorandum of understanding with Kakao Mobility to integrate Kakao's robotics technology with Hyundai's vertical transportation systems. The signing ceremony took place at Kakao Mobility's headquarters in Seongnam, Gyeonggi Province, on Wednesday, with CEOs from both companies in attendance. The companies agreed to standardize elevator-robot interactions and ramp up strategic cooperation across research, production and marketing.

Aug. 8, 2024

Kakao hints at drastic revamp in non-core businesses in second half

Kakao Corp., the operator of South Korea’s No. 1 messenger app KakaoTalk, said Thursday that it would swiftly implement a contingency plan in the second half of this year to drastically reform its overall business operations. "We have defined KakaoTalk and AI as the key drivers of our growth," Kakao CEO Chung Shin-a said during the company’s second-quarter earnings conference, indicating the possible sell-off of non-core businesses. Her comments came when she answered a que

Aug. 8, 2024

Paris Baguette hosts inaugural US franchise convention

South Korea's top bakery chain Paris Baguette held its inaugural franchise convention for US franchisees in Las Vegas on Aug. 5-7. Under the theme "Layers of Success," the three-day event brought together 250 executives, current franchisees and prospective partners to foster communication and networking within Paris Baguette's diverse franchise community. Paris Baguette America's executives, led by CEO Darren Tipton, shared the company's strategic vision, marketing

Aug. 8, 2024

[Contribution] Happy Birthday, "ASEAN"!

By Kim Jae-shin Secretary general of the ASEAN-Korea Centre Today marks the 57th anniversary of the founding of the Association of Southeast Asian Nations, celebrated as ASEAN Day. In the aftermath of World War II, the international political landscape became increasingly unpredictable with the tensions of the Cold War, a phenomenon that did not pass by the Southeast Asian region. In response, five countries -- Indonesia, Malaysia, the Philippines, Singapore and Thailand -- issued the ASEA

Aug. 8, 2024

SK Innovation's unit joins carbon storage project in Australia

SK earthon Co., a South Korean oil exploration and production (E&P) company, said Thursday it has joined a project to build a submarine carbon storage facility in Australia in its business diversification strategy. SK earthon invested in 20 percent of the project, with InCapture, an Australian carbon capture and storage (CCS) company, holding 75 percent and CCS technology consulting firm CarbonCQ holding 5 percent, the company said in a statement. The three companies will explore the G-15-AP

Aug. 8, 2024

Samsung’s HBM3E chip still under review by Nvidia

Samsung Electronics on Wednesday denied a Reuters report that its fifth-generation HBM3E chip has passed Nvidia's qualification test for use, saying it is "still running tests with major clients." The news outlet reported earlier in the day that Samsung has cleared Nvidia’s qualification test for its HBM3E, the fifth-generation high bandwidth memory chip, creating a buzz that the world's No. 1 memory chipmaker may be starting supplying the chip to the US chip giant soon

Aug. 7, 2024

Samyang sets up European unit in Netherlands

South Korean food conglomerate Samyang Roundsquare has set up its European subsidiary in the Netherlands, according to industry sources on Wednesday. The company has filed the necessary paperwork and has already begun hiring, insiders told local media. The subsidiary marks Samyang's fifth overseas corporation, following established operations in Japan, China, the United States and Indonesia. "We've established this entity to optimize our supply chain across Europe. The Netherlands

Aug. 7, 2024

Mirae Asset chief honored with AIB award

Mirae Asset Financial Group Chairman Park Hyeon-joo has been recognized by the Academy of International Business for expanding the financial service provider's scope of business on a global level. Park received the International Executive of the Year Award from the AIB on July 3. He was the first Asian financier to receive the prestigious award. He was the second South Korean entrepreneur to win the award after SK Group's late Chairman Chey Jong-hyun, the father of the current Chairman

Aug. 7, 2024

SMEs gain ground in procurement market with PPS guide

Small and medium-sized enterprises in South Korea are making significant inroads into the nation’s public procurement market, a sector estimated to be worth a staggering 209 trillion won ($154 billion) as of last year, according to a report by the Public Procurement Service published in May. Aiding this success is the Public Procurement Guide, an initiative launched in March that is drawing attention for its innovative approach to assisting emerging businesses. According to the PPS, the

Aug. 7, 2024

Public Procurement Service helps Korean businesses reach global stage

South Korea's Public Procurement Service is spearheading efforts to help local businesses break into the global procurement market, valued at an estimated $12 trillion. Of this total, Korean companies are positioned to vie for a lucrative $2 trillion portion, presenting a significant opportunity for the nation's export economy, according to PPS's estimate. Recently, the agency has been doubling down on its support for aspiring businesses. A host of comprehensive initiatives has al

Aug. 7, 2024

[Herald Interview] Procurement chief aims for greater transparency, charts global path for SMEs

The Public Procurement Service, responsible for managing procurement contracts worth 209 trillion won ($152 billion) last year — a third of the South Korean government's entire spending — serves as both an allocator of domestic demand and a driver of innovation for the country’s thriving small and medium-sized enterprises. Lim Ki-keun, who was appointed as PPS administrator in December last year, has taken on this critical responsibility during a period of mounting global

Aug. 7, 2024

Eximbank to fund $260m for new airport project in Philippines

The Export-Import Bank of Korea said Wednesday that it will provide a $260 million loan to support the development of a new airport in Dumaguete, Philippines. Yoon Hee-sung, chairman and CEO of Eximbank, met with Ralph G. Recto, the secretary of the Philippine Department of Finance, in Manila on the day to sign the Economic Development Cooperation Fund loan agreement. The project aims to establish a new airport in central Philippines with the capacity to handle 2 million passengers per year. The

Aug. 7, 2024

Govt. rolls out W1.2tr aid package for Qoo10 liquidity crisis

The Korean government announced on Wednesday a policy support package totaling 1.2 trillion won ($871 million) to address damage from Tmon and WeMakePrice payment delays, with refunds for general products to be completed within the week. The measures, part of a follow-up support plan announced by the Finance Ministry, include an additional 600 billion won in emergency funds for vendors impacted by the delays, supplementing the 560 billion won announced last week. These additional funds will be s

Aug. 7, 2024

Asiana Airlines Pilots Union calls for Europe to assess Air Incheon's cargo division suitability

The Asiana Airlines' Pilots Union has requested that the European Commission investigate the suitability of Air Incheon as a potential buyer of Asiana Airlines' cargo business, the union announced Tuesday. The move follows Korean Air's selection of Air Incheon as the preferred bidder for the sale of Asiana Airlines' global cargo freighter business on June 17, as part of its yearslong quest to formally acquire Asiana Airlines. The union said Tuesday that it had asked the EU�

Aug. 6, 2024

Samsung begins mass production of ultraslim DRAM chip for on-device AI

Samsung Electronics, the world’s largest memory chip maker by revenue, announced Tuesday it has begun the mass production of the industry’s thinnest 12-nanometer LPDDR5X DRAM chip that helps better thermal control within mobile devices. The ultraslim DRAM chip, which comes in storage with 12- and 16-gigabytes, would create additional space within mobile devices to facilitate better airflow. This supports easier thermal control, which has become increasingly important, especially for

Aug. 6, 2024