Buyout deals surface amid Qoo10 affiliates' exit rush

The local units of the cash-crunched Singapore-based Qoo10 group are scrambling to escape the sinking boat, with possible acquisition deals coming onto the table. Among the speculations was Chinese e-commerce platform AliExpress' buyout of the Korean online marketplace WeMakePrice, yet AliExpress Korea denied the rumor Thursday. "We are not considering acquiring WeMakePrice, and we confirm that we have not been contacted by the company," said an official from AliExpress Korea. Ear

EconomyAug. 1, 2024

Korea-Vietnam cooperation seeks cost cuts, tech gains

The business communities in South Korea and Vietnam are anticipating reductions in production costs and technology advancements, respectively, from bilateral economic cooperation between the two nations, according to a survey released Thursday. The survey, conducted by the Korea Chamber of Commerce and Industry, collected responses from a total of 257 business and industry officials from Korea and Vietnam who attended the Korea-Vietnam Business Forum held in Seoul on July 1. In the survey, Korea

IndustryAug. 1, 2024

SKT's 20-year sponsorship elevates Korean fencing to Olympic glory

Achieving remarkable success at the Paris Olympics, Korean fencing is shining alongside SK Telecom's two decades of sponsorship. Since starting its sponsorship of the Korean Fencing Federation in 2003, SKT has been a steadfast supporter of Korean fencing. Over the years, the company contributed 30 billion won ($21.9 million) through the federation. "Our support has been instrumental in Korea's development into a fencing powerhouse," said an SKT official. The company has consi

IndustryAug. 1, 2024

Samsung unveils 1 terabyte microSD storage cards

Samsung Electronics, the world’s largest memory chip maker, said Thursday it has launched two types of 1 terabyte high-capacity microSD cards: Pro Plus and Evo Plus. These new products incorporate the industry's highest capacity, 1-terabit triple-level cell eighth-generation V-NAND technology, stacked in eight layers. This technological advancement allows terabyte-class high capacity previously achievable only in SSDs to be implemented in the compact form factor of a microSD card, wit

TechnologyAug. 1, 2024

Korean Air to stop serving ramyeon onboard for safety

Korean Air said Thursday it would no longer serve instant cup noodles to economy class passengers on long-distance routes for safety reasons, starting Aug. 15. The nation's flag carrier said the decision aims to reduce the risk of accidental scalding from hot liquids. Cup noodles will be replaced with other offerings, including corn dogs, pizzas and hot pockets. Korean Air's decision comes amid a surge in severe turbulence in recent years. According to a recent study, incidents of seve

IndustryAug. 1, 2024

[Photo News] LG Chem's wheelchair art

LG Chem, in partnership with the social enterprise Circle of Change Lab, has donated 100 custom-designed spoke guards made from recycled plastic to 10 children using wheelchairs. These guards, which protect fingers and clothing from getting caught on wheels, feature custom designs that allow kids to express their personalities with favorite characters, drawings and patterns. LG Chem provided the materials and covered processing costs, producing 100 LETZero guards for this project. One recipient

CompaniesAug. 1, 2024

[Photo News] 63 years of IBK

Industrial Bank of Korea celebrated its 63rd anniversary at its headquarters in central Seoul, Thursday. At the event, IBK Chairman and CEO Kim Sung-tae shared his vision to make the policy lender become a "leading global financial service provider." He stressed the importance of IBK's role in providing the right financial services for customers, supporting small business owners, leading digital innovation, maintaining sound financials and fulfilling social responsibility. (Indust

IndustryAug. 1, 2024

Overdue wages hit all-time high in H1: data

South Korea recorded an accumulated over 1.04 trillion won ($764 million) in overdue wages in the first half of this year, marking the highest-ever figure in either half of a year, government data showed Thursday. It marked the first time that overdue wages across the country had surpassed 1 trillion won, according to the Ministry of Employment and Labor. In total, 150,503 employees had overdue wages between January and June of this year. Last year's overdue wages had already marked an al

EconomyAug. 1, 2024

Seoul stocks open higher on dovish Fed

South Korean stocks started higher Thursday, driven by the US Federal Reserve's rate-cut signals. The benchmark Korea Composite Stock Price Index (Kospi) gained 18.65 points, or 0.67 percent, to 2,789.34 in the first 15 minutes of trading. At its rate-setting meeting, the US central bank froze its key rate in the 5.25-5.50 percent range. Chair Jerome Powell said a reduction in policy rate "could be on the table" at its upcoming meeting next month. The comments pushed up US stocks,

MarketAug. 1, 2024

Exports extend gains to 10th straight month in July

South Korea's exports extended on-year gains to the tenth straight month in July on the back of the robust performance of semiconductors, data showed Thursday. Outbound shipments rose 13.9 percent on-year to $57.4 billion last month, according to the data compiled by the Ministry of Trade, Industry and Energy. Imports added 10.5 percent on-year to $53.8 billion, resulting in a trade surplus of $3.62 billion. South Korea has been maintaining a trade surplus for 14 consecutive months. The com

EconomyAug. 1, 2024

US mulling restrictions to keep Samsung, SK hynix, Micron from supplying HBM chips to China: Bloomberg

The United States is considering a new measure meant to prevent Samsung Electronics Co., SK hynix Inc. and Micron Technology Inc. from supplying high-bandwidth memory (HBM) chips to Chinese firms, Bloomberg reported Wednesday. Citing people familiar with the matter, the news outlet said that the US is weighing the unilateral restrictions on China's access to artificial intelligence (AI) memory chips and equipment capable of making those chips "as soon as next month," though no fin

EconomyAug. 1, 2024

Fed freezes key rate for 8th straight time, hints at September cut possibility

The US Federal Reserve on Wednesday held its benchmark lending rate steady for an eighth consecutive time, while its chair said a rate cut could be "on the table" as soon as September if conditions are met. After the two-day Federal Open Market Committee meeting, the central bank announced the decision to maintain the rate in the 5.25 to 5.50 percent range, a 23-year high, and pointed out "some further progress" toward its inflation target of 2 percent. Albeit in a cautious t

EconomyAug. 1, 2024

Samsung Electronics, striking labor union still struggle to make compromise

Samsung Electronics and its largest labor union are still at odds over any breakthrough in their wage negotiations amid an ongoing strike, industry sources said Wednesday. The negotiations between management and the National Samsung Electronics Union (NSEU) started Monday after their previous talks ended without an agreement last week. Last week's meeting was the first management-labor discussion since NSEU's full-scale strike started on July 8. The NSEU has proposed three days of &quo

IndustryJuly 31, 2024

Seoul shares spike over 1% on tech gains amid rate cut hopes

Seoul shares ended sharply higher Wednesday on tech gains amid expectations that the US Federal Reserve may begin a rate cutting cycle within months. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index shot up 32.50 points, or 1.19 percent, to close at 2,770.69. Trade volume was moderate at 543.14 million shares worth 11.84 trillion won ($8.6 billion), with gainers outnumbering losers 586 to 302. Institutions and foreigners bought a combined 202 billion won

MarketJuly 31, 2024

Hyundai Group chair named honorary province governor

Hyundai Group Chairperson Hyun Jeong-eun has been reappointed honorary governor of North Chungcheong Province, in recognition of her and Hyundai’s contributions to regional development, the group said Wednesday. The appointment ceremony was held Wednesday at Hyundai Group’s headquarters in central Seoul, attended by Kim Yong-hwan, governor of North Chungcheong Province, and Hyundai Group Chairperson Hyun Jeong-eun. "North Chungcheong Province, with its geographical advantage at

CompaniesJuly 31, 2024

Samsung projects 15-fold surge in Q2 earnings on AI chip boom

Samsung Electronics said Wednesday that it will continue its earnings growth by expanding sales of the high-performance high bandwidth memory chip in the second half, particularly the fifth-generation HBM3E, to meet rising demand in the fast-growing artificial intelligence market. “Customer evaluation of the 8-layer HBM3E product is currently in progress, and mass production supply is scheduled to begin in earnest in the third quarter,” Kim Jae-june, executive vice president in cha

TechnologyJuly 31, 2024

Regulators look into shady cash flow within Qoo10

Once a prominent figure in the Korean e-commerce sector, Qoo10 Group's CEO Ku Young-bae is now facing allegations of a Ponzi scheme involving delayed payments amounting to thousands of billions of won for vendors on local online marketplaces Tmon and WeMakePrice. These accusations emerged after Ku disclosed during a National Assembly hearing on Tuesday that the Singapore-based parent company used assets from its Korean subsidiaries to acquire American e-commerce platform Wish in February. Ku dis

EconomyJuly 31, 2024

Hyundai Motor signs mobility partnership with UN humanitarian agency

Hyundai Motor Company announced Wednesday that it signed a mobility sector partnership with the United Nations World Food Programme, the world's largest humanitarian organization dedicated to fighting hunger across the globe. The agreement ceremony took place at the Hyundai Motor Studio in Goyang, Gyeonggi Province, with Hyundai Motor Company CEO Chang Jae-hoon and WFP Executive Director Cindy McCain in attendance. Established to combat hunger in developing nations, the WFP aims to create a

MobilityJuly 31, 2024

KT&G, Philip Morris team up on US filings

South Korean tobacco maker KT&G said Wednesday it has signed a memorandum of understanding with Philip Morris International, the global leader in smoke-free cigarettes, to collaborate on regulatory submissions in the US prior to officially launching its products there. Focused on KT&G's heated tobacco products, this agreement demonstrates both companies’ commitment to collaborating on the premarket tobacco product application process with the US Food and Drug Administration, a

CompaniesJuly 31, 2024

Global IP alliances propel Korea’s patent office to new heights

The Korean Intellectual Property Office is stepping up its international efforts to protect intellectual property rights for export enterprises. From July 9 to 11, KIPO took part in the 65th World Intellectual Property Organization General Assembly in Geneva, Switzerland. There, KIPO held bilateral discussions on the sidelines of the event with ten different intellectual property bodies, including offices from Brazil, Denmark, Germany, India, Australia, the UK, France, Canada, Argentina, and the

IndustryJuly 31, 2024