TMON, WeMakePrice file for court receivership amid liquidity crisis

  TMON and WeMakePrice, e-commerce platforms of the Singapore-based Qoo10, filed for court receivership Monday, officials said, amid continuing liquidity woes due to the firms' delays in repaying vendors operating on their platforms. The two South Korean marketplaces have been in crisis after failing to make payments to their vendors amid the liquidity issues of their owner, Qoo10, reportedly due to aggressive merger deals. Their unpaid bills came to around 210 billion won (US$151.7 million

IndustryJuly 29, 2024

Seoul shares end up for 2nd day ahead of Fed's rate decision

Seoul shares ended higher for a second straight session Monday amid hopes that the US Federal Reserve will hint at a potential rate cut in September. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index added 33.63 points, or 1.23 percent, to close at 2,765.53. Trading volume was moderate at 449.64 million shares worth 10.78 trillion won ($7.8 billion), with gainers outnumbering losers 634 to 244. Institutions and foreigners bought a combined 522 billion won

MarketJuly 29, 2024

Hyundai Motor accelerates air mobility business in Indonesia

Hyundai Motor and Kia demonstrated their advanced air mobility in Indonesia as they demonstrated a flying aircraft and hailing procedure at the Samarinda Airport in East Kalimantan on Monday. With officials from Indonesia’s Ministry of Transportation and Nusantara Capital City Authority in attendance for the presentation, the automakers explained how ride-pooling application Shucle and specialized aircraft can be developed to fit the circumstances of the local customers and advanced furthe

MobilityJuly 29, 2024

After 15 years of waiting, iPhone users launch petition to bring Find My feature

The number of people demanding US tech giant Apple enable its Find My app in Korea surpassed 6,500 on Monday on the National Assembly’s petition website, a week after the movement started there on July 22. Find My allows users to track the locations of their Apple devices. If a lost device is nearby, it plays a sound. If users mark a devices lost, it locks or erases personal information. South Korea is the only country where Find My does not work, which has led online petitioners to accuse

IndustryJuly 29, 2024

Cash-strapped Tmon, WeMakePrice file for court receivership

Cash-strapped e-commerce platforms Tmon and WeMakePrice filed for corporate rehabilitation on Monday. The Seoul Bankruptcy Court announced that the two companies, embroiled in controversy over delayed payments amid a liquidity crisis at their Singapore-based parent, Qoo10 Group, have sought court-supervised restructuring. Corporate rehabilitation allows financially distressed companies to restructure their debts and operations. While this process enables the companies to continue their business

EconomyJuly 29, 2024

Hyundai Motor’s decadeslong support for Korean archery shines in gold at Olympics

South Korea's female archers continued to rewrite history as they won the Olympic gold medal in the women's archery team event in Paris on Sunday, extending the winning streak to a 10th consecutive title. Behind the archery team’s efforts, there was Hyundai Motor Group’s unwavering support that began in 1985. The auto conglomerate’s 40-year-long sponsorship of the Korea Archery Association marks the longest for a single sports association here. Hyundai Motor Group beg

CompaniesJuly 29, 2024

Coupang marks Rocket Luxury’s 1st year with special event

Coupang announced Monday that it will hold a special event to mark the first anniversary of its luxury beauty section, "Rocket Luxury," running until Sunday. The event features 21 brands available on Rocket Luxury -- including Estee Lauder, MAC, Bobbi Brown, Clinique and Biotherm -- highlighting a large number of bestsellers that have been highly popular over the past year. Exclusive perks are offered to Coupang's Wow members: Free gifts are given with the purchase of beauty items

IndustryJuly 29, 2024

[Photo News] Sweet collaboration

Samsung Electronics on Monday unveiled its latest collaboration with US chocolate maker Hershey’s for its mobile device accessories from cases for foldable phones to watch straps. Starting from Korea, the products are set to hit shelves in overseas markets, including the US, Japan, Indonesia and the Philippines, in phases in the coming weeks. (Samsung Electronics)

IndustryJuly 29, 2024

Renault Grand Koleos caters to fuel-efficient family car market

Renault Korea’s latest mid-size hybrid SUV, the Renault Grand Koleos, is showing a promising start following its debut at the 2024 Busan Mobility Show last month, reporting over 10,000 contracts signed within the first month. According to Renault Korea, more than half of Grand Koleos buyers are in their 40s and 50s, a demographic seeking fuel-efficient family cars. This trend reflects a broader market shift in the Korean market, where hybrid vehicles have grown significantly. According to

MobilityJuly 29, 2024

HD Hyundai Marine Solution seals $60m European vessel service deal

HD Hyundai Marine Solution, the ship maintenance unit of HD Hyundai, announced Monday that it has secured a record $60 million maintenance deal with a Euro-based vessel company. The company said it recently signed a Long Term Service Agreement with a European company, without further elaborating on the company name or other details due to the deal conditions. Under the terms of the deal, HD Hyundai Marine Solution will provide parts and equipment for 38 vessels until 2029, along with skilled eng

IndustryJuly 29, 2024

LIG Nex1 acquires 60% stake in Ghost Robotics

Korean defense firm LIG Nex1 said Monday that it had acquired a 60 percent stake in Ghost Robotics, a leading US quadruped robot maker, in partnership with Korea Investment Private Equity. LIG Nex1 finalized all investment steps, including approval from the Committee on Foreign Investment in the United States, Friday. The acquisition, valued at approximately 332 billion won ($240 million), secures LIG Nex1 a 60 percent share of Ghost Robotics. Founded in Philadelphia in 2015, Ghost Robotics is k

IndustryJuly 29, 2024

Industry minister vows to expand free trade portfolio for export target of $700b

Industry Minister Ahn Duk-geun on Monday pledged to make efforts to secure additional free trade agreements with more partners to achieve the annual export target of $700 billion, and offer tailored support for key products including chips and automobiles. Ahn made the remarks during a meeting of the parliamentary committee on trade, industry, energy, SMEs and startups, noting that such measures will help the country enhance its economic security. "We will expand the export market for South

EconomyJuly 29, 2024

Hanwha Ocean spurs innovation for greener shipbuilding

As the maritime industry navigates towards a greener future, the demand for vessels meeting stringent carbon reduction regulations is increasing in line with the International Maritime Organization's goal of carbon neutrality by 2050. With over 100,000 vessels collectively emitting nearly a billion metric tons of carbon dioxide annually, the call to action is more urgent than ever. In South Korea, Hanwha Ocean, a major shipbuilding and offshore company, is at the forefront of this environme

IndustryJuly 29, 2024

Seoul shares open higher on hope for US rate cut

Seoul shares opened higher Monday on hope for the US Federal Reserve's rate cut and earnings releases of major tech firms this week. The benchmark Korea Composite Stock Price Index rose 27.62 points, or 1.01 percent, to 2,759.52 in the first 15 minutes of trading. All eyes are on the US central bank's policy decision and earnings results by Apple Inc., Amazon.com Inc. and Samsung Electronics Co. The Fed is expected to cut rates as early as in September. In Seoul, tech and auto stocks l

MarketJuly 29, 2024

Qoo10 pressured to secure cash for troubled Korean units

While the nation’s two online shopping platforms Tmon and WeMakePrice struggle with an ongoing liquidity crisis, their Singapore-based parent company, Qoo10, is said to be securing cash worth about $50 million through an overseas affiliate, according to industry sources Sunday. The new funding scheme reportedly came as the South Korean authorities were demanding the platform operators to come up with relief measures for the snowballing complaints made by both vendors and buyers on the plat

IndustryJuly 28, 2024

[Test Drive] Kia EV3 takes regenerative braking to next level

Kia is going all-out to turn around the slowing growth of electric vehicles with the launch of its latest all-electric vehicle EV3 as the Korean automaker has developed an affordable, all-around EV. The Korea Herald got to check out the Kia EV3 long-range model with 17-inch wheels for a test drive last week. The 201-kilometer course included city drive, highways and winding roads between Seoul and the eastern city of Sokcho in Gangwon Province. Categorized as a subcompact crossover sports utilit

MobilityJuly 28, 2024

Can Samsung adapt to being a latecomer in HBM sector?

High bandwidth memory chips are becoming a headache for Samsung Electronics, as the world's No. 1 memory chip maker is months behind its crosstown rival SK hynix in supplying the profitable components to Nvidia, the dominant player in the burgeoning AI market. Samsung’s fourth-generation HBM3 chips have reportedly been cleared for use by Nvidia recently, but SK hynix, the No. 2 in the memory chip market, has supplied it with more advanced fifth-generation HBM3E chips since March this

IndustryJuly 28, 2024

Korea should seek out resource opportunities in Mongolia, experts say

While raw materials and rare metals are becoming increasingly significant to the South Korean economy, experts suggest Asia’s fourth-largest economy expand its cooperation on future energy and key mineral sources with Mongolia. Jung Tae-yong, a professor at Yonsei University’s Graduate School of International Studies, and Kang Sung-jin, an economics professor at Korea University, held a roundtable meeting last week to explore Mongolia’s growth potential and Korea’s busine

IndustryJuly 28, 2024

HD Hyundai Electric expands Alabama plant for better efficiency

HD Hyundai Electric, an energy solution provider under Korean shipbuilding giant HD Hyundai, said Sunday that it has expanded the storage capacity of its manufacturing plant in Alabama to meet growing orders and improve operational efficiency. The expansion adds 12,690 square meters to the existing storage facility, which can house up to 60 power transformers. With the expansion, the plant will elevate production efficiency while reducing external storage and transportation costs. "The new

IndustryJuly 28, 2024

Samsung chief boosts global ties at Paris Olympics

Samsung Electronics Chairman Lee Jae-yong has embarked on a business trip to Paris to leverage the 2024 Paris Olympics to strengthen ties with key global business partners, political figures and sports leaders, the company said Sunday. Since arriving in Paris last Wednesday, Chairman Lee has engaged in a series of high-level business meetings. This marks his first attendance at the Olympics since the 2012 London Games. His agenda includes discussions with leaders from the semiconductor, IT and a

CompaniesJuly 28, 2024