Cash-crunched Tmon begins refund process for customers

Tmon, an online marketplace platform owned by Singapore-based e-commerce company Qoo10, on Friday, started issuing refunds to customers who did not receive their products purchased on the platform hit by a liquidity crisis. This move comes a day after the CEO of WeMakePrice, another affiliate of Qoo10, offered an apology and began issuing refunds as hundreds of consumers visited the headquarters of the online marketplace platform. Tmon and WeMakePrice, which were acquired by Qoo10 in 2022 and 20

July 26, 2024

2nd generation of owner families at mid-level conglomerates owns 33.5% of shares

An analysis of 81 conglomerates categorized as "middle market enterprises" showed Wednesday that the second generation of owner families owns a total of 33.5 percent of company shares. Corporate tracker CEO Score analyzed the shareholding structure of companies with 2 trillion won ($1.44 billion) or more in assets, and found that the combined value of shares held by owner families' second generations came to 13.39 trillion won as of July 15. The second generation in the report r

July 24, 2024

LG Chem’s US partner starts phase 2 trial on rare obesity drug

LG Chem announced on Wednesday that Rhythm Pharmaceuticals, which had acquired the global license for LB54640 -- a new oral drug for a rare form of obesity developed by LG Chem -- has begun giving doses to the first participants in a phase 2 clinical trial. For the phase 2 trial, Rhythm Pharmaceuticals recruited 28 patients aged 12 and older with hypothalamic obesity -- a condition caused by congenital or acquired damage to hypothalamic function, resulting in difficulties in appetite control. Th

July 24, 2024

Nongshim to build smart farm in Saudi Arabia by 2025

Nongshim announced on Tuesday that it has been selected for South Korea's smart farm export project that aims to establish and operate a pilot greenhouse in Saudi Arabia. The project is initiated by the Ministry of Agriculture, Food and Rural Affairs and led by the Korea Agriculture Technology Promotion Agency, according to the company. The agreement ceremony took place at Nongshim's headquarters in Seoul, attended by Nongshim CEO Lee Byung-hak, Korea Agriculture Technology Promotion A

July 23, 2024

[From the Scene] What it's like working as intern at K-food giant

Vien Yeung, a 29-year-old Chinese American from the University of California, Berkeley, and a current MBA candidate at Harvard Business School, has chosen to spend her summer at Korea's food giant, CJ CheilJedang. With her graduation set for March 2025, Yeung's decision to work at the company stems from her ambition to gain international experience for her future career. “I wanted to get my MBA to reach the executive level, potentially becoming a chief marketing officer one day,&

July 23, 2024

Alibaba to launch B2B platform exclusively for Korean sellers

Chinese e-commerce giant Alibaba.com, owned by Alibaba Group, said Monday that it will launch an online platform to help Korean sellers expand into global online markets. The new platform, called the South Korea Pavilion, will be available starting Aug. 8 and will focus on business-to-business transactions, according to the company. "Despite the abundance of talented sellers in Korea across various fields such as food, cosmetics and auto parts, many still struggle to expand their online sal

July 22, 2024

[Photo News] New engine on display

Hanwha Aerospace said Monday that it will unveil the prototype of a 15,000-pound-thrust-class turbofan engine for the first time at this year's Farnborough International Airshow taking place in the United Kingdom throughout this week. The engine will power South Korea's KF-21 fighter jets and uncrewed combat aircraft in the future. Along with Hanwha Aerospace's latest development, Hanwha Systems will exhibit its active electronically scanned array, or AESA, radars for different ty

July 22, 2024

Merger boosts SK On’s bid for turnaround

SK On's announcement Wednesday that it will merge with SK Trading International and SK Enterm has raised hopes of a potential turnaround in its financial performance and competitiveness in the battery industry. SK On has been grappling with persistent financial losses. The company, spun off from SK Innovation in October 2021, reported an operating loss of 581.8 billion won ($419.5 million) last year and 315 billion won in the first quarter of this year. This marked its 10th consecutive quar

July 19, 2024

Daewoo E&C chosen to construct Czech nuclear plants

Daewoo Engineering & Construction has been chosen as the preferred bidder to build nuclear power plants in the Czech Republic, the company said Thursday. According to the Ministry of Trade, Industry and Energy earlier in the day, the Czech government has selected the state-run Korea Hydro & Nuclear Power as the preferred bidder to build four nuclear power units in the country. If the final contract is signed in March 2025, Daewoo E&C will be responsible for the construction. Daewoo E

July 18, 2024

SK Innovation shuffles affiliates to cope with EV slump, lead future energy sector

SK Innovation on Thursday vowed to create synergy and lead the global energy sector through the realignment of its affiliates by merging itself with SK E&S and amalgamating battery-maker SK On with SK Trading International and SK Enterm. “We decided the merger with SK E&S to lay the groundwork for the growth of future energy businesses and push for a bold, structural innovation,” said Park Sang-kyu, CEO of SK Innovation, in a press conference at the SK Seorin Building in Seou

July 18, 2024

[KH Explains] Doosan's merger plan fuels investor clash

Doosan Group’s recently announced governance restructuring plan has divided investors, raising questions about its viability. Central to the plan, unveiled on July 11, is the proposal to make Doosan Bobcat a wholly-owned subsidiary of Doosan Robotics, which has sparked debate over the fairness of the merger ratio based on the stock prices of both companies. Doosan Bobcat, a significant revenue generator for the group, stands at the heart of this controversy. Shareholders of Bobcat are conc

July 17, 2024

Proptech startup DNK eyes expansion into Japan

DNK, a Seoul-based property management solution provider, formerly known as Dongnae, said Tuesday it has launched its fully redesigned property management system that enhances convenience for asset managers through centralized operational services. Currently managing over 15,000 units in the Korean market, the system now offers advanced features such as tenant tax reporting tools and banking virtual account integration. It supports English and Korean. Additionally, DNK disclosed its intention to

July 16, 2024

LG Electronics sets up HVAC tech lab in Frankfurt

LG Electronics said Monday it has opened a new research lab in Frankfurt, Germany dedicated to developing its heating, ventilation and air conditioning (HVAC) technologies, with a focus on providing practical air solutions for the European market. The Frankfurt facility, covering around 1,000 square meters, is the third of its kind, following branches in Changwon, Korea and Atlanta, the US. Its primary focus is to develop high-quality HVAC technologies for residential, commercial and industrial

July 15, 2024

[Business Diplomacy] Lessons from IRA: Hyundai Motor bolsters government relations in US

This article is the fifth installment in a series of interviews and analyses on how South Korean corporations can sharpen their diplomatic capabilities to brighten their prospects for overseas growth in this mega-election year around the world. -- Ed. Hyundai Motor Group has been exerting all-out efforts into strengthening its government relations capabilities in the United States after the Korean auto conglomerate got caught off-guard by the impact of the Joe Biden administration’s In

July 15, 2024

LS Cable vows stern measures against Taihan

LS Cable & System pledged Monday to take every legal action possible against Taihan Cable & Solution if the latter’s alleged theft of the former’s technologies is found true, labeling Taihan’s maneuver as a clear crime. The police have recently opened a probe into Taihan over the suspected violation of the Unfair Competition Prevention and Trade Secret Protection Act. Last month, the police initially suspected Gaun Architects & Engineers of leaking technologies it o

July 15, 2024

Hyundai Motor union secures wage deal without strike for 6th consecutive year

Hyundai Motor Company's labor and management have concluded their wage negotiations without a strike for the sixth year in a row, agreeing on the highest wage increase in the company's history. The union said Saturday its members have voted to accept a tentative wage deal reached earlier in the week. Under the agreement, Hyundai will increase workers' basic monthly pay by 4.65 percent, or 111,200 won ($81), and give a one-off performance-based bonus equivalent to 500 percent of

July 13, 2024

Coupang denies speculations of buying Homeplus Express

South Korean e-commerce giant Coupang said Friday it is not considering acquiring a part of Homeplus, a supermarket chain grappling with poor performance in recent years. The announcement was made in response to local media reports suggesting that Coupang plans to acquire Homeplus Express from MBK Partners, the private equity fund that owns Homeplus. Homeplus' supermarket business comes in two types: Homeplus, a large discount store, and Homeplus Express, a smaller hypermarket. Homeplus o

July 12, 2024

Doosan Group realigns business structure to maximize synergy

South Korean conglomerate Doosan Group has decided to shake up its business structure to focus on clean energy and smart machine sectors to maximize synergy between it’s affiliates. According to Doosan’s regulatory filing Thursday, Doosan Bobcat, a compact equipment and industrial vehicle builder, will undergo a spin-off merger process to become a 100 percent-owned subsidiary of Doosan Robotics. Doosan Enerbility, which currently owns a 46 percent stake in Doosan Bobcat, will split i

July 12, 2024

Starbucks Korea vows to donate W1b for cultural preservation

Starbucks Korea said Thursday it has partnered with the country’s heritage service organizations to intensify its contribution to cultural preservation efforts. Starbucks Korea, the Korea Heritage Service and the National Trust for Cultural Heritage agreed to establish a national heritage protection fund during a ceremony held at the Starbucks Hwangudan branch in Seoul on Thursday. The event was attended by Starbucks Korea CEO Sohn Jeong-hyun, Korea Heritage Service Administrator Choi Eung

July 11, 2024

HD Hyundai gets green light to bid for US warship maintenance projects

HD Hyundai Heavy Industries said Thursday that it has secured the right to bid for the United States Navy's warship maintenance, repair and operations, or MRO, projects to become the first South Korean shipbuilder to do so. According to the shipbuilder, HD HHI signed the master ship repair agreement with the US Naval Supply Systems Command. Under the agreement, HD HHI has been given the qualification to submit bids for MRO projects of the US Navy's warships as well as support ships of

July 11, 2024