Court grants troubled Tmon, WeMakePrice 1 month for self-debt restructuring

A court on Friday granted cash-strapped e-commerce platforms Tmon and WeMakePrice one month to seek debt restructuring on their own, after they failed to make payments to their vendors. The decision by the Seoul Bankruptcy Court to allow an autonomous restructuring support program (ARS) for Tmon and WeMakePrice came as the platforms' delayed payments are estimated to reach 274 billion won ($200 million). The total amount is estimated to escalate to nearly 1 trillion won if future payments a

Aug. 2, 2024

Seoul shares crash to 2-month low on US slowdown fears

Seoul shares tumbled by more than 3.5 percent on Friday as data fueled concerns over the US economy despite the Federal Reserve's rate-cut signals. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) plummeted 101.49 points, or 3.65 percent, to close at 2,676.19. The KOSPI has fallen 2 percent this week. Trade volume was heavy at 523.78 million shares worth 12.87 trillion won ($9.38 billion), with decliners far outnumbering gainers 868 to 58. I

Aug. 2, 2024

US, allies discuss new restrictions on Chinese connected vehicles

As the US government intensifies efforts to regulate Chinese technology in connected vehicles over national security concerns, South Korea and other key allies are coordinating to balance these security goals with potential supply chain disruptions. The US State Department convened a meeting Wednesday with representatives from allied governments and industry leaders, including officials from South Korea, Australia, Canada, the European Union, Germany, India, Japan, Spain and the United Kingdom.

Aug. 2, 2024

Investors join forces to secure Qxpress management rights: report

Qoo10 Group CEO Ku Young-bae could lose control over the group’s logistics arm Qxpress, as its financial investors are reportedly mulling taking over his management rights. According to a local news report Friday, a group of private equity firms, including Crescendo Equity Partners, Corstone Asia, Metistone Equity Partner, Cactus Private Equity and Korea Development Bank Private Equity, are discussing ways to exchange their rights in the company to common stock. The investors are said to h

Aug. 2, 2024

Zyx Technology, Vietnam’s CTC1 team up to infuse AI into construction

South Korean design software developer Zyx Technology said Friday that it has recently signed a memorandum of understanding with Vietnam's Construction Technical College No.1 (CTC1) to expand its presence in the Vietnamese market. CTC1, an institution under Vietnam's Ministry of Construction, is tasked with developing and offering education in alignment with the ministry's policies on the construction industry. The latest partnership aims to forge a long-term collaboration on joint research and

Aug. 2, 2024

Food trade agency secures more kimchi for Korean athletes at Olympics

As the world tunes into the Paris Olympics, the Korean national team has received a boost from home -- not just in spirit, but in flavor. The Korea Agro-Fisheries & Food Trade Corp., or aT, on Friday said it had delivered an additional shipment of Korea’s beloved culinary staple kimchi to the athletes, providing a taste of home with the aim to inspire peak performance. The official kimchi handover ceremony took place on July 31 at the Team Korea Paris Platform in Fontainebleau, a sub

Aug. 2, 2024

Samsung’s unionized workers to return to work but continue guerrilla strikes

  Samsung Electronics’ labor union said Thursday it would return to work by next Monday but vowed to continue guerrilla strikes amid their stalled talks for wage hikes. “It is the time to shift to a long-term plan,” the National Samsung Electronics Union said via its YouTube channel. “We will proceed with sustainable guerrilla strikes while adhering to legal standards to ensure our success. You can return to work from today. You can join our guerrilla strikes anytime

Aug. 2, 2024

LG Display picks CSOT as preferred bidder for Chinese LCD plant

LG Display said Friday it picked its Chinese rival CSOT as a preferred bidder for its liquid crystal display plant in Guangzhou, China. CSOT, a display-making subsidiary of China appliance giant TCL, is the world's second-largest LCD maker following its crosstown rival BOE. LG said it plans to continue talks with CSOT on more detailed deal conditions. The company did not elaborate on the deal size, but industry sources estimate the sale could be worth about 2 trillion won ($1.45 billion). T

Aug. 2, 2024

S. Korea's consumer prices rise 2.6% in July

South Korea's inflation picked up pace in July on high prices of fruits and petroleum products, though it stayed below 3 percent for the fourth consecutive month, data showed Friday. Consumer prices, a key gauge of inflation, rose 2.6 percent on-year last month, compared with a 2.4 percent increase a month earlier, according to the data from Statistics Korea. It was the first time in six months that the price growth accelerated. In January, inflation slowed to 2.8 percent, dropping below 3

Aug. 2, 2024

S. Korea's inflation picks up in July on high fruit, oil prices

South Korea's inflation picked up pace in July on high prices of fruits and petroleum products, though it stayed below 3 percent for the fourth consecutive month, data showed Friday. Consumer prices, a key gauge of inflation, rose 2.6 percent on-year last month, compared with a 2.4 percent increase a month earlier, according to the data from Statistics Korea. It was the first time in six months that the price growth accelerated. In January, inflation slowed to 2.8 percent, dropping below 3

Aug. 2, 2024

Seoul stocks open sharply lower on US losses amid slowdown woes

Seoul shares opened sharply lower Friday, tracking overnight losses on Wall Street, as disappointing US economic data raised concerns over an economic slowdown despite the Fed's rate-cut signals. The benchmark Korea Composite Stock Price Index fell 68.48 points, or 2.47 percent, to 2,709.20 in the first 15 minutes of trading. US data showed unemployment claims hit the highest in almost a year and manufacturing shrank. The monthly employment data is set to be released Friday. The Fed signale

Aug. 2, 2024

Samsung's union tells members to return to work as it eyes prolonging strike

Samsung Electronics Co.'s labor union instructed its striking members Thursday to return to work by early next week, but made it clear the strike will continue for the long haul. The National Samsung Electronics Union, the largest labor union of the South Korean tech giant, made the announcement on its YouTube channel, calling on its 31,000 members to go back to work, effective immediately, and by next Monday to shift the fight to "a long-term plan." "We need a transition o

Aug. 1, 2024

Seoul shares up for 2nd day on Fed's rate-cut signal

South Korean stocks increased for two straight sessions Thursday driven by the US Federal Reserve's strong signal for a rate cut next time. The local currency rose sharply against the US dollar. The benchmark Korea Composite Stock Price Index increased 6.99 points, or 0.25 percent, to close at 2,777.68, following a 1.19 percent rise the previous day. Trade volume was moderate at 463.9 million shares worth 10.6 trillion won ($7.75 billion), with gainers outnumbering losers 632 to 247. Foreig

Aug. 1, 2024

US Fed’s dovish signal puts Korean rate cut on table

The US Federal Reserve's signal for a key rate cut has paved the path for the Bank of Korea to embark on an interest rate-cutting cycle soon, amid concerns about surging household debts and currency volatility. After keeping the benchmark rate unchanged at a range of between 5.25 and 5.5 percent, US Fed Chair Jerome Powell hinted the Fed could bring down the rate soon on the condition the US economy follows its expected path. Fueled by the anticipation of the Fed’s rate cut, the value

Aug. 1, 2024

Samsung, LG's electric auto parts sales soar despite EV slump

The Korean automotive electric parts sector is thriving even as electric vehicle sales slow down, driving significant gains for Samsung Electronics and LG Electronics in the second quarter. Automotive electric parts encompass a range of components integral to modern vehicles, particularly electric and hybrid models. These include infotainment systems offering multimedia and connectivity features, digital cockpits replacing analog gauges with digital displays and premium car audio systems from

Aug. 1, 2024

Samsung labor union demands chief step in

Samsung Electronics’ labor union protested in front of Chairman Lee Jae-yong’s residence in Seoul on Thursday, calling on the Samsung chief to step in over their stalled wage talks with management. The National Samsung Electronics Union, which accounts for about 24 percent of the total workforce of the tech giant, launched an indefinite strike on July 8. “We ask Chairman Lee to come forward and show his position to resolve the full-scale strike,” the union said at a press

Aug. 1, 2024

[KH Explains] Can Korea commercialize UAM in 2025?

Korea’s private and public sectors have been working relentlessly to commercialize urban air mobility, or UAM, in 2025 as the country looks to take the lead in the up-and-coming global UAM sector. The Ministry of Land, Infrastructure and Transport has laid out the K-UAM roadmap with two-part demonstration projects of "Grand Challenges," or GC1 and GC2. The ministry explained that UAM, which mainly focuses on utilizing electric vertical take-off and landing, or eVTOL, aircraft to

Aug. 1, 2024

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

Aug. 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

Aug. 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

Aug. 1, 2024