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The Korea Herald

Economy

August 06, 2024
Govt. sets deadline for Qoo10 crisis consumer refunds

Customers who have yet to receive refunds after purchasing general products from e-commerce platforms Tmon and WeMakePrice due to a liquidity crisis surrounding the companies will get their money back by the end of this week, officials said Tuesday. Finance Minister and Deputy Prime Minister Choi ...
August 05, 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...
August 04, 2024
S. Korea's kimchi exports achieve record high in H1

South Korea's kimchi exports have hit a record high in the first half of this year, largely driven by increasing demand for a healthier diet and the growing popularity of Korean culture and cuisine, particularly in the US and European markets. The country exported more than 23,852 tons of kimchi i...
August 02, 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 ath...
August 01, 2024
Buyout deals surface amid Qoo10 affiliates' exit rush

The situation is further complicated by questionable capital flows into the parent company from its Korean units. Financial regulators found signs of illegal activity when tracking Qoo10's capital and requested a prosecution investigation. On Thursday, prosecutors raided Tmon and WeMakePrice's hea...
August 01, 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, as surging household debts and currency volatility remain a concern. While keeping the benchmark rate unchanged at a range of between 5.25 and 5.5 percent, ...
August 01, 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 demo...
August 01, 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 Commerc...
August 01, 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 trill...
July 31, 2024
Korean Intellectual Property Office chief vows bold steps to safeguard export innovations

The Korean Intellectual Property Office is accelerating global efforts to enhance intellectual property rights for Korean export companies. At the recent World Intellectual Property Organization General Assembly, KIPO engaged in bilateral meetings with representatives from 10 countries. KIPO Commi...
July 31, 2024
Global IP alliances propel Korea’s patent office to new heights

KIPO is also enhancing infrastructure for intellectual property in major cities. On July 12, it held an opening ceremony for the European IP center in Frankfurt, Germany. This event marked the launch of the revamped regional European IP-Desk, restructured this year to provide faster support to Kor...
July 30, 2024
[Business Diplomacy] As Trump targets EVs, Hyundai-Kia shifts gears to hybrids

Last year alone, Korean battery companies received about 1.3 trillion won ($9.4 billion) in IRA tax credits. Excluding the IRA tax credits, LG Energy Solution reported an operating loss of 252.5 billion won in its second-quarter earnings report last Thursday. SK On could have accumulated more than ...
July 28, 2024
Qoo10 pressured to secure cash for troubled Korean units

While the nation’s two online shopping platforms Tmon and WeMakePrice struggle with the 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 repo...
July 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...
July 25, 2024
LG Electronics achieves record earnings in Q2

LG Electronics said Thursday it achieved its all-time high quarterly earnings in the April-June period this year, largely buoyed by the solid growth of its home appliance and vehicle component businesses. Sales increased 8.5 percent on-year to 21.7 trillion won ($15.7 billion) in the second quarte...

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Herald Corporation |CEO : Choi Jin-Young |Huam-ro 4-gil 10, Yongsan-gu, Seoul, Korea |Title : The Investor |Date of registration : 2016.06.21 |Date of issue : 2016.06.21
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