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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...
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...
Hanwha Aerospace posted record operating profit of 358.8 billion won ($260 million) in the second quarter thanks to arms exports to Poland, the Korean defense firm said Wednesday. According to the company, operating profit surged by 357 percent compared to the second quarter of last year. Hanwha A...
Samsung SDI and LG Energy Solution are nearing mass production of the next-generation 46-series cylindrical battery, which is anticipated to be the next generation in battery technology. Samsung SDI is accelerating its timeline, aiming to start mass production of the 46-series cylindrical batterie...
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...
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...
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...
Qoo10 CEO Ku Young-bae pledged a "complete recovery of damages" related to the payment delays affecting its struggling e-commerce affiliates, Tmon and WeMakePrice, with government support. Addressing the National Assembly’s Political Affairs Committee on Tuesday, Ku's commitment followed the comp...
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 ...
Toss Securities, a brokerage arm under financial technology giant Viva Republica, announced Tuesday that it plans to establish a subsidiary in the US to explore further business opportunities in the country. The US entity, a 100 percent-owned subsidiary of Toss Securities, will be founded within t...
He estimated that customer losses from Tmon and WeMakePrice total around 50 billion won, primarily affecting travel-related products. To support refunds and recovery efforts, the cash-strapped company is seeking new funding through Qoo10’s overseas capital and by disposing of or using its assets ...
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 U...
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 o...
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...
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...
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