Business
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'Qoo10 diverted Tmon funds bypassing internal approval'
SEOUL, July 31 (AJU PRESS) - Singapore-based e-commerce company Qoo10 reportedly diverted funds from its Korean subsidiary Tmon bypassing due internal approval procedures. Tmon and sister company WeMakePrice are facing a financial crisis after failing to pay settlements to merchants on their platforms since early July. Qoo10 borrowed 20 billion won ($14.5 million) from Tmon in April to finance its $1.73 billion acquisition of Wish, a U.S.-based global shopping platform, according
July 31, 2024 -
Samsung's net profit soars nearly sixfold as AI boom boosts chip prices
SEOUL, July 31 (AJU PRESS) - Samsung Electronics reported Wednesday that its net profit surged nearly sixfold year-on-year in the second quarter, largely driven by a rebound in chip prices amid the artificial intelligence boom. Net income surged 471 percent to 9.84 trillion won ($7.13 billion) during the April-June period, a 470 percent increase from a year earlier. Operating profit jumped 1,462 percent to 10.44 trillion won during the same period, while revenue grew 23.44 perce
July 31, 2024 -
First Korean appointed World Bank vice president
SEOUL, July 31 (AJU PRESS) - Kim Sang-bu, a former Google executive, has been appointed the World Bank's vice president for digital transformation, according to the Ministry of Economy and Finance. Kim, who previously served as Google's Asia-Pacific director of government affairs and public policy for consumer products, will begin his new role on Sept. 3. The position focuses on promoting economic development in developing countries through digital infrastructure, cyber
July 31, 2024 -
LG Chem rises to 4th place in global chemical company ranking: US magazine
SEOUL, July 31 (AJU PRESS) - LG Chem has climbed to fourth place in the global chemical company ranking by revenue, compiled by a prominent U.S. industry magazine. Chemical & Engineering News (C&EN) reported in its July 19 edition LG Chem’s sales increased by 6.5 percent to $42.3 billion (59 trillion won) in 2023, defying the industry-wide trend of declining revenues. LG Chem jumped to fourth from last year's eighth, becoming the first Korean firm to enter the top
July 31, 2024 -
SK hynix unveils world's fastest graphics memory chip
SEOUL, July 30 (AJU PRESS) - SK hynix on Tuesday unveiled its next-generation graphics memory chip, GDDR7, boasting a 60 percent increase in operation speed and 50 percent improvement in power efficiency compared to its predecessor. With speeds of up to 32Gbps, expandable to 40Gbps in certain environments, GDDR7 can process over 1.5TB of data per second when integrated with the latest graphics cards, the company said. This is equivalent to processing 300 Full-HD movies in just one s
July 30, 2024 -
Court freezes assets, debts of e-commerce firms amid payment crisis
SEOUL, July 30 (AJU PRESS) — A Seoul court on Tuesday ordered a freeze on the assets and debts of struggling e-commerce platforms Tmon and WeMakePrice, just a day after they filed for corporate rehabilitation amid a growing payment delay crisis. The Seoul Bankruptcy Court issued a preservation order to prevent the debtors from disposing of their assets, and a comprehensive stay order to prevent creditors from enforcing their claims against the debtors. The court p
July 30, 2024 -
LG Electronics expands EV charging business in partnership with Seoul City
SEOUL, July 30 (AJU PRESS) - LG Electronics signed a memorandum of understanding (MOU) with Seoul City on Tuesday to expand electric vehicle charging infrastructure and develop more user-friendly charging solutions. Under the agreement, LG will supply various charging solutions, including both fast and slow chargers, to meet diverse needs. The company plans to install over 50 rapid chargers in public spaces across Seoul by 2026. Additionally, LG will introduce at least 10 robot
July 30, 2024 -
Qoo10 chief's excessive expansion blamed for financial troubles of Korean e-commerce platforms
SEOUL, July 30 (AJU PRESS) - The CEO of Singapore-based e-commerce company Qoo10 is facing intense scrutiny in Korea as its two local platforms, Tmon and WeMakePrice, are grappling with a payment delay crisis attributed to his aggressive business expansion strategy. The Justice Ministry banned Qoo10 CEO Ku Young-bae from leaving the country on Monday as part of criminal investigations into Ku and the chief executives of its local subsidiaries. The probes were prompted by a complaint
July 30, 2024 -
Smilegate's indie platform ventures into game publishing
SEOUL, July 29 (AJU PRESS) - Stove Indie, the indie game platform of Korean game developer Smilegate, announced its entry into the game publishing business on Monday. The platform unveiled two titles that will spearhead its publishing efforts: “Love Too Easily 2” by Monster Guide Co. and “IfSunSets” by Polymorph Studios. This move allows Stove Indie to directly support the distribution and marketing of promising indie games, while Smilegate gains a diverse
July 29, 2024 -
NICE upgrades Taihan Cable's credit rating to 'A' with stable outlook
SEOUL, July 29 (AJU PRESS) - NICE Investors Service, a Korean credit rating agency, upgraded the rating for Taihan Cable & Solution from "A-" to "A" with a stable outlook, the power cable maker announced on Friday. NICE revised the rating from "A-" in 2022, citing Taihan Cable's business stability from a diverse product range, consistent revenue growth, stable operating profitability and significantly improved financial stability. The rating
July 29, 2024
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IMF cuts Japan's growth outlook to 0.3 percent
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U.S. charges Iranian official in plot to assassinate dissident in New York
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OPINION: Kim Jong-un sends North Korean troops to fight in Ukraine – here's what this means for war
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PHOTOS: National Folk Museum showcases traditional funeral dolls
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PHOTOS: Seoul holds sign language cultural festival
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PHOTOS: KES 2024 opens at COEX, highlighting AI innovations
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BLACKPINK's Jennie makes Billboard Hot 100 debut with latest single
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British Embassy's roundtable meeting raises awareness of climate change
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Workers over 60 become largest employed age group in Korea for first time
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South Korea mulls sending inspectors to Ukraine to monitor North Korean troops in Russia