Prosecution raids Tmon, WeMakePrice, Qoo10 chief's home in e-commerce payment probe

SEOUL, August 01 (AJU PRESS) — Seoul prosecutors raided offices of Tmon and WeMakePrice and the home of the CEO of their parent company Qoo10 on Thursday as part of an investigation into the ongoing payment delay crisis at the two e-commerce platforms. The Seoul Central District Prosecutors’ Office said prosecutors and investigators were sent to seven offices of Tmon, WeMakePrice and Qoo10 Korea. Search and seizure operations were also carried out at three homes of t

August 1, 2024

Real estate consultancy RSQUARE sets sights on global expansion

SEOUL, August 01 (AJU PRESS) - Commercial real estate firm RSQUARE is planning to expand into the global market, starting with Southeast Asia. CEO Johnwoo Lee shared this ambitious vision in an interview with Aju Press on Tuesday, highlighting the firm's unique database-driven services. Established in 2009, RSQUARE began as a commercial real estate brokerage service provider. It has since broadened its offerings to include real estate information, consulting, design, and const

August 1, 2024

Korean fencers win gold in men's sabre team competition

SEOUL, August 01 (AJU PRESS) - South Korea etched its name in Olympic history on Wednesday, capturing its third consecutive gold medal in men's sabre fencing. The victory over Hungary in the gold medal match at the Paris Summer Games solidified the nation's dominance in the sport. World No. 1 South Korea defeated third-ranked Hungary 45-41 in a thrilling final. Oh Sang-uk, Gu Bon-gil, and Park Sang-won were the starting lineup, with Do Gyeong-dong subbing in for Gu. Oh

August 1, 2024

Opinion: Hamas leader's killing in Tehran likely to further escalate violence in Middle East

SEOUL, August 01 (AJU PRESS) - Palestinian militant group Hamas says its top political leader, Ismail Haniyeh, has been killed in his home in Tehran. It blames Israel for the attack, saying it was "a Zionist airstrike on his residence in Tehran after he participated in the inauguration of Iran's new president." Iran has not yet given any details on how Haniyeh was killed, but says it is under investigation. With the war in Gaza showing no sign of abating and the who

August 1, 2024

Payment delay crisis spreading to three other Qoo10-owned platforms

SEOUL, July 31 (AJU PRESS) - The payment delay crisis at Tmon and WeMakePrice, Korean e-commerce platforms owned by Qoo10, is now spreading to at least three other local units of the Singapore-based company. Interpark Books, Interpark Shopping, and AK Mall, all operated by Qoo10-affiliated Interpark Commerce, are suspending operations due to the financial fallout from Tmon and WeMakePrice, the companies said Wednesday. "Due to recent unsettled payments by Tmon and WeMakePr

July 31, 2024

Shinsegae to launch off-price retail store in Laos

SEOUL, July 31 (AJU PRESS) - Shinsegae Department Store said Wednesday it has signed a franchise agreement with a Laotian company to launch its off-price retail concept, Factory Store, in the Southeast Asian country next year. In partnership with Grandview Property, a subsidiary of Laos' largest private enterprise, Kolao Group, the first overseas Factory Store is scheduled to open in Vientiane's Kokkok Mega Mall in the first half of 2025. The Korean retail giant aims to l

July 31, 2024

Samsung to begin mass production of advanced AI chips in third quarter

SEOUL, July 31 (AJU PRESS) — Samsung Electronics announced Wednesday that it will begin mass production of advanced high-bandwidth memory (HBM) chips in the third quarter of 2024 to meet the growing demand for high-performance chips used in artificial intelligence processors. During its second-quarter 2024 earnings call, Kim Jae-jun, vice president of memory strategic marketing, said Samsung plans to produce and supply 8-layer HBM3E products in the third quarter, with 12-lay

July 31, 2024

S. Korea adds more medals at Paris Olympics

SEOUL, July 31 (AJU PRESS) - With four days into the Summer Olympics in Paris, South Korea added more medals in its tally on Tuesday. Table tennis duo Lim Jong-hoon and Shin Yu-bin won bronze in the mixed doubles, defeating their opponents from Hong Kong in the third-place match. Their bronze medal ended a 12-year drought since the country won silver in the men's team event in 2012. Tuesday's victory is even more special for Lim, who was due to begin his mandatory militar

July 31, 2024

'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

Elon Musk praises Korean shooting ace at Paris Olympics

SEOUL, July 31 (AJU PRESS) - Tesla CEO Elon Musk Tuesday lauded Korean shooter Kim Ye-ji who won silver in the women’s 10-meter air pistol at the Paris Olympics in France early this week. The tech billionaire wrote on X, "She should be cast in an action movie. No acting required!" Along with a video clip of the Korean silver medalist calmly shooting at a target he also tweeted on X, "Would be cool to have a shooting world champion in an action movie."

July 31, 2024