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The Korea Herald

Economy

August 11, 2024
Customs agency opens probe into Tmon, WeMakePrice

The Korea Customs Service has initiated an investigation into potential damages related to overseas product purchases made through the troubled e-commerce platforms Tmon and WeMakePrice. The probe comes in response to customer reports that items purchased through these platforms cleared customs bu...
August 08, 2024
W630b Korean trades canceled amid huge global sell-off

Approximately 630 billion won ($457.3 million) in trades by South Korean investors were canceled following a recent suspension in after-hours trading in the US largely due to a surge in order volume, Korean authorities said Thursday. According to the Financial Supervisory Service, the cancellation...
August 08, 2024
[KH Explains] Are underground parking bans for EVs fueled by fear or fact?

Meanwhile, businesses are also taking action. In response to the fire, LG Display has moved the EV chargers at its Paju plant from underground parking to ground level. Similarly, the Korea International Trade Association plans to relocate all EV charging stations from the third basement floor of th...
August 07, 2024
SMEs gain ground in procurement market with PPS guide

Small and medium-sized enterprises in South Korea are making significant inroads into the nation’s public procurement market, a sector estimated to be worth a staggering 209 trillion won ($154 billion) as of last year, according to a report by the Public Procurement Service published in May. Aidin...
August 07, 2024
[Herald Interview] Procurement chief aims for greater transparency, charts global path for SMEs

The Public Procurement Service, responsible for managing procurement contracts worth 209 trillion won ($152 billion) last year — a third of the South Korean government's entire spending — serves as both an allocator of domestic demand and a driver of innovation for the country’s thriving small a...
August 07, 2024
Public Procurement Service helps Korean businesses reach global stage

South Korea's Public Procurement Service is spearheading efforts to help local businesses break into the global procurement market, valued at an estimated $12 trillion. Of this total, Korean companies are positioned to vie for a lucrative $2 trillion portion, presenting a significant opportunity fo...
August 07, 2024
Govt. rolls out W1.2tr aid package for Qoo10 liquidity crisis

The Korean government announced on Wednesday a policy support package totaling 1.2 trillion won ($871 million) to address damage from Tmon and WeMakePrice payment delays, with refunds for general products to be completed within the week. The measures, part of a follow-up support plan announced by ...
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...

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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
Publisher. Editor : Choi Jin-Young |Chief Privacy Officer & Juvenile Protection Manager : Choi He-suk |T +82-2-727-0021 |E investor@heraldcorp.com

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