SEOUL, Jul. 26 (Korea Bizwire) — Thousands of customers have swarmed the headquarters of TMON and WeMakePrice, two local affiliates of Singapore-based e-commerce platform Qoo10 Group, to seek refunds, according to company officials on Friday, as payment delays by the two online marketplaces sparked liquidity woes among sellers. TMON and WeMakePrice have failed to pay [...]
SEOUL, Jul. 25 (Korea Bizwire) — Payment delays by TMON and WeMakePrice, South Korean affiliates of Singapore-based e-commerce platform Qoo10 Group, were feared to deepen liquidity woes of sellers on the online marketplaces, according to some sellers Thursday. The e-commerce platforms have failed to pay money earned by sellers in May, particularly after Qoo10 Group [...]
SEOUL, Jul. 25 (Korea Bizwire) – The number of small businesses shutting down on South Korea’s Jeju Island has increased significantly in recent years, according to local authorities. Data from the Jeju Credit Guarantee Foundation shows a steady uptick in business closures among its clients: 1,706 in 2023, 965 in 2022, 723 in 2021, and 618 [...]
SEJONG, Jul. 25 (Korea Bizwire) – The South Korean Ministry of Land, Infrastructure and Transport announced on July 24 that 12 new construction technologies, including a method for inspecting concrete cracks using autonomous drones, have been designated as innovative construction technologies for the first half of this year. Since 1989, the government has been designating new [...]
SEOUL, Jul. 24 (Korea Bizwire) – Baemin, the dominant player in South Korea’s food delivery market with over 60% market share, is facing intense scrutiny following its decision to increase service fees. Civic groups and small business associations have accused the company, also known as Woowa Brothers, of engaging in unfair practices. The government’s newly formed [...]
SEOUL, Jul. 22 (Korea Bizwire) — Alibaba.com, China’s largest online marketplace, said Monday it will open an exclusive website for South Korean companies next month, reflecting a growing demand from B2B buyers for Korean-made products. Korean products have been available at the Chinese platform, but there has been no such site that showcases only the [...]
SEOUL, Jul. 22 (Korea Bizwire) — Major South Korean shipbuilder Hanwha Ocean Co. said Monday it has signed a deal with U.S. Naval Supply Systems Command to join potential projects for the repair and maintenance of U.S. warships. Under the Master Ship Repair Agreement, Hanwha Ocean will be eligible for repair and maintenance projects for [...]
SEOUL, Jul. 18 (Korea Bizwire) – Homeplus, a major South Korean retailer, has announced the closure of two stores, sparking protests from its labor union over what it sees as a broader trend of store closures and asset liquidation. According to industry sources on July 17, Homeplus informed employees through its internal network that it would [...]
SEOUL, Jul. 18 (Korea Bizwire) — South Korea’s Bando Engineering & Construction (E&C) Co. said Thursday it has purchased part of a building in the commercial district of New York that is widely considered a landmark of the major U.S. city. Bando E&C said it has purchased the section from the basement level to the [...]
SEOUL, Jul. 18 (Korea Bizwire) – Intelligentsia Coffee, a Chicago-based specialty coffee company, said Thursday it has opened its second global outlet in Seoul to meet a rapidly growing local appetite for specialty coffee experiences. The U.S. coffee chain opened its first global outlet near Gyeongbok Palace in Seoul in February. The second store is [...]