SEOUL, Nov. 29 (Korea Bizwire) – Lotte Group announced a sweeping set of initiatives on November 28 to address liquidity concerns and improve financial stability. The measures include revaluing land assets, divesting underperforming properties, and scaling back investments. As part of its strategy, Lotte is also considering exiting poorly performing overseas duty-free locations. During an [...]
SEOUL, Aug. 1 (Korea Bizwire) — Prosecutors raided the headquarters of TMON and WeMakePrice on Thursday as part of an investigation into the e-commerce platforms’ delayed payments to vendors sparked by a liquidity crisis engulfing the companies. The Seoul Central District Prosecutors Office sent investigators to the two firms’ headquarters, the home of Ku Young-bae, [...]
SEOUL, Jul. 29 (Korea Bizwire) — The government has decided to extend at least 560 billion won (US$445.07 million) of funds to support small vendors suffering from payment delays by the e-commerce platforms TMON and WeMakePrice, the finance ministry said Monday. The two South Korean marketplaces have been in a crisis after failing to make [...]
SEOUL, Jul. 2 (Korea Bizwire) — The South Korean foreign exchange market had ample liquidity in the Korean won-dollar trading on the first day with extended trading hours, the finance ministry said Tuesday, vowing enhanced market monitoring to curb possible volatility. Starting Monday, the operating hours of the foreign exchange market were extended to 9 [...]
SEOUL, April 17 (Korea Bizwire) — South Korean airlines are facing a liquidity crisis, as they have suspended most of their flights but still have hefty fixed costs and debt, industry officials said Friday. Korean Air Lines Co., the country’s biggest air carrier, looks set to suffer a cash shortage later this month, as it [...]
SEOUL, Apr. 9 (Korea Bizwire) — The South Korean unit of the U.S. auto giant GM Motors is currently facing difficulties paying its workers and subcontract companies as it faces a serious liquidity crunch, industry watchers said Sunday. According to corporate sources, Kaher Kazem, the CEO of GM Korea, recently organized a staff meeting, where [...]