Korean cable maker Taihan secures $137 million US contract

SEOUL, July 25 (AJU PRESS) - Taihan Cable & Solution has secured a 190 billion won ($137 million) deal to supply high-voltage power cable systems for a major grid modernization project in the eastern United States, the Korean company said Thursday. The contract, which marks Taihan’s largest-ever in the U.S., involves providing 138kV and 345kV cables and connectors to replace aging power infrastructure. The deal, awarded to Taihan's U.S. subsidiary T.E.USA, brings Ta

July 25, 2024

E-commerce platforms Tmon, WeMakePrice face escalating crisis amid payment delays

SEOUL, July 24 (AJU PRESS) - Korean e-commerce platforms WeMakePrice and Tmon are facing a mounting crisis due to prolonged payment delays to sellers, stemming from a liquidity crunch involving their Singapore-based parent company, Qoo10. The two sites have delayed settlements with sellers since early July, prompting some businesses to cancel products and withdraw from the platforms. Damages are estimated to exceed 100 billion won ($72.23 million). Major retailers, including Lott

July 24, 2024

Korean firms face setback at US beauty expo after container theft

SEOUL, July 24 (AJU PRESS) - Dozens of Korean beauty companies faced a major setback at Cosmoprof North America, a prominent industry fair in Las Vegas, after a container carrying their exhibition items was stolen en route to the event. The Korea International Trade Association (KITA) said Wednesday a container holding products from 70 Korean firms was taken while being transported from the Port of Long Beach in Los Angeles to the exhibition venue in Las Vegas. The theft occurr

July 24, 2024

Samsung Electronics partners with Krafton for mobile gaming excellence

SEOUL, July 23 (AJU PRESS) - Samsung Electronics has teamed up with game developer Krafton to enhance mobile gaming experiences on Galaxy smartphones. The collaboration focuses on optimizing Krafton's new game, "Dark and Darket Mobile," for Samsung's latest devices, including the Galaxy Z Fold6 and Z Flip6. The partnership incorporates advanced graphics technologies such as Vulkan and Ray Tracing to deliver realistic visuals. Ray Tracing will be available on high-e

July 23, 2024

Bath & Body Works doubles sales target after Korean debut: Shinsegae

SEOUL, July 23 (AJU PRESS) – U.S. fragrance and body care brand Bath & Body Works has made a successful debut in South Korea, partnering exclusively with Shinsegae Department Store. Its first Korean store, which opened on May 24 at Shinsegae's Gangnam location, has already surpassed expectations, doubling its sales target in less than two months, the department store said Tuesday. The brand's arrival addresses a longstanding demand from Korean consumers, who previ

July 23, 2024

CMG exports skincare products to Viet Nam

SEOUL, July 23 (AJU PRESS) - Korea's CMG Pharmaceutical announced Tuesday that its cosmetic products will be exported to An Thinh Phat, a Vietnamese distributor of healthcare products. CMG Pharmaceutical held a launch event for its "Dr. Bargo" brand in Hanoi on Sunday along with An Thinh Phat and Seoul-based distribution company Home & Mall Shopping. Dr. Bargo is a skincare brand jointly developed by CMG Pharmaceutical and Home & Mall Shopping, targeting the Vi

July 23, 2024

Korean Air signs deal to buy up to 50 Boeing planes

SEOUL, July 23 (AJU PRESS) - Korean Air has agreed to purchase up to 50 new aircraft from Boeing, marking its largest aircraft acquisition to date. The deal, worth about $30 billion, includes 20 777-9 and 20 787-10 planes, with an option for 10 additional 787-10s. The memorandum of understanding was signed at the Farnborough International Airshow in Hampshire, U.K. Walter Cho, chairman of Hanjin Group, and Stephanie Pope, president of Boeing Commercial Airplanes, attended the ceremo

July 23, 2024

Top food delivery app Baemin faces backlash over fee hike plan

SEOUL, July 23 (AJU PRESS) - Korea's largest food delivery app, Baedal Minjok (Baemin), is facing regulatory scrutiny and public criticism following its announcement to raise commission fees for restaurants. The company, which controls over 60 percent of the market, plans to increase its commission rate from 6.8 percent to 9.8 percent starting next month. Baemin is operated by Woowa Brothers, which is owned by Germany’s Delivery Hero. Civic groups are accusing Baemin

July 23, 2024

Kakao founder arrested on charges of stock manipulation

SEOUL, July 23 (AJU PRESS) - Kim Beom-su, the founder of Kakao Corp., was arrested Tuesday on charges of stock manipulation linked to the tech giant's takeover of SM Entertainment in 2023. Judge Han Jeong-seok of the Seoul Southern District Court issued an arrest warrant for Kim, citing concerns that he may destroy evidence and flee. The prosecution requested the arrest warrant last Wednesday on charges of violating the Financial Investment Services and Capital Markets Act.

July 23, 2024

KB Kookmin launches Indonesian service on mobile banking platform

SEOUL, July 22 (AJU PRESS) - KB Kookmin Bank has launched Indonesian language services on its mobile banking platform, "KB Star Banking," the major Korean lender announced Monday. Along with Indonesian, the platform offers multilingual services in nine other languages, including English, Chinese, Vietnamese, Thai and Russian. Through this new service, Indonesian speakers will be able to access account and transaction history, inquire about exchange rates, and use overse

July 22, 2024