Antitrust watchdog probes whether pharmacists blocked low-cost health products at Daiso

SEOUL, March 11 (AJP) - South Korea’s Fair Trade Commission has opened an inquiry into Ilyang Pharmaceutical’s sudden withdrawal of health supplements from Daiso stores, amid concerns that the country’s pharmacists’ association may have played a role in the decision, industry sources said Tuesday. The antitrust regulator is investigating whether the association’s involvement, if confirmed, constitutes a violation of fair trade laws. Ilyang Pharmace

March 11, 2025

SK Energy to supply sustainable aviation fuel to Hong Kong carrier

SEOUL, March 11 (AJP) - SK Energy announced Tuesday that it will supply more than 20,000 tons of sustainable aviation fuel to Cathay Pacific Airways by 2027, marking the first major agreement of its kind between a South Korean refiner and a Hong Kong-based airline. The deal, finalized on Monday, builds on a partnership that began in November, when Cathay Pacific started using SK Energy’s sustainable fuel for all aircraft departing from Incheon International Airport. The compan

March 11, 2025

Homeplus debt crisis deepens, shaking Korea's financial sector

SEOUL, March 11 (AJP) - South Korea’s financial sector is reeling from the aftershocks of major retailer Homeplus’ surprise filing for court-led debt restructuring last week, raising concerns over potential losses for retail investors and sparking allegations of misconduct. The nation’s second-largest retailer entered court receivership on March 4, sending shockwaves through financial markets, where approximately 600 billion won (US$411.5 million) in debt securitie

March 11, 2025

Korea slips to seventh in global auto production due to weak domestic demand

SEOUL, March 10 (AJP) - South Korea’s auto industry slipped to seventh place in global vehicle production last year, as sluggish domestic demand outweighed modest gains in exports, according to a report released Monday by the Korea Automobile & Mobility Industry Association (KAMA). The country produced 4.13 million vehicles in 2024, marking a 2.7 percent decline from the previous year. Domestic sales fell to their lowest level since 2013, dropping 6.5 percent year-on-yea

March 10, 2025

SK Group accelerates digital transformation in manufacturing

SEOUL, March 10 (AJP) - SK Group has unveiled a new initiative aimed at accelerating digital transformation (DT) across its manufacturing operations, convening top executives from more than 20 affiliated companies, including SK hynix and SK Telecom. According to industry sources, approximately 120 executives gathered last week at the Walker Hill Hotel in Seoul for the inaugural "SK Manufacturing Solutions Day," an event spearheaded by the recently established DT promotion

March 10, 2025

Falling freight rates pressuring South Korean shipping, aviation sectors

SEOUL, March 10 (AJP) - Global cargo freight rates are tumbling as U.S. tariff policies dampen trade flows, prompting South Korean shipping and aviation companies to recalibrate their business strategies. The Shanghai Container Freight Index (SCFI), a key barometer of shipping costs, fell to 1,436.3 on March 7, a decline of 42.7 percent since the start of the year and 61.5 percent from its peak in July 2024, according to the Shanghai Shipping Exchange. The index, which tracks frei

March 10, 2025

Trump tariffs backfire with global boycott of US products intensifying

SEOUL, March 10 (AJP) - A wave of consumer boycotts against American products and companies is gaining momentum across multiple continents, as nations push back against U.S. President Donald Trump’s aggressive tariff policies. The movement, which began in Canada following the imposition of a 25 percent tariff on its exports, has swiftly spread to Mexico, Latin America, and several European nations. Iconic American brands, including Coca-Cola, McDonald’s, and Starbucks, h

March 10, 2025

Homeplus struggles to regain supplier confidence amid debt restructuring

SEOUL, March 10 (AJP) - Some suppliers that had halted deliveries to Homeplus have begun resuming shipments, even as others remain hesitant amid ongoing corporate rehabilitation proceedings. According to retail industry sources, leading food manufacturers, including Ottogi, Lotte Wellfood, and Samyang Foods, have gradually restarted their supply chains since March 7. However, companies such as Dongsuh Foods and Lotte Chilsung Beverage continue to withhold shipments, with negotiation

March 10, 2025

Trump says Taiwan took most U.S. chip business, "a little bit" went to South Korea

SEOUL, March 08 (AJP) - U.S. President Donald Trump claimed on Saturday that the United States has lost its semiconductor industry primarily to Taiwan, while also mentioning South Korea's role in the global chip sector. "We gradually lost the chip business, and now it's almost exclusively in Taiwan. They (Taiwan) stole it from us. They took it from us" Trump said. "We had the chip business, and now it’s all in Taiwan, almost exclusive… a little

March 8, 2025

GM Korea labor and management to visit U.S. headquarters amid tariff concerns

SEOUL, March 08 (AJP) - Labor and management representatives of GM Korea will visit General Motors' U.S. headquarters next week to address concerns about the company's future in South Korea amid fears of withdrawal triggered by President Donald Trump's tariff threats. According to the Korean Metal Workers' Union GM Korea branch on Saturday, the delegation will visit GM's headquarters in Michigan and several local factories from March 15 to 22. CEO Hector Villa

March 8, 2025