Trump vows to abolish CHIPS Act, criticizes South Korea on tariffs

SEOUL, March 5 (AJP) - U.S. President Donald Trump pledged to dismantle the CHIPS Act during his first address to Congress since beginning his second term, while alleging that South Korea imposes tariffs on American goods at rates "four times higher" than those levied by the U.S. "The CHIPS Act is a horrible, horrible thing," Trump said. "We give hundreds of billions of dollars, and it doesn't mean a thing. They take our money, and they don't spend i

March 5, 2025

Oasis applies to become Tmon's conditional preferred bidder

SEOUL, March 05 (AJP) - Fresh food delivery company Oasis has emerged as the leading bidder to acquire the e-commerce platform Tmon, which is currently undergoing debt rehabilitation. According to industry sources on Wednesday, Tmon filed an application with a Seoul court on Tuesday, requesting that Oasis be designated as its conditional preferred bidder in the ongoing acquisition process. Tmon and WeMakePrice — collectively known as "Timef" — have been en

March 5, 2025

MBK Partners blamed for Homeplus crisis

SEOUL, March 5 (AJP) - MBK Partners, the private equity firm that acquired Homeplus in 2015 through a leveraged buyout, is facing criticism as the South Korean retail giant filed for court-supervised debt rehabilitation on Tuesday. The move, citing short-term liquidity concerns, has intensified scrutiny over MBK’s management strategy, which left the retailer burdened with heavy debt. Homeplus, which generates annual revenue exceeding 7 trillion won (US$4.8 billion), said it

March 5, 2025

Korea's per capita income rises to $36,624 in 2024

SEOUL, March 05 (AJP) - South Korea’s per capita gross national income (GNI) edged up 1.2 percent in 2024 to reach $36,624, the Bank of Korea reported on Wednesday. In local currency terms, per capita GNI stood at 49.96 million won, marking a 5.7 percent increase from 47.25 million won in the previous year. The nation’s nominal gross domestic product (GDP) expanded to 2,549.1 trillion won, or approximately $1.87 trillion, reflecting gains of 6.2 percent in won terms

March 5, 2025

Seeking to counter China, US looks to South Korea for naval shipbuilding

Editor's Note: This is the first in a series of stories examining how the Trump administration’s economic policies affect South Korea's key industries. From trade restrictions to shifting global supply chains, we explore the challenges businesses faced, how they adapted, and the lasting effects on the country’s economy. SEOUL, March 4 (AJP) - As the Trump administration presses ahead with its "Make America Great Again" agenda, the White House is looking

March 5, 2025

Trump will pursue US dominance in expanding space economy: Korean institute

SEOUL, March 5 (AJP) - The Trump administration is expected to pursue an aggressive expansion of the United States’ role in the growing space economy, particularly in the Earth-Moon-Mars sphere, according to a report from South Korea’s science and technology policy institute. The Korea Institute of S&T Evaluation and Planning (KISTEP), in a briefing released on Feb. 28, indicated that a renewed Trump presidency would likely reinforce policies emphasizing space commer

March 5, 2025

Homeplus seeks court's protection in dealing with debts

SEOUL, March 04 (AJP) - Homeplus, one of South Korea’s leading retail chains, filed for a court-supervised debt rehabilitation program on Tuesday, citing concerns over short-term liquidity following a recent credit rating downgrade. The company submitted its application to the Seoul Bankruptcy Court in what it described as a “preemptive” measure to stabilize its financial standing. A Homeplus spokesperson said that despite growth in both online and offline sal

March 4, 2025

SK hynix US sales more than double in 2024 on strong HBM demand

SEOUL, March 04 (AJP) - SK hynix more than doubled its U.S. sales in 2024, propelled by surging demand for high-bandwidth memory (HBM) chips from major American technology firms. According to a company disclosure on Tuesday, SK hynix America posted sales of 33.49 trillion won ($24.5 billion) last year, marking a sharp increase from 12.54 trillion won in 2023. Net profit for the U.S. unit reached 104.9 billion won. The United States accounted for 58 percent, or 27.31 trillion wo

March 4, 2025

Korea seeks trilateral partnership with US, Japan for Alaska gas project

SEOUL, March 04 (AJP) - South Korea has expressed interest in joining Alaska’s natural gas development project, seeking a trilateral partnership with the United States and Japan, according to government sources familiar with the discussions, Tuesday. Industry Minister Ahn Duk-geun conveyed South Korea’s interest during meetings with U.S. Commerce Secretary Howard Lutnick and Doug Burgum, chairman of the White House National Energy Council, in Washington, D.C., from Jan

March 4, 2025

Ilyang pulls health supplements from Daiso stores amid pharmacist backlash

SEOUL, March 04 (AJP) - Ilyang Pharmaceuticals has withdrawn its health supplements from Daiso stores just five days after launch, following fierce opposition from pharmacists who argued that the discounted prices undercut traditional pharmacies. The decision to pull the products disappointed many consumers, who had welcomed the opportunity to purchase affordable supplements at a widely accessible discount retailer. Daiso confirmed that it would not restock Ilyang’s nine

March 4, 2025