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SEOUL, March 04 (AJP) - Ilyang Pharmaceuticals has withdrawn its health supplements from Daiso stores just five days after launch, following fierce opposition from pharmacists who argued that the discounted prices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

XXIO, Srixon club importer fined for price-fixing

SEOUL, March 4 (AJP) - South Korea’s antitrust regulator has imposed a fine of 18.6 billion won ($12.8 million) on Dunlop Sports Korea for preventing retailers from offering discounts on its golf clubs. The Fair Trade Commission (FTC) found that Dunlop, which imports and distributes Japanese golf brands including XXIO and Srixon, had enforced minimum selling prices between 2020 and 2023, threatening dealers with supply cuts, financial penalties, and contract terminations if th

March 4, 2025

Korea launches alternative stock trading system, extends trading hours to 12

SEOUL, March 4 (AJP) - South Korea’s first alternative stock trading system, Nextrade (NXT), made its debut on Tuesday, extending stock trading hours to 12 hours daily and offering investors the flexibility to trade during commuting hours. Founded by the Korea Financial Investment Association in collaboration with major securities firms, NXT will initially facilitate trading for 10 stocks, with plans to expand to 800 within a month. The platform operates from 8 a.m. to 8 p.

March 4, 2025

Korea's semiconductor shipments turn negative after 16 months

SEOUL, March 03 (AJP) - South Korea’s average daily exports fell nearly 6 percent in February compared with a year earlier, bringing total exports for the first two months of the year down by more than 4 percent. Semiconductor shipments, which account for about 20 percent of South Korea’s total exports, posted their first decline in 16 months. The downturn has raised concerns about the country’s economic outlook, particularly as the auto sector — South Kore

March 3, 2025

South Korea tax revenue growth slows in January

SEOUL, March 1 (AJP) - South Korea's tax revenue rose at a significantly slower pace in January compared to a year earlier, sparking concerns about potential fiscal shortfalls as the economy shows signs of cooling. January tax collections increased by 1.5 percent year-on-year to 46.6 trillion won (US$31.8 billion), a sharp deceleration from the 7.1 percent growth recorded in the same month last year, according to data released by Statistics Korea on Friday. The revenue progre

March 1, 2025

Korean industry minister forges ties with Trump administration officials

SEOUL, March 1 (AJP) - South Korea's Minister of Trade, Industry and Energy, Ahn Duk-geun, has conducted a series of high-level meetings with senior Trump administration officials in Washington D.C., marking the first major trade discussions between the two nations since President Trump's second inauguration. The meetings, which took place from Feb. 26 to 28, included talks with Secretary of Commerce Howard Lutnick, Secretary of the Interior Doug Burgum, and U.S. Trade Repre

March 1, 2025

Korea to open anti-dumping probe into Chinese, Japanese steel

SEOUL, February 28 (AJP) - South Korea’s trade commission will launch an investigation into alleged dumping of hot-rolled steel products from China and Japan, the Ministry of Trade, Industry and Energy said on Friday. The Korea Trade Commission is set to formally begin its probe after publishing a notice in the government gazette on March 4. The investigation will unfold in two phases: an initial inquiry lasting up to five months, with preliminary findings expected as early

February 28, 2025

300 tons of molten iron spills at Hyundai Steel plant in Dangjin

SEOUL, February 28 (AJP) - A fire broke out early Friday at Hyundai Steel’s furnace in Dangjin, South Chungcheong Province, after approximately 300 tons of molten iron spilled from a cracked transport container, fire authorities said. The incident occurred at 2:26 a.m. as the molten iron was being transported via the plant’s internal railway system. A fissure in the container caused the material to leak onto the tracks, igniting a blaze. Emergency workers responded sw

February 28, 2025

Orion's Choco Pie hits record sales of 4 billion units in 2024

SEOUL, February 28 (AJP) - Orion Corp.'s signature confection, the Choco Pie, achieved record-breaking global sales in 2024, surpassing 4 billion units and generating revenue of 580 billion won ($435 million), the company said Friday. The chocolate-covered marshmallow treat, which marked its 50th anniversary last year, has sold more than 50 billion units since its 1974 debut. Over the past five decades, total sales have exceeded 8 trillion won, with international markets ac

February 28, 2025

Video streaming firm Wavve faces damage suit for copyright infringement

SEOUL, February 27 (AJP) - The Korea Music Copyright Association (KOMCA) has filed a lawsuit against the online video streaming service Wavve, seeking approximately 40 billion won ($27.7 million) in damages for alleged copyright infringement, the association said on Thursday. The lawsuit, submitted to the Seoul Central District Court on Feb. 11, follows years of what KOMCA describes as Wavve’s refusal to pay legally required royalties for the use of copyrighted music in its st

February 27, 2025