Business
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Trump's escalating tariff policy raises global recession concerns
SEOUL, March 12 (AJP) - Concerns over a potential global recession triggered by U.S. President Donald Trump's tariff war have intensified in recent days as his escalating trade policies threaten global economic stability. Last week, the president imposed a 25 percent tariff on imports from Mexico and Canada while doubling levies on Chinese goods to 20 percent — only to announce two days later that he would delay some of those increases until April 2. A 25 percent tariff on
March 12, 2025 -
Hyundai, Toyota refocus on China amid US market uncertainty
SEOUL, March 11 (AJP) - Hyundai Motor and Toyota Motor are recalibrating their strategies in China, while the United States grapples with economic uncertainty driven by President Donald Trump’s escalating tariff regulations. China, one of the world’s most significant automotive markets, saw its electric vehicle sector capture a 30.2 percent market share in 2024, marking a 38.8 percent year-on-year increase. Overall, vehicle sales — including wholesales and imports
March 11, 2025 -
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
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South Korea belatedly scrambles to avoid fallout from inclusion on US 'sensitive country' list
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Korea leads global patent race in hair loss cosmetics
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Lee Jae-yong urges focus on technology, saying Samsung faces 'life-or-death' crisis
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North Korea vows to expand nuclear arsenal 'both in quality and quantity'
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Fashion brands open cafes in Seoul's prime shopping districts
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PHOTOS: Traditional welcome ceremony for Sungkyunkwan freshmen
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Korean firm to supply high-voltage cables to UK's National Grid
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LG, Samsung refrigerators top US Consumer Reports ratings
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Weak won fuels inflation fears as import costs rise
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Jennie's first solo album debuts at No. 7 on Billboard 200 chart