Korea urged to boost efforts to stabilize pharmaceutical supply chains

SEOUL, April 22 (AJP) - South Korea is lagging behind other major nations in implementing systems to address pharmaceutical supply chain instabilities, according to a report by the Korea Institute of Science&Technology Evaluation and Planning (KISTEP). In its latest edition of "Science, ICT Policy and Technology Trends," KISTEP underscores the urgent need for specific legislation and comprehensive mapping of supply chains to ensure a stable supply of medications during

April 22, 2025

Major banks may face sanctions over alleged collusion on mortgage terms

SEOUL, April 22 (AJP) - South Korea’s antitrust watchdog has wrapped up a re-investigation into allegations that the country’s four largest banks colluded on mortgage lending practices, with regulatory sanctions expected to follow in the coming months. The Fair Trade Commission (FTC) has issued formal examination reports to KB Kookmin, Woori, Shinhan, and Hana banks, according to industry sources. The case centers on claims that the lenders shared approximately 7,500

April 22, 2025

Bank of Korea seeks stronger role in shaping stablecoin regulations

SEOUL, April 21 (AJP) - The Bank of Korea plans to take an active role in upcoming legislative deliberations on virtual assets, stressing the need for a distinct regulatory framework for stablecoins due to their potential impact on monetary policy and financial stability. In its report released Monday, the central bank warned that stablecoins — cryptocurrencies typically pegged to a national currency — carry characteristics that differ significantly from other digital

April 21, 2025

South Korea cracks down on origin fraud in exports to US

SEOUL, April 21 (AJP) - South Korean customs officials have uncovered a surge in falsely labeled exports to the United States during the first quarter of 2025, raising concerns over a growing trend of trade fraud aimed at circumventing punitive American tariffs. The Korea Customs Service (KCS) announced Monday that it has launched a special trade security investigation unit focused on combating origin fraud in exports — specifically targeting products subject to U.S. anti-dump

April 21, 2025

Japan imports Korean rice for first time in decades amid soaring prices

SEOUL, April 21 (AJP) - For the first time since official export records began in 1990, Japan has imported South Korean rice for commercial sale, as a deepening domestic rice shortage pushes prices to record highs. According to South Korean agricultural officials, two metric tons of rice from Haenam County in South Jeolla Province cleared Japanese customs on April 8 and began selling in Korean supermarkets across Tokyo on April 10. The rice, marketed under the brand “Ttan

April 21, 2025

Korea's customs revenue shrinks amid free trade push

SEOUL, April 21 (AJP) - South Korea’s customs duty revenue has dwindled to just 0.6 percent of total tax income, a sharp decline driven by an aggressive expansion of free trade agreements and the use of tariff quota mechanisms. In contrast, the United States has seen its customs receipts rise to 1.6 percent of total tax revenue, reflecting a more protectionist trade stance. According to a report released by the National Assembly Budget Office, South Korea collected 7 trilli

April 21, 2025

E-mart challenges Daiso in budget beauty market

SEOUL, April 21 (AJP) - E-Mart has stepped into the ultra-budget cosmetics market with the launch of a new skincare line developed in collaboration with LG Household & Health Care, marking a strategic push to capture cost-conscious beauty consumers. The retail firm announced Monday that it has debuted “Glowvby Beyond,” a new line under LG H&H’s beauty brand Beyond. The collection includes eight skincare products, each priced at 4,950 won (approximately

April 21, 2025

Korea's dried seaweed exports hit new records in first quarter

SEOUL, April 21 (AJP) - South Korea’s dried seaweed exports soared to record levels in the first quarter of 2025, fueled by rising global appetite for seaweed, particularly in the United States and China. Exports of dried seaweed — known as gim in Korean — reached $281 million between January and March, marking a 21.1 percent increase from the same period last year, according to data released Monday by the Korea Agro-Fisheries & Food Trade Corporation. Expor

April 21, 2025

Hyundai Motor reaches sales milestone of 500,000 Palisades in US

SEOUL, April 20 (AJP) - Hyundai Motor has sold over 500,000 units of its Palisade sport utility vehicle (SUV) in the U.S., the South Korea's largest automaker said on Sunday. According to Hyundai, the cumulative sales of the SUV have reached 506,425 units as of last month, achieving the milestone about six years after its launch there in 2019. The Palisade has maintained steady sales in the world's largest auto market, with 28,736 units sold in 2019, 82,661 in 2020, and 8

April 20, 2025

Gold prices hit record high amid trade tensions

SEOUL, April 18 (AJP) - International gold prices surged to new highs this week as investors sought refuge from rising global trade tensions. Spot gold touched an all-time high of $3,350 per troy ounce on Wednesday before settling at $3,338.43, marking a 3.61 percent gain from the previous session. On the New York Mercantile Exchange, June gold futures also mirrored the momentum, closing at $3,355.10 per ounce — sustaining a remarkable upward trend in precious metals. By F

April 18, 2025