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SEOUL, March 04 (AJP) - Ilyang Pharmaceuticals has withdrawn its health supplements from Daiso stores just five days after launch, following fierce opposition from pharmacists who argued that the discounted prices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

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