Industry

  • Procurement dispute emerges over Koreas first privately-led geostationary satellite
    Procurement dispute emerges over Korea's first privately-led geostationary satellite SEOUL, April 22 (AJP) - A procurement dispute has erupted over South Korea’s first privately-led geostationary satellite development project, underscoring growing competition in the country’s burgeoning space sector. Industry sources said Tuesday that the committee overseeing the Chollian Satellite 5 project selected LIG Nex1 as the preferred negotiation partner for developing the satellite bus. The decision prompted a formal objection from rival bidder Korea Aerospace April 22, 2025
  • Korea urged to boost efforts to stabilize pharmaceutical supply chains
    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
    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
    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
    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
    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
  • Koreas customs revenue shrinks amid free trade push
    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
    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
  • Koreas dried seaweed exports hit new records in first quarter
    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
    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