Scrutiny intensifies on MBK Partners chief amid Homeplus crisis

SEOUL, March 20 (AJP) - South Korea's Financial Supervisory Service (FSS) has launched an investigation into private equity firm MBK Partners over its role in the court-supervised restructuring of the retail chain Homeplus. FSS Governor Lee Bok-hyun said Wednesday the regulator's task force had begun an inspection of MBK, the majority shareholder of Homeplus. The inquiry follows heightened concerns about MBK's transparency, particularly after Chairman Kim Byung-ju failed

March 20, 2025

China's Temu expands in South Korea with major logistics hub

SEOUL, March 20 (AJP) - Chinese e-commerce giant Temu has secured its first major logistics facility in South Korea, signaling a significant escalation in its expansion strategy just two years after entering the market. According to industry sources, the company has signed a long-term lease for a sprawling distribution center in Gimpo near Seoul. The 165,000-square-meter facility — roughly the size of 23 soccer fields — features ten floors above ground and one below, equ

March 20, 2025

National debt of South Korea surpasses 6,000 trillion won for first time

SEOUL, March 20 (AJP) - South Korea’s national debt surpassed 6,222 trillion won ($4.27 trillion) for the first time in the third quarter of 2024, reaching approximately 2.5 times the country’s gross domestic product, according to data released on Thursday by the Bank for International Settlements. The country’s non-financial sector credit — which includes household, corporate and government debt — rose 4.1 percent from a year earlier to 6,222 trillion

March 20, 2025

K-beauty on budget: Daiso's affordable finds for tourists, locals

Editor's Note: This article marks the first in a series exploring the evolving landscape of the Korean beauty industry and the products that captivate international visitors. This series is designed to offer insights into the products, brands, and cultural shifts defining Korea’s beauty scene today. SEOUL, March 19 (AJP) - Visitors to South Korea often joke about needing an extra suitcase just for beauty products. Yet, for first-time shoppers, navigating the country&r

March 20, 2025

Korean pharma leader Celltrion's biosimilar push gains momentum

Editor's Note: This article is the 11th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, March 19 (AJP) - South Korean biopharmaceutical firm Celltrion is making significant strides in the U.S. biosimilar market, a rapidly evolving and highly competitive sector, even as potential tariffs cast uncertainty over the industry’s future. The company h

March 20, 2025

K-beauty YouTuber draws crowds at Leferi's latest Seoul pop-up

SEOUL, March 19 (AJP) - A new pop-up store by global beauty retail company Leferi is drawing throngs of visitors at The Hyundai Seoul department store, offering rare in-person consultations with Minsco, a prominent Korean beauty creator. Since its launch on March 14, "Minsco Select Store" has captivated fans eager to receive personalized makeup advice from the influencer, who has amassed more than 810,000 subscribers across social media. The store marks Leferi’s

March 19, 2025

Credit card delinquency rate hits decade-high in South Korea

SEOUL, March 19 (AJP) - The delinquency rate for credit card companies in South Korea climbed to its highest level in a decade last year, as tightening bank loan regulations and worsening economic conditions placed additional strain on borrowers. The Financial Supervisory Service (FSS) reported that the delinquency rate for the country’s eight major credit card firms reached 1.65 percent at the end of 2024, marking a 0.2 percentage point increase from the previous year. This f

March 19, 2025

SK hynix showcases advanced AI memory solutions at Nvidia's GTC 2025

SEOUL, March 19 (AJP) - SK hynix is making a prominent appearance at Nvidia’s Global AI Conference, GTC 2025, taking place from March 17 to 21. Under the theme “Memory, Powering AI and Tomorrow,” the company is showcasing a suite of cutting-edge memory products designed for artificial intelligence applications across data centers, on-device computing, and the automotive sector. Among the highlights of SK hynix’s exhibit is its HBM3E 12-layer high-bandwidth

March 19, 2025

US biotech firms urge Korea to ease restrictions on modified crops

SEOUL, March 19 (AJP) - U.S. biotechnology companies are pressing South Korea to revise its laws governing living modified organisms (LMOs), arguing that the country’s approval process for agricultural imports is overly stringent and lacks transparency. The Biotechnology Innovation Organization (BIO), the world’s largest biotech trade group based in Washington, recently submitted a formal request to the Office of the United States Trade Representative (USTR), describing

March 19, 2025

Food, restaurant chains raise delivery prices despite lower app fees

SEOUL, March 18 (AJP) - A growing number of South Korean restaurants are charging higher prices for delivery orders than for in-store purchases, despite recent changes in commission rates by major food delivery platforms. Industry sources said Tuesday that several major chains, including Ediya Coffee, Mom's Touch, and Gupne Chicken, have adopted dual pricing structures for delivery orders. Ediya Coffee, which operates approximately 3,000 stores nationwide, announced that st

March 18, 2025