Calls grow for legal action against MBK Partners over Homeplus crisis

SEOUL, March 7 (AJP) - South Korea’s main opposition Democratic Party has called for legal action against MBK Partners, a private equity firm, after its portfolio company, Homeplus, unexpectedly filed for court-supervised rehabilitation, alleging fraudulent intent. “It has been confirmed that Homeplus was selling corporate bonds to both institutional and individual investors right up until they entered the corporate rehabilitation process,” Cho Seung-rae, the party

March 7, 2025

Instant noodles lead South Korea's surging food exports

SEOUL, March 6 (AJP) - South Korea's food exports have doubled over the past decade, reaching $7.02 billion last year, with instant noodles driving the growth, seeing an impressive annual increase of 20.1 percent. According to a report released on Wednesday by the Korea Chamber of Commerce and Industry (KCCI), food exports have maintained an average annual increase of 8 percent since 2015, with a slight surge in the last five years. Instant noodles dominated exports with $1.3

March 6, 2025

Battle of weight-loss drugs heats up in South Korea

SEOUL, March 06 (AJP) - A high-stakes competition in the weight-loss drug market is set to unfold in South Korea this year as Eli Lilly prepares to launch its GLP-1 medication, Mounjaro, a treatment that has demonstrated stronger weight-reduction effects than Novo Nordisk’s Wegovy, which debuted in the country late last year. According to medical sources, Eli Lilly is poised to introduce Mounjaro in its “single-dose vial” form as early as the first half of this y

March 6, 2025

Tax office investigates political YouTubers for potential tax evasion

SEOUL, March 6 (AJP) - South Korea’s National Tax Service (NTS) has begun scrutinizing political YouTubers over potential tax evasion, following concerns raised in the National Assembly regarding their fundraising practices. “If specific evidence of tax evasion is detected through financial intelligence data and foreign exchange transaction records, we plan to respond with rigorous tax audits,” an NTS official said. Despite ongoing monitoring, the agency has yet

March 6, 2025

South Korea to set up 50 trillion won fund to support high-tech industries

SEOUL, March 6 (AJP) - The South Korean government plans to inject 50 trillion won ($34.6 billion) over the next five years into key high-tech industries, including semiconductors, biotechnology, and artificial intelligence, through a newly established strategic fund. The initiative, led by the Ministry of Economy and Finance, will be managed within the state-run Korea Development Bank (KDB). The fund will be financed through government-guaranteed bonds, marking a significant push t

March 6, 2025

HD Hyundai rides shipbuilding super cycle with strategic moves

Editor's Note: This article is the ninth 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 06 (AJP) - HD Hyundai Heavy Industries, a dominant force in global shipbuilding, recently secured a $314 million contract with Malaysia’s MISC for two Very Large Ethane Carriers (VLECs), reinforcing its leadership in high-value vessel construction.

March 6, 2025

Trump vows to abolish CHIPS Act, criticizes South Korea on tariffs

SEOUL, March 5 (AJP) - U.S. President Donald Trump pledged to dismantle the CHIPS Act during his first address to Congress since beginning his second term, while alleging that South Korea imposes tariffs on American goods at rates "four times higher" than those levied by the U.S. "The CHIPS Act is a horrible, horrible thing," Trump said. "We give hundreds of billions of dollars, and it doesn't mean a thing. They take our money, and they don't spend i

March 5, 2025

Oasis applies to become Tmon's conditional preferred bidder

SEOUL, March 05 (AJP) - Fresh food delivery company Oasis has emerged as the leading bidder to acquire the e-commerce platform Tmon, which is currently undergoing debt rehabilitation. According to industry sources on Wednesday, Tmon filed an application with a Seoul court on Tuesday, requesting that Oasis be designated as its conditional preferred bidder in the ongoing acquisition process. Tmon and WeMakePrice — collectively known as "Timef" — have been en

March 5, 2025

MBK Partners blamed for Homeplus crisis

SEOUL, March 5 (AJP) - MBK Partners, the private equity firm that acquired Homeplus in 2015 through a leveraged buyout, is facing criticism as the South Korean retail giant filed for court-supervised debt rehabilitation on Tuesday. The move, citing short-term liquidity concerns, has intensified scrutiny over MBK’s management strategy, which left the retailer burdened with heavy debt. Homeplus, which generates annual revenue exceeding 7 trillion won (US$4.8 billion), said it

March 5, 2025

Korea's per capita income rises to $36,624 in 2024

SEOUL, March 05 (AJP) - South Korea’s per capita gross national income (GNI) edged up 1.2 percent in 2024 to reach $36,624, the Bank of Korea reported on Wednesday. In local currency terms, per capita GNI stood at 49.96 million won, marking a 5.7 percent increase from 47.25 million won in the previous year. The nation’s nominal gross domestic product (GDP) expanded to 2,549.1 trillion won, or approximately $1.87 trillion, reflecting gains of 6.2 percent in won terms

March 5, 2025