South Korea said Monday it will invest 7.8 trillion won ($6.47 billion) in 100 key strategic items to create a stable supply by 2024, in the latest move to cope with Japan's economic retaliation. "We will upgrade the competitiveness of the materials, parts and equipment industries," Hong Nam-ki, minister of economy and finance, said in a meeting with officials in Seoul.Last week, Japan decided to remove South Korea from a list of countries subject to preferential trade status in appare

Arizona-based aloe vera manufacturer Forever Living aims to appeal to Korean customers with high-quality products and marketing of its aloe vera-based health and diet supplements.Forever Living -- the largest aloe vera retailer in the world with 4 trillion won ($3 billion) in annual sales -- entered Korea in 1988.The company has a presence in dozens of countries, with its aloe vera products ranging from cosmetics to health and diet supplements.  It also runs Forever Nutraceutical, a researc

South Korean manufacturers of cutting-edge electronic components are likely to face increasing costs and burden of securing hi-tech materials and parts from Japan following the decision to remove the country from its whitelist of entrusted trade partners. Korean companies that purchase any of the 1,115 items designated as strategic materials from Japan will now be required to submit extra documents including export approval, the final users’ covenants and reasons for imports.  As many

Seeking to introduce a series of advanced mobile payment services targeting the offline market this year, tech companies are up for heated competition over the smartphone-based payment market here.Dominant Korean internet portal Naver said last month that it would soon launch a mobile payment system available at local stores and restaurants. Combined with its incumbent Naver Pay mobile payment platform, offline service “Table Order” is expected to launch in the third quarter of this

On same day, FTC imposes fine on CJ Olive Networks over violation of retail store law

South Korea's antitrust regulator said Sunday that it has fined CJ Olive Networks Co. 1 billion won ($837,000) for violating the fair transactions law.The operator of Olive Young, a leading health and beauty store chain, is accused of returning goods worth about 4.1 billion won to its suppliers without justifiable reasons between January 2014 and July 2017, according to the Fair Trade Commission. The law stipulates that a large franchise and retail business operator should not return goods witho

South Korea's trade minister said Saturday that she demanded Japan "immediately withdraw" trade curbs against Seoul at a meeting aimed at forging a 16-nation free trade deal. Trade Minister Yoo Myung-hee told reporters that she raised the matter at the two-day meeting in Beijing of the Regional Comprehensive Economic Partnership (RCEP), a proposed 16-nation free trade bloc."I called on Japan to immediately withdraw the export curbs," Yoo told reporters.Yoo also emphasized tha

South Korea's top business groups saw their operating profits dip a whopping 40 percent in the January-June period from a year earlier, market data showed Sunday, due mainly to weak performances of major tech brands such as Samsung and SK.The combined operating profit of 55 of the top 100 listed firms that announced their first-half operating profits came to 42.8 trillion won ($35.6 billion), falling sharply from 71.1 trillion won posted a year earlier, according to the data compiled by industry

159 items to be hit by Japan’s trade curbs, government vows to fully support affected firms

SK Telecom said Friday its operating profit fell due to increased spending for 5G service marketing and infrastructure buildup.Its operating profit came to 322.8 billion won ($270.7 million) in the April-June period, a 6.9-percent fall from a year ago, the nation's leading mobile carrier said in a regulatory briefing. SKT said its sales gained 6.8 percent on-year to 4.4 trillion won, led by solid profit growth from its media business.The firm's net income tumbled 71.7 percent to 259.1 billi

Following Japan’s decision on Friday to delist South Korea from its whitelist of trusted trade partners, domestic companies importing 857 items including hi-tech materials will come under tighter rules for export approval. The items categorized as “nonsensitive” in the list of Japan’s strategic materials include precision machine tools and fine chemical products, such as functional films and adhesives, as well as carbon fiber which is used to produce aircrafts and au

South Korean manufacturers of cutting-edge electronic components are likely to face increasing costs and burden of securing hi-tech materials and parts from Japan following the decision to remove the country from its whitelist of entrusted trade partners. Korean companies that purchase any of the 1,194 items designated as strategic materials from Japan will now be required to submit extra documents including export approval, the final users’ covenants and reasons for imports. As many as 85

The top-tier tech companies in South Korea, including Samsung Electronics and SK hynix, have their hearts in the mouth after Japan voted Friday to remove the country from its whitelist of countries that enjoy preferential trade treatment.The semiconductor industry sees the current situation as an “unprecedented emergency” that could directly hit productivity, especially now during a market downturn. “The delisting decision is making matters even worse for the chipmaking industr

Amid the escalating trade dispute between Seoul and Toyko, Japanese fashion brand Uniqlo has seen its sales dwindle by 40 percent in South Korea as a result of an ongoing boycott of Japanese goods by Korean consumers, industry sources said Friday.  According to the industry, Uniqlo’s sales nose-dived after July 11, when Uniqlo Chief Financial Officer Takeshi Okazaki said during an earnings press call that the impact of the boycott would be short-lived. Fast Retailing Co., which o

Moon to convene Cabinet meeting at 2 p.m., Finance Minister Hong to announce response plan