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May 3, 2024 11:31 AM

South Korea to slap fines on food suppliers for ‘shrinkflation’

South Korea's antitrust regulator said on Friday food makers and suppliers will be required to notify shoppers if they reduce the size of their products or face fines of up to 10 million won ($7,300). The Fair Trade Commission (FTC) said it has designated the practice of some businesses to cut product portions while keeping the price the same, or so-called shrinkflation, as an unfair transaction subject to penalties. Most processed food makers and manufacturers of household supplies such as to...

April 10, 2024 2:33 PM

South Koreans vote for new parliament after campaign focused on economy, graft

South Koreans voted to elect a new parliament on Wednesday in a bitterly fought race seen by some analysts as a referendum on President Yoon Suk Yeol, whose popularity has suffered amid a cost-of-living crisis and a spate of political scandals. Nearly 25 million people, or 56.4% of eligible voters, had cast their ballots as of 2 p.m. (0500 GMT), according to the National Election Commission, including 14 million who had voted before election day. It marked the highest ever turnout for a parlia...

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