ASML’s EUV Lithography Machines Power Europe’s Most Valuable Tech Company 
Tesla Q4 Earnings Beat Expectations as Company Accelerates Shift Toward AI and Robotics 
Asian Stocks Waver as Trump Signals Fed Pick, Shutdown Deal and Tech Earnings Stir Markets 
Apple Earnings Beat Expectations as iPhone Sales Surge to Four-Year High 
CSPC Pharma and AstraZeneca Forge Multibillion-Dollar Partnership to Develop Long-Acting Peptide Drugs 
Oil Prices Hit Four-Month High as Geopolitical Risks and Supply Disruptions Intensify 
Trump to Announce New Federal Reserve Chair Pick as Powell Replacement Looms 
Trump Threatens 50% Tariff on Canadian Aircraft Amid Escalating U.S.-Canada Trade Dispute 
Chinalco and Rio Tinto Acquire Controlling Stake in Brazil’s CBA for $903 Million 
Meta Stock Surges After Q4 2025 Earnings Beat and Strong Q1 2026 Revenue Outlook Despite Higher Capex 
Thailand Moves to Regulate Gold Trading to Curb Baht Strength and Support Economic Growth 
Google Disrupts Major Residential Proxy Network IPIDEA 
Amazon Stock Dips as Reports Link Company to Potential $50B OpenAI Investment 
Asia Stocks Pause as Tech Earnings, Fed Signals, and Dollar Weakness Drive Markets 
Indonesia Stocks Face Fragile Sentiment After MSCI Warning and Market Rout 
U.S. and El Salvador Sign Landmark Critical Minerals Agreement to Boost Investment and Trade 
Namyang Dairy is reportedly facing the risk of being asked to close down two of its plants in Sejong City over breach of the Act on the Labeling and Advertising of Foods law. It was said that its production facilities may have to be shut for two months.
Temporary factory closure
As per The Korea Times, the cause of violation was the company’s claim of its yogurt’s effectiveness in preventing COVID-19 infection. Namyang Dairy was said to have revealed earlier this week that it has received advance notice of shut down from Sejong City Hall.
The dairy products manufacturer has two factories in this city, and both may be ordered to cease operations in the meantime. The company said that it will inform the public once the local government formally asks them to close the production sites.
"Although the suspension of the business has not been confirmed yet,” a company official said. “We will make a public announcement when Sejong City Hall decides to do so."
Namyang stated that it would try to convince the local government not to impose severe corrective measures. However, if a regulatory action is implemented, Namyang will have to comply with the shutdown order for two factories that produce 38% of the company’s products that include powdered baby formula, yogurts, and other milk.
The cause of violations
Sejong City Hall is giving Namyang up to two weeks to forward appropriate documents and indicate its stance in the matter. Now, the violation of the Act on the Labeling and Advertising of Foods stemmed from the fact that the company said its Bulgaris yogurt has properties that are effective against COVID-19 by the Ministry of Food and Drug Safety (MFDS) said this is a false claim.
The possible shut down, if proven there was really a breach in the said law, comes just days after Namyang’s chairman and CEO resigned from their respective positions. They also apologized for the controversies that its claims had made.
Company chairman Hong Won Sik resigned on Tuesday, May 4, while CEO Lee Kwang Bum stepped down the day before. "We apologize to our customers for causing misunderstanding with our research results," Namyang Dairy also said in a separate statement.
