Closure of Hormuz Strait likely to imperil South Korea's energy lifeline

SEOUL, June 23 (AJP) - Iran’s parliament has approved a measure to close the Strait of Hormuz, raising the specter of a severe energy crisis in South Korea. The move, seen as retaliation for recent U.S. military strikes on Iranian nuclear facilities, threatens to sever a critical artery through which nearly 70 percent of South Korea’s crude oil imports flow. The narrow waterway, wedged between Iran and Oman, is one of the world’s most strategic maritime chokepoi

June 23, 2025

SK Group to build hyperscale AI data center

SEOUL, June 23 (AJP) - SK Group is investing in a hyperscale data center that seeks to reduce the nation’s reliance on foreign technology providers in a move aimed at advancing South Korea’s pursuit of sovereign artificial intelligence capabilities. Through a strategic partnership with Amazon Web Services, SK plans to build a 100-megawatt AI-specialized facility in the southern industrial city of Ulsan. Slated to begin operations in 2027, the project marks one of the c

June 23, 2025

Trade officials from South Korea and US to sit down for talks ahead of July tariff deadline

SEOUL, June 22 (AJP) - The first working-level trade talks between Korea and the U.S. since President Lee Jae-myung took office earlier this month will take place in Washington early this week. Trade Minister Yeo Han-koo left for Washington on Sunday to hold bilateral trade talks with his U.S. counterparts. During his visit, he is expected to meet with U.S. Trade Representative Jamieson Greer, as well as other high-ranking U.S. government officials, to discuss tariff-related and

June 22, 2025

Police charge 15 more officials over December Jeju Air crash

SEOUL, June 21 (AJP) - South Korean police have filed criminal charges against 15 additional officials for their alleged roles in failing to prevent the Dec. 29 Jeju Air passenger jet crash, investigators announced on Saturday. The South Jeolla Provincial Police's investigation unit charged the officials with professional negligence resulting in death and injury, bringing the total number of suspects under investigation to 24 people including those previously charged following co

June 21, 2025

Samsung and SK hynix on edge as US considers restricting equipment shipments to China facilities

SEOUL, June 21 (AJP) - Samsung Electronics and SK hynix are closely monitoring developments after US officials reportedly notified the South Korean chipmakers this week about potential restrictions on American semiconductor equipment shipments to their China-based facilities, according to a report on Friday. The Wall Street Journal reported that Jeffrey Kessler, assistant secretary for export administration at the US Commerce Department, informed both companies along with Taiwan'

June 21, 2025

South Korean fuel prices rise for first time in six weeks amid Middle East tensions

SEOUL, June 21 (AJP) - Gasoline and diesel prices at South Korean gas stations posted their first weekly increase in six weeks, reflecting rising international oil prices driven by Middle Eastern geopolitical risks. According to the Korea National Oil Corporation's price information system Opinet on Saturday, the national average gasoline price for the third week of June (June 15-19) rose 7.8 won per liter to 1,635.5 won ($4.54) compared to the previous week. Diesel prices simila

June 21, 2025

KOSPI surpasses 3,000 for first time since 2021

SEOUL, June 20 (AJP) - South Korea's benchmark stock index, KOSPI, closed above the 3,000-point mark on Friday for the first time in more than three years, signaling renewed investor confidence in the nation's economic outlook. The local currency also strengthened significantly against the U.S. dollar. The KOSPI rose 44.1 points, or 1.48 percent, to close at 3,021.84. This marked the first time the index finished above 3,000 since Dec. 28, 2021. The KOSPI originally cro

June 20, 2025

Korean banks turn to AI to strengthen internal oversight

SEOUL, June 20 (AJP) - South Korean banks are increasingly deploying artificial intelligence to bolster internal control systems, aiming to prevent financial misconduct and tighten compliance oversight by minimizing human error and bias, according to industry officials on Friday. The adoption spans a range of applications — from AI algorithms that flag suspicious transactions and detect mis-selling to chatbot systems designed to process whistleblower reports. Woori Financ

June 20, 2025

South Korea unveils plan to build own ChatGPT, Gemini competitor

SEOUL, June 20 (AJP) - South Korea has unveiled an ambitious national initiative to develop its own artificial intelligence foundation model, aiming to reduce reliance on U.S. tech giants and establish a competitive foothold in the fast-evolving global AI race. The Ministry of Science and ICT said Friday it will accept applications from domestic AI consortiums through July 21 to participate in the project, which seeks to build a “Korean GPT” — a large language mode

June 20, 2025

Beauty brand Amuse opens second flagship store

SEOUL, June 20 (AJP) - Vegan beauty brand Amuse unveiled its second flagship store on Friday in Seoul’s fashion-forward Seongsu-dong district, aiming to broaden its appeal among younger consumers and international fans with a digitally enhanced, immersive retail experience. The new storefront, dubbed the “Pink House,” occupies a brightly colored space on Yeonmujang-gil and marks an expansion of the brand’s offline footprint. It follows the launch of Amus

June 20, 2025