Opinion: High interest rates aren't going away anytime soon – business economist explains why

SEOUL, May 02 (AJU PRESS) - The Federal Reserve held interest rates steady at its May 1, 2024, policy meeting, dashing the hopes of potential homebuyers and others who were hoping for a cut. Not only will rates remain at their current level – a 23-year high – for at least another month, there's little reason to believe the Fed will start tapering until the fall. Indeed, if inflation starts to heat back up, it's plausible – though at the moment unlikely &ndas

May 2, 2024

Opinion: China set to blast off to far side of the Moon – here's what it could discover

SEOUL, May 02 (AJU PRESS) - China is attempting to recover the first ever soil and rock samples from the lunar far side. The surface mission, Chang'e 6, named after the Chinese Moon goddess Chang'e, is a predecessor to the successful sample return mission, Chang'e 5, and a part of the Chinese lunar exploration programme. The mission is set for launch using a long March 5 rocket at the Wenchang satellite launch center in Hainan province on May 3. The spacecraft due to l

May 2, 2024

Teaser video for NewJeans' collaborated song with Japanese artist creates buzz

SEOUL, May 01 (AJU PRESS) - A music video for girl band NewJeans's new song "Right Now" was teased on Wednesday. Min Hee-jin, who masterminded the iconic K-pop quintet, also uploaded the video on Instagram the same day. There are already high expectations about the song as the music video comes as a collaboration with Japanese contemporary artist Murakami Takashi. Murakami, renowned for blending Japanese traditional art with pop culture, is considered one of Ja

May 1, 2024

'Trump factor' weighs on defense cost talks

SEOUL, May 01 (AJU PRESS) - Donald Trump, if he wins a second U.S. presidency, has implied the possibility of withdrawing U.S. troops from the Korean Peninsula unless South Korea contributes more for their upkeep. In an interview with TIME Magazine released on Tuesday, the Republican presidential candidate who eyes another presidency referred to South Korea as a "very wealthy country." He told the magazine, "We have 40,000 troops that are in a precarious position. Wh

May 1, 2024

LG Chem to share water purification technology with Saudi Arabia

SEOUL, May 01 (AJU PRESS) - Korean chemical company LG Chem will transfer its water purification technology, known as reverse osmosis, to Saudi Arabian conglomerate Alkhorayef Group, LG Chem said Wednesday. Reverse osmosis (RO) uses a semi-permeable membrane to extract salt and other impurities from water. Unlike traditional methods reliant on heat-induced evaporation, RO membranes filter water molecules without heat. LG Chem's RO membrane boasts a 99.89 percent salt removal rat

May 1, 2024

Opinion: Electric cars pile up at European ports as Chinese firms struggle to find buyers

SEOUL, May 01 (AJU PRESS) - China's automotive industry has revolutionized over the past decade, from producing basic western clones to making cars that equal the world's best. As the manufacturing powerhouse of the world, China is also producing them in huge volumes. However, Chinese cars are facing difficulties in finding buyers in Europe. Imported cars, many of which are Chinese electric vehicles, are piling up at European ports, with some spending up to 18 months in po

May 1, 2024

Opinion: Japan's diplomatic charm offensive in US aims to keep Washington in committed relationship

SEOUL, May 01 (AJU PRESS) - April 2024 proved to be a busy month in Japanese-U.S. diplomacy. The month saw a state visit to the U.S. by Prime Minister Fumio Kishida that included a White House sit-down with President Joe Biden on April 10. The next day, both men were joined by Philippine President Ferdinand Marcos Jr. for the first-ever U.S.-Japan-Philippines trilateral summit. Then on April 23, a former prime minister and leading figure in Japan's ruling Liberal Democratic

May 1, 2024

Korea's Ramyeon exports hit record high in first quarter

SEOUL, April 30 (AJU PRESS) - Korea experienced a remarkable 30 percent increase in Ramyeon exports during the first quarter of 2024, reaching a record high for the period, according to data released on Tuesday. Demand for Korean noodle products was especially strong in the United States, followed by China, the Netherlands and Japan. This surge in popularity has been fueled over the past decade by Ramyeon's frequent exposure through K-pop songs, K-dramas, and K-films. This has

April 30, 2024

Yoon, opposition leader sit down for talks for first time

SEOUL, April 29 (AJU PRESS) - President Yoon Suk Yeol engaged in discussions with opposition leader Lee Jae-myung to revive people's livelihoods, following the ruling party's resounding defeat in the April 10 elections. In the elections, the ruling People Power Party secured only 108 seats in the 300-member National Assembly, compared to the opposition Democratic Party's 175. The meeting took place 720 days since Yoon took office in May 2022. During the talks held at

April 29, 2024

Price of Korean seaweed skyrockets amid growing demand overseas

SEOUL, April 29 (AJU PRESS) – The wholesale price of processed laver sheets jumped nearly 60 percent on year this month, as demand has grown overseas driven by the popularity of gimbap, or seaweed-wrapped rice, and other Korean foods. According to the state-run Korea Agro-Fisheries & Food Trade Corp., the wholesale price of 100 sheets of dried laver was 10,440 won ($7.5) on Friday, up 58 percent from 6,628 won a year ago. The average retail price for a sheet of seaweed a

April 29, 2024