Korean convenience store chains accelerate global push with growth stalling at home

SEOUL, July 01 (AJP) - Faced with a saturated market and declining sales at home, South Korea’s leading convenience store brands are racing to expand overseas in a bid to secure new sources of growth. Major players GS25, CU, and Emart24 are intensifying their international efforts as the domestic retail environment shows signs of fatigue. According to a May 2025 retail sales report from the Ministry of Trade, Industry and Energy, sales in South Korea’s convenience s

July 1, 2025

US faces greatest economic risk in global trade war: BOK

SEOUL, July 1 (AJP) - The United States stands to suffer the most severe economic fallout if President Donald Trump’s protectionist trade policies provoke full-scale retaliation from its global trading partners, the Bank of Korea said in a report released Tuesday. The central bank’s New York office said that U.S. trade exposure has grown significantly since the 1930s, when the Smoot-Hawley Tariff Act exacerbated the Great Depression by sharply raising duties on imported

July 1, 2025

Early heat wave brings record temperatures across country

SEOUL, July 1 (AJP) - As an early heat wave grips the country, several cities have recorded their highest average daily temperatures for this time of year, the Korea Meteorological Administration (KMA) said Tuesday. According to the KMA, the average temperature in the southern port city of Busan climbed to 26.2 degrees Celsius on the last day of June, the highest ever recorded for the month since weather observations began in 1904. The southwestern city of Mokpo also set a

July 1, 2025

K-pop band BTS to release live album as full group reunites after military service

SEOUL, July 01 (AJP) - K-pop wonder BTS will drop its first-ever live album on July 18, capturing performances from their record-breaking world tour "Permission to Dance on Stage," the seven-member band's agency said Tuesday. The album features 22 tracks recorded between 2021 and 2022 in South Korea and the United States, including crowd-pleasers such as "ON," "FIRE," "DOPE," and "IDOL." BigHit Music said the release is intende

July 1, 2025

US pharma industry urges trade pressure on South Korea over drug pricing

SEOUL, July 1 (AJP) - The American pharmaceutical industry is calling on the Trump administration to use ongoing trade negotiations to pressure South Korea into overhauling its drug pricing system, which the industry argues unfairly suppresses prices and harms U.S. innovation and exports. In comments submitted to the Office of the U.S. Trade Representative on June 27, the Pharmaceutical Research and Manufacturers of America (PhRMA), the industry’s primary lobbying group, urged

July 1, 2025

HYBE, Kakao bet on India's media, entertainment markets

SEOUL, July 01 (AJP) - South Korean entertainment companies are ramping up efforts to gain a foothold in India’s fast-expanding media and entertainment sector, a market projected to reach 46 trillion won ($33 billion) by 2025, according to the Korea International Trade Association. From K-pop powerhouses to digital comics and gaming giants, Korean firms are tailoring strategies to navigate one of the world’s most diverse and dynamic content ecosystems. At the forefr

July 1, 2025

Trump may seek meeting with Kim Jong-un at Panmunjom during October APEC visit, says Victor Cha

SEOUL, July 01 (AJP) - United States President Donald Trump may attempt to meet North Korean leader Kim Jong-un at Panmunjom during his expected visit to South Korea for the APEC summit in October, according to Victor Cha, Korea Chair at the Center for Strategic and International Studies (CSIS). Speaking during a CSIS webinar held on June 30 (local time), Cha said a Trump and Kim meeting could be on the table, especially given the president's history of pursuing bold diplomati

July 1, 2025

Independent prosecutors reschedule questioning as ex-President Yoon fails to appear

SEOUL, July 1 (AJP) - Former disgraced President Yoon Suk Yeol on Tuesday failed to appear for questioning by independent prosecutors, prompting them to set a new date later this week. Yoon had been asked to appear at 9 a.m. for another round of questioning over his botched Dec. 3 declaration of martial law last year, after his first questioning last Saturday was cut short due to procedural issues and other disagreements. Prosecutors now want him to appear for questioning on Satu

July 1, 2025

Lee to hold press conference to mark 30 days in office

SEOUL, June 30 (AJP) - President Lee Jae-myung will hold his first press conference later this week to mark his first full month in office, presidential spokesperson Kang Yu-jung said on Monday. The conference, slated to take place at 10 a.m. on Thursday, will allow Lee to outline his key policies while discussing a wide range of issues in a town-hall setting which includes an interactive Q&A session with journalists. Meanwhile, according to a recent survey of over 2,500 vote

June 30, 2025

Lee holds phone talks with Singapore PM

SEOUL, June 30 (AJP) - President Lee Jae-myung talked with Singaporean Prime Minister Lawrence Wong over the phone, presidential spokesperson Kang Yu-jung said on Monday. In their first phone conversation since Lee took office early this month, the two leaders discussed a wide range of issues to strengthen bilateral cooperation across various fields. According to Kang, Wong congratulated Lee on his election and expressed hope for closer ties, as this year marks the 50th anniversa

June 30, 2025