South Korea cuts key rate for first time in three years

SEOUL, October 11 (AJP) - The Bank of Korea cut its key interest rate on Friday for the first time in over three years, marking a shift in monetary policy aimed at boosting a sluggish economy amid easing inflation concerns. The central bank lowered its benchmark seven-day repurchase rate by 25 basis points to 3.25 percent, the first reduction since August 2021. The move ends a prolonged tightening cycle and signals a pivot toward supporting economic growth.

October 11, 2024

OPINION: Innovative South Korean novelist breaks new ground with Nobel Prize win

SEOUL, October 11 (AJP) - It's often the case that when poets write novels, they deliver arrestingly vivid and nimble prose. Han Kang's "The Vegetarian" (2007) is a case in point, and it is no doubt the work that was most influential in the Swedish Academy's decision to award her the Nobel prize in literature 2024. The committee stated that Han was awarded the prestigious prize because her "poetic and experimental style" has made her "an innovator i

October 11, 2024

Han Kang: A master of lyrical storytelling

SEOUL, October 10 (AJP) - Announcing South Korean author Han Kang as the recipient of this year's Nobel Prize in Literature, the Swedish Academy praised her "intense poetic prose that confronts historical traumas and exposes the fragility of human life." Han's work explores the intricate connection between the body and soul, the living and the dead. Through her innovative and poetic style, she has become a leading figure in contemporary literature. Anna-Karin

October 10, 2024

Han Kang becomes first South Korean novelist to win Nobel Prize in Literature

SEOUL, October 10 (AJP) - Han Kang won the Nobel Prize in Literature on Thursday, making history as the first South Korean novelist to receive this prestigious honor. The Swedish Academy selected the 53-year-old author for her "intense poetic prose that confronts historical traumas and exposes the fragility of human life." The academy praised her "unique awareness of the connections between body and soul, the living and the dead" as well as her "poetic an

October 10, 2024

PHOTOS: Netflix to release Korean historical drama 'Uprising'

SEOUL, October 10 (AJP) - Netflix is set to release the Korean historical drama "Uprising" on Friday. Directed by Kim Sang-man and co-written by acclaimed filmmaker Park Chan-wook and Shin Cheol, "Uprising" boasts a star-studded cast that includes Gang Dong-won, Park Jeong-min, Kim Shin-rok, Jin Seon-kyu, Jung Sung-il, and Cha Seung-won. Set against the backdrop of the Japanese invasions of Korea during the Joseon era, the film tells the story of two childhood friends w

October 10, 2024

LG Electronics aims to double B2B sales to 10 trillion won by 2030

SEOUL, October 10 (AJP) - LG Electronics said on Thursday that it aims to double the sales of its Business Solutions (BS) division to 10 trillion won ($7.4 billion) by 2030. Jang Ik-hwan, head of the BS division, said that the company will expand its presence in the new-growth markets, including commercial displays, electric vehicle chargers and medical monitors, to achieve the goal. “Over the past 66 years, LG has accumulated valuable insights into its customers and the di

October 10, 2024

Hyundai E&C signs deal with Singaporean consulting firm to collaborate on new energy sectors

SEOUL, October 10 (AJP) - Hyundai Engineering and Construction has signed a memorandum of understanding (MOU) with Surbana Jurong, Singapore's major infrastructure and urban development consulting firm, to collaborate in the new energy and carbon mitigation sectors, the Korean construction firm announced Thursday. The agreement, signed on Tuesday, calls for technology exchanges and cooperation in infrastructure development across areas such as next-generation power generation pr

October 10, 2024

Samsung's brand value surpasses $100 billion, ranks 5th globally: Interbrand

SEOUL, October 10 (AJP) - Samsung Electronics has achieved a brand value of $100.8 billion this year, marking a 10 percent increase from last year, according to Interbrand's "Best Global Brands" report released Wednesday. This milestone places the company in the fifth position globally for the fifth consecutive year, making it the only Asian brand in the top five. Interbrand's evaluation, which considers financial performance, brand influence on purchasing deci

October 10, 2024

Korea to join FTSE Russell global bond index next year

SEOUL, October 10 (AJP) - Korea will join one of the world's top three bond indexes, managed by London-based FTSE Russell, starting in November 2025. FTSE Russell said Tuesday that the nation's government bonds will be included in the World Government Bond Index (WGBI). This marks the fourth attempt and successful inclusion since being appointed to the index provider's review list in September 2022. FTSE Russell explained that South Korea's market accessibilit

October 10, 2024

Mercedes-Benz faces lawsuit in Korea over electric vehicle fire

SEOUL, October 10 (AJP) – A group of 24 people, including owners of Mercedes-Benz electric vehicles (EVs), on Thursday filed a damages suit against the German luxury automaker and its local sellers in connection with a massive fire involving a Mercedes-Benz EV in August. A Mercedes-Benz EQE sedan exploded in the underground parking garage of an apartment complex in Incheon, west of Seoul, on Aug. 1, sparking a fire that injured about 20 people and damaged hundreds of other car

October 10, 2024