OECD warns of slowing growth in South Korea

SEOUL, May 12 (AJP) - South Korea’s potential economic growth is projected to dip below 2 percent next year, according to the Organisation for Economic Cooperation and Development, raising fresh concerns about the long-term health of Asia’s fourth-largest economy. The OECD forecast South Korea’s potential GDP growth rate at 1.98 percent for 2026 — a slight but symbolic decline from this year’s estimate of 2.02 percent. The revision reflects a broader

May 12, 2025

K-pop festival in Japan becomes business platform for Korean firms

SEOUL, May 12 (AJP) - South Korean companies secured export agreements valued at $9.76 million during business matchmaking sessions held alongside a major K-pop festival in Japan, the Korea Trade-Investment Promotion Agency (KOTRA) said Monday. The business-to-business consultations, organized by KOTRA, took place on May 8 at the Tokyo International Forum, coinciding with KCON Japan, an annual K-pop showcase hosted by entertainment conglomerate CJ ENM. The three-day event featu

May 12, 2025

Official campaign for presidential election kicks off

SEOUL, May 12 (AJP) - The official campaign for the upcoming presidential election began on Monday and will last for about three weeks until June 3, the election day. The 22-day campaign period began at the stroke of midnight, with presidential candidates and their supporters spreading out across the country to win the hearts of voters. The snap election comes after the Constitutional Court of Korea's ruling early last month to impeach disgraced former President Yoon Suk Yeol

May 12, 2025

Lee Jae-myung wraps up rural tour ahead of campaign kickoff

SEOUL, May 11 (AJP) - Lee Jae-myung, the presidential candidate of the main opposition Democratic Party, spent Sunday campaigning across South Jeolla Province, making a final appeal to voters in rural strongholds ahead of the official start of the election period. Lee toured the southwestern counties of Hwasun, Gangjin, Haenam and Yeongam, engaging with local residents as part of his last regional push before the campaign formally begins on Tuesday. The visits were part of a br

May 11, 2025

Han Duck-soo concedes in party vote, backs Kim Moon-soo for presidency

SEOUL, May 11 (AJP) - Former Prime Minister Han Duck-soo on Sunday accepted the results of a party-wide vote that rejected a proposal to replace the People Power Party’s presidential nominee with himself, pledging to support the party’s official candidate, Kim Moon-soo. Speaking at a press conference at his campaign office in Yeouido, Han said he would “humbly accept” the outcome and return to private life. “I take seriously both the encouragement

May 11, 2025

Kim Moon-soo secures candidacy after failed ouster attempt

SEOUL, May 11 (AJP) - A last-ditch effort by the ruling conservative People Power Party (PPP) to replace its presidential nominee has ended in turmoil, exposing deep fractures within the party just ahead of the registration deadline. The party leadership’s attempt to replace Kim Moon-soo, the candidate who won the party’s primary, with former Prime Minister Han Duck-soo unraveled within 24 hours following fierce internal opposition and a narrow defeat in a party-wide v

May 11, 2025

PPP fails to replace presidential candidate as party vote blocks leadership's last-minute move

SEOUL, May 11 (AJP) - In a dramatic turn just one day before official presidential campaigning begins, South Korea’s conservative People Power Party (PPP) failed in its attempt to replace its presidential nominee, Kim Moon-soo, after a party-wide vote rejected the leadership’s emergency push to install former Prime Minister Han Duck-soo as the new candidate. The internal vote, conducted via an automated response survey (ARS) from 10 a.m. to 9 p.m. on Saturday, asked

May 11, 2025

Han Duck-soo calls for unity in first press conference after nomination turmoil

SEOUL, May 10 (AJP) - Han Duck-soo, the newly designated presidential candidate of the People Power Party (PPP), called for party unity and national reconciliation during a press conference held at 3:30 p.m. on Saturday as the party pressed forward with its decision to replace former labor minister Kim Moon-soo amid deep internal division and legal wrangling. “I never once dreamed of running for president,” Han said in his opening remarks. “But I came to believe

May 10, 2025

PPP defends candidate switch as last resort, Kim calls move illegal political purge

SEOUL, May 10 (AJP) - The People Power Party (PPP) on Saturday defended its decision to revoke Kim Moon-soo’s presidential nomination and initiate the selection of former Prime Minister Han Duck-soo as its new candidate, describing the move as an emergency measure in response to failed unification talks and mounting internal division. The party’s leadership maintains that the action was legal. Speaking at a press conference at the National Assembly, PPP emergency committ

May 10, 2025

Kim Moon-soo calls PPP candidate switch a 'political coup,' vows legal fight

SEOUL, May 10 (AJP) - In a press conference held at 9:50 a.m. on Saturday, Kim Moon-soo condemned the People Power Party’s (PPP) early-morning decision to strip him of his presidential candidacy and replace him with former Prime Minister Han Duck-soo. Calling the move a “political coup,” Kim declared his intent to pursue legal and political action against party leaders and urged the public to stand with him in what he described as a fight to defend South Korea&rsquo

May 10, 2025