Acting President vetoes opposition-led bill for probe into election irregularities

SEOUL, March 14 (AJP) - Acting President Choi Sang-mok on Friday vetoed a contentious opposition-backed bill that seeks to launch an independent investigation into alleged election-related irregularities and other illicit activities. The bill, passed by the Democratic Party-controlled parliament in late February, calls for a probe into allegations that Myung Tae-kyun, a self-proclaimed political broker, received a bribe from former ruling party lawmaker Kim Young-sun in exchange for

March 14, 2025

Korean banks report record profits

SEOUL, March 14 (AJP) - South Korean banks posted a record net profit of 22.4 trillion won ($16.5 billion) in 2024, a 5.5 percent increase from the previous year, according to data released on Friday by the Financial Supervisory Service (FSS). The regulator attributed the profit surge to a 3.1 trillion won reduction in loan-loss provisions, which offset expanded operating losses, including 1.4 trillion won in compensation costs tied to equity-linked securities. Interest income ros

March 14, 2025

Korean automakers face high stakes as US tariffs reshape industry

Editor's Note: This is the second in a series of stories examining how the Trump administration’s economic policies affect South Korea's key industries. From trade restrictions to shifting global supply chains, we explore the challenges businesses faced, how they adapted, and the lasting effects on the country’s economy. SEOUL, March 12 (AJP) - South Korean automakers are navigating a precarious juncture as President Donald Trump’s aggressive "friend-s

March 14, 2025

French songwriters to add unique flavor to K-pop through collaboration event in Seoul

SEOUL, March 13 (AJP) - Four emerging French songwriters will team up with South Korean music professionals in Seoul later this month for a new songwriting camp dedicated to K-pop. The weeklong program, titled Atelier K-POP, will run from March 24 to 29. It marks the first edition of the project jointly launched by the cultural department of the Embassy of France in the Republic Korea and the French National Center for Music (CNM), with support from France’s Ministry for E

March 13, 2025

Actor Kim Soo-hyun to address accusations over relationship with late actress

SEOUL, March 13 (AJP) - Actor Kim Soo-hyun will publicly respond to allegations concerning his relationship with the late actress Kim Sae-ron, who took her own life last month, his agency announced on Thursday. Kim, 37 years old, is one of South Korea's most popular actors, known for his roles in hit TV dramas like "My Love from the Star.” Kim Sae-ron, who gained fame as a child star in the 2010 crime noir "The Man from Nowhere," later struggled to maintain

March 13, 2025

HD Hyundai partners with Bill Gates' TerraPower for nuclear reactor business

SEOUL, March 13 (AJP) - HD Hyundai Heavy Industries, a subsidiary of HD Hyundai, has signed an agreement with TerraPower, a U.S.-based small modular reactor (SMR) company, to enhance the manufacturing supply chain for sodium-cooled reactors, the company announced on Thursday. The signing ceremony was attended by Chung Ki-sun, vice chairman of HD Hyundai; Won Kwang-sik, head of HD Hyundai Heavy Industries’ Ocean Energy Business Division; Bill Gates, founder of TerraPower; and

March 13, 2025

KT evolves from telecom company to global digital powerhouse

Editor's Note: This article is the 10th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, March 13 (AJP) - South Korean telecommunications company KT Corp. has undergone a remarkable transformation from a state-owned telephone company into a diversified digital platform player. As it expands across Asia and beyond, KT is navigating an increasingly co

March 13, 2025

South Korea to see dementia patients surpass 1 million amid aging crisis

SEOUL, March 13 (AJP) - The number of dementia patients in South Korea will surpass one million, the health ministry reported Thursday, raising awareness of the need to prepare a comprehensive elderly care system to ease financial and manpower burdens on younger generations. South Korea is one of the world's most rapidly aging societies, with about 20 percent of its population aged 65 and older. Coupled with the country's total fertility rate of 0.75 and an average life

March 13, 2025

PHOTOS: Plum blossoms at Tongdosa Temple

SEOUL, March 13 (AJP) - Amid warm temperatures reaching 18 degrees Celsius in South Gyeongsang Province on Feb. 12, vibrant red plum blossoms have emerged at Tongdosa Temple in Yangsan. The early bloom drew crowds of visitors and photographers seeking a glimpse of spring’s nascent arrival. The early bloom offered a seasonal respite for those seeking to document the transition from winter, with many capturing images of the blossoms against the temple’s tranquil landscape.

March 13, 2025

Homeplus extends discount promotions amid financial struggles

SEOUL, March 13 (AJP) - Homeplus is extending its discount promotions until the end of the month, a move widely seen as an effort to counter deteriorating asset efficiency and mounting liquidity pressures under the private equity ownership of MBK Partners. The retailer’s fixed asset turnover ratio dropped to 0.96 as of Feb. 29, 2024, falling below the critical 1.0 threshold, according to industry sources citing the latest sales results. The figure indicates that Homeplus is st

March 13, 2025