Calls grow for legal action against MBK Partners over Homeplus crisis

SEOUL, March 7 (AJP) - South Korea’s main opposition Democratic Party has called for legal action against MBK Partners, a private equity firm, after its portfolio company, Homeplus, unexpectedly filed for court-supervised rehabilitation, alleging fraudulent intent. “It has been confirmed that Homeplus was selling corporate bonds to both institutional and individual investors right up until they entered the corporate rehabilitation process,” Cho Seung-rae, the party

March 7, 2025

Why many South Korean women are exposed to unwanted pregnancies and STIs

SEOUL, March 7 (AJP) - Despite a growing awareness of sexual health in South Korea, contraception remains largely a woman's responsibility, leaving many women vulnerable to unwanted pregnancies and exposing them to the risk of contracting sexually transmitted infections (STIs). In a country still steeped in Confucian traditions and values, many men often refuse to use condoms in their intimate relationships, leaving their female partners to often bear much of the blame for not p

March 7, 2025

PHOTOS: Elementary school in Seoul welcomes fresh students as spring semester begins

SEOUL, March 6 (AJP) - Many elementary schools in South Korea welcomed first-graders as this year's spring semester began across the country this week. The one in Seoul's western district of Mapo was among them, holding an entrance ceremony for about 105 new students amid heavy snow last Tuesday. The school's gate was adorned with colorful balloons as teachers greeted excited yet nervous children arriving with their parents, who sent them o

March 6, 2025

Instant noodles lead South Korea's surging food exports

SEOUL, March 6 (AJP) - South Korea's food exports have doubled over the past decade, reaching $7.02 billion last year, with instant noodles driving the growth, seeing an impressive annual increase of 20.1 percent. According to a report released on Wednesday by the Korea Chamber of Commerce and Industry (KCCI), food exports have maintained an average annual increase of 8 percent since 2015, with a slight surge in the last five years. Instant noodles dominated exports with $1.3

March 6, 2025

North Korea 'abruptly halts packaged tours for foreign tourists'

SEOUL, March 6 (AJP) - Packaged tours to North Korea have been abruptly suspended, according to several travel agencies based in China. Koryo Tours, a British travel agency based in Beijing, said on Thursday that it was notified of a temporary halt to tours to the northeastern special economic zone of Rason, adding that it is looking into the situation. Other travel agencies such as Young Pioneer Tours, founded by a New Zealander in Beijing, and Spain-based KTG Tours, al

March 6, 2025

OECD warns South Korea's population could 'halve in six decades'

SEOUL, March 6 (AJP) - With one of the world's lowest birth rates, South Korea's population could shrink by half within the next six decades, according to a forecast by the Organisation for Economic Co-operation and Development (OECD). In report titled "Korea's Unborn Future" released on Wednesday, the Paris-based organization said the country "where fertility has imploded to unprecedented lows" is expected to see its population "halve ov

March 6, 2025

15 injured as fighter jets accidentally drop bombs on village during live-fire drill

SEOUL, March 6 (AJP) - Bombs from two Air Force fighter jets fell during a live-fire drill in Pocheon, north of Seoul on Thursday, leaving at least 15 people injured. According to military authorities, the accident occurred at around 10 a.m. when the KF-16 fighter jets taking part in the drill accidentally dropped eight bombs outside a training range in Pochoen, Gyeonggi Province, injuring 15 villagers and destroying several buildings in the surrounding area. The explosion caused

March 6, 2025

North Korea deploys additional troops to Russia, US defense official confirms

SEOUL, March 6 (AJP) - North Korea has deployed additional troops to Russia to assist its war in Ukraine, Radio Free Asia (RFA) reported on Thursday, citing an anonymous U.S. defense official. According to the U.S. government-funded nonprofit news outlet, the newly deployed North Korean forces look to be a "replenishment of battlefield losses" to replace those killed or wounded, with an assessment of the exact number in the latest deployment underway. Last month, South

March 6, 2025

Battle of weight-loss drugs heats up in South Korea

SEOUL, March 06 (AJP) - A high-stakes competition in the weight-loss drug market is set to unfold in South Korea this year as Eli Lilly prepares to launch its GLP-1 medication, Mounjaro, a treatment that has demonstrated stronger weight-reduction effects than Novo Nordisk’s Wegovy, which debuted in the country late last year. According to medical sources, Eli Lilly is poised to introduce Mounjaro in its “single-dose vial” form as early as the first half of this y

March 6, 2025

Tax office investigates political YouTubers for potential tax evasion

SEOUL, March 6 (AJP) - South Korea’s National Tax Service (NTS) has begun scrutinizing political YouTubers over potential tax evasion, following concerns raised in the National Assembly regarding their fundraising practices. “If specific evidence of tax evasion is detected through financial intelligence data and foreign exchange transaction records, we plan to respond with rigorous tax audits,” an NTS official said. Despite ongoing monitoring, the agency has yet

March 6, 2025