South Korea to set up 50 trillion won fund to support high-tech industries

SEOUL, March 6 (AJP) - The South Korean government plans to inject 50 trillion won ($34.6 billion) over the next five years into key high-tech industries, including semiconductors, biotechnology, and artificial intelligence, through a newly established strategic fund. The initiative, led by the Ministry of Economy and Finance, will be managed within the state-run Korea Development Bank (KDB). The fund will be financed through government-guaranteed bonds, marking a significant push t

March 6, 2025

Stars from tvN's hit crime drama to reunite for second season next year

SEOUL, March 6 (AJP) - Crime drama "Signal" will return for a second season nearly a decade after its first airing, cable channel tvN said on Wednesday. The 2016 hit series received critical acclaim for its compelling stories at the time of its release, with many viewers having been eagerly waiting for its return. Actress Kim Hye-soo, who captivated viewers with her portrayal of a cold case squad detective, reunites with actors like Cho Jin-woong and Lee Je-hoon, as the

March 6, 2025

PHOTOS: Korean music legend Lee Mi-ja to retire with farewell concerts in April

SEOUL, March 06 (AJP) - Lee Mi-ja, the revered "Queen of Elegy" in Korean popular music, has announced her retirement after a 66-year career, culminating in farewell concerts next month. The singer, known for her emotive ballads, will perform at the Sejong Center for the Performing Arts in central Seoul on April 26 and 27. The concerts will feature Lee alongside younger vocalists, a gesture intended to highlight the continuity of the Korean trot. Lee, who has been a fixture in th

March 6, 2025

HD Hyundai rides shipbuilding super cycle with strategic moves

Editor's Note: This article is the ninth 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 06 (AJP) - HD Hyundai Heavy Industries, a dominant force in global shipbuilding, recently secured a $314 million contract with Malaysia’s MISC for two Very Large Ethane Carriers (VLECs), reinforcing its leadership in high-value vessel construction.

March 6, 2025

UK strengthens cooperation with Seoul through cybersecurity drill

SEOUL, March 5 (AJP) - A week-long computer-simulated defense drill on the outskirts of Seoul wrapped up last week, the British Embassy in Seoul said on Tuesday. Dubbed "Defense Cyber Marvel 4 (DCM4)" and hosted by the U.K. Ministry of Defense, this year’s drill, involving more than 1,000 participants from around 26 countries via Zoom at 20 different locations across the world, was held in Goyang, just northwest of Seoul, with over 400 representatives from South Kore

March 5, 2025

Trump vows to abolish CHIPS Act, criticizes South Korea on tariffs

SEOUL, March 5 (AJP) - U.S. President Donald Trump pledged to dismantle the CHIPS Act during his first address to Congress since beginning his second term, while alleging that South Korea imposes tariffs on American goods at rates "four times higher" than those levied by the U.S. "The CHIPS Act is a horrible, horrible thing," Trump said. "We give hundreds of billions of dollars, and it doesn't mean a thing. They take our money, and they don't spend i

March 5, 2025

Oasis applies to become Tmon's conditional preferred bidder

SEOUL, March 05 (AJP) - Fresh food delivery company Oasis has emerged as the leading bidder to acquire the e-commerce platform Tmon, which is currently undergoing debt rehabilitation. According to industry sources on Wednesday, Tmon filed an application with a Seoul court on Tuesday, requesting that Oasis be designated as its conditional preferred bidder in the ongoing acquisition process. Tmon and WeMakePrice — collectively known as "Timef" — have been en

March 5, 2025

Instant noodle-themed store in Seoul becomes pilgrimage site for tourists

SEOUL, March 5 (AJP) - An instant noodle-themed store in Seoul has become something of a pilgrimage site for foreign tourists and other visitors. Drawn by the global popularity of K-pop and South Korean dramas, many who have seen their favorite idols enjoying instant noodles on screen flock to the store for an authentic taste. Run by convenience store chain CU, the store called "Ramyun Library," solely dedicated to instant noodles, has its shelves filled with a massive col

March 5, 2025

Pentagon deputy nominee urges US allies to share greater burden, stresses strengthening alliance with Seoul

SEOUL, March 5 (AJP) - A nominee for a high-ranking post at the Pentagon stressed the need for U.S. allies to take greater responsibility for regional and global stability, arguing that the U.S. has long shouldered an unfair burden. In a written statement submitted to the Senate Committee on Armed Services ahead of his confirmation hearing on Tuesday, Elbridge Colby, the nominee for U.S. undersecretary of defense for policy, said, "I believe alliances are key. But, as President

March 5, 2025

MBK Partners blamed for Homeplus crisis

SEOUL, March 5 (AJP) - MBK Partners, the private equity firm that acquired Homeplus in 2015 through a leveraged buyout, is facing criticism as the South Korean retail giant filed for court-supervised debt rehabilitation on Tuesday. The move, citing short-term liquidity concerns, has intensified scrutiny over MBK’s management strategy, which left the retailer burdened with heavy debt. Homeplus, which generates annual revenue exceeding 7 trillion won (US$4.8 billion), said it

March 5, 2025