Bank of Korea holds key rate steady as housing market concerns continue

SEOUL, August 28 (AJP) - The Bank of Korea left its benchmark interest rate unchanged at 2.5 percent on Thursday, pausing its easing cycle for a second month as policymakers weighed mounting risks from rising household debt. The central bank’s monetary policy committee said it would maintain the current rate while monitoring domestic and global conditions, citing persistent volatility in Seoul’s housing market and elevated borrowing levels. The decision follows four r

August 28, 2025

[K-Pop] Rapper PSY under police investigation over alleged proxy receipt of prescription drugs

SEOUL, August 28 (AJP) - South Korean rapper PSY, well known for his global hit song "Gangnam Style," is under police investigation on suspicion of violating medical laws by allegedly receiving prescription-only psychotropic drugs through a proxy, authorities confirmed Thursday. According to the Seodaemun Police Station in Seoul, the 47-year-old K-pop star and a university hospital professor are being investigated following a complaint that accused them of breaching me

August 28, 2025

Probe into martial law debacle likely to hit snag as ex-PM avoids arrest

SEOUL, August 28 (AJP) - Independent investigators probing disgraced former President Yoon Suk Yeol's martial law debacle are likely to face a setback in their inquiry after former Prime Minister Han Duck-soo avoided arrest on Wednesday. The Seoul Central District Court rejected a request for an arrest warrant for Han, citing that there is "room for legal dispute" over his alleged role in the debacle late last year, which eventually led to Yoon's ouster from office

August 28, 2025

LG H&H weighs sale of beverage unit amid broader restructuring push

SEOUL, August 28 (AJP) - LG Household & Health Care, South Korea’s leading consumer goods company, is weighing the sale of its beverage subsidiary Haitai HTB. The company has tapped Samjong KPMG as lead adviser to evaluate options for Haitai HTB, formerly Haitai Beverage, as part of a broader review of its drinks division. Haitai HTB, best known for its Sunkist and Cocopalm juices, generated 414 billion won ($301 million) in revenue and 3.6 billion won in operating prof

August 28, 2025

OpenAI to launch Seoul office in September

SEOUL, August 28 (AJP) - OpenAI, the San Francisco company behind ChatGPT, will open a branch office in Seoul next month, underscoring its push to cement a foothold in Asia’s artificial intelligence market. The new office, OpenAI Korea, will be located on Teheran-ro in Gangnam, Seoul’s financial and technology corridor. The company is scheduled to hold a press conference on Sept. 10 to mark the opening, according to industry officials. Jason Kwon, OpenAI’s chi

August 28, 2025

Korea Zinc emerges as key player in global battle for critical minerals

Editor's Note: This article is the 33rd installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, August 27 (AJP) - As Washington scrambles to secure supplies of critical minerals, a South Korean metals giant has emerged as an unlikely player in the great-power contest — and a target of boardroom intrigue at home. Korea Zinc, the world’s largest n

August 28, 2025

PHOTOS: From darkness to light, Gwangmyeong Cave

SEOUL, August 27 (AJP) - Standing at the entrance of Gwangmyeong Cave, the sweltering 35-degree summer heat gives way to a sudden chill of 12 degrees. The cool air feels like a natural air conditioner, yet it carries the weight of history. An information board reminds visitors that this was once the Siheung Mine, opened in 1912 during Japan’s colonial rule, when tunnels were dug to extract gold, silver, copper, and zinc. The very path now walked by tourists was once carved for

August 27, 2025

Hyundai consolidates shipbuilding units as US defense ties deepen

SEOUL, August 27 (AJP) - HD Hyundai Heavy Industries and HD Hyundai Mipo Dockyard said Wednesday they would merge by the end of the year, creating South Korea’s largest shipbuilder as the country seeks to expand its role in global naval modernization and deepen cooperation with the United States. The boards of both firms and their parent company, HD Korea Shipbuilding & Offshore Engineering, approved the consolidation, which will fold Mipo into Hyundai Heavy. Shareholders

August 27, 2025

Son Heung-min gears up for ceremonial first pitch at Dodger Stadium

SEOUL, August 27 (AJP) - Son Heung-min, who made his Major League Soccer (MLS) debut with Los Angeles FC (LAFC) earlier this month, is set to throw his ceremonial first pitch at Dodger Stadium in California on Wednesday. Excitement has been building among his fans, as LAFC posted a couple of clips of him practicing ahead of his upcoming pitch at the Dodgers' home game against the Cincinnati Reds. With Los Angeles being home to the largest Korean community in the U.S., many co

August 27, 2025

Regulators raid MBK Partners in expanding Homeplus probe

SEOUL, August 27 (AJP) - South Korean financial regulators raided the Seoul headquarters of MBK Partners on Wednesday, intensifying a long-running inquiry into the private equity firm’s role in the financial troubles of Homeplus, one of the country’s largest discount retailers. Dozens of inspectors from the Financial Services Commission and the Financial Supervisory Service were dispatched to MBK’s Gwanghwamun office, officials said, as part of a joint probe into

August 27, 2025