Lee's first bilateral summit with Washington unlikely anytime soon as he skips NATO trip

SEOUL, June 23 (AJP) - As President Lee Jae-myung opted to skip the NATO summit scheduled for early this week in the Hague, Netherlands, attention now shifts to when he will hold his first bilateral meeting with U.S. President Donald Trump. Initially, it was expected that the two leaders would hold their first meeting either on the sidelines of last week's Group of Seven (G7) summit in Canada or this week's NATO summit. "Lee had considered attending the NATO summit,

June 23, 2025

Hanwha Systems to cooperate with Northrop Grumman on air, missile defense system

SEOUL, June 23 (AJP) - South Korean defense company Hanwha Systems has signed a memorandum of understanding with Northrop Grumman of the United States to jointly develop technologies for Integrated Air and Missile Defense (IAMD) systems, Hanwha said Monday. The agreement aims to combine Northrop Grumman’s globally deployed Integrated Battle Command System (IBCS) with Hanwha’s expertise in command-and-control systems. The two firms plan to cooperate on both domestic and

June 23, 2025

ATEEZ's latest album debuts at No. 2 on Billboard 200

SEOUL, June 23 (AJP) - K-pop boy band ATEEZ's latest album debuted at No. 2 on the Billboard 200 for the week ending this Saturday. According to Billboard on Sunday, the octet notched "their seventh top 10" entry on the U.S. main albums chart with "Golden Hour: Part 3," the third in the series, about a week after its release on June 13. With 105,000 copies sold in the U.S., the album ranked just behind American country singer Morgan Wallen's "I

June 23, 2025

Mideast tensions jolt financial markets

SEOUL, June 23 (AJP) - South Korea’s main stock index dropped below the 3,000-point threshold on Monday as rising geopolitical tensions in the Middle East unsettled global financial markets and triggered a sharp sell-off by foreign investors. The benchmark KOSPI fell 30.71 points, or 1.02 percent, to 2,991.13 as of 10:31 a.m. in Seoul, slipping back below the key psychological level it had reclaimed on June 20 for the first time in more than three years. The decline came in

June 23, 2025

Tariffs take toll as Korea's steel exports to US drop sharply in May

SEOUL, June 23 (AJP) - South Korea’s steel exports to the United States fell sharply in May, marking the first significant contraction since Washington imposed new tariffs earlier this year, trade data released Monday showed. According to the Korea International Trade Association, shipments to the U.S. declined 16.3 percent year-on-year to $327 million, down from $390 million in May 2024. The slump comes as the full effects of the 25 percent tariffs on steel and aluminum, enac

June 23, 2025

Closure of Hormuz Strait likely to imperil South Korea's energy lifeline

SEOUL, June 23 (AJP) - Iran’s parliament has approved a measure to close the Strait of Hormuz, raising the specter of a severe energy crisis in South Korea. The move, seen as retaliation for recent U.S. military strikes on Iranian nuclear facilities, threatens to sever a critical artery through which nearly 70 percent of South Korea’s crude oil imports flow. The narrow waterway, wedged between Iran and Oman, is one of the world’s most strategic maritime chokepoi

June 23, 2025

SK Group to build hyperscale AI data center

SEOUL, June 23 (AJP) - SK Group is investing in a hyperscale data center that seeks to reduce the nation’s reliance on foreign technology providers in a move aimed at advancing South Korea’s pursuit of sovereign artificial intelligence capabilities. Through a strategic partnership with Amazon Web Services, SK plans to build a 100-megawatt AI-specialized facility in the southern industrial city of Ulsan. Slated to begin operations in 2027, the project marks one of the c

June 23, 2025

Lee meets ruling and opposition leaders at his residence

SEOUL, June 22 (AJP) - President Lee Jae Myung met with leaders of the ruling Democratic Party (DP) and the main opposition People Power Party (PPP) to discuss state affairs and various other issues. The luncheon meeting was held at his temporary residence in Hannam-dong, central Seoul, bringing together Kim Byung-kee, the DP's acting leader and floor leader, Kim Yong-tae, the PPP's interim leader, and Song Eon-seok, the PPP's floor leader. Following Lee

June 22, 2025

Security officials hold emergency meeting after US airstrikes on Iranian nuclear sites

SEOUL, June 22 (AJP) - An emergency meeting, chaired by National Security Adviser Wi Sung-lac, was convened on Sunday shortly after the U.S. struck nuclear facilities in Iran. In the meeting, key security officials assessed the situation in the Middle East and discussed the potential impact on South Korea's security and economy. Earlier, the U.S. carried out airstrikes on three Iranian nuclear sites including a secret underground uranium enrichment facility located in a remot

June 22, 2025

Trade officials from South Korea and US to sit down for talks ahead of July tariff deadline

SEOUL, June 22 (AJP) - The first working-level trade talks between Korea and the U.S. since President Lee Jae-myung took office earlier this month will take place in Washington early this week. Trade Minister Yeo Han-koo left for Washington on Sunday to hold bilateral trade talks with his U.S. counterparts. During his visit, he is expected to meet with U.S. Trade Representative Jamieson Greer, as well as other high-ranking U.S. government officials, to discuss tariff-related and

June 22, 2025