Lee calls for emergency readiness amid escalating Middle East tensions

SEOUL, June 23 (AJP) - President Lee Jae-myung on Monday called on all ministries to maintain emergency readiness amid the escalating conflict in the Middle East after U.S. airstrikes on Iran's nuclear sites over the weekend. During his first meeting with senior aides at the presidential office in Yongsan since taking office earlier this month, Lee Jae-myung urged them to do their "utmost to ensure the safety of South Korean nationals" in the region. His remarks cam

June 23, 2025

HD Hyundai partners with US firm to construct commercial vessels in US

SEOUL, June 23 (AJP) - HD Hyundai has signed a strategic partnership with American marine services company Edison Chouest Offshore to jointly construct commercial vessels in the United States, HD Hyundai said Monday. The agreement, signed in New Orleans, Louisiana, marks HD Hyundai’s latest move to expand its footprint in the U.S. shipbuilding market. Under the deal, the two companies plan to begin building medium-sized liquefied natural gas dual-fuel container ships at Edison

June 23, 2025

Lee taps dozen nominees for ministerial posts

SEOUL, June 23 (AJP) - President Lee Jae-myung on Monday named a dozen new ministers to fill posts in his Cabinet. At a press briefing, presidential chief of staff Kang Hoon-sik said the nominees were selected "based on their expertise and experience" in line with Lee's pragmatic approach that emphasizes skills and performance. Among the picks included Ahn Gyu-baek, a five-term lawmaker from the ruling Democratic Party (DP), who was nominated as defense minister. On

June 23, 2025

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