Mandatory facial recognition to exempt foreign residents SEOUL, June 23 (AJP) - South Korea will mandate facial recognition for all new mobile phone subscriptions starting in July to combat financial crimes, but the system will launch entirely without foreign residents. The exclusion creates an immediate regulatory loophole, as foreign-registered accounts make up nearly half of all illegal burner phones used in the country's voice phishing networks. By pushing ahead with a domestic-only rollout, the Ministry of Science and ICT risks driving crimi June 23, 2026

Nexon launches $162 million fund for early-stage game studios SEOUL, June 23 (AJP) - Nexon is rolling out a five-year, 250 billion won ($162.2 million) investment program aimed at seeding early-stage game developers, moving to fill what it described as a widening capital gap in South Korea's domestic gaming market. The South Korean game maker said Tuesday it would channel money into studios at the seed and Series A stages, pairing large-scale private capital with government policy funds in a public-private structure designed to revive faltering invest June 23, 2026

FIFA sends hidden message to South Korea before final group match SEOUL, June 22 (AJP) - FIFA has sent a playful message of support to South Korea ahead of their final group match at the 2026 FIFA World Cup. The world football governing body posted a series of photos of South Korean players on its official Instagram account Monday in Korea, along with the message, “Fighting for the final group match,” written in Korean. The post featured Cho Gue-sung, Eom Ji-sung, Lee Han-beom, Lee Kang-in, Hwang Hee-chan and Hwang In-beom. Each photo contained June 22, 2026

HD Hyundai Heavy challenges KDDX evaluation over security penalty SEOUL, June 22 (AJP) - HD Hyundai Heavy Industries has filed a formal objection to the evaluation results for South Korea’s next-generation destroyer program after losing to Hanwha Ocean by less than one point, industry sources said Monday. The company submitted the objection to the Defense Acquisition Program Administration over the bidding process for the detailed design and construction of the lead vessel under the Korean Destroyer Next Generation, or KDDX, program. HD Hyundai Heavy i June 22, 2026

SME loan delinquency rate at top five banks hits record high SEOUL, June 22 (AJP) - Loan delinquencies among small and medium-sized enterprises at South Korea’s five major banks rose to the highest level in data going back to January 2020, underscoring growing stress among smaller companies and self-employed borrowers. The average delinquency rate on won-denominated loans at KB Kookmin, Shinhan, Hana, Woori and NH NongHyup stood at 0.51 percent at the end of May, according to financial industry data released Monday. That was up 0.05 percentage poi June 22, 2026

SK hynix edges out Samsung Elec as No. 1 as KOSPI hits new high SEOUL, June 22 (AJP) - South Korea's Kospi closed at a fresh record on Monday, rising 62.1 points, or 0.7 percent, to 9,114.6, as SK hynix overtook Samsung Electronics in market capitalization on a common-share basis for the first time in 25 years and seven months. The index swung between an intraday low of 8,900.7 and a high of 9,253.0 before settling higher. Retail investors were net buyers of 2.12 trillion won, while institutions bought 330.6 billion won. Foreigners sold 2.54 trillion wo June 22, 2026

Ex-justice minister sentenced to 25 years in martial law-related case SEOUL, June 22 (AJP) - Former Justice Minister Park Sung-jae was sentenced to 25 years in prison on Monday over his involvement in disgraced former President Yoon Suk Yeol's martial law debacle in 2024. The Seoul Central District Court found Park guilty of carrying out key duties related to Yoon's Dec. 3 martial law declaration. In its verdict, the court harshly criticized Park, saying he had a "grave constitutional duty" as justice minister but chose to side with unlawful ac June 22, 2026

World Cup 26: Japan makes history, Egypt fetches first win SEOUL, June 22 (AJP) - The 2026 FIFA World Cup produced a weekend of milestones across the group stage, from Egypt’s long-awaited first victory to historic wins for the United States and Japan. Japan marked the 1,000th match in World Cup history by becoming the first Asian team to win a tournament match with four goals, while the United States won back-to-back World Cup games for the first time in 96 years. Egypt beat New Zealand for the country’s first World Cup win, and debutants June 22, 2026

KOSPI and Nikkei extend record-setting rally SEOUL, June 22 (AJP) -South Korean and Japanese stocks extended their record-setting rallies Monday, propelled by semiconductor shares ahead of Micron Technology's fiscal third-quarter earnings this week that could set the tone for the next leg of gains for Korean memory giants Samsung Electronics and SK hynix. The earnings report, due June 24, is being closely watched as a barometer of global artificial-intelligence spending and demand for high-bandwidth memory, an area dominated by South June 22, 2026

Korea's June exports set 20-day record on tripled chip shipments SEOUL, June 22 (AJP) - South Korea’s exports rose to a record for the first 20 days of a month in June, as a powerful rebound in semiconductors pushed shipments nearly 60 percent higher from a year earlier. Exports came to $61.99 billion between June 1 and 20, up 60.4 percent from the same period last year, preliminary data from the Korea Customs Service showed Monday. The figure surpassed the previous 20-day record of $54.3 billion set in March, pointing to a sharper-than-expected accel June 22, 2026