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

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

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

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

More babies born outside marriage in S. Korea, reflecting possible shifts in family norms

SEOUL, August 27 (AJP) - South Korea recorded its highest proportion of children born outside marriage in 2024, reflecting a rapid shift in family structures in a country long defined by rigid norms around marriage and childbearing. About 13,800 babies — 5.8 percent of all births last year — were born to unmarried parents, according to data released Wednesday by Statistics Korea. While the share remains small compared with Western nations, it marks a sharp increase fr

August 27, 2025

Gwangju seeks to host national AI computing center

SEOUL, August 27 (AJP) - The city of Gwangju plans to launch a committee to host South Korea’s next national artificial intelligence computing center, a project that local officials hope will anchor the city’s ambitions to become the country’s premier AI hub. On Sept. 1, the city will hold a launch ceremony for the committee, a coalition spanning lawmakers, business groups, academics, media, religious figures and civil society organizations. The body is tasked wi

August 27, 2025

In Philadelphia, Korean-owned shipyard becomes symbol of renewed US maritime ambitions

SEOUL, August 27 (AJP) - The clang of steel and the whistle of cranes at Hanwha Philly Shipyard carried more than the sound of shipbuilding on Tuesday (local time). For South Korea’s president Lee Jae Myung, the sprawling yard on the banks of the Delaware River has become a stage for something larger: a deepening partnership between Seoul and Washington that is being forged in steel, jobs and ships. Standing before a crowd of shipyard workers, state officials and Korean exe

August 27, 2025

[K-Defense] S. Korean shipbuilders shortlisted for Canada's $14 billion submarine program

SEOUL, August 27 (AJP) - A consortium led by South Korea’s two largest shipbuilders, Hanwha Ocean and HD Hyundai Heavy Industries, has been shortlisted to compete in Canada’s next-generation submarine acquisition program. This is a $14 billion defense project that could eventually swell to $43 billion over three decades when long-term maintenance and upgrades are included. Industry officials confirmed Wednesday that the two companies, bidding as a consortium, were s

August 27, 2025