AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

Joonha Yoo
Joonha Yoo유준하
ReporterCOEX Sejong Center for the Performing Arts & Music, Culture, Entertainment, Automotive
Joonha Yoo is a bilingual journalist at AJU Press (AJP), covering music, culture, entertainment and Korea’s automotive industry.
Raised in Fort Collins, Colorado, he often writes from the scene, bringing firsthand detail to stories ranging
from BTS comeback concerts to unique cultural events that catch the world's eye. "I write from the scene, not from the sidelines."
Latest by Joonha Yoo
  • Korean titles make Netflixs most-watched in H1
    Korean titles make Netflix's most-watched in H1 SEOUL, July 21 (AJP) - South Korean productions remained among Netflix's biggest global draws in the first half of 2026, with two Korean series breaking into the platform's worldwide top 10 and multiple other titles attracting tens of millions of viewers, according to Netflix's latest engagement report. Legal drama "Teach You a Lesson" followed at No. 6 with 48 million views, making South Korea the only non-English market to place two original series in Netflix's global top 10 during the period. South Korea placed several additional productions among Netflix's most-viewed releases. Romantic comedy "Can This Love Be Translated?" drew 29 million views, followed by "The Art of Sarah" with 26 million, the second season of action thriller "Bloodhounds" with 24 million and historical romance "My Royal Nemesis" with 16 million. Korean films also continued to perform strongly. Animated feature "K-Pop Demon Hunters" ranked fourth among all movies on Netflix with 130 million views, trailing "War Machine," and "The Rip and Swapped". Despite premiering in June of 2025, the film remained one of the platform's most-watched movies during the six-month period. Netflix said non-English titles accounted for more than one-third of all viewing worldwide during the January-June period, with South Korea, Japan, Spain, India and South Africa producing many of the platform's strongest-performing local-language releases. Korean animation and live entertainment also drew large global audiences during the period. "BTS THE COMEBACK LIVE | ARIRANG" attracted 21 million views, ranking among Netflix's biggest live-event releases of the half, while K-Pop Demon Hunters was on pace to become the platform's second most-watched original animated film ever. Netflix said viewers spent more than 97 billion hours watching content during the first six months of the year, the highest total ever recorded for a half-year period. Beginning in 2027, the company plans to publish its audience data annually instead of every six months. 2026-07-21 11:24:16
  • HYBE to roll out new K-pop girl group Tuide under new label ABD
    HYBE to roll out new K-pop girl group Tuide under new label ABD SEOUL, July 21 (AJP) - HYBE's newly established girl group label ABD has introduced its first artist, unveiling the seven-member act TUIDE ahead of the group's debut expected in the second half of 2026. The launch marks the first project for ABD, short for A Bold Dream, a label dedicated exclusively to developing girl groups within HYBE's multi-label system. According to the company, the label aims to pursue new creative directions while expanding the boundaries of K-pop through artist-focused production. TUIDE will be led by veteran producer Han Sung-soo, whos has previously worked with acts such as SEVENTEEN, After School, IZ*ONE and TWS. His involvement signals another high-profile collaboration within HYBE's network of independently operated labels. The label first introduced the group Monday by opening its official social media channels and unveiling the team's logo. The lineup consists of Seohee, Seoyeon, Elena, Jia, Saki, Seah and Yu Hani. The group's name derives from the phrase "Tune the Tide," reflecting the idea of bringing together members with distinct personalities into a unified team. While ABD has yet to disclose the group's musical direction or debut date, it said TUIDE is intended to balance each member's individuality with a cohesive group identity. TUIDE will become the latest female act under HYBE's expanding label portfolio, joining groups including LE SSERAFIM, managed by Source Music, ILLIT under Belift Lab and KATSEYE, the global girl group created through HYBE's partnership with Geffen Records. HYBE has continued to broaden its multi-label strategy by allowing individual labels to operate with separate creative teams and artistic identities rather than managing all artists under a single production structure. ABD's debut project represents the company's latest effort to diversify its girl group lineup as competition intensifies in the K-pop market. Further details on TUIDE's debut schedule and first release have not yet been announced. 2026-07-21 09:44:32
  • BLACKPINKs Jennie to summer-seasoned single
    BLACKPINK's Jennie to summer-seasoned single SEOUL, July 21 (AJP) - K-pop girl group BLACKPINK's Jennie will officially release her new solo single "Less than a Lover" on July 24 after previewing the song at a string of major international music festivals, her agency OA Entertainment (ODD ATELIER) said Tuesday. Jennie gave audiences an early listen to the track during headlining appearances at the Governors Ball Music Festival in New York, Denmark's Roskilde Festival, Poland's Open'er Festival and Spain's Mad Cool Festival in Madrid, ahead of its official release. The song marks a stylistic shift from the performance-driven pop that has defined much of Jennie's solo catalog. Built around lo-fi guitar and vintage keyboard sounds, "Less than a Lover" leans toward a more restrained, intimate sound while showcasing a softer vocal approach. Jennie co-wrote the lyrics and participated in directing the music video, according to OA Entertainment, an independent label she founded in late 2023 after ending her individual contract with YG Entertainment, while remaining signed to the label for BLACKPINK's group activities. The singer is expected to continue performing the track on the international festival circuit next month with appearances at Lollapalooza Chicago and Japan's Summer Sonic 2026. Jennie has increasingly focused on solo projects in recent years while continuing activities as a member of BLACKPINK, whose members have each pursued individual careers alongside the group's global promotions. 2026-07-21 09:04:02
  • Coupang back under fire over warehouse automations safety trade-off
    Coupang back under fire over warehouse automation's safety trade-off SEOUL, July 20 (AJP) - Fast delivery has long been at the core of Coupang's identity, helping transform South Korea into a republic of logistics. But a fire that was still burning Monday afternoon, more than 55 hours after breaking out at the company's state-of-the-art fulfillment center in Incheon, west of Seoul, underscored a new challenge facing increasingly automated warehouses - the costly trade-off between efficiency and the safety risks posed by lithium-powered robotics. The blaze broke out at about 6:54 a.m. on July 18 on the sixth floor of Coupang's No. 32 fulfillment center in Incheon's Seo District. It spread from the section to the right of the building's vehicle ramp to the seventh floor before extending to the left side of the sixth floor. Heo Seok-kyung, chief of the Incheon Seobu Fire Station, told reporters Monday that hundreds of lithium-powered logistics robots — containing roughly the same amount of battery material as about 20 electric vehicles — are stationed on the fifth floor, which has so far escaped the fire. If the flames reach that floor, he warned, they could spread rapidly throughout the building. Firefighters entered the fifth floor in an effort to halt the blaze while deploying 31 pieces of specialized equipment, including aerial ladder trucks. Thermal-imaging drones monitored heat accumulation in real time, directing crews to the hottest areas inside the warehouse. Authorities have maintained a nationwide firefighting mobilization order since Saturday afternoon, drawing personnel from eight provinces. As of Monday, 812 firefighters and police officers supported by 231 pieces of equipment had been deployed, up from 575 personnel when the fire was first reported. After initial attempts to battle the fire from inside were thwarted by extreme heat and poor visibility, firefighters began breaking through the building's exterior walls with excavators to vent smoke and create access points. Rain over Incheon provided little assistance because it could not penetrate deep into the warehouse. No deaths or civilian injuries have been reported. Two firefighters were treated for smoke inhalation and exhaustion. Of the facility's 2,195 workers, 121 were on duty when the fire broke out and evacuated safely on their own. Authorities issued an evacuation order Sunday night covering a 116-meter radius around the warehouse amid concerns that part of the building could collapse. After consulting structural engineers, however, officials decided to continue firefighting operations while installing monitoring sensors that would automatically warn crews of signs of structural failure. Nearby schools and childcare centers were advised to close Monday, while 168 residents stayed at two temporary shelters because of smoke and falling debris. The warehouse spans roughly 299,000 square meters across eight above-ground floors and one basement level, more than double the floor area of the facility involved in Coupang's previous major warehouse fire. Dense three-tier shelving and large quantities of paper and plastic packaging have made the blaze especially difficult to contain. Coupang said it does not expect significant disruption to its nationwide delivery network because most products stored in Incheon are also stocked elsewhere. Orders for items primarily stored at the site have been canceled and refunded. The cause of the fire remains under investigation, and authorities have yet to estimate the financial damage. Once the blaze is extinguished, fire officials will launch a joint investigation with the National Fire Research Institute and the Korea Electrical Safety Corporation to determine the cause, including whether fire detection and sprinkler systems functioned properly, whether fire compartments effectively contained the flames, and whether safety improvements introduced after Coupang's previous warehouse fire were fully implemented. The Incheon fire is the second major blaze at a Coupang logistics center since 2021, when a fire at the company's Deokpyeong facility in Icheon, Gyeonggi Province, burned for six days and claimed the life of a firefighter. Investigators later found that the warehouse's sprinkler system failed to activate for about eight minutes after the fire started. Coupang reopened the rebuilt facility only in 2025. The current fire is larger by most measures. More than 800 emergency personnel have been mobilized, compared with roughly 150 during the initial response to the 2021 blaze. While the Deokpyeong fire was largely contained within hours despite taking days to extinguish completely, the Incheon blaze remained uncontrolled more than 55 hours after it began. It remains too early to compare the overall severity of the two incidents because the Incheon fire is still active and investigators have not determined its cause. Rapid Expansion, Recurring Safety Complaints The disaster comes after years of rapid, capital-intensive expansion of Coupang's logistics network. The company has built 96 logistics facilities across 30 regions nationwide since its founding, investing more than 6.2 trillion won ($4.5 billion) and committing another 3 trillion won through 2026. Total warehouse floor space expanded from about 2.31 million square meters at the end of 2020 to 3.71 million square meters by the third quarter of 2022, an increase of nearly 60 percent in less than two years. Its fulfillment workforce reached roughly 46,000 in 2023, while employment at non-Seoul logistics centers increased from 15,000 workers in September 2024 to more than 17,000 by March this year. Ten workers died at Coupang logistics facilities between 2020 and 2022. A 2021 parliamentary review found that fire inspectors cited 139 of 268 logistics warehouses nationwide for fire-safety deficiencies, underscoring broader concerns across the industry. In December 2025, prosecutors received a criminal complaint alleging that Coupang founder and Executive Chairman Kim Bom-suk instructed a former executive to withhold records related to the 2020 death of warehouse worker Jang Deok-jun in an attempt to obstruct a workers' compensation investigation. Coupang has not publicly addressed the allegation in detail. The fire also comes amid mounting labor tensions. The Coupang Fulfillment Center branch of the Korean Public Service and Transport Workers' Union has scheduled two strikes for Aug. 1 and Aug. 15 after members voted overwhelmingly in favor of industrial action. The union is demanding guaranteed rest breaks during heat waves, expanded cooling facilities and permission for workers to carry mobile phones inside warehouses — a pledge Coupang made during a National Assembly hearing but has yet to implement. Although the branch has only about 200 members among roughly 78,000 fulfillment workers, labor unrest has continued. A strike in August 2023 drew just three participants. Separately, delivery drivers affiliated with the Korea Truckers' Solidarity Union in Gangwon Province staged a warning strike in June after Coupang introduced overnight deliveries in Chuncheon and Wonju. According to the union, 22 of 23 surveyed drivers reported lower daytime delivery volumes after the change, while the company proposed cutting per-package delivery fees by 122 won. National labor federations also organized one-day strikes in January calling for tighter restrictions on overnight delivery shifts and stronger government oversight of the company. Scandals in Korea and lobbying in Washington Coupang is also still dealing with the fallout from a massive data breach disclosed last November. A former employee used an unrevoked cryptographic key to access customer information between April and November 2025, affecting roughly 37.5 million people — including 33.2 million member accounts and at least 4.3 million non-members whose information appeared in delivery records. Regulators concluded the breach stemmed from basic failures in access-key management rather than a sophisticated cyberattack. In June, authorities imposed a record 624.68 billion won ($450 million) fine, the largest privacy-related penalty in Korean history. Kim did not issue a personal apology until about one month after the breach became public. Coupang plans to challenge the decision and will recognize the penalty as an operating expense in its second-quarter earnings. Fire-related costs, meanwhile, are expected to appear in third-quarter results. Coupang generates more than 90 percent of its revenue in South Korea but is controlled by Coupang Inc., a Delaware-incorporated parent listed on the New York Stock Exchange, a structure that has long drawn scrutiny over how profits are transferred overseas. The National Tax Service launched an investigation in December 2025, deploying roughly 150 investigators, including specialists in international transactions. The probe began with Coupang Fulfillment Services and has expanded to examine transfer-pricing practices between the Korean operation and its U.S. parent. For years, Kim largely avoided direct legal responsibility for workplace accidents because he did not serve as chief executive or registered representative director of Coupang's Korean operating entity, leaving his status under the Serious Accidents Punishment Act uncertain. In April, however, the Fair Trade Commission designated Kim as Coupang's "same person," formally recognizing him as the conglomerate's controlling figure. A Seoul court temporarily suspended that designation on July 14 while considering Coupang's legal challenge, leaving its legal status unresolved. Whether the designation ultimately carries implications for the Incheon fire or previous workplace fatalities remains an open question. At a rally outside Coupang's Seoul headquarters in February, the mother of a worker who died on the job publicly called for Kim's prosecution. The crises have coincided with Coupang's weakest earnings performance in years. The company posted an operating loss of 354.5 billion won ($242 million) for the first quarter of 2026, its largest quarterly loss since late 2021, even as revenue increased 8 percent to $8.5 billion. The quarter marked Coupang's slowest revenue growth since its 2021 New York listing. Net loss widened to 389.7 billion won, while active customers declined by 700,000 from the previous quarter to 23.9 million. Adjusted EBITDA fell 35 percent from a year earlier, largely because of customer compensation and other costs related to the data breach. Coupang expects second-quarter revenue growth of 9 to 10 percent at constant exchange rates while warning that margins will remain under pressure. Second-quarter earnings are expected in early August. Fire-related losses are unlikely to appear until third-quarter results, with potential damage estimates ranging from tens of billions of won to several hundred billion won. Investigators have yet to determine what caused the Incheon fire or whether any failures by Coupang or its contractors contributed to the blaze. Even so, the incident comes as the company faces a convergence of challenges — from a record privacy fine and a tax investigation to labor disputes and renewed scrutiny over workplace safety. Firefighters remained at the scene Monday under the nationwide mobilization order with no confirmed timetable for bringing the fire fully under control. Coupang said it is cooperating with investigators while providing relief supplies to firefighters and nearby residents. Whether the blaze ultimately prompts broader changes in fire safety standards across Korea's increasingly automated logistics industry may prove as significant as the investigation itself. 2026-07-20 17:51:51
  • KOSPI drops 4.5% as sell sidecars hit both markets
    KOSPI drops 4.5% as sell sidecars hit both markets SEOUL, July 20 (AJP) - Korean stocks closed sharply lower Monday, with the benchmark KOSPI losing more than 4 percent and the KOSDAQ falling more than 5 percent as sell-side sidecars were activated in both markets. The KOSPI dropped 304.33 points, or 4.46 percent, to close at 6,516.27. The index opened 2.60 percent lower at 6,643.58. It climbed as high as 6,814.86 during the session before falling to an intraday low of 6,472.80. The selloff followed a buildup of investor anxiety over the semiconductor sector during the Constitution Day holiday, compounded by escalating conflict in the Middle East. Leveraged exchange-traded funds tracking chip stocks were cited by market observers as amplifying the swings in both directions. A sell-side sidecar was activated in the main market at 11:21:26 a.m., temporarily suspending program sell orders for five minutes. Institutional investors sold a net 919.1 billion won worth of KOSPI shares. Foreign investors purchased a net 515.3 billion won, while retail investors bought 349.1 billion won. Samsung Electronics fell 4.31 percent to 244,000 won, while SK hynix dropped 4.23 percent to 1,764,000 won. Samsung Life Insurance plunged 8.91 percent and KB Financial Group lost 6.79 percent. Kia fell 6.48 percent, Hyundai Motor dropped 6.12 percent to 399,000 won and LG Energy Solution declined 4.94 percent. Samsung Biologics fell 3.65 percent, SK Square lost 2.89 percent, Samsung Electronics preferred shares declined 1.63 percent and Samsung Electro-Mechanics edged down 0.16 percent. Hanmi Semiconductor tumbled 8.5 percent to 222,000 won, while LG Innotek dropped 9.9 percent. Hanwha Ocean fell 4.0 percent to 83,200 won. Diversified telecommunications services gained 2.1 percent, led by a 2.8 percent rise in One4U and a 2.1 percent gain in KT. Card shares advanced 1.8 percent, with Samsung Card rising 1.8 percent. Diversified consumer services gained 1.5 percent, led by eSang Networks, which also rose 1.5 percent. The tech-heavy KOSDAQ fell 42.20 points, or 5.33 percent, to close at 749.64. The index opened 2.35 percent lower at 773.21 and traded between an intraday high of 783.74 and a low of 747.00. A sell-side sidecar was triggered in the KOSDAQ market at 10:52:54 a.m., about 29 minutes before the measure was activated in the KOSPI market. Program sell orders were suspended for five minutes. Retail investors purchased a net 190.8 billion won worth of KOSDAQ shares. Foreign investors sold 57.7 billion won, while institutions unloaded 134.8 billion won. Samchundang Pharm surged 29.82 percent to the daily limit at 239,000 won after receiving a response from the U.S. Food and Drug Administration regarding its Pre-ANDA consultation for a generic oral semaglutide product. ROKIT Healthcare jumped 27 percent to 61,400 won. Jinyoung rose 29.9 percent to 1,420 won, Zinitix gained 15.0 percent to 1,852 won and GigaLane climbed 15.1 percent to 12,990 won. Hanil Feed advanced 14.9 percent to 2,770 won, Hantop rose 13.8 percent to 2,765 won and JOLSE gained 9.5 percent to 1,309 won. Mirae Life Resources surged 29.8 percent and Selim B&G rose 9.7 percent as plastic-alternative and soybean-related shares ranked among the strongest themes. Semiconductor equipment shares were among the steepest decliners. Wonik IPS plunged 18.19 percent to 115,100 won, PSK dropped 12.59 percent and Jusung Engineering fell 10.64 percent to 167,900 won. Ecopro lost 8.13 percent and Ecopro BM declined 7.38 percent. Rainbow Robotics fell 5.54 percent, Rino Industrial dropped 4.43 percent, Alteogen declined 2.53 percent and Kolon TissueGene lost 1.45 percent. The Korean won strengthened slightly against the U.S. dollar, with the exchange rate falling 0.1 won to close at 1,478.4 won per dollar. Japan's stock market was closed for the Marine Day public holiday. China's Shanghai Composite Index rose 0.9 percent to 3,796.3, while Hong Kong's Hang Seng Index gained 2.0 percent to 25,059.9. Brent crude rose 2.3 percent to $90.1 a barrel, while West Texas Intermediate gained 2.0 percent to $84.1 a barrel. 2026-07-20 17:34:22
  • Korean films reach Ivory Coast cinemas in rare west African expansion
    Korean films reach Ivory Coast cinemas in rare west African expansion SEOUL, July 20 (AJP) - Two South Korean films have entered commercial release in Ivory Coast, marking the first time Korean historical and horror films have received regular theatrical releases in the West African country, the South Korean Embassy in Abidjan said Monday. The release represents a rare expansion of Korean cinema into sub-Saharan Africa, where commercial screenings of Korean films have remained limited despite the global rise of Korean popular culture. While Korean films have become increasingly familiar to audiences in North America, Europe and parts of Asia, theatrical distribution across much of Africa has been relatively uncommon. Leading the release is The King's Warden, director Jang Hang-jun's historical drama that attracted 16.9 million moviegoers in South Korea. The film opened July 16 at Pathé Cap Sud cinema in Abidjan as the opening title of the 2026 Korean Film Festival. Director Kim Soo-jin's horror film Noise also premiered at the festival, and both films have since moved into commercial theatrical release through a local distributor, giving Ivorian audiences access beyond the festival screenings. The festival was organized to mark the 65th anniversary of diplomatic relations between South Korea and Ivory Coast and drew about 500 guests, including Ivorian Culture Minister Françoise Remarck, government officials, diplomats and business representatives. Remarck noted that cooperation between the two countries had grown to span economic, educational, technological and cultural fields since diplomatic ties were established, calling film "an extraordinary vehicle" for bringing people closer together. South Korean Ambassador Chang Seo-ik said culture was "the most beautiful bridge" between nations and expressed hope that the festival would deepen mutual understanding and cooperation. Visitors also took part in Korean cultural activities before the screenings, including trying on hanbok, Korea's traditional attire, and having their names written in Hangul, the Korean alphabet. The festival opened a weeklong Korean cultural program in Abidjan that also included a Korean consumer goods expo and the Ivory Coast preliminary round of the K-pop World Festival. 2026-07-20 11:39:16
  • Former K-pop idols face tough job market once spotlight fades
    Former K-pop idols face tough job market once spotlight fades SEOUL, July 16 (AJP) - K-pop's global rise has drawn a steady stream of young people hoping to become idols. But rising to stardom is only part of the story. When groups disband or contracts expire, many former performers must enter a job market where years of training and stage experience do not fit neatly into a conventional resume. They also face a difficult employment climate. As of February 2026, South Korea's employment rate for people aged 15 to 29 stood at 43.3 percent, down for a 22nd consecutive month, while the youth unemployment rate rose to 7.7 percent. Former idols may bring communication skills, discipline, teamwork and foreign-language ability, but employers do not necessarily view an entertainment career as a qualification in itself. Life after the stage Lee Sang-hyun, known by his stage name Q.L, debuted in 2014 with boy group BTL under Kiroy Company, later renamed Shinhu Entertainment. When the agency folded two years later, he returned to university, built a conventional resume and entered the corporate job market. After working in the sales and marketing division of hy, formerly Korea Yakult, Lee joined a major Korean conglomerate identified in local reports only as "Company S," where he now works on AI-related projects. He has since spoken publicly about the prejudice he faced after leaving the industry, saying employers often overlooked the skills he had developed as an idol. Song Chae-a, formerly Harin of the girl group Rusty, faced a different reality. After the group's activities stalled during the COVID-19 pandemic, she said her agency pressured members into unpaid livestreams and treated them as if they owed the company money. She terminated her contract in 2021, and the group officially disbanded two years later. Since leaving the industry, Song has worked a series of temporary jobs before finding steadier work as a shopping-mall livestream host, though she still takes part-time work on days without broadcasts. The presentation skills she developed as an idol helped her transition into livestream commerce, but not without years of unstable employment. Not everyone finds even that. Jeon Chi-bin, formerly of boy group MASC, left the group after being assaulted by a bandmate, and said failed stock and cryptocurrency investments left him with about 180 million won in debt after his idol career ended. He now works as a livestreamer while repaying the loans. What employers actually see For recruiters, however, an idol background is neither an automatic advantage nor a disadvantage. An HR professional in her early 30s at a major Korean corporation, who requested anonymity because she was not authorized to discuss hiring publicly, said former entertainers receive no special consideration simply because they once worked in the industry. She said many former idols possess strengths such as presentation skills, teamwork and, in some cases, foreign-language ability, but those qualities are evaluated the same way as any other applicant's experience. "The most important factor is whether the person fits the organization," she said. "An idol career alone doesn't make someone more competitive, but neither does it work against them." Ultimately, an idol career is simply one part of a candidate's resume. Whether it becomes an advantage depends on how well applicants explain the skills they developed on stage and how those experiences fit the job they are seeking. 2026-07-16 17:47:42
  • K-pop impresario Park Jin-young to release new single later this month
    K-pop impresario Park Jin-young to release new single later this month SEOUL, July 16 (AJP) - K-pop singer and producer Park Jin-young will release a new single next week for the first time in about six years, his namesake agency JYP Entertainment said on Thursday. "WET," slated for release on July 23, marks Park's first seasonal release since "When We Disco," his 2020 duet with singer Sunmi, a former member of K-pop girl group Wonder Girls. The reggae-inspired track was also chosen as the main theme song for this year's "Waterbomb," one of South Korea's biggest summer music festivals. With the annual festival slated to be held in several cities featuring live performances by K-pop, hip-hop and EDM artists along with large-scale water fights, Park is scheduled to perform at the ones in Seoul and Busan. It will mark another outing for him after he drew widespread attention for his appearance last year with his vinyl outfit and dance moves. To promote his upcoming single, Park launched a dance challenge featuring part of the song on social media. The challenge has since drawn participation from several K-pop acts including 82MAJOR, Billlie, KickFlip, KISS OF LIFE, MADEIN and WJSN's Dayoung. He also shared a video of himself dancing with RESCENE member Minami. Park debuted in 1994 and founded JYP Entertainment, which has grown into one of South Korea's leading talent mills. Alongside his solo career, he has produced some of the biggest K-pop acts such as ITZY, NMIXX, Stray Kids and TWICE. 2026-07-16 17:01:06
  • BOKs rate hike sends KOSPI down 6%
    BOK's rate hike sends KOSPI down 6% SEOUL, July 16 (AJP) - South Korean stocks led declines across Asia on Thursday after the Bank of Korea (BOK) raised its benchmark interest rate, while renewed selling in semiconductor shares deepened losses across the region. The benchmark KOSPI fell 6.37 percent or 463.81 points to close at 6,820.60, giving up the previous day's gains and slipping back below the 7,000 mark. The BOK raised its benchmark interest rate by 25 basis points to 2.75 percent, its first rate increase in three and a half years. The decision came as semiconductor shares remained under heavy selling pressure. Foreign investors sold 1.38 trillion won (US$932 million) worth of KOSPI shares, while institutions unloaded 2.37 trillion won. Retail investors purchased 3.66 trillion won. A sell-side sidecar was triggered at around 9:10 a.m. after program selling accelerated. Semiconductor heavyweights led the decline. SK hynix tumbled 11.5 percent to 1,842,000 won, while Samsung Electronics dropped 8.8 percent to 255,000 won. Hanmi Semiconductor fell 10.0 percent as selling spread across the AI semiconductor supply chain. Hansol Technics and Daeduck Electronics also finished sharply lower. But not all sectors moved lower. Hanwha Ocean rose 5.7 percent after work officially began on the 390-megawatt Shinan Ui offshore wind farm, where the company will supply a wind turbine installation vessel and an offshore substation. Losses spread across the broader market, with electronics, manufacturing and machinery among the weakest sectors. Selloffs also pushed the benchmark back below the 7,000 level a day after it had reclaimed the mark. The tech-heavy KOSDAQ dropped 4.53 percent to close at 791.84 after trading between 786.59 and 816.47. Foreign investors sold 303.6 billion won and institutions unloaded 156.2 billion won, while retail investors bought 446.7 billion won. A sell-side sidecar was triggered at 10:20 a.m. as selling pressure intensified. Among KOSDAQ movers, Onconic Therapeutics surged 20.0 percent after announcing that research on its endometrial cancer drug candidate was published in an international medical journal. HLB gained 1.7 percent, bucking the broader market. Kolon TissueGene plunged 20.3 percent, while Jusung Engineering fell 10.3 percent. Wonik IPS lost 1.3 percent and PSK declined 4.5 percent as weakness spread across semiconductor equipment makers. The Korean won strengthened against the U.S. dollar, closing at 1,480.4 won. Japan's Nikkei 225 fell 2.8 percent, while Shanghai's Composite Index lost 2.0 percent. Hong Kong's Hang Seng Index rose 1.2 percent. Brent crude traded around $84.7 a barrel, while West Texas Intermediate hovered near $79.5 a barrel as investors monitored developments in the Middle East. 2026-07-16 16:40:38
  • Foreign tourists boost visits to Seouls historic royal palaces
    Foreign tourists boost visits to Seoul's historic royal palaces SEOUL, July 16 (AJP) - A surge in foreign visitors helped offset a slight decline in domestic visitors to South Korea's royal heritage sites in the first half of the year, pushing overall admissions up 6.6 percent from a year earlier, according to data released by the Korea Heritage Service on Thursday. A combined 7.41 million people visited the capital's royal palaces including Changdeokgung, Changgyeonggung, Deoksugung and Gyeongbokgung, as well as the Jongmyo Shrine between January and June. The increase was mainly driven by foreign visitors. Their visits jumped 29.1 percent from a year earlier to 2.27 million, while domestic visits edged down about 1 percent to 5.14 million. Foreign visitors made up 30.6 percent of total visitors, up from 25.3 percent last year. Gyeongbokgung, Seoul's most visited historic site, attracted 3.65 million visitors, up 10.7 percent from a year earlier. Foreign visitors increased to 1.63 million, more than offsetting a 4.5 percent decline in domestic visitors to just over 2 million. Deoksugung attracted 1.75 million visitors, followed by Changdeokgung with 1.05 million and Changgyeonggung with about 611,000. Jongmyo, the royal ancestral shrine of the Joseon Dynasty, welcomed nearly 350,000 visitors. Visitor numbers have continued to recover since the coronavirus pandemic, when the four palaces and Jongmyo Shrine attracted fewer than 7 million visitors combined for the entire year of 2021. Last year, total admissions surpassed 17.8 million for the first time, buoyed by a recovery in inbound tourism and growing global interest in Korean culture. The Korea Heritage Service said Changdeokgung, Jongmyo and the Royal Tombs of the Joseon Dynasty will remain open free of charge through July 19 to mark the 48th session of the UNESCO World Heritage Committee, which opens in Busan on July 19. Jongmyo, which normally operates only through guided tours, will also allow self-guided visits through August. 2026-07-16 16:10:01