Journalist

Kim Yoon-seop
  • Fire breaks out at motorcycle repair shop in Namyangju
    Fire breaks out at motorcycle repair shop in Namyangju SEOUL, December 27 (AJP) - A fire broke out at a motorcycle repair shop in Namyangju, south of Seoul, authorities said Saturday. Fire officials said the blaze started about 2:55 p.m. at the shop in Byeollae-myeon, Namyangju, in Gyeonggi province. Black smoke rose from the building, prompting a series of calls from nearby residents. No casualties had been confirmed as of Saturday afternoon. Firefighters deployed 31 pieces of equipment and 78 personnel to contain the flames. Police and fire officials said they will investigate the cause and assess damage once the fire is fully under control. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-27 17:18:45
  • Coupang shares jump 6% in New York after company releases probe findings on data leak
    Coupang shares jump 6% in New York after company releases probe findings on data leak SEOUL, December 27 (AJP) - Coupang shares rose on the New York Stock Exchange (NYSE) on Friday (local time), the first trading day after the company released its own findings on a major personal data leak. Coupang Inc., the parent company of the e-commerce firm, closed up 6.45 percent at $24.27 on the NYSE. U.S. markets were closed the previous day for Christmas, making Friday the first session after the announcement. Coupang said in a news release on Thursday that it had identified a former employee who leaked customer information using forensic evidence. The company said it recovered and secured all devices and hard disk drives used to access and steal the data, and its review found no external transmission. Coupang also said the leaker deleted all stored information and that no customer data were sent to third parties, according to its findings. The rebound was seen as reflecting investor expectations that the situation could stabilize after the company's announcement. The government, however, dismissed Coupang's statement, saying that what Coupang claims has not been confirmed by the joint public-private investigation team and is a one-sided claim. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-27 09:32:23
  • Samsung C&T advances Australian energy push with HVDC transmission deal
    Samsung C&T advances Australian energy push with HVDC transmission deal SEOUL, December 18 (AJP) - Samsung C&T Corp.’s construction unit said on Thursday it has won a high-voltage direct current (HVDC) transmission project in Australia. The company said it signed a contract with Marinus Link, a government-backed company established by Australia’s federal government and the state governments of Victoria and Tasmania, for the Marinus Link HVDC project. The project involves the engineering, procurement and construction of a 750-megawatt HVDC transmission system connecting the Hazelwood area in Victoria with the Heybridge area in Tasmania. The system will comprise about 90 kilometers of underground cable and 255 kilometers of subsea cable, for a total length of 350 kilometers. Samsung C&T said it formed a joint venture with local infrastructure contractor DTI to carry out civil works related to underground cable installation and the construction of converter stations. Of the total project value of about 940 billion won ($680 million), Samsung C&T’s 50 percent share amounts to roughly 470 billion won. The company said it received strong evaluations from the client during the early contractor involvement process after presenting an optimized design and highlighting experience gained from its HVDC project in the United Arab Emirates. “The Marinus Link HVDC project demonstrates recognition of Samsung C&T’s technology and project execution capabilities in the Australian market,” said Kim Sung-jun, vice president and head of the company’s energy solutions sales division. “We will continue to expand our business in Australia and the global energy market.” Samsung C&T said it has secured around 1 trillion won in orders in Australia’s energy sector this year, including a battery energy storage system project in Victoria worth about 200 billion won won in July. Since entering the Australian market with the Melbourne Renewable Energy Hub project in 2023, the company has been carrying out energy storage system projects totaling about 2.9 gigawatt-hours, it added. 2025-12-18 09:38:22
  • Shinsegae chairs Hannam-dong home remains South Koreas most expensive for 11th year
    Shinsegae chair's Hannam-dong home remains South Korea's most expensive for 11th year SEOUL, December 17 (AJP) - Lee Myung-hee, chairwoman of South Korea’s Shinsegae Group, owns the country’s most expensive home for the 11th consecutive year, according to government property data released on Wednesday. Lee’s residence in Hannam-dong, central Seoul, was valued at 31.35 billion won ($21 million), up 5.48 percent from a year earlier, data from the Ministry of Land, Infrastructure and Transport showed. The valuation rose by 1.63 billion won from last year’s 29.72 billion won, marking the first time in four years that the property’s assessed value has exceeded 30 billion won. The 2,862-square-meter home has held the top position since 2016. The second most expensive residence is owned by Lee Hae-wook, chairman of construction and energy conglomerate DL Group. His home in Samsung-dong, Seoul’s Gangnam district, was valued at 20.3 billion won, up 5.67 percent from last year. The rankings of the top 10 most expensive homes were unchanged from last year. Seven are located in Yongsan-gu, two in Gangnam-gu’s Samsung-dong and one in Seocho-gu’s Bangbae-dong. In land valuations, the site occupied by cosmetics retailer Nature Republic in Myeong-dong, Jung-gu, retained its position as South Korea’s most expensive plot for the 23rd consecutive year. It was valued at 18.84 million won per square meter, up 4.38 percent. The second most expensive site was the Woori Bank property in Myeong-dong, valued at 18.76 million won per square meter, a 4.58 percent increase. 2025-12-17 13:48:58
  • Incheon airport chief pushes back on presidents call for cash-smuggling probe
    Incheon airport chief pushes back on president's call for cash-smuggling probe SEOUL, December 16 (AJP) - The head of South Korea’s Incheon International Airport Corporation said on Tuesday that a full investigation into allegations of cash smuggling using books would be virtually impossible, pushing back against an order issued by President Lee Jae Myung. Lee Hak-jae, chief executive of the airport operator, told a press conference in Incheon that searching for $100 bills concealed inside books would be unworkable in practice. “Conducting a full search for banknotes hidden in books is not feasible,” said Lee, a former three-term lawmaker of the opposition People Power Party. “It would disrupt airport operations and cause significant inconvenience to passengers.” President Lee had earlier raised concerns during a briefing by the Ministry of Land, Infrastructure and Transport about the possibility of smuggling large sums of money by hiding $100 bills in books. After Lee Hak-jae failed to give clear answers, the president publicly criticized him and instructed authorities to conduct a comprehensive investigation. Asked about alternative measures, Lee said the airport would strengthen existing security checks in response to public concern. “We will enhance current screening procedures in light of the president’s remarks and public interest,” he said, adding that the airport was open to proposals from customs authorities to improve detection methods. Lee also rejected calls for him to step down, saying his position was protected by a fixed term. “I have not considered resigning,” he said, adding that he had not received any direct communication from the presidential office regarding his status. Separately, Incheon International Airport outlined plans to ease congestion through airline relocations and expanded terminal operations. Low-cost carriers Air Busan and Air Seoul began operating from Terminal 2 in the third quarter, while Asiana Airlines is scheduled to move there on Jan. 14. The shift is expected to reduce congestion at Terminal 1, which currently handles about 66 percent of passengers, lowering the share to around 49 percent. Terminal 2 will see expanded capacity, including the addition of 119 security staff, an increase in parking spaces from 19,553 to 25,540, and an expansion of boarding gates from 47 to 63. The airport forecasts 73.52 million international passengers this year, with total passenger traffic reaching 74.04 million. Passenger numbers are projected to rise 2.1 percent next year to 75.07 million. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-16 15:51:24
  • Strike by unionized railway workers averted after overnight negotiations
    Strike by unionized railway workers averted after overnight negotiations SEOUL, December 11 (AJP) - A full-scale strike by unionized railway workers in Seoul was averted early Thursday morning after a breakthrough was made during overnight negotiations between labor and management. State-run rail operator KORAIL's workers called off their planned strike after both sides tentatively agreed to further discuss key issues including bonus payments and safety measures, allowing all trains to run as scheduled. The union had demanded performance-based bonuses to be restored to 100 percent of base salary, matching other public enterprises, up from the current 80 percent. The Korean Public Service and Transport Workers' Union (KPTU), which operates Line 9 separately from Seoul Metro, which operates subway lines 1 through 8, also decided to call off its strike after reaching a deal on wages. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-11 09:11:57
  • SRT bullet train clocks up over 205 million passengers in nearly a decade
    SRT bullet train clocks up over 205 million passengers in nearly a decade SEOUL, December 9 (AJP) - Tuesday marks the 9th anniversary of high-speed rail service Super Rapid Train (SRT). Operator SR Corporation said its high-speed trains, with a maximum speed of 305 km/h, have carried a total of 205 million passengers over the past nine years. Passenger numbers grew sharply from 1 million in 2016 to 26.69 million last year. As of early this week, approximately 24.33 million passengers have used the service this year. The number of daily commuters also exceeded initial forecasts, rising from 53,334 in 2017 to 70,920 this year. SRT passengers have traveled a combined 45.5 billion kilometers, equivalent to 151 round trips between Earth and the Sun. SR's acting CEO Shim Young-joo said, "We will continue to strive to provide passengers with safe and convenient high-speed rail service." In a related development, the government announced plans the previous day to merge SRT with the primary KTX bullet train service by the end of next year, allowing passengers to transfer between the two high-speed trains. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-12-09 16:52:31
  • Half of high-ranking officials own multiple homes
    Half of high-ranking officials own multiple homes SEOUL, November 18 (AJP) - Nearly half of high-ranking government officials including lawmakers own two or more homes, a recent analysis shows. The analysis of some 2,581 senior officials, released by corporate tracker Leaders Index on Tuesday, found that 48.8 percent hold multiple homes, with 17.8 percent owning at least three. Real estate accounts for 58.7 percent of their total assets estimated at 5.71 trillion won. Apartments make up 58.9 percent, followed by sprawling private residences at 16.6 percent, multi-unit buildings at 8.6 percent, and others. Government officials own an average of 1.89 homes each, local government heads 1.87, and lawmakers 1.41. Nearly 30 percent of these properties, worth 1.33 trillion won, are concentrated in Seoul's affluent districts of Gangnam, Seocho and Songpa, south of the Han River. Cho Sung-myung, a district chief of Gangnam, owns the most properties, with 42 residential units and buildings. Among lawmakers, Park Min-kyu of the ruling Democratic Party (DP) owns the most, with more than a dozen properties including an apartment in Seocho and 11 studios in Gwanak, southwestern Seoul. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-18 10:40:38
  • Flights to be grounded for 30 minutes to reduce noise for test-takers during their crucial exam
    Flights to be grounded for 30 minutes to reduce noise for test-takers during their crucial exam SEOUL, November 11 (AJP) - All flights in South Korea will be grounded for about 35 minutes on Thursday to help students take their English listening test undisturbed, as more than 550,000 test-takers nationwide will sit for their annual university entrance exam. According to the Ministry of Land, Infrastructure and Transport, takeoffs and landings at airports nationwide will be suspended from 1:05 p.m. to 1:40 p.m. to minimize noise disruptions for students, affecting around 140 flights. But some emergency and urgent flights will be exempt. Drones and other aerial devices will also be banned, with prior notice provided to the public. The ministry will work with relevant agencies including the Korea Airports Corporation and Incheon International Airport Corporation, to control and monitor air traffic. Joo Jong-wan, a ministry official, advised passengers to be aware of such measures and check their departure times in advance. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-11 15:37:39
  • Foreign home purchases fall to 32-month low in S. Korea after new restrictions
    Foreign home purchases fall to 32-month low in S. Korea after new restrictions SEOUL, November 03 (AJP) - Purchases of residential properties by foreigners in the Seoul metropolitan area fell to their lowest level in nearly three years last month, following the government’s introduction of tighter restrictions on foreign real estate transactions. According to data from the court, 560 foreigners completed ownership transfers for homes in Seoul, Gyeonggi Province and Incheon in October — the fewest since February 2023, when only 427 transactions were recorded. Foreign purchases had climbed steadily earlier this year, from 606 in January to a peak of 1,051 in August, before slipping to 976 in September and continuing their decline in October. The downturn coincides with a new permit system for home purchases by foreigners, introduced on Aug. 26, which designated all of Seoul and several surrounding districts as restricted zones. The measure limits purchases to properties intended for residence and requires prior approval from local governments. The measure, part of a broader push to cool speculative housing demand, came amid growing public criticism that foreign buyers were gaining advantages in the housing market, including access to loans and tax loopholes. Under the new rules, foreigners seeking to buy houses must obtain government approval and move into the property within four months of purchase, maintaining residence for at least two years. Authorities have also intensified scrutiny of foreign real estate transactions, referring suspected tax evasion cases to the National Tax Service for investigation. Foreign home purchases dropped across all major regions in October: from 174 to 133 in Seoul, from 540 to 288 in Gyeonggi, and from 262 to 139 in Incheon. Chinese nationals accounted for the largest share with 438 transactions, followed by Americans with 133 and Canadians with 33. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2025-11-03 15:01:24