Han Duck-soo resigns as acting president to join presidential race SEOUL, May 01 (AJP) - Han Duck-soo, South Korea’s acting president and prime minister, announced his resignation on Thursday, clearing the way for a likely run in the June 3 presidential election. “I am now stepping down from my duties as acting president and prime minister," Han said in a nationally televised address from the central government complex in Seoul. Han is expected to formally declare his presidential bid as early as Friday. He had served as acting president since Dec. 14, when President Yoon Suk Yeol was impeached by the National Assembly over Yoon's declaration of martial law. Han's resignation comes after 139 days in the role. Deputy Prime Minister and Finance Minister Choi Sang-mok will assume the acting presidency for the remaining 33 days until a new president is sworn in on June 4. 2025-05-01 16:29:27

Supreme Court reverses acquittal of top presidential contender Lee Jae-myung SEOUL, May 01 (AJP) - South Korea’s Supreme Court on Thursday overturned a lower court’s acquittal of Lee Jae-myung, the opposition leader and a top contender in the upcoming presidential race, sending the case back for retrial with instructions that Lee be found guilty of spreading false information. The case stems from comments Lee made during the 2021 presidential campaign. He had denied playing golf overseas with the late Kim Moon-ki, a former executive at the Seongnam Development Corporation, and claimed that he received "threats" from the Ministry of Land, Infrastructure and Transport as Seongnam City was undertaking a controversial land development in Baekhyeon-dong. The court ruled both statements to be false. Lee, who narrowly lost the last presidential election to Yoon Suk Yeol in 2021, is again a leading candidate for the June 3 election, triggered by the impeachment of Yoon. While the court’s decision revives legal troubles that have dogged his campaign, it is unlikely to disqualify him before the election, as the retrial and possible appeals could stretch well beyond election day. However, the ruling is expected to intensify scrutiny of his candidacy as the election nears. The ruling was handed down with 10 of the Supreme Court’s 12 justices voting to overturn the appeals court’s acquittal, while two dissented. In November, a lower court sentenced Lee to one year in prison, suspended for two years, after finding that some of his statements during the campaign constituted false information under the Public Official Election Act. But in March, an appellate court reversed the conviction, calling the remarks "political opinions" rather than factual claims. The Supreme Court’s decision means the Seoul High Court must now rehear the case. A final decision may ultimately require a second review by the Supreme Court. Lee has denied any wrongdoing and framed the charges as politically motivated. 2025-05-01 16:10:15

Prosecutors bring additional charges against Yoon Suk Yeol SEOUL, May 01 (AJP) - Prosecutors on Thursday filed additional charges of abuse of power and obstruction of rights against former President Yoon Suk Yeol, who is already standing trial on charges of leading a rebellion related to the Dec. 3 martial law declaration. The prosecution's special investigation team, led by Park Se-hyun, chief prosecutor at the Seoul High Prosecutors’ Office, said the new charges were added following a supplementary investigation. Yoon, who was indicted on January 26 while still in office, was initially charged only with leading a rebellion — a crime not covered by presidential immunity under South Korea’s Constitution. He was detained at the time but later released after a controversial decision by Judge Ji Gyi-yeon, allowing him to stand trial without being held in custody. After Yoon was removed from office by the Constitutional Court, prosecutors expanded their investigation, leading to Thursday’s additional charges. Opposition parties have repeatedly called for his re-arrest. 2025-05-01 14:15:30

Trump Jr. holds series of one-on-one meetings with Korean CEOs SEOUL, April 30 (AJP) - Donald Trump Jr., the eldest son of U.S. President Donald Trump, held a series of private meetings with prominent South Korean business executives on Wednesday at Josun Palace Hotel in southern Seoul. The meetings, held in a secured area of the luxury property, began early in the morning in the same building that houses the office of Jung Yong-jin, the chairman of Shinsegae Group, who played a key role in organizing the junior Trump's visit. Among those seen at the site were Hanwha Group President Kim Dong-won and Vice President Kim Dong-seon, who were spotted at a coffee shop on the first floor around 8:45 a.m. after reportedly concluding their meeting. Naver Chairman Lee Hae-jin and GS Energy President Heo Yong-soo also visited the building for discussions with Trump Jr., though the exact timing and details of the meetings were not disclosed. Despite a contingent of reporters stationed near the building’s main entrance, none of the executives were observed entering or exiting through the front doors. Outside, a yellow banner welcoming Trump to South Korea, erected by conservative groups the previous day, was visible along the sidewalk. Trump arrived in South Korea on Tuesday evening aboard a chartered flight. Upon arrival, he proceeded directly to Jung’s private residence for a dinner meeting that lasted approximately two hours. Jung, who is said to have a longstanding friendship with Trump, had invited him to Seoul after receiving appeals from South Korean business leaders seeking to establish informal ties with the Trump circle, according to industry sources. Jung was expected to remain at his office throughout the day to support the meetings and was scheduled to have lunch and dinner with Trump. Security was notably tight, with access to the meeting areas strictly limited. While about 180 police officers had been deployed on Tuesday amid a demonstration by roughly 50 conservative activists, no protests were reported on Wednesday morning. 2025-04-30 16:36:55

Samsung Electronics posts record revenue in first quarter SEOUL, April 30 (AJP) - Samsung Electronics posted its highest-ever quarterly revenue in the first quarter of 2025, bolstered by strong smartphone and premium appliance sales. The company reported consolidated revenue of 79.14 trillion won, or about $59.1 billion, a 4 percent increase from the previous quarter. Operating profit rose to 6.7 trillion won, or $5 billion. Samsung also invested a record 9 trillion won ($6.7 billion) in research and development during the period, underscoring its commitment to long-term growth despite volatile market conditions. The company's Device Experience (DX) division led the performance, with revenue climbing 28 percent quarter-over-quarter. Strong sales of flagship smartphones, particularly the Galaxy S25 series, along with an expanded lineup of high-value home appliances, helped drive the division’s gains. The Mobile Experience business recorded robust double-digit profitability, benefiting from solid device momentum, lower component costs, and operational efficiencies. The semiconductor-focused Device Solutions (DS) division reported revenue of 25.1 trillion won and an operating profit of 1.1 trillion won, though sales declined 17 percent from the previous quarter. Server DRAM demand expanded and NAND prices showed early signs of recovery, but High Bandwidth Memory (HBM) sales were hindered by semiconductor export controls. Samsung Display Company recorded revenue of 5.9 trillion won and an operating profit of 0.5 trillion won. Performance in small display panels weakened due to seasonal factors, but the large display segment showed improvement, supported by the introduction of new QD-OLED monitors for major customers. Harman, Samsung’s automotive and audio technology subsidiary, maintained year-over-year growth despite entering a seasonally slower period, posting revenue of 3.4 trillion won and operating profit of 0.3 trillion won, buoyed by a refined product portfolio. Looking ahead to the second quarter, Samsung anticipates a seasonal decline in smartphone demand but will focus on sustaining flagship sales, including its Galaxy S25 Edge model. The Visual Display business plans to launch its 2025 lineup of AI-powered televisions globally, while the home appliance division will target peak-season demand with new Bespoke AI products and air conditioners. For the second half of the year, Samsung is betting on the growing demand for AI server memory, aiming to expand sales of its 12-layer HBM3E and high-capacity DDR5 modules. It also plans to address the emerging trend of on-device AI with the rollout of its 10.7Gbps LPDDR5x technology. 2025-04-30 14:01:37

S. Korean government refutes US treasury secretary's claim about trade deal timeline SEOUL, April 30 (AJP) - The South Korean government denied U.S. Treasury Secretary Scott Bessent's assertion that Seoul is seeking to conclude bilateral trade negotiations before its upcoming presidential election. In a joint ministerial statement, the Ministry of Economy and Finance said, “We have never conveyed or discussed any intention to finalize the framework of negotiations with the United States before the presidential election.” The ministry emphasized that, during recent “2+2” trade consultations, South Korean officials stressed the importance of considering domestic political circumstances and ensuring communication with the National Assembly throughout the negotiation process. “There is no change in our position to proceed with consultations according to procedure without rushing,” the ministry added. Bessent, speaking at a White House briefing on Tuesday, said that the outlines of trade talks with South Korea were gradually taking shape. He suggested that Seoul and Tokyo were seeking to establish basic agreements with Washington ahead of their respective elections in order to present diplomatic achievements to voters. He further asserted that both countries had demonstrated a “stronger willingness” to resolve trade issues before election campaigns began — a timeline South Korean officials say was never discussed or agreed upon. 2025-04-30 11:05:40

Consumer agency warns against 'free' family photo schemes SEOUL, April 29 (AJP) - The Korea Consumer Agency issued a warning on Tuesday against deceptive photography promotions that lure customers with promises of free family photo sessions, only to charge high fees for albums, frames, or access to original image files. The agency urged heightened vigilance during May, designated "Family Month" in South Korea, when demand for commemorative photographs traditionally surges. Consumer complaints tied to photography services have risen steadily in recent years, according to agency data. There were 312 complaints filed in 2022, 329 in 2023, and 472 in 2024. In the first quarter of 2025 alone, 115 complaints were reported. Of the 1,228 complaints received over the past three years and three months, roughly 15 percent involved cases where consumers were enticed by offers of "free" photography services, only to encounter unexpected costs. An analysis of 172 cases with verified financial details found that nearly half of consumers — 47.1 percent — ended up signing contracts worth more than 500,000 won, or about $374. The average contract price was 750,000 won, the agency said. In one instance, a customer who canceled a reservation seven days after booking a “free photo event” was denied a refund of a 50,000 won deposit. In another, a consumer was told that original photo files would only be released after purchasing frames, leading to unexpected additional charges. The Korea Consumer Agency advised consumers to thoroughly review potential costs and contract terms before making reservations or visiting photography studios. The agency also recommended that customers confirm which services carry additional fees before the shoot and retain copies of reservation messages, contracts, and other documents as evidence in the event of a dispute. 2025-04-29 16:02:30

Korea to launch two low-orbit communication satellites by 2030 SEOUL, April 29 (AJP) - South Korea will invest 320 billion won, or about $230 million, by 2030 to develop low-Earth orbit (LEO) satellite communication systems, a critical technology for the next generation of mobile networks. The Ministry of Science and ICT, working alongside the newly established Aerospace Agency, said it had selected three organizations to spearhead the project. The goal is to develop domestic payload and core technologies and to launch two indigenous LEO satellites. The move reflects South Korea’s broader ambition to compete in advanced telecommunications infrastructure, as nations around the world race to deploy the technologies underpinning 6G mobile networks. The Electronics and Telecommunications Research Institute, a government-funded body, will lead development of satellite communication payloads and ground station core technologies. Solid, a communications company, will focus on terminal station technologies, while Korea Aerospace Industries will oversee spacecraft body development and system integration. The research institute will coordinate among the organizations to maintain what officials described as an “organic cooperation system.” Of the total investment, 25 billion won will be allocated this year. Companies such as SpaceX, through its Starlink constellation, and Eutelsat OneWeb, in partnership with Hanwha Systems, are preparing to introduce LEO satellite communication services in South Korea later this year. To accommodate these services, the ministry revised the national frequency allocation tables in February and amended the Radio Wave Act enforcement decree in April. These changes establish a legal framework to allow ground stations aboard ships, aircraft and vehicles. In a bid to streamline regulations, the government also introduced an "antenna permit deeming" system, eliminating the need for separate permits and reporting procedures for LEO satellite service users. 2025-04-29 15:54:59

HD Korea Shipbuilding secures $1.86 billion in container ship orders SEOUL, April 29 (AJP) - HD Korea Shipbuilding & Offshore Engineering said Tuesday it has secured contracts for 22 container ships, valued at more than 2.53 trillion won, or about $1.86 billion, over a four-day span. The orders come amid a notable shift away from Chinese shipyards following new U.S. port fee announcements targeting Chinese-built vessels. The Korean shipbuilder signed contracts with a shipping company based in Oceania for four 8,400 TEU (twenty-foot equivalent unit) vessels worth 804.9 billion won, eight 2,800 TEU ships for 631.6 billion won, and six 1,800 TEU vessels totaling 380 billion won. Earlier last week, it also secured deals with an Asian shipping company for two 2,800 TEU vessels valued at 159.3 billion won, and two 16,000 TEU ships for 559.6 billion won. The newly ordered vessels will be constructed at HD Hyundai Mipo's shipyard in Ulsan and HD Hyundai Samho's shipyard in Yeongam, with deliveries scheduled through the first half of 2028. HD Hyundai Mipo alone has now secured orders for 16 ships this year, representing nearly half of all global container ship orders under 3,000 TEU capacity so far in 2025. Separately, Samsung Heavy Industries announced Monday that it had signed a deal with an Asian shipping company for two container ships worth 561.9 billion won, marking its first container ship order of the year. The container ship market has been largely dominated by Chinese shipbuilders in recent years. China's share of the global market rose to 70 percent last year, up from 52 percent in 2022, largely due to prices about 20 percent lower than those offered by South Korean competitors. Over the same period, Korean shipbuilders saw their market share fall from 32 percent to 16 percent. But the momentum appears to be shifting. The Trump administration’s decision to impose port fees of up to $250 per container on Chinese-built ships entering U.S. ports has prompted global shipping companies to redirect orders to South Korean shipyards. Amid the surge in demand, Korean shipbuilders are investing heavily to expand their production capacity. Hanwha Ocean, which secured a 2.33 trillion won contract in March to build six 24,000 TEU container ships, said it would invest 600 billion won to add a new ultra-large floating dock, capable of supporting 180,000 tons, and an offshore crane with a 6,500-ton lifting capacity at its Geoje shipyard. 2025-04-29 11:31:05

Korea sets up fund in Singapore to support SMEs SEOUL, April 28 (AJP) - The Korea Venture Investment Corporation under the Ministry of SMEs and Startups has established a subsidiary in Singapore as part of an ambitious effort to create a $200 million fund, the ministry said on Monday. The new entity marks a significant step in Korea’s drive to globalize its venture capital ecosystem. The fund, which is expected to launch by the second quarter of 2026, will use the Singapore subsidiary as its operational base. Previously, KVIC maintained a representative office in Singapore, overseeing global funds and supporting Korean startups seeking to expand abroad and attract international investment. However, the new subsidiary will allow for a deeper integration with global capital markets. The ministry said it would soon begin recruiting local staff and applying for regulatory approvals necessary to operate a fund. Once established, the fund aims to bring together domestic venture capital firms and global investors. "We will move swiftly to complete the necessary steps to transform the Singapore subsidiary into a regional investment hub," said Kim Bong-deok from the Ministry of SMEs and Startups. "Our goal is to actively support Korean startups as they expand into Asia." 2025-04-28 16:01:44