South Korea's construction output sees sharpest decline in decades SEOUL, June 19 (AJP) - South Korea’s construction sector recorded its steepest quarterly contraction since the 1997-98 Asian financial crisis, as both public and private projects ground to a halt amid tightening budgets and waning demand. The total value of construction completed in the first quarter fell 21.2 percent year-on-year to 26.87 trillion won (approximately $19.5 billion), according to data released Thursday by the Korea Research Institute for Construction Policy. With the industry employing millions nationwide, the latest downturn is raising alarms about broader economic ripple effects and the potential drag on employment. “While we anticipated a slowdown in private construction, we expected government spending to partially offset the losses,” said Park Sun-gu, head of the institute’s economic and financial research division. “Instead, we’ve seen steep declines across all segments — public, private, civil engineering, and buildings — through April. Both current and leading indicators are now markedly weak.” The dismal figures follow the Bank of Korea’s downward revision of its 2025 economic growth forecast earlier this month, cutting the outlook to just 0.8 percent, citing a drop in household consumption and persistent weakness in construction. The sector’s downturn has worsened progressively over the past year, with quarterly contractions intensifying from 4 percent in the first quarter of 2024 to 9.7 percent in the fourth quarter, before plunging into double-digit territory in early 2025. Leading indicators suggest little relief ahead. Between January and April, the total permitted building area declined 21.4 percent, while the area of construction commencement shrank 22.5 percent. New construction orders also fell by 4.3 percent, signaling sustained sluggishness for the remainder of the year. Industry analysts warn that any recovery will likely be protracted and uneven, with gains concentrated in certain regions or sectors rather than across the board. A full rebound may not begin until next year, they said. Park urged targeted government intervention, including supplementary budgets focused on supporting smaller contractors and regional markets rather than large, Seoul-based firms, in order to address what he described as growing polarization within the industry. The sector's current woes are particularly striking given the typically stable nature of construction completion metrics, which rarely exhibit such dramatic quarterly swings. 2025-06-19 14:44:45

Older DDR4 memory chips now outprice newer DDR5s SEOUL, June 19 (AJP) - In a rare twist in the global semiconductor market, older-generation DDR4 memory chips are now trading at higher prices than more advanced DDR5s, signaling a short-term disruption in traditional pricing dynamics. According to DRAMeXchange, a market research firm tracking semiconductor prices, 16-gigabit DDR4 chips traded at an average of $7.00 each on Tuesday, surpassing DDR5 chips of the same capacity, which averaged $5.90. The reversal — first observed on June 9 — stands in stark contrast to the pricing structure seen just months earlier, when DDR5 commanded premiums of 56.6 percent in December and 65.4 percent in March. This pricing anomaly is being driven largely by looming supply shortages. Major memory manufacturers including Samsung Electronics and SK hynix have informed customers of their intention to halt DDR4 production by the end of the year, shifting focus to DDR5. U.S.-based Micron Technology followed suit last week, and China’s ChangXin Memory Technologies, once expected to remain a holdout, is now accelerating its own transition to DDR5. Compounding the supply pressures are geopolitical concerns. With growing uncertainty over potential export tariffs on semiconductor products, some companies are stockpiling DDR4 chips, further tightening supply and driving prices higher. Over the past six months, the average price of DDR4 16Gb chips has surged 120.2 percent, compared with a 24.2 percent increase for DDR5 chips during the same period. DDR4, first introduced in 2014, is a mature technology gradually being phased out, while DDR5 — launched into mass production in 2020 — offers higher bandwidth and energy efficiency. Analysts say the current market inversion is unlikely to last. 2025-06-19 14:37:06

North Korea to resume int'l film festival this fall after pandemic hiatus SEOUL, June 19 (AJP) - North Korea is expected to resume its only international film festival this fall after a six-year hiatus, amid signs that the isolated country is gradually reopening its borders to the outside world. The Pyongyang International Film Festival (PIFF) will kick off its week-long run on Oct. 22, organizers said on Thursday. Launched in 1987 and held every two to three years, the festival became an annual event in 2018 but was suspended indefinitely after its last one in 2019 due to the outbreak of the coronavirus pandemic. The resumption of the festival comes after the Pyongyang International Marathon was held in April for the first time in six years, drawing over 500 participants including 200 foreign runners. The country is also reportedly preparing for the grand opening of the Wonsan and Kalma coastal tourist zone in Kangwon Province, one of leader Kim Jong-un's pet projects, as he apparently aims to boost the country's tourism industry as a source of hard currency for his regime. Capitalizing on these developments, Koryo Tours, a British travel agency based in Beijing, was quick to offer festival-themed package tours as an official partner of the festival. Tourists will be able to watch films and take part in sideline events, with their itinerary also including several points of interest in Pyongyang. According to an ad posted on the tour agency's website earlier this week, films from around the world will be screened at about a dozen cinemas in Pyongyang and other rural areas. But it added, "Films from Japan, South Korea, and the USA have been barred from the festival since it began in 1987. That policy remains unchanged today." 2025-06-19 14:20:14

Hyundai Card launches 'Black Card' in Korea for ultra-wealthy SEOUL, June 19 (AJP) - Hyundai Card has introduced the American Express Centurion Card — commonly known as the “Black Card” — in South Korea for the first time, marking a bold entry into the ultra-premium credit card segment long dominated by global issuers. Recognized worldwide for its exclusivity and luxury, the Centurion Card represents the pinnacle of the AMEX hierarchy, sitting above the Platinum, Gold, and Green cards. The launch follows Hyundai Card’s 2023 rollout of those lower-tier AMEX products and signifies a new chapter in the company’s high-end market strategy. Issued through Hyundai Card’s exclusive partnership with American Express, the Centurion comes with an annual fee of 7 million won (approximately $5,000), plus an additional 2 million won for each supplementary card. Cardholders are assigned a personal concierge, or “Centurion Manager,” who provides white-glove service ranging from luxury travel bookings and fine dining reservations to private jet and exotic car arrangements. The card’s design — crafted from black metal and embossed with AMEX’s signature Roman Centurion in gold — has become a global symbol of status. In the United States, rumored users include figures such as Donald Trump, Bill Gates, and pop stars Jay-Z and Ariana Grande. In Korea, celebrities such as singer IU and BLACKPINK’s Lisa are said to be among the card’s earliest domestic recipients. This marks the first time the Centurion Card has been issued in South Korea, though it has long been available in other parts of Asia, including Japan and Hong Kong. The card is currently issued in about 30 countries worldwide. With this launch, Hyundai Card now offers the full American Express suite — from Green to Gold, Platinum, and Centurion — and cements its position at the top of the nation’s premium credit card market. 2025-06-19 13:06:54

LS, with eyes on Europe and beyond, builds battery, energy empire Editor's Note: This article is the 23rd installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, June 18 (AJP) - Despite mounting uncertainty in the global electric vehicle market, South Korea’s LS Group is standing firm on its long-term investment plans in battery materials and carbon-free electricity, pledging there will be “no reduction in investment,” even if the pace slows. At the 2025 InterBattery exhibition in Seoul on March 5, LS Group Chairman Koo Ja-eun sought to reassure industry stakeholders. “The chasm came after LS decided to invest in battery materials but before we even began the business in earnest,” Koo said, referring to the so-called EV “market chasm.” “I believe the chasm will already be gone by the time the factory is completed.” Production from LS’s upcoming precursor and secondary battery materials facilities — led by its affiliate LS MnM — is expected to begin as early as 2026. The commitment underscores LS Group’s broader push toward a “carbon-free electricity” future, a vision at the heart of its long-term corporate strategy. LS’s investment in secondary battery materials is one of several prongs in its effort to reshape the energy landscape. The group is also expanding its energy storage systems (ESS) portfolio. LS Electric recently signed a contract with Spain’s Power Electronics, while LS Materials introduced hybrid ESS technology — a first for the South Korean market. Further bolstering its renewables footprint, LS Cable & System (LS C&S), one of the group’s core subsidiaries, announced on June 17 that it had been selected as the preferred bidder to supply submarine cables for South Korea’s largest offshore wind farm, a one-gigawatt development off the southwestern coast. The group traces its industrial lineage back to LG Group, originally co-founded in 1947 by Koo In-hoe and Huh Man-jung. LS Group formally spun off from LG in 2003 under the leadership of Koo Ja-hong and launched officially in 2005, inheriting LG’s industrial electronics and materials divisions. Today, LS C&S, LS Electric, and LS MnM serve as the group’s key growth engines. A largely business-to-business conglomerate, LS has extended its global reach over the past decade. Its U.S.-based wire subsidiary, Superior Essex, broke ground in Serbia in 2018 with a new Essex Balkan plant specializing in windings for automotive and electronics markets. The facility boasts 42 production lines and a 12,000-ton annual capacity, aimed squarely at Eastern Europe’s expanding EV sector. LS C&S has also made inroads across Asia and Europe. In Myanmar, it built the country’s largest power cable plant, LS-Gaon Cable Myanmar (LSGM), while in Poland, it completed a plant in 2019 producing EV battery components and communication cables. In a major milestone, the company in 2020 inked a five-year priority supply contract with Danish offshore wind developer Ørsted for ultra-high voltage submarine cables. The group’s recent financial performance reflects this global pivot. According to a first-quarter report released May 16 by LS Corp., the holding company, consolidated operating profit rose 25 percent year-on-year to 304.5 billion won ($223.6 million), while revenue climbed 16 percent to 6.91 trillion won. LS C&S led the growth, with revenue surging 34.4 percent to 1.94 trillion won, buoyed by strong demand for power infrastructure amid an artificial intelligence-driven data center boom. Meanwhile, LS Electric reported flat performance, with revenue inching down to 1.03 trillion won from 1.04 trillion won a year earlier. The metals and materials business, led by LS MnM, posted 2.83 trillion won in revenue — up 12.2 percent — driven by rising global metal prices and favorable currency conditions. In January 2023, Chairman Koo unveiled “Vision 2030,” a roadmap that calls for more than 20 trillion won in investment by the end of the decade, largely focused on carbon-free electricity and next-generation growth engines including batteries, electric vehicles, and semiconductors. “The common challenge for the world over the next 30 years can be summarized in one word: ‘Net Zero,’” said Koo. “And the key to ‘Net Zero’ is carbon-free electricity. The great transformation to this era presents an unprecedented growth opportunity for LS.” 2025-06-19 10:50:33

Seoul International Book Fair kicks off, welcoming over 500 exhibitors from 17 countries SEOUL, June 18 (AJP) - South Korea’s largest book fair kicked off on Wednesday at COEX in southern Seoul, drawing thousands of literature lovers, authors, and publishers from around the world. The Seoul International Book Fair, co-hosted by the Korean Publishers Association (KPA), features over 500 exhibitors from 17 countries. Among the attendees was former South Korean President Moon Jae-in, who took part in an event held during the fair and also delivered a speech. Taiwan participated in the fair as this year’s guest of honor, reflecting growing interest in Taiwanese culture among young Korean readers. “There has been a growing number of young Koreans visiting Taiwan in recent years. They’re increasingly curious about our lifestyle and society,” said Michelle Tu, Senior Coordination Manager of the Taipei Book Fair Foundation. “Taiwanese and Korean youth also share common challenges like housing, politics, and social pressures. These parallels have fostered a deeper mutual understanding.” Chile also marked a strong presence as the only participating country from Latin America. Its booth captivated visitors with colorful children’s books and literary works by Nobel laureate Gabriela Mistral, the first Latin American woman to win the prestigious prize. “This year, our participation in the fair holds special meaning. We are celebrating 80 years since Gabriela Mistral, one of Chile’s most important poets, became the first Latin American woman to win the Nobel Prize,” said Chilean Ambassador to Seoul Mathias Francke. “Later, she was joined by other great writers, including Han Kang, the first Asian woman to receive the award, whom we are also honoring here today.” “We’ve decorated our booth with photos of Gabriela Mistral, and created a special space where visitors can explore her life and work,” he added, expressing hope that the beloved poet will serve as a bridge to help Korean readers discover more of Chile’s rich literary tradition. Saudi Arabia also attracted attention with rare books from the Middle East, including a century-old volume about Arabian horses and camels. “This 100-year-old book shows how the animals were raised and trained in Arabic culture, including their diet and role in daily life,” said a Saudi Arabian booth exhibitor. The fair runs through Sunday offering various exhibitions, author talks, and cultural programs that continue to foster cross-cultural connections through books. 2025-06-18 23:54:10

'Mercy for None' becomes Netflix's No. 1 non-English show less than two weeks after release SEOUL, June 18 (AJP) - Netflix's latest South Korean series has topped the American streaming giant's chart for non-English-language shows, just less than two weeks after its release. "Mercy for None," starring So Ji-sub and Lee Jun-hyuk, has racked up over 7.6 million views since its release on June 6, claiming the top spot for the week ending last Sunday. The adaptation of a popular webtoon, compared by many to actor Keanu Reeves' "John Wick" franchise, revolves around a former gangster who returns to his old gang to uncover the truth behind his younger brother's mysterious death. Also included in the top 10 are two rom-coms, "Tastefully Yours" at No. 3 and "Our Unwritten Seoul" at No. 6. 2025-06-18 17:27:45

Forum highlights need for economic 'reboot' in face of industrial upheaval SEOUL, June 18 (AJP) - As South Korea faces mounting pressure to stay competitive in an era of rapid technological change, policymakers and industry leaders gathered Wednesday at a technology forum in Seoul to urge sweeping innovation and a reimagining of the country’s growth strategy. The Aju Future Strategy Forum, hosted by Aju News Corporation and held at the FKI Tower in Yeouido, convened government officials, lawmakers, and economic experts to assess the challenges confronting the nation’s economy amid an evolving industrial landscape. The event's theme — “Reboot Korea” — underscored calls for structural transformation and digital modernization. In a congratulatory message, President Lee Jae-myung called for the urgency, stressing the need to build “new growth engines” while pursuing a vision of “fair growth” that equitably distributes both opportunities and results. Yun Ho-jung, a lawmaker from the ruling Democratic Party, said in an address, “The world is changing — and so must we." "When I heard the theme ‘Reboot Korea,’ I imagined restarting a computer. But the situation requires more than that. We need to insert ‘growth chips’ — that is, fresh ideas and initiatives from government, corporations, and citizens alike," he added. The forum drew a broad range of political and business figures, including former Trade, Industry and Energy Minister Moon Sung-wook, People Power Party lawmaker Na Kyung-won and Reform Party acting leader Chun Ha-ram. Moon, delivering a keynote titled “Renovation K-Economy,” painted a sobering picture of Korea’s economic trajectory. “Even if global trade conditions improve in our favor, it will be difficult to raise growth beyond 1 percent,” he said, calling for accelerated investment in what he described as “killer technologies” and the cultivation of “core talent” to preserve economic security and long-term competitiveness. Quoting from the film Interstellar, Moon added, “We will find a way. We always have.” The forum also featured strategic proposals from Song Jae-ho, chairman of the advisory committee to the National Assembly Speaker, and Kim Sei-wan, president of the Korea Capital Market Institute. Song advocated for the development of “mega city regions” through integrated regional governance, calling for a national “economic remapping” to stimulate balanced growth across provinces. Kim emphasized the urgent need for financial infrastructure reform as the digital economy expands, pointing to the emergence of security tokens as a key area for legislative support. “Without adaptive regulation, financial markets risk falling behind,” he warned. In a panel discussion, panelists tackled a range of challenges hindering South Korea’s AI sector, including rigid and outdated regulatory frameworks, underdeveloped data ecosystems, and inadequate infrastructure support for private companies. Speakers called for a stronger public-private partnership to build the digital foundation necessary for long-term innovation. 2025-06-18 16:40:50

Rosé's catchy track becomes longest-running K-pop song on Billboard Hot 100 SEOUL, June 18 (AJP) - Rosé, a member of girl group BLACKPINK, has set a new record as her viral hit "APT." becomes the longest-running K-pop song on the Billboard Hot 100 chart. The song remained at No. 24 for the second straight week on the U.S. main singles chart released on Tuesday, extending its streak to 34th consecutive week, breaking the previous record of 33 weeks set by Jimin, a member of K-pop juggernaut BTS with his solo track "Who." "APT.," a catchy song in collaboration with pop star Bruno Mars, debuted at No. 8 on the chart upon its release in October last year and has since gone viral worldwide. Meanwhile, BLACKPINK will resume their activities with a two-day concert in Goyang, Gyeonggi Province in July before embarking on a world tour. 2025-06-18 16:35:03

Iranian Embassy in Seoul condemns Israeli airstrikes, calls for international accountability SEOUL, June 18 (AJP) - Through a statement released Wednesday, the Embassy of the Islamic Republic of Iran in the Republic of Korea has condemned Israel’s recent airstrikes on Iranian territory and urged the international community to uphold international law and prevent further escalation. In the statement released on Jun. 18, Iranian Ambassador to the Republic of Korea Saeed Koozechi described the Jun. 13 attacks as a large-scale, coordinated assault involving air, missile, and drone strikes. According to the embassy, the attacks targeted residential neighborhoods, civilian infrastructure, and nuclear facilities that are under International Atomic Energy Agency (IAEA) safeguards. One of the strikes reportedly killed 60 civilians, including 35 women and children. "The nature of the attack leaves no room for ambiguity," Ambassador Koozechi wrote. "It constitutes an act of aggression in direct violation of international law. The legal threshold has been clearly crossed." The statement emphasized that Iran’s nuclear installations have been consistently verified by the IAEA as peaceful and remain subject to what it called the most intrusive inspection regime in the world. It cited IAEA Director General Rafael Grossi and past General Conference resolutions that classify military attacks on safeguarded nuclear sites as violations of the UN Charter and international law. "These resolutions underscore the grave risks such attacks pose to nuclear safety and security and highlight their profoundly destabilizing impact on regional and international peace," the statement read. The embassy described the Israeli strikes as part of a broader pattern, accusing the government in Tel Aviv of repeatedly targeting civilians and defying international norms. It also pointed to ongoing proceedings at the International Court of Justice and allegations of war crimes committed by senior Israeli leaders. "The rule of law is not being neglected—it is being willfully dismantled," the statement said. Iran, the embassy noted, responded under Article 51 of the UN Charter, which guarantees the right to self-defense in the event of an armed attack. The ambassador said Iran's response was "carefully calibrated" to focus only on military targets while minimizing civilian harm, in line with international humanitarian law. The statement criticized the UN Security Council’s lack of action, contrasting it with the swift condemnation of Israel’s 1981 strike on Iraq’s Osirak reactor. "The law remains clear. Yet today, the Council stands paralyzed—its deliberations stifled by political pressure and the protective shield extended by a small group of powerful states." The statement concluded with a call for international solidarity: "Sovereignty is not negotiable. Nuclear installations under IAEA safeguards should not be targeted. Armed force must not be allowed to replace diplomacy. The path to peace begins with accountability, and the international system must summon the will to uphold it." 2025-06-18 16:08:08