Early voting for next week's presidential election gets underway SEOUL, May 29 (AJP) - Early voting for the upcoming presidential election began at about 3,500 polling stations nationwide on Thursday, as South Koreans prepare to head to the polls next week to elect the country's next president. The two-day early voting period runs through Friday, allowing voters to cast a ballot at any polling station nationwide between 6 a.m. and 6 p.m., regardless of their registered address, as long as they present a valid ID. Out of 44.39 million eligible voters, 3.11 million cast their ballots as of 11 a.m., showing a record turnout of 7 percent, the highest by that time, compared to 5.38 percent in the 2022 presidential election. Voters can find information about the nearest polling locations on the website of election watchdog National Election Commission (NEC) as well as through several mobile apps. The NEC will also provide hourly updates on voter turnout to enhance transparency and dispel any suspicions of fraud or vote rigging. According to the NEC, no one is allowed to cause disturbances, support or oppose candidates, or solicit votes within 100 meters of polling stations. Taking pictures of ballots inside election booths, as well as posting them on social media, is also prohibited. Violators can face up to two years in prison or fines of up to 400 million won (US$2,900). Meanwhile, presidential candidates have been making all-out efforts to garner as much support as possible, encouraging people to vote early. As a show of determination to win the race, Kim Moon-soo, the presidential candidate of the ruling People Power Party (PPP), cast his early vote in Gyeyang, Incheon, the constituency of his rival Lee Jae-myung of the main opposition Democratic Party (DP), who remains far ahead in most polls. Kim hopes to come from behind to reverse the race, despite his desperate last-minute efforts to unite with Lee Jun-seok of the minor centrist Reform Party (RP) falling through the previous day. The DP candidate also voted the same day at a polling station in Sinchon, Seoul, while the younger Lee cast his vote in Hwaseong, Gyeonggi Province. Kwon Young-kook of the minor progressive Democratic Labor Party voted in Yeosu, South Jeolla Province. As the snap election follows the premature ouster of former disgraced President Yoon Suk Yeol over his botched martial law debacle late last year, polling hours on June 3 will be extended by two hours from 6 a.m. to 8 p.m. According to a survey of over 1,500 voters nationwide conducted by pollster Gallup Korea over the last weekend, some 86.8 percent of respondents said they would "definitely vote," while around 9.5 percent said they intend to do so "if possible." More than half or 53.6 percent said they plan to vote on election day, with the rest intending to vote early. 2025-05-29 10:41:16

CJ's billion-dollar bet on culture, cuisine pays off Editor's Note: This article is the 20th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, May 28 (AJP) - Long before it became a champion of Korean cinema and cuisine, CJ Group began life amid the rubble of war as a modest sugar producer. Today, the company stands as a cultural and economic heavyweight, with its fingerprints on everything from Oscar-winning films to frozen dumplings found in American grocery stores. Founded in 1955 as Cheil Jedang — meaning “first sugar manufacture” — the firm was the first manufacturing subsidiary of Samsung, launched by the conglomerate’s founder, Lee Byung-chul. In its early days, CJ provided critical staples for a country struggling to rebuild after the Korean War, opening South Korea’s first flour mill and a sugar refinery in Busan. Over the ensuing decades, it expanded into artificial seasonings and livestock feed, laying the groundwork for what would become a sprawling empire. The company's transformation took shape in the 1990s, when Cheil Jedang split from Samsung. Under the stewardship of Lee Jay-hyun, a grandson of the Samsung founder, the company formally rebranded as CJ Group in 2002 and began an aggressive diversification campaign. What followed was the birth of a modern Korean conglomerate that would place culture at the center of its global ambitions. “CJ doesn’t just make food or film,” said a company spokesperson. “We aim to export the Korean lifestyle.” Indeed, CJ was instrumental in constructing South Korea’s entertainment infrastructure. It launched CGV, the country’s first multiplex cinema, in 1998, and soon after established a home shopping network. But its most significant move came through a strategic $300 million investment in DreamWorks in the late 1990s. That bet — engineered by Lee Jay-hyun’s sister, Miky Lee — gave the company a front-row seat to Hollywood and the insights needed to bring Korean content to a global stage. That experience culminated in a watershed moment: the global triumph of Parasite, which CJ distributed. The 2019 film, directed by Bong Joon-ho, became the first non-English language film to win the Academy Award for Best Picture — a symbol of Korea’s cultural ascent. Through CJ ENM, its entertainment and media arm, the conglomerate now drives much of the Korean Wave, or hallyu. Its Mnet Asian Music Awards — staged in cities like Macau, Singapore, and Hong Kong — claim over one billion global viewers, according to company data. At the same time, CJ CheilJedang, its food subsidiary, has orchestrated a parallel expansion of Korean cuisine. The company identified seven “Global Strategic Products” — mandu (dumplings), cooked rice, chicken, K-sauce, kimchi, dried seaweed, and gimbap rolls — as its culinary emissaries. Between 2017 and 2022, U.S. sales surged from 1.6 trillion won to 8.2 trillion won, with North America now accounting for roughly 80 percent of overseas revenue. CJ has also planted restaurant brands across major cities, including Bibigo, a fast-casual bibimbap concept, and the bakery chain Tous les Jours, which debuted in Los Angeles in 2004 and has since expanded to China and Vietnam. As of 2024, CJ Group reported annual revenue of 43.65 trillion won (approximately $32 billion), making it South Korea’s 13th-largest conglomerate. Its diversified revenue streams reflect the breadth of its business: CJ CheilJedang contributes 44 percent of group earnings, logistics unit CJ Korea Express 27.6 percent, entertainment via CJ ENM 10.4 percent, and health-and-beauty chain Olive Young 9.4 percent. The company’s biotech division, once a global leader in amino acid production for animal feed, is now up for sale — a 6 trillion won divestment that will refocus efforts on newer priorities. CJ’s future ambitions are captured in its “World Best CJ 2030” strategy — a plan to become a global leader in at least three business sectors. To this end, Lee Jay-hyun has pledged 20 trillion won in investments through 2025 across four key pillars: culture, platforms, wellness, and sustainability. That includes 4.3 trillion won allocated to intangible assets such as artificial intelligence and big data. CJ is positioning itself as a meritocratic outlier in a business culture often shaped by age and hierarchy. Lee has promoted a philosophy he calls hagojabi — advancement based on talent, not tenure. The result: roughly 75 percent of the company’s workforce is composed of Millennials and Gen Z, with employees born in the 1990s now making up more than a third of staff. From sugar to cinema, from soybean paste to social platforms, CJ Group’s evolution mirrors South Korea’s own: scrappy, ambitious, and global in outlook. 2025-05-29 09:53:23

Korea weighs US trade demands with economic impact study SEOUL, May 28 (AJP) - South Korea has begun an economic feasibility study as part of ongoing trade consultations with the United States, signaling preparations for potential agreements that could carry broad implications for the country’s economy, according to government officials, Wednesday. The Ministry of Trade, Industry and Energy has commissioned the Korea Institute for International Economic Policy to assess the economic ramifications of current discussions with Washington. The talks have increasingly centered on non-tariff barriers and the goal of achieving more balanced trade. The latest move follows a second round of technical consultations held in Washington from May 20 to 22. For the first time in the ongoing talks, American negotiators raised concerns over non-tariff barriers affecting a range of sectors. These included long-standing issues related to South Korean restrictions on beef and rice imports — topics highlighted in the U.S. Trade Representative’s annual National Trade Estimate report released in April. The list of U.S. concerns also extends to market access limits on pet food containing ruminant ingredients, offset requirements in defense procurement, and regulatory obstacles for imported vehicles. Additional topics reportedly include pharmaceutical pricing mechanisms and restrictions on Google’s precision mapping services in South Korea. While the two sides have not yet entered into substantive negotiations on individual items, Seoul is conducting preliminary assessments under the Act on the Conclusion Procedure and Implementation of Commercial Treaties. The law mandates economic feasibility evaluations and parliamentary briefings for trade deals that could materially affect the national economy. “The United States may have put many issues on the table as part of negotiations, but given the compressed timeline and South Korea’s domestic circumstances, Washington is also aware that finalizing discussions in the short term will be difficult,” a South Korean government official said. Negotiators face a July 8 deadline to wrap up discussions, but final decisions are widely expected to be deferred until after South Korea’s presidential election on June 3, leaving key choices in the hands of the next administration. 2025-05-28 17:11:27

Two-day early voting for presidential election set to begin on Thursday SEOUL, May 28 (AJP) - Early voting is set for Thursday and Friday, with next month's presidential election just around the corner. About 3,500 polling stations have been set up including at major railway stations and airports across the country. Voting hours are from 6 a.m. to 6 p.m. Voters with valid ID cards can cast their ballot at any polling station, regardless of their registered addresses. They can find information about the nearest polling locations on the website of election watchdog National Election Commission (NEC) as well as through several mobile apps. The NEC will also provide hourly updates on voter turnout to enhance transparency and dispel any suspicions of fraud or vote rigging. Meanwhile, campaigners are making all-out efforts to get as much support as possible in the early voting period, encouraging people to vote early. According to a party spokesperson, Kim Moon-soo, the presidential candidate of the ruling People Power Party (PPP), plans to vote in Gyeyang, Incheon on the first day of early voting. Kim reportedly chose the district as a show of determination to win the race, as it is the constituency of his rival Lee Jae-myung of the main opposition Democratic Party (DP). Kim will then continue his campaign in nearby areas including Ansan, Anyang, and Uiwang in Gyeonggi Province, hoping to turn the race around. Lee, who remains far ahead in most polls, is also expected to cast his early vote in Seoul on the same day. In the latest poll of about 1,000 voters conducted by pollster Realmeter earlier this week and released on Wednesday, Lee garnered 49.2 percent of support, followed by Kim with 36.8 percent and Lee Jun-seok of the minor centrist Reform Party (RP) with 10.3 percent. With early voting just hours away, the slim chance of the PPP and the RP teaming up seems all but vanished. Even if Kim eventually persuades the younger Lee, who adamantly refuses to field a single conservative candidate, to unite, it is unlikely they would overtake the frontrunner. No more opinion polls can be released until South Koreans cast their ballots on June 3, leaving voters in the dark about any last-minute developments or potential changes. The snap election comes after the Constitutional Court of Korea's ruling early last month to impeach disgraced former President Yoon Suk Yeol over his botched martial law debacle late last year. 2025-05-28 15:55:26

Over 6,000 armed police to escort ballot boxes in Seoul for June 3 election SEOUL, May 28 (AJP) - More than 6,000 armed police officers will be deployed in Seoul to escort ballot boxes and maintain security during South Korea’s snap presidential election on Jun. 3, the Seoul Metropolitan Police Agency said Wednesday. The early election was triggered by the impeachment and removal of former President Yoon Suk Yeol in April, following a Constitutional Court ruling. With the presidential term vacated, the country must elect a new leader within 60 days, as stipulated by the Constitution. In a press briefing on May 28, police said around 6,200 officers will be placed near 426 early voting sites and 2,260 polling stations across the capital. Another 1,250 officers will be assigned to secure the outer perimeters of 25 ballot counting centers. To ensure the safe return of ballots, a separate force of about 6,400 armed officers will accompany the transport of early, main, and absentee voting boxes. The move appears to be aimed at preventing disruptions and addressing lingering public concerns over vote-tampering. “Because the next president’s term begins immediately after the election, we are preparing security based on past inaugurations,” a police official told reporters. Authorities are also conducting safety checks at 72 key national facilities and 315 transport hubs considered vulnerable to potential threats. Police special forces will be on duty during the inauguration ceremony. From May 29 to 30, the two days of early voting, police command and staff will remain within their respective districts. On election day, a top-tier emergency alert will be in place, mobilizing all available personnel until the conclusion of the new president’s inauguration. As of May 28, Seoul police had investigated 369 election-related cases, involving a total of 480 people. Among them, 162 were related to the five major categories of election crime. 2025-05-28 15:48:19

Seoul ranks 15th in Global Cities Index, second among Asian cities after Tokyo SEOUL, May 28 (AJP) - Seoul placed 15th overall in a global ranking of urban economies, according to a report released on Wednesday. Seoul climbed 26 spots from 41st last year to become the second-highest ranked Asian city after Tokyo which came in 9th, in an index by Oxford Economics that evaluated 1,000 of the world's largest cities across five categories - economy, human capital, quality of life, environment, and governance - to compare each city's strengths and weaknesses. With eight of the top ten cities remaining unchanged from the previous year, New York ranked first, followed by London, Paris, San Jose, Seattle, and Melbourne. Sokoto, Nigeria, was the lowest-ranked city in the ranking. The U.K.-based research firm hailed Seoul as "one of the major economic centres in both Asia and the world." In particular, Seoul ranked among the top 20 cities in the economics category, "primarily due to its substantial GDP size, achieved over several decades of remarkable economic growth," which transformed it from "a war-torn nation into one of the world’s leading economies." But the city ranked lowest in the environment category due to "relatively poor air quality." The index also pointed out that South Korea "now faces a period of political turmoil that began with President Yoon Suk Yeol's declaration of martial law in December 2024 and his subsequent impeachment," suggesting that future rankings may change depending on "how the political crisis is resolved." Meanwhile, the firm offered a positive outlook for the global economy despite looming uncertainties. "Trade tensions and deglobalisation are causing considerable headwinds to economic growth worldwide, potentially triggering substantial shifts in supply chains and the way countries do business with each other over the coming years," the report forecast, adding that "the world's leading cities have historically demonstrated resilience, making them best placed to navigate current challenges." 2025-05-28 14:58:08

Trump tariff relief lifts Korea's business sentiment temporarily SEOUL, May 28 (AJP) - Business sentiment in South Korea posted its sharpest monthly increase in two years in May, bolstered by a temporary reprieve from U.S. trade tariffs, according to data released Wednesday by the Bank of Korea. Yet despite the surge, overall confidence remains mired below levels typically associated with economic optimism. The central bank’s composite business sentiment index (CBSI) climbed 2.8 points to 90.7 in May, marking its third consecutive monthly gain and the most significant increase since May 2023, when the index rose by 4.4 points. Still, the index remains well under the neutral benchmark of 100, indicating that more companies viewed business conditions negatively than positively. Manufacturers led the improvement, with their sentiment index rising 1.6 points to 94.7 — the fifth straight month of gains since dipping to 87.1 in December. The recovery was fueled in part by improved funding and operating conditions, the central bank said. "While the all-industry index has shown steady improvement, it still falls short of the long-term average of 100, making it difficult to describe the outlook as optimistic," said Lee Hye-young, a senior official at the Bank of Korea, during a press briefing. Lee added that the tariff reprieve provided only a temporary boost and warned that export performance remained subdued in most sectors, with the notable exceptions of semiconductors and shipbuilding. 2025-05-28 14:42:51

PHOTOS: Panda twins at Everland SEOUL, May 28 (AJP) - Panda World in the Everland amusement park is currently home to a charming septet of ursine residents: four giant pandas and three red pandas. Among the star attractions are the giant panda twins, Ruibao and Huibao. Born in July 2023, these playful siblings have quickly become the zoo's undeniable darlings, drawing crowds with their endearing antics and undeniable cuteness. 2025-05-28 14:36:44

Stablecoin push by candidates raises alarm among regulators, experts SEOUL, May 28 (AJP) - South Korea’s leading presidential candidates have pledged to support the development of won-pegged stablecoins even as financial authorities urge caution. With an estimated 10 million South Koreans actively trading crypto, both front-runners have made digital asset policy central to their campaigns. Lee Jae-myung’s camp has formed a digital assets committee tasked with drafting comprehensive legislation, while Kim Moon-soo has proposed incorporating stablecoin regulation into a broader financial reform agenda. The candidates contend that South Korea must act swiftly to counter the growing influence of foreign-issued stablecoins, which are increasingly used for cross-border payments and decentralized finance platforms. Stablecoins — digital tokens typically pegged to fiat currencies like the U.S. dollar or euro — have gained traction globally for their potential to enable faster, lower-cost transactions while promising greater price stability. Yet the proposals have met with sharp scrutiny from monetary policy experts and financial regulators, who warn that privately issued won-backed stablecoins could encroach on sovereign monetary authority. Analysts argue that granting such power to non-governmental entities risks undermining the Bank of Korea’s control over the money supply. “There is a fundamental question of whether private issuers should have the ability to create won-denominated assets that effectively function as currency,” said Professor Park Sun-young of Dongguk University. “Without rigorous oversight, the risks are significant.” Skeptics also question the practicality of a won-based stablecoin, noting that the South Korean currency lacks the global demand enjoyed by the U.S. dollar. As a result, adoption of won-backed tokens beyond national borders would likely be limited, potentially constraining their utility in global crypto markets. Industry insiders further warn that unchecked issuance could introduce new risks to financial stability. A surge in redemptions — akin to a digital-era bank run — could trigger liquidity crises, as seen in prior cryptocurrency collapses. Professor Park pointed to past failures stemming from inadequate vetting of token issuers as a cautionary tale. Concerns about illicit activity are also rising. A 2024 report from blockchain analytics firm Chainalysis found that stablecoins were involved in approximately 63 percent of global crypto-related illicit transactions. Despite these concerns, both candidates are also pushing for regulatory changes that would allow for spot cryptocurrency exchange-traded funds (ETFs), which would enable South Koreans to invest in indices tied to bitcoin and ethereum through traditional stock exchanges. Current financial law prohibits virtual assets from serving as underlying components of ETFs. While crypto ETFs could broaden investor access to digital assets, regulators remain wary that they could siphon capital away from domestic equities, potentially undermining broader efforts to strengthen corporate governance and boost shareholder value in local markets. 2025-05-28 14:29:02

Lee Jae-myung maintains lead over Kim Moon-soo in final poll SEOUL, May 28 (AJP) - With just one week remaining before South Korea’s snap presidential election on Jun. 3, Democratic Party (DP) candidate Lee Jae-myung continues to lead over People Power Party candidate Kim Moon-soo, according to the final public opinion survey released before the pre-election blackout period. The Realmeter poll, conducted on May 26 and 27, showed Lee with 49.2 percent support, extending his lead over Kim, who received 36.8 percent. Reform Party candidate Lee Jun-seok followed with 10.3 percent. Since the previous survey, Lee’s support rose by 2.6 percentage points, while both Kim and Lee Jun-seok saw slight drops. The margin between the top two candidates widened to 12.4 percentage points, up from 9 points earlier. Realmeter noted that Lee appears to have regained upward momentum, while Kim has faced mixed responses within the conservative bloc, amid internal rifts over candidate unification and calls for generational reform. Regionally, Lee posted a notable rebound in Seoul, leading with 43.2 percent compared to Kim’s 39.5 percent. In Daegu and North Gyeongsang Province, traditionally a conservative territory. Lee climbed to 42.2 percent, narrowing the gap with Kim’s 44.9 percent. However, Lee’s support dipped in several regions, including Busan, Ulsan, and South Gyeongsang Province, as well as Daejeon, Sejong, and the Chungcheong provinces. He also saw a 4.2-point decline in Gwangju and South Jeolla Province, though he continues to lead comfortably in key areas. Kim made modest gains in the Chungcheong and southeastern regions, while Lee Jun-seok also saw slight increases in those areas. By age group, Lee leads among voters in their 30s, 40s, and 50s. Kim draws stronger support from voters in their 20s and those aged 70 or older. Lee Jun-seok’s support is concentrated in the 20s demographic, where he reached 29.9 percent. In hypothetical head-to-head matchups, Lee led Kim by 52.3 percent to 41.7 percent. Against Lee Jun-seok, Lee held a 50.6 percent to 36.7 percent lead. Both gaps have widened compared to previous surveys. Nearly 89 percent of respondents said they planned to continue supporting their chosen candidate through election day. When asked who they expected to win regardless of personal preference, 57.8 percent predicted Lee, followed by Kim at 33.8 percent and Lee Jun-seok at 4.7 percent. This survey is expected to be the final publicly released poll before the legally mandated blackout period. Under South Korean election law, polls conducted after May 28 cannot be published until after the vote. The poll was conducted through automated phone interviews on wireless lines with 1,003 adults nationwide. The margin of error is ±3.1 percentage points at a 95 percent confidence level, and the response rate was 10.1 percent. Full details are available on the website of the National Election Survey Deliberation Commission. 2025-05-28 14:27:45