Ruling and opposition party leaders to meet with acting US ambassador SEOUL, September 05 (AJP) - The leaders of South Korea's two main political parties, Jung Chung-rae of the ruling Democratic Party (DP) and Jang Dong-hyeok from the main opposition party People Power Party (PPP), are scheduled to hold separate talks with acting United States Ambassador Joseph Yun, who has been serving as acting ambassador since January, at the National Assembly on Friday. Jung, leader of the ruling party, is set to meet Yun at 3 p.m. in his office at the Assembly's main building. Yun will then meet with Jang, who leads the main opposition party, at 4 p.m. The discussions are expected to focus on follow-up measures to the recent South Korea-U.S. summit and reaffirming the bilateral alliance between the two nations. Jung is also likely to raise trade concerns. On Thursday, he met with leaders of small and medium-sized businesses who expressed frustration over U.S. tariffs of up to 50 percent on steel and aluminum exports. They said exports to the U.S. had fallen sharply last month and appealed for political support. Jung was elected the new leader of the Democratic Party on August 2. Jang was elected the new leader of the People Power Party on August 26. 2025-09-05 13:30:47

South Korea's credit card firms post profit drop as delinquency hits decade high SEOUL, September 05 (AJP) - South Korea's credit card companies saw their combined net profits sink more than 18 percent in the first half of the year, with delinquency rates climbing to their highest point in over a decade, according to data released Friday by the Financial Supervisory Service (FSS). Net profits stood at 1.2251 trillion won ($8.79 billion) for the January–June period, down 18.3 percent from a year earlier. The slide came even as revenue rose by 331.1 billion won ($238 million), because overall costs jumped by 604.9 billion won ($434 million). The increase in expenses was largely tied to higher loan loss provisions, which climbed 264.3 billion won ($190 million), as well as 11.3 billion won ($8.1 million) in additional interest costs. Merchant fee income also slipped by 291.1 billion won ($209 million). Asset quality weakened noticeably. As of the end of June, the delinquency rate on total receivables was 1.76 percent, up 0.11 percentage points from the end of last year. It marked the highest level since late 2014, when the figure stood at 1.69 percent. Non-performing loans rose as well, with the ratio increasing from 1.16 percent at the end of last year to 1.3 percent. The loan loss reserve ratio edged down slightly to 106.3 percent from 108.1 percent. On the other hand, capital adequacy remained solid. The sector's adjusted capital ratio improved 0.3 percentage points to 20.7 percent, comfortably above the regulatory minimum of 8 percent. An FSS official said net profits took a hit because of "reduced merchant fee income and increased loan loss costs," while stressing that "although delinquency rates and non-performing loans have gone up, loss absorption capacity remains 2025-09-05 13:26:46

South Korea's egg prices surge ahead of traditional holiday Chuseok amid supply shortage SEOUL, September 05 (AJP) - South Korea's egg prices are expected to climb further as the Chuseok, traditional Korean thanksgiving holiday season, is set to take place in early October. Also, supply constraints stemming from extreme summer heat continue to squeeze the market. The Korea Rural Economic Institute projected Friday wholesale egg prices would reach 1,900 to 1,950 won (around $1.43 to $1.47) per 10 extra-large eggs in September, marking a potential 15.7 percent increase from the same period last year. The price surge, which began in April, has persisted for nearly six months. Wholesale egg prices breached the 1,900 won threshold in June with a 16.7 percent year-on-year increase, followed by rises of 19.4 percent in July and 20.1 percent in August. The institute attributed the sustained price pressure to an aging laying hen population and heat-related supply disruptions. Daily egg production is forecast to drop 1.1 percent to 49 million eggs this month compared to last year. Industry analysts point to additional factors contributing to the supply crunch, including recent animal welfare regulations that limit the number of hens per cage and outbreaks of highly pathogenic avian influenza that have reduced overall production capacity. Consumer prices have already felt the impact, with retail egg costs jumping 8 percent over the past year, according to Statistics Korea. The average nationwide price for 30 extra-large eggs hit 7,356 won in August, the highest level since July 2021. The government has scrambled to address mounting inflation concerns ahead of Chuseok, when demand for agricultural products traditionally spikes. Officials plan discount campaigns with major retailers and egg producers to ease the burden on consumers. Authorities acknowledged they have yet to identify the root causes behind the dramatic price increases. The Agricultural Ministry said investigations into potential price manipulation remain ongoing, while industry groups have pledged to normalize pricing within the week. The Rural Development Administration reported successful trials of automated temperature control systems in chicken farms during the summer months, citing their critical importance for poultry welfare as chickens struggle to regulate body temperature in extreme heat, which significantly reduces quality egg production. Relief may not come until after the holiday period ends. The institute forecasts wholesale prices will remain around 1,900 won through November before declining as new laying hens enter production and seasonal demand subsides. 2025-09-05 11:12:27

Two South Koreans dead in Lisbon funicular crash SEOUL, September 5 (AJP) - Two South Koreans were killed and another seriously injured in a funicular crash in Lisbon on Wednesday (local time), Seoul's foreign ministry said Friday. The ministry confirmed that a South Korean man and woman died in the crash, while another woman underwent surgery at a local hospital and is still in intensive care. "Our embassy is working closely with Portuguese authorities to provide consular support, including assistance for the injured and contacting the families of the victims," the ministry said in a statement. The accident occurred on the Gloria line connecting Restauradores Square to the Bairro Alto hilltop, killing 16 people in total. The funicular, which carries more than 3.5 million passengers annually, is one of Lisbon's most popular tourist spots. Local media in Portugal suggested possible cable damage or brake failure as the cause of the crash, though authorities have not yet given an official explanation. The Portuguese government declared Sept. 4, a day after the incident, a national day of mourning and has begun an investigation. 2025-09-05 11:08:16

[[K-Pop]] aespa to drop sixth mini album "Rich Man" today SEOUL, September 05 (AJP) - aespa will return Friday with their sixth mini album "Rich Man," scheduled for release at 1 p.m. KST (0400 GMT) across global music platforms. The record features six tracks in a range of styles, including hip hop, R&B, and pop. The title track "Rich Man" is described as a dance song driven by rough electric guitar riffs and an addictive topline, paired with shifting band sounds meant to highlight the group’s vocals and energy. Choreography for the track has been previewed as a mix of simple hand movements that are easy for fans to copy, along with more intense sequences later in the performance that showcase each member’s individuality. The music video presents aespa’s interpretation of a "Rich Man" as someone who follows their own rhythm even in the most difficult moments. According to SM Entertainment, the visuals will incorporate imagery such as car chases and rugby matches to create a dynamic and bold look. SM added that the album revolves around the slogan "I am enough as I am. I am a 'Rich Man'," with lyrics intended to deliver messages of self-confidence and self-love. Other tracks on the mini album include "Drift," with a whistled hook, "Bubble," comparing false appearances to bubbles, "Count On Me," in a hazy R&B style, "Angel #48," marked by upbeat track sounds, and "To The Girls," a mid-tempo pop cut. 2025-09-05 09:41:11

[[K-Pop]] K-pop tops Billboard's main charts for first time in five years SEOUL, September 04 (AJP) - K-pop song has reclaimed the top spots on both of Billboard's main song charts, the Hot 100 singles ranking and the Billboard 200 albums chart, for the first time in about five years. The last time the feat was achieved was in December 2020 by BTS. According to the latest Billboard update on September 4, the original soundtrack of Netflix's animated film K-pop Demon Hunters held the No. 1 position on the Hot 100 with the track "Golden," marking its second consecutive week at the top. On the Billboard 200, Stray Kids' fourth full-length album KARMA entered at No. 1. The group has now debuted seven consecutive albums at the top of the chart since ODDINARY in 2022, the first act in Billboard history to do so. The last time a K-pop act topped both charts simultaneously was in 2020, when BTS led the Hot 100 with "Life Goes On" and the Billboard 200 with the accompanying album BE. The K-pop Demon Hunters soundtrack also placed eight tracks on this week's Hot 100, highlighting the film's global momentum. In addition to "Golden," which has now spent three weeks at No. 1, the fictional boy band Saja Boys charted with "Your Idol" at No. 4 and "Soda Pop" at No. 5, while the girl group Huntrix entered with "How It's Done" at No. 9 and "What It Sounds Like" at No. 19. Other K-pop acts also made strong showings. Rosé and pop star Bruno Mars' duet "Apartment" debuted at No. 43, Twice's "Strategy" ranked No. 51, Stray Kids' "Ceremony" came in at No. 52, and Blackpink's "Run" landed at No. 78. 2025-09-04 17:01:08

LG Electronics to supply cooling systems for AI data center in US SEOUL, September 04 (AJP) - LG Electronics said Thursday it had secured a major contract to provide cooling solutions for a large artificial intelligence data center in the United States. Jo Joo-wan, the company’s chief executive, announced the win on LinkedIn, saying LG would supply chillers with advanced “free-cooling” capabilities. He didn't mention the value of the contract. “This demonstrates both our technological competitiveness and our ability to meet the demanding requirements of global AI infrastructure,” he wrote. The contract calls for LG to provide high-efficiency cooling systems tailored to the energy-intensive needs of data centers. Such facilities, which power the computing demands of generative AI, require vast amounts of electricity and are under increasing pressure to operate more sustainably. Demand is expected to surge. According to McKinsey & Company, global data center capacity could nearly triple by 2030 to 171 gigawatts, growing at an annual rate of 22 percent. In the United States alone, an additional 15 gigawatts of capacity will be needed, driven largely by artificial intelligence applications. LG has sought to position itself as a supplier of critical infrastructure for the AI era, expanding beyond consumer electronics into industrial technologies. Alongside data center cooling, the company is investing in equipment for semiconductor manufacturing, another area where the boom in AI is driving new demand. “The rapid rise of AI is accelerating demand across its critical infrastructure — particularly in data centers and semiconductor equipment,” Jo said. “At LG Electronics, we are capturing new opportunities in two of these foundational areas.” 2025-09-04 16:58:40

SK On expands into US energy storage market with $1.4 billion battery deal SEOUL, September 04 (AJP) - Battery maker SK On said Thursday it had secured a major foothold in the North American energy storage market by signing a large supply contract with Colorado-based Flatiron Energy. The deal covers one gigawatt-hour of containerized storage systems using lithium iron phosphate (LFP) batteries for a project in Massachusetts, beginning next year. SK On also gained “preferred supplier” status for Flatiron’s broader portfolio of U.S. projects, totaling 6.2 gigawatt-hours through 2030. In all, the partnership could reach 7.2 gigawatt-hours, with an estimated value of up to 2 trillion won, or $1.44 billion. Flatiron, founded in 2021, develops and operates large-scale energy storage systems across North America, overseeing the process from site acquisition to construction and operation. To meet demand, SK On plans to begin mass production of storage-specific LFP batteries in the second half of 2026. Part of its SK Battery America plant in Georgia, originally designed for electric vehicle batteries, will be converted to produce the systems. Executives said the pivot would help the company weather a slowdown in electric vehicle sales by broadening its product portfolio. The global market for stationary energy storage has been expanding rapidly, driven by renewable power generation and grid stabilization needs. “This contract is highly significant in that SK On has simultaneously expanded both its battery chemistry and business portfolio,” said Choi Dae-jin, head of the company’s ESS division. “Going forward, we will continue to secure additional customers based on our advanced battery technology and local production capabilities.” Industry analysts estimate that energy storage contracts average about 300 billion won, or $215 million, per gigawatt-hour, making the Flatiron deal one of SK On’s largest outside the electric vehicle sector. 2025-09-04 16:38:48

[[K-Pop]] Late-bloomer Day6 to drop new album ahead of 10th anniversary SEOUL, September 4 (AJP) - K-pop rock band Day6 will release its fourth full-length album on Friday, just ahead of its 10th anniversary, its agency said Thursday. The new album, "The Decade," is set to drop on Friday, nearly six years after their last full-length release, and will feature the band's first-ever double title tracks, "Dream Bus" and "Inside Out." Consisting of 10 tracks, the album celebrates their past decade and explores stories of life and love. Starting in mid-August, the band unveiled a trailer and track previews on their social media channels, and recently released a sampler video offering snippets of all tracks. To mark their anniversary, the band is staging various fan events, including a world tour, pop-up events, and visual posters showcasing their discography. They also plan to release a documentary reflecting on their decade-long journey, along with in-house content featuring four members. Formed under major music agency JYP Entertainment, the band debuted on Sept. 7, 2015, with the mini-album "The Day" and its title track "Congratulations." Originally a six-member band, Day6 now performs as a quartet consisting of Sung-jin, Young K, Won-pil, and Do-woon. Often described as a late bloomer, the band did not immediately gain the spotlight after their debut. But while members were away for mandatory military service, their older songs, particularly "You Were Beautiful" (2017) and "Time of Our Life" (2019), belatedly climbed back onto the charts in 2023, gaining them new listeners. This milestone made them the first K-pop band to perform at Gocheok Sky Dome, one of the country's largest indoor concert venues, and just last month, they successfully held a tour concert at Goyang Stadium in Gyeonggi Province before an even larger audience. They have carved out a unique role in the K-pop industry by playing their own instruments on stage and actively participating in songwriting and composing. Known for emotional lyrics and strong melodies, Day6 continues to blur the line between idol group and rock band, earning a reputation as one of the most distinctive acts in the K-pop scene. 2025-09-04 16:38:25

S. Korean National Assembly Speaker meets N. Korean and Russian leaders in Beijing SEOUL, September 04 (AJP) - South Korean National Assembly Speaker Woo Won-sik had two rare encounters in Beijing on Wednesday, a brief greeting with North Korean leader Kim Jong-un and a short conversation with Russian President Vladimir Putin. One ended with little more than a nod, the other touched upon inter-Korean relations. According to Woo's office, the encounter with Kim took place in a waiting room ahead of China's "Victory Day" military parade at Tiananmen Square. Woo greeted Kim by saying, "It's been seven years since we last met ," to which Kim simply replied, "Yes." No further conversation followed, and Woo was seated far from Kim during the parade. Both Woo and Kim were in Beijing to attend the parade commemorating the 80th anniversary of the end of World War II. It was the first direct contact between a senior South Korean official and Kim since President Lee Jae Myung took office. The two had previously met during the 2018 inter-Korean summit. As floor leader of the Democratic Party in 2018, Woo attended a welcome banquet in Pyongyang. At the time, he publicly shared that his family had been divided across the border, with two sisters living in North Korea. Woo also met Putin at a reception following the parade. Woo's office said he asked Putin to pay attention to the 130 South Korean companies operating in Russia. Putin, in return, expressed interest in inter-Korean affairs and even asked Woo what message he should deliver to Kim at a North Korea-Russia summit, which took place later that day. The Kremlin, however, said the two leaders "may have exchanged a handshake and brief greeting," though there was "no separate meeting." Experts said Woo's exchanges with Putin highlight shifting dynamics in Seoul's foreign policy and Moscow's renewed ambitions. Lee Sin-uck, a research professor at Wonkwang University, said ties between South Korea and Russia had cooled under former President Yoon Suk Yeol, but the Lee administration is now seeking a more pragmatic course in diplomacy. Lee interpreted Putin's comments as part of Moscow's bid to reassert influence on the Korean Peninsula. He said Russia had been sidelined from key issues such as North Korea's nuclear program after the collapse of the Soviet Union. "With the war in Ukraine, Russia has forged what it calls a 'blood alliance' with Pyongyang and is now openly positioning itself as an international mediator," he said. Inter-Korean relations have been stalled since the 2019 Hanoi summit. North Korea has cut all official communication channels and labeled the South a "hostile state." By contrast, since taking office in June, Lee has pursued a conciliatory stance, ending propaganda broadcasts at the border, removing loudspeakers, and striking a softer tone in his speech marking the 80th anniversary of Liberation Day. 2025-09-04 16:31:45