UNESCO official expresses regret over redevelopment project near Jongmyo Shrine

SEOUL, November 27 (AJP) - Lazare Eloundou Assomo, head of the UNESCO World Heritage Centre, reiterated the need for a Heritage Impact Assessment (HIA) amid controversy over a redevelopment project near Jongmyo Shrine. During a meeting in Paris, France on Wednesday with Huh Min, head of the Korea Heritage Service (KHS), Assomo expressed strong regret over the project. The controversy began after the Seoul Metropolitan Government abruptly decided late last month to raise the hei

November 27, 2025

Naver Financial, Dunamu vow to seize global market with AI-Web3 synergy

SEOUL, November 27 (AJP) - Naver Financial and cryptocurrency exchange operator Dunamu on Thursday declared their intent to dominate the global digital finance landscape by fusing artificial intelligence with blockchain technology, as the two Korean tech powerhouses formalize their corporate alliance. Top executives from Naver, Naver Financial and Dunamu gathered at Naver's second headquarters in Seongnam to unveil their vision a day after approving a merger that brings Upbit op

November 27, 2025

PHOTOS: South Korea's homegrown rocket successfully puts satellites into orbit

SEOUL, November 27 (AJP) - South Korea's homegrown Nuri rocket was successfully launched overnight, carrying its main satellite along with a dozen smaller satellites into their planned orbit, the Ministry of Science and ICT said on Thursday. Speaking at a press briefing at the Naro Space Center in Goheung, South Jeolla Province, Science Minister Baek Jeong-hoon said the rocket, dubbed KSLV-II, received a signal from its next-generation medium-sized satellite about 40 minutes aft

November 27, 2025

BOK holds year-end key rate at 2.5%, ups growth forecast to 1.0%

SEOUL, November 27 (AJP) - As widely expected, the Bank of Korea kept its base rate unchanged at 2.5 percent on Thursday in its final policy meeting of 2025, reflecting policy bind amid waning appeal of Korean debt and assets with the Korean won at crisis-level weakest. The freeze signals the Korean central bank's decision to stay on the sidelines while hoping for greater policy maneuvering room should the U.S. Federal Reserve cut its benchmark rate again in December. Monetar

November 27, 2025

The hidden engine of Nuri's success: HD Hyundai Heavy's ground launch system

SEOUL, November 27 (AJP) - When South Korea’s Nuri rocket lifted off before dawn on Thursday, attention naturally turned to the spacecraft streaking into the sky. But the success of the launch was rooted firmly on the ground — specifically, in the complex launch system engineered and operated by HD Hyundai Heavy Industries. For the fourth mission in a row, the country’s largest shipbuilder played a pivotal but largely unseen role in enabling one of South Korea&

November 27, 2025

South Korea's Hyundai Glovis secures $720 million LNG transport contract

SEOUL, November 27 (AJP) - Hyundai Glovis said on Thursday it has signed a long-term liquefied natural gas (LNG) shipping contract worth about 960 billion won ($720 million) with a major global trading company, marking one of the largest gas-transport deals in the company’s portfolio. The contract, which runs for up to 15 years, will be serviced by a newly built 174,000-cubic-meter LNG carrier — a vessel large enough to transport more than half of South Korea’s

November 27, 2025

Fire at Hallym University forces hundreds of students to evacuate in Chuncheon

SEOUL, November 27 (AJP) - Hundreds of students were evacuated overnight after a fire broke out at a university in Chuncheon, Gangwon Province, in the early hours of Thursday. The fire occurred at around 1:27 a.m. on the fourth floor of a dormitory at Hallym University. Fire alarms sounded, prompting 346 students to evacuate, and no injuries were reported. The blaze damaged part of the building including two electrical panels before being extinguished in about 20 minutes. Po

November 27, 2025

National Assembly set to vote on arrest motion for PPP's former floor leader

SEOUL, November 27 (AJP) - The National Assembly is set to decide on whether to pass the arrest motion for Choo Kyung-ho, the main opposition People Power Party (PPP)'s former floor leader over his alleged involvement in former President Yoon Suk Yeol's martial law debacle in December last year. Choo has been accused of interfering with parliamentary efforts to lift the martial law declared by Yoon on Dec. 3. The motion, initiated by independent prosecutors investigatin

November 27, 2025

Homeplus sale stalls as main auction draws no bidders

SEOUL, November 27 (AJP) - The planned sale of Homeplus has stalled after the main auction attracted no bidders, deepening uncertainty over the future of the South Korean hypermarket chain. Two companies had taken part in the preliminary bidding but both withdrew ahead of the final auction. The main auction closed at 3 p.m. on Wednesday with no proposals submitted. Sources from Homeplus said on Thursday it will continue to accept offers until Dec. 29, the deadline for filing

November 27, 2025

Delinquencies on Korea's mom-and-pop business loans hit highest level since 2015

SEOUL, November 27 (AJP) - Delinquencies on loans to South Korea’s mom-and-pop businesses rose to their highest level in more than nine years in the third quarter, even as the banking sector’s overall nonperforming loan (NPL) ratio edged down, the Financial Supervisory Service (FSS) said on Thursday. The NPL rate for personal business loans climbed 0.02 percentage points from the previous quarter to 0.61 percent, the highest since June 2015. The FSS attributed the

November 27, 2025