Samsung and SK hynix on edge as US considers restricting equipment shipments to China facilities

SEOUL, June 21 (AJP) - Samsung Electronics and SK hynix are closely monitoring developments after US officials reportedly notified the South Korean chipmakers this week about potential restrictions on American semiconductor equipment shipments to their China-based facilities, according to a report on Friday. The Wall Street Journal reported that Jeffrey Kessler, assistant secretary for export administration at the US Commerce Department, informed both companies along with Taiwan'

June 21, 2025

South Korean fuel prices rise for first time in six weeks amid Middle East tensions

SEOUL, June 21 (AJP) - Gasoline and diesel prices at South Korean gas stations posted their first weekly increase in six weeks, reflecting rising international oil prices driven by Middle Eastern geopolitical risks. According to the Korea National Oil Corporation's price information system Opinet on Saturday, the national average gasoline price for the third week of June (June 15-19) rose 7.8 won per liter to 1,635.5 won ($4.54) compared to the previous week. Diesel prices simila

June 21, 2025

US Embassy in Seoul resumes student visa applications with stricter social media screening

SEOUL, June 20 (AJP) - The U.S. Embassy in Seoul reportedly resumed accepting visa applications on Friday, about weeks after its sudden halt to scheduling new interviews for student visa applicants late last month. But the resumption appears to come with stricter "vetting" procedures including mandatory social media screening for students planning to study in the U.S. According to a notice on its website, all individuals applying for nonimmigrant visas are "request

June 20, 2025

KOSPI surpasses 3,000 for first time since 2021

SEOUL, June 20 (AJP) - South Korea's benchmark stock index, KOSPI, closed above the 3,000-point mark on Friday for the first time in more than three years, signaling renewed investor confidence in the nation's economic outlook. The local currency also strengthened significantly against the U.S. dollar. The KOSPI rose 44.1 points, or 1.48 percent, to close at 3,021.84. This marked the first time the index finished above 3,000 since Dec. 28, 2021. The KOSPI originally cro

June 20, 2025

Heavy rain advisory issued as monsoon front arrives in Seoul

SEOUL, June 20 (AJP) - A heavy rain advisory was issued for the Seoul metropolitan area and parts of Gangwon Province, as this summer's monsoon front brought downpours of up to 30 mm per hour. As the seasonal monsoon rain swept through the capital region, the Seoul Metropolitan Government ramped up efforts to prevent flooding and damage, implementing preemptive measures in flood-prone and low-lying areas. The Korea Meteorological Administration (KMA) predicted up to 100 mm of

June 20, 2025

Korean banks turn to AI to strengthen internal oversight

SEOUL, June 20 (AJP) - South Korean banks are increasingly deploying artificial intelligence to bolster internal control systems, aiming to prevent financial misconduct and tighten compliance oversight by minimizing human error and bias, according to industry officials on Friday. The adoption spans a range of applications — from AI algorithms that flag suspicious transactions and detect mis-selling to chatbot systems designed to process whistleblower reports. Woori Financ

June 20, 2025

South Korea unveils plan to build own ChatGPT, Gemini competitor

SEOUL, June 20 (AJP) - South Korea has unveiled an ambitious national initiative to develop its own artificial intelligence foundation model, aiming to reduce reliance on U.S. tech giants and establish a competitive foothold in the fast-evolving global AI race. The Ministry of Science and ICT said Friday it will accept applications from domestic AI consortiums through July 21 to participate in the project, which seeks to build a “Korean GPT” — a large language mode

June 20, 2025

Beauty brand Amuse opens second flagship store

SEOUL, June 20 (AJP) - Vegan beauty brand Amuse unveiled its second flagship store on Friday in Seoul’s fashion-forward Seongsu-dong district, aiming to broaden its appeal among younger consumers and international fans with a digitally enhanced, immersive retail experience. The new storefront, dubbed the “Pink House,” occupies a brightly colored space on Yeonmujang-gil and marks an expansion of the brand’s offline footprint. It follows the launch of Amus

June 20, 2025

Concerns mount over South Korea's defense cost-sharing as US sets 'new standard'

SEOUL, June 20 (AJP) - Many Pundits here have begun to speculate about a possible renegotiation of South Korea's defense cost-sharing deal with Washington, after U.S. Defense Secretary Pete Hegseth said earlier this week that the U.S. has set a "new standard" for defense spending with its allies around the world including those in Asia. Pentagon spokesperson Sean Parnell also said Thursday that its European allies are setting a "global standard" for alliance

June 20, 2025

South Korea extends bidding deadline for controversial offshore gas project

SEOUL, June 20 (AJP) - South Korea has extended the bidding deadline for international energy companies to join its contentious East Sea offshore gas development project, as foreign firms seek assurances about the new administration’s stance on an initiative spearheaded by the previous government. The state-run Korea National Oil Corporation (KNOC) has delayed the original June 20 deadline by several weeks, industry officials said, following requests from interested bidders fo

June 20, 2025