FSS chief warns of greater market volatility after BOK's rate hike SEOUL, July 16 (AJP) - Financial Supervisory Service (FSS) chief Lee Chan-jin on Thursday warned that market volatility could intensify after the Bank of Korea (BOK) raised its benchmark interest rate. It also called for financial institutions to strengthen their preparedness against potential risks. The warning followed the central bank's decision to raise its benchmark rate by 25 basis points earlier in the day, a move Lee said was largely in line with market expectations. July 16, 2026

Eased fuel surcharges boost overseas bookings, but keep travelers on short-haul trips SEOUL, July 16 (AJP) - South Koreans are booking more overseas trips as falling jet fuel prices ease airline surcharges, but demand remains concentrated on nearby destinations as the weak won and high travel costs keep them tightening their purse strings. The country's flagship carrier Korean Air on Thursday said that its international fuel surcharge for tickets issued in August will fall five levels, from Level 19 in July to Level 14. The airline will charge between 35,200 w July 16, 2026

K-pop impresario Park Jin-young to release new single later this month SEOUL, July 16 (AJP) - K-pop singer and producer Park Jin-young will release a new single next week for the first time in about six years, his namesake agency JYP Entertainment said on Thursday. "WET," slated for release on July 23, marks Park's first seasonal release since "When We Disco," his 2020 duet with singer Sunmi, a former member of K-pop girl group Wonder Girls. The reggae-inspired track was also chosen as the main theme song for this year's July 16, 2026

BOK's rate hike sends KOSPI down 6% SEOUL, July 16 (AJP) - South Korean stocks led declines across Asia on Thursday after the Bank of Korea (BOK) raised its benchmark interest rate, while renewed selling in semiconductor shares deepened losses across the region. The benchmark KOSPI fell 6.37 percent or 463.81 points to close at 6,820.60, giving up the previous day's gains and slipping back below the 7,000 mark. The BOK raised its benchmark interest rate by 25 basis points to 2.75 percent, its first rate increas July 16, 2026

KOSDAQ-listed battery materials maker seeks Nasdaq debut through SPAC merger SEOUL, July 16 (AJP) - South Korean battery materials maker Enchem on Thursday unveiled its plans to list its U.S. affiliate on Nasdaq through a merger, aiming to tap U.S. capital markets for its North American expansion. The announcement of the plan sent its shares up 17.99 percent to 25,250 won, after the KOSDAQ-listed stock climbed as high as 26,900 won earlier in the day. Under the plan, its U.S. affiliate Enchem America will merge with TLGY Acquisition Corp., a Nasdaq-listed July 16, 2026

Foreign tourists boost visits to Seoul's historic royal palaces SEOUL, July 16 (AJP) - A surge in foreign visitors helped offset a slight decline in domestic visitors to South Korea's royal heritage sites in the first half of the year, pushing overall admissions up 6.6 percent from a year earlier, according to data released by the Korea Heritage Service on Thursday. A combined 7.41 million people visited the capital's royal palaces including Changdeokgung, Changgyeonggung, Deoksugung and Gyeongbokgung, as well as the Jongmyo Shrine betwe July 16, 2026

KOSDAQ-listed biotech Alteogen slides amid rival technology concerns SEOUL, July 16 (AJP) - Shares of South Korean biotech company Alteogen have fallen sharply this week after Samsung Bioepis filed a patent application for a similar drug-delivery technology. The move raised concerns that Samsung Bioepis could challenge Alteogen with a competing technology that converts intravenous drugs into subcutaneous injections. Both companies, however, dismissed the concerns, saying the market reaction was excessive and the technologies are not direct competi July 16, 2026

South Korea to establish unified military academy in Daejeon SEOUL, July 16 (AJP) - South Korea decided Thursday to establish a four-year Korea Armed Forces Academy at the Jaundae military complex in Daejeon by merging the Army, Navy and Air Force academies. Defense Minister Ahn Gyu-back announced the decision after a government-ruling Democratic Party meeting at the National Assembly in Seoul. “The new Korea Armed Forces Academy will be located at Jaundae in Daejeon,” Ahn said, adding that the government would build a high-tec July 16, 2026

CJ, Sajo raise food prices as post-election domino looms SEOUL, July 16 (AJP) - Two of South Korea's major food makers, CJ CheilJedang and Sajo Group, will raise prices on staple grocery items in the coming weeks, stoking fears of a fresh round of domino increases across an industry already straining under higher costs. CJ CheilJedang will lift prices on 27 products — including its flagship Hetbahn instant rice, dumplings and grilled fish — by an average of 8 percent at hypermarkets from July 30, with convenience stores fo July 16, 2026

Rate gap with US narrows to lowest level as BOK signals more hikes SEOUL, July 16 (AJP) - The gap between South Korea and U.S. interest rates narrowed to 1 percentage point, the smallest since February 2023, after the Bank of Korea (BOK) on Thursday raised its benchmark rate by 0.25 percentage point to 2.75 percent. The central bank also indicated that further rate hikes may be needed to control inflation and manage financial risks. The rate gap could narrow further if the BOK continues tightening while the Federal Reserve holds rates steady, altho July 16, 2026