Loan cap in South Korea risks deepening housing inequality

SEOUL, June 29 (AJP) - A sweeping new lending regulation which took effect Friday is shaking South Korea’s housing market, drawing mixed reactions from economists and homebuyers alike. The rule, which caps home mortgage loans at 600 million won (approximately $430,000), is intended to curb speculative buying and stabilize soaring home prices in Seoul. But critics warn it could further squeeze middle-class buyers out of the market. Under the new regulation, even high-in

June 29, 2025

PHOTOS: Special counsel team opens inquiry into Yoon Suk Yeol

SEOUL, June 29 (AJP) - A special counsel team concluded its initial round of questioning with former President Yoon Suk Yeol, Sunday, as part of an ongoing investigation into alleged insurrection related to his declaration of martial law on Dec. 3. Yoon was allowed to leave after 15 hours of interrogation. Prosecutors, however, plans to summon him again at 9 a.m. Monday for further inquiry. The session marked a striking moment of reversal for Yoon, who was questioned for the first time ins

June 29, 2025

South Korea-US tariff negotiations intensify as July deadline approaches with specific American demands

SEOUL, June 28 (AJP) - South Korea and the United States engaged in detailed tariff negotiations from Jun. 22 to 27 in Washington DC, with American officials presenting specific demands ranging from beef import regulations to participation in Alaska's liquefied natural gas projects, government sources said on Saturday. The third round of technical discussions between Trade Minister Yeo Han-gu and US counterparts comes as the Jul. 8 deadline for mutual tariff relief approaches, ma

June 28, 2025

Samsung Electronics surpasses 10,000 GWh renewable energy usage in 2024, introduces first domestic PPA contracts

SEOUL, June 28 (AJP) - Samsung Electronics' renewable energy consumption exceeded 10,000 gigawatt-hours for the first time in 2024, reaching 10,069 GWh and representing an 8.4 percent increase from the previous year, the company reported on Friday. The milestone was disclosed in Samsung's 2025 Sustainability Management Report, which detailed the company's environmental, social and governance performance alongside its expanding commitment to clean energy adoption across

June 28, 2025

Special prosecutor to question former President Yoon over martial law case on Saturday

SEOUL, June 28 (AJP) - Special prosecutor Jo Eun-seok questioned former President Yoon Suk-yeol on Saturday as a suspect in connection with the Dec. 3 martial law declaration and related charges, after Yoon arrived at the Seoul High Prosecutors' Office through the main entrance at 9:55 AM. The questioning marks the first time the former leader has been investigated at the prosecution office where he once worked for over two decades, coming 16 days after the special prosecutor'

June 28, 2025

Lee pledges proper compensation for sacrifices of war veterans and other victims

SEOUL, June 27 (AJP) - President Lee Jae-myung invited some 160 war veterans, decorated individuals, heroes and other guests to a luncheon at Cheong Wa Dae on Friday. Among the attendees were the surviving families of those who lost their lives in a 2002 naval skirmish in the West Sea, as well as victims of North Korea's sinking of the Navy corvette Cheonan in March 2010 and its shelling of Yeonpyeong Island several months later. During the luncheon which was held in commemor

June 27, 2025

Apple's EU fee cuts spotlight South Korea's unfulfilled promise to curb app store 'commission abuse'

SEOUL, June 27 (AJP) - Electronics giant Apple's decision to slash app store fees in Europe is putting fresh pressure on South Korea's government to deliver on President Lee Jae Myung's campaign promise to tackle what critics call "commission abuse" by big tech platforms. The iPhone maker announced sweeping changes to its European app store policies on Thursday, cutting maximum commission rates from 30 percent to 15 percent and allowing developers to promote al

June 27, 2025

Musinsa'high-end concept store sees 60 percent surge in foreign customer sales in first half

SEOUL, June 27 (AJP) - Foreign customer transactions at Musinsa Empty Seongsu, the high-end fashion concept store operated by South Korean fashion platform Musinsa, surged 61 percent in the first half of 2025 compared to the same period last year, the company announced on Friday. International visitors now account for approximately 56 percent of total offline sales at the Seongsu location, Seoul's iconic hipster district, highlighting the store as a must-visit fashion destinati

June 27, 2025

AI dispatch system helps food deliverymen avoid motor accidents: Study

SEOUL, June 27 (AJP) - A study has found that an artificial intelligence-based logistics system developed by Woowa Youths, the logistics unit of food delivery giant Woowa Brothers, has significantly reduced motor accident rates among its delivery workers. The findings were presented this week at an international academic conference in Cyprus, the company said Friday. The research was unveiled on Wednesday at Statistical Challenges in E-Commerce Research (SCER 2025), a major global

June 27, 2025

Samsung heir Lee Jae-yong awaits Supreme Court ruling on merger case next month

SEOUL, June 27 (AJP) - Samsung Electronics Chairman Lee Jae-yong will receive a Supreme Court ruling on Jul. 17 regarding charges related to the 2015 merger between Samsung C&T and Cheil Industries. Lee was acquitted of all 19 charges in an appeals court ruling in February, maintaining his innocence in a case that has lasted nearly five years since prosecutors first filed charges in September 2020. The case centers on the 2015 merger that combined Samsung C&T and Cheil I

June 27, 2025