New finance minister expected to drive AI-led fiscal reform

SEOUL, June 30 (AJP) - South Korean President Lee Jae Myung on Sunday nominated Koo Youn-chul, a former government policy coordination chief and vice finance minister, to lead the Ministry of Economy and Finance, filling a key economic post that has stood vacant for more than two months. The appointment of Koo, a 60-year-old career bureaucrat and current visiting economics professor at Seoul National University, is seen as a strategic move to inject momentum into the Lee administrat

June 30, 2025

Salaried workers to get fewer public holidays next year

SEOUL, June 30 (AJP) - Salaried workers or those with a five-day workweek will have 118 days off next year including weekends, one day fewer than this year, the Korea Aerospace Administration said Monday. There will be 52 Sundays and 20 national holidays including Lunar New Year's Day and other make-up holidays. Three national holidays - Memorial Day, Liberation Day, and National Foundation Day - fall on a Saturday while some others such as March 1 Independence Movement Day a

June 30, 2025

'Squid Game' Season 3 spurs retail frenzy in South Korea

SEOUL, June 30 (AJP) - As Squid Game returns to screens for its third season, South Korea’s retail sector is turning the Netflix juggernaut into a merchandising powerhouse, deploying immersive pop-ups, collectible goods, and brand collaborations to capture the momentum of the global hit. From convenience store chains to luxury department stores, businesses are rushing to stake their claim in what has become one of the year’s most aggressively commercialized entertainme

June 30, 2025

POSCO to launch lithium extraction project in US

SEOUL, June 30 (AJP) - POSCO Holdings said on Monday that it plans to produce lithium in the United States for the first time, positioning itself at the forefront of efforts to localize battery material supply chains in North America. In a memorandum of understanding signed with Australia’s Anson Resources, POSCO will build and operate a demonstration plant in Green River City, Utah, deploying its proprietary direct lithium extraction (DLE) technology. The agreement marks the

June 30, 2025

Technocrat-turned-executive to guide Korea's energy policy

SEOUL, June 30 (AJP) - In a move signaling South Korea’s deepening commitment to pragmatic industrial policy, President Lee Jae-myung on Sunday nominated Kim Jung-kwan, a technocrat-turned-corporate strategist, as the next Minister of Trade, Industry and Energy. The choice of Kim, currently president of Doosan Enerbility, places a seasoned public servant with cross-sector experience at the helm of a ministry central to Korea’s energy transition and industrial competiti

June 30, 2025

South Korean pair claims maiden LPGA victory at Dow Championship in Michigan

SEOUL, June 30 (AJP) - Golfers Im Jin-hee and Lee So-mi secured their maiden LPGA title by winning the Dow Championship in the U.S. on Sunday. In the fourth and final round of the championship in Midland, Michigan, the South Korean pair finished at 20-under 260, leading to a playoff in which they birdied the first hole to beat the American team of Megan Khang and Lexi Thompson. Another South Korean team, Park Sung-hyun and Yoon Ina, tied for fourth at 11-under. With Sunday'

June 30, 2025

Regulators target Aekyung, SK Chemicals over humidifier disinfectant scandal

SEOUL, June 30 (AJP) - South Korea’s antitrust regulator has launched enforcement proceedings against Aekyung Industrial and SK Chemicals after the two companies failed to comply with orders to publicly acknowledge their responsibility in one of the country’s deadliest consumer product scandals. The Fair Trade Commission (KFTC) has issued examination reports recommending prosecution for both firms, according to industry sources. In 2018, the commission imposed fines t

June 30, 2025

N. Korean leader Russian culture minister, pushes for stronger cultural ties

SEOUL, June 30 (AJP) - North Korean leader Kim Jong-un met with Russian Culture Minister Olga Lyubimova in Pyongyang on Sunday, highlighting growing cultural cooperation between the two countries. The visit marked one year since the signing of the North Korea-Russia Treaty on Comprehensive Strategic Partnership, which took place during Russian President Vladimir Putin's visit to Pyongyang in June last year. The meeting was held at the headquarters of the Workers' Party of

June 30, 2025

President Lee names key Cabinet picks, tapping bureaucratic, political veterans

SEOUL, June 29 (AJP) - President Lee Jae-myung on Sunday unveiled a slate of high-profile cabinet nominees, selecting experienced bureaucrats and longtime political allies to lead his administration through a pivotal early phase. The appointments include key posts overseeing the economy, judicial reform, education, and national safety. Koo Yun-cheol, a veteran technocrat and former chief of the Office for Government Policy Coordination, was tapped as Deputy Prime Minister and

June 29, 2025

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