Government to confront climbing grocery costs in meeting with industry groups

SEOUL, June 12 (AJP) - Kim Min-seok, President Lee Jae-myung's nominee for prime minister, is set to hold talks on Friday with representatives from the nation’s food and restaurant sectors as the government confronts growing public frustration over rising consumer prices. According to officials familiar with the issue, the meeting will take place in Seoul and will include representatives from the Korea Food Industry Association, the Korea Foodservice Industry Association,

June 12, 2025

President vows to end stock manipulation, warns 'one-strike-out' under new rules

SEOUL, June 12 (AJP) - President Lee Jae-myung has declared a crackdown on illegal stock trading, pledging to restore trust in South Korea's capital markets through stronger oversight and strict penalties. During a meeting held at the Korea Exchange on Wednesday, the president warned that illegal profits in the market would not be tolerated under his administration. "If you try to play games in the South Korean stock market, you will lose everything," Lee said, addin

June 12, 2025

Cheong Wa Dae swarmed by visitors ahead of closure for renovation as Lee prepares to move in

SEOUL, June 12 (AJP) - The former presidential office of Cheong Wa Dae in central Seoul has been swamped by visitors, ahead of its impending closure for renovation, as President Lee Jae-myung prepares to move into the compound. The number of visitors to Cheong Wa Dae began surging before and after the June 3 presidential election, amid anticipation that it might be their last chance to visit before it closes again, prompting many to flock there. According to the Cheong Wa Dae Fou

June 12, 2025

Hyundai Steel halts operations at Pohang plant amid falling demand

SEOUL, June 12 (AJP) - Hyundai Steel has indefinitely suspended operations at its Pohang Plant No. 2, one of South Korea’s key production hubs for steel H-beams, citing deteriorating market conditions and a complete lack of production orders. The shutdown, which took effect on June 7, marks a significant retrenchment for the nation’s second-largest steelmaker. The Pohang facility had already been operating under a reduced two-shift system since late 2024 in response

June 12, 2025

Military halts loudspeaker broadcasts along border

SEOUL, June 11 (AJP) - South Korea suspended its loudspeaker broadcasts along the heavily armed border with North Korea on Wednesday. The halt came about a year after the South Korean military resumed propaganda broadcasts in June last year, in response to a series of North Korean provocations including its bizarre campaign of sending trash-filled balloons toward the South. The latest move also came shortly after the Unification Ministry earlier this week urged North Korean defec

June 11, 2025

Two pilots eject as South Korean fighter jet veers off runway during takeoff in Alaska

SEOUL, June 11 (AJP) - A South Korean KF-16 fighter jet participating in U.S.-led multinational drills in Alaska was damaged during takeoff, Air Force authorities said on Wednesday. But two pilots aboard were confirmed safe as they managed to eject themselves from the double-seat jet when it veered off the runway at Eielson Air Force Base. According to a military source, the two pilots are "safe" and have been reportedly transferred to a nearby hospital there. While

June 11, 2025

Xiaomi to open its first offline store in Korea

SEOUL, June 11 (AJP) - Chinese electronics giant Xiaomi will open its first offline retail store in South Korea later this month, the company said on Wednesday. Branded as the “Mi Store,” the retail space will be located on the second floor of the IFC Mall in Yeouido, Seoul. The store is designed to be more than a traditional retail outlet, offering product experience zones and on-site customer support services. The move signals Xiaomi’s broader ambitions in t

June 11, 2025

OpenAI's top strategist returns to Seoul as Lee ramps up 100 tln won AI push

SEOUL, June 11 (AJP) - Just a week after President Lee Jae-myung took office, OpenAI’s Chief Strategy Officer Jason Kwon is back in Seoul. His second visit in less than three weeks signals more than a passing interest -- OpenAI is clearly watching Korea’s AI ambitions with growing seriousness. Kwon is expected to spend Jun. 12 meeting with South Korean corporate partners, continuing the momentum from his late-May visit, when he announced OpenAI’s formal entry int

June 11, 2025

INTERVIEW: How one gamer turned his passion into global console hit

SEOUL, June 11 (AJP) - For Lee Jun-ho, it all began with tears. He was a middle school student, clutching a controller as the final scene of Shining Force, a turn-based tactical role-playing game, played out on the screen. "I remember tears streaming down my face as the ending unfolded," he recalled. That moment of revelation would eventually lead Lee to the heart of South Korea's gaming industry. Today, he serves as the creative director behind The First Berserker:

June 11, 2025

Trump trade war to hit US harder than China: World Bank

SEOUL, June 11 (AJP) - The World Bank sharply lowered its forecast for U.S. economic growth this year, citing mounting fallout from the Trump administration’s trade policies. In its latest Global Economic Prospects report, released Tuesday, the bank revised its U.S. growth estimate to 1.4 percent for 2025, down from 2.8 percent in 2024. The Washington-based institution attributed the downgrade primarily to U.S. President Donald Trump’s tariff measures, which it said a

June 11, 2025