Recipients of Ramon Magsaysay Award honored in Seoul

SEOUL, April 22 (AJP) - An event honoring past South Korean recipients of the Ramon Magsaysay Award was held at a hotel in central Seoul on Tuesday, as part of celebrations marking the 75th anniversary of diplomatic relations between Seoul and Manila. Co-hosted by the Philippine Embassy in Seoul and the foundation that presents the annual award, the event brought together dozens of attendees including some of past recipients, diplomats, and other officials. Known as the "Nob

April 22, 2025

LG Display eyes turnaround as demand for OLED TVs surges in China

SEOUL, April 22 (AJP) - Sales of televisions equipped with Korean-made OLED (organic light-emitting diode) panels are rapidly gaining ground in China’s premium TV market, reflecting a notable shift in consumer preferences and industry momentum. According to market research firm Omdia, OLED panels are projected to account for 78.3 percent of premium televisions priced above $2,500 in China this year. That figure marks a sharp increase from 47.2 percent in 2024, suggesting a g

April 22, 2025

South Korean military holds artillery drills near border

SEOUL, April 22 (AJP) - Live-fire artillery drills were conducted along the inter-Korean border for the first time in several years, military authorities said on Tuesday. To enhance the military's combat readiness, around 60 rounds were fired from more than a dozen self-propelled howitzers, hitting targets at a firing range in Paju, Gyeonggi Province the previous day. The drills came about seven years after Seoul and Pyongyang signed a cross-border pact in 2018 pledging to ce

April 22, 2025

Procurement dispute emerges over Korea's first privately-led geostationary satellite

SEOUL, April 22 (AJP) - A procurement dispute has erupted over South Korea’s first privately-led geostationary satellite development project, underscoring growing competition in the country’s burgeoning space sector. Industry sources said Tuesday that the committee overseeing the Chollian Satellite 5 project selected LIG Nex1 as the preferred negotiation partner for developing the satellite bus. The decision prompted a formal objection from rival bidder Korea Aerospace

April 22, 2025

Korea urged to boost efforts to stabilize pharmaceutical supply chains

SEOUL, April 22 (AJP) - South Korea is lagging behind other major nations in implementing systems to address pharmaceutical supply chain instabilities, according to a report by the Korea Institute of Science&Technology Evaluation and Planning (KISTEP). In its latest edition of "Science, ICT Policy and Technology Trends," KISTEP underscores the urgent need for specific legislation and comprehensive mapping of supply chains to ensure a stable supply of medications during

April 22, 2025

Major banks may face sanctions over alleged collusion on mortgage terms

SEOUL, April 22 (AJP) - South Korea’s antitrust watchdog has wrapped up a re-investigation into allegations that the country’s four largest banks colluded on mortgage lending practices, with regulatory sanctions expected to follow in the coming months. The Fair Trade Commission (FTC) has issued formal examination reports to KB Kookmin, Woori, Shinhan, and Hana banks, according to industry sources. The case centers on claims that the lenders shared approximately 7,500

April 22, 2025

Bank of Korea seeks stronger role in shaping stablecoin regulations

SEOUL, April 21 (AJP) - The Bank of Korea plans to take an active role in upcoming legislative deliberations on virtual assets, stressing the need for a distinct regulatory framework for stablecoins due to their potential impact on monetary policy and financial stability. In its report released Monday, the central bank warned that stablecoins — cryptocurrencies typically pegged to a national currency — carry characteristics that differ significantly from other digital

April 21, 2025

North Korean and Russian youth hold friendship gathering in Pyongyang

SEOUL, April 21 (AJP) - A joint friendship event between young people from North Korea and Russia was held at the Central Youth Hall in Pyongyang on Sunday, North Korea’s state-controlled media Korean Central News Agency (KCNA), reported Monday. The gathering, designed to strengthen cultural ties and solidarity between the two countries, was attended by Mun Chol, chairman of the Central Committee of the Socialist Patriotic Youth League, North Korean university students in Py

April 21, 2025

South Korea cracks down on origin fraud in exports to US

SEOUL, April 21 (AJP) - South Korean customs officials have uncovered a surge in falsely labeled exports to the United States during the first quarter of 2025, raising concerns over a growing trend of trade fraud aimed at circumventing punitive American tariffs. The Korea Customs Service (KCS) announced Monday that it has launched a special trade security investigation unit focused on combating origin fraud in exports — specifically targeting products subject to U.S. anti-dump

April 21, 2025

Japan imports Korean rice for first time in decades amid soaring prices

SEOUL, April 21 (AJP) - For the first time since official export records began in 1990, Japan has imported South Korean rice for commercial sale, as a deepening domestic rice shortage pushes prices to record highs. According to South Korean agricultural officials, two metric tons of rice from Haenam County in South Jeolla Province cleared Japanese customs on April 8 and began selling in Korean supermarkets across Tokyo on April 10. The rice, marketed under the brand “Ttan

April 21, 2025