Financial firms target wealthy seniors with expanded services

SEOUL, February 06 (AJP) - South Korean financial institutions are increasingly catering to the so-called "young-old" generation - affluent, healthy seniors in their 60s and 70s - by offering a range of specialized services, from estate planning to pet care management. Leading the trend in Asia, Mitsui Sumitomo Trust Group, the region’s largest trust bank, provides comprehensive services tailored to single elderly households, including funeral arrangements, digital

February 7, 2025

South Korean shipbuilders post first profits in 13 years

SEOUL, February 07 (AJP) - For the first time in over a decade, South Korea’s three major shipbuilders turned a collective operating profit in 2024, buoyed by a surge in high-value liquefied natural gas (LNG) carrier orders and a global ship-replacement cycle. Their combined operating profit reached 2.17 trillion won ($1.63 billion), marking a significant turnaround from years of losses. HD Korea Shipbuilding & Offshore Engineering led the resurgence, reporting an ope

February 7, 2025

PHOTOS: Heavy snowfall disrupts commute across South Korea

SEOUL, February 7 (AJP) - Heavy snowfall blanketed South Korea on the morning of Friday, disrupting the commute for many across the country. Similar conditions had affected the previous day's evening rush hour. Gyeongbokgung Palace in Seoul is covered in snow on Feb. 6, 2025. Yonhap A citizen walks through the snow near Gwanghwamun Square in Seoul on Feb. 6, 2025. Yonhap A parking lot at an apartment complex in Chuncheon is covered in snow on Feb. 7, 2025. Yonhap

February 7, 2025

Samsung Electronics launches global sale of Galaxy S25

SEOUL, February 07 (AJP) - Samsung Electronics began global rollout of its Galaxy S25 series smartphones across 120 countries Friday, following record-breaking domestic pre-orders of 1.3 million units in South Korea. The new flagship devices, featuring the company's latest AI platform One UI 7, will be released sequentially in major markets including the United States, United Kingdom, India, and Thailand. Google's Gemini AI support will expand to 46 languages with the laun

February 7, 2025

No damage reported after 3.1-magnitue quake rattles Chungju

SEOUL, February 7 (AJP) - An earthquake struck Chungju in North Chungcheong Province in the wee hours of Friday, waking some residents there in the middle of the night. According to the Korea Meteorological Administration (KMA), a magnitude 3.1 earthquake occurred at around 2:35 a.m. and the epicenter of the earthquake was 9 km northwest of Chungju in the province. No significant injuries or damage were reported, according to the Ministry of the Interior and Safety confirmed.

February 7, 2025

Heavy snow warning issued for Seoul amid weeklong cold spell

SEOUL, February 6 (AJP) - As the freezing cold weather persists across the country this week, a heavy snow warning was issued for Seoul and most areas of Gyeonggi Province on Thursday. Such an advisory is issued when five or more centimeters of snow are expected to accumulate over 24 hours, according to the Korea Meteorological Administration (KMA). Up to 10 cm of snow is expected to blanket Seoul and the surrounding metropolitan areas, disrupting commuters during evening rush ho

February 6, 2025

Korean government signals potential abandonment of 'Blue Whale' offshore gas project

SEOUL, February 6 (AJP) - South Korea may scrap development of an offshore gas field in the East Sea after preliminary drilling results showed little economic promise, the Ministry of Trade, Industry and Energy said Thursday. A 47-day drilling operation at the “Blue Whale” site, which concluded on Feb. 4, failed to yield sufficient hydrocarbons to justify commercial production, the ministry said. “While reservoir and cap rock thickness, along with porosity level

February 6, 2025

Former special ops commander testifies Yoon ordered arrest of lawmakers

SEOUL, February 6 (AJP) - Another witness involved in President Yoon Suk Yeol's botched Dec. 3 martial law debacle last December testified on Thursday that Yoon had ordered him to arrest lawmakers from the National Assembly on that fateful night. Former Army Special Warfare Command (SWC) commander Kwak Jong-geun made the statement during a hearing for Yoon's impeachment trial at the Constitutional Court of Korea in Seoul. When asked whether the lawmakers were the targets of

February 6, 2025

Rampant human rights violations continue in North Korea, fresh report reveals

SEOUL, February 6 (AJP) - Despite international pressure and condemnation, human rights violations remain rampant in North Korea, a recent UN report reveals. Based on testimonies from 175 North Korean defectors between November 2022 and October 2024, the Office of the UN High Commissioner for Human Rights (OHCHR) disclosed its findings on Wednesday, ahead of the upcoming UN session in Geneva later this month. More than half of them said that they had suffered various forms

February 6, 2025

Korean SMEs to showcase products at Atlanta business convention

SEOUL, February 06 (AJP) - The Korea Federation of Small and Medium Business (KBIZ) will sponsor 30 small and mid-sized enterprises to exhibit their products at the 23rd World Korean Business Convention, set to take place in Atlanta, Georgia, from April 17 to 20. The annual convention, which will be held at the Gas South Convention Center, serves as a global networking platform designed to connect Korean businesses with international buyers and expand their presence in overseas ma

February 6, 2025