Homeplus lease terminations leave small businesses in limbo

SEOUL, May 26 (AJP) - Homeplus, a South Korean retail chain undergoing court-supervised restructuring, has begun notifying landlords of plans to terminate leases at 17 stores, deepening uncertainty for hundreds of small businesses operating within those locations. The potential closures span major metropolitan areas, including Seoul, Incheon, and Busan, and affect stores in Gayang, Ilsan, Siheung, Jamsil, and other key commercial districts. An estimated 200 to 300 small businesses o

May 26, 2025

Lee Jae-myung calls inter-Korean summit essential but says now is not the time

SEOUL, May 26 (AJP) - Democratic Party (DP) presidential candidate Lee Jae-myung said Monday that while holding a summit with North Korea is something that should happen, current conditions make it unlikely in the near future. “It is something that obviously should happen, but I don’t know whether it will be possible,” Lee told reporters during a visit to Ajou University in Suwon on May 26. “At the moment, it would be extremely difficult.” Lee ackn

May 26, 2025

Subscriber exodus accelerates at SK Telecom following security breach

SEOUL, May 26 (AJP) - South Korea’s largest mobile carrier, SK Telecom, has raised device subsidies and sales incentives in an urgent attempt to stem a wave of customer defections triggered by a widespread security breach and logistical failures earlier this month. The telecom provider reportedly increased its official subsidies for Samsung’s Galaxy S25 smartphones to 680,000 won (about $510) and for Apple’s iPhone 16 Pro and Pro Max models to 650,000 won. With a

May 26, 2025

South Korea launches $29 billion battery storage initiative

SEOUL, May 26 (AJP) - South Korea has launched its most ambitious energy storage initiative yet, opening the door to what officials estimate could become a $29 billion market by 2038 — offering a much-needed boost to domestic battery manufacturers grappling with a global slowdown in electric vehicle demand. The Ministry of Trade, Industry and Energy unveiled plans for a nationwide tender to install 540 megawatts of battery energy storage systems (BESS), marking the country'

May 26, 2025

Chung Soon-mi becomes first overseas Korean awarded top Norwegian medal

SEOUL, May 26 (AJP) - Musician Chung Soon-mi has become the first overseas Korean to receive Norway’s highest state honor, the Royal Norwegian Order of Saint Olav, the South Korean Embassy in Norway said on Saturday. Chung was awarded the Knight First Class medal of the prestigious Order on Sunday in recognition of her significant contributions to Norwegian arts and culture. Established in 1847 by King Oscar I of Norway, the Royal Norwegian Order of Saint Olav is the coun

May 26, 2025

North Korea begins repairs on damaged destroyer after failed launch

SEOUL, May 26 (AJP) - North Korea has begun restoring a newly developed warship that was severely damaged during its launch ceremony last week, according to a report by the state-run Korean Central News Agency (KCNA) on Sunday. The 5,000-ton-class destroyer sustained major damage on May 21 at the northeastern port of Chongjin. During the launch event, attended by North Korean leader Kim Jong-un, the warship’s stern reportedly detached from its transport cradle and tipped to

May 26, 2025

Final televised debate looms amid last-ditch push for single conservative candidate

SEOUL, May 25 (AJP) - With less than ten days remaining until next month's presidential election, four major candidates are set to face off once again in a televised debate scheduled for the coming Tuesday. In the upcoming final debate, which will focus on political issues and wrap up the three-part series, Lee Jae-myung, the presidential candidate of the main opposition Democratic Party (DP) who still leads the race with roughly 50 percent support in most polls, is expected to

May 25, 2025

Sales of air conditioners surge amid early heat wave

SEOUL, May 25 (AJP) - Samsung Electronics sold more than 10,000 air conditioners per day over the past week, as demand surged ahead of another scorching summer, the electronics giant said on Sunday. Samsung said the daily sales of its air conditioners surpassed the 10,000 mark over the last five days, up over 30 percent from the same period last year. The milestone came about a month earlier than last year, when it was set in mid-June. The early arrival of hot weather may have ru

May 25, 2025

North Korea arrests those responsible for failed destroyer launch

SEOUL, May 25 (AJP) - North Korea has arrested a slew of officials and shipyard workers responsible for the failed launch of its naval destroyer earlier this week and taken steps to investigate them. The country's official Korean Central News Agency (KCNA) said on Sunday that the investigation into the incident is "being intensified." The development came just a few days after leader Kim Jong-un's fury over the incident, which he blamed on "criminal negligence

May 25, 2025

Conservative candidate Kim Moon-soo to meet former President Park Geun-hye

SEOUL, May 24 (AJP) - People Power Party presidential nominee Kim Moon-soo will meet with former President Park Geun-hye at her Daegu residence on Saturday, party officials announced. The meeting occurs ten days before the June 3 presidential election to select a successor to impeached President Yoon Suk Yeol. Kim will be accompanied by Representative Yun Jae-ok, the campaign's chief manager, and party spokesperson Shin Dong-wook. This marks their first encounter since Kim won t

May 24, 2025