Four dead after Navy patrol plane crashes in Pohang shortly after takeoff

SEOUL, May 29 (AJP) - A patrol aircraft with four people aboard crashed on a mountain in the southeastern city of Pohang on Thursday, according to military authorities. "A P-3 maritime patrol aircraft crashed several minutes after taking off from an air base in Pohang for training at around 1:40 p.m. due to unidentified reasons," the Navy said in a statement. The Navy is investigating further details including the exact cause of the crash. Firefighters were immediately

May 29, 2025

US Embassy in Seoul halts new interviews ahead of impending stricter student visa policy

SEOUL, May 29 (AJP) - The U.S. Embassy in Seoul has reportedly halted the scheduling of new interviews for student visa applicants. This appears to be related to reports that the U.S. government has instructed its embassies and consular offices overseas to temporarily suspend such procedures as it prepares to mandate social media screening for students planning to study in the U.S. The embassy's website no longer shows available dates for those seeking to schedule interviews

May 29, 2025

GM Korea to sell local facilities, reigniting withdrawal concerns

SEOUL, May 29 (AJP) - General Motors plans to sell a number of its service centers and underused production facilities in South Korea in a bid to streamline operations, a move that has reignited concerns about the automaker’s long-term commitment to its Korean unit. This came just hours after GM’s U.S. headquarters unveiled a sweeping $888 million investment in its Tonawanda engine plant in Buffalo, N.Y., marking a renewed focus on internal combustion engine production i

May 29, 2025

Korean biotech firms eye share of expanding gene therapy market

SEOUL, May 29 (AJP) - South Korean biotechnology companies are stepping up efforts to stake a claim in the burgeoning global gene therapy market, which is projected to swell to approximately $366 billion by 2032, according to a new industry report. The Korea Biotechnology Industry Organization has released an analysis citing data from the market research firm MarketsandMarkets, projecting the sector will grow at a compound annual rate of 19.4 percent — rising from $72 billion

May 29, 2025

Bank of Korea slashes interest rates as growth outlook dims sharply

SEOUL, May 29 (AJP) - South Korea’s central bank lowered its benchmark interest rate by a quarter percentage point on Thursday, the latest in a series of moves aimed at propping up a flagging economy that is on track for its weakest performance in years. The Bank of Korea reduced the policy rate to 2.50 percent, its fourth cut in just seven months. The move comes amid mounting evidence of a slowdown, including a 0.2 percent contraction in gross domestic product during the firs

May 29, 2025

Early voting for next week's presidential election gets underway

SEOUL, May 29 (AJP) - Early voting for the upcoming presidential election began at about 3,500 polling stations nationwide on Thursday, as South Koreans prepare to head to the polls next week to elect the country's next president. The two-day early voting period runs through Friday, allowing voters to cast a ballot at any polling station nationwide between 6 a.m. and 6 p.m., regardless of their registered address, as long as they present a valid ID. Out of 44.39 million eligi

May 29, 2025

CJ's billion-dollar bet on culture, cuisine pays off

Editor's Note: This article is the 20th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, May 28 (AJP) - Long before it became a champion of Korean cinema and cuisine, CJ Group began life amid the rubble of war as a modest sugar producer. Today, the company stands as a cultural and economic heavyweight, with its fingerprints on everything from Oscar-wi

May 29, 2025

Number of newborns rises for 9th consecutive month

SEOUL, May 28 (AJP) - The number of newborns has increased for nine straight months, Statistics Korea said Wednesday. A total of 21,041 babies were born in March, up 6.8 percent or 1,347 newborns, compared to the same month last year, continuing an upward trend that began in July last year. It also marked the first time in about a decade that the number of babies born in March increased, a month often considered stressful for many people with an avalanche of somatic illnesses as

May 28, 2025

Korea weighs US trade demands with economic impact study

SEOUL, May 28 (AJP) - South Korea has begun an economic feasibility study as part of ongoing trade consultations with the United States, signaling preparations for potential agreements that could carry broad implications for the country’s economy, according to government officials, Wednesday. The Ministry of Trade, Industry and Energy has commissioned the Korea Institute for International Economic Policy to assess the economic ramifications of current discussions with Washingt

May 28, 2025

Two-day early voting for presidential election set to begin on Thursday

SEOUL, May 28 (AJP) - Early voting is set for Thursday and Friday, with next month's presidential election just around the corner. About 3,500 polling stations have been set up including at major railway stations and airports across the country. Voting hours are from 6 a.m. to 6 p.m. Voters with valid ID cards can cast their ballot at any polling station, regardless of their registered addresses. They can find information about the nearest polling locations on the website of

May 28, 2025