KAI nears $681 million fighter jets deal with Philippines

SEOUL, January 17 (AJP) - Korea Aerospace Industries (KAI) is in the final stages of negotiations with the Philippines for a contract to supply 12 FA-50 light combat aircraft, a deal valued at approximately 40 billion pesos ($681 million), industry sources said Friday. If completed, the agreement would double the Philippine Air Force’s fleet of FA-50 fighters, building on its initial purchase of 12 units in 2014. The aircraft, widely regarded for their versatility and cost-

January 17, 2025

Culture Minister to promote tourism to Seoul in Malaysia

SEOUL, January 17 (AJP) - Minister of Culture, Sports, and Tourism Yu In-chon will visit Malaysia over the weekend to attend a series of meetings aimed at promoting tourism between Asian countries. He is set to attend the ASEAN+3 Tourism Ministers Meeting on the sidelines of the ASEAN Tourism Forum, which kicked off earlier this week and runs until next Monday, bringing together tourism ministers and other officials from ASEAN's 10 member countries and neighboring nations. Wh

January 17, 2025

KB Kookmin unionists vote to strike, demanding bonuses

SEOUL, January 17 (AJP) - The labor union of KB Kookmin Bank has overwhelmingly voted to strike, with 96 percent of its 9,274 members approving the decision. If it proceeds, this would mark the first walkout at the bank in six years, as workers press for performance bonuses of about 20 million won, or roughly $15,000, per employee. The union’s demands come despite KB Kookmin Bank employees earning the highest average salary among South Korea’s top five banks, at 118

January 17, 2025

Busan's English radio station garners over 100,000 subscribers on YouTube

SEOUL, January 17 (AJP) - A YouTube channel operated by the Busan English Broadcasting Foundation (BeFM) has surpassed 100,000 subscribers, according to the southern port city. Starting its service last year, BeFM has been offering programs in English as well as in Chinese and Vietnamese. The number of its subscribers rapidly grew from 4,600 to over 100,000 in just about a year and it now boasts the highest number of YouTube subscribers among local radio stations there. Despite b

January 17, 2025

Lotte Bio to launch new cancer therapy platform

SEOUL, January 17 (AJP) - Lotte Biologics has announced plans to launch its advanced "Soluflex Link" technology, a next-generation platform for antibody-drug conjugates (ADCs), during the JP Morgan Healthcare Conference on Thursday. ADCs are innovative cancer treatments that combine antibodies, which target cancer cells, with powerful drugs designed to kill them. "Soluflex Link addresses stability issues commonly seen in ADC therapies and is compatible with vario

January 17, 2025

Will KOSPI surge under Trump as it did in his first term?

SEOUL, January 17 (AJP) - South Korea’s stock market is entering a phase of renewed uncertainty as the prospect of a second Donald Trump administration raises concerns among investors, despite a history of gains during his first term. The benchmark KOSPI index surged more than 50 percent during Trump’s presidency from 2017 to 2021, climbing from 2,072.79 to 3,114.55, according to the Korea Exchange. However, the period was not without volatility - most notably a 17.28 pe

January 17, 2025

PHOTOS: Wild animals thrive in Korea's icy winter

SEOUL, January 17 (AJP) - Wild animals in South Korea show off vivacious lives, despite the country's icy winter.

January 17, 2025

Investigators seek to extend Yoon's detention

SEOUL, January 17 (AJP) - The Corruption Investigation Office for High-Ranking Officials (CIO) filed for a fresh warrant with the Seoul Western District Court on Friday to extend President Yoon Suk Yeol's detention, as his 48-hour detention period expires this evening. The move, which would allow the CIO to detain him for up to 20 days, comes after a court's rejection the previous day of Yoon's request for an injunction disputing the legality of his arrest warrant over h

January 17, 2025

Korea's largest cryptocurrency exchange may face suspension for alleged breach of ID rules

SEOUL, January 17 (AJP) - South Korea's financial regulators have issued a preliminary notice to UPbit, the nation’s largest cryptocurrency exchange, warning of a possible three-month suspension for alleged violations of customer identification rules, according to industry sources on Friday. The Financial Intelligence Unit (FIU) claimed UPbit failed to fully comply with requirements for the protection of customer identification, critical measures designed to curb illicit a

January 17, 2025

KHNP settles dispute with Westinghouse, paving way for nuclear cooperation

SEOUL, January 17 (AJP) - Korea Hydro & Nuclear Power (KHNP), the country's largest nuclear power operator, and Westinghouse Electric of the United States have reached an agreement to settle a two-year intellectual property dispute, potentially paving the way for expanded collaboration in the global nuclear energy market. The settlement, which also involves Korea Electric Power Corp. (KEPCO) and Cameco, a Canadian nuclear fuel company and Westinghouse shareholder, resolves a

January 17, 2025