Korea urged to focus on quantum applications as it lags behind global competitors

SEOUL, January 16 (AJP) - As the United States, China, Japan and Europe are poised to achieve significant advancements in quantum technology this year, South Korea is considered to be in the nascent stages of development. To secure global competitiveness, experts say the country must leverage quantum technology applications, including communication and sensors. According to the Ministry of Science and ICT, as of June last year, South Korea ranked lowest among 12 m

January 16, 2025

BOK freezes interest rate in worries of inflation, weakening won

SEOUL, January 16 (AJP) - The central bank left its benchmark interest rate unchanged at 3 percent on Thursday, prioritizing concerns over a weakening won as the country grapples with mounting economic headwinds. The Bank of Korea’s monetary policy board paused its rate-cutting cycle, raising fears that additional reductions could push the currency past the critical 1,500 threshold against dollar, risking inflationary pressures and destabilizing foreign capital flows. The c

January 16, 2025

Yoon refuses further questioning after hours of silence in initial inquiry

SEOUL, January 16 (AJP) - President Yoon Suk Yeol on Thursday declined further questioning after being grilled for several hours the previous day, shortly after his arrest by investigators from the Corruption Investigation Office for High-ranking Officials (CIO). Yoon's legal representatives said that the president was "not feeling well" and had already expressed his position during his previous questioning session, which lasted nearly 11 hours at the CIO headquarters

January 16, 2025

PHOTOS: First-ever arrest of a sitting president

SEOUL, January 16 (AJP) - President Yoon Suk Yeol, accused of being responsible for the December 3 martial law incident, was arrested by the Corruption Investigation Office for High-ranking Officials on Thursday. After approximately 11 hours of questioning, he was detained at the Seoul Detention Center at around 9:50 p.m.

January 16, 2025

Central bank keeps interest rate amid currency concerns

SEOUL, January 16 (AJP) - The Bank of Korea (BOK) on Thursday kept its benchmark interest rate unchanged at 3 percent, citing concerns over the weakening Korean won. The decision comes after two consecutive rate cuts of 0.25 percentage points in October and November. The BOK cited the recent surge in the won-dollar exchange rate as a key factor in its decision. Economists believe that further interest rate cuts could exacerbate the depreciation of the won by widening the int

January 16, 2025

Yuhan-Kimberly names former Homeplus chief as new CEO

SEOUL, January 16 (AJP) - Hygiene product maker Yuhan-Kimberly has appointed former Homeplus CEO Lee Jae-hoon as its new chief executive officer. Lee, who has over 30 years of experience in the consumer goods and retail sectors, most recently served as CEO of Homeplus, a major discount retail chain in South Korea. He has also held leadership positions at companies such as Carver Korea, Buy The Way, and KFC Korea. "I am honored to join Yuhan-Kimberly, a company renowned for i

January 16, 2025

Rosé's latest hit song stays at No. 5 on Billboard Hot 100

SEOUL, January 15 (AJP) - "APT." sung by Rosé, a member of South Korean girl band BLACKPINK, has remained at No. 5 on the Billboard Hot 100 for two consecutive weeks, making it the highest-ranked song on the American chart by any K-pop female artist. The collaborative song with American pop star Bruno Mars made its entry into the top 10 of the U.S. Hot 100 at No. 8 at the time of its release in October last year and has since stayed on the chart, slightly moving up

January 15, 2025

BTS' J-Hope to embark on North American tour this spring

SEOUL, January 15 (AJP) - J-Hope, a member of the K-pop juggernaut BTS, will embark on his North American tour this spring. The tour includes a stop in Los Angeles, where he is set to perform at the La La Land's iconic BMO Stadium in April, becoming the first K-pop artist to do so. BMO Stadium near Exposition Park in downtown Los Angeles is an open-air soccer-specific arena with a seating capacity of around 22,000. It is the home stadium for Major League Soccer's Los Ange

January 15, 2025

South Korea conducts joint aerial drill with US, Japan

SEOUL, January 15 (AJP) - South Korea on Wednesday conducted a joint aerial drill with the U.S. and Japan involving a U.S. B-1B strategic bomber. The show of force came just a day after North Korea fired multiple short-range missiles into the East Sea, ahead of the inauguration of incoming U.S. President Donald Trump. According to the Defense Ministry here, the trilateral drill, which also involved the deployment of the country's F-15K fighter jets and Japan's F-2 fighter

January 15, 2025

Job growth in South Korea stalls, youth unemployment worsens

SEOUL, January 15 (AJP) - South Korea's job market showed signs of weakness in December, with employment falling for the first time since the height of the COVID-19 pandemic in February 2021, according to data released by Statistics Korea on Wednesday. The country lost 52,000 jobs compared to the same period last year, a significant drop from the robust growth seen in previous years. The decline was particularly pronounced in sectors closely linked to domestic consumption. Co

January 15, 2025