Soaring interest margins lead to big rewards for employees at Korean banks

SEOUL, January 13 (AJP) - South Korea's major banks are set to increase wages and performance bonuses for their employees, despite facing economic headwinds and mounting public criticism over their profitability. The five largest banks – Kookmin, Shinhan, Hana, Woori, and Nonghyup – have agreed to raise base salaries by 2.8 percent, up from 2 percent in 2024, according to banking industry sources on Monday. Shinhan and Hana banks have allocated performance bonuses

January 13, 2025

Dining costs in South Korea rise for third consecutive year

SEOUL, January 13 (AJP) - Dining costs in South Korea soared for the third straight year in 2024, climbing 3.1 percent according to data released Monday by Statistics Korea. This marked a significant jump above the overall consumer price index, which rose 2.3 percent. The price index for dining reached 121.01, with cafeteria prices experiencing the sharpest increase at 6.9 percent – the highest since records began in 2001. Popular menu items saw substantial price hikes.

January 13, 2025

Annual ice fishing festival kicks off in Hwacheon

SEOUL, January 13 (AJP) - The annual Sancheoneo Ice Festival, one of the biggest winter festivals in South Korea kicked off in Hwacheon, Gangwon Province last Saturday. The small town, surrounded by mountains and with a population of just 23,000, transforms into a winter wonderland at this time of year, drawing over 1 million visitors including foreign tourists every year. Visitors can enjoy ice fishing to catch trout through holes about 15 cm in diameter along a 2-km-long stretch of icy s

January 13, 2025

Ukraine proposes swap of North Korean captives for Ukrainian POWs held in Russia

SEOUL, January 13 (AJP) - Kyiv is willing to return captured North Korean soldiers to Pyongyang in exchange for the release of Ukrainian prisoners of war held by Russia, Ukrainian President Volodymyr Zelensky said on Sunday. In a post on X, he said he is ready to ready to hand them over to North Korean leader Kim Jong-un "if he can organize their exchange for our warriors who are being held captive in Russia." His offer came just a day after he revealed that Ukrainian f

January 13, 2025

Yoon's first formal hearing in impeachment trial to be held in absentia

SEOUL, January 12 (AJP) - President Yoon Suk-yeol will skip the first formal hearing of his impeachment trial scheduled for this week by the Constitutional Court of Korea. Yoon's legal representatives said on Sunday that the president cannot attend such hearings unless "issues related to safety and security" are properly handled. "The Corruption Investigation Office for High-Ranking Officials (CIO) in cooperation with police authorities continues to try to ille

January 12, 2025

Ukraine captures two wounded North Korean soldiers, Zelensky says

SEOUL, January 12 (AJP) - Ukraine has captured two wounded North Korean soldiers during an operation near Russia's border, Ukrainian President Volodymyr Zelensky said on Saturday. "Despite their injuries, the two soldiers survived and have been transported to Kyiv," Zelensky wrote in a post on X, sharing photos of their captives. Ukraine forces captured them in Russia's western Kursk region, a territory currently occupied by Ukraine. They are currently being inv

January 12, 2025

Ruling party recovers support after hitting dismal low

SEOUL, January 10 (AJP) - The ruling People Power Party (PPP) has recovered support after hitting rock bottom, following President Yoon Suk Yeol's botched martial law debacle last month. According to a survey of over 1,000 adults conducted by pollster Gallup Korea early this week and released on Friday, some 34 percent expressed support for the PPP, while around 36 percent backed the main opposition Democratic Party (DP). The PPP has narrowed the gap with the DP by about 10 p

January 10, 2025

Hyundai Motor partners with Nvidia to accelerate AI-powered mobility development

LAS VEGAS, January 10 (AJP) -- Hyundai Motor Group announced on Friday a strategic partnership with Nvidia to accelerate the development of artificial intelligence technologies for future mobility solutions. The South Korean automaker plans to leverage Nvidia's computing technology and AI enterprise software to process the vast amounts of data required for training AI models across various applications, including autonomous driving and robotics. "Hyundai Motor Group is e

January 10, 2025

[CES 2025] At CES, Korean companies embrace AI as future of business

LAS VEGAS, January 8 (AJP) - CES 2025 offered a global stage for South Korea's top conglomerates to spotlight their commitment to artificial intelligence (AI) as a cornerstone of future growth and collaboration. Representatives from Samsung, LG, SK, and LS unveiled their latest innovations, emphasizing the transformative role of AI in their strategies. Chey Tae-won, chairman of SK Group, underscored AI's growing integration into daily life, a concept he termed "phy

January 10, 2025

North Korean commemorative stamps hint at deepening ties with Russia

SEOUL, January 10 (AJP) - As North Korea has been cozying up to Moscow, a strip of commemorative stamps for Lunar New Year's Day now includes descriptions in Russian, alongside Chinese. North Korea on Friday unveiled postal stamps, slated for release on Jan. 20, featuring young North Korean athletes who participated in last year's Under-17 and Under-20 Women's World Cup events, as well as the Asian Table Tennis Championships. "It is uncertain, but such almanac st

January 10, 2025