Police launch investigation into fatal airplane crash

SEOUL, January 2 (AJP) - Police have launched a criminal investigation into Sunday’s airplane crash, executing search warrants at multiple locations as bereaved families began holding the first funeral services for victims. All but two of the 181 people aboard the Jeju Air passenger jet died after the plane crashed while landing at Muan International Airport. Investigators on Thursday raided offices at the airport, the Busan Regional Aviation Administration’s Muan bra

January 2, 2025

South Korea lowers 2025 growth forecast to 1.8%

SEOUL, January 2 (AJP) - South Korea's government on Thursday lowered its 2025 growth forecast to 1.8 percent from 2.2 percent, citing persistent external uncertainties and slowing export growth despite easing inflation and interest rates globally. The Ministry of Economy and Finance announced the downward revision in its annual economic policy direction, signaling the possibility of supplementary budget if needed to bolster the economy. "We will review various measures,

January 2, 2025

North Korean leader foregoes annual visit to family mausoleum for another year

SEOUL, January 2 (AJP) - North Korean leader Kim Jong-un apparently skipped his annual visit to the mausoleum of his grandfather Kim Il-sung and father Kim Jong-il on New Year's Day, according to state media. Senior party and military officials visited the Kumsusan Palace of the Sun in Pyongyang to pay their respects to the regime founder and the former leader the previous day, the country's state-run Korea Central News Agency (KCNA) reported on Thursday, without mentioning

January 2, 2025

KOTRA to run largest-ever national pavilion at CES

SEOUL, January 02 (AJP) - The South Korean government will operate its largest-ever national pavilion at this year's Consumer Electronics Show (CES), officials said Wednesday. About 900 Korean companies will participate in the world's largest electronics trade show, to be held in Las Vegas from Jan. 7–10. The Ministry of Trade, Industry, and Energy and the Korea Trade-Investment Promotion Agency (KOTRA) will manage the unified Korean pavilion, featuring 445 companie

January 2, 2025

Hyundai Motor charts path toward sustainability amid mounting challenges

Editor's Note: This article is the first installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, January 2 (AJP) - South Korea’s automotive giant Hyundai Motor Group, which includes Hyundai Motor Co. and Kia Corp., is gearing up for a pivotal 2025 as it navigates mounting global competition and an industry-wide shift toward sustainable vehicles. Hyunda

January 2, 2025

Investigators poised to arrest Yoon

SEOUL, January 2 (AJP) - The Corruption Investigation Office for High-ranking Officials (CIO) is seeking to arrest President Yoon Suk Yeol as early as Thursday. An arrest warrant over Yoon's botched martial law attempt last month was issued earlier this week and it will remain valid until next Monday, suggesting that the CIO's investigators will take actions in the next few days. With a search warrant also in hand, they are also expected to search for any remaining eviden

January 2, 2025

Korea's exports hit record high in 2024, led by robust chip sales

SEOUL, January 2 (AJP) - South Korea's exports reached a record $683.8 billion in 2024, an 8.2 percent increase from the previous year driven by semiconductors, according to the Ministry of Trade, Industry and Energy. Chip exports, accounting for more than 20 percent of total exports, jumped nearly 44 percent to $141.9 billion, surpassing the previous record of $129.2 billion set in 2022, the ministry reported Tuesday. The country's trade surplus hit $51.8 billion, its hi

January 2, 2025

Acting president appoints two justices from three nominees to Constitutional Court

SEOUL, December 31 (AJP) - Acting President Choi Sang-mok on Tuesday appointed two justices out of three nominees to fill vacancies at the Constitutional Court of Korea. During a Cabinet meeting in Seoul, Choi said he decided to appoint Cho Han-chang, a nominee recommended by the ruling People Power Party (PPP) and Jeong Gye-seon, another nominee proposed by the main opposition Democratic Party (DP). "I decided to appoint the two justices to urgently resolve political uncert

December 31, 2024

PHOTOS: Memorial altars set up nationwide for plane crash victims

SEOUL, December 31 (AJP) - Joint memorial altars are being operated nationwide to commemorate the victims of Sunday's plane crash. All but two of the 181 people aboard a Jeju Air passenger jet died after the plane crashed while landing at Muan International Airport.

December 31, 2024

More founders of enterprises included among Korea's wealthiest stockholders

SEOUL, December 31 (AJP) - The number of founders among South Korea's 50 wealthiest stockholders has more than doubled over the past decade, increasing from five to 12, according to a report by corporate research firm Leaders Index released Tuesday. Samsung Electronics Chairman Lee Jae-yong remains at the top of the list, with shares valued at 12.17 trillion won ($9.4 billion). Despite holding the top spot, Lee’s holdings have shrunk by 15.4 percent since early 2023, she

December 31, 2024