Chipflation fears cool Korea's chip output SEOUL, June 30 (AJP) - South Korea's sharp pullback in chip output in May is adding to signs that the global memory crunch is no longer confined to data centers, with chipflation from soaring memory prices beginning to strain consumer spending and factory floors. Factory output fell 3.0 percent from the previous month in May, matching its steepest monthly drop in a year, according to the Ministry of Data and Statistics on Tuesday. The index of all-industry production, exclu June 30, 2026

Jeju Air carries over 1 million foreign passengers in first five months of this year SEOUL, June 30 (AJP) - Low-cost carrier Jeju Air carried more than 1 million foreign passengers during the first five months of this year, driven by demand from Japanese and Chinese travelers amid growing interest in K-pop and Korean culture. The budget carrier said that out of about 3.59 million passengers on international routes from January to May, about 1.06 million or 29.5 percent were foreigners, up 23 percent from about 860,000 a year earlier. Japanese passengers were th June 30, 2026

Korea Tourism Organization taps influencers to promote regional food tourism SEOUL, June 30 (AJP) - The Korea Tourism Organization has launched a regional food tourism campaign with 33 overseas influencers as South Korea seeks to turn growing interest in Korean food into travel beyond Seoul. The state tourism agency, led by President Park Sung-hyuk, held a launch event for "K-Local Food Hunters 33" at Samcheonggak in Seoul on Monday. Through Thursday, the program will send participants to different regions to taste, film and share local dishes wi June 30, 2026

Korea unveils five-year plan to promote crafts as K-culture industry SEOUL, June 30 (AJP) - South Korea will seek to make traditional crafts a larger part of its cultural exports and tourism industry under a new five-year government plan announced Tuesday. The Ministry of Culture, Sports and Tourism released its second basic plan for promoting the craft culture industry, covering 2026 to 2030. The plan is built around four areas: production, distribution, public access and policy infrastructure, with the government aiming to raise the industry's June 30, 2026

Canada says split submarine order unlikely due to higher costs SEOUL, June 30 (AJP) - Canada is unlikely to divide its planned submarine order between South Korean and German bidders because operating two different fleets would increase costs and complexity, the country’s defense minister said. The Canadian Patrol Submarine Project, or CPSP, calls for the acquisition of up to 12 diesel-powered submarines to replace Canada’s aging Victoria-class fleet. The total value of the project, including construction and 30 years of maintenance June 30, 2026

Samsung Electronics' largest union votes to retain chief SEOUL, June 30 (AJP) - The Samsung Electronics chapter of Samsung Group's Super Enterprise Labor Union (SELU), the company's largest labor union, has reaffirmed confidence in its head Choi Seung-ho after he brokered record compensation package for chipmaking employees, the union said Monday. According to the union, 33,550 of 38,336 participating members, or 87.52 percent, voted in favor of retaining Choi as chairman. The vote was held from June 24 to June 30, with 38,336 June 30, 2026

Overdue loans hit record as small business owners struggle to repay debts SEOUL, June 30 (AJP) - Small business owners are falling deeper into debt, with loans and overdue payments both hitting record highs in the first quarter amid a prolonged economic downturn. According to data submitted by the Bank of Korea to lawmaker Park Sung-hoon of the main opposition People Power Party (PPP) on Tuesday, outstanding loans of the self-employed reached 1,095.5 trillion won (US$803 billion) as of the end of March, the highest level since relevant records began in 20 June 30, 2026

Pension overhang drags KOSPI, Tokyo rallies SEOUL, June 30 (AJP) - Korean stocks opened lower Tuesday as investors positioned for the National Pension Service to resume domestic equity sales from July, a supply overhang that dragged the KOSPI down even as Tokyo rallied and the local tech-heavy KOSDAQ climbed. The benchmark KOSPI fell 0.2 percent, shedding 20.19 points to 8,374.46, while the KOSDAQ rose 0.9 percent to 929.33. Foreigners drove the move, selling a net 808.7 billion won (522.0 million dollars) on the main boar June 30, 2026

Dozens of new Korean-language centers to open across 23 countries SEOUL, June 30 (AJP) - About 29 new Korean-language centers under the auspices of the King Sejong Institute will open in 23 countries, the Ministry of Culture, Sports and Tourism said on Tuesday. The additions will bring the number of the institute's branches to 273 in some 89 countries, offering Korean language and culture amid growing interest among foreigners in learning Korean following a recent Korean pop-culture boom. As of last year, a total of 239,020 people studied K June 30, 2026

Samsung, SK, and Micron face class action amid consumer IT price surge SEOUL, June 30 (AJP) -A U.S. antitrust class action accusing Samsung Electronics and SK hynix of South Korea and U.S. chipmaker Micron Technology who dominate the global random memory market of conspiring to restrict conventional memory supplies has emerged as soaring AI-driven DRAM prices ripple through the consumer electronics industry, forcing manufacturers to raise prices for smartphones, PCs and gaming devices. The proposed class action, filed June 25 in the U.S. District Co June 30, 2026