Hawkish signals fail to curb won's slide SEOUL, June 4 (AJP) - Although the Bank of Korea (BOK) has effectively pivoted back toward monetary tightening, the won-dollar exchange rate is instead plunging to its weakest level since the global financial crisis. Downward pressure on the Korean won is intensifying as investors question how much domestic monetary policy can do on its own. A stronger greenback, surging oil prices and synchronized tightening fears among major central banks are adding to the strain. In the Seoul June 4, 2026

Homeplus to permanently close 37 suspended stores, putting 3,500 jobs at risk SEOUL, June 04 (AJP) - Homeplus, South Korea's second-largest hypermarket chain, will permanently shut 37 stores it had temporarily closed last month, a move that threatens the jobs of about 3,500 workers, the company told its labour unions. According to industry sources on Thursday, the retailer sent a a notice to the Korea Mart Labor Union's Homeplus branch and a separate general union that it had decided to close the stores, which had been suspended since May 10 due to th June 4, 2026

Voter turnout for local elections hits 61% SEOUL, June 04 (AJP) - Voter turnout in Wednesday's local elections reached 61 percent, the National Election Commission (NEC) said Thursday. It marked a sharp increase from 50.9 percent in the previous local elections in 2022 and was the highest turnout in any local elections since 1995, when it reached a record 68.4 percent. A total of 27.25 million voters cast ballots out of 44.65 million eligible voters including those who participated in two-day early voting last week an June 4, 2026

KOSPI slides as won weakens sharply SEOUL, June 4 (AJP) - SSouth Korea's benchmark KOSPI fell nearly 2 percent to close at 8,639.41 points on Thursday as markets reopened after Wednesday's elections, pressured by escalating tensions in the Middle East. Adding to the pressure, the Korean won also weakened sharply against the U.S. dollar. But beneath the decline, the session looked less like a broad sell-off than a wholesale rotation in market drivers, as crowded artificial intelligence stocks that had driven th June 4, 2026

Explosion at Hanwha Aerospace plant casts doubt on planned satellite launch SEOUL, June 4 (AJP) - The planned launch of a satellite-carrying solid-fuel rocket off Jeju remains uncertain following an explosion at Hanwha Aerospace's plant in Daejeon that left seven people dead or injured. The Ministry of Employment and Labor raided Hanwha Aerospace’s headquarters in Seoul and its Daejeon plant on Thursday in connection with the fatal explosion. The Ministry of Employment and Labor raided Hanwha Aerospace's headquarters in Seoul and its Daejeo June 4, 2026

Starbucks Korea card spending drops after 'Tank Day' backlash SEOUL, June 04 (AJP) - Estimated credit and debit card spending at Starbucks Korea fell by more than 10 billion won ($6.53 million) last month from April, data showed, as a marketing controversy weighed on the coffee chain. Estimated card spending at Starbucks reached 121.19 billion won in May, down about 13.1 billion won from 134.32 billion won in April, according to Mobile Index on Thursday. The decline deepened in the latter half of the month. Weekly spending slipped from 32.1 June 4, 2026

Korea Investment & Securities takes 20% of Coinone in crypto deal SEOUL, June 4 (AJP) - Korea Investment & Securities has acquired about 20 percent of cryptocurrency exchange Coinone and formed a joint-shareholder structure with global exchange OKX and Com2uS Holdings, the firm said on Thursday. The move positions the company to become an issuance hub for security tokens ahead of new rules taking effect early next year. The brokerage acquired 159,610 Coinone shares in total, combining 68,894 existing shares held by Com2uS Holdings with 90,7 June 4, 2026

Producer Klozer set to release first full-length album SEOUL, June 4 (AJP) - South Korean producer and artist Klozer is set to release his first full-length album on Thursday, according to distributor Danal Entertainment. The 10-track eponymous album is scheduled to be available on AURORA, Danal Entertainment’s global music distribution platform, as well as other music streaming sites. All songs on the album were written and composed by Klozer. The title track, "More Than Expected," features Babylon and Newaile. The R June 4, 2026

Kia begins production of hybrid version of Sportage SUV at Georgia plant SEOUL, June 4 (AJP) - Kia has begun production of the hybrid version of its Sportage SUV at a plant in Georgia, U.S., marking the first Kia model and first hybrid vehicle in the plant's lineup, the automaker said on Thursday. Kia America and Hyundai Motor Group Metaplant America (HMGMA) held a ceremony at the Ellabell, Georgia, plant on Tuesday to mark the start of production, with the first vehicle produced there brought onto the stage by an autonomous parking robot. The Spo June 4, 2026

WNMC 26: Journalism's AI debate has moved on MARSEILLE, June 4 (AJP) — One theme emerged repeatedly during the 77th World News Media Congress in Marseille: the global news industry has largely moved beyond debating whether artificial intelligence should be used in journalism. The discussion has shifted to a more fundamental question. What role will journalism play when AI increasingly mediates how information is discovered, consumed and distributed? That shift was visible across presentations from publishers, news June 4, 2026