Homeplus debt crisis deepens, shaking Korea's financial sector

SEOUL, March 11 (AJP) - South Korea’s financial sector is reeling from the aftershocks of major retailer Homeplus’ surprise filing for court-led debt restructuring last week, raising concerns over potential losses for retail investors and sparking allegations of misconduct. The nation’s second-largest retailer entered court receivership on March 4, sending shockwaves through financial markets, where approximately 600 billion won (US$411.5 million) in debt securitie

March 11, 2025

Singer Wheesung found dead at home

SEOUL, March 10 (AJP) - Singer Wheesung was found dead at around 6:30 p.m at his home in eastern Seoul on Monday. He was 43. He was discovered in cardiac arrest at his home in Seoul's Gwangjin district and was later pronounced dead. A close acquaintance of his said, "After coming back from China the previous day, he was set to meet his manager on Monday, but he didn't answer his phone. His mother, who lives in the same apartment building on a different floor, went do

March 10, 2025

Police brace for possible chaos as Yoon's impeachment verdict nears

SEOUL, March 10 (AJP) - Security will be beefed up around the Constitutional Court of Korea in central Seoul as a final verdict for President Yoon Suk Yeol's impeachment trial over last year's botched martial law debacle looms as early as this week or early next week. Several districts including Jongno, where the court is located, along with nearby areas, will be designated for special security to prepare for potential chaos and violence from both supporters and opponents of

March 10, 2025

Korea slips to seventh in global auto production due to weak domestic demand

SEOUL, March 10 (AJP) - South Korea’s auto industry slipped to seventh place in global vehicle production last year, as sluggish domestic demand outweighed modest gains in exports, according to a report released Monday by the Korea Automobile & Mobility Industry Association (KAMA). The country produced 4.13 million vehicles in 2024, marking a 2.7 percent decline from the previous year. Domestic sales fell to their lowest level since 2013, dropping 6.5 percent year-on-yea

March 10, 2025

SK Group accelerates digital transformation in manufacturing

SEOUL, March 10 (AJP) - SK Group has unveiled a new initiative aimed at accelerating digital transformation (DT) across its manufacturing operations, convening top executives from more than 20 affiliated companies, including SK hynix and SK Telecom. According to industry sources, approximately 120 executives gathered last week at the Walker Hill Hotel in Seoul for the inaugural "SK Manufacturing Solutions Day," an event spearheaded by the recently established DT promotion

March 10, 2025

Falling freight rates pressuring South Korean shipping, aviation sectors

SEOUL, March 10 (AJP) - Global cargo freight rates are tumbling as U.S. tariff policies dampen trade flows, prompting South Korean shipping and aviation companies to recalibrate their business strategies. The Shanghai Container Freight Index (SCFI), a key barometer of shipping costs, fell to 1,436.3 on March 7, a decline of 42.7 percent since the start of the year and 61.5 percent from its peak in July 2024, according to the Shanghai Shipping Exchange. The index, which tracks frei

March 10, 2025

North Korea launches multiple unidentified projectiles toward West Sea

SEOUL, March 10 (AJP) - North Korea fired multiple unidentified projectiles toward the West Sea, which appeared to be ballistic missiles, military authorities here said on Monday. The Joint Chiefs of Staff (JCS) said it detected the launch from North Korea's Hwanghae Province at around 1:50 p.m., but did not provide further details. The launch comes just hours after the renegade country vowed the "toughest anti-U.S. counteraction," threatening "undesirable cons

March 10, 2025

Bong Joon-ho's sci-fi film tops North American box office

SEOUL, March 10 (AJP) - Oscar-winning director Bong Joon-ho's latest film "Mickey 17" topped the North American box office in its opening week, making him the first South Korean filmmaker to achieve such a feat. According to tracker Box Office Mojo, the sci-fi film, released last Friday, earned an estimated US$19.1 million in its first three days at more than 3,800 theaters across North America. Despite a strong start, ticket sales fell short of industry projections

March 10, 2025

PHOTOS: World's highest outdoor bridge open to public in Seoul

SEOUL, March 10 (AJP) - Lotte World Tower, located in the Songpa-gu, Seoul, is offering its "Sky Bridge" experience program until November 30. The attraction features a bridge-like structure connecting the building's 117th and 118th floors. At 541 meters above ground, the Sky Bridge is billed as the world's highest outdoor tower bridge. The experience includes access to the tower's observatory, a guided tour across the bridge, and professional photography. The program is

March 10, 2025

Trump tariffs backfire with global boycott of US products intensifying

SEOUL, March 10 (AJP) - A wave of consumer boycotts against American products and companies is gaining momentum across multiple continents, as nations push back against U.S. President Donald Trump’s aggressive tariff policies. The movement, which began in Canada following the imposition of a 25 percent tariff on its exports, has swiftly spread to Mexico, Latin America, and several European nations. Iconic American brands, including Coca-Cola, McDonald’s, and Starbucks, h

March 10, 2025