Investigators seek to extend Yoon's detention

SEOUL, January 17 (AJP) - The Corruption Investigation Office for High-Ranking Officials (CIO) filed for a fresh warrant with the Seoul Western District Court on Friday to extend President Yoon Suk Yeol's detention, as his 48-hour detention period expires this evening. The move, which would allow the CIO to detain him for up to 20 days, comes after a court's rejection the previous day of Yoon's request for an injunction disputing the legality of his arrest warrant over h

January 17, 2025

Korea's largest cryptocurrency exchange may face suspension for alleged breach of ID rules

SEOUL, January 17 (AJP) - South Korea's financial regulators have issued a preliminary notice to UPbit, the nation’s largest cryptocurrency exchange, warning of a possible three-month suspension for alleged violations of customer identification rules, according to industry sources on Friday. The Financial Intelligence Unit (FIU) claimed UPbit failed to fully comply with requirements for the protection of customer identification, critical measures designed to curb illicit a

January 17, 2025

KHNP settles dispute with Westinghouse, paving way for nuclear cooperation

SEOUL, January 17 (AJP) - Korea Hydro & Nuclear Power (KHNP), the country's largest nuclear power operator, and Westinghouse Electric of the United States have reached an agreement to settle a two-year intellectual property dispute, potentially paving the way for expanded collaboration in the global nuclear energy market. The settlement, which also involves Korea Electric Power Corp. (KEPCO) and Cameco, a Canadian nuclear fuel company and Westinghouse shareholder, resolves a

January 17, 2025

Constitutional Court holds second hearing in impeachment trial with Yoon's absence

SEOUL, January 16 (AJP) - The Constitutional Court of Korea held the second hearing of President Yoon Suk Yeol's impeachment trial in Seoul on Thursday, after rejecting his earlier request to reschedule it. After the first hearing ended in just a few minutes earlier this week, Thursday's hearing proceeded with Yoon's absence once again. A court spokesperson told reporters, "After thorough discussion, the panel of justices unanimously decided to reject Yoon's

January 16, 2025

Korea moving to impose provisional tariff on Chinese stainless steel plates

SEOUL, January 16 (AJP) - The Korea Trade Commission (KTC) has proposed a provisional anti-dumping tariff of 21.62 percent on stainless steel plates imported from China, citing significant damage to domestic industries caused by low-cost Chinese imports. The decision, announced by the KTC under the Ministry of Trade, Industry and Energy on Thursday, comes in response to a formal complaint filed in June 2024 by South Korean steelmaker DKC. The company accused Chinese manufacturers of

January 16, 2025

PHOTOS: Snow transforms Korea into winter wonderland

SEOUL, January 16 (AJP) - A blanket of snow transformed Korea's southwestern region into a winter wonderland after heavy snowfall across South Jeolla Province last week.

January 16, 2025

Samsung Electronics, crown jewel of Korean economy, fights to stay ahead in chips, smartphones

Editor's Note: This article is the third 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 16 (AJP) - As Samsung Electronics, South Korea’s largest company and a bellwether of the nation’s economy, faces intensifying competition in AI chips and geopolitical uncertainties, it stands at a pivotal moment. How it responds in the comin

January 16, 2025

Ruling party now takes slim lead in latest poll

SEOUL, January 16 (AJP) - The ruling People Power Party (PPP) has slightly edged ahead of the main opposition Democratic Party (DP) in support ratings, recovering from a sharp drop in popularity after President Yoon Suk Yeol's botched martial law debacle last month. A survey of over 1,000 adults, by the National Barometer Survey (NBS) conducted earlier this week and released Thursday, found that about 35 percent supported the PPP, up 3 percentage points from the previous week, w

January 16, 2025

Gender wage gap persists in South Korea as women earn 70 percent of men's pay

SEOUL, January 16 (AJP) - South Korea's wage gap between men and women showed gradual improvement in 2023, though disparities remain significant, according to the 2024 Women's Economic Activity White Paper released on Thursday. The paper, released by the Ministry of Gender Equality and Family and the Ministry of Employment and Labor, showed women earned an average hourly wage of 18,502 won ($14) in 2023 - 71 percent of the 26,042 won ($20) earned by men. While progress is

January 16, 2025

Korea Zinc technicians vow to leave company if Young Poong-MBK bid succeeds

SEOUL, January 16 (AJP) - A group of core technicians and researchers at South Korea's largest zinc smelter Korea Zinc vowed on Thursday to resign if a hostile takeover bid by Young Poong and private equity firm MBK Partners succeeds. The announcement, led by Chief Technology Officer and Vice Chairman Lee Je-joong, comes just a week ahead of a pivotal shareholders’ meeting on Jan. 23, where the fate of the takeover will be decided. “We strongly oppose the hostile

January 16, 2025