Alaska governor will meet Korean energy firms for LNG project

SEOUL, March 21 (AJP) - Governor Mike Dunleavy of Alaska will arrive in South Korea next week, seeking to forge partnerships for the state’s monumental liquefied natural gas (LNG) project, a $44 billion undertaking that would reshape energy flows across the Pacific. During a two-day visit, March 24-25, Governor Dunleavy is scheduled to meet with South Korea’s Minister of Trade, Industry and Energy, Ahn Duk-geun, and hold discussions with key executives from South Korean

March 21, 2025

PHOTOS: Dragon's Head Coast on edge of Jeju Island

SEOUL, March 21 (AJP) - Jeju Island's Yongmeori Coast, or "Dragon's Head Coast," is a tableau of striated sandstone cliffs, sculpted by millennia of wind and wave. Here, the earth itself appears to mimic a mythical beast, its head plunging into the churning waters. The cliffs, carved into fantastical shapes by the relentless sea, create a labyrinth of grottoes and overhangs, a landscape both alien and breathtaking.

March 21, 2025

Korean firms target US biosimilar market as drug patents expire

SEOUL, March 21 (AJP) - As blockbuster drug patents begin to expire across the United States, South Korean biotechnology companies are making a calculated push into the lucrative U.S. biosimilar market — an arena projected to reach $26 billion this year. The expiration of patents for more than a dozen high-revenue biologics — many of which generate over $1 billion annually — has turned the American pharmaceutical landscape into a fierce battleground for biosimilars

March 21, 2025

N. Korean leader examines test-launch of surface-to-air missile system

SEOUL, March 21 (AJP) - North Korean leader Kim Jong-un inspected the test-fire of the country's newly developed surface-to-air missile system on Thursday, Pyongyang's state-controlled media reported Friday. According to the Korean Central News Agency (KCNA), Kim expressed gratitude toward researchers at North Korea's Missile Administration and praised the new anti-aircraft missile system. KCNA reported that the new system was evaluated to be "highly reliable,&quo

March 21, 2025

Hanwha Aerospace to raise $2.45 billion, targeting US, European defense markets

SEOUL, March 21 (AJP) - Hanwha Aerospace has announced plans for a 3.6 trillion won ($2.45 billion) capital increase, marking the largest such offering in the history of the country’s stock market. The company said it intends to use the funds to establish manufacturing facilities abroad and pursue strategic investments in overseas partnerships, with a particular emphasis on European and U.S. markets. The capital raise underscores Hanwha Aerospace’s ambitions to solidi

March 21, 2025

Constitutional Court to deliver verdict on PM's impeachment

SEOUL, March 20 (AJP) - The Constitutional Court of Korea will deliver its ruling on the impeachment of Prime Minister Han Duck-soo next week. In a notice on Thursday, the court said the verdict will be made at 10 a.m. on Monday, about three months after he was impeached by the National Assembly on Dec. 27 over his refusal to appoint justices and several other allegations related to President Yoon Suk Yeol's botched martial law debacle late last year. While serving as acting

March 20, 2025

Marriages surge to over 200,000 for first time since pandemic

SEOUL, March 20 (AJP) - The number of marriages sharply increased last year, seeing the largest jump in almost three decades, Statistics Korea said on Thursday. About 222,000 couples tied the knot, up 14.8 percent or 29,000 couples from the previous year, seeing the largest increase since 1996 when the number of marriages grew by 36,000. The surge comes as the number of people born in the 1990s reaches their early to mid-30s, which is often considered the prime age for getting ma

March 20, 2025

Scrutiny intensifies on MBK Partners chief amid Homeplus crisis

SEOUL, March 20 (AJP) - South Korea's Financial Supervisory Service (FSS) has launched an investigation into private equity firm MBK Partners over its role in the court-supervised restructuring of the retail chain Homeplus. FSS Governor Lee Bok-hyun said Wednesday the regulator's task force had begun an inspection of MBK, the majority shareholder of Homeplus. The inquiry follows heightened concerns about MBK's transparency, particularly after Chairman Kim Byung-ju failed

March 20, 2025

PHOTOS: Spring in Seoul

SEOUL, March 20 (AJP) - As temperatures climb, Seoul is visibly ushering in spring, with vibrant blooms now adorning the flowerbeds at City Hall.

March 20, 2025

China's Temu expands in South Korea with major logistics hub

SEOUL, March 20 (AJP) - Chinese e-commerce giant Temu has secured its first major logistics facility in South Korea, signaling a significant escalation in its expansion strategy just two years after entering the market. According to industry sources, the company has signed a long-term lease for a sprawling distribution center in Gimpo near Seoul. The 165,000-square-meter facility — roughly the size of 23 soccer fields — features ten floors above ground and one below, equ

March 20, 2025