USFK lodges protest over raid by prosecutors

SEOUL, October 16 (AJP) - The U.S. Forces Korea (USFK) has lodged a protest over an abrupt raid on its base in Pyeongtaek in July. In a letter sent to the Ministry of Foreign Affairs earlier this month, Lt. Gen. David Iverson, deputy commander of the USFK, expressed concerns over the July 21 raid of Osan Military Base by independent prosecutors investigating disgraced former President Yoon Suk Yeol's martial law debacle late last year. Washington took issue with the raid, s

October 16, 2025

Asian stocks upbeat, KOSPI leads the pack to new highs

SEOUL, October 16 (AJP) - Asian shares extended gains on Thursday as expectations for a U.S. rate cut outweighed concerns over renewed trade tensions between Washington and Beijing. Korea’s benchmark KOSPI jumped 2.49 percent to close at a record high of 3,748.37, driven by strong foreign and institutional buying. Nine of the top 10 blue chips advanced, led by an 8 percent surge in Hyundai Motor and a 7 percent rise in Kia Motors amid growing optimism for a breakthrough in

October 16, 2025

Chinese shoppers turn increasingly budget in Korea, duty-free shops shift strategy

SEOUL, October 16 (AJP) - Chinese tourists are returning to South Korea in full force under the one-year visa waiver for group travelers, but their spending behavior has changed dramatically. Rather than binge shopping at duty-free stores, visitors are now showing a preference for budget-friendly and value-driven purchases. The post-pandemic shift reflects growing familiarity among Chinese consumers with Korean brands and retail platforms. Instead of traditional package-tour splur

October 16, 2025

Asian Culture Calendar

SEOUL, October 16 (AJP) - South Korea Oct. 16 - Nov. 9 Seoul Performing Arts Festival Oct. 1 - Dec. 14 Scent of Korea in Silla Oct. 20 -29 Seorabeol Pungnyu (APEC Commemorative Performance) Oct. 18 - 22 Road Theater (Film and Drama Shooting Location Tour) China Oct. 24 - 26 IFAF Asia-Oceania Flag Football Championship Japan Oct. 22 Jidai Matsuri Oct. 27 - Nov. 5 Tokyo International Film Festival Taiwan Oct. 24 - 27 Art Taipei Fair Thailand Oct. 20 - 29 Thail

October 16, 2025

In Myeong-dong streets, anti-Chinese sentiment is nowhere

SEOUL, October 16 (AJP) - The return of Chinese group tourists to Korea has been met with a mix of concern over disorderly crowds and optimism for an economic boost. Three weeks into the visa-waiver program, the outcome appears largely positive. Myeong-dong, Seoul's central shopping district, has regained its pre-pandemic bustle as Chinese tour groups return in force. Once stigmatized as noisy and unruly, Chinese budget travelers are leaving a more favorable impression this ti

October 16, 2025

Korean Economy/Business Calendar

SEOUL, October 16 (AJP) - Oct. 22, Wed Producer Price Index (Bank of Korea) Economically Active Population Survey (Ministry of Data and Statistics) Oct. 23, Thu Monetary Policy Meeting (Bank of Korea) Q3 Results/ Conference Call (Samsung Heavy Industries) Oct. 24, Fri Finance and Economy Minister’s business trip to the U.S. (- Oct. 27) Oct. 27, Mon

October 16, 2025

K-food frenzy fails to lift all Korean food majors in Q3

SEOUL, October 16 (AJP) - Korean food has enjoyed a global surge in popularity following prominent appearances in Netflix's K-Pop Demon Hunters, with Korean flavors sweeping into grocery aisles worldwide. Yet the third quarter tells a more sober story for overall Korean food majors battling U.S. tariffs and a weak won. Major producers including CJ CheilJedang and Lotte Wellfood are expected to post disappointing third-quarter earnings despite the sharp decline in global commodit

October 16, 2025

Korean battery biz in US back to normal after damage control

SEOUL, October 16 (AJP) - Business operations in the United States are returning to normal for South Korean battery makers six weeks after the turmoil in Georgia that led to the arrest of Korean engineers and the temporary suspension of cross-border work. The recovery follows a bilateral agreement between Seoul and Washington that clarified visa rules for technical staff, removing the uncertainty that disrupted factory operations. LG Energy Solution said its employees resumed bus

October 16, 2025

Trump throws cold water on trade deal prospects with repeated demand for 'upfront' cash

SEOUL, October 16 (AJP) - U.S. President Donald Trump once again claimed on Wednesday that South Korea has agreed to pay US$350 billion "in upfront cash" to fulfill investment pledges as part of a broader trade deal between the two countries. "They've all signed..... Japan, South Korea," Trump told reporters at the White House. "I mean, South Korea -- $350 billion upfront." Throwing cold water on optimistic expectations for a possible settlement

October 16, 2025

Kazakhstan bids Korean companies onboard in its digital, crypto drive

SEOUL, October 16 (AJP) - Kazakhstan is envisioning Alatau Smart City as a regional capital of innovation and digital finance and sees South Korea as an ideal partner for the goal, said the country's deputy prime minister. "The government's goal is to position Alatau as an innovation center," Deputy Prime Minister Kanat Bozumbayev said in Seoul this week. He led a high-level delegation for a two-day forum aimed at drawing Korean participation and investment in th

October 16, 2025