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  HD Hyundai, Hanwha Ocean form alliance for naval vessel exports SEOUL, February 26 (AJP) - South Korea’s leading shipbuilders, HD Hyundai Heavy Industries and Hanwha Ocean, have set aside years of fierce competition to collaborate on exporting naval vessels, a move aimed at expanding their presence in the lucrative global defense market. The companies signed a memorandum of understanding on Tuesday at the headquarters of the Defense Acquisition Program Administration in Gwacheon. Under the agreement, HD Hyundai will take the lead in exp February 26, 2025
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  Hyundai Rotem secures $1.53 billion contract to supply trains to Morocco SEOUL, February 26 (AJP) - Hyundai Rotem, a subsidiary of Hyundai Motor Group, has signed a landmark $1.53 billion contract to supply double-decker electric trains to Morocco, the company announced Wednesday. The deal, the largest in the company's history, marks Hyundai Rotem’s first entry into the North African market. The agreement, signed Tuesday with Morocco’s national railway operator, surpasses the firm’s previous high-profile contracts in Australia an February 26, 2025
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  OPINION: Nowruz is elebration of rebirth of earth SEOUL, February 26 (AJP) - Nowruz is the most important Iranian tradition and the largest annual celebration of the people living in the cultural and civilizational sphere of the great Iran which is celebrated every year at the beginning of spring—at the moment when the earth enters the vernal equinox. Nowruz is celebrated on the occasion of the end of the cold season and the beginning of the period of reproduction when nature is renewed and the working season begins, especiall February 26, 2025
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  Yoon makes lengthy final statement as impeachment trial concludes SEOUL, February 25 (AJP) - The Constitutional Court of Korea on Tuesday held the final hearing in President Yoon Suk Yeol's impeachment trial, wrapping up weeks of arguments over his botched martial law debacle last December. The session, which began at 2 p.m., included closing statements from both sides. Lawmakers leading the case accused Yoon of ordering military forces "to block lawmakers from entering the National Assembly and arrest them," presenting an alleged me February 25, 2025
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  US to impose hefty fees on Chinese vessels, possibly benefiting South Korean shipbuilders SEOUL, February 25 (AJP) - The U.S. is poised to impose massive fees on Chinese vessels entering American ports, a move that would benefit South Korean shipbuilding and shipping industries. The Office of the United States Trade Representative (USTR) abruptly announced plans last week that Chinese shipping companies and vessels manufactured in China will face fees up to $1 million per ship or $1,000 per ton of cargo when entering U.S. ports. Non-Chinese shipping companies using Ch February 25, 2025
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  Hybrid vehicle registrations top 2 million in South Korea SEOUL, February 25 (AJP) - With rising demand for eco-friendly cars, the cumulative number of hybrid vehicles registered in South Korea has surpassed 2 million for the first time last year. According to the statistics consolidated and released by the Ministry of Land, Infrastructure, and Transport on Tuesday, the total number of hybrid vehicles stood at 2.02 million by the end of last year with a whopping 482,349 units newly registered in 2024 alone. First introduced to the domes February 25, 2025
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  PHOTOS: Rare Eurasian Oystercatcher spotted in South Korea SEOUL, February 25 (AJP) - A Eurasian Oystercatcher, a Class II endangered species and a designated natural monument, was spotted on the waters off Yeongjong Island in South Korea's Incheon on Monday. The bird is exceptionally rare, with small breeding populations believed to inhabit islands along Korea’s west coast, as well as the Kamchatka Peninsula’s eastern shores and the northern reaches of the Sea of Okhotsk. February 25, 2025
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  UK imposes over 100 new sanctions on Russia and North Korea SEOUL, February 25 (AJP) - The U.K. on Monday imposed over 100 new sanctions on individuals and entities linked to Russia and North Korea, targeting their roles in Moscow's war in Ukraine. It said that the sanctions focus on "funds going into Putin's war chest and propping up Russia's kleptocratic system," adding that they "will also target Russia's military machine, entities in third countries who support it and the fragile supply networks that it rel February 25, 2025
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  K-pop thrives in Asia and Europe, while Korean cuisine gains traction in North America: Report SEOUL, February 25 (AJP) - K-pop remains the most widely covered Korean cultural export across the world, with Korean cuisine also garnering increasing attention, a recent analysis reveals. According to a report released by the Ministry of Culture, Sports and Tourism and its affiliated Korea Foundation for International Culture Exchange last week, K-pop attracted the highest media coverage, with 35.4 percent in Asia, 25.1 percent in Europe, and 34.9 percent in Central and South Amer February 25, 2025
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  BOK lowers key rate by quarter point SEOUL, February 25 (AJP) - The Bank of Korea (BOK)'s monetary policy board lowered its benchmark interest rate by a quarter percentage point to 2.75 percent on Tuesday. The first rate cut of the year comes as part of efforts to stimulate the struggling domestic economy and follows BOK Governor Rhee Chang-yong's remarks last month, when he decided to keep the rate unchanged, that lowering the interest rate "would be an obvious choice." Since October last year, th February 25, 2025