Ethylene producer avoids bankruptcy but clash remains over recovery plans SEOUL, August 13 (AJP) - Petrochemical company Yeochun NCC (YNCC) managed to avoid going bust after its shareholders, Hanwha Solutions and DL Chemical, agreed to provide emergency loans to their debt-ridden joint venture. In an emergency board meeting early this week, Hanwha and DL decided to inject 200 billion won (about $145 million) to rescue the country's third-largest ethylene producer, though tensions remain as both sides dispute the causes of YNCC's prolonged losses a August 13, 2025

Global streaming experts to converge in Busan for festival next week SEOUL, August 13 (AJP) - Global developers, producers, IT professionals and other experts are expected to gather for an event to be held in South Korean southern port city of Busan next week, the Ministry of Science and ICT said in a press release on Wednesday. The annual International Streaming Festival, in its third year this year, is set to kick off its four-day run on Aug. 22 under the theme of "Streaming What's Next," with participants exploring the latest trends August 13, 2025

State-run think tank maintains growth forecast for this year SEOUL, August 13 (AJP) - The state-run Korea Development Institute on Tuesday decided to keep the country's growth forecast for this year unchanged at 0.8 percent. The figure remains the same as the think tank's previous forecast in May, despite the government's series of measures including a 30 trillion won supplementary budget and cash vouchers handed out to all South Koreans to boost consumption. KDI estimated private consumption will rise by just 0.2 percentage po August 13, 2025

Annual report highlights media censorship despite 'no significant changes' in South Korea's human rights situation SEOUL, August 13 (AJP) - The U.S. raised concerns over media censorship, restrictions on freedom of expression, and worker's rights in South Korea in its annual human rights report released on Tuesday. Despite "no significant changes in the human rights situation" in the country, the State Department enumerated several cases, that occurred last year, including "credible reports of restrictions on freedom of expression" and some violations of workers' righ August 13, 2025

South Korean crypto fraudster pleads guilty to fraud charges in US SEOUL, August 13 (AJP) - Crypto fraudster Kwon Do-hyeong, also known as Do Kwon, pleaded guilty to fraud charges at a federal court hearing in New York on Monday. The so-called "Cryptocrash King" was behind the spectacular collapse of the TerraUSD and Luna cyber that caused over $40 billion in losses to investors in the U.S. and around the world. As part of a plea bargaining deal, the former entrepreneur of Singapore-based Terraform Labs, who faced up to 25 years in pri August 13, 2025

Ex-first lady arrested over multiple charges SEOUL, August 13 (AJP) - Former first lady Kim Keon Hee was arrested late Tuesday after a court issued an arrest warrant over a series of allegations. The Seoul Central District Court issued the warrant around midnight for the wife of disgraced former President Yoon Suk Yeol, citing the risk of tampering with evidence after a hearing earlier in the day. With her arrest, Kim and Yoon became the country's first former presidential couple to be held at the same time, as her husb August 13, 2025

PHOTOS: Event showcases beauty of hanbok SEOUL, August 12 (AJP) - The beauty of hanbok, or traditional Korean dress, continues to capture global attention, fueled by the huge popularity of South Korean dramas and films overseas. Hosted by the Ministry of Culture, Sports and Tourism and organized by the Korea Craft & Design Foundation, a four-day event was held last week in southern Seoul to ride the wave of hanbok's rising popularity, showcasing a diverse range of hanbok from over 150 brands. The collection include August 12, 2025

Ex-first lady awaits court's decision on arrest warrant SEOUL, August 12 (AJP) - The Seoul Central District Court is set to decide whether to arrest former first lady Kim Keon Hee over a series of allegations. The wife of disgraced former President Yoon Suk Yeol arrived at the court in the morning for a hearing that lasted about four hours, before being taken to a remand prison in southern Seoul to await the court's decision. Kim has been accused of accepting bribes including a luxury handbag and jewelry, being involved in a stock August 12, 2025

Jobseekers face toughest market amid manufacturing slump SEOUL, August 12 (AJP) - Amid the prolonged economic downturn, the country’s toughest job market meant there were only 0.4 positions available per jobseeker last month, the lowest level seen in more than two decades. According to a monthly report released on Monday by the Ministry of Employment and Labor, the number of jobs available per jobseeker fell to 0.4 in July, down from 0.51 a year ago and also the lowest since July 1999. Job ads posted on government recruitment sit August 12, 2025

Business leaders from South Korea and Viet Nam forge partnership at forum in Seoul SEOUL, August 12 (AJP) - Business leaders from South Korea and Viet Nam gathered for a forum in Seoul on Tuesday to explore new opportunities for economic cooperation and strengthen partnership between the two countries. Co-hosted by the Korea Chamber of Commerce and Industry (KCCI), South Korea's Ministry of Trade, Industry and Energy, the Vietnamese Embassy, and Viet Nam's Ministry of Finance, the forum took place, coinciding with the visit of Vietnamese Communist Party Ge August 12, 2025