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  East Sea gas exploration project may drift due to lack of budget SEOUL, December 11 (AJP) - South Korea's controversial East Sea gas exploration project, known as the "Blue Whale," is facing a significant setback after the opposition-controlled National Assembly slashed its entire 49.7 billion won (US$34.7 million) budget for next year. The move comes amid heightened political tensions following President Yoon Suk Yeol's declaration of martial law on Dec. 3. The main opposition Democratic Party, which currently controls the N December 11, 2024
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  Korean top firms lag behind global peers in market value, profits SEOUL, December 11 (AJP) - South Korea's top 10 companies by market capitalization have experienced a significant decline in value, losing 12.7 percent to 735.4 trillion won ($564 billion) since 2020. This stands in stark contrast to their counterparts in the United States, Japan, and Taiwan, which have seen gains ranging from 53 to 107 percent during the same period, according to CEO Score research institute. The performance of South Korean companies has been particularly dis December 11, 2024
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  Investors turning to gold in South Korea amid political crisis SEOUL, December 11 (AJP) - Gold prices in South Korea surged 1.3 percent on Wednesday, reaching 468,488 won (US$327.38) per don (3.75 grams) on the Korea Exchange. The spike was fueled by political turmoil, which has driven investors to seek safe-haven assets. The demand for gold has been evident in the surge of trading accounts. NH Investment & Securities Co. reported a dramatic increase of 1,622 new accounts opened in the first week of December alone, coinciding with the recen December 11, 2024
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  Han Kang receives Nobel Prize in Literature in Sweden SEOUL, December 11 (AJP) - Novelist Han Kang received the Nobel Prize in Literature in Stockholm, Sweden on Tuesday, becoming the first South Korean and the first Asian woman to be awarded the honor. She was presented with the prize, along with a Nobel medal, by King Carl XVI Gustaf of Sweden during a ceremony at Stockholm's prestigious concert hall Konserthuset. Han is the 121st Nobel Literature laureate and only the 18th woman to win since the prize's inception December 11, 2024
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  Former defense chief attempts suicide amid probe into martial law declaration SEOUL, December 11 (AJP) - Former South Korean Defense Minister Kim Yong-hyun attempted suicide at a Seoul detention center just before his arrest in connection with last week's martial law declaration, the nation's corrections chief said Wednesday. Kim was formally arrested early Wednesday over allegations of conspiring with President Yoon Suk Yeol in imposing the emergency decree last Tuesday. He had been in custody at the Seoul Eastern Detention Center since Sunday. Ki December 11, 2024
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  Former defense minister accused of repeatedly changing phones after lifting of martial law SEOUL, December 10 (AJP) - Former Defense Minister Kim Yong-hyun and National Police Chief Cho Ji-ho, central figures in the December 3 martial law declaration, are facing allegations of repeatedly changing their mobile phones after martial law was lifted. Lawmakers speculated on Tuesday that the changes may have been an attempt to destroy evidence related to the controversial move. Data from mobile telecom companies, obtained by Democratic Party (DP) lawmaker Hwang Jeong-ah, r December 10, 2024
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  Special ops commander reveals President Yoon's order to 'drag out lawmakers' from National Assembly SEOUL, December 10 (AJP) - South Korea's Army Special Warfare Command (SWC) commander Kwak Jong-geun revealed on Tuesday that President Yoon Suk Yeol ordered him to "drag out the lawmakers" from the National Assembly Main Hall. The alleged order came when politicians had gathered to unanimously pass a resolution to lift the emergency martial law early Wednesday, about three hours after the declaration. Straight after the declaration, some dozens of martial forces, co December 10, 2024
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  National Assembly approves downsized budget for next year SEOUL, December 10 (AJP) - South Korea’s opposition-controlled National Assembly on Tuesday approved the nation's 2024 budget of 673.3 trillion won ($470.8 billion), a 4.1 trillion won reduction from the government’s initial proposal, without the ruling party's consent. The budget bill was passed with 183 votes in favor, 94 against, and 1 abstention. The cuts were primarily driven by the main opposition Democratic Party, which has been critical of the Yoon Suk December 10, 2024
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  Assembly approves bill for special investigation into Yoon's martial law declaration SEOUL, December 10 (AJP) - South Korea's National Assembly passed a bill Tuesday for a permanent special counsel to investigate President Yoon Suk Yeol and senior officials over last week's failed martial law declaration. Yoon declared martial law last Tuesday, deploying troops to the National Assembly and National Election Commission, before canceling the measure six hours later after parliament voted against it. The independent investigation bill passed with 210 lawmake December 10, 2024
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  OPINION: The struggle for truth in the digital age SEOUL, December 10 (AJP) - The current era presents not only novel opportunities but also significant challenges for humanity. In an era characterised by the rapid generation and circulation of information, the communications ecosystem is undergoing a profound transformation. However, this transformation process encompasses moral, cultural, and humanitarian challenges alongside positive advancements. Artificial intelligence (AI) and algorithms, as they are integral to daily life in December 10, 2024