Korean firms eye potential end to China's cultural ban with cautious optimism

SEOUL, February 20 (AJP) - South Korea’s business community is warily hopeful amid growing speculation that China may lift its long-standing, unofficial ban on Korean cultural content as early as May. The restrictions, imposed in retaliation for Seoul’s deployment of the U.S. Terminal High Altitude Area Defense (THAAD) system in 2017, dealt a severe blow to industries reliant on Chinese consumers. Among the hardest hit was AmorePacific, a major cosmetics firm, which

February 20, 2025

South Korea condemns North Korea's troop deployment to Ukraine

SEOUL, February 20 (AJP) - The Ministry of Defense here condemned North Korea's alleged deployment of troops to Russia to assist its war in Ukraine, describing it as "deceptive and inhumane" during a press briefing on Thursday. "We strongly denounce the actions of the regime and urge the immediate stop of any additional troop deployments," said the ministry's spokesperson Jeon Ha-kyu, when asked about a recent interview with two North Korea

February 20, 2025

Former PM calls for more flexible approach to 52-hour workweek to support semiconductor industry

SEOUL, February 20 (AJP) - A more flexible approach to the mandatory 52-hour workweek may be necessary, former Prime Minister Chung Sye-kyun said earlier this week. In a Facebook post, he wrote, "I fully understand concerns that making an exception could set a bad precedent or be widely misused. But if that happens, the law can intervene to amend any flawed regulations." Seeking support from the main opposition Democratic Party, which holds the majority in the 300-membe

February 20, 2025

PHOTOS: Celadon festival to take place in southwestern Korea

SEOUL, February 20 (AJP) - The Gangjin Celadon Festival will take place for ten days starting on Saturday at the Goryeo Celadon Museum in Gangjin County, South Jeolla Province. Staff members are currently preparing for the event.

February 20, 2025

Korea's job growth slows to 6-year low as young, middle-aged workers struggle

SEOUL, February 20 (AJP) - South Korea’s labor market saw its slowest job growth in six years during the third quarter of 2024, as employment opportunities for workers in their 20s and 40s declined at an unprecedented rate, according to government data released Thursday. The number of jobs increased by 246,000 from a year earlier, marking the smallest third-quarter gain since 2018, Statistics Korea reported. The deceleration continues a downward trend from the 597,000 jobs add

February 20, 2025

Yoo Ah-in's scenes deleted from the upcoming film's trailer due to drug scandal

SEOUL, February 20 (AJP) - Sports drama film "The Match" starring actors Lee Byung-hun and Yoo Ah-in will meet movie fans next month as it finally set a release date. According to the film's distributor BY4M Studio, the much-awaited film directed by Kim Hyung-joo will hit local theaters on March 26, ending its prolonged delay caused by Yoo's drug-related scandal that emerged in 2023. The biopic, based on a real-life story, revolves around board game Go, known as

February 20, 2025

HBM market share projected to exceed 30 percent of DRAM by 2028

SEOUL, February 20 (AJP) - High-bandwidth memory (HBM) is poised to capture 30.6 percent of the global DRAM market by 2028, fueled by the rapid expansion of cloud services and growing investments in artificial intelligence data centers, according to Gaurav Gupta, an analyst at Gartner. Speaking at SEMICON Korea 2025, Gupta emphasized the increasing role of HBM in the evolving semiconductor landscape. "As major suppliers refine their technology, the focus will shift toward

February 20, 2025

Japanese Embassy hosts event in Seoul to celebrate emperor's birthday

SEOUL, February 20 (AJP) - The Japanese Embassy in Seoul hosted an event at a hotel in central Seoul to celebrate Emperor Naruhito's birthday on Wednesday, bringing together government officials, diplomats, and other distinguished guests. Japan's overseas missions elsewhere have also been holding similar annual celebrations in observance of the emperor's 64th birthday, which falls on Feb. 23. Emperor Naruhito ascended the throne in 2019. Japanese Ambassador Koichi Miz

February 20, 2025

Mid-sized firms ramp up M&As amid economic slump

SEOUL, February 20 (AJP) - Mergers and acquisitions among South Korea’s mid-sized companies are accelerating as firms face a prolonged economic downturn and high interest rates. The number of M&A deals exceeding 100 billion won ($74.7 million) rose 12 percent to 474 cases in 2024. Daemyung Sono Group, which operates 18 hotels and resorts, invested 176 billion won to acquire a 26.77 percent stake in budget carrier T’way Air and is now in negotiations to purchase

February 20, 2025

Lotte Chemical to sell Pakistan unit to address liquidity concerns

SEOUL, February 20 (AJP) - Lotte Chemical announced plans to sell its Pakistan subsidiary, Lotte Chemical Pakistan (LCPL), for 97.9 billion won ($67.9 million) as it seeks to address concerns over its financial health. The Seoul-based firm will divest its entire 75.01 percent stake in LCPL to a consortium comprising Pakistan’s Asia Park Investment and the United Arab Emirates-based Montage Oil DMCC. The transaction is expected to close in the first half of 2025. Lotte Chemi

February 20, 2025