Major banks may face sanctions over alleged collusion on mortgage terms

SEOUL, April 22 (AJP) - South Korea’s antitrust watchdog has wrapped up a re-investigation into allegations that the country’s four largest banks colluded on mortgage lending practices, with regulatory sanctions expected to follow in the coming months. The Fair Trade Commission (FTC) has issued formal examination reports to KB Kookmin, Woori, Shinhan, and Hana banks, according to industry sources. The case centers on claims that the lenders shared approximately 7,500

April 22, 2025

Bank of Korea seeks stronger role in shaping stablecoin regulations

SEOUL, April 21 (AJP) - The Bank of Korea plans to take an active role in upcoming legislative deliberations on virtual assets, stressing the need for a distinct regulatory framework for stablecoins due to their potential impact on monetary policy and financial stability. In its report released Monday, the central bank warned that stablecoins — cryptocurrencies typically pegged to a national currency — carry characteristics that differ significantly from other digital

April 21, 2025

North Korean and Russian youth hold friendship gathering in Pyongyang

SEOUL, April 21 (AJP) - A joint friendship event between young people from North Korea and Russia was held at the Central Youth Hall in Pyongyang on Sunday, North Korea’s state-controlled media Korean Central News Agency (KCNA), reported Monday. The gathering, designed to strengthen cultural ties and solidarity between the two countries, was attended by Mun Chol, chairman of the Central Committee of the Socialist Patriotic Youth League, North Korean university students in Py

April 21, 2025

South Korea cracks down on origin fraud in exports to US

SEOUL, April 21 (AJP) - South Korean customs officials have uncovered a surge in falsely labeled exports to the United States during the first quarter of 2025, raising concerns over a growing trend of trade fraud aimed at circumventing punitive American tariffs. The Korea Customs Service (KCS) announced Monday that it has launched a special trade security investigation unit focused on combating origin fraud in exports — specifically targeting products subject to U.S. anti-dump

April 21, 2025

Japan imports Korean rice for first time in decades amid soaring prices

SEOUL, April 21 (AJP) - For the first time since official export records began in 1990, Japan has imported South Korean rice for commercial sale, as a deepening domestic rice shortage pushes prices to record highs. According to South Korean agricultural officials, two metric tons of rice from Haenam County in South Jeolla Province cleared Japanese customs on April 8 and began selling in Korean supermarkets across Tokyo on April 10. The rice, marketed under the brand “Ttan

April 21, 2025

Seven dead or injured in suspected arson at Seoul apartment

SEOUL, April 21 (AJP) - A suspected arson fire broke out at an apartment building in southern Seoul on Monday, leaving one person dead and six others injured. According to emergency responders, the fire began around 8 a.m. on the fourth floor of a 21-story apartment building in Bongcheon-dong, southern Seoul. Witnesses said smoke and flames quickly spread, with residents seen hanging from balconies and some attempting to escape through windows. Two elderly women suffered seri

April 21, 2025

PHOTOS: Jongmyo Shrine's central hall reopens after 5-year restoration work

SEOUL, April 21 (AJP) - Jongmyo Jeongjeon, the principal building within the Joseon Dynasty's ancestral shrine, was unveiled on April 20 by the Cultural Heritage Administration after nearly five years of repairs. The extensive undertaking became necessary due to the structure's age, which had led to the deterioration of key components, including major structural elements, roof tiles, and portions of its elevated platform, raising safety concerns. The central hall, whic

April 21, 2025

Korea's customs revenue shrinks amid free trade push

SEOUL, April 21 (AJP) - South Korea’s customs duty revenue has dwindled to just 0.6 percent of total tax income, a sharp decline driven by an aggressive expansion of free trade agreements and the use of tariff quota mechanisms. In contrast, the United States has seen its customs receipts rise to 1.6 percent of total tax revenue, reflecting a more protectionist trade stance. According to a report released by the National Assembly Budget Office, South Korea collected 7 trilli

April 21, 2025

South Korean tourist killed during robbery in the Philippines

SEOUL, April 21 (AJP) - A South Korean tourist was shot and killed during a robbery in the Philippines on Sunday, the Foreign Ministry said Monday. The Ministry of Foreign Affairs and the South Korean Embassy in Manila said a male tourist was attacked in the afternoon near Koreatown in Angeles City, north of Manila, by two armed men on a motorcycle. According to witnesses, the victim was shot when he tried to fend off the robbers who attempted to steal his bag. The tourist was trans

April 21, 2025

E-mart challenges Daiso in budget beauty market

SEOUL, April 21 (AJP) - E-Mart has stepped into the ultra-budget cosmetics market with the launch of a new skincare line developed in collaboration with LG Household & Health Care, marking a strategic push to capture cost-conscious beauty consumers. The retail firm announced Monday that it has debuted “Glowvby Beyond,” a new line under LG H&H’s beauty brand Beyond. The collection includes eight skincare products, each priced at 4,950 won (approximately

April 21, 2025