Unused credit cards surge, driving up consumer costs

SEOUL, February 11 (AJP) - Nearly one in three credit cards issued in South Korea remains unused, adding to a growing financial burden for consumers as card companies capitalize on rising annual fees, according to new data from the Credit Finance Association of Korea. By the end of 2024, the number of dormant credit cards - those left unused for more than a year - had climbed to 19.41 million, a sharp increase from 12.99 million in 2021. That figure accounts for roughly one-third of

February 11, 2025

North Korea condemns arrival of US nuclear-powered sub in Busan

SEOUL, February 11 (AJP) - North Korea on Tuesday condemned the arrival of a U.S. nuclear-powered submarine in Busan the previous day. The USS Alexandria, a Los Angeles-class attack submarine, docked at a naval base in the southern port city to resupply and provide rest for its crew. Commissioned in 1991, the Alexandria is making its first visit to South Korea. "We express grave concern over the U.S. dangerous hostile military act that can lead the acute military confront

February 11, 2025

BYD's entry raises data privacy concerns in South Korea

SEOUL, February 11 (AJP) - The arrival of Chinese automaker BYD in South Korea has ignited concerns among experts over data security in connected vehicles, with warnings of potential privacy risks and information leakage. As of November last year, South Korea had 9.47 million connected vehicles on its roads, accounting for 36.04 percent of all registered automobiles in the country. Industry analysts estimate that when factoring in various wireless communication technologies, ne

February 11, 2025

US tariffs may cut South Korean exports by $44.8 billion: KIEP

SEOUL, February 11 (AJP) - South Korean exports could decline by as much as $44.8 billion if the United States implements blanket tariffs on trading partners, including those with bilateral free trade agreements, the state-run Korea Institute for International Economic Policy (KIEP) has warned. The prediction comes as U.S. President Donald Trump announced plans to impose a 25 percent tariff on steel and aluminum imports while signaling the possibility of additional reciprocal tariff

February 11, 2025

Iran commemorates 46th anniversary of Islamic Revolution with diplomatic event in Seoul

SEOUL, February 11 (AJP) - The Embassy of the Islamic Republic of Iran in South Korea held a commemorative event Monday marking the 46th anniversary of the Islamic Revolution of Iran. The gathering took place at the Ambassador Seoul Pullman Hotel and was attended by approximately 200 guests, including foreign diplomats, entrepreneurs, scholars, media officials, and South Korean government representatives. The Islamic Revolution, which culminated in February 1979, led to the overth

February 11, 2025

Opinion: Kazakhstan's economic policy direction for 2024 and prospects for Korea-Kazakhstan economic cooperation

SEOUL, February 10 (AJP) - What is the general perception of Kazakhstan among Koreans? Many might think of it as a "landlocked country in Central Asia" or "a country where many Koreans live." The fact that only about 40,000 South Koreans visited Kazakhstan in 2024 suggests that the country remains rela

February 10, 2025

PHOTOS: Jeongwol Daeboreum, first full moon of lunar calendar

SEOUL, February 10 (AJP) - On Feb. 12, South Korea will celebrate "Jeongwol Daeboreum," the first full moon of the lunar calendar. This day is steeped in tradition, with families gathering to eat "ogokbap," a nourishing five-grain rice dish, and partake in "bureom," the custom of cracking walnuts, peanuts, and other hard-shelled nuts to ensure good health in the year ahead. Across the country, time-honored rituals mark the occasion. In rural areas, children and a

February 10, 2025

South Korea adds more medals in speed skating at Harbin Asian Winter Games

SEOUL, February 10 (AJP) - Speed skater Kim Jun-ho won bronze in the men's 500-m race at this year's Asian Winter Games in Harbin, China which kicked off last Friday. He clocked in at 35.03 seconds, securing third place behind China's Gao Tingyu (34.95 seconds) and Japan's Wataru Morishige (34.97 seconds). This was his second bronze medal, having also won in the 100-m race last Saturday. Later in the day, Kim along with Cha Min-kyu and Cho Sang-hyeok won si

February 10, 2025

Acting President seeks phone call with Trump

SEOUL, February 10 (AJP) - Acting President Choi Sang-mok is seeking to have a phone call with U.S. President Donald Trump, the Ministry of Economy and Finance said Monday. Choi has been handling state affairs after President Yoon Suk Yeol’s martial law debacle late last year. Seoul has made a request through diplomatic channels, according to the ministry. "It is expected to hear from the U.S. side, once arrangements are made," a ministry spokesperson told reporte

February 10, 2025

US tariffs threaten jobs in Korea's manufacturing sector

SEOUL, February 10 (AJP) - South Korea’s automotive and steel industries are confronting the prospect of a major production overhaul as concerns grow over U.S. President Donald Trump’s proposed universal tariffs, a move that could upend the nation’s manufacturing sector. The specter of tariffs ranging from 10 to 20 percent on Korean vehicles, coupled with potential reciprocal measures, threatens to erode the economic gains secured under the Korea-U.S. Free Trade Ag

February 10, 2025