SEOUL, Jan. 8 (Korea Bizwire) — The South Korean Supreme Court has upheld a lower court’s ruling acquitting a senior judge of bribery and related charges tied to receiving counterfeit golf clubs. According to legal sources on January 8, the Supreme Court’s third division, led by Justice Lee Heung-gu, dismissed the prosecution’s appeal, confirming the not-guilty [...]
SEOUL, Jan. 8 (Korea Bizwire) — South Korea’s Defense Acquisition Program Administration (DAPA) announced on January 7 the completion of a performance enhancement project for five types of K-series armored vehicles, improving field operability and safety. The upgraded models include the K200A1 infantry carrier, K242A1 (4.2-inch mortar), K281A1 (81mm mortar), K277A1 command post vehicle, and [...]
SEOUL, Jan. 8 (Korea Bizwire) — North Korea’s state media has made no mention of leader Kim Jong-un’s birthday, which reportedly falls on Wednesday, despite speculation the North may formalize its celebrations this year amid its glorification campaigns for him. North Korea has not officially designated Kim’s birthday, known to be Jan. 8, for special [...]
SEOUL, Jan. 8 (Korea Bizwire) — Global investment banks are increasingly sounding alarm bells over South Korea’s unprecedented low growth trajectory amid continuing political instability, with attention turning to a potential interest rate cut in January. JP Morgan has issued the most pessimistic outlook, projecting just 1.3% growth for the country in 2025, as domestic economic [...]
SEOUL, Jan. 8 (Korea Bizwire) — The National Assembly was set to hold a revote Wednesday on two special counsel bills targeting impeached President Yoon Suk Yeol over his failed martial law bid and allegations surrounding first lady Kim Keon Hee. The special counsel bill targeting Yoon calls for the designation of special prosecutors to [...]
SEOUL, Jan. 8 (Korea Bizwire) – Hyundai Steel Co. is reviewing constructing an automotive steel mill in the United States to respond to the incoming Donald Trump administration’s protectionist policies, industry sources said Wednesday. The steel-making unit of South Korea’s auto giant Hyundai Motor Group has discussed the estimated 10 trillion won (US$6.9 billion) investment [...]
SEOUL, Jan. 8 (Korea Bizwire) — The government and the ruling People Power Party (PPP) agreed Wednesday to designate Jan. 27 as a temporary holiday this year to boost private consumption and domestic tourism ahead of the Lunar New Year. This year’s Lunar New Year falls on Jan. 29. If confirmed, the holiday will be [...]
SEOUL, Jan. 8 (Korea Bizwire) — South Korea and the United States have begun an analysis of the crashed Jeju Air plane’s flight data recorder (FDR), and their joint investigation team is speeding up a probe of key components of the wreckage, including engines and main wings, at the crash site, a top government official [...]
SEOUL, Jan. 8 (Korea Bizwire) — Chung Yong-jin, chairman of South Korean retail conglomerate Shinsegae Group, and a group of other South Korean business leaders will attend U.S. President-elect Donald Trump’s inauguration ceremony later this month, officials said Wednesday. Chung has been invited to the inauguration ceremony slated for Jan. 20 (U.S. time) in Washington, [...]
SEOUL, Jan. 8 (Korea Bizwire) – Police said Wednesday they are tracking President Yoon Suk Yeol’s location amid rumors he may have fled from his residence while facing the threat of arrest over his short-lived imposition of martial law. “We cannot specifically disclose President Yoon’s location,” a police official told Yonhap News Agency. “We continue [...]