• WNMC 26: Journalism's AI debate has moved on MARSEILLE — One theme emerged repeatedly during the 77th World News Media Congress in Marseille: the global news industry has largely moved beyond debating whether artificial intelligence should be used in journalism. The discussion has shifted to a more fundamental question. What role will journalism play when AI increasingly mediates how information is discovered, consumed and distributed?
• KOSPI slides as won weakens sharply SEOUL, June 4 (AJP) - SSouth Korea's benchmark KOSPI fell nearly 2 percent to close at 8,639.41 points on Thursday as markets reopened after Wednesday's elections, pressured by escalating tensions in the Middle East. Adding to the pressure, the Korean won also weakened sharply against the U.S. dollar.
• Two ex-justice ministers see contrasting fortunes in local elections' key battlegrounds SEOUL, June 4 (AJP) - Two former justice ministers, both once seen as potential presidential contenders in the liberal and conservative camps, saw sharply contrasting fortunes in Wednesday's local elections. Former leader of the main opposition People Power Party (PPP) and independent candidate Han Dong-hoon won a parliamentary by-election and is headed to the National Assembly.
• Seoul's progressive education chief wins second term SEOUL, June 4 (AJP) - Jung Keun-sik won a second term as Seoul's education chief in the June 3 local elections, extending progressive control over the capital's education office. His victory gives progressive education leaders four more years in Seoul, South Korea's education hub. It is also expected to add momentum to their key policies.
• Voter turnout for local elections hits 61% SEOUL, June 04 (AJP) - Voter turnout in Wednesday's local elections reached 61 percent, the National Election Commission (NEC) said Thursday. It marked a sharp increase from 50.9 percent in the previous local elections in 2022 and was the highest turnout in any local elections since 1995, when it reached a record 68.4 percent.
• Oh Se-hoon reelected Seoul mayor after dramatic overnight reversal SEOUL, June 4 (AJP) - Incumbent Seoul Mayor Oh Se-hoon of the main opposition People Power Party (PPP) was re-elected Thursday after a nail-biting overnight count, defeating Democratic Party (DP) candidate Chung Won-o in the closest and most closely watched race of this year's local elections.

AJP Briefing

• Homeplus to permanently close 37 suspended stores, putting 3,500 jobs at risk SEOUL, June 04 (AJP) - Homeplus, South Korea's second-largest hypermarket chain, will permanently shut 37 stores it had temporarily closed last month, a move that threatens the jobs of about 3,500 workers, the company told its labour unions. According to industry sources on Thursday, the retailer sent a a notice to the Korea Mart Labor Union's Homeplus branch and a separate general union that it had decided to close the stores, which had been suspended since May 10 due to their low cont
• Starbucks Korea card spending drops after 'Tank Day' backlash SEOUL, June 04 (AJP) - Estimated credit and debit card spending at Starbucks Korea fell by more than 10 billion won ($6.53 million) last month from April, data showed, as a marketing controversy weighed on the coffee chain. Estimated card spending at Starbucks reached 121.19 billion won in May, down about 13.1 billion won from 134.32 billion won in April, according to Mobile Index on Thursday. The decline deepened in the latter half of the month. Weekly spending slipped from 32.16 billion won
• Korea Investment & Securities takes 20% of Coinone in crypto deal SEOUL, June 4 (AJP) - Korea Investment & Securities has acquired about 20 percent of cryptocurrency exchange Coinone and formed a joint-shareholder structure with global exchange OKX and Com2uS Holdings, the firm said on Thursday. The move positions the company to become an issuance hub for security tokens ahead of new rules taking effect early next year. The brokerage acquired 159,610 Coinone shares in total, combining 68,894 existing shares held by Com2uS Holdings with 90,716 newly issue

ASIA Insight

• ASIA DEEP INSIGHT: US Defense Chief speech in Singapore brings tough choices for Seoul The world is changing fast, and the recent defense meeting in Singapore proved it. United States Defense Secretary Pete Hegseth spoke at the Shangri-La Dialogue, and his words carry a heavy message. For South Korea, sitting right between major global powers, his speech is a loud wake up call. The days of relying on a system where America promises to protect everyone without asking for much in return are officially over. Washington wants friends to pay more and do much more on their own. This new by Park Sae-jin
• Expanded World Cup brings new chances for Asia as South Korea looks beyond 11th straight berth SEOUL, June 1 (AJP) - This year's World Cup, now just over a week away, will be remembered as special for several reasons. It will be the first hosted by three countries in the quadrennial football extravaganza's history, spread across vast distances in North America and, most notably, the first to expand from 32 to 48 teams. For Asia, the number itself matters almost as much as the tournament. What once felt like a narrow gate to the sport's grandest stage has widened significantly by Lee Hugh

AJP Watch

• Hawkish signals fail to curb won's slide SEOUL, June 4 (AJP) - Although the Bank of Korea (BOK) has effectively pivoted back toward monetary tightening, the won-dollar exchange rate is instead plunging to its weakest level since the global financial crisis. Downward pressure on the Korean won is intensifying as investors question how much domestic monetary policy can do on its own. A stronger greenback, surging oil prices and synchronized tightening fears among major central banks are adding to the strain. In the Seoul foreign exchan
• Shin's BOK signals active central bank intervention, putting monetary tightening and CBDC in spotlight SEOUL, June 02 (AJP) - The Bank of Korea (BOK) International Conference themed "Central Banks and the Future of Money," which ran from Monday to Tuesday, served as less of a purely academic event and more of a debut public stage highlighting the long-term vision of BOK Governor Shin Hyun-song. The central bank positioned staunch advocates of price and financial stability at the forefront while pitching a future monetary order centered around central bank digital currencies (CBDCs) as i
• Uzbekistan formalizes Termez Dialogue to anchor South Asian trade integration SEOUL, June 01 (AJP) - Uzbekistan is establishing the Termez Dialogue as a permanent interregional forum to anchor its expanding economic integration with South Asian consumer markets. The institutionalization marks a structural shift in Eurasian supply chains, transforming neighboring Afghanistan from a source of geopolitical instability into a primary commercial transit bridge. The policy evolution moves the region away from isolated cross-border trade toward a comprehensive model of economic

AJP Focus

• Explosion at Hanwha Aerospace plant casts doubt on planned satellite launch SEOUL, June 4 (AJP) - The planned launch of a satellite-carrying solid-fuel rocket off Jeju remains uncertain following an explosion at Hanwha Aerospace's plant in Daejeon that left seven people dead or injured. The Ministry of Employment and Labor raided Hanwha Aerospace’s headquarters in Seoul and its Daejeon plant on Thursday in connection with the fatal explosion. The Ministry of Employment and Labor raided Hanwha Aerospace's headquarters in Seoul and its Daejeon plant on Thu
• Ballot paper shortage disrupts local elections as ballot box remains unretrieved SEOUL, June 4 (AJP) - A rare logistics failure disrupted this year's local elections in Seoul, where ballot papers ran out at 14 polling stations, delaying voting and angering voters. At one station, a ballot box remained unretrieved as of Thursday morning, fueling further criticism of the already embattled National Election Commission (NEC) over its handling of the vote. The NEC is the independent agency responsible for overseeing the country's elections. The disruption began around