• KOSPI plunges over 8% as chip stocks slide SEOUL, June 8 (AJP) - South Korea's benchmark KOSPI closed down 8.3 percent on Monday, shedding 676.18 points to 7,484.41 in one of its steepest single-day falls on record, after a U.S. semiconductor rout tripped circuit breakers on both of Seoul's main markets and gutted the chip giants that anchor the index. Samsung Electronics collapsed 10.2 percent to 295,500 won.
• Lee vows to nurture super-gap growth engines beyond semiconductors SEOUL, June 08 (AJP) - South Korean President Lee Jae Myung marked his first year in office on Monday by unveiling plans to aggressively expand the country's economic focus, pledging to discover and nurture global super-gap growth engines beyond the semiconductor sector. Lee assumed the presidency on June 4 last year.
• South Korea at odds with Japan as allies seek broader security ties SEOUL, June 8 (AJP) - South Korea is increasingly seen as a security partner as U.S. allies look to strengthen ties amid doubts growing about how reliable Washington's broader defense commitments really are. But President Lee Jae Myung appears reluctant to deepen military cooperation with Japan, casting uncertainty on how far Seoul is willing to go.
• Won recovers after verbal intervention while bond sell-off deepens SEOUL, June 8 (AJP) - The South Korean won slightly recovered on Monday after a series of verbal warnings from financial authorities, which prompted traders to pull back from their dollar bets. There was also speculation that authorities may have directly intervened in the market. In Seoul, the won closed at 1,548.2 per dollar after opening at 1,555.2.
• US House panel passes defense bill provision barring foreign construction of Navy warships SEOUL, June 08 (AJP) - A U.S. House committee has approved a provision in the fiscal 2027 defense policy bill that would prohibit the Navy from using funds to build warships at foreign shipyards, a move that could complicate Washington’s recent push to tap allied shipbuilding capacity, including South Korean yards.
• Greek tourism authorities highlight importance of direct flight from Seoul to Athens SEOUL, June 8 (AJP) — Greek tourism officials on Monday highlighted efforts to strengthen deeper tourism ties with South Korea built around direct air connectivity, sustainable tourism, and authentic local experiences, as Greece seeks to attract more Korean travelers while broadening its appeal beyond traditional sightseeing.

AJP Briefing

• South Korea outlines strategy to attract 2 million cruise visitors SEOUL, June 08 (AJP) - South Korean government and tourism officials met with industry representatives aboard a docked cruise ship in Busan on June 5, 2026, to outline a strategy aimed at expanding international cruise tourism, the Korea Tourism Organization said Monday. The 21st Cruise Development Council meeting took place aboard Royal Caribbean's 169,000-ton Spectrum of the Seas, marking the first time the annual council convened on an active vessel. About 90 officials from regional gove
• Researchers design DNA coatings to control catalyst environments for chemical production SEOUL, June 08 (AJP) - Researchers in South Korea have developed a method to coat chemical catalysts with single-stranded DNA, enabling precise control over the surrounding chemical environment to improve hydrogen and chemical production, the Korea Advanced Institute of Science and Technology said Sunday. The research team, led by Professor Park Ji-min from the Korea Advanced Institute of Science and Technology (KAIST)'s department of chemical and biomolecular engineering, applied single-st
• Kakao recovers after hitting one-year low, but investors remain skeptical of AI push SEOUL, June 8 (AJP) - Kakao fell to 37,600 won on Monday morning, hitting a fresh 52-week low before recovering much of the decline. The sharp swings suggested that investors remain unconvinced that the messaging giant's push into artificial intelligence is driving the user engagement needed to support a recovery. Roughly 96,700 retail investors holding the stock remain deep in the red, sitting on an average loss of more than 50 percent against an average purchase price of 83,068 won. As o

ASIA Insight

• 100 days of conflict in Middle East with no end in sight SEOUL, June 8 (AJP) - One hundred days in, the U.S. finds itself trapped in a conflict it didn't fully plan for and can't easily end. When American and Israeli warplanes struck Iran on Feb. 28, the operation seemed almost surgical in its ambition. Within hours, Iran's Supreme Leader Ali Khamenei was dead, and confidence was running high in Washington. Many believed Iran might quickly unravel, much as Saddam Hussein's regime collapsed within weeks of the U.S. invasion in 2003. U. by Lee Hugh
• 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

AJP Watch

• Fear of rate hikes drives corporate lending surge in Q1 SEOUL, June 8 (AJP) - Corporate loans in South Korea grew the most since the third quarter of 2022, as companies increased borrowing in the first three months of this year, according to data released by the Bank of Korea (BOK) on Monday. Outstanding industrial loans by deposit-taking institutions stood at 2,061.8 trillion won (US$1.33 trillion) at the end of March, up 35.6 trillion won from the previous quarter. The increase widened sharply from an 8.5 trillion won gain in the fourth quarter.
• Key highlights from Nvidia CEO Jensen Huang's Seoul itinerary SEOUL, June 8 (AJP) - Nvidia's CEO Jensen Huang is in the final leg of his four-day visit to Seoul, which included meetings with business leaders, artificial intelligence (AI)-related startups and entrepreneurs, and researchers. His trip also featured a visit to T1 Base Camp, where he met T1 players including esports player Faker, as well as a television appearance and a ceremonial first pitch at a baseball stadium in Jamsil, southern Seoul. He also had another casual gathering over chicke
• Financial watchdogs step up warnings as won slides despite verbal interventions SEOUL, June 7 (AJP) - Financial authorities on Sunday issued their strongest warning yet over speculative trading and other suspicious activity, as the South Korean won's sharp decline pushed the won-dollar rate above 1,560. They vowed to step up inspections and scrutiny of illegal foreign exchange transactions by importers and exporters at an emergency meeting convened by Finance and Economy Minister Koo Yun-cheol, which was attended by key financial chiefs including Bank of Korea governor

AJP Focus

• South Korea sees record drug tests as narcotics use rises among young people SEOUL, June 5 (AJP) - The number of drug tests is rising as synthetic drugs spread among teenagers and cases of fatal mixed-drug use increase. According to a report released by the National Forensic Service (NFS) earlier this week, the number of drug tests conducted reached 140,775 last year, the highest on record. Drug-related busts and the amount of narcotics seized have both risen steadily year after year. The Korea Customs Service (KCS) seized 769 kilograms of drugs in 704 cases in 2023, 7
• Nvidia CEO's Seoul trip signals shift from chip buyer to physical-AI partner SEOUL, June 5 (AJP) - When Nvidia's CEO Jensen Huang stepped off his plane at Gimpo International Airport on Friday and made an esports cafe his first stop, the image was familiar: the chip merchant returning to the gaming culture that built him. The substance of this visit, however, points somewhere far off. This trip is less about who buys Nvidia's graphics cards than about who can help the company teach machines to act in the physical world. South Korea, a manufacturing power with ch