• Korea's drinking culture loses its buzz as alcohol shipments hit 27-year low SEOUL, August 23 (AJP) - South Korea's alcohol shipments fell below 3 million kiloliters for the first time since the Asian financial crisis, as declining consumption and changing drinking habits continue to reshape a market long dominated by beer, soju and company gatherings. Domestic alcohol shipments totaled 2.988 million kiloliters last year, according to data from the National Tax Service's Ta
• In Busan, Overwatch stops visiting and moves in BUSAN, August 22 (AJP) - A row of Overwatch's heroes had stepped off the screen onto a strip of astroturf — D.Va flashing her decorated pistol, Reaper looming under his hood, while Genji meditated on an orange beanbag, eyes shut tight in eas
• China's YMTC moves toward $4.9 billion IPO as memory chip push accelerates SEOUL, August 22 (AJP) - Chinese NAND flash memory maker Yangtze Memory Technologies Co. is moving closer to a major Shanghai listing, following the blockbuster market debut of its DRAM counterpart CXMT as China accelerates its push to challenge South Korean and U.S. dominance in memory chips. The Shanghai Stock Exchange accepted an initial public offering application Friday from CCSH Corporation, the parent compa
• Trump claims Hormuz as 'American territory' as Iran seeks deal SEOUL, August 22 (AJP) - U.S. President Donald Trump has again claimed the Strait of Hormuz as American territory, while saying Iran is desperate to reach an agreement to end the nearly six-month conflict. Speaking at a campaign rally in Myrtle Beach, South Carolina, on Friday, Trump said Tehran badly wanted a deal but questioned whether Washington was still interested in reaching one. “I view the Strait
• North Korea deploys drone operators among 8,500 troops in Russia, Ukraine says SEOUL, August 22 (AJP) - North Korea has deployed about 8,500 troops to Russia, including hundreds of drone operators who could conduct reconnaissance and strikes against targets inside Ukraine, according to a senior Ukrainian intelligence official. Maj. Gen. Vadym Skibitskiy, deputy head of Ukraine's military intelligence agency, told CNN that the North Korean contingent is deployed mainly in Russia's Kur
• US approves possible $125 million sale of AIM-9X missiles to South Korea SEOUL, August 22 (AJP) - The United States has approved a possible $125 million sale of more than 100 AIM-9X Sidewinder Block II air-to-air missiles to South Korea, a move Washington says will strengthen Seoul's air defense capability and deterrence against regional threats. The U.S. State Department said Friday that it had approved the possible Foreign Military Sale (FMS), of 103 AIM-9X Sidewinder Block II ta

AJP Briefing

• KOSPI rises on hopes for Samsung's huge shareholder return package SEOUL, August 21 (AJP) - South Korean stocks extended their gains on Friday, with the benchmark KOSPI closing above 6,900 points. The index recovered from a sharp drop in morning trading as expectations for higher shareholder returns at Samsung Electronics and SK hynix helped offset pressure from rising U.S. Treasury yields. The KOSPI closed at 6,912.95, up 0.88 percent or 60.37 points from the previous session. It marked a second straight day of gains after the index surged 5.89 percent the pr
• Senior bureaucrat named new trade minister SEOUL, August 21 (AJP) - Senior trade official Park Jung-sung was appointed South Korea's new trade minister, Cheong Wa Dae said on Friday. In a press briefing, presidential spokesperson Kang Yu-jung said Park is "the right person to maximize the national interest while maintaining continuity in negotiations amid urgent trade issues with the U.S." Park's appointment comes about a week after his predecessor was sacked for unknown reasons, as Seoul faces mounting pressure from

AJP ScaleUP

• Chip equipment maker rides surprise rally in tandem with Moderna's triple-digit surge SEOUL, August 20 (AJP) - Shares of semiconductor equipment maker N2TECH hit their daily limit on Thursday as investors rushed into related South Korean stocks following Moderna's positive results from a late-stage cancer vaccine clinical trial. N2TECH's shares closed at 1,925 won on the junior KOSDAQ, up 29.98 percent from the previous session. The stock opened at 1,831 won and fell as low as 1,646 won before rebounding to the daily limit. The rally came after U.S. biotech firm Moderna
• KOSDAQ-listed medical device maker recognized for growth potential SEOUL, August 19 (AJP) - Medical device maker Next Biomedical has been recognized as a rising KOSDAQ-listed firm for the second year in a row, it said on Wednesday. It said it was selected for the Korea Exchange's "rising star" program again this year, which recognizes promising companies based on factors such as technology, financial health and growth potential. The firm attributed the recognition to its technology for controlling bleeding during endoscopic procedures and its gro

ASIA Insight

• How Seoul's hillside neighborhood becomes hidden gem for foreigners SEOUL, August 21 (AJP) - On a steep hillside beneath Mt. Namsan, a neighborhood once known for cheap housing is giving foreigners a reason to look beyond Seoul's better-known hotspots. It is not as crowded as Seoul's hip Hongik University neighborhood, a popular nightlife district known for its youthful energy or as busy as nearby Itaewon, Seoul's best-known international and entertainment district. Yet Haebangchon has plenty of bars, restaurants and cafés within walking dis by Ryu Yuna
• Viet Nam's Gen Z protests without gathering SEOUL, August 21 (AJP) - The flowers under the tree outside No. 55 Nguyen Huy Tu Street arrived one at a time, which is why the police had nothing to break up. Over roughly a week in August, young Vietnamese walked to the spot in central Hanoi, left a bouquet, photographed it and went home. By the time the pile was large enough to be a problem, no crowd had ever formed. The tree marks the place where a car crossed into oncoming traffic on May 30, 2025, and struck a motorbike carrying a father a by Park Sae-jin

AJP Watch

• Won strengthens further as US Treasury selloff lifts domestic bond yields SEOUL, August 21 (AJP) - The South Korean won extended its rally against the dollar on Friday, while government bond yields rose as a renewed selloff in U.S. Treasuries outweighed softer domestic price pressures. The won strengthened 6.8 won from the previous session to close daytime trading at 1,385.8 per dollar, compared with Thursday's 1,392.6. Exporter dollar selling and broader weakness in the U.S. currency continued to support the won after it broke below 1,400 earlier this week. Th
• Won extends gains, bonds end mixed SEOUL, August 20 (AJP) - The South Korean won extended its gains against the U.S. dollar on Thursday, while government bond yields ended mixed as longer maturities drew support from a decline in U.S. Treasury yields. The won strengthened 5.1 won from the previous session to close daytime trading at 1,392.6 per dollar, compared with Wednesday's close of 1,397.7. It marked the second straight daytime close below 1,400 and the lowest closing level since Sept. 23, 2025, with the currency brief

AJP Focus

• BigBang's 20th anniversary comes as older K-pop acts find new life SEOUL, August 19 (AJP) - K-pop boy band BigBang marked their 20th anniversary on Wednesday with their first digital single in four years, hoping to continue attracting attention years after their heyday. Their return comes as older K-pop groups are gaining renewed attention, attracting both longtime fans and younger listeners discovering their music years after their debut. But another shift is unfolding at the same time. While veteran acts are finding ways to stay together, some younger idols
• Moody's raises growth forecast for South Korea, putting BOK in dilemma over rate hike SEOUL, August 18 (AJP) - Global ratings agency Moody's raised its growth forecast for South Korea to 3.5 percent in a report published last week. The stronger outlook could support another interest rate hike, although strong exports and already high borrowing costs may reduce the need for the Bank of Korea to raise rates again soon. The forecast also put South Korea's growth at 2.7 percent for next year. The 2026 forecast was 1 percentage point higher than Moody's 2.5 percent estima