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Debate grows over KAI privatization as Hanwha aims to expand stake

The privatization of Korea Aerospace Industries (KAI) could gain momentum as the state-run Export-Import Bank of Korea (Eximbank) commissions a 1.8 billion won ($1.36 million) consulting project and the Fair Trade Commission (FTC) highlights the benefits of stronger competition among major defense companies. Although Eximbank and KAI have expressed reservations about a change in ownership, KAI’s slower growth compared to its defense industry peers, despite a boom in arms exports, is fueling calls for privatization. Eximbank is KAI’s largest shareholder, with a 26.41 percent stake. According to Rep. Ahn Sang-hoon of the main opposition People Power Party and other sources, Eximbank recently selected AT Kearney as the preferred bidder for the consulting project and is proceeding with the subsequent steps. The project will examine ways to strengthen Korea’s aerospace industry and foster global anchor companies. Reports that the project was initiated at the government’s request have also sparked controversy. On Oct. 20, KAI CEO Kim Jong-chool said the company’s ownership structure

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Korean-US security talks unlikely to take place this year amid scheduling difficulties

The annual defense chiefs’ meeting between Korea and the United States appears increasingly unlikely to take place this year, as Washington expects it to be pushed back to early 2027 while Seoul maintains that no final decision has been made. The uncertainty over the Security Consultative Meeting (SCM) comes as Defense Minister Kang Shin-chul met his U.S. counterpart Pete Hegseth for the first time Wednesday on the sidelines of a regional defense meeting in the Philippine province of Cebu. Before departing for the Philippines, Kang said the SCM schedule might need to be discussed with Washington, noting that the U.S. side had its own circumstances to consider. “There are circumstances on their side, so I think we need to hear what they have to say,” Kang told reporters when asked whether the meeting could be pushed beyond December. Asked whether he would personally raise the SCM schedule with Hegseth, Kang said, “I think we need to discuss it if necessary. I believe it is an important issue.” The SCM, traditionally held in the fall, had initially been expected to take place in N

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Families of foreign Itaewon victims say footage from final moments shows police absence

Families of foreign victims of the 2022 Itaewon crowd crush watched second-by-second footage of their loved ones’ final moments and said the recordings showed too few police officers at the scene and a rescue response that came too late. “Yesterday was a difficult day for me. I watched my sister’s final moments, where she walked and how she died,” Damira Sherniyazova, who traveled from Kazakhstan, said during a press conference in Seoul Wednesday. Her sister, Madina, was among the 26 foreign nationals killed in the crowd crush that claimed 159 lives in a narrow Seoul alley four years ago. A total of 35 members of 18 families across 10 countries arrived in Korea at the government’s invitation starting Friday to mark the fourth anniversary of the tragedy. During closed-door meetings with individual families on Wednesday, the special investigation commission presented footage showing each victim’s movements prior to the disaster, their final moments and rescue attempts. The footage drew on some 1,000 videos the commission had collected, including CCTV and firefighters’ body

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REPORTER’S NOTEBOOKLee's migrant worker remarks fall short of embracing Korea's growing diversity

President Lee Jae Myung said Tuesday that migrant workers don’t “contribute much to the national economy” because they send their earnings home. When criticism followed his remarks at a Cabinet meeting, he focused on a word missing from a newspaper headline — “much.” But restoring that word does little to address the larger question of whether the president sees foreign workers as members of Korea's increasingly diverse society or mainly judges their worth by where they spend their wages. Lee made the remarks while instructing officials to consider wage subsidies to attract Korean workers to agriculture. “For national security reasons, we must sustain agriculture, forestry, livestock farming and fisheries,” he said. “Bringing in foreign workers doesn’t contribute much to the national economy because they send all their earnings home.” After The Hankyoreh, a local daily newspaper, reported migrant rights groups’ criticism, Lee demanded a correction and apology because its headline omitted “much.” The newspaper subsequently added the word. The president explained t

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SK hynix eases AI peak fears, pushing KOSPI above 6,000

KOSPI rebounded above the 6,000 mark Wednesday, as SK hynix eased fears that the artificial intelligence (AI) boom is nearing its peak with a forecast of semiconductor shortages through 2030, record earnings and a sweeping shareholder return plan. KOSPI closed at 6,012.44, up 6.63 percent, led by chip heavyweights. The benchmark index opened 2.33 percent higher, triggering a buy-side sidecar at 9:54 a.m. for the second consecutive day. SK hynix rose 10.89 percent to close at 1,487,000 won ($1,110.53), while Samsung Electronics climbed 9.01 percent to 242,000 won. Foreign and institutional investors were net buyers of 815.8 billion won and 960.8 billion won worth of shares, respectively, on KOSPI, while retail investors were net sellers of 1.8 trillion won. Before the market opened Wednesday, SK hynix reported third-quarter revenue of 104.6 trillion won and unveiled a 100 trillion won shareholder return plan. During its earnings call, the chipmaker projected that semiconductor shortages would persist through 2030, saying its DRAM and high-bandwidth memory production capacity is effectively

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Korea accepts int'l arbitration in favor of Elliott in Samsung merger case

Korea will accept an international arbitration ruling in favor of U.S. hedge fund Elliott Investment Management over the 2015 merger of two Samsung affiliates, the justice ministry said Wednesday. The ministry decided not to file a suit seeking a cancellation of last month's ruling, which ordered Korea to pay about 153 billion won ($114 million) in damages plus interest to Elliott. Elliott originally filed the case in 2018, seeking compensation over losses from the controversial merger between Samsung C&T and Cheil Industries. The U.S. hedge fund, which was a minority stakeholder of Samsung C&T, argued unfair mediation by the Korean government in the merger's approval. An international tribunal ruled in favor of Elliott in 2023, but the Korean government took the case to the High Court in London. It was eventually returned to the international tribunal for review in March. In the remanded ruling on Sept. 30, the tribunal recognized a causal relationship between Seoul's intervention for the approval of the merger and losses to Elliott.

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FTC's Samsung penalty revives questions over regulatory consistency

The Fair Trade Commission's (FTC) latest sanction against Samsung Electronics is reviving questions over the consistency of its enforcement, as controversy persists over the timing and validity of the penalty. The dispute came shortly after the antitrust watchdog imposed a tentative fine of around 20 billion won ($15 million) on Samsung, Tuesday, for allegedly deceptive advertising related to its smart devices’ game optimizing service (GOS), which regulates processor performance to control heat and battery consumption during demanding gaming sessions. The regulator ordered Samsung to stop similar advertising, saying the company promoted the gaming capabilities of its flagship Galaxy S21 and S22 smartphone series and Galaxy Tab S8 tablets without disclosing GOS-related performance restrictions. The controversy dates back to 2022, when users accused Samsung of overstating gaming performance while restricting device capabilities through GOS. The company released a software update in March that year to address the complaints. The move, however, has raised doubts, as it came after the contr

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Bithumb, Mirae Asset, Daishin join growing list of cyberattack victims

Cryptocurrency exchange Bithumb, asset manager Mirae Asset Global Investments and Daishin Securities have become the latest victims of cyberattacks sweeping Korea’s financial sector, industry officials and financial authorities said Wednesday. Daishin Securities said in a press release earlier in the day that personal and credit information belonging to 38,490 customers had been leaked. The brokerage said it detected signs of unauthorized access by a hacker on Oct. 17 to a server linked to online securities account openings for discretionary investment services. Bithumb discovered Tuesday that personal information had been leaked following unauthorized access to its internal mobile groupware system. It is examining the scope of the breach, including whether customer information was compromised. A hacking incident was also reported at Mirae Asset Global Investments, prompting financial authorities to investigate the extent of the damage and the circumstances of the breach. The latest incidents came after Mirae Asset Life Insurance detected unusual activity in some of its systems Sunday

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Korea chases global top 100, but world's leading universities take different paths

SINGAPORE, LONDON, SEOUL — Breaking into the world’s top 100 has become a common ambition among Korean universities. However, the world’s leading university ranking agencies have a surprising response for institutions chasing higher positions: Stop chasing the rankings. "The dog should wag the tail, the tail should not wag the dog," said Phil Baty, chief global affairs officer at Times Higher Education (THE), cautioning universities against allowing rankings to dictate their priorities. "Rankings should inform university strategy and decision-making, not drive them." Ben Sowter, senior vice president at QS, raised a similar concern, warning that universities risk losing their competitive edge if they all pursue similar strategies. “The important thing is that you build a really nuanced strategy where you don’t have a whole group of universities trying to do exactly the same thing as each other,” he said. “In that context you end up competing with yourselves rather than necessarily distinguishing yourselves internationally.” Global university rankings are evolving to reflect

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Power equipment makers race to expand US capacity amid AI boom

Power equipment makers are expanding U.S. production and securing major supply contracts as the artificial intelligence (AI) data center boom drives demand for equipment ranging from high-voltage transformers to distribution gear, intensifying competition among suppliers for major contracts. HD Hyundai Electric, LS Electric and Hyosung Heavy Industries are stepping up investments in local manufacturing to meet the growing demand from U.S. tech companies building out AI data centers. HD Hyundai Electric is building a second plant in Alabama, scheduled for completion in April. The expansion is expected to boost its extra-high-voltage transformer production capacity by about 50 percent and enable it to manufacture transformers rated up to 765 kilovolts. In July, the company secured a 1.12 trillion won ($836.8 million) supply contract with a global technology company, comprising 567.3 billion won of power equipment and 553.9 billion won of distribution equipment for data center construction. It reported revenue of 1.18 trillion won and operating profit of 284.5 billion won in the third quart

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Foreign resident population in Korea hits record 2.66 mil. as int'l student numbers surge

The number of foreign residents living in Korea rose for the fourth consecutive year in 2025 to reach a record high of 2.66 million, driven largely by a sharp increase in international students, government data showed Wednesday. According to the 2025 Foreign Resident Status report released by the Ministry of the Interior and Safety, foreign residents totaled 2,662,967 as of Nov. 1 last year. The figure represents a 3.1 percent increase, or 79,341 people, from 2,583,626 a year earlier, based on census data compiled by the National Data Agency. Foreign residents now account for 5.1 percent of Korea’s total population of 51,817,499 — the highest proportion on record. The ministry defines foreign residents as individuals residing in the country for more than 90 days who hold foreign nationality, have acquired Korean citizenship or were born in Korea to foreign-national or naturalized parents. By category, non-Korean nationals grew 3.2 percent to 2,109,057, while naturalized citizens increased 4.4 percent to 256,491. Korean-born children of foreign residents edged up 0.7 percent to 297,4

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Lula's surprise win hits Korean investors in Brazil bonds

Korean investors who piled into high-yield Brazilian bonds ahead of the country's presidential election are nursing losses after Luiz Inacio Lula da Silva's surprise victory sent bond yields soaring and the currency tumbling, analysts said Wednesday. Brazilian government bonds have been popular among wealthy Korean investors, offering annual yields of around 10 percent and tax-free interest income under a bilateral tax treaty between Korea and Brazil. Korean investors purchased a net $5.53 million worth of Brazilian bonds in September, nearly four times the $1.39 million recorded the previous month, according to SEIBro, a data portal operated by the Korea Securities Depository. They continued to buy Brazilian bonds this month, with net purchases totaling $1.78 million through Tuesday. Investor sentiment was buoyed by improving market conditions ahead of the presidential election amid growing expectations of a right-wing victory. However, market sentiment shifted sharply after the election outcome. Growing concerns over increased government spending and a widening fiscal deficit sent gover

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Global trekkers climb Seoul's rocky mountain trails for scenic views, nature

Under a clear autumn sky, 18 international hikers from diverse backgrounds gathered outside Exit 1 of Gwanaksan Station on Monday to kick off the three-week "2026 Seoul Hiking Week: Autumn." Their objective for Day 1 was Mount Hoam, one of the peaks on the larger Mount Gwanak in southern Seoul, an "extreme course" route designed to showcase Seoul's rugged urban terrain. Running through Nov. 15, the Seoul Hiking Week is centered around three mountains in Seoul: Mount Bukhan, Mount Bugak and Mount Gwanak. Before hitting the trail, participants stopped at the Seoul Hiking Tourism Center directly connected to the station. By scanning a simple QR code, trekkers accessed a complimentary equipment rental service that provided everything from hiking poles, gloves and backpacks to windbreakers and hiking boots. After a quick group stretch at the trailhead, the multinational group set off into the forest. Just minutes into the uphill climb, the trail passed a row of wooden statues lined up along the left side of the path. The lead guide paused to explain the cultural signpost, noting they were "w

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Korea eyes 30 mil. tourists with regional push

Korea is working to open an era of 30 million foreign visitors by shifting its tourism focus from Seoul to regional areas, Culture Minister Chae Hwi-young said Wednesday. "An unprecedented future has already arrived and Korea is fully preparing to welcome 30 million and eventually 40 million overseas travelers," Chae said during a press conference in Seoul. "To ensure that regional tourism genuinely drives local economies, we will manage not just the total number of inbound visitors, but also focus on qualitative growth while actively addressing overtourism concerns." The country's tourism sector is currently riding a wave of record-breaking growth, with cumulative foreign tourist arrivals surpassing the 2025 annual total of 18.94 million as of Tuesday. Despite global challenges like high oil prices, inflation and the Middle East conflict, the ministry credited K-culture popularity, industry innovation and local hospitality for the steady growth. To sustain this upward momentum, the government has boosted its 2027 budget for the tourism sector to 1.756 trillion won ($1.31 billion), a 19 p

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InterviewEXO's choreographer wins 1st title after fearing his time was over

For the past few years, choreographer Back Koo-young had quietly begun to wonder whether his time was passing, watching pitches from directors far younger than him getting picked over his own. When he was named the winner of Mnet's "Street World Fighter: Director's War" last week, his 24 years of work in the industry meant the trophy was not a sign of a triumphant comeback but as something closer to a "perfect attendance award" — a reward for refusing to stop even when he believed his star was dimming. "There was a time when it felt like everyone in the industry was looking for me. Then I started to feel that I was fading, too," Back said during an interview with The Korea Times at CJ ENM Center in western Seoul, Tuesday. "I think of this trophy as a reward for the effort I never let go of, even in the middle of that." The title is the first competition win of a career spent shaping some of K-pop's most recognizable work, and it came four years after he fell one step short of the final on the show's predecessor, "Street Man Fighter." He built much of his career as a performance director

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Regional airports to expand international flights by 11.6% for winter season

Korea Airports Corp., which operates 14 airports nationwide, said Wednesday that airlines will operate 10,208 scheduled flights a week during this winter season, which runs from Oct. 25 through March 27, 2027. International services will account for 3,206 weekly flights, up 11.6 percent, or 332 flights, from the summer schedule, while domestic services will total 7,002 flights a week. The expansion comes as the government seeks to attract 30 million foreign visitors ahead of schedule, with additional airport slots at Gimhae and Cheongju allowing more takeoffs and landings. Gimhae International Airport’s hourly capacity will increase from 27 to 30 flights, while Cheongju’s will rise from eight to 10, the airport operator said. Southeast Asian routes will increase 32.7 percent from the summer schedule to 600 flights a week, while services to China will rise 17.5 percent to 844 weekly flights. New China routes include Gimhae-Xiamen, Gimhae-Guangzhou, Cheongju-Xiamen and Jeju-Shijiazhuang. Gimhae will also introduce daily charter flights to Tokyo’s Haneda Airport starting in December and

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Pioneer to outsider: Lucentblock CEO fights for survival in Korea's STO market

An unprecedented investment boom swept the country during the COVID-19 pandemic, fueled by abundant liquidity. Amid the frenzy, a new investment method known as "fractional investing" quickly gained traction. The emerging industry attracted a wave of entrepreneurs who helped shape its standards and practices. Among them was Lucentblock CEO Huh Se-young. His platform allowed investors to buy and sell fractional stakes in properties worth tens of billions of won. Since launching the business in 2018, he has attracted 500,000 customers and raised approximately 30 billion won ($22.65 million) through the platform. While many players exited the industry amid an investment slump and regulatory intervention, Huh stayed the course. He has seen three presidents and six finance ministers come and go. Huh navigated regulatory reviews and put investor protection safeguards in place under the government's sandbox program. He also persuaded financial institutions to adopt a structure in which trust companies would hold the underlying real estate assets and issue beneficiary certificates, while his sta

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'Same emotional impact across cultures': Why Netflix takes dubbing seriously

“Bite him!” “Fight!” “You know I’m a really dangerous guy, right?” On Friday, voice actors Park Sang-hoon and Choi Woo-sung were locked in a heated verbal exchange as they watched a screen at Pixelogic Korea’s studio in Sangam-dong, Mapo District, Seoul. They were dubbing a one-on-one game between former martial arts fighters for the reality show “Physical: 100 Mexico.” As the actors delivered their lines in sync with the contestants’ movements and emotions, dubbing producer Kim Jeong-ryeong offered a steady stream of feedback: “Let me check the pronunciation,” “Make sure the microphone isn’t peaking” and “Your voice sounds a little hoarse.” “Physical: 100,” which pits 100 contestants with exceptional physical abilities against one another in extreme challenges, began as a Korean original reality show and has since spawned local adaptations in countries including Mexico and Italy. The scene observed that day was part of the Korean-language dubbing process. Dubbing involves translation, adaptation, voice casting, editing and mixing, and takes rough

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Samsung Wallet Money goes global with app-free payments

Samsung Wallet Money, a prepaid payment service jointly operated by Samsung Electronics and Woori Bank, has expanded overseas, allowing users to pay with their Galaxy smartphones worldwide without installing local payment apps, Woori Bank said Wednesday. Unlike other mobile payment services that require users to install and open a separate app and complete additional authentication steps at checkout, Samsung Wallet Money lets them pay by tapping their Galaxy phone on a contactless terminal. Launched in Korea last year, the service has since surpassed 3 million users. Customers link a domestic bank account to their Wallet Money account to top up their balance and make payments. The overseas rollout extends the service to Mastercard merchants worldwide and WeChat Pay merchants across China. “We take great pride in creating a new global payment experience with Samsung Electronics in Korea, a country with strengths in both smartphone manufacturing and digital finance,” Woori Bank CEO Jung Jin-wan said during a press conference at the lender’s headquarters in Seoul. He summed up the serv

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Editor's Pick

[COVER STORY] Coupang issue becomes bellwether for Korea's treatment of US firms: ex-AMCHAM chief

COVER STORY Coupang issue becomes bellwether for Korea's treatment of US firms: ex-AMCHAM chief

Korea risks damaging its economic ties with the United States, as perceived discrimination against American companies, most prominently Coupang, fuels a growing backlash in Washington that U.S. firms are being unfairly targeted, said Tami Overby, a former president of the American Chamber of Commerce in Korea (AMCHAM). “Many American observers increasingly see Korea's treatment of Coupang as a bellwether for how it treats successful American firms operating in its market,” Overby said Monday in a written interview with The Korea Times. After nearly four decades of observing Korea-U.S. economic ties, Overby said Washington is increasingly doubting whether Seoul remains committed to the principle of nondiscriminatory treatment for American businesses. She cautioned that mounting regulatory disputes could erode the trust underpinning bilateral economic cooperation at a critical time when the two countries are negotiating major investment commitments and U.S. tariffs. “Credibility depends not on statements but on outcomes,” she said, arguing that Korean authorities must demonstrate t

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Life in Korea

Seoul rallies 1,486 volunteers to clean up Han River parks

Seoul rallies 1,486 volunteers to clean up Han River parks

More than 1,400 people joined forces across Seoul’s Han River parks this month, picking up litter, learning recycling rules and promoting bicycle safety in a city campaign to keep its popular riverside spaces clean and safe. The Seoul Metropolitan Government said Wednesday that 1,486 citizens, corporate employees and volunteers took part in three Fall Hangang Volunteer Day events held at Ichon, Ttukseom and Yeouido Hangang parks between Oct. 13 and Oct. 24. The campaign, organized under the theme “Keep Hangang clean, keep Hangang safe,” combined litter pick-up with environmental education and public safety programs. The first event, held Oct. 13 at Ichon Hangang Park, brought together 50 corporate volunteers who collected trash along park walkways. The second gathering, on Oct. 17 at Ttukseom Hangang Park, drew 95 participants for litter collection and campaigns promoting environmental awareness and safe park use. Yeouido Hangang Park hosted the largest event on Saturday, attracting 1,341 people, including children and adults who took part in environmental missions and quizzes about

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Lifestyle

Korean mother-of-pearl lacquerware exhibition draws 16,000 visitors overseas

An exhibition exploring the intricate designs and techniques behind Korea’s mother-of-pearl lacquerware has drawn more than 16,000 visitors during a two-year international tour across the United States, Canada and Japan, introducing audiences abroad to a traditional craft shaped by generations of artisans. The Seoul Museum of Craft Art said Wednesday that its special exhibition, “The Design Room of Najeon Masters,” concluded its overseas run Saturday after stops in Los Angeles, Ottawa, Tokyo and Osaka in 2025 and 2026. The exhibition attracted 7,556 visitors in North America and 8,427 in Japan, according to the museum, with more than 90 percent of respondents to visitor satisfaction surveys describing it as an opportunity to discover the beauty and depth of Korean traditional crafts. The exhibition examines "najeonchilgi," the Korean art of decorating lacquerware with thin pieces of iridescent mother-of-pearl, through designs, tools and finished works by six modern and contemporary masters: Jeon Seong-gyu, Kim Bong-ryong, Song Ju-an, Sim Bu-gil, Min Jong-tae and Kim Tae-hee. Origin

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Korean mother-of-pearl lacquerware exhibition draws 16,000 visitors overseas

K-Culture

Virtual idol group PLAVE hits No. 31 on Billboard 200

Korean virtual idol group PLAVE has achieved its highest-ever ranking on the U.S. Billboard's main albums chart with its latest release. The band's fifth EP, "Hyperdrive," debuted at No. 31 on the Billboard 200, according to the latest chart released Tuesday (U.S. time). The result surpassed the group's previous best ranking of No. 145, set by its fourth EP, "Caligo Pt. 2," in May, which marked PLAVE's first appearance on the chart. Released Oct. 19, "Hyperdrive" also sold more than 1.32 million copies in Korea during its first week, setting a new sales record for the group. Elsewhere on the chart, the original soundtrack for the hit Netflix animation "KPop Demon Hunters" and Katseye's "Wild" placed at No. 35 and No. 39, respectively. BTS' fifth full-length album, "Arirang," ranked 46th, down five spots from the previous week, extending its run on the chart to a 31st consecutive week. Stray Kids' "This & That" placed 93rd. On the Billboard Hot 100 songs chart, "Dracula," a collaborative single by Jennie of K-pop girl group BLACKPINK and Australian act Tame Impala, ranked at No. 8, spending

1 MIN READ
Virtual idol group PLAVE hits No. 31 on Billboard 200

Celebrities

Seungri already married to pregnant girlfriend: report

Former BIGBANG member Seungri, who is reportedly expecting his first child, has already legally married his pregnant girlfriend, according to a report. Ilgan Sports reported Tuesday that Seungri and his wife, who is pregnant, have registered their marriage and are legally married. The report came a day after Gray News reported that Seungri's girlfriend, who is in her 20s, is expecting a baby boy in January next year. The news that Seungri is set to become a father drew public attention, with the revelation that the couple had already registered their marriage emerging later. As news of the expected birth broke before any announcement of marriage, speculation arose that the couple had conceived before marriage. Seungri denied the speculation, saying he was not considering holding a wedding ceremony at this time. The couple is reportedly preparing for the birth. The news of Seungri's marriage and impending fatherhood has drawn additional attention as he recently faced a complaint over alleged special assault. In August, Seungri was accused of threatening a man with a soju bottle and assaulti

1 MIN READ
Seungri already married to pregnant girlfriend: report

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Opinion

Top 10 Stories

  1. Korea chases global top 100, but world's leading universities take different paths

  2. Cold wave advisories take effect across Korea

  3. SK hynix pledges to return $75 bil. to shareholders

  4. Main blaze of Seoul shantytown fire contained; no casualties reported

  5. EXPLAINER From Kim Young-sam to Lee Jae Myung: golf's enduring political trap

  6. Bithumb, Mirae Asset, Daishin join growing list of cyberattack victims

  7. Fire at shantytown in southern Seoul extinguished after nearly 13 hours; 1 injured

  8. Seungri already married to pregnant girlfriend: report

  9. Debate grows over KAI privatization as Hanwha aims to expand stake

  10. Pioneer to outsider: Lucentblock CEO fights for survival in Korea's STO market

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