Korea's top financial regulator signals resignation over commercial law dispute

SEOUL, April 2 (AJP) - Financial Supervisory Service chief Lee Bok-hyun said Wednesday that he had expressed his intention to resign following a dispute over a proposed amendment to the country’s commercial law. Lee’s announcement, made during a radio interview, follows his previous vow to stake his position on opposing the presidential veto of the controversial amendments to the Commercial Act. That veto was exercised on Tuesday by Acting President Han Duck-soo during a

April 2, 2025

Korean won falls to 15-year low amid political uncertainty

SEOUL, April 1 (AJP) - The South Korean won fell to its lowest level against the U.S. dollar in more than 15 years, closing at 1,472.90 won per dollar, Monday as political uncertainty weighed on investor sentiment. The currency showed a modest recovery in early Tuesday trading. As of 1:30 p.m. on Tuesday, the won was trading at 1,470.60 per dollar, down 0.16 percent from Monday’s close but still 0.8 percent above the monthly average of 1,457.60. “The won’s recen

April 1, 2025

Finance minister's US treasury investments raise questions over integrity

SEOUL, April 1 (AJP) - South Korea's Minister of Economy and Finance, Choi Sang-mok, invested approximately 200 million won (US$135,771) in U.S. treasury bonds last year, while the Korean won was weakening sharply against the dollar. The disclosure has prompted criticism over potential conflicts of interest, given his role in stabilizing the nation's currency. According to official asset disclosure documents released on March 27, Choi purchased 30-year U.S. treasury bonds

April 1, 2025

South Korea faces dilemma over Alaska LNG project

SEOUL, March 31 (AJP) - Alaska Governor Mike Dunleavy has stepped up efforts to persuade South Korea to participate in his state’s liquefied natural gas (LNG) project, using a recent visit to Seoul to underscore the economic and strategic stakes involved. Speaking to local and international media, Dunleavy framed South Korea’s potential purchase of Alaskan LNG as a pivotal factor in reducing the U.S.-Korea trade deficit, while also presenting the project as an opportun

March 31, 2025

Short selling resumes in South Korea after 17-month ban

SEOUL, March 31 (AJP) - South Korea has fully reinstated short selling across all listed stocks, ending a 17-month ban imposed in an effort to curb illegal naked short selling and restore investor confidence. The move, which took effect Monday, marks the first time since March 2020 that investors will be permitted to short sell any security on the country’s exchanges. During the suspension, regulators introduced a series of structural reforms, including a centralized monito

March 31, 2025

Samsung's profit expected to drop again in first quarter, but recovery may be on horizon

SEOUL, March 31 (AJP) - Samsung Electronics is poised to report another weak earnings result for the first quarter of 2025, marking its third consecutive quarterly decline in operating profit, according to industry analysts, Monday. Consensus estimates compiled by securities firms project that the South Korean technology giant will post an operating profit of 4.77 trillion won ($3.26 billion) for the January–March period. That figure represents a 27.8 percent drop from the sam

March 31, 2025

Korea, China, Japan renew push for trilateral FTA amid US tensions

SEOUL, March 31 (AJP) - South Korea, China and Japan have agreed to reinvigorate long-stalled negotiations over a trilateral free trade agreement, seeking closer economic cooperation as global trade uncertainty grows amid escalating tensions with the United States. Commerce ministers from the three countries met in Seoul on Sunday for their first trilateral talks in six years. The meeting concluded with a joint pledge to advance a "comprehensive and high-level" trade pact,

March 31, 2025

South Korean airlines expand flights to China and Japan for summer season

SEOUL, March 29 (AJP) - South Korean carriers are collectively increasing their flight operations to China and Japan during the 2025 summer schedule period from March 30 to Oct. 25. According to the Ministry of Land, Infrastructure and Transport and industry sources, airlines will operate 128 routes to these countries, up from 115 last year, as they seek to capitalize on high demand for destinations with relatively lower costs amid high inflation and exchange rates. Korean Air is ex

March 29, 2025

South Korea, lagging in AI, could become dependent on foreign tech, Chey warns

SEOUL, March 28 (AJP) - Chey Tae-won, chairman of both the Korea Chamber of Commerce and Industry and the conglomerate SK Group, cautioned on Friday that South Korea risks becoming an "AI-dependent nation" if it fails to develop its own large language models (LLMs). Speaking at a press conference marking the fourth anniversary of his tenure as chairman of the chamber, Chey assessed South Korea’s current AI capabilities as lagging behind global leaders. “We

March 28, 2025

Embattled Korean food mogul apologizes to shareholders over controversies

SEOUL, March 28 (AJP) - Celebrity chef and CEO of Theborn Korea, Baek Jong-won, apologized to shareholders Friday for recent controversies surrounding his restaurant franchise. Speaking at the company's first meeting with shareholders since being listed on South Korea's main stock exchange in November, Baek said he was reflecting on his failure to manage the business more thoroughly. The apology comes as Theborn Korea has faced a string of problems in recent months. The

March 28, 2025