Lee Jae-myung meets bank CEOs, calls for increased support for small businesses

SEOUL, January 21 (AJP) - South Korea's opposition leader Lee Jae-myung convened a meeting with the heads of the country’s major banks on Tuesday, urging them to provide stronger financial support for small business owners and self-employed workers. The gathering drew criticism from Lee's political rivals, who questioned the appropriateness of the meeting, suggesting it could be an attempt to bolster his profile ahead of a potential presidential bid. Lee, widely reg

January 21, 2025

Major Korean banks to shed over 2,000 jobs through early retirement programs

SEOUL, January 21 (AJP) - South Korea's five largest banks are set to shed more than 2,000 jobs this year through voluntary retirement programs, a 20 percent increase from the 1,967 departures recorded in 2024, as they accelerate digital transformation and reduce physical branch networks. KB Kookmin has already approved 647 voluntary retirements as of Jan. 17, while Shinhan confirmed 541 departures - more than double the 234 recorded last year. Woori anticipates around 500 emp

January 21, 2025

Trump's policy shift poses challenges for Korean industries

SEOUL, January 21 (AJP) - On his first day in office, Jan. 20, U.S. President Donald Trump unveiled sweeping policy changes, including a directive to reassess existing trade agreements and a plan to roll back electric vehicle (EV) mandates. The moves, analysts suggest, could have far-reaching implications for South Korea’s economy. In a memorandum titled America First Trade Policy, Trump instructed the United States Trade Representative (USTR) to review all existing trade a

January 21, 2025

Far-right YouTubers blamed for last week's violent court intrusion in Seoul

SEOUL, January 21 (AJP) - Rising speculations suggest that far-right YouTubers were the main culprits behind last Sunday's chaotic intrusion into a court in Seoul by die-hard supporters of President Yoon Suk Yeol, who resorted to violence in protest of the president's arrest over last month's botched martial law debacle. Some extreme YouTubers, who use their channels as their primary source of income, often rely on a slew of fake or provocative news to attract attention.

January 21, 2025

OPINION: How Korea can emerge from uncertainty to discover a brighter future

SEOUL, January 21 (AJP) - Korea’s reputation as a developed country took a big hit with the ongoing crisis over President Yoon Suk Yeol’s martial law bid. Not only did it raise questions internationally about political stability, but it has also led business people to worry whether the legal system works to the level expected of a developed country. It is no surprise then that foreign investors have been withdrawing from the market and that the value of the won has

January 21, 2025

BOK cuts 2025 growth forecast, citing negative impact from martial law

SEOUL, January 21 (AJP) - South Korea’s central bank has revised its 2025 economic growth forecast downward to a range of 1.6 to 1.7 percent from an earlier estimate of 1.9 percent. The Bank of Korea (BOK) attributed the adjustment to heightened political uncertainty and a slump in consumer confidence following December’s martial law declaration and the deadly Jeju Air incident. In a statement released Monday, the BOK indicated that growth in the fourth quarter of 2

January 21, 2025

Trump calls North Korea 'nuclear power'

SEOUL, January 21 (AJP) - Donald Trump, who was just sworn in as the 45th U.S. President in Washington, D.C. on Monday, referred to North Korea as a "nuclear power" and recalled his "good relationship" with the renegade country's leader Kim Jong-un during his first presidency in 2017. "I was very friendly with him. He liked me. I liked him. We got along very well. I think he will be happy to see me coming back," Trump said while signing a raft of ex

January 21, 2025

Hyundai Motor's three EVs lose US tax credits

SEOUL, January 21 (AJP) - Hyundai Motor has lost eligibility for U.S. federal tax credits on three of its electric vehicle models. The U.S. Department of Energy’s latest federal tax credit list no longer includes Hyundai’s Ioniq 5, Ioniq 9, and Genesis GV70 electric models. Earlier this month, all five models from Hyundai Motor had been eligible for the $7,500 tax credit. Sister company Kia’s EV6 and EV9 models remain on the list of 23 electric and plug-in hybri

January 21, 2025

Yoon denies impeachment allegations during trial

SEOUL, January 21 (AJP) -South Korean President Yoon Suk Yeol denied allegations linked to his impeachment during his testimony at the Constitutional Court on Tuesday, saying he neither ordered lawmakers to be forcibly removed from parliament nor intended to implement martial law despite issuing an emergency decree in December. Yoon, detained in a solitary cell on charges of insurrection and abuse of power, appeared for a hearing in his impeachment trial which started at 2:00 p.m.

January 21, 2025

As Trump takes office, uncertainty looms for South Korea amid power vacuum

SEOUL, January 20 (AJP) - As U.S. President Donald Trump is sworn in as the 45th President of the U.S. in Washington, D.C. on Monday, as South Korea is bracing for potential shifts in its diplomatic relations with its key ally. Trump's inauguration inside the Capitol, the first indoor ceremony since 1985 due to bitterly cold weather, comes just a day after South Korean President Yoon Suk Yeol was arrested and incarcerated over his botched martial law debacle last month, making a

January 20, 2025