Young adults emerge as rising political force following impeachment crisis Protesters waving colorful light sticks calling for the impeachment of President Yoon Suk Yeol, March 14, 2025. Yonhap SEOUL, April 5 (AJP) - South Korea's political landscape is witnessing a significant shift as adults in their 20s have emerged as a potent political force following four months of martial law and presidential impeachment proceedings. Traditionally viewed as politically apathetic, with only 52.4 percent voting in last year's 22nd general election, young South Koreans have defied expectations by taking to the streets in unprecedented numbers. Young women wielding colorful light sticks dominated pro-impeachment rallies outside the National Assembly late last year, creating a concert-like atmosphere. Gallup Korea's monthly polls revealed that women aged 18 to 29 showed the highest support for impeachment across all demographic groups, with approval rates of 81 percent in January and 79 percent in February. Their male counterparts, however, displayed markedly different attitudes, with 35 percent opposing impeachment in January. The stark gender divide became visible at demonstrations, with young women leading impeachment rallies while young men carrying South Korean and American flags were prominent at counter-protests. Police reported that 51 percent of the 90 people arrested following riots at the Western District Court were in their 20s and 30s, predominantly male. Political analysts now predict that this newly energized demographic will significantly influence the upcoming early presidential election, bringing issues such as pension reform and gender politics to the forefront. "Youth participation in this presidential election could be higher than ever before," said a political commentator. "However, we must avoid amplifying hatred between young men and women in their 20s." 2025-04-05 12:54:44

Psychological division becomes Korea's biggest social challenge after impeachment A supporter of Yoon Suk Yeol hides behind the flag of South Korea after the Constitutional Court upholds Yoon's impeachment, April 4, 2025. Yonhap SEOUL, April 5 (AJP) - South Korea is grappling with a "psychological division" following the impeachment of President Yoon Suk Yeol, with deeply entrenched political divisions tearing at the nation's social fabric. Though the impeachment on Friday has resolved months of uncertainty that had paralyzed the country since martial law was declared in December 2024, it has simultaneously intensified the hostility between opposing political factions to unprecedented levels. Citizens from rival camps have taken to labeling each other as "anti-state forces" or "insurrection sympathizers," while hurling derogatory terms like "commie" and "reactionary," deepening the already cavernous divide. "The current situation shows more acute confrontation than even during the height of anti-communism after the Korean War," said Koo Jung-woo, professor of sociology at Sungkyunkwan University. The political schism has metastasized into generational, gender and regional conflicts, with recent survey from Gallup Korea showing voting patterns with stark divides: younger generations predominantly supporting the impeachment, and those over 70 strongly opposing it. This deepening animosity has eroded public trust in democratic institutions, with courts, the Constitutional Court and media outlets facing unprecedented levels of criticism and even threats of violence. Experts warn that without a concerted effort toward national unity, the upcoming presidential election could spark even more intense confrontations, as both pro and anti-impeachment demonstrators continue to wave the national flag while remaining bitterly divided. 2025-04-05 10:12:39

Yoon supporters decry verdict, vow to rally in Gwanghwamun Saturday Supporters of Yoon Suk Yeol react with dismay after the Constitutional Court upholds Yoon's impeachment, April 4, 2025. AJP Han Jun-gu SEOUL, April 4 (AJP) - Supporters of President Yoon Suk Yeol voiced shock and dismay after the Constitutional Court voted unanimously to uphold his impeachment, ending his presidency, Friday. An estimated 15,000 people gathered near the presidential residence beginning at 10 a.m., awaiting the court’s decision. When Acting Chief Justice Moon Hyung-bae announced the verdict, the crowd reacted with anguish — some collapsing to the ground, others crying openly. Emotions ran high. Some protesters tore apart placards bearing the slogan “Yoon is back,” while others directed their frustration at the ranks of riot police stationed to maintain order. “What will happen to our president now?” one woman sobbed as she clutched a South Korean flag. Jeon Kwang-hoon, leader of an ultra-right group that supports Yoon, called for continued resistance. “Those who cannot accept this impeachment should gather at Gwanghwamun Square tomorrow at 1 p.m.,” he said to a roaring crowd. The supporters had organized what they called a “welcome back parade,” anticipating the court would overturn the impeachment. A supporter of Yoon Suk Yeol reacts with dismay after the Constitutional Court upholds Yoon's impeachment, April 4, 2025. AJP Han Jun-gu 2025-04-04 15:54:31

Won strengthens, stocks rebound as Constitutional Court ousts Yoon Former President Yoon Suk Yeol/ Yonhap SEOUL, April 4 (AJP) - South Korean financial markets rallied briefly on Friday after the Constitutional Court unanimously ruled to remove President Yoon Suk Yeol from office, bringing a dramatic end to months of political uncertainty. In the minutes following the landmark decision, the Korean won surged to 1,430 against the U.S. dollar — its strongest level since late February. The Korean currency had already shown signs of strengthening earlier in the session, opening at 1,450.5 won per dollar, down 16.5 won from the previous day's close, as traders priced in expectations of a resolution to the nation’s deepening political turmoil. The benchmark KOSPI index, which had opened down more than 1 percent at 2,450.49 following sharp losses on Wall Street after President Donald Trump announced new reciprocal tariffs, briefly turned positive during the court’s proceedings. It continued to see modest fluctuations after the ruling. The KOSDAQ, South Korea’s tech-heavy secondary index, after initially declining, it rose more than 2 percent at its peak before paring back to close roughly 1 percent higher. 2025-04-04 13:52:18

Trump's tariffs rattle Korean tech firms with global supply chains Samsung Electronics' air conditioner factory/ Courtesy of Samsung Electronics SEOUL, April 4 (AJP) - U.S. President Donald Trump’s decision to impose steep reciprocal tariffs on major importers to the United States has sent shockwaves through Asian manufacturing economies — and could deal a heavy blow to South Korea’s technology industry. Analysts warn of broader consequences for Asia’s export-driven economies, many of which serve as key links in the global supply chains of multinational technology firms. The new levies, which also target imports from South Korea (25 percent), Vietnam (46 percent), Thailand (37 percent), and India (27 percent), threaten to upend the cost-efficient offshore production networks that South Korean companies like Samsung and LG have spent decades building. Samsung Electronics, the world’s largest smartphone maker, may be among the hardest hit. More than half of its global smartphone production comes from factories in Bac Ninh and Thai Nguyen in northern Vietnam — facilities that primarily supply the U.S. market. The new tariff regime could significantly raise the cost of these exports, undermining Samsung’s competitive edge. The company’s Chinese-assembled smartphones face even steeper hurdles, with combined duties now reaching 54 percent, after the White House tacked on a 34 percent reciprocal tariff to the existing 20 percent rate on Chinese imports. While Samsung reportedly rushed shipments of its flagship Galaxy S25 to the U.S. before the announcement, its next-generation foldable devices, slated for launch in the second half of 2025, may not avoid the financial fallout. The impact extends beyond smartphones. Both Samsung and LG Electronics manufacture televisions and home appliances in Vietnam, Thailand, and China for the American market — operations now jeopardized by duties of up to 46 percent. In response, the two companies are evaluating contingency plans, including the expansion of production in Mexico — which remains tariff-exempt under the United States-Mexico-Canada Agreement (USMCA) — and increased output from U.S.-based facilities. LG Electronics convened an emergency task force meeting on Thursday to assess the implications and prepare countermeasures. While automobiles were excluded from the reciprocal tariff list, they remain subject to a previously announced 25 percent product-specific duty that took effect on Thursday. Hyundai Motor Group may find some relief in its new electric vehicle plant in Georgia, which began production earlier this year. The tariffs on Vietnamese shipments are scheduled to take effect on April 9, leaving only days for diplomatic negotiations. 2025-04-04 10:39:52

Asian cosmetics brand ends partnership with actor Kim Soo-hyun Actor Kim Soo-hyun sheds tears at a press conference in Seoul to address allegations that he dated the late actress Kim Sae-ron when she was a minor, March 31, 2025. Yonhap SEOUL, April 3 (AJP) - Global cosmetics brand Y.O.U BEAUTY has severed ties with South Korean actor Kim Soo-hyun and signaled potential legal action following allegations concerning his relationship with the late actress Kim Sae-ron. In a statement posted on its official Instagram account, Y.O.U BEAUTY reaffirmed its commitment to values that support and empower women. "We believe every woman deserves to live with confidence, dignity, and strength," the company said. The brand also announced that it would immediately remove all promotional materials featuring Kim, 37, and warned that it would take "all necessary actions to maintain the trust of the women we serve," including potential legal measures. The announcement followed a press conference in which Kim denied accusations that he had been in a relationship with Kim Sae-ron while she was a minor. The allegations emerged after the late actress’s family claimed that Kim had been involved with her when she was underage. During an emotional media appearance, Kim stated that his relationship with Kim Sae-ron began only after she reached adulthood. Y.O.U BEAUTY, founded in 2018 by the HEBE Beauty Group, operates primarily in Southeast Asian markets, including Singapore, Indonesia, Malaysia, and Thailand. 2025-04-03 15:59:02

Hanwha Aerospace partners with US drone firm to enter lucrative unmanned aircraft market General Atomics Aeronautical Systems' unmanned aerial vehicle Mojave/ Courtesy of GA-ASI SEOUL, April 3 (AJP) - Hanwha Aerospace, a leading South Korean defense firm, has announced a strategic partnership with General Atomics Aeronautical Systems of the United States to jointly develop and produce advanced unmanned aircraft. The collaboration positions Hanwha to tap into the rapidly growing global drone market, projected to reach 50 trillion won (approximately $34 billion) by 2040. The partnership will center on the development of the Gray Eagle-STOL (GE-STOL) unmanned aerial vehicle, an evolution of General Atomics’ Mojave demonstrator, which was tested in South Korean naval combat exercises last November. The companies disclosed the agreement on Thursday, emphasizing its potential to enhance South Korea’s defense capabilities. “Securing unmanned aircraft capabilities is essential for expanding South Korea’s self-reliant defense posture and the future growth of the K-defense industry,” said Kim Dong-kwan, vice chairman of Hanwha Group, highlighting the strategic significance of the collaboration. The agreement covers the full spectrum of the aircraft’s development, from planning and design to system integration, production, and sales. Hanwha has committed more than 750 billion won to establish research and manufacturing infrastructure in South Korea. General Atomics, which supplies high-performance unmanned aircraft to NATO members as well as to the United Kingdom, Japan, Australia, and other allied nations, anticipates selling more than 600 GE-STOL units over the next decade. The company projects sales exceeding 15 trillion won across markets in the United States, the Middle East, Asia, and Europe. The companies expect the GE-STOL to take its maiden flight in early 2027. 2025-04-03 10:45:51

KORUS FTA now a blank sheet as Trump imposes 'reciprocal' tariffs on Korean imports U.S. President Donald Trump shows an executive order on reciprocal tariffs at the Rose Garden of the White House, April 2, 2025. Xinhua-Yonhap SEOUL, April 3 (AJP) - The United States announced on Thursday that it will impose a 25 percent "reciprocal" tariff on all imports from South Korea, effectively nullifying the Korea-U.S. Free Trade Agreement. The sweeping measure marks a dramatic shift in economic relations between the two longtime allies. President Donald Trump signed an executive order enacting the tariff policy, which targets several major U.S. trading partners. China faces the highest levy at 34 percent, followed by Japan at 24 percent and the European Union at 20 percent. “This is our declaration of economic independence,” Trump said in a Rose Garden address, asserting that the United States had been “looted, pillaged, raped and plundered by nations near and far, both friend and foe alike” for more than five decades. The tariffs, implemented under the International Emergency Economic Powers Act (IEEPA), will take effect in two phases: a baseline tariff beginning Saturday, followed by additional country-specific tariffs on April 9. South Korea, which exported $127.8 billion worth of goods to the United States last year and recorded a trade surplus of $55.7 billion, now faces mounting economic uncertainty. Key South Korean exports — including automobiles, semiconductors, petroleum products, and batteries — will be directly impacted by the tariffs, potentially undermining the competitiveness of Korean firms in the U.S. market. The 25 percent tariff rate on South Korean goods exceeds the levies imposed on Japan and the European Union, raising concerns about the country’s ability to maintain its foothold in American trade. The timing of the announcement is particularly precarious for South Korea, which is navigating a leadership transition while confronting rising global trade tensions. According to a chart presented during Trump's remarks, the U.S. government calculated that South Korea effectively imposes the equivalent of a 50 percent tariff on American goods when factoring in currency manipulation and non-tariff barriers. The 25 percent U.S. tariff, the administration argued, represents a “discount” to correct perceived trade imbalances. The move has triggered swift international backlash. The European Union is preparing counter-tariffs, while Canada has stated that it will “exclude no options” in its response to the escalating trade dispute. In Seoul, Minister of Trade, Industry and Energy Ahn Duk-geun convened an emergency meeting Thursday morning to assess the crisis, and to negotiate a new trade framework with Washington. 2025-04-03 09:51:58

Mirae Asset expands global reach with strategic investments, innovation Mirae Asset Securities branch in Seoul/ AJP Kim Dong-young Editor's Note: This article is the 13th installment in our series on Asia's top 100 companies, exploring the strategies, challenges, and innovations driving the region's most influential corporations. SEOUL, April 2 (AJP) - South Korea’s largest financial services conglomerate, Mirae Asset Financial Group, is further solidifying its international presence, and its continued expansion underscores its ambitions to become a dominant force in global finance. Long before Tesla CEO Elon Musk became a close advisor to U.S. President Donald Trump, Mirae Asset had already demonstrated remarkable foresight by investing 740 billion won (approximately $504 million) in Musk’s ventures, including SpaceX and X (formerly Twitter), between 2022 and 2023. This bet has proven prescient. As of late 2024, SpaceX’s valuation soared to approximately $350 billion, up from $140 billion in December 2022, according to Bloomberg. Mirae Asset’s strategic investments extend well beyond the technology sector. The firm has reaped significant returns from its alternative assets, particularly luxury hotels. The value of the Four Seasons Hotel Sydney appreciated by 79.3 percent as of September 2024, marking a significant increase from its initial investment in 2013. Likewise, the firm’s acquisition of the Fairmont Orchid in Hawaii in 2015 for 240 billion won has seen a 68.9 percent appreciation, further diversifying Mirae Asset’s global portfolio. At the helm of these strategic moves is Chairman Park Hyeon-joo, who founded Mirae Asset in 1997 and has remained a driving force in its evolution. He pioneered South Korea’s first investment advisory system and introduced the country’s first mutual fund in December 1998. By launching open-end funds, Mirae Asset led a fundamental shift from savings-based financial products to investment-driven wealth management. The firm has faced its share of challenges, including the 2008 Lehman Brothers bankruptcy, but has consistently responded with bold expansion strategies. It acquired key domestic firms, including KDB Daewoo Securities and KDB Asset Management, strengthening its position in South Korea. Internationally, Mirae Asset has aggressively pursued acquisitions, purchasing Canada’s Horizons ETFs in 2011, Prevoir Vietnam Life Insurance in 2017, and New York-based Global X ETFs in 2018. This trajectory continued with the 2023 acquisition of England-based GHCO, a European ETF specialist, and the 2024 purchase of ShareKhan, one of India’s top 10 securities firms, further cementing its foothold in key growth markets. These acquisitions have bolstered Mirae Asset’s financial performance. Its flagship entity, Mirae Asset Securities, reported a 217 percent surge in pre-tax profit to 1.18 trillion won ($802 million) in 2024, following a downturn in 2023. Net profit rose by 168 percent to 893.7 billion won, while revenue increased by 9 percent to 22.27 trillion won. The firm’s consolidated equity capital reached 12.2 trillion won in 2024, a one-trillion-won increase from the previous year. The firm has also seen record-breaking gains from overseas stock investments. In 2024, clients’ capital gains from international investments soared to 3.1 trillion won, tripling from 2023’s 1 trillion won. The number of clients subject to capital gains tax reporting surged by approximately 130 percent, exceeding 108,000 in 2025. Mirae Asset attributes this performance to improvements in recurring income from its wealth management and trading divisions, as well as 340 billion won in non-recurring gains from foreign exchange profits related to capital reallocation for its Indian expansion. Mirae Asset Securities building in Seongnam, Gyeonggi Province/ Courtesy of Mirae Asset Financial Group As the firm looks to the future, innovation remains at the core of its strategy. On March 25, Mirae Asset Global Investments launched the world’s first passive target-date ETF, the TIGER TDF2045 ETF, in collaboration with S&P 500. The move underscores the firm’s commitment to pioneering new financial products on the global stage. Chairman Park’s leadership has earned him international recognition. On July 3, 2024, he received the prestigious “International Executive of the Year” award from the Academy of International Business. In his keynote speech, he emphasized the transformative role of artificial intelligence in financial markets, stating, “Our goal is to implement an intelligent, organization-wide AI platform while ensuring transparent and responsible adoption of this powerful technology.” Mirae Asset has already integrated AI into its operations, launching robo-advisors for pension services in 2022. In late 2024, it announced plans to establish WealthSpot, a dedicated AI business unit in New York City. The robo-advisory market is expected to reach $2.06 trillion in assets under management by 2025, with an annual growth rate of 3.66 percent through 2029, according to Statista. In a March 20, 2025, interview, Park reaffirmed his conviction that AI will drive the future of investment and financial services. He also highlighted the undervalued potential of the Chinese market, signaling Mirae Asset’s continued interest in global expansion. 2025-04-03 09:17:05

Household debt per borrower hits record high A supermarket/ Yonhap SEOUL, April 2 (AJP) - South Korea's household debt burden has reached a record high, with the average per capita debt climbing to nearly 96 million won ($65,500). According to data released Wednesday by the Bank of Korea, the average household debt per borrower stood at 95.5 million won at the end of the fourth quarter of last year, the highest level since records began in 2012. While the total number of borrowers declined by 110,000 to 19.68 million — its lowest level in four years — aggregate household debt expanded by 27.1 trillion won, reaching 1,880.4 trillion won. The rise in average debt per borrower reflects an intensifying concentration of financial burdens among a shrinking pool of individuals. The figure has now increased for six consecutive quarters since the second quarter of 2023, when it stood at 93.32 million won. South Korea's total household debt first surpassed the 1,700 trillion won mark in the third quarter of 2020, later breaching 1,800 trillion won in the second quarter of 2021. The debt load has continued its upward trajectory, marking three consecutive quarters of growth since early 2024. 2025-04-02 15:30:23