BOK downplays concerns of inflation from possible extra budget

SEOUL, January 14 (AJP) - The Bank of Korea (BOK) has signaled its support for increased government spending to counter a slowing economy, downplaying concerns about inflationary pressures. In a written response to a National Assembly inquiry, the central bank stated that "the possibility of extra budget spending stimulating inflation is considered low, given the current economic circumstances." This stance comes as South Korea's economy faces headwinds following th

January 14, 2025

North Korea fires multiple ballistic missiles into East Sea

SEOUL, January 14 (AJP) - North Korea fired several short-range ballistic missiles into the East Sea on Tuesday, the Joint Chiefs of Staff here said. According to the JCS, a slew of missiles were launched in Kanggye, North Pyongan Province around 9:30 a.m., flying approximately 250 kilometers before falling into the sea. The launch came just a week after North Korea test-launched a new intermediate-range ballistic missile (IRBM) equipped with a hypersonic warhead on Jan. 6. So

January 14, 2025

Trump may soften stance on North Korea's denuclearization, spy agency speculates

SEOUL, January 13 (AJP) - Incoming U.S. President Donald Trump is expected to pursue dialogue with North Korea and may opt for a "small deal" with its leader Kim Jong-un over the renegade country's nuclear weapons program, South Korea's spy agency said on Monday. The assessment was made during a closed-door briefing to lawmakers by the National Intelligence Service (NIS), just a week before Trump is set to take the oath of office in Washington, D.C. on Jan. 20.

January 13, 2025

Foreign ministers of South Korea and Japan hold talks ahead of Trump's inauguration

SEOUL, January 13 (AJP) - The foreign ministers of South Korea and Japan held talks in Seoul on Monday and agreed to maintain stable diplomatic relations between the two countries amid political uncertainty after President Yoon Suk Yeol's botched martial law debacle last month. It was South Korea's Foreign Minister Cho Tae-yul's first meeting with his Japanese counterpart Takeshi Iwaya, after the two talked over the phone in October last year when Iwaya was appointed as

January 13, 2025

SM Entertainment's new girl group set for debut next month

SEOUL, January 13 (AJP) - Rookie girl band Hearts2Hearts will make their debut next month. SM Entertainment said on Monday that the eight members of its new girl band are preparing for their debut on Feb. 24. They will become the talent mill's first girl group in about five years, following the debut of aespa in 2020. The announcement came just a day after SM unexpectedly unveiled a teaser video for the group during their 30th anniversary concert, "SMTOWN LIVE 2025," h

January 13, 2025

BOK's post-martial law liquidity supply outpaces pandemic measures

SEOUL, January 13 (AJP) - The Bank of Korea (BOK) injected 47.6 trillion won ($32.3 billion) in repurchase agreements (RPs) last December, a liquidity infusion surpassing its total pandemic-era support. RPs, the central bank’s monetary policy toolkit, are used to supply short-term liquidity to financial institutions by purchasing bonds with agreements to resell them at a later date. This intervention in December brought the BOK’s RP purchases for 2024 to an unpreced

January 13, 2025

Korean firms ramp up US investments amid policy uncertainty

SEOUL, January 13 (AJP) - Major South Korean companies are committing to substantial investments in the United States, signaling strategic moves to align with shifting trade and economic policies under a second Trump administration. On Nov. 13, CJ Group broke ground on a $540 million Asian food manufacturing plant in South Dakota, a day after Governor Kristi Noem was tapped as the nominee for homeland security secretary by President-elect Donald Trump. SPC Group followed suit o

January 13, 2025

Bong Joon-ho's sci-fi blockbuster set for world premiere at Berlinale

SEOUL, January 13 (AJP) - Oscar-winning director Bong Joon-ho's new Hollywood film will have its world premiere at this year's Berlin International Film Festival. Slated for release here on Feb. 28, "Mickey 17" has been invited for screening at the festival, which kicks off its 10-day run on Feb. 13. This marks Bong's return to the festival after more than a decade, since his previous post-apocalyptic thriller "Snowpiercer," starring Hollywood star

January 13, 2025

Soaring interest margins lead to big rewards for employees at Korean banks

SEOUL, January 13 (AJP) - South Korea's major banks are set to increase wages and performance bonuses for their employees, despite facing economic headwinds and mounting public criticism over their profitability. The five largest banks – Kookmin, Shinhan, Hana, Woori, and Nonghyup – have agreed to raise base salaries by 2.8 percent, up from 2 percent in 2024, according to banking industry sources on Monday. Shinhan and Hana banks have allocated performance bonuses

January 13, 2025

Dining costs in South Korea rise for third consecutive year

SEOUL, January 13 (AJP) - Dining costs in South Korea soared for the third straight year in 2024, climbing 3.1 percent according to data released Monday by Statistics Korea. This marked a significant jump above the overall consumer price index, which rose 2.3 percent. The price index for dining reached 121.01, with cafeteria prices experiencing the sharpest increase at 6.9 percent – the highest since records began in 2001. Popular menu items saw substantial price hikes.

January 13, 2025