Next hearing in Yoon's impeachment trial set for Jan. 3

SEOUL, December 27 (AJP) - The Constitutional Court of Korea said on Friday that it will swiftly proceed with President Yoon Suk Yeol's impeachment trial after his martial law debacle earlier this month. At the first hearing for the trial, where representatives from both the plaintiff and the defendant were in attendance, Justice Cheong Hyung-sik said, "Determining the president's impeachment is more urgent than any other case" and scheduled the next hearing for Ja

December 27, 2024

Business sentiment in South Korea hits lowest since pandemic peak

SEOUL, December 27 (AJP) - South Korean business sentiment fell to its lowest level since September 2020, with the Business Survey Index (BSI) dropping 4.5 points to 87.0 in December amid political uncertainty and currency volatility, the Bank of Korea reported Friday. The manufacturing sector index fell 3.7 points on deteriorating business conditions and funding difficulties, while the service sector dropped 5 points due to worsening profitability and financial conditions. The

December 27, 2024

Acting President Han impeached

SEOUL, December 27 (AJP) - The National Assembly on Friday passed a motion to impeach Acting President Han Duck-soo over his refusal to appoint justices to fill vacancies at Korea's Constitutional Court. Han's impeachment came just a day after he insisted on a parliamentary agreement granting him the authority to appoint three nominees to fill the vacancies at the court. With the motion passed at the National Assembly, where the main opposition Democratic Party holds a su

December 27, 2024

New China envoy arrives in Seoul, vows enhanced bilateral ties

SEOUL, December 27 (AJP) - China's new ambassador to South Korea, Dai Bing, arrived in Seoul on Thursday, calling the two nations "inseparable partners" and expressing hopes for South Korea's stability amid its current political turmoil. "South Korea and China are inseparable partners and their cooperation has high levels of mutual benefit and strategic importance," Dai said in a written statement after arriving at Gimpo International Airport. The vete

December 27, 2024

North Korean soldier captured by Ukrainian forces, spy agency confirms

SEOUL, December 27 (AJP) - A North Korean soldier allegedly deployed to Russia to support its war in Ukraine has been captured by Ukrainian forces, South Korea's spy agency confirmed on Friday. "Through real-time information sharing with allied intelligence agencies, we have verified that one injured North Korean soldier has been captured," said National Intelligence Service (NIS) in a statement. "We will closely monitor further developments." The first co

December 27, 2024

Deepening political woes rattle Korean financial markets

SEOUL, December 27 (AJP) - Investors' hopes for a year-end "Santa rally" in South Korea have fizzled as economic stagnation, political turmoil, and a plummeting value of the Korean currency won hammer the financial markets. The KOSPI stock index tumbled 1.59% on Wednesday, falling to 2,391.00 during early trading and breaching the key 2,400 level. Losses were widespread, with all but one of the top 10 market-cap stocks - SK Hynix - suffering declines. With just tw

December 27, 2024

Rookie girl band ILLIT's debut single sets record with over 500 million Spotify streams

SEOUL, December 27 (AJP) - Rookie girl band ILLIT set a new record on Spotify with their debut single, reaching 500 million views on the global streaming site. The quintet's single "Magnetic" has amassed over 503.58 million streams, achieving the feat in the shortest time among debut tracks of K-pop acts, their agency said on Friday. Released in March 2024, the song captures the moments of magnetic attraction to a crush, portraying the journey of realizing and expre

December 27, 2024

Shinsegae partners with China's Alibaba to shake up e-commerce market

SEOUL, December 27 (AJP) - South Korean retail giant Shinsegae Group is teaming up with China's Alibaba Group in a strategic move to bolster its position in the country’s fast-evolving e-commerce market. The two companies announced plans for a 50:50 joint venture, set to launch next year, combining Shinsegae’s Gmarket platform with Alibaba’s South Korean operations, AliExpress Korea. The partnership, Shinsegae said in a statement, aims to create a synergis

December 27, 2024

Yoon's legal representatives set to attend impeachment hearing

SEOUL, December 27 (AJP) - Lawyers representing President Yoon Suk Yeol are expected to attend a public hearing for his impeachment trial at the Constitutional Court of Korea on Friday. Yoon's longtime friend and legal representative Seok Dong-hyun told reporters that Yoon has formed a legal defense team to handle his impeachment trial and investigations related to his short-lived martial law attempts earlier this month. According to Seok, Bae Bo-yoon, a former scholar who se

December 27, 2024

IBK workers stage first general strike

SEOUL, December 27 (AJP) - The labor union of the Industrial Bank of Korea (IBK) staged its first-ever general strike on Friday, citing wage inequality and unpaid allowances. With more than 60 percent of the bank’s workforce expected to join the walkout, disruptions are anticipated at branches nationwide. The strike follows months of failed negotiations between the union and IBK management over wages and collective bargaining agreements. Earlier this month, 88 percent of uni

December 27, 2024