Korea's financial markets rattle amid political crisis

SEOUL, December 9 (AJP) - South Korea's financial markets took a sharp hit Monday as the nation grappled with political uncertainty following President Yoon Suk Yeol's martial law declaration last week. The Korean won tumbled against the U.S. dollar, nearing the 1,440 mark, and stock indices plunged to year-to-date lows. The won closed at 1,437 per dollar, marking its weakest level since October 2022. During intraday trading, the exchange rate reached 1,438.3, sparking

December 9, 2024

​​​​​​​Martial law crisis won't impact Korea-US alliance, Austin says

SEOUL, December 09 (AJP) - U.S. Defense Secretary Lloyd Austin said Monday South Korea's recent martial law crisis won't affect the "ironclad" alliance between the two countries. "Our relationship with the ROK (Republic of Korea) is ironclad, and I expect that it will continue to be," Austin told reporters aboard the USS George Washington aircraft carrier at Yokosuka Naval Base near Tokyo. He noted that high-level military communications continue u

December 9, 2024

Yoon's approval rating nosedives

SEOUL, December 9 (AJP) - President Yoon Suk Yeol's approval rating has dipped to an all-time low since he took office, according to a poll. In a Realmeter poll of some 1,012 people nationwide surveyed last week and released on Monday, only 17.3 percent of respondents said Yoon is doing a good job, down 7.7 percentage points from a week earlier. After his aborted martial law gambit last week, his disapproval rating rose to 79.2 percent, up 8.2 percentage point from the previo

December 9, 2024

Foreign investors retreat from South Korean markets amid political uncertainty

SEOUL, December 9 (AJP) -- South Korea's financial markets are experiencing significant outflows of foreign investment following the Dec. 3 martial law declaration and subsequent political developments. On Monday, the benchmark KOSPI fell below the 2,400 mark and closed at 2,360.58, down 2.78 percent, while the tech-heavy KOSDAQ index plunged 5.19 percent. Foreign investors sold 725.5 billion won ($556 million) worth of shares in the two days following the martial law declara

December 9, 2024

Assembly panel passes bill for special counsel probe into Yoon's martial law declaration

SEOUL, December 9 (AJP) - A National Assembly committee on Monday approved a proposal to appoint a permanent special counsel to investigate President Yoon Suk Yeol and top officials on charges of rebellion and other allegations related to his aborted martial law declaration last week. The proposal, led by the main opposition Democratic Party, passed the Legislation and Judiciary Committee and is expected to be put to a vote during a plenary session on Tuesday. Unlike a regular sp

December 9, 2024

Korean battery makers' global market share falls to 20 percent

SEOUL, December 9 (AJP) - South Korea's three major electric vehicle (EV) battery manufacturers - LG Energy Solution, Samsung SDI Co. and SK On - saw their combined global market share decline to 20.2 percent in the first 10 months of 2024, marking a significant drop from 31.7 percent in the same period of 2021, a global analytics firm reported on Monday. The market share erosion comes as Chinese rivals, led by the world's largest EV battery maker CATL and automotive giant B

December 9, 2024

Yoon slapped with travel ban over failed martial law attempt

SEOUL, December 9 (AJP) - The Ministry of Justice imposed a travel ban on President Yoon Suk Yeol over his aborted martial law gambit last week. It came after police said they do not rule out questioning Yoon over treason charges and Oh Dong-woon, the chief of the Corruption Investigation Office for High-Ranking Officials (CIO), an independent agency established to root out corruption in government, ordered a travel ban on Yoon. Earlier in the day, Woo Jong-soo, head of the Natio

December 9, 2024

'Rate cuts will lead to increased office property transactions'

SEOUL, December 9 (AJP) - Seoul's office market is expected to see increased transactions in the latter half of 2024 as market sentiment improves on anticipated interest rate cuts, according to a senior Cushman & Wakefield executive in an interview with Aju Business Daily on Dec. 3. "We've observed a notable increase in office property transactions in the second half of 2024, reflecting market expectations for potential interest rate cuts," said YJ Choi, Senior

December 9, 2024

South Korean currency slumps as political crisis grips nation

SEOUL, December 09 (AJP) - South Korea’s currency plummeted to a two-year low last week as a political crisis, marked by President Yoon Suk Yeol’s declaration of martial law and the subsequent impeachment attempt, roiled the nation. The won’s decline reflects growing investor anxiety over the country’s future stability. The South Korean won weakened 24.5 won against the dollar last week, its sharpest weekly drop since January. The currency has been under pr

December 9, 2024

OPINION: Long-standing American principle of birthright citizenship under attack from Trump allies

SEOUL, December 9 (AJP) - As President-elect Donald J. Trump prepares to implement sweeping policy changes affecting American immigration and immigrants, one of the issues under scrutiny by his allies appears to be birthright citizenship – the declaration in the 14th Amendment to the Constitution that anyone born on U.S. soil is a U.S. citizen, regardless of their parents' nationalities or immigration status. Some prospective members of Trump's team, including anti-imm

December 9, 2024