Constitutional Court requests Yoon to submit response to impeachment trial by next week

SEOUL, December 17 (AJP) - The Constitutional Court of Korea has requested President Yoon Suk Yeol to submit a response to his impeachment trial after his failed martial law gambit early this month, a Constitutional Court justice said on Tuesday. The National Assembly passed a motion to impeach him last week, about 11 days after Yoon abruptly declared martial law on Dec. 3, citing the need to eradicate "pro-North Korean forces and their anti-government activities" to prote

December 17, 2024

South Korean conglomerates make record investment in battery sector

SEOUL, December 17 (AJP) - South Korean conglomerates have made the largest equity investments in secondary battery companies in the past three years, according to data from a corporate analysis firm on Tuesday. According to a report by Leaders Index, 354 of the top 500 conglomerates by revenue have acquired a total of 1,368 equities, with investments amounting to 12.8 trillion won (US$8.9 billion). Secondary battery investments accounted for 4.7 trillion won, or 36.7 percent of

December 17, 2024

OPINION: FIFA has human rights policy, so how could it award Saudi Arabia 2034 soccer World Cup?

SEOUL, December 17 (AJP) - Last week, FIFA officially awarded Saudi Arabia the 2034 World Cup. The Gulf Kingdom was the sole bidder after the Asian Football Confederation made it clear it would not support an Australian bid. Supporters of the decision, including respected sports journalist Tracey Holmes, argue a World Cup in the kingdom offers a once-in-a-generation opportunity to foster positive change. A range of celebrities and players also congratulated the Saudi Arabian Footbal

December 17, 2024

Two Army commanders arrested over martial law

SEOUL, December 16 (AJP) -- Two Army commanders were arrested Monday for their alleged roles in implementing martial law, which triggered the impeachment of President Yoon Suk Yeol last week. A military court issued arrest warrants for Lt. Gen. Kwak Jong-keun, head of the Army Special Warfare Command, and Lt. Gen. Lee Jin-woo, head of the Capital Defense Command, citing concerns about flight risk and possible destruction of evidence. The two commanders are accused of deploying tr

December 16, 2024

Constitutional Court to hold first public hearing on Yoon's impeachment on Dec. 27

SEOUL, December 16 (AJP) - South Korea's Constitutional Court said Monday it will hold the first public hearing on the parliamentary impeachment of President Yoon Suk Yeol on Dec. 27. The National Assembly voted Saturday to impeach Yoon following 10 days of political turmoil sparked by his short-lived declaration of martial law on Dec. 3. Yoon's powers were suspended, and Prime Minister Han Duck-soo assumed the role of acting president. The court is required to deliver its

December 16, 2024

South Korea faces growing semiconductor competition from regional rivals

SEOUL, December 16 (AJP) - South Korea’s semiconductor industry is confronting intensifying competition from regional players like Taiwan, Singapore, and Malaysia as global powers race to dominate the burgeoning artificial intelligence chip market, according to a recent report by the Korea Trade-Investment Promotion Agency (KOTRA). The report, which analyzed export competition trends from 2019 through the third quarter of 2024, found that China remains South Korea’s cl

December 16, 2024

Investigators fail to deliver summons to Yoon for questioning

SEOUL, December 16 (AJP) - Investigators from a joint investigation team probing President Yoon Suk Yeol over his aborted declaration of martial law earlier this month failed to deliver a summons to him, as presidential security officials refused to accept it. The team, formed on Dec. 11, consists of members from the National Police Agency's Joint Investigation Headquarters, the Corruption Investigation Office for High-Ranking Officials (CIO), and the Ministry of National Defens

December 16, 2024

Impeachment sparks debate over extra budget

SEOUL, December 16 (AJP) - South Korea’s central bank has called for parliamentary discussion for approval of a supplementary budget as the government convenes emergency meetings to address economic concerns following the impeachment of President Yoon Suk Yeol. In a report released Sunday, the Bank of Korea stressed the importance of bipartisan cooperation to mitigate economic uncertainties exacerbated by domestic political instability and global market volatility. “T

December 16, 2024

S. Korean government pledges swift action to stabilize financial markets

SEOUL, December 16 (AJP) - The South Korean government vowed on Monday to accelerate key economic policies aimed at bolstering financial markets, which have shown signs of stabilization following the impeachment of President Yoon Suk Yeol on Dec. 14. Finance Minister Choi Sang-mok addressed the nation’s top financial officials during an emergency meeting that included Bank of Korea Governor Rhee Chang-yong. These meetings, held daily since the economic turmoil triggered by Y

December 16, 2024

Ruling party chief resigns following Yoon's impeachment

SEOUL, December 16 (AJP) - Han Dong-hoon, leader of the ruling People Power Party (PPP), resigned on Monday, two days after President Yoon Suk Yeol's impeachment over his aborted declaration of martial law earlier this month. "I am stepping down from my position as party leader," Han said during a press conference. Han, who had initially vowed to remain in his position despite mounting pressure to step down, was forced to resign after all five of the PPP's elect

December 16, 2024