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

Opposition leader rejects Yoon's 'orderly early exit'

SEOUL, December 8 (AJP) - Lee Jae-myung, leader of the main opposition Democratic Party (DP), on Sunday dismissed an idea of President Yoon Suk Yeol's "orderly early exit" after his aborted martial law gambit earlier this week. In a joint press conference earlier in the day, Prime Minister Han Duck-soo and Han Dong-hoon, leader of the ruling People Power Party (PPP) admitted that Yoon is no longer able to fulfill his duties and pledged to stabilize the national crisis

December 8, 2024

Prosecution probing Yoon on insurrection charges

SEOUL, December 8 (AJP) -- South Korean prosecutors said Sunday they have launched a criminal investigation into President Yoon Suk Yeol over allegations of insurrection related to the Dec. 3 martial law declaration. Yoon imposed martial law late Tuesday and sent armed forces to storm the National Assembly. The decree was canceled six hours later, after the parliament voted against it. Park Se-hyun, head of the special investigation team at the Seoul High Prosecutors' Office,

December 8, 2024

PM, ruling party chief seek Yoon's orderly exit

SEOUL, December 8 (AJP) - Prime Minister Han Duck-soo and the ruling People Power Party (PPP) leader Han Dong-hoon announced Sunday plans to stabilize South Korea’s political crisis by facilitating President Yoon Suk Yeol’s "orderly early departure" from office. Their joint statement was aimed at addressing mounting public and international concerns following the failed impeachment motion against President Yoon the previous day. Yoon imposed martial law late Tu

December 8, 2024

Prosecutors arrest ex-defense chief in martial law probe

SEOUL, December 8 (AJP) -- South Korean prosecutors arrested former Defense Minister Kim Yong-hyun early Sunday after an overnight interrogation in connection with the Dec. 3 martial law declaration. President Yoon Suk Yeol imposed martial law late Tuesday and sent armed forces to the National Assembly. The measure was canceled six hours later, after the parliament voted against it. Kim, who allegedly played a key role in proposing and implementing the emergency decree, was place

December 8, 2024

Visuals: People gather to call for impeachment of President Yoon

SEOUL, December 07 (AJP) - Tens of thousands of people gathered near the National Assembly in Yeouido, Seoul, Saturday as the National Assembly's vote on the impeachment motion against President Yoon Suk Yeol was underway. The vote was triggered by Yoon's martial law declaration earlier this week, which sparked widespread public anger.

December 7, 2024