BOK cuts 2025 growth forecast, citing negative impact from martial law

SEOUL, January 21 (AJP) - South Korea’s central bank has revised its 2025 economic growth forecast downward to a range of 1.6 to 1.7 percent from an earlier estimate of 1.9 percent. The Bank of Korea (BOK) attributed the adjustment to heightened political uncertainty and a slump in consumer confidence following December’s martial law declaration and the deadly Jeju Air incident. In a statement released Monday, the BOK indicated that growth in the fourth quarter of 2

January 21, 2025

Trump calls North Korea 'nuclear power'

SEOUL, January 21 (AJP) - Donald Trump, who was just sworn in as the 45th U.S. President in Washington, D.C. on Monday, referred to North Korea as a "nuclear power" and recalled his "good relationship" with the renegade country's leader Kim Jong-un during his first presidency in 2017. "I was very friendly with him. He liked me. I liked him. We got along very well. I think he will be happy to see me coming back," Trump said while signing a raft of ex

January 21, 2025

Hyundai Motor's three EVs lose US tax credits

SEOUL, January 21 (AJP) - Hyundai Motor has lost eligibility for U.S. federal tax credits on three of its electric vehicle models. The U.S. Department of Energy’s latest federal tax credit list no longer includes Hyundai’s Ioniq 5, Ioniq 9, and Genesis GV70 electric models. Earlier this month, all five models from Hyundai Motor had been eligible for the $7,500 tax credit. Sister company Kia’s EV6 and EV9 models remain on the list of 23 electric and plug-in hybri

January 21, 2025

Yoon denies impeachment allegations during trial

SEOUL, January 21 (AJP) -South Korean President Yoon Suk Yeol denied allegations linked to his impeachment during his testimony at the Constitutional Court on Tuesday, saying he neither ordered lawmakers to be forcibly removed from parliament nor intended to implement martial law despite issuing an emergency decree in December. Yoon, detained in a solitary cell on charges of insurrection and abuse of power, appeared for a hearing in his impeachment trial which started at 2:00 p.m.

January 21, 2025

As Trump takes office, uncertainty looms for South Korea amid power vacuum

SEOUL, January 20 (AJP) - As U.S. President Donald Trump is sworn in as the 45th President of the U.S. in Washington, D.C. on Monday, as South Korea is bracing for potential shifts in its diplomatic relations with its key ally. Trump's inauguration inside the Capitol, the first indoor ceremony since 1985 due to bitterly cold weather, comes just a day after South Korean President Yoon Suk Yeol was arrested and incarcerated over his botched martial law debacle last month, making a

January 20, 2025

Season's first fine dust advisory issued for Seoul

SEOUL, January 20 (AJP) - This winter's first ultra-fine dust advisory was issued for the Seoul metropolitan area on Monday. The advisory was issued by the Seoul Government Research Institute of Public Health and Environment as Seoul's average ultra-fine dust concentration or PM 2.5 density was 97 ㎍/㎥ as of noon and remained at very harmful levels throughout the day. Such advisories are issued when the hourly average concentration of PM 2.5 exceeds 75 ㎍/㎥ for more tha

January 20, 2025

Lotte Card faces uncertain prospects in second sale attempt

SEOUL, January 20 (AJP) - The owner of South Korea’s Lotte Card is making a renewed effort to sell the company, distributing teaser letters to potential buyers amid skepticism about whether major financial groups will step up to make a bid. Industry insiders suggest the success of the sale hinges on participation from leading financial players like KB Financial Group and Hana Financial Group. However, both companies have demonstrated a cautious approach to mergers and acquisit

January 20, 2025

Police in another attempt to search for evidence in martial law debacle

SEOUL, January 20 (AJP) - Police on Monday raided President Yoon Suk Yeol's personal quarters in Samcheong-dong as well as an office for his security officials at the presidential office in Yongsan, Seoul. In another attempt to search for evidence related to his botched martial law debacle last month including CCTV footage, investigators from the National Office of Investigation arrived each site around 1:30 p.m. Monday's raid came just a few weeks after their previous at

January 20, 2025

Dozens of Yoon's young die-hard supporters to face arrest after violent court intrusion

SEOUL, January 20 (AJP) - Over half of the protesters who were arrested for storming a court in Seoul on Sunday were mostly young die-hard supporters of President Yoon Suk Yeol, according to police authorities. The Seoul Metropolitan Police Agency (SMPA) said on Monday that 46 of the 90 protesters, who caused a violent disturbance to prevent Yoon's arrest over his martial law debacle last month, were those in their 20s and 30s, making up about 51 percent. Police detained them

January 20, 2025

PHOTOS: Kyungdong Market in eastern Seoul offers authentic slice of local life

Editor's Note: This is the first of a special photo series exploring Kyungdong Market, one of Seoul's biggest traditional marketplaces. SEOUL, January 20 (AJP) - While Hongdae is known for its trendy appeal to young people and tourists, Kyungdong Market in eastern Seoul has earned the affectionate nickname "Hongdae for seniors," serving as a lively social and shopping hub for the city's elderly residents since the 1960s. As Seoul's largest traditional market, Kyun

January 20, 2025