Gender wage gap persists in South Korea as women earn 70 percent of men's pay

SEOUL, January 16 (AJP) - South Korea's wage gap between men and women showed gradual improvement in 2023, though disparities remain significant, according to the 2024 Women's Economic Activity White Paper released on Thursday. The paper, released by the Ministry of Gender Equality and Family and the Ministry of Employment and Labor, showed women earned an average hourly wage of 18,502 won ($14) in 2023 - 71 percent of the 26,042 won ($20) earned by men. While progress is

January 16, 2025

Korea Zinc technicians vow to leave company if Young Poong-MBK bid succeeds

SEOUL, January 16 (AJP) - A group of core technicians and researchers at South Korea's largest zinc smelter Korea Zinc vowed on Thursday to resign if a hostile takeover bid by Young Poong and private equity firm MBK Partners succeeds. The announcement, led by Chief Technology Officer and Vice Chairman Lee Je-joong, comes just a week ahead of a pivotal shareholders’ meeting on Jan. 23, where the fate of the takeover will be decided. “We strongly oppose the hostile

January 16, 2025

North Korean leader 'relies on nuclear weapons to maintain power,' US secretary of State nominee says

SEOUL, January 16 (AJP) - North Korean leader Kim Jong-un uses nuclear weapons as a means of maintaining his grip on power, a nominee for U.S. Secretary of State said on Wednesday. During his confirmation hearing before the Senate Committee on Foreign Relations, Marco Rubio described Kim as "a 40-something-year-old dictator who has to figure out how to hold down to power for the rest of his life," adding that "he has used nuclear weapons as his insurance policy to sta

January 16, 2025

Chinese tech, auto giants seek expansion in Korea with aggressive pricing strategies

SEOUL, January 16 (AJP) - China’s BYD and Xiaomi have announced plans to enter the highly competitive Korean markets, aiming to challenge the dominance of local giants with aggressively priced electric vehicles and consumer electronics. BYD, the world’s largest electric vehicle manufacturer by sales, unveiled its strategy, Thursday, to introduce four electric vehicle models in South Korea in 2025, targeting sales of 10,000 units. The rollout begins in February with

January 16, 2025

Korea unveils electric vehicles, battery subsidy plans

SEOUL, January 16 (AJP) - South Korea announced a 1.5 trillion won ($1.03 billion) subsidy program for electric vehicles (EVs) and a 7.9 trillion won ($6.8 billion) financial package for its secondary battery industry. This aims to revive its eco-friendly vehicle market amid a temporary downturn and prepare for policy uncertainties under the second Trump administration in the United States. The measures, revealed by the Ministry of Trade, Industry and Energy on Wednesday during a

January 16, 2025

Korea urged to focus on quantum applications as it lags behind global competitors

SEOUL, January 16 (AJP) - As the United States, China, Japan and Europe are poised to achieve significant advancements in quantum technology this year, South Korea is considered to be in the nascent stages of development. To secure global competitiveness, experts say the country must leverage quantum technology applications, including communication and sensors. According to the Ministry of Science and ICT, as of June last year, South Korea ranked lowest among 12 m

January 16, 2025

BOK freezes interest rate in worries of inflation, weakening won

SEOUL, January 16 (AJP) - The central bank left its benchmark interest rate unchanged at 3 percent on Thursday, prioritizing concerns over a weakening won as the country grapples with mounting economic headwinds. The Bank of Korea’s monetary policy board paused its rate-cutting cycle, raising fears that additional reductions could push the currency past the critical 1,500 threshold against dollar, risking inflationary pressures and destabilizing foreign capital flows. The c

January 16, 2025

Yoon refuses further questioning after hours of silence in initial inquiry

SEOUL, January 16 (AJP) - President Yoon Suk Yeol on Thursday declined further questioning after being grilled for several hours the previous day, shortly after his arrest by investigators from the Corruption Investigation Office for High-ranking Officials (CIO). Yoon's legal representatives said that the president was "not feeling well" and had already expressed his position during his previous questioning session, which lasted nearly 11 hours at the CIO headquarters

January 16, 2025

PHOTOS: First-ever arrest of a sitting president

SEOUL, January 16 (AJP) - President Yoon Suk Yeol, accused of being responsible for the December 3 martial law incident, was arrested by the Corruption Investigation Office for High-ranking Officials on Thursday. After approximately 11 hours of questioning, he was detained at the Seoul Detention Center at around 9:50 p.m.

January 16, 2025

Central bank keeps interest rate amid currency concerns

SEOUL, January 16 (AJP) - The Bank of Korea (BOK) on Thursday kept its benchmark interest rate unchanged at 3 percent, citing concerns over the weakening Korean won. The decision comes after two consecutive rate cuts of 0.25 percentage points in October and November. The BOK cited the recent surge in the won-dollar exchange rate as a key factor in its decision. Economists believe that further interest rate cuts could exacerbate the depreciation of the won by widening the int

January 16, 2025