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BOK governor urges timely rate hikes as inflation, housing risks build
SEOUL, June 12 (AJP) - Bank of Korea Governor Shin Hyun-song said Friday the central bank needs to raise interest rates “without delay,” sending his clearest signal yet that South Korea is moving closer to monetary tightening as inflation, housing prices and leveraged stock investment risks build at the same time. Speaking at a ceremony marking the BOK’s 76th founding anniversary, Shin said growth, inflation and financial stability conditions are pointing “re
June 12, 2026
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South Korea agrees to launch CEPA talks with Morocco SEOUL, June 12 (AJP) - South Korea has agreed with Morocco to begin talks to expand trade and industrial cooperation, the Ministry of Trade, Industry and Resources said on Friday. According to the ministry, Trade Minister Yeo Han-koo visited Morocco earlier in the week and met with his Moroccan counterpart Omar Hejira to discuss ways to boost trade and investment and broaden economic cooperation between the two countries. During their talks, both sides agreed to form a consul June 12, 2026 -
Korea's ruling party explores second year's challenges in an in-house forum SEOUL, June 11 (AJP) -South Korean President Lee Jae Myung has restored the dignity of the country's hard-won democracy, but what lies beyond can define the true scorecard of the liberal government, according to the ruling party's in-house seminar amid sagging approval rating following disappointing local election results. At a forum at the National Assembly in Yeouido, hosted by the office of Rep. Sohn Myung-soo of the ruling Democratic Party (DP) Thursday, persistent chal June 11, 2026 -
Korea's defense of won tested by SpaceX frenzy and foreign exodus SEOUL, June 11 (AJP) - South Korean authorities battling to defend the won near global financial crisis-era levels appeared to move to contain a retail rush into the blockbuster SpaceX listing on Friday, as surging demand for U.S. assets threatens to add pressure on the currency alongside a record foreign capital exodus. The Financial Supervisory Service (FSS) on Thursday summoned auditors from 12 major brokerages and urged them to strengthen internal controls over overseas investme June 11, 2026 -
Korea's ruling front humbles as approval rating droops in election aftermath SEOUL, June 11 (AJP) - The honeymoon period had been unprecedentedly longer for South Korean President Lee Jae Myung compared with past leaders, but it eventually came to an end. Just before departing for a European tour on Wednesday, Lee took time for a moment of self-reflection. In a post on X, he apologized to the public and pledged to "work harder" with greater modesty and openness after a string of polls showed his approval ratings falling sharply in the aftermat June 11, 2026 -
Inequality deepens for Korean households on wealth gap and AI rise SEOUL, June 11 (AJP) - South Korea's household inequality is becoming more complex as property-driven wealth gaps combine with renewed income polarization, the Bank of Korea said Thursday. Rising real estate prices have widened wealth gaps between homeowners and non-homeowners, regions and generations. The net wealth Gini coefficient rose to 0.625 in 2025 from 0.584 in 2017, with a higher reading indicating a more unequal distribution. The central bank identified rising prope June 11, 2026 -
Lee arrives in Italy after wrapping up his visit to Belgium SEOUL, June 11 (AJP) - President Lee Jae Myung, who is on a trip to Europe, arrived in Italy on Wednesday after wrapping up his itinerary in Belgium. During the second leg of his two-week trip to Europe, he is scheduled to meet Italian President Sergio Mattarella after a welcoming reception. Lee will also hold separate talks later in the week with Prime Minister Giorgia Meloni, whom he met on the sidelines of the U.N. General Assembly in New York in September last year and again June 11, 2026 -
Employment falls for 1st time in 17 months as youth jobs dwindle SEOUL, June 11 (AJP) - South Korea's employment fell for the first time in 17 months in May, largely due to a sharp decline in youth employment and manufacturing jobs, according to data released by the Ministry of Data and Statistics on Thursday. The number of employed people aged 15 and older stood at 29.12 million last month, down 40,000 from a year earlier. Youth employment weakened sharply, with the number of employed people aged 15 to 29 declining by 255,000 to 3.43 mill June 11, 2026 -
South Korea's opposition party picks former Yoon ally as floor leader SEOUL, June 10 (AJP) -Jeong Jeom-sig, a prosecutor-turned three-term lawmaker and longtime ally of former President Yoon Suk Yeol, was elected floor leader of South Korea's main conservative opposition on Wednesday, underscoring the People Power Party's continued reliance on pro-Yoon figures despite its crushing defeat in last week's local elections. The People Power Party (PPP) said Jeong defeated four-term lawmaker Kim Do-eup in a runoff vote among party lawmakers at June 10, 2026 -
Korea's cash stimuli program helped merchants but stopped short of aiding economy: BOK SEOUL, June 10 (AJP) -The handouts of consumer coupons by the new Korean government last year aimed to jump-start lethargic consumption boosted revenue of around 2.8 trillion won ($1.8 billion) for small businesses last year, the Bank of Korea said Wednesday while acknowledging short-lived effect from cash benefits on broader economy. The central bank said in its latest study in Issue Note that about 30.9 percent of the 9.1 trillion won distributed through credit cards translated in June 10, 2026