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  PM to head to New York this week to bid for UN AI hub SEOUL, March 10 (AJP) - Prime Minister Kim Min-seok is reportedly arranging to visit New York later this week, according to multiple government sources on Tuesday. Kim is expected to visit U.N. headquarters as early as Thursday to propose that South Korea host a U.N. artificial intelligence (AI) hub, which would be linked to several AI projects currently being pursued by the organization. He is likely to meet with senior U.S. officials including Vice President JD Vance, w March 10, 2026
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  Seoul mulling supplementary budget, fuel price cap and tax cut amid oil concerns SEOUL, March 10 (AJP) -South Korean President Lee Jae Myung on Tuesday ordered a string of emergency actions — including a cap on gasoline prices, fuel tax cuts and direct consumer support — through a supplementary budget if deemed necessary to relieve household burdens from import inflation triggered by widening Middle East conflicts. “National capabilities must concentrate on minimizing the impact of external shocks on household and corporate economies,&rd March 10, 2026
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  South Korea GDP confirmed contracting in Q4, 2025 growth slowest in five years SEOUL, Mar. 10 (AJP) — South Korea confirmed that its economy contracted in the fourth quarter of 2025, while full-year growth slowed to its weakest pace in five years amid a slump in construction and slowed investment activity. According to final data released by the Bank of Korea on Tuesday, real gross domestic product (GDP) fell 0.2 percent from the previous quarter in the October–December period, marking a return to contraction after earlier gains in the year. March 10, 2026
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  South Korea, Switzerland extend currency swap deal by another five years SEOUL, March 9 (AJP) - South Korea has agreed with Switzerland to extend their currency swap deal by five years, financial authorities here said on Monday. According to the Bank of Korea (BOK), the bilateral currency swap deal will now run until March 1, 2031, allowing the two countries to swap up to 10 billion Swiss francs or about 18.5 trillion won (US$12.4 billion). A currency swap allows one country to deposit its own currency in another country's reserves in return March 9, 2026
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  Seoul braces for worst-case scenario as oil shock rattles markets SEOUL, March 09 (AJP) - President Lee Jae Myung on Monday ordered the government to prepare for a “worst-case scenario” as the widening Middle East conflict threatens to deliver a triple shock to South Korea’s economy from high oil prices, dollar, and interest rates. Chairing an emergency cabinet meeting, Lee warned that the trajectory of the crisis remains highly uncertain. “It is difficult to predict how the situation will unfold,” Lee said. &ldquo March 9, 2026
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  Seoul tells Koreans to leave seven Middle East countries "immediately" SEOUL, March 09 (AJP) - South Korea has raised its travel alert for parts of the Middle East to Level 3 — “leave immediately” — as the U.S.–Israel war with Iran widens across the Gulf region and threatens key energy infrastructure. The Foreign Ministry said Sunday it upgraded a special travel advisory for Bahrain, the United Arab Emirates, Oman, Qatar, Kuwait, Saudi Arabia and Jordan, urging South Korean citizens to leave areas where the new alert ap March 9, 2026
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  Osan airlift fuels U.S. redeployment speculation amid Iran war SEOUL, March 08 (AJP) - A series of departures by large U.S. military transport aircraft from a key American air base in South Korea has fueled speculation that some U.S. Forces Korea (USFK) air defense assets could be redeployed to the Middle East amid the escalating conflict involving Iran. According to the real-time flight tracking service Flightradar24, multiple U.S. Air Force C-5 and C-17 transport aircraft that arrived at Osan Air Base in Pyeongtaek, south of Seoul, in late March 8, 2026
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  Seoul fiddles with price controls as gasoline price near sensitive threshold SEOUL, March 08 (AJP) -South Korea is approaching a politically sensitive threshold as gasoline prices surge toward 2,000 won ($1.35) per liter, prompting the government to consider emergency price controls for the first time in decades amid a global oil shock triggered by the war involving Iran. President Lee Jae Myung has ordered an aggressive multi-agency response as international crude prices jump to multi-year highs and domestic fuel prices climb rapidly. According to the March 8, 2026
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  South Korea secures 6 million barrels of crude oil from UAE to curb soaring fuel prices SEOUL, March 6 (AJP) - South Korea has secured over 6 million barrels of crude oil from the United Arab Emirates (UAE), Cheong Wa Dae said on Friday. "We have consulted with the UAE to secure crude oil, and the good news is that we were able to secure more than 6 million barrels," presidential chief of staff Kang Hoon-sik said during a press briefing on Friday, adding that it will help stabilize oil prices. Fuel prices in South Korea have been rapidly rising amid th March 6, 2026
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  South Korea to crack down fuel price collusion amid Middle East tensions SEOUL, March 5 (AJP) - The government will crack down on price collusion and other unfair practices, and strict measures will be taken against any violations, Deputy Prime Minister and Finance Minister Koo Yoon-cheol said on Thursday. His remarks came as domestic fuel prices were already surging even before the impact of escalating tensions in the Middle East caused by last week's U.S.-led airstrikes against Iran under the military operation dubbed "Operation Epic Fury&qu March 5, 2026