Korea's first-half knowledge-services deficit tops $6bn amid AI use SEOUL, Sept. 17 (AJP) — South Korea's knowledge-services trade deficit widened to $6.44 billion in the first half, the largest since the second half of 2010, as payments for overseas software and copyrights surged amid wider AI deployment, central bank data showed Thursday. The shortfall widened by $1 billion from the previous six months and was the second-largest half-year deficit in data going back to 2010, behind only the $7 billion deficit recorded in the second half o September 17, 2026

Korea blames domestic procedure for U.S. investment delay SEOUL, September 17 (AJP) - South Korea's delayed announcement of its first investment project in the United States stems from domestic procedure rather than a dispute with Washington, Foreign Minister Cho Hyun said Thursday. The project is the first under a $350 billion package Seoul pledged in a tariff and investment deal with Washington reached at an October 2025 summit. "It is my understanding that this is not so much a disagreement between South Korea and the Unit September 17, 2026

Finance nominee set to take post after clearing parliamentary hearing SEOUL, September 17 (AJP) - Lee Hyung-il, nominee for deputy prime minister and minister of finance and economy, moved a step closer to taking the post as the National Assembly's finance committee adopted his confirmation hearing report on Thursday. The move makes Lee the first of six ministerial nominees tapped by President Lee Jae Myung in his second Cabinet reshuffle on Aug. 30 to clear the parliamentary confirmation process. The committee convened at 9:30 a.m. and adopted September 17, 2026

Lee set to meet IEA chief to discuss Asia-Pacific energy cooperation SEOUL, September 17 (AJP) - President Lee Jae Myung is set to meet International Energy Agency (IEA)'s executive director Fatih Birol on Thursday, according to Cheong Wa Dae. At a meeting scheduled for 2 p.m. at Cheong Wa Dae in central Seoul, the two are expected to discuss ways to make energy supplies more stable and strengthen regional cooperation in the Asia-Pacific. They will also discuss other topics including trends in global energy markets, recent developments in th September 17, 2026

Korea targets Q1 rollout of abortion pill SEOUL, September 16 (AJP) -South Korea will allow abortion pills to be prescribed as early as the first quarter of next year, seven years after the Constitutional Court ruled the country's abortion ban incompatible with the Constitution. The medication would be approved for use within 63 days, or nine weeks, of pregnancy under a plan unveiled Wednesday by the Ministry of Gender Equality and Family, the Ministry of Health and Welfare and the Ministry of Food and Drug Safety. September 16, 2026

BOK to expand beyond U.S. bonds for "active" FX management SEOUL, Sep. 16 (AJP) — The Bank of Korea (BOK) will turn more active and return-oriented in managing part of its foreign exchange reserves by increasing allocations to overseas bonds and expanding beyond U.S. Treasuries. The change would apply only to assets managed by domestic firms and would not alter the BOK's overall mix of stocks and bonds in its foreign reserves, the central bank said Wednesday. The shift comes as U.S. Treasury yields hover near two-decade highs September 16, 2026

Korea's defense min nominee faces confirmation test on Hormuz SEOUL, September 16 (AJP) - Defense Minister nominee Kang Shin-chul faces grilling from lawmakers Wednesday over contentious issues ranging from the proposed merger of South Korea's military academies to U.S. calls for Seoul to contribute to security in the Strait of Hormuz. Even before facing lawmakers, Kang set out firm positions on several key issues, backing the Lee Jae Myung administration's push to integrate the Army, Navy and Air Force academies. “I believe September 16, 2026

Lee to face controversies at Friday press conference SEOUL, September 15 (AJP) - President Lee Jae Myung will hold an agenda-free press conference Friday, with questions expected over whether he would seek a second term under any constitutional revision. The press conference will begin at 10 a.m. at Cheong Wa Dae's Yeongbingwan, or state guest house, presidential communications chief Sung Ki-hong said Tuesday. The event, Lee's seventh press conference since taking office, is expected to last about 90 minutes and will be a September 15, 2026

Korea's ruling party chief touts stronger US alliance in meeting with envoy SEOUL, September 15 (AJP) - Stronger self-defense capabilities do not conflict with a deeper alliance with the United States, ruling Democratic Party (DP) leader Kim Min-seok told U.S. Ambassador Michelle Steel on Tuesday. “The United States has been a reliable neighbor throughout South Korea's modernization, democratization and industrialization,” Kim told the U.S. envoy during their first meeting at the National Assembly since her arrival in late July. “ September 15, 2026

AI may worsen capital concentration if left unchecked, BOK study SEOUL, Sept. 15 (AJP) —Eight out of 10 new jobs created through the rise of artificial intelligence were in South Korea’s capital region, suggesting the AI-driven economy could worsen capital overconcentration, a Bank of Korea study found Tuesday. Occupations highly exposed to generative AI added 247,000 jobs over the period, with the Seoul metropolitan area accounting for 80.8 percent of the increase, according to a study published on the latest Bank of Korea (BOK) Is September 15, 2026