Korea's permanent payroll falls for the first time in 26 years on youth job crisis SEOUL, June 15 (AJP) -South Korea's permanent payroll fell for the first time in more than 26 years in May, underscoring a deepening employment crisis among younger workers as demographic decline, industrial restructuring and the early impact of artificial intelligence weigh on hiring. The number of permanent employees stood at 16.74 million in May, down 7,000 from a year earlier, according to the Ministry of Data and Statistics. It marked the first year-on-year decline since De June 15, 2026

Korea's employment insurance deficit stretches amid record unemployment benefit SEOUL, June 14 (AJP) -South Korea's labor market weakness is increasingly spilling into public finances, with rising unemployment benefit payments and a growing economically inactive population exposing cracks beneath an economy still buoyed by semiconductor exports. According to the Ministry of Employment and Labor's 2025 Employment Insurance Fund settlement report, benefit expenditures surged to a record 20.94 trillion won ($15.3 billion) last year, up 12.3 percent from June 14, 2026

Middle East, Ukraine wars loom over G7 summit, Lee to join in France SEOUL, June 14 (AJP) - Leaders of the Group of Seven and invited partner nations will gather in France this week as escalating geopolitical tensions in the Middle East and the protracted war in Ukraine dominate the agenda, with President Lee Jae Myung set to attend for a second consecutive year. The summit will take place from June 15 to 17 in the French lakeside resort town of Evian-les-Bains, bringing together leaders of the United States, Britain, Germany, France, Italy, Japan June 14, 2026

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

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