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

Korean Inc. scores second best in profitability, but zombie firms hit record high SEOUL, June 10 (AJP) -Korean Inc. scored their second-best in profitability last year largely thanks to staggering margins of chipmakers, while the broad polarization deepened with zombie population hitting their all-time high, central bank study showed Wednesday. According to the preliminary corporate management analysis for 2025 released by the Bank of Korea (BOK), the revenue growth rate for non-financial corporations subject to external audits stood at 2.5 percent last year. Th June 10, 2026

Seoul starts probe on FX banks over won speculation SEOUL, June 10 (AJP) - South Korean financial authorities have launched a joint inspection on suspected speculative activities pressuring the Korean won against major currencies after the U.S. dollar went as high as 1,550 won over the weekend, the Ministry of Economy and Finance on Wednesday. The Bank of Korea and the Financial Supervisory Service will conduct both written reviews and on-site inspections from Wednesday, following an emergency market monitoring meeting held last Sund June 10, 2026

FSS to launch probe as won volatility deepens SEOUL, June 9 (AJP) - The Financial Supervisory Service (FSS) will launch a joint inspection with the Bank of Korea (BOK) to crack down on speculative currency trading and other market-disrupting activities, as they step up warnings to banks after the won briefly weakened past 1,560 per dollar earlier this week. The South Korean currency later pared losses following repeated verbal intervention by financial authorities, but officials remain on alert as expectations of further U.S. r June 9, 2026

Korea's Q1 GDP strongest in more than 5 yrs, nominal growth 50-yr high *Updated with additional data, comments, and market response SEOUL, June 09 (AJP) - South Korea's economy turned out strongest three-month performance in more than five years in the quarter ended March with nominal growth at a 50-year high, according to the finalized first-quarter figure, but the bigger surprise came from income — up record 9.2 percent — as booming chip prices amplified the gains from the AI-driven semiconductor boom. Real gross domestic product e June 9, 2026

Korea's Q1 GDP strongest since Q3 2020 as chip sector drives one-fifth of growth SEOUL, June 09 (AJP) - South Korea's economy expanded at its fastest pace in more than four years in the first quarter, driven by a semiconductor-led investment and export boom that drove near one-fifth of the growth, central bank data showed Tuesday. Real gross domestic product (GDP) grew 1.8 percent from the previous quarter and 3.8 percent from a year earlier in the January-March period, according to the Bank of Korea's final estimate. The figures were revised up from pre June 9, 2026