BOK allocates 20 billion won for flood-hit Gyeongnam SMEs SEOUL, August 25 (AJP) - The Bank of Korea on Tuesday allocated 20 billion won ($14.5 million) in emergency funding to support small and medium-sized businesses hit by torrential rain in South Gyeongsang Province. The funds will be drawn from reserves under the central bank's Bank Intermediated Lending Support Facility and assigned to its Gyeongnam branch, the BOK said. Eligible businesses must have received official certification of flood damage from a local government or ad August 25, 2026

Korea's food costs climb across home meals and dining out SEOUL, August 25 (AJP) - Korean households are facing renewed food-cost pressure across home cooking and dining out as extreme summer weather damages crops and fresh produce, adding to already elevated import costs. Korea Consumer Agency data released Tuesday showed ingredients for one home-cooked samgyeopsal (pork barbecue) meal cost 10,191 won ($7.38) in the first half, up 11.8 percent from a year earlier. “The first-half trend was moderate, but continuously rising wi August 25, 2026

Lee to hold private meetings with Samsung, Hyundai chiefs SEOUL, August 25 (AJP) - President Lee Jae Myung is reportedly arranging to meet with Samsung Group chairman Lee Jae-yong and Hyundai Motor Group chairman Chung Eui-sun this week, following a private dinner with SK Group chairman Chey Tae-won last week. But Cheong Wa Dae on Tuesday declined to confirm whether Lee would meet with them, saying it does not comment on the president's private schedule. Such meetings come as Lee has stepped up cooperation with business leaders sinc August 25, 2026

Chip tax windfall to fuel record 2027 budget for Korea SEOUL, Aug. 25 (AJP) — South Korea is packaging a record budget of 800 trillion won ($579 billion) for the first time for 2027, with spending set for its first double-digit increase since the global financial crisis as a chip-driven tax bonanza gives the government room to accelerate fiscal expansion even as monetary policy tightens and public debt continues to climb. The Ministry of Planning and Budget is putting the finishing touches on the spending plan, which is expect August 25, 2026

Korea's Aug consumer confidence falls on volatile stocks and prices SEOUL, Aug. 25 (AJP) — South Korea's consumer confidence fell for the first time in four months in August as a stock-market correction and accumulated price pressures weighed on sentiment despite solid economic conditions, central bank data showed Tuesday. The Bank of Korea's Composite Consumer Sentiment Index (CCSI) fell 2.3 points from a month earlier to 104.5, snapping three straight months of gains since May. The index nevertheless remained above the benchmark o August 25, 2026

Lee accepts justice minister's resignation SEOUL, August 24 (AJP) - President Lee Jae Myung on Monday accepted the resignation of Justice Minister Jung Sung-ho, who offered to step down about a week ago, citing worsening health. During a press briefing at Cheong Wa Dae, presidential spokesperson Kang Yu-jung said Lee accepted Jung's resignation and that the government would promptly name a successor to "avoid disruptions" in state affairs. Jung, a close aide to Lee, submitted his resignation last Tuesday August 24, 2026

Korea's Q1 payroll gains skew older while youth jobs slump SEOUL, August 24 (AJP) - South Korea's payroll job growth accelerated in the first quarter, but positions held by younger workers continued to shrink to highlight an uneven labor-market recovery concentrated among older workers and service industries. The number of wage-worker jobs stood at 20.828 million in the first quarter, measured as of February, up 292,000 or 1.4 percent from a year earlier, the Ministry of Data and Statistics said Monday. The increase widened from ju August 24, 2026

Seoul unveils national AI ethics principle SEOUL, August 24 (AJP) - South Korea has adopted a set of national ethics principles for artificial intelligence, laying out common standards that developers, users, government and society are expected to uphold as the technology reshapes daily life. The Ministry of Science and ICT and the Korea Information Society Development Institute said Monday that the national ethics principles for AI were finalized on Aug. 21 after being reviewed and approved at a meeting of science and techn August 24, 2026

BOK August rate call splits 5-4 over back-to-back hike SEOUL, August 24 (AJP) - The Bank of Korea has made clear that monetary policy is biased toward further tightening after its July rate increase, but economists are narrowly divided over whether it will deliver a back-to-back hike this week or wait until the fourth quarter to assess inflation and a sharp repricing in global bond markets. Five of nine economists in a combined AJP and Aju Business Daily survey expect the Monetary Policy Board to hold the benchmark rate at 2.75 percent August 24, 2026

Lee's approval rating hits new low SEOUL, August 24 (AJP) - President Lee Jae Myung's approval rating continued to plunge, hitting a new low, pollster Realmeter said on Monday. In a survey of more than 2,000 adults nationwide conducted last week, 40.2 percent of respondents said Lee was doing a good job, down 2.8 percentage points from the previous week and marking the sixth consecutive week of decline. The disapproval rating rose 2.8 percentage points to 56.9 percent. Some 3 percent remained undecided. August 24, 2026