Seoul plans homebuyer relief after mortgage squeeze draws criticism SEOUL, August 07 (AJP) - South Korea is preparing targeted relief from mortgage restrictions for young and first-time homebuyers, responding to criticism that its efforts to curb property speculation have made it even harder for households without substantial savings to buy homes. The move would mark a limited adjustment rather than a reversal of Seoul's household-debt crackdown, seeking to preserve curbs on leveraged property purchases while easing financing constraints on owne August 7, 2026

Foreign ministry says NSC coordinates North Korea policy SEOUL, August 06 (AJP) - South Korea's Ministry of Foreign Affairs said Thursday that North Korea policy is set through coordination centered on the National Security Council, answering questions about whether it and the Unification Ministry are working from different positions. "The government has consistently pursued policy for the peace process on the Korean Peninsula under close coordination among relevant ministries centered on the National Security Council," sp August 6, 2026

Seoul to rewrite public wealth rulebook to include cypto and AI assets SEOUL, August 06 (AJP) - South Korea will rewrite the rules governing nearly 1,403 trillion won ($985 billion) of public assets by bringing cryptocurrencies, intellectual property and financial holdings under a unified national wealth framework, marking the country's biggest overhaul of state asset management since the State Property Act was enacted more than seven decades ago. The Ministry of Economy and Finance unveiled the blueprint Thursday at an emergency economic ministe August 6, 2026

Korea's chip windfall swells C/A to record black while foreign equity exit deepens SEOUL, August 6 (AJP) - South Korea's semiconductor-driven export boom lifted its current account surplus to a record US$191 billion in the first half, nearly four times a year earlier, even as foreign investors pulled almost $89 billion from Korean stocks over the same period in the largest sustained equity outflow on record, central bank data showed Thursday. The current account surplus widened to $49.73 billion in June from the previous record of $38.61 billion in May and mo August 6, 2026

Seoul plans fall push despite North Korea silence SEOUL, August 05 (AJP) - South Korea will spend the fall looking for a way to talk to North Korea and does not expect to get one, Foreign Minister Cho Hyun said Wednesday, hours after the president told the officials who run the policy that the work will feel like shouting and hearing no echo. Asked whether the two governments might meet face to face at the United Nations General Assembly in September, Cho said the chance remains uncertain and that the North's conduct points o August 5, 2026

Seoul aims to make public education free from age 3 to university SEOUL, August 05 (AJP) -South Korea will extend free preschool to all three-year-olds from next year and may introduce full scholarships for students at regional national universities, widening state-funded education from early childhood to higher education. The measures form part of the Education Ministry's policy roadmap for the second half of 2026, reported to President Lee Jae Myung on Wednesday, as the government seeks to build what it calls a "basic education societ August 5, 2026

Lee commands Seoul to continue Pyongyang outreach SEOUL, August 05 (AJP) - South Korea will keep pursuing peaceful coexistence with North Korea even if Pyongyang refuses to respond, President Lee Jae Myung said Wednesday, likening the government's engagement efforts to "shouting with no echo." Speaking at an expanded government briefing on security, diplomacy, and North Korean issues, Lee acknowledged that officials responsible for inter-Korean affairs had little to show for more than a year of outreach since he too August 5, 2026

South Korea finalizes next year's minimum wage at 10,700 won per hour SEOUL, August 5 (AJP) - South Korea's minimum wage for next year was finalized at 10,700 won (about US$7) per hour on Wednesday, following an agreement reached last month by a 27-member committee comprising nine representatives each from workers, employers and government-appointed independent members. The Ministry of Employment and Labor said the new minimum wage will take effect on Jan. 1 and apply uniformly across all industries and workplaces. For full-time employees, it amou August 5, 2026

Korea's FX reserves up marginally July on bond issuance and softer USD SEOUL, August 05 (AJP)- South Korea's foreign exchange reserves rose only marginally in July despite a record euro-denominated sovereign bond sale and favorable currency valuation effects, as foreign exchange operations and swaps with the National Pension Service offset much of the inflow, central bank data showed Wednesday. The country's reserves stood at $427.95 billion at the end of July, up $590 million from $427.36 billion a month earlier, according to the Bank of Kor August 5, 2026

Korea's property tax overhaul outline jolts Gangnam SEOUL, August 04 (AJP) - Gangnam's luxury apartment owners were left scrambling over whether to sell, move back into their homes or brace for sharply higher tax bills after the government unveiled a sweeping property tax overhaul that many residents described as bombshell. Within hours of Monday's announcement, real estate agents across Seoul's most expensive neighborhoods said phones began ringing from owners asking whether they should accelerate planned sales or aba August 4, 2026