UPDATE: Chip boom lifts Korea's factory jobs after 26-month slide SEOUL, October 16 (AJP) — The extraordinary chip boom fueling full-capacity production and expansion at South Korea’s chip factories has spilled over to the job front, lifting factory employment for the first time in more than two years, although opportunities for young people remained constrained. The number of employed people rose by 113,000 from a year earlier to 29.266 million in September, according to data released Friday by the Ministry of Data and Statistics (M October 16, 2026

Oil surge lifts Korea's import prices despite stronger won SEOUL, October 16 (AJP) — South Korea's import prices rebounded in September on a double-digit surge in global oil prices despite a stronger won that weighed on export prices amid the strongest export volume growth in nearly 17 years. Won-denominated import prices rose 1.7 percent from August, marking their first monthly increase in four months, according to preliminary data released Friday by the Bank of Korea (BOK). Prices were 17.6 percent higher than a year earlier October 16, 2026

South Korea, Japan agree to extend currency swap deal for another 3 years SEOUL, October 15 (AJP) - South Korea has agreed with Japan to extend their US$10 billion currency swap agreement for another three years, as the two neighboring countries seek to maintain a financial safety net and strengthen bilateral cooperation, the Ministry of Finance and Economy said on Thursday. Deputy Prime Minister and Finance Minister Lee Hyung-il met with his Japanese counterpart Satsuki Katayama on the sidelines of the annual meetings of the International Monetary Fund October 15, 2026

Lee's approval rating inches up to 44% SEOUL, October 15 (AJP) - President Lee Jae Myung's approval rating rose 1 percentage point to 44 percent, edging up from a recent low, a poll showed on Thursday. In the latest National Barometer Survey (NBS) of 1,000 adults nationwide, conducted jointly earlier this week by pollsters Embrain Public, Hankook Research, Korea Research and Kstat Research, 49 percent disapproved of Lee's job performance, down 1 percentage point from the previous poll. Seven percent were u October 15, 2026

Wartime control transfer won't happen if conditions keep changing, Seoul says SEOUL, October 15 (AJP) - The transfer of wartime control over South Korean military forces from the U.S. to South Korea could be "delayed indefinitely" if the conditions for the handover keep changing, Defense Ministry spokesperson Jeong Bit-na said on Thursday. When asked by reporters about recent remarks by U.S. Forces Korea (USFK) commander Gen. Xavier Brunson that shifting security conditions on the Korean Peninsula require "new standards" for the transfer, October 15, 2026

Korea's lending to household cools, firms rise amid tightening SEOUL, October 15 (AJP) — South Korean bank household lending barely grew in September under tightening cycle while lending to large firms surged as they rushed to secure funds for bond repayments and capital expenditure before borrowing rates went higher. Household loans increased by 0.6 trillion won ($444 million) from a month earlier, sharply down from a revised 3.5 trillion won gain in August and the smallest positive monthly increase since March, according to data rel October 15, 2026

Korea's M2 growth slows in rate-hike wake Aug SEOUL, October 15 (AJP) — South Korea's broad money growth slowed for a second month in August, while the monthly pace accelerated amid larger inflows of corporate funds into short-term deposits and trusts after the central bank hinted more tightening following back-to-back rate hikes. M2 rose 5.6 percent from a year earlier, easing from 5.8 percent in July and 6.0 percent in June, according to data released Thursday by the Bank of Korea (BOK). On a seasonally adjus October 15, 2026

Will Sejong make the FSC a backseat driver in Korean finance? SEOUL, October 14 (AJP) - The Financial Services Commission (FSC) got its orders to move to Sejong on Tuesday. On Wednesday, it was running command in central Seoul against a hacking spree that has hit 16 financial companies, the kind of crisis that relocation will soon test. After second emergency response meeting held Wednesday at Government Complex Seoul, the FSC said intrusions had been confirmed across banks, savings banks, mutual finance, card and capital firms, peer-to-peer October 14, 2026

Korea finds 16 financial firms breached, 100,000 records leaked SEOUL, October 14 (AJP) — South Korean authorities found cyber breaches at 16 financial companies that exposed about 100,000 personal-data records, prompting a sector-wide security overhaul after weaknesses were identified at nearly one-quarter of firms checked. The Financial Services Commission (FSC) disclosed the findings Wednesday after a second emergency response meeting with the Financial Supervisory Service (FSS), Financial Security Institute and other authorities. Th October 14, 2026

Former taxman named as Lee's new chief of staff SEOUL, October 14 (AJP) - Former National Tax Service (NTS) chief Lim Kwang-hyun has been tapped as President Lee Jae Myung's new chief of staff, Cheong Wa Dae said on Wednesday. During his final press briefing, Lee's outgoing top aide Kang Hoon-sik, who offered to resign last month following a series of failed Cabinet nominations, announced Lim's appointment. Kang said Lim, a former lawmaker and economic bureaucrat with extensive administrative experience, had helped October 14, 2026