Counterfeit banknotes hit near-record low in 1st half SEOUL, July 08 (AJP) - The number of counterfeit Korean won banknotes found in circulation fell by more than 30 percent in the first half from a year earlier, the Bank of Korea said Wednesday. A total of 41 counterfeit banknotes were detected during the first six months of this year, down 21 from 62 a year earlier, marking a 33.9 percent decline. The tally includes counterfeit notes discovered by the central bank while handling currency in circulation, as well as those reported t July 8, 2026

C/A data explains the mystery behind the stubbornly weak won SEOUL, July 08 (AJP) - The foreign-exchange formula used to be simple for South Korea. The current-account surplus set the tone for the Korean won against the U.S. dollar in the export-reliant economy. Strong exports bolstered the won, while a weaker won made Korean goods more competitive overseas. For foreign-exchange watchers, trade data mattered most. Not anymore. The Korean won has hovered around 1,500 per U.S. dollar since late last year. The dollar ended June at 1,549.4 July 8, 2026

Incoming US ambassador to arrive in Seoul soon SEOUL, July 8 (AJP) - Incoming U.S. Ambassador to South Korea Michelle Steel is expected to arrive in Seoul soon after completing the confirmation process in Washington. In a post on X, formerly Twitter, on Wednesday, the U.S. Embassy in Seoul said Steel is "scheduled to arrive in Seoul soon and looks forward to further strengthening the relationship between our two countries." "I am so honored to serve as the next U.S. ambassador to South Korea," Steel said i July 8, 2026

Seoul enters NATO procurement talks as alliance opens industrial network SEOUL, July 08 (AJP) -South Korea and the North Atlantic Treaty Organization (NATO) agreed Tuesday to launch negotiations on a procurement framework agreement, positioning Korean defense companies to participate in the alliance's expanding industrial and joint procurement network as NATO unveiled sweeping initiatives to accelerate defense production across Europe and North America. The agreement was reached during President Lee Jae Myung's meeting with NATO Secretary Gener July 8, 2026

Korea's ruling party dominance wanes as young voters lose faith SEOUL, July 07 (AJP) - On June 16, a woman in her 20s with an American flag wrapped around her waist chained herself to a tape-bound gate at Seoul's Olympic Handball Gymnasium, preventing police from reopening the venue after it had been sealed over a ballot-shortage controversy in the June 3 local elections. Some protesters hailed her as the "Joan of Arc of Olympic Park." The scene is no longer unusual. Increasingly, it is young people—not the elderly—ta July 7, 2026

Korean households' stock and fund buying nears $40 bn in Q1, nearly matching foreign sales SEOUL, July 07 (AJP) - South Korean households’ purchases of equity securities and investment fund shares nearly doubled to 61.4 trillion won ($40 billion) from 34 trillion won in the first quarter, the latest data underscoring the stock craze that gripped the country as investors watched the benchmark KOSPI surge in the first half. Foreign investors sold nearly the same amount, offloading a net 62.1 trillion won worth of Korean equities and investment funds, more than seven t July 7, 2026

Lee heads to Ankara to attend NATO summit SEOUL, July 7 (AJP) - President Lee Jae Myung left for Türkiye on Tuesday as part of a weeklong overseas trip that will also include a visit to Mongolia. Lee is scheduled to attend the North Atlantic Treaty Organization (NATO) summit in Ankara, which begins its two-day gathering on Tuesday. South Korea is not a NATO member, but it has been invited to the summit as one of the Indo-Pacific Four (IP4) partners — along with Australia, Japan and New Zealand — as t July 7, 2026

Korea's Lee orders speed in "Chip Republic" projects SEOUL, July 06 (AJP) -South Korea's ambition to transform itself into a "Chip Republic" is expected to gain traction as President Lee Jae Myung on Monday ordered officials to fast-track implementation of the country's three AI mega projects, declaring that "speed is everything" in the global race for technological supremacy. "The outcome will depend on who moves faster," Lee said during a public-private review meeting on the projects at the pres July 6, 2026

Business shutdown at record pace as Korea's self-employed squeeze deepens SEOUL, July 06 (AJP) -South Korea saw nearly 84 business closures for every 100 new business registrations last year, the highest ratio in 12 years, reflecting a sharp slowdown in entrepreneurship amid a prolonged economic downturn. A record 317,406 businesses that had operated for five years or more shut down last year, accounting for 32.5 percent of all closures. More than half cited sluggish business conditions as the reason for closing, the highest share since 2009 in the a July 6, 2026

Korea's FX market shifts to 24-hour system in bid to globalize won SEOUL, July 06 (AJP) -South Korea's foreign exchange market began operating on a near 24-hour basis Monday, a milestone reform aimed at making the won more accessible to global investors and strengthening the country's case for inclusion in developed-market indexes. Under the new framework, spot trading will run continuously from 6 a.m. Monday to 6 a.m. Saturday during U.S. daylight-saving time, with the opening and closing shifting to 7 a.m. during U.S. winter time. De July 6, 2026