Page 2 - South Korea Economy

Japan, South Korea mark 60 years of ties despite tensions, uncertainty

Japan and South Korea are marking the 60th anniversary of the normalisation of their diplomatic relations Sunday. The two Asian powers, rivals and neighbours, have often had little to celebrate, much of their rancour linked to Japan's brutal colonial rule of Korea in the early 20th century. Things have gotten better in recent years, but both nations each a strong ally of the United States now face political uncertainty and a growing unease about the future of their ties. Here's a look at one of Northeast Asia's most crucial relationships, from both capitals, by two correspondents from The Associated Press. The view from Seoul South Korea's new liberal president, Lee Jae Myung, is determined to break sharply from the policies of his disgraced predecessor, Yoon Suk Yeol, who now faces a trial on charges of leading an insurrection over his imposition of martial law in December. Relations with Japan, however, are one area where Lee, who describes himself as a pragmatist in foreign .

South Korea passes bills calling for special probes into Yoon, his wife

South Korea's liberal-led legislature on Thursday passed bills to launch special investigations into former President Yoon Suk Yeol's short-lived imposition of martial law in December and criminal allegations against his wife, targeting the ousted conservative a day after his liberal successor took office. The bills were previously vetoed by Yoon and South Korea's caretaker government after his December 14 impeachment over the martial law debacle. The bills are expected to be signed by new President Lee Jae-myung, a Democrat who won Tuesday's snap election triggered by Yoon's formal removal from office in April.

Lee Jae Myung elected as South Korea's President, ending 6 months of chaos

Lee, a former labor activist, won Tuesday's election with 49.4 per cent of the vote, a comfortable win over Kim Moon-soo of the incumbent People Power Party

Why South Koreans can't order by Presidential candidates' name at Starbucks

Starbucks' decision comes after the order callouts forced baristas into awkward, sometimes inflammatory, moments turning coffee pickups into political statements

South Korea's presidential campaigns kick off with focus on ailing economy

Asia's fourth-largest economy will hold a snap presidential election on June 3 to choose Yoon Suk Yeol's successor after the conservative leader was ousted over his shock martial law order

South Korea's acting President Han Duck-soo resigns to run in June 3 polls

Duck-soo's supporters say his long experience in government, especially with the economy, makes him the right person to handle tough issues like US President Donald Trump's tariff policies

South Korea sees Trump starting tariff talks with Seoul, Japan and India

Acting President Han Duck-soo said he expected there to be a video meeting between the US and South Korean officials on the proposed Alaska LNG project soon, Yonhap News Agency reported

South Korea to prepare support plans ahead of US tariff enforcement

South Korea's financial regulator also asked firms and state institutions to be prepared to provide liquidity support for exporting companies and their contractors hit by tariffs

South Korea requests to be excluded from Trump's efforts to raise tariffs

South Korean officials have asked the Trump administration to exclude their country from US plans to impose aggressive tariffs on trade partners, emphasizing that Seoul is already applying low duties on American products under the free trade agreement between the two nations. South Korea's government on Friday said Deputy Trade Minister Park Jong-won made the request while travelling to Washington this week for meetings with unspecified officials from the White House, the Department of Commerce and the Office of the US Trade Representative. The South Korean Trade Ministry didn't say what Park heard from the Americans. Park cited how South Korean companies were contributing to the US economy through large-scale business investments and noted that the country was already imposing low duties on free trade partners such as the United States. He called for South Korea to be excluded from US plans to establish reciprocal tariffs with trade partners and raise duties for imported steel and .

OpenAI and chat app Kakao to jointly develop AI products for South Korea

OpenAI CEO Altman also said many Korean companies will be important contributors to the ecosystem of the US Stargate data centre project

South Korea's Yoon Suk faces second arrest attempt in fortified compound

A court re-issued an arrest warrant for Yoon this week, sparking protests on both sides

South Korea's acting president Sang-mok calls for national harmony, unity

Republic of Korea is in an unprecedentedly serious situation, Choi said in a written statement, citing changes around global trade, diplomacy and security, as well as domestic political uncertainty

South Korean court sees strife as it is to decide fate of impeached Prez

South Korea's acting leader vowed Tuesday to convey to the world that things are back to normal following parliament's impeachment of conservative President Yoon Suk Yeol, but rival parties began squabbling over the mechanics of a court ruling to determine whether to formally unseat or reinstate him. The country's liberal opposition-controlled parliament voted to impeach Yoon last Saturday over his short-lived December 3 martial law imposition, suspending his presidential powers until the Constitutional Court determines whether to uphold or overturn the decision. If Yoon is dismissed, a national election must be held to pick his successor within two months. Prime Minister Han Duck-soo, who became acting leader, has taken steps to reassure the US and other countries and stabilise markets. Presiding over a Cabinet Council meeting on Tuesday, Han said he will continuously do my utmost to inform the international society that Republic of Korea is fast regaining stability and maintain ...

South Korea's midnight martial law: A dramatic move reversed in hours

South Korean President Yoon Suk Yeol announced the first martial law in over 40 years, reversing it hours later following a Parliamentary vote

Starbucks offers glimpse of North Korean life from new South Korea cafe

Starbucks Coffee Korea's new riverbank cafe at an observatory tower in South Korea's Gimpo city promises coffee aficionados a chance to gaze at normal village life in Gaepung county across border

South Korea's 'mountain' of plastic waste highlight limits of recycling

Bi-monthly MIT Technology Review magazine has rated South Korea as 'one of the world's best recycling economies', and the only Asian country out of the top 10 on its Green Future Index in 2022

South Korea's central bank raises interest rates to strengthen economy

South Korea's central bank on Friday cut its policy rate for the first time in more than four years as pressure to revive a sluggish economy outweighed concerns about the country's level of household debt. The Bank of Korea lowered its key interest rate by a quarter percentage point to 3.25% following a meeting of its monetary policy committee, in its first move to lower borrowing costs since May 2020, when the economy was weathering the COVID-19 pandemic. The bank raised the rate by a quarter percentage point in August 2021 over concerns about inflation and soaring household debt, driven in part by skyrocketing house prices, and then froze rates for over three years. The bank said in a statement that domestic demand is making a slow recovery, bogging down the pace of economic growth. It said there was room for a rate cut because inflation is showing signs of stabilizing and household debt is also increasing more slowly as the housing market in the greater Seoul area cools down. So

India, S Korea share bill of lading electronically to promote trade: DGFT

India and South Korea have started sharing the bill of lading in an electronic transfer mode between the customs of both sides, a move that will help promote ease of doing business, a senior official said on Thursday. A bill of lading is a legal document that serves as a receipt, contract, and proof of ownership for shipped goods. Director General of Foreign Trade (DGFT) Santosh Kumar Sarangi said as and when the system becomes a norm for all the countries, there will be no requirement for physical submission of records. "India in collaboration with South Korea has now started this concept of sharing the bill of lading in an electronic transfer mode between the customs of both sides," he said while addressing a session in the 'Deloitte Government Summit' here. South Korea is a key trading partner of India and both countries have implemented a comprehensive free trade agreement in 2010. India's exports to the country stood at USD 6.41 billion in 2023-23, while imports aggregated at

India-Korea to hold next round of FTA review meeting from Jul 17 in Seoul

With talks to upgrade the existing India-Korea free trade agreement (FTA) moving forward, senior officials of both countries will hold the next round of negotiations from Wednesday in Seoul, an official said. The agreement, dubbed as comprehensive economic partnership agreement (CEPA), was operationalised in January 2010. So far, 10 rounds of review talks have been concluded. The Indian team "will visit Seoul from July 17-19" for the next round of review meetings, the official added. "In the 11th round, both the sides would discuss the broad contours for closing the deal," the official said, adding that Korea is keen to conclude the negotiations this year. The two countries have sought greater market access for certain products, which are under the negative list of the agreement. No customs duty concessions are granted for the goods under this list. The Department of Commerce has engaged with different ministries, including heavy industries, steel, and chemicals, to prepare the of

Over 6,500 Samsung workers walk off assembly lines over pay, vacation time

This week, Samsung's preparing to unveil new foldable phones and watches as well as a smart ring in Paris ahead of the Olympics, in an attempt to forestall a challenge from Apple Inc