Korean won hits 2-year low after Yoon declares martial law

The Korean won fell to a two-year low against the US dollar after President Yoon Suk Yeol declared emergency martial law late Tuesday. The Korean currency weakened as much as 1.4 percent and touched 1,430 won per dollar during the nighttime offshore trading. The decline followed a late-night television address by President Yoon, who claimed the move was necessary to protect the country from "anti-state" forces. The Korean won sharply dropped right after Yoon’s declaration at arou

EconomyDec. 3, 2024

Finance minister to convene emergency meeting on martial law declaration

Finance Minister Choi Sang-mok convened an emergency meeting with top economic and financial officials Tuesday following the declaration of martial law. Choi, who doubles as deputy prime minister for economic affairs, met with the heads of the Bank of Korea, the Financial Services Commission and the Financial Supervisory Service, the finance ministry said. The industry ministry later said it has also held an emergency meeting with senior officials to review and discuss matters related to the eco

EconomyDec. 3, 2024

Full text of South Korean President Yoon Suk Yeol's emergency martial law declaration

Below is the full translation of President Yoon Suk Yeol's statement issued on Tuesday, announcing the declaration of emergency martial law. The National Assembly has so far proposed 22 motions to impeach government officials since the inauguration of the administration, and since the launch of the 22nd National Assembly in June, it is pursuing the impeachment of its 10th individual. This is a situation that is unprecedented not only in any country in the world but also since the founding o

PoliticsDec. 3, 2024

Korea's cypto prices plunge, exchanges paralyzed amid martial law declaration

Cryptocurrency prices plunged and exchanges were paralyzed after South Korean President Yoon Suk Yeol unexpectedly declared martial law on Tuesday night. As of 11:30 p.m. Tuesday, Bitcoin, the world's largest cryptocurrency, was trading at around 120 million won ($83,767), down nearly 8 percent from the previous day. Bitcoin, which hovered at approximately 131 million won as of 10:30 p.m. when Yoon announced martial law, briefly plummeted nearly 30 percent to a low of 93.5 million won. Bitc

EconomyDec. 3, 2024

Seoul police agency issues level B emergency following martial law

Following South Korean President Yoon Suk Yeol’s declaration of an emergency martial law late Tuesday, the Korean National Police Agency issued a level B emergency for all police officials, effective as of 1 a.m., Wednesday. A Level B Emergency is a part of the police’s emergency response system, activated during escalating public security crises or other emergencies. When this level is declared, police officials and leading commanders must remain within their command locations and m

Social AffairsDec. 3, 2024

'Is this happening in 2024?' South Koreans in panic, disbelief

South Korean President Yoon Suk Yeol declared emergency martial law Tuesday night, sending shock waves through the nation. Made near at 10:25 p.m., the announcement has left citizens and experts alike scrambling to understand its implications. According to South Korea’s Constitution and the Martial Law Act, emergency martial law can be declared during wartime, in cases of a major national emergency akin to war, or when public order is severely disrupted, rendering administrative and judici

PoliticsDec. 3, 2024

South Korea sees first martial law in over 40 years

Tuesday's declaration of martial law was the first by a South Korean president in over 40 years. South Korea has had a total of 17 martial law declarations so far since it was first imposed in Oct. 21, 1948. President Yoon Suk Yeol on Tuesday declared martial law to “eradicate pro-North Korean forces and to protect the constitutional order of freedom." Yoon labeled the opposition as "anti-state activities plotting rebellion," in the emergency televised address. Interim

PoliticsDec. 3, 2024

Ruling party leader denounces Yoon's declaration of emergency martial law

Ruling People Power Party Chair Han Dong-hoon criticized President Yoon Suk Yeol's declaration of martial law, calling the decision "wrong," in a statement released late Tuesday. He added that he plans to stop the president's move "alongside the people."

Social AffairsDec. 3, 2024

Seoul defense chief calls meeting of key commanders

South Korean Minister of National Defense Kim Yong-hyun called a meeting of key commanders late Tuesday as President Yoon Suk Yeol declared an emergency martial law. In a brief alert, the Ministry of National Defense said the minister convened a meeting gathering commanders across the country and ordered all forces to be on high alert. Gen. Park An-su, the Army chief of staff, was made martial law commander as of 11 p.m. Tuesday.

DefenseDec. 3, 2024

South Korean President Yoon Suk Yeol declares martial law

In an emergency address to the nation Tuesday, President Yoon Suk Yeol declared martial law in South Korea. Yoon said at around 10:20 p.m. that the declaration was made to prevent "anti-state forces" from depriving South Korean citizens of their freedom and happiness. "I will wipe out anti-state forces as soon as possible and normalize the country's operation," Yoon said in a televised briefing in his office, less than an hour before the martial law went into effect na

PoliticsDec. 3, 2024

Korean Air to finalize controlling-share acquisition of Asiana Airlines next week

Korean Air Co. said Tuesday it will finalize its acquisition of a controlling share in rival Asiana Airlines Inc. next week, completing the merger deal between South Korea's leading carriers that has been sought over the past four years. Korean Air said it will invest 1.5 trillion won ($1.07 billion) in a third-party share issuance by Asiana Airlines on December 11 to acquire about 131.57 million new shares, or a 63.9 percent stake, in the rival carrier. The move is the final step in the

IndustryDec. 3, 2024

Kia targets annual sales, operating profit margin of over 10% for next 3 yrs

Kia Corp., South Korea's second-largest automaker, on Tuesday announced ambitious financial targets for the next three years, aiming for an average annual sales growth rate and operating profit margin of over 10 percent. In the company's mid- to long-term value enhancement plan, Kia also said it aims to achieve return of equity rates of over 15 percent between 2025 and 2027. To achieve these targets, Kia outlined strategies, including expanding sales of eco-friendly vehicles, increas

MobilityDec. 3, 2024

S. Korea reports 2 additional avian influenza cases at regional farms

South Korea has confirmed two more cases of highly pathogenic avian influenza at regional farms, bringing the season's total to seven, according to the government Tuesday. Authorities said the cases were reported at a duck farm in Gangjin in South Jeolla Province, 410 kilometers south of Seoul, and a chicken farm in Sejong, 113 kilometers south of Seoul. The farm owners reported an unusual increase in livestock deaths the previous day, prompting quarantine authorities to conduct detailed

Social AffairsDec. 3, 2024

Shooting sensation Kim Ye-ji named among BBC's 100 women of 2024

SEOUL, Dec. 3 (Yonhap) -- Kim Ye-ji, an Olympic shooting silver medalist who went viral during the Paris Summer Games, has been included on the BBC's list of the 100 most influential and inspirational women this year. The British broadcaster announced its annual list of remarkable women Tuesday under the theme of "resilience" this year, which also included fellow South Korean Park Soo-bin, founder of Stair Crusher Club, a project on wheelchair accessibility. "Charisma and s

Social AffairsDec. 3, 2024

Ex-PPP lawmaker, political broker indicted in election nomination scandal probe

CHANGWON -- Kim Young-sun, a former five-term lawmaker of the ruling People Power Party, was indicted by prosecutors Tuesday, along with Myung Tae-kyun, a political broker at the center of a growing election nomination scandal involving the ruling party. The Changwon District Prosecutors' Office said Kim and Myung were indicted and detained on charges of violating the Political Funds Act in the past. Prosecutors allege that Kim offered Myung 80.7 million won ($57,540) between August 2022

Social AffairsDec. 3, 2024

JCS chief inspects military readiness against NK provocation near border

Joint Chiefs of Staff Chairman Adm. Kim Myung-soo visited the Army's 1st Corps and an air defense post near the North Korean border Tuesday to review their readiness against potential provocations. Addressing the troops at the 1st Corps in Goyang, north of Seoul, Kim stressed to the need to maintain vigilance against the risk of provocations during the year-end and New Year period, and instructed military personnel to respond decisively and effectively against provocations. During inspectio

DefenseDec. 3, 2024

PM says S. Korea, US likely to log biggest growths among advanced economies in 2025

South Korea and the United States are expected to produce the highest economic growth rates among major economies next year, Prime Minister Han Duck-soo said Tuesday. Han made the remarks during a press briefing, highlighting the global rating agencies' positive assessment of the Korean economy, including Goldman Sachs' recent outlook of a 1.8 percent growth for both countries. He said South Korea and the US are expected to grow the most among the advanced countries, followed by Britai

PoliticsDec. 3, 2024

4 dead, 4 injured as truck crashes into rental car in Jeju

JEJU -- Four people died and four others were injured after a truck crashed into a rental car on the southern resort island of Jeju on Tuesday, police said. The accident occurred at 3:58 p.m. in Jeju's Seogwipo, as the 1-ton truck and the rental minivan collided on a two-lane road. Four of the six passengers in the minivan were transported to a nearby hospital in cardiac arrest but died. Two others in the minivan and two riding in the truck sustained minor and serious injuries. Some of the

Social AffairsDec. 3, 2024

Seoul mayor to file charges against power broker Myung Tae-kyun, news outlets

Seoul Mayor Oh Se-hoon said Tuesday that he plans to take legal action against self-proclaimed power broker Myung Tae-kyun and other related individuals over allegations regarding their involvement in influencing public opinion polls during the 2021 Seoul mayoral by-election. “I will begin resolute legal action against the fraudulent group that undermines the fairness of elections and threatens democracy, as well as deceitful forces that amplify and distort the truth,” Oh said, durin

Social AffairsDec. 3, 2024