How the political uncertainty caused by President Yoon Suk Yeol’s Dec. 3 martial law declaration and the opposition party’s push to remove him from power is resolved may change the course of the country’s economy. The market is keeping a close eye on Yoon’s political future as the main opposition Democratic Party will put to a vote a second motion to impeach him on Saturday. Yoon’s immediate removal and earlier election Market experts believe an early presidenti

Economy Dec. 11, 2024

“We were taught in school to stand against military dictatorships and defend democracy, but what’s the point of learning it if we don’t practice it? We refuse to stay silent anymore.” These words, spoken by Kim Dong-hee, a young activist from the Youth Human Rights Movement Coalition “Jieum,” captured the spirit of a historic youth-led protest in South Korea. On Tuesday, students and young activists gathered at Gwanghwamun Square in Seoul to demand the resigna

Social Affairs Dec. 10, 2024

South Korea’s tourism industry is scrambling to reassure visitors after President Yoon Suk Yeol’s sudden declaration of martial law last week caused confusion and travel cancellations. Though the emergency decree was lifted quickly, concerns about safety have prompted some foreign travelers to rethink their plans, raising fears of setbacks for an industry still recovering from the COVID-19 pandemic. Hotels, travel agencies and tour operators report a spike in inquiries from internati

Social Affairs Dec. 9, 2024

Thomas Kretschmann, the German actor best known in South Korea for his role in the hit 2017 film “A Taxi Driver,” has expressed concern over recent political turmoil in the country. On Sunday, Kretschmann posted on Instagram a still from “A Taxi Driver” showing tanks blocking the roads to Gwangju, captioned, “These are set photos from "Taeksi Woonjunsa (A Taxi Driver)," a film about South Korea’s past, ... at least, that’s what I thought.&rdquo

Social Affairs Dec. 9, 2024

South Korea’s political crisis, triggered by President Yoon Suk Yeol's short-lived martial law declaration, is casting doubt on several of his administration's cornerstone industrial projects and the country’s ability to navigate trade challenges. The initiatives facing increased uncertainty include a multibillion-dollar nuclear power deal in the Czech Republic and the Donghae deepwater gas field development. The instability comes at a critical moment for South Korea, as sh

Industry Dec. 8, 2024

Genesis is entering the high-performance electric vehicle market with the GV60 Magma, the first model in its newly announced “Magma” lineup. Set to launch in the Middle East next year, this version of the GV60 promises top-tier performance, pushing the boundaries of what the luxury automaker’s electric vehicles can deliver. Based on the all-electric GV60, the Magma variant has been developed as the flagship performance model for Genesis’ growing lineup. Speaking at a foll

Mobility Dec. 6, 2024

LG Energy Solution and General Motors celebrated a major milestone on Friday as their joint venture, Ultium Cells, produced its 100 millionth electric vehicle battery cell at Plant 1 in Warren, Ohio. The milestone also coincided with the fifth anniversary of Ultium Cells, which was launched on Dec. 5, 2019. To mark the occasion, a ceremony was held at the facility. “This achievement shows our commitment to advancing clean energy across industries like electric vehicles and energy storage s

Mobility Dec. 6, 2024

South Korea’s stock markets dropped sharply Friday as political tensions intensified over calls to impeach President Yoon Suk Yeol, adding pressure to an already fragile investment landscape. As of 11:05 a.m., the Kospi, South Korea’s main stock index, fell 31.56 points, or 1.29 percent to 2,410.49. Although the market opened slightly higher due to bargain-hunting after recent declines, those early gains quickly reversed. Investor sentiment appeared mixed. Retail and foreign investor

Market Dec. 6, 2024

Posco Future M has locked in a deal to source lithium hydroxide from within its corporate structure, in a move that avoids problems stemming from US Foreign Entity of Concern restrictions. The company said Friday it had signed an agreement to purchase 20,000 tons of lithium hydroxide from Posco Pilbara Lithium Solution, its affiliate, enough to produce cathode materials for around 460,000 electric vehicles. Cathode materials are a key component in lithium-ion batteries, which power most EVs. Thi

Mobility Dec. 6, 2024

SK Group has tapped Son Hyun-ho, a seasoned business strategist and finance expert, as the new CEO of SK Discovery, the group's investment-focused holding company specializing in energy and materials. The announcement came Thursday after a meeting of the Supex Council, the group’s top decision-making body. Son, who previously served as vice president of the Supex Council’s Strategy Support Team, brings years of experience in designing business strategies and managing finances. I

Companies Dec. 5, 2024

Hyundai Motor Company is on track to achieve its largest-ever shareholder returns this year, driven by proceeds from its recent initial public offering in India. The automaker’s actions are part of an ambitious strategy led by Executive Chairman Chung Euisun to share the rewards of Hyundai’s rapid global growth more directly with investors. Backing promises with action Just three months after announcing a plan to buy back and partially retire 4 trillion won worth of its own shares

Mobility Dec. 5, 2024

South Korea’s financial markets avoided a feared meltdown on Wednesday, recovering quickly after President Yoon Suk Yeol declared -- and just six hours later lifted -- martial law in response to political tensions. Swift intervention from the National Assembly and financial authorities helped calm the initial panic, but questions about political stability continue to weigh on investors. The benchmark Kospi index plunged as much as 2.31 percent during morning trading, bottoming out at 2,442

Market Dec. 4, 2024

Shares of Kakao Corp., one of South Korea’s top tech companies, jumped on Wednesday as political instability surrounding President Yoon Suk Yeol shook the nation. The stock surged 6.87 percent as of 11 a.m., trading at 45,900 won ($32.40), as investors appeared to bet on a potential easing of regulatory pressure on the company. Kakao shares had a rocky start, opening 1.75 percent lower at 42,200 won amid market uncertainty following President Yoon’s surprise declaration of emergency

Companies Dec. 4, 2024

South Korea’s financial markets tumbled on Wednesday following a night of political chaos, as President Yoon Suk Yeol briefly declared martial law only to withdraw the measure just hours later under pressure from lawmakers. The Kospi, South Korea’s main stock index, opened 1.8 percent lower at 2,454.68, a drop of 45.42 points. The tech-heavy Kosdaq also fell 1.8 percent, opening at 678.35. In currency trading, the South Korean won weakened significantly. The exchange rate surged to 1

Companies Dec. 4, 2024

South Korea’s most powerful labor union, the Korean Confederation of Trade Unions, has declared an indefinite general strike, demanding the immediate resignation of President Yoon Suk Yeol. The announcement comes in response to Yoon's declaration of martial law late last night, a move the union has fiercely criticized as unconstitutional and undemocratic. The strike was announced early Wednesday morning during a press conference by the KCTU’s leadership. The union framed its act

Companies Dec. 4, 2024