South Korea’s Foreign Minister admitted to not taking calls from the US Ambassador to Korea, on the night when President Yoon Suk Yeol declared martial law. “I didn’t answer the calls because the situation was too urgent. I didn’t want to mislead the US with an incorrect assessment,” the minister stated during an emergency parliamentary hearing on Wednesday afternoon, in response to a question from Rep. Cho Kuk of the Rebuilding Korea Party. The minister added that

Foreign Affairs Dec. 11, 2024

Three-star Army general Yeo In-hyung, former chief of the Defense Counterintelligence Command, is facing growing scrutiny over allegations he played a key role in facilitating the recent martial law declaration. Yeo has denied the accusations, claiming the DCC was unaware of the plans. However, emerging testimony and evidence cast doubt on Yeo’s claims, raising questions about his involvement in President Yoon Suk Yeol's controversial martial law declaration. Contradicting stories I

Politics Dec. 11, 2024

South Korean Prime Minister Han Duck-soo, along with other Cabinet members and the head of the National Intelligence Service, has been summoned for questioning by the National Office of Investigation, regarding their attendance at a Cabinet meeting held after President Yoon Suk Yeol’s martial law declaration. The special investigation team under the office stated Tuesday, “If the accused refuse to appear, we will promptly proceed with legal measures, including forced investigation.

Politics Dec. 10, 2024

An Army major general who previously led the Defense Intelligence Command has been suspended from duty, following allegations of involvement in the recent short-lived martial law declaration, the Defense Ministry announced Tuesday. "The Defense Ministry suspended Gen. Moon Sang-ho, commander of the Korea Defense Intelligence Command, from his duty effective Dec. 10, due to confirmed involvement to the ongoing situation," the ministry's spokesperson office stated in a text messag

Politics Dec. 10, 2024

President Yoon Suk Yeol retains authority over the military, the Ministry of Defense confirmed Monday amid controversy over calls to exclude him from state affairs in the wake of his short-lived martial law declaration last week. During a regular briefing, Defense Ministry Spokesperson Jeon Ha-kyu said, “The authority over the military belongs to the president,” when asked about who currently holds military control. When asked whether someone under criminal investigation for insurrec

Politics Dec. 9, 2024

Former Defense Minister Kim Yong-hyun ordered the South Korean military to deploy unmanned aerial vehicles to Pyongyang in October, seemingly to manufacture a justification for President Yoon Suk Yeol to declare martial law, a lawmaker claimed. “I received a tip-off from the military and deemed it credible,” said Rep. Park Beom-kye of the main opposition Democratic Party of Korea in an interview with Yonhap News Agency on Monday. Park added that specific details of the operation appe

Politics 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

South Korean retail giant Lotte Group said Friday that it has picked Affinity Equity Partners, the Hong Kong-based private equity firm, as the preferred bidder to acquire its rental car business, Lotte Rental, in a 1.6 trillion won ($1.12 billion) deal. The deal involves a combined 56.2 percent stake in Lotte Rental owned by its hotel subsidiaries, Hotel Lotte and Busan Lotte Hotel. The latest deal comes amid growing concerns over a potential liquidity crisis at the nation’s sixth-larges

Companies Dec. 6, 2024

South Korean construction giant HDC Group on Friday named Jung Kyung-koo, CEO of HDC, the group’s holding unit, as the new CEO of its flagship construction unit HDC Hyundai Development Company in its year-end leadership reshuffle. Jung, 59, is a financial specialist who majored in law at Seoul National University and started his career at Shinhan Investment Securities. At HDC, he has served in diverse leadership positions, including head of management planning and chief finance officer at

Companies Dec. 6, 2024

Samsung C&T said Friday that it has signed a memorandum of understanding with Swedish small modular reactor developer Karnfull Next as part of efforts to advance its SMR business in Europe. A signing ceremony was held in Seoul on Thursday, attended by Karnfull Next CEO Christian Sjolander, South Korea's Trade Minister Jeong In-kyo and Samsung C&T CEO Oh Se-chul. Karnfull Next, a subsidiary of the private nuclear power company Karnfull Energi, specializes in SMR development. The agre

Companies Dec. 6, 2024

The 20,000-member Korean Railway Workers' Union launched an indefinite strike Thursday, calling for wage and bonus hikes. This marks the first railway strike in 15 months, following one in September last year. The strike impacts Subway Line Nos. 1, 3 and 4, express KTX trains, and regular Saemaeul and Mugunghwa trains, all operated by Korea Railroad Corp. It is reported that negotiations between the union and the railway operator on Wednesday ended without agreement. However, the union stat

Industry Dec. 5, 2024

South Korean food giant CJ CheilJedang said Thursday that it plans to boost its global nutritional ingredients business with enhanced product lineups. Under its “Three B” strategy, the company will outsource quality ingredients from partners (Borrow), invest in the firms and secure sales rights (Buy), and develop new materials on its own (Build). CJ recently launched BiomeNrich, a biotics brand with seven probiotics and postbiotics developed in collaboration with a domestic research

Companies Dec. 5, 2024

South Korean biopharmaceutical firm Celltrion announced Thursday that its third plant in Songdo, Incheon, has officially commenced commercial production, following the completion of a performance qualification test. The five-story facility, spanning 22,300 square meters, was built between 2021 and 2023 with an investment of 270 billion won ($190 million). With a production capacity of 60,000 liters, the new plant boosts Celltrion’s total biopharmaceutical manufacturing capacity to 250,000

Companies Dec. 5, 2024

The unexpected martial law declaration late Tuesday by President Yoon Suk Yeol, which was lifted just two and a half hours later, left South Korean export-driven businesses fearing its impact on their global expansion. In particular, food and beauty companies, which have found renewed growth in overseas markets amid a stagnating domestic economy, voiced concerns about whether the incident might tarnish Korea’s reputation abroad and harm export performance. "We received multiple calls

Industry Dec. 4, 2024

Luxury cakes have emerged as seasonal highlights in South Korea's hotel industry, appealing to consumers seeking something special for Christmas, but they have drawn criticism as well as praise, thanks to their high prices. On Nov. 25, Hotel Shilla showcased "The Taste of Luxury," a Christmas cake priced at 400,000 won ($285), up 30 percent from the hotel's most expensive Christmas cake last year. According to the hotel, this year’s version has 25 percent more premium w

Industry Dec. 3, 2024