Tag:

RULES:WORLD-SOUTH-KOREA

Title: South Korea seeks 15-year prison sentence for ex-First Lady Kim

by Lucas Fernandez – World Editor December 3, 2025

written by Lucas Fernandez – World Editor

South Korean‍ prosecutors have ⁢demanded a⁤ 15-year prison sentence for Kim Kun-hee, the former first lady, on ⁣charges of bribery and corruption related to a 2011 land progress deal. The Seoul Central District Court heard arguments on Friday, with prosecutors ⁣alleging Kim received illicit funds from a developer in exchange for favorable treatment during the ‌project’s approval process.The case against kim,⁤ wife ⁣of former President Park Geun-hye, centers on accusations she leveraged her⁣ influence to secure financial benefits for herself and associates. ‌This latest development‌ in a series of high-profile corruption scandals involving South Korea’s political elite⁣ underscores ongoing efforts to combat graft ‍and ensure accountability among public officials. A verdict is expected in the coming weeks, and the outcome could have significant implications for the future of South Korea’s political landscape and public trust in its institutions.

Prosecutors presented evidence suggesting Kim received approximately 35 million won (roughly $28,000 USD at the time) from the developer, ‍Lee ⁤Sang-geun, through intermediaries. They argued this constituted a bribe intended to influence the land development project in Seongnam, near Seoul. Lee was convicted in 2018 of corruption charges related to the same deal and ⁢testified against Kim during the trial.

Kim’s legal ‌team has consistently denied the charges, ⁤claiming her involvement was minimal and that she was unaware of any illicit⁢ transactions. They argued the⁢ prosecution’s case relies heavily on the testimony ‍of a convicted criminal and lacks concrete evidence directly‍ linking Kim ‌to the bribery scheme.

The trial follows the impeachment and⁣ conviction of ⁤Park Geun-hye in 2018 on separate corruption charges, marking a tumultuous period‌ in South Korean politics. ‌Park is currently serving a 20-year prison sentence.⁣ The ongoing prosecution⁢ of Kim Kun-hee represents ⁣a continued effort by authorities to address⁣ systemic corruption and⁣ reinforce the rule⁢ of law.

December 3, 2025 0 comments

World

Title: Bank of Korea to Keep Rates Steady, Cuts Delayed

by Lucas Fernandez – World Editor November 25, 2025

written by Lucas Fernandez – World Editor

SEOUL, Nov 24 (Reuters)⁢ – South ‍Korea‘s central bank ⁤will hold its benchmark interest rate steady ‌at 2.50% on November 27, according to a consensus of economists, ⁣pushing expectations for a rate cut into the first quarter of next year.

The Bank of Korea (BOK) has been under pressure to ease monetary policy as economic growth slows and inflation remains subdued. While a rate cut was widely anticipated for this meeting, recent economic data and comments from BOK officials suggest a more cautious approach.Economists now predict the central bank will delay any easing until early 2024, assessing the impact of previous tightening measures and monitoring global economic conditions.

The decision comes as South Korea grapples with weakening exports, a key driver of its economy, and ⁣concerns about the property market. Inflation in October rose‌ slightly to 3.8% year-on-year, but remains below the⁤ BOK’s⁤ 2% target.The central bank‌ has previously indicated ‍its willingness to act if economic conditions deteriorate considerably, but has also emphasized the need to maintain price stability.‌

A pause in November sets the stage for a potential rate cut in February or May, depending on incoming data, analysts say. The BOK last adjusted its‌ policy rate in January, raising it by 25 basis‌ points.

November 25, 2025 0 comments

World

South Korea Boosts EV Subsidies to Combat US Tariffs

by Lucas Fernandez – World Editor November 14, 2025

written by Lucas Fernandez – World Editor

South Korea will increase subsidies for electric vehicles in 2026, a move designed to cushion its automotive industry against potential tariffs imposed by the⁤ United States, the Ministry of Trade, industry and Energy announced Tuesday. The increased financial support aims to maintain ⁣the competitiveness of Korean EV exports as the ‍U.S. Inflation Reduction Act (IRA) incentivizes domestic production and potentially levies tariffs on foreign-made vehicles.

The planned subsidy boost is a proactive response to growing‌ concerns within the ‍South Korean ⁤auto sector about the impact‍ of U.S. trade policies. The IRA, while initially offering incentives for all EVs, increasingly favors‍ North American-assembled vehicles, ⁤potentially disadvantaging major ⁤Korean automakers like Hyundai and Kia, which currently rely heavily on exports to the U.S. market. The increased subsidies will help ⁣offset potential⁤ cost ⁤increases stemming from tariffs, allowing Korean manufacturers to‌ remain competitive in the crucial American market and preserve⁣ jobs‌ within the domestic industry.

Currently, South Korea provides subsidies of up to 5.5 ⁢million won ($4,200) for domestically produced EVs. The Ministry indicated the 2026 increase will be significant, tho specific figures where not disclosed, pending further review and budgetary allocations. Officials stated the government is also exploring additional measures to support the industry, including investments in battery technology⁤ and supply chain diversification.

“We are committed to ensuring the continued success⁤ of our automotive industry in the face of evolving global trade dynamics,” said a Ministry spokesperson.⁣ “These‌ measures are designed to safeguard⁢ our export competitiveness and foster innovation in the EV sector.” ‍

The move comes as the U.S. Department of Energy recently proposed stricter rules regarding the sourcing of‍ battery components and minerals for‌ EV tax⁣ credits, further complicating the landscape for foreign automakers. South Korea is a major producer of EV batteries, and the government is working to⁣ ensure⁣ its battery manufacturers can meet the new U.S. requirements.

November 14, 2025 0 comments

World

Title: South Korea’s Central Bank Holds Rates Steady Amid Economic Growth Concerns

by Lucas Fernandez – World Editor November 12, 2025

written by Lucas Fernandez – World Editor

SEOUL, Oct⁣ 26 (Reuters) – Members of the Bank of korea (BOK) board expressed caution regarding future interest rate cuts, citing concerns about persistent inflation and the potential for ‍a rebound in economic growth, minutes from their October 12 meeting‍ revealed on Thursday.

While acknowledging a slowdown in economic activity,several board members emphasized the need too⁢ maintain‍ a restrictive monetary policy stance until there is greater certainty that ⁢inflation is sustainably moving⁣ towards the central bank’s ⁢2% target. The minutes indicated a prevailing view that premature easing could ⁢reignite price pressures, potentially ⁣requiring more ⁤aggressive tightening later.

The BOK has held its benchmark interest rate steady at 3.50% as January, following a series of aggressive ‌hikes to combat soaring⁢ inflation. The latest data shows South Korea‘s consumer price index rose 3.7% ‌in September, remaining above the BOK’s target.

Several board members noted that domestic demand remained relatively resilient, supported by a strong labor market and government spending.they also highlighted the possibility of a recovery in global trade, wich⁤ could further boost economic growth.

“There is a need to carefully assess the pace of inflation deceleration and the strength of economic activity before considering any‍ policy adjustments,” one board member was quoted as saying in the minutes. Another member cautioned ‌against being ⁣swayed by temporary fluctuations‍ in inflation, stressing ⁣the importance of focusing on⁣ underlying trends.

The BOK’s next monetary policy meeting is scheduled ‍for November 24. The minutes suggest that the board is likely to⁢ adopt a⁤ wait-and-see approach, closely monitoring economic data and global developments ⁢before making any decisions on interest rates. This ‌cautious stance reflects the central bank’s commitment to price stability and its determination‌ to avoid repeating past mistakes of prematurely loosening monetary policy.

November 12, 2025 0 comments

Business

Title: South Korea Urges Cooperation Amid Global Economic Crisis

by Priya Shah – Business Editor October 29, 2025

written by Priya Shah – Business Editor

South Korean President Lee warns of Growing ‍Protectionism and Nationalism

SEOUL, Oct 26 – south Korean ⁣President Yoon Suk ‌Yeol cautioned ⁤on Thursday that‌ rising ‍protectionism and‌ nationalism globally pose a important threat to the world economy, urging ‌international cooperation to⁤ address the challenges. Speaking at‌ a ⁢trade-related event in seoul, Lee emphasized‌ the⁢ need for‌ open markets and collaborative efforts to ensure continued economic growth and ⁤stability.

The warning⁤ comes as global trade⁢ tensions remain elevated, fueled⁣ by geopolitical uncertainties and increasing domestic pressures⁤ in several ‍countries to⁢ prioritize national interests over multilateral agreements. These trends, Lee argued, could disrupt supply chains, stifle innovation,‍ and ultimately harm‌ economic prosperity⁤ for all nations. The South ‍Korean leader’s remarks underscore the country’s deep reliance on international trade ⁣and its‌ commitment to a rules-based global order, particularly as ‌it‍ navigates a complex economic landscape marked by slowing global demand and ⁤rising inflation.

Lee specifically highlighted ⁣the importance of maintaining free and fair trade practices, advocating for the strengthening of‌ the World Trade Organization (WTO) and the ‌pursuit of‌ new ‍trade agreements. He ⁣stated that South Korea will actively work with its partners to promote a more open and⁤ inclusive ⁣trading system, emphasizing the need to⁢ resist the temptation ⁤of protectionist ⁣measures.

“Protectionism and nationalism are like a perilous whirlpool that can ⁤drag ‍the global economy into stagnation,” Lee said,according to a transcript released by his office.⁤ “we must work ⁤together to overcome these challenges and ⁣build a more resilient and⁢ enduring global economy.”

South Korea, a major exporting nation, is ‍particularly vulnerable ⁤to disruptions in global trade. ‌The ⁣country’s economy relies heavily on exports of goods such as semiconductors,automobiles,and petrochemicals. Recent data indicates a‍ slowdown in export growth, raising concerns ‌about the country’s economic outlook. Lee’s call for⁢ international cooperation reflects a broader effort by South Korea⁢ to safeguard ⁢its economic interests in an increasingly⁤ uncertain global environment.

October 29, 2025 0 comments