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Lee Hyo-jin

Korea Times Finance Reporter

Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.

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Foreign Affairs

'It's been a tough week': Gyeongju shop owners struggle under APEC security controls

GYEONGJU, North Gyeongsang Province — As world leaders, delegates and reporters flocked to Gyeongju for this week's Asia-Pacific Economic Cooperation (APEC) summit, many locals had hoped for an economic windfall fueled by APEC-driven promotion. But instead of a surge in sales, the six-day summit week that kicked off on Monday saw quiet shops and anxious merchants at Gyeongju Central Market, a sprawling traditional market with hundreds of stalls selling food, produce, meat and household goods. The market was nearly empty around midday on Friday. There were few customers, mostly local residents rather than tourists, leaving shop owners lingering at their stalls as they watched live coverage of the summit on television. They lamented that foot traffic had dropped by more than half due to summit-related traffic restrictions. "It usually takes 10 minutes for me to get here by bus, but yesterday it took an hour because of the roadblocks," said Kwon Soon-do, 71, who has run a local clothing store for more than 40 years. "When I finally opened my shop, there were no customers at all. I just sa

Nov 1, 2025By Lee Hyo-jin
'It's been a tough week': Gyeongju shop owners struggle under APEC security controls
Foreign Affairs

Meet Korean master artisan behind golden crown presented to Trump

GYEONGJU, North Gyeongsang Province — For 40 years, master craftsman Kim Jin-bae has dedicated his life to replicating ancient Korean artifacts, mostly Silla-era jewelry and crowns from more than a millennium ago. But nothing quite compared to the work he has done this October. Kim made a golden crown as a gift for U.S. President Donald Trump, presented by President Lee Jae Myung during their summit on the sidelines of the Asia-Pacific Economic Cooperation (APEC) meetings on Wednesday. "About a month ago, I recieved contact from the Ministry of Foreign Affairs," Kim said in a phone interview with The Korea Times, Friday. "They asked me to make a special gift for the APEC summit. Only later, as the summit approached, did I learn it would be for President Trump when they requested a nameplate." Kim runs Samseonbang, a small workshop in Gyeongju Folk Craft Village, where he has spent decades preserving Korea’s cultural heritage through delicate replicas. After receiving the call, Kim and his son, who assists him there, spent about 20 days working more than 10 hours a day to complete the

Oct 31, 2025By Lee Hyo-jin
Meet Korean master artisan behind golden crown presented to Trump
Foreign Affairs

Seoul scores diplomatic victory as Trump gives nod to nuclear sub plan

GYEONGJU, North Gyeongsang Province — South Korea has received Washington's approval to build its first nuclear-powered submarine, in what analysts describe as a diplomatic win for Seoul in its long-sought bid to strengthen maritime power amid growing nuclear threats from North Korea. Observers say the move also underscores Seoul's deeper alignment with Washington's strategy to contain China in the Indo-Pacific region, which could provoke a backlash from Beijing. The agreement was reached following a summit on Wednesday between President Lee Jae Myung and U.S. President Donald Trump in Gyeongju, North Gyeongsang Province, held on the sidelines of the Asia-Pacific Economic Cooperation summit. "I have given them approval to build a Nuclear Powered Submarine, rather than the old fashioned, and far less nimble, diesel powered Submarines that they have now," Trump wrote on social media Thursday, referring to his meeting with Lee. In a separate post, Trump added that Seoul will build its first nuclear submarine at Hanwha Philly Shipyard, which is now owned by Hanwha Ocean, a major Korean def

Oct 30, 2025By Lee Hyo-jin
Seoul scores diplomatic victory as Trump gives nod to nuclear sub plan
Foreign Affairs

Protests against US, China leaders erupt in Gyeongju during APEC

GYEONGJU, North Gyeongsang Province — Protests against the leaders of the U.S. and China erupted across Gyeongju, Wednesday, as U.S. President Donald Trump arrived for the Asia-Pacific Economic Cooperation (APEC) summit, with Chinese President Xi Jinping set to arrive the next day. Anti-Trump protesters criticized the U.S. president for demanding money from Korea through tariffs and demands for higher defense spending, describing his policies as unilateral and unfair to the long-standing ally. The demonstrators put on a theatrical performance, with one protester dressed in a suit and bright red necktie tied up with rope as others waved red cards and shouted slogans condemning the U.S. president's tariff policies. They chanted phrases like "No Kings: Trump Not Welcome" and "No to APEC." "APEC claims to aim for economic growth and prosperity, but in reality, leaders are busy currying favor with Trump and showcasing their diplomatic skills just to secure lower tariffs," said Kwon Young-kook, head of the minor opposition progressive Justice Party. "How can an organization talk about growth

Oct 29, 2025By Lee Hyo-jin
Protests against US, China leaders erupt in Gyeongju during APEC
Foreign Affairs

Which world leaders are skipping APEC summit?

GYEONGJU, North Gyeongsang Province — As leaders of the Asia-Pacific Economic Cooperation (APEC) member economies begin arriving in Korea for this week's summit in Gyeongju, several heads of state are notably skipping the event. As the host nation, Korea extended invitations earlier this year to the leaders of all member economies. But for various reasons, a number of leaders will be absent during the two-day APEC Economic Leaders’ Meeting scheduled for Friday and Saturday, according to diplomatic sources. Mexican President Claudia Sheinbaum will not attend, with Economy Minister Marcelo Ebrard representing the country instead. While the reason for her absence remains unclear, some sources cited logistical challenges, noting that Mexico's lack of a presidential jet limits the leader's ability to travel long distances. Former President Andres Manuel López Obrador sold the presidential aircraft in 2023 due to high maintenance costs, and the Mexican presidential office has since relied on commercial flights for overseas trips. Russian President Vladimir Putin is also skipping the summit

Oct 28, 2025By Lee Hyo-jin
Which world leaders are skipping APEC summit?
Foreign Affairs

Foreign reporters impressed by Gyeongju, but call for greater APEC access

GYEONGJU, North Gyeongsang Province — For many foreign journalists covering this week's Asia-Pacific Economic Cooperation (APEC) summit, Gyeongju is a city they are visiting for the first time. The summit, which kicked off Monday in the ancient city in North Gyeongsang Province, has drawn a large international media presence, as U.S. President Donald Trump and Chinese President Xi Jinping prepare for a rare meeting on the sidelines. Around 3,000 foreign journalists have registered, according to the APEC organizing committee, and many were seen arriving Tuesday at the International Media Center in Bomun Tourist Complex. Reporters said they were struck by Gyeongju's calm and peaceful atmosphere, although they expressed frustration over limited access to APEC meetings. "It’s a very quiet and authentic city," said Maria, a reporter from Mexico. "Even though there are more people now because of APEC, it still feels peaceful. If someone wants to experience a truly Korean place, Gyeongju seems perfect." The media center itself impressed many. Built specifically for the summit, the two-story

Oct 28, 2025By Lee Hyo-jin
Foreign reporters impressed by Gyeongju, but call for greater APEC access
Foreign Affairs

APEC visitors get a taste of Korea's favorite comfort foods, local specialties

GYEONGJU, North Gyeongsang Province — The Asia-Pacific Economic Cooperation (APEC) summit taking place in Korea is focused on diplomacy and trade, but for many delegates, it’s also an opportunity to sample the nation’s favorite comfort foods. At Bomun Tourist Complex in Gyeongju, North Gyeongsang Province, where the APEC meetings are being held, a range of booths and pop-up spaces offered delegates and journalists a taste of Korean cuisine. Near the International Media Center, a K-food promotion area featuring brands such as Nongshim, Kyochon Chicken, Buchang Bakery and Danseokga drew curious visitors around noon on Monday, the first day of APEC week. The aroma of fresh fried chicken and spicy instant noodles filled the air as visitors queued to sample some of Korea’s most beloved snacks. Nongshim’s Shin Ramyun, featured in a collaboration with the Netflix global hit film "KPop Demon Hunters," was a crowd favorite. A roulette game offering Toowoomba flavored Shin Ramyun was reserved exclusively for foreign visitors, officials said, as many were eager to try the limited edition

Oct 27, 2025By Lee Hyo-jin
APEC visitors get a taste of Korea's favorite comfort foods, local specialties
Foreign Affairs

Gyeongju steps into global spotlight as APEC week opens

GYEONGJU, North Gyeongsang Province — With just one day left until the highly anticipated Asia-Pacific Economic Cooperation (APEC) meetings begin, Gyeongju buzzed as delegations and media from the member economies began arriving Sunday. The ancient city has finished preparations for the APEC Economic Leaders' Week that officially kicks off Monday and runs through Saturday. World leaders, including U.S. President Donald Trump and Chinese President Xi Jinping, are set to arrive for high-stakes diplomacy. APEC banners lined the streets as shuttle buses emblazoned with the summit’s logo ferried passengers between the city center and Bomun Tourist Complex, the venue for the upcoming meetings. Inside the Bomun complex, barricades lined the main roads in preparation for swift traffic control once the delegations arrive. Police vehicles patrolled the area, while security personnel in black stood guard at restricted entrances. Gyeongju Hwabaek International Convention Center (HICO), the summit's main venue, was heavily guarded with only authorized personnel allowed inside. The building's inte

Oct 26, 2025By Lee Hyo-jin
Gyeongju steps into global spotlight as APEC week opens
Foreign Affairs

Trump factor shadows APEC summit: Can leaders adopt ‘Gyeongju Declaration’?

Leaders from Asia-Pacific Economic Cooperation (APEC) member economies will gather next week in Gyeongju, North Gyeongsang Province, with one elephant in the room: U.S. President Donald Trump. The APEC Economic Leaders' Meeting, scheduled for Oct. 31 to Nov. 1, will be the first gathering of the regional economic forum since Trump began his second term in January, and tensions are already running high. More than half of APEC's 21 member economies have been hit with U.S. tariffs imposed under Trump's "America First" trade policies, which have strained relations and cast doubt on Washington’s commitment to free trade, which APEC has long championed. Founded in 1989 to promote open trade and investment, APEC has sought to uphold a rules-based trading order and multilateral cooperation through the World Trade Organization (WTO). But those values have increasingly come under pressure as major economies turn inward, with the Trump administration leading that shift. According to diplomatic sources, officials from APEC member economies are engaged in last-minute negotiations over the wording o

Oct 24, 2025By Lee Hyo-jin
Trump factor shadows APEC summit: Can leaders adopt ‘Gyeongju Declaration’?
North Korea

Sanctions watchdog links N. Korean hackers to $1.65 bil. in crypto theft this year alone

North Korea has stolen an estimated $2.84 billion (3.9 trillion won) worth of cryptocurrency since early 2024, including $1.65 billion this year alone, according to a new report released Wednesday by a South Korea-led multinational sanctions monitoring team. The report, which focuses on Pyongyang's illicit cyber activities, marks the second publication by the Multinational Sanctions Monitoring Team (MSMT) since its launch in October 2024. The team tracks North Korea's sanctions evasion activities and cyber threats. According to the findings, North Korean hackers stole about $1.19 billion in digital assets throughout 2024, accounting for roughly one-third of the regime's total foreign currency income that year. They stole an additional $1.65 billion between January and September this year. The reclusive regime uses the illicit income to fund its sanctioned weapons programs. The hackers breached major exchanges including Bybit in the United Arab Emirates, DMM Bitcoin in Japan, WazirX in India and BingX and Phemex in Singapore. The stolen cryptocurrency was laundered and cashed out via broke

Oct 22, 2025By Lee Hyo-jin
Sanctions watchdog links N. Korean hackers to $1.65 bil. in crypto theft this year alone
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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.