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.
A ceremony laying to rest the remains of South Korean soldiers killed during the 1950-53 Korean War takes place at Seoul National Cemetery in Dongjak District, Wednesday. According to the Republic of Korea Army, a three-day joint burial ceremony, starting Monday, was held for the remains of 11 veterans recovered from various frontlines between 2000 and last year. Yonhap
![[PHOTO] Remains of Korean War veterans laid to rest](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
North Korea appears to be gaining the upper hand in its relationship with Russia, analysts said Wednesday, following reports that Pyongyang agreed to send 6,000 military engineers and mine removers to help rebuild a Russian region damaged in its war with Ukraine. The agreement came during Russian Security Council Secretary Sergei Shoigu's visit to Pyongyang on Tuesday — marking his third trip to North Korea in the past three months, following visits on March 21 and June 4. The unusually frequent visits by Russia's top security official suggest a shift in the balance of power, with Moscow increasingly reliant on Pyongyang for wartime support. During his meeting with Shoigu, North Korean leader Kim Jong-un agreed to dispatch 1,000 mine removers and 5,000 military engineers to Russia's western Kursk region to help restore infrastructure damaged in the war with Ukraine, according to Russian media reports. "Shoigu’s repeated visits indicate a shift in the traditional power dynamic. It now appears that North Korea holds the upper hand in negotiations," Doo Jin-ho, director of the Eurasia R
Speculation is mounting that the government will introduce a two-phase emergency relief program, combining universal and targeted cash payments in an effort to balance economic stimulus with fiscal soundness. These payments, if carried out, will be a shift from President Lee Jae-myung's campaign pledge to provide a uniform payment to every citizen. A second supplementary budget, which includes the proposed relief package, is expected to be tabled at a Cabinet meeting on Thursday. According to government sources, the relief plan would first provide a basic cash payment to all citizens. After assessing income data from the initial round, a second phase of additional payments would be distributed specifically to lower-income households. The base amount in the first round is likely to be 150,000 won ($110) per person. The socially vulnerable, including low-income households and single-parent families, could receive higher amounts ranging from 300,000 won to 400,000 won, according to local media reports. In the second phase, an additional 100,000 won could be distributed to everyone except the
Lee Han-joo, chairperson of the State Affairs Planning Committee, speaks during the committee's inaugural meeting at Government Complex Seoul, Monday. The committee, which will operate for 60 days, is tasked with drafting the new administration’s key policies, as President Lee Jae-myung took office without the usual two-month transition period after winning a snap election. Joint Press Corps
Korean nationals living in Israel are fleeing to neighboring Jordan by bus, as rising hostilities between Israel and Iran stoked fears for the safety of residents in the region. According to the Korean Association in Israel, buses departed Jerusalem for the Jordanian capital Amman at 10 a.m. Monday. The overland evacuation was organized by the association in response to the closure of Israeli airspace and the suspension of operations at Tel Aviv’s Ben Gurion Airport. "The recent large-scale missile attack by Iran has created an unprecedented level of tension across Israel," the association said in a notice posted on Sunday. The association arranged transportation from Jerusalem to the border and onward to Amman, with accommodations in Jordan provided in coordination with the local Korean community there. Evacuees are expected to remain in Jordan for seven to 10 days before returning to Israel, the group said. Other Korean residents in Israel are also reportedly seeking alternative evacuation routes to neighboring countries. The evacuation follows several days of intensified aerial attack
Legal troubles for disgraced former President Yoon Suk Yeol and his wife Kim Keon Hee are expected to intensify as sweeping special counsel investigations targeting the couple are set to begin in the coming weeks. Already under investigation by prosecutors and police on multiple charges, the pair now faces what is expected to become the largest special counsel probe in Korea’s constitutional history. More than 500 investigators and officials will be mobilized for probes into three major scandals that dogged Yoon throughout his presidency. Cho Eun-suk, former acting chief of the Board of Audit and Inspection, has been appointed to lead the investigation into Yoon’s martial law declaration last December that ultimately led to his impeachment in April. The probe will focus on potential charges of insurrection and abuse of military authority. "I will carry out my duties as special counsel with great care, guided solely by the logic of the investigation,” Cho said Friday, hours after President Lee Jae-myung formally appointed him. Cho’s team will be the largest of the three, comprising
The Ministry of Foreign Affairs said Thursday it is working closely with the United States to revive dialogue with North Korea, amid reports that North Korean leader Kim Jong-un recently rejected a letter from U.S. President Donald Trump. "South Korea and the United States are maintaining close communication at all levels on North Korea policy, including U.S.-North Korea dialogue. The U.S. has reaffirmed its commitment to coordination on multiple occasions," Lee Jae-woong, a foreign ministry spokesperson, said. The remarks followed a report by the U.S.-based outlet NK News that North Korean diplomats at their mission to the United Nations in New York refused to accept the letter despite repeated delivery attempts by U.S. officials. While declining to comment directly on Trump’s letter, Lee emphasized the ministry's ongoing efforts to reopen communication with Pyongyang to ease tensions and build trust. Although South Korea’s Ministry of Unification, which handles inter-Korean affairs, would not comment on the issue, the foreign ministry's stance marks a stark contrast to the administ
South Korea halted its propaganda broadcasts into North Korea, Wednesday, in a move aimed at reengaging with Pyongyang. According to the Joint Chiefs of Staff (JCS), the broadcasts were suspended in the afternoon as part of "fulfilling a pledge with the public to restore trust in inter-Korean relations and achieve peace on the Korean Peninsula." The military had resumed the broadcasts last June in retaliation to the North’s launch of trash-filled balloons, which began in May. The loudspeakers aired news critical of the Kim Jong-un regime. The decision comes as the Lee Jae-myung administration signals a major shift in its North Korea policy. Earlier this week, the Ministry of Unification called for a halt to anti-Pyongyang leaflet campaigns — seen as an initial step in the administration's broader effort to improve ties with the North. Analysts say these measures reflects Lee’s broader strategy to reengage North Korea through dialogue, marking a sharp break from his predecessor Yoon Suk Yeol’s hardline stance. Unification officials recently contacted a civic group involved in anti-N
Korean Americans in Los Angeles have voiced outrage over a social media post by Donald Trump Jr. that appeared to trivialize the trauma and suffering endured by their community during the 1992 LA riots. The Korean American Federation of Los Angeles (KAFLA), a nonprofit organization supporting Korean immigrants in the region, issued a statement, Monday (local time), condemning Trump Jr.’s post as "deeply irresponsible" amid ongoing unrest in the city due to protests against crackdowns on immigrant. "At a time when the situation in Los Angeles has yet to stabilize, Donald Trump Jr. demonstrated poor judgment by mocking the current situation and invoking painful memories from 33 years ago," the group said. This response came after the eldest son of U.S. President Donald Trump posted an image on X (formerly known as Twitter), Sunday (local time), which read, “Everyobody rioting until the roof starts speaking Korean,” along with the caption: “Make Rooftop Koreans Great Again!” The image featured an armed man, apparently of Korean descent, brandishing a hunting rifle on the rooftop o
The Ministry of Foreign Affairs said Monday that it is closely monitoring ongoing protests in Los Angeles over a sweeping immigration crackdown, amid concerns about potential impacts on Korean nationals in the area. Although no injuries or arrests involving Korean citizens have been reported through its diplomatic missions, the ministry urged Korean nationals to remain vigilant and exercise caution. "We are closely monitoring the situation and maintaining active communication with the Korean community in the area," a ministry official said. "We have issued a safety notice urging Korean nationals to remain vigilant, and we will promptly provide consular assistance in the event of detention or harm," the official added. The ministry's response comes as protests escalated in Los Angeles following large-scale federal immigration raids that began Friday. U.S. President Donald Trump ordered the deployment of 2,000 National Guard troops to the city Saturday — a rare activation of state forces without the consent of the governor. According to media reports, tensions have flared between demonstr