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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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Defense

Acting defense minister to skip major security dialogue in Singapore

Acting Defense Minister Kim Seon-ho is expected to skip the annual Shangri-La Dialogue in Singapore in late May, a move critics warn could weaken Korea’s voice in regional security discussions amid a prolonged leadership vacuum. According to the Ministry of National Defense on Friday, Kim’s absence is under review due to the timing of the forum, which falls just days before Korea's June 3 snap presidential election, triggered by the impeachment of President Yoon Suk Yeol for declaring martial law. "Given the overall domestic and international situation at the time of the Shangri-La Dialogue, it would be more appropriate for the acting minister to remain in the country," a ministry official said, adding that a final decision has yet to be made. The Shangri-La Dialogue is a major international security forum that brings together defense chiefs from the United States, China, Japan and countries across the Indo-Pacific and Europe. Korea has participated every year since the forum’s launch in 2002, usually represented by its defense minister. If Kim does not attend, Cho Chang-rae, deput

Apr 18, 2025By Lee Hyo-jin
Acting defense minister to skip major security dialogue in Singapore
Defense

UAE shows high interest in KF-21 fighter jet

The United Arab Emirates' interest in the KF-21 fighter jet is drawing attention amid lingering uncertainty over Indonesia’s financial commitment to the joint development of Korea's first homegrown combat aircraft. Some analysts suggest that Korea’s growing defense ties with the Middle Eastern nation could mark a turning point for its multibillion-dollar joint project with Indonesia, which has been plagued by Jakarta's payment delays and funding cuts. According to the Defense Acquisition Program Administration (DAPA), a UAE military delegation led by Maj. Gen. Rashed Mohammed Al Shamsi, commander of the country's Air Force and Air Defense, met with DAPA chief Seok Jong-gun in Seoul, Thursday, to discuss defense cooperation. The meeting followed the delegation's visit to KF-21 developer Korea Aerospace Industries' (KAI) headquarters in Sacheon, South Gyeongsang Province, the previous day. During the visit, Azan Al-Nuaimi, commander of the UAE Air Force Warfare Center, participated in a test flight to assess the fighter jet's capabilities. A day earlier, the UAE officials held talks wi

Apr 17, 2025By Lee Hyo-jin
UAE shows high interest in KF-21 fighter jet
Politics

Rival parties' presidential primaries struggle to spark interest

Major political parties kicked off their primaries to select candidates for the upcoming June 3 presidential election on Wednesday, but the race is drawing little attention from the public due to a lack of surprise factors. The registration period closed the previous day, with three contenders from the liberal Democratic Party of Korea (DPK) and eight from the conservative People Power Party (PPP) accepted in the initial stage. Only one candidate from each party will ultimately secure their party’s ticket to the presidential race. The three figures competing in the DPK race are former party leader Lee Jae-myung, Gyeonggi Province Gov. Kim Dong-yeon and former South Gyeongsang Province Gov. Kim Kyoung-soo. The party will nominate its candidate on April 27. Opinion polls show that Lee is the dominant frontrunner, enjoying strong backing from the party’s pro-Lee faction. Lee, who had narrowly lost to now-impeached President Yoon Suk Yeol in the 2022 presidential election, has been the leading political figure in the opposition bloc. A Realmeter poll released last week showed Lee leading

Apr 16, 2025By Lee Hyo-jin
Rival parties' presidential primaries struggle to spark interest
Foreign Affairs

Korea fails to reverse US 'sensitive country' listing taking effect Tuesday

The government said Tuesday that more time is needed to resolve the U.S. designation of Korea as a "sensitive country" in the energy sector, as ongoing diplomatic efforts failed to reverse the decision by the April 15 deadline. Despite a monthlong diplomatic engagement involving relevant ministries, including the foreign, industry and science ministries, Seoul was unable to persuade Washington to withdraw or postpone the designation. "During a meeting with the U.S. secretary of energy on March 20, both sides agreed to cooperate in resolving the issue promptly in accordance with related procedures. Accordingly, relevant ministries are continuing negotiations with the U.S. Department of Energy (DOE), including director general-level consultations," the foreign ministry said in a joint statement with the industry and science ministries. "However, as this matter is being handled in accordance to U.S. internal procedures, it is expected to take some more time," the statement added. The government stressed that the designation would not affect ongoing or future bilateral research or R&D cooper

Apr 15, 2025By Lee Hyo-jin
Korea fails to reverse US 'sensitive country' listing taking effect Tuesday
Society

Strong winds sweep through Korea

Apr 13, 2025By Lee Hyo-jin
Strong winds sweep through Korea
Politics

Criminal proceedings against ex-presidential couple gain steam

Criminal proceedings against former President Yoon Suk Yeol and his wife Kim Keon Hee are accelerating, with Yoon set to appear in court on Monday for his first hearing on insurrection charges. Yoon, who was indicted Jan. 26 on insurrection charges related to his martial law declaration, will appear at the Seoul Central District Court for his first official hearing at 10 a.m. His attendance is mandatory, as defendants are required to be present during criminal trial hearings. The court has heightened security measures in response to potential rallies near the courthouse. He is expected to enter the building via an underground parking lot for safety reasons. The court has barred the media from photographing him at the courtroom — a departure from past practices, where criminal proceedings involving former presidents were at least partially open to the press. The disgraced former president stands accused of being the ringleader of an insurrection, a charge that carries the possibility of life imprisonment or a death sentence under criminal law. While the Constitutional Court upheld Yoon

Apr 13, 2025By Lee Hyo-jin
Criminal proceedings against ex-presidential couple gain steam
Politics

Voting demo before June 3 presidential election

Apr 10, 2025By Lee Hyo-jin
Voting demo before June 3 presidential election
Global Community

Overseas adoptees protest early end to truth inquiry

Overseas adoptees on Thursday voiced outrage over the Truth and Reconciliation Commission’s (TRC) plan to wrap up its ongoing investigation into human rights violations in Korea’s past overseas adoptions, as the commission’s term is set to expire May 26. The adoptees, who submitted their cases to the TRC in November 2022, urged the government to establish a third TRC if the current second commission, which began in 2020, fails to complete its work by the deadline. Among the total 367 cases filed, only 56 were identified as involving human rights violations and government responsibility, in the commission’s first announcement on March 26. It is unlikely that all of the pending 311 cases will be resolved before the May 26 deadline. "We are concerned that there will not be enough time to conclude the remaining cases. If all 367 adoptees cannot receive an answer within the current mandate, then a third TRC must be established as soon as possible,” Peter Moller, a Danish adoptee who heads the Danish Korean Adoptee Group, said during a press conference in front of the TRC’s office

Apr 10, 2025By Lee Hyo-jin
Overseas adoptees protest early end to truth inquiry
Foreign Affairs

US Sen. Andy Kim blasts Trump's immigration crackdown as 'political retribution'

U.S. Senator Andy Kim, a Korean American lawmaker from New Jersey, slammed the Donald Trump administration’s sweeping immigration crackdown, calling it a "political retribution" which abandons constitutional principles. Kim’s condemnation comes in response to the Trump administration’s hardline immigration policies, which have now led to the revocation of hundreds of international student visas based on the students’ political expression. This development has stoked fear among immigrant communities, including Korean Americans. "No matter the challenges we face, there is no justification for abandoning basic constitutional principles like the right to due process and freedom of speech in our country," Kim told The Korea Times in a recent email. "The cruelness being inflicted on people like Yunseo Chung, who has been in the U.S. since she was a little kid, is yet more evidence of this administration’s lawlessness and failure to lead with a sense of humanity," he said. Chung, a 21-year-old Columbia University student and permanent U.S. resident, had faced deportation proceedings f

Apr 9, 2025By Lee Hyo-jin
US Sen. Andy Kim blasts Trump's immigration crackdown as 'political retribution'
Politics

Mayors, governors step back from roles to join presidential race

Several mayors and governors are entering the race for the June 3 presidential election, sparking concerns that they may be prioritizing their political ambitions over their official duties. The snap election was triggered by Yoon Suk Yeol's impeachment, with the date confirmed during a Cabinet meeting on Tuesday. A number of high-profile regional officials have already joined or are preparing to join the race to pick Yoon’s successor. Among those from the conservative People Power Party (PPP), Daegu Mayor Hong Joon-pyo and North Gyeongsang Province Gov. Lee Cheol-woo have declared their candidacy. Hong is scheduled to hold a resignation ceremony this Friday and is expected to officially announce his candidacy in Seoul next week. After his resignation, Deputy Mayor for Administrative Affairs Kim Jeong-gi will assume acting leadership until the next mayoral election in June 2026. A five-term lawmaker and a prominent conservative figure, Hong previously ran in the PPP's 2022 presidential primary but lost to Yoon. In the 2017 election, he was the nominee of the Liberty Korea Party, the PP

Apr 8, 2025By Lee Hyo-jin
Mayors, governors step back from roles to join presidential race
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