Seoul, Jan 7 (IANS) The government borrowed the second-largest amount of temporary funds on record from the central bank last year through its overdraft facility, data showed on Wednesday.According to the data from the Bank of Korea (BOK) submitted to Rep. Park Sung-hoon of the main opposition People Power Party, the government’s temporary borrowings from the BOK totalled 164.5 trillion won (US$113.65 billion) in 2025, including 5 trillion won drawn in December.The figure was slightly lower than…
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Seoul, Jan 7 (IANS) The leader of the South Korea’s main opposition People Power Party (PPP) apologised Wednesday for the failed attempt to impose martial law by ousted former President Yoon Suk Yeol.Rep. Jang Dong-hyeok made the apology during a press conference at the party’s headquarters, signaling that the conservative party would distance itself from Yoon, who is standing criminal trial on insurrection charges.”The declaration of martial law on December 3, 2024, was a wrong and inappropriat…
Seoul, Jan 6 (IANS) The prosecution and the police formed a joint investigation team on Tuesday to handle various allegations of bribery among the Unification Church, the Shincheonji Church of Jesus and politicians, South Korea’s Supreme Prosecutors’ Office (SPO) said.The launch of the new team comes after the legally mandated investigation period of special counsel Min Joong-ki’s team ended last month, before it was able to fully determine the details of alleged bribery between the Unification …
Seoul, Jan 3 (IANS) Lee Hye-hoon, the nominee to head the newly established Ministry of Planning and Budget in South Korea, came under intensifying political pressure Saturday to step down as suspicions of her husband’s past real estate speculation emerged following revelations of her mistreating an intern while serving as a lawmaker.Lee, a former three-term lawmaker from the conservative bloc, has drawn criticism from both the ruling and opposition parties since her surprise nomination by Presi…
Seoul, Jan 3 (IANS) Lee Hye-hoon, the nominee to head the newly established Ministry of Planning and Budget, came under intensifying political pressure on Saturday to step down as suspicions of her husband’s past real estate speculation emerged following revelations of her mistreating an intern while serving as a lawmaker.Lee, a former three-term lawmaker from the conservative bloc, has drawn criticism from both the ruling and opposition parties since her surprise nomination by President Lee Jae…
Seoul, Dec 29 (IANS) South Korean President Lee Jae Myung said Monday that his nominee for budget minister needs to clarify her remarks in support of former President Yoon Suk Yeol’s failed martial law bid, a presidential spokesperson said. Lee Hye-hoon, a former three-term lawmaker from the conservative camp and a veteran economist, was named Sunday as the first minister of the soon-to-be-launched Ministry of Planning and Budget. The choice came as a surprise, as she had previously made comment…
Seoul, Dec 29 (IANS) The South Korean military said on Monday that it has conducted all joint field training drills with the United States that the allies postponed after rescheduling them from August as part of the annual summertime Ulchi Freedom Shield (UFS) exercise.In a notice to the press, the Joint Chiefs of Staff (JCS) said it had completed 22 of some 40 field drills that the allies decided to push back in August by a month.”To ensure a balanced military readiness posture year-round and t…