The South Korean currency market is now in turmoil as the local currency continues to depreciate sharply against the US dollar, sparking worries about speculative trading and its negative impacts on the broader economy. Warning signs came on Monday when the Korean won tumbled below the 1,340 level during trading hours before settling at 1339.8 won per US dollar. On Tuesday, the country’s foreign exchange authorities verbally warned to tame the fall, but the local currency skidded to clos

South Korea and China on Wednesday mark the 30th anniversary of the establishment of diplomatic relations. Their foreign ministers signed a joint statement on the establishment of diplomatic relations on Aug. 24, 1992, in Beijing, China. The two countries ended four decades of hostility from the 1950-1953 Korean War -- though the end of the war was not declared -- and normalized their diplomatic relations. Their relations have since made leaps and bounds largely thanks to geographical proximi

South Korea boasts of a solid and affordable public health insurance system compared to other countries. Unlike the United States, for instance, it is rare to catch hospitals issuing Korean patients with surprise medical bills for relatively simple treatments at hospitals. Although the national health system is far from perfect, it has been dependable for decades, due largely to the government’s systematic and detailed control over the items eligible for public insurance coverage and pri

President Yoon Suk-yeol said in a press conference marking his 100th day in office on Wednesday that it is important to consistently maintain the law and principles regardless of labor or management. The rule of law must be applied even-handedly, but labor relations are tilted in favor of labor. The government must stop merely watching unlawful labor protests and instead begin to respond sternly to them. Among other revisions, unlawful protesters must be held legally responsible for the damage