News

At least 20 killed in car bomb attack in northern Syria

2025/02/04 17:00

In Middle East. At least 20 people were killed in a car bomb attack in the northern Syria on Monday. According to authorities there a car filled with explosives blew up next to a truck carrying agricultural workers most of them female. The Syrian leadership has vowed to bring those responsible for the appalling assault to justice but no one has claimed responsibility for the attack as of yet.

Samsung's latest Galaxy S25 smartphone breaks domestic pre-sales record

2025/02/04 17:00

Pre-sales of Samsung's Galaxy S25 series here in Korea have soared past an earlier record. According to Samsung officials today 1-point-3 million units of their latest smartphone series were sold in less than two weeks. Now the previous record was set last year with over 1-point-2 million units of the Galaxy S24 series. The newest S25 lineup has been applauded for its advanced AI features offered at the same price range as its S24 counterpart.

OpenAI's Sam Altman meets with conglomerate heads to expand market presence in S. Korea

2025/02/04 17:00

In other news. Open AI founder Sam Altman is here in Seoul for a number of events and meetings aimed at advancing AI collaboration. Our correspondent Lee Soo-jin covers his agenda here. ChatGPT developer OpenAI is looking to expand its presence in the South Korean market, as Chinese start-up DeepSeek poses a challenge to its position in the tech industry. OpenAI CEO Sam Altman during a closed-door workshop held in Seoul on Tuesday said that with its robust semiconductor and energy industries, Korea is a country that is actively adopting artificial intelligence. This marks Altman's third visit to South Korea and the first time an official OpenAI event took place in the country. As part of its efforts to stay competitive, OpenAI announced that it has entered into a joint strategic partnership with South Korea's leading messaging app operator Kakao. Kakao CEO Chung Shin-a said on Tuesday, that upcoming key Kakao services such as Kanana, an AI-integrated messenger app, will utilize Open AI's latest AI technology APIs,.. application programming interfaces that allow developers to integrate OpenAI's language models such as ChatGPT into their own apps. But Kakao isn't the only Korean company OpenAI is planning to work more closely with as Altman also met with SK Group Chairman Chey Tae-won immediately after the workshop on Tuesday. Chey and Altman reportedly discussed potential areas of collaboration between OpenAI and SK Group, such as the supply of high-bandwidth memory from SK hynix and the construction of an AI data center by SK Telecom. And in the afternoon, Altman met with Samsung Electronics Chairman Lee Jae-yong and SoftBank CEO Masayoshi Son, who flew in from Japan in the morning to attend the meeting. This comes after SoftBank and OpenAI on Monday agreed to set up a joint venture in Japan, with SoftBank also committing to investing 3 billion U.S. dollars annually to utilize OpenAI's technology. The three are expected to discuss ways to expand AI collaboration, namely Samsung Electronics' potential participation in the Stargate Project, a 500 billion dollar AI infrastructure initiative supported by U.S. President Donald Trump. Lee Soo-jin, Arirang News.

Joint talks between acting president, Assembly speaker, rival party leaders set for next week

2025/02/04 17:00

Also today the government and rival political parties have agreed to meet for talks early next week. Acting President Choi Sang-mok National Assembly Speaker Woo Won-shik ruling People Power Party interim Chairman Kwon Young-se and main opposition Democratic Party Chairman Lee Jae-myung will partake in the upcoming meeting that will address matters related to supporting the economy. Now these include a special act in support of the semiconductor industry a supplementary budget and pension reform.

Ruling party, gov't support "over 52-hour workweek" for workers in semiconductor industry

2025/02/04 17:00

At the National Assembly. The ruling party has proposed permitting flexibility in work hours for those in the chip industry to allow for a strategic edge over the competition in the global AI race. Our correspondent Lee Shi-hoo reports. How can South Korea's semiconductor industry further boost its global competitiveness amid ongoing shifts in the global AI market? The ruling People Power Party has suggested an exception to the current labor law so that employees in the sector could work for more than 52 hours per week, the limit laid out under Korea's labor law. "The competitiveness of our semiconductor industry is weakening due to rigid operations based on a 52-hour workweek. The legal restriction is blocking R&D and production line operations despite the lack of time facing us." In a discussion with the ministers of trade and labor held at the National Assembly on Tuesday, lawmakers suggested the legislation of a special act that will allow for a labor law exemption that will enable research professionals to work for longer than 52 hours per week. The special act also aims to provide firms with additional government subsidies to support their growth. The ruling party urged the opposition parties to join them in the efforts so the special act can be approved this month with Acting President Choi Sang-mok, also showing his support on Tuesday, saying, "The National Assembly should conclude the special act and other key economy-related bills during its February session." The leader of the main opposition Democratic Party Lee Jae-myung, the day before, had spoken favorably of giving the semiconductor industry flexibility in its working conditions, but with restrictions. Lee said at a related debate on Monday that while he "hasn't come up with conclusions," he would consider allowing high-income research professionals to work longer in certain periods of the year if the workers themselves agree to it. Meanwhile, the ruling party and government officials also discussed measures to resolve unsold housing issues occurring in non-capital regions in the country, as well as further "livelihood" measures for those in need including grocery vouchers for the financially vulnerable, as well as support for small business owners, workers in jobs with weak stability, and for young people. Tuesday's discussions came following the release of DeepSeek's open-source AI Chatbot last month, which has impacted the global AI development environment, and the recent imposition of tariffs by the newly launched Trump administration that is posing increased risks to South Korean firms. Lee Shi-hoo, Arirang News.

S. Korea kicks off livelihood and economic response plan for Q1

2025/02/04 17:00

Starting this week the government will put into action its plan aimed at supporting public livelihood and the broader economy. Intentions to this end were shared at a Cabinet meeting on this Tuesday during which acting President Choi Sang-mok added close monitoring of economic trends on a weekly basis will be followed by at least one tangible response measure each week. Emphasis has been placed on the execution of effective measures to support the economy within the first quarter of this year. Such efforts include revising regulations or temporarily easing them to allow for better adaptation to emerging challenges as Korea too braces for U.S. tariffs.

Wall Street settles, bitcoin rebounds past US$ 100,000 on news of Trump's tariff pause

2025/02/04 17:00

For now though the decision to delay Trump tariffs on major U.S. trade partners kept its stock market from sinking deeper during Monday's trade. Lee Seung-jae has the numbers. On the first day of Wall Street trading since U.S. President Donald Trump's announcement of 25 percent tariffs against Canada and Mexico, and an additional 10 percent tariff on China, major indexes saw major sell-offs. However,.. major sell-offs slowed as Trump announced that he would put a hold on the 25 percent tariff on Mexico and Canada, in order for negotiations to take place. By the end of Monday's trading, the S&P 500 fell just zero-point-eight percent, while the Dow lost 122 points, or zero-point-3 percent. The tech heavy Nasdaq fell one-point-two percent. Still,.. major tech and auto shares fell on the day, due to concerns that an intensified trade conflict due to Trump's tariffs and the response from affected countries could hamper sales. America's largest carmaker General Motors fell as much as 7 percent during premarket trading Monday, before recovering to trade over three percent lower from its previous trading session. Stellantis N.V. also fell nearly four percent by the end of Monday's session. Apple, which relies heavily on Chinese labor for its production,.. also saw its share fall over three percent. However, bitcoin which fell over the week, rebounded to above 100 thousand U.S. dollars again. According to U.S.-based cryptocurrency exchange Coinbase as of 8 AM Korea Standard Time, the price of Bitcoin stood at over 101 thousand seven hundred U.S. dollars. Concerns still remain for South Korea's currency market, as the greenback continues to strengthen against the won amid Trump's protectionist policies. According to the Seoul Money Brokerage as of 2 AM Tuesday morning, the won fell 9-point-3 won against the U.S. dollar, to close at 1-thousand-462 won. Lee Seung-jae, Arirang News.

Trump pauses tariff imposition on Mexico and Canada

2025/02/04 17:00

U.S. tariffs on Canada and Mexico have been delayed for 30 days BUT the additional 10-percent tax on Chinese imports have been put in place. Ahn Sung-jin reports. U.S. President Donald Trump's 10-percent tariff on Chinese products took effect just after midnight Tuesday. This means that all Chinese goods going into the country will be levied under the trade measures. China immediately hit back with retaliatory taxes of its own. The country's Customs Tariff Commission of the State Council announced that certain U.S. products such as petroleum or agricultural machinery will have a 10 percent tariff while coal and LNG will be levied 15 percent, starting on the 10th. This comes as Trump stated that he will be talking with China on deals regarding stopping the flow of fentanyl, and the Panama Canal. However, whether Trump will strike a deal with China remains unclear as Beijing's ambassador to the United Nations, Fu Cong reaffirmed the country's position during a press conference at the UN headquarters early Tuesday, stating that China will file a lawsuit with the World Trade Organization and implement countermeasures regarding Trump's tariffs. Unlike China, less than a day ahead of Trump's imposition of 25-percent tariffs on Canada and Mexico, the tariffs have been postponed for at least a month. Canadian Prime Minister Justin Trudeau on Monday local time posted on X that he had "a good call with President Trump" signaling that a deal has been struck. The deal includes implementing a 1-point-3 billion U.S. dollar border plan which includes reinforcing the border with nearly 10-thousand front-line personnel as well as strengthening resources to respond to fentanyl and money laundering. The agreement with Canada comes only hours after Trump announced a similar deal with Mexico. Just a day before U.S. tariffs were to take place, Mexico agreed to also place 10-thousand national guard troops along the U.S. border to prevent the flow of drugs. "I told him we wanted him to pause the tariffs, so we reached that agreement. I'm sure that during this month we'll be able to deliver good results for his people and the people of Mexico." Over the next month, the U.S. and Mexico will be negotiating on trade and security issues before a final decision on whether to implement full tariffs. Concerns over a global tariff war sparked by Trump are still high as he also warned of tariffs to the European Union. "When targeted unfairly or arbitrarily, the European Union will respond firmly." Whether these trial periods for Canada and Mexico will lead to successful tariff deals is unclear negotiations could see the U.S. adding on trade issues and concrete results may not appear regarding drug trafficking or illegal immigration issues. Ahn Sung-jin, Arirang News.

Protestors gather at detention center ahead of Yoon's impeachment trial

2025/02/04 17:00

Meanwhile at the Seoul Detention Center EARLIER this afternoon people backing the president gathered outside the center braving the day's frigid conditions to share their moral support. Our Choi Min-jung was there. A freezing cold Tuesday. Despite the bitterly cold weather, dozens of President Yoon Suk Yeol's supporters gathered at the Seoul Detention Center, to cheer for Yoon with the president heading to the constitutional court for the fifth hearing of his impeachment trial. Supporters sang and chanted loudly, banging on drums. One supporter attempted to enter the detention center but was stopped by police. There was also a small number of people protesting in favor of Yoon's impeachment. "The police has deployed heavy security and buses on site to prevent any potential physical clashes between those for and against the impeachment." On Wednesday, officials from the National Assembly's special committee on the insurrection investigation,.. are scheduled to visit the detention center to question Yoon in person, as he has refused to attend previous committee hearings. But it remains to be seen whether Yoon will comply with the investigation. Choi Min-jung, Arirang News.

[K-wave] Expansion of K-literature: Bora Chung shortlisted for Philip K. Dick Award

2025/02/04 14:00

<span style="color: rgb(13, 13, 13); font-family: Roboto, Noto, sans-serif; font-size: 15px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; white-space-collapse: preserve;">Korean writer Bora Chung or Chung Bora has been both shortlisted and longlisted for distinguished international awards, and this year, her short stories collection "Your Utopia" was nominated for one of the world's most prestigious science fiction literary awards. That's further proof that Korean literature is gaining recognition and becoming more prominent on the global stage. Lee Eun-jin tells us more. "Your Utopia" is a 2024 short story collection by Korean author Bora Chung. It tells the story of a humanoid and an intelligent car fighting to survive after an infectious disease wipes out humanity. The book features seven other short stories including the opening piece titled "The Center for Immortality Research" and "The End of the Voyage." "Your Utopia" is a revised edition of the short story collection "Meeting Her" which was published in 2021 and is also one of the eight stories. As a collection of short stories, "Your Utopia" is the first Korean work to be nominated for the Philip K. Dick Award, one of the world's top three honors for science fiction. "The eight short stories in "Your Utopia" make you think about what living as a human being is. Even with all the difficulties we face in reality, how we can be better humans." American science-fiction author Philip K. Dick is the writer of original novels and short stories which were later adapted as movies including 'Blade Runner', 'Total Recall', and 'Minority Report.' He had a great influence on popular culture in the latter half of the 20th century, and after his death in 1982, the award has been presented annually since 1983 for distinguished works of science fiction. Along with other world prestigious awards that recognize science fiction publications like the Nebula Award and the Hugo Award, the winner of the Philip K. Dick Award will be announced in April. "Looking at the other writers and other works on the shortlist, being selected alongside them among the tens of thousands of books really is as hard as climbing above the clouds." Chung was shortlisted for the International Booker Prize in 2022 and longlisted for the National Book Award in 2023 for her collection of short stories, "Cursed Bunny." Following Han Kang's recent winning of the Nobel Prize in Literature, Korean literature is continuing to solidify its status globally, and being highly evaluated by critics abroad. Lee Eunjin, Arirang News.</span><div></div>

K-wave AI News

2025/02/04 14:00

Hello and welcome to your AI guide to the latest cultural updates from Korea. Here's our top story. Seoul Fashion Week, Korea's largest premier fashion event, will kick off its five-day run on Wednesday. Top designers and emerging talents will present their collections at venues across Dongdaemun Design Plaza, Seongsu, Hannam, and Cheongdam-dong. This year's event launches with HANNAH SHIN's opening show, setting the stage for 19 runway shows and a dynamic trade show featuring 130 plus fashion brands and over 300 top buyers from around the world. Now in its 25th year, Seoul Fashion Week has grown into a global platform driving the expansion of K-fashion on the world stage. A name plaque of Korea's traditional palace hall housing portraits of past kings has returned from Japan for the first time in over a century. The National Heritage Service says the plaque, believed to have once hung in Seonwonjeon Hall at Gyeongbokgung Palace, was taken to Japan during the Japanese colonial period. It resurfaced at a 2023 auction in Japan, drawing attention as a symbol of the legitimacy of the Joseon royal family. The artifact will be unveiled to the public on February 27 at the National Palace Museum of Korea. Iksan in Jeollabuk-do Province and Gyeongju in Gyeongsangbuk-do Province have been selected as this year's pet-friendly tourism cities. Iksan plans to develop a pet park within the Wanggung Jewelry Theme Tourism Site and introduce a variety of programs for pet owners and their furry companions. Gyeongju will establish "Petpia," a large-scale pet-themed park within the Bomun Tourism Complex, and designate 10 pet-friendly tourist destinations across the city. The Culture Ministry provides over 171,000 U.S. dollars annually to support designated pet-friendly tourism cities in enhancing infrastructure and visitor experiences. That's all from me. Stay tuned to the Kulture Wave.

[Short-form] Korea's caves, where year-round thrills await!

2025/02/04 14:00

Looking for fun adventures, but it's too cold outside? Watch this video and immerse yourself in the captivating allure of Korea's hidden caverns!

Changing Leisure Culture in the Era of High Prices

2025/02/04 14:00

Time now for Trend Vibes, where we explore the latest cultural trends in Korea! Joining us today is our trend reporter, Yoon Seyoung. Hello, Seyoung. Hi, Soa and Walter! Good to see you! What are we talking about today? You know, we just had the Lunar New Year holiday, and while preparing gifts and food, I couldn’t help but notice how much prices have gone up. We all feel it in our daily lives—this era of high prices has been going on for quite some time. Naturally, this is also affecting how people enjoy their leisure time. That’s what we’ll be discussing today! Before we dive in, do you both have any favorite leisure activities? I personally love traveling with my family, going to the movies, and buying books at bookstores. But recently, I find myself hesitating more when it comes to spending on these activities. And I’m not alone. Many people with similar interests are adapting their habits to be more cost-efficient due to the economic downturn. According to a report released in December by the Ministry of Culture, Sports, and Tourism based on weekends, the average leisure time in 2024 increased by 12 minutes compared to the previous year, but the monthly average spending on leisure activities decreased by 14-thousand Korean won (about 9 U.S. dollars, 60 cents). Even though people have more free time, they’re not necessarily spending more on cultural experiences. That makes sense. If money is tight, people might be less inclined to go out. Do you have any specific examples? Let’s start with movies. According to the Korean Film Council, last year, the total number of moviegoers in theaters dropped by 2 million compared to the previous year. The biggest reason? High ticket prices. But that doesn’t mean people have lost interest in watching movies OTT (Over-The-Top) streaming subscriptions have increased as a result. A report from the Korea Communications Commission at the end of last year revealed that 8 out of 10 Koreans use streaming services. If you don’t mind waiting a little longer, you can watch the same movies at a much lower cost, which is great for consumers. Books follow a similar pattern. While many traditional bookstores have struggled or even shut down due to declining sales, secondhand bookstores and public libraries have seen an increase in users. That’s quite interesting. It’s great that there are more affordable options, but from an industry perspective, it’s also unfortunate to see bookstores closing. What about other cultural activities beyond movies and reading? At the start of a new year, many people set fitness goals. However, as prices go up, instead of signing up for gyms, people started to opt for cost-effective ways to exercise. For example, running used to be extremely popular among millennials and Gen Z, with running crews forming across the country. However, with the rising costs of running shoes and athletic wear needed for long-distance runs, a new trend is emerging—walking, which requires even less gear. I mean, for walking all you need is a pair of sneakers. In the arts and entertainment scene, early bird tickets for exhibitions and concerts are in high demand. Even a small discount can drive people to frantically click their way to securing a spot before tickets sell out. That’s a good point because regardless of your financial situation, being mindful of spending is important. Seyoung, some hobbies don’t have cheaper alternatives, right? What about people who want to continue their favorite leisure activities despite financial constraints? That’s where secondhand marketplaces come in! Have you two ever used one? Platforms like Karrot Market have seen tremendous growth in recent years. With the ongoing economic challenges, more people prefer buying secondhand goods over new ones. Items related to leisure activities such as musical instruments, cameras, and bicycles are frequently traded on these platforms. This way, people can still enjoy their hobbies at a much lower cost. Another smart way people are adapting is through subscription services. Most of us think of streaming platforms when we hear “subscription,” but the concept has expanded far beyond that. For example, there are e-book subscriptions like Millie’s Library, and even home appliance subscription services. One particularly interesting service introduced last year is the Sejong Center for the Performing Arts’ subscription program. It was the first time a performing arts venue in Korea introduced a subscription model. Subscribers receive a 40% discount on all Sejong Season performances and early ticket access. It has been so popular that all available subscriptions (500 in 2023 and 1,000 in 2024) sold out on the first day each year! Subscription services are great if you know how to make good use of them. Apart from OTT platforms until last year I was a subscriber of a number of education platforms you can learn all kinds of things with one subcription. Seyoung, before we wrap up, can you share some tips for being able to afford leisure activities during these tough economic times? Of course! According to a report from the Korea Economic Research Institute on 2025 consumer spending plans, the number one category where spending is expected to decrease is travel, dining out, and accommodation (17.6%). But that doesn’t mean you have to give up on travel altogether! The Korean government is offering up to 30-thousand KRW in accommodation coupons for non-metropolitan areas starting in March. These will be available on a first-come, first-served basis through online travel platforms, so if you’re interested in travel, but hesitating due to travel expenses, be sure to check them out. Also, have you heard of “Culture Day” in Korea? On the last Wednesday of every month or during that week over 2,000 cultural venues such as cinemas, museums, art galleries, and even sports facilities offer free or discounted admission. I personally take advantage of this program whenever I can! The accommodation coupons sound nice to me, because just like this Lunar New Year holiday, the Chuseok holiday in the second half of the year will be long, too. That’s right! On top of that, 2025 has quite a few chances for so-called "golden holidays" or long weekends so I highly recommend that you check out some great travel benefits provided by the central government or by local governments as well. Sounds great. Spending habits may change, but culture remains essential. Hearing from you Seyoung, I think there are always smart ways to make the most of what’s available. Let’s keep enjoying the things we love! Thank you for joining us today, Seyoung! Thanks for having me!

IVE unveil third mini album, "IVE Empathy"

2025/02/04 14:00

For our daily dose of K-entertainment news we have Walter Lee reporting for us. Starting with an exciting new release by a popular girl group. K-pop girl group IVE are back and the keyword for their new EP album is "empathy." They say it represents their interpretation of growth within both the industry and the group. On Monday, IVE held a press conference to mark the release of their third EP album titled simply, "IVE EMPATHY". This comes approximately nine months after their second EP, "IVE SWITCH", which was released in April last year and contained hits such as "Accendio" and "WOW." "IVE EMPATHY" features a total of six tracks, including the very catchy pre-release title track "Rebel Heart", released in January, and the newly unveiled track "Attitude." IVE have been gaining more and more attention over the years, and it's great to see them making more music. And you have another artist who has a new mini-album on the way. Yes, BLACKPINK member Jisoo revealed the tracklist for her new mini-album 'Amortage' at midnight KST on Tuesday through her agency BLISSOO's official social media pages. The album has a total of four tracks: "earthquake," "Your Love," "Tears," and "Hugs & Kisses." Jisoo personally took part in the creation of every song on the album. All tracks from Jisoo’s new mini-album "Amortage" will be released on February 14 at 2 PM KST on all major online music streaming platforms worldwide. Meanwhile, keep an eye out for Jisoo's new drama series 'Newtopia,' set to premiere on February 7 on Coupang Play. Amortage I believe is a combination of the French word "amor" standing for love and the film composition technique "montage". And maybe it's no coincidence that the release date is Valentine's Day. And ending off with some K-movie news, what do you have? The K-movie 'Hitman 2,' starring Kwon Sang-woo , has officially surpassed 2 million viewers. On Monday, the film attracted approximately 42,000 moviegoers, bringing its cumulative audience to around 2 million in just 13 days making it the first film of the year to achieve this feat. During the Lunar New Year holiday alone, it drew 1.7 million viewers. "Hitman 2" is the sequel to "Hitman", which follows the story of Joon played by Kwon, a former special agent turned webtoon artist who finds himself on the run after a copycat crime is inspired by his webtoon. I will be sure to put that on my list of movies to watch. Thank you for the entertainment news

EU leaders meet in Brussels for informal talks focused on defense

2025/02/04 10:00

Beginning in Europe, on February 3, European Union leaders gathered in Brussels for informal discussions centered on defense and security. The meeting addressed concerns over potential U.S. tariffs on European goods, as indicated by President Donald Trump. While French President Emmanuel Macron stressed Europe's need to assert itself, if its commercial interests are threatened, German Chancellor Olaf Scholz expressed a preference for cooperation. Other leaders, including Polish Prime Minister Donald Tusk, also highlighted the negative implications of a trade war and the importance of unity. NATO Secretary-General Mark Rutte and British Prime Minister Keir Starmer also joined the bloc's 27 leaders in the meeting. Starmer became the first UK prime minister to attend an EU leaders' meeting since the country left the bloc five years ago.

OpenAI founder Altman in S. Korea for AI event, collaboration with Kakao

2025/02/04 10:00

Sam Altman, co-founder and CEO of U.S. AI company OpenAI, is in South Korea where he's expected to announce a collaboration with South Korea's dominant mobile platform Kakao. Altman is scheduled to attend a closed-door "Builder Lab" workshop on Tuesday, where local companies and startups put their heads together on the intensifying global AI race. His trip also includes signing a collaboration with Kakao and expanding joint business ventures, especially in the Asian market. Kakao introduced its conversational AI service, Kanana last year. Watchers predict the company could integrate OpenAI's model into its AI platform.

On-point: How has martial law order affected domestic demand?

2025/02/04 10:00

It's been exactly two months since the martial law order was issued. Although it was a short-lived, botched one, the aftermath of the lingering political instability is now wobbling domestic demand and consumer sentiment here in the country. Let's turn to Professor Shin Se-don for more. Welcome back. 1. We're now seeing data that reflects the repercussions of the martial law order. South Korea's retail sales dropped by the most in 21 years last year due to poor domestic demand. How big of an influence did the December martial law order have on the latest figure? Is it something we should be worried about? 2. How much do political crises like a marital law declaration affect consumer spending? (based on the crises in the past} 3. What about the real estate? There were just over 3-thousand real estate transactions in December last year when the martial law order was issued. This is a notably low figure considering we saw over 9-thousand transactions last July alone. What's slowing people's decisions to buy and sell? 4. Does it mean we'll continue to see poor figures for January for domestic consumption and in the real estate sector? When might this political drama come to an end and what does "the end" mean? 5. The finance ministry plans to accelerate efforts to recover the local economy. That includes implementing an economic reinforcement package worth over 12 billion U.S. dollars. Will it be enough? What else should there be? Thanks so much for sharing your insight with us this morning. We appreciate it.

Further contraction expected if trade conflict intensifies: BOK

2025/02/04 10:00

Bank of Korea forecasts South Korea's real GDP growth rate this year could fall to the mid-one percent range if international trade conflicts continue to heat up. According to the central bank on Tuesday, the country's real GDP growth could fall by an additional point-two percentage points, from its previous outlook of one-point-nine percent, if global trade conflicts intensify. This means that the real growth rate for this year could be one-point-seven percent. The BOK said strengthening U.S. protectionist policy and response measures from countries like China could result in a rapid contraction in international trade.

Wall Street settles, bitcoin rebounds past US$ 100,000 on news of Trump's tariff pause

2025/02/04 10:00

And following Trump's change of mind, markets in the U.S. recovered some losses. Wall Street opened on Monday with massive sell-offs, before mostly recovering by the end of the trading session. Lee Seung-jae has more. On the first day of Wall Street trading since U.S. President Donald Trump's announcement of 25 percent tariffs against Canada and Mexico, and an additional 10 percent tariff on China, major indexes saw major sell-offs. However,.. major sell-offs slowed as Trump announced that he would put a hold on the 25 percent tariff on Mexico and Canada, in order for negotiations to take place. By the end of Monday's trading, the S&P 500 fell just zero-point-eight percent, while the Dow lost 122 points, or zero-point-3 percent. The tech heavy Nasdaq fell one-point-two percent. Still,.. major tech and auto shares fell on the day, due to concerns that an intensified trade conflict due to Trump's tariffs and the response from affected countries could hamper sales. America's largest carmaker General Motors fell as much as 7 percent during premarket trading Monday, before recovering to trade over three percent lower from its previous trading session. Stellantis N.V. also fell nearly four percent by the end of Monday's session. Apple, which relies heavily on Chinese labor for its production,.. also saw its share fall over three percent. However, bitcoin which fell over the week, rebounded to above 100 thousand U.S. dollars again. According to U.S.-based cryptocurrency exchange Coinbase as of 8 AM Korea Standard Time, the price of Bitcoin stood at over 101 thousand seven hundred U.S. dollars. Concerns still remain for South Korea's currency market, as the greenback continues to strengthen against the won amid Trump's protectionist policies. According to the Seoul Money Brokerage as of 2 AM Tuesday morning, the won fell 9-point-3 won against the U.S. dollar, to close at 1-thousand-462 won. Lee Seung-jae, Arirang News.

President Yoon's impeachment trial resumes with key martial law witnesses likely to testify against him

2025/02/04 10:00

The impeachment trial of President Yoon Suk-yeol, which was temporarily paused due to the Lunar New Year holiday, will resume today. The fifth hearing in Yoon’s case is expected to feature key witnesses who were involved in the martial law order. For more, we have our Oh Soo-young at the Constitutional Court. 1. Sooyoung, the fifth hearing on Tuesday afternoon will include key witnesses for the National Assembly side which is arguing for impeachment. Tell us more. Sure, Dami. The three witnesses testifying at the Court this afternoon were key military and intelligence officials involved in executing the December 3rd martial law decree. They'll each be questioned for ninety minutes from 2:30 PM today. Given what they have already told investigators, they're hugely unfavorable witnesses for the President. Lee Jin-woo, former commander of the Capital Defense Command, reportedly claimed he was ordered by Yoon himself to deploy martial law forces, storm the National Assembly by force, and drag out legislators to stop them from overturning martial law. Yeo In-hyung, former chief of the Defense Counterintelligence Command, is said to have been ordered by former Defence Minister Kim Yong-hyun to arrest certain politicians. And Hong Jang-won, former first deputy director of the National Intelligence Service, has said he was informed of the arrests to be made, and was told to "seize them all this time" for a "total clean-up." President Yoon has denied the major allegations, including the order to blockade the National Assembly and the National Election Commission, the drafting of budget notes for an emergency legislative body, and the order to arrest politicians. So the hearing this afternoon could feature conflicting testimonies that the President himself would likely try to refute. z cvfsaze Q2. With President Yoon denying all charges, and defending himself, how long do you see this trial stretching on? Well, for now, there are three more hearings scheduled until next Thursday, but it's unclear whether the Constitutional Court will be able to wrap up the case by then, or choose to hear from more witnesses, which would inevitably prolong the trial. So far, the Court has been firm about sticking to the schedule and delivering a swift trial process. The case also seems less complex compared to former President Park Geun-hye's trial in 2017 which involved 16 hearings and over 30 witnesses, compared to Yoon's 8 hearings and dozen witnesses. So based on the Court's current schedule, a verdict could be out by the end of the month, or early March, given that it took 10 days to deliver a ruling on Park's trial, and 14 days in the case of former President Roh Moo-hyun. But the conflicting testimonies may require more witnesses for cross-checking and verification of whether Yoon directly issued martial law orders, whether the decrees were unconstitutional, and whether he had pre-planned the martial law. Yoon's team has applied for more than 24 witnesses, and the Court is still reviewing the candidates. Also, as Yoon's representatives continue to challenge the Court's proceedings, experts say the trial could also be lengthened. "Unlike in former President Park Geun-hye’s case, where her defense team did not engage much in legal debates, this time, President Yoon’s legal team is aggressively contesting legal arguments. Also, the speed of the proceedings is important, of course, but if the trial is rushed too much, leading to a lack of thorough evidence review, that would be a very dangerous outcome." Most experts believe the trial would be concluded before mid-April when two justices are set to retire, but Professor Chang says a longer timeline cannot be ruled out based on what we've seen so far over the past four hearings. I see. Keep us updated during the day, Sooyoung.