News

S. Korean stock markets drop, influenced by decline in U.S. stock market

2025/03/11 20:00

The South Korean stock market closed lower on Tuesday, influenced by the sharp decline in the U.S. stock market. The benchmark KOSPI dropped 1-point-28-percent to close the day's session at some 2-thousand-5-hundred-37. Meanwhile, the tech-heavy KOSDAQ slightly fell zero-point-6-percent closing at over 7-hundred-21. The Korean won also weakened against the U.S. dollar with the exchange rate ending at around 1-thousand-4-hundred-58 won against the greenback.

Wall Street's big tech stocks plummet amid U.S. recession fears following Trump interview

2025/03/11 20:00

Wall Street tumbled on Monday as investors responded to concerns about a possible recession following remarks by U.S. President Donald Trump as he pursues his tariff policy. Moon Hye-ryeon reports. Wall Street saw an ocean of red as investors began selling their shares as soon as financial markets opened Monday amid heightened fears of a U.S. recession. The benchmark S&P 500 shed 2-point-7 percent, while the tech-heavy Nasdaq showed its biggest drop in more than two years as it slumped by 4 percent. Big tech stocks including, Apple and Microsoft, both members of the so-called "Magnificent 7," were at the center of the selling. Tesla plummeted by more than 15 percent, while chip giant Nvidia fell by more than five percent. Outside of stocks, bitcoin also slipped below the 80-thousand dollar mark – returning to levels before Trump's inauguration. Comments made by U.S. President Donald Trump in an interview with Fox News on Sunday, when asked about whether he expects a recession this year, stoked market concerns. "There is a period of transition because what we're doing is very big, we're bringing wealth back to America. That's a big thing. And there are always periods of – it takes a little time." Experts say that the risk of recession is something that Washington is viewing as a necessary evil for the greater good and they say that is reflected in Trump's blasé response to recession fears. "These are things that they're willing to, they're willing to accept for that longer term, more self-reliant, stronger position for the U.S." And this was supported by the White House on Monday, as its economic adviser Kevin Hassett pushed back on talks of a recession while calling a potential contraction a "very temporary phenomenon." He backed Trump's tariffs on Canada, Mexico, and China – claiming the measures would bring jobs and manufacturing back to the U.S. This comes amid heightened uncertainty around the Trump administration's on-again off-again tariff policies, with levies on Mexico and Canada pushed back yet again to April 2nd for goods under the free trade agreement between the U.S. and the two neighboring countries. With the U.S. set to impose another wave of tariffs on steel and aluminum starting Wednesday, eyes are on how markets will respond. Moon Hye-ryeon, Arirang News.

N. Korea criticizes S. Korea-U.S. joint military exercise, but remains silent on latest missile launch

2025/03/11 17:00

And North Korea has resumed its tough rhetoric against South Korea's annual military training with the U.S. while making no mention of its launch of multiple missiles into the West Sea Monday afternoon. Our defense correspondent Bae Eun-ji has the latest. North Korea on Monday fired what are presumed to have been multiple close-range ballistic missiles from an inland area called Hwangju County, toward waters off its west coast. But the regime's state media has remained silent about the launch, even the day after. North Korea typically acknowledges its ballistic missile launches the following morning through state media, often framing them as test firings. However, this time, it has made no mention of the launch. Instead, the Korean Central News Agency criticized the ongoing South Korea-U.S. combined military exercise which kicked off on Monday, labeling it a "confrontational war rehearsal." It also denounced the annual drills as "a dangerous provocative act." Experts say that the regime's intention may be to show, on one hand, its "muscularity," while on the other hand taking a slightly "quieter tone" about the missiles themselves. "The fact that North Korea launched ballistic missiles in line with the start of South Korea and the United States' military exercise.. shows that the regime was not lying when it previously warned it would retaliate against these drills. Nevertheless, responding to a large-scale combined military exercise with close-range missiles suggests an intention for a certain level of restraint." Because the North's latest launch was the first of its kind since the start of Trump's second presidency, pundits also believe this may suggest that the regime is open to talks with the United States. "By going ahead and launching, they show strength from their perspective in refraining from too much mention, they provide some wiggle room, should the Trump administration approach them and try to open doors in terms of talks." Following the North's launch, the U.S. Indo-Pacific Command issued a statement, calling on Pyongyang to refrain from further unlawful and destabilizing acts. It reaffirmed that Washington's commitments to the defense of South Korea and Japan remain strong. The European Union also denounced the launch, saying that it threatens regional security, heightens tensions, and violates UN Security Council resolutions. Bae Eun-ji, Arirang News.

N. Korean troops involved in Kursk counteroffensives: Ukraine's top commander

2025/03/11 17:00

In other news. Ukraine says North Korean soldiers have been actively engaged in counteroffensive operations alongside their Russian counterparts in the Kursk region. Lee Seung-jae has more. Ukraine's top military commander Oleksandr Syrsky said Monday that North Korean soldiers have taken part in Russian military counteroffensives to recapture territory in Kursk lost to Ukrainian forces. According to Reuters and AFP, General Syrsky said on social media that a significant number of Russian troops, supported by North Korean soldiers, went on the offensive, but suffered significant losses in troops and equipment. The comments come amid reports that the Russian military has been successful in its counteroffensive against Ukraine in the Kursk region, after the U.S. cut off military support for Kyiv. The Russian military also claimed that it had recaptured a number of villages in the Kursk region. Meanwhile, high-level meetings will be held in Saudi Arabia between officials from the United States and Ukraine this week. Ukrainian diplomatic and military leaders will hold talks with U.S. officials on Tuesday. This includes U.S. Secretary of State Marco Rubio, who expressed confidence that the talks with Kyiv will lead to a positive outcome, but insists Ukraine needs to make concessions. Rubio also stressed that while Russia cannot "conquer all of Ukraine," it'll be "very difficult for Ukraine in any reasonable time period" to get back territory lost to Moscow since 2014. Meanwhile, President Donald Trump's envoy to the Middle East Steve Witkoff is set to visit Moscow for a meeting with Russian President Vladimir Putin. According to sources familiar with the matter, the visit comes as the administration looks to secure a ceasefire. Lee Seung-jae, Arirang News.

Goldman Sachs slashes U.S. economic growth projection to 1.7% in 2025

2025/03/11 17:00

And against that backdrop. Goldman Sachs has slashed its economic growth forecast for the U.S. to 1-point-7 percent this year from an earlier outlook of 2-point-4 percent. The downward revision has been linked to rampant concerns that the Trump administration's tariff campaign would weaken the U.S. economy. Just last quarter the American economy grew 2-point-3 percent tangibly slower than the 3-point-1 percent growth posted in the third quarter of 2024.

ACADEMIC PRESSURE ON PRESCHOOLERS

2025/03/11 17:00

Hello. You're watching Press Perspective for this Tuesday March 11th here in Seoul. I'm Min Sunhee. The passion for education here in Korea has been frequently covered by both the local and foreign media but interest has been renewed in recent times as academic pressure now seems to target preschoolers. For more on this phenomenon I have Steven Borowiec a staff writer for Japanese weekly news magazine Nikkei Asia. Steven it's good to have you here. I also have writer Colin Marshall with the pundit's take on today's topic. Steven, a growing number of children here are being sent to private academic institutions even before entering school. Some say it's fundamental; others claim it's foolish. What have been your observations? Colin, there appears to be renewed interest in the so-called "tiger moms" as themes of drama as well as entertainment content. How do you explain this growing interest in recent times? Steven, the foreign media has often covered the callous consequences of Korea's high academic pursuits. Do walk us through some of the concerns. Colin, according to Statistics Korea, Korea's participation in private academic initiatives stood at over 78% in 2023, and this level is almost two times higher than that of its global counterparts. What do you suppose is the reason behind this reality? And Steven, while the academic pressure for excellence continues to build, the sad reality is that there are fewer children enrolling into schools every year. In fact, this year, some 180 schools nationwide saw not a single first grade student. What are your thoughts? Colin, the government, in response, has sought to redirect the academic focus back to public schools and away from cram schools, but it has not been very successful. What are your thoughts regarding such efforts by the nation's education authorities? Steven, also in the academic arena. A Bloomberg article last year claimed most top students in Korea were seeking medical degrees. Do share with us details of this coverage and your takeaways. Colin, on the subject of medical schools. The government here shared plans to reduce the medical school admission quota to 3-thousand-58 IF all protesting medical school students return to classrooms. Do you suppose this was an inevitable move on the part of the government? All right.

Wall Street's big tech stocks plummet amid U.S. recession fears following Trump interview

2025/03/11 17:00

Wall Street tumbled on Monday as investors responded sharply to concerns about a possible recession following remarks by U.S. President Donald Trump to Fox News on Sunday. Our correspondent Moon Hye-ryeon reports. Wall Street saw an ocean of red as investors began selling their shares as soon as financial markets opened Monday amid heightened fears of a U.S. recession. The benchmark S&P 500 shed 2-point-7 percent, while the tech-heavy Nasdaq showed its biggest drop in more than two years as it slumped by 4 percent. Big tech stocks including, Apple and Microsoft, both members of the so-called "Magnificent 7," were at the center of the selling. Tesla plummeted by more than 15 percent, while chip giant Nvidia fell by more than five percent. Outside of stocks, bitcoin also slipped below the 80-thousand dollar mark – returning to levels before Trump's inauguration. Comments made by U.S. President Donald Trump in an interview with Fox News on Sunday, when asked about whether he expects a recession this year, stoked market concerns. "There is a period of transition because what we're doing is very big, we're bringing wealth back to America. That's a big thing. And there are always periods of – it takes a little time." Experts say that the risk of recession is something that Washington is viewing as a necessary evil for the greater good and they say that is reflected in Trump's blasé response to recession fears. "These are things that they're willing to, they're willing to accept for that longer term, more self-reliant, stronger position for the U.S." And this was supported by the White House on Monday, as its economic adviser Kevin Hassett pushed back on talks of a recession while calling a potential contraction a "very temporary phenomenon." He backed Trump's tariffs on Canada, Mexico, and China – claiming the measures would bring jobs and manufacturing back to the U.S. This comes amid heightened uncertainty around the Trump administration's on-again off-again tariff policies, with levies on Mexico and Canada pushed back yet again to April 2nd for goods under the free trade agreement between the U.S. and the two neighboring countries. With the U.S. set to impose another wave of tariffs on steel and aluminum starting Wednesday, eyes are on how markets will respond. Moon Hye-ryeon, Arirang News.

[Weather] Dusty air with warm weather similar to late March to early April

2025/03/11 17:00

Warm weather that feels like late March to early April continued during the day today. However, in the Seoul metropolitan area, the first "high-concentration fine dust emergency reduction measures" of this spring are implemented until tonight. In addition, ultra-fine dust warnings were issued in southwestern Gyeonggi-do Province, including Incheon and Suwon. This stuffy air is expected to continue until Thursday, especially in the central parts of the country including Seoul. In addition to the stagnant atmosphere, there will be additional smog from overseas tomorrow night. There is a possibility that yellow dust will gradually be added to the dusty air. Tomorrow morning will start mild all over the country with Seoul at 6 degrees Celsius and Gwangju at 7 degrees. Highs will move up to 13 degrees in Seoul and Chuncheon, 18 degrees in Gyeongju. In the second half of the week, it will be as warm as mid-April with Seoul rising up to 17 degrees. That's all for Korea. Here are the weather conditions around the world.

World News: Oil tanker, cargo ship collide off UK coast

2025/03/11 17:00

This is the World Now, bringing you the latest stories from around the globe. Off the east coast of England an oil tanker and a cargo ship have collided, leading to fires and environmental concerns due to leaking fuel. On Monday, the U.S.-flagged oil tanker Stena Immaculate and the Portuguese-flagged cargo vessel Solong collided in the North Sea near the Humber Estuary. The Stena Immaculate, anchored at the time and carrying jet fuel for the U.S. military, suffered ruptured cargo tanks after the collision, resulting in explosions and a subsequent fire. The Solong, reportedly transporting sodium cyanide, also caught fire. Emergency response teams rescued 36 individuals from both vessels. One person was taken to the hospital and one person is reportedly missing. Experts are currently assessing the environmental impact of the collision, noting that while the leaking jet fuel evaporates more quickly than crude oil, the potential release of sodium cyanide presents additional risks. Greenland is set to hold its parliamentary election on Tuesday local time, attracting significant international attention due to recent comments by U.S. President Donald Trump, regarding his interest in acquiring the world's largest island. Greenland's electorate will vote to fill all 31 seats in the parliament on Tuesday. Approximately 40,500 of Greenland's 57,000 residents are eligible to vote, and some Greenlanders cast early ballots on Monday. The election's central issue is whether it should pursue independence from Denmark, as the island remains a self-governing territory of the country. Recent statements by U.S. President Donald Trump, proposing that Greenland could join the United States, have intensified this debate. The election's outcome is unpredictable, with Greenlanders emphasizing their right to self-determination amid external pressures. In Guatemala, the country's Volcano of Fire, located 53 kilometers from the capital Guatemala City, erupted on Sunday night local time, prompting authorities to evacuate almost 300 families and caution that an additional 30,000 residents could be at risk. The 3,763-meter volcano, among Central America's most active, expelled gas and ash high into the atmosphere, leading to the closure of nearby schools and a major roadway connecting local communities. Emergency services are on high alert and are closely monitoring the situation. An eruption in 2018 killed over 190 people and left approximately 230 missing. In India's northern city of Varanasi, a major Hindu pilgrimage town, people celebrated 'Holi,' the festival of colors that signifies the arrival of spring and the triumph of good over evil. The devotees, drenched in colored powder, enjoyed cultural performances as they immersed themselves in the festival spirit at a temple for Hindus. Festivities of Holi reach their peak on March 13 and 14. Choi Chi-hee, Arirang News.

AI incorporated into Korean traditional processional court music

2025/03/11 17:00

An unlikely encounter between Korea's traditional court music and artificial intelligence offers audiences the chance to indulge in the lost lyrics of the past. Lee Eun-jin explains. The royal processional music of the Joseon-era kings as they departed from and returned to their palaces will be performed on stage at the Yeakdang Hall of the National Gugak Center in Seoul. The royal processional music of the Joseon Dynasty followed a specific format. Starting with chulgungak, for when the king leaves the palace then haengak, for during the procession. Hwangungak is played upon his return and finally, yeollyeak banquet music is performed after his arrival at the palace. "Under the title 'Haengak and Boheoja: Steps of Heaven and Earth' it's less a restoration, and more a three-dimensional production of the royal family's elegant yet brilliant processional court music." Boheoja -a repertoire of Korean court music -sings of a peaceful reign. But the last of its three parts only survived as an instrumental piece. In this production, AI was used to generate new verses. AI models were trained on 350 of Crown Prince Hyo-myeong's works, one of the most prolific 'hansi' poets of the Joseon era. They were cross-referenced with over 100 poems by scholars Jeong Yak-yong and Kim Jeong-hui for the newly composed lyrics. "The old books of poems written with brushes were digitized. After all the Chinese characters were processed, old Korean translation samples were also collected and input." 'Boheoja' is performed in Korean traditional opera, telling the story of King Sejo, the 7th monarch of the Joseon dynasty, and Prince Anpyeong, who was sacrificed as a victim of King Sejo's lust for power. "27 years after the Gyeyu-Jeongnan coup where did Moosim, the daughter of Anpyeong, go? Perhaps pacing around her father's traces." The fundamental rhythm and scales are based on traditional music, but the complicated sounds in between have been removed, to bring a so-called ballad-style pansori, expected to be more widely received by the audience. "We follow the more simple flow of the traditional sounds, but the complicated sounds in between (haha) that even I can't relate to, have been taken out." Led by young director Kim Jeong, who has been garnering attention in the theater industry, experienced singers will be staging the Life of Remorse, at the National Gugak Center in Seoul on March 13th and 14th. Lee Eunjin, Arirang News.

Samsung's Galaxy S25 Ultra tops U.S. consumer evaluation following wins in Europe

2025/03/11 17:00

Samsung's Galaxy S25 Ultra topped U.S. magazine Consumer Reports' latest review. In the magazine's smartphone evaluation for March the Galaxy S25 Ultra scored the highest in various categories including camera display and durability. Similarly this Samsung smartphone was selected as the best by consumer associations in European and Nordic countries such as the U.K. Italy and Sweden.

March exports up 2.9% y/y on strong ship and auto sales

2025/03/11 17:00

Findings for the first 10 days of March show an uptick in exports driven by cars and ships. According to the Korea Customs Service exports amounted to 13-point-9 billion U.S. dollars during this period UP 2-point-9 percent on year. By region Korean exports to the U.S. market rose 5-point-5 percent while those to the EU jumped 6-point-8 percent. By product semiconductors saw their share in total exports shrink slightly.

Impeachment trial decisions for public officials to come on Thursday, Yoon's to come later

2025/03/11 17:00

Now as mentioned in that report. The political fates of the Chairman of the Board of Audit and Inspection Choe Jae-hae and the Chief of the Seoul Central District Prosecutors' Office Lee Chang-soo as well as two other prosecutors will be announced by the Constitutional Court this coming Thursday. The impeachment motions against these four public officials were passed unilaterally by the opposition-led parliament early last December. The prosecutors are accused of failing to properly investigate alleged crimes related to First Lady Kim Keon Hee while the head of the audit agency is accused of mishandling the inspection on the relocation of the top office from Cheongwadae to Yongsan.

No announcement yet from Constitutional Court on date for Yoon's impeachment ruling

2025/03/11 17:00

The Constitutional Court has yet to disclose a date for its ruling on the impeachment of President Yoon Suk Yeol and while many had initially believed a verdict would be delivered this coming Friday some are now speculating the court's ruling may take place next week. Our political correspondent Shin Ha-young tells us why. It's been two weeks since the final hearing in President Yoon Suk Yeol's impeachment trial, but the Constitutional Court has not yet announced a date for its ruling. Given that previous presidential impeachment rulings were made about two weeks after the final hearing, many expected the ruling to be this Friday. However, since the court decided to deliver impeachment verdicts on the chief state auditor and three top prosecutors on Thursday, expectations are rising that the ruling on Yoon could be delayed until next week. There is no precedent for the court delivering major rulings on consecutive days. Ahead of Yoon's verdict, police are considering banning the release of stored firearms to prevent potential attacks. The National Police Agency said it's reviewing refusing to release firearms stored at police stations used to kill dangerous wild animals. Under the current law, licensed gun owners must store their firearms at police stations and only take them out to hunt down wild boars or birds. On the day of the ruling, police will designate parts of Seoul's Jongno-gu and Jung-gu districts near the Constitutional Court as special crime prevention zones to maintain safety and manage crowds. Vehicle barriers will be set up within 100 meters of the Court. During a Cabinet meeting on Tuesday, Acting President Choi Sang-mok expressed concern about possible national division and conflict over the presidential impeachment ruling. "The government will respond firmly according to the law with zero tolerance for any illegal or violent protests as well as any acts that challenge public authority." Meanwhile, the main opposition Democratic Party began a sit-in protest at Gwanghwamun Square on Tuesday, calling for Yoon's removal, while the ruling People Power Party decided not to stage any demonstrations to pressure the Court. Shin Ha-young, Arirang News.

S. Korea tentatively agrees to establish diplomatic relations with Syria

2025/03/11 17:00

South Korea has tentatively agreed to establish diplomatic relations with Syria which is the only UN member state that Seoul has yet to forge ties with. This is according to the Foreign Ministry here on this Tuesday adding that related protocols are underway. Early last month ministry officials were in Syria and met with authorities there to discuss prospects of official ties. Syria's interim President Ahmed al-Sharaa took power after bringing an end to Bashar al-Assad and his family's half-century-long dictatorship last December.

Candidates get ready for 'important', 'exciting' Greenland election

2025/03/11 10:00

Greenland is set to hold its parliamentary election on Tuesday local time, attracting significant international attention due to recent comments by U.S. President Donald Trump, regarding his interest in acquiring the world's largest island. Greenland's electorate will vote to fill all 31 seats in the parliament on Tuesday. Approximately 40,500 of Greenland's 57,000 residents are eligible to vote, and some Greenlanders cast early ballots on Monday. The election's central issue is whether it should pursue independence from Denmark, as the island remains a self-governing territory of the country. Recent statements by U.S. President Donald Trump, proposing that Greenland could join the United States, have intensified this debate. The election's outcome is unpredictable, with Greenlanders emphasizing their right to self-determination amid external pressures.

Oil tanker, cargo ship collide off UK coast

2025/03/11 10:00

Starting off the east coast of England an oil tanker and a cargo ship have collided, leading to fires and environmental concerns due to leaking fuel. On Monday, the U.S.-flagged oil tanker Stena Immaculate and the Portuguese-flagged cargo vessel Solong collided in the North Sea near the Humber Estuary. The Stena Immaculate, anchored at the time and carrying jet fuel for the U.S. military, suffered ruptured cargo tanks after the collision, resulting in explosions and a subsequent fire. The Solong, reportedly transporting sodium cyanide, also caught fire. Emergency response teams rescued 36 individuals from both vessels. One person was taken to the hospital and one person is reportedly missing. Experts are currently assessing the environmental impact of the collision, noting that while the leaking jet fuel evaporates more quickly than crude oil, the potential release of sodium cyanide presents additional risks.

First emergency fine dust reduction measures issued this spring for metropolitan area

2025/03/11 10:00

Spring's first emergency fine dust reduction measures have been issued for South Korea's metropolitan region. The Ministry of Environment issued the emergency measures on Tuesday due to the high concentration of fine dust in Seoul, Gyeonggi-do Province and Incheon areas between 6 AM and 9 PM. With the measures in place, grade-five emissions vehicles will be prohibited from operating, while work at construction sites must be scaled back. A high level of fine dust is expected to continue until Thursday due to an inflow of yellow dust from China.

Nat'l Assembly celebrates launch of first official bipartisan body to bolster ROK-U.S. alliance

2025/03/11 10:00

Building on decades of the Seoul-Washington alliance, the National Assembly has opened an official bipartisan group that aims to strengthen engagement with American lawmakers. Our political correspondent Lee Shi-hoo tells us more. A first in over 76 years of its history South Korea's National Assembly on Monday celebrated the launch of an official bipartisan group of lawmakers, aimed at strengthening interactions with the members of the U.S. Congress. "It is now time for parliamentary diplomacy to shine its light. I ask that you communicate closely and strengthen the alliance between South Korea and the U.S. I, too, as the speaker, will support your efforts along the way." Speaker Woo, in his congratulatory speech, shared his optimism for greater diplomatic endeavors between the two countries' legislators. Over 1-hundred-60 South Korean lawmakers have joined the new exchange group to engage with 1-hundred-80 of their counterparts in the U.S. Senate and House of Representatives, who are part of the "Korea Caucus." Joseph Yun, the U.S. interim ambassador to South Korea, also highlighted the importance of cooperation between the two at the event. On the agenda this year are comprehensive trade talks, also involving major firms and think tanks, as well as group visits to the U.S. Lee Shi-hoo, Arirang News.

Dispute between rival parties escalates into legal complaints following Yoon's release

2025/03/11 10:00

On the political front now. President Yoon Suk Yeol's release from custody has left politics in a wrangle, with rival parties taking respective legal actions. Our correspondent Shin Ha-young reports. After President Yoon Suk Yeol was released from Seoul Detention Center, the dispute between the rival parties escalated into legal complaints against investigative agencies. The ruling People Power Party has been pressuring the Constitutional Court since the release. "The Constitutional Court judges should stay firm and make the right decision based on their conscience, beliefs, and legal judgment, without being swayed by the opposition's unconstitutional claims." The PPP on Monday filed a complaint with the Supreme Prosecutors' Office against Oh Dong-woon, head of the CIO. It argued that the agency overstepped its authority by arresting the president on insurrection charges, leading to an illegal arrest through an abuse of power. Meanwhile, the main opposition Democratic Party has criticized the prosecution for not challenging the Seoul Central District Court's decision to cancel the detention. The DP and other opposition parties filed a complaint to the CIO against prosecutor general Shim Woo-jung and called for his resignation and are even looking to pass an impeachment motion against him. "The prosecution simply repeated Yoon Suk Yeol and the PPP's claims, taking the lead in protecting Yoon, 'the chief conspirator of the insurrection.'" In response to the opposition's pressure, Prosecutor General Shim said on Monday that his decision not to appeal the court ruling was based on due process of law. "The court clearly ruled that it violates the principles of warrants, due process, and the principle of proportionality. We felt that raising more constitutional issues by filing an immediate appeal wasn't the right thing to do." Shim stated that his decision did not justify his resignation or impeachment, adding that he would respond accordingly if the National Assembly moves forward with impeachment. Shin Ha-young, Arirang News.