News

TRUMP TARIFFS ON CANADA, MEXICO DELAYED

2025/02/04 17:00

Hello and welcome to Press Perspective for this Tuesday February 4th here in Seoul. I'm Min Sunhee. Today we address the first set of tariffs announced by the Trump administration and their implications for other U.S. trade partners including South Korea. For more I have Lee Ji-hoon a correspondent for Reuters here in the studio. Ji-hoon welcome back. I also have Professor Yang Jun-sok at the Catholic University of Korea joining this talk virtually. Professor Yang it's good to have you with us. 1-1) Ji-hoon, let's begin with details about the decision to put on hold for 30 days the 25 percent U.S. tariffs on Canada and Mexico. Do walk us through the events that led to this dramatic pause. 1-2) Ji-hoon, what do we know about the additional 10 percent tariff on China? Is it set to go into effect on this Tuesday? 2) Professor Yang, what look to be the broader implications of such trade confrontations between the U.S. and its trade partners on the global economy? 3) Ji-hoon, pundits have voiced much concern about a potential surge in inflation in the U.S. amid Trump tariffs. Do tell us more. 4) Meanwhile Ji-hoon, for the first time in 16 months, Korea noted a fall in exports in January. How are market observers explaining this fall? 5) Professor Yang, the uncertain fates of the former Biden administration's Inflation Reduction Act as well as the CHIPS and Science Act under the current Trump administration are causing much concern within Corporate Korea. What look to be the broader repercussions of a retreat from these acts by President Trump on Korean companies? 6) Ji-hoon, staying with local economic news. I believe the Korean stock market over the past week has been responding to news of remarkable advances in China's AI technology. What's the latest on the local bourse? 7) Professor Yang, on the corporate front. What are the implications of Chinese AI advances for Korean chipmakers? 8) Ji-hoon, moving forward. Korea's economy expanded 2 percent last year following a lackluster fourth quarter growth. How do you explain this latest finding? 9) Professor Yang, come Friday, that is February 7th, Mr. Trump will play host to his Japanese counterpart Shigeru Ishiba. What do you expect on their agenda? All right.

Fmr. Army Commander rejects most questions at President Yoon's impeachment trial

2025/02/04 17:00

We start today at the Constitutional Court where the fifth hearing of the impeachment trial against President Yoon Suk Yeol began this afternoon. For more I have our top office correspondent Oh Soo-young standing by live. Soo-young it's good to have you on. So I understand today's hearing included an interesting line-up of key witnesses? Yes, the fifth hearing of President Yoon's trial began at 2 PM today with the President in attendance, and three testimonies set for 90 minutes each. Now, the three witnesses today are key figures who were involved in executing the December 3rd Martial Law, and are considered unfavorable witnesses for Yoon given what they have told state investigators. The questioning began with Lee Jin-woo, former commander of the Capital Defense Command. Lee has reportedly claimed he received three phone calls from Yoon, and countless calls from former defense minister Kim Yong-hyun, to deploy martial law forces, storm the National Assembly by force, and drag out legislators to stop them from overturning martial law. However, when he showed up at the Constitutional Court today, he refused to confirm or answer most questions posed by the National Assembly about whether he had received calls or orders from President Yoon. While Lee said he could not respond to certain questions relevant to his ongoing criminal case, he did selectively answer some. He in fact denied he'd been given any orders from President Yoon to arrest lawmakers. When asked whether the former Defense Minister instructed him to deploy forces to the parliament to prevent lawmakers from entering or to block them from lifting martial law, he said he had not. While emphasizing he hadn't known martial law would be declared, he said he did not consider it unlawful or unconstitutional but accepted it as a "strategic guideline" by the nation's leader, and followed orders by the defense minister prior to the declaration to standby at the base. Right. Soo-young I hear a second witness is on the stand as we speak? That's right. Yeo In-hyung, former chief of the Defense Counterintelligence Command, is being questioned. Yeo is said to have been ordered by former Defense Minister Kim Yong-hyun to arrest certain politicians. We'll have to see if he is more responsive to the questions. Next, is Hong Jang-won, former first deputy director of the National Intelligence Service. He 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 so the hearing today could feature conflicting testimonies, but the Court banned him from asking them questions himself. Soo-young I realize it may be tough to tell but when can we expect an actual verdict? 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 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 Geun-hye's trial, and 14 days in the case of 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 at least 31 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. However, most believe the ruling will be made before two justices retire from the bench on April 18th, to avoid further procedural delays and complications. All right Soo-young thank you for that coverage. That was our Oh Soo-young with the latest on the president's impeachment trial at the Constitutional Court.

[Weather] Cold wave reaches its peak, heavy snow on west coast

2025/02/04 17:00

With the first cold wave warning issued in Seoul this year, the cold wave reached its peak nationwide today. The coldest place this morning was Mountain Seorak, where temperatures plummeted to nearly minus 23 degrees Celsius. While the cold wave warnings continue to be expanded, this cold spell will freeze the country tomorrow as well. As this powerful cold wave passes through the West Sea, heavy snow clouds formed around the west coast areas and Jeju Island. Even more snow is expected from dawn tomorrow. By Thursday, heavy snow of 40 centimeters or more is expected in the mountainous areas of Jeju Island, and more than 30 centimeters in Jeollabuk-do Province. Tomorrow morning, Seoul will be as cold as today, dropping to minus 12 degrees, Gwangju and Busan at minus 6 degrees. Seoul will move up to minus 5 degrees, and Chuncheon will move up to minus 4 degrees. Freezing cold weather will remain this whole week. That's all for Korea. Here are the weather conditions around the world.

World News: EU leaders meet in Brussels for informal talks focused on defence

2025/02/04 17:00

This is The World Now, bringing you the latest stories from around the globe. 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. In Greece, the tourist island of Santorini, is on alert after more than 200 undersea earthquakes were recorded between February 1 and 3. The most substantial quake, a magnitude 4.8, occurred on Monday local time, leading to landslides and rockslides on the island. In response, authorities have closed schools in related areas, advised residents and tourists to avoid abandoned buildings, and issued tsunami warnings. Emergency teams, including rescue units and medical personnel, have been deployed as a precaution. Greek Prime Minister Kyriakos Mitsotakis, has urged residents to stay calm and adhere to protection guidelines. The frequency and intensity of the recent quakes have led to many residents to temporarily leave the island. In Russia, an explosion in the lobby of a luxury apartment complex in Moscow has killed pro-Russian paramilitary leader Armen Sarkisyan and his bodyguard. Three others were injured. Russian authorities labeled the bombing in the Scarlet Sails luxury apartment complex on Monday, local time a "carefully planned assassination," as the explosive device reportedly detonated remotely just as Sarkisyan entered the lobby. Sarkisyan was the founder of the Arbat battalion, a pro-Russian militia operating in eastern Ukraine. He had been accused by Ukraine's Security Service of participating in illegal armed groups and organizing pro-Russian military units. In the UK, London Zoo on Monday celebrated the successful breeding of 33 endangered Darwin's froglets, following a rescue mission from a forest in southern Chile. In October 2024, a team of conservationists collected 52 healthy Darwin's frogs and transported them to London in climate-controlled conditions. A devastating fungus had caused a 90% decline in the population of Darwin's frogs in Chile since 2023. The amphibians, named after naturalist Charles Darwin, are known for their unique behavior where males carry developing tadpoles in their vocal sacs for safety. Choi Chi-hee, Arirang 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.