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

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

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

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

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.

Protestors begin to gather at detention center ahead of impeachment trial

Protestors begin to gather at detention center ahead of impeachment trial

2025/02/04 10:00

With President Yoon's impeachment trial resuming today, we turn to the Seoul Detention Center, where he is scheduled to depart for the Constitutional Court this afternoon. And our Choi Min-jung is at the detention center. Min-jung, how are things looking this morning? Hi Dami, it's a freezing cold morning. And perhaps,.. due to the weather, we are not seeing a big crowd of protestors here at the moment. But those who are here, are hitting big drums and chanting loudly. Choi Min-jung, Seoul Detention Center But we are expecting to see more people gather, with Yoon, as you said, scheduled to go to the constitutional court for the impeachment trial later in the day. We are currently seeing heavy security with the police officers and buses on site. And Min-jung, along with the impeachment trial, President Yoon is also facing a criminal trial. We learned yesterday the criminal trial will begin later this month, right? That's right, Dami. Legal sources have said Yoon's criminal trial will begin on February 20th, starting with a pretrial hearing. He will not be required to be present at the pretrial hearing, as it is a step focused on reviewing key evidence and issues before the formal trial begins. Yoon has been under a criminal probe on charges related to insurrection. The president is accused of declaring an illegal state of emergency on December third last year, without war, armed conflict, or a major national crisis. He is also suspected of deploying military troops to the National Assembly, to prevent lawmakers from rejecting the martial law declaration. Additionally, he is accused of planning the arrest of key political figures. Yoon argues that declaring martial law was constitutional, and he lifted the order when it was voted down by the Assembly. That's all for now, back to you Dami. Thank you, Min-jung, for the report. That was our Choi Min-jung reporting live from Seoul Detention Center.

[Weather] Deep freeze across Korea with season's first snow warning in the capital

[Weather] Deep freeze across Korea with season's first snow warning in the capital

2025/02/04 09:00

Just when we thought we were stepping into spring with longer daylight hours and more bearable temperatures the coldest air of the season has moved into the country. A cold wave warning has been issued for the first time this winter in the capital area. The wind chill makes it feel closer to minus 17 degrees Celsius in Seoul, so bundle up tight all day. On top of that, heavy snowfall is expected in many of the western regions. More than 40 centimeters of snow is in store for mountainous regions on Jeju, up to 30 centimeters in Jeollabuk-do Province into Thursday. Seoul stays under clear skies with a high of minus 6 degrees, Busan and Jeju are also getting trapped in cold weather. Snow is in the forecast on Thursday in the capital. Meanwhile, the cold wave alert should remain in effect for most parts of the country for the rest of the week and into the weekend. Make sure to dress in layers and protect yourself from the harsh wind. If possible, limit your time outdoors and keep warm!

Trump pauses tariff imposition on Mexico and Canada

Trump pauses tariff imposition on Mexico and Canada

2025/02/04 10:00

U.S. President Donald Trump's proposed tariffs on Canada and Mexico have been put on hold. This comes after the two countries have agreed to put more troops on their borders with the U.S. Ahn Sung-jin starts us off. 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. Meanwhile, Trump stated that he will be talking with China in less than 24 hours on deals regarding stopping the flow of fentanyl and the Panama Canal. However, Beijing's ambassador to the United Nations, Fu Cong reaffirmed the country's position during a press conference at the UN headquarters stating that China will file a lawsuit with the World Trade Organization and implement countermeasures regarding Trump's 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.

Rare Chilean frogs born at London Zoo

Rare Chilean frogs born at London Zoo

2025/02/04 10:00

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.

Militia leader killed in blast in Moscow

Militia leader killed in blast in Moscow

2025/02/04 10:00

Moving to 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.

People leave Santorini after increase in seismic activity

People leave Santorini after increase in seismic activity

2025/02/04 10:00

Over 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.

STOCK

STOCK

2025/02/03 20:00

2025. 2. 3. KOREAN STOCK MARKET KOSPI : 2,453.95 ▼63.42 -2.52% KOSDAQ : 703.80 ▼24.49 -3.36% KOSPI200 : 324.55 ▼8.81 -2.64% ASIAN STOCK MARKET NIKKEI225 : 38,520.09 ▼1,052.40 -2.66% HANG SENG : 20,217.26 ▼7.85 -0.04% SHANGHAI : CLOSED WALL STREET (JANUARY 31) DOW JONES : 44,544.66 ▼337.47 -0.75% NASDAQ : 19,627.44 ▼54.31 -0.28% S&P500 : 6,040.53 ▼30.64 -0.50% EXCHANGE RATE USD : 1,467.20 (+14.50) JPY : 944.27 (+5.29) CNY : 199.89 (+0.92) EUR : 1,503.37 (-6.13)

Trump says EU tariffs will 'definitely happen' following tariffs on Canada, Mexico, China

Trump says EU tariffs will 'definitely happen' following tariffs on Canada, Mexico, China

2025/02/03 20:00

Thank you for joining us. I'm Yoon Jung-min. U.S. President Donald Trump has announced imposition of tariffs on key trading partners Canada, Mexico and China. Now, the EU will be on his next tariff target. Shin Ha-young reports on the looming trade war. After announcing tariffs on Mexico, Canada and China, U.S. President Donald Trump is now setting his sights on the European Union. "It will definitely happen with the European Union. I can tell you that because they've really taken advantage of us. And, you know, we have over a 300 billion dollars deficit." He criticized the EU as unfair, claiming that while the U.S. buys millions of European cars, Europe doesn't buy American cars and agricultural products. This comes after Trump on Saturday announced a 25-percent tariff on goods from Canada and Mexico, while China was hit with an additional 10-percent tariff on various existing duty rates. "If we have a U.S. bank, they don't allow them to go in. Canada's been very tough for oil on energy. They don't allow our farm products in, essentially. They don't allow a lot of things in." Trump said he will hold talks with leaders from Canada and Mexico on Monday, a day before the tariffs on the U.S.'s top two trading partners take effect. The tariffs are expected to be met with retaliatory measures from the affected countries, and are also expected to lead to higher inflation. Economists also predict that the ensuing trade war would likely slow U.S. growth. U.S. magazine Forbes forecasts that tariffs could increase the amount middle-class U.S. households pay for goods by 1-thousand-700 U.S. dollars, while the Wall Street Journal slammed Trump's tariff plans calling them "the dumbest trade war in history." However, Trump says while Americans may feel economic "pain" from his tariffs, it would be "worth the price" in order to secure U.S. interests. Shin Ha-young, Arirang News.

[Weather] Cold wave warnings issued across the country, snow is forecast

[Weather] Cold wave warnings issued across the country, snow is forecast

2025/02/03 20:00

Even though today is 'Ipchun' on the solar calendar, which means the beginning of spring, cold wave advisories and warnings have been issued all over the country. Even in the middle of the day today, temperatures stayed below zero degrees Celsius in the Seoul metropolitan area. Starting with the Jeolla-do provinces, snow will expand to the west coast of Chungcheongnam-do Province tonight. Heavy snow of up to 25 centimeters is expected in Jeollabuk-do Province. On the west coast, snow is expected to become thick from dawn tomorrow. Please take extra precautions. Most of this snowfall will continue until Thursday, and until the weekend in the southwest and Jeju Island. Tomorrow, Seoul will be as cold as minus 13 degrees in the morning. Daejeon and Gyeongju at minus 9 degrees. Daily highs will only move up to minus 5 in Seoul, Chuncheon will reach minus 4 degrees. The cold wave will continue this whole week. That's all for Korea. Here are the weather conditions around the world.

[Sports Round-up] Kim A-lim wins LPGA season opener

[Sports Round-up] Kim A-lim wins LPGA season opener

2025/02/03 20:00

Time now to take a look at what's been happening in the world of sports. Joining us in the studio is our sports editor Paul Neat. Hello, Paul. Hello. Let's start with golf and the season opener for LPGA. A great start to the year for Kim A-lim. Yes, a wire-to-wire win for Kim A-lim. On Sunday local time in Orlando, Florida, Kim won the Hilton Grand Vacations Tournament of Champions finishing at 20-under par 268, two strokes fewer than world number one Nelly Korda. Kim shot a five-under 67 in the final round and was the only player on the course to be in the 60s throughout the entire weekend. It was her third LPGA victory and she takes home 300-thousand U.S. dollars in prize money. Elsewhere, Ko Jin-young tied for 4th, Kim Hyo-joo tied for 10th, Ryu Hae-ran tied for 14th, and Amy Yang tied for 22nd. Moving on. The Asian Winter Games are just around the corner and South Korean short trackers have a specific target in mind. Yes, they are aiming for six gold medals. The short track team departed for Harbin in China on Sunday. At Incheon airport before departure, head coach Yoon Jae-myung told the media there that the aim is to win six golds or more as the team is in "decent form." The opening ceremony takes place on Friday with short track races scheduled for earlier in the day. The first five gold, though, will be awarded on Saturday so Team Korea might not have to wait too long to pick up the first few medals, particularly as there are Olympic medal and ISU World Cup winners in the squad -namely Choi Min-jeong, Shim Suk-hee, and Kim Gil-li. Fingers crossed. Moving on to football. Some important contributions from Son Heung-min and Lee Kang-in over the weekend. Yes, both grabbed assists in wins for their teams. For Son, it came in a 2-0 win for Tottenham away to Brentford on Sunday. Son teed up Pape Matar Sarr three minutes from time for his eighth assist of the season. The win ended a run of four losses in a row in the league. Spurs are still only 10 points above the drop zone though. As for Lee Kang-in, his assist came in Paris Saint-Germain's win over Brest on Sunday. Lee set up Ousmane Dembele just after the hour mark to make it 3-1 in an eventual 5-2 win. It was his fourth league assist of the season to add to six goals in 20 appearances overall.PSG sit top, 10 points clear of Marseille. Alright, and finally, to baseball. A South Korean star has moved clubs in Major League Baseball. Yes, Kim Ha-seong has moved to the Tampa Bay Rays as a free agent. After leaving the San Diego Padres, Kim has signed a 29-million-dollar, two-year deal with the Rays. The gold glove winner will reportedly be the highest-paid player at the club. However, fans will have to wait to see him in action as he is still recovering from shoulder surgery he underwent in October. He'll therefore miss the season opener on March 28th and is expected back in May. Kim had been with the Padres since 2021. Alright, thanks for that Paul. See you next week. Thank you.

Newest Aegis Destroyer Jeongjo the Great's training unveiled for first time

Newest Aegis Destroyer Jeongjo the Great's training unveiled for first time

2025/02/03 20:00

The South Korean Navy this past weekend showcased its newest destroyer in a training session for the first time. Our defense correspondent Kim Bo-kyoung takes a closer look. Sailing in the waters of the East Sea, the newest Aegis Destroyer, Jeongjo the Great, detects a simulated North Korean submarine, launching an SLBM from waters off Hamgyongbuk-do Province. "Anti-submarine, anti-aircraft yellow alert issued! All personnel, battle stations!" With a display in the Combat Command Center showing the missile's flight trajectory, the intercept missile was fired, hitting the SLBM in less than ten minutes from the point of detection. "Three, Two, one. Mark India (target hit)." This was part of the ballistic missile defense exercise that took place over the weekend, conducted aboard the 170-meter-long, 21-meter-wide destroyer. The warship is capable of not only detecting and tracking ballistic missiles but also intercepting them. as it is equipped with the ship-based surface-to-air missile system SM-6 and possibly SM-3 as well. "Showcasing Jeongjo the Great Aegis destroyer mobilized and in training for the first time is to mark the establishment of the newly-formed Task Fleet Command. This 82-hundred-ton advanced destroyer will be command's key asset." Newly launched on Saturday, the command will be based at the Jeju Naval Base, and will operate multiple destroyers under the Rear Admiral's command, including not just Jeongjo the Great destroyer but also 76-hundred ton Sejong the Great-class Aegis destroyers. And of course, Jeongjo the Great will be at the unit's core of the maritime three-axis system against North Korea's nuclear and missile threats. "Jeongjo the Great maintains the highest combat readiness through rigorous training to counter any possible maritime provocations. It is fully prepared to respond decisively and forcefully, regardless of when, where, and what circumstance." Kim Bo-kyoung, Arirang News.

OpenAI founder Altman to visit Korea for AI event, collaboration with Kakao

OpenAI founder Altman to visit Korea for AI event, collaboration with Kakao

2025/02/03 20:00

Sam Altman, co-founder and CEO of U.S. artificial intelligence company OpenAI, will visit South Korea this week to attend an event with local developers. The "Builder Lab" event brings local companies and startups together amid the intensifying global AI race. Altman is expected to announce a collaboration with South Korea's dominant mobile platform Kakao and to expand 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.

Samsung Electronics chief Lee Jae-yong acquitted again in appeal over alleged illegal merger

Samsung Electronics chief Lee Jae-yong acquitted again in appeal over alleged illegal merger

2025/02/03 20:00

Samsung Electronics Chairman Lee Jae-yong has had his acquittal upheld by an appeals court with regard to allegations of unfairly merging Cheil Industries and Samsung C&T. In 2015, Lee was accused of orchestrating the merger to secure control over Samsung Electronics as Samsung C&T was a major shareholder of the company. Lee attended the ruling at the Seoul High Court earlier today, as the judges ruled that he was not guilty of a wide array of allegations ranging from illegal trading to market manipulation to breach of duty. Last year, a lower court cleared him of all charges, ruling that the merger appeared driven by business needs.

S. Korea's industrial output rose in 2024 despite persistent weak domestic demand

S. Korea's industrial output rose in 2024 despite persistent weak domestic demand

2025/02/03 20:00

Findings for 2024 show Korea's industrial output remained sturdy but retail sales lost substantial ground. Moon Hye-ryeon covers the latest data. South Korea's industrial production saw a rise in 2024, largely driven by a recovery in semiconductor exports. However, domestic consumption indicators remained sluggish, highlighting a growing disparity between sectors. According to data from Statistics Korea on Monday, the country's overall industrial production index showed a one-point-seven percent year-on-year increase. This growth outpaced the one-percent increase recorded in 2023, and comes due to strong performance in the manufacturing sector. Manufacturing output rose by 4-point-4 percent – a turnaround from the 2-point-6 percent decline recorded in 2023. Semiconductors and pharmaceutical production played a key role with a surge in exports, but domestic manufacturing shipments fell by two percent, underscoring weak domestic demand. The service sector saw slower growth, seeing the lowest since the COVID-19 pandemic in 2020, due to a downturn in retail and wholesale trade and hospitality services. Retail sales dropped by 2-point-2 percent, which is the sharpest annual decline since 2003. This also marks three straight years of contraction in retail sales – the longest streak of decline since data collection began. Sales fell across all three categories measured – durable goods such as automobiles, non-durable goods such as food, and semi-durable goods such as clothing. A spokesperson from the agency said that the impact of the political turmoil and the Jeju Air plane crash in December on these numbers is yet unclear. "Declines in industries like food and services, lodging, arts, sports, and leisure may have been influenced by the political climate and national mourning period in December. That said, it's difficult to isolate the exact impact of these factors from the numbers." Construction activity, particularly in building projects, also recorded the biggest drop since 2001 last year with a decline in completed construction work. Capital investment, however, grew by 4-point-1 percent, driven by increased spending on semiconductor manufacturing equipment and transportation equipment. Moon Hye-ryeon, Arirang News.

Assembly Speaker urges rival parties to agree on supplementary budget during February extraordinary session

Assembly Speaker urges rival parties to agree on supplementary budget during February extraordinary session

2025/02/03 20:00

Over at the National Assembly, an extraordinary session began today. During an opening ceremony, Speaker Woo Won-shik urged the rival parties to agree on a supplementary budget during the February session. He also urged speeding up legislation on people's livelihoods and called for the quick completion of talks on bills supporting future industries, including semiconductors and energy. The floor leaders of the rival parties will give speeches to the Assembly next week. Starting next Wednesday, the Assembly will question government ministries for three days.

Yoon visited by top ruling PPP leaders, delivers message for party

Yoon visited by top ruling PPP leaders, delivers message for party

2025/02/03 20:00

Against this backdrop, the president had visitors at Seoul Detention Center earlier today, the leadership of the ruling People Power Party, during which he sent some message. Our political correspondent Kim Do-yeon has more. For the first time the leadership of the ruling People Power Party visited President Yoon Suk Yeol at Seoul Detention Center. On Monday as announced a day earlier interim Chair Kwon Young-se, floor leader Kweon Seong-dong, and senior lawmaker Na Kyung-won spent 30 minutes with President Yoon. "He urged our party to unite and play a role in giving hope to the people, including the younger generation in their 20s and 30s. He also expressed concerns about the current international situation and the global economy, particularly regarding South Korea's future." Also according to Na Yoon repeated the reasons behind his declaration of martial law that the main opposition Democratic Party of Korea had put the government in paralysis using its supermajority. The meeting comes after the floor leader announced yesterday that this was a personal visit to show support for an old friend and not a political move. This comes as President Yoon heads into a busy week. Two appearances at the Constitutional Court on Tuesday and Thursday and with the criminal trial also underway now there could be extra court appearances. For the impeachment motion trial at the Constitutional Court key military personnel will take the witness stand to testify as to Yoon's orders during the declaration and the brief execution of martial law. They include Yeo In-hyeong, former chief of the Defense Counterintelligence Command and others. NIS Chief Cho Tae-yong and National Security Advisor Shin Won-shik have also been asked to appear as witnesses by Yoon's legal team. And with the criminal trial putting more burden on Yoon Yoon's legal team requested the Constitutional Court to stop the review of his impeachment motion because of the criminal case that was ongoing for the same reason his declaration of martial law. According to Article 51 of the Constitutional Court Act this is a possibility. Yoon's legal team is also set to request bail for the President. Kim Do-yeon, Arirang News.

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