News

Massive sell-off in S. Korea stock market; sidecar triggered by KOSPI 200 futures index

2025/04/07 10:00

U.S. President Donald Trump's tariff announcements have triggered massive sell-offs across South Korea's stock market. As of 9:02 AM on Monday, the KOSPI index stood at 2-thousand-352-point-72, down more than 4 percent from the previous session, while the tech-heavy KOSDAQ index fell by more than 3 percent. And the KOSPI 200 futures index fell 5-point-19 percent, triggering a sell-side sidecar for the first time in eight months at 9:12 AM. A sidecar is activated when the KOSPI 200 futures index rises or falls by 5 percent or more and stays there for at least one minute.

NA Speaker calls for Constitutional referendum during next presidential election

2025/04/07 10:00

And over the weekend, National Assembly Speaker Woo Won-shik suggested a referendum on the election day to revise the Constitution. It will be aimed at reorganizing power structure he says. Kim Do-yeon reports. Calls for constitutional reform surface almost every election season in South Korea. But this time, National Assembly Speaker Woo Won-shik says it must happen and soon. He is pushing for a nationwide referendum to take place within the next 60 days, alongside the upcoming presidential election triggered by President Yoon Suk Yeol's impeachment. Speaking on Sunday, Woo emphasized that although the declaration of martial law was ultimately blocked, it revealed serious vulnerabilities in the country's democracy. "To break this vicious cycle, we must pave the way before the new president's term begins. Now is the perfect time to achieve constitutional reform, as the public's call for decentralization of power, popular sovereignty, and national unity has never been clearer. I propose holding a national referendum on constitutional amendment on the same day as the upcoming presidential election." To move the process forward, Speaker Woo also proposed launching a special committee dedicated to constitutional amendments. He said the first round of reform, aimed at aligning with the presidential election timeline, would focus on the division of power. A second round of proposed changes could follow during next year's nationwide local elections. When asked whether he was referring to a four-year presidential term with the possibility of re-election -similar to the U.S. model -Woo said it's an idea both major parties appear open to. However, he emphasized that the specifics would be discussed within the newly proposed committee. On the other hand, the leadership and senior members of the Democratic Party of Korea also the party the Speaker is from said it's not the time for this reform yet. While the Chair of the DP, Lee Jae-myung, did not directly respond, those close to him said that now is the time to put effort into holding those who started the insurrection responsible. The People Power Party interim chair, however, said the Party is unchanged in its stance on Constitutional Reform and welcomed the idea. Kwon Young-se said that the floor leader will come up with those joining the special committee proposed by the Speaker, and all details will be discussed there. Kim Do-yeon, Arirang News.

Presidential race heats up as rival parties begin preparations for two-month race

2025/04/07 10:00

A snap presidential election following former President Yoon Suk Yeol's dismissal last week has reportedly been set for June 3rd. And presidential race is heating up as there are now less than two months to elect a new leader. Shin Ha-young reports. The date for South Korea's 21st presidential election has been tentatively set for June 3rd. That's according to Yonhap News Agency, with the date expected to be confirmed at Tuesday's Cabinet meeting. South Korea's presidential race is heating up as rival parties roll up their sleeves to prepare for a two-month race following the Constitutional Court's decision to remove former President Yoon Suk Yeol from office. The People Power Party on Sunday decided to continue with its current leadership, with interim leader Kwon Young-se and floor leader Kweon Seong-dong set to stay. Some argued they should step down over the president's impeachment, but most felt it was better to keep them to help stabilize the party and prepare for the upcoming election. "The party lawmakers reaffirmed their confidence in the current leadership to carry out the remaining presidential election process." The PPP also decided to form an election committee on Monday for the upcoming presidential primary. The party does not have a clear frontrunner, with some local media outlets expecting as many as 10 contenders to enter the race. Among them is Daegu Mayor Hong Joon-pyo, who hinted at another run after he finished second to Yoon Suk Yeol in the party's 2022 presidential primary. Seoul Mayor Oh Se-hoon is also frequently mentioned as a potential candidate. The most high-profile name, however, is former party chair Han Dong-hoon, once a close confidant of Yoon, who later distanced himself from the former president and publicly supported impeachment following the martial law declaration. Meanwhile, Democratic Party chair Lee Jae-myung -widely seen as the likely DP candidate -is expected to step down from his leadership role and make an official declaration to enter the race as early as Wednesday. Running as party chair could raise concerns about bias in the primary process. Local media anticipate that his formal announcement will come when the presidential election date is officially confirmed. Once Lee steps down, the DP plans to hold a meeting to set up an election committee for the primary. "We only have about 30 days for the primary, so we need to sort out any party rules, make changes if needed, and set up the election committee to get ready for the presidential race." Politicians outside Lee's faction within the DP are also preparing to enter the race, with official announcements expected as early as Monday. Shin Ha-young, Arirang News.

[Weather] Large daily temperature swings under sunny skies with decent air quality

2025/04/07 10:00

Stunning spring flowers are welcoming the new week. Cherry blossoms have officially begun to bloom here in the capital, painting the city in beautiful shades of pink. However, please be mindful of the wide temperature gap between day and night. In the afternoon, temperatures will rise to 20 degrees Celsius in Seoul and 24 degrees Celsius in Daegu, feeling more like the end of April in most parts of Korea under sunny skies with decent air quality. That's thanks to Saturday's rain that washed away lingering dust and also eased the dryness in the air. Then there will be late night spotty rain in central parts of Korea, but the amount will be less than 5 millimeters. Speaking of which, rain is in the forecast in central regions on Wednesday afternoon, spreading nationwide through Thursday dawn, then another band of rain is in the forecast for Saturday! Meanwhile, cherry blossoms are expected to reach full bloom across many areas this week. So make the most of it if you can!

Minke whale spotted in Long Beach harbor found dead

2025/04/07 10:00

Finally, in the U.S. state of Los Angeles, a minke whale that had been swimming in Long Beach Harbor last week was found dead on Sunday morning local time. The National Oceanic and Atmospheric Administration is collaborating with local officials to determine the cause of death. Earlier efforts to guide the whale out of the harbor were unsuccessful as it repeatedly returned despite attempts by experts to encourage its departure. The whale's appearance in the harbor last week had attracted crowds eager to catch a glimpse of the marine mammal.

At least 22 dead as DR Congo's capital Kinshasa hit by severe flooding

2025/04/07 10:00

In the African country of the Democratic Republic of Congo, torrential rain led to severe flooding in the capital, Kinshasa, over the weekend, resulting in at least 22 deaths. 46 people were hospitalized, and 75 families also had to be temporarily relocated due to the conditions. The flooding disrupted access to more than half of the city and its main airport. While Kinshasa, home to over 12 million residents, experiences frequent flooding during the rainy season, the weekend's rain marks the city's first major deluge of the year. Similar flooding in the capital city in 2022 killed over 100 people.

UK MPs denied entry, deported from Israel

2025/04/07 10:00

In the Middle East, two British Members of Parliament have been denied entry into Israel during a planned visit to the occupied West Bank. Israel accused the two lawmakers of plans to spread "anti-Israel hatred." Labour MPs Abtisam Mohamed and Yuan Yang, were detained upon arrival at Israel's Ben Gurion International Airport on Saturday local time. The Israeli immigration authority stated they intended to "document the security forces and spread hate speech against Israel," leading to their deportation. The MPs asserted that they were part of a parliamentary delegation, alongside charities, visiting humanitarian aid projects in the West Bank. British Foreign Secretary David Lammy called Israel's actions "unacceptable, counterproductive and deeply concerning."

U.S. to revoke all visas held by South Sudanese over deportation dispute

2025/04/07 10:00

Let's start in the United States, where the country has announced the revocation of visas held by South Sudanese citizens. Tell us more. The U.S. has announced it will immediately revoke all visas held by South Sudanese passport holders, citing the African nation's failure to accept the return of its repatriated citizens. U.S. Secretary of State Marco Rubio said in a statement on Saturday that South Sudan's transitional government has not complied with international norms by refusing to accept its nationals deported from the United States. As a result, the U.S. Department of State is revoking all existing visas held by South Sudanese citizens and halting the issuance of new visas to these individuals. The unprecedented decision, the first of its kind aimed at a specific country since the Trump administration took office, comes amid concerns about a potential return to civil war in the African nation. Rubio accused South Sudan's government of "taking advantage of the United States" and added that the U.S. is prepared to review the recent actions once South Sudan demonstrates full cooperation in accepting its repatriated citizens.

Jinhae Gunhangjae: A city filled with cherry blossoms

2025/04/07 10:00

Cherry blossoms are in full bloom here in South Korea, with the country's biggest cherry blossom festival having taken place this past week. Our Ahn Sung-jin takes us down to Changwon city. Spring has returned. Streets filled with cherry blossoms greet those who have made their way to Jinhae-gu district in the south coast city of Changwon. The 63rd Jinhae Gunhangjae, which lasts for 9 days, is the mecca of spring cherry blossoms, with more than 2 million visitors every year. "The cherry blossom, a symbol of spring, is already approaching its peak here. People are out with their family and friends to enjoy the beautiful colors." "We're so happy to be back in Jinhae. We were here in 2013, the two of us, and now we are here with our three kids. Beautiful weather and cherry blossoms are in full bloom. It's beautiful." "I'm so proud that in our country, and here in Jinhae, there is such a beautiful spring blossom path." "We are in our last year of high school so we originally came out here for graduation photos, but it feels so refreshing to see all these pretty blossoms." The town's top cherry blossom spots including Gyeonghwa Station, an old, closed-down railway station and its train tracks, as well as the Yeojwacheon stream. Most areas in the south of the country have seen cherry blossoms bloom, yet with the sudden colder breeze in some areas, especially up north, they still need some time to fully bloom. Following the recent devastating wildfires in Gyeongsangbuk-do province, the festival has been reduced in scale. However, the festival still offers ample scenery while promoting local culture and boosting business in the small town. So for those who missed out this time around, make sure to be ready for next year. Ahn Sung-jin, Arirang News, Jinhae.

G7 foreign ministers raise concerns over China's recent military drills around Taiwan

2025/04/07 10:00

G7 foreign ministers have raised concerns over China's recent military drills around Taiwan. In a joint statement released by the top envoys, they described Beijing's recent military drills as provocative and destabilizing and called for dialogue for a "peaceful resolution of issues." The foreign ministers said the "increasingly frequent" activities are raising cross-Strait tensions," adding that they are also putting "global security and prosperity" at risk. Last week, the Chinese military concluded two days of war games around Taiwan, involving long-range, live-fire drills.

NA Speaker calls for Constitutional referendum during next presidential election

2025/04/06 18:00

As the country enters the race for an early presidential election, Assembly Speaker Woo Won-shik today proposed a referendum on the election day to revise the Constitution. It will be aimed at reorganizing power structure. Our Kim Do-yeon reports. Calls for constitutional reform surface almost every election season in South Korea. But this time, National Assembly Speaker Woo Won-shik says it must happen and soon. He is pushing for a nationwide referendum to take place within the next 60 days, alongside the upcoming presidential election triggered by President Yoon Suk Yeol's impeachment. Speaking on Sunday, Woo emphasized that although the declaration of martial law was ultimately blocked, it revealed serious vulnerabilities in the country's democracy. "To break this vicious cycle, we must pave the way before the new president's term begins. Now is the perfect time to achieve constitutional reform, as the public's call for decentralization of power, popular sovereignty, and national unity has never been clearer. I propose holding a national referendum on constitutional amendment on the same day as the upcoming presidential election." To move the process forward, Speaker Woo also proposed launching a special committee dedicated to constitutional amendments. He said the first round of reform, aimed at aligning with the presidential election timeline, would focus on the division of power. A second round of proposed changes could follow during next year's nationwide local elections. When asked whether he was referring to a four-year presidential term with the possibility of re-election -similar to the U.S. model -Woo said it's an idea both major parties appear open to. However, he emphasized that the specifics would be discussed within the newly proposed committee. In the meantime, the Democratic Party of Korea held a press conference, announcing that preparations for the upcoming presidential election are now underway. Speaking to reporters on Sunday, DP Secretary General Kim Yun-duck said that while there are no specific updates yet, the party is taking care of the practical aspects needed to ensure a smooth campaign launch once the election date is set. He also urged Acting President Han Duck-soo to announce the date without delay. The People Power Party also held a closed-door full-floor meeting on Sunday. Key agenda items likely included setting the rules for the party's presidential primary and addressing the fallout from the impeachment of its former leader. Unlike the Democratic Party, the PPP has no clear frontrunner for the upcoming presidential race. Meanwhile, following the Constitutional Court's decision to uphold the impeachment on Friday, Acting President Han Duck-soo is expected to announce the presidential election date during Tuesday's Cabinet meeting. Most expect the vote to be held on June 3rd the final day within the 60-day limit set by law. Kim Do-yeon, Arirang News.

“Hands off!”: Mass protests erupt across U.S. against Trump’s leadership

2025/04/06 18:00

Protesters gathered in more than a thousand locations across the United States in what has become the largest show of opposition since President Trump's inauguration. More than 150 civil groups united on Saturday for rallies under the banner of the "Hands Off" movement, voicing strong objections to his administration's agenda. Key points of contention included federal downsizing, immigrant deportations, and proposed cuts to healthcare programs. Solidarity demonstrations also broke out in cities around the world, including London, Paris, and Berlin, just days after Trump announced sweeping reciprocal tariffs targeting nearly every nation.

Seoul weighs tariff strategy, considers relief for auto sector

2025/04/06 18:00

Korea is reviewing options to tackle U.S. President Trump's major tariffs on America's trading partners. Separately, it's preparing a financial support package worth 2-billion dollars to help industries hit by the trade war. Our Moon Hye-ryeon has the details. As the United States imposes a 25 percent reciprocal tariff on South Korean goods, Seoul is cautiously preparing its negotiation strategy -including plans to dispatch its top trade official to Washington. The government is reportedly analyzing broader trade dynamics, as the U.S. appears to have based the new tariffs on trade surpluses rather than a detailed policy review. With countries like Vietnam also facing steep duties, companies such as Samsung -which produces more than half its global smartphone supply there -may be forced to restructure their supply chains. Seoul is closely watching how other major players, including Japan and the European Union, approach negotiations with Washington, all while seeking to reduce its trade surplus with the U.S. without undermining the foundations of its export-driven economy. In response to what officials are calling a "tariff shock," the South Korean government is preparing a financial support package worth nearly 3 trillion Korean won -or over 2 billion U.S. dollars -aimed at stabilizing key industries hit hardest, including automobiles and auto parts. The package, expected to roll out within the next week, will be delivered through state-run policy finance institutions such as the Korea Development Bank. Automobiles remain South Korea's top export to the United States, with nearly half of the country's total auto shipments headed there last year. Auto parts exports to the U.S. also hit a record high, underscoring the critical role of these sectors in bilateral trade. Amid these developments, domestic banks are rapidly tightening credit risk controls and reassessing their loan portfolios. In a notable example, one bank recently reclassified the secondary battery industry as high-risk -a move that signals a broader shift in risk assessment across the financial sector. With U.S. tariff policies continuing to evolve and uncertainty deepening, South Korean authorities and financial institutions are bracing for prolonged economic turbulence. Moon Hye-ryeon, Arirang News.

Helicopter crashes in wildfire firefighting efforts in Daegu, South Korea

2025/04/06 18:00

A helicopter involved in firefighting efforts has crashed while responding to a wildfire in the southeastern city of Daegu, killing the pilot. According to local fire and safety authorities, the aircraft crashed approximately 100 meters from the site of the fire. The wildfire broke out at around 3:12 PM on Sunday and the Korea Forest Service deployed five helicopters and other firefighting resources, bringing the fire under control an hour later. Authorities have not yet been able to determine the cause of the fire, and plan to launch a full investigation into the crash.

Martial law incident shows resilience of S. Korean democracy: NYT

2025/04/06 18:00

The New York Times has assessed that the past four months have demonstrated the resilience of South Korean democracy. The paper noted that the rise and fall of now-former President Yoon Suk Yeol revealed a "vulnerability, but also a resilience" in South Korean democracy, adding that the public was "ready to fight for it." It highlighted the events of December 3rd, when troops sent to the National Assembly hesitated as citizens stood in their way. It also cited scholars who warned that if martial law can occur in a country seen as "an exemplary case of democratization in Asia," then it could happen elsewhere, too. It went on to emphasize that South Korea's democracy was "fought for" through decades of resistance against authoritarian rule.

Pro-and anti-impeachment rallies continue throughout weekend

2025/04/06 18:00

On the first weekend after the leader was removed from office, public rallies stayed divided. Shin Ha-young takes a look. Protests both in support and against the impeachment continued throughout the weekend even after Friday's final verdict. Despite the rainy weather on Saturday, people gathered near Gwanghwamun Square in Seoul. Those who had called for former President Yoon Suk Yeol's impeachment looked cheerful, holding signs that said, "Democracy has won." Another rally celebrating the impeachment was held near City Hall Station. Participants cheered, saying the people had won, and called for the removal of what they described as insurrectionist forces. "Turning weapons on the people is unforgivable. Shouldn't those behind the rebellion, and everyone involved, be investigated and punished?" People who opposed the president's impeachment also took to the streets. They held signs reading "Invoking the rights to resist" and chanted, "The impeachment is a fraud and invalid". Some said they couldn't accept the Court's decision and called for Yoon to return to office. "We'll keep standing up for President Yoon Suk Yeol and the rule of law in the Republic of Korea." Police set up barricades around the Gwanghwamun area to prevent clashes between people for and against the impeachment. As of Saturday evening the Korean National Police Agency lowered Seoul's emergency response from the second highest level, which allows for 50 percent mobilization of police forces, to a level where officers are allowed to take leave, but must remain on standby and ready to respond if needed. Shin Ha-young, Arirang News.

Presidential Office quietly dismantling as Yoon Suk Yeol Administration ends

2025/04/06 18:00

As the Constitutional Court has removed President Yoon Suk Yeol from power, the now-former leader has to vacate his office and residence. Our correspondent Oh Soo-young tells us more. Silence takes over the Presidential Office in Seoul's Yongsan-gu District Following the Constitutional Court's ruling on Friday removing President Yoon Suk Yeol, over his martial law declaration last December, the nation's top office is no longer the center of power and governance. A regular Sunday meeting of senior presidential secretaries did not take place this weekend, despite the meetings having continued throughout Yoon's impeachment trial. The secretaries had in fact submitted their mass resignation to Acting President Han Duck-soo, who turned them down and requested they remain in their positions. Still, the air of resignation is pervasive. After Friday's ruling, the phoenix flag the symbol of the head of state was taken down from the main flagpole. The large digital display showing images of Yoon has also faded to black. The Presidential Office's website was taken offline on Saturday, and Yoon's social media pages have been updated to reflect his change of status. Meanwhile, state authorities will begin transferring official documents to the Presidential Archives, which is required by law at the end of every administration. The Interior Ministry said Sunday, on-site inspections will begin next week on 28 venues including the Presidential Office, the National Security Council, the Presidential Security Service, and relevant advisory bodies. Also, packing up,. the former leader is preparing to soon move out of the official residence. It was initially expected Yoon and his wife would return to their high-rise apartment across the river, as early as Saturday, given that former President Park Geun-hye left the presidential quarters 56 hours after her impeachment was upheld in 2017. However, a source told Arirang News the arrangements will take some time and ruled out a move the same weekend. Yoon's believed to be considering other venues further away from the city center, due to his his security arrangements as well as his thirteen pets. The Presidential Security Service also said it has not received any detailed plans so far, but will follow legal protocols once the relocation is confirmed. By law, the PSS provides basic personal protection for all even ousted presidents once they return to civilian life. "The Presidential Office has not issued any official statements following Friday's fateful ruling, retreating from the public eye. As such, the dismantling of the Yoon Administration quietly ensues. Oh Soo-young, Arirang News."

DP and PPP race to top begins with impeachment leaving vacancy at presidency

2025/04/06 12:00

With the top office in the country left vacant, the clock is ticking for an early election. Rival parties look to be moving quickly. Our political correspondent Kim Do-yeon takes a closer look. The upcoming presidential election could mark the final chapter in the political turmoil triggered by the martial law declaration and the impeachment of former President Yoon Suk Yeol. With the vote set to take place in less than 60 days, rival parties are moving quickly to prepare. On Sunday, the Democratic Party of Korea is expected to announce the rules for its presidential primary, with a press briefing scheduled around lunchtime. Meanwhile, party chair Lee Jae-myung -widely seen as the likely candidate -is expected to step down from his leadership role to enter the race. Running as party chair could raise concerns about bias in the primary process. While he has yet to make an official declaration, Lee has consistently led recent polls as the most favored candidate for the presidency. Local media anticipate his formal announcement will follow once the presidential election date is officially confirmed. In addition, politicians outside Lee's faction are also preparing to enter the race, with official announcements expected as early as Monday. Meanwhile, the People Power Party is scheduled to hold a full-floor meeting on Sunday afternoon to discuss its approach to the upcoming presidential election. Key agenda items include setting the rules for the party's primary and addressing the fallout from the impeachment of its former president. Unlike its rival, the PPP does not have a clear frontrunner, with some local media outlets expecting as many as 10 contenders to enter the race. Among them is Daegu Mayor Hong Joon-pyo, who finished second to Yoon Suk Yeol in the party's 2022 presidential primary and has hinted at another run. Seoul Mayor Oh Se-hoon is also frequently mentioned as a potential candidate. The most high-profile name, however, is former party chair Han Dong-hoon -once a close confidant of Yoon, who later distanced himself from the former president and publicly supported impeachment following the martial law declaration. As for the election, Acting President and Prime Minister Han Duck-soo is expected to set the date during the upcoming Cabinet meeting on Tuesday. With the legal deadline set at 60 days, June 3rd is widely seen as the most likely date, as it would mark exactly 60 days since Yoon's impeachment on April 4th. Kim Do-yeon, Arirang News.

Seoul weighs tariff strategy, considers relief for auto sector

2025/04/06 12:00

Korea is reviewing options to tackle U.S. President Trump's major tariffs on America's trading partners. Separately, it's preparing a financial support package worth 2-billion dollars to help industries hit by the trade war. Our Moon Hye-ryeon has the details. As the United States imposes a 25 percent reciprocal tariff on South Korean goods, Seoul is cautiously preparing its negotiation strategy -including plans to dispatch its top trade official to Washington. The government is reportedly analyzing broader trade dynamics, as the U.S. appears to have based the new tariffs on trade surpluses rather than a detailed policy review. With countries like Vietnam also facing steep duties, companies such as Samsung -which produces more than half its global smartphone supply there -may be forced to restructure their supply chains. Seoul is closely watching how other major players, including Japan and the European Union, approach negotiations with Washington, all while seeking to reduce its trade surplus with the U.S. without undermining the foundations of its export-driven economy. In response to what officials are calling a "tariff shock," the South Korean government is preparing a financial support package worth nearly 3 trillion Korean won -or over 2 billion U.S. dollars -aimed at stabilizing key industries hit hardest, including automobiles and auto parts. The package, expected to roll out within the next week, will be delivered through state-run policy finance institutions such as the Korea Development Bank. Automobiles remain South Korea's top export to the United States, with nearly half of the country's total auto shipments headed there last year. Auto parts exports to the U.S. also hit a record high, underscoring the critical role of these sectors in bilateral trade. Amid these developments, domestic banks are rapidly tightening credit risk controls and reassessing their loan portfolios. In a notable example, one bank recently reclassified the secondary battery industry as high-risk -a move that signals a broader shift in risk assessment across the financial sector. With U.S. tariff policies continuing to evolve and uncertainty deepening, South Korean authorities and financial institutions are bracing for prolonged economic turbulence. Moon Hye-ryeon, Arirang News.

Martial law incident shows resilience of S. Korean democracy: NYT

2025/04/06 12:00

The New York Times has assessed that the past four months have demonstrated the resilience of South Korean democracy. The paper noted that the rise and fall of now-former President Yoon Suk Yeol revealed a "vulnerability, but also a resilience" in South Korean democracy, adding that the public was "ready to fight for it." It highlighted the events of December 3rd, when troops sent to the National Assembly hesitated as citizens stood in their way. It also cited scholars who warned that if martial law can occur in a country seen as "an exemplary case of democratization in Asia," then it could happen elsewhere, too. It went on to emphasize that South Korea's democracy was "fought for" through decades of resistance against authoritarian rule.