News

Current account posts surplus for 25th straight month, but ‘impact of U.S. tariffs beginning to show'

2025/07/04 19:35

South Korea's current account remained in positive territory in May extending its unbroken surplus streak that began 25 months ago but this trend is forecast to change once U.S. tariffs take root. Our correspondent Kim Do-yeon reports. South Korea's current account remained in the black in May for the twenty-fifth consecutive month logging a current account surplus of ten-point-one billion U.S. dollars. According to the Bank of Korea on Friday, the figure is nearly double that recorded in April possibly due to a slower rise in oil prices and the reduced imports. The central bank added that while this was the third-largest surplus on record for the month of May, exports fell for the first time in four months as autos and steel struggled under U.S. tariffs. The goods account surplus widened from the previous month, as imports decreased more sharply — due to falling oil prices — than exports, which saw declines mainly in non-IT products. Specifically the goods account recorded a 10.66 billion dollar surplus, although exports decreased by 2.9% to 56.93 billion dollars, as imports decreased by a larger margin of 7.2% to 46.27 billion dollars, compared to last year. When both decline it could be a sign of recession, but the BOK explained that this was not a domestic issue. Regarding the falling exports, when U.S. tariffs come into effect, the results will be clearer, especially with certain export items that South Korea relies on. "In the case of automobiles, the impact is expected to become more pronounced in the second half of the year. As local production expands, exports from Korea to the U.S. could decline to some extent." Meanwhile from January to May this year, the cumulative current account surplus stood at 35-point-11 billion dollars, up eight-point-0-5 billion dollars from the same period last year. Kim Do-yeon, Arirang News.

How will Commercial Act changes impact South Korea’s stock market?

2025/07/04 19:34

Also at the parliament. Earlier on Thursday lawmakers passed a revision to the Commercial Act in a move that broadly seeks to bolster Korea's corporate market valuations. Our correspondent Park Jun-han explains. Listed companies in South Korea will now have to be more cautious when making important decisions. This comes after the revision of the Commercial Act was passed in the National Assembly on Thursday. The amendment was one of President Lee Jae Myung's core economic pledges that he had consistently made. One of the key changes in the bill is the expansion of the “Duty of Loyalty” — from serving the company to also serving its shareholders. This means corporate directors must now consider the interests of minority shareholders when making decisions. An economic expert projected that the asset market will regain momentum as the policy changes will boost individual investor sentiment. "This is seen as a positive move for market development, as it encourages minority shareholders who were previously deterred by weak protections. The revision also introduces civil and criminal liability for directors in cases of conflict between controlling and minority shareholders." Also, the “Three Percent Rule” limits the combined voting rights of a listed company’s largest shareholder and related parties to 3 percent when electing audit committee members, in a bid to strengthen corporate independence and better protect minority shareholders. For example, if the owner, and their son and daughter were to exercise their voting rights, they could collectively exert up to 9% of voting rights when electing audit committee members. However, the amendment caps the combined voting rights of the largest shareholder, and all those directly or indirectly related to them, at 3% when electing directors to serve on the committee, including outside directors. This enhances the autonomy of individual shareholders and activist funds by reducing the controlling influence of the owner and related parties. Regarding the Three Percent Rule, a corporate governance expert called it one of the most significant and tangible changes in corporate governance law. “By capping the voting power of the largest shareholders and parties related to them to a combined 3%, it is now possible for a coalition of minority shareholders or an activist fund to place an independent director. As minority investors become increasingly assertive, this marks one of the most significant shifts toward improving corporate governance in South Korea.” The business community, meanwhile, has voiced concerns that the revision of the law could restrict important decisions such as future investments. Among them, some are calling it an “anti-corporate law” and argue that it might encourage shareholders to sue management whenever they lose money. Park Jun-han, Arirang News.

President Lee holds second town hall meeting with public in Daejeon

2025/07/04 19:33

President Lee Jae Myung held his second town hall meeting on this Friday in the central city of Daejeon. There he took head of potential ways to ease the debt burden as proposed by small business owners and the self-employed. Talks also touched upon ways to enhance science and technology policies as the new administration seeks active investment in related advancements to sharpen the country's competitive edge. The meeting ended with the president calling for policies that focus on the needs of those on the ground. The first town hall gathering took place in the southern city of Gwangju last week.

FROM SQUID GAME 3 TO KPOP DEMON HUNTERS TO TRADITIONAL CULTURE

2025/07/04 18:34

Welcome to Press Perspective for this Friday July FOURTH here in Seoul. I'm Min Sunhee. It's that time of the week yet again during which we touch upon a series of stories related to South Korea that made international headlines in recent days and TODAY we shed light on screen productions and more. I have Thomas Maresca with American news agency UPI. Thomas it's good to have you here. I also have writer Colin Marshall with the pundit's take on today's topic. Colin welcome back. Thomas, let's start with news about Squid Game Season Three dominating global Netflix charts. Colin, another screen production making headlines is the animation "KPOP Demon Hunters" that showcases various elements of the Korean culture including its folklore as well as traditional props, if you will, like the gat. What impact does this inclusion have on the international audience? Thomas, do you suppose it's safe to say K-entertainment has found itself a strong fan base within the global arena? Thomas, findings for the first half of this year show over 2.7 million people visited the National Museum of Korea, the highest in 20 years. Is interest in the Korean Wave expanding to include Korean history? Colin, amid the growing interest in K-content overseas, some have begun to make false claims over Korean culture. Can the growing presence of K-content on the international stage serve to raise accurate awareness about Korea and its culture? Thomas, Parasite has been picked as the best film of the 21st century by the New York Times. What trait is keeping K-content above the test of time? Colin, some say the presence of streaming services like Netflix are both a blessing and burden on Korea's content market. What are your thoughts? Thomas, speaking as a foreign correspondent based here in South Korea, would you say there has been a rise in the number of requests for stories related to Korean content and its culture? And if so, in what direction do these reports tend to flow? Colin, what would you choose to highlight as an intriguing trait in the consumption of Korean content by the foreign media and audience? All right.

[Features reporter] Korean musical theater reaches the world:19th DIMF

2025/07/04 16:37

Ye-young, I heard you took a trip all the way to Daegu in this heat. Could you tell us why? Yes Soa, I did recently go to DAEGU. It was for the 19th Daegu International Musical Festival. The weather was really hot, but what I saw and experienced there made the trip completely worth it. Let's take a look together. This summer, Daegu once again transforms into a stage. Korea's largest musical festival, The Daegu International Musical Festival, or DIMF, brings creators and audiences together from all over. This year, showcasing 29 musicals from home and abroad. "The dress rehearsal for this year's closing performance, Panda, is about to begin. This Chinese production blends dazzling acrobatics with traditional martial arts, a real treat for the eyes." A visual and musical spectacle, Panda tells a heartfelt story about love, coexistence, and the care we owe to nature. It's a piece that's beloved by Korean audiences. This reading performance, part of DIMF's musical incubation program, offers young talents a rare chance to present their work. Some pieces even go on to become full-scale productions with funding and support. "I received a lot of overall support from DIMF throughout the production process. But what helped me the most was getting direct feedback from the mentor instructors. That was incredibly helpful in developing and improving the piece." "I think the best part of this program is getting to meet great creators, working alongside talented actors, and simply having opportunities like this. For actors like me, that's one of the most valuable aspects." Just weeks ago, the Korean musical "Maybe Happy Ending" swept the Tony Awards, winning in six categories, including Best Musical. And the roots of that triumph? They trace back to this very festival. "In 2008, a composer named Aronson had his work My Scary Girl selected for creative support through DIMF. The following year, we even staged it in New York as part of DIMF's outreach. Through that kind of process, Maybe Happy Ending was eventually born." And perhaps because of that legacy, this year's creative support productions are seeing reservation rates over 30% higher than in previous years. "As DIMF approaches its 20th anniversary next year, our hope is that musical fans from around the world will come to Daegu. To make that happen, we believe it's essential to connect the festival with tourism. Our goal, and also our challenge, is to grow DIMF into a truly global musical festival." With global success stories like Maybe Happy Ending, DIMF is more than just a festival. It's a symbol of what's possible for Korea's creative industry.

K-enter_TWS make Japan debut at no.1 on Oricon chart

2025/07/04 16:36

Time for some K-entertainment news with Bella Kim. Let's kick off with a boy group that made their debut in Japan. The first encounters are not hard for TWS as their first single in Japan headed straight to the top of Oricon's "Daily Single Ranking." According to the latest chart published on Wednesday, the group's debut single in Japan, "Nice to see you again," sold close to 120-thousand copies on the day of its release, which was Tuesday. Along with the title track "Nice to see you again," the new album also features "BLOOM" and "plot twist" Japanese version. The six members greeted fans at their debut showcase held on Wednesday in Tokyo, where they performed all three songs from the album. TWS will now embark on a tour of six cities in Japan, starting on July 11th. Congrats on their " " or first encounter with their fans in Japan. Our next story is on a movie that most of us are very familiar with --"Parasite." Director Bong Joon-ho's film "Parasite" has been selected as the "Best Movie of the 21st Century" by New York Times readers. According to the newspaper "Parasite" ranked first in this survey in which over 200-thousand readers participated. Earlier on Monday, Walter reported on the film ranking first on "The 100 Best Movies of the 21st Century," surveyed by 500 renowned directors, actors, and producers. Along with "Parasite," Director Bong's "Memories of Murder" also made the readers' list at No.49. So, basically the movie has satisfied both NYT readers, so the public, AND the experts. We will end off on another story related to films. The Bucheon International Fantastic Film Festival, also called BIFAN, has officially opened its doors on Thursday. The opening film was "Finding Her," directed by Piotr Winiewicz, a Polish filmmaker based in Denmark. It explores the ethical and creative implications of AI in the world of art. Along with the opening film, this year's lineup features 217 films in total from across 41 countries. BIFAN will also host its special actor showcase focused on the actor Lee Byung-hun this year, titled "The Master: Lee Byung-hun." The showcase will offer a variety of programs to share his acting journey, including screenings of his signature films, press conferences, mega talks, and stage greetings. The festival will run until July 13th, so make sure to check it out if you're in the area. We're going to have an in-depth look at the film festival with an expert next week. Thank you Bella for today's stories. Our AI anchor Ari also has an exciting festival to report on, among other culture issues. Ari, over to you!

K-wave AI News

2025/07/04 16:35

Hello and welcome to your AI guide to the latest cultural updates from Korea. Here's our top story. Seoul's outdoor libraries welcomed over one million visitors in the first half of this year. Launched in 2022, the libraries returned on April 23 this year, marking 'World Book Day' at three central locations—Seoul Plaza, Gwanghwamun, and Cheonggyecheon. The Seoul city government highlighted that user satisfaction reached an all-time high this year, according to its latest survey. Officials attribute the growing popularity to the so-called "text hip" trend, a cultural movement among younger generations that embraces reading as a stylish and social activity. The libraries will take a summer break during the peak heat of July and August and resume operations on September 5. Korea's central city of Daejeon is shaking off its long-held image as a "no-fun city" and gaining recognition as a rising tourist hotspot. Daejeon recently ranked 9th on online travel platform Agoda's list of "Best Budget-Friendly Destinations in Asia for 2025," making it the only Korean city to make the cut. With an average daily accommodation cost of 126,000 won, Daejeon attracted nearly 8.5 million visitors last year, up over 3% from 2023, according to the Korea Tourism Organization. Building on this momentum, the Daejeon city government plans to develop a diverse range of tourism programs aimed at encouraging longer stays and fostering a more sustainable tourism ecosystem. The 'Daegu Chimac Festival' is in full swing at Duryu Park in the southern city's Dalseo-gu District, with tens of thousands of visitors braving sizzling temperatures to enjoy the beloved chicken-and-beer combo on a whole new level. Attracting over one million visitors each year, it's Korea's biggest and most popular chimac festival. More than 250 booths offer a wide range of beers and snacks this year, with popular live performances, special events, and travel packages also adding to the festive atmosphere. The festival runs through this Sunday. That's all from me. Stay tuned to the Kulture Wave.

KIPO awarded special award for independence activists who had contributed to Korea's independence

2025/07/04 16:34

What do inventions have to do with independence activists? This year marks the 60th anniversary of National Inventors' Day in Korea. A special achievement award has been made for independence activists who raised funds for Korea's independence movement through inventions during the Japanese colonial era. Cha Yun-kyung tells us what they are. The Korean Intellectual Property Office held a memorial ceremony to honor Mr. Kwon Do-in, a patriotic independence activist based in the U.S. who was also an inventor. Kwon is remembered for his contributions to both Korea's independence movement and the advancement of invention. He was also the first Korean to apply for a patent in the U.S., with an apparatus that prevented damage to the body of a sewing machine. Mr. Kwon also applied for a patent for a curtain made from bamboo, which had become quite popular in the U.S. Mr. Jeong In-ho, the first Korean to apply for a patent in Korea, invented a horsehair hat in 1909, to raise funds for the independence movement. Marking the 60th anniversary of Inventors' Day, the KIPO has come up with special achievement awards for independence activists who contributed to Korea's independence movement through invention during the Japanese colonial era. This year's award for great inventor went to a company that developed an electric semiconductor module for electric cars and robots. Cha Yun-kyung, Arirang News.

K-Correspondent_Korea, Spain celebrate 75th year of ties with cultural events

2025/07/04 16:34

It's "Korea Season" in Spain right now. Under the slogan "Dos culturas, un corazón" or "Two Cultures One Heart", special events are taking place in this European country, as Korea and Spain celebrate their 75th anniversary of diplomatic ties this year. As part of the program, a special dance performance event is set for this Friday. And we're going to hear more of that with someone at the site, and it's none other than our culture critic, Professor Chie Hye-won at Kyung Hee University who for today will be our K-Correspondent in Madrid. Hello Professor Chie! Hola Profesora! Q1. Professor Chie, it's still early morning in Madrid, but how is the atmosphere over there? (How's the weather, probably hotter than in Seoul right now?) Q2. It feels different connecting to you like this, as you usually join us in the studio, but there is a good reason for you to be in Madrid right now, please tell us about it. Q3. So later in the day, Korean dance teams will be getting onto the stage. Could you give us more details and what the audience can expect? Q4. How do you think will the response by visitors be? (And is there anything you are maybe a little nervous/concerned about?) Q5. As you are experiencing this event up close, do you feel the presence of the hallyu boom there? Q6. Apart from the dance performance, there are many other programs in store for visitors to check out I heard? Q7. Anything you want to mention or add ahead of today's performance, Professor Chie? Thank you very much Professor Chie for connecting with us despite your busy schedule over in Madrid. Enjoy tonight's performance and see you again in Seoul next time. Thank you Bella, have a great weekend.

Trump includes North Korea in cybersecurity threat list

2025/07/04 12:35

The U.S. has added North Korea to a U.S. cybersecurity threat list. According to the White House website on Thursday, President Donald Trump issued an executive order to add North Korea, Russia and Iran to the existing list of threats. Trump's order noted that while China poses "the most active and persistent cybersecurity threat to the U.S. government," significant threats are also arising from Russia, Iran, North Korea and other countries. The previous Biden administration had issued an executive order, only identifying China as a threat.

Putin tells Trump that Russia will not give up aims in Ukraine

2025/07/04 12:35

U.S. President Donald Trump also spoke to Russian President Vladimir Putin for nearly an hour. This was their sixth phone call this year, but little progress was made on efforts to end the war, as the Russian leader stressed that his country will not give up its aims in Ukraine. Lee Seung-jae has more. U.S. President Donald Trump and his Russian counterpart, Vladimir Putin, held phone talks on Thursday. According to the Kremlin, Putin, while referring to the war in Ukraine, stressed that Russia "will achieve the aims it set," which is to eliminate the "root causes that led to the current state of affairs." Putin's message to Trump was also reported by Russia's state television. "Of course, during this call, the situation in Ukraine was discussed. So, Vladimir Putin informed Trump that Russia will not step back from its goal of removing the root causes that led to the confrontation in Ukraine." Moscow has long demanded that Kyiv give up its NATO membership ambitions. Still, during the almost one-hour-long talks, Putin expressed his readiness to continue negotiations, adding that Moscow is looking for a political, negotiated solution to the conflict. Meanwhile, President Trump expressed frustration over the lack of progress in the peace talks that the U.S. is trying to broker. "And we also talked about, as you know, the war with Ukraine. And I'm not happy about that. I'm not happy. No, I didn't make any progress with that today at all." Ukrainian President Volodymyr Zelenskyy expressed his hopes, also on Thursday, that he would have the opportunity to speak with Trump on Friday, or in the coming days. He said that he wishes to discuss their bilateral relations, as well as U.S. support amid the ongoing war with Russia. Zelenskyy also expressed hopes for continued support from the U.S. and Europe, stressing that strengthening cooperation and coordination through the U.S., the EU and NATO is crucial. Lee Seung-jae, Arirang News.

S. Korea logs May current account surplus of US$ 10.1 bil.

2025/07/04 12:34

South Korea's current account remained in the black in March for the twenty-fifth month in a row logging a current account surplus of ten-point-one billion U.S. dollars in May. According to the Bank of Korea on Friday, the figure is nearly double the number recorded in April possibly due to a slower rise in oil prices and reduced imports. The central bank also said while this was the third-largest surplus on record for May, exports fell for the first time in four months as autos and steel struggled under U.S. tariffs. From January to May this year, the cumulative current account surplus stood at 35-point-11 billion dollars, up eight-point-0-5 billion dollars from the same period last year.

[On-point] July 9 tariff deadline looms: What happens when it expires?

2025/07/04 12:34

With less than a week before a 90-day pause on Trump's so-called reciprocal tariffs is set to expire, eyes are now on whether the South Korean government will be able to reach a trade deal. For more on what to expect, we're joined by Professor Kim Yong-Jin, Professor at Sogang Business School. Thanks for joining us this morning. The UK and Vietnam have struck trade deals with the United States, while Trump specifically cast doubt on the possibility of a trade deal with Japan. What do you think will be the case for South Korea? South Korea's top trade negotiator is set to visit Washington again this weekend, just days before the deadline. What will be the number one priority for Korean officials as they work to reach a deal and minimize the impact of potential tariffs? South Korea's proposed regulations on U.S. e-commerce firms doing business in South Korea are reportedly complicating negotiations. The issue of digital trade seems to be a major sticking point in the talks, right? What cards does South Korea hold in tariff negotiations with the U.S.? South Korea faces 25% reciprocal tariffs. What's likely to happen after the pause expires on July 9? Which South Korean industries will be the hardest hit once the tariffs go into effect? Alright Professor Kim, thank you so much for your insight today. We appreciate it.

[NEWs GEN] Modern Love: Here's what Gen Z dating habits look like

2025/07/04 12:33

[NEWs GEN] Modern Love: Here's what Gen Z dating habits look like

Tariff countdown: Trump to send tariff letters this week

2025/07/04 11:38

We begin in the U.S., where President Donald Trump says he'll begin sending letters about tariff rates to countries starting this week. With just days left before a temporary halt on tariffs expires, countries are scrambling to meet the deadline. Our Park Kun-woo starts us off. U.S. President Donald Trump is preparing to send out letters this week notifying countries of the tariffs they will have to pay. "We have, you know, far more than 170 countries. And how many deals can you make? And you can make good deals, but they're very much more complicated. I'd rather send out a letter saying this is what you're going to pay." He added that roughly 10 countries will receive these letters each day, starting Friday. U.S. Treasury Secretary Scott Bessent said Thursday that Trump will be the one to judge whether negotiating countries are acting in "good faith." But he also warned that tariff rates set in early April could "boomerang" back if talks fall through with discussions ongoing. "Negotiations with the United States are ongoing as we speak. We are ready for a deal. We want a negotiated solution. But we're preparing for the possibility that no satisfactory agreement is reached. All the instruments are on the table." South Korea, with a 25 percent tariff rate set in April, is also working to meet the deadline, amid some uncertainty. "I'm not sure if I can say it could be done by July 8. I'm doing my best. We need to yield mutually reciprocal results that help both sides, but it is still not clear what exactly both sides want." South Korea's trade ministry said Chief Trade Negotiator Yeo Han-koo is making plans to visit the U.S. for talks this weekend for a second round of trade talks, with the aim of reaching an agreement before the deadline. Park Kun-woo, Arirang News.

Monsoon rain in central areas, intense heat in most parts

2025/07/04 11:37

This year's monsoon season has officially ended for the southern regions and Jeju. In fact, Jeju saw its earliest monsoon end since observations began in 1973, and the southern region recorded its second shortest monsoon period on record. However, central regions will see monsoon rain with 5 to 20 millimeters expected. With heatwave alerts active across most of the country, the heat will persist day and night today. This afternoon, Seoul gets up to 31 degrees, Daegu at 36 degrees sunnier skies in southern provinces with stronger UV rays. Intense heat will continue to grip most of the southern regions, and Daegu will see temperatures soaring to 37 degrees by next Monday. Those travelling to southern areas this weekend need to prepare for the strong heat. Speaking of which, the heat in the capital will also get stronger next week. Meanwhile, passing rain in Gyeonggi-do and west of Gangwon-do will continue into next Monday. Please take good care of your health in this heat.

Don’t Look Back in Anger: Oasis and the Cool Britannia comeback

2025/07/04 11:37

British band Oasis' highly anticipated reunion tour, Oasis Live '25, kicks off on Friday, July 4, in Cardiff, marking the first time Liam and Noel Gallagher have performed on the same stage in 16 years. Tickets for the UK and Ireland leg, featuring 17 stadium dates, sold out within ten hours. A wide range of merchandise, including keyrings, hoodies, and shirts, is on sale ahead of the gig. The tour will travel globally after the UK run, heading to North America, Asia, Australia, and South America, with projected revenue exceeding 200 million U.S. dollars. Oasis Live '25 will land in South Korea in October.

Greek firefighters race to contain wildfire on Crete

2025/07/04 11:37

In Greece, a wildfire is spreading fast on the island of Crete, forcing over 5,000 residents and tourists to evacuate on Thursday. Strong winds reaching 80 kilometers per hour and extreme heat, linked to Europe's early summer heatwave, have led to the rapid spread of the blaze that broke out a day earlier. Two hundred thirty firefighters and 46 fire engines and helicopters have been deployed to contain the fire which are sweeping through forest, farmland, and residential areas. The fire service warns the island remains at very high risk, and with above-average temperatures and little rain forecast, containment is expected to take days.

Six dead, dozens missing after ferry sinks off Bali

2025/07/04 11:36

Near Indonesia's tourist island of Bali, a ferry carrying 65 people sank late Wednesday night, local time, leaving at least six dead and dozens missing. The KMP Tunu Pra-tama Jaya ferry, carrying 53 passengers and 12 crew members, as well as 12 vehicles, sank around 11:20 PM, almost 30 minutes into the five-kilometer Bali Strait crossing, after reportedly suffering engine failure and an engine-room leak. Rescue efforts continued through Thursday in the rough seas, with 31 people saved but dozens still unaccounted for. On Thursday evening, rescue operations were temporarily halted due to strong currents, high waves, and limited visibility. President Prabowo Subianto has ordered a full emergency response, while investigators examine the cause of the accident and whether unlisted passengers were onboard. Indonesia experiences frequent maritime disasters due to its reliance on ferries and lax safety regulations.

Liverpool footballer Diogo Jota and his brother die in car crash

2025/07/04 11:36

Now, let's take a look at some stories from around the world with our Choi Chi Hee. Good morning, Chi Hee. Good morning, Eunji. Let's begin with the death of footballer Diogo Jota, which left Liverpool's fans and the world in shock. Tell us more. Liverpool's Portuguese forward Diogo Jota and his brother have died in a car crash in Spain. Diogo Jota and his younger brother, Andre Silva, also a professional footballer, died in the crash just after midnight on Thursday, local time on a highway near Spain's northwestern city of Zamora. Spanish authorities reported that the tire blew out from the Lamborghini they were driving in as it overtook another vehicle, causing the car to veer off the road and burst into flames. Emergency crews confirmed both men died at the scene. 28-year-old Jota had recently got married, and had three young children. He was returning from vacation after helping Liverpool win the Premier League title. Jota made 182 total appearances and scored 65 goals for Liverpool. Tributes poured in from around the sports world, and hundreds of Liverpool fans gathered at Anfield, home of Liverpool, laying flowers in his memory. An investigation has been launched into the crash. The funeral is expected to be held on Saturday in the Portuguese city of Porto.