News

Spain agrees with NATO to skip 5% defense spending target

2025/06/23 10:00

Spain has secured an exemption from NATO's new defense spending goal of 5 percent of GDP, ahead of a summit in The Hague. On Sunday, June 22, Spain's Prime Minister, Pedro Sanchez, announced that Spain and NATO finalized the opt-out after an exchange of letters with NATO Secretary-General Mark Rutte. Now, members, excluding Spain, will be subject to the 5 percent spending target. Last year, Spain spent 1.28 percent of its GDP on defense, the alliance's lowest. Sanchez pledged to raise that to 2.1 percent this year, affirming that this level is sufficient to meet its contribution to NATO without undermining Spain's welfare state commitments. Sanchez argued escalating to 5 percent by 2035 would be "disproportionate and unnecessary," potentially forcing deep cuts in social services or higher taxes.

Twenty killed in suicide bombing at Damascus church

2025/06/23 10:00

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 a suicide bombing at a church in Syria. Do tell us more. A devastating suicide bombing at an Orthodox Church in Damascus killed at least 22 and wounded dozens more. On Sunday, local time, a lone attacker, believed to be affiliated with the Islamic State group, opened fire and then detonated an explosive vest, killing worshippers at the Mar Elias Church. According to Syria's Health Ministry, at least 63 others were wounded in the attack. It was the first suicide bombing targeting a church in Damascus since Bashar al-Assad's government fell. Reports suggest a second man may have been involved. Syrian authorities condemned the attack, calling it an act of terrorism. Syrian Interim President Ahmed al-Sharaa has repeatedly said he will protect minorities; however, Syria has already seen deadly sectarian violence in recent months.

[Weekly Focus] President Lee ends diplomatic freeze with first overseas trip

2025/06/21 12:00

This week, South Korean President Lee Jae Myung attended the G7 Summit in Canada, his first overseas trip since taking office. To walk us through the key takeaways from his three-day visit, our Presidential Office correspondent Song Yoo-jin joins us in the studio. Welcome, Yoo-jin. Great to be here. Yoo-jin, let's begin with the significance of this trip. There was uncertainty at first over whether President Lee would attend the G7 at all. That's right. The trip came just 12 days after President Lee took office, making this the fastest overseas debut by a South Korean president. For comparison, it took President Yoon Suk Yeol 49 days, Moon Jae-in 51 days, and Park Geun-hye 70 days. Despite the tight timeline, President Lee made the decision to attend. Here's what he told reporters aboard the Air Force One: South Korea experienced a period of stalled diplomacy after former President Yoon's martial law debacle last December. It was certainly a meaningful debut. Let's turn to the results. While he delivered remarks at the G7's expanded session, much attention was on his bilateral meetings. Let's start with Tuesday's summit with Japan. That was one of the most anticipated. A meeting had been scheduled with U.S. President Donald Trump, but that fell through after he returned to Washington early due to what was going on in the Middle East. However, President Lee did meet with Japanese Prime Minister Shigeru Ishiba, marking their first summit. "I truly hope that, marking the 60th anniversary of normalized diplomatic ties, exchanges will grow not just between our two governments and businesses, but also between our people. I look forward to Korea and Japan working together in a way that contributes more to the region and to the world." During the 30-minute meeting, the leaders reaffirmed their commitment to regular summit-level meetings while agreeing to strengthen trilateral coordination with the United States, particularly in responding to regional geopolitical challenges, including North Korea. A senior Presidential Office official told reporters the talks were held in a positive, friendly atmosphere, and both leaders expressed interest in frequent reciprocal visits. Aside from Japan, President Lee also met with several other world leaders during his trip. That's right. He held one-on-ones with nine other heads of state, plus UN Secretary-General António Guterres. Among the G7 members, he met with UK Prime Minister Keir Starmer and Canadian Prime Minister Mark Carney. "The leaders of South Korea and the UK agreed to move forward on updating their post-Brexit FTA. They also discussed working together on Korean Peninsula peace and security." In his summit with Canadian Prime Minister Mark Carney, Lee emphasized defense cooperation, mentioning the participation of Korean companies in Canada's submarine acquisition program, with contracts expected to be finalized by 2028. He also held summits with the leaders of South Africa, South Africa, Australia, Brazil, Mexico, India, and the European Union, where economic cooperation was high on the agenda. Throughout his bilateral meetings, the Presidential Office says President Lee prioritized personal rapport and pragmatic diplomacy. "President Lee engaged comfortably with all the leaders, drawing on his prior knowledge of their personal backgrounds, political careers, and governing philosophies, while also using his trademark humor to build rapport." "In virtually every bilateral meeting, there were focused discussions on advancing practical cooperation in areas like trade, investment, supply chains, and energy, aimed at delivering real benefits for the Korean economy and businesses." Beyond the bilateral meetings, President Lee also delivered remarks at the G7's expanded session. What were the key messages there? The expanded session President Lee attended focused on energy security, where he delivered two speeches. In his first address, he outlined South Korea's commitment to strengthening the global energy supply chain, which he described as being key to global economic growth and prosperity. In his second speech, the president shared the country's policy direction on integrating AI and energy. He detailed plans to boost energy efficiency through low-power AI semiconductors, known as NPUs, and to encourage greater private sector involvement through tax incentives, regulatory reform, and the creation of a public investment fund. He also invited global leaders to take part in the APEC Summit in Gyeongju later this year, where South Korea will present a roadmap for international cooperation on AI. It seems like a strong start, but there's still a major task left: meeting with President Trump. Any updates on when that could happen? That's the big question. The canceled summit drew attention, especially with 25 percent reciprocal tariffs set to take effect if Korea fails to reach a deal with the U.S. by July 8th. According to a senior official, talks are ongoing to arrange a meeting at another multilateral engagement. One possibility is next week's NATO Summit. We'll be watching that closely. Yoo-jin, thank you for the wrap-up today. My pleasure.

Stock

2025/06/20 20:00

2025. 6. 20. KOREAN STOCK MARKET KOSPI : 3,021.84 ▲44.10 +1.48% KOSDAQ : 791.53 ▲9.02 +1.15% KOSPI200 : 405.32 ▲6.03 +1.51% ASIAN STOCK MARKET NIKKEI225 : 38,403.23 ▼85.11 -0.22% HANG SENG : 23,530.48 ▲292.74 +1.26% SHANGHAI : 3,359.89 ▼2.21 -0.07% WALL STREET (June 19) DOW JONES : CLOSED NASDAQ : CLOSED S&P500 : CLOSED EXCHANGE RATE USD : 1,365.60 (-14.60) JPY : 939.30 (-10.96) CNY : 190.13 (-1.72) EUR : 1,573.17 (-7.50)

President Lee celebrates launch of mega AI data center in Ulsan amid economic challenges

2025/06/20 20:00

President Lee Jae Myung has once again pledged full support for the AI industry to realize the goal of South Korea becoming the world's top AI powerhouse. Our senior correspondent Yoon Jung-min leads us tonight. A day after returning home from his trip to the G7 summit in Canada, President Lee Jae Myung chose the country's southeastern industrial city of Ulsan for a visit, where a ceremony took place on Friday to celebrate the launch of a mega AI data center, as the country faces daunting economic challenges. "Korea has grown rapidly, but now we seem to be climbing uphill. Depending on how we prepare, we can move on to a completely new world, or we might end up sliding backward." Making Korea one of the world's AI powerhouses was among Lee's pledges during his presidential campaign. Accompanying the president were the CEOs of major companies, including SK Chairman Chey Tae-won and Kakao CEO Chung Shin-a, as the business leaders pitched their ideas. "I hope the government expands the "AI one-stop vouchers" so that start-up businesses can easily use AI infrastructure at a lower cost. In tandem with the government's creation of a national AI fund, I hope we can nurture as many as 20-thousand AI start-ups over the course of the next five years." Chey also asked for an "AI government," meaning more AI applications and services used by the public sector. Dubbed the "AI highway," the 100-megawatt AI data center in Ulsan is a joint project between SK Group and Amazon Web Services (AWS), worth over 5-billion U.S. dollars in investment to meet increasing AI demand at home. There are plans to expand to 1-gigawatt later down the line. "Through bold tax breaks and regulatory innovation, we will promote private investment and build an AI-era highway for Korea's successful AI transformation." He went on to ensure that every person in the country can harness the benefits of AI in their daily lives. The President did not forget to put particular emphasis on his in-person visit to the region, as he says Korea's cutting-edge technology can prosper also in areas outside the capital region. Yoon Jung-min Arirang News.

Heavy and disruptive monsoon rains on Saturday in south

2025/06/20 20:00

Central regions and Jeollabuk-do Province have been seeing disruptive monsoon rains from this morning with heavy rain alerts remaming in place for the capital area and parts of Gangwon-do. It's a rainy AND windy day for the capital region with strong wind advisory being issued as well as along the west coast and parts of Jeju. The rain will let up in central areas tomorrow but southern provinces will see downpours dropping 20 to 50 millimeters per hour Chungcheongnam-do and Jeollabuk-do seeing up to 180 millimeters of rain. Despite the drop in temperatures, it felt muggy all day today. It won't be much different tomorrow, starting off slightly lower than this morning. Daytime highs in the capital rise a bit to 28 degrees on Saturday. Busan seeing a high of 24 degrees. The southern regions and Jeju will see the monsoon rain through early next week. Stay safe out there! That's Korea for you, here's a look at the international weather conditions!

The now and future of Hallyu: 2025 MyK Festa

2025/06/20 20:00

Korean culture is taking center stage. A one-stop experience of all things Hallyu, the first-ever MyK FESTA has kicked off. Byeon Ye-young was there. Korean culture isn't just about K-pop, just as K-pop isn't only about singing and dancing. It's about storytelling, identity, and connection. Hallyu, or the Korean Wave, has turned Korea's pop culture into a global bridge, uniting fans, industries, and ideas across borders. That is what the 2025 MyK Festa represents. "The Korean wave is having a strong impact on the world, but we shouldn't stop here. We felt the need to find ways to connect it with other industries, like tourism and resource diplomacy. If we can grow together with our industries, I believe MyK could become a key asset for Korea's future." "Where I'm standing right now is "K-street", a sprawling exhibition and experience zone showcasing over 100 Korean companies. From webtoons and food to lifestyle brands, attendees can get a hands-on feel for both K-content and everyday Korean culture– and also do a little shopping along the way." On "K-street," there's something for everyone. "I think what I like the most is very diverse. I can see K-beauty booths I can see K-fashion, K-pop, K-food. They also have like a color analysis so I really like going around and seeing everything that Korea has to offer." "Well first I went to see the NEWBEAT fan sign and then I just attended with my friends so I could see all the different booths and kind of see what the sellers are offering." At the food zone, visitors can try food from popular brands that were carefully selected to reflect Korean food trends and appeal to foreigners as well. "K-street food like the old food trucks it was so good like especially the tteokbokki. I love Korean food so tteokbokki stood out like the most for me." An export consultation event is also taking place, connecting Korean companies with foreign buyers, a move to open tangible new markets and build global networks. "I'm looking for some brandings and or looking for some products. Anything that it's like matching together and it's a good thing for me also that I can look to Korea, local products, and also the entertainment as well. That is one thing that I feel like Korea is number one in Asia." The first day also included a panel session to discuss music networking in Asia, and signed off with a K-pop concert headlined by K-pop group AESPA. In the days to come, a global conference will bring together cultural industry leaders to discuss the future of Hallyu, alongside performances and a major closing concert, drawing the curtain on a festival that celebrates not just Korean content, but Korea's place on the world stage. Byeon Ye-young, Arirang News.

[Arts & Culture] 2025 Seoul International Book Fair: Showcasing Korea's new book culture and literary power

2025/06/20 20:00

It's Friday, which means it's time for Arts and Culture. We have our culture correspondent Choi Soo-hyung in the studio. Welcome Soo-hyung! Thank you for having me! So, what story will you tell us this time? Just before we start, do you usually read a lot? I love books, and I try to read as much as I can. Me too. Today, I have a story for anyone who loves books, wants to love books, or is just interested in them. The Seoul International Book Fair opened this Wednesday, and its venue was crowded with excited visitors. Visiting the book fair felt like being part of a cultural trend, and it was a chance to see how Korean literature is valued around the world. Here's the full story. The rich, nostalgic scent of ink and paper fills the venue. Crowds have flooded the hall, reading, touching and experiencing books up close. The 2025 Seoul International Book Fair opened on Wednesday, June 18, and tickets were all sold out even before the event started. "I come every year out of habit, but it really feels like there are more people each year. It's just so nice to see that so many people in Korea truly love books." Under this year's theme The Last Resort, the fair has invited visitors to find their own peaceful "last resort" in books. Beyond books, book-related goods, merchandise, and open-to-all book talks and author lectures are major crowd-pullers, especially attracting young people eager to enjoy book culture. "Although the publishing industry faces challenges, I keep seeing that many people still love books themselves. There's a reason why a book needs to be a book, even with so much digital content out there. We put effort into creating books that people want to buy, own, and read by finding designs that best complement the text." "We wanted to show how book culture extends beyond paper into many content formats, like merchandise. And a new generation is rediscovering the power of books and freely expressing their identity through them. Our goal is to create a space where everyone can enjoy and celebrate that culture." International interest in discovering Korean authors and literary content is heating up as well. "Korean literature is in the global spotlight, thanks to novelist Han Kang's winning the Nobel Prize in Literature. That buzz is fueling a record turnout at this year's Seoul International Book Fair, with around 150,000 visitors expected by this weekend." Over 530 publishers from 17 countries, including Taiwan, France, Germany, and Thailand, are taking part in the event. A German publisher participating in the fair for more than 20 years says Korean literature stands out for its modern blend of history and pop culture. "We had a new trend worldwide with young adults, fantasy, romance, and Korea is very strong in that. Korea is very strong in contemporary works. Strong fantasy, which goes back into history but also uses elements of all other popular culture, the integration of popular culture into literature, I think it is a phenomenon from Korea." The Seoul International Book Fair runs until Sunday, June 22. What an exciting venue in there. But Soo-hyung, we often hear that the print publishing industry is struggling, so what do you think is driving such huge interest in the book fair? An independent publisher said we're now seeing a shift back from digital books to analog reading habits. People realize that turning pages, feeling paper, and connecting with content physically is something digital books simply cannot replace. She also mentioned books offer an emotional connection and that may be what's driving the growing enthusiasm around the book fair. The Publishers Association also said reading is now seen as a proud part of personal identity, a shift from the past. The fair was designed to help people enjoy that pride. They said that with this reading culture change, financial support for producing a high-quality book would help the industry. Indeed, So Soo-hyung, has the global perception of Korean literature changed since Han Kang won the Nobel Prize? Things have really changed. Books used to be somewhat overlooked compared to films or cartoons, but Korean publishing has quietly developed to a world-class level. Han Kang's Nobel Prize win became a turning point, helping the world rediscover the strength and global competitiveness of Korean literature, with great authors and high-quality works. An official I met at the French booth said her win sparked even greater interest not only in Korean books, but in Korean culture as well. "In France, poetry books don't sell well, so publishers rarely release them. However, they chose to translate and publish Han Kang's very first poetry collection into French, a bold and groundbreaking move." France, famous for many Nobel winners, holding a key place in global literature,. is now making more efforts to discover other talented Korean authors thanks to Han Kang. All right, Soo-hyung, thanks for sharing your report. Always my pleasure.

South Korean nationals evacuate Iran, Israel as gov't urges those remaining to leave

2025/06/20 20:00

More South Korean nationals were safely moved out of both Israel and Iran on Thursday. The South Korean government is doing all it can to ensure the safety of Korean people in the Middle East. Oh Soo-young has more. Over 60 South Korean nationals have been safely evacuated from Iran and Israel to surrounding countries, as Seoul authorities urge those staying behind to swiftly leave the conflict-ridden areas. Seoul's Foreign Ministry said Friday that a total of 37 Korean citizens and their family members in Iran have crossed over to Turkmenistan. The first group of 18 Koreans and two family members departed Tehran on Tuesday, traveling for around 30 hours, over some 12 hundred kilometers to Iran's eastern border with Turkmenistan, on a bus provided by the Korean government. They entered Turkmenistan on Wednesday, and a second group of ten arrived the next day, followed by four more individuals. On Friday, two Koreans and one family member crossed the border safely. Meanwhile, 25 Korean citizens and one Israeli family member were evacuated by bus from Israel to Jordan on Thursday. Embassies in Iran and Israel have provided chartered buses for nationals wishing to evacuate, while rapid response teams dispatched from Seoul's Foreign Ministry arrived in Turkmenistan and Jordan to assist with customs clearance and flight scheduling. Roughly 460 South Korean nationals remain in Israel, and about 90 in Iran. The government stated that it stands ready to provide additional consular support and evacuation assistance upon request. Its travel advisories for Iran and Israel are both at level 3, which recommends Korean nationals to leave the country in question. There have been no Korean casualties so far amid the rapid escalation of the conflict. The Foreign Ministry has said it will continue to monitor the situation, and maintain close communication with overseas missions to ensure the safety of Korean people. Oh Soo-young, Arirang News.

Israel strikes Arak reactor, no leak of radioactive materials confirmed

2025/06/20 20:00

Now in its eighth day, the conflict between Israel and Iran is escalating. Israel bombed Iran's nuclear reactor that is under construction, while Iran launched missiles armed with cluster munitions. Park Hyo-been has more. Multiple explosions rocked Iran's Arak heavy water reactor on Thursday, local time, following Israeli airstrikes. "Over the past 24 hours, the Air Force aircraft hit targets of the nuclear weapons program, they hit the nuclear reactor in the Arak area, we are talking about a reactor that is not active but has the potential to produce enriched plutonium that is used to create the core of a nuclear weapon." The International Atomic Energy Agency warned of the potential for radioactive materials to spread into the atmosphere, although no radiation leak has been detected so far. The escalation has gone beyond the Arak strike. On the same day, Israel initially claimed strikes on Iran's Natanz and Bushehr nuclear sites, but later called the Bushehr reference a mistake. Still, the military has neither confirmed nor denied an attack there, leaving the door open for future strikes. Meanwhile, Iran launched a ballistic missile armed with a cluster-bomb warhead — a weapon banned by many nations for its indiscriminate effects and high civilian risk, as it scatters dozens or even hundreds of smaller bombs. At least 639 people have been killed in Iran this week by Israeli strikes, according to the Associated Press. Israeli officials say 24 of their citizens have been killed in the conflict so far. With tensions rising, U.S. President Donald Trump said on Thursday, local time, that he would allow two more weeks for diplomacy — before deciding whether to authorize a military strike on Iran. ''I have a message directly from the president and I quote: 'Based on the fact that there's a substantial chance of negotiations, that may or may not take place with Iran in the near future, I will make my decision whether or not to go, within the next two weeks.''' For now, diplomacy is racing against time as tensions between Israel and Iran continue to mount. Park Hyo-been, Arirang News.

Monsoon season arrives in S. Korea with heavy rain, strong winds

2025/06/20 20:00

The monsoon season has officially begun across South Korea, with some areas even seeing rainfall levels of over 30 millimeters per hour. No casualties have been reported, despite some reports of damage. Our Park Kun-woo has the details. Monsoon season's arrived several days earlier than last year, as heavy rain and strong winds swept across the country on Friday. Downpours of over 30 millimeters per hour lashed the greater capital area and Gangwon-do Province and are forecast to continue overnight due to a stationary front. With that front heading south, heavy rain steadily expanded into the central and southern regions throughout the evening. This has led to numerous damage reports nationwide, including flooded areas and fallen trees. But with the shifting climate, Korea's monsoon season has become harder to predict, as shown by some changing patterns. "Monsoon rains used to fall steadily over time, but in recent years, short bursts of heavy rain followed by heat have become more common." And, with heavy rain continuing overnight, the agency has placed extra emphasis on safety. "It's important to stay alert and pay attention to overnight weather updates -a time when responses tend to be lacking. Checking drain gutters beforehand will be needed. Emergency alerts may be issued during the night, so please stay alert." The Interior Ministry also activated Level 1 of the Central Disaster and Safety Countermeasures Headquarters as of 2:0 PM. Accordingly, the headquarters has stepped up monitoring of vulnerable areas and urged swift access control when there's any sign of danger. According to the weather agency's forecast, heavy rain is expected to continue over the weekend, with some areas in the southern region seeing up to 180 millimeters of rain. The agency also said the stationary front is predicted to become more active and move northward from the 27th, potentially affecting the entire country. Park Kun-woo, Arirang News.

Benchmark KOSPI breaks 3,000 for first time in 42 months

2025/06/20 20:00

South Korea's benchmark KOSPI extended its winning streak on Friday to a fifth day, breaking the 3,000-point mark, driven by the upward trend of increased liquidity in the global financial markets. Our correspondent Park Jun-han reports. South Korea's benchmark KOSPI surpassed the 3-thousand points mark on Friday for the first time since December 2021. Closing at 3-thousand-21-point-84, the index jumped 1.48% from Thursday's market close. The last time the KOSPI closed above the 3-thousand mark was on December 28th, 2021, when it ended the day at 3-thousand-20-point-24 points. The KOSPI recorded its highest-ever close on July 6th, 2021, when it climbed past the 3-thousand-3-hundred level. However, since December 28th of that year, the index has failed to close above 3,000, instead fluctuating anywhere between 2-thousand-1-hundred-55-points to 2-thousand-9-hundred-89. Korean stocks have risen over 30% since April's yearly low. Domestically, investor sentiment has improved following the resolution of uncertainties stemming from last December's martial law declaration, which had previously weakened market confidence. "South Korea's shipbuilding and defense stocks rose amid policies associated with the Trump administration. More recently, since the launch of the Lee Jae-myung administration, the market has seen selective gains in AI and securities firms driven stocks, particularly those benefiting from shareholder return policies." With the Lee Jae-myung administration now in office, its stock market-friendly policies are fueling momentum to revitalize the market. President Lee, while visiting the southeastern industrial city of Ulsan on Friday morning, commented on South Korea's recent stock market gains. Globally, although negotiations are still underway, a 90-day suspension of U.S. reciprocal tariffs and the de-escalation of U.S.-China trade tensions following high-level talks boosted the rise of Korean stocks. Yet, since the market's index growth was driven by expectations, further momentum beyond the 3,000 mark may require solid corporate earnings and clear signs of an economic recovery. "I believe stock market-friendly policies should be implemented more swiftly. Investments in areas like AI also need to proceed smoothly to support the growth of related domestic industries. In addition, improvements in external conditions must be backed by a strong export performance and a broader economic recovery at home." After the KOSPI surged past 3,000 for the first time in years, investors are asking: Is this a true rebound — or a brief surge? Park Jun-han, Arirang News.

Diagnosis of S. Korea's economic challenges amid U.S. tariffs and Middle East tensions

2025/06/20 20:00

Welcome to Within The Frame, where we bring the most pressing issues across the globe into focus. I'm Kim Mok-yeon. South Korea's economy is facing increasing challenges, from the impact of U.S. tariffs to escalating tensions in the Middle East. In May, exports turned negative for the first time in four months, with automobile exports to the U.S. dropping over 27 percent. At the same time, the global oil market is seeing volatility due to the Israel-Iran conflict. Domestically, inflation is rising, particularly in food prices, and the Federal Reserve's decision to hold interest rates steady, adds another layer of complexity to the situation. On Within The Frame tonight, we'll explore how these factors are shaping Korea's economic future and what strategies may help navigate these turbulent times. For this, we invite Shin Se-don, Professor, Division of Business Economics at Sookmyung Women's University. Also joining us from Texas is Hwagyun Kim, Professor of Banking and Finance at Texas A&M University, Mays Business School. (Shin) 1. To begin with, due to the fallout from the U.S.-imposed tariff shock, Korea's exports in May declined for the first time in four months. In particular, exports of automobiles—a key export item—plummeted over 27 percent to the U.S. in May. Professor Shin, do you expect export growth to decline further this year? What is your outlook? (Kim) 2. Moving on to another important issue, the bilateral Korea-U.S. tariffs are set to take effect in about three weeks. However, the much-anticipated summit between the two leaders during the G7, which could have influenced tariff negotiations, was cancelled. Professor Kim, in light of this, what kind of strategy should the Korean government be preparing? (Shin) 3. Meanwhile, Japan has already engaged in six rounds of tariff negotiations with the U.S., and a summit between their leaders took place at the G7. Despite this, negotiations between the U.S. and Japan remain at a standstill. Professor Shin, from this, what lessons can Korea draw for its own negotiations with Washington? (Kim) 4. Shifting focus to the international stage, tensions between Israel and Iran have escalated, leading to increased Middle East risks and a sharp rise in global oil prices. Professor Kim, given this context, what is your outlook on oil price volatility moving forward? (Kim) 5. On a related note, the U.S. Federal Reserve recently decided to hold interest rates steady for the fourth consecutive time at the latest FOMC meeting. Professor Kim, what are the key factors behind this decision, and what is your perspective on the Fed's decision? (Shin) 6. While the Fed has kept rates unchanged at the FOMC meeting, it also indicated through its "dot plot" that two additional rate cuts might still be possible this year. Professor Shin, in light of this, what do you think is the reasoning behind this outlook? (Kim) 7. With both U.S. tariffs and heightened Middle East tensions, the burdens on the Korean economy are increasing. With the KOSPI breaking the 3,000-point mark during trading for the first time in three years and five months, Professor Kim, how will the Middle East risks and the Fed's rate freeze impact domestic stock markets? (Shin) 8. Domestic inflation is also concerning. According to a report from the Bank of Korea, food prices have risen 19.1 percent over the past four years—second highest among OECD countries. Professor Shin, how do you assess the current inflationary mood? (Shin) 9. In light of inflation pressure and economic slowdown, the ruling party and government are reportedly preparing an extra budget totaling 35 trillion won. Discussions are also underway about relief measures, including universal cash support. Professor Shin, will these measures help revive livelihood in the economy? (Kim) 10. Meanwhile, Korea's national competitiveness ranking dropped by seven spots from last year to 27th. The Presidential Office has announced a coordinated cross-ministry response to recover competitiveness. Professor Kim, what do you think are the key factors for restoring national competitiveness?

Trump to decide whether U.S. will strike Iran ‘within next two weeks’

2025/06/20 17:00

In other news. The White House says President Donald Trump will announce his decision on a tangible course of action against Iran for its nuclear weapons pursuits within a fortnight. Lee Seung-jae has the latest. Amid growing speculation over U.S. involvement in the ongoing Iran-Israel conflict, the White House says President Donald Trump will decide "within the next two weeks" whether his country will strike Iran. ''Now, regarding the ongoing situation in Iran, I know there has been a lot of speculation amongst all of you in the media, regarding the president's decision making and whether or not the United States will be directly involved. In light of that news I have a message directly from the president and I quote: 'Based on the fact that there's a substantial chance of negotiations, that may or may not take place with Iran in the near future, I will make my decision whether or not to go, within the next two weeks.' That's a quote directly from the president for all of you today.'' The White House spokesperson added that Trump is always interested in a diplomatic solution, calling him " a peacemaker in chief," but noted that the U.S. leader is not afraid to use strength to achieve peace. Meanwhile, according to CBS news, citing multiple sources, President Trump believes it's necessary to destroy the Fordow nuclear site. The report says Trump had been briefed on both the risks and benefits of striking Iran's most secure nuclear site, and found it necessary to disable it, due to risks of weapons being produced in a relatively short period of time. Trump approved attack plans on Iran on Tuesday, but has not yet made the final decision to join the conflict with strikes. According to a Pentagon official, Trump held off on the decision to strike Iran, in case Tehran decides to abandon its nuclear program. Lee Seung-jae, Arirang News.

NIS chief nominee's confirmation hearing report meeting canceled amid fierce debate

2025/06/20 17:00

Also on this Friday at the parliament. A committee meeting to vote on the confirmation hearing report for National Intelligence Service chief nominee Lee Jong-seok was canceled amid fierce debate. The main opposition People Power Party cited "unresolved" doubts over Lee's views on national security and North Korea following the previous day's hearing the first for nominees of the Lee Jae Myung administration. The ruling Democratic Party condemned the cancellation accusing the opposition of derailing the confirmation process for partisan gain.

President Lee announces new round of vice ministerial appointments

2025/06/20 17:00

President Lee Jae Myung earlier on this Friday made a number of vice ministerial appointments. Kim Nam-jung has been tapped as Vice UNIFICATION Minister. Kim formerly served as the chief representative of the UNIFICATION Ministry's South-North Dialogue Division and the top office adds he holds extensive experience in cross-border interactions. Meanwhile at the INTERIOR Ministry ASSISTANT Vice Minister Kim Min-jae has been promoted to Vice Minister while the ministry's spokesperson Kim Gwang-yong has been named Vice Minister for Disaster and Safety Management. At the AGRICULTURE Ministry Kang Hyoung-seok takes on the role of Vice Minister having led the ministry's innovation policy division. Finally at the OCEANS and FISHERIES Ministry Kim Sung-bum who headed marine policy will now serve as the Vice Minister.

Benchmark KOSPI breaks 3,000 for first time in 42 months

2025/06/20 17:00

Following days of much speculation over whether or not it would, the benchmark KOSPI closed trade on this Friday above the three-thousand mark. Our correspondent Park Jun-han has the closing numbers. South Korea’s benchmark KOSPI surpassed the 3-thousand points mark on Friday for the first time since December 2021. Closing at 3-thousand-21-point-84, the index jumped 1.48% from Thursday’s market close. The last time the KOSPI closed above the 3-thousand mark was on December 28th, 2021, when it ended the day at 3-thousand-20-point-24 points. The KOSPI recorded its highest-ever close on July 6th, 2021, when it climbed past the 3-thousand-3-hundred level. However, since December 28th of that year, the index has failed to close above 3,000, instead fluctuating anywhere between 2-thousand-1-hundred-55-points to 2-thousand-9-hundred-89. Korean stocks have risen over 30% since April's yearly low. Domestically, investor sentiment has improved following the resolution of uncertainties stemming from last December’s martial law declaration, which had previously weakened market confidence. "South Korea’s shipbuilding and defense stocks rose amid policies associated with the Trump administration. More recently, since the launch of the Lee Jae-myung administration, the market has seen selective gains in AI and securities firms driven stocks, particularly those benefiting from shareholder return policies." With the Lee Jae-myung administration now in office, its stock market-friendly policies are fueling momentum to revitalize the market. President Lee, while visiting the southeastern industrial city of Ulsan on Friday morning, commented on South Korea’s recent stock market gains. Globally, although negotiations are still underway, a 90-day suspension of U.S. reciprocal tariffs and the de-escalation of U.S.-China trade tensions following high-level talks boosted the rise of Korean stocks. Yet, since the market's index growth was driven by expectations, further momentum beyond the 3,000 mark may require solid corporate earnings and clear signs of an economic recovery. "I believe stock market-friendly policies should be implemented more swiftly. Investments in areas like AI also need to proceed smoothly to support the growth of related domestic industries. In addition, improvements in external conditions must be backed by a strong export performance and a broader economic recovery at home." After the KOSPI surged past 3,000 for the first time in years, investors are asking: Is this a true rebound — or a brief surge? Park Jun-han, Arirang News.

President Lee celebrates launch of mega AI data center in Ulsan amid economic challenges

2025/06/20 17:00

We start here on the national front. President Lee Jae Myung joined corporate heavyweights at the launching ceremony of a mega AI data center in the city of Ulsan today. Our senior correspondent Yoon Jung-min reports. A day after returning home from his trip to the G7 summit in Canada, President Lee Jae Myung chose the country's southeastern industrial city of Ulsan for a visit, where a ceremony took place on Friday to celebrate the launch of a mega AI data center, as the country faces daunting economic challenges. "Korea has grown rapidly, but now we seem to be climbing uphill. Depending on how we prepare, we can move on to a completely new world, or we might end up sliding backward." Making Korea one of the world's AI powerhouses was among Lee's pledges during his presidential campaign. Accompanying the president were the CEOs of major companies, including SK Chairman Chey Tae-won and Kakao CEO Chung Shin-a, as the business leaders pitched their ideas. "I hope the government expands the "AI one-stop vouchers" so that start-up businesses can easily use AI infrastructure at a lower cost. In tandem with the government's creation of a national AI fund, I hope we can nurture as many as 20-thousand AI start-ups over the course of the next five years." Chey also asked for an "AI government," meaning more AI applications and services used by the public sector. Dubbed the "AI highway," the 100-megawatt AI data center in Ulsan is a joint project between SK Group and Amazon Web Services (AWS), worth over 5-billion U.S. dollars in investment to meet increasing AI demand at home. There are plans to expand to 1-gigawatt later down the line. "Through bold tax breaks and regulatory innovation, we will promote private investment and build an AI-era highway for Korea's successful AI transformation." He went on to ensure that every person in the country can harness the benefits of AI in their daily lives. The President did not forget to put particular emphasis on his in-person visit to the region, as he says Korea's cutting-edge technology can prosper also in areas outside the capital region. Yoon Jung-min Arirang News.

[Weather] Heavy monsoon rain in south on Saturday

2025/06/20 17:00

Heavy and disruptive monsoon rains covered most of Korea today. Central regions and Jeollabuk-do Province have been seeing heavier showers from this morning. So heavy rain alerts remain in place for the capital area and parts of Gangwon-do. It's a rainy AND windy day for the capital region with a strong wind advisory being issued and also along the west coast and parts of Jeju. The rain will let up in central areas tomorrow but southern provinces will see downpours dropping 20 to 50 millimeters per hour.. Chungcheongnam-do and Jeollabuk-do seeing up to 180 millimeters of rain. Despite the drop in temperatures, it felt muggy all day today. It won't be much different tomorrow. Daytime highs in the capital rise a bit at 28 degrees on Saturday. 25 degrees Celsius in Gwangju. The southern regions and Jeju will see the monsoon rain through early next week. That's Korea for you, here's a look at the international weather conditions!

World News: Mexico begins cleanup after Hurricane Erick hits southern coast

2025/06/20 17:00

This is the World Now, bringing you the latest stories from around the globe. Communities along Mexico's southern Pacific coast are working to recover after Hurricane Erick made landfall, battering Oaxaca and Guerrero with heavy rainfall and flooding. Erick reached the southern Mexican coast early Thursday as a Category 3 hurricane with 205 kilometers per hour winds, then weakened as it moved inland. The storm brought torrential rain, reaching up to 41 centimeters in parts of Oaxaca and Guerrero, triggering widespread flash floods and landslides in the mountainous zones. Streets in the tourist town of Puerto Escondido are filled with debris, and power lines are down. Around 2,000 temporary shelters were set up in the states of Chiapas , Guerrero, and Oaxaca for those who have left their homes. President Claudia Sheinbaum had urged people to stay home and advised those living in low-lying areas or near rivers to seek shelter. No fatalities or injuries have been reported. While cleanup and restoration are underway, Erick is expected to weaken further and dissipate by late Thursday or early Friday. Thailand's Prime Minister is facing political backlash and calls for her resignation after a leaked phone call with Cambodia's former leader, Hun Sen. Prime Minister Paetongtarn Shinawatra apologized publicly on Thursday, after enraged nationalist critics accused her of undermining Thailand's sovereignty and military by trying to appease Cambodia. On Sunday, Paetongtarn spoke privately with Cambodia's Senate President Hun Sen about easing border restrictions following border clashes on May 28 that left a Cambodian soldier dead. In the 17-minute call, which was later posted online by Hun Sen after a shorter version was leaked, Paetongtarn referred to him as "uncle" and criticized the Thai army commander overseeing the border, calling him "an opponent." A major coalition party withdrew support from her government, leaving it on the verge of collapse. Protesters gathered outside the Government House in Bangkok on Friday, calling for her resignation. Google has taken a significant hit in its legal fight against the European Union's antitrust penalty over Android's market dominance. On Thursday, the Advocate General at Europe's top court recommended dismissing Google's appeal and upholding the reduced 4.7 billion U.S. dollar fine originally imposed in 2018. Regulators found that Google abused its dominance by forcing device manufacturers to pre-install Google Search and Chrome, and by rewarding them for exclusive installations, suppressing competition, and limiting consumer choice. The original 4.98 billion dollar fine was slightly lowered in 2022 to 4.7 billion by the General Court, which Google then contested. Pope Leo XIV conducted his first formal media interview on Thursday with Italy's state broadcaster Rai TG1, with a declaration that "we must always promote peace." He emphasized the crucial role of dialogue and reason in resolving conflicts. Speaking from Vatican City, the pontiff lamented that "countless innocent lives are being lost" across war zones, and urged the international community to seek diplomatic solutions over military confrontation. He reiterated his earlier stance that no nation should threaten another's existence, calling instead for respectful engagement rooted in justice and human dignity. Choi Chi-hee, Arirang News.