News

Mobile ID cards to be rolled out across S. Korea starting Fri.

2025/03/14 10:00

Starting today South Koreans will no longer have to carry their physical national ID cards making it easier for tasks such as banking. That's because mobile ID cards will be available nationwide for use in places such as hospitals, banks, and airports. The country's Ministry of the Interior and Safety first introduced mobile ID cards in December last year, launching the service in Sejong City before gradually expanding it. Those eligible can sign up for mobile cards at local community service centers, and from March 28th, these cards will be issued at community centers outside their registered address and online, at "Government 24."

On-point: When will Constitutional Court rule on the impeachment of President Yoon?

2025/03/14 10:00

The Constitutional Court has ruled against the impeachments of four officials, including the head of the nation's audit agency and three top prosecutors here in Seoul ahead of the much-anticipated verdict that will decide the president's political fate. For more on this, we turn to Professor Paik Eun-seok from Handong International Law School. Thank you for joining us this morning. 1. The court has dismissed the parliament's motions to impeach four state officials. 2. Initially, it was widely believed that an impeachment ruling for the president would be made this week, but it appears to have been pushed back. 3. Prime Minister Han Duck-soo also awaits the court's decision, after the National Assembly voted to impeach him. 4. Back in 2017, during former President Park Geun-hye's case, the Constitutional Court justices unanimously approved the parliament's motion to impeach her. 5. The Constitutional Court is currently one short of its full nine-member bench. Alright Professor Paik. Thank you so much for connecting with us. We appreciate it.

Why the Constitutional Court is taking record time for President Yoon's impeachment verdict

2025/03/14 10:00

President Yoon Suk Yeol's impeachment verdict is taking longer than expected. The Court was initially expected to deliver its ruling today but it seems the deliberation is more complex than what most observers anticipated. Our correspondent Oh Soo-young has the details. With no verdict this week, President Yoon Suk Yeol's impeachment trial will stretch on past the three-month mark, as the Constitutional Court continues to deliberate on the leader's fate following his December third martial law last year. The Court typically notifies parties to the trial of the ruling date at least two days in advance. However, no such notification has been given yet, meaning the decision will not be announced on Friday as widely expected, but by next week at the earliest. With a hearing scheduled Tuesday for the impeachment trial of Justice Minister Park Sung-jae in the afternoon, it seems likely Yoon's verdict would come later in the week. "As political and public pressure both for and against Yoon's impeachment become more fervent by the day, particularly after his release from detention, the judicial bench appears to be moving more cautiously to deliver a broadly acceptable decision to a highly polarized society. More than 2-point-6 million petitions, both supporting and opposing Yoon’s impeachment, have been submitted to the Court." As Saturday marks 91 days since the National Assembly passed a motion to remove President Yoon from power, Yoon's case will become the longest presidential impeachment trial in South Korea's history. Former President Park Geun-hye’s impeachment ruling took 91 days after the motion was passed, while Roh Moo-hyun’s took 64 days. "I'd say the longer-than-expected deliberation suggests internal discussions are more complex than anticipated. It seems the grounds for impeachment are clear and it is hard to dispute the President's declaration of martial law was unconstitutional and unlawful but the justices must determine whether the constitutional violations are severe enough to warrant removal from office. There may be justices who argue that it does not meet the threshold for an impeachable offense." Since the trial hearings wrapped last month, the justices have been holding almost-daily deliberations to review each issue raised by both President Yoon and the National Assembly. At this stage, they are reportedly still in the process of organizing their views and exchanging opinions. "They know that this is going to be in the history books. So I think they really want to make sure that all the reasoning is absolutely watertight. I think they are really trying to do their utmost to avoid having a split judgment or even a minority judgment." The Constitutional Court is also deliberating on the impeachment trial of Prime Minister Han Duck-soo, and is reportedly trying to decide the order in which the rulings for Han and President Yoon should be delivered. Both the National Assembly and Yoon’s legal team have called for a swift ruling from the court. Oh Soo-young, Arirang News.

Putin supports Trump's push for 30-day ceasefire, but says there are "issues" to discuss

2025/03/14 10:00

Russian President Vladimir Putin said he agrees with the U.S.' proposed 30-day Ukraine ceasefire plan,.. but insisted that Ukraine would need to accept further conditions before a full agreement could be reached. Speaking at a news conference in Moscow on Thursday, he said he supports the idea, but said there are issues to discuss, hinting that he may have a call with Trump. Putin said one of the areas of contention is Russia's Kursk region, of which he said Russia had regained full control, adding that Ukrainian troops in the region had been isolated.

Trump says he has 'great' relationship with Kim Jong-un, calls N. Korea 'nuclear power'

2025/03/14 10:00

U.S. President Donald Trump said Thursday that he has a "great" relationship with North Korean leader Kim Jong-un, while also describing the reclusive state as a "nuclear power." Trump reiterated his willingness to reengage talks with the regime's leader. Lee Seung-jae has more. U.S. President Donald Trump says he still has a "great" relationship with North Korean leader Kim Jong-un, adding that the two "got along great" during his first term in office. During a press conference at the Oval Office on Thursday, Trump also said that had he not been elected for his first term there would have been a nuclear war with North Korea. "Well, I would I had a great relationship with Kim Jong-un, North Korea. If I wasn't elected, If Hillary got in, you would have had a nuclear war with North Korea. He expected it. He expected it. And they said, 'oh, thousands of people, no millions of people would have been killed.' But I got in. We went to Singapore, we met, we went to Vietnam, we met, we got along really good. We had a very good relationship. And we still do." Trump also referred to Kim and his regime as a "nuclear power," a term U.S. officials had mostly refrained from publicly using. It's also not the first time the U.S. leader has used the term to describe the reclusive state, using the term to refer to North Korea shortly after his inauguration on January 20th. Trump also stressed his desire to bring down the number of nuclear weapons in the world, while pointing out Pyongyang's sizable nuclear stockpile. Despite having met Kim after the 2018 PyeongChang Winter Olympics, Trump also credited the success of the sporting event to his relations with the North Korean leader, saying that no one wanted to buy tickets to the Olympics, for fear of being "nuked." Lee Seung-jae, Arirang News.

Global spot gold price hits record high amid trade war concerns

2025/03/14 10:00

The global spot gold price set a new all-time high on Thursday as uncertainty lingers over U.S. President Donald Trump's trade policies. The April gold futures closing spot price on the New York Mercantile Exchange rose one-point-five percent from the previous day, to close at two-thousand-991-dollars-and-30 cents per ounce as investors sought safer assets. The spot gold price rose around 14 percent this year, following a 27-percent surge in 2024.

S. Korean gov't responds to U.S. steel and aluminum tariffs with support for domestic firms

2025/03/14 10:00

All hands are on deck to protect local Korean businesses from potential disruptions, amid growing uncertainty in global trade. From tightening market monitoring to handing out export vouchers, the government says it's working on a comprehensive response strategy. Moon Hye-ryeon reports. The South Korean government is ramping up efforts to counter the impact of the Trump administration's 25 percent tariffs on steel and aluminum imports, which took effect on Wednesday. Acting President Choi Sang-mok and Industry Minister Ahn Duk-geun outlined measures on Thursday to mitigate the impact on domestic industries – particularly small and medium-sized businesses. At an economic meeting, Choi ordered ministries to prevent market imbalances from surplus steel, and stressed the need for aggressive negotiations with Washington. To facilitate this, the Korea Trade-Investment Promotion Agency has designated a special task force to assist companies in navigating the new trade landscape. Meanwhile, the Ministry of Trade, Industry and Energy has pledged to support over 13-hundred exporting firms with a total of 61-point-1 billion Korean won – roughly 42 million U.S. dollars – in export vouchers. This initiative allows SMEs to access services essential for overseas market expansion, including legal consulting and trade certifications. With the recent rise in global trade uncertainties, the government has increased the export voucher budget by nine percent compared to last year. Minister Ahn also convened a meeting with steel industry leaders at the POSCO Center in Seoul, where he reaffirmed the government's commitment to countering protectionist trade measures and pledged to announce a detailed support plan for domestic steel firms within the month. He highlighted plans to strengthen trade defense mechanisms, such as stricter monitoring of unfair imports and anti-dumping measures, in response to concerns about increased market competition from lower-cost steel producers in Southeast Asia. Recognizing the urgency of the situation, he emphasized that the government is working on a comprehensive response strategy which includes diplomatic efforts through high-level talks with U.S. officials – with the country's Minister for Trade on a visit to Washington to do so. With trade negotiations ongoing, officials stress that both short-term financial aid and long-term structural adjustments will be crucial for the survival and competitiveness of Korean firms in the global market. Moon Hye-ryeon, Arirang News.

Trump announces U.S. will hit back against EU's retaliatory tariffs on U.S., escalating trade war

2025/03/14 10:00

Donald Trump announced plans on Thursday to set additional tariffs on EU alcohol products in retaliation for the EU's upcoming tariffs on the U.S., starting in April. Meanwhile, South Korean trade officials are in the U.S. for talks to minimize the impact of the ongoing tariff war. Our Park Kun-woo has the latest. The U.S.-led trade war is intensifying as President Donald Trump told reporters on Thursday that he would not reconsider reciprocal tariffs set to be imposed on April 2nd. "We've been ripped off for years and we're not going to be ripped off anymore. Aluminum or steel or cars. We're not going to bend." Trump also uploaded a post on social media, threatening that he would soon impose a 200 percent tariff on alcohol products "coming out of France and other EU-represented countries" saying that would be great for U.S. wine and champagne businesses. That's in response to plans announced by the European Commission on Wednesday to retaliate with tariffs on U.S. goods worth 28 billion U.S. dollars, including a 50 percent tariff on whiskey from April. This came after the U.S. started imposing a 25-percent tariff on all steel and aluminum imports from Wednesday. EU Commission head Ursula von der Leyen, during a visit to South Africa, said on Thursday the EU would defend its interests while adding that it is also open to negotiations. She also said the bloc's trade commissioner plans to speak with his U.S. counterpart on related issues over the phone on Friday. And, with the trade war intensifying trade officials from South Korea visited Washington to discuss tariff issues. "If we're taking an exam, there must be some grading criteria. We need to first understand that criteria, and based on that, we should quickly correct any mistakes and need to persuade them on the points where we can." He added that they plan to request reciprocal measures to minimize the impact of the upcoming U.S. reciprocal tariffs. Park Kun-woo, Arirang News.

President Trump says he has 'flexibility' on tariffs, rejects claims of inconsistency

2025/03/13 20:00

U.S. President Donald Trump is challenging claims of inconsistency with regard to his tariff policy, calling his approach "flexible." Meantime, the EU and Canada hit back at the U.S. with their own retaliatory tariffs. Lee Seung-jae has the latest. U.S. President Donald Trump on Wednesday stressed that April 2nd will be a "very big day" for the United States. as his reciprocal tariffs go into effect. Trump slammed the previous administration for America's losses in trade., but said the U.S. will "take back a lot of what was stolen from it by other countries." However, Trump also noted that he has shown "flexibility" on his tariff policy, rejecting claims that his policy implementation has been inconsistent, as seen through his on-and-off tariff impositions on Canada and Mexico. The U.S. leader also warned that once the tariffs go into effect, "there will be very little flexibility." Meanwhile,.. U.S. Trade Representative Jamieson Greer said on Wednesday, that the European Union's new retaliatory tariffs against the U.S. came "too little too late." According to Greer, the EU's latest tariff on U.S. imports "completely disregards" the national security imperatives of the United States, adding that the bloc's trade and economic policies are "out of step with reality." The comments come as the EU announced it will respond to Trump's 25-percent tariffs on steel and aluminum imports, by imposing its own tariffs on U.S. goods worth over 28 billion U.S. dollars, set to take effect on April 13. Canada also announced its own retaliatory tariffs on nearly 30 billion dollars worth of U.S. imports,.. after the 25 percent steel and aluminum tariffs went into effect on Wednesday. Canada says it will follow a "dollar-by-dollar" approach, and impose 25-percent tariffs on U.S. imports, including steel, computers, and sports equipment. Meanwhile, Mexican President Claudia Sheinbaum says her country will wait until April 2nd to decide whether to respond to the steel and aluminum tariffs. Lee Seung-jae, Arirang News.

Acting President says "more balanced and mutually beneficial" relationship with U.S. on trade possible

2025/03/13 20:00

Acting President Choi Sang-mok has shared hopes to speak with U.S. President Donald Trump about tariffs and Korea's trade surplus with the U.S. which he believes is simply a "temporary phenomenon." Speaking to the Wall Street Journal in an interview published this past Wednesday, Choi emphasized that the surplus is a result of Korean conglomerates including Samsung Electronics and Samsung Electronics and Hyundai Motor expanding their direct investments into the U.S. He also spoke of Korea sharing its expertise in shipbuilding with the U.S., to assist the latter in strengthening its own naval industry. He maintained that the two countries can work towards a "more balanced and mutually beneficial" trade relationship.

S. Korean gov't responds to U.S. steel and aluminum tariffs with support for domestic firms

2025/03/13 20:00

On the trade front. From tightening market monitoring to handing out export vouchers, all hands are on deck to protect local businesses from potential disruptions in light of growing uncertainties stemming from the U.S.' trade war. Moon Hye-ryeon reports. The South Korean government is ramping up efforts to counter the impact of the Trump administration's 25 percent tariffs on steel and aluminum imports, which took effect on Wednesday. Acting President Choi Sang-mok and Industry Minister Ahn Duk-geun outlined measures on Thursday to mitigate the impact on domestic industries – particularly small and medium-sized businesses. At an economic meeting, Choi ordered ministries to prevent market imbalances from surplus steel, and stressed the need for aggressive negotiations with Washington. To facilitate this, the Korea Trade-Investment Promotion Agency has designated a special task force to assist companies in navigating the new trade landscape. Meanwhile, the Ministry of Trade, Industry and Energy has pledged to support over 13-hundred exporting firms with a total of 61-point-1 billion Korean won – roughly 42 million U.S. dollars – in export vouchers. This initiative allows SMEs to access services essential for overseas market expansion, including legal consulting and trade certifications. With the recent rise in global trade uncertainties, the government has increased the export voucher budget by nine percent compared to last year. Minister Ahn also convened a meeting with steel industry leaders at the POSCO Center in Seoul, where he reaffirmed the government's commitment to countering protectionist trade measures and pledged to announce a detailed support plan for domestic steel firms within the month. He highlighted plans to strengthen trade defense mechanisms, such as stricter monitoring of unfair imports and anti-dumping measures, in response to concerns about increased market competition from lower-cost steel producers in Southeast Asia. Recognizing the urgency of the situation, he emphasized that the government is working on a comprehensive response strategy which includes diplomatic efforts through high-level talks with U.S. officials – with the country's Minister for Trade on a visit to Washington to do so. With trade negotiations ongoing, officials stress that both short-term financial aid and long-term structural adjustments will be crucial for the survival and competitiveness of Korean firms in the global market. Moon Hye-ryeon, Arirang News.

Tackling Korea Discount: DP wants to add 'shareholders' for directors' duties in writing, PPP objects

2025/03/13 20:00

At the National Assembly. The opposition party passed revisions to the Commercial Act mandating corporate directors' duty to shareholders, not just to companies. The ruling party protested, saying it would get businesses by ankles. Our Kim Do-yeon explains. In efforts to tackle the so-called "Korea Discount" the Democratic Party of Korea unilaterally on Thursday passed revisions to the Commercial Act. However, the ruling People Power Party has already warned that it will request Acting President Choi Sang-mok to veto the bill. The revision aims to add the word "shareholders" to the wording for the "Duty of Loyalty by Directors" now saying, "perform their duties in good faith for the interest of the company AND the shareholders." In addition to changing the wording the revision aims to make it mandatory for listed companies to hold virtual shareholder meetings. The essence of this statement is simple: South Korea is a democratic republic and must represent the interests of its people. Likewise, company directors must act faithfully for the company and its rightful owners—the shareholders. This is the core principle. The PPP said this will lead to lawsuits and make it hard for companies to make decisions saying small investors are not contractually bound to the companies with different types of investors aiming for different results. "If passed, companies will be shackled with enormous restraints as they compete on the global stage. Instead of moving forward toward the world and the future through challenge and innovation, South Korean companies will be preoccupied with appeasing all shareholders, merely striving to maintain the status quo." While the ruling PPP is looking to make sure this bill is not passed the Governor of the Financial Supervisory Service Lee Bok-hyun said he will put his job on the line to stop the Acting President from vetoing it. He said the bill may have side effects, but vetoing would only bring the improving shareholders' values discussion back to square one. Considering the FSS Governor is a President Yoon Suk Yeol appointee this sends a strong message to the public. To this, the floor leader of PPP Kweon Seong-dong said the Party has a consensus of rejecting the bill, and that Lee's actions were inappropriate considering that he's not even a Cabinet member who has jurisdiction over this law. Meanwhile, the Federation of Korean Industries also released a statement requesting a veto saying the revision comes with severe side effects and has aspects that are unconstitutional. Kim Do-yeon, Arirang News.

Court dismisses four impeachment motions by National Assembly ahead of Pres. Yoon verdict

2025/03/13 20:00

Thank you for joining us. I'm Yoon Jung-min. The impeachments of key public officials in charge of the nation's auditing and investigations were rejected today by the Constitutional Court. These rulings come ahead of the verdict on the president's own political fate. Oh Soo-young has our top story. The Constitutional Court dismissed the National Assembly's motions to impeach four state officials, ahead of President Yoon Suk Yeol's impeachment verdict. The Court on Thursday announced its decision not to uphold the dismissal of chief state auditor Choe Jae-hae, on allegations he broke the neutrality of the Board of Audit and Inspection, by acting in the interests of the Yoon administration, and conducting a weak audit of the relocating of the Presidential Office in 2022. That move by President Yoon was criticized by his political opponents, who make up an overwhelming majority at the National Assembly. The judicial bench, however, cited a lack of evidence that Choe had acted illegally or unconstitutionally, and asserted the independence of the auditing authority. The bench also ruled on the impeachment of three prosecutors, including Seoul Central District Chief Prosecutor Lee Chang-soo, and Prosecutors Cho Sang-won and Choi Jae-hun, who had been accused of conducting a lenient investigation into First Lady Kim Keon Hee's alleged involvement in a stock manipulation case. The Justices said it was difficult to conclude the prosecutors had violated the law or constitutional principles. The Court has been working on nine impeachment cases, eight of which were pushed through by the Assembly, after President Yoon's martial law on December third last year. Yoon's legal team claim Thursday's rulings "confirm" the opposition abused its legislative power with a series of impeachments, and called for the the President's case to also be dismissed "immediately." "As political and public pressure both for and against Yoon's impeachment become more fervent by the day, particularly after his release from detention, the judicial bench appears to be moving more cautiously to deliver a broadly acceptable decision to a highly polarized society. More than 2-point-6 million petitions, both supporting and opposing Yoon's impeachment, have been submitted to the Court." With Yoon's impeachment ruling unlikely to take place this week as initially expected, this is set to become the longest impeachment trial for a South Korean leader, marking 91 days this coming Saturday. Former President Park Geun-hye's impeachment ruling took 91 days after the motion was passed, while Roh Moo-hyun's took 64 days. "They know that this is going to be in the history books. Especially on Yoon's side they would be scrutinizing it with a magnifying glass to find any fault possible. So I think they really want to make sure that all the reasoning is absolutely water tight. I think they are really trying to do their utmost to avoid having a split judgment or even a minority judgment." Observers also say the ruling on whether or not to uphold Prime Minister Han Duck-soo's impeachment is also likely to precede the presidential impeachment verdict, given that it is a strongly related matter that affects the nation's governance. In any case, a decision on Yoon's impeachment is widely expected before two justices retire from the bench on April 18th. Oh Soo-young, Arirang News.

[Weather] Yellow dust at its peak, will clear from tomorrow warmer temperatures

2025/03/13 20:00

The whole country has been affected by yellow dust all day. In particular, special attention should be paid to Incheon, Sejong and the Chungcheong-do provinces as the yellow dust crisis warning is at "attention" stage. In addition, the concentration of fine dust is at "bad" levels in many areas. This yellow dust was at its peak today and is expected to gradually clear from tomorrow. Tomorrow will be 3 degrees higher than today with the daytime temperature in Seoul reaching up to 18 degrees Celsius, about as warm as it would usually be a month from now. Seoul and Gyeongju will start off at 3 degrees, Daegu at 4 degrees tomorrow morning. Highs will move up to 19 degrees in Daejeon, 21 degrees in Gwangju. More rain will begin in the southern parts of the country on Saturday, and it will spread across the country on Sunday. That's all for Korea. Here are the weather conditions around the world.

Mobile ID cards to be rolled out nationwide starting Friday

2025/03/13 20:00

Starting on Friday, South Koreans will no longer need to carry their physical national ID cards for tasks such as banking. That's because mobile ID cards will be available nationwide from tomorrow. The Ministry of the Interior and Safety first introduced mobile ID cards in December last year, launching the service in Sejong City before gradually expanding it. From March 28th, people will also be able to apply at local community service centers outside their registered address and through the civil service portal, "Government 24."

U.S. and Russia security officials discuss 30-day ceasefire after Ukraine accepts proposal

2025/03/13 20:00

In the hopes of a 30-day ceasefire between Ukraine and Russia, U.S. and Russian officials have started discussions. Against this backdrop, Russian President Vladimir Putin has visited Kursk to order a recovery of the area. Kim Jung-sil reports. In a significant development, the U.S. and Russia reportedly held a critical phone conversation on Wednesday, marking the first communication between their top security officials since discussions began over a 30-day ceasefire in Russia's war with Ukraine. Talks have accelerated since U.S. and Ukrainian officials met in Jeddah, Saudi Arabia, earlier this week to discuss the proposal, which Ukraine has already accepted. "Ukraine is ready to stop shooting and start talking. And now it'll be up to them to say yes or no. I hope they're going to say yes, and if they do, then I think we've made great progress. If they say no, then we'll unfortunately know what the impediment is to peace here." Russia is carefully assessing the situation. "We are carefully studying the statements that were made following the results, and we are reviewing the text of the joint statement adopted in Jeddah." Meanwhile, Russian President Vladimir Putin visited the Kursk region in military uniform and ordered a swift recovery of the area, with Moscow reporting it has reclaimed around 86% of the region. Experts say it's likely Russia will impose certain conditions for a ceasefire at this stage of the war. "Russia currently has the upper hand, and agreeing to the ceasefire just because the U.S. demands it is difficult for 러시아 to accept. If Russia agrees to a ceasefire, it will likely come with conditions." Experts caution that even if Kyiv and Moscow reach a ceasefire, a full resolution could take time, as Ukraine has endured significant losses. Meanwhile, the U.S. has reportedly resumed military aid and intelligence sharing, with Kyiv agreeing to the potential ceasefire. As U.S. representatives head to Moscow for talks this week, the future of the ceasefire hinges on Russian acceptance. Kim Jung-sil, Arirang News.

S. Korean gov't responds to U.S. steel and aluminum tariffs with support for domestic firms

2025/03/13 17:00

Preparations are well underway to protect Korean businesses big and small from potential disruptions in light of the 25-percent tariffs on steel and aluminium imports into the American market. Our correspondent Moon Hye-ryeon reports. The South Korean government is ramping up efforts to counter the impact of the Trump administration's 25 percent tariffs on steel and aluminum imports, which took effect on Wednesday. Acting President Choi Sang-mok and Industry Minister Ahn Duk-geun outlined measures on Thursday to mitigate the impact on domestic industries – particularly small and medium-sized businesses. At an economic meeting, Choi ordered ministries to prevent market imbalances from surplus steel, and stressed the need for aggressive negotiations with Washington. To facilitate this, the Korea Trade-Investment Promotion Agency has designated a special task force to assist companies in navigating the new trade landscape. Meanwhile, the Ministry of Trade, Industry and Energy has pledged to support over 13-hundred exporting firms with a total of 61-point-1 billion Korean won – roughly 42 million U.S. dollars – in export vouchers. This initiative allows SMEs to support services essential for overseas market expansion, including legal consulting and trade certifications. With the recent rise in global trade uncertainties, the government has increased the export voucher budget by nine percent compared to last year. Minister Ahn also convened a meeting with steel industry leaders at the POSCO Center in Seoul, where he reaffirmed the government's commitment to countering protectionist trade measures and pledged to announce a detailed support plan for domestic steel firms within the month. He highlighted plans to strengthen trade defense mechanisms, such as stricter monitoring of unfair imports and anti-dumping measures, in response to concerns about increased market competition from lower-cost steel producers in Southeast Asia. Recognizing the urgency of the situation, he emphasized that the government is working on a comprehensive response strategy which includes diplomatic efforts through high-level talks with U.S. officials – with the country's Minister for Trade on a visit to Washington to do so. With trade negotiations ongoing, officials stress that both short-term financial aid and long-term structural adjustments will be crucial for the survival and competitiveness of Korean firms in the global market. Moon Hye-ryeon, Arirang News.

Tackling Korea Discount: DP wants to add 'shareholders' for directors' duties in writing, PPP objects

2025/03/13 17:00

A fresh feud is taking shape at the parliament over unilateral revisions to the Commercial Act by the opposition party to tackle the so-called "Korea Discount" a phenomenon that sees Korean stocks valued lower or assigned higher risk premiums than their global counterparts. Our correspondent Kim Do-yeon explains. In efforts to tackle the so-called "Korea Discount" the Democratic Party of Korea unilaterally on Thursday passed revisions to the Commercial Act. However, the ruling People Power Party has already warned that it will request Acting President Choi Sang-mok to veto the bill. The revision aims to add the word "shareholders" to the wording for the "Duty of Loyalty by Directors" now saying, "perform their duties in good faith for the interest of the company AND the shareholders." In addition to changing the wording the revision aims to make it mandatory for listed companies to hold virtual shareholder meetings. The essence of this statement is simple: South Korea is a democratic republic and must represent the interests of its people. Likewise, company directors must act faithfully for the company and its rightful owners—the shareholders. This is the core principle. The PPP said this will lead to lawsuits and make it hard for companies to make decisions saying small investors are not contractually bound to the companies with different types of investors aiming for different results. "If passed, companies will be shackled with enormous restraints as they compete on the global stage. Instead of moving forward toward the world and the future through challenge and innovation, South Korean companies will be preoccupied with appeasing all shareholders, merely striving to maintain the status quo." While the ruling PPP is looking to make sure this bill is not passed the Governor of the Financial Supervisory Service Lee Bok-hyun said he will put his job on the line to stop the Acting President from vetoing it. He said the bill may have side effects, but vetoing would only bring the improving shareholders' values discussion back to square one. Considering the FSS Governor is a President Yoon Suk Yeol appointee this sends a strong message to the public. To this, the floor leader of PPP Kweon Seong-dong said the Party has a consensus of rejecting the bill, and that Lee's actions were inappropriate considering that he's not even a Cabinet member who has jurisdiction over this law. Meanwhile, the Federation of Korean Industries also released a statement requesting a veto saying the revision comes with severe side effects and has aspects that are unconstitutional. Kim Do-yeon, Arirang News.

Court dismisses four impeachment motions by National Assembly ahead of Pres. Yoon verdict

2025/03/13 17:00

The Constitutional Court has ruled AGAINST the impeachments of four public officials including the head of the nation's audit agency and the head of the CENTRAL District Prosecutors' Office here in Seoul. These rulings come ahead of the much-anticipated verdict on the president's own political fate. Oh Soo-young has our top story. The Constitutional Court dismissed the National Assembly's motions to impeach four state officials, ahead of President Yoon Suk Yeol's impeachment verdict. The Court on Thursday announced its decision not to uphold the dismissal of chief state auditor Choe Jae-hae, on allegations he broke the neutrality of the Board of Audit and Inspection, by acting in the interests of the Yoon administration, and conducting a weak audit of the relocating of the Presidential Office in 2022. That move by President Yoon was criticized by his political opponents, who make up an overwhelming majority at the National Assembly. The judicial bench, however, cited a lack of evidence that Choe had acted illegally or unconstitutionally, and asserted the independence of the auditing authority. The bench also ruled on the impeachment of three prosecutors, including Seoul Central District Chief Prosecutor Lee Chang-soo, and Prosecutors Cho Sang-won and Choi Jae-hun, who had been accused of conducting a lenient investigation into First Lady Kim Keon Hee's alleged involvement in a stock manipulation case. The Justices said it was difficult to conclude the prosecutors had violated the law or constitutional principles. The Court has been working on nine impeachment cases, eight of which were pushed through by the Assembly, after President Yoon's martial law on December third last year. Yoon's legal team claim Thursday's rulings "confirm" the opposition abused its legislative power with a series of impeachments, and called for the the President's case to also be dismissed "immediately." "As political and public pressure both for and against Yoon's impeachment become more fervent by the day, particularly after his release from detention, the judicial bench appears to be moving more cautiously to deliver a broadly acceptable decision to a highly polarized society. More than 2-point-6 million petitions, both supporting and opposing Yoon's impeachment, have been submitted to the Court." With Yoon's impeachment ruling unlikely to take place this week as initially expected, this is set to become the longest impeachment trial for a South Korean leader, marking 91 days this coming Saturday. Former President Park Geun-hye's impeachment ruling took 91 days after the motion was passed, while Roh Moo-hyun's took 64 days. "They know that this is going to be in the history books. Especially on Yoon's side they would be scrutinizing it with a magnifying glass to find any fault possible. So I think they really want to make sure that all the reasoning is absolutely water tight. I think they are really trying to do their utmost to avoid having a split judgment or even a minority judgment." Observers also say the ruling on whether or not to uphold Prime Minister Han Duck-soo's impeachment is also likely to precede the presidential impeachment verdict, given that it is a strongly related matter that affects the nation's governance. In any case, a decision on Yoon's impeachment is widely expected before two justices retire from the bench on April 18th. Oh Soo-young, Arirang News.

[Weather] Warm conditions across the country with yellow dust everywhere

2025/03/13 17:00

Along with fog and ultra-fine dust, yellow dust came in through the northwesterly winds. This yellow dust gradually spread across the country, starting with the Seoul metropolitan area and the Chungcheong-do provinces. In particular, special attention should be paid to Incheon, Sejong and the Chungcheong-do provinces as the yellow dust crisis warning is at "attention" stage. This yellow dust will peak today, and will gradually clear up from tomorrow. Tomorrow, the daytime temperature in Seoul will be 18 degrees Celsius, and 15 degrees on Saturday, about as warm as it would usually be a month from now. Seoul and Gyeongju will start off at 3 degrees, Busan at 7 degrees tomorrow morning. Highs will move up to 19 degrees in Daejeon, 21 degrees in Gwangju. On Saturday, it will start raining in the southern parts of the country, and across the country on Sunday. That's all for Korea. Here are the weather conditions around the world.