News

KDI halves S. Korea's 2025 economic growth outlook to 0.8%

2025/05/14 20:00

In other news. A local think tank has cut its growth forecast for the local economy in half for this year, with the rate landing in the zero-percent range. It's taken as a stern warning. Moon Ji-young covers this latest cut and its reasons. The Korea Development Institute gave a grim economic outlook for South Korea on Wednesday, citing trade uncertainty stemming from tariffs and weak domestic demand. Data from the KDI showed it expects the Korean economy to grow just point-8 percent this year. That figure is exactly half its 1-point-6 percent forecast made only three months ago in February. The KDI added that of the point-8 percent downward adjustment, external shocks contributed about point-5 percentage points and internal shocks contributed point-3 percentage points. "The biggest factor for this adjustment is the U.S. tariff increase. The U.S. tariff hikes became full-fledged from April, and on top of that, the uncertainty regarding tariff policy has also significantly increased. These factors are having a negative impact on our exports, and we believe this is also partially spilling over negatively into domestic demand." While the forecast was based on the assumptions that the 90-day suspension of reciprocal tariffs would continue, the growth outlook could be adjusted further downward if upcoming negotiations fall through or the suspension ends. The think tank said that despite robust chip shipments, overall exports are slowing, and conditions may further weaken if the U.S. raises tariffs. Internally, domestic demand is recovering only slowly due to contracted consumer sentiment, driven by political turmoil as well as the mounting external uncertainties. Private consumption is slowing, especially in the services industry including accommodation and restaurants. The think tank forecast that consumer prices will rise by 1-point-7 percent this year due to the economic slowdown and falling international oil prices. Other key factors include the sluggish construction industry and weak corporate investment sentiment. The KDI highlighted the need to ease monetary policy to respond to a potential economic slowdown caused by growing uncertainties at home and abroad. Moon Ji-young, Arirang News.

Reform Party candidate takes campaign trail to Busan, promising new airport, baseball stadium

2025/05/14 20:00

Reform Party candidate Lee Jun-seok moved south to the port city of Busan, promising a brighter economic future. He has focused exclusively on the conservative city of Daegu on Tuesday, and Busan on Wednesday. Speaking with reporters, Lee pledged to push ahead with the construction of the new international airport on Gadeok-do Island and a new baseball stadium. The candidate also visited Pusan National University for lunch, continuing his campus cafeteria outreach that began at Kyungpook National University in Daegu the day before. Lee is scheduled to visit other universities in Busan, targeting younger voters.

PPP's Kim pledges support in R&D as he tours Gyeongsang-do region for 3rd straight day

2025/05/14 20:00

The conservative camp's contender remained in the southeastern part of the country as well. People Power Party's Kim Moon-soo focused on his pledges for fostering science and technology. Our Correspondent Kim Do-yeon reports. For the third straight day on Wednesday, People Power Party's presidential candidate Kim Moon-soo campaigned in the Gyeongsang-do region hitting cities in Gyeongsangnam-do Province to be exact. As the cities in the province are specialized in their own industries with a focus on science and tech, as he visited Korea AeroSpace Administration in Sacheon, he pledged better investment in the science sector with more administrative power by creating Deputy Prime Minister for Science and Tech. "Why do we need a deputy prime minister for science? It's because it shows the nation's will, which means budget and power, and this is the only way to yield results. Anything said other than this doesn't matter." Kim Moon-soo says without science and technology, there is no future—adding that while it may not bring in votes, any leader who cares about Korea's long-term growth must invest heavily in the field. He also revealed his pledge on science and research which included measures to support research and development in general, but one aspect that stood out was his pledge to send a man to the moon in 2032 and have a Mars rover project by 2045. Also during his visit to Doosan Enerbility in Changwon, Kim praised the company's resilience through Korea's nuclear phase-out and pledged full support if elected president—especially in advancing SMR technology and leaving politics out of industries. Doosan is the company for the Czech Republic's Dukovany power plant project. Kim is now expected to wrap up his first extended visit to a region and return to the capital region. To wrap up, Kim started off in Seoul then went southward, stopping by Daejeon and ending up in Daegu on the first day. For day two, he started in Daegu, then went to Ulsan, and ended in Busan all major metropolitan cities and did his tours around Gyeongsangnam-do Province. This region is typically known as a conservative stronghold. For reference, throughout the Gyeongsang-do region, there are 65 congressional districts and during last year's general election, only six parliamentary seats were won by the liberal party. That said, a lot has happened since the general election, and Kim could be trying to solidify his supporter base first, then head to other regions. Kim Do-yeon, Arirang News.

DP's Lee visits Busan on third day of campaign; pledges to move oceans ministry there

2025/05/14 20:00

Thank you for joining us. I'm Yoon Jung-min. We are now counting down 20 days to the June 3rd snap election. The liberal party contender Lee Jae-myung today headed to Busan and Gyeongsangnam-do Province, continuing his efforts to reach out to voters beyond those leaning liberal. Our Correspondent Shin Ha-young reports. Democratic Party presidential candidate Lee Jae-myung began his Wednesday campaign in Busan. He first paid tribute at the UN Memorial Cemetery there that honors fallen soldiers who fought and died under the United Nations flag during the Korean War. Lee said he is giving his all to win and urged everyone to vote, saying the future of the country was on the line. "Our goal is not a landslide, but it's to win, no matter what. While some are optimistic, we expect the race to be very close." To boost Busan's local economy, Lee pledged to move the Ministry of Oceans and Fisheries and the country's largest shipping carrier to Busan. "I don't make impossible promises. I will move the Ministry of Oceans and Fisheries to Busan. I'll also make sure HMM, the largest shipping company in Korea, moves here." Lee's visit to Busan is part of his campaign across the southern regions, traditionally considered conservative strongholds, as he aims to win more support there than in the last election. After Busan, he visited Changwon in Gyeongsangnam-do Province. There, Lee emphasized national unity, saying the upcoming election isn't just about choosing a president --it's about people's lives, their future, and the direction of the country. He also said that both the party and he himself are ready to serve as tools for the people, asking for their support. Lee then headed to Geoje, a major hub of the shipbuilding industry. Ahead of the visit, Lee announced his shipbuilding policy, pledging to strengthen South Korea's position as a maritime powerhouse through what he called "K-Shipbuilding." In a social media post, Lee said he aims to make Korea a leader in the global market for smart and eco-friendly ships, while also developing special ships and ship maintenance as new growth engines. He also promised support for developing green fuel-powered ships and digitalizing the entire shipbuilding process. Lee decided to continue his campaign on Thursday in Jeollanam-do Province, and will visit Gwangyang, Yeosu and Suncheon. Shin Ha-young, Arirang News.

[Weather] Morning rain in most parts bring cooler feel on Thursday

2025/05/14 20:00

Plenty of sunshine and warm temperatures meant short sleeves were the way to go for many today. For tomorrow, we'll see a change as rain is expected across the country, which should bring a break from the recent summer-like heat. About the rain, the capital area and Gangwon-do Province can expect 5 to 20 millimeters, the rest of the country could see 5 to 10 millimeters from dawn into the afternoon. Checking on tomorrow's temperatures now, most parts begin the day in the mid-teens, with 16 degrees Celsius in the capital, and Daegu, 15 degrees in Busan. Afternoon highs will be 2 to 7 degrees lower tomorrow, getting up to 19 degrees in the capital, 24 degrees in Gyeongju. Then, we are looking at another chance of rain for the southern regions and Jeju Island on Friday. That's Korea for you, here's a look at the international weather conditions.

A new chapter for Korean Opera: World premiere of "The Rising World: Spirit of Water"

2025/05/14 20:00

On the cultural front. An opera entirely in English planned and produced by the state-run Seoul Arts Center will premiere on May 25th that is NEXT Sunday to offer the audience here a performance that beautifully blends Korean and Western elements. Our Lee Eun-hee has more. This May, SAC will debut its first-ever original opera, "The Rising World: Spirit of Water." Blending traditional Korean themes with a modern twist, the English-language production marks a major milestone, created entirely in-house, from story to music. The opera tells the story of a princess captivated by a water spirit and a female artisan who builds a water clock to save a kingdom plagued by constant water disasters. The cast features internationally acclaimed opera singers, including South Korean soprano Hwang Su-mi, as the princess and mezzo-soprano Kim Jung-mi as the artisan. "I would say that the work portrays a human being, regardless of gender, who engages with nature, particularly through the element we call 'water.' It explores the relationship between humanity and nature." The element of water is expressed in many ways throughout the music. The opera's composer, Australian Mary Finsterer, explains that while you might hear it through electroacoustic sounds or a special instrument called a waterphone, the feeling of water mostly comes through the orchestra's instrumentation and the flowing ornamentation in the vocal lines. The show will have its world premiere at the Seoul Arts Center's Opera House on May 25, followed by performances on May 29 and 31. The creative team boasts international talent, including conductor Steven Osgood, praised for his work at the Metropolitan Opera in New York, leading the Korean National Symphony Orchestra. "It's our window into the imagination of the composer and librettist. I get pages, hundreds of pages of music. But what it is on the page is dots of ink." Those pages, filled with countless notes, are a world the conductor steps into. He waters it and breathes life into it so the music can finally reach our ears. Now, it's the audience's turn to step into that imagined world, and fully experience an opera like a powerful fairytale, one that flows with a message we can all feel. Lee Eun-hee, Arirang News.

APEC members agree to establish fund for young people, at senior officials' meeting on Jeju Island

2025/05/14 20:00

Preparations are underway for the APEC summit in Korea this October, as a meeting takes place in the country involving senior APEC officials, this time, with a focus on raising funds for young people. Another agenda will include seeking ways to keep trade open with the presence of America's trade chief. Our foreign affairs correspondent Bae Eun-ji has this report. Member economies of the Asia-Pacific Economic Cooperation have unanimously approved to establish a fund aimed at supporting and empowering young people. This was agreed upon during a two-week-long senior officials meeting in South Korea which will be held up until this Friday. "More than 3,000 officials from APEC member states have gathered here, at the southern resort island of Jeju for the second Senior Officials' Meeting and other related meetings.. as South Korea gears up to successfully host the APEC summit later this year." This idea of a 'Future Youth Fund' was earlier proposed by South Korea last November, at the APEC summit in Peru. The Korean government announced Wednesday that it plans to provide an initial contribution of one million dollars. "As this year's host,.. we played an active role in the second Senior Officials' Meeting and other various ministerial meetings, to overcome mutual challenges and come up with meaningful outcomes." This comes after South Korea earlier revealed that it hopes to focus on two key agenda items at this year's APEC summit: artificial intelligence and demographic changes led by aging populations. And from Thursday to Friday, the APEC trade ministers' meeting is set to take place in Jeju. U.S. Trade Representative Jamieson Greer, who plays a key role in shaping the Trump administration's tariff policy, is expected to be there. The executive director of APEC said the officials will discuss ways to keep trade open and integrate digital tools such as AI into trade facilitation. "This is why tomorrow's meeting of the ministers responsible for trade is so important. As executive director of the APEC Secretariat, I've seen firsthand how challenging these times are, but I've also seen how APEC continue to serve as a space for economies to work together even when views differ." Bae Eun-ji, Arirang News, Jeju.

Pyongyang forecast to have 50 ICBMs by 2035, a jump from current 10 or fewer: U.S. DIA

2025/05/14 20:00

North Korea is projected to have 50 intercontinental ballistic missiles capable of carrying nuclear warheads by the year 2035. According to the latest report by the U.S. Defense Intelligence Agency, Pyongyang has successfully tested ballistic missiles with sufficient range to reach the entire U.S. territory. For now, North Korea is assumed to have fewer than ten ICBMs, but the agency expects the regime to produce around 40 more, over the next ten years.

Zelenskyy, U.S. special envoy headed to Türkiye for talks

2025/05/14 20:00

Ukrainian President Volodymyr Zelenskyy is headed to Türkiye for peace talks with Russia, insisting that the talks must involve his Russian counterpart Putin. Lee Seung-jae has more. Ukrainian President Volodymyr Zelenskyy left for Ankara on Tuesday, in the hopes of getting a ceasefire agreement with Moscow. However the Ukrainian president said that he would be going to Istanbul, where Thursday's talks will be held,.. if Russian President Vladimir Putin attends the talks himself,.. as he called on the Russian leader to come to the negotiation talks. "We will wait for the meeting with Putin in Türkiye, If Putin is ready to meet, not only for media purposes but in real life, then on the level of leaders, we will do everything to agree on a ceasefire because I must reach a deal about a ceasefire with him, because he is the only person to decide." Over on the U.S. side, U.S. Secretary of State Marco Rubio will be headed to Istanbul, along with the U.S. Special Envoys for the Middle East and Ukraine, Steve Witkoff and Keith Kellogg. The U.S. officials will look to broker a ceasefire deal, hoping Moscow will agree to a comprehensive 30-day ceasefire agreement. According to Washington, Kyiv has already agreed to such a deal. While Russian officials will be taking part in the negotiation talks in Istanbul, the Kremlin has remained silent on who's going to represent their side at the talks. According to Kremlin spokesperson Dmitry Peskov, Russia is continuing its preparations for the upcoming talks, but remained tight-lipped on whether its leader will be traveling to Türkiye, as well. The U.S., Russia and Ukraine will meet in Istanbul on Thursday to discuss a ceasefire for the over-three-year-long war. Lee Seung-jae, Arirang News.

Trump lifts sanctions on Syria, warns Iran of nuclear weapons but signals openness to deals

2025/05/14 20:00

U.S. President Donald Trump chose the Middle East as the destination for his first major foreign trip since reentering the White House. There, he said sanctions on Syria will be lifted. Park Kun-woo has more. The more than a decade-long U.S. sanctions on Syria to pressure the country's former dictatorship are set to be lifted. That was announced by U.S. President Donald Trump in a speech made at an investment forum held in Riyadh during his four-day visit to the Gulf, Trump's first international trip since his return to the Oval Office. "I will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness." Trump said he made the move at the request of Saudi Arabia's Crown Prince Mohammed bin Salman, while saying U.S. measures against Syria had now fulfilled their purpose. Syria had been urging the U.S. to lift sanctions since last December, following the ousting of its former dictator. Syria's Foreign Minister Asaad al-Shaibani called Trump's decision a "pivotal turning point" as Syria enters a phase of "reconstruction" after years of war. Trump is expected to meet with Syria's interim leader Ahmed al-Sharaa on Wednesday, while U.S. Secretary of State Marco Rubio will hold talks with Syria's Foreign Minister in Türkiye later this week. On Tuesday, Trump called Iran the "most destructive force" in the Middle East, vowing it would never be allowed to have nuclear weapons. Trump also said he remains open to diplomacy with Tehran, saying he is not just condemning Iran's previous choices. "I want to make a deal with Iran. But if Iran's leadership rejects this olive branch and continues to attack their neighbors, then we will have no choice but to inflict massive maximum pressure, drive Iranian oil exports to zero, like I did before." Also on Tuesday at the U.S.-Saudi investment forum, Saudi Arabia announced an investment of 600 billion U.S. dollars in the United States. The agreement includes an arms deal -worth nearly 142 billion dollars -which the White House called the "largest defense cooperation deal Washington has ever done" as well as other technology partnerships. Park Kun-woo, Arirang News.

2 men imprisoned after being found guilty of storming court, causing criminal damage

2025/05/14 20:00

Also on the local front. Two men, surnamed So and So, have been sentenced to a year and a year-and-a-half in prison, respectively, after attacking the Seoul Western District Court in January. They were also found guilty of throwing bricks and storming the court building. The offenses happened after the court issued an arrest warrant for former President Yoon Suk Yeol over insurrection charges. On Wednesday, judges said the crimes were committed because of their obsession with what they believed was a political plot behind the arrest warrant being issued by the judiciary. Out of around 90 people currently facing trial on similar charges, these two were the first to get prison sentences.

S. Korea adds jobs for 4th straight month in April but losses in manufacturing, construction continue

2025/05/14 20:00

Meanwhile the local labor market saw employment expand in April but the expansion remains uneven between age groups as well as by industry. Lee Soo-jin reports. South Korea's job market continued to grow in April, with job additions posting growth for a fourth consecutive month, but employment of young people and certain sectors continue to face challenges. Data from Statistics Korea on Wednesday showed that the number of employed people aged 15 or older stood at 28-point-9 million last month, up 194-thousand from a year earlier. This marks a gain in the 100-thousand range starting from January , after employment figures showed a decline in December. The growth in April was led by job additions in healthcare and social welfare, as well as scientific and technical services. But employment in manufacturing, a key pillar of South Korea's job market, continued to face headwinds. The sector saw job additions drop by more than 120-thousand , the biggest drop since February 2019, also extending a negative growth for 10 straight months. "Manufacturing employment is weakening further amid sluggish domestic demand and growing external uncertainties." And construction employment also remained sluggish, falling by 150-thousand, marking a twelfth consecutive month of declines since May last year. By age,.. employment growth was seen only in those aged 60 and above and 30 and above. And all other age groups saw declines, with those in their 20s posting the sharpest drop. "To address the sharp decline in the employment of young people, stronger fiscal support through a supplementary budget is needed, along with labor reforms to spur corporate investment." He added that he believes that the risk of job losses remains due to sluggish domestic demand and declining exports. The government, in a ministerial economic meeting headed by the country's Acting Finance Minister on Wednesday, acknowledged ongoing job declines in key industries amid tariff-related uncertainties. and pledged to swiftly execute a supplementary budget. Lee Soo-jin, Arirang News.

Closer North Korea-China-Russia ties; Pyongyang’s strategic moves amid rising tensions

2025/05/14 20:00

Welcome to Within The Frame, where we bring the most pressing issues across the globe into focus, I'm Kim Mok-yeon. As the world watches new fault lines emerge between global powers, the Korean Peninsula is no longer just reacting to regional tensions—it's actively reshaping them. From North Korea's open military support for Russia in Ukraine to the first diplomatic appearance of Kim Jong-un's daughter Ju-ae, Pyongyang is sending deliberate signals about its strategic intent and succession. At the same time, Russia and China are aligning more openly with North Korea—politically, militarily, and diplomatically—challenging Western pressure and sanctions. And all of this comes just weeks before South Korea decides on its next leadership, under the shadow of a rapidly shifting security order. For a closer look into the moving dynamics, we are joined in the studio by Go Myong-hyun, Senior Research Fellow at the Institute for National Security Strategy. Welcome Also joining us is Frank Jannuzi, President & CEO of The Maureen and Mike Mansfield Foundation. Great to see you. 1. (GO) Now Dr. Go, on Russia's Victory Day, Chairman Kim Jong-un paid a visit to the Russian Embassy in North Korea and declared that "if Ukraine is left unattended, Seoul's military might also grow recklessly brave." 2. (GO) Building on that justification, Kim Jong-un also underscored that their troop deployment fulfills obligations under the "Treaty on Comprehensive Strategic Partnership" with Russia, reinforcing the image of a formal alliance. Why do you think he chose to spotlight this treaty now? 3. (JANNUZI) Beyond strategic rhetoric, the optics of the visit also stood out—Kim was accompanied by his daughter, Ju-ae, marking her first appearance at an official diplomatic event. Mr.Jannuzi, does this signal a stronger establishment of her role as his successor? And again, why do you think Pyongyang chose this moment, in front of the Russian diplomatic corps, for her debut? 4. (GO) Meanwhile, Kim's recent flurry of on-site inspections—three visits in one week—to observe its super-large multiple rocket launchers has drawn attention, especially as these systems could resemble nuclear capability. Dr. Go, could these developments be aimed at Russia as part of arms cooperation? How far do you see North Korea–Russia military collaboration expanding? 5. (JANNUZI) That growing cooperation seems increasingly visible. After months of denial, Russia has now begun publicly showcasing footage of North Korean troops engaged in military operations. Mr. Jannuzi, what's driving this sudden openness and promotion of bilateral military ties? 6. (GO) On the heels of that publicity, new satellite analysis indicates major upgrades underway at North Korea's Chongjin Port. 7. (JANNUZI) This military assertiveness is also being backed diplomatically. On May 8th, Presidents Putin and Xi issued a joint statement urging an end to sanctions and pressure on North Korea. Considering China's previously more restrained stance, what explains this recent diplomatic alignment, Mr. Jannuzi? 8. (JANNUZI) Taken together, these coordinated moves—from military drills to diplomatic declarations—suggest a tightening triangle between North Korea, China, and Russia. What broader message do you think this united front sends to the U.S. and its allies? 9. (GO) Finally, Dr. Go, South Korea's presidential election is now less than three weeks away, and amid these shifting regional dynamics, what should the next administration prioritize first in shaping its foreign and security policy on the Korean Peninsula?

A new chapter for Korean Opera: World premiere of "The Rising World: Spirit of Water"

2025/05/14 17:00

On the cultural front. An opera entirely in English planned and produced by the state-run Seoul Arts Center will premiere on May 25th that is NEXT Sunday to offer the audience here a performance that beautifully blends Korean and Western elements. Our Lee Eun-hee has more. This May, SAC will debut its first-ever original opera, "The Rising World: Spirit of Water." Blending traditional Korean themes with a modern twist, the English-language production marks a major milestone, created entirely in-house, from story to music. The opera tells the story of a princess captivated by a water spirit and a female artisan who builds a water clock to save a kingdom plagued by constant water disasters. The cast features internationally acclaimed opera singers, including South Korean soprano Hwang Su-mi, as the princess and mezzo-soprano Kim Jung-mi as the artisan. "I would say that the work portrays a human being, regardless of gender, who engages with nature, particularly through the element we call 'water.' It explores the relationship between humanity and nature." The element of water is expressed in many ways throughout the music. The opera's composer, Australian Mary Finsterer, explains that while you might hear it through electroacoustic sounds or a special instrument called a waterphone, the feeling of water mostly comes through the orchestra's instrumentation and the flowing ornamentation in the vocal lines. The show will have its world premiere at the Seoul Arts Center's Opera House on May 25, followed by performances on May 29 and 31. The creative team boasts international talent, including conductor Steven Osgood, praised for his work at the Metropolitan Opera in New York, leading the Korean National Symphony Orchestra. "It's our window into the imagination of the composer and librettist. I get pages, hundreds of pages of music. But what it is on the page is dots of ink." Those pages, filled with countless notes, are a world the conductor steps into. He waters it and breathes life into it so the music can finally reach our ears. Now, it's the audience's turn to step into that imagined world, and fully experience an opera like a powerful fairytale, one that flows with a message we can all feel. Lee Eun-hee, Arirang News.

Washington's envisioned 2025 NDS may explore "greater flexibility" of USFK: Schriver

2025/05/14 17:00

A former senior Pentagon official believes the Trump administration's national defense strategy may seek greater quote "strategic flexibility" of U.S. Forces Korea to keep China in check. Randall Schriver former assistant secretary of defense for the Indo-Pacific region claimed the plan may explore a broader partnership between Seoul and Washington to address competition with Beijing rather than simply respond to provocations by Pyongyang. Remarks to this end were shared during a press session hosted by the Institute for Indo-Pacific Security in Washington on Tuesday.

Trump lifts sanctions on Syria, warns Iran of nuclear weapons but signals openness to deals

2025/05/14 17:00

U.S. President Donald Trump says sanctions on Syria will be lifted adding that the removal comes at the request of Saudi Arabia. Park Kun-woo has details. The more than a decade-long U.S. sanctions on Syria to pressure the country's former dictatorship are set to be lifted. That was announced by U.S. President Donald Trump in a speech made at an investment forum held in Riyadh during his four-day visit to the Gulf, Trump's first international trip since his return to the Oval Office. "I will be ordering the cessation of sanctions against Syria in order to give them a chance at greatness." Trump said he made the move at the request of Saudi Arabia's Crown Prince Mohammed bin Salman, while saying U.S. measures against Syria had now fulfilled their purpose. Syria had been urging the U.S. to lift sanctions since last December, following the ousting of its former dictator. Syria's Foreign Minister Asaad al-Shaibani called Trump's decision a "pivotal turning point" as Syria enters a phase of "reconstruction" after years of war. Trump is expected to meet with Syria's interim leader Ahmed al-Sharaa on Wednesday, while U.S. Secretary of State Marco Rubio will hold talks with Syria's Foreign Minister in Türkiye later this week. On Tuesday, Trump called Iran the "most destructive force" in the Middle East, vowing it would never be allowed to have nuclear weapons. Trump also said he remains open to diplomacy with Tehran, saying he is not just condemning Iran's previous choices. "I want to make a deal with Iran. But if Iran's leadership rejects this olive branch and continues to attack their neighbors, then we will have no choice but to inflict massive maximum pressure, drive Iranian oil exports to zero, like I did before." Also on Tuesday at the U.S.-Saudi investment forum, Saudi Arabia announced an investment of 600 billion U.S. dollars in the United States. The agreement includes an arms deal -worth nearly 142 billion dollars -which the White House called the "largest defense cooperation deal Washington has ever done" as well as other technology partnerships. Park Kun-woo, Arirang News.

Samsung acquires German HVAC giant for US$ 1.7 bil.

2025/05/14 17:00

Samsung Electronics has sealed a deal to acquire Germany's FläktGroup for some 1-point-7 billion U.S. dollars. Founded in 1918 FläktGroup is a leading heating and cooling solutions provider. The acquisition comes amid growing calls for energy-efficient approaches to addressing indoor air temperature and quality in light of the global push for greener solutions. This is Samsung's biggest acquisition since its 8 billion dollar purchase of Harman International in 2017.

S. Korea adds jobs for 4th straight month in April but losses in manufacturing, construction continue

2025/05/14 17:00

Meanwhile the local labor market saw employment expand in April but the expansion remains uneven between age groups as well as by industry. Our correspondent Lee Soo-jin reports. South Korea's job market continued to grow in April, with job additions posting growth for a fourth consecutive month, but employment of young people and certain sectors continue to face challenges. Data from Statistics Korea on Wednesday showed that the number of employed people aged 15 or older stood at 28-point-9 million last month, up 194-thousand from a year earlier. This marks a gain in the 100-thousand range starting from January , after employment figures showed a decline in December. The growth in April was led by job additions in healthcare and social welfare, as well as scientific and technical services. But employment in manufacturing, a key pillar of South Korea's job market, continued to face headwinds. The sector saw job additions drop by more than 120-thousand , the biggest drop since February 2019, also extending a negative growth for 10 straight months. "Manufacturing employment is weakening further amid sluggish domestic demand and growing external uncertainties." And construction employment also remained sluggish, falling by 150-thousand, marking a twelfth consecutive month of declines since May last year. By age,.. employment growth was seen only in those aged 60 and above and 30 and above. And all other age groups saw declines, with those in their 20s posting the sharpest drop. "To address the sharp decline in the employment of young people, stronger fiscal support through a supplementary budget is needed, along with labor reforms to spur corporate investment." He added that he believes that the risk of job losses remains due to sluggish domestic demand and declining exports. The government, in a ministerial economic meeting headed by the country's Acting Finance Minister on Wednesday, acknowledged ongoing job declines in key industries amid tariff-related uncertainties. and pledged to swiftly execute a supplementary budget. Lee Soo-jin, Arirang News.

Tech exports rise 10.8% in April, SME shipments up for fifth straight quarter

2025/05/14 17:00

Korea's ICT exports as well as exports by its small and mid-sized businesses are staying strong. Findings show overseas shipments of information and communication technology products jumped close to 11 percent on year last month to amount to almost 19 billion U.S. dollars. Notably semiconductor shipments surged over 17 percent to some 12 billion U.S. dollars marking an all-time high for April. Similarly shipments by small businesses during the FIRST QUARTER of this year totaled 27 billion U.S. dollars UP 0-point-7 percent on year. By product exports of cosmetics raked in one-point-8 billion dollars and exports of used cars one-point-7 billion U.S. dollars.

Reform Party candidate takes campaign trail to Busan, promising new airport, baseball stadium

2025/05/14 17:00

Staying on the campaign trail. Reform Party candidate Lee Jun-seok is in the southern port city of Busan today. There he pledged to push ahead with the construction of a new international airport on Gadeok-do Island as well as a new baseball stadium. He also made his way to Pusan National University for lunch continuing his campus cafeteria outreach to college students that began at Kyungpook National University in Daegu on Tuesday.