Latest by
-
U.S. May PCE Inflation Rises 4.1% Year-Over-Year, Excluding Recent Oil Price Drop The U.S. personal consumption expenditures (PCE) price index rose 4.1% in May compared to the same month last year, aligning closely with market expectations.According to the U.S. Department of Commerce, the PCE price index increased by 0.4% from the previous month.Excluding food and energy, the core PCE price index rose 3.4% year-over-year and 0.3% month-over-month.The reported PCE inflation rate generally met the forecasts compiled by Dow Jones, although the month-over-month increase fell short of the anticipated 0.5%.The PCE price index reflects the prices of goods and services consumed by households. The Federal Reserve uses this index as a benchmark to assess its monetary policy goal of achieving a 2% inflation rate.Market analysts noted that the recent sharp decline in oil prices following the U.S.-Iran memorandum of understanding has not yet been reflected in the data, indicating limitations in predicting future inflation trends.* This article has been translated by AI. 2026-06-25 21:56:00 -
UK to Implement New Steel Import Regulations Starting July The Ministry of Trade, Industry and Energy announced on June 25 that the UK government will implement a new steel import management system for 20 steel products starting July 1, aimed at protecting its domestic steel industry. This new steel measure will replace the existing global safeguard (emergency import restriction) that ends on June 30, and is considered to be significantly more stringent. The number of regulated items has increased from 16 to 20, while the total tariff-rate quota (TRQ) for tariff-free imports has been nearly halved from 6.35 million tons to 3.22 million tons. Notably, the tariff rate on quantities exceeding the quota will double from 25% to 50%. For South Korean steel, a total quota of 173,000 tons has been allocated across nine products. While this appears to increase the number of products and allocated amounts compared to the previous safeguard system (four products, 93,000 tons), the drastic reduction in the UK's overall tariff-free quota and the soaring excess tariffs raise concerns about the impact on South Korea's steel exports. The South Korean government has consistently expressed concerns over the unilateral introduction of the UK's new steel measures. It has emphasized that South Korean steel has contributed to the stability of the UK's manufacturing and supply chains, and that the existing export performance of South Korean companies should be adequately reflected. Over the past three years (2022-2024), South Korea's steel exports to the UK have averaged 321,000 tons annually, accounting for about 1.2% of the country's total steel exports. The Ministry is closely monitoring the potential impact of the UK's new measures on the domestic steel industry. Additionally, to alleviate the tariff burden on South Korean companies and resolve export uncertainties, it plans to activate all government-to-government consultation channels, including compensation discussions under Article 28 of the General Agreement on Tariffs and Trade (GATT) of the World Trade Organization (WTO).* This article has been translated by AI. 2026-06-25 21:52:00 -
President Lee Meets Samsung's Lee Jae-yong to Discuss Semiconductor Investments President Lee Discusses Regional Semiconductor Investments with Samsung's Lee President Lee Jae-myung met with Samsung Electronics Chairman Lee Jae-yong at the Blue House. According to Yonhap News on June 25, President Lee discussed plans for regional investments in semiconductor facilities during their hour-long meeting that afternoon. Earlier, on June 19, President Lee met with SK Group Chairman Chey Tae-won at the Blue House to exchange views on regional semiconductor investment plans. A meeting scheduled for June 29 at the Blue House will reveal investment plans for semiconductor clusters in the Honam and Chungcheong regions by Samsung Electronics and SK Hynix. President Lee: Diversifying Strategic Industries Essential for Balanced Growth On June 25, President Lee emphasized the need for significant investments in advanced core industries across regions like Yeongnam, Chungcheong, Gangwon, Jeju, and Honam to overcome the dominance of the Seoul metropolitan area. During a meeting with senior advisors at the Blue House, he stated, "The key to advancing our nation is to ensure fair growth opportunities across South Korea." He noted that the remarkable growth of certain industries has not reached 90% of the country, potentially worsening regional disparities. He warned that if the dominance of the Seoul area continues, the positive changes currently being experienced could quickly dissipate. Government Finalizes Position on Abolishing Prosecutorial Supplementary Investigation Rights The government has established its final stance on abolishing supplementary investigation rights as part of ongoing discussions about prosecutorial reform, including the establishment of a Public Prosecutor's Office and a Serious Crimes Investigation Agency. However, it will not present a separate legislative proposal, opting to follow whatever is decided by the National Assembly. Prime Minister Kim Min-seok held a briefing on June 25 at the Government Seoul Building, stating, "The fundamental principle of the Lee Jae-myung administration's prosecutorial reform is the separation of investigation and prosecution." He added that this aims to rationally redefine prosecutorial authority and better protect citizens' fundamental rights. He reiterated his consistent position that supplementary investigation rights for prosecutors should be abolished and confirmed that this has been finalized as the government's basic stance after considering various opinions. GS Group Accelerates AI Data Center Development, Considering Locations GS Group is rapidly advancing its entry into the artificial intelligence (AI) data center business. According to Yonhap News on June 25, GS is currently negotiating with the government regarding the site and scale for establishing AI data centers in South Korea. The potential sites under consideration are Dangjin in South Chungcheong Province and Donghae in Gangwon Province, with plans to build data centers of approximately 1.2 gigawatts each. Dangjin is home to a liquefied natural gas (LNG) combined cycle power plant operated by GS EPS, while Donghae hosts a coal-fired power plant operated by GS Donghae Power. Venezuela Earthquake Death Toll Rises to 164 Amid Ongoing Rescue Efforts A series of earthquakes in Venezuela has resulted in at least 164 fatalities and 971 injuries, according to reports on June 25 (local time). As reported by Yonhap News, citing Reuters and other foreign media, interim President Delcy Rodriguez announced that the death toll from the magnitude 7.2 and 7.5 earthquakes, which struck around 6 PM the previous day, has significantly increased from the 32 deaths and 700 injuries reported earlier. The Venezuelan government has declared a state of emergency and has intensified rescue operations, with support from the international community continuing to flow in. * This article has been translated by AI. 2026-06-25 21:44:00 -
Death Toll Rises to 164 in Venezuela's Deadliest Earthquake in 126 Years At least 164 people have died and 971 have been injured due to a series of earthquakes in Venezuela, according to reports on June 25. Delsy Rodriguez, the interim president of Venezuela, announced that the casualties resulted from two earthquakes measuring 7.2 and 7.5 that struck the country around 6 p.m. the previous day. This marks a significant increase from the earlier reported figures of 32 dead and 700 injured. The Venezuelan government has declared a state of emergency and has intensified rescue operations, with support from the international community. According to the U.S. Geological Survey (USGS), the first earthquake occurred at 6:04 p.m. in the western region of Morón, a coastal town in northern Venezuela. A second quake, measuring 7.5, struck approximately 45 kilometers southwest of the first epicenter just 39 seconds later. The New York Times reported that this earthquake is the most powerful to hit Venezuela's mainland or nearby coast since a 7.7 magnitude quake on October 29, 1900. The USGS indicated that the damage from this earthquake could be significantly greater than that of the 126-year-old quake. Their predictive models estimate a 40% chance of fatalities ranging from 10,000 to 100,000, with a 14% likelihood of exceeding 100,000 deaths. Diosdado Cabello, the Minister of the Interior, stated, "We are mobilizing all available resources for security and civilian support. Firefighters and police have been fully deployed." 2026-06-25 21:40:00 -
Protester Arrested for Spitting on Police at Jamsil Ballot Counting Center A woman in her 40s has been arrested for allegedly spitting on a police officer and using abusive language during a protest at the Jamsil ballot counting center. According to Yonhap News on June 25, the chief judge of the Seoul Eastern District Court, Seo Beom-jun, conducted a pre-arrest interrogation for Kim, who is accused of obstructing official duties. The judge issued a warrant for her arrest, citing concerns about flight risk and the possibility of reoffending. Kim was apprehended on June 23 after she allegedly spat at a police officer and cursed at him following a request for his name outside Gate 1-3 of the Handball Stadium at Olympic Park in Songpa-gu, Seoul. Reports indicate that Kim filmed the police officers with her phone while claiming she wanted to verify if they were indeed Korean police, and she also directed insults at the families of the officers. Videos circulating on social media show Kim spitting at the officer, prompting the officer to strike her in the face, which sparked controversy. After the hearing, which concluded around 3:44 PM, Kim stated, "I was assaulted by the police and choked. I feel completely wronged." In response, police are currently verifying the facts surrounding the incident, including the circumstances before and after the arrest, as well as the video evidence. They plan to determine whether to initiate an internal investigation into the involved officers based on the findings of their inquiry. * This article has been translated by AI. 2026-06-25 21:16:00 -
GS Group Accelerates Entry into AI Data Center Market GS Group is accelerating its entry into the artificial intelligence (AI) data center business. According to Yonhap News on June 25, GS is in discussions with the government regarding sites and scale for establishing AI data centers in South Korea. The current candidate locations under consideration are Dangjin in South Chungcheong Province and Donghae in Gangwon Province, with plans to build data centers each with a capacity of 1.2 gigawatts (GW). Dangjin is home to a liquefied natural gas (LNG) combined cycle power plant operated by GS EPS, while Donghae hosts a coal-fired power plant owned by GS Donghae Power. GS aims to leverage data centers, which have emerged as a key infrastructure in the AI era, as a future growth engine and is speeding up its related business initiatives. Recently, GS established a subsidiary, GS AI Infrastructure, and is recognized for its core competencies across the entire value chain, from power generation to data center construction and large-scale infrastructure operation. As the largest private power producer in South Korea, GS Power, GS EPS, and GS E&R are evaluated to be capable of providing a stable supply of large amounts of electricity. GS Construction and Zai C&A also possess experience in data center construction and operation.* This article has been translated by AI. 2026-06-25 21:00:00 -
JPMorgan Forecasts KOSPI Could Reach 15,000 in Bull Market Global investment bank JPMorgan has projected that the KOSPI could reach 15,000 in a bull market scenario.According to a report released on June 25 by Yonhap News, JPMorgan outlined a KOSPI forecast of 12,500 under its base scenario, with projections of 15,000 for a bull market and 8,000 for a bear market.These figures represent an upward adjustment from previous estimates of 9,000 (base scenario), 10,000 (bull market), and 6,000 (bear market).The report stated, "Despite ongoing foreign selling and high volatility, we maintain a bullish outlook for the Korean stock market."JPMorgan cited a positive view on artificial intelligence (AI) and the performance growth of hardware companies as key factors behind this outlook.The report noted, "The potential for further earnings improvement due to growth across various industrial sectors, the asset effects of financial stocks, the possibility of net interest margin (NIM) improvement, and the ongoing valuation increases driven by corporate governance reforms are all contributing factors."It also highlighted that the profits of technology companies involved in building AI data centers have reached a significant level at the macroeconomic scale, stating, "This provides wealth increases not only for businesses and households but also for the government, enabling long-term policy formulation and planning."The report concluded, "Korea remains our preferred market in the region, and we continue to recommend increasing exposure to the Korean market at every correction, maintaining maximum levels of risk exposure." * This article has been translated by AI. 2026-06-25 20:32:00 -
President Lee Calls for Review of Retirement Pension System to Enhance Stability and Returns President Lee Jae-myung has called for a thorough review of the country's retirement pension system to enhance its stability and returns. During a meeting of senior aides at the Blue House on the afternoon of June 25, President Lee emphasized the need for in-depth discussions on improving the system's performance. He received a report from the Office of Social Affairs regarding measures to ensure fairness in the labor market and strengthen the basic safety net. Blue House spokesperson Kang Yu-jung reported that the meeting included a detailed examination of retirement pension operations based on the size of businesses (those with fewer than 300 employees and those with more). According to Kang, President Lee pointed out that the retirement pension system should be analyzed from three perspectives: stability from the employer's side, self-protection stability for workers, and the need for expertise to improve returns. He suggested that social discussions on these areas should be conducted more deeply and extensively. Additionally, President Lee urged his aides to foster creativity and proactive thinking, stating, "The Blue House is a place where new ideas and planning are crucial. It is the role of Blue House staff to set an example by thinking creatively and actively." He stressed the importance of policy planning while also urging aides to effectively communicate key policies to the public.* This article has been translated by AI. 2026-06-25 20:24:00 -
President Lee Offers Condolences Following Devastating Earthquakes in Venezuela President Lee Jae-myung expressed his condolences on social media regarding the recent series of powerful earthquakes in Venezuela. He stated, "I extend my deepest sympathies to the victims and their families who have lost their loved ones and homes due to this sudden disaster, on behalf of the people and government of South Korea." According to Yonhap News on June 25, President Lee shared his sorrow on X (formerly Twitter), saying, "I cannot contain my sadness upon hearing the news of consecutive earthquakes measuring over 7.0 in the northwestern Yaracuy region of Venezuela." He added, "I wish for a swift recovery for the injured and the safe return of the missing, and I hope that normalcy is restored as soon as possible." President Lee also included a message in Spanish, Venezuela's official language. As of June 25, local time, at least 164 people have been reported dead and 971 injured due to the earthquakes. Citing Reuters, Yonhap reported that Venezuela's interim president, Delcy Rodríguez, announced the preliminary casualty figures following the earthquakes, which struck around 6 p.m. the previous evening, measuring 7.2 and 7.5.This earthquake marks the most powerful seismic event in Venezuela since a 7.7 magnitude quake in 1900, occurring 126 years ago.Interim President Rodríguez stated that the government plans to allocate $200 million (approximately 308 billion won) from International Monetary Fund (IMF) resources for recovery efforts.* This article has been translated by AI. 2026-06-25 20:12:00 -
Ambassador Mkhize speaks at World Cup event SEOUL, June 25 (AJP) - South African Ambassador to South Korea Cindy Mkhize delivers remarks ahead of the Group A match between South Korea and South Africa at a public viewing event for the 2026 FIFA World Cup at Gwanghwamun Square in Seoul on June 25, 2026. 2026-06-25 20:05:36