Feb 4, Tuesday, News Headline

Economy

"Not Eating, Not Spending"…Retail Sales and Construction Decline Amid Domestic Market Slowdown

The retail sales index in December fell by 0.6% compared to the previous month.

"Political uncertainty impacted December consumption."

High inflation and stagnant income…Domestic market outlook remains pessimistic for this year.

Job Search Crisis Deepens…55.2% of Job Seekers Say ‘I’ll Work Anywhere’

According to a survey by Saramin on job-seeking goals for this year, the target annual salary is 33.94 million KRW.

37% of respondents plan to prepare for a job change after securing employment.

When Will the "Oil Era" End? Demand May Remain Strong Until 2040

Internal projections by Vitol suggest oil demand in 2040 will be similar to current levels.

Gasoline demand is expected to decline due to decreasing Chinese consumption and electric vehicle adoption.

However, increasing demand for plastics and LPG will keep overall oil consumption stable.

Different organizations have varying projections on demand fluctuations.

Following Blue Whales, Goblin Sharks…Possibility of 5.2 Billion Additional Barrels in the East Sea

According to a report by U.S.-based ActGeo Oil Corporation, 14 additional promising structures have been identified.

Elderly Poverty Rate Worsens for Second Consecutive Year…4 out of 10 Seniors in Poverty

According to the Ministry of Health and Welfare and Statistics Korea's e-Nara Index,

the relative poverty rate for seniors aged 65 and older stood at 38.2%.

The situation had improved until 2021 but began deteriorating again in 2022.

Finance

Trump’s Tariff War Cools Market Rebound…Is KOSPI Facing Another Setback?

KOSPI dropped 3%, erasing a month’s worth of gains.

Foreign investors net sold 1 trillion KRW in the morning alone.

Concerns over the negative impact on the real economy are rising…Korea may also be targeted for selective tariffs.

"Worries are already reflected in the market, limiting downside risks…Negotiations are likely instead of full-scale disputes."

"Bitcoin Will Be Worth $0 Within 10 Years"…Nobel Laureate’s Grim Warning

Professor Eugene Fama claims the probability of Bitcoin dropping to zero is "close to 100%."

A major risk is the "51% attack (majority attack)."

As of February 2 (local time), Bitcoin fell below the $100,000 mark.

Trump’s Tariffs Push Oil Prices Up…WTI Gains 2%

Tariffs imposed on Canadian and Mexican crude oil.

Concerns over decreased refinery productivity in the U.S.

Weak demand and Trump’s potential pressure on OPEC could cap price increases.

Trump’s Tariff War Causes U.S. Dollar to Surge…Chinese Yuan Hits Record Low

The Canadian dollar and Mexican peso also plunged in value.

Growing trade war fears drive demand for the "safe-haven" U.S. dollar.

Discarded Banknotes Last Year Could Stack Up to 367 Times the Height of Lotte World Tower

The Bank of Korea discarded 3.3761 trillion KRW in damaged banknotes.

This is slightly lower than the 3.8803 trillion KRW discarded in 2023.

Corporations

Hanmi Semiconductor Achieves Record Sales of 558.9 Billion KRW in 2023

Operating profit reached 255.4 billion KRW.

Sales have grown eightfold over the past 20 years.

Vertical integration has strengthened delivery and price competitiveness.

POSCO Future M’s Operating Profit Plunges 98%…Declares "Emergency Management"

The company posted only 7 billion KRW in operating profit last year.

Revenue also dropped 22.3% to 3.7 trillion KRW.

Net loss totaled 231.3 billion KRW.

"Drastic adjustments to non-core assets."

Celltrion Takes First Step in Next-Generation Drug Development

Submitted an IND to the U.S. FDA for an ADC cancer treatment.

The drug targets non-small cell lung cancer and other solid tumors.

Aiming to start dosing in the U.S. by mid-year.

DeepSeek and OpenAI in "On-Device AI" Competition

Global demand for low-power MCUs is rising.

DeepSeek plays a pivotal role in the growth of the on-device AI market.

Low-power MCUs are emerging as a key component in on-device AI.

Korean Home Appliance & Battery Industry Reassessing Strategy Amid Mexico and Canada Tariffs

Concerns over weakened price competitiveness for Korean products.

Exploring measures such as strengthening local production in the U.S.

Real Estate

"Outsiders Love It Too"…Seoul’s Songpa and Gangdong See Surging Investment

Analysis of Seoul’s apartment transactions shows that external buyers have surged from 3,425 in 2021 to 12,381 last year.

Investors favor newly built properties amid the "one prime property" trend.

Demand in Dongjak and Yeongdeungpo is stabilizing.

Construction Industry Worries Over Tariff-Driven Cost Increases Despite 1 Trillion KRW Orders

Samsung C&T, GS E&C, and others won large-scale urban redevelopment projects early this year.

Concerns over supply chain instability and rising raw material costs remain.

"No immediate impact yet."

Shops Near Completion But Not Selling…‘Maple Xi’ Commercial Space Fails to Sell at Auction

The commercial area of Maple Xi in Jamwon-dong (59 units) failed to sell at auction.

Re-listed after one failed attempt.

Helio City in Garak-dong has yet to sell its commercial space seven years after completion.

High prices and economic downturn contribute to ongoing vacancies.

Retail Spaces Losing Popularity in Auction Market Amid Economic Slump

The retail property auction success rate in Seoul has remained below 20% for five months.

"Building Homes Now Could Lead to Bankruptcy"…Housing Construction Hits 15-Year Low

Only 421 new housing construction businesses were registered last year.

The lowest number since 2009, marking a third consecutive year of decline.

"Construction starts have continued to decline since 2022, raising supply shortage concerns."

More construction firms are shutting down than starting up.

Society

"No More Waiting"…Tuition Hikes Begin Across Universities

The Private University Presidents' Association announced that over 80 universities plan to raise tuition this year.

The government’s tuition cap is set at a 5.49% increase.

After 17 years of freezing tuition, universities feel it's "time for an increase."

The widespread hikes indicate universities are no longer concerned about government pushback.

Deleted YouTube Videos Caught…63 Arrested in "Western District Court Riot"

A total of 99 people have been booked, with 63 under arrest and 36 under investigation.

In addition to those caught in the act, authorities have identified 13 more suspects, including the "man in the green jumper."

100kg of Cocaine Found in Busan…Brazilian Drug Cartel Members Arrested

Last November, six members of an international drug cartel were arrested in Brazil.

The cocaine was smuggled via a cargo ship docking at Busan New Port.

The Korea Coast Guard is conducting an international joint investigation.

The entire 100kg of confiscated cocaine has been destroyed.

Joint Inspection Underway on Air Busan Aircraft Fire

The Aviation and Railway Accident Investigation Board, police, fire department, and French investigators are participating.

Passengers and crew reported the fire started from the overhead compartment.

Investigators are focusing on this area, with suspicions that a portable battery may have caused the fire.

"Grant Us Refugee Status in Korea"…120,000 Applications, Mostly from Russia, Kazakhstan, and China

Korea’s refugee acceptance rate is just 2.7%.

The Ministry of Justice states that applicants with a high need for protection will be accepted.

Applicants from the top five countries account for 48% of all cases.

International

Trump Expands Trade War, Plans Tariffs on EU

Trump claims the U.S. has accumulated a $525 trillion trade deficit.

China and Canada plan to file WTO complaints.

Mexico will announce retaliatory measures within three days.

The EU warns it will respond decisively to unfair tariffs.

Trump’s Second-Term Diplomacy Kicks Off with Israel

Israeli PM Netanyahu arrives in Washington for talks on a Gaza ceasefire.

Japan’s PM Ishiba and Jordan’s King also scheduled to visit the White House.

Trump’s Trade War Shaking Global Order…China Poised to Benefit

The NYT predicts more countries will strengthen economic ties with China due to U.S. instability.

Musk Calls International Aid "A Crime"…U.S. Ends 213-Year-Old Support

Global panic as aid is cut off, halting demining projects and shutting down research centers.

The U.S. Agency for International Development (USAID) website crashes amid backl

Seoul Tribune (c)

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