Bank of Korea Freezes Base Rate at 2.50% for Sixth Consecutive Meeting

▷ The Bank of Korea’s Monetary Policy Board kept the base interest rate at 2.50%, citing an improved economic outlook as the 2024 GDP growth forecast was raised to 2.0% due to robust exports.

▷ Financial risks, such as the rising apartment prices in the Seoul metropolitan area and exchange rate volatility linked to geopolitical tensions, played a significant role in the decision to maintain the current rate level.

▷ An Ye-ha (안예하), a senior researcher at Kiwoom Securities, suggested that the rate-cutting cycle has effectively ended and the base rate is likely to remain frozen for the remainder of the year.

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Bank of Korea Keeps Interest Rate at 2.50% for Sixth Consecutive Time Amid Growth and Market Risks

▷ The Bank of Korea’s Monetary Policy Committee froze the base interest rate at 2.50%, marking the sixth consecutive freeze since July last year, following an upgraded annual growth forecast of 2.0%.

▷ Persistent concerns over rising apartment prices in the Seoul metropolitan area and exchange rate volatility linked to geopolitical tensions in the Middle East have significantly limited the room for further rate cuts.

▷ Ahn Ye-ha (안예하), a senior researcher at Kiwoom Securities, suggested that the rate-cutting cycle has likely concluded and predicted that the central bank will maintain the current rate throughout the year.

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KOSPI Surpasses 6,200 Mark for the First Time Driven by NVIDIA’s Earnings Surprise

▷ The KOSPI reached an all-time high of 6,211.5, breaking the 6,200 barrier for the first time as the semiconductor sector surged following NVIDIA’s strong earnings report.

▷ Samsung Electronics (삼성전자) climbed over 5% to reach 210,000 KRW for the first time, while SK Hynix (SK하이닉스) also saw gains of over 2%, trading at the 1.04 million KRW level.

▷ NVIDIA reported a 73% year-on-year revenue increase with record data center sales, while the KRW-USD exchange rate fell to its lowest point since last October.

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Police Investigate Series of Bizarre Vandalism Acts on Residential Doors

▷ Police are investigating a series of bizarre incidents where suspects scattered food waste and sprayed lacquer on the front doors of residences in Hwaseong and Gunpo.

▷ In the Hwaseong case, a resident identified as A (A씨) discovered defamatory flyers and feces in the apartment stairwell, while the door lock was disabled with adhesive.

▷ While the suspect in the Gunpo case has been apprehended, police are still tracking the Hwaseong suspect and looking into the possibility of “revenge-for-hire” crimes.

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Gyeonggi Governor Kim Dong-yeon signals re-election bid while slamming opposition party’s “unreasonable” candidates.

[글로벌 요약 (news English)]

▷ Governor Kim Dong-yeon (김동연) effectively announced his run for re-election, urging the People Power Party to nominate “sane” candidates for the upcoming local elections.

▷ He defended the cancellation of lecturer Jeon Han-gil’s (전한길) concert, stating it was based on a fraudulent application and went against social norms during the current political situation.

▷ Regarding real estate, Kim criticized Seoul Mayor Oh Se-hoon (오세훈) for driving up housing prices while expressing strong support for stabilizing the market in cooperation with the central administration’s previous policies.

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MPVA to Re-examine National Merit Status of Late Colonel Park Jin-kyung

▷ The Ministry of Patriots and Veterans Affairs has decided to re-evaluate the national merit status of late Colonel Park Jin-kyung (박진경) due to his controversial role as a commander responsible for the bloody suppression during the Jeju April 3 incident.

▷ The decision follows a legal review revealing a procedural flaw, as the registration was conducted without the mandatory deliberation by the Veterans Review Committee, which is required for government-initiated registrations.

▷ The ministry plans to conduct a full investigation into similar cases of merit recipients registered without review and intends to improve the system to ensure fairness and procedural integrity in the future.

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President’s Pragmatism vs. Factional Disputes: Analyzing the Internal Power Struggles of Rival Parties

▷ Director Yoon Tae-gon (윤태곤) analyzed that both the ruling and opposition parties are currently focused on internal power struggles rather than public welfare, describing it as “their own league.”

▷ While President Lee Jae-myung (이재명) emphasizes pragmatism and national results, his supporters in the Democratic Party are criticized for sticking to old ideological battles, such as demanding the withdrawal of prosecutions.

▷ In the People Power Party, Representative Jang Dong-hyeok (장동혁) maintains his leadership despite calls for change, as the fast-approaching local elections leave little time for a major organizational reshuffle.

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Kim Jong Un defines South Korea as an “eternal enemy” and “hostile state”

▷ Chairman Kim Jong Un (김정은) declared that South Korea is permanently excluded from the category of “compatriots,” labeling the current administration’s conciliatory gestures as a “clumsy deception.”

▷ He emphasized that treating South Korea as a partner for unification is a “mistaken practice” and that the shift to a hostile state policy is a “historical choice” to safeguard national security.

▷ Kim warned that North Korea could initiate “arbitrary actions” if its security is threatened, even stating that the possibility of South Korea’s “complete collapse” cannot be ruled out.

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Independent Lawmaker Kim Byung-ki Summoned by Police Over 13 Allegations

▷ Independent lawmaker Kim Byung-ki (김병기) appeared at the Seoul Metropolitan Police Agency on the 26th for his first questioning regarding 13 different allegations, including the receipt of illegal political funds.

▷ The investigation involves a wide range of suspicions, such as his spouse’s alleged misuse of a district council corporate card, preferential treatment in his son’s college transfer and employment, and exercising undue influence on a previous police probe.

▷ Kim (김병기) denied the charges, stating he would clear all “malicious rumors” and restore his reputation during the two-day questioning session scheduled by the authorities.

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Survivor Lee Yong-soo Expresses Last Wish for Final Resolution of Comfort Women Issue

▷ Lee Yong-soo (이용수), a 98-year-old survivor and activist of Japanese military sexual slavery, shared her wish to meet Lee Jae-myung (이재명) to ensure the complete resolution of the issue before her life ends.

▷ She expressed deep heartache over recent insults and demands to remove the Statue of Peace, emphasizing that the matter should be resolved legally through international bodies like the ICJ or the UN Committee Against Torture.

▷ While cherishing memories through three symbolic songs from her past, she stated that her final hope is for the youth of South Korea and Japan to learn the truth of history and build a friendly relationship.

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