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Under the slogan "Your window to Korea", the Korea JoongAng Daily is an English-language news organization focused on Korea that strives to publish factual, timely and unbiased articles.
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Prime Minister Han urges cabinet, public officials to remain vigilant during martial law crisis
Episode 60
Friday, December 6, 2024 • Duration 00:55
This article is by Lee Soo-jung and read by an artificial voice.
Prime Minister Han Duck-soo on Friday urged all Cabinet members and public officials to remain vigilant and fulfill their duties at all times to protect public safety and national security.
Han asked Finance Minister and Deputy Prime Minister Choi Sang-mok "to unite all officials serving in the economic sector and minimize the repercussions of martial law and the current situation on the national economy."
He also directed Vice Defense Minister and Acting Defense Minister Kim Seon-ho to strengthen security measures and maintain a defense readiness capable of countering any North Korean provocations.
Additionally, Han asked Education Minister and Deputy Prime Minister Lee Ju-ho to take steps to stabilize public life, ensuring the smooth operation of education, welfare and social security systems, said the Office for Government Policy Coordination.
‘Six minutes to text 108 lawmakers’: Netizens bombard politicians demanding Yoon’s impeachment
Episode 59
Friday, December 6, 2024 • Duration 02:35
This article is by Jeong Hye-jeong, Kim Jee-hee and read by an artificial voice.
People Power Party (PPP) lawmakers are receiving thousands of text messages from the public urging them to support the impeachment of President Yoon Suk Yeol.
The impeachment motion is set to be put to a vote on Saturday, according to an announcement by the opposition Democratic Party (DP) Thursday.
On Thursday, phone numbers of PPP lawmakers were shared on social media, including X, with posts reading: "Let's start a collective action and send text messages to PPP lawmakers so that they can vote for impeachment."
Other social posts read: "Let's show the power of voters in the country with text messages against the ruling party that can't even ask the President to leave the party despite his actions."
"I never thought I'd send a text message to a lawmaker."
A program that automates the process of sending text messages to lawmakers also circulated online.
If users enter the link created by the umbrella labor union Korea Confederation of Trade Unions, they can see the list of names of PPP lawmakers. They only need to press the names of lawmakers to send pre-saved text messages to them.
A user of the program left a comment online saying, "It only took six minutes to send text messages to 108 lawmakers."
Rep. Shin Sung-bum of the PPP uploaded a Facebook post on Thursday saying, "Please understand if I don't take calls for several days," with a screen capture image of more than 4,000 text messages bombarding his phone.
Shin described the image as a screen capture of his phone at 10:50 a.m. Thursday, with text messages continuing to pile up as if a taxi meter were running.
Rep. Lee Jun-seok, former leader of the PPP and now a Reform Party lawmaker, asked to stop sending text messages containing images of knives and swear words in a social post Thursday, saying people are participating in the collective action without proper information.
"All of our party members have already agreed to file the impeachment motion and completed signing," Lee said. "Whoever instigated this based on false information is pathetic."
The Reform Party joined liberal parties, including the Democratic Party and Rebuilding Korea Party, on Wednesday and proposed the impeachment motion together with them.
For the motion to pass, two-thirds of the 300 lawmakers in the National Assembly need to vote for it. Currently, the opposition parties control 192 seats.
The movement to impeach the president quickly gained steam after Yoon declared martial law Tuesday night in a surprise announcement. The martial law was quickly lifted overnight as lawmakers gathered and voted against its enforcement at 1 a.m. Wednesday.
Reality show 'Rugged Rugby: Conquer or Die' to kick off on Netflix this month
Episode 58
Friday, December 6, 2024 • Duration 03:47
This article is by Kim Ji-ye and read by an artificial voice.
Netflix's upcoming reality show, "Rugged Rugby: Conquer or Die," set to debut on Dec. 10, aims to "try" and "convert" its Korean viewers into enthusiastic rugby fans.
Rugby, a lesser-known sport in Korea, has only 15 teams in the country - four teams sponsored by conglomerates, 10 university teams and a military team. It also has only one league, organized by the Korea Rugby Union, with no prize money. Yet, the players' passion struck producer Chang Si-won, which led him to plan this program.
"When I first saw a rugby game in Korea, I didn't know how to explain it, but it was like meeting a new world," producer Chang said during the show's press conference held in Yongsan District, central Seoul, on Thursday. "The day I saw the game, about five players were carried off the field, which truly shocked me. But I noticed that this was an everyday thing for the players."
"I began wondering what drives the players to give everything during the game, even though there isn't any prize money. This drew me into the sport and was the first time I wanted to tackle it," he continued. "I wanted to show others the shocking and entirely new world I had experienced."
Produced by Chang, who took the helm of JTBC's popular baseball reality program "A Clean Sweep" (2022-), and Choi Tae-gyu, the show sheds light on rugby and follows the battles between seven rugby teams as they vie to win the competition.
There are 14 episodes. The first four will be released on Dec. 10.
The seven teams are Kepco Rugby, Hyundai Glovis Rugby Team, Posco ENC, OK Savings Bank Okman Rugby Club, Korea Armed Forces Athletic Corps, Korea University and Yonsei University.
Capturing the sounds during the battles between players was something that the producer put much thought into based on his experience, saying it was the "key" of the show.
"During my first rugby game, the sound was what shocked me more than the actual things I saw," producer Chang said. "The sound of bones crashing together and bodies colliding gave me chills."
"Most rugby broadcasts tend to focus on the visuals, but what struck me the most, and what I found truly chilling, was the sound, and I really want to convey that experience."
As a result, the team created customized microphones for each player's body that do not disrupt their focus during games.
Also, 140 cameras were used in the production, an unprecedented number in Korea's rugby broadcasting scene. Typically, only one camera is used to broadcast matches, and sometimes up to three, which is already considered a lot, according to the producer.
"We set up 40 broadcast cameras and 100 stationary cameras to ensure we didn't miss a single moment," producer Chang said. "I believed that capturing every instant without missing anything was crucial."
While showcasing the passionate players, announcer Jeong Yong-geom, who appears as the show's sports commentator, strongly claimed that viewers would shed tears when watching it.
"At first, when you start watching from the match draw, viewers might think, 'Oh, this is fun.' Then later, they will ask why the players go that far," announcer Jeong said, sharing that he actually cried during the shoot. "And by the end, viewers will find themselves crying. I am certain of that."
The producer also mentioned a controversial player who was arrested on charges of sexual assault against his ex-girlfriend, saying, "The first priority is that viewers don't feel uncomfortable. So, of course, he was edited out."
Producer Chang, a hitmaker in reality shows, hopes the upcoming show will also capture people's hearts and lead to a second season.
"As with everything in life, if season one goes well, the second will follow," he said. "Personally, I would love to produce the second season. So, I would be grateful if many people [watch it and] help make an even more amazing second season of 'Rugged Rugby: Conquer or Die.'"
New Jersey or 'New Jeoji'? Remote area on Jeju becomes haven for artists.
Episode 57
Thursday, December 5, 2024 • Duration 08:27
This article is by Shin Min-hee and read by an artificial voice.
JEJU - Rumor has it that there's a "New Jersey" on Jeju Island, but it's nothing like the northeastern U.S. state that boasts a dense population and affluence.
It's a nickname referring to Jeoji-ri, a remote region in western Jeju once known for its abundance of mulberry trees and for trekking at the tranquil and lush Jeoji Oreum volcanic hill and Jeoji Gotjawal forest.
Visitors will discover, to their dismay, that this rural area has nothing in common with the actual state of New Jersey - except for the way people pronounce the locations' names.
No one is sure about the origin behind the nickname, except that it is commonly used among millennials and Gen Z, even being the names for a gimbap joint and a cafe.
But over the past decade, Jeoji-ri has been gaining attention for its artistic community, called Jeoji Artists' Village. Roughly 50 artists have their own galleries or studios in the area, in addition to museums, cultural complexes and parks managed by the Jeju Special Self-Governing Province.
The idea to build the Jeoji Artists' Village was first pitched in 1999 to transform what was once an unfrequented wasteland and give it a new purpose, one that would boost tourism and foster art and culture in Jeju following the 1997 financial crisis.
The Jeju Museum of Contemporary Art kick-started the neighborhood in 2007 as the island's first municipal art museum. Soon after, facilities increased one by one, such as an outdoor sculpture park and a large public storage space for artworks, the latter being the first to be established by a Korean local government.
Since then, Jeoji Artists' Village was designated the country's fifth cultural zone in 2010 in accordance with Article 18 of the Regional Culture Promotion Act. There are six overall: Insa-dong in central Seoul (2002), Daehangno in central Seoul (2004), Heyri Art Village in Paju, Gyeonggi (2009), Incheon Open Port (2010) and the latest, Seoripul Musical Instrument Avenue in southern Seoul (2018).
Here are the stories of how four seemingly disparate artists came to build their galleries and studios in the serene Jeoji Artists' Village. All venues are within walking distance.
Kim Tschang-Yeul Art Museum
The late "waterdrop painter" Kim Tschang-yeul (1929-2021) suffered through lifelong trauma following the 1950-53 Korean War. Born in Maengsan, a region in North Korea, Kim sought refuge on Jeju Island during the war. He recalled his experience on the island as peaceful and considered it his "second hometown." His dream was to someday set up an atelier and spend the rest of his life there.
His wish was achieved in 2019, with the founding of the eponymous municipal museum in Jeoji Artists' Village, following his donation of some 220 artworks to the Jeju Special Self-Governing Province in 2013.
"The artist was so fond of Jeju that he wished that the museum would serve as a 'tomb' for his artworks," said Kim Ah-young, curator at the Kim Tschang-Yeul Art Museum. It's why the interior walls were made dark in color, unlike most other museums.
From the 1970s up until his death, the artist painted water droplets on the canvas that looked too real, like brightly shining beads, as they represented Kim's expression and healing of emotional scars.
Though the artist is celebrated for his oil paintings, he also created glass sculptures of water droplets. Kim spent years living and working abroad, in New York and Paris, plainly naming most of his works "Water drops." In his later years, however, he started naming them "Recurrence" - referring to his determination to return to his homeland of Korea.
The "Water Drops: Moments of magnificence" exhibition, comprised of 12 paintings from the museum's collection, is on view until Feb. 23 next year.
883-5 Yonggeum-ro, Hallim-eup, Jeju-si, Jeju-do, 63017
Itami Jun Museum
Jun Itami (1937-2011), the renowned Japan-born Korean architect, frequently worked on Jeju Island throughout ...
Today's fortune: Dec. 6, 2024
Episode 56
Thursday, December 5, 2024 • Duration 06:08
Read what today holds in store for you under the 12 signs of the zodiac, each represented by an animal. Our astrologer Cho Ku-moon explores saju (the four pillars of destiny) and geomancy for your prospects on wealth, health and love while offering advice on the direction of your luck and fortune. Check the year of your birth for today's prediction.
Friday, Dec. 6, 2024 (Nov. 6 on the lunar calendar )
Rat
Wealth: fair
Health: good
Love: joyful
Lucky direction: south
1936: You may find financial opportunities.
1948: A cheerful expense might brighten your day.
1960: You may become lucky with food.
1972: A warm and heartfelt day lies ahead.
1984: Do your best, and luck will favor you.
1996: Expect both spending and gains.
Ox
Wealth: fair
Health: good
Love: happy
Lucky direction: west
1937: Life may feel filled with happiness.
1949: Be proud of the life you've lived.
1961: Today is the best day, so enjoy it.
1973: It's your time to shine.
1985: Success is near.
1997: Luck seems to favor you.
Tiger
Wealth: spending
Health: cautious
Love: conflicting
Lucky direction: north
1938: Something new awaits.
1950: You are not the only one who can do that.
1962: Letting go and simplifying can be freeing.
1974: Release the old to welcome the new.
1986: Conflicts within relationships may show up.
1998: A meeting or event may not go as planned.
Rabbit
Wealth: average
Health: average
Love: generous
Lucky direction: east
1939: Care for yourself before tending to others.
1951: Eat more fruits and vegetables.
1963: Water the seeds of growth around you.
1975: Gentleness often overcomes harshness.
1987: Steady growth requires patience.
1999: Maintain a positive mindset for success.
Dragon
Wealth: fair
Health: good
Love: joyful
Lucky direction: south
1940: A joyful heart may fill your day.
1952: Good news may come your way.
1964: Look forward to a pleasant meeting.
1976: The higher you aim, the stronger the winds may blow.
1988: Social gatherings or outings may bring happiness.
2000: Spend quality time with good friends.
Snake
Wealth: excellent
Health: strong
Love: united
Lucky direction: south
1941: Everything has its rightful place.
1953: You may find value in everything.
1965: More is better.
1977: Collaboration leads to growth and success.
1989: Stick together as a team for great outcomes.
2001: Expect an expansion in your social network.
Horse
Wealth: average
Health: average
Love: jealous
Lucky direction: north
1942: Carry yourself with grace and dignity.
1954: Every action has a reason.
1966: Avoid confusing discipline with criticism.
1978: Stay neutral in disputes to maintain balance.
1990: Be neutral and listen to both sides.
2002: Focus on appreciating what you have.
Sheep
Wealth: fair
Health: good
Love: joyful
Lucky direction: west
1943: Familiar routines bring comfort and ease.
1955: You may acquire something new and useful.
1967: Clear communication enhances teamwork.
1979: Hard work always pays off.
1991: Avoid delaying important tasks.
2003: White is a lucky color for you.
Monkey
Wealth: spending
Health: cautious
Love: fleeting
Lucky direction: west
1944: Silence sometimes is the best choice.
1956: Expectations may not align with reality.
1968: Every outcome has a reason.
1980: Write down your plans to avoid miscommunication.
1992: Sweet moments may come with hidden risks.
2004: Be realistic about what you can achieve.
Rooster
Wealth: spending
Health: cautious
Love: passionate
Lucky direction: northeast
1945: Plans may not match reality.
1957: Consider your age and health when making decisions.
1969: Confidence is good, but avoid overstepping.
1981: Stay behind the scenes rather than taking the lead.
1993: Avoid showing off.
2005: Confidence is key, but balance it with humility.
Dog
Wealth: fair
Health: good
Love: joyful
Lucky direction: east
1946: Ordinary moments may bring great joy.
1958: Anticipate a cheerful and refreshing day.
1970: Share stories about yourself.
1982: Avoid excessive drinking and unsafe decisions.
19...
Impeachment over martial law order jeopardizes Yoon's oil hopes
Episode 55
Thursday, December 5, 2024 • Duration 03:07
This article is by Park Eun-jee, Kim Min-joong and read by an artificial voice.
From an ambitious exploratory oil project off the east coast to nuclear power plant exports, a series of policy initiatives pushed by the Yoon Suk Yeol administration are quickly losing traction after the president's botched attempt to impose martial law.
The immediate fear is whether a $17 billion nuclear power plant deal with the Czech Republic will be finalized as scheduled in March of next year.
"Given the large scale of the nuclear power-related contract, it is essential for a national leader to directly engage in the process, but I am not sure whether Yoon now has room to do so," said a source in the local nuclear power industry.
Reviving the use and export of nuclear reactors was a key campaign pledge by Yoon, putting an end to predecessor Moon Jae-in's drive to phase out the energy source. Moon was affiliated with the Democratic Party (DP), now the main opposition party leading the charge to impeach the incumbent president.
While experts consider the chance of a complete nullification of the deal to be slim, Korea's current political whirlwind certainly poses a multitude of challenges, and more generally to the efforts to boost nuclear power.
"Since [the Korean consortium] has already been selected as the preferred bidder, it is unlikely that the order will be canceled," said Roh Dong-seok, executive director at the Korea Energy Information Culture Agency.
"But it is evident that a setback has taken place," he added.
Other experts call for the need to build a framework to ensure the continuation of certain policies crucial to fostering key industries regardless of a change in leadership.
"We need to put in place a system where policies that contribute to enhancing Korea's security and industries remain intact so that the supportive policies can last over the long run," said Chung Bum-jin, a nuclear engineering professor at Kyung Hee University.
The development of a large oil and gas exploration project off Korea's east coast, an endeavor directly addressed by Yoon earlier this year, is at risk of losing its entire budget next year. In a downsized budget bill unilaterally passed by the DP, the 49.7 billion won ($35 million) earmarked for the project was removed as many opposition lawmakers doubt the feasibility of the initiative.
With the country's parliament virtually paralyzed following the martial law fiasco, a raft of bills about next year's budget, taxes and livelihoods hang in the balance.
Some were supposed to be submitted to a plenary session of the National Assembly on Dec. 10, but for now, the opening of the session itself remains unclear as the DP plans to vote to impeach Yoon on Dec. 7.
If the impeachment motion is passed by the DP-dominated National Assembly, the president's authority will be suspended from the moment of the passage until the Constitutional Court gives its ruling on the legality of the ousting.
One of the most pressing bills concerns next year's budget, with the DP voting to slash 4.1 trillion won from the Yoon administration's original 677.4 trillion won.
National Assembly Speaker Woo Won-shik postponed a vote on the disputed 2025 budget on Monday, urging the rival parties to finalize the decision through negotiations by Dec. 10, the final day of the regular parliamentary session.
Martial law, potential impeachment push gov't into damage control
Episode 54
Thursday, December 5, 2024 • Duration 03:27
This article is by Shin Ha-nee and read by an artificial voice.
Korea's financial authorities are in full damage-control mode amid the political turmoil following President Yoon Suk Yeol's emergency martial law declaration.
But now with the president facing impeachment, the government's initiative to boost the country's global appeal is expected to hit an inevitable snag, regardless of whether the impeachment goes through.
Bank of Korea (BOK) Gov. Rhee Chang-yong said on Thursday that the central bank will not adjust its interest rate trajectory, as well as the growth and inflation outlook for next year, due to the ongoing political unrest.
"As the martial law declaration was lifted very promptly, I don't think its impact on the economy is [significant enough to] change the growth outlook," said Rhee during a press briefing at the central bank in Jung District, central Seoul.
"At the moment, we maintain our previously established stance regarding the interest rate trajectory and economic outlook," the governor said.
Rhee noted that the short-term market volatility has relatively subsided as expected for now, with the government rolling out a series of market stabilization measures.
The comment echoed the market assessment from an Emergency Meeting on Macroeconomic and Financial Issues earlier that day, which was attended by Korea's economic policy chiefs including Rhee, Finance Minister and Deputy Prime Minister Choi Sang-mok, Financial Services Commission Chairman Kim Byoung-hwan and Financial Supervisory Service Gov. Lee Bok-hyun.
The impact of the martial law declaration on the financial and foreign exchange markets had been limited so far, the Ministry of Economy and Finance said in a release after the meeting, calling for a calm response to the situation.
Finance Minister Choi also has been rolling out a series of messages assuring that the Korean government, as well as the economic institutions, is operating as usual.
The minister met with Pierre-Olivier Gourinchas, chief economist of the International Monetary Fund (IMF), at the government complex in central Seoul to discuss the current market situation in Korea on Thursday.
Choi sent out an emergency letter late Wednesday to finance ministers and governors of international organizations including the IMF, highlighting that the brief volatility in the financial and foreign exchange markets had quickly stabilized, supported by the country's robust economic system.
Regardless, a leadership shake-up appears inevitable.
Choi is among Yoon's Cabinet members who submitted resignations on Wednesday to take responsibility for the martial law incident.
As the resignations have not yet been accepted, the Finance Ministry said that Choi would remain committed to his duty until his last moment in office.
One of the flagship projects of the Yoon administration has been the Corporate Value-up program, aimed at resolving the chronic undervaluation of the stock market, or the so-called Korea discount.
While solving the Korea discount is a bipartisan agenda, a potential impeachment and ensuing political unrest may slow the government-led initiative, especially with the stock market facing downside risks under looming uncertainties.
"A red flag has been raised over whether the current administration would be able to remain in power, there is a risk of the program losing its main driving force," said LS Securities analyst Kim Yoon-jeong in a note issued on Wednesday.
"The Democratic Party has been empathetic for the need for the Value-up program, so I don't think the policy would necessarily lose its drive in the long run, though there remains a possibility that short-term market volatility will increase," noted Lee Hyo-seop, head of the financial industry division at the Korea Capital Market Institute.
"But a prompt resolution of the political risks would certainly help add momentum for the program."
U.S. officials question martial law decree, urges democratic resilience
Episode 53
Thursday, December 5, 2024 • Duration 03:45
This article is by Lim Jeong-won and read by an artificial voice.
The U.S. government's remarks on the martial law incident in Korea this week are becoming increasingly blunt, indicating a growing critical perception in Washington over President Yoon Suk Yeol's sudden move.
While a White House National Security Council spokesperson on Tuesday expressed that the United States was "relieved" that Yoon had backtracked from his "concerning" decision, a day later, a senior State Department official assessed that Yoon had "badly misjudged" in his declaration of martial law.
Deputy Secretary of State Kurt Campbell, speaking at an event hosted by the Aspen Strategic Forum in Washington on Wednesday, said in response to a question about whether the U.S.'s failure to recognize the martial law situation beforehand was a failure of obtaining intelligence that what took place in Korea was "completely, deeply unpredictable and unlikely" and that Yoon had made a misjudgment.
"This is a powerful symbol of the fact that people were prepared to come out and make clear that this was a deeply illegitimate process and that would be met by the will of the people," Campbell said of the responses from Koreans in the aftermath of the martial law and the National Assembly's vote to lift it.
Although Campbell added in his remarks that the U.S. goal would be to make clear that the Korea-U.S. alliance is "absolutely rock solid," the fact that he used such strong expressions to assess the situation regarding the martial law is seen as the gradual emergence of Washington's critical perception of Yoon.
U.S. National Security Advisor Jake Sullivan also commented on the martial law debacle in Korea at an event hosted by the Center for Strategic and International Studies on Wednesday, saying that Washington will continue to speak out "publicly" to strengthen the importance of South Korea's democracy.
"What we want to see is just the proper functioning of the democratic institutions of the ROK and after this rather dramatic announcement that raised alarm bells everywhere, including here in Washington, we have seen those processes and procedures work," said Sullivan, referring to Korea by the acronym for its official name, the Republic of Korea. "South Korea's democracy is robust and resilient, and we're going to continue to speak out publicly and engage privately with South Korean counterparts to reinforce the importance of that continuing as we go forward."
White House National Security Council spokesperson Sean Savett also emphasized that Korea "is demonstrating democratic resilience" and that Washington is "confident the people of Korea will resolve this episode peacefully, democratically, and constitutionally," in a post on social media.
U.S. Secretary of State Antony Blinken stressed in a comment to Reuters that "it is very important that any disputes, differences, political differences, be resolved peacefully and pursuant to the rule of law," saying that "South Korean democracy is one of the most powerful stories anywhere in the world."
Blinken's comments are seen as a strong message that emphasizes that even if there is any confrontation in politics, sticking to the basic democratic principles of dialogue and comprise instead of martial law is crucial.
American media reported in detail the news of the opposition parties' impeachment motion against Yoon and expected future developments, highlighting the situation in Korea and voicing criticisms of Yoon.
The New York Times, calling the declaration of martial law Yoon's "his boldest political gamble," described the incident as the "most bizarre" such case in the history of Korea, assessing Yoon as now "politically isolated."
Calling Korean democracy "not only intact but also strengthened" following the martial law declaration, the Washington Post warned that the incident could prove "troubling for Washington and Tokyo as they try to expand their three-way security cooperation" with Seoul.
Meanwhile, Kore...
Railway workers' strike disrupts commutes as union fails to reach agreement
Episode 52
Thursday, December 5, 2024 • Duration 03:52
This article is by Cho Jung-woo and read by an artificial voice.
Commuters experienced traffic disruptions on Thursday as unionized workers of the state-run Korea Railway Corporation (Korail) launched an indefinite general strike following failed negotiations on wages and workforce expansion.
The strike affected high-speed KTX train services and subways in the metropolitan area, including lines No. 1, 3 and 4, as well as the Gyeongchun, Gyeongui-Jungang, Suin-Bundang and Seohae lines. However, other train services, such as the SRT, GTX-A and Airport Railroad Express, continued to operate as usual.
"I usually take the subway to work in the morning because it's faster, but today I decided to take the bus instead," said a 24-year-old office worker who took a bus from Sadang Station in southern Seoul.
Around 220 train services were canceled due to the strike on Thursday. In response to the walkout, Korail implemented an emergency transport plan to dispatch alternative personnel and maximize train schedules.
Korail announced plans to maintain 75 percent of subway operations, compared to normal days, and up to 90 percent during the morning and afternoon rush hours. For other train services, targeted operations during the strike are set at 67 percent for the KTX, 58 percent for the ITX-Saemaeul and 62 percent for the Mugunghwa trains.
Local governments of the greater Seoul area, including Incheon and Gyeonggi, vowed to minimize commuter inconvenience by increasing bus schedules during peak hours and collaborating with taxi associations to dispatch additional taxis. Alternative personnel will also be mobilized during the strike.
The indefinite strike by the Korean Railway Workers' Union (KRWU) marks the first in a year and three months, following the previous walkout in September last year.
Negotiations between Korail and the labor union on Wednesday afternoon lasted for about five hours but failed to resolve disputes over wages, unpaid salaries, performance incentives and workforce expansion.
"We decided to stage a walkout, as no agreement was reached on key issues, including increasing wages, resolving unpaid wages, improving incentive payments and adding more labor," the KRWU said in a statement on Thursday.
The union on the same day held rallies nationwide, including in Seoul, Busan and Daejeon, calling for improved working conditions, which they described as necessary "to protect the lives of people."
As of 11 a.m. Thursday, a total of 2,870 of the train operator's 12,994 employees - or 22 percent - had joined the strike, according to the Ministry of Land, Infrastructure and Transport and Korail. The figure is slightly higher than last year's participation rate of 21.7 percent.
Disruptions are expected to worsen on Friday as unionized workers of Seoul Metro, which operates subway lines No. 1 to 8, plan to launch their own strike if negotiations with the subway operator fall through.
The Seoul Metro's labor unions are demanding a wage increase and the withdrawal of a restructuring plan to slash 2,000 employees by 2026.
Negotiations between the union and Seoul Metro began at 4 p.m. Thursday and no agreement has been reached as of press time. If the situation continues, the union will strike Friday morning, marking the third consecutive year of walkouts.
Despite the strike, a minimum level of subway operations must be maintained under previous agreements. For subway lines No. 1 to 4, operations must be maintained at 65.7 percent, while lines No. 5 to 8 require 79.8 percent. Services during morning peak hours are expected to run as usual.
The Seoul city government announced plans to maintain 100 percent subway operations during morning rush hours and 86 percent during the afternoon rush. Additional train cars will be deployed to mitigate the impact of the Korail strike and reserve intracity buses will be dispatched.
Two contrasting tales about impeachment's economic impact
Episode 51
Thursday, December 5, 2024 • Duration 03:26
This article is by Shin Ha-nee and read by an artificial voice.
As President Yoon Suk Yeol became Korea's third president to face impeachment following the ill-executed declaration of emergency martial law on Tuesday, investors are on edge over its potential implications for Korea's already struggling financial market.
In the past two impeachment trials, the stock market reacted differently in the face of major political turmoil - rising about 4.5 percent back during the 2016-2017 incident, and sliding nearly 15 percent in 2004.
But if history is anything to go by, the ongoing political tussle is unlikely to have a lasting impact on Korea's economic trajectory, experts suggest. The key variable moving forward, therefore, will likely be the extent of the inevitable uncertainty, rather than who is at the helm or not.
The liberal Democratic Party put forward an impeachment motion against the president on Wednesday afternoon, which will now proceed to a vote in the National Assembly on Saturday. If the motion is passed, Yoon will be the third president in the country's history to go under an impeachment trial by the Supreme Court.
While the market response was relatively subdued, foreigners have been on a selling spree for two consecutive sessions, offloading shares worth 723.7 billion won ($511.1 million) from Wednesday to Thursday, and the won-dollar exchange rate still remains at a two-year high.
The ongoing political unrest exerts downward pressure by dampening investor and consumer confidence. In the longer run, however, the prospect of the Korean financial market is likely to be determined by the fundamentals and external macroeconomic variables, rather than the current short-term surge in volatility, as was the case during the previous two impeachment trials.
The most recent impeachment motion before the latest one was against former President Park Geun-hye in 2016. The Kospi rose 4.48 percent to 2,097.35 from Nov. 1, 2016, when calls for her ousting were growing, through March 10, 2017, when the Supreme Court upheld the impeachment, formally removing her from office.
On the other hand, the Kospi fell 14.5 percent from March 2, 2004, a week before the National Assembly put forward an impeachment motion against late President Roh Moo-hyun, through May 14, when Roh returned to office after the Supreme Court rejected the motion.
In the case of Park, the biggest factor that drove up the benchmark index was an economic upcycle that began in early 2017, with the trade environment turning favorable. In contrast, China's monetary tightening announced in April 2004 pushed the Kospi sharply down.
Bank of Korea Gov. Rhee Chang-yong also offered assurances that the ongoing chaos is unlikely to result in a meaningful change in the long-term trajectory, saying, "Looking back on the previous two impeachment cases, their impact on economic growth or mid- to long-term economic prospects were limited," during a press conference at the central bank on Thursday.
"The impeachment issue appears to be more relevant to short-term investor sentiment than economic fundamentals, considering the fact that the stock market reflected the domestic and global macroeconomic trend rather than the political risks during the previous two impeachment trials," said Byeon Jun-ho, an analyst at IBK Securities, in a note issued on Thursday.
However, Byeon also noted that the market may react more sensitively this time compared to 2016, considering that the Korean economy now faces a slowdown.
