Top 5 News Stories from South Korea on January 22, 2025
1. Removal of Concrete Embankment at Muan International Airport
- The South Korean government has decided to remove a concrete embankment at Muan International Airport.
- The embankment worsened the impact of the Jeju Air crash on December 29, 2024, causing 179 fatalities.
- Similar structures at seven other airports will be replaced with safer alternatives.
- Muan Airport will remain closed until April 18, 2025.
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2. Reduction in Biomass Energy Subsidies
- South Korea will reduce subsidies for biomass energy, which is linked to deforestation.
- Biomass accounts for the second-largest share of renewable energy in the country.
- The government plans to phase out support for existing facilities and halt subsidies for new plants.
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3. Trump's Statement on North Korea Raises Tensions
- Former President Donald Trump referred to North Korea as a "nuclear power," causing regional alarm.
- South Korea and Japan expressed concerns about potential changes in U.S. policy.
- The "Quad" nations (U.S., Japan, India, and Australia) held a meeting to discuss security issues.
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4. Korea Zinc Shareholder Battle
- The shareholder battle for control of Korea Zinc, the world's leading zinc producer, is ongoing.
- Young Poong and MBK Partners hold 40.97% of shares, while the current management holds 34.42%.
- The National Pension Service, with a 4.5% stake, may play a decisive role.
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5. South Korea's Sluggish Economic Growth
- South Korea's economy grew by only 0.1% in Q4 2024, below expectations.
- Political instability, including the impeachment of the president and prime minister, hurt consumer and business confidence.
- While semiconductor exports improved, domestic consumption and investment declined.
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