eFM News

≡ N. Korea Renews Threat To Drop Planned Summit With US

A senior North Korean official has renewed threats to call off a planned summit between regime leader Kim Jong-un and U.S. President Donald Trump. In a statement carried by the Korean Central News Agency, Vice Foreign Minister Choe Son-hui said Pyongyang will reconsider the June 12th summit if Washington sticks to its "unlawful and outrageous acts." The North has ramped up criticism of the Trump administration for attempting to force "unilateral" denuclearization, with no promise of concessions until the process is in motion. Choe's remarks come just a week after first vice foreign minister Kim Kye-gwan said the regime is not interested in being coerced into giving up its nuclear arsenal, warning it could walk away from the unprecedented meeting.■ [2018.05.24]

≡ White House Sends S. Korea Ambassador Nomination To Senate

The White House has formally nominated Admiral Harry Harris to be the next U.S. ambassador to South Korea. His nomination was submitted to the U.S. Senate on Wednesday. President Donald Trump's choice of Harris, who currently heads the U.S. Pacific Command, was announced last week. If confirmed, Harris will fill the Seoul post which has been vacant since Trump took office in January of last year.■[2018.05.24]

≡ Bank Of Korea Holds Key Rate Steady At 1.5% For May

The Bank of Korea has left its key rate unchanged for May amid signs of a slowdown in economic activity and low inflation pressure. The central bank's monetary policy board voted today to hold the policy rate at 1.5 percent, as widely expected. The move extends its wait-and-see stance to six months. Analysts predict the BOK will have to increase rates at least once this year. With the U.S. Fed expected to raise rates again in June, economists believe the central bank will need to follow suit. Meanwhile, Finance Minister Kim Dong-yeon said the country is on track toward its growth target of 3 percent, but there are mixed signals in recent economic indicators.■ [2018.05.24]

≡ S. Korea 27th In 2018 Global Competitiveness Rankings

South Korea's global competitiveness has moved up two spots to rank 27th in this year's International Institute for Management Development report, backed by stable economic growth and expanded infrastructure. IMD's annual survey covers 63 nations. In terms of domestic economic achievements, international trade, and employment, the country moved up two spots from last year to 20th, due to stable 3 percent growth and brisk overseas sales. In the infrastructure sector it jumped six notches to 18th place, but finished 43rd in corporate efficiency over its inflexible labor market and opaque corporate management. The United States took first place overall, followed by Hong Kong and Singapore.■[2018.05.24]

≡ Cho Hyun-Ah Faces Questioning Over Illegal Hiring Of Foreign Housekeepers

Cho Hyun-ah, former vice-president of Korean Air known for the infamous "nut rage" incident, will be grilled today by immigration officials over allegations she illegally hired housekeepers from the Philippines. The eldest daughter of Hanjin Group Chairman Cho Yang-ho was summoned to appear at the the Korea Immigration Service in Seoul at 1 p.m. She is believed to have recruited more than 10 Filipino maids by sponsoring them with traineeship visas against the law. Her mother, Lee Myung-hee, who is also suspected of illegally hiring foreign workers, will be questioned by police next Monday over separate assault and abuse allegations.■ [2018.05.24]

≡ Weather Update 1100

Taking a look at the weather, it's sunny skies nationwide. However, fine dust levels are bad in Seoul and the surrounding areas due to yellow dust blowing in from China. Be sure to wear a mask when heading outdoors. Temperatures, meanwhile, will warm up to the low to mid 20s by this afternoon. The local mercury will get up to 24 degrees. As for the current reading in central Seoul, it is _____ degrees Celsius or _____ degrees Fahrenheit.■ [2018.05.24]