Technology and philosophy

Wednesday, June 17, 2026

South Korea Jobs Fall 40K, Ending 17-Month Rise

Although there was a surge in semiconductors, the number of employees fell last month for the first time in 17 months because of ongoing impacts from the conflict in the Middle East, such as slow progress in manufacturing and construction.

As per the "May Employment Trends" published by the Ministry of Data and Statistics on the 11th, the total number of individuals aged 15 and above who were employed during the previous month stood at 29.12 million, representing a drop of 40,000 compared to the same period last year. This indicates the first reduction in job figures after 17 months, following a decline of 52,000 in December 2024. In this year, employment rose by 108,000 in January, grew beyond 200,000 in February and March, but later decreased by 74,000 in April.

The proportion of people aged 15 years and above who are employed compared to the total population stood at 63.3%, representing a decrease of 0.5 percentage points from the previous year’s corresponding period. This marks another month of reduction after a fall of 0.2 percentage points recorded in April.

◇Employment in the manufacturing industry fell by 140,000...the biggest drop since February 2019

Job numbers in the manufacturing industry, a vital sector, fell by 140,000 during the last year. This represents the 23rd straight month of reduction, with the pace of drop exceeding twice that of April (-55,000). The fall was the biggest seen since February 2019 (-151,000), which is the first such occurrence in 7 years and 3 months. Manufacturing relies heavily on energy sources like metals, fabrics, and chemical products. An individual from the data analysis team stated, "Jobs were lost particularly within the auto and rubber/plastic industries," noting, "Although exports have been boosted recently due to semiconductors, this area doesn’t contribute significantly to overall job figures."

Construction industry employment, influenced by rising material expenses, dropped by 43,000. Jobs in the wholesale/retail and hospitality/eating establishments industries, which are strongly linked to local consumption, fell by 17,000 from the previous year's figures.

◇The youth unemployment rate has been falling for more than two consecutive years

The unemployment rate among young people aged 15 to 29 stood at 43.8%, representing a decrease of 2.4 percentage points compared to the same period last year. The youth jobless rate has continued to fall for 25 months starting from May 2024. This extended downturn marks the longest such trend since the prior high of 51 straight months between September 2005 and November 2009.

Persistent slow growth in job opportunities for young people is linked to the slowdown in major sectors including manufacturing and construction, businesses favoring candidates with prior experience, and lower recruitment rates caused by the increasing use of artificial intelligence (AI). Indeed, jobs within the professional, scientific, and technical services industry—covering numerous professions like law, accounting, and architecture—fell by 89,000 during the past month when compared to the previous year’s figures. This represents the sixth straight month of reduction starting from December last year (-56,000).

Last month’s unemployment rate stood at 2.9%, an increase of 0.1 percentage point compared to the same period last year. This rise was mainly attributed to individuals aged 30s and 20s. The jobless rate among people in their 20s reached 7.1%, rising by 0.4 percentage points from the previous year, whereas the figure for those in their 30s climbed to 3.2%, marking an increase of 0.6 percentage points. According to the study, extended challenges in finding work during younger years have contributed to elevated unemployment figures among those entering their 30s, as many lacked sufficient professional background when transitioning into this age group.

Gloves Off: Albo's Ruthless Attack on Pauline Hanson

Condemns Hanson following 'Fire the Liar' fundraising campaign

Prime Minister Anthony Albanese has made one of his strongest criticisms so far against Pauline Hanson And One Nation, blaming the party for abandoning working Australians while profiting from affluent supporters.

Commenting on Thursday during the inauguration of the Institute of Musculoskeletal Health at the University of Sydney Albanese faced questions about Hanson's "Fire the Liar" fund-raising initiative aimed at him, which has collected over $1.8 million.

He drew a comparison between the campaign and Hanson's association with mining tycoon Gina Rinehart, Australia's wealthiest individual, pointing out that the One Nation leader had once been provided with a private jet worth over $2 million.

"This is an individual who received an aircraft valued higher than what was provided to her by Australia's wealthiest person," Albanese stated.

So that becomes insignificant when compared to the amount of a single contribution received.

Albanese questioned the fundraising assertions, viewing them as sensationalized statements.

Did she really? Did she actually?" he asked. "What proof do you have?

It serves as an illustration of rhetoric being presented, rather than actual content.

He mentioned that Hanson prioritized news coverage over actual results.

"Individuals can express all these opinions, and they receive coverage in the press," he stated.

There was essentially a complimentary advertisement for their donation drive featured in a major publication yesterday.

Albanese also supported his administration's legislative priorities, setting them apart from those of Hanson and her political group.

"Pauline Hanson and One Nation have opposed every enhancement that has taken place regarding quality of life," he stated.

They have labeled initiatives like free TAFE as unnecessary. They have resisted actions such as equal pay for equivalent work.

Albanese stated that his administration prioritizes achieving tangible results over indulging in verbal expressions.

"You must manage a nation by addressing all aspects of policy areas, offering resolutions rather than merely highlighting issues, and most significantly, developing effective solutions," he stated.

He referenced several health and affordability initiatives as proof, such as increased financial support for medical studies, a $25 billion increase for healthcare facilities, establishing emergency care centers permanently, tripling subsidies for general practitioners' bulk billing, and providing more affordable drugs.

"Everything here focuses on impacting individuals' lives," he stated.

The Premier additionally criticized the Coalition, specifically targeting Liberal member Tony Pasin for comments indicating the party might contemplate withdrawing from certain constituencies as part of an agreement with One Nation.

"Tony Pasin, a shadow minister, made an exceptional comment suggesting that the Liberal Party should stop attempting to secure seats, instead stepping back to allow One Nation to be the sole right-wing party moving ahead," Albanese stated.

It highlights how the former mainstream Liberal Party has now turned into a minor political group, nearly abandoning its efforts two years ahead of an election.

A previous administrative assistant employed at Andong City Hall in Gyeongsangbuk-do was handed over to investigators for allegedly accepting dozens of millions of won in bribes from a local entrepreneur and assisting them in obtaining contracts.

On the 11th, the Gyeongbuk Provincial Police Department stated that they have detained and submitted Mr. A, a middle-aged individual who previously served as a secretary in Andong City, for alleged corruption charges.

Mr. A is charged with accepting bribes amounting to 80 million won from Mr. B, a company executive involved in a bidding process for a public material procurement contract in Andong City in March 2025, and offering benefits in exchange.

In a targeted effort against deep-rooted graft, law enforcement officials were alerted that Mr. A had been mediating between different powerful groups and taking payments since he became the secretary of Andong City. During the 2022 local elections, Mr. A supported Kwon Ki-chang’s bid for mayor of Andong, who was then running under the People Power Party. After Kwon won the mayoral race, Mr. A was appointed as a secretary—an elected government post comparable to a Grade 6 political role.

The inquiry escalated into an extensive examination once law enforcement obtained proof that stacks of money wrapped with ribbons were sent to a place believed to be Mr. A's workplace.

Law enforcement officers conducted raids at Mr. A's home and workplace, confiscating 70 million won in cash believed to be bribe money along with associated documents, subsequently forwarding his case for legal action.

Director Kim Won-tae from the Gyeongsangbuk-do Provincial Police Department said, "Persistent corruption is a major offense that disrupts equitable societal structure and obstructs local growth. We remain committed to ongoing efforts aimed at eliminating long-standing alliances involving powerful groups connected with municipal authorities."

Power Systems in Aging Hong Kong Buildings Demand Urgent Focus

A 24-hour electricity blackout at Tsuen Wan Centre has led to demands for checks on aging residential buildings to guarantee stable power during the summer months.

Electricity plays a crucial role in densely populated urban areas, particularly in cities like Hong Kong, where apartment towers cannot be lived in without it. major power outage A situation at a Tsuen Wan residential area this week serves as a reminder regarding the reliability of power networks in older buildings amidst more severe climatic conditions.

Over 3,000 occupants in Phase 1 of Tsuen Wan Centre experienced a loss of both water supply and elevator access for more than 24 hours until power was resumed approximately midday on Tuesday. Worries arose regarding the well-being and security of individuals residing in roughly 1,000 units spread across five buildings as well as a facility catering to disabled persons.

Legislator Jody Kwok Fu-yung stated that the absence of power during the intense heat had a "significant effect," with numerous senior citizens, particularly those who live alone, finding it "extremely challenging" to move about.

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Individuals who volunteered should be commended for promptly assisting people with navigating stairs and providing essential items like food and water. The Water Services Department set up potable water containers and sent water tankers close to the impacted structures. The Bureau of Home Affairs established four communal halls to house those in need, and the Tsuen King Circuit Sports Centre was additionally utilized as an emergency refuge.

The power supply is generally dependable in Hong Kong, although there have been some notable electrical service problems in recent years. One instance was a major blackout In 2022, an incident occurred that impacted over 160,000 homes in northwest Hong Kong following a fire at a bridge housing high-voltage CLP power lines. More recently, in February and April of this year, power fluctuations caused several people to be stuck in elevators.

These events have led to demands for investigations to confirm whether there are underlying issues requiring resolution in a city known for its dependable electricity service, within a regulatory framework that guarantees providers a profit from their investments.

Currently, there are demands for residential areas to enhance checks on electrical systems throughout the summer season, as this period presents higher chances of malfunctions due to rainfall, moisture infiltration, or elevated power consumption. Homeowners and administrators are required to fulfill their obligations to guarantee that the energy facilities in older buildings remain compliant with standards.

Tuesday, June 16, 2026

James Handy Found Dead After Stabbing in International Incident

Renowned Hollywood performer James Handy, who had a professional journey lasting over forty years and featured in Top Gun Maverick, Logan, and Jumanji have passed away following an attack where he was stabbed. California home.

The LAPD stated that Handy, 81, was found with stabbing injuries to his chest outside his residence in Tarzana on Wednesday morning.

They were reacting to a statement where a man said to them: 'I am the Son of Man; I have just slain the Man of Sin.'

The police have recognized the suspect as Michael Gledhill, aged 44, the son of Handy's partner, who has since been taken into custody and is currently detained with a bond set at $2 million (£1.5 million).

In a statement, police mentioned: 'The individual stopped passing law enforcement officials, informing them that he was the person they were searching for. The suspect lives at the scene along with his mother, who is the victim's girlfriend.'

As police reached the location, they discovered Handy lying motionless in the front garden.

"The victim was taken to a nearby hospital by Los Angeles Fire Department paramedics, who declared him dead," the police stated.

They further comforted Tarzana locals: “Investigators think this is a one-time event and there seems to be no risk to the general population right now.”

The police have not yet officially revealed a potential reason, with the inquiry still continuing.

The actor's talent agent, Pam Ellis-Evenas, verified the performer's passing in a message to NBC News :'I am deeply saddened to confirm that the man who was assaulted and murdered on Wednesday in Tarzana was the actor James Handy.'

She told the Associated Press: “I couldn’t have wished for a more skilled, modest, or kind client and friend than James Handy.”

Handy was among Hollywood's best-known supporting actors, featured in numerous movies and TV series throughout a career that began in the 1970s.

His latest prominent part was in the 2022 hit film Top Gun: Maverick, co-starring with Tom Cruise in the highly anticipated follow-up.

He was featured in movies such as Logan, Jumanji, The Rocketeer, and Arachnophobia.

On TV, Handy developed a broad portfolio through guest roles in several major American series such as NYPD Blue, The West Wing, Criminal Minds, Castle, and The X-Files.

Widely recognized within the entertainment field as a reliable supporting performer who can enhance even the most minor part, Handy accumulated over 150 film and television roles throughout his professional life.

The announcement of his passing has left fans and peers stunned, prompting extensive responses across social media.

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China Resources New Energy's $3.6B IPO Breaks Records on Shenzhen Exchange

Wind and solar offshoot initiatives launch various projects as China seeks to enhance its protection against global oil crisis impacts

A subsidiary of a government-supported electricity generator, China Resources New Energy Holdings, has broken several records on the Shenzhen Stock Exchange, ahead of its anticipated status as the largest initial public offering (IPO) and the first "red-chip" firm listed on the exchange.

The wind and solar power A producer, established from China Resources Power, announced plans to secure 24.5 billion yuan (US$3.6 billion) through local currency shares on the Shenzhen Stock Exchange, according to a statement released on Thursday.

Should it succeed, China Resources New Energy will become the first company listed in Shenzhen that was established abroad but primarily operates within Mainland China under the... red-chip structure .

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The announcement follows significant economic shifts towards renewable power sources, with increasing petroleum costs driving up inflation rates and compressing company profits. The stock issuance is anticipated to strengthen China's partial separation from the oil crisis by increasing the proportion of renewable energy within overall energy usage.

China Resources New Energy planned to issue 2.1 billion shares via the Shenzhen Stock Exchange on June 22, with this portion accounting for between 16.2 percent and 18.2 percent of its expanded share capital, contingent upon whether the over-allotment option was utilized, as stated.

Revenue will support the building of several renewable energy initiatives totaling 40.4 billion yuan, such as a clean power hub and an eco-friendly sustainable development initiative.

Last year, wind energy contributed 82 percent of the company's overall electric generation, while solar covered the remaining portion, according to the firm.

The first-half profit of China Resources New Energy likely fell by up to 30 percent compared to the previous year, reaching 3.3 billion yuan, according to the report. This decline was attributed to adverse weather, increased expenses, and reduced operational efficiency.

The firm stated that it fulfilled the requirements for red-chip listings on Mainland China stock markets, having a market capitalization exceeding 20 billion yuan and generating revenues of no less than 3 billion yuan in the most recent fiscal year.

Stocks of the parent company China Resources Power fell by 1 percent to HK$19.47 in Hong Kong at the start of Thursday. The power generator stated in a notice submitted to the Hong Kong Stock Exchange that its ownership in the renewable energy division will decrease to approximately 80 percent following the share issue, down from the current 100 percent.

China Resources New Energy is anticipated to overtake Yihai Kerry Arawana Holdings, an edible oil company which earned 13.9 billion yuan in 2020, becoming the largest IPO on the Shenzhen Stock Exchange.

Mortgage Rates Near 8%, Credit Loans Hit 7%

With rising bond market interest rates, bank lending rates are also climbing. As reported by the banking industry on the 11th, the fixed-rate (5-year) mortgage loans from the five largest banks—KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup—are now ranging between 4.51% and 7.5% annually as of the day before.

Only at the close of last month, the maximum interest rate stood at 7.1% per annum, yet it increased by 0.4 percentage points within just two weeks. The fixed-rate home loan rate has gone up by 1.2 percentage points since the start of this year. Following the point where the cap surpassed 7% annually towards the end of March, it is currently nearing the 8% bracket.

The yield on 5-year financial bonds, used as the standard for fixed-rate home mortgages, increased by 0.187 percentage points to an annual rate of 4.394% from the previous month’s close.

◇Banks Reducing Preferential Rates

With fixed-rate mortgage interest rates rising sharply, there has been an increase in demand for adjustable-rate mortgages, which experience more modest rate hikes. To address this trend, financial institutions are increasing their minimum lending rate requirements.

Lately, KB Kookmin Bank has lowered the favorable interest rate for its 'KB Star Apartment Mortgage Loan' (which uses a new balance COFIX-linked six-month floating rate) by 0.2 percentage points. The lending rates are calculated by combining different spreads with the benchmark rate and then deducting the favorable rate. Reducing the favorable rate leads to a higher overall loan rate.

This month, NH Nonghyup Bank increased both the 6-month floating interest rate and the 5-year fixed rate by 0.2 percentage points respectively.

If someone takes out a loan of 500 billion won with an annual interest rate of 6%, repayable over 30 years through fixed monthly payments, they would have to pay roughly 3 million won each month. But if the interest rate goes up to 8% yearly, the monthly payment jumps to approximately 3.6 million won, leading to an extra cost of about 600,000 won every month.

◇ Increasing Credit Card Balances, Higher Interest Rates

With an increase in money entering the stock market, outstanding credit loan amounts, such as those from overdrawn accounts, are growing, along with the interest rates for these loans.

The one-year credit loan interest rates offered by the five largest banks ranged between 4.35% and 6.15%, according to data from the prior day. This represents a rise of 0.29 percentage points at the higher end and 0.23 percentage points at the lower end compared to the end of the previous month, when the range was 4.36% to 5.89%.

Taking a credit loan of 100 million won, a rise in the annual interest rate from 6% to 7% increases the yearly interest cost from 6 million won to 7 million won, resulting in an additional payment of about 80,000 won per month.

This month, the overdraft account balances at the five leading banks surpassed 42 trillion won, reaching the highest point in three years and seven months since late November 2022.

Banks have raised their bond offerings this year, exceeding 100 trillion won.

A representative from the financial industry stated, "With banks boosting their bond offerings to stop deposits from moving into the stock market, financing expenses have gone up, which is now evident in lending interest rates. The pressure on 'debt-to-invest' and 'yeongkkul (soul-extended loan)' categories may intensify."