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 👀 Today’s Email about:

• The number of long-term foreign residents in Korea has reached a record high of approximately 2.5 million.

• Trump-related risks drive the won-dollar exchange rate closer to the 1,400 won mark.

• ripleS has launched a 12-member unit called VV, debuting with the album Performance..

NEWS 📰

The number of long-term foreign residents in Korea has reached a record high of approximately 2.5 million.

The number of long-term foreign residents in Korea reached a record high of nearly 2.5 million last year, driven by a sharp increase in migrant workers and international students, according to the Interior Ministry on Thursday.

As of Nov. 1, 2023, 2,459,542 foreign residents had stayed in Korea for at least three months, based on Statistics Korea's population census. This marks the highest figure since such records began in 2006, up from 2.26 million the previous year.

These long-term foreign residents make up 4.8% of Korea's total population of 51.77 million, with their numbers comparable to the populations of North Gyeongsang Province (2.59 million) and Daegu (2.38 million).

The number of non-Korean foreign residents increased by 10.4% to approximately 1.94 million, while those with Korean nationality grew by 4.8% to 234,506. The population of children born to foreign residents in Korea rose by 2.8% to 289,886.

Notably, the number of migrant workers surged by 16.6% to 67,111, and international students grew by 8.9% to 16,932 compared to the previous year.

By region, foreign residents increased by more than 7% in all provinces and metropolitan cities, except Seoul. Gyeonggi Province had the largest foreign population at 809,801, followed by Seoul with 449,014 and Incheon with 160,859. Together, 57.8% of foreign residents live in the capital area.

Ansan in Gyeonggi Province has the highest number of foreign residents at 108,033, followed by Hwaseong (76,711), Siheung (74,653), Suwon (71,392), and Bucheon (58,632).

Trump-related risks drive the won-dollar exchange rate closer to the 1,400 won mark.

The Korean won is sliding toward the 1,400 level against the U.S. dollar, driven by the potential return of former U.S. President Donald Trump to the White House.

On Thursday, the win closed at 1,380.2 per dollar, gaining 2 wins from the previous day and ending an eight-day losing streak.

However, analysts warn that the won may continue to decline against the dollar as the U.S. presidential election approaches on Nov. 5, noting that the currency has already depreciated by nearly 5 percent this month.

The won dropped to 1,382.2 per dollar on Wednesday, falling below the 1,380 mark for the first time since late July, as Trump's chances of winning increased.

According to election betting platform Polymarket, as of Tuesday, Trump had a 66 percent chance of winning against Vice President Kamala Harris.

"The dollar is expected to remain strong due to such bets, and there is a possibility the won could touch the psychological barrier of 1,400," said Seo Jung-hoon, a researcher at Hana Bank.

Park Sang-Hyun of iM Securities echoed this sentiment, highlighting that Trump supports trade protectionism and has proposed imposing higher tariffs on foreign goods entering the U.S.

During an event at the Economic Club of Chicago on Oct. 15, Trump called tariffs the "most beautiful word" and suggested a 20 percent tariff on all imports, with a 60 percent rate on Chinese goods.

"A higher tariff would weaken Korea's export-driven economy, leading to further depreciation of the won against the dollar," Park explained.

Goldman Sachs predicted that Trump's tariff policies would severely impact the Korean economy, potentially reducing its GDP growth rate by nearly 1 percent.

Of the 38 countries surveyed by Goldman Sachs, Korea was among the most vulnerable to Trump's tariff policies, ranking third-lowest after Singapore and Switzerland.

Kwon Ah-min, an NH Investment & Securities analyst, said that a potential Trump victory would increase global economic uncertainty and drive investors toward safer assets.

"Foreign investors would withdraw their funds from Korea, further weakening the won toward the 1,400 level," Kwon added.

Deputy Prime Minister and Finance Minister Choi Sang-mok downplayed concerns about the won's decline, stating that the situation is "qualitatively different" from past crises like the 1990s Asian financial crisis and should not cause significant alarm.

ENTERTAINMENT 🌄

ripleS has launched a 12-member unit called VV, debuting with the album Performance.

With an impressive 24-member roster, mega girl group tripleS introduced its new 12-member unit, Vision@ry Vision (VV), along with the debut album Performante on Wednesday.

TripleS, known for its fan-driven system, allows fans to vote on the creation of new unit groups from its members. This unique system was first showcased in May with the album Assemble24, featuring all 24 members together since their initial debut as a 10-member group in 2023.

The album title, Performante, is derived from the Italian word meaning "high performance." Member Kim Yoo-yeon explained that the name reflects the group's ambitions, adding that the album highlights their talents in various dance genres. With the keywords "boyish," "high-tech," and "level up," the group aims to showcase innovative and cool performances.

The title track, "Hit The Floor," combines boom bap and high-tech sounds while delivering a message about challenging stereotypes about girls. VV members expressed confidence in their boyish concept and choreography, believing it rivals or surpasses those of male idols. Member Park So-hyun noted that the music video and choreography differ from typical female idol concepts, promoting the idea that girls can defy expectations.

The Performante album includes 10 tracks spanning different genres, including "Visual Virtue," "Choom," "Eclair," and "Love Soseol." After their previous success with "Girls Never Die," the VV members are hopeful that this new unit will further elevate tripleS' reputation. The group was formed through 870,000 fan votes, with its 12 members known for their powerful performances.

To celebrate the debut, the VV members held a media showcase at the YES24 Live Hall in Seoul, offering behind-the-scenes insights into the album's creation.

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