Daily Update — June 9, 2025
South Korea’s Energy Transition; Personal Data; and US Labor Market ‘Frozen’
Today is Monday, June 9, 2025, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Energy Transition & Sustainability
South Korea’s new president might expedite energy transition, but uncertainties remain
New South Korean President Lee Jae-myung pledged to accelerate the country's transition to renewable energy, pivoting away from the previous administration's nuclear-first policy. Lee's administration aims to achieve 40% renewable energy in the power generation mix by 2035, focusing on significant investments in offshore wind and solar photovoltaics. Analysts, however, cautioned that political, financial and technical challenges may impede the realization of these targets.
As of 2024, nuclear energy constituted 32% of South Korea's power generation, with LNG at 29%, coal at 28% and renewables at 8%. The previous administration's 11th Basic Plan for Electricity Supply and Demand projected that renewable energy would only rise to 33% of the power mix by 2038, highlighting the significant shift of Lee's proposal.
Get extensive coverage of clean energy technologies, supply chains and procurement solutions with S&P Global Commodity Insights’ Clean Energy Technology Solutions.
Artificial Intelligence
Listen: Next in Tech | Personal Data
In the rush to build AI applications, it can be difficult to fully understand the dynamics of personal data management. As we kick off Pride Month, it is important to focus on the complexities of personal data handling. Emily Jasper, a director of data and research at S&P Global Market Intelligence, and Alan Moore, S&P Global’s assistant general counsel for data protection, joined host Eric Hanselman on the “Next in Tech” podcast to discuss the concerns around privacy and the approaches to address them.
Enterprises gather operational and self-reported personal data, driven by regulatory requirements and to support employee development. This data is a valuable resource, but could also be a liability if mishandled.
Economy
US labor market 'frozen' as job cuts, hiring largely stall
US job security has reached a level of stability not seen in decades, with economic and policy uncertainties preventing widespread layoffs. In April, about 1.1% of employed Americans were involuntarily dismissed, a slight increase from 1% in March, but consistent with the average over the past year. This figure is notably lower than the firings of the two decades preceding the COVID-19 pandemic, indicating a significant shift in employment dynamics.
Despite ongoing worries about a potential recession, the Federal Reserve's decision to maintain interest rates and political pressures such as President Donald Trump's proposed tariffs have not led to an increase in layoffs. Instead, companies are refraining from firing and hiring, resulting in a largely stable workforce, with many employees choosing to remain in their positions.
In case you missed it
- The Progressive Corp. posted the best underwriting performance among the country's largest auto insurers in 2024 with a net combined ratio of 88.2%, a 10.3-percentage-point improvement from 98.5% in 2023.
- Recent Western sanctions could impede Russia's capability to export clean petroleum products to Brazil in the short term, opening up trade opportunities for product tankers in the US and Asia.
- The US is reconsidering the Federal Emergency Management Agency's role in disaster preparedness, response and recovery activities — financial and operational responsibilities that the agency currently shares with state and local governments.
Upcoming events
- Unlocking Opportunities: Global Metals Trends and Argentina's Mining Landscape | June 10 (Webinar)
- Simplifying ISDA Notices - Bringing a Modern Practice to a Critical Process | June 10 (Webinar)
- Supply-Chain Risk Trends – A Credit Perspective Update | June 10 (Webinar)