JEONJU, South Korea--(BUSINESS WIRE)--Apr 18, 2024--
This May, the 25th Jeonju International Film Festival takes place in Jeonju, the most Korean city. The festival will screen 232 independent, short, and alternative films from 43 countries.
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JEONJU CITY (Mayor Woo Beom-ki) announced that the Jeonju International Film Festival, a beloved annual tradition in Jeonju, a major Asian tourist destination celebrated for its rich history and gastronomy, will present an enhanced program this year to mark its 25th anniversary.
Celebrating its 25th anniversary, the Jeonju International Film Festival embraces the theme "Beyond the Frame." This slogan captures the festival's commitment to pushing boundaries and exploring new avenues. Curating diverse programs, venues, and events, the festival fosters a network between independent filmmakers and the local film industry. It also upholds its unique spirit of exploration and innovation.
Running from May 1st to 10th, the Jeonju International Film Festival opens with "All the Long Nights" (2024) by Miyake Sho and concludes with "Matt and Mara" (2024) by Kazik Radwanski. During the festival, a total of 232 films will be screened, including 162 feature films and 70 short films, all chosen through competitive processes. This selection boasts 10 films each in the international competition, Korean competition, and a special category for barrier-free films.
A special exhibition titled "See Again: 25+50" co-hosted with the Korean Film Archive, celebrating its 50th anniversary, is a highlight this year. The exhibition showcases the early works of renowned Korean directors like Ryu Seung-wan, Bong Joon-ho, Jeong Ji-woo, and Hong Sang-soo, alongside the latest digital restorations of classic Korean films, including "The Widow" (1955) by Korea's pioneering female director Park Nam-ok, and "Mist" (1967) by Kim Su-yong.
To mark the 10th anniversary of the festival's signature exhibition, "'100 Films 100 Posters,'" a special Pixar showcase co-created with Disney will be presented.
Various exciting ancillary events, like film archive exhibitions, will be held at Jeonju's top tourist spots.
"The Jeonju International Film Festival has become a cornerstone cultural event in Asia," declares Woo Beom-ki, Chairman of the Film Festival Organizing Committee. "We aim to be a catalyst for the global film industry's growth, further solidifying Jeonju's position as a major player on the international film scene."
The 25th Jeonju International Film Festival is to be held in Jeonju. (Photo: JEONJU CITY)
NEW YORK (AP) — U.S. stocks swung to a mixed finish on Wednesday after the head of the Federal Reserve said the cuts to interest rates that Wall Street craves so much are still likely, even if they're delayed because of stubbornly high inflation.
The S&P 500 fell 17.30 points, or 0.3%, to 5,018.39 after the Fed held its main interest rate at its highest level since 2001, just as markets expected. The index had rallied as much as 1.2% in the afternoon before giving up all the gains at the end of trading.
The Dow Jones Industrial Average rose 87.37, or 0.2%, to 37,903.29, and the Nasdaq composite lost 52.34, or 0.3%, to 15,605.48.
On the downside for financial markets, Federal Reserve Chair Jerome Powell said out loud the fear that's recently sent stock prices lower and erased traders' hopes for imminent cuts to interest rates: “In recent months, inflation has shown a lack of further progress toward our 2% objective.” He also said that it will likely take "longer than previously expected” to get confident enough to cut rates, a move that would ease pressure on the economy and investment prices.
At the same time, though, Powell calmed a fear swirling in the market, that inflation has remained so high that additional hikes to rates may be necessary.
“I think it’s unlikely that the next policy rate move will be a hike,” he said.
The Fed also offered financial markets some assistance by saying it would slow the pace of how much it’s shrinking its holdings of Treasurys. Such a move could grease the trading wheels in the financial system, offering stability in the bond market. Powell said the Fed did it to reduce “risk of money markets showing stress.”
Yields eased in the bond market following the move and Powell's comments.
The yield on the 10-year Treasury fell to 4.63% from 4.65% just before the announcement, easing the pressure on the stock market. The yield on the two-year Treasury yield, which more closely tracks expectations for the Fed, dropped to 4.95% from 5.04% late Tuesday.
Traders themselves had already downshifted their expectations for rate cuts this year to one or two, if any, after coming into the year forecasting six or more. That's because they saw the same string of reports as the Fed, which showed inflation remaining stubbornly higher than forecast this year.
Powell had already recently hinted rates may stay high for a while. That was a disappointment for Wall Street after the Fed earlier had indicated it was penciling in three cuts to rates during 2024.
Powell's comments Wednesday were largely seen as less harsh than feared.
“Yet, before markets get overly excited, it’s worth remembering that the Fed is responding to the unfolding economic data, just as we all are,” according to Seema Shah, chief global strategist at Principal Asset Management. "The next few months of data are pivotal for the Fed path."
Without the benefit of easing rates, companies will need to deliver better profits to support their stock prices.
CVS Health tumbled 16.8% after reporting weaker results for the latest quarter than analysts expected. It said it’s been hurt by increased costs at its Medicare Advantage business, and it cut its forecast for profit over the full year.
Starbucks dropped 15.9% after falling short of expectations for both profit and revenue in the latest quarter. Sales trends weakened at its stores outside the United States in particular, and it cut its full-year forecasts for profit and revenue.
Super Micro Computer, which has been one of Wall Street’s hottest stars, gave back 14% despite topping expectations for profit. The company, which sells server and storage systems used in AI and other computing, fell shy of analysts’ forecasts for revenue. Expectations had bult up after its stock had already tripled this year amid a broad frenzy on Wall Street around artificial-intelligence technology.
Advanced Micro Devices dropped 8.9% despite reporting profit that matched expectations. Its revenue came in a bit shy of forecasts, as did the midpoint of its forecasted range for revenue in the current quarter.
On the winning side was Amazon, which climbed 2.3% after reporting stronger profit for the latest quarter than analysts expected. The retail behemoth credited reaccelerating growth at its cloud-computing business, in part, as it benefits from demand for AI.
Before the Fed's announcement, stocks and Treasury yields had been moving relatively little following some weaker-than-expected reports on the economy.
One report from the Institute for Supply Management said the U.S. manufacturing sector unexpectedly fell back into contraction last month.
A separate report said U.S. employers were advertising slightly fewer jobs at the end of March than economists expected. The hope on Wall Street has been that a cooldown could help prevent upward pressure on inflation. The downside is that if it weakens too much, a major support for the economy could give out.
Some recent economic reports raised fears about the potential for a stagnating economy combined with high inflation. The Fed doesn’t have great tools to fix such a scenario, called “stagflation.”
But Powell downplayed the risk of that and said inflation is much lower and economic growth is better than the last time stagflation struck in the 1970s and 80s.
“I don’t see the ‘stag’ or the ‘flation,’” he said.
AP Writers Matt Ott and Zimon Zhong contributed.
A banner for cruise operator Viking, marking its initial public offering, hangs on the front of the New York Stock Exchange on Wednesday, May 1, 2024 in New York. (AP Photo/Peter Morgan)
FILE - A person walks in front of an electronic stock board showing Japan's Nikkei 225 index at a securities firm in Tokyo, on April 22, 2024. Asian stocks fell Wednesday, May 1, 2024 with most of the markets in the region closed for a holiday. Meanwhile, U.S. stocks closed out their worst month since September. (AP Photo/Eugene Hoshiko, File)
FILE- A person looks at an electronic stock board showing Japan's stock prices at a securities firm in Tokyo, on April 30, 2024. Asian stocks fell Wednesday, May 1, 2024 with most of the markets in the region closed for a holiday. Meanwhile, U.S. stocks closed out their worst month since September. (AP Photo/Eugene Hoshiko, File)
