Introducing [Slow Brief].

• (Announcement first today.)
• The annual National Assembly audit, held every October, is the flower of politics.
• Almost every issue and controversy in Korean society spills out within a month. It’s also a time to see which of the 300 lawmakers are competent or incompetent, who’s lying, who’s hitting the nail on the head, and who’s burying or ruining key issues.
• Last year, audit-related documents amounted to 21.71 million pages—4,341 boxes of A4 paper.
• This year, 133 meetings across 17 standing committees are scheduled. At 10 hours per session, that’s 1,330 hours of proceedings. Transcripts would fill 500 manuscript pages per meeting—670,000 pages in total.
• Covering audits always left me thinking: this shouldn’t end here. But issues keep piling up, and after a month, we’re left with a contextless pile of information. We’ve consumed politics like a drama, but missed so much.
• That’s why Slow News is starting a project this year: compiling and analyzing every audit record. Because audits should be a beginning, not an end.
• The initial goal is to cover 10 major audit issues quickly across 10 installments, then categorize them into problems and solutions, and explore directions.
• In Part 1, we examined 93 topics from last week’s Monday–Wednesday audits across 9 standing committees. The target is to cover 500 topics by the 10th installment—and then map the bigger picture.
• [Slow Brief] is a premium content for supporting members. Part 1 is open to all for now. Download it here: https://bit.ly/slowaudit202501 (Password: slow0970)
• Related Link.

What Matters Now.

“Extraordinary Times Demand Extraordinary Measures.”.

• These were the words Kim Yong-beom (Policy Director of the Presidential Office) left on Facebook as criticism poured over the October 15 real estate measures.
• Regarding the designation of large parts of Seoul and southern Gyeonggi as permit-restricted zones, he expressed, “I find it regrettable and deeply apologize,” while stressing, “Given the unique characteristics of a single economic zone, it was an unavoidable choice.”
• He described Seoul and the metropolitan area as “ultra-dense compact cities rare even globally” and a “cocktail-like situation with the explosive price surge as a detonator.”
• Related Link.

Cannot Proceed Without Addressing Property Holding Taxes.

• Jin Sung-jun (Democratic Party lawmaker) said, “The fundamental principle of real estate taxation is lowering transaction taxes and raising holding taxes,” adding, “The sooner the reform, the better.”
• Kim Byung-ki (Democratic Party leader) said, “The party has not yet established an official stance.”
• Jeon Hyun-hee (Democratic Party lawmaker) said, “Trying to curb real estate surges through holding taxes is a clumsy policy.”
• Related Link.

“Can’t Afford 50 Million Won Property Tax on a 5-Billion-Won Home.”.

• Koo Yoon-cheol (Minister of Economy and Finance) stands out—unlike Kim Yong-beom or Kim Byung-ki.
• “South Korea’s low holding taxes and high transfer taxes create a severe ‘lock-in effect,’” he said. “If holding high-value homes becomes burdensome, people will sell, and liquidity will flow into the real estate market.”
• Related Link.

Will Trump and Kim Meet at Panmunjom?

• According to Dong-A Ilbo, the Panmunjom tour has been suspended from the 27th to the 1st of next month. Discussions have not yet reached a concrete stage.
• Donald Trump (U.S. President) is highly likely to visit South Korea on the 29th for a one-night, two-day schedule. CNN cautiously projected, “The possibility of the two meeting is not zero.”
• In 2019, Trump—then visiting Japan—proposed a meeting and they met at Panmunjom just 32 hours later.
• Related Link.

No Kings in America.

• No King’s Day. Yesterday, 7 million people took to the streets in the U.S., chanting slogans. The largest in American history.
• Trump mocked by posting an AI-generated video of himself wearing a crown on Truth Social.
• In a New York Times poll, Trump’s approval rating dropped to 43%. However, 90% of Republican supporters still back him. Male and female support stands at 50% and 37%, respectively.
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• Related Link.

Government Network Hacked for Three Years.

• It’s the administrative network used by public officials.
• The Ministry of the Interior and Safety belatedly detected and disclosed signs that an unidentified hacker had accessed internal documents over three years.

Will Tariff Talks Unravel in Gyeongju?

• Kim Yong-beom said, “Significant progress has been made on most issues.”
• However, Trump continues to insist on upfront investment.
• Dong-A Ilbo reported, “The U.S. has partially accepted South Korea’s stance that phased investment is unavoidable.” But since Trump must personally approve, many variables remain.
• Lee Jae-yong (Samsung Electronics Chairman), Choi Tae-won (SK Group Chairman), Chung Eui-sun (Hyundai Motor Group Chairman), Koo Kwang-mo (LG Group Chairman), and Kim Dong-kwan (Hanwha Group Vice Chairman) played golf with Trump at the Mara Resort.
• It remains unclear who was paired with Trump in the four-person team format.
• Related Link.

Deep Dive.

Even Chosun Ilbo Lamenting Jang Dong-hyeok’s Visit to Yoon Suk-yeol.

• Jang Dong-hyeok (People Power Party Leader) visited Yoon Suk-yeol (former president).
• Chosun Ilbo strongly criticized in an editorial: “Yoon Suk-yeol has shown no signs of reflection. Despite plunging the conservative camp into catastrophic crisis, he returned claiming victory—displaying a reality-defying attitude. (Omitted) Was it necessary for the leader of the conservative party to meet him under these circumstances?”
• Regret permeates the tone: “We urge that no further actions be taken to alienate public sentiment.”
• JoongAng Ilbo also deemed it “highly inappropriate.”
• In a Gallup Korea poll, the People Power Party’s approval rating stands at 25%. The Democratic Party holds 39%, and Lee Jae-myung (president) enjoys 54% approval. Among self-identified conservatives, only 54% support the People Power Party.
• Related Link.
• Related Link.
• Related Link.

Most South Koreans Repatriated from Cambodia Face Arrest Warrants.

• 59 out of 64 are under suspicion of involvement in crimes. They are being investigated separately by multiple police agencies.
• The suspect in the 12 billion won romance scam case requested by the South Korean government was excluded.
• The People Power Party (PPP) criticized, “Over 1,000 citizens remain detained, yet they are trying to evade criticism through a ‘crime repatriation show.’”

Cambodia’s Modern Slavery: The International Community Must Act.

• Amnesty International warned in its report ‘I was someone else’s property’ that “the Cambodian government, which tolerates modern slavery, is at the center of the crisis.”
• Monserrat Ferrer (Amnesty International’s Southeast Asia and Pacific Research Director) emphasized, “Victims should not be presumed to be willing accomplices,” adding, “Even if they were aware of the risks, not a single person willingly sought human trafficking or torture.”
• “The most effective response,” the report argues, “is for countries to support local relief organizations, cooperate internationally, and take legal action.”
• Related Link.

Another Take.

“Homes Rose by 300 Million Won, but 20,000 Won in Tax Is a Burden?”.

• Kim Won-jang (former KBS journalist) poses the question.
• “Gangnam may have risen a lot, but it doesn’t spread. Whether a 9-billion-won One Bailey becomes 11 billion won—what does it matter? Whether One Bailey residents drive Bentleys or Sonatas, they just need to pay their taxes properly. Does Trump really control Manhattan home prices? If Manhattan prices don’t affect New Jersey, leave it be.”
• Kim argues that claims of insufficient supply are lies. Building new apartments isn’t supply. The real supply is when high-priced apartments are sold due to tax burdens.
• “Retirees refuse to leave, causing supply shortages. Why sell when prices will only rise? Yet conservative media complains about high taxes on a single home.”
• “The Moon Jae-in administration waged an ideological war. There’s no need to blame real estate tycoons. If they pay taxes well, what does it matter if they own two or three homes? Multiple homeowners are suppliers. If they pay taxes, there’s no issue. Whether prices soar or not, paying taxes is all that matters. Because fair taxation isn’t enforced, owning many homes makes one a villain.”
• Government policies have long encouraged borrowing to buy homes. 1 trillion won was spent on interest subsidies for newlyweds.
• Imagine distributing 300 million won at Jamsil Saenae Station—it actually happened. Mok-dong, Daechi-dong, and Jamsil redevelopment zones granted zoning upgrades (2nd residential use ratio 138% → 3rd residential/commercial 400%), letting members pocket hundreds of millions. Look at the banners: “Thank you, Mayor Oh Se-hoon.”
• The issue isn’t solved by increasing supply. There’s no land to begin with. The metropolitan area? An inconvenient truth the media avoids. Siheung Baegot, Paju, Gimpo, and Pyeongtaek have fallen 30–40%.
• “Society has become one where ‘Seoul apartments’ are the only hope. All problems stem from here. Reduce speculative demand by curbing homeownership benefits. If we only chant ‘supply,’ policies will wave flags without effect, as they have for the past decade. When home prices rise, we must build a society where people fairly shoulder social burdens.”
• Related Link.

Why Did France’s PM Return Four Days After Resigning After 27 Days?

• Michel Barnier (former French Prime Minister) resigned after 99 days, followed by François Bayrou (former French Prime Minister) after six months, and Sébastien Lecornu (French Prime Minister) resigned after 27 days only to return four days later. Despite two votes of no confidence, the returned PM narrowly survived.
• Last year’s growth rate was 1.2%, with national debt at 114%. The credit rating has also fallen.
• The unemployment rate is 7.5%, with projections of 160,000 jobs disappearing by next year. Growth forecasts for this year and next have dropped to 0.7%. Emmanuel Macron (French President)’s approval rating stands at 14%.
• The Macron government insists on cutting €30 billion in spending. The ruling party, Ensemble, emphasizes fiscal health but holds only 27% of seats.
• The left-wing coalition NFP opposes austerity, demanding expanded welfare and higher taxes on the wealthy. The far-right RN opposes both tax hikes and austerity.
• Françoise Presles (Le Monde columnist) wrote:
• “We are completely addicted to public spending. Every government, regardless of left or right, has used it to extinguish fires of discontent and purchase social peace. Everyone can now feel that this system has reached its limit. But no one wants to pay the price or face the need for reform.”
• Related Link.
• Related Link.
• Related Link.

“Share Buybacks Next: National Pension Service’s Shareholder Rights.”.

• Market sentiment is genuinely positive. Pension funds and large institutional investors are pouring in, and algorithmic trading purchases have also increased.
• Lee Nam-woo (Chairman of the Corporate Governance Forum) says foreign investors ask, “How does the Lee Jae-myung government move so fast?” The changes are possible because the ruling party is driving them. The market’s trust grew thanks to the rapid passage of three corporate law revision bills.
• Lee stated, “Using corporate funds to buy back shares as a management defense tool is cheating.” “Burning shares to enhance shareholder value is the global standard,” he explained.
• “The next step should be strengthening the stewardship code for pension funds,” he argues. The National Pension Service must exercise voting rights to boost shareholder value.
• However, he dismissed Lee Jae-myung’s claim that domestic stock investments should increase as nonsense. Japan’s national pension invests 25% in domestic stocks, while Korea’s invests only 14%—because returns are lower. The key is not to prop up stock prices by injecting the National Pension Service but to create an environment where it can invest by enhancing shareholder value.
• Related Link.

Murayama’s Empty Seat to Be Filled by His Assassin.

• Tomiiichi Murayama (former Japanese Prime Minister) passed away last Friday.
• He was the one who issued the Murayama Statement, apologizing: “Our colonial rule and aggression caused tremendous damage and suffering to the people of many countries in Asia.”
• The young female politician who relentlessly attacked Murayama at the time is now Sanae Takaichi (LDP President), a leading candidate for the next prime ministership. Takaichi grew politically by attacking Murayama.
• The LDP recently broke with the centrist-conservative Komeito Party and allied with the far-right Japan Innovation Party.
• Cheon Gwang-am (Dong-A Ilbo columnist) predicted, “The void left by Murayama will only grow more palpable.”
• Related Link.

AI Hype? Bubble Warnings Mount.

• IMF (International Monetary Fund) warned, “The market capitalization concentration of AI megastocks is excessive.”
• The Shiller PE ratio, a gauge of market anxiety, has approached 40 as of October. The all-time high was 44.2 in December 1999.
• Park Seung-young (Researcher at Hanwha Investment & Securities) warned, “The dot-com bubble burst as rising interest rates eroded returns.”
• Related Link.

Youth Employment Rate at 45.1%.

• The overall employment rate is 63.7%. Only youth employment remains frozen. It has fallen for 17 consecutive months.
• Quality jobs have decreased. Manufacturing and construction jobs each fell by over 60,000 and 80,000. The number of “discouraged workers” has surpassed 700,000.

Accelerating Shift from Jeonse to Monthly Rent.

• Seoul’s jeonse listings have dropped over 20% compared to early this year. Monthly rent now accounts for 64% of the market.
• The monthly rent price index—with January 2020 set as 100—reached around 130 for both Seoul and the metropolitan area as of September this year.
• In Mapo-gu, Seoul, an 84㎡ apartment requires a 400 million won deposit and 3 million won monthly rent.
• In an editorial, The Hankyoreh acknowledged, “A gradual shift to monthly rent is inevitable,” but urged, “Short-term measures like rent subsidies or tax deductions for monthly renters are needed to alleviate housing cost burdens.”
• Related Link.

The Fix.

Gyeongnam Provincial Pension Experiment.

• Residents aged 40–54 with annual incomes below 93.52 million won are eligible.
• From age 50, paying 80,000 won monthly for 10 years totals 9.6 million won. With a 2.4 million won provincial subsidy and 2% compound interest, this grows to 13.02 million won.
• If received as monthly installments over five years from age 60, this yields 217,000 won per month.
• Including tax deductions, the return rate reaches 52%.
• Related Link.

Yongin Semiconductor Cluster: Water and Power Woes.

• Kim Jong-min (Independent Lawmaker) criticized, “Taiwan, Japan, and the U.S. all have decentralized energy structures, but South Korea is pouring everything into Yongin.”
• The Han River basin already struggles to meet Seoul’s water demands. During extreme droughts, analysis suggests a shortage of 380 million tons annually.
• The Yongin Semiconductor Cluster requires 16GW of power despite covering just 1.2% of Seoul’s area—32 times the capital’s power density.
• Kim Jeong-gwan (Minister of Trade, Industry and Energy) stated, “While Yongin is already underway, future semiconductor investments should focus on non-capital regions.”
• Seo Wang-jin (Lawmaker of the Nation Innovation Party) warned, “Plans to build 14 new transmission lines worth 3.7 trillion won are expected to face nationwide opposition movements.”

Building an Energy Highway in Northern Gyeonggi.

• Proposed by Park Jeong (Democratic Party lawmaker). “Border areas have high land potential and short transmission distances, reducing costs and time,” he said. “It can benefit regions that have sacrificed for 70 years.”
• Park Jeong stated, “The 2035 renewable energy target of 270 TWh is only 37% of current levels,” adding, “Achieving this requires expanding solar power by 130–200 GW—an area three times the size of Seoul.”
• He argued, “Utilizing Northern Gyeonggi’s 3,800 km² border areas can shorten transmission distances and costs.” The proposal includes “reducing local electricity taxes or providing universal basic income to gain resident acceptance.”
• Kim Sung-hwan (Minister of Climate and Energy Environment) agreed, saying, “We will actively pursue plans to source power for the capital region locally and link it to income for Northern Gyeonggi residents.”

KORAIL+SR Merger: 10% Fare Cut Still Boosts Operating Profit by 47.2 Billion Won.

• Daily seat supply is projected to increase by 16,000.
• Overlapping personnel and administrative costs could be reduced by 21.4 billion won and 19.1 billion won respectively.
• KORAIL maintains that if the merger is finalized, SR employees’ employment will be comprehensively inherited.
• Kim Yoon-deok (Minister of Land, Infrastructure and Transport) stated, “The merger principle is clear, but concerns over absorption-style integration and other complexities require a cautious approach.”

Failure to Stop at Crossroads: Fines Too Lenient?

• Half of all traffic accidents occur at intersections.
• Accidents at non-signalized intersections account for 61%—1.5 times higher than at signalized ones.
• A Japanese study showed that installing stop signs reduced accidents by 12% to as much as 79%.
• In Japan, failing to stop for over 3 seconds incurs a ¥9,000 fine; in the U.S., it’s $750. South Korea imposes a 60,000 won penalty.
• The Dong-A Ilbo pointed out, “The stop obligation was introduced in 1995, yet many drivers still misunderstand the stop sign’s meaning, often mistaking it for a slow-down indicator.”
• Related Link.

Revisiting the Choco Pie Trial.

• A subcontractor worker is on trial for taking out and eating a 450-won choco pie and a 600-won custard pastry.
• The court issued a summary order, but the worker requested a formal trial, resulting in a 50,000-won fine, with an appeal pending.
• There is a backstory.
• The company may have instructed other employees to inform him to take the choco pie and secure evidence via CCTV.
• This worker has been an indefinite-contract employee at the company for 15 years.
• In 2022, he began union activities, demanding regularization for subcontracted workers.
• The reason for pursuing a formal trial and appeal over a 50,000-won fine is the risk of losing his job if convicted.
• Jeong Hyuk-jun (Hankyoreh National Team Leader) asked rhetorically, “Would the company have responded the same way if a non-unionized regular employee took a choco pie?”
• Lee Myung-hee (Kyunghyang Shinmun Columnist) noted, “Legal discipline should be limited to the necessary minimum.”
• Related Link.
• Related Link.

ICYMI.

Min Jung-ki Faces Scrutiny Over Stock Sale Before Delisting.

• Min Jung-ki (special prosecutor in the Kim Keon-hee case) is embroiled in insider trading allegations.
• Five years ago, Neo Semitech faced delisting due to accounting fraud, and Oh Myung-hwan (then CEO) and others drew controversy for selling shares in advance. It has now emerged that Min also held shares and exited around the same time as Oh.
• Oh Myung-hwan and Min Jung-ki are classmates from Daejeon High School and Seoul National University. Oh was sentenced to 11 years in prison after being apprehended by Interpol and extradited.
• Incidentally, this stock was also touched by Kim Keon-hee. In a 2009 call with a securities firm employee, she reportedly said, “I received it first through short-selling.” The prosecution views this as evidence contradicting Kim’s claim of unfamiliarity with stocks.
• Related Link.
• Related Link.

Ohtani: A Wall No One Can Scale.

• He set a record so unrealistic it could be drawn from a comic book.
• Shohei Ohtani (LA Dodgers player) struck out three batters to end the first inning, then stepped up as the leadoff hitter in the bottom of the first and hit a home run.
• As a pitcher, he struck out 10 batters over six innings, allowing only two hits.
• As a hitter, he followed his first-inning home run with two more in the fourth and seventh innings. He also became the first player to hit two home runs over 115 mph in the same game.

The Louvre Was Robbed.

• At 9:30 AM, masked thieves broke in from outside, cut through multiple glass panels, and stole jewels—including Napoleon’s crown—before fleeing. The heist lasted exactly seven minutes.
• The Louvre Museum was also robbed of the Mona Lisa in 1911, recovering it two years later.

KOSPI Up 39%, But 404 Stocks Fell.

• 526 stocks rose.
• Kang Shin-hyuk (researcher at Shinhan Investment & Securities) assessed it as a “distorted rally driven by concentration in large-cap stocks like semiconductors and secondary batteries.”
• Samsung Electronics and SK Hynix accounted for nearly 50% of the index’s gains.
• Related Link.

2.5 Billion Disposable Chopsticks.

• That’s how many pairs of chopsticks South Korea uses and discards annually.
• China and Japan consume 50 billion and 25 billion pairs, respectively.
• South Korea’s usage remains relatively low due to its cultural preference for metal chopsticks.
• Min Tae-gi (author of ’Panta Rhei’) observed, “Recycling can transform culture.”
• Related Link.

Worth Reading.

Why No One Stops Jeong Cheong-rae and Cho Mi-ae.

• Chosun Ilbo continues to publish columns subtly fanning the conflict.
• Today, it analyzed, “The aversion to pro-Lee Jeong Cheong-rae has reached dangerous levels.” Even as Jeong pursues his own political agenda, public opinion reportedly asks, “I don’t understand why the president just watches.” It also suggested, “Behind Jeong lies Kim Eo-jun, the de facto leader of the pro-Lee faction, and his hardcore supporters.”
• From Chosun Ilbo’s perspective, Lee Jeong does not attack Jeong Cheong-rae because there is no need to confront him. One pro-Lee insider even assessed, “They borrowed Jeong’s sword to neutralize Yoon Suk-yeol and the prosecutors.”
• The same logic applies to Cho Mi-ae. The interpretation is that since she is clearing Lee Jeong’s judicial risks, there is no reason to stop her.
• Chosun Ilbo warns, “The ‘Jeong-Cho rampage’ benefits neither governance nor elections,” and predicts, “If the president does not say ‘no’ to them now, the situation will worsen.” How much of this is Chosun Ilbo’s genuine concern?
• Related Link.

Real Estate Is All About Psychology.

• Lee Jong-seon (Kukmin Ilbo reporter) assessed, “The government is repeating the same mistake as past Democratic Party administrations: failing to control the psychology of genuine buyers.”
• There is also the paradoxical risk that suppressing demand could instead cause it to explode.
• “The regulatory aftermath may temporarily calm buying momentum, but once side effects like jeonse (long-term lease) instability and balloon effects in adjacent unregulated areas emerge, the government will inevitably consider additional ‘whack-a-mole’-style regulations.”
• Related Link.