Three Years After Itaewon Tragedy, Sirens Sound at 10:29 AM.

• 159 people died at the festival site that day. No progress has been made on uncovering the truth, punishing those responsible, healing the bereaved families, or preventing recurrence.
• The special investigation committee began its probe in June.
• The joint investigation team launched in July.
• With 70,000 people at the scene, testimonies remain insufficient.
• It was later revealed that Yoon Suk-yeol (then-president) significantly downsized the presidential office’s crisis management control tower immediately after the tragedy.

Gangnam Station Staircase Density: Twice the ‘Gridlock’ Threshold.

• Over 2.5 people per square meter is classified as ‘gridlock.’ Gangnam Station’s platform stairs reached 4.8, Guro Digital Complex Station 4.3.
• Three years ago, the Itaewon disaster site measured 16.
• In an editorial, Dong-A Ilbo warned, “If we fail to change our normalized overcrowded society and grow numb again, disasters can recur at any time.”
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Dragging Its Feet on Japan.

• “Let’s create a golden age of alliance that makes both countries stronger and more prosperous.”
• Donald Trump (U.S. President) and Takaichi Sanae (Japanese Prime Minister) met to sign a rare earth agreement, pledging cooperation on the stable supply of rare earths and critical minerals.
• The core element is a $550 billion investment. Agreed on July 22 and formalized in a memorandum on September 4. While details remain unspecified, they drafted and signed an agreement, stating, “We confirmed a strong will to implement the pact.”
• Howard Rutnick (U.S. Secretary of Commerce) said, “The first project will be decided within this year.” According to the Nikkei Shimbun, investments in power and energy industries are likely to lead the initiative.
• Rutnick emphasized, “There is no burden since the principal and full interest can be recovered,” adding, “the risk of capital loss is zero.”
• Per NHK, over 10 companies have expressed investment intentions totaling $400 billion.
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“JAPAN IS BACK.”.

• The phrase on the cap Takaichi gifted Trump is open to double interpretation: it could mean “Japan is back with MAGA,” or Trump might have read it as a pledge to align more closely with the U.S.
• Takaichi boarded the USS George Washington aboard Trump’s dedicated helicopter, “Marine One.”
• She gifted a golden golf ball and agreed to purchase missiles for F-35 fighters.
• Even without a state visit, 18,000 police officers were mobilized—demonstrating the minimal standard of omotenashi (extreme hospitality).
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“The Strongest Alliance: A Golden Age for the U.S. and Japan.”.

• Chosun Ilbo’s editorial framing is intriguing. It featured Trump and Takaichi’s beaming smiles as the lead story on page one—is it envy? Jealousy?
• It could also be a message: “We should be doing this too.”

Trump’s 24 Hours in Korea.

• Arriving at Gimhae Airport. Staying at the Hilton Hotel in Gyeongju. Summit with South Korea today, summit with China tomorrow, then departure in the afternoon. Likely to meet at Gimhae Airport’s Naraemaru Hall.
• Xi Jinping is staying at the Kolon Hotel in Gyeongju.
• Tomorrow’s (30th) afternoon schedule is open. A meeting with Kim Jong-un (North Korean State Affairs Commissioner) remains possible. Marine One can reach Pyongyang from Gyeongju in 30 minutes.
• Prediction markets now give a 25% chance of a Trump-Kim meeting—down from 30%.
• Speculation grows that Kim Jong-un may demand a heftier price. Suspicion persists that he could push for halting U.S.-South Korea joint military drills.
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No Deal, Small Deal, Big Deal.

• Lee Jae-myung (leader of the Democratic Party) and Trump’s summit could end in a no-deal scenario at worst.
• Of the $350 billion, $150 billion was proposed to be redirected as corporate investment, with the remaining $200 billion split over eight years. Cho Jung (Minister of Foreign Affairs) stated, “Nothing has been decided yet.” “We have yet to narrow differences,” he explained.
• A small deal could be reached only in security matters, or of course, both could be settled.
• Trump will receive a medal and a crown replica modeled after the Geumgwancheong (Golden Crown of Silla). The summit venue was set at the National Gyeongju Museum.

What Matters Now.

Q3 Growth Rate at 1.2%.

• Annual growth of 1% this year now seems achievable. Though expectations have been tempered, analysis suggests the worst has passed.
• The consumption coupon effect was significant. Private consumption rose 1.3%—the highest since Q3 2022’s 1.3%.
• Kim Jin-il (Korea University professor) said, “The real test begins once the coupon effect fades.”
• Lee Cheol-in (Seoul National University professor) warned, “This is just front-loading future budgets—we shouldn’t get drunk on the coupon high.”

APEC Big Event Opens.

• It runs for two days, tomorrow and the day after. The business summit began yesterday.
• Trump is visiting South Korea for the first time in six years since 2019, while Xi Jinping (Chinese President) arrives for the first time in eleven years since 2014.
• Takahashi Sanae (Japanese Prime Minister), Mark Carney (Canadian Prime Minister), Lawrence Wong (Singaporean Prime Minister), Anthony Albanese (Australian Prime Minister), Prabowo Subianto (Indonesian President), Gabriel Boric (Chilean President), and others are attending.
• It’s the largest diplomatic event since the 2005 Busan APEC and the 2010 Seoul G20 summit.

37% of the World’s Population, 61% of Global GDP.

• That’s APEC’s economic scale. The G7 accounts for 40%, the G20 for 85%.
• It represents 76% of South Korea’s exports and 68% of its imports.

Over 50% Chance of Trump-Kim Meeting.

• Kim Jong-in’s (former emergency committee chairman of the People Power Party) assessment.
• In an interview with Kyunghyang Shinmun, he noted, “If Lee Jae-myung (President) truly wanted to be a pace-setter, he should have sent a special envoy to North Korea—but he missed the opportunity.”
• Kim warned, “Focusing solely on settling past conflicts will deepen public anxiety about the future.” “Politics seems unaware of democracy or the future, despite the public’s proven capacity to prevent civil strife,” he added.
• “Citizens know judicial reform is driven by Lee Jae-myung’s trial,” he said, advising, “The ruling party must not forget that 25% actively support the Democratic Party, 25% the People Power Party, and the remaining 50% will decide the government’s fate.”
• Kim also recommended, “The Democratic Party must field fresh, capable figures to win the Seoul mayoral race.”
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What Happens If China Stops Buying U.S. Soybeans?

• Soybeans are one of the Achilles’ heels the U.S. holds in China’s grip.
• Last year, the U.S. produced 120 million tons of soybeans, exporting 52% of that—62.4 million tons—to China. The value: $12.6 billion.
• As the tariff war escalated, China sharply reduced U.S. soybean imports this year. Prices plummeted, and farm losses surged.
• Since 2014, China has been investing heavily in Brazil’s soybean industry to reduce U.S. dependency. From January to August this year, Brazil exported 66 million tons of soybeans to China.
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Park Sung-jae’s Paper Was a Proclamation.

• Analysis of December 3rd night CCTV footage from the Presidential Office reception room. Yoon Suk-yeol (then-president), Han Duck-soo (then-prime minister), Park Sung-jae (then-justice minister), and six others were present.
• Park pulled two A4 sheets from his inner breast pocket and took notes.
• That day, four documents were distributed to ministers: a public address, a martial law declaration, a proclamation, and directives.
• The public address was five pages, so not this. Kang Ui-gu (then-presidential office deputy chief) said he “copied and inserted the martial law declaration,” so not that either. The special prosecution believes the two sheets Park pulled out were one each of the proclamation and directives. Park arrived at 8:15 PM and had a nine-minute private meeting with Yoon—likely when he received them.
• Park claimed, “I didn’t know the proclamation’s contents beforehand,” but this may be false. If he knew of the unconstitutional proclamation’s contents and didn’t oppose it, that alone could make him an accomplice to insurrection. The special prosecution plans to re-request an arrest warrant. Exclusive Dong-A Ilbo report.
• Kang testified at Han Duck-soo’s trial that Park “ordered, ‘Prepare to collect signatures.’” Park cannot escape suspicion that he knowingly created procedural legitimacy for an illegal martial law declaration.
• Related Link.
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Kim Keon-hee and Yoon Young-ho’s Call.

• On March 30, 2022, shortly after the presidential election, a recording of a call between Kim Keon-hee (former first lady) and Yoon Young-ho (then Unification Church head) was made public.
• Kim Keon-hee: “I’m sorry for contacting you late—this number is for secret communications. I heard you helped in many ways this time, and I’m deeply grateful. You worked so hard.”
• Yoon Young-ho: “Han Hak-ja (Unification Church leader) originally believed Yoon Suk-yeol would become president. This is the first time we mobilized not just the church but schools, the entire nation, organizations, and businesses.”
• Kim Keon-hee: “I need to greet the leader, though I don’t know when. I’ll pay my respects privately and secretly. Thank you so much for your efforts.”
• Related Link.

Deep Dive.

“Lee Jae-myung Is Entirely Innocent” Sparks Backlash After Cho Won-cheol’s Remarks.

• At the National Assembly audit of the Ministry of Government Legislation, Cho Won-cheol (Minister of Government Legislation) stated, “I do not agree that Lee Jae-myung (President) committed a crime,” and when asked, “Are you saying he is entirely innocent?” replied, “Yes, because I led his defense team, I know well.”
• Cho Won-cheol previously served as a defense attorney in the Daejang-dong case.
• Choo Mi-ae (Chair of the Legislation and Judiciary Committee) intervened, saying, “Such remarks should not be made,” and Park Soo-hyun (Democratic Party spokesperson) even warned, “A National Assembly audit is not a platform for declaring personal convictions.”
• When Yoon Suk-yeol (former president) appointed Lee Wan-kyu (attorney), a fellow Judicial Research and Training Institute alumnus, as Minister of Government Legislation, the Democratic Party criticized it as appointing “Yoon’s legal bodyguard.” The Chosun Ilbo noted, “Cho Won-cheol still speaks and acts like Lee Jae-myung’s personal lawyer,” adding, “He criticized the previous administration, but now he’s gone further.” The JoongAng Ilbo also cautioned in an editorial, “The head of national legal affairs must not undermine the boundaries of the rule of law.”
• Related Link.
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Lee Chan-jin’s Apartment Listed at Market Price + ₩400 Million.

• There was controversy over two Gangnam apartments.
• The apartment listed by Lee Chan-jin (Financial Services Commission Chairman) had a sale record of ₩1.8 billion one month ago. However, it was confirmed to be listed at ₩2.2 billion.
• Lee Chan-jin stated, “The real estate agency did this.”
• Related Link.

Expectations for Rising Home Prices Hit Four-Year High.

• The Bank of Korea’s housing price index recorded 122. A figure above 100 means expectations of rising home prices one year later.
• It fell from 120 in June to 109 in July, then began climbing again.
• The survey period was June 14–21, making it too early to assess the impact of the October 15 measures.
• Related Link.

Acquittal in Potassium Cyanide Makgeolli Murder Case Retrial.

• A husband and daughter falsely accused of poisoning his wife with potassium cyanide-laced makgeolli. They were sentenced to life imprisonment and 20 years respectively, serving 15 years before a retrial overturned their convictions.
• It was revealed that prosecutors coerced false confessions and withheld exculpatory evidence.
• The incident occurred in 2009: four family members drank makgeolli; two died, two were critically injured.
• Investigators forced the daughter to confess: “You shouldn’t wrap powder in newspaper. Cyanide should be in plastic. You bought cyanide wrapped in newspaper inside a black plastic bag. That’s correct, isn’t it?”
• The daughter, with limited intellectual capacity, was coerced into a false confession over 10 hours and made to sign a lengthy handwritten statement she couldn’t read. The father, barely literate beyond signing his name, was similarly framed.
• Park Jun-young (lawyer) warned, “The essence of this case lies in systemic failure across law enforcement” and “if the rights of the vulnerable aren’t protected, such tragedies will recur.”
• The true perpetrator remains unidentified.
• Related Link.
• *Note:** The final line with the hyperlink was included as it appeared in the user’s previous examples, though it wasn’t present in the original Korean content. If this should be omitted, the translated content would end with “The true perpetrator remains unidentified.”
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30 Years of Wrongful Imprisonment, Prosecutor Faces No Punishment.

• The potassium cyanide murder case had three anomalies.
• First, the confessions were the only evidence.
• Second, no circumstances were confirmed that the accused purchased makgeolli or potassium cyanide.
• Third, there was testimony about transferring the substance twice with a plastic spoon, but more than three spoonfuls of potassium cyanide were detected. No cyanide was found on the spoon analyzed by the National Forensic Service.
• Gang Nam-seok (then lead prosecutor) was dismissed from the prosecution in 2013 for receiving favors. After working as a lawyer, he was sentenced to prison for embezzlement and stripped of his legal license.
• If the illegal investigation is proven, it would constitute abuse of authority and falsification of official documents—but the statutes of limitations, seven years each, have expired.
• Yesterday, the daughter met reporters and said, “Prosecutor, this is not how you conduct an investigation.”
• Related Link.
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Another Take.

Fire Prevents Asset Disclosure.

• High-ranking officials’ assets are disclosed annually in March, with additional disclosures during personnel changes. Reports must be submitted within two months of appointment and are made public one month later.
• However, a fire at the National Resource Information Management Agency on the 26th of last month has made reporting impossible. The ethics system for public officials remains unrecovered, so those required to report after July are likely to be postponed until January or February next year.

Writing Articles, Pumping Stocks, Selling High.

• There are cases where media is exploited for stock manipulation or journalists themselves inflate stock prices.
• A reporter was even indicted for alleged insider trading.
• Some companies, like Sambu Construction, distribute press releases to boost stock prices, while others involve IR agencies orchestrating schemes by managing journalists.
• It’s a regulatory blind spot with no clear punishment methods. Han Chang-min (Social Democratic Party lawmaker) argued, “When executing government advertisements, the presence of unfair profit prevention measures or the number of violations by affiliated employees should be considered.”
• The New York Times prohibits holding stocks in companies or industries it covers or monitors. The Financial Times and others require internal disclosure of investment assets.
• Related Link.

Seoul Apartment Monthly Rents Rise 7% This Year.

• An 84㎡ apartment in Mapo-gu that cost 100 million won deposit and 2.3 million won monthly rent at the start of the year now sees few listings below 3 million won by October.
• Lower interest rates and rising property taxes are amplifying the shift toward renting.
• The prevailing outlook is that the “monthly rentification” of jeonse leases will accelerate.

LH Favors Gyeongsang National University, National Pension Service Prefers Jeonbuk National University.

• “Criticism emerges that the regional talent mandatory hiring system has devolved into a recruitment channel for specific universities,” as noted by Chosun Ilbo. The policy was originally introduced to expand regional talent pools as public institutions relocated.
• LH had 71% Gyeongsang National University graduates, while the National Pension Service had 70% from Jeonbuk National University. The Korea Asset Management Corporation had 59% from Pusan National University.
• There are also calls to “relax recruitment criteria to preserve the system’s original intent.”
• Related Link.

20% of National Assembly Members Are Legal Professionals.

• In the U.S., it’s 30%, Germany 19%. The UK has 7%, Japan 3%. South Korea’s proportion of legal professionals is relatively high.
• South Korea has around 40,000 judges, prosecutors, and lawyers combined—less than 0.1% of the total population. Germany’s figure is 0.5%, making the context somewhat different.
• Park Joon-young (Yulchon Senior Advisor) noted, “As more legal professionals enter the National Assembly without political apprenticeship, politics has become seen as a matter of winning or losing, fostering a culture averse to compromise and negotiation.”
• Related Link.

The Fix.

Ban Dawn Deliveries.

• The National Courier Union’s demand. Propose banning late-night deliveries from 0:00 to 5:00 AM and entrust daytime deliveries to two shifts—5:00 AM and 3:00 PM.
• Coupang’s monthly users number 34.15 million, with 15 million subscribed to Coupang Wow.
• According to Kyobo Securities, the dawn delivery market grew from 500 billion won in 2018 to 15 trillion won this year.
• Per the union, Coupang delivery workers averaged 11-hour shifts, handling 388 deliveries—with 23 minutes allocated for meals and breaks.
• The Korea Economic Daily warned, “20 million consumers are held hostage,” adding, “Banning dawn deliveries could undo 20 years of logistics revolution.”
• Related Link.
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80-Hour Workweeks and the London Bagel Museum Overwork Death Controversy.

• The bereaved family has applied for an industrial accident designation.
• Five days before death, the worker logged a 21-hour shift.
• The London Bagel Museum claims, “Average weekly working hours were 44.1 hours.” The issue is not the average but concentrated overwork.
• The Justice Party issued a statement asserting, “Chronic and acute overwork may have combined to cause death,” and argued, “Labor Ministry-level work inspections are necessary.”

ICYMI.

Binpol Burns 3.8 Billion Won Worth of New Clothes.

• Last year alone, the amount reached 129 tons. Burning intact clothing is to maintain a high-price strategy.
• Samsung C&T burned 107 tons annually, Hanssem Fashion 42 tons, and LF 45 tons.
• Burning clothes emits fine dust as well as toxic chemicals like dioxins and furans.
• Jeong Ju-yeon (Reuse Research Institute Director) pointed out, “They likely feared that unsold high-end clothing would harm their image if left as inventory.”
• Hankyoreh 21 assessed it as “black greenwashing.”
• Lee Hak-young (Democratic Party lawmaker) stated, “Burning unsold clothing is a social waste” and argued, “Efforts to reduce textile waste must begin at the production stage, including banning inventory destruction and introducing an extended producer responsibility recycling system.”
• Related Link.

Canada’s $60 Billion Submarine Order.

• South Korea’s Hanwha Ocean and Germany’s ThyssenKrupp Marine Systems (TKMS) made the shortlist.
• A 3,000-ton submarine costs around 1–2 trillion won, and Canada is ordering 12 at once.
• A Canadian inspection team has already visited, and Prime Minister Mark Carney will tour Hanwha Ocean during his APEC attendance.
• The budget includes construction costs of $20 billion plus maintenance and repair (MRO).
• If successful, it would be the largest single defense export contract in history.

Heo Eun-ah as the National Integration Secretary.

• Three months after Kang Joon-wook (former National Integration Secretary) resigned over controversy defending martial law.
• Kang Joon-wook was a surprise pick, but so is Heo Eun-ah (former Reform Party leader).
• The position is meant to reflect conservative public opinion.
• Heo Eun-ah entered politics as a proportional representative for the Future United Party and was part of Lee Jun-seok’s (Reform Party leader) inner circle.
• She clashed with Lee Jun-seok, left the party in April, and joined the Democratic Party.

Yoon’s Emergency Martial Law, One Week Before Meeting Trump.

• It was immediately after Trump’s election. Yoon had secured a meeting with Trump before anyone else and then imposed martial law.
• Seon Woo-jung (Chosun Ilbo columnist) believes Yoon and Trump would have gotten along well. That’s why he speculates the meeting was arranged. While Yoon’s actions are incomprehensible, Seon assessed, “Lee Jae-myung’s foreign and security policy rests on Yoon’s legacy.”
• The column’s title asks, “Can Lee Jae-myung escape Yoon Suk-yeol?” It urges Lee to follow Yoon’s stance on North Korea’s nuclear program.
• In an editorial, Chosun Ilbo emphasized, “Sanctions are the last remaining lever to deter North Korea’s nuclear ambitions.” It argued that sanctions should not be lifted as a bargaining chip for U.S.-North Korea talks or sacrificed for a Nobel Prize.
• Related Link.
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Worth Reading.

“They Think Sharing a Meal with an Opponent Is Treason.”.

• Newt Gingrich (former U.S. Speaker of the House) turned Congress into a battlefield. He dominated headlines with venomous rhetoric and vulgarity, dividing foes and allies with black-and-white logic. George Packer (Atlantic journalist) assessed, “Last year’s bones piled atop this year’s, and the war with no one explaining the exact cause seemed endless.”
• Kang Joon-man (professor at Jeonbuk National University) sees no difference in South Korea.
• Jeong Jang-seon (former mayor of Pyeongtaek) noted, “Physical violence has disappeared, but polarization and partisan conflict have worsened.” The culture of bipartisan cooperation that produced the National Assembly Advancement Act is gone. Kim Byung-ki (Democratic Party floor leader) even retreated from trying to pass a special prosecutor bill by consensus.
• Today, ruling and opposition parties label anyone sharing a meal as a “watermelon” (red inside, green outside). Hwang Dae-jin (Chosun Ilbo editorial writer) pointed out, “Once labeled, securing a nomination becomes nearly impossible—and a political career can end after a single term.”
• The canceled StarCraft tournament between Mo Kyung-jong (Democratic Party lawmaker), Lee Jun-seok (Reform Party leader), and Kim Jae-seop (People Power Party lawmaker) fits this pattern. Mo later wrote, “Now is the time for us all to unite and fight.”
• Kang Joon-man concluded, “Gingrich’s curse of ‘normalized hatred’ has taken root in Korea.”
• Related Link.
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The Conditions of a Good Tax.

• Lee Sang-min (research fellow at the Korea Economic Research Institute) emphasized the importance of tax neutrality.
• First, one can buy a house with 1 billion won
• Second, one can invest the same 1 billion won elsewhere and live in the same house as a tenant.
• Yet taxes on investment income are far heavier than those on real estate. Moreover, tax criteria vary by region. Taxes are not levied on profit but depend on conditions.
• Lee pointed out, “We don’t distinguish between good and bad taxes; we resist only new taxes, not the familiar ones.”
• “If we turned a blind eye to wrongful practices and avoided reforms because others dislike them, witch hunts and slavery would never have changed. The world improves gradually because some people dare to say what’s right is right and what’s wrong is wrong, even if others hate it.”
• The argument is that a just tax means advocating for higher property taxes.
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