“Don’t Drag Legislation Related to Me Into Political Battles.”.

• President Lee Jae-myung (President) personally requested to exclude the “trial suspension bill” from judicial reform proposals.
• As former Seongnam Urban Development Corporation head Yoo Dong-gyu and former Democratic Research Institute deputy head Jeong Jin-sang received prison sentences in the Daejang-dong trial, the Democratic Party is pushing to pass a law suspending the trial of the sitting president. Lawmakers like Park Soo-hyun (Democratic Party) argue it is a so-called “national stability law.”
• In any case, the trial has been suspended since Lee’s election, and it is unclear when it might resume. Presidential Chief of Staff Kang Hoon-sik stated, “If the court overturns the suspension, legislation can follow—there’s no rush.”
• A key Democratic Party insider remarked, “No need to unnecessarily escalate the opposition’s attacks.”

Jeong Cheong-rae’s Sudden Acceleration Slowed.

• Jeong Cheong-rae (Democratic Party leader) and others have hit a speed bump after pushing forward without confirming the president’s intentions.
• A Democratic Party lawmaker met by JoongAng Ilbo interpreted the situation: “This is a week meant to emphasize APEC achievements, but the trial suspension issue has overshadowed everything. It’s the presidential office warning Jeong Cheong-rae not to play his own politics.”
• In an editorial, The Hankyoreh summarized: “This is no time for unnecessary controversy. (Omitted) It’s time to stop using the theoretically and practically impossible trial resumption as a political tool.”
• Related Link.
• Related Link.

Fiscal-Led Growth: The Keyword for Next Year’s Budget.

• Lee Jae-myung (President) will deliver a policy address to the National Assembly today. It is an occasion to explain the 728 trillion won budget proposal—a 8% increase from last year—and request cooperation.
• Several contentious issues exist. Clashes are likely over the 1.15 trillion won regional currency budget and the National Growth Fund, a 150 trillion won initiative to be established over five years.
• The People Power Party is lying in wait. With next year’s deficit bond issuance expected to swell to 110 trillion won, criticism of a “debt-fueled spending spree” is already surfacing.
• Related Link.
• Related Link.

What Matters Now.

“Not Just Money Handed Over to the U.S.”.

• Kim Jeong-gwan (Minister of Trade) said this. “We will ensure that the $200 billion pledged for investment in the U.S. is prioritized for use by our own companies,” he stated.
• The final sticking point is how much influence the South Korean government will have in selecting investment targets.

Obstruction of Martial Law Lift, Arrest Warrant Request for Choo Kyung-ho.

• On the night of December 3, he is accused of obstructing People Power Party lawmakers from attending the National Assembly plenary session.
• Choo Kyung-ho (then People Power Party floor leader) announced the meeting location for the lawmakers’ assembly as the National Assembly at 10:59 PM.
• Ten minutes later, at 11:09 PM, he sent a message directing them to gather at the People Power Party headquarters,
• and after a call with Yoon Suk-yeol (then president) at 11:22 PM,
• he changed the meeting location back to the National Assembly at 11:33 PM.
• At 12:03 AM, he again announced to gather at the People Power Party headquarters.
• Some lawmakers, including Han Dong-hoon (then People Power Party leader), were already gathered at the National Assembly plenary hall.
• If Choo is arrested, calls may emerge for the party’s dissolution.

Bombing Drinks, Then “I’ll Shoot Han Dong-hoon.”.

• Yoon Suk-yeol tried to pin down Kwak Jong-geun (former Special Warfare Command chief) in court but failed to salvage the situation.
• It is a known fact that during a dinner with Kwak Jong-geun, Kim Yong-hyun (then Minister of National Defense), Yeo In-hyung (then Counterintelligence Command chief), Lee Jin-woo (then Capital Defense Command chief), and others on October 1 last year, Yoon mentioned emergency presidential powers.
• Yoon Suk-yeol: “The dinner wasn’t prepared by chefs—I grilled omelettes and bacon myself and waited for you. We started with soju and beer bombs right away. Was that really the time for political talk?”
• Kwak Jong-geun: “Since you’re pushing it, I’ll say what I’ve held back. I clearly mentioned Han Dong-hoon. Yoon named Han Dong-hoon and some politicians, saying he’d have them arrested and shoot them himself. That’s when the conversation turned to emergency powers.”
• Yoon Suk-yeol awkwardly smiled and did not ask further questions.
• Related Link.

Deep Dive.

Uncharted Territory Opened by the “Gganbu” Alliance.

• SK Securities raised its target stock prices for Samsung Electronics and SK Hynix to 170,000 won and 1 million won, respectively.
• Semiconductor stocks were previously evaluated by PBR (price-to-book ratio). They followed cycles of recession and boom, so earnings and stock prices often diverged. Earnings might be good, but next year’s outlook could be poor, or sales might be strong but capital expenditure too high—there was a long gap between investment and profit recovery. It was a “build-first, order-later” structure.
• Taiwan’s TSMC, which makes foundry semiconductors, was different. It wasn’t subject to cycles and was evaluated by PER (price-to-earnings ratio).
• However, as AI (artificial intelligence) investment exploded, the memory semiconductor market is shifting to a “order-first, build-later” model. OpenAI’s preemptive purchase of semiconductors for 2029 is part of this trend. Supply is tightening, so the market is becoming demand-driven.
• Samsung Electronics and SK Hynix have PERs of 22x and 17x based on the latest 12-month earnings.
• Micron stands at 29x, TSMC at 44x, and Nvidia at 57x.
• In the AI gold rush, semiconductors are less like jeans sellers and more like pickaxe vendors. You can do without jeans, but without a pickaxe, you can’t mine gold. As investment grows, so does semiconductor demand. Nvidia expects data center investments to rise over 40% annually until 2030.
• Related Link.

Scale-Up, Scale-Out, Scale-Across.

• Scale-up refers to upgrading the specifications of a single server—known as vertical scaling. This strategy improves performance by increasing memory from 32GB to 128GB or adding more CPU cores.
• Scale-out expands system throughput by adding multiple servers of similar specifications—a horizontal scaling approach. Increasing servers from 10 to 100 boosts overall service performance and distributes risk.
• Scale-across is a strategy that expands beyond national and regional boundaries, leveraging multi-cloud and multi-data center architectures.
• Analysts note similarities and differences to the 2000 dot-com bubble, partly due to these scaling trends.
• U.S. internet usage rose from 9.2% in 1995 to 43% in 2000—OpenAI’s user growth mirrors this curve.
• Investment surged for nine years during the dot-com bubble, but today’s boom has only lasted two years.
• IT investment as a share of GDP grew from 2.0% in 1991 to 2.9% in 2000; today, it’s rising from 1.6% in 2023 to a projected 2.0% in 2025. Moreover, infrastructure investment has yet to begin.
• Some compare the current situation to the mid-1980s “Three Lows” boom or the late-1990s IT bubble. Now, both fundamentals and valuations are improving simultaneously—stocks rise when earnings and PERs increase together.
• Woori Investment & Securities raised its 2025 KOSPI forecast to 5,200, citing a PER of 14.2x.

Thorium Reactor Success Without Uranium.

• China has successfully experimented with converting thorium into uranium-233 at a molten salt reactor in the Gobi Desert, Gansu Province.
• Molten salt refers to high-temperature liquid salt. Since it uses molten salt as a coolant instead of seawater, it doesn’t need to be built near the coast.
• Thorium is a low-radioactivity metal, with 340,000 tons buried in China and 290,000 tons in India—enough to last over 1,000 years.
• The experiment showed that colliding neutrons with thorium nuclei converts it into uranium-233, which generates more energy than uranium. It also produces less radioactive waste and is more stable.
• Related Link.

“We Didn’t Realize North Korea Was So Close.”.

• Piet Hegges (U.S. Secretary of Defense) made the remark while visiting the Joint Security Area in Panmunjom with An Kyu-back (Minister of National Defense).
• The timing of North Korea’s artillery shelling could have been an intentional provocation.
• The SCM (South Korea-U.S. Security Consultative Meeting) joint statement declared, “It contributes to deterrence for security, freedom, and prosperity beyond the Korean Peninsula.”
• Chosun Ilbo assessed, “The phrase ‘beyond the Korean Peninsula’—a deterrence targeting security, freedom, and prosperity—is an unusual expression that the South Korean government had been reluctant to adopt, as it could provoke China and Russia.”
• Related Link.

Another Take.

Is It a Choice for Workers and Consumers?

• The Korea Courier Service Union under the Korean Confederation of Trade Unions proposed suspending deliveries from midnight to 5 a.m.
• Jang Hye-young (former Justice Party lawmaker) and Han Dong-hoon (former People Power Party leader) publicly debated this topic on CBS’s Park Jae-hong’s Face-to-Face.
• Jang Hye-young stated, “The term ‘midnight delivery ban’ is misleading,” explaining, “It’s not about eliminating the service but proposing to minimize intense, long-hour overnight labor.”
• Han Dong-hoon said, “I strongly believe respecting citizens’ right to choose benefits society as a whole,” adding, “I oppose a midnight delivery ban because it’s not a nuanced intervention.”
• The debate centers on four key issues.
• First, the argument that “life-threatening midnight deliveries must stop.”
• A recently deceased Coupang worker clocked in at 8:30 p.m. and delivered 179 packages by 7 a.m. the next day. A recent survey found 77% of Coupang workers handle third-round deliveries, often exceeding 250 packages.
• Jang Hye-young claimed, “Coupang night workers face constant risk of overwork-induced death.”
• Han Dong-hoon argued, “Overwork is a widespread issue in our society,” adding, “Extreme measures like banning midnight deliveries cannot solve overwork.”
• Second, the claim that “services can continue without midnight deliveries.”
• Jang Hye-young insisted, “We’re not trying to eliminate midnight deliveries but reduce ultra-late-night labor (0–5 a.m.),” noting, “Separating sorting tasks alone could significantly cut working hours.”
• Han Dong-hoon countered, “If no one delivers between midnight and 5 a.m., you can’t receive packages at dawn,” adding, “Starting work at 5 a.m. and finishing deliveries by 7 a.m. is impossible.”
• Third, the argument that “it’s a matter of workers’ choice.”
• Jang Hye-young stated, “While the right to choose a job is fundamental, workplaces requiring risking death shouldn’t be framed as a ‘choice.’”
• Han Dong-hoon criticized, “‘Risking death’ is an extreme expression unhelpful for solving real issues,” adding, “Who would truly ‘risk death’? People choose these jobs for higher pay or life necessities.”
• Han Dong-hoon claimed, “Most midnight delivery workers oppose the KCTU’s stance.”
• Fourth, the argument that “consumers demand midnight deliveries.”
• Han Dong-hoon argued, “Midnight deliveries are essential for mothers of autistic children, the elderly, dual-income families, etc.,” criticizing, “Framing this as immoral or infringing on workers’ health rights is deeply misguided.”
• Jang Hye-young suggested, “Consumers could be given the option to choose whether they ‘must’ receive deliveries at midnight.”
• Jang Hye-young proposed, “The People Power Party should participate in social dialogue.”
• Han Dong-hoon noted, “The term ‘social dialogue’ itself risks misleading people into thinking actual consensus is achievable.”
• Related Link.

Convenient Consumption and Hazardous Labor.

• Coupang Partners Council argued, “The proposal ignores the basic reality that starting deliveries at 5 a.m. means traffic jams during commuting hours and elevators packed with schoolchildren and commuters, making deliveries impossible.”
• Kyunghyang Shinmun emphasized in an editorial, “This should be an opportunity to maturely discuss workers’ health rights, which have been overshadowed by consumer convenience.”
• Related Link.
• Related Link.

Reconciliation with China? Why Lifting the Ban Remains Challenging.

• Ji Man-soo (Research Fellow at the Korea Institute of Finance) noted, “The ban began in 2016 as a punitive measure against South Korea’s THAAD deployment but shifted in 2021 to align with Beijing’s cultural control policies.”
• The ban has already evolved into a broader mechanism of social control within Chinese society. The Hankyoreh pointed out, “South Korea’s fixation on lifting the ban as proof of improved bilateral relations is paradoxically becoming an obstacle to that very goal.”
• Related Link.

Would President Yoon Have Emerged If Prosecutors’ Candidacy Was Restricted?

• These were the words of Ahn Mi-hyun (Seoul Central District Prosecutors’ Office prosecutor) in an interview with The Korea Times.
• Transitioning directly from the prosecutor’s office to politics is a form of political favoritism for former officials. Ahn argued that deputy prosecutors and section chiefs should be barred from running for office for two and three years respectively, while bureau chiefs and above for four years, and prosecutors general for five years.
• “The public struggles to trust fairness if prosecutors treat investigative and prosecutorial powers as political assets,” she explained. Ahn emphasized, “Restricting candidacy is more effective than abolishing prosecutors’ supplementary investigative authority in ensuring political neutrality and public trust.”

Yoon Government’s Fire Sale of State-Owned Real Estate.

• Lee Jae-myung ordered a halt to state-owned real estate sales—an emergency directive after reports that the Yoon administration frequently sold assets below appraised value.
• State-owned real estate sales jumped from 145 and 114 cases in 2021 and 2022 to 349 in 2023 and 795 last year.
• Sales below appraised value rose from 11% and 4% in 2021 and 2022 to 59% and 65% in 2023 and 2024.
• Last year, the 795 sold properties had an appraised value of 289.5 billion won but were sold for 224.8 billion won—a 64.7 billion won loss.
• Park Min-gyu (Democratic Party lawmaker) said, “State assets, which belong to the people, were sold off like pawnshop fire sales.”
• Park Beom-gye (Democratic Party lawmaker) criticized, “Wasn’t selling state assets a means to cover budget shortfalls?” Jeong Jeong-hoon (KAMCO president) explained, “In public bids, prices start at 100% and drop with each failed auction. The increase in public bids naturally drove prices down.”
• Related Link.

Is a 30-Story Building in Front of Jongmyo Shrine Acceptable?

• Seoul plans to demolish Sewoon Sangga and build a structure up to 142 meters tall.
• Jongmyo Shrine, a UNESCO World Heritage site across from Sewoon Sangga, requires a heritage impact assessment. The Cultural Heritage Administration issued a statement expressing “deep regret” that the high-rise redevelopment plan was announced without following UNESCO’s recommendation procedures.
• Seoul insists the site is not subject to assessment since it lies 180 meters away. Mayor Oh Se-hoon once declared, “I shed angry tears while looking at Jongno, Cheonggyecheon, and Euljiro from Sewoon Sangga’s rooftop,” adding, “I feel like vomiting blood.”
• Most newspapers present both sides equally, but Chosun Ilbo’s tone stands out—advocating for a “building forest” like Tokyo Station’s “heaven and earth” redevelopment in Japan.
• In the Gimpo City royal tomb-view apartment controversy, the court sided with the apartment developers.
• Related Link.
• Related Link.

GIM? That’s How You Spell It.

• Japan calls it Nori, English uses Seaweed. The Ministry of Oceans and Fisheries is branding Korean seaweed as GIM and pushing for international standardization.
• South Korea is the world’s largest seaweed exporter. This year, it’s projected to surpass $1 billion. By September, it had reached $882.38 million.

The Fix.

11 Years of Climate Disasters Cost 16.4 Trillion Won.

• Human casualties totaled 445.
• Regional disparities are stark. Among 17 provinces, the hardest-hit was Gyeongbuk (3.8 trillion won), followed by Gangwon and Jeollanam-do.
• Mo Kyung-jong (Democratic Party lawmaker) proposed three measures: First, establish climate disaster statistics; second, redesign the national disaster prevention system based on those statistics; third, develop measures to address regional inequality in damage.
• Related Link.

70% of STEM Graduates Considering Overseas Job Moves.

• The Bank of Korea surveyed master’s and doctoral degree holders in science and engineering fields.
• South Korea’s STEM doctorate holders doubled from 9,000 in 2010 to 18,000 in 2021.
• Overseas professionals earn $366,000 by their 13th year, while Korean counterparts reach $127,000 by their 19th year. Salaries in Korea rise gradually with tenure.

Retirement Age Extension to 65 in Phases.

• The Democratic Party plans to propose legislation within this year.
• Raising the retirement age from 60 to 65 in phases by 2033 was a pledge of the Lee Jae-myung administration.
• From 2033, the National Pension Service’s payout age will be delayed from 63 to 65—extending the retirement age could reduce income gaps.
• The People Power Party advocates for post-retirement rehiring over extending the retirement age.

Caregiver Salaries: 16 Million vs. 58 Million Won.

• Among 71,000 caregivers, 21,329 work in nursing hospitals with an average annual salary of 16 million won. Many are foreign workers, including ethnic Koreans from China and Central Asia.
• Ha Eun-sung (labor attorney, “Labor Attorneys for Labor and Human Rights”) pointed out, “Shared caregivers are classified as freelancers despite being workers under hospital supervision, leaving them ineligible for minimum wage protections.”
• Caregivers working independently, not affiliated with hospitals, earned 58 million won annually.

Buy Me a Book Project.

• “Adults have prepaid—take a book.”
• It’s an experiment by ‘Bookshop, Anne,’ an independent bookstore in Cheongju, North Chungcheong Province. Each month, regular customers prepay for about 30 books, allowing passing teenagers to take them for free.
• The only condition: “Come without a guardian and choose one yourself.”

Can 430 Trillion Won in Retirement Pensions Fuel a KOSPI 5000?

• Retirement pension returns have stagnated at 2.9% annually over the past five years since 2020.
• The National Pension Service achieved 8.2% during the same period.
• Legislative proposals to introduce pooled retirement pension funds are multiplying.
• Ahn Do-gil (Democratic Party lawmaker) proposed a bill to establish a retirement pension management division under the Korea Workers’ Compensation and Welfare Service.
• Kim Wi-sang (People Power Party lawmaker) introduced a bill to expand eligibility for retirement pension plans.
• Han Chang-min (Social Democratic Party lawmaker) proposed creating a dedicated Retirement Pension Corporation.
• Oh Gi-hyeong (Democratic Party lawmaker) stated, “Pooling retirement pensions would not only strengthen retirement income but also invigorate capital markets.”

80,791 National Pension Recipients Earn Over 2 Million Won Monthly.

• They account for 0.7% of all recipients.
• To join the “2 million won pension club,” one must pay premiums for over 40 years, delay pension receipt by up to five years, and meet all conditions including dependent family supplements.
• Even with an annual salary of 100 million won, paying premiums for 30 years makes it difficult to reach 2 million won monthly. In reality, over half of pension enrollees have contributed for less than 20 years.
• Related Link.

ICYMI.

Kim Keon-hee’s Bail Request.

• She requested a trial without detention. It is highly likely to be reviewed at the hearing on the 5th.
• Yoon Suk-yeol also requested bail, but the court rejected it.

Top 0.1% Earn 1.13769 Billion Won Annually.

• The average wage worker earns 54.82 million won.
• The top 1% earn 216.73 million won, the top 10% earn 105.07 million won.
• The bottom 20% earn 26.42 million won, the bottom 10% earn 21.19 million won.
• Median income is 42.72 million won.

Not Just a Chicken, but by the Gram.

• Not all chickens are equal. A size 13 chicken weighs 1350g, while a size 9 is 950g.
• Kyochon Chicken once faced massive backlash after reducing its boneless chicken portion by 200g.
• The Ministry of Agriculture, Food and Rural Affairs is discussing a plan to mandate chicken portion sizes be labeled in grams.

Flu Patients Tripled to 3.5 Times Last Year.

• During December 19–25, there were 13.6 flu patients per 1,000 outpatient visits.
• The same period last year saw 3.9 patients.
• This year’s outbreak arrived earlier and is expected to last longer.
• Last year marked the worst flu season in a decade—this year’s epidemic is even stronger.

If Innocent, Then Uji Ramen’s Return.

• Samyang Foods was the biggest victim of the industrial lard scandal.
• In 1989, Samyang Foods, Ottogi Foods, and others were embroiled in controversy for using imported U.S. industrial lard—but all were acquitted. The saturated fat content in lard is lower than palm oil: 43% vs. 50%.
• Yesterday, when Samyang launched its premium lard-fried ramen ‘Samyang 1963,’ marked the 36th anniversary of the prosecution’s initial complaint. Samyang’s market share plummeted, and though lard was deemed harmless, its image recovery took decades.
• They drew confidence from the success of Buldak Bokkeummyeon. Kim Jung-soo (Samyang Foods Vice Chairman) said, “There was always a desire to reintroduce lard ramen,” adding, “The company faced hardships, but now as a global brand, our internal confidence has grown enough to launch this new product.”
• Holding the press briefing at Boko Hotel near Namdaemun Market was symbolic. Jeon Jung-yoon (Samyang Foods Chairman) reportedly entered the ramen business after seeing long lines for 5-won honey porridge made from U.S. military leftovers. ‘Samyang 1963’ commemorates Korea’s first instant noodles, launched in 1963.
• Related Link.

YouTubers Earning Over 100 Million Won: 4,032 Names.

• From 259 in 2019, the number has nearly multiplied by 16.
• Even those aged 20 or younger account for 1,086 individuals.
• The National Tax Service launched audits and imposed 23.6 billion won in taxes on 67 individuals.

1.14 Million Missed the Livelihood Coupon.

• 98.7% applied for the first round, 97.5% for the second.
• All coupons expired on November 30. Unused coupons are returned to the national treasury.
• According to the Ministry of Trade, Industry and Energy, September sales at 23 major domestic retailers rose 7.7% year-on-year.

Worth Reading.

Do Corporations Want AI That Never Rests?

• Kim Kwan-wook (Duksung Women’s University professor) disagrees.
• Workers feel insulted and fearful. AI may be efficient but cannot replicate the tension, ethics, and sense of responsibility humans create.
• Kim emphasized, “Corporations must acknowledge that the reason they could reap massive profits was precisely the emotions and morality of humans, once deemed the most imperfect.”
• “The London Bagel Museum tragedy is not merely a case of overwork death. It is the result of a human’s diligence and fear being utterly consumed within a system. (Omitted) What is needed is not technological perfection, but institutions and cultures that protect the dignity and exhaustion of imperfect humans. Only when we respect the depth of human emotion and the weight of morality can ‘dream labor’ truly begin—not from technology, but from humans.”
• Related Link.

Where’s the Innovation Here?

• Hwang Se-won (CEO of Ilin Research Institute) proposes a different perspective.
• Coupang outsourced logistics and delivery to day laborers and independent contractors while directing and supervising them as if they were regular employees.
• “If dawn delivery is necessary, the company must properly hire the required workforce and operate shift systems that don’t harm health. If they insist on using independent contractors, contracts should be limited to non-consecutive night shifts, and workers must not face penalties for refusing excessive labor. If implementing these measures would bankrupt the company, then dawn delivery—regrettably—must be halted.”
• Related Link.