The Return to Cheong Wa Dae Era.

• Today marks the opening of the Spring and Autumn Press Building.
• By the end of this month, when the presidential office and National Security Office are fully relocated, the name will revert to Cheong Wa Dae—3 years and 7 months later.
• The official residence remains under construction, so the president will commute from the Hannam-dong residence for the time being.
• The presidential office has been set up in Yeomin Hall. The National Security Advisor, Policy Chief, and Chief of Staff will also be based in the same building.
• Relocating from Cheong Wa Dae to Yongsan cost 80 billion won; returning from Yongsan to Cheong Wa Dae added another 50 billion won. (Some analyses suggest costs exceeding 1 trillion won when accounting for cascading relocations, including the Ministry of National Defense.)
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What Matters Now.

Bill to Establish Rebellion Tribunal Heads to Plenary Session Today.

• The People Power Party has labeled it one of five “judicial-destruction bills” and vows to counter with a filibuster.
• The Democratic Party holds more than two-thirds of the seats, allowing forced closure after 24 hours anyway.
• The fake news punishment bill has already entered the revision process.
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SK Telecom to Compensate 100,000 Won per Customer.

• SK Telecom has been ordered to take responsibility for the personal data leak. The Korea Consumer Agency Dispute Mediation Committee ruled to provide 50,000 won in discounts and 50,000 points.
• SK Telecom stated, “We will review it thoroughly and decide carefully.” With 23 million victims, the compensation scale reaches 2.3 trillion won.
• SK Telecom rejected the Personal Information Protection Commission’s mediation proposal to pay 300,000 won per victim. It is also likely to appeal the 1.349 trillion won penalty imposed by the commission.
• The hacking began in August 2021, was discovered in April this year, and disclosed after five days. SIM card information was also leaked.
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The Reason Sanitary Pads Cost 40% More Than Abroad.

• An Hyun-jin (Women’s Environmental Alliance Women’s Health Team Leader) pointed out, “The monopoly structure is a major issue.”
• Organic or premium-labeled product lines have increased, with prices about 27% higher. An Hyun-jin criticized, “The practice of raising prices by holding safety as hostage is problematic.”
• South Korea’s sanitary pad market is dominated by 3–4 companies, including Yuhan-Kimberly and LG Unicharm, which hold over 80% market share. Sanitary pad prices rose 18.5% compared to 2020, based on the third quarter of this year.
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“Five Years Is Too Short.”.

• Kim Min-seok (Prime Minister) said, “People used to say Yoon Suk-yeol’s (former president) five years were too long, but now they say five years is too short. Some even wish he could serve longer.”
• Kim Min-seok evaluated, “Kim Dae-jung (former president) was like an aircraft carrier, Roh Moo-hyun (former president) a live volcano, Moon Jae-in (former president) a calm sea—Lee Jae-myung (president) is the one who knows policy in the greatest depth.”
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Deep Dive.

1% More Electricity, 2 Trillion Won More Paid.

• Industrial electricity rates have risen 70% over the past three and a half years.
• Dongkuk Steel paid 32.8 billion won more in electricity costs despite cutting production by 30% over three years.
• Chosun Ilbo criticized in its front-page lead: “Companies are paying rates over 30% higher than cost to cover Korea Electric Power Corporation’s deficits.”
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Rising Exchange Rate Fuels Inflation and Interest Rates.

• Import price index rose 2.2% in November, consumer price index up 2.4%.
• Government considering two-month extension of fuel tax cut.
• Baek Seok-hyun (Shinhan Bank economist) forecasted, “Dollar demand dominance is irreversible.”
• Moon Jung-hee (KB Kookmin Bank economist) analyzed, “Breaching 1,500 won is possible.”
• Bank of Korea projects 2.1% inflation next year, but if exchange rate remains volatile, could reach mid-2% range.
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“Corrupt Inner Circles Cannot Be Left Unchecked.”.

• Lee Jae-myung (president) made these remarks regarding the long-term dominance of financial holding company CEOs.
• “They keep rotating as bank presidents and CEOs, serving 10–20 years—do we have countermeasures? Corrupt inner circles emerge, exercising control at will. This cannot be left unaddressed.”
• The Financial Supervisory Service decided to inspect whether BNK Financial Group’s appointment process was proper. BNK Financial Group confirmed Bin Dae-in’s (BNK Financial Group chairman) reappointment on the 8th.
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Another Take.

Investing Citizens’ Money in SK Hynix? The Fund Must Lead.

• “The biggest problem is that both the lending and borrowing companies are SK Group.” This is the argument of Cheon Joon-beom (Vice Chairman of the Korea Corporate Governance Forum).
• The government’s plan is to create a subsidiary jointly owned 50% by SK Hynix and the National Growth Fund, which will build a semiconductor plant to be leased by SK Hynix.
• Cheon Joon-beom argued, “The current structure lacks external oversight to prevent investment failure,” and insisted, “The fund must secure authority over deciding investment targets and conditions.”
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Monthly Rent Rises 3.3%.

• This is the increase rate from January to November this year.
• Average monthly rent for Seoul apartments has risen to 1.48 million won.
• The median is 1.22 million won.
• The shift from jeonse to monthly rent is accelerating.
• Housing supply measures are likely to be delayed until next year.
• In an editorial, Kyunghyang Shinmun emphasized, “Effective measures must be introduced proactively and in a timely manner.”
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Clinton Is There, Trump Is Not.

• The White House released files on sex-trafficker Jeffrey Epstein, but significant portions were redacted—and Donald Trump (U.S. President), known for his close ties to Epstein, was omitted.
• Photos of Bill Clinton (former U.S. President), Michael Jackson (singer), and Walter Cronkite (former CBS anchor) were included in the release, though none face criminal allegations.
• The New York Times observed, “For Trump, Epstein is a story he cannot outrun,” noting that public scrutiny persists.
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‘Peak Trump’ Approaches.

• It’s the story of a peak followed by decline.
• Jeon Jae-sung (EAI President) analyzed, “Since 1932, there have been almost no cases where the ruling party performed well in midterm elections,” adding, “If they lose the House, domestic politics will face a backlash—and the more that happens, the more likely they are to seek achievements in foreign policy.”
• “The U.S. is stronger than any historical power, yet its citizens feel unhappy. The perception that they haven’t enjoyed what comes with being a hegemon is the backdrop to Trump’s rise. Trump tapped into that sentiment, so we’ll have to see how his approval ratings hold.”
• Jeon Jae-sung projected, “The U.S. and China will compete fiercely, but they can’t return to the past,” noting, “The rivalry is likely to last roughly 10–20 years—a timeline similar to the tenures of ‘strongmen’ like Putin and Xi Jinping.”
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Same Station Staff, Half the Pay.

• Based on 20 years of service, a Korail station worker’s base salary is 3.91 million won, while a Korail Networks station worker with the same tenure earns 2.02 million won.
• Including meal allowances and bonuses, the totals are 4.14 million won and 2.17 million won, respectively—nearly a twofold gap.
• Korail Networks manages 140 of Korail’s 190+ commuter rail stations under a subcontracting arrangement.
• Welfare benefits also differ sharply: Korail’s holiday bonus is 4.46 million won, while Korail Networks’ is 1 million won. Korail Networks offers no performance-based bonuses or special incentives.
• Staffing shortages are severe: Korail operates on a 4-team, 2-shift system, while Korail Networks uses a 3-team, 2-shift system.
• A Korail station worker works 165 hours and receives an additional 200,000 won in meal allowances; a Korail Networks worker works 200 hours but receives only 140,000 won.
• Seo Jae-yu (Korail Networks station worker) said, “Being discriminated against in what we eat is truly heartbreaking.”
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Korea Zinc’s Tennessee Refinery Controversy.

• Korea Zinc has decided to build a $7.4 billion refinery in Tennessee, U.S. The U.S. government will secure equity and provide policy funding.
• Korea Zinc plans to issue and transfer 10.6% new shares to its U.S. joint venture Crucible JV and provide 861.7 billion won in operating funds to Crucible Metals, the operating entity.
• The U.S. Department of Defense will buy 14.5% of Crucible Metals for one cent in exchange for a $7 trillion policy loan at 6% interest.
• Youngpoong, which is in a management dispute with Korea Zinc, claims that Chairman Choi Yoon-beom (Korea Zinc) is increasing his control by amplifying risks and handing benefits to the U.S.
• Korea Zinc claims annual sales of $4.95 billion are expected once the facility operates normally.
• Analysis suggests a Trump-style “national shareholder model.” Choi Yong-seon (Yulchon Senior Advisor) said, “The U.S. relies on imports for 73% of strategic minerals,” adding, “This is a strategy to overcome excessive dependence on China.”
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Those Who Cannot Leave Muan Airport.

• Jeju Air crash families still live in tents.
• The crash site remains abandoned after a year. The localizer that caused the crash lies shattered on the embankment at the runway’s end. Concrete debris where bodies were found also remains untouched.
• The families reject the Ministry of Land, Infrastructure and Transport’s announcements and investigation results. The Accident Investigation Board concluded in July that pilot error was the cause.
• Kim Seong-cheol (family member), interviewed by Kukmin Ilbo, said, “The phrase I hate most is ‘Time will heal’ ” and added, “The longer time passes, the harder it gets for us.”
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The Fix.

Care Workers Sleep 4 Hours, Work 12 Consecutive Days.

• The Health and Welfare Human Resources Institute noted, “Care workers’ labor conditions are likely linked to insufficient rest, health risks, and increased accidents.”
• 53% of care workers are employed on 24-hour round-the-clock shifts.
• 98% of respondents are female, with an average age of 65. Their average monthly wage over the past three months was 1.76 million won.
• Choi Kyung-sook (Director of the Health and Welfare Human Resources Institute) stated, “At minimum, industrial accident insurance must be applied,” adding, “In the medium to long term, care work should be integrated into the healthcare system.”
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Coupang Workers Told a Different Story.

• “We know it’s dangerous, but it’s our means of survival. If dawn deliveries are banned, we’ll have to find other work.”
• “Who benefits from banning dawn deliveries?”—this was the theme of a debate hosted by the Reform Party.
• “To quit Coupang, we need jobs better than Coupang. We can’t survive on minimum wage, so we risk our lives for dawn deliveries.”
• “Daytime deliveries? If they don’t pay as well as dawn deliveries, they’re no solution.”
• 93% of Coupang dawn delivery workers oppose the ban for this reason.
• “Ban only 0–5 a.m.? That’s out of touch with reality. Loading and unloading alone takes 1 hour and 24 minutes on average. Starting at 5 a.m. makes it impossible to deliver before people go to work.”
• Some argue that stopping dawn deliveries would also hurt small-business revenue. The Korea Logistics Society estimated economic losses at 54 trillion won.
• “No one does dawn deliveries because they like it. If you regulate working hours, we’ll have to take second jobs. Preventing overwork? Survival must also be considered.”
• “Workers must not be excluded from social agreements,” one voice argued.
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“No One to Lean On,” OECD’s Worst.

• “I have no friends or family to rely on when I need help” was answered by 20%. In a national data survey, 38% of the population aged 13 and over said they felt lonely.
• Economic poverty has decreased, but relational poverty ranks among the lowest in major countries. The JoongAng Ilbo warned, “Relational poverty leads to loneliness, anxiety, depression, isolation—and in severe cases, to reclusive loners or suicide.”
• When the Seoul Welfare Foundation surveyed 72 socially isolated citizens last year, 69 refused welfare services.
• In an Embrain Trend Monitor survey, 79% answered, “I do not interact with neighbors beyond greetings,” and 56% said, “The term ‘neighbor as family’ is no longer valid.”
• The World Health Organization has also warned, “Loneliness is equivalent to smoking 15 cigarettes a day.”
• Choi Jin-young (Seoul National University professor) pointed out, “Relational poverty appears in countries that have undergone industrial advancement, but in our case, economic development, democratization, and demographic changes occurred unusually rapidly. In the process, local communities collapsed, and as societal inclusivity declined, relational poverty worsened.”
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Prescribing People Instead of Pills: Britain’s Loneliness Ministry and Its Impact.

• Britain established a Ministry for Loneliness in 2018 and began addressing the weakening of social networks as a national agenda.
• Before prescribing antidepressants or sleep aids, patients are referred to link workers for counseling.
• 3,500 link workers are stationed at primary care centers, issuing 1.3 million “social prescriptions” annually.
• Since introducing social prescribing, general practitioner visits have decreased by 12%, secondary care costs by up to 12%, and the percentage of people feeling lonely dropped from 7.1% to 6.6%.
• Moon Seung-yeon (consultant psychiatrist at the UK National Health Service) said, “All institutions now consider strengthening connections when formulating and implementing policies.”
• “Britain’s lesson lies in normalizing discussions about loneliness, prescribing connection, and transparently disclosing outcomes. Loneliness should not be framed as an individual weakness but as a societal infrastructure gap—an era-defining responsibility the state must embrace.”
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Data Arterial Hardening.

• Climate-related data is trapped in silos across government ministries.
• Weather data belongs to the Korea Meteorological Administration, flood data to the Ministry of Climate, Energy, and Environment, wildfire data to the Korea Forest Service, and building data to the Ministry of Land, Infrastructure, and Transport.
• Kim Baek-min (Professor at Pukyong National University) noted, “Researchers spend more energy on preprocessing to align data formats after receiving ministry data than on developing innovative models,” calling it “an obvious national waste.”
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ICYMI.

Prisons Overcrowded, Early Releases Expanded.

• Correctional facilities are operating at nearly 130% capacity.
• The Ministry of Justice plans to increase early releases by 30% next year compared to this year.
• In 2023, the monthly average was 794 people; this year, it rose to 1,032.
• Jeong Seong-ho (Minister of Justice) remarked, “The president is quite popular inside prisons.”
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Coupang’s $15 Million Lobbying Fund in the U.S.

• That’s $10.76 million over four years.
• Chosun Ilbo noted, “Coupang’s lobbying logic is clear”—emphasizing that it is a U.S. tech company operating in South Korea.

No White Christmas.

• Rain is expected from the afternoon of the 23rd to the morning of the 24th.
• A clear Christmas is highly likely.

Worth Reading.

No Heroes That Night.

• Prosecutors who protested the abandonment of the Daejang-dong appeal were exiled to the Judicial Training and Research Institute. The Ministry of Justice publicly condemned them, stating, “They caused misunderstandings about the prosecution’s political neutrality and fairness, and damaged the organization’s honor and trust.”
• Two weeks later, the prosecution also abandoned the appeal in the National Assembly fast-track case. Hong Jin-su (Social Affairs Bureau Chief at Kyunghyang Shinmun) reportedly waited until late at night to write an article if protesting prosecutors emerged—but there was no response until the end.
• Hong Jin-su evaluated, “Selective appeal abandonment was met with selective protest,” adding, “The prosecution and its members may have gained organizational stability, but they themselves undermined the very foundation of their existence: public trust.”
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Why So Coarse and Hasty?

• The Democratic Party is pushing forward with the punishment law for false and manipulated information.
• The Kyunghyang Shinmun editorial criticized, “Under this approach, during the Yoon Suk-yeol administration, Kim Keon-hee could have filed injunctions against media reports, and even now, companies like Coupang would be the biggest beneficiaries.”
• Oh Byung-il (Representative of the Progressive Network) condemned, “Only authoritarian states delete information that is not illegal by labeling it as ‘false’—whether it’s ‘false information’ or ‘false + manipulated information.’”
• The Hankyoreh also editorialized, “A bill unanimously opposed by civil society and the media should not be rushed through in such a slapdash manner.”
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