Fourteen Dead in Factory Fire.

• Fourteen workers died and 60 were injured in a fire at Safety Engineering, a Hyundai Motor subcontractor.
• The blaze spread rapidly due to the factory’s sandwich-panel structure. Grease buildup, clogged dust-collection systems, and sludge in pipes turned the facility into a tinderbox.
• Sparks from an electrical source may have ignited flammable vapors, causing an explosion.
• Many victims were in the gym during lunchtime; reports suggest unauthorized second-floor modifications were made during parking lot construction.
• The company reported 2024 revenues of 1.351 billion won and 364 employees.
• One victim called his girlfriend, saying: “Everything’s pitch-black. I don’t think I’ll make it out. Tell my parents I love them.”
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What Matters Now.

Four Questions to Gauge the Next Phase of the War.

• “The objective is just an objective. The pace is ours to control.” Pete Hegseth (U.S. Undersecretary of Defense) posted this on X. Ultimately, it means no one knows when it will end.
• Axios compiled four key questions.
• First, what will happen to the Strait of Hormuz?
• If ships cannot pass, even a Trump-declared victory won’t end the war. If Iran starts laying mines, the conflict could drag on.
• Second, will the U.S. deploy ground forces?
• Marines have been sent, but committing ground troops is far from simple. Trump said, “We won’t deploy troops anywhere,” yet added, “Even if we do, we won’t say so.” A special forces operation to extract nuclear material from underground facilities is being considered, but it could be 100 times harder than the Maduro kidnapping attempt. Capturing Kharg Island is also unlikely—it’s within missile range, and any damage to oil infrastructure would shock the global economy.
• Third, can the nuclear program be ended?
• Benjamin Netanyahu (Israeli Prime Minister) claimed, “Iran no longer has uranium enrichment capabilities,” but there’s no way to prove it. Their whereabouts remain uncertain.
• Fourth, can the Mojtaba Khamenei (Iran’s Supreme Leader) regime continue?
• He was supposed to inherit his father Ali Khamenei’s (former Iranian Supreme Leader) position but has yet to appear publicly. Reports suggest he may be seriously injured. Since Ali Larijani’s (Iran’s Supreme National Security Council Secretary) death, it’s unclear who holds real power.
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The Six U.S. Conditions for Iran.

• First, no missile development for the next five years.
• Second, no uranium enrichment.
• Third, close the nuclear facilities at Natanz, Isfahan, and Fordow—targets of U.S. and Israeli airstrikes last year.
• Fourth, submit centrifuge production and related equipment to external monitoring.
• Fifth, join an arms control treaty limiting missiles to under 1,000.
• Sixth, halt funding to Hezbollah in Lebanon, Houthi rebels in Yemen, and Hamas in Gaza.
• Reported by Axios. Iran demands a U.S.-Israeli pledge to stop attacks.
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Forty-Eight Hours Given.

• Trump told reporters, “You don’t do a ceasefire when you’re literally obliterating the other side.”
• The plan is to bomb Iran’s power plants if it refuses to open the Strait of Hormuz.
• Iran is vowing retaliation.
• It launched a 4,000 km-range intermediate missile targeting the Diego Garcia military base—one likely failed to detonate, another was intercepted. Its range reaches Germany.
• Over 100 were injured in attacks on Dimona and Arad, sites of Israel’s nuclear facilities.
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Lee Jae-myung’s Approval Rating Hits Post-Inauguration High.

• Korean Gallup poll records 67%.
• Democratic Party and People Power Party support rates stand at 46% and 20%, respectively.
• 40% responded positively to the judicial reform bills; only 28% were negative.
• Only 30% supported troop deployment to the Iran war. 55% opposed it.
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Exclude Multi-Homeowners from Real Estate Affairs.

• President Lee Jae-myung’s directive. He posted on X: “Escaping the real estate republic is the core of all core tasks for South Korea’s great transformation,” noting, “Because even 0.1% of flaws or loopholes must not exist in housing policy.”
• There are 12 senior aides at the vice chief of staff level or higher who own multiple homes.
• A Blue House official explained, “It’s not about forcing them to sell, but suggesting it’s better to divest,” adding, “It’s a preemptive measure to eliminate conflicts of interest.”
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Japan Bought Its Way Out Without Troop Deployment.

• Takaichi Sanae (Japanese Prime Minister) met with Donald Trump (U.S. President) and returned with a $73 billion investment pledge.
• She explained that dispatching the Self-Defense Forces was difficult under the Peace Constitution, and Trump reportedly nodded as if saying, “I see.”
• Many assessments say she “got out of it well.”
• Abbas Araghchi (Iranian Foreign Minister) told Kyodo News in an interview that “Iran could allow Japanese ships to pass,” possibly aiming to drive a wedge between the U.S. and Japan.
• The Korea Ilbo editorial noted, “Military responses must be avoided while actively pursuing diplomatic solutions.” “It’s not a choice,” it added, “but a matter of balance.”
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Average Annual Salary Surpasses 50 Million KRW.

• Regular wages for regular workers stood at 43.83 million KRW, with special payments at 6.79 million KRW. These increased by 2.7% and 4.3% respectively compared to 2024.
• Hourly wages were 27,518 KRW—up 3.8%.
• SME salaries remain at 61% of large enterprise levels.
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Deep Dive.

Lee Jin-suk and Joo Ho-young Fail to Secure Daegu Mayor Nomination.

• The decision was made by the People Power Party’s nomination committee.
• Lee Jung-hyun (People Power Party Nomination Committee Chair) did not elaborate, stating, “We judged that their roles would be better utilized beyond the Daegu mayoral position.”
• Lee Jin-suk (former Chair of the Korea Communications Commission) called it an “unacceptable decision,” requesting a “reconsideration.” Joo Ho-young (People Power Party lawmaker) said he plans to “file for a provisional injunction.”
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Next BOK Governor Nominee: Hyun Song-shin.

• Hyun Song-shin (Head of Monetary Economics at the Bank for International Settlements) is a pragmatic hawkish economist and expert in international finance and macroeconomics.
• Graduated from Oxford University and has taught at Oxford, the London School of Economics, and Princeton University. Served as International Economic Advisor to the Presidential Office during the Lee Myung-bak administration.
• Previously a financial advisor to the Federal Reserve Bank of New York and has worked at the Bank for International Settlements since 2014.
• Advocates for preemptive rate hikes to address inflation. Once argued, “If housing prices surge, interest rates must curb the bubble.”
• The Kyunghyang Shinmun pointed out, “There are concerns he may be relatively unfamiliar with domestic economic issues.”
• The Financial Times analyzed, “Hyun has emphasized debt reduction,” adding, “Lee Jae-myung (President) likely chose him to tackle real estate and household debt problems.”
• Opposes stablecoins, conflicting with the Lee Jae-myung administration’s stance. Noted, “In countries with high exchange rate volatility, they easily become tools for capital flight.”
• The BOK governor must undergo a parliamentary confirmation hearing.
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State Investigation into Daejang-dong Prosecution Manipulation.

• People Power Party resisted with a filibuster but it was forcibly terminated after 24 hours and put to a vote.
• It covers Daejang-dong, Wirye New City, Ssangbangwool’s North Korea remittances, allegations of political fund receipts by Kim Yong (former Director of the Democratic Research Institute), and the West Sea civil servant shooting incident.
• People Power Party is protesting, calling it a “build-up to canceling Lee Jae-myung’s indictment.” However, they have stated they will attend the special committee’s formation. Song Un-seok (People Power Party Floor Leader) said, “We must fight to prove that this was not a manipulated indictment but a normal one.”
• The special committee chair is Seo Young-kyo (Democratic Party lawmaker), with 11 members from the Democratic Party, 7 from People Power Party, and 2 from minor parties. The investigation period is 50 days.
• Kim Ye-ji (People Power Party lawmaker) filibustered for 17 hours and 35 minutes—the third-longest record after Jang Dong-hyeok (People Power Party leader)’s 24 hours and Cheon Ha-ram (Reform Party Floor Leader)’s 18 hours and 56 minutes. Kim argued, “If the independence of investigative agencies is shaken, the harm will first and most severely affect vulnerable groups who rely on law and institutions, not those in power.”
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Prosecution Office Act and Serious Crimes Investigation Agency Act Both Pass.

• The three-day-and-four-night filibuster has ended. The prosecution service will disappear after 78 years in October.
• The issue of supplementary investigative authority remains contentious. Some predict the debate over the prosecution office and serious crimes agency will be even fiercer.
• This is because the Blue House and government are expected to stand firm.

Democratic Party’s Gyeonggi Governor Candidates: Kim Dong-yeon, Choo Mi-ae, and Han Joon-ho.

• The main primary will be held on the 5th–7th of next month. The candidate will be selected by combining 50% party member votes and 50% poll results, with a runoff vote scheduled for the 15th–17th if no candidate secures a majority.
• Kim Dong-yeon (Gyeonggi Governor) has repeatedly apologized for the “ingratitude” controversy. His low support among party members is a weakness.
• Choo Mi-ae (Democratic Party lawmaker) receives a 10% gender bonus. Han Joon-ho (Democratic Party lawmaker) emphasizes his status as the “destined pick.”

25 Trillion Won Supplementary Budget.

• It will be processed on the 10th of next month. It has grown larger than expected.
• A “virtuous supplementary budget” composed of excess tax revenue without issuing government bonds.

Another Take.

Yoo Si-min’s ABC Controversy.

• Yoo Si-min (author) dropped a bombshell. He divided Democratic Party supporters into three groups: value-driven Group A, interest-driven Group B, and mixed Group C.
• Group A is the core base supporting Roh Tae-woo, Kim Young-sam, Kim Dae-jung, Roh Moo-hyun, Moon Jae-in, and Lee Jae-myung. Group B is the so-called “New Lee Jae-myung” faction—those who claim pro-Lee allegiance for personal gain or survival.
• Yoo criticized, “Group B claims to be pro-Lee but are the first to throw stones when problems arise.”
• A Democratic Party lawmaker warned, “Labeling supporters could become ‘Season 2 of the Watermelon Debate.’” According to Yoo’s classification, Kim Eo-jun (Ddanzi Ilbo CEO) and Chung Chong-rae (Democratic Party leader) belong to Group A, while Han Joon-ho (Democratic Party lawmaker) and Lee Eun-ju (Democratic Party lawmaker) could fall into Group B.
• Cheon Gwang-am (Donga Ilbo editorial writer) called it a “modern-day Yeosong Debate.” He analyzed, “Replace ‘value’ with ‘ritual propriety,’ swap Chung Chong-rae-Yoo Si-min-Kim Eo-jun with ‘Westerners-Noron,’ and substitute ‘New Lee Jae-myung’ or ‘pro-Lee’ groups with ‘Southerners’ or ‘Westerners-Soron.’”
• Cheon warned, “Prosecutorial reform must not drift from public interest due to Yoo’s Venn diagram or hardliners’ pressure, nor should governance shift from pragmatism and unity to exclusionary rhetoric.”
• Lee Se-young (Hankyoreh editorial writer) noted, “Yoo’s framing of traditional and new supporters as ‘value-seeking’ vs. ‘interest-seeking’ reflects strong subjectivity.”
• “Traits—whether individual or collective—exist on a spectrum, not as distinct sets like ‘Group A’ or ‘Group B,’” Lee argued.
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BTS Gwanghwamun Concert Draws 60,000.

• It fell far short of the initially expected 260,000 attendees.
• Adding the number of telecom subscribers and estimated foreign visitors, the total is around 62,000.
• Over 10,000 public officials were mobilized for the event, including 6,700 police officers and 2,600 Seoul city employees.
• Hybe deployed 4,800 private personnel.
• Considering overtime pay for public officials, the cost is estimated to exceed at least 440 million won.
• Jeon Eun-sook (Seoul Regional Head of the National Government Employees Union) criticized, “The problem lies in mobilizing public officials for a private corporate event,” adding, “Overmobilization of public servants could hinder responses to actual public crises.”
• Kim Jong-su (Seoul Fire Department Head of the National Government Employees Union) warned, “In emergencies, initial response is critical—lives depend on how many kilometers away responders are,” and noted, “Those remaining behind were more on edge than those deployed to the venue.”
• The Korea JoongAng Daily editorialized, “Even if it’s about elevating national prestige, it’s unreasonable to take excessive civilian sacrifice for granted.”
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Spotify Global Top 14: All BTS.

• ’Arirang’ sold 3.98 million copies in a single day.
• Track 6, ‘No. 29,’ also sparked discussion. It’s a 1 minute 38 second track featuring the sound of National Treasure No. 29, the Sacred Bell of Great King Seongdeok (Emille Bell).
• Some interpreted the bell’s beat interference phenomenon as aligning with RM’s long-emphasized philosophy of coexistence.
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BTS Live Broadcast Cable: 9.5km.

• It supplied 9,660kVA of power—enough for 3,000 households.
• 23 cameras and 124 relay monitors were deployed. The broadcast equipment alone weighed 165 tons.
• According to SK Telecom, mobile data used in the Gwanghwamun Square area from 7–10 PM that day reached 12TB—equivalent to 2.43 million photos.
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Targeting the $70 Billion TV Ad Market.

• BTS Live was not just an event. It was a testbed for experimenting with a live broadcast market targeting 325 million people in 190 countries.
• The Wall Street Journal assessed, “Netflix has become a competitor in the $70 billion TV advertising market.”
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UN AI Hub Comes to Korea.

• Amid faltering global governance, South Korea emerged as an alternative after being overlooked for its geopolitical position—not the US.
• “The country providing the building and the one setting the agenda are different.” Park Tae-woong (Chair of the Green Book Forum) called it “unprecedented in South Korean diplomatic history” and proposed five points.
• First, personnel matter. We must cultivate talent with a 10-year vision.
• Second, we must preemptively establish AI ethics and governance.
• Third, contribution levels should secure proportional influence.
• Fourth, we must build ties with the Global South. South Korea is a tech-advanced middle power.
• Fifth, the goal is to create a state-level AI transition strategy. If we follow international standards, the UN can naturally adopt them.
• “Geneva wasn’t built in a day.” The message: it’s time to plan big, with 10 years ahead to envision Korea’s role.
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The Fix.

Three Accidents at an SPC Factory.

• An employee who worked at a Samlip factory in his twenties wrote in The Hankyoreh. He worked 12-hour shifts in day-and-night rotation for about a year, during which three accidents occurred.
• First accident: He reached into a saw blade to remove stuck bread, and the back of his hand was sliced off. No industrial accident recognition—just one month of paid leave and surgery costs.
• Second accident: While pouring red bean paste, he slipped and his right arm was caught and pulled into the gears. He took a day off and returned to work.
• Third accident: While scraping bread from a mold, the hook hit too deep, a metal plate flew up, and he broke his nose.
• Why did this keep happening? Because workers are scolded for defective products. “Safety was less important than production and quality,” he said. This happened 13 years ago—has anything changed?
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Incheon’s 1,000 Won Housing Sees 4.9:1 Competition.

• Monthly rent is 30,000 won.
• 1,735 households applied for 200 units reserved for newlyweds and newborns.
• 1,684 households applied for 500 units in the jeonse rental category.
• Coincidentally, preliminary resident selections will be announced on June 4—the day after local elections.

ICYMI.

The Era of 3,000 Won Rice Side Orders.

• Stainless steel rice bowls emerged in 1976 and became standard. Bowl sizes were reduced to curb rice consumption—serving overflowing portions risked business suspension.
• The 100-won rice side order from 1976 stabilized at 1,000 won by the late 1990s, holding for over 30 years before establishments charging 2,000 won multiplied.
• Now, some restaurants charge 3,000 won per bowl.
• Rice prices have surged nearly 14% per 20kg. As of March 22, the retail price for 20kg stands at 62,851 won.
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Cheongung-II Intercept Rate 90%? No Basis.

• Some media reported using anonymous sources, but there is no evidence.
• Yoo Yong-won (People Power Party lawmaker) only said, “Confirmed with a well-informed source.”
• It is true that South Korea supplied Cheongung-II to the UAE.
• It is also true that the UAE announced an interception rate of over 90%—but that refers to the entire air defense system, not specifically Cheongung-II.
• During war, it is common to downplay damage and exaggerate achievements.
• Kang Hoon-sik (Blue House Chief of Staff) also stated, “It is inappropriate to keep linking crude oil supply and defense industry.”
• Kwon Hyuk-chul (Hankyoreh reporter) criticized, “In a situation where people are dying and daily life is collapsing across the Middle East due to war, writing an article titled ‘K-defense industry bonanza thanks to Cheongung-II’s miraculous combat interception rate’ is like holding a feast next to a funeral home.”
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Big Five Banks’ Profits Up 4%, Big Five Securities Firms’ Up 48%.

• The “money move” effect. Stocks and funds now outweigh cash and deposits. Within total financial assets, stocks and funds account for 30.8%, while cash and deposits are 29.0%.
• Korea Investment & Securities, Mirae Asset Securities, NH Investment & Securities, Samsung Securities, and Meritz Securities—the big five securities firms—recorded a net profit of 6.4133 trillion won last year.
• The big five commercial banks stood at 15.7709 trillion won.
• Projections even suggest the flagship subsidiaries of financial groups may shift from banks to securities firms.

Worth Reading.

Violating the Assembly Act? Not So Obvious.

• All assemblies must be pre-registered, and violations can result in up to two years in prison or a fine of up to 2 million won.
• That’s why many civic activists face punishment for holding press conferences—reading a statement is permissible, but picketing or chanting slogans is deemed an assembly.
• Last month, the Constitutional Court ruled that penalizing organizers solely for failing to register is unconstitutional. The National Assembly must revise the law by August next year.
• Park Han-hee (lawyer at ‘Hope Making Law’) emphasized, “Society must advance toward one where freedom of assembly is genuinely guaranteed.”
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Four Reasons the U.S. Won’t Attack North Korea.

• Moon Chung-in (Yonsei University professor) analyzes.
• First, North Korea has nuclear weapons. It also has ballistic missiles capable of striking the U.S. mainland. The U.S. cannot afford to provoke North Korea. Compared to Iran, its leadership is also stronger.
• Second, Iran had the pretext of Israel, but North Korea is different. If the U.S. were to strike North Korea, it would have to act alone.
• Third, Iran is isolated, but North Korea is not. It has alliances with China and Russia. If the U.S. attacks North Korea? There’s a possibility that China and Russia could intervene.
• Fourth, the U.S. currently lacks the capacity to wage another war. It’s already spending nearly $900 million daily. Approval ratings are also low.
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Why Lee Jae-myung Accommodated the Democratic Party’s Hardliners.

• He has repeatedly criticized hardliners, then plucked a feather or two at the last minute and conceded.
• No Won-myeong (Maeil Business Newspaper columnist) sees two possibilities.
• First, it could be a strategy to maintain equilibrium between hostile factions and control power. The idea is to bolster the “New Lee Jae-myung” while checking the hardliners from coalescing into a pro-Cheong Wa Dae bloc.
• Second, the hardliners’ influence might be stronger than it appears externally. He may have judged that it’s not yet time to suppress them outright.
• Is Lee Jae-myung the “New Lee Jae-myung” or the “Old Lee Jae-myung”?
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Lee Jae-myung and Kim Eung-jun’s Speaker Rivalry.

• Lee Jae-myung (President) wields stronger social media influence than any of his predecessors. Since his Democratic Party leadership days, he emphasized, “Let’s become our own media,” and after taking office, he has dominated agendas by posting messages and sharing articles on X and Facebook.
• Kim Eung-jun (Ddanzi Ilbo chief) has long served as a spokesperson for the democratic camp, but his status shifted after Lee’s government took power.
• Kang Byung-han (Kyunghyang Shinmun political editor) noted, “To understand the core power circle’s stance, you no longer need Kim Eung-jun’s broadcasts—just follow Lee Jae-myung’s public statements and X.” Indeed, their positions subtly diverge on multiple issues.
• “A new arena of power struggle within media has opened,” one assessment concludes.
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“The Han River’s Water Is Far Dirtier Than You Think.”.

• Lee Seo-jung (youth peer counselor) shares a powerful testimony with peers: “I regretted the moment I attempted suicide.” The statement, “No one wants to die—only to escape pain so unbearable that death seems the only way out,” also stems from lived experience.
• These days, students joke after their first mock exam, “I failed the March mock, so I’ll just jump off Seo-Sung-Han.” It’s not Seoul National, Sungkyunkwan, and Hansung Universities—but Seocho Bridge, Sungsu Bridge, and Hangang Bridge.
• Suicides spike during the “spring peak” of the new semester. 72% of teen suicides involve jumping.
• Jeong Jeong-yoon (Hankyoreh columnist) emphasized, “The first step is to read the anxiety and pain buried in their jokes.”
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