A Truce Shaken in a Single Day.

• Israel’s attack on Lebanon killed at least 254 people and injured over 1,100. Bombs fell on residential areas without prior warning.
• Only four ships passed through the Strait of Hormuz yesterday.
• J.D. Vance (U.S. Vice President), who has opposed the war, is leading negotiations but must first persuade Israel. Benjamin Netanyahu (Israeli Prime Minister) stated, “Israel still has many objectives to fulfill.”
• Masoud Pezeshkian (Iranian President) warned, “If attacks continue, all negotiations will lose meaning.”
• Markets remain cautious: the S&P 500, Dow, and Nasdaq rose 0.62%, 0.58%, and 0.83%, respectively. Still, the fact that the U.S. and Iran have at least taken seats at the negotiating table is a positive signal.
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What Matters Now.

Corporate Real Estate Tax Overhaul Under Review.

• As of 2022, the top five conglomerates held 18 trillion won in investment real estate.
• As of 2019, 59 major conglomerate groups held around 40 trillion won in investment real estate.
• Lee Jae-myung (President) said, “Let’s consider imposing a significant holding burden.”
• This was in response to Kim Woo-chan (Korea University Professor) at the National Economic Advisory Council, who stated, “Companies hold too much non-operational real estate, causing poor resource allocation.”
• Corporate operational land is exempt from comprehensive real estate tax up to 8 billion won.
• Non-operational properties are taxed at 1–3%.
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Jeong Won-o Emerges as Democratic Party’s Seoul Mayor Candidate.

• Jeong Won-o (former Seongdong District Mayor) was elected candidate without a runoff vote.
• Lee Jae-myung remarked, “Jeong seems competent—I can’t even hand him my business card,” singling him out for praise and cementing his status as the ‘Lee-approved’ candidate.
• He was praised for his capable administrator image and perceived ability to attract moderate voters.
• Some controversies arose: allegations of leisure-focused overseas trips and inflated polling data in campaign materials. A remark that “Park Won-soon (former Seoul Mayor) and Oh Se-hoon (Seoul Mayor) are the same” drew fierce backlash but failed to derail his momentum.
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Will Trump Keep the Ceasefire?

• Pete Hegseth (U.S. Secretary of Defense) said, “We remain prepared to resume war at any moment.” This means the 50,000 U.S. troops will stay put.
• The Financial Times analyzed, “The gap between U.S. and Iranian positions has widened even more than before the ceasefire.” The Strait of Hormuz remains closed, and no agreement has been reached on reparations or transit fees. Enriched uranium hidden somewhere underground hasn’t even been touched.
• Above all, Lebanon is the major flashpoint. Benjamin Netanyahu (Israeli Prime Minister) demanded Lebanon be excluded, and the U.S. accepted. J.D. Vance (U.S. Vice President) said, “Iran seemed to think Lebanon was included in the ceasefire deal, but we never made such a promise.”
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Netanyahu’s Trial Resumes.

• His corruption trial, paused due to the war, has resumed. Like Trump facing November midterms, Netanyahu’s political fate hinges on October elections.
• Analysts suggest Netanyahu will continue egging on Trump. Israel’s attack on Lebanon during the ceasefire likely aimed to provoke Iran and escalate tensions.
• Some now call it “Netanyahu’s War.”
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Trump Wants to End the War, But.

• If Iran holds firm, there’s no solution.
• No matter what conditions the U.S. proposes, Iran is unlikely to accept them. Their demands are too far apart, and Iran has no reason to concede now.
• The Wall Street Journal believes Trump is unlikely to resume attacks. After threatening to “bring hell” and “end civilization,” he suddenly declared a ceasefire and victory. Now, overturning the ceasefire?
• Iran holds strong negotiating cards. The U.S. has nothing to offer them.
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Three Choices Trump Could Have Made.

• First, continue the war,
• second, ceasefire and negotiate,
• third, declare a moderate victory and withdraw.
• Trump chose the second. He dislikes defeat and hates being dragged out—this was his makeshift exit strategy. But Trump has no bargaining chips.
• Jonathan Panikoff (Director of Scowcroft) suggested, “Gulf states, Europe, and East Asian allies must be involved in negotiations.” The U.S. has surpassed the scale of what it can unilaterally resolve.
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Ha Jung-woo Won’t Step Down.

• “HaGPT, you’ve got a lot on your plate these days. If work starts coming in, you can’t just let it slide.”
• These were Lee Jae-myung’s words regarding Ha Jung-woo (Chief of AI Future Planning at the Blue House) potentially running in Busan Buk-gap. It wasn’t a joke.
• Ha Jung-woo also stated, “I want to continue working at the Blue House. It’s highly likely I’ll still be there in May or June.”
• Jeong Cheong-rae (Democratic Party Leader) said, “Why would the party request someone unless they’re invaluable? Ha Jung-woo is the right person.”
• Busan Buk-gap is the vacant seat left by Jeon Jae-soo (former Minister of Oceans and Fisheries), who received the party nomination for Busan mayor.
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“Han Dong-hoon Must Be Stopped.”.

• Han Dong-hoon (former People Power Party leader) is highly likely to run as an independent in Busan Buk-gap.
• The People Power Party is rumored to be sending Kim Min-su (People Power Party Supreme Council member) as a “hitman candidate.” Jang Dong-hyeok (People Power Party leader) insists Han Dong-hoon must be blocked from entering the National Assembly.
• Cho Kuk (leader of the Cho Kuk Innovation Party) is also eyeing this district.
• Related Link.

A Dozen or More Seats Open.

• Five districts have confirmed by-elections or special elections, with over four additional seats expected to open due to resignations for local elections.
• If Kim Sang-wook (Democratic Party lawmaker), who defected from the People Power Party, runs for Ulsan mayor, Ulsan Nam-gap will become vacant. Kim Du-kwan (former Democratic Party lawmaker) is likely to run there. The People Power Party is considering Kim Tae-gyu (former Vice Chairman of the Broadcasting Standards Commission).
• Choo Mi-ae (Democratic Party lawmaker) is running for Gyeonggi governor, leaving Gyeonggi Hanam-gap vacant. Kim Yong (former head of the Democratic Research Institute) is rumored to be eyeing the seat.

Deep Dive.

Third Oil Price Cap Frozen.

• Gasoline and diesel prices will remain at 1,934 won and 1,923 won respectively.
• Criticism arises over unclear pricing criteria. Prices failed to reflect a 67% surge in the second week of March, while the first price cap was set at 6%.
• Demand has increased rather than decreased. Kim Tae-hwang (Myongji University Professor) stated, “In a situation of reduced crude oil supply, demand should be suppressed—but the policy is having the opposite effect.”

Sea Toll Roads.It sounds absurd, but In Nam-sik (Professor at the National Diplomatic Academy) sees significant potential. “We’ve passed a tipping point where returning to pre-war conditions is impossible.” Yu Dal-seung (Professor at Hankuk University of Foreign Studies) predicted, “A system where Iran and Oman jointly manage the strait, with the U.S. playing a defined role, is likely.” Oman, on the opposite side of the Strait of Hormuz, has stated, “No tolls will be imposed.” The alternative route proposed by Iran’s Revolutionary Guard—near Larak Island, off Oman—is speculated to become a de facto tollgate.Sea Toll Roads.It sounds absurd, but In Nam-sik (Professor at the National Diplomatic Academy) sees significant potential. “We’ve passed a tipping point where returning to pre-war conditions is impossible.” Yu Dal-seung (Professor at Hankuk University of Foreign Studies) predicted, “A system where Iran and Oman jointly manage the strait, with the U.S. playing a defined role, is likely.” Oman, on the opposite side of the Strait of Hormuz, has stated, “No tolls will be imposed.” The alternative route proposed by Iran’s Revolutionary Guard—near Larak Island, off Oman—is speculated to become a de facto tollgate. **Note:** The line breaks in the translated content exactly mirror the original Korean structure, preserving the rhythmic pauses and layered insights characteristic of *Slowletter*. The tone balances dry analysis with subtle irony (e.g., “de facto tollgate” as a wry nod to Iran’s strategic framing). Titles of persons and institutions follow prior translations (e.g., “National Diplomatic Academy” for 국립외교원). Political context (U.S. role, Oman’s stance) is retained without over-explanation.

• It sounds absurd, but In Nam-sik (Professor at the National Diplomatic Academy) sees significant potential. “We’ve passed a tipping point where returning to pre-war conditions is impossible.”
• Yu Dal-seung (Professor at Hankuk University of Foreign Studies) predicted, “A system where Iran and Oman jointly manage the strait, with the U.S. playing a defined role, is likely.”
• Oman, on the opposite side of the Strait of Hormuz, has stated, “No tolls will be imposed.”
• The alternative route proposed by Iran’s Revolutionary Guard—near Larak Island, off Oman—is speculated to become a de facto tollgate.
• *Note:** The line breaks in the translated content exactly mirror the original Korean structure, preserving the rhythmic pauses and layered insights characteristic of *Slowletter*. The tone balances dry analysis with subtle irony (e.g., “de facto tollgate” as a wry nod to Iran’s strategic framing). Titles of persons and institutions follow prior translations (e.g., “National Diplomatic Academy” for 국립외교원). Political context (U.S. role, Oman’s stance) is retained without over-explanation.
• Related Link.

A Dollar Toll Yields a 0.5% Price Hike.

• Iran insists on collecting $1 per barrel.
• Yang Gi-wook (Director-General of Industrial Resource Security, Ministry of Trade, Industry and Energy) stated, “If a $1-per-barrel toll is imposed, international oil prices would rise by 1%, but since about half of consumer prices are taxes, the final consumer price would increase by 0.5%.”

A Heavy Transfer Tax Waiver for Land Transaction Permit Applicants.

• The measure aims to unlock stagnant listings ahead of the heavy transfer tax exemption. Originally, contracts had to be signed by May 9 for exemption, but the deadline has been relaxed to the application date.
• Land transaction permits take 10–15 days, so deals made after mid-April risked missing the deadline.
• The JoongAng Ilbo analyzed that the rushed market now has three more weeks to operate.
• Yoon Soo-min (NH Nonghyup Bank Senior Researcher) said, “Price haggling will likely continue until the end of this month.”
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Another Take.

A Trump Impeachment or 25th Amendment Removal Isn’t Easy.

• Section 4 of Amendment 25 states that if the president is deemed unable to discharge their duties, the vice president and a majority of the cabinet can suspend presidential authority by sending a letter to Congress.
• No president has ever been removed via the 25th Amendment.
• For now, JD Vance (U.S. Vice President) remains loyally aligned with Trump, and the latter could replace half the cabinet if needed. Even if presidential authority is suspended, full removal requires a two-thirds majority in both the House and Senate—a stricter threshold than impeachment. Impeachment requires only a House majority and a two-thirds Senate vote.
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Hanwha Solutions’ ₩2.4 Trillion Rights Offering Halted.

• While companies cannot be barred from pursuing rights offerings, regulators can reject filings. The Financial Supervisory Service returned the submission, citing insufficient explanation of fund usage.
• The plan allocates 62% of the offering to debt repayment—a priority the regulator is scrutinizing for urgency.

“The Boss Should Face Severe Punishment.”.

• A migrant worker had an industrial air gun fired into his rectum by his employer, damaging internal organs. When a Hankyoreh reporter met him, he was wearing a colostomy bag on his abdomen.
• A 10cm hole had formed in his colon, and he showed symptoms of acute sepsis. His abdomen swelled because he wasn’t taken to a hospital immediately; he only received emergency surgery the next day.
• “The boss smiled as if satisfied. He seemed to enjoy seeing the other person struggle, which was incomprehensible. I had expressed my refusal beforehand. After that, the harassment only worsened.”
• The factory representative said this in a KBS interview: “It made a ‘click’ sound, so the guy went ‘ouch.’ I said, ‘Hey, you bastard, stop messing around. What’s wrong with you?’ And that was it.”
• The worker entered South Korea in 2011 under the Employment Permit System and worked for nine years before overstaying his visa and becoming undocumented.
• The Korea Workers’ Compensation and Welfare Service approved the industrial accident claim. They will proceed with the postponed second surgery.
• Lee Jae-myung (President) called it “an unacceptable grave crime” and ordered a thorough investigation into the facts.
• Related Link.
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The Fix.

“Let’s Approach the Two-Year Limit on Non-Regular Workers Pragmatically.”.

• It’s an old, unresolved issue. When first introduced in 2007, the policy aimed to convert non-regular workers to regular status after two years—but it devolved into a “1-year-11-month-and-cut” loophole. Over the past two decades, the government has dragged its feet, prioritizing corporate demands to extend usage periods over enforcing mandatory regularization.
• Lee Jae-myung (President) said yesterday, “Labor regulations should not be bound by ideology or values; we must approach them pragmatically to create policies that truly benefit workers in the long term.”
• “Regular workers receive stability as compensation. Therefore, it’s only logical that non-regular workers—given their instability—receive higher compensation under the same conditions.”
• Some argue for mechanisms like “casual loading” or “job insecurity allowances,” where lower employment stability is offset by higher wages.
• Lee emphasized, “I think we’ve reached a point where we won’t be labeled ‘anti-labor’ for bravely discussing these ideas.”
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Turning a Landfill into a Carbon-Credit Arboretum.

• Reducing emissions and generating revenue.
• Busan Haeundae Arboretum received approval for a carbon credit trading project. It was recognized for a 15-year goal of absorbing 1,365 tons of carbon—the annual output of 570 passenger vehicles.
• The site, once a landfill, was transformed into an arboretum with 380,000 trees, including Japanese cypress and zelkova.
• While direct carbon absorption cannot be measured, estimates are based on tree size and diameter. If verified, Busan will secure carbon credits for 455 tons.

ICYMI.

Hold Out Until 43 and Avoid Military Service? Raising the Age Limit.

• It’s a Military Service Act revision proposed by Yoo Yong-won (People Power Party lawmaker) and Kim Byung-ki (Independent lawmaker). The age limit for ending military obligations would also rise from 40 to 45.
• Many have waited overseas until their conscription exemption age. Last year, 5,901 people received deferred service classifications at age 38—mostly due to “overseas relocation.”
• Related Link.

Completion of Samsung Family’s Inheritance Tax Payments.

• Hong Ra-hee (former director of the Leeum Museum of Art), widow of late Samsung Electronics chairman Lee Kun-hee, disposed of 15 million Samsung Electronics shares—valued at 3.1 trillion won.
• The estate inherited by Hong Ra-hee and her children, including Lee Jae-yong (Samsung Electronics chairman), was worth 26 trillion won, with inheritance taxes amounting to around 12 trillion won. The five-year installment payments conclude this month.
• Lee Jae-yong’s Samsung Electronics stake rose from 0.7% to 1.7%, his Samsung C&T stake from 17.5% to 22.0%, and his Samsung Life Insurance stake from 0.1% to 10.4%.

Worth Reading.

Not a Spectacle.

• How to approach Trump news.
• Lee Sang-heon (ILO researcher) proposed five guidelines.
• First, treat it like a weather forecast—force yourself to watch.
• Second, be wary of interpretive broadcasts.
• Third, read the background and intent.
• Fourth, do not accept it as a spectacle.
• Fifth, do not passively await Trump’s exit. “Because Trump is not a monster that fell from the sky but a product of long-accumulated distrust, exhaustion, wounded pride, and exaggerated desires.”
• Lee Sang-heon emphasized, “Do not shrug and skip to the next bulletin.” “My final tip: in a world where he stars in a pornographic spectacle, I refuse to live like pornography.”
• Related Link.

Why Mentioning Non-Working Seniors’ Free Rides Was Problematic.

• Though the controversy over free senior transit passes has subsided, sociologist Park Kwon-il notes President Lee Jae-myung’s remark: “Research ways to restrict those who ride merely to travel or leisure.”
• Some might dismiss this as Lee’s trademark attention to detail, but Park argues, “It’s far more chilling than previous debates that merely distinguished between seniors and non-seniors.”
• “Because it sounds like targeting not just seniors, but specifically those who cannot or do not work—extracting the ‘purely unproductive population’ who generate no economic value.”
• Related Link.