Market Cap Surpasses 6,000 Trillion Won.

• KOSPI index hit 2,615. Samsung Electronics and SK Hynix rose 2.3% and 5.7%, respectively.
• KOSDAQ and KOSPI market caps reached 541.3 trillion won and 68.0 trillion won, respectively. This is the first time combined market cap has exceeded 6,000 trillion won.
• It has grown 2.5 times in just one year.
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What Matters Now.

Conservative Consolidation Looms.

• Kyunghyang Shinmun polled public opinion experts. The Democratic Party dominates overwhelmingly, but many analysts see Busan-Ulsan-Gyeongnam as a battleground. What about Daegu? It remains formidable, but the outcome is uncertain.
• Kim Bong-shin (CEO of Metavoice) analyzed, “A conservative counter-consolidation is possible.”
• Jeong Han-ul (Director of the Korean People’s Research Institute) stated, “Pressure for conservative unity in Daegu cannot be ignored.” Park Jae-ik (STI Researcher) also forecasted, “A nerve-wracking contest is inevitable.”
• Eom Kyung-ryong (Director of the Era Spirit Institute) pointed out, “As the election nears, anti-supermajority sentiment could resurge.” “If Jang Dong-hyuk (People Power Party Leader) resigns, the party’s approval rating could rise by over 10 percentage points,” but such a scenario is unlikely.
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Kim Yong’s Exclusion from Nomination.

• Kim Yong (former deputy director of the Democratic Research Institute), described by Lee Jae-myung (leader of the Democratic Party) as “a man as close to me as my own alter ego,” failed to secure a nomination. This underscores Jeong Cheong-rae’s (Democratic Party leader) strong resolve to win the local elections overwhelmingly.
• Seventy-two lawmakers publicly declared support for Kim Yong, but their appeals were rejected. Kim Yong remains under a confirmed prison sentence on charges including bribery, upheld at the second trial.
• In Hanam Gap, Lee Gwang-jae (former Gyeonggi Province governor), who was considered for the Gyeonggi governor candidacy but stepped aside for Woo Sang-ho (former Blue House political affairs chief), seized another opportunity.
• In Pyeongtaek Gap, Kim Yong-nam (former Democratic Party lawmaker), dubbed the “snipers” of Cho Kuk (leader of the Cho Kuk Reform Party), was nominated.
• In Ansan Gap, Kim Nam-guk (former Blue House public communication secretary), who resigned over the “local aunt” controversy, was nominated. His return to the National Assembly is highly likely.
• Ha Jung-woo (Blue House AI Future Planning Chief Secretary) and Jeon Eun-su (Blue House spokesperson), who both submitted resignations, were strategically nominated for Busan Buk Gap and Chungnam Asan Gap, respectively.
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All 11 People Power Party Incumbents Survive.

• The final remaining Chungcheongbuk-do gubernatorial candidate also selected incumbent Kim Young-hwan (Chungcheongbuk-do Governor) as their nominee.
• The Democratic Party candidate is Shin Yong-han (Vice Chairman of the Local Era Committee). A former Yoon Suk-yeol (former president) campaign member, he defected shortly after the Yoon administration’s inauguration and joined the Democratic Party.
• In a Gallup Korea poll, Shin Yong-han and Kim Young-hwan held 55% and 29% support, respectively.
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Google AI Campus to Open in Seoul.

• Demis Hassabis (DeepMind CEO), dubbed the “father of AlphaGo,” predicted, “A general-purpose AI capable of all human cognitive abilities will emerge within five years,” adding, “It could drive societal changes far greater than the Industrial Revolution, but at a much faster pace.”
• The MOU with the Korean government was signed at the Four Seasons Hotel, where the AlphaGo match took place. DeepMind will dispatch AI researchers and expand startup collaborations. This is the second campus outside its London headquarters.
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Samsung Electronics Union Strike Could Cost 30 Trillion Won.

• The union claims that if the strike begins, D램 and NAND memory supplies could actually decrease by 2–4%.
• Kim Jeong-gwan (Minister of Trade, Industry and Energy) urged, “This is the only industry where Korea maintains a competitive edge, but the gap is narrowing. Please make a mature, wise, and prudent decision.”
• Performance bonuses are a matter to be resolved through labor-management negotiations. Emphasizing the scale of potential damage early on signals that the union holds a strong bargaining chip.
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Ending the Oil Price Cap.

• Since March 13, the four refiners have lost 1.0267 trillion won by the end of March. The government must compensate for the losses.
• The government’s supplementary budget for this is 4.2 trillion won, but it is likely to be exceeded.
• Kim Jeong-gwan (Minister of Trade, Industry and Energy) said, “Personally, I’m not fond of this measure, but an emergency response was unavoidable,” adding, “It will end as soon as possible.”

“Rapist, Traitor, Unforgivable.”.

• Words from the manifesto of Donald Trump shooting suspect Thomas Matthew Allen. It read, “We will remove high-ranking executive branch officials.”
• Trump told CBS in an interview, “A very mentally unstable person.”
• When the CBS reporter cited terms like “pedophile rapist,” Trump said, “It’s really disgraceful,” and cut the interview short.
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Deep Dive.

Seoul Apartment Jeonse Prices Average 681.47 Million Won.

• These days, the saying goes that jeonse prices are whatever the landlord asks.
• Last week’s jeonse listings dropped to 15,344—44% fewer than a year ago. The supply-demand index hit 108.4, the highest since June 2021.
• The average Seoul apartment sale price is 1.56363 billion won.
• In Gangnam alone, sale prices reach 1.95203 billion won, while jeonse averages 787.59 million won.
• The Hankook Ilbo pointed out, “Industry insiders speculate that the Ministry of Land, Infrastructure and Transport—the lead agency—is hesitant due to strong presidential pressure. Criticism arises that there’s no policy, only stopgap measures.”
• In an editorial, Chosun Ilbo noted, “If regulations focus solely on the sale market while ignoring measures to sustain jeonse supply, resolving the jeonse crisis will be difficult.”
• In its editorial, Segye Ilbo argued, “Only drastic supply expansion and deregulation exceeding market expectations can be the sole solution.”
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Academic Mercenaries: 100 Papers a Year.

• Yonhap News’ report on universities using “paper professors”—names-only appointments to boost rankings—sparked massive controversy.
• Though framed as “inviting outstanding scholars,” they’re criticized as academic mercenaries lending their names via adjunct roles.
• The loophole works because if a scholar is affiliated with two or three institutions, each counts their research output separately.
• Last year, Korea University published 8,707 papers—1,011 by external scholars.
• Zahoor Ahmed (professor at Cyprus’ Bahçeşehir University), listed as a Korea University professor, wrote 136 papers in seven years. Of his 10,000+ citations, 46% are from China and 18% from Turkey.
• Last year, 31% of Korea University’s papers had multiple affiliations.
• Yonsei University pioneered this practice. Chao Jinder (professor at Dongnan University, China), listed as a Yonsei visiting researcher in 2020, has written 496 papers since.
• Both universities’ rankings soared. Cases of six-figure annual salaries paid in exchange for shared research output were confirmed. Critics denounce it as “buying academic achievements.”
• Seo Soo-min (professor at Sogang University) remarked, “Universities’ distorted competition—where English papers are prized, Korean ones less so, and education comes last—reflects a society unashamed to game the system for points, no matter the cost.”
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Shocks in a Connected World.

• In India, the price of cooking gas jumped from 80 rupees to 200 rupees per kilogram.
• Indian workers in the UAE lost jobs and were stranded.
• China’s car sales fell 25% year-on-year in the first two weeks of April. Analysts suggest the country’s 4.5% growth target for this year may be difficult to achieve.
• Rising plastic prices have increased bankruptcies among Chinese toy manufacturers. There’s talk that this year’s Christmas gifts are in jeopardy.
• Lufthansa canceled 20,000 flights due to aviation fuel prices doubling.
• In the U.S., gasoline prices rose from $3 to $4 per gallon. The dominant analysis is that interest rate cuts are off the table.
• Globally, a vicious cycle of shrinking demand, production, and employment has begun.
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Another Take.

Meta-Manus Acquisition Blocked: China’s Sudden Intervention.

• Meta is a U.S. company operating Facebook, and Manus is a Chinese AI startup. It has relocated its headquarters to Singapore under U.S. venture capital investment.
• Meta announced its $2 billion acquisition of Manus last December, and the deal has already been finalized. It’s highly unusual for the Chinese government to now declare a ban on foreign investment in Manus.
• Purchased shares must be resold, and already integrated services must be separated. If they refuse? The Chinese government is likely to impose retaliatory measures in earnest.
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Why Education Budgets Grow as Student Numbers Shrink.

• Local education grants increased from 7.16 million won per student in 2016 to 13.71 million won last year.
• While this could be seen as improving education quality, many argue it needs adjustment since it’s automatically tied to domestic tax revenue.
• Cutting the education budget would likely spark massive backlash. Park Hong-geun (Minister of Planning and Budget) has taken on the unpopular role: “We will persuade the public and move forward.”
• A system reflecting student numbers, inflation, and other factors is being considered instead of automatic linkage. Introducing a special education fund is also under discussion.
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Department Stores See a 20-Year High.

• Rising stock prices have boosted luxury spending. Foreign tourist visits have also increased, thanks to favorable exchange rates.
• The big three department stores have seen double-digit sales growth since last October.
• Lotte Department Store’s first-quarter foreign sales nearly doubled compared to the same period last year. Analysts predict the boom will continue through the third quarter.
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AI-Enabled Layoffs: A Lie We Tell Ourselves.

• Silicon Valley is in a downsizing trend. While cost-cutting to boost investment is the stated rationale, it’s also seen as cultural proof of faith in AI’s future.
• The Wall Street Journal emphasized, “No matter how advanced AI becomes, humans are still needed to design business models, engage customers, and—above all—manage the safe deployment and use of AI tools.”
• Revenue per employee is treated as an efficiency metric, but reducing headcount without consequences may be a dangerous illusion.
• Among major tech firms, Meta has the highest revenue per employee: $2.5 million per worker. Alphabet follows at $2.1 million, Microsoft at $1.2 million, while the S&P 500 median is $590,000.
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The Fix.

Braille Textbooks Only in April.

• Braille textbooks are only produced after the standard textbooks are released at the end of February.
• Visually impaired students must attend classes without textbooks for nearly two months.
• Nam Hyung-doo (Yonsei University Professor) emphasized, “Braille textbooks must be granted legal status as official textbooks.”
• His proposal: if they must be produced anyway, mandate their completion two months earlier and subject them to official inspection or approval processes.
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Two Approaches to Disability.

• The medical model defines disability as physical impairment or functional limitation, arguing it should be prevented or improved through treatment.
• The social model views disability as a constraint imposed by external environments—if someone cannot go somewhere, it’s not because of their disability, but because there’s no elevator or ramp. This shifts the solution.
• The [Basic Act on the Guarantee of Rights of Persons with Disabilities] is a law aimed at dismantling social barriers and alleviating inequality. It passed the National Assembly and will take effect in two years. Kang Byung-chul (CEO of Dream Freedom) emphasized, “A society where people with disabilities can live well is a society where everyone can live well.”
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ICYMI.

Not Just “Doojunkoo”—Now “Gwanjunkoo.”.

• Gwanaksan certification shots are now called “Gwanjunkoo.”
• Disney+’s “Fate War 49” recommended Gwanaksan as a “mountain with good energy,” and the observatory has become so crowded that visitors now wait in line to take photos.
• It’s said you must visit not once, but three times, for your wish to come true.
• Shin Ik-soo (Maeil Business News Travel Specialist) analyzed, “2030s, who instinctively reject rigid systems, even shun religion—but still seek inner solace, so they turn to shamanism.”
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The Aftermath of the “Polyfessor” Ban.

• In 2013, the National Assembly Act was revised to require university professors to resign from their positions if they wished to become lawmakers.
• Surprisingly, no professor-lawmakers appeared after the 19th National Assembly. While being both a professor and a lawmaker was appealing, few were willing to abandon their tenured positions for a four-year legislative term.
• Who filled the void? Park Won-ho (Seoul National University Professor) analyzed, “Politicians may have blocked the path of ‘polyfessors,’ and these positions might have been absorbed by ‘lumpen lawyers.’” Lawyers can leave their legislative roles and return to their original careers.
• Park Won-ho pointed out, “The issue isn’t polyfessors themselves—it’s the lack of proper polyfessors” and “Perhaps the greater problem is the disappearance of the very soil that could nurture intellectuals capable of fulfilling that role.”
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Worth Reading.

America’s Weak Link Exposed.

• America’s stumbling entry into the war as Israel’s mercenary foreshadows imperial decline.
• Choi Hyun-jun (Hankyoreh International Editor) analyzed, “While the U.S. flounders in the Middle East, China is extending its reach to the Global South, Europe, and East Asia, touting the stability of its ‘alternative order.’”
• If U.S. power wanes and China exploits its vulnerabilities, the ROK-U.S. alliance may not be the ‘One Ring’ it’s cracked up to be. Choi stressed, “We must devise a cool-headed, multidimensional survival strategy to safeguard peace and national interest.”
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Why the ‘Silenced’ Tragedy Repeats.

• The Gwangju Inhwa School incident, the backdrop of the film ‘Silenced,’ occurred 25 years ago—but the Ganghwa Sokdongwon case was just five years ago.
• The core issue is “closed facilities where self-determination is not guaranteed.”
• Park Rae-gun (Director, Human Rights Foundation People) pointed out, “In these places, you cannot refuse the absolute authority figure—the ‘father’—and staff either become accomplices to crimes or cover them up, becoming co-conspirators.”
• The solution? According to Park, there is no alternative but to abolish such facilities.
• “There is no reason for people with disabilities to live confined in institutions,” Park emphasized, urging, “Legislation to support deinstitutionalization must be expedited.”
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There Were No Good Adults.

• Judge Ryu Gi-in (Changwon District Court Chief Judge), who has presided over juvenile protection trials for five years, shared this story.
• Most adolescents in juvenile court come from environments of neglect, abandonment, or excessive control.
• Ryu pairs these youths with mentors and organizes a biennial 1-night-2-day walking program. They have even co-published an anthology of poetry.
• “It may take time and cost money. But it’s a far better choice than prematurely labeling juvenile offenders as future adult criminals and pushing them toward isolation and exclusion.”
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