[Breaking] U.S. Strikes Iran.

• Iran fired missiles at a U.S. destroyer, and the U.S. attacked Iran’s southern missile launch sites.
• Iran accused the U.S. of violating the ceasefire agreement.
• With Trump declaring he would end the war within a week, the next few hours have become critical.

No Vote on Constitutional Amendment.

• People Power Party lawmakers did not attend, so the vote could not proceed. A two-thirds majority of 191 votes is required.
• Woo Won-shik (National Assembly Speaker) urged, “If we miss this chance, we cannot promise when the next opportunity will come,” but even a vote could not be held.
• The plenary session reconvenes today.

Does the Democratic Party Bear Responsibility Too?

• Criticism also arises that there was never a genuine attitude to resolve this through cooperation.
• The Korea Daily analyzed, “Neither ruling nor opposition parties had strong will for constitutional reform.”
• Chosun Ilbo headlined on its front page, “A foreseeable breakdown after pushing ahead with constitutional reform in 39 years without agreement from the opposition.”
• A ruling party insider also said, “There was no strong consensus within the Democratic Party that reform must happen now.”
• Park Myung-ho (Dongguk University professor) stated, “Constitutional reform is an exit, not an entrance,” adding, “Trying to do last-step work first is why the parties cannot agree.”
• Unlike other bills, constitutional amendments require minimal conditions of bipartisan agreement rather than simple majority.
• While the People Power Party bears the greatest responsibility, it cannot escape criticism that politics failed to function.
• A step-by-step roadmap—from strengthening martial law requirements to a four-year term limit—existed, but the sequence unraveled.
• Related Link.
• Related Link.

What Matters Now.

Han Duck-soo’s Sentence Reduced to 15 Years on Appeal.

• 15 years in prison in the first trial.
• The appellate court acquitted him of failing to fulfill his duties as prime minister. The key difference was its ruling that “he cannot be punished for failing to prevent martial law.”
• While the court maintained that martial law constitutes rebellion, it narrowed the scope of responsibility compared to the first trial.

Han Dong-hoon’s Campaign Chief: Jeong Hyung-keun.

• Jeong Hyung-keun, the same figure who gained notoriety as a public security prosecutor during the military dictatorship (former Hanara Party lawmaker).
• Son Sol (Progressive Party spokesperson) issued a statement, calling it “a grave insult to citizens who risked their lives to defend democracy.”

An Election Already Over? Gap Narrows Between Seoul, Busan, and Daegu.

• JoongAng Ilbo analyzed that the number of battleground regions is increasing—an effect of conservative voters consolidating.
• While discrepancies between polls remain large and methodologies vary, making it hard to assign significant meaning, the once-dominant gap appears to be shrinking in parts.
• Lee Hyun-woo (Sogang University professor) analyzed, “The real estate judgment narrative is acting as a negative for the ruling camp in Seoul.” The prosecution dismissal controversy is also a variable.
• Related Link.

“Citizens Don’t Know What Dropping Charges Means.”.

• Park Sung-jun (Democratic Party lawmaker) said, “8–9 out of 10 citizens don’t really understand what dropping charges means.”
• Chosun Ilbo editorialized, “This wasn’t a slip-up but a calculation that after the election, handling the special prosecutor bill and dropping charges against Lee Jae-myung would cause no issues.”
• “It’s an arrogant, anti-democratic mindset that treats citizens like fools—but it’s the Democratic Party’s true intention,” the piece concluded.
• Related Link.

Oil Tanker from the Red Sea Arrives.

• It departed from Yanbu, Saudi Arabia, on the 17th of last month, bypassing the Strait of Hormuz.
• It carried 2 million barrels.
• Another tanker that passed through the Strait of Hormuz is also arriving today.
• Related Link.

Iran Cut Off, Trump Prepares for Beijing.

• Both are in a bind.
• Iran faces halted oil exports and overflowing storage tanks, forcing production shutdowns. Trump, ahead of his visit to Beijing, wants to pivot the agenda.
• The sticking point is denuclearization. Trump insists Iran must transfer uranium stockpiles to the U.S. and halt nuclear facilities. Iran refuses to abandon nuclear development.
• Some analysts suggest Iran holds the stronger cards—potentially exploiting Trump’s urgency to secure a grand compromise.
• Trump set a one-week negotiation deadline: a signal to “wrap this up” before heading to Beijing.
• U.S. markets reversed course, all declining. The S&P 500, Dow, and Nasdaq fell -0.38%, -0.63%, and -0.13%, respectively.

Deep Dive.

Yoon Suk-yeol-Meeting With Jeong Seung-yoon, the Kim Keon-hee Dior Bag Scandal Vanishes.

• It was the result of an investigation by the Anti-Corruption and Civil Rights Commission task force.
• Jeong Seung-yoon (then vice-chair of the commission) was confirmed to have instructed the case be closed before meeting Yoon Suk-yeol (then president).
• Circumstances also emerged showing Jeong pressured the commission’s director-general, who later took his own life.

Semiconductor Industry Profits Must Flow to Society.

• It’s the lead headline on The Hankyoreh’s front page. The argument: as a national strategic industry backed by government resources, excess profits should be redistributed socially.
• First, a surplus profit-sharing system could be considered. It was attempted but failed under the Lee Myung-bak administration.
• Second, a windfall tax could be introduced. Financial firms criticized for “interest profiteering” once contributed 4 trillion won to a mutual growth fund.
• Third, a social solidarity fund could be established. There’s the public sector union’s Public Solidarity Fund, and the Korean Confederation of Trade Unions’ financial sector union created the Ubuntu Foundation.
• In its editorial, The Hankyoreh emphasized, “Labor and management must look beyond their own boundaries and toward social cooperation and responsibility.”
• Related Link.
• Related Link.

Three Things Samsung Electronics’ Union Lacks.

• No experience in solidarity, no strategy, no history of fighting. Critics point to the limitations of a general union without an overarching organization.
• SK Hynix shares gains with subcontractors, receiving 75–85% of the parent company’s performance bonuses. Park Ji-sun (Korea University professor) noted, “Samsung Electronics’ union has become a purely profit-driven group.”
• Kim Jong-jin (director of the Working Citizens’ Research Institute) remarked, “Demanding semiconductor sector performance bonuses without establishing distribution rules reveals the union’s inexperience.”
• Related Link.

Let’s Create a Three-Thirds Fund.

• Han Seok-ho (Secretary-General of the Korean Labor Foundation) proposed it. The plan: allocate one-third of excess profits to a social solidarity fund, one-third to a national strategic investment fund, and leave one-third as a reserve fund.
• He suggested a meeting of the four major conglomerate leaders and the formation of a social mediation committee.
• Related Link.

Another Take.

Seoul Apartment Prices Rise—Except in Gangnam.

• Multi-homeowner surtax deferral ends tomorrow (May 9). Apartment prices, which had stalled, are rising again.
• Nam Hyuk-woo (Woori Bank researcher) analyzed, “Prices in Gangnam and the Han River Belt are rising as distressed sales are exhausted and asking prices increase.”
• Related Link.

5th Oil Price Cap Freeze.

• Gasoline and diesel remain at 1,934 won and 1,923 won respectively.
• Prices have been frozen since the 3rd round.

Stocks Rise 10,000 Won, Consumption Grows 130 Won.

• The Bank of Korea’s analysis. The wealth effect of stocks is 3–4% in Europe and the U.S., but only 1.3% in Korea.
• Korean stocks have low returns and high volatility, often perceived as temporary gains rather than permanent income.
• Stock assets relative to disposable income are 77% in Korea, compared to 256% in the U.S. and 184% in Europe.
• Real estate returns were double those of stocks.
• Household-income-earning households spent 70% of their stock gains on real estate.
• The Korea Daily emphasized in an editorial, “To sustain the warmth of Korea’s capital markets, incentives and support measures must follow to retain investors who have recently entered.” The warning: “Drive a stake through the money move” to prevent capital from fleeing back to real estate.
• Related Link.

Full-Tank Fill-Ups Jump 25%.

• “Today’s oil prices are the cheapest,” goes the logic.
• The government is suppressing prices with a maximum price cap. Refining industry losses have already exceeded 3 trillion won and must be covered by taxes. Since fuel prices that should rise remain low, consumption has instead increased.
• BC Card sales data shows customers filling up completely increased 25% compared to a year ago.
• Transactions at gas stations outside residential areas also rose 34%—evidence that drivers are actively seeking cheaper fuel.
• Related Link.

The Fix.

Hyundai’s Greenwashing: Steel Usage Reported as One-Third of Actual.

• Hyundai Motor Group’s Sustainability Report states that last year’s steel usage was 1.44 million tons, or 0.33 tons per vehicle.
• Volvo uses 0.93 tons per vehicle—so Hyundai claims to use only one-third?
• Climate Solutions recalculated and found Hyundai Group actually used 4.87 million tons of steel. There is a possibility that steel usage by suppliers was intentionally omitted.
• When calculating greenhouse gas emissions, the standard is to sum direct emissions (Scope 1), indirect emissions (Scope 2), and supply chain emissions (Scope 3, including suppliers). In the automotive industry, Scope 3 accounts for 90% of total emissions.
• This suggests Hyundai Group’s greenhouse gas emissions could be significantly higher than reported.
• Climate Solutions pointed out that Hyundai’s ads claiming to be a “global leader in eco-friendly mobility transition” violate advertising standards.
• “Greenwashing” poses brand risks and can lead to legal penalties: fines up to 2% of sales, imprisonment up to two years, or fines up to 150 million won.
• Climate Solutions proposed three measures:
• First, revise the disclosure system and publicly share data calculation methodologies.
• Second, create a quantitative reduction roadmap beyond vague declarations.
• Third, proactively respond to global regulations—preparing for the EU’s 2028 mandatory disclosure requirements.
• As a global company, Hyundai must fulfill its responsibilities. Accurate data disclosure is fundamental.
• Related Link.

Lowering the Basic Pension Eligibility to 1.23 Million Won Monthly.

• Currently, the bottom 70% by income are eligible, allowing those earning up to 2.47 million won monthly to receive the basic pension.
• Yoon Seok-myeong (Research Fellow, Korea Institute for Health and Social Affairs) proposed using 150% of the minimum cost of living as the threshold.
• Choi Ok-geum (Head of Pension System Research, National Pension Service Research Institute) argued, “We should gradually shift toward reducing basic pension recipients and raising national pension benefits for low-income seniors as a minimum income guarantee.”
• The proposal suggests reallocating saved funds to the national pension system.
• Related Link.

1 Million Won in Consumption Vouchers Boosts Spending by 430,000 Won.

• The Korea Institute of Public Finance analysis. For every won spent, local small business sales increased by 0.43 won.
• Last year’s two rounds of vouchers totaled 13.5 trillion won, with the analysis estimating actual consumption rose by 5.9 trillion won.

National Pension Voluntary Enrollment: Gangnam Triad Doubles National Average.

• Even a single premium payment extends enrollment duration. A little-known tip, but regional disparities are vast.
• Voluntary enrollees under 20 have surged 2.5 times in two years, concentrated in the capital region and high-income areas.
• As of January this year, 12,245 individuals are enrolled.
• The highest 18–19 enrollment rate is Gwacheon, Gyeonggi (3.6%), followed by Gangnam-gu (2.9%), Jongno-gu (2.5%), and Songpa-gu (2.4%).
• Seoul’s average is 1.7%; the national average is 1.3%.
• One can enroll voluntarily, defer payments, and later pay arrears before age 65 to have the full period recognized.
• The government will subsidize 42,000 won—the first month’s premium—for 18-year-olds starting next year.

ICYMI.

Incheon Airport Domestic Flights Resume.

• It’s been 10 years.
• Operations had halted due to insufficient passengers, but now they’re resuming with twice-weekly trial flights.
• Tourists arriving at Incheon Airport can now transfer to domestic flights. A dedicated domestic flight gate has also been built.

50,000 Gather at Mexico City’s Zócalo for BTS.

• BTS met with Claudia Sheinbaum (Mexican President) ahead of their Mexico City performance. They briefly appeared for greetings, but 50,000 fans flooded the square.
• The three-day concert has already sold out all tickets.

Tasteless and Pricey Rest Stops: A Road Corporation Retirees’ Cartel Exposed.

• Doseonghoe, a retirees’ association, created a subsidiary to participate in rest stop operations.
• It collected an average of 880 million won in annual dividends, with 400 million won distributed to members as birthday bonuses and other allowances.
• This violates the nonprofit corporation’s mandate and raises tax evasion suspicions.
• The findings emerged from a Ministry of Land, Infrastructure and Transport audit.
• An investigation has been requested.
• Related Link.

Las Vegas’s Big Ball: Sphere’s $380M Revenue.

• When the Sphere opened three years ago, it was widely deemed a disaster. Construction costs ballooned from $1.2B to $2.3B.
• But U2 booked 40 consecutive shows, and a string of major concerts ignited explosive sales.
• Tickets are pricey: U2 and Eagles shows cost $754 and $639 respectively.
• As recently as 2024, it was running a $330M deficit—but last year turned a $33.4M profit.
• Related Link.

Worth Reading.

Samsung’s Bonus Controversy: Why the Company Remains Silent.

• There’s no urgent need to intervene. The government, media, and citizens are already attacking the union.
• The same applied when Hyundai’s union opposed robots.
• How should we view defense stocks rising while people die on the battlefield?
• As Kim Dong-chun (Professor, Sungkonghoe University) noted, South Korea is moving beyond a corporate state toward a post-corporate state.
• Son Je-min (Social Editor, Kyunghyang Shinmun) analyzed, “It seems the fate of the nation and society hinges on AI transition and the semiconductor supercycle.”
• Related Link.

Why the Transmission Line Vote Was Abandoned.

• Committee members attending the site-selection meeting for the Hwasun-Gokseong 154kV transmission line abandoned the vote. One resident reportedly said:
• “If this line is confirmed, we’ll fight like wildfire. But the people we’d be fighting are neighbors who farm with us, my next-door friend’s father, my in-laws—we don’t want to fight them.”
• Son Je-min (Kyunghyang Shinmun Social Editor) assessed, “It’s a sentiment where our village doesn’t want it, but neither do we want to send it to another village.”
• Related Link.

Sex Crime Trials: The Jury System as a Wild Card.

• If you’re the defendant, a jury trial is advantageous. If you’re the victim, it’s a disadvantage.
• Lim Jae-sung (Haemaru Law Firm) pointed out, “If conviction rates vary significantly by procedure, we must question whether the process itself has flaws.”
• First, there’s the jury’s ingrained rape myth: societal biases walk straight into the courtroom.
• Second, victims are often defenseless against aggressive cross-examination. The ‘true victim’ stereotype is frequently exploited.
• Lim Jae-sung emphasized, “It’s time to close these loopholes.”
• Related Link.

Prosecution Withdrawal Marks a Regime’s Turning Point.

• Lee Joon-hee (Senior Advisor, Hankook Ilbo) emphasized, “The value the moderate class judges most strictly is legal fairness.”
• “If trust is lost through legislative coercion, we could be trapped in risk again at any moment,” he warned.
• Lee Joon-hee urged, “I hope President Lee Jae-myung—who is more adept than anyone at pragmatic judgment—will make a decisive move.”
• Related Link.

Manipulated Prosecutions: Dropping Charges Is Justice.

• Son Won-je (Hankyoreh Columnist) disagrees.
• “Delayed justice is no justice. To insist that a trial must proceed regardless of whether manipulation is proven—ignoring this principle—is no different from trampling on victims’ human rights with reckless rhetoric.”
• Son Won-je stressed, “If all forms of prosecution withdrawal are categorically rejected even after manipulation is confirmed, there is no path to justice for victims of politically motivated fabrication.”
• “Unless they propose viable alternatives—whether through special prosecutors, the prosecution’s withdrawal of charges, the justice minister’s authority, or entirely new creative methods—or at minimum refrain from obstruction, these institutions must first be strongly urged to act,” he argued.
• Related Link.

Germ-Free Classrooms.

• Should we rescue children from germ-free classrooms?
• Shin Eun-byeol (Hankook Ilbo Reporter) pointed out, “If we can raise children without harming their bodies or minds, isn’t that a good thing?” There are plenty of ways to get hurt outside of school.
• “The process of healing and overcoming wounds is itself growth,” and “germ-free classrooms only weaken children’s resilience” are valid critiques.
• But is there a way to protect teachers from parental blame? It’s a difficult problem.
• “To simply move on would be to ignore how desolate classrooms have become,” is the assessment.
• Related Link.