Which Countries Host More Than One $1 Trillion Company?

• The United States and South Korea. SK Hynix joined the $1 trillion market cap club yesterday.
• The U.S. has 10, South Korea has 2. Globally, including Taiwan’s TSMC and Saudi Arabia’s Saudi Aramco, there are 14.
• Micron Technology crossed $1 trillion a day before SK Hynix, but SK Hynix overtook it.
• Samsung Electronics and SK Hynix now surpass Berkshire Hathaway. They rank 11th and 12th, respectively.
• Micron Technology reached $1 trillion in 48 days after crossing $500 billion. Nvidia took 490 days.
• Over the past year, SK Hynix, Micron Technology, and Samsung Electronics’ stock prices surged by 1,007%, 859%, and 469%, respectively. AMD and Intel also rose by 340% and 500%.
• U.S. markets edged up yesterday. The S&P 500, Dow, and Nasdaq gained 0.02%, 0.36%, and 0.07%, respectively.
• Related Link.

What Matters Now.

Poll Publication Ban Begins Today.

• Seven days until local elections.
• The stated purpose is to prevent influencing the election, but many argue it is out of step with the times.
• According to the World Association for Public Opinion Research (WAPOR), 32% of 133 countries have no ban period on publishing polls. Most countries with bans limit them to 1–2 days.
• Lee Choong-jae (former Korea Ilbo editor-in-chief) noted, “Blocking access to polling trends—one of the key bases for judgment—during the period when voters should most seriously consider their choices is unreasonable.”
• Related Link.

Seoul and Daegu in a Dead Heat.

• According to YeolronM, Jeong Won-joo (Democratic Party Seoul mayoral candidate) and Oh Se-hoon (People Power Party Seoul mayoral candidate) stand at 46.6% and 43.5%, respectively.
• Kim Bu-gyeom (Democratic Party Daegu mayoral candidate) and Choo Kyung-ho (People Power Party Daegu mayoral candidate) are at 42.7% and 48.9%.
• Jeon Jae-su (Democratic Party Busan mayoral candidate) and Park Hyung-jun (People Power Party Busan mayoral candidate) are at 47.6% and 39.4%, respectively—outside the margin of error.
• Related Link.

Pyeongtaek-Eul and Busan Buk-gap Proceed Without Consolidation.

• In the Pyeongtaek-Eul by-election, the key question is whether Cho Kuk (Cho Kuk Innovation Party candidate) can catch up to Kim Yong-nam (Democratic Party candidate), who leads with 27.8% to 24.7%. Yoo Ui-dong (People Power Party candidate) trails at 20.0%.
• In the Busan Buk-gap by-election, Han Dong-hoon (independent candidate) and Ha Jung-woo (Democratic Party candidate) are within the margin of error at 39.3% and 36.1%, respectively. Park Min-sik (People Power Party candidate) follows at 23.0%.
• The critical question is whether Cho Kuk and Han Dong-hoon can win without consolidation.

Tank Day Controversy: Starbucks Sales Drop by 8 Billion Won.

• Weekly payment amounts fell from 3.22 billion won to 2.37 billion won—a 26% decline. Analysis by IGI Works.
• App user numbers increased from 3.9 million to 4.09 million, possibly due to users accessing the platform for refunds of prepaid balances.

Deep Dive.

81% Approval, 79% Rejection: Samsung Electronics Labor Agreement Passes.

• DS (Semiconductor) division saw 81% approval, while other divisions approved at only 21%. These reflect separate votes by the non-company union and Jeonsamno (National Samsung Electronics Union). The overall tally passed with 74% approval.
• Samsung Electronics employees received 36 trillion won in performance bonuses, while shareholder dividends amounted to approximately 22 trillion won.
• Related Link.

Samsung Electronics’ 5-Year, 5 Trillion Won Social Contribution.

• Funds will go toward supporting partner companies, an industrial disaster fund, AI talent development, and other initiatives.
• The Hankyoreh highlighted it as a front-page lead. “A measure taken with awareness of criticism that it’s ‘a party for themselves,’” the analysis reads.
• Related Link.

13.6 Billion Won Demolition Contract: A ‘Fixed Answer’ Bid?

• Seoul announced the bid on April 10, selected Heungwha as the contractor on April 16, and began construction on April 30.
• Heungwha ranks 83rd in construction capability.
• Choi Myung-gi (Professor, Korea Industrial Field Professors Group) said, “It’s hard to shake the feeling that reviewing and finalizing the bid within six days was excessively rushed.” Song Chang-young (Chairman, Korea Disaster and Safety Technology Institute) noted, “Given how quickly the bid was finalized, it’s worth examining whether the city properly reviewed the proposal documents.”
• Related Link.

Lee Jae-myung and Park Geun-hye in Busan.

• Coincidentally, the dates overlapped, but interpretations diverge ahead of the election.
• Lee Jae-myung (President) attended the Ocean Day event at Korea Maritime and Ocean University, then visited Jagalchi Market.
• Park Geun-hye (former President) stopped by Jinju Central Market and met people at Busan’s Gijang Market.
• Jeong Cheong-rae (Democratic Party leader) criticized, “A president impeached for abuse of power has no shame in roaming around.” Jang Dong-hyeok (People Power Party leader) sneered, “Is Lee Jae-myung in such a rush for the election that he’s touring markets nationwide?”
• A People Power Party official met by Kyunghyang Shinmun remarked, “The advantage of Park Geun-hye’s visits is that at least one line of coverage comes out.”
• Related Link.

Another Take.

Iranian Missile Attacked HMM Cargo Ship.

• Foreign Ministry investigations suggest the missile was likely Iran’s domestically developed Noor or Qader.
• The Iranian ambassador denied the claim.
• Kyeongyang Shinmun’s editorial insisted, “A firm stance must be taken against Iran.”
• Strong retaliation is impractical against an Iran that even the U.S. cannot control, and other cargo ships trapped in the Strait of Hormuz could face risks. Hankyoreh’s editorial emphasized, “Persistent diplomacy is needed now.”
• Hankook Ilbo’s editorial noted, “Pragmatic diplomacy balancing between the U.S. and Iran requires realism—but it must also clearly demonstrate the nation’s raison d’être.”
• Related Link.
• Related Link.
• Related Link.

No Good Deal.

• The Financial Times’ analysis. It would have been best never to start the war in the first place, but now any choice means accepting a worse situation.
• First, continue the ceasefire while keeping the Strait of Hormuz blocked,
• Second, the U.S. attacks Iran again, prompting Iran to strike other countries,
• Third, Trump declares a moderate victory and withdraws.
• The agreement remains vague. Promises to halt uranium enrichment still lack credibility, while missiles and drones remain untouched. This is not a problem that can be resolved solely by a U.S.-Iran deal. Lifting economic sanctions would only expand Iran’s influence.
• Will the U.S. economy recover once the war ends? Not necessarily.
• Iran could reblock the Strait of Hormuz at any time, and the U.S. lacks the power to stop it.
• Related Link.

A Master of the Deal Gone Awry?

• “The absolute worst move in a deal is to show desperation to close it. The best approach is to negotiate from a position of overwhelming strength.” So wrote Trump in his 1987 book, The Art of the Deal.
• Trump has fallen squarely into the trap he himself warned against—exposing impatience and being dragged along by Iran.
• Gideon Rachman (Financial Times columnist) observed, “If Trump accepts a bad deal, it’s because he has no alternatives.”
• Related Link.

“Sentence Defendant E to Life Imprisonment.”.

• In the ruling document, Yoon Suk-yeol (former president) is listed as “Defendant E.”
• Publicly released verdicts must anonymize identities. “GW GX” refers to Prime Minister Han Duck-soo, and “Minister DY of DX” is Interior Minister Lee Sang-min.
• Though anonymization is justified to protect personal information, the obfuscation often renders identities unrecognizable, while also consuming significant time and resources. The Yoon Suk-yeol case took a month to publish. Last year, 3.8 billion won was spent on anonymization.
• Related Link.

Education Superintendent Candidate Attacks LGBTQ+ Community.

• While superintendent candidates proliferate without party endorsements, there are ways to filter out those peddling hate and discrimination.
• Jo Jeon-hyeok (Seoul Education Superintendent candidate) hung a banner reading, “Expel queer homosexual education.”
• Kim Young-bae (Seoul Education Superintendent candidate) attended a press briefing holding signs that read, “Oppose homosexuality” and “Oppose anti-discrimination law.”

Crossed Fates of LG Energy Solution and SK On.

• LG Energy Solution holds the record for South Korea’s largest-ever initial public offering, raising 12.8 trillion won in 2022.
• Controversy over dual listings was fierce, and when the government banned them, SK On—which had launched around the same time—failed to list. The outcome?
• LG Energy Solution weathered the storm with cash reserves, while SK On relied on borrowing. Their debt ratios stand at 129% and 241%, respectively. While LG Energy Solution reported 1.3 trillion won in operating profit, SK On incurred 0.9 trillion won in operating losses.
• Na Ji-hong (Chosun Ilbo columnist) noted, “The paradoxical result of dual-listing regulations intended to protect parent company shareholders,” adding, “Protecting minority shareholders is a vital principle, but blocking corporate funding channels ultimately harms shareholders.”
• Related Link.

The Fix.

Let’s Talk About the Social Solidarity Fund.

• It’s Kim Young-hoon’s (Minister of Employment and Labor) proposal. “If achievements are made through combined social support, redistribution should also be discussed socially, and social dialogue is necessary for this,” he emphasized.
• “Primary social distribution occurs through taxes, and secondary distribution must function within the labor market to have a real redistributive effect,” he said. “We want to lead discussions toward resolving disparities through mutual growth of primary contractors and subcontractors, and revitalizing regions together.”
• Kim Dae-jong (Sejong University professor) criticized, “It’s excessive to define corporate achievements from business activities as public in nature,” adding, “This could be interpreted as the government intervening in individual companies’ profit-sharing criteria.”
• Related Link.
• Related Link.

March Births Highest in Seven Years.

• 25,200 births. A 19% increase compared to March last year.
• A 15% increase in cumulative first-quarter figures.
• Total fertility rate stands at 0.93. Marriages are up, and births among women in their 30s have risen.
• Last year’s total births were 254,500—this year, projections suggest they may exceed 300,000. First-quarter cumulative births: 75,013.

ICYMI.

Ugly Ferrari Erases $5 Billion in Market Value.

• Ferrari’s newly unveiled electric vehicle, the Luce, has received overwhelmingly negative feedback.
• “Good lord, it’s really ugly,” remarked a businessman in his 40s who has owned Ferraris for decades.
• It’s the first car designed by Jony Ive, former Apple iPhone designer, after joining Ferrari. It features an 800V platform and a 122kWh battery pack. It accelerates from 0 to 100 km/h in 2.5 seconds, with a top speed of 310 km/h.
• Related Link.
• Related Link.

Samsung Electronics’ Turnover and Retirement Rate: 10x SK Hynix.

• As of 2024, Samsung Electronics stands at 10.1%, SK Hynix at 1.3%.
• There was also the walnut pastry incident. Dissolution of the HBM task force was accompanied by walnut pastries as parting gifts, sparking outrage. Overseas assignment programs have been drastically reduced, and complaints abound that welfare systems are not what they used to be.
• Related Link.

Trump’s 80th Birthday Celebration: A UFC Spectacle.

• It coincides with the 250th anniversary of the U.S. founding. Construction of the Octagon cage is underway on the South Lawn of the White House.
• They plan to distribute 85,000 free tickets.
• The minimum $60 million cost will be entirely covered by UFC.

Worth Reading.

No Last-Minute Conservative Surge Expected.

• While the People Power Party appears to be banking on a last-minute consolidation of “shy conservatives,” Jung Han-wool (director of the Korea Research Institute) disagrees.
• First, conservative voters’ political efficacy has significantly weakened,
• Second, their active intent to vote is relatively low,
• Third, the conservative upswing may be exaggerated. ARS polls tend to overrepresent conservative sentiment.
• Jung Han-wool analyzed, “The conservatives’ lagging support is less about passive respondents hiding their true leanings and more likely due to shame over the conservative party and politicians they once supported, causing their allegiance to waver and erode.”
• The message: conservatism remains embarrassing and unchanged.
• Related Link.

Takahashi Has No Plan B.

• “The more Japan tries to appease Trump, the worse treatment it receives.” This is the analysis of Margarita Esteves-Abe (Syracuse University professor).
• Takahashi Sanae (Japanese Prime Minister) seeks to align closely with the U.S. while pressuring China, yet Trump himself is gauging Xi Jinping (Chinese President)’s reactions.
• From Trump’s perspective, appeasing a China that holds leverage over the U.S. is more critical than indulging a submissive Japan. Xi Jinping’s strong criticism of Japan during his meeting with Trump is telling.
• Robert Dujarric (Temple University professor) pointed out, “Japan’s only option is to accept reality and assume that China is not a real threat.”
• Gil Yun-hyung (Hankyoreh columnist) suggested, “South Korea and Japan could consider a Plan B—pooling their strength to secure some autonomy from both the U.S. and China.” The likelihood is low. Japan is all-in on Plan A—strengthening alliances—and South Korea does not prioritize cooperation with Japan.
• Related Link.
• Related Link.

Ceasefires Don’t Stop People From Dying.

• “A ceasefire may halt bombardments, but it lacks the power to restore lives. Between the silence of guns and the repair of daily life, there remains an unbridgeable gap.”
• Jeong Ji-sang (CEO of Metric Publishing) noted, “For them, peace is not a clause in an agreement, but a question of whether clean water arrives today.”
• “Calling peace a state of rest erases its violence, leaving unnamed suffering unattended. What’s needed now is to name peace more precisely—to recognize the daily struggles of those left in destruction’s wake as its true content. Peace begins anew when we stop calling unrepaired lives ‘normal.’”
• Related Link.

Four Questions for Kim Yong-beom.

• First, is it acceptable to break the formula of high interest rates for low-credit individuals?
• Second, how did the 2003 credit card crisis begin?
• Third, is the credit rating system truly a dangerous design?
• Fourth, is Korean finance uniquely cruel?
• This debate was sparked by Kim Yong-beom (Blue House Policy Secretary), who asked, “Why should the poor pay higher interest rates?”
• Lee Young-tae (The Korea Herald columnist) pointed out, “Banks are already scrambling under government pressure, leading to inverted interest rate phenomena.”
• Seok Byung-hoon (Ewha Womans University professor) criticized, “It’s only natural for desperate, high-risk individuals to pay higher interest rates. Shaking this is deeply political.”
• Choi Jaewon (Seoul National University professor) questioned, “Is it appropriate to blindly reject the current credit system?”
• Choi Dong-beom (Seoul National University professor) stated, “I don’t see Korean lending practices as uniquely predatory.”
• Kang Kyung-hoon (Dongguk University professor) suggested, “In the U.S., there’s growing momentum for cash flow underwriting—assessing credit via cash flow. Alternative credit evaluations aren’t impossible if open banking or MyData systems are leveraged effectively.”
• Related Link.