A Faded Victory.

• One must heed the strong public sentiment’s warning. Though the Democratic Party secured 12 out of 16 metropolitan regions, it lost Seoul—the most critical battleground. Some say, “Losing Seoul means losing the war.”
• Oh Se-hoon (People Power Party Seoul mayoral candidate) and Jeong Won-o (Democratic Party Seoul mayoral candidate) received 49.2% and 48.1%, respectively. The margin was 53,460 votes.
• As described by Kyunghyang Shinmun, it is a situation where “winning feels like losing and losing feels like winning.” Jang Dong-hyeok (People Power Party leader) wears a bright expression.
• In the by-elections, the Democratic Party held 13 of 14 seats but managed to secure only 9. Consequently, its total seats decreased from 165 to 161.
• Park Beom-kye (Democratic Party lawmaker) wrote on Facebook, “It is embarrassing to call this a victory.”
• In an editorial, The Hankyoreh emphasized, “What the public now demands of the Democratic Party is the policy competence befitting a ruling party and the institutional restraint of exercising its given authority with utmost caution.”
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What Matters Now.

How Much Does Paper Cost?

• The Songpa-gu ballot paper shortage is being framed as a misjudgment by the local election commission.
• The minimum print volume for local elections is 50% of all registered voters, and 60% for general and presidential elections—but the Songpa-gu commission only met the minimum.
• Kyeongyang Shinmun pointed out, “The problem lies in a structure where incumbent judges with low election administration expertise concurrently serve as commission heads.”
• Hong Sung-gul (Kookmin University professor) criticized, “Cost-cutting isn’t everything. If they failed to prepare sufficient surplus ballots for budget-saving purposes, the commission is denying its own raison d’être.”
• Related Link.
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Can Election Fraud Claims Be Dismissed?

• How many voters came to vote but gave up and left is the key question.
• It is impossible to verify how much exit poll results influenced voters who cast ballots after 6 PM, as there was only one ballot box and no separate tally.
• Mere violations of regulations do not invalidate an election. It is only invalidated if the violations are deemed to have affected the election outcome.

Seoul District Office Balance Shifts from 8:17 to 17:8.

• Seoul’s district office distribution has flipped.
• Seocho, Gangnam, Songpa, Gangdong, Gwangjin, Jung, Yongsan, and Yangcheon remain with the People Power Party.
• Dobong, Dongdaemun, Jongno, Seodaemun, Mapo, Gangseo, Yeongdeungpo, Dongjak, and Guro shifted from the People Power Party to the Democratic Party.
• Nationally, local government heads stand at 119:59.
• Related Link.

Seoul City Council Shifts from 36:76 to 81:36.

• The Democratic Party’s majority will now act as a check on Oh Se-hoon (Seoul mayor)’s unchecked momentum.
• Male and female representatives stand at 75 and 43, respectively.
• The proportional representation vote share for regional and proportional seats was 47% and 41%, respectively. Compared to 2018—immediately after the impeachment—the gap narrowed significantly, from 24 percentage points to 6 percentage points.

Jang Dong-hyeok: “We Preserved the Spark of Hope.”.

• He has no intention of stepping down. He released a statement: “We will find a new path together with party members.”
• In a messenger chat where Jang Dong-hyeok (People Power Party leader) was present, Yoon Han-hong (People Power Party lawmaker) criticized, “Candidates endured unnecessary hardships due to the party’s mistakes,” adding, “Without innovation and restructuring, the next election will be even harder.”
• There are assessments that “only areas outside Daegu-Gyeongbuk, where Jang Dong-hyeok did not campaign, saw victories.”
• Han Dong-hoon (independent winner) remarked, “It’s time to reflect and set the right course.”

Accountability for Rep. Lee Jong-gyu.

• Cho Seung-rae (Democratic Party Secretary-General) said, “A win is a win, even if there are regrets.”
• The calls for Rep. Lee Jong-gyu (Democratic Party leader) to take responsibility stem from three reasons.
• First, he proposed a special prosecution bill to cancel indictments right before the election, giving conservatives a rallying point.
• Second, there were controversies over failed candidate nominations in some regions.
• Third, losing Seoul while the president’s approval rating exceeds 60% is hard to explain without holding the leadership accountable.

Deep Dive.

Real Estate Divided the Vote.

• Oh Se-hoon’s votes poured in from the Han River Belt.
• Oh emphasized rental and lease issues, pledging to expand reconstruction, redevelopment, and housing supply.
• Repeatedly targeting housing instability, he rallied conservatives and courted moderates.
• The plan is to increase long-term leases to 100,000 households by 2031.
• Special tax deductions for long-term ownership and regulations on non-resident single-homeowners are also factors.
• Some predict a stronger preference for “smart single-property” strategies.
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Jeong Won-o: A ‘Workhorse’ With Weak Strategy and Faded Stature?

• Hankyoreh pointed out, “They needed a figure to drive expansion and unity.”
• Though touted as a ‘standout’ candidate, it ultimately became a contest between the incumbent mayor and district chiefs.
• The election strategy was shoddy, and the campaign lacked vigor.
• With polls showing a lead, there was excessive caution from the ‘wealthy’ camp.
• They also failed to craft messages to penetrate the moderate voter base.

Son Hye-won’s Return.

• Son Hye-won (former Democratic Party lawmaker), who faced backlash over real estate speculation in Mokpo’s old downtown, won a seat as an independent on the Mokpo City Council.
• The controversy over her proxy purchases was ultimately dismissed, with the Supreme Court ruling her not guilty.
• She pledged, “I will make the old downtown overflow with tourists.”

1.09 Million Invalid Votes in the Superintendent Election.

• 2.5 times higher than the regional government vote.
• Without party symbols or distinct pledges, many vote based solely on names.
• Bae Sang-hoon (Sungkyunkwan University professor) noted, “As elections repeatedly rely on factional frameworks and single-candidate competition, the ‘blind vote’ controversy will persist.”
• The Dong-A Ilbo editorialized, “If the current direct election system—failing to reflect voters’ will and forcing them to choose unknown candidates—continues, it should be abolished or replaced with an alternative.”

Jensen Huang’s Pick: Not Seongsu-dong, But Hongdae.

• They decided to meet tonight on ‘Hyungnim Jeoyo’ (Brothers, It’s Me).
• Members include Jensen Huang (NVIDIA CEO), Chey Tae-won (SK Group chairman), Koo Kwang-mo (LG chairman), and Lee Hae-jin (Naver chairman).
• The Chosun Ilbo exclusive.
• The bill will be paid by Lee Hae-jin via Naver Pay.
• It’s the same steakhouse Gordon Ramsay (chef) visited.
• On the 7th, he will serve as the ceremonial first pitcher at the Doosan Bears game.
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Another Take.

Starbucks Sales Continue to Slump.

• Payments from November 11–17 totaled 2.6 billion won.
• Payments from November 18–24 dropped to 2.0 billion won,
• and payments from November 25–31 fell to 1.8 billion won.
• A 90-million-won decline over two weeks.
• KakaoTalk gift purchases rebounded, reclaiming the top spot in the café category.
• Related Link.

Triple Highs Higher Than COVID-19, Hitting the Vulnerable First.

• Exchange rates, prices, and interest rates are all high. The pain is concentrated on small business owners and ordinary citizens.
• The won-dollar exchange rate rose to 1,529.7 won, consumer prices hit 3.1%, and housing mortgage rates increased to 4.3–7.3% annually. If the Bank of Korea raises the base rate next month, household debt burdens will grow heavier.
• Lee Sang-min (Nation’s Finance Research Institute researcher) warned, “We’ll see unprecedented extreme polarization compared to the past.”
• Related Link.

“Doubling Nuclear Material Production Capacity.”.

• Kim Jong-un (North Korean State Affairs Commission Chairman) released photos of inspecting a uranium enrichment facility.
• Im Eun-chul (Kyungnam University professor) analyzed, “The intention is to make the U.S. and China recognize that North Korea’s status as a nuclear power is irreversible.”

Is Jung Sung-ho the Next Prime Minister?

• He is a long-time friend of Lee Jae-myung (President). He has affectionately been called “Jung Sung-ho the Tiger.”
• Several candidates have been floated for prime minister, but Chosun Ilbo has pinned Jung Sung-ho (Minister of Justice) as the frontrunner.

National Pension Fund Grows by 422 Trillion Won in Two Years.

• The issue lies in the fact that these are only valuation gains, not realized profits.
• The National Pension Service set a target return rate of 4.5% since its establishment in 1998, but its average return rate reached 8.0% until last year.
• If the depletion date was 2064 at 4.5%, raising it to 6.6% would delay it until 2090.
• Yoon Seok-myeong (Health and Social Research Institute researcher) said, “I don’t know what they’re thinking, getting drunk on temporary unrealized gains when a crisis hits.”
• Calls are also emerging to find an exit strategy. The argument is that these are stocks that must eventually be sold and exited.
• Kim Yong-ha (Soonchunhyang University professor) said, “Since income is still greater than expenditure, there is time to quietly exit the domestic market by gradually increasing overseas investment share with the surplus.”
• Related Link.

The Fix.

Letting Go of Medical Obsession.

• We are fragile in the face of death.
• Park Jung-chul (Yonsei Cancer Hospital physician) pointed out, “To let go of medical obsession, there must be supportive families and communities, and a culture that believes this is the completion of life.”
• From Park’s perspective, terminal patients are lonely. No one makes the decision for them until they themselves sever the thread of life. Emphasizing patients’ right to self-determination in law has made dying peacefully more difficult.
• “The law excludes the plight of terminal patients who wish to die with dignity, instead reflecting the government’s convenience-driven approach to minimize disputes and the public’s desire to avoid death. Hence, all procedures are complicated. Even confirming the patient’s and family’s wishes, or medical judgments about the end-of-life stage, cannot be trusted based solely on the attending physician’s opinion—additional verification by fellow specialists is mandatory. Above all, suspecting that a comfortable death is an easy death, the law mandates oxygen and nutrient supply until the very end. Because of this, patients are left bruised by needles, swollen limbs, and restrained to prevent them from removing oxygen tubes or nasal lines until their last breath.”
• Related Link.

“Let Her Go in Peace.”.

• A scene from the film ‘The Feast.’ The son living in Seoul rushes home upon hearing his mother has collapsed. Other siblings are already gathered, and neighbors have finished funeral preparations and started drinking in the yard.
• When the younger brother suggests taking her to the hospital, the sister-in-law protests, “Let her go in peace.”
• That’s how the mother passed away peacefully. Thirty years ago, even if someone was in a hospital, they’d be brought home to die. Now, there are no customs, no rituals, no neighbors.
• “We’re left with a single piece of paper, forced to decide on our own deaths alone.”

Will Delivery Workers Receive Minimum Wage?

• Driving five substitute taxi shifts a day earns around 150,000 won. With monthly insurance costs of 200,000 won, 800,000 won in commission fees, and other expenses totaling 1.5 million won, actual earnings rarely exceed 100,000 won per day—about 8,400 won per hour.
• The Minimum Wage Commission is discussing whether to apply minimum wage standards to piece-rate workers.
• Kim Jong-jin (Director of the Laboring Citizens’ Research Institute) noted, “Practical discussions are impossible without transparent disclosure of labor hours and compensation data held by platform companies like Baemin.”
• Related Link.

Stalking Punishment Law Fails to Protect.

• Between 2009 and 2024, up to 1,560 women were killed by intimate male partners—one every two days.
• Heo Mi-sook (National Assembly Research Service analyst) pointed out, “The Stalking Punishment Law cannot protect victims under coercive control.” This refers to manipulative acts that track and surveil victims’ whereabouts or restrict their interactions with others, suppressing autonomy.
• The clause “against the other’s will” is a poison pill. Victims often cannot defy abusers, and without explicit refusal, they rarely receive protection.
• The Korea JoongAng Daily proposed, “The 29-year-old Domestic Violence Punishment Law must be entirely restructured.”
• First, rename it the “Intimate Relationship Violence Punishment Law,”
• second, expand the definition of “intimate relationship” regardless of marital status,
• third, incorporate the concept of coercive control into the law.

ICYMI.

Kammerer SMR Stories Flood In.

• SK Innovation, a major shareholder of TerraPower, hosted journalists covering its SMR (small modular reactor). Who footed the bill for this reporting trip?
• Chris Levesque (TerraPower CEO) claimed, “Statistically, it’s about 1,000 times safer,” adding, “Building these in densely populated areas poses no issues.”
• TerraPower uses liquid sodium—not water—as coolant. It doesn’t boil even at 880°C, eliminating the need for high-pressure reactors.
• Related Link.

37 of 104 Homeplus Stores to Close.

• Already on temporary hiatus since the 8th of last month.
• 3,500 workers from the 37 stores will be affected, with plans to offer voluntary retirement to 1,500 of them.
• The Korean Confederation of Trade Unions’ Homeplus branch argued, “While streamlining some stores for normalization is acceptable, indiscriminate closures like these will only hinder recovery.”

Manual Therapy Fee Set at 43,850 Won.

• Limited to twice weekly, 15 times annually.
• Patient co-payment is 95%, requiring 41,650 won per session.
• As of March last year, manual therapy costs reached 121.3 billion won, projected to hit 1.4556 trillion won annually.
• Lee Tae-yeon (Vice President of the Korean Medical Association) argued, “Lowering manual therapy fees would make it impossible to cover costs and sustain services, leading to their disappearance.”
• Hong Suk-cheol (Seoul National University professor) noted, “If only price and frequency are restricted, medical institutions will create new non-covered items to secure profits,” adding, “More rigorous management of non-covered services is essential.”
• Related Link.

Brazil’s Eggs to Hit the Market.

• 5.62 million eggs from the U.S. and 3.37 million from Thailand have already been imported.
• A plan to bring in 20 million eggs from Brazil is underway.
• Egg prices have surged to 7,452 won for a 30-pack of large eggs.
• The government will subsidize 1,500 won per 30-pack until August 1.
• E-Mart and Lotte Mart have imposed a limit of one 30-pack per customer.

AI Evolving on Its Own.

• Anthropic has argued, “Recursive self-improvement may be possible sooner than expected.”
• Coding agents have evolved into automation agents, and the next step is predicted to be RSI—a future where AI designs, develops, and trains itself.
• Anthropic emphasized, “We must verify and confirm whether AI’s evolution aligns with human intent,” adding, “We feel a need to warn everyone.”
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Japan’s University Graduate Employment Rate Hits 98%.

• No need for “spec-building” like in Korea—early employment leaves no time, and companies don’t demand it.
• Early hiring now extends as far down as first-year students.
• Companies contact candidates so frequently to prevent withdrawal that it’s coined “owahara” (harassment to finalize hiring).
• It refers to pressure to abandon other job searches, perceived as bullying.
• A blend of “owari” (end) and “harassment.”

Worth Reading.

Let’s Stick to Negotiations.

• Workers naturally have the right to demand a share of profits. Who will advocate for non-regular and subcontractor workers?
• Kim Kyung-sik (CEO of ESG Network) views this as a governance issue that must be resolved. The key is finding where corporate and labor interests intersect.
• The corporations’ weakness is the Yellow Envelope Law. Article 3, which limits liability for damages, and Article 2, which expands bargaining rights for subcontractors, bind entities of entirely different natures.
• Labor’s weakness is industry-wide bargaining. Unions remain centered on regular workers and lack strong negotiating power.
• Kim proposed, “The labor sector should extend an olive branch first.” He suggests inviting subcontractor union representatives to tripartite consultations and practicing cooperative bargaining in line with the Yellow Envelope Law’s intent.
• “Who will turn the wheel first to prevent disaster? It’s time to break the monopolistic, self-serving governance structure and pursue ESG mutualism in its true sense.”
• Related Link.

Glimmering Kim Bu-gyeom.

• He ran in a hostile district with the grand ambition of breaking regional political patterns.
• His vote share: 45.1%. Jeong Je-hyeok (The Kyunghyang Shinmun columnist) remarked, “It’s Kim Bu-gyeom, so he got this much—and it’s Kim Bu-gyeom, so he was stopped here,” calling it a figure that “simultaneously shows the potential and limits of overcoming regionalism in Daegu.”

Presidents Clashing with Ilbe.

• If you’re going to fight, fight well. Calling it “the immoral conduct of lowlife merchants” or “beast-like behavior” won’t suffice. Even if Ilbe is shut down, nothing will change.
• Kim Jae-jung (Social Editor, Kyunghyang Shinmun) pointed out, “Punishing those who incite hate might inadvertently grant them attention and allow them to pose as martyrs defying taboos.”
• Lee Jae-myung (President) dodged questions on the need for an anti-discrimination law, stating, “Societal consensus and discussion are necessary.” Kim criticized, “As long as he maintains this stance, his message against hate speech may be passionate but ultimately lacks substance.”
• “Don’t get trapped in narrow frames and miss the core issue. Set broader goals and expand the playing field.”
• Related Link.

Semiconductors: Blessing or Curse?

• Last year, Samsung Electronics and SK recorded operating profits of 44 trillion won and 47 trillion won, respectively. According to SK Securities forecasts, these figures will rise to 378 trillion and 272 trillion won this year, and to 570 trillion and 423 trillion won next year.
• Corporate tax revenues will grow accordingly, but that alone won’t suffice. If unchecked, asset bubbles and widening inequality could escalate into systemic risks.
• Park Hyun (Hankyoreh columnist) argues that 21st-century oil—semiconductors—could become either a resource curse or a blessing.
• Options include imposing additional taxes on excess profits, creating new levies like a robot tax, or establishing a sovereign wealth fund to secure equity stakes.
• Koo Yoon-cheol (Deputy Prime Minister for Economic Affairs) advocates redirecting funds toward productive investments, while Kim Young-hoon (Minister of Labor) proposes establishing a social solidarity wage fund. Park Hyun emphasized, “Policymakers must urgently develop a concrete package linking future investments to social returns.”
• Related Link.