Slow Letter is
a curated snapshot of Korea.

We go beyond the headlines, connect the dots, and show you what really matters — with insight and edge. We surface the stories behind the noise and bring the context you didn’t know you needed. It’s not just about what’s happening. It’s about why it matters.

This English edition combines AI-powered translation with careful human editing — using Upstage Solar-Pro-2 — and it’s still in beta mode.We’re learning as we go, and your feedback is invaluable.

Nepal Floods Caused by Melting Glaciers.

• Himalayan ice is melting rapidly.
• A magnitude 5.2 seismic wave was detected, but it was not an earthquake—it was a shockwave from a glacial collapse. A 600-meter ice mass plummeted nearly 1,200 meters vertically from an elevation of 5,200 meters.
• Eight South Koreans from Korea Southeast Power and Doosan Enerbility are currently out of contact.
• Confirmed deaths have reached 160, with over 400 tourists missing.
• Related Link.

Nvidia’s Earnings Surprise.

• Second-quarter revenue hit a record $92.6 billion, surpassing the market consensus of $92.3 billion.
• Net profit was $59.7 billion. Gross margin was 75%.
• Jensen Huang (Nvidia CEO) announced a payment guarantee of up to $500 billion for data center financing.
• Jensen Huang declared, “AI has reached an inflection point.” This signals the start of a phase where profits will be actively generated. Next year’s revenue is projected to grow by 70%.
• Will Lind (GraniteShares CEO) emphasized, “The market is not overly concerned about demand for Nvidia chips; the bigger question is the overall outlook for the AI industry.”
• All three major U.S. stock indices fell. Nvidia’s earnings were released after the market closed and were not reflected in its stock price. In after-hours trading, Nvidia’s shares rose over 4%. The Dow Jones, S&P 500, and Nasdaq indices closed at -0.21%, -0.02%, and -0.08%, respectively.
• Related Link.
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What Matters Now.

Tancheon Water Reclamation Center Instead of Yongsan Park.

• Oh Se-hoon (Seoul Mayor) proposed the Tancheon Water Reclamation Center as an alternative site to Yongsan Park, and Kim Yoon-deok (Minister of Land, Infrastructure and Transport) said they would review it. For now, Yongsan Park will not be included in the supply target sites to be announced this year.
• Kim Yoon-deok stated, “Since it’s only possible if cooperation with the Seoul Metropolitan Government and Yongsan District Office is achieved, the Yongsan Park issue is problematic whether it becomes too big a topic or not.”
• Oh Se-hoon revealed, “We requested an increase in redevelopment floor-area ratio up to 1.2 times the legal limit and confirmed that the Ministry of Land, Infrastructure and Transport is proactively reviewing it,” but the ministry refuted this in a supplementary statement, saying, “No direction or content of the review has been finalized.”
• Related Link.

It Won’t Happen Within the Term Anyway.

• The Tancheon Water Reclamation Center site spans 410,000 square meters, larger than the Yongsan Children’s Garden (300,000 square meters). Oh Se-hoon (Seoul Mayor) claimed it could accommodate up to 13,000 housing units.
• Unlike Yongsan, where construction could start immediately, relocating sewage treatment facilities will take significant time. The Korea Daily analyzed it would require at least 10 years.
• Oh Se-hoon retorted, “I’d like to ask if building in Yongsan Park would even allow construction to begin within this administration,” dismissing the criticism as “timing-mismatched critique for critique’s sake.”

Industrial Electricity Rates to Vary by Region.

• Yeongnam and Honam will see a 10% reduction. Gangwon and Chungcheong will have an 8% cut, while the capital region remains almost unchanged.
• Last year’s average industrial power sales price was 181.9 won per kWh, with reductions of 13–18 won in the southern region, 10–15 won in the central region, and 0–15 won in the capital region.
• Kim Sung-hwan (Minister of Climate, Environment, and Energy) said, “There were numerous demands to lower electricity rates because they were too high, making competition extremely difficult.”
• The industrial sector’s electricity cost burden will decrease by 2.8 trillion won.
• A semiconductor fab in Gwangju, Jeollanam-do, could save 720–990 billion won annually in power costs based on a 6.3GW capacity.
• Lee Heon-seok (Policy Committee Member, Energy Justice Action) criticized, “Korea Electric Power Corporation’s deficit problem will worsen.” Kim Sung-hwan responded, “The government will shift a significant portion of public costs—such as energy vouchers for low-income households—that KEPCO has borne to state responsibility.”
• Lee Yu-su (Professor, Soongsil University) noted, “Companies don’t decide to relocate based solely on electricity rates.” He added, “Incheon, with abundant power facilities, is restricted by being classified as the capital region, while Daegu and Daejeon, with low self-sufficiency rates, receive larger discounts as non-capital regions. This could severely distort price signals.”
• Related Link.

Meta Settles Facebook Lawsuit for $17.1 Billion.

• Meta (Facebook) settled a lawsuit alleging it neglected social media addiction. Payments will be divided over 10 years. Estimates suggest legal fees alone could reach $10 billion.
• Infinite scrolling will be disabled, and daily limits of two hours will be imposed on Instagram and Facebook. Usage restrictions from midnight to 6 a.m. will also be introduced. Cosmetic filters will be restricted.
• Related Link.

“Talk of Reform, and Now You Want to Bargain?”.

• “We will not join any hodgepodge coalition.”
• This was the statement from Shin Jang-sik (Representative of the Cho Kuk Innovation Party). The Cho Kuk Innovation Party is demanding the introduction of a runoff voting system and relaxed requirements for forming negotiation blocs. The Democratic Party maintains an open stance for discussion.
• Shin Jang-sik criticized, “Kim Min-seok (Democratic Party Representative) used the term ‘absorptive merger’ during the primary process, evoking hostile M&A,” adding, “Measures to restore trust must come first before any meaningful alliance can be formed.”

Deep Dive.

Can Even 40% Approval Ratings Waver?

• In a Jo Won C&I poll, President Lee Jae-myung’s approval rating hit 38.9%—a 27.2 percentage point drop from 66.1% in April.
• A Democratic Party lawmaker interviewed by Chosun Ilbo said, “The psychological Maginot Line for governing momentum is 40% approval,” adding, “There’s growing panic about preventing a collapse below 40%.”
• Related Link.

Prosecutorial Discretion Cancellation Postponed, for Now.

• Park Gyun-taek (Democratic Party Representative) said, “The special prosecution bill for manipulated indictments is already overdue—it must be expedited,” adding, “Including prosecutorial discretion cancellation is the right move.”
• Kwon Chil-seung (Democratic Party Representative) countered, “Processing livelihood-related legislation during the regular session is the top priority.”
• A Democratic Party lawmaker interviewed by Chosun Ilbo warned, “Passing a special prosecution bill granting prosecutorial discretion cancellation now would be political suicide.”
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Jang Dong-hyeok’s First Year.

• Jang Dong-hyeok (People Power Party Leader) has no intention of stepping down. At his one-year-anniversary press conference, he stated, “With one year remaining in my term, I will start anew.” His term extends until next August.
• Lee Seong-gwon (People Power Party Representative) demanded, “If you truly care about the People Power Party, conservatism, and fighting the Lee Jae-myung administration, abandon your attachment to the position and resign immediately.”
• Related Link.

Lee Jun-seok Steps Down as Party Leader.

• Lee Jun-seok (Reform Party Leader) said, “I have proposed ideas for the party’s self-strengthening and renewal, but they have not received sufficient support.”
• Cheon Ha-ram will serve as acting leader for the time being.
• Related Link.

Motion to Expel Lee Jin-sook Passes.

• The motion passed the plenary session with 157 votes in favor and 1 against.
• This is the first time in constitutional history that a motion to expel a lawmaker has passed.
• The motion lacks legal enforceability. While a simple majority suffices for the motion, expulsion requires a two-thirds majority in the plenary session after review by the Ethics Committee.
• Cheon Joon-ho (Democratic Party Representative) claimed, “Lee Jin-sook (People Power Party Representative) has turned the National Assembly, a hall of public will, into a platform for incitement that defames the May 18 Democratization Movement and a frenzied arena for forces colluding in internal rebellion that destroy constitutional order.”
• Lee Jin-sook argued, “Just as the North Korean Workers’ Party enforces one-party dictatorship, the South Korean National Assembly has become a Democratic Party dictatorship.”
• Kim Min-seok (Democratic Party Leader) stated, “We will swiftly push for legislation to suspend qualifications for one year if a majority decision is made in the plenary session. Can we really tolerate a female Chun Doo-hwan in the National Assembly?”
• Related Link.
• Related Link.

KOSPI 7,000: A Towering Wall of Sell Orders.

• According to iM Securities, there is a 37.9 trillion won wall of individual investor sell orders between KOSPI 7,000 and 7,500. Another 60.4 trillion won wall stands between 7,500 and 8,000.
• Kim Joon-young (iM Securities Researcher) said, “Individual investors learned during July’s correction that the formula ‘buy for profit’ is not always correct,” adding, “Even if the KOSPI rises above 7,000, they are more likely to gradually reduce their holdings rather than shift to buying.”
• Related Link.

Another Take.

Iran-Oman Agree on Temporary Hormuz Shipping Lane.

• Marco Rubio (U.S. Secretary of State) said, “No attacks for the time being.” The focus is on economic sanctions.
• Iran and Oman have agreed to open the shipping lane and remove mines.
• Kazem Gharibabadi (Iranian Deputy Foreign Minister) stated, “It is possible when conditions are met and we understand America’s regret and repentance.”
• The Financial Times analyzed, “It is heading toward a Ukraine-style stalemate.”
• Sanctions against Chinese companies trading with Iran are highly likely. China is protesting.
• Sina Toossi (Iran expert at the Center for International Policy) pointed out, “The more pressure the U.S. applies to cut Iran’s remaining lifelines, the more Tehran will want to demonstrate that ‘compensation’ is required for any cooperation with Washington’s demands.”

Biden and Yellen Clash Over Policy.

• Janet Yellen (U.S. Treasury Secretary) seeks to lower interest rates, while Jerome Powell (Federal Reserve Chair) aims to avoid market disruption.
• Jerome Powell remarked, “Market participants are learning to watch the ball, not the referee,” betraying some discomfort.
• U.S. inflation has surged to 3.7%, far exceeding the Fed’s 2% target.
• Krishna Gupta (Evercore ISI Vice Chairman) observed, “We’ve entered a phase where activist Treasury policy is as consequential as central bank policy.”
• Jerome Powell will deliver his first Jackson Hole Symposium speech tomorrow. Speculation grows that “the honeymoon is over.”
• Powell has often cited Paul Volcker (former Fed Chair): “Get the rate roughly right. Then act like you know what you’re doing.”
• Related Link.

U.S. Visa Interviews Halted.

• All U.S. embassies and consulates have begun training to strengthen visa screenings.
• Since the second Trump administration, over 175,000 foreign visas have been revoked due to violations of visa conditions, abuse of U.S. immigration systems, and criminal involvement.

The Fix.

Back to Linear Reduction Paths.

• The Carbon Neutrality Basic Act amendment has passed, with 174 votes in favor and 15 against.
• It mandates reducing emissions by 53–61% by 2035, 69–80% by 2040, and 84–90% by 2045, all based on 2018 levels.
• During the April public deliberation, 78% argued for an accelerated early reduction path.
• The constitutional petition representatives claimed, “The linear path reduces initial efforts and defers the burden to later years,” adding, “It completely fails to align with the Constitutional Court’s ruling against passing excessive burdens to future generations.”
• Related Link.

Renewable Energy Generation to Multiply Sixfold by 2040.

• Based on last year’s 37GW, the plan aims to expand to 220GW.
• According to the Ministry of Climate, Energy, and Environment, this includes 155GW of solar, 16GW of onshore wind, and 45GW of offshore wind.

ICYMI.

Peak Chicken Is Far Off.

• Poultry production rose from 48.3 billion birds in 2006 to 76.2 billion in 2023.
• It continues to grow. Chicken meat is cheap, and feed efficiency is high. The production cycle is short.
• In 1957, a chicken weighed 905g; by 2005, it reached 4,202g.
• As of 2024, Brazil and the U.S. export 4.88 million tons and 3.15 million tons, respectively. The top importers are China and Japan, at 930,000 tons and 640,000 tons annually.
• Related Link.

Twin Birth Rate Hits 6.1%.

• Out of 254,341 births, 15,500 were twins or higher-order multiples.
• The increase is driven by older mothers undergoing in-vitro fertilization.
• The total fertility rate has risen to 0.88. This year’s birth count is likely to reach its highest level since 2019.
• The average maternal and paternal ages at childbirth are 33.8 and 36.1 years, respectively.

The $1.5 Trillion Question.

• It started as a $100 billion question in 2023.
• It became a $600 billion question in 2024.
• Last year’s $840 billion question is now a $1.5 trillion question.
• The question is: How much revenue must be generated to turn a profit?
• Let’s calculate the total market size.
• According to the Wall Street Journal, Nvidia’s sales are projected to grow from $400 billion this year to $570 billion next year, reaching $700 billion by 2028.
• Assuming data center costs are double the chip price, and adding cloud and AI service margins, the calculation suggests a final demand of $2.1 trillion is needed to sustain the cycle.
• Asa Fitch (Wall Street Journal columnist) noted, “Until then, it’s little more than a pipe dream of ‘build it and they will come.’”
• Related Link.
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Worth Reading.

Trumpsplain Is Over.

• ‘Trumpsplain’ is a portmanteau of Trump + explain. The phrase “Trumpsplain is over” means no one cares about Trump’s explanations anymore.
• The U.S.-Iran war shattered the belief that [Trump is a great strategist unlike progressive snobs]. Few remain who want to believe [Trump is an underrated strategic genius] or [a flexible realist].
• Janan Ganesh (Financial Times columnist) interpreted Trump supporters’ refusal to abandon him as “emotional self-defense.” The analysis: “The world is an unsettling place, and it’s easier to endure reality if you believe the most powerful man in the world is orchestrating some vast geopolitical conspiracy.”
• Related Link.

Missing or Just a Runway?

• “As for your son, even if he’s reported missing, in South Korea, he’s automatically classified as a runaway.”
• A line from the drama ‘Monster.’
• Over 1,400 adults are found dead each year while still officially missing.
• Lee Myung-hee (Khan columnist) countered, “Isn’t it the police’s role to protect lives by preparing for the worst?”
• “If today’s outrage isn’t channeled into institutional reform, senseless tragedies will keep happening on this soil.”
• Related Link.

Why Taxes Can’t Tame Housing Prices.

• There was the August 31, 2005 measure. Back then, too, there was much criticism of a “tax bomb.” The comprehensive real estate tax on a 9.2 billion won apartment was 50,000 won.
• Kwon Tae-ho (Hankyoreh editor) noted, “Looking back, it was an enormous overreaction.”
• In 2005, South Korea’s property tax rate was 0.15%. Roh Moo-hyun (then-president) declared he would raise it to 1% by 2017 but failed.
• Kwon emphasized, “The lesson from the past 21 years is that tax justice and housing price control must be separated—and that raising the comprehensive real estate tax isn’t reform. If you lose power, reform disappears.”
• “The point is that politics isn’t about doing the ‘most correct’ thing, but about doing the ‘possible.’”
• “The ‘means’ and ‘ends’ must not be reversed. ‘Maintaining power’ is a means. The goal is ‘building a better world.’ Right now, it’s the ‘process.’”
• Related Link.

Coalition Governance and the Case for Reconstruction.

• Honam + liberal alliance is the Democratic Party’s support base. Lee Se-young (Hankyoreh columnist) noted, “The problem is that this coalition cannot realistically exceed 50% of all voters.”
• Moon Jae-in (former president) won 41% of the vote after the impeachment, and Lee Jae-myung (president) only reached 49%.
• Yoo Si-min (author)’s reconstruction theory also stems from this critical perspective. He criticized the Democratic Party’s shift from a ruling coalition to an expanded governance coalition as “losing half the party.”
• Lee Se-young acknowledged, “The ‘pragmatic-expansionist’ line did cause some defections among supporters,” but added, “If the ‘ruling coalition’ model only succeeds by banking on the opposition’s collapse, then the argument for reconstruction deserves serious consideration.”
• Related Link.