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.

America’s Priority Investment: A Gas Power Plant.

They decided to build a gas power plant in Ennis, Texas. The project is worth $22.3 billion. The U.S. initially demanded $25 billion, but Korea proposed $20 billion, leading to a compromise.
The second investment is larger in scale. They are considering building eight nuclear power plants worth $15 billion each—totaling $120 billion. The U.S. originally requested ten reactors, but the number was reduced to eight, with four to be constructed first.
Korea’s total promised investment is $200 billion. The judgment was that energy investments were the best option for dividends and profit repatriation. An MOU is highly likely to be signed on the 18th.
Participation in Alaska’s gas field project is also being discussed.
Semiconductors were excluded. Even if entering the U.S. market, it will proceed at the corporate level.
Incidentally, Korea Southern Power’s combined-cycle power plant in Michigan has turned profitable since the following year and recorded an operating profit of 92.7 million dollars in the first half of this year alone.
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Realmeter Poll: President’s Approval Rating Drops to 37.4%.

Fifth consecutive weekly decline.
A Democratic Party lawmaker interviewed by Kyunghyang Shinmun said, “The bigger problem than the falling approval rating is the lack of any visible turning point for recovery.”
Yoon Tae-gon (Director of Political Analysis at The More Together) stated, “The president’s approval rating is falling because people sense he is not accepting their criticisms” and added, “Even a simple declaration that the prosecution’s case would not be forcibly dropped could resolve many issues.”
The real estate issue looms large. Kim Jong-in (former Emergency Committee Chairman of the People Power Party) remarked, “They’ve made it seem like an unsolvable problem can be fixed” and continued, “With policy direction unchanged even after local elections, the approval rating was bound to fall.”
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What Matters Now.

Reconstructing the Kim Seung-won Influence-Peddling Case.

September 14, 2021: Yang Soo-jin (broker) called Kim Seung-won (Democratic Party lawmaker). “That company could become a COVID-19 company, and it would also be good for your brother’s election next year.”
October 7: Yang Soo-jin called again. “We’ve already secured 30 billion won in investment, and the money is set to arrive on October 15.”
October 8: Yang Soo-jin sent a message. “Please expedite the process.”
October 12: Kim Seung-won requested Kim Kang-lip (then head of the Ministry of Food and Drug Safety) to fast-track Genecell’s clinical trial plan.
October 17: Kim Seung-won and Yang Soo-jin met at a pub.
October 19: Sejong Medical’s investment in Genecell was finalized. Kang Se-chan (Genecell founder) sold 11.3 billion won worth of shares and convertible bonds.
October 26: The Ministry of Food and Drug Safety approved the plan.
October 27: The Sejong Medical investment fund sold 80.9 billion won worth of shares. The profit was 18 billion won. The stock price halved in five trading days.

Was the Personnel Vetting Sufficient?

Kim Seung-won is currently under a suspended prosecution disposition in this case—not acquitted, meaning investigations could resume at any time. Despite this being an obvious point to review during vetting, it was deemed non-problematic.
Some suggest the vetting was naturally conducted, but the nomination proceeded based on the president’s judgment.
Kyunghyang Shinmun highlighted on its front page, “Even within the ruling party, voices question whether proper confirmation hearings can occur.”
Chosun Ilbo analyzed on its front page, “The case had a strong character of embarrassing personal solicitation.” Over 30,000 shareholders held stakes in Sejong Medical, now a shell company.
According to the Dong-A Ilbo, the Blue House maintains that no nominee will withdraw before confirmation hearings.

“There Are More ‘Oppas.’”.

Han Dong-hoon (Independent MP) continues to release audio recordings. This time, it involves Choi Jae-sung (former Senior Presidential Secretary for Political Affairs) and Song Young-gil (Democratic Party MP). Below is part of the recording released by Han Dong-hoon.
Yang Soo-jin: “Choi Jae-sung is coming to our office tomorrow. Seung-won Oppa (brother) can’t make it until after the audit, so I’ll pressure Choi. Song Young-gil is a fox—he only moves when money is involved.”
Yang Soo-jin: “Kang Se-chan offered to give me 100 million won as a token of appreciation. But 100 million won won’t cut it.”
Han Dong-hoon claimed, “Yang Soo-jin’s Oppa Poison Lobby Gate was actually the ‘Democratic Party Oppas Gate.’”

“Clean Up the Gossip Politics.”.

Kim Seung-won said, “It is true that I respected her as a successful female entrepreneur and treated her as a close junior.”
Choi Jae-sung said, “I have never been to Yang Soo-jin’s office, and I was not involved in any approvals or requests to Kim Seung-won.”
Song Young-gil called her “someone I don’t even know” and countered, “Han Dong-hoon should clean up this backward politics that resembles a private detective agency.”
Na Kyung-won (People Power Party MP) argued, “The Genencel Gate is a major issue that should be subject to a state investigation and a special prosecutor.”
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Public Interest Complaint or Not?

JoongAng Ilbo’s editorial noted, “Kim Seung-won, more than anyone, should know that illegality is established at the moment of the act, not determined by its success or failure.”
Lee Hyung-sang (JoongAng Ilbo columnist) remarked, “Nominating Kim Seung-won has dragged Lee Jae-myung’s judicial risk—an ‘elephant’—into the center of governance,” adding, “Whether it proves a clever move or a self-defeating one will ultimately be judged by public sentiment.”
A ruling party insider met by Kyunghyang Shinmun stated, “The more personnel failures recur, the more the opposition perceives the administration as weak, and dissenting voices within the camp grow stronger.”
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A Prosecutor Again for the New Anti-Corruption Agency.

The government abolished the Prosecutors’ Office to create the SIU (Serious Crimes Investigation Unit), yet its first chief nominee is again a former prosecutor. Yoon Ho-joong (Minister of the Interior and Safety) recommended Kim Ji-yong (former Deputy Chief Prosecutor of the Gwangju High Prosecutors’ Office) to the president for appointment as SIU chief.
Criticism arises: “If this is the case, why abolish the Prosecutors’ Office?”
The Hankyoreh cited evaluations that he is “known for his mild manner and good character.” Chosun Ilbo included assessments that “the government seems to have made the most uncontroversial choice” alongside “he lacks gravitas.”
The SIU currently has 1,100 unfilled positions—40% of its 2,874 authorized staff. Of 2,376 prosecutors and investigators who initially applied, 615 withdrew their applications.
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Deep Dive.

Risky Choices Come with a Price.

Esmail Baghaei (Iranian Foreign Ministry spokesperson) posted in Korean on X.
“Military deployment or participation in operations in the Strait of Hormuz will lead to serious consequences,” he warned, adding, “A sovereign and responsible nation should not yield to U.S. pressure and threats by joining attacks and heinous crimes against the great Iranian people.”
Mohammad Marandi (professor at the University of Tehran) analyzed, “Iran may consider South Korea an enemy and attack its assets across the Persian Gulf.”
Marandi’s referenced “Korean assets” likely refer to construction sites of Korean companies. Samsung C&T is building a combined cycle power plant in Saudi Arabia, and nuclear power plants and LNG terminals in the UAE and Qatar. Hyundai Engineering & Construction is also working on power transmission lines in Saudi Arabia.
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The Democratic Party’s Dilemma Over Troop Deployment.

One Democratic Party lawmaker said, “With a majority in the assembly, if a deployment bill comes through, it’s hard to bind the party to a unified stance, and whether it passes or fails, the political responsibility will fall on the ruling party—another burden.”
Another lawmaker remarked, “The ruling party is in an awkward position to outright oppose it first.”
Park Ji-won (Democratic Party lawmaker) supports the move: “Given relations with the U.S., if it’s non-combat troops, we have no choice but to deploy to some extent.”
Lee Ki-hyeon (Democratic Party lawmaker) argued, “Even if one soldier is sent, they must be armed,” adding, “If the conflict party recognizes non-combat troops as participation, it’s extremely dangerous.”
Kim Yong-min (Democratic Party lawmaker) insisted, “We cannot send our youth to a deployment that poses a security threat and offers no justification or benefit.”
Shin Jang-sik (Reform of Korea Party leader) stated, “The Reform of Korea Party will clearly oppose it at every stage.”
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Woo Sung-lak, Lee Jong-seok, and Chung Dong-young.

Three figures involved in the 2003 decision to deploy troops to Iraq are back at the table.
Woo Sung-lak (National Security Director) was then a director-general for American affairs at the Foreign Ministry. Lee Jong-seok (Director of the National Intelligence Service) was then a deputy chief of the National Security Council. Chung Dong-young (Unification Minister) was then chairman of the Open Uri Party.
According to JoongAng Ilbo’s categorization, Woo is a pro-alliance faction member, while Lee and Chung are pro-autonomy faction members. Twenty-three years ago, Woo argued for a large-scale deployment, saying, “What matters is national interest.” Lee opposed it, stating, “Sending 10,000 combat troops would destroy all national interest,” advocating for a smaller deployment. Ultimately, Roh Moo-hyun (then president) sided with the pro-autonomy faction.
Chung viewed it from the perspective of inter-Korean relations. He supported the deployment under the pretext of expanding the scope of the South Korea–U.S. agreement.
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Lee Jae-myung’s ‘No Thanks’.

Trump repeatedly emphasized that Lee Jae-myung (president) said “no thanks.” The exact wording has not been verified.
Kim Dae-jung (Chosun Ilbo columnist) argued, “Even if immediate participation isn’t feasible, leaving at least some positive ambiguity—such as ‘we will consider it’—would have been better,” adding, “We cannot turn our back on the U.S.”
Min Jung-hoon (professor at the National Diplomatic Academy) stated, “The government should actively leverage domestic opposition to negotiate a realistic compromise with the U.S.”
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Evidence Tampering Concerns? Too Late for Kim Byung-ki’s Arrest Warrant.

Charges include bribery. Notably absent: allegations of political funds. This comes a year after the police investigation began.
Kim Byung-ki (independent lawmaker, former Democratic Party floor leader) faces suspicions of securing his second son’s fraudulent employment at a small business (Jinu U-San Jeon) to meet Sungkonghoe University’s transfer requirements. There are also allegations that Kim’s wife used a card for operational expenses from the Dongjak-gu Council.
The case also includes Kim’s alleged knowledge of Kang Seon-woo (then Democratic Party nomination committee member) receiving 100 million won from Kim Kyung (then Seoul city council member) during the 2022 local elections, when Kim served as the party’s nomination committee chairman.
Notably excluded: the incident where Kim himself allegedly received and returned 30 million won in nomination donations.
When a JoongAng Ilbo reporter asked why the case processing was delayed, a senior police official reportedly said, “It’s hard to say through my own mouth.” Another officer remarked, “There were so many calls coming in from all over.”
Current lawmakers require a National Assembly vote to approve arrest warrants. Even if approved, the court may still reject the warrant.
Yang Hong-seok (Lee Gong Law Firm attorney) noted, “Considering investigative benefits, the fact that the investigation has proceeded for a year without detention has indeed weakened the grounds for issuing an arrest warrant.”
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When Will the Kim Seung-won-Yong Hye-in Hearings Occur?

According to Chosun Ilbo, Kim Min-seok (Democratic Party leader) conveyed to Lee Jae-myung (president) on his way to depart that Yong Hye-in (gender equality minister nominee) was unacceptable. Speculation arises that they plan to keep Kim Seung-won but discard Yong Hye-in—“fears that Yong Hye-in could bring down Kim Seung-won too.”
According to Donga Ilbo, there are observations that Yong Hye-in strongly prefers retaining her proportional representative seat over the ministerial role.
A Democratic Party official stated, “Yong Hye-in must definitively resign her seat before hearing schedules can be set.”
Coincidentally, the Basic Income Party leadership was replaced yesterday. Park Ki-hong (Basic Income Party strategic planning chief), Yong Hye-in’s husband, was elected to the party’s supreme council.
The Basic Income Party held a press conference, rebutting: “It is unfair to immediately label personnel changes as ‘revolving door appointments’ due to small numbers, to call us a ‘family party’ solely because spouses engage in politics together, or to dismissively label it ‘monopolizing’ or ‘carving up positions’ just because one person holds multiple roles.”
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Another Take.

Even Wealthy Homebuyers on Debt Are Vulnerable.

The Bank of Korea’s analysis. Classifying households in the top 10% of income-to-principal-and-interest repayment burden growth as [highly leveraged homebuyers], a 1% interest rate hike raises delinquency rates by 0.81 percentage points. For households that bought homes without excessive debt, the increase is 0.64 percentage points.
Jang Hoon (Bank of Korea Economic Research Institute, Monetary Policy Research Team head) stated, “Despite most highly leveraged homebuyers being middle-to-high income earners, they face nearly the same level of impact as low-income groups during rate hikes.”
11.1% of debt-holding households face consumption constraints due to repayment burdens. The Bank of Korea explained, “As principal-and-interest repayments relative to income rise, consumption gradually slows, then declines beyond a threshold—confirmed at 46% of income allocated to repayments.”
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The Wolf Is at the Door.

The U.S. debt doomsday narrative has been background noise since the 1970s. Ruchir Sharma (chairman of Rockefeller International) sees “bond selling as the signal.” As U.S. Treasury yields rise, warnings emerge that the AI bubble could burst.
All bubbles burst when core companies’ borrowing costs rise. But this time is different: government borrowing—not corporate—is the bigger problem. $40 trillion in national debt accumulated over a decade of fiscal deficits is unsustainable. The government cannot backstop the situation.
AI companies’ $200 billion in revenue is a fraction of hyperscalers’ $1 trillion in spending. If procurement costs rise, spending could halt.
Sharma’s benchmark is the 10-year U.S. Treasury yield. Already at 4.8%, crossing 5% would push many firms out of the bond market.
Yesterday, all three major U.S. indices fell. The S&P 500, Dow, and Nasdaq dropped -0.38%, -0.51%, and -0.29%, respectively.
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3 Million Won? Will Foldable iPhones Sell Well?

John Turnus (Apple CEO)’s first project. A gamble on the future of the world’s second-largest company by market cap.
Component costs are rising, with forecasts suggesting it will exceed $2,000. Lowering the price reduces profit margins; raising it risks sales.
Apple’s strategy is to wait for competitors to take the risks, then release a more refined model. Foldable smartphones have been around for seven years but still hold only 2% market share. Still, will Apple make a difference?
UBS estimates minimum sales of 10 million foldable iPhones. The iPhone 18 is unlikely to launch this year. When component costs rise, the strategy is to produce more high-end models and fewer budget ones.

Where Will the Unified Headquarters Be?

News of public enterprise mergers and consolidations has sparked nationwide uproar.
Korea Gas Corporation and Korea Petroleum Corporation are headquartered in Daegu and Ulsan, respectively. Combined, they employ around 5,000 people and generate nearly 40 trillion won in sales. Where will the unified Energy Resources Corporation’s headquarters be?
Kim Sang-wook (Ulsan Mayor) argued, “The energy sector must be concentrated in Ulsan.” His reasoning: “Just as Busan specializes in maritime industries, Gwangju in semiconductors, and Daejeon in R&D, Ulsan should centralize energy public institutions.”
Daegu City insists, “Integration should naturally center on Korea Gas Corporation.” The gas company is 2.8 times larger in assets, 11.4 times larger in sales, and has three times more employees than the petroleum company. Choo Kyung-ho (Daegu Mayor) claimed, “The gas corporation must be the core of integration.”
The integration of five power generation companies is also contentious. Spread across Busan, Ulsan, Jinju, Boryeong, and Taean, the latter is most desperate. By 2037, eight of Taean’s ten coal-fired power plants will close. A Taean County official warned, “If Korea Western Power also relocates, 44% of local taxes and 3,200 jobs—including power plant and supplier employees—will disappear.”
Busan quickly formed a task force. A city official stated, “Southern Power Generation alone contributes over 3 billion won annually in local taxes and significantly impacts youth employment.”
Jinju, home to LH Corporation’s headquarters, is fiercely opposed. Jo Gyu-il (Jinju Mayor) said, “Public institutions have only just settled across the country; relocating them again would incur massive social costs.”
Jeonnam Gwangju is pushing Naju Innovation City as an alternative. The space exists: “Existing office space for 3,500 people can reduce construction time and costs,” they argue.
Jeonbuk demands the Renewable Energy Transition Headquarters be located there.
Concerns about hollowing out the capital region are also growing. Shin Gye-yong (Gwacheon Mayor) claimed, “The state demanded one-sided sacrifices when needed, but now it’s shifting development burdens without regard for urban capacity.”
Claims of reverse discrimination against the capital region emerge too. The Incheon Economic Justice Citizens’ Coalition argued, “Only 9 of 354 public institutions (2.54%) are in Incheon, yet many are slated for relocation or consolidation.”
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Far-Right Eyes Power in Germany.

Germany’s far-right Alternative for Germany (AfD) won 43.8% in the Saxony-Anhalt state parliament election, a landslide victory.
Ulrich Zimmermann (AfD state premier candidate) declared, “We made history.” He is the politician Spiegel once labeled “the most dangerous man in Germany.”
Campaign pledges included deporting undocumented migrants, imposing labor obligations on asylum seekers, cutting support for Ukrainian refugees, and mandating German flag displays.
The New York Times analyzed, “AfD’s victory has dealt a massive shock to Germany’s entire political system, designed since WWII to prevent extremist parties from ever regaining power.”
Friedrich Merz (German Chancellor) called it “the most painful defeat in decades.”

The Fix.

Care Cost Support: The Issue Is Manpower, Not Funding.

Plans are under review to reduce out-of-pocket care costs to 30%—currently 100%.
A survey by Jang Seok-yong (Yonsei University professor) of 7,167 caregivers at 227 nursing hospitals found only 10% were directly employed by the institutions.
Kim Won-il (Healthcare Citizens’ Action policy committee member) said, “Public support and management systems for care services themselves are severely lacking.”
Seok Jae-eun (Hallym University professor) emphasized, “The number of nursing hospital beds per capita in South Korea is nine times the OECD average. Reforming the high-cost care structure centered on nursing hospitals must come first.”
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The Secret to Resolving a Three-Year Substation Dispute in Two Months.

Korea Electric Power Corporation decided to build a 345kV substation in Seongsong-myeon, Buan County, North Jeolla Province. All 34 villages agreed. Resident approval exceeded 95%.
KEPCO’s direct involvement—holding over 20 explanatory sessions—proved decisive. They repeatedly emphasized that the substation’s electromagnetic waves fall far below human safety thresholds.
Ju Hyuk-hwan (Seongsong-myeon Village Head Council Chairman) said, “Whenever development projects were proposed, the village always opposed them and drove them away,” adding, “As a result, all the young people left, making us the most backward, last-place village in Buan.” This sense of crisis, analysts say, led to the decisive agreement.
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ICYMI.

Lumière Partnership.

South Korea and France have agreed to invest 500 million euros each in the film industry—a total of 1.6 trillion won.
Lee Jae-myung (President) is on a state visit to France. Lee emphasized, “It was South Korea that proposed the initiative, and France responded with enthusiastic agreement.”

Going to China for Cancer Treatment.

CAR-T immunotherapy costs half as much in China. It ranges from $150,000 to $230,000 in the country, compared to $550,000 to $850,000 in the U.S.
The Wall Street Journal analyzed that China has emerged as an innovative powerhouse in biotechnology. It is true that controversies persist over the transparency of clinical trials.
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Let’s Mix the Seating.

“No grand political reforms—let’s modestly start by mixing the seating in the main chamber. How about alphabetical order?”
This was the proposal made by Kim Min-seok (Democratic Party Leader) in a National Assembly speech yesterday. There are indeed studies showing that voting tendencies change depending on seating arrangements.
Kim Joon-il (Dong-A Ilbo editorial writer) noted, “With parties refusing to acknowledge each other and engaging in constant confrontation, bills cannot be properly reviewed or processed,” adding, “If ruling and opposition party lawmakers had been seated next to each other, things might have been different.”
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Worth Reading.

The Era of 5% U.S. Treasury Rates.

The average 10-year U.S. Treasury yield was 2.9% over the past 20 years. Now it has risen to 4.8%.
Japan’s rate has also surpassed 3% for the first time in 30 years.
Lee Sang-hoon (Dong-A Ilbo Economic Affairs Bureau Chief) noted, “South Korea cannot lower interest rates while the world raises them—it would be like living in a separate reality” and added, “Government borrowing in this environment is concerning.”
South Korea’s household debt reached 2,019.8 trillion won as of the end of Q2. If loan rates rise by 0.5 percentage points, someone with a 400 million won mortgage would pay an additional 2 million won annually.
“If the government casually increases spending when tax revenues are strong, then fills gaps with bonds after the economy cools, markets will price that risk into rates. When borrowing, the government must calculate the interest bill that taxpayers will eventually face.”
No Hyun-woong (Hankyoreh Economic & Industry Bureau Chief) warned, “It’s time for a sober assessment: are we intoxicated by the semiconductor mirage?”
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Is There a Reason Won Min-kyung Should Step Down?

“The Blue House didn’t know: why 2030 women withdrew support.”
“It forgot: the younger generation hates ‘unfairness.’”
Lee Jae-myung (President) acknowledges “structural gender discrimination” while also citing “reverse discrimination against men.”
Kim Min-ah (Kyunghyang Shinmun columnist) pointed out, “Structural gender discrimination is a matter of ‘existence,’ while reverse discrimination against men (if it exists) is a matter of ‘perception.’” She argued, “Policies cannot be properly designed if these are treated as equivalent.”
This is not a problem to be solved by political engineering. Kim Min-ah emphasized, “The Blue House should cleanly admit its failure in vetting and retain Won Min-kyung (Minister of Gender Equality and Family).”
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The President Needs a Vacation.

Shin Young-jeon (Professor at Hanyang University Medical School) diagnosed, “The president is unwell.”
First, past presidential failures occurred because no one dared to challenge the president, while only those shouting “You must feel relieved” surrounded them.
Second, the president must decide on top-tier agendas, yet makes too many decisions alone.
Third, they failed to establish an intentional “red team” within the organization to voice opposition and distribute responsibility.
Fourth, they did not secure adequate recovery space and time. Shin emphasized, “Sufficient vacation for the president is not a right but an obligation.”
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