“Lacking” Said 13 Times.

• This was Lee Jae-myung (President)’s seventh press conference. He said, “There was a lack of consideration, nuance, and communication. The pain and backlash of those harmed by policies were understandable, yet there were aspects where we tried to ignore them.”
• He apologized repeatedly, stating, “I’ve come to reflect that my respect for the public may have been insufficient.”
• Though he explained the conference started 30 minutes late due to last-minute message adjustments, compared to past conferences, there were fewer questions and it ended quickly.
• Han Byung-do (Democratic Party floor leader) assessed, “This will be a turning point for restoring trust in state affairs.” Jang Dong-hyeok (People Power Party leader) criticized it as “a press conference filled with self-praise and blame-shifting.”
• In an editorial, Chosun Ilbo evaluated, “Beyond reaffirming the non-reelection principle, it maintained distance from substantial changes or reforms in governance.”
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Sexual Harassment Allegations Emerge After Kim Seung-won’s Resignation.

• Kim Seung-won (nominee for Minister of Justice) resigned the day after Lee Jae-myung (President)’s press conference. He said, “I thought I shouldn’t add even a small burden to a government that must focus on people’s livelihoods and complete reforms.”
• However, a few hours later, KBS revealed a petition from aides who had worked in Kim Seung-won’s office. Han Dong-hoon (independent lawmaker) claimed, “Democratic Party lawmakers were also present at the drinking event where sexual harassment allegations occurred.”
• Kim Seung-won insisted, “There are discrepancies, exaggerations, or errors.”
• Even within the Democratic Party, voices emerged: “Did they even conduct proper vetting?”
• Chosun Ilbo analyzed that the Gyeonggi-Seongnam faction is leading personnel decisions, with Kim Hyun-ji (First Deputy Chief of Staff) allegedly intervening through Kim Yong-chae (personnel secretary).
• A senior Democratic Party lawmaker met by Kyunghyang Shinmun said, “I see this as a lack of experience and competence in the Blue House” and added, “Those who operated the system must take responsibility.”
• In an editorial, The Hankyoreh emphasized, “Responsibility should be assigned to both the personnel office handling recruitment and the inspection office verifying legal issues of nominees, and a reorganization must follow.”
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Who’s Next for Justice Minister?

• Speculation suggests Park Gyun-taek (Democratic Party lawmaker) and Lee Geon-tae (Democratic Party lawmaker) were considered—but both previously defended clients in the Daejang-dong case.
• Park Joo-min (Democratic Party lawmaker) and Baek Hye-ryeon (Democratic Party lawmaker) have also been mentioned.
• A candidate for Prosecutor General has yet to be finalized. Yoon Tae-gon (director of The More Together political analysis team) warned, “Listening to hardline supporters will only worsen the situation.”
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What Matters Now.

No Second Term, Drop the Indictment.

• “A second term is impossible and has never even been considered,” he emphasized. The explanation for withholding his stance was that it was perceived as a political attack.
• The controversy over dropping the indictment was also addressed. “We request that the special prosecution’s authority be limited to clarifying the truth by deleting clauses regarding the transfer and disposition of existing indictments, focusing solely on uncovering the facts,” he stated.
• “Depending on the investigation’s outcome, the matter should be handled according to law, principle, and common sense. It is regrettable that this has become an unnecessary political issue, obscuring the essence,” he added.
• This point may be interpreted differently. He did not say, “I will stand trial after my term ends,” but rather, “It will be handled according to the investigation’s results.” This could imply that if the conclusion is that the indictment was fabricated, dropping it is possible.
• A former deputy prosecutor met by Dong-A Ilbo said, “If the special prosecution indicts the investigating prosecutors, the justice minister could potentially cite this to order the prosecution chief to drop the indictment.”
• Jang Dong-hyeok pointed out, “The public’s desired answer is simple: ‘I will bravely face trial.’”
• Seo Young-kyo (Democratic Party lawmaker) argued, “The Yoon Suk-yeol administration’s politically motivated fabricated investigation must be exposed and punished through the special prosecution.”
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Leveling Down Gangnam, Lifting Up Gangbuk.

• Nothing much has changed on the real estate front.
• When asked about rising Gangbuk prices, Lee Jae-myung said, “It seems like a leveling process where Gangnam (here) is dropping and the outskirts (there) are slightly rising.”
• The Korea Daily criticized in an editorial, “This isn’t leveling—it’s upward equalization.” Nam Hyuk-woo (Woori Bank researcher) said, “The most distinct market shift before and after the October 15 measures was the transition from a polarized market to one filling in gaps.”
• Kim Hak-ryul (SmartTube Real Estate Institute director) criticized, “This is a momentary judgment based on high-priced areas catching their breath while mid- to low-priced markets rise.”
• Kim In-man (Kim In-man Real Estate Economics Institute director) pointed out, “Outskirts price increases are survival-driven purchases amid jeonse and monthly rent crises. Calling this ‘leveling’ while working-class housing collapses is just an excuse that policies are fine.”
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Is Yoon-Oh Supply Shortage Responsibility?

• Some have tried to pin blame for the supply shortage on Yoon Suk-yeol (former president) and Oh Se-hoon (Seoul mayor).
• The Hankyoreh fact-checked and confirmed that approvals + permits and groundbreakings halved after 2022—but concluded it’s hard to blame Oh 100% due to factors like interest rate hikes.
• Oh’s claim that Park Won-soon (former Seoul mayor) stifled redevelopment by lifting redevelopment zones has merit, but describing 430,000 units as “vanished” is an exaggeration since they were potential supply.
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How Much Has It Risen?

• Seoul apartments rose 12.1% from October last year to August this year.
• Jeonse and monthly rents increased by 8.9% and 9.1%, respectively, while listings declined.
• Jeonse listings for Seoul apartments fell 15.8% from 24,369 to 20,529. Nowon-gu and Dobong-gu saw drops of 50.8% and 47.7%, respectively.
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“When Did I Say Jeonse Should Disappear?”.

• “I wonder if you still think jeonse is a system that should disappear.”
• Lee Jae-myung dismissed the question: “I projected it would ‘disappear’ as an economic trend, but when did I ever say it ‘should disappear’?”
• Indeed, during his June inauguration anniversary press conference, he remarked, “It might gradually disappear.” However, whether this was an appropriate response to the original question—about declining jeonse supply and whether countermeasures exist—remains questionable.
• JoongAng Ilbo criticized, “Blocking loan extensions for rental businesses has boomeranged into soaring jeonse prices.” Analysis shows that as loan maturity extensions are denied, landlords are increasingly evicting tenants and listing properties for sale. Many also criticize the land transaction permission system for constraining rental supply.
• Yang Ji-young (Shinhan Premier Committee expert) noted, “Due to jeonse shortages, rising demand is shifting to purchases, strongly driving up home prices.”
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A Hot Potato Called Farmland Survey.

• Lee Jae-myung emphasized, “What the government is doing is clearly identifying real estate speculation and conducting a baseline survey to understand the farmland situation.”
• A supplementary measure is scheduled for the 21st.
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No Troop Deployment, But Warships Could Be Sent.

• “There will be no troop deployment involving or intervening in the war,” he reiterated.
• According to Donga Ilbo, minimal troop deployments focusing on non-combat assets such as maritime patrol aircraft and explosive ordnance disposal units are under review.
• Expanding the Cheonghae Unit’s operational zone would not require National Assembly approval.
• The UK and France have deployed military assets near the Strait of Hormuz but have not yet entered it.
• In an editorial, Donga Ilbo assessed it as “a near-impossible dilemma: showing goodwill to the U.S. while avoiding clashes with Iran.”
• The New York Times evaluated, “Lee Jae-myung rejected Trump’s request.”
• Michelle Stahl (U.S. Ambassador to South Korea) emphasized, “The ROK-U.S. alliance was forged in war,” adding, “Our mutual defense treaty is an unbreakable bond.”
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Deep Dive.

Korean Gallup Presidential Approval Rating at 37%.

• Results from the Korean Gallup poll released Friday morning. A rebound is likely this week.
• The Democratic Party and People Power Party stand at 40% and 27%, respectively. (95% confidence level, ±3.1 percentage points margin of error.)
• A Blue House official met by Kyunghyang Shinmun said, “We see this press conference as a turning point” and “It was handled smoothly, so we’re waiting to see what happens.”
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U.S. Investment Hinges on Commercial Viability.

• Lee Jae-myung emphasized, “We only pursue projects with ‘commercial viability.’”
• “Key issues include how to recover funds, how to distribute profits, and how to handle loss-making ventures,” he explained.
• The Korea JoongAng described, “South Korea is expected to cover the full investment cost while profits are split 50-50 with the U.S., making commercial viability the biggest hurdle.”
• Since the repayment interest rate is tied to U.S. Treasury yields, rising rates would increase Korea’s interest income but also intensify financial pressure.
• A JoongAng Ilbo analysis calculated that a 17%+ cash flow is needed to recover the principal.
• A $22.3 billion investment in LNG plants would require generating $3.7 billion in annual cash flow.
• Internal industry ministry documents also set the required internal rate of return at 16.7% for 20-year principal-and-interest repayment.
• Kim Yang-hee (Daegu University professor) analyzed, “By politically setting the total investment and profit-sharing first, then seeking ‘commercial viability,’ Korea is inevitably trapped in a quagmire.”
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“We Are All Pro-Moon and Pro-Roh.”.

• It was likely an attempt to mend the conflict between New Lee Jae-myung and the Old Democratic Party, but it may have sounded like a statement excluding those not included in “we.”
• Lee Jae-myung said, “We who dream of democracy, progress, and reform, and act for a better world—we are all pro-Moon Jae-in, pro-Roh Moo-hyun, pro-Kim Dae-jung, and comrades of Lee Jae-myung.” He added, “I hope no one will disparage, hate, or despise anyone,” and “It hurts my heart every time I see that.”
• The Korea JoongAng pointed out, “It is inconsistent that this president, who emphasizes being the ‘president for all,’ repeatedly makes remarks that seem to consider only the ruling party’s supporters.”
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Can Kim Hyun-ji Be Investigated?

• Choi Gil-soo (Special Inspector nominee) emphasized, “I will not waver under any external pressure and will leave no sacred ground.”
• During the confirmation hearing, questions repeatedly arose: “Can you investigate Kim Hyun-ji (First Deputy Chief of Staff to the President)?”
• Choi responded, “Investigations can only proceed if the scope of inspection and investigation targets are clearly distinguished.” As the Special Inspector can only inspect senior advisors or higher, Kim Hyun-ji is not an inspection target.
• Seo Young-kyo (Democratic Party lawmaker) stated, “If the Special Inspector claims they can probe anything indiscriminately, it would violate the law.”
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Embers of Prosecution Withdrawal Persist.

• Lee Ha-kyung (JoongAng Ilbo senior correspondent) pointed out, “If the special prosecutor can predetermine conclusions and the prosecution can withdraw charges, what’s the difference between this and a special prosecutor for charge withdrawals?”
• “It should be clearly stated: ‘Do not withdraw charges in my case now—I will stand trial once your term ends,’” she argued.
• Lee Hyeon-sang (JoongAng Ilbo columnist) emphasized, “What needs proving now is not the ability to wield power, but the ability to restrain it.”
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Another Take.

U.S. Spent $43.6 Billion on U.S.-Iran War.

• $28.1 billion went to bombs and missiles.
• $6.6 billion for fighter jet and bomber unit operations,
• $2.2 billion for naval vessel deployments,
• $4.3 billion in maintenance costs.
• Over 50,000 troops were deployed.
• Fuel costs and $1.5 billion in base restoration expenses were excluded.
• Monthly costs range from $2 billion to $3 billion. Some estimate replenishing depleted weapons stockpiles will take at least five years.
• Trump requested up to $70 billion in emergency military funding.

Greenland Agreement? Only Signatures Remain.

• The U.S. has reached an agreement to permanently control Greenland’s security. Trump posted on Truth Social, “We are initiating procedures for a large-scale military deployment to Greenland.”
• No hostile nation can establish bases or station troops in Greenland without explicit written U.S. approval.
• Mette Frederiksen (Danish Prime Minister) stressed, “Denmark’s sovereignty, territorial integrity, and the self-determination rights of Greenland’s residents are recognized.”
• Analyses suggest the two sides are emphasizing different aspects: the U.S. focuses on “what it gained,” while Greenland and Denmark highlight “what they did not lose.”
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Houthi-Saudi War.

• Yemen’s Houthi rebels attacked Riyadh. Turkey and Pakistan, Saudi Arabia’s allies, may also join the conflict.
• Mohammed bin Salman (Saudi Crown Prince) requested support from Trump, but was reportedly rebuffed.
• Houthi and Saudi forces number 350,000 and 250,000 respectively. Saudi military spending last year was $83.2 billion, ranking 8th globally.

Japan’s Rate at 1.25%: Will Yen-Carry Funds Return?

• Raised from 1.0% to 1.25%—the highest since 1995.
• Ueda Kazuo (Bank of Japan Governor) stated, “The policy phase has shifted.”
• Todani Research forecasts a 90% chance of further hikes by year-end.
• If Japanese rates and yen value rise together, transactions selling overseas assets to buy costlier yen for debt repayment could increase. If low-yield yen funds exit, U.S. big tech stocks may face additional downward pressure.
• Choi Jin-ho (Hanwha Investment & Securities analyst) said, “I don’t see this unwinding pressure as enough to shake markets.”
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Guryong Village Watchtower Demolished.

• SH (Seoul Housing & Urban Development Corporation) initiated forced execution.
• The Residents’ Committee argued, “Residents’ housing rights and resettlement plans must be guaranteed first.”
• A resident interviewed by The Korea Herald said, “If they provide rental housing, we’ll have to move.”
• SH plans to complete the apartment complex by 2029. Residents demand sufficient compensation and housing measures.
• SH proposed relocation plans, including temporary public housing with 60–100% rent reductions based on income, but these were rejected.
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U.S.-China Summit Likely to Yield Small Deals.

• Xi Jinping (Chinese President) is heading to Washington, D.C. Donald Trump (U.S. President) is likely to greet him at the airport.
• The tariff deferral agreed upon in Busan last October expires on November 10. Both leaders have much to ask of each other. The U.S. needs to sell soybeans and airplanes to China.
• Xi holds rare earth elements, while Trump holds semiconductors.
• Trump faces midterm elections, and Xi faces the party congress.
• JoongAng Ilbo analyzed, “The two countries’ competitive agendas have shifted from goods trade → supply chains → AI hegemony.”
• Treasury Secretary Scott Bessent said, “We are willing to discuss ways to reduce common risks posed by AI.” Though the U.S. accused China of distilling American AI, it’s a problem that cannot be blocked or resolved through diplomacy anyway.
• South Korea also faces many variables. If trade wars escalate, Korean manufacturers in China could face sanctions. Chinese cars entering the U.S. market are also bad news for South Korea.
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Is Xi Jinping Well?

• Reports abound that Xi Jinping (Chinese President)’s health is deteriorating. He missed the dinner at the BRICS summit in India.
• Footage of Xi Jinping (Chinese President) ascending an airplane staircase unaided was released, but he was noticeably limping.
• The Chinese president has no term limits and has not designated a successor.

Trump Bans CNN.

• Declaring a ban on CNN, Politico, MSNBC, and others from the White House, calling them ‘fake news.’ The next day, press passes were confiscated and access to the press room was blocked.
• White House correspondents issued a statement: “Freedom of the press does not depend on the president’s approval.”
• CNN denounced it as “an illegal assault.”
• Politico vowed to “vigorously defend First Amendment rights.”
• Jamil Jafar (Columbia University professor) noted, “Punishing media outlets for their reporting is clearly unconstitutional.”
• The U.S. ‘Press Freedom Index’ ranks 64th out of 180 countries.
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Cities Without NIMBYism.

• An 80,000-person city will host a 120 trillion won data center. Donghae City, Gangwon Province, visited by a Hankook Ilbo reporter, is abuzz with hopes of becoming a data center hub.
• According to GS Donghae Power, the project will take two years and employ 70,000 workers cumulatively. Once completed, 2,000 jobs will be secured.
• Donghae City’s annual tax revenue is 58 billion won, with the data center expected to contribute around 20 billion won.
• Choi Isun (Donghae City Council member) said, “We’re past the point of debating prisons, factories, or nuclear plants—any facility is better than nothing. Environmental concerns aside, isn’t it better to have some infrastructure?”
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200 Data Centers, Loudoun County’s Tragedy.

• “Who would want to live here?”
• Breathing is difficult due to 24-hour noise, and children’s asthma cases have increased. Home values have also dropped. This is the situation in Loudoun County, northern Virginia, dubbed the “data center capital of the world.” 70% of global internet traffic passes through Virginia.
• $1.3 billion in taxes improved city infrastructure, but resident backlash is fierce. Electricity bills that cost $215 in 2025 jumped to $539 this year.
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The Fix.

Post-Tax Inequality Ranks Near the Bottom in the OECD.

• South Korea’s 2023 market income Gini coefficient is 0.392, and its disposable income Gini coefficient is 0.323.
• Disposable income is calculated by subtracting taxes and social insurance premiums from market income and adding public pensions and cash benefits.
• The Gini coefficient approaches 0 when inequality is low and 1 when it is high.
• The pre-tax to post-tax improvement rate is 17.6%, ranking 28th among 29 OECD countries. The OECD average is 34.4%.
• Park Ji-won (National Assembly Budget Office analyst) emphasized, “Tax burdens and tax bases must be considered to ensure redistribution functions effectively.”
• In an editorial, Dong-A Ilbo criticized, “With limited budgets spread too thinly across too many people, securing even the minimum livelihood for the poorest elderly has become difficult.”
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Bus Terminals Vanishing.

• NT Industry, operator of Seoul Nambus Terminal, sent a formal request to Seocho District asking for guidance on license surrender procedures, stating it is no longer viable to continue operations.
• 34 private terminals have already exited the business or suspended operations. Intercity and express bus passengers dropped nearly 40% from 169.45 million in 2019 to 101.57 million last year. Routes decreased by 21% from 16,567 in 2023 to 13,037 in April this year.
• 191 of 286 terminals serve fewer than 500 daily passengers. Declining ridership leads to reduced service frequency, which further discourages passengers—a vicious cycle.
• Bus competitiveness has weakened as rail networks expand. Uljin Terminal saw demand drop 45% after the Donghae Jungbu Line opened.
• Kim Jeong-hoon (National Terminal Association Secretary-General) argued, “Bus terminals are essential urban infrastructure like roads or railways, yet receive no dedicated support or tax breaks. Smaller operators should be municipalized.”
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Voices Must Be Heard to Drive Change.

• An Ki-jong (Representative of the Korean Patient Rights Association) led a 15-day protest with leukemia patients in 2006, securing a platelet reservation system. The outdated practice of families scrambling to find platelet donors disappeared. “I learned that patients’ voices can change the system,” he said.
• Kim Young-hee, who lost her son to a medical error, fought for “no punishment, no compensation—just a safe medication protocol.” Her struggle culminated in the 2014 Patient Safety Act.
• An Ki-jong, who runs the “Patient Shouting Cafe,” emphasized, “Trainee doctors should not be left unsupervised in high-risk situations. We need safeguards to prevent accidents.” His message: “Protecting patients also means protecting doctors.”
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Where Will Myeongwang School Go?

• It is an alternative school for North Korean defector youth. Plans to relocate to the former Yeomgang Elementary School site in Gayang-dong, Gangseo-gu, Seoul, have been met with resident opposition over fears of falling property values.
• Since its 2004 founding, the school has moved between leased buildings until securing 10 billion won in funds and a 6 billion won pledge from Hyundai Motor.
• Cho Myeong-suk (principal of Myeongwang School) knelt in a community meeting to plead with residents.
• The groundbreaking agreement ceremony was attended by Jeong Dong-yeong (Unification Minister), Jeong Geun-sik (Seoul Superintendent of Education), Han Jeong-ae (lawmaker), and Jin Gyu-hoon (Gangseo District Mayor).
• The Chosun Ilbo editorialized, “Those who received applause should lead the effort to persuade residents.”
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Banks Must Bear Responsibility for Identity Theft Incidents.

• There was a case where 80 million won was stolen by voice phishing scammers impersonating a child. The court ordered the bank and cash withdrawal accomplices to jointly compensate.
• In the past five years, among 32 finalized rulings in voice phishing damage lawsuits against the five major commercial banks, victims won only six cases.
• Park Jae-hyeong (Haemaru Law Firm) said, “Legal revisions are needed to specify identity verification methods in the text, such as confirming identification documents via video calls.” This is a proposal to clarify the responsibility of identity verification for non-face-to-face loans.
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Fire Trucks Called to the Festival.

• Last month, five fire trucks and 14 firefighting personnel were deployed to the Incheon Pentaport Rock Festival. Songdo Fire Station has 16 fire trucks and 28 personnel.
• According to the National Fire Agency, from 2022 to August this year, there were 6,947 event support requests and 146,501 personnel mobilized. The number of support requests surged from 599 in 2022 to 1,928 last year—more than tripling.
• In March this year, the BTS concert at Gwanghwamun deployed 122 vehicles and 803 personnel.
• The National Fire Agency noted, “Prolonged deployment of fire-related vehicles and personnel to specific events can create gaps in fire, rescue, and emergency response operations.” Organizers also tend to overestimate the number of expected participants.
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Carbon Neutrality in Reverse: Replacing Coal with LNG Power.

• Last year’s total greenhouse gas emissions were 685.71 million tons—11.4% less than in 2018. This was due to sluggish performance in steel, petrochemicals, and cement sectors. Steel production and cement shipments fell by 2.2% and 12.8%, respectively.
• Despite an 8.5% increase in renewable energy generation, coal power rose by 2.2%. Nuclear power decreased by 2.2%.
• The amount yet to be reduced is far greater than what has already been cut. To meet the 2030 national greenhouse gas reduction target, 149 million tons must be cut over the next five years.
• The Ministry of Climate, Energy, and Environment plans to shut down all 60 coal-fired plants but replace many with LNG power. Kyunghyang Shinmun criticized this as “carbon neutrality in reverse—replacing fossil fuels with fossil fuels.”
• Twenty-one coal plants with remaining design lifespans will close earlier by 2040, but 10 will remain as emergency “security power” reserves.
• The 11th Power Supply Plan aimed to reduce LNG’s share to 11.1% by 2038, but the 12th plan faces criticism for increasing it instead.
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ICYMI.

Seoul Is the New Paris.

• Once upon a time, studying abroad meant Paris—but these days, it’s Seoul. The soft power effect led by K-pop and K-culture.
• The Financial Times’ comment on Seoul’s affordable housing costs is intriguing. A studio in Seoul costs around 900,000 won, while a boarding house (hasukjib) is about 600,000 won.
• New York and London exceed 1,000 euros, and Paris surpasses 700 euros. Seoul? It’s barely 600 euros when converted. Lisbon and Prague are also rising—people are seeking livable cities.
• The awkward revelation that some social influencers are paid to promote.
• A foreign exchange student noted that the perception of Koreans being unfriendly stemmed from their discomfort with speaking English—a misunderstanding now clarified.
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10-Minute Botox for 990 Won.

• An employee at a dermatology clinic interviewed by Chosun Ilbo said, “Spending too much time on one patient is a loss, so most treatments are done within 10 minutes.” Consultations are handled not by doctors but by a counseling director. The 990 won price is only for first-time visitors.
• A dermatology clinic in Ulsan sees over 200 customers a day with only five doctors—meaning each doctor performs procedures on 40 patients daily.
• Last year, 243 out of 285 clinics opened by general practitioners listed dermatology as a treatment field. Of those 243, 158 had no health insurance claims for skin disease treatments over a year—indicating a focus on cosmetic procedures.
• The Korean Medical Association Council of Private Practitioners protested, “In a system that forces fees below cost, non-covered treatments are a survival choice.”
• Kim Beom-jun (Chung-Ang University dermatology professor) said, “Institutional reforms are needed to ensure doctors are responsible from diagnosis to procedure and follow-up.”
• Related Link.

No Need to Rent a Ferrari to Go to the Grocery Store.

• Eric Gleimann (Lamp Co-CEO) assessed, “The real price war has begun.”
• Anthropic’s annualized revenue reaches $120 billion. Its enterprise value is $965 billion. Some forecasts suggest it could rise to $4 trillion post-IPO.
• Many users switch AI models with every new release.
• According to Aleh Tsvetkovski (Yale professor), the retention rate for users sticking with the same model after 12 months was 22.5% for Anthropic and 13.2% for OpenAI.
• No company is in a position to enjoy a comfortable monopoly. Everyone knows that even slowing development won’t stop the chase.
• Analysis suggests infrastructure investments by seven big tech firms will reach $9 trillion by 2031.
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Can a Global Platform Truly Prioritize National Interests?

• Dario Amodei (Anthropic CEO) argues two points: first, to let U.S.-government-backed industry groups set AI standards, and second, to prioritize the interests of the U.S. and its allies or democratic nations.
• The U.S. and its allies represent about 17% of the global population—even expanding to democratic nations, roughly 45%. How would countries outside this framework view Dario Amodei’s proposal?
• Patrick Wintour (Financial Times contributing editor) analyzed, “The ideal of the perfect corporation has changed.” Every nation now favors its own companies, seeking to diminish the influence of U.S. corporations. It’s a trend where global-dominion-aspiring firms openly declare allegiance to national interests.
• Patrick Wintour argues that both cannot coexist—much like how you can’t have your cake and eat it. A metaphor for the impossibility of maintaining neutrality while aggressively serving state agendas.
• Related Link.

OpenAI Needs More Money.

• Revenue will grow from $36 billion this year to $350 billion by 2030, but spending on computational resources and infrastructure is projected to reach $856 billion.
• According to the Financial Times, cumulative free cash flow will be -$278 billion by 2030.
• If OpenAI falters, Nvidia, Oracle, SoftBank, and others will be shaken. Samsung and Nix in South Korea will also be affected.
• The prevailing view is that OpenAI delayed its IPO because it needs to raise its valuation further.

Remodeling Fast, Keeping the Frame.

• Bundang Neuttal Village Phase 4 is expanding its underground parking from one to four levels. Parking spaces will increase from 601 to 1,966.
• Exclusive-use 66㎡ housing units will expand to 84㎡. Bathrooms will increase from one to two.
• Built in 1994, Neuttal Village Phase 4 received remodeling association approval in 2014. Upon completion in October next year, it will grow from 16 buildings with 1,006 units to 17 buildings with 1,149 units. The additional 143 units will be sold.
• Addition-type remodeling is permitted after 15 years of completion, while reconstruction is allowed after 30 years. Units under 85㎡ can expand by up to 40%.
• Baek Joon (CEO of J&K Urban Renewal) said, “It’s gaining attention as a means to improve living environments in areas built between the 1990s–2000s, where underground parking is insufficient or floor-area ratios exceed 200%, making reconstruction difficult.”
• Related Link.

Worth Reading.

Jung Dong-young Is Right.

• Hannes Mosler (professor at Germany’s University of Duisburg-Essen) noted, “Referring to North Korea by its official name, ‘Chosun’ (Democratic People’s Republic of Korea), is not an endorsement or approval of its regime—it is simply stating a fact as it is.”
• “Two outdated perspectives must be abandoned together. One views the South and North as blood kin destined to unite, and the other sees each as an evil to be unconditionally defeated. Neither perspective leads to peace. Therefore, recognition, constitutional revision, or even the name ‘Chosun’ is not a gift to ‘Chosun.’ If sustainable and sober coexistence is truly desired, it is a gift Korea gives to itself.”
• Related Link.

Real Estate Is Not a Valley.

• Lim Ji-sun (Kyunghyang Shinmun business editor) emphasized, “The fact that Gangnam home prices have fallen by a few percent does not reduce the housing burden for the majority of non-homeowners and genuine demanders.” This was in response to Lee Jae-myung (president) saying, “This is a kind of leveling—prices are falling here and slightly rising there.”
• Lim Ji-sun pointed out, “If housing prices and jeonse/monthly rents in outlying areas rise, ‘leveling’ is only felt as an increase in housing costs.”
• “Valley restoration at least had clear distinctions between illegal facilities to be removed and public spaces to be protected. In real estate, who are the ones ‘illegally occupying the valley’?”
• Related Link.

We Have Already Averted the End Before.

• It is a story about learning from the experience of controlling nuclear weapons.
• The New York Times emphasized in an editorial, “Any dangerous innovation can be controlled if society resolves to do so.”
• First, AI must be made to operate in accordance with human values. The argument is that governments—not corporations—should establish common principles reflecting societal values and behavioral boundaries.
• Second, transparency must be enforced. Identifiers should be attached to AI-generated content, and disclosures required if AI is used in loan approvals, hiring, or bail decisions.
• Third, safeguards must be implemented. Independent safety inspections and regular audits should be mandatory, and an investigative body—like aviation accident boards—should be created to determine causes of AI-related incidents.
• The New York Times noted, “Slowing down is necessary, but it cannot be left to their goodwill.”
• Could a compromise be possible, like the U.S. allowing semiconductor exports to bring China to the negotiating table? The New York Times stressed, “Neither side can have an excuse to remain inactive.”
• Related Link.

There Is No Red Button to Turn Off AI—Yet.

• “This is not a situation that can be stopped by pulling a single plug.”
• According to Helen Toner (professor at Georgetown University), it may be impossible to halt an AI attack once it begins.
• Gavin Newsom (California governor) proposed a committee to study a kill switch, as he views government-level responses as unlikely.
• Critics note that a kill switch could become a hacker’s entry point. Binh Nguyen (former National Security Agency AI official) called it “aspirational.”
• AI could also attempt to neutralize the kill switch—by replicating itself across other computers or instructing other AIs to disable the shutdown mechanism.
• Implementing a kill switch will take significant time, and U.S.-China cooperation on the matter is an even greater challenge.
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Why Big Tech Stocks Stay Strong Despite Doomsday Warnings.

• Katy Martin (Financial Times columnist) offers an analysis.
• First, slowing development could increase profits. The industry of using AI to contain AI could also grow.
• Second, investors may not perceive it as a threat. The most dangerous AI could also be the most valuable investment. It might just be a marketing stunt.
• Third, even if true, the risk might be seen as unavoidable. Investments must be made before extinction—better than bonds, with the expectation that governments will bail out markets before the worst occurs.
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Oil Shock 2.0.

• The Financial Times analyzed five misconceptions.
• First, we’ve so far relied on tapping strategic reserves. Neil Shearing (Capital Economics analyst) warned that if oil stays at $110–120 per barrel for six months, global growth could drop from last year’s 3.5% to 2%.
• Second, refined crude is scarcer than raw oil. Refined crude production has fallen by over 4 million barrels daily. Diesel prices exceed $200 per barrel.
• Third, oil’s share of consumption has indeed shrunk. During the first oil shock, it was 46%; now it’s under 30%.
• Fourth, poorer nations are hit harder. Bangladesh and Pakistan struggle with gas imports, and restaurants in India have closed.
• Fifth, inventories and demand are unknowable. No one can say how long reserves will last.
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Why Coding Still Needs to Be Taught.

• Eben Upton (Raspberry Pi Foundation founder) sees “coding as literacy.” Even in an era where AI generates code, understanding its principles remains essential.
• Without coding, we risk entering an era where we are coded upon.
• The Raspberry Pi Foundation has sold over 75 million Raspberry Pis. It has trained 250,000 teachers and 2.3 million youths.
• Eben Upton believes on-device AI also holds opportunities. Not everyone needs an Nvidia chip to run AI—many tasks can be handled by a credit card-sized Raspberry Pi.

The New York Times: 175 Years, 15 Million Articles.

• It launched on September 18, 1851, as a four-page newspaper priced at one cent.
• It has published 60,111 issues and 15 million articles. The U.S. population grew from 24 million to nearly 350 million.
• Over 20 years, 3,500 U.S. newspapers and most local journalism jobs have vanished.
• A.G. Sulzberger (New York Times publisher) defines the press’s role: first, to pursue truth; second, to explain the world; third, to hold power accountable. Journalists must not just verify facts but provide context and significance so citizens can judge.
• “Journalism isn’t always right. Transparently correcting errors and improving is vital.”
• “Citizens’ freedom and press freedom are connected. When journalism weakens, so does the public’s ability to scrutinize power.”
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The People Power Party’s Greatest Fear.

• “Even though he said, ‘I have no intention of seeking re-election,’ the criticism that he hasn’t ‘officially declared he won’t seek re-election’ is a ‘pathological obsession.’”
• Seong Han-yong (senior Hankyoreh journalist) explained, “As long as he remains the ‘absolute villain attempting to push through a constitutional amendment for re-election by any means,’ his own position remains secure. But if he abandons re-election, his leverage would shrink—and that’s what he fears.”
• Seong Han-yong sees the current moment as the optimal time for constitutional reform. First, the president took the initiative. Second, neither ruling nor opposition parties can predict the outcome of the next election. Third, the analysis suggests that constitutional reform isn’t necessarily bad for the People Power Party.
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The Most Dangerous Moment for a President.

• “It’s not when opponents multiply. It’s when people who can say ‘no’ to the president disappear.”
• Lee Seok-yeon (former National Integration Committee chairman) emphasized, “One must keep close those who say uncomfortable things, rather than push them away.”
• “When aides begin monitoring the president’s mood, viewing criticism as betrayal, and treating dissent as an obstacle to governance, the president becomes isolated,” he warned.
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