What the Victory of the Man with Nine Fingers Signifies.

• “Brazil is not anyone’s backyard.”
• Luiz Inácio Lula da Silva (President of Brazil) overturned the runoff vote to become a four-term president.
• The “blue tide” stretching from Bolivia to Honduras, Chile, Peru, and Colombia has been halted.
• In the first round, Lula and Flávio Bolsonaro (Senator, Liberal Party) received 45% and 47%, respectively, but in the second round, the results flipped to 52% and 48%. Lula secured over 10 million more votes than in the first round.
• In the final TV debate, Flávio Bolsonaro mocked, “Nine fingers.” Lula lost a finger in a factory accident at age seventeen. Lula retorted, “I won’t accept being called the man with nine fingers by a rich kid.”
• Lula pledged debt relief for small business owners and expanded cash support for low-income households.
• Thomas Traumann (political consultant) assessed, “It’s less a victory for Lula and more a defeat of Bolsonarism.” Youth and low-income voters mobilized. The WhatsApp channel “Lula’s Army,” with over 10 million members, played a significant role. Support among voters aged 18–29 rose to 52%.
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“CPTPP, It Won’t Happen Within This Term.”.

• Lee Jae-myung (President) said this while meeting with farmers and fishermen.
• CPTPP is short for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. It is a free trade agreement involving 12 countries including Japan and Canada. After joining, manufacturing production spillover effects will increase by 6.3–6.7 trillion won annually over 15 years, but agricultural and fisheries production will decrease by 850 billion won.
• Lee stated, “We will not apply for membership within this year and will communicate sufficiently to determine the direction,” adding, “I won’t seek re-election, so don’t worry.”
• He did not say he was giving up. Emphasizing, “It’s frustrating, but unavoidable,” he stressed, “For the sake of the nation, even if there is some criticism, we must lay the groundwork to move to the next stage.”
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“A Tractor Strategy Over Namyangryeong Isn’t Realistic.”.

• Lee Jae-myung (President) promised, “We won’t let tractors reach the Blue House.” He also remarked, “Why use fists when words suffice?”
• Direct payments will increase, as will rural basic income.
• “Current direct payments are around 5.19 million won annually—quite low compared to Japan, Europe, or the US,” he emphasized. “Prepare systematically, and you can expect results.”
• Public-service direct payments will rise from 2.973 trillion won this year to 3.0615 trillion won. Rural basic income will increase from 304.7 billion won (based on supplementary budget) to 1.1658 trillion won.
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What Matters Now.

Won-Dollar Exchange Rate Hits 1,323.1 Won.

• The rate dropped 15% from 1,550 won in July, within three months. The consensus is that the won’s strength will persist for some time.
• Exporters face shrinking won-denominated revenues.
• Yesterday, all three major U.S. indices rose: the S&P 500, Dow, and Nasdaq gained 0.70%, 0.28%, and 0.82%, respectively. The semiconductor index surged 2.8% after Anthropic disclosed its IPO data.

52-Hour Workweek Exceptions via Enforcement Decree.

• An enforcement decree bypasses the National Assembly.
• Businesses are demanding a special law, but the labor ministry is seeking compromise via expanded special overtime provisions. If a 6-month exception is chosen, the first 3 months allow up to 64 hours weekly, followed by 60 hours weekly for the next 3 months.
• A government official met by Dong-A Ilbo stated, “We are reviewing supplementary enforcement decrees as needed.”
• Park Geon-su (Executive Vice President, Korea Semiconductor Industry Association) argued, “The current pre-approval system creates significant delays in response times,” adding, “It’s like taking KTX from Seoul to Busan but stopping at every station for inspection.”
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“The Era of Extending Work Hours to Boost Production Is Over.”.

• These were the words of Lee Jae-myung (President) in 2023, when he was Democratic Party leader. At the time, Yoon Suk-yeol (then-President) was considering extending weekly working hours to a maximum of 69 hours, prompting Lee to sharply criticize it as “no different from forcing the public to work to death.”
• Cho Hye-jeong (Head of Social Policy, Hankyoreh) commented on the ultra-megacity special zone bill proposed by Park Sang-hyeok (Democratic Party lawmaker), stating, “It tramples on the hard-won social consensus Korea has painstakingly achieved through mistakes, errors, and ignorance.” The implication: “What was right then is not wrong now.”
• Under the bill, the settlement period for the flexible work-hour system—where employees can work intensively and rest intensively within one month (three months for R&D staff)—is extended to six months. This would allow 69-hour workweeks for three consecutive months.
• Three years ago, Lee Jae-myung criticized, “We must abandon this anachronistic, anti-labor economic mindset.” Cho Hye-jeong added, “There is no reason to change this stance now.”
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Centrists, Capital Region, and Youth Are Shifting.

• Analysis shows centrists, capital region voters, and young people are drifting away from the Democratic Party. In a Realmeter poll, support rates for the Democratic Party and People Power Party stood at 36.0% and 42.6%, respectively.
• Realmeter’s automated response system has faced criticism for overrepresenting conservative-leaning voters. The president’s approval rating hit 35.5%.
• Last week’s Gallup Korea poll showed the president’s approval recovering to 40%. Gallup Korea uses telephone interview surveys.
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Only One of 51 Government Audit Reports Submitted on Time.

• Results reports must be passed within 90 days after a government audit. These reports serve as the legal basis for follow-up measures.
• Out of 51 audit results reports from 2023–2025, only one was submitted on time.
• Park Kyung-mi (Professor, Jeonbuk National University) pointed out, “Despite heated exchanges, there is no mechanism to prevent audits from ending without conclusion.” She explained that there are no penalties for missing deadlines, and the legal definition of “audit closure” remains unclear. Park added, “It is illogical to demand accountability from the executive branch while failing to meet self-imposed deadlines.”
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Deep Dive.

One in Ten 2030s Are Foreign-Born or of Immigrant Background.

• Foreign-born and immigrant-background populations are offsetting the decline in native-born Koreans. As of November last year, 2.81 million people with immigrant backgrounds—5.4% of the total population—had resided in Korea for over three months.
• This group includes not only foreigners but also naturalized citizens, children of mixed marriages, second-generation immigrants, North Korean defectors, and their children. Foreigners account for 75%, second-generation immigrants 14.1%, and naturalized citizens + children of mixed marriages 9.1%.
• While the number of native-born Koreans with two Korean parents decreased by 80,000, the population with immigrant backgrounds grew, resulting in a net increase of 10,000 in the total population.
• Kyung-eun Kwon (Head, National Data Bureau Census Division) explained, “Younger immigrant-background populations are filling labor shortages in manufacturing, construction, and other sectors.” Their share in local populations reaches 22.7% in Yeongam County, South Jeolla, and 20.3% in Eumseong County, North Chungcheong.
• By 2042, this group is projected to grow to 4.04 million, or 8.1% of the population.
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Medical Bills Scarier Than Raids.

• An undocumented Filipino migrant couple’s newborn daughter was admitted to the ICU immediately after birth due to heart complications. The hospital bill came to about 26 million won. The couple earns barely 3 million won per month from cleaning jobs.
• A survey of 129 undocumented migrants by the Gonggam Occupational and Environmental Medicine Center found that 59% had avoided hospitals due to medical costs. Only 13% cited fear of raids as a reason.
• Lee Hyun-jung (Deputy Head, Economic Policy Department, Seoul Shinmun) pointed out, “Medical cost support for foreign workers focuses on hospitalization and surgery, while outpatient care and medication costs for adults are generally excluded.” Some hospitals apply international medical tourism rates to undocumented migrants, charging 3–4 times the standard fee.
• Lee Hyun-jung added, “Agriculture, livestock, and small manufacturing sites would grind to a halt without these workers, yet when they fall ill, the first question is about their residency status.”
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Top 20% and Bottom 20% Asset Gap Widens to 69 Times.

• The average price of a primary residence for the top 20% asset group is 693.41 million won. It rose 7.7% in one year.
• Only 6.6% of the bottom 20% own a primary residence. This dropped 0.8 percentage points in one year.
• Including primary residences, the average total assets are 25.88 million won for the bottom 20% and 1.77615 billion won for the top 20%.
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Why Not Let AI Preside Over Trials?

• Choi Min-hee (Democratic Party lawmaker) said, “I will prepare a bill to introduce AI judges.”
• Park Su-yeon (Central Daily Business Research Director) pointed out, “At a time when judges are already grappling with AI-generated fake precedents, who could accept AI judgments that flatter by shifting stances based on the questioner’s intent?”
• Constitutional Article 27’s right to a trial by a judge refers to human judges. “If AI judges are to be introduced, the Constitution itself must be amended.”
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Another Take.

Is Crypto a Ladder to Youth Wealth?

• Speculation arises that the Blue House will delay virtual asset taxation once again. The Income Tax Act revision, originally scheduled for 2022, has already been postponed three times.
• The JoongAng Ilbo editorial criticized, “Can a tax policy, which relies on predictability and trust, be changed in such a ‘do it if it works’ manner?”
• The Kyunghyang Shinmun pointed out, “Tax policies are repeatedly retreating under public backlash.”
• The government had planned to tighten the stock capital gains tax criteria for major shareholders but withdrew it, and also abandoned a revision to the comprehensive real estate tax that would have reduced basic deductions for non-resident single-homeowners.
• The justification of youth wealth-building is also weak. The largest group of virtual asset exchange users is in their 40s (27%), while those under 20 account for only 17%. Among those in their 20s–30s, 83% hold less than 1 million won, making them ineligible for taxation.
• The Hankyoreh editorial emphasized, “Normalizing capital income taxation is not a choice but a matter of principle,” and stressed, “Discussions on financial investment income tax must resume.”
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Critiquing Verdicts vs. Judicial Independence.

• Shin Jang-sik (Representative, Cho Kuk Reform Party) proposed, “Let’s hold a five-party floor leader meeting to discuss impeaching Cho Hee-dae (Chief Justice).”
• The claim is that responsibility must be assigned for the appellate court’s acquittal of Oh Se-hoon (Seoul Mayor).
• In an editorial, the Kyunghyang Shinmun noted, “There are aspects that are hard to accept,” yet emphasized, “At least, the Chief Justice’s impeachment should not be discussed on the grounds of a court ruling.”
• No Kyung-pil (Chief of the National Court Administration) stated, “No one, including the Chief Justice, can or does interfere in lower court trials.”
• The Democratic Party maintains that Cho Hee-dae should be addressed through a state investigation, while Lee Jae-myung’s prosecution should proceed via a special prosecutor.
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“You’re Playing Games with Cookie Values.”.

• Nick Nado (product manager at a tech company) encountered something odd while trying to buy a hard drive on the Walmart app. It showed $369, but when his wife checked on her smartphone, it listed $259.
• The Wall Street Journal labeled this “AI-induced price anxiety.”
• John Furner (Walmart CEO) explained, “We price the product, not the person.”
• Jared Polis (Colorado governor) vetoed a bill banning personalized pricing, arguing, “The scope is too broad, penalizing even differential low pricing.”
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Tesla’s Subscription Revenue.

• The Financial Times reports that Tesla’s true growth model is FSD (Full Self-Driving, complete autonomous driving).
• Tesla’s active FSD subscriptions stand at 1.7 million—up 67% from last year.
• FSD costs $99 per month. Each dollar of FSD revenue carries 50–70% more value-added than a dollar from vehicle sales.
• Analyses suggest that if FSD adoption—currently at 10–15% of customers—rises to 50%, the financial structure could transform.
• Vehicle sales still account for 75% of revenue. The funds needed to transition to AI must, for now, be earned through cars. While the 2030 sales target was once set at 20 million units before being lowered to 5 million, it remains ambitious compared to last year’s 1.6 million.
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Meta’s $95 Billion Project.

• Meta has decided to raise $95 billion. The plan is to issue $35 billion in public offerings and sell $60 billion worth of shares.
• Meta’s capital expenditure plan for this year is $135–145 billion.
• According to the Wall Street Journal, Nvidia, AMD, and Broadcom have shown interest in acquiring Meta shares.
• The AI investment race is reshaping how Big Tech raises funds. With poor cash flow, the trend is to secure investments through bonds, share issuances, and by bringing in strategic partners.
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The Fix.

Gwangmyeong and Gunpo’s Trash Reciprocity Pact.

• Incinerators require 2–3 maintenance cycles annually, and private contractors have historically handled these periods. Gwangmyeong City and Gunpo City signed a mutual aid incineration agreement to share spare capacity when one side’s public incinerator halts.
• Since the March agreement, Gwangmyeong processed 728 tons of Gunpo’s waste, while Gunpo handled 304 tons of Gwangmyeong’s. Over 300 million won was saved.

Barrier-Free Films: Just 0.02%.

• Among 5.29 million film screenings last year by the three major theater chains, only 1,115 were barrier-free screenings with Korean subtitles and audio description.
• The Supreme Court overturned a lower court ruling that deemed 3% barrier-free screenings sufficient.
• Kim Jae-wang (Seoul National University professor) proposed, “The ideal structure is for theaters to provide receiving devices while subtitles and audio descriptions are handled by film producers and distributors.”
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ICYMI.

‘Doctor X’.

• An uncommon case of terrestrial TV drama directly addressing the May 18 Gwangju Uprising. It achieved a 19.5% viewership rating.
• It features a patient who has suffered for 46 years after a bullet fragment lodged in his head.
• A petition was filed on the National Assembly’s public agreement platform demanding the broadcast’s suspension. Kim Heon-sik (Jungwon University professor) criticized, “Raising issues simply because it addresses May 18 is a historical regression.”
• In an editorial, Kyunghyang Shinmun emphasized, “The martial law forces’ helicopter shootings are not a subject of ‘political debate’ but history shared by today’s South Korean citizens.” The argument: “If the May 18 Uprising is not intentionally distorted, the creative freedom—including the creator’s imagination and interpretation—must be respected.”
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Rocket Delivery Anywhere on Earth in Under an Hour.

• An era of genuine rocket delivery has arrived. SpaceX’s experimental Starfall system transports parcels in a disc-shaped capsule measuring 3.1 meters in diameter and 0.75 meters in height.
• Weighing 2.1 tons empty, it can carry up to 1 ton of cargo. After reaching an altitude of 200–300 km, it orbits at 7.8 km/s before re-entering at 28,000 km/h.
• While hailed as pioneering a new space logistics market, concerns also arise that it could become an unstoppable strategic weapon.
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Math+Physics Nerds’ $10B Investment Firm.

• There is an investment firm called G Research founded by a billionaire named Peter De Prins.
• Mathematicians, physicists, and data analysts predict stock movements and identify countless trading opportunities using a technique called ‘mid-frequency statistical arbitrage.’
• According to the Financial Times, estimates suggest assets under management exceed $10 billion, though this remains unconfirmed.
• G Research’s headquarters is in London, but investment execution occurs through overseas subsidiaries.
• Peter De Prins has never properly released a photo, and even longtime partners don’t know his phone number. He lives on Jersey Island in the Cayman tax haven, commuting daily to London by private jet, yet almost no one has seen his face. He’s been likened to ‘Voldemort’ in ‘Fort Knox.’
• Algorithms are encrypted and obfuscated to prevent identification. Teams are siloed to know only fragments of the entire system, with access strictly controlled. Some employees signed contracts barring them from working at competitors for two years post-resignation, and compensation has been delayed up to five years.
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A New Era: 9-Ton Helicopters Pursuing Drones.

• U.S. Army Apache attack helicopters trained to shoot down drones. The New York Times described it as “like a lion hunting a squirrel.”
• Participating pilots said it was far more challenging than ground attacks.
• The primary weapon is a 30mm machine gun—much cheaper than intercept missiles, but the key question is how to counter mass attacks.
• While diversifying defense methods, there’s a speed limit: they cannot catch up to jet-engine drones.

iPhone Duo Crack Gate.

• Durability controversies resurfaced. Claims emerged that screens shattered after fewer than 20 folds.
• Reddit overflows with breakage reports.
• With a Korean launch price of ₩3,290,000, repair costs can reach ₩1,980,000 without AppleCare+.
• Fine Mtec, the hinge supplier, plummeted 15.7% in stock value.
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Wealth Divides Class.

• 60% of Americans identify as working class. A Pew Research survey result. Up 6 percentage points from two years ago.
• Median wealth of high-income households is 49 times that of low-income households. In 2022, it was 31 times.
• The rate of children living better than their parents was 90% for those born in the 1940s but dropped to 50% for those born in the 1980s.
• Rana Foroohar (Financial Times columnist) analyzed, “In the U.S., the real dividing line of class may be wealth rather than income.” As economic mobility decreases, faith in the political system also wavers, according to the analysis.
• Jennifer Harris (head of economic and social initiatives at the Hewlett Foundation) said, “Being working class may be closer to a bundle of beliefs or ideas about what American democracy needs now, rather than income level.”

Worth Reading.

Democracy Survives When We Envision Alternative Futures.

• Linda Keiser (Harvard Society of Fellows Junior Fellow) argued, “The ability to imagine the future has been captured by the wealthy and powerful.”
• Aditi Jungeta (Secretary-General of Democracy2076) stated, “The competition over the future is a competition over power and who gets to decide.”
• But the reality? Politics regresses, and Silicon Valley fills the vacuum where hope has vanished.
• Keiser warned, “If we place technology at the center of political imagination, we risk overlooking other outcomes that might still be possible.”
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Factories Move Down, Decisions Stay in the Capital.

• Even if production facilities are located outside the capital region, if R&D, finance, procurement, and final decision-making on profit distribution remain with headquarters in the capital, regions cannot determine their own future. Yang Joon-ho (Incheon University Professor) explains this through the concept of “spatial heteronomy” in power-geometry.
• Yang proposed the [Regional Industrial Transition Agreement] as a solution. Companies must link technology procurement with local SMEs and publicly disclose job creation, vocational training, regional R&D share, and plans to reduce greenhouse gases and water usage. Government support should be tied to phased outcomes, with penalties for broken promises—such as reclaiming subsidies or renegotiating terms.
• A [Regional Industrial Transition Governance] could also be established, giving local governments, unions, regional businesses, universities, and resident representatives real voting power.
• New evaluation criteria are needed too. The focus should shift from investment amounts or factory numbers to value-added retained locally, quality of employment, ecological impact, and resident participation.
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Rewriting the Rules of the Game.

• Director Hwang Dong-hyuk called ‘Squid Game’ “a work that would have been impossible without Netflix.”
• A decade after Netflix’s entry into Korea, as buyers who can afford high production costs dwindle, the bargaining power of remaining buyers grows stronger. Works that would have been impossible without Netflix have become works that only Netflix can create.
• Critic Park Mi-sook noted, “The credit for enabling a single work does not justify the entire power wielded by that corporation.” Park added, “If rising production costs are interpreted solely as proof of Korean content’s increased value, it erases from the evaluation the projects and jobs that vanish because they cannot bear those costs.”
• Park’s proposed new rules for the game are as follows:
• First, expand funding models that allow producers to retain rights while negotiating distribution deals with multiple partners.
• Second, creators need access to performance data and bargaining tools for fair compensation.
• Third, public support must come with conditions: equitable rights distribution, fair contracts, and adequate wages and safety for on-site workers.
• Fourth, not every work needs to aim for global blockbuster status. There must be space to produce stories about local memories, marginalized experiences, and societal questions that defy immediate monetization.
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Why We Must Not Grant Authority to a Machine’s Answer.

• We can ask Gemini. But that does not mean we should treat a machine’s answer as an authority for judgment.
• Kim Bo-ra-mi (Dike Law Firm attorney) pointed out, “Citing a source without explanation is not strengthening an argument—it’s evading responsibility for one.” “If we grow accustomed to the convenience of instantly obtaining answers that align with our views, the process of cross-referencing data, enduring contradictions, and revising our thinking easily becomes a burdensome chore.”
• Kim Bo-ra-mi emphasized, “To persuade people with differing political interests and seek the public good through compromise and concession, we must endure uncomfortable disagreements.”
• “More important than the ability to avoid using machines is the ability to disagree with a machine’s answer.”
• “Preserving humanity is not a competition to produce better answers than machines. It is refusing to abandon the work of explaining, listening to, and taking responsibility for others—those we may never fully understand.”
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Strawman Arguments Won’t Win Debates.

• Pro-government broadcast panelists are reportedly struggling to hold their ground in debates.
• Three incidents stand out.
• First, when asked to reduce social media use, they dismissed it: “SNS saved me and brought me to this position.”
• Second, when proposed to limit live-streaming of Cabinet meetings, they countered: “We cannot agree to making everything confidential.”
• Third, when criticized for excluding the head of the Corruption Investigation Office and the Prosecution Service chief from Cabinet meetings, they retorted: “Abandoning command and oversight would be grounds for impeachment.”
• “Lee Jae-myung is stubborn. He rarely accepts criticism. He was like that before becoming president, but it’s gotten worse since.”
• Sung Han-yong (Senior Reporter, Hankyoreh) noted, “Strawman arguments are a logical fallacy—distorting an opponent’s position into a false claim and attacking that instead.”
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Solving Three National Dilemmas at Once.

• “Even if the freezer is full of ice, it’s useless if you’re thirsty now. You have to melt the ice and turn it into water.”
• Ma Kang-rae (Chung-Ang University professor) identifies three key issues: Seoul-area housing prices, regional decline, and elderly poverty.
• Ma Kang-rae proposed, “To solve these three dilemmas, we should add ‘households relocating to the provinces’ as an exception to the residency requirement for reverse mortgages.”
• A couple aged 55 could receive 1.56 million won monthly for life by enrolling a 1-billion-won home in a reverse mortgage. The program typically requires residency, but the proposal suggests an exception.
• According to Ma’s calculations, by vacating their Seoul-area home and relocating to a mid-sized provincial city, they could secure a combined income of 2.5 million won monthly from the reverse mortgage and rental income.
• “No massive budget or new laws are needed. Tweaking existing systems suffices. If this sounds like a scam, it’s because the solution seems too simple for such a massive problem.”
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What Human Journalists Must Do.

• “If AI tells us everything we need to know, will people even need news?”
• Jim VandeHei (Axios CEO) still believes human journalists are necessary. “Only human journalists can grasp the nuanced context of sources and events and demand accountability,” he insists. “The value of differentiated truth and well-designed human connections will skyrocket.”
• Axios’s post-2028 strategy includes:
• First, field reporting. A system where AI organizes data and journalists handle on-the-ground coverage.
• Second, expert intelligence. Creating high-level information needed by specialists.
• Third, [Axios Direct], a verified information feed for AI models.
• Fourth, expanding offline reader meetings.
• Jim VandeHei predicts that by 2030, the shift to large language models for information consumption on the open web will be complete. His advice: information and trust will become core assets.
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Today’s State Council Audit.

• Slow News is covering the State Council Audit intensively.
• [Special Audit Coverage Page] updates twice daily.
• [Rep. ◯◯◯’s Audit Notes] compiles key issues by individual lawmakers. We also select the top 12 lawmakers daily.
• [Today’s Corporate Issues] examines major corporate controversies.
• [Daily Audit Report] provides key issues and context by committee.
• The list below is a compilation of October 26 audit reports:
• October 26, 2026 Legislative and Judiciary Committee audit report.
• October 26, 2026 National Defense Committee audit report.
• October 26, 2026 Public Administration and Security Committee audit report.
• October 26, 2026 Climate, Energy, Environment, and Labor Committee audit report.
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