Korea Daily News (October 31, 2024)

Politics

  • Recording of President Yoon Suk-yeol’s Call Released: The Democratic Party has released a recording of President Yoon Suk-yeol’s call, raising suspicions of his involvement in candidate nominations.
  • Prosecution’s Sentence Recommendation for Former Lawmaker Park Wan-joo: Prosecutors have requested a five-year prison sentence for former lawmaker Park Wan-joo, who was charged with sexually harassing his aide.
  • National Assembly Begins Budget Review: The National Assembly has begun reviewing the 677 trillion won 2024 budget, sparking negotiations between the government and the political parties.
  • Lee Jae-myung Prepares for Prosecutor’s Investigation: Democratic Party leader Lee Jae-myung is preparing for court hearings, rallying internal support amidst legal challenges.
  • Political Party Support Shifts: Recent polls show a slight decline in support for the People Power Party, while the Democratic Party sees a rise.
  • South Korea Reconsiders North Korea Policy: The South Korean government is reconsidering its economic sanctions on North Korea while seeking cooperative measures with the U.S.
  • South Korea-Japan Summit Scheduled: A South Korea-Japan summit is scheduled for November, with historical issues and economic cooperation expected to be key discussion points.

 

Economy/Finance

  • Pension Transfer Without Early Termination: A new system allowing pension transfers between financial institutions without early termination fees has been implemented.
  • KOSPI Declines: Foreign and institutional investors’ selling led the KOSPI index to fall by 1%, closing at 2560 points.
  • Interest Rate Cut Discussion: Financial institutions are discussing a potential interest rate cut, with the possibility of mortgage rates being halved.
  • National Pension Sells Korea Zinc Shares: The National Pension Fund has sold part of its shares in Korea Zinc, reducing its stake to 7.48%.
  • Taeyoung Construction’s Stock Surges: Following the resumption of trading, Taeyoung Construction’s stock surged by over 16%.
  • U.S. GDP Growth at 2.8%: The U.S. recorded a 2.8% GDP growth in Q3, reflecting steady economic expansion.
  • Meta’s Stock Declines: Meta’s stock fell by about 3% in after-hours trading, driven by concerns over infrastructure investment burdens.

 

Industry

  • POSCO E&C Holds Nuclear Technology Forum: POSCO E&C held a nuclear technology forum at its Incheon Songdo office.
  • SNT Motiv Achieves Strong Q3 Earnings: Despite a reduction in scale, SNT Motiv maintained strong operating profit margins.
  • Semiconductor Industry Thrives: Samsung’s sales of high-value-added products have driven growth in South Korea’s semiconductor industry.
  • Youngpoong-Korea Zinc Leadership Dispute: Youngpoong Precision is moving its headquarters, escalating its management dispute with Korea Zinc.
  • LG Expands Autonomous Vehicle Technology: LG is advancing its autonomous vehicle technology and pursuing strategic partnerships for global market entry.

 

Technology/IT

  • Rightflux Secures Autonomous Driving Software Investment: The autonomous driving software startup Rightflux has secured 26 billion KRW in Series B funding.
  • Creta and IOGround Partner for AI Avatar System: Creta has partnered with IOGround to develop the AI-learning avatar system ‘Kuabata.’
  • Samsung AI Semiconductor Development: Samsung is preparing to supply high-bandwidth memory (HBM) for AI semiconductors, attracting industry attention.
  • Supermicro Faces Accounting Scandal: Supermicro, a U.S. company, has been hit with accounting fraud allegations, causing its stock to plummet by 32%.
  • Meta’s Slowing User Growth: Meta’s Q3 report revealed slower-than-expected user growth.
  • Netflix Strengthens Game Services: Netflix is bolstering its game services through new partnerships with game development studios.
  • Apple Announces New AI Technology: Apple has unveiled next-generation AI technologies, aiming to enhance integration between its software and hardware.

 

International

  • Arnold Schwarzenegger Backs Kamala Harris: Former California Governor Arnold Schwarzenegger has endorsed Democratic candidate Kamala Harris in the upcoming U.S. presidential election.
  • Lufthansa Celebrates 40 Years in Korea: Lufthansa German Airlines is celebrating its 40th anniversary of service in Korea with special promotions.
  • Elon Musk Buys Multiple Homes in Texas: Elon Musk has purchased multiple homes in Austin, Texas, to accommodate his 11 children.
  • UK Strengthens Carbon Neutral Goals: The UK government has reinforced its carbon reduction targets, aiming for carbon neutrality by 2050.
  • Japan Addresses Fukushima Water Concerns: Japan has announced additional safety measures regarding the release of radioactive water from Fukushima, addressing international concerns.

 

Real Estate/Construction

  • Conditional Jeonse Loan Resumption: KB Kookmin Bank is reviewing plans to resume conditional Jeonse loans in November, which had been suspended in September.
  • New Apartment Supply in Seoul: A new apartment complex is set to be supplied in Seoul, with enhanced transportation and education infrastructure.
  • Regional Real Estate Market Stabilizing: The regional real estate market is showing signs of stabilization, attracting increased attention from investors.
  • Discussion on Easing Reconstruction Regulations: The government is discussing easing regulations on reconstruction projects as part of its strategy to expand housing supply.

 

Health/Medical

  • Increase in Economic Activity Among the Elderly: Economic participation rates among the elderly have reached an all-time high as policies are being revised to enhance retirement income security.
  • COVID-19 Vaccine Updates: Pharmaceutical companies are updating COVID-19 vaccines to prepare for new virus variants.
  • Government Expands Retirement Income Policy: The South Korean government is abolishing retirement income reduction policies to provide better support for the elderly.
  • Expansion of Health Checkup Programs: The government is expanding national health checkup programs, aiming to improve preventive healthcare through personalized screenings.
  • AI in Medical Diagnostics: The application of AI in medical diagnostics is becoming more widespread, contributing to more accurate diagnoses and treatment planning.

 

Culture

  • Seoulland Fall and Christmas Events: Seoulland in Gyeonggi-do is hosting a combined fall foliage and Christmas-themed event.
  • K-pop Star Rosé Makes Billboard Entry: BLACKPINK’s Rosé has reached No. 8 on the Billboard Hot 100 with her collaboration with Bruno Mars.
  • Korean Modern Dance Pioneer Ahn Ae-soon: Choreographer Ahn Ae-soon is leading Korean modern dance by reinterpreting traditional Korean dance movements in a modern context.
  • Barcelona’s Traditional Festival ‘La Castanyada’: The city of Barcelona has announced the schedule for the traditional Catalonian festival ‘La Castanyada.’
  • Macau’s ‘House of Dancing Water’ Show: Macau’s spectacular water-based performance show, ‘House of Dancing Water,’ is being highlighted as a major tourist attraction.
  • G-Dragon Opens Up About Past: K-pop star G-Dragon has revealed his emotional struggles related to past drug allegations, drawing attention from fans.
  • Han Ga-in’s Image Transformation: Actress Han Ga-in has shocked fans with a drastic image transformation on her YouTube channel, becoming a topic of conversation.

 

Games

  • Anticipation for Little Nightmares 3: Fans have been concerned after Tarsier Studios left the project, but the producer reassured that the DNA of the series would be maintained.
  • Nexon Unveils Games for G-STAR 2024: Nexon has revealed details about five new titles it will showcase at G-STAR 2024, focusing on expanding its franchises.
  • PS5 Pro Performance Upgrade: Sony’s upcoming PS5 Pro is set for release with major performance upgrades, spotlighted alongside the game ‘Monster Hunter Wilds.’
  • Samguk Blade Adds New Character ‘Ju Cheol’: The game ‘Samguk Blade’ has introduced a new character, ‘Ju Cheol,’ known for her support abilities and unique gameplay.
  • Pokemon Card Game ‘Pocket’ Launch: The Pokemon Company has launched its latest digital card game, ‘Pokemon Card Game Pocket,’ with competitive card collecting in full swing.
  • LCK MSI Team Selection: The League of Legends Champions Korea (LCK) will collaborate with local governments to hold the 2025 MSI team selection event.
  • NCSoft Launches New RPG: NCSoft’s new mobile RPG, ‘Journey of Monarch,’ has surpassed 4 million pre-registrations.