Major Newspaper Headlines, December 24
《Economy》
☞ “Now worried about a consumption slump on top of martial law”…A visit to Myeongdong before Christmas...Foreigners who booked before learning of martial law visit Korea amid worries...Merchants say “Better than feared… it's the future that worries us”...Next year is the problem…Ministry of Culture to announce measures soon
☞ Not going to cinemas or concert halls either…the cultural sector also feels the aftershock of the ‘impeachment climate’...Cinema admissions down 20% so far this month…fewer film releases too...Production briefings and press screenings cancelled as audiences turn away...Weekend performance ticket sales fall amid the ‘impeachment climate’...Possible impact of women in their 20s and 30s, the main consumer base, joining rallies
☞ Electricity rates frozen for Q1 next year…“KEPCO to maintain fuel cost adjustment unit price”...Residential electricity rates have been frozen since May last year...Frozen for 7 consecutive quarters···"reflecting the recent political situation"
☞ “China's technology is scarier than U.S. tariffs”...One in three exporters says “exports will fall next year”...Growing concern over China's overproduction and intensifying low-price export competition...33% of exporters say "China's technology is already comparable"
☞ “From next year, a drop in dividend income can be reflected quickly in health insurance premiums”...Revised Enforcement Decree of the National Health Insurance Act takes effect...The ‘income settlement system’ that immediately reflects income increases and decreases in premiums now covers not only wage and business income but also interest, dividends and pensions...Income increases can also be reflected immediately
《Finance》
☞ Exchange rate shows no sign of falling…is it settling in the 1,450-won range?...Closed at 1,452.0 won…highest since March 13, 2009...Choi Sang-mok: "Half is political events, half is the strong dollar"
☞ KOSPI rose as foreign and institutional investors returned…rebounds after three days to recover the 2,440 level...Semiconductor stocks rise as uncertainty over U.S. subsidies clears...Shipbuilding stocks strong for days...KOSDAQ up 1.6%, approaching the 680 level
☞ Small business loans from secondary financial institutions, final interest refund applications accepted until the 31st...Applies to business loans of 5% to under 7% from secondary financial institutions as of end of last year...Interest refunds January 9-16 next year…up to 1.5 million won per person
☞ Choi Sang-mok hints at 1%-range growth next year…releasing ‘11.6 trillion won’ for welfare and more...“Budget front-loaded to an unprecedented degree, then (supplementary budget) to be reviewed”...“Next year likely to fall slightly below potential growth”...Patent fee rate down 50%, liquor bottle restrictions abolished...“The economic policy plan involved no communication at all with the presidential office”
☞ ‘Japan's scream’ after piling cash under the bed…both rates and prices jump...80,000 personal bankruptcies this year…prices and interest costs trend upward as zero rates end...792 suicides last year too, the most in 12 years… Gen Z borrowing surges
《Corporate》
☞ U.S. shipping act expands cooperation from MRO to merchant shipbuilding and repair…Hanwha Ocean to benefit...Operating 250 merchant ships for maritime security…domestic firms' order opportunities likely to grow...Operating a strategic merchant fleet of 250 ships is the core…strengthening merchant shipping capability for maritime security
☞ Chung Yong-jin, who met Trump and Musk, to accelerate Shinsegae Group's U.S. business?...E-mart acquires and operates mart chains, wineries and more...U.S. revenue topped 2 trillion won last year... also invested in an AI startup early this year...Chairman Chung bought a Beverly Hills mansion... with U.S. expansion in mind?...Shinsegae Group: “The U.S. entity is largely run independently by professional managers”
☞ Venture investment shows clear ‘rich get richer’ divide…next year's variable is ‘external winds’...Trend favoring promising startups more than 5 years old...Investment in companies under 3 years old fell 24.8%...Big money flows to firms delivering deep tech results...Attention on the scale of U.S. Fed rate cuts
☞ 3 trillion won in financial support and expansion of the Corporate Revitalization Act…industry "welcomes" petrochemical measures...Ministry of Trade, Industry and Energy announces competitiveness enhancement plan...Encouraging voluntary business restructuring by companies...Includes expansion of the Corporate Revitalization Act, financial support, R&D support and more
☞ Birth of the world's No.3 ‘auto giant’ foreshadowed…"Honda-Nissan make merger official"...After visiting the Ministry of Economy, Trade and Industry and the Ministry of Land on the morning of the 23rd, an MOU was signed…press conference at 17:00, with Mitsubishi, whose largest shareholder is Nissan, also attending
《Real Estate》
☞ Sale prices soar amid move-in and pre-sale chaos… "Consumers have nowhere to go"...237,582 households to move in next year, down 22% from 304,213 this year...Concerns that first-generation new town redevelopment and third-generation new town development will also be delayed amid political turmoil...Domino effect: rising exchange rate → higher raw material prices → higher cost ratios → soaring sale prices
☞ Songtan water source protection zone that blocked Yongin's development for 45 years finally lifted...Following the April decision to lift it, all follow-up measures are complete…Gyeonggi Province announces approval of the lifting, freeing 64.43㎢ (about 19.5 million pyeong) of Yongin land, 11% of the city's area and equivalent to 53% of Suwon's total area...Mayor Lee Sang-il: "Lifting the Songtan water source protection zone is a double blessing following the lifting of 1.13 million pyeong of the Gyeongan Stream waterside zone"
☞ “If prices surge, construction costs will be raised too”...Ministry of Land makes public construction costs realistic...Announces plan to revitalize the construction industry...Major national projects such as the Gadeokdo New Airport site works and Seoul's deep-underground stormwater drainage tunnel construction have repeatedly failed to attract bidders
☞ "House prices drop hundreds of millions overnight" Gangnam is ‘helpless’ too…"Full-scale correction" vs "temporary plunge"...More districts turning to decline and gains shrinking...Experts say “it looks like entry into a correction after a surge”...Some analyze it as a “temporary correction from an unexpected factor”
☞ Dreaming of a ‘livable villa district’...‘New:Village’ to be built in 32 places including Jongno and Hoehyeon...62 locations nationwide applied for the New:Village project…2-to-1 competition
《Society》
☞ Cold wave nationwide through Christmas Eve…a ‘white Christmas’ looks unlikely..."Very cold in inland central regions and elsewhere through the 25th…wind chill will be even lower"
☞ Joint investigation headquarters' second summons to Yoon refused…Kim Yong-hyun questioning stalls...Yoon's side refuses postal delivery…electronic official document also unconfirmed...Analyzing personal phone records…request to preserve secure phone server records...Signs of martial law plotting in Noh Sang-won's notebook…arrest of Kim Yong-hyun rejected
☞ “Let's stop MZ civil servants from quitting”…grade 9 civil servant pay likely to rise next year...Ministry of Personnel Management gives advance notice of amendments to next year's civil servant pay and allowance regulations...Also reviewing an additional raise for junior civil servants on top of the common 3% increase
☞ “Korea is too scary” a K-pop-loving exchange student's close friend left...“Isn't the chance of martial law higher than war?”...Exchange students move up their return dates amid the martial law aftershock...Universities issue ‘safety notices for international students’…concerns about foreign students leaving
☞ “How to ride the subway without cash” abused by rotten consciences...‘bank transfer’ abolished...‘Bank transfer’ was introduced considering situations with no ATM nearby..."How to ride the subway without cash" abuse increases..."First fare evasion, then lying about fares, then brazen evasion"...Ends up being abolished just 3 years after introduction
《International》
☞ Trump names senior defense officials…figures supporting USFK reduction and Korean nuclear armament draw attention...‘Billionaire’ Feinberg as Deputy Secretary of Defense…"Will achieve peace through strength"...Colby has also opposed Ukraine's NATO membership while advocating checks on China
☞ Trump eyes someone else's land again···after ‘reclaiming the Panama Canal’, “I'll buy Greenland”...Also unilaterally claimed ‘purchasing Greenland’ in 2019...After mentioning “reclaiming the Panama Canal”, told Canada to “become the 51st state”...Trump's runaway mouth, disregarding allies
☞ Trump and Putin build consensus on a ‘quick meeting’···will armistice talks gain momentum?...Trump: “Waiting to meet Putin…I'll end the war”...Putin, saying “I'm ready to meet”, falls in step with Trump...An anxious Zelensky…mounting an all-out diplomatic effort day after day
☞ Syria's de facto leader: "All sects can coexist…the state controls weapons"...Also met Lebanon's Druze leader…"an era far from sectarianism"
☞ EU says "defense spending must rise"…Trump says "NATO defense spending to 5% of GDP"...Poland's defense spending last year was 3.3% of GDP…Spain and Belgium are around 1.2%
