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Articles by Yoon Gi-Eun
‘Borrowers in the bottom 20% by assets’ one in two say “to cover living expenses”···45%, a record high
Among households in the bottom 20% by assets, the share of credit loans used to cover living expenses has reached the highest level since related statistics began to be compiled in 2017. Among the bottom 20% by income as well, the share for living expenses hit a record high.
Nobel Prize in Economic Sciences to Professors Hall and Woodford··· created an economic stabilization model that reflects ‘corporate·household expectations’
The Nobel Prize in Economic Sciences this year went to Robert E. Hall (83), emeritus professor of economics at Stanford University in the United States, and Michael Woodford (71), a chaired professor of political economy at Columbia University in the United States, who laid the groundwork for stabilization policy by analyzing how household and corporate expectations affect the overall economy.
National Assembly “Future Response Fund may weaken prior parliamentary control”···also calls for improvements to project selection and revenue estimation
The National Assembly pointed out that the Future Response Fund (Future Fund), which the government seeks to introduce next year, could weaken prior fiscal control by the legislature. It raised concerns about broadening the scope for the government to change spending plans of the fund without parliamentary consent. It also saw a need to refine how to decide which projects to finance and how to calculate the taxes to be used as resources.
Losses in agriculture, livestock, and fisheries under existing FTAs are KRW 27.7 billion per year higher than initially expected
Annual losses in the domestic agriculture, livestock, and fisheries sectors due to six free trade agreements (FTAs) concluded over the past 15 years amounted to about KRW 830.0 billion, roughly KRW 30.0 billion more than pre-agreement estimates. The increase reflects greater damage in specific industries, such as livestock, due to changing market conditions.
Operations to be suspended if firms in sectors such as petroleum and passenger aircraft repeatedly collude···ruling party and government announce plan to eradicate collusion
The ruling party and the government have decided to pursue legal amendments so that, in 17 industries including firefighting facilities and petroleum retail, firms that collude at least twice within five years will receive suspension of operations. In some industries, registrations may be revoked.
‘Kidult’ wallets have opened···More than half of Pokemon card transaction value is from people in their 30s and 40s
The launch of the Pokemon Trading Card Game 30th-anniversary commemorative expansion pack has prompted collectors in their 30∼40s to flock to the secondhand card trading market. According to the secondhand trading platform Bunjang on the 21st, from the 1∼17 of this month, the number of Pokemon card listings posted and the number of users searching surged by 272% and 337%, respectively, compared with the same period last year.
‘Ice Sea Route’ Arctic passage opens··· On the 22nd, a Korean container ship makes the first trial voyage
On the 22nd, a container ship operated by a Korean carrier will undertake the first-ever trial voyage along the Arctic route. If the Arctic route, which connects Europe via the Arctic Ocean from Busan, opens, it is expected to shorten the sailing distance by about 7,000㎞ compared with the existing Suez Canal route and reduce transit time by about 7~10 days.
KDI “Manufacturing output, including automobiles·machinery, is rebounding”···‘Jobless growth’ persists
The state research institute the Korea Development Institute (KDI) assessed that production in most manufacturing sectors, including automobiles and machinery equipment, which had been in a slump, is rebounding. However, the pattern of ‘jobless growth’ appears to be continuing.
As overseas direct purchases increase, recalls up 4.7% last year···Blocking the import of hazardous products from AliExpress·Temu·Shein
As the domestic distribution of overseas direct-purchase (direct purchase) goods has increased, the total number of product recalls last year rose slightly compared with a year earlier. In particular, ‘recall recommendations’, which have no legal coercive force but urge corrective action as a preventive measure, increased markedly.
Korea Fair Trade Commission takes aim at ‘unfair acts by conglomerate heads’···pursues legal amendments to make group heads also pay surcharges if affiliate reporting is omitted
The Korea Fair Trade Commission will pursue legal amendments in the second half of this year to greatly strengthen the liability of corporate group heads who engage in unfair acts. The core measure is a plan to directly impose surcharges of up to 10% of sales on conglomerate heads who conceal entities that are effectively affiliates and omit submitting designation materials.
“No to bakery cafes that do not bake bread” Family business inheritance deduction granted only after 30 years of operation
A bakery cafe on the outskirts of Seoul sits on a land parcel of about 5,000 pyeong, most of which is used as a parking lot that can accommodate roughly 200 cars. The market value of the land is about 30 billion KRW, which would trigger 13.6 billion KRW in inheritance tax if passed to a child as is. However, the owner A avoided inheritance tax by using the family business inheritance deduction, transferring the cafe to a child after operating it for 10 years.
‘Mandatory blending in diesel’ biofuel price collusion
Korea Fair Trade Commission estimates 9.7 trillion won for seven companies Deliberations launched… fines expected at 2 trillion won The Korea Fair Trade Commission has initiated deliberation procedures against seven manufacturers that took part in collusion on biofuel prices. By allegedly exploiting the mandatory renewable-energy use framework for oil refiners and power generators to allocate and split volumes, potential fines could exceed 2 trillion won.
Q2 oil cargo throughput at ports posts ‘largest drop on record’···impact of the Hormuz blockade
In the aftermath of the blockade of the Strait of Hormuz in March, oil cargo throughput at domestic ports fell 18.6% in the second quarter, marking the largest Q2 decline since related statistics began in 2001. Overall cargo throughput also plunged 4.8% from the same period last year. The Ministry of Oceans and Fisheries said on the 30th that cargo handled at trade ports nationwide in Q2 totaled 375.95 million t, down 4.8% from a year earlier.
Holding real estate forums four times, how to keep them from becoming a ‘dud’?···Who, when, and how matter more than a ‘supply-at-all-costs’ approach
“Stabilize youth housing and the jeonse and monthly rent markets to ease anxiety” “Use semiconductor windfall tax revenue to build public rental housing” “There have been no government tax measures so far” “Coordinate the trio of supply, tax, and finance measures” From the 14th to the 23rd, the government will hold a large real estate forum in four sessions focused on the three pillars of housing supply, finance, and taxation.
One Korean-flagged ship leaves the Strait of Hormuz; two remain including Namu···35 Koreans remain
With one more Korean-flagged vessel that had remained in the Strait of Hormuz departing, only two ships with Koreans aboard now remain there.
Park Hong-geun “We will not reduce the total amount of education grants···we will increase the per-student grant”
Minister of Planning and Budget Park Hong-geun stated, “This (education grant) overhaul is by no means an attempt to cut funding for primary and secondary education,” adding, “We will ensure that the total amount of education grants does not decrease from previous years.” On the 25th, the minister explained on X that “because the classrooms and the Republic of Korea in which our children will live tomorrow will not be the same as today, we aim to redirect limited resources to where they are...
Five Korean ships pass through Hormuz···13 vessels remain
Eighty-seven Korean crew members remain Since the United States and Iran reached a 60-day ceasefire agreement, a third Korean-flagged vessel has exited the Strait of Hormuz. The Ministry of Oceans and Fisheries said on the 25th that five Korean-flagged vessels that had been inside the Strait of Hormuz have passed through the strait and are underway. Of these, one is en route to Korea, and the remaining vessels are bound for overseas destinations.
‘No settlement’···Korea Fair Trade Commission rejects Baemin·Coupang Eats requests for a commitment decision over ‘abuse of power’ toward partner merchants
Woowa Brothers and Coupang, accused of forcing partner merchants to offer price discounts, expressed an intent to undertake voluntary corrections on the condition that they would not be sanctioned by the Korea Fair Trade Commission, but this was not accepted. The two companies' co-prosperity and corrective plans were seen as insufficient on their own to restore competitive order in the market or to remedy harm. The Korea Fair Trade Commission plans to decide the level of sanctions within the year.
A warning from the southernmost submerged reef···“Sea temperature at Ieodo is rising more than twice as fast as the global average”
A study has found that the waters near Ieodo, the southernmost submerged reef of South Korea, have heated up more than twice as fast as the global average. As episodes of abnormally warm seas accelerate, there is growing concern that fishing and aquaculture losses will increase. The Korea Institute of Ocean Science and Technology (KIOST) stated on the 11th that over the 20 years from 2004 to 2023, the surface water temperature at Ieodo rose by 1.1 degrees.
Halibut prices up 37% in a week↑···Seafood prices surge amid high oil prices·the climate crisis
Prices of halibut·cutlassfish and other seafood are surging. The reasons include increased fuel cost burdens from the prolonged Middle East war and the climate crisis. According to Suhyup Noryangjin Fisheries on the 10th, among the main species delivered to the Noryangjin Fisheries Market in the first week of June (1∼6), auction prices (wholesale prices) for halibut, octopus, and croaker rose sharply from the previous week.
“Half price if you become a member” enticed sign-ups for paid membership, only to be a one-time coupon··· Coupang hit with the statutory maximum fine of 500 million won
The Korea Fair Trade Commission imposed a fine of 500 million won, the statutory maximum, on Coupang, which advertised a one-time coupon discount as though it were a standing discount continuously offered to paid members.
The won has fallen more than the Indonesian rupiah···Is the won-dollar surge really a “temporary phenomenon”?
Since the Middle East war, the value of the won has fallen even more than the Indonesian rupiah. Even though the won·dollar exchange rate has exceeded 1,500 won, some argue that the government’s viewtreating the high rate solely as a temporary phenomenon caused by foreign investors’ selling of domestic stocksmay be complacent. On this day, weekly trading of the won·dollar rate in the Seoul foreign exchange market closed at 1,535.0 won, down 4.1 won from the previous session.
Korea Fair Trade Commission takes aim at online distributors’ ‘new abuses of power’···fact-finding surveys will also cover franchise outlets and subcontractors
The Korea Fair Trade Commission has zeroed in on online distributors’ ‘new abuses of power’ and launched a sweeping fact-finding investigation spanning subcontracting and franchising. On the 8th, the Korea Fair Trade Commission announced that it will conduct a written survey on unfair practices targeting roughly 7,600 suppliers and tenant merchants that trade with 43 major retail companies, including online shopping malls, department stores, and large discount stores.
Korea Fair Trade Commission orders business suspension and fine against ‘eat-and-run’ used iPhone seller
The Korea Fair Trade Commission imposed a business suspension and a fine on a used mobile phone seller that failed to deliver products for months after orders or did not pay refunds. On the 26th, the Korea Fair Trade Commission said it imposed a total 4.5-month business suspension and a fine of $5,250 (7,000,000 KRW) on the online company JB International (site name U and iPhone), and filed a criminal complaint against its operator, Mr. Ahn.
“Factories are running, but people are not being hired”… Manufacturing new-hire positions hit an all-time low
Manufacturing new-hire positions last year: -9.3% Decline three times the all-industry average An ‘automation’ mood instead of hiring people in their 20s A ‘jobless boom’ in semiconductors and beyond A, who works at an auto parts manufacturer in Daejeon with a workforce of about 500, has been unable to shake a sense of anxiety lately. Starting around four years ago, the company did not backfill positions when employees left.
As the exchange rate nears 1520 won···authorities step in with verbal intervention “Will act decisively if necessary”
Closed at 1517.2 won, up 11.1 won from the previous day Highest in a month and a half since the 2nd of last month The won·dollar exchange rate jumped on the 22nd to its highest level in a month and a half, amid the rise in oil prices due to uncertainty over the Middle East war and net selling by foreigners in the stock market. As the won·dollar rate approached 1520 won, the foreign exchange authorities engaged in verbal intervention.
There was a reason bread was expensive··· Seven flour companies hit with a ‘record-high’ 671 billion won fine for price-fixing
The Korea Fair Trade Commission imposed fines totaling as much as 700 billion won on major domestic millers, including Sajo DongA One, Daehan Flour Mills, and CJ CheilJedang, for allegedly colluding on flour prices. The Korea Fair Trade Commission also issued an order for price re-determination, requiring the companies to recalculate flour prices and report back.
Additional imports of U.S. and Thai eggs... Will the surge in the 7,000-won range stop
Supply instability from culling due to highly pathogenic AI War-driven increases in oil, feed, and other production costs 4.48 million eggs to be brought in this month to stabilize prices Office worker Kim Won-jin (56) lingered in front of the egg display at the E-Mart in Mapo-gu, Seoul, on the 13th. The shelf in front of a price tag reading '30 white eggs 8,480 won' was empty. Only the most expensive animal-welfare fertilized eggs priced at 12,980 won were left.
D-2 to heavier capital gains tax, Koo Yoon-cheol “The government policy resolve is different from the past”···also targets rental business operators
With one day left until the end of the deferral of heavier capital gains tax on owners of multiple homes, Deputy Prime Minister and Minister of Finance and Economy Koo Yoon-cheol stated, “Although there are concerns that listings may be locked in after the deferral ends, the government policy resolve is different from the past.” At a joint meeting of the Emergency Economic Headquarters and the Economy and Real Estate-related Ministers Meeting held at the Government Complex Seoul in Jongno-gu,...
‘All the buzz over 7,000, yet my life is still squeezed’···Perceived economy ‘chilly’ amid KOSPI boom
Mega-cap semiconductor stocks leading the rally offer little ‘trickle-down effect’ Manufacturing jobs declining, real wage growth stalled More additional buying than consumption, and overall spending capacity has shrunk “The government should consider how to spread the warmth of growth across industries” The KOSPI index crossed the ‘7,000’ mark on the 6th, and first-quarter economic growth also delivered a ‘surprise’, but the overall temperature people feel in the economy is barely rising.
Six out of ten beneficiaries of the long-term holding special deduction have owned their homes for less than 10 years···“A structure where the larger the capital gain, the greater the benefit”
Six out of ten recipients of the long-term holding special deduction on real estate capital gains tax have owned their homes for less than 10 years. With most of these deductions concentrated in Seoul apartments, a pronounced phenomenon of ‘benefit polarization’ is emerging, whereby the larger the trading gain, the greater the tax reduction.
Israel's strikes on Lebanon and the Hormuz test of wills emerge as variables for resuming second-round talks
Amid an unstable ceasefire between the United States and Iran, Washington's attempt to blockade the Strait of Hormuz and Israel's airstrikes in Lebanon remain key obstacles to restarting a second round of talks.
Iranian hardliners shake the agreement... ‘peace talks’ blocked by internal divisions
Analysts say that Iran’s reversal of its decision to reclose the Strait of Hormuz reflects divisions between hardliners and moderates. Hardliners, coalesced around the military, have insisted that Iran should not engage in negotiations and strongly oppose U.S.-proposed terms for ending the war, including reopening the Strait of Hormuz and abandoning uranium enrichment. Iranian hardliners are expected to remain a variable in the negotiations to end the war.
Trump “Israel·Lebanon to hold talks on the 16th”···Speculation of a Hezbollah deal
U.S. President Donald Trump said that the leaders of Israel and Lebanon are scheduled to meet on the 16th (local time).
As the U.S. moves to blockade Hormuz, international organizations issue a ‘warning’ “the most serious energy security threat in history”
As the United States announced it would blockade the Strait of Hormuz and even restrict exports of Iranian crude, heads of international organizations issued coordinated warnings of a global energy crisis and economic shock.
Iranian foreign minister: “U.S. media reports that Iran lacks the will to negotiate are a distortion”
“Willing to negotiate with the United States on conditions for ending the war” Iranian Foreign Minister Abbas Araghchi said he is willing to negotiate with the United States on the condition of ending the war, rebutting U.S. media reports that ‘Iran has no willingness to negotiate’.
Iranian Ambassador to South Korea “Korean vessels linked to the United States cannot pass through the Strait of Hormuz”
“Requested provision of vessel information for prior coordination” The Iranian parliament is pushing legislation to collect tolls ‘A one-time charge of $2 million (3,000,000,000 KRW) per vessel’ discussed Saeed Koozechi, the Iranian ambassador to South Korea (photo), said on the 26th, “We requested that the specifications of Korean vessels be provided in advance,” adding that this was “to enable those vessels to pass through the Strait of Hormuz after coordination and review with the Iranian...
Israel severs Lebanon's ‘lifeline’, clock ticking toward ground deployment
Serving as a route for relief supplies and an escape path Signaling a prolonged war as clashes with Iran continue Israel blew up a bridge connecting southern Lebanon with the central and northern regions and announced plans to expand ground warfare. Israel signaled that its operation against Hezbollah, the pro-Iranian armed faction in Lebanon, would be a prolonged campaign.
“The Iranian regime could collapse within days”… A war that began with a miscalculation by Israel’s Mossad
NYT “Plan to Exploit an Anti-Government Uprising” Netanyahu used it to persuade Trump Iranian government intact… protesters ‘quiet’ A report has emerged that Israel’s foreign intelligence agency Mossad misjudged at the outset of the U.S.-Israel war with Iran, believing it could incite an internal uprising in Iran to topple the regime.
Israel blows up Lebanon’s ‘lifeline bridge’ “full-scale ground war imminent”···continues attacks on Iran’s proxy forces
Israel bombed a bridge connecting southern Lebanon with major cities and announced plans to expand ground operations. There are concerns that if Israel moves to a full-scale war against Hezbollah, a Lebanese armed faction and Iran’s proxy force, the Middle Eastern front will widen. The Israeli daily The Times of Israel (TOI) reported on the 22nd (local time) that the Israeli Air Force bombed the Kasmiyeh bridge installed over the Litani River in southern Lebanon.
Iranian military: “If power plants are attacked, the Strait of Hormuz will be closed indefinitely”
Iran’s military, responding to U.S. President Donald Trump’s ‘open the Strait of Hormuz’ ultimatum, warned: “If power plants are attacked, we will close the Strait of Hormuz completely and indefinitely.” Ebrahim Zolfaghari, spokesperson for Iran’s Central Military Headquarters (Khatam al-Anbiya), said on the 22nd (local time) on state-run IRIB that “if U.S. threats targeting Iran’s power plants are carried out, the Strait of Hormuz will be completely closed and will not reopen until the...
‘Trump nemesis’ former special counsel Mueller dies
2017 probe into ‘Russian interference in the U.S. presidential election’ Trump “Glad he is dead…Good” Robert Mueller, the former Federal Bureau of Investigation (FBI) director who investigated allegations of collusion between President Donald Trump and Russia during the 2016 U.S. presidential election, has died. President Trump responded, “Good.” According to the Washington Post on the 21st (local time), Mueller died the previous day at age 82 in Charlottesville, Virginia.
G7·EU, “Condemn Iran” Without Blaming the ‘U.S.·Israel’ That Started the War
The Group of Seven (G7) and the European Union (EU) issued a joint statement condemning Iran’s attacks on Gulf countries and calling for the guarantee of freedom of navigation in the Strait of Hormuz. They avoided criticism of the United States and Israel, which started the war.
Why has the UAE alone signaled willingness to join escort duties in the Strait of Hormuz even as U.S. allies turn away?
While U.S. allies pressed by President Donald Trump to dispatch warships to the Strait of Hormuz have effectively rejected the request from Washington, the United Arab Emirates (UAE) has indicated its willingness to join the U.S. military mission to escort oil tankers.
Taiwan Legislature Passes Resolution Urging National Security Council Chief to Resign over ‘Aide’s Alleged Chinese Espionage’
Amid allegations that a former aide to Secretary-General Wu Zhaoxie, head of Taiwan’s National Security Council (NSC), is a Chinese spy, the Legislative Yuan (parliament) passed, at the opposition’s initiative, a resolution calling for Wu to resign. Taiwan’s Central News Agency and the United Daily News reported on the 2nd that the legislature passed the resolution with 54 votes in favor and 48 against.
Vietnam Communist Party approves retention of ‘No. 1 in the power hierarchy’ General Secretary To Lam···Power concentrates in the hands of the ‘public security hardliner’ who suppressed civic movements
Reports said the Communist Party of Vietnam has approved a five-year extension for ‘No. 1 in the power hierarchy’, General Secretary To Lam. His reappointment as a ‘public security hardliner’ is expected to be finalized at the National Party Congress in January next year.
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