The Minute to Read (Weekend) series provides a quick overview of significant events in Korea from the week, conveniently condensed into a one-minute read. Here’s a recap of what happened this week: June 17-21.
President Yoon declares ‘national emergency’ on low birth rates
The South Korean government on June 19 unveiled a sweeping plan to combat declining birth rates, which includes increasing maximum parental leave pay from 1.5 million to 2.5 million won per month and ensuring the annual supply of over 120,000 housing units to families with newborns. President Yoon Suk-yeol, also chairing the Presidential Committee on Aging Society and Population Policy, announced during a plenary session, “Today, I officially declare a ‘demographic national emergency’ and will activate a comprehensive national response system.”
South Korea’s total fertility rate was just 0.72 last year, the lowest among the 38 OECD nations and expected to drop further to 0.6 this year, marking the world’s lowest. The population aged 0-4 is even smaller than that of North Korea.
EcoPro BM seeks 3 trillion won funding, faces investor skepticism
EcoPro BM has begun contacting potential investors to raise approximately 3 trillion won. However, pessimism regarding the secondary battery market suggests that attracting investment may prove more challenging than last year. EcoPro BM plans to utilize the funds for expanding production facilities.
SK chairman appeals divorce settlement citing ‘calculation error’
The legal dispute between SK Group Chairman Chey Tae-won and his estranged wife, Roh Soh-yeong, regarding their divorce appeal persists. Initially, the court ruled for Chey to divide assets totaling 1.38 trillion won with Roh, director of Art Center Nabi. A calculation error in the ruling document has been confirmed. Chey’s side argues for an adjustment due to an overestimated contribution to SK’s stock value. The court, however, maintains that the error was minor and the decision remains unchanged.
Shinsegae shuffles key executives to boost e-commerce
Shinsegae Group appoints new CEOs for Gmarket and SSG.com, aiming to enhance their competitiveness. Chung Hyung-kwon, formerly of Alibaba Korea, joins as Gmarket’s CEO, bringing extensive expertise in finance, e-commerce, and fintech. Kim Jeong-woo from Naver becomes PX Division Head, while Oh Cham from Coupang takes on the role of tech division head. Choi Hoon-hak is appointed to lead SSG.com, focusing on strengthening their grocery and logistics sectors.
Global tech giants prefer TSMC’s 3nm over Samsung, widening market gap
Global semiconductor and IT companies prioritize Taiwan’s TSMC for their 3-nanometer technology adoption, projecting an expanding gap in market share with Samsung Electronics. Reports highlight Nvidia, AMD, Intel, Qualcomm, MediaTek, Apple, and Google favoring TSMC’s 3nm process. Samsung’s efforts to secure Google and Qualcomm for next-gen chip production did not succeed, as both opted for TSMC. Despite Samsung’s early adoption and declaration of 3nm mass production using GAAFET technology, challenges in yield and performance limit its adoption to niche markets like cryptocurrency mining chips.
Pak Se-ri files lawsuit against father for document forgery allegations
Pak Se-ri, director of Seri Pak Hope Foundation, addresses allegations of document forgery in a Seoul press conference on June 18. She said, “I filed the lawsuit on behalf of the foundation as its director, not for personal reasons, believing in the need to distinguish between public and private matters.” Last September, the foundation accused Pak Se-ri’s father, Pak Joon-chul, of document forgery related to a marine leisure tourism complex in Saemangeum, submitting a complaint to Daejeon Yuseong Police Station. Recently, police forwarded the case to prosecution for review. In a recent interview, Pak Joon-cul defended himself, stating, “As a father, I felt obligated to act.”
Billie Eilish visits Seoul for new album listening party
American pop star Billie Eilish visited Seoul for the first listening party of her third studio album, “Hit Me Hard and Soft” released on June 17. Although she has performed in South Korea twice before, in 2018 and 2022, this is her first listening event. About 600 Korean fans attended, eager to hear from the youngest artist ever to sweep the Grammy Awards. K-pop girl group Blackpink’s member Jennie, a close friend of Eilish, was also present to translate audience questions into English.
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