The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: Oct. 27.
Samsung, Hyundai and Toyota chiefs meet at motorsports event
Samsung Electronics Chairman Lee Jae-yong met Hyundai Motor Group Chairman Chung Eui-sun and Toyota Group Chairman Akio Toyoda at the “Hyundai N x TOYOTA GAZOO Racing” festival held on Oct. 27. Analysts interpret Lee’s attendance as part of Samsung Group’s strategic effort to strengthen partnerships with the automotive industry. South Korea’s largest conglomerate aims to broaden its reach into automotive electronics. In 2017, Samsung Electronics acquired American audio electronics company Harman in a $8 billion deal to boost its automotive electronics business.
BOK’s Rhee flags exchange rate as key factor in rate decision amid dollar rally
Bank of Korea Governor Rhee Chang-yong said the won-dollar exchange rate has reemerged as a key consideration in the central bank’s monetary policy. Rhee noted that the won depreciated rapidly against the dollar, with the won-dollar exchange rate recently surpassing the 1,390 won mark. The dollar has been rallying as the market bets on Republican candidate Donald Trump’s rising chances in the U.S. presidential race amid a resilient U.S. economy. During its November meeting, the BOK will closely evaluate the exchange rate, export growth, and macroprudential measures. Rhee said GDP growth, expected to reach 2.2 to 2.3% this year, remains a secondary consideration.
Police investigate FT Island’s Choi Min-hwan after ex-wife’s revelations
South Korean police launched an investigation into boy band FT Island’s drummer Choi Min-hwan following recent allegations by his ex-wife, former Laboum member Yulhee, that he visited brothels for prostitution. The police decided to investigate the case after a complaint was filed through the national petition platform. Choi’s agency, FNC Entertainment, issued an apology and announced he would halt all activities. In a 37-minute YouTube video, Yulhee detailed allegations of Choi’s emotional and financial abuse, including incidents where he inappropriately groped her in front of family members. She also shared audio recordings of Choi discussing prostitution with another man. The couple tied the knot in 2018 and divorced last December. Choi has custody of their children.
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