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: Nov. 1-8.
Yoon apologizes for first lady scandal, stands firm against special counsel
South Korean President Yoon Suk-yeol issued an apology during a press conference at the presidential office on Nov. 7, addressing public concerns over recent controversies involving individuals close to him. “I sincerely apologize to the public. The responsibility is mine, stemming from my shortcomings,” Yoon said, bowing his head during the televised address. While acknowledging the growing scrutiny surrounding First Lady Kim Keon-hee, he denied any wrongdoing in their association with Myung Tae-kyun, a self-proclaimed power broker at the center of the controversy. Yoon also rejected the main opposition Democratic Party’s demand for a special counsel investigation into allegations involving his wife.
The press conference comes after the Democratic Party released recordings of phone calls between Yoon and Myung, implying his involvement in the ruling People Power Party’s candidate nominations. People Power Party leader Han Dong-hoon had also urged Yoon to publicly address the issue. During the Q&A session, Yoon reaffirmed his position on First Lady Kim’s activities and recent personnel changes within the presidential office, holding firm despite increasing calls for major reforms.
S. Korea’s auto and energy sectors reevaluate U.S. investments under Trump’s second term
Donald Trump’s victory in the Nov. 6 U.S. presidential election has triggered concern among major South Korean companies, leading to a reassessment of investment and production strategies. Trump, who campaigned on dismantling the Inflation Reduction Act (IRA) and imposing higher tariffs, poses significant challenges for South Korean firms that have benefited from the act’s incentives.
Samsung Electronics faces substantial risk, with $6.4 billion in subsidies tied to its semiconductor plant in Texas, set to open in 2026. SK Hynix, planning an AI chip facility in Indiana, stands to gain $450 million in federal subsidies. An industry insider noted that optimism remains due to the CHIPS Act’s Republican backing but cautioned that uncertainty persists.
The South Korean EV battery sector, including LG Energy Solutions, SK On, and Samsung SDI, heavily relies on IRA incentives. From Q1 2023 to Q3 2024, these companies secured over 2.65 trillion won in subsidies. However, Trump’s return could jeopardize future subsidies, threatening projected annual benefits of 5 to 10 trillion won. Coupled with slowing EV demand, subsidy cuts could severely impact South Korean manufacturers.
North Korea talks uncertain as Trump’s second term begins
Former U.S. President Donald Trump, now 78 and recently re-elected, held three meetings with North Korean leader Kim Jong-un during his first term, including high-profile summits in 2018 and 2019. Throughout his latest campaign, Trump frequently mentioned Kim, underscoring their personal rapport and fueling speculation that renewed U.S.-North Korea summits could be on the horizon in a second Trump administration. However, some analysts contend that due to North Korea’s unwavering commitment to its nuclear arsenal and the complex global geopolitical landscape, Trump may deprioritize addressing North Korea’s nuclear ambitions in his second term.
Trump’s diplomatic approach is characterized by prioritizing economic interests over traditional values and ideological stances. His policies often portray U.S. allies less as security partners and more as “freeloaders,” framing foreign relations as “business deals” in which allies are expected to contribute financially for their defense. A South Korean government official highlighted that Trump’s consistent viewpoint as a businessman has been, “Why not negotiate with adversaries like North Korea and Russia if there’s something to gain?” This official suggested that Trump’s “deal-making” instincts might propel him to seek another significant global “event” during his second tenure.
Andy Kim becomes first Korean American elected to U.S. Senate
Democrat Andy Kim, 42, made history on Nov. 5 amid the U.S. presidential election by becoming the first Korean American elected to the U.S. Senate, representing New Jersey. While several Korean Americans have previously served in the House of Representatives—beginning with former California Congressman Jay Kim, who held office from 1993 to 1999—Andy Kim’s victory secures a historic Senate seat, more than 120 years after the first wave of Korean immigrants arrived in the U.S.
Kim, a second-generation immigrant, was born in 1982 in Boston, Massachusetts. He pursued political science at the University of Chicago and later obtained a doctorate in international relations from Oxford University. In 2011, he served as a strategic advisor to General David Petraeus in Kabul, Afghanistan. From 2013 to 2015, during President Barack Obama’s administration, Kim was director for Middle East affairs on the National Security Council (NSC). According to sources, Kim’s connection with Obama dates back to his college years, when Kim was involved in a homeless advocacy group at a time when Obama was an Illinois state senator.
Baek Jong-won’s Theborn Korea makes impressive debut on KOSPI
Theborn Korea, the restaurant franchise founded by renowned South Korean restaurateur Baek Jong-won, who was featured in the Netflix series “Culinary Class Wars,” made a successful debut on the Korea Stock Exchange (KOSPI) on Nov. 6. Defying the trend of recent IPOs that faced sharp declines after listing, Theborn surged over 50% in early trading, easing concerns about a broader market downturn.
Baek’s substantial stake in Theborn Korea, totaling 8,792,850 shares and representing 76.69% ownership, saw a significant rise in value. By the close of trading, the stake was estimated at approximately 4.52 trillion won, highlighting the strong market debut and robust investor confidence in the brand.
Faker’s 5th LoL World Championship victory sets unmatched record
Lee Sang-hyeok, known globally as “Faker,” the 28-year-old South Korean League of Legends (LoL) star from T1, has once again showcased his unmatched skill on the world stage. On Nov. 3 (KST), Lee led T1 to a 3-2 victory over China’s Bilibili Gaming (BLG) in the 2024 League of Legends World Championship final at London’s O2 Arena, securing his record-breaking fifth championship title—a historic feat in esports.
Celebrated as the “Unkillable Demon King” and the “Greatest Mid Lane Player of All Time,” Lee is revered as an esports icon, often compared to sports legends like Lionel Messi and Michael Jordan. His alias, “Faker,” is synonymous with being the “GOAT”—”Greatest of All Time”—among fans and the global esports community.
This victory also marked a significant milestone for his teammates—Choi Woo-je (Zeus), Moon Hyeon-joon (Oner), Lee Min-hyung (Gumayusi), and Ryu Min-seok (Keria)—who finished second in 2022 and secured consecutive wins in 2023 and 2024. Lee’s championship record now includes wins in 2013, 2015, 2016, 2023, and 2024, solidifying his legacy. His closest competitor, retired player Bae “Bengi” Sung-woong, holds three titles. Adding to his legend, Lee was named MVP of the 2024 final, becoming the only player to receive this recognition twice.
S. Korea’s fermented paste-making on track for UNESCO heritage listing
South Korea’s traditional methods of creating fermented pastes and sauces, known collectively as “jang,” are set to be inscribed on the UNESCO Intangible Cultural Heritage list next month. On Nov. 5, the Korea Heritage Service announced that UNESCO’s evaluation body had recommended the inscription of “Knowledge, beliefs, and practices related to Jang making in South Korea.” The recommendation is considered a de facto approval. Unless unexpected changes arise, jang-making is expected to officially make the list at the 19th session of the Intergovernmental Committee for UNESCO Intangible Cultural Heritage, scheduled for Dec. 2 to Dec. 7 in Asuncion, Paraguay.
Jang encompasses fermented pastes like doenjang (soybean paste), ganjang (soy sauce), and gochujang (chili paste), essential components of Korean cuisine. The jang-making process is intricate, merging artisanal skill with communal traditions passed down through generations. This comprehensive practice involves each stage, from preparing raw ingredients to overseeing fermentation, aging, and maintaining ideal storage conditions. “Jang holds a pivotal place in Korean culinary culture, alongside staples such as rice and kimchi,” noted UNESCO’s evaluation body.
One minute, that’s all it takes to know about Korea. Click here ☞ https://page.stibee.com/subscriptions/305897
