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: Dec. 3.
S. Korea sees Chinese appliance brands expanding in its market
Chinese appliance brands are steadily advancing in South Korea’s home appliance market, a domain long dominated by Samsung Electronics and LG Electronics. TCL has transitioned from budget-friendly options to premium displays, with its TVs now rivaling South Korean models. Roborock, the leader in South Korea’s robotic vacuum market, recently entered the white goods sector with a washer-dryer designed for single-person households. Xiaomi’s large-scale discount event in November and Midea’s launch of washing machines and dryers further signal their aggressive expansion. Chinese brands now account for 50% of the vacuum cleaner market, driven by improved quality and competitive pricing. Industry experts warn that as consumer resistance continues to diminish, South Korea’s market could face an unprecedented challenge from these emerging competitors.
KOSPI and KOSDAQ see longest losing streak in years
South Korea’s stock markets have recorded their longest monthly decline since the COVID-19 crisis, with the KOSPI and KOSDAQ indices falling for five consecutive months from July to November. Unlike previous downturns triggered by global crises, this year’s slump is driven by domestic challenges, including the underperformance of major stocks like Samsung Electronics and concerns over potential policy shifts under a second Trump administration. While global markets such as the U.S. and China posted gains or modest losses during this period, South Korea’s KOSPI plunged 12.4%, reflecting its underperformance. Investor sentiment has cooled, with trading activity declining and investment deposits falling to $36.72 billion, down $711.7 million from last year. Analysts warn the slump could extend into 2024 unless semiconductor performance improves or policy uncertainties are addressed. Meanwhile, hopes for a year-end “Santa rally” remain dim amid persistent economic headwinds and the Bank of Korea’s recent interest rate cut, signaling a further economic slowdown.
Breakout star Woo Da-vi shares how ‘Jeongnyeon’ changes everything
In an interview with the Chosunilbo, Woo Da-vi reflected on the transformative experience of playing Joo-ran in “Jeongnyeon: The Star Is Born,” a role that marked a turning point in her career. The drama, which achieved an impressive 17.1% viewership rating in Seoul, showcased Woo’s emotional depth, particularly in the Jamyeonggo sequence, where her haunting performance alongside Shin Ye-eun left audiences spellbound. Woo shared how the role challenged her limits, teaching her the value of collaboration and perseverance as she navigated rigorous auditions and months of vocal training. She credited co-stars Kim Tae-ri and Shin Ye-eun for their mentorship, which she described as instrumental to her growth, and recounted her journey from quiet beginnings and repeated setbacks to working with actors she had long admired.
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