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: Dec. 16-20.
At least 100 N. Korean soldiers killed in Russia-Ukraine war
At least 100 North Korean soldiers deployed to Russia to fight against Ukraine have been killed, with over 1,000 injured, according to South Korea’s National Intelligence Service (NIS) on Dec. 19. Despite limited combat, casualties have been high, with the NIS stating that North Korean soldiers are being used as expendable frontline units.
The NIS revealed that around 11,000 North Korean soldiers stationed in Russia’s Kursk region began combat operations in December. While the NIS estimated 100 fatalities, some foreign media reports suggest up to 200 deaths. Casualty figures could be higher than reported, based on sources including Ukrainian intelligence.
Korean won weakens to 15-year low as Fed signals slower rate cuts
The U.S. dollar surged and global stock markets fell following comments by Federal Reserve Chair Jerome Powell on Dec. 18, indicating a slower pace of interest rate cuts in 2025. The Korean won weakened, surpassing 1,450 per dollar for the first time in 15 years, the lowest level since the global financial crisis.
The Fed lowered its benchmark rate by 0.25 percentage points to 4.25–4.5%, but Powell warned that if inflation remains high, the Fed may slow further rate cuts. He mentioned that the Fed’s decision signals a gradual reduction in rate adjustments, emphasizing the “extent and timing” of future cuts. Fed officials forecast the benchmark rate to fall to 3.9% by the end of next year, with two more quarter-point cuts, half the number forecasted in September.
Han Dong-hoon resigns as People Power Party leader
Han Dong-hoon stepped down as the leader of the People Power Party on Dec. 16, 146 days after taking office. He cited the collapse of the party’s leadership structure due to key members’ resignations as the reason he could no longer fulfill his duties. Han expressed regret for the public suffering during the martial law crisis and took responsibility for not leading the country to a better future. He also emphasized the party’s role in defending democracy on Dec. 3, when they were the first to oppose the president’s illegal martial law, thereby protecting the constitution and democratic values.
S. Korean’s stock market sinks amid martial law, global instability
South Korea’s stock market, initially buoyed by expectations of U.S. rate cuts and China’s economic stimulus, plunged following events such as August’s “Black Monday,” Donald Trump’s election in November, and December’s martial law declaration. By mid-December, 67% of KOSPI-listed companies and 80% of KOSDAQ companies had seen stock price declines. Investors who had hoped for the KOSPI to hit 3,000 points have faced significant losses.
While the martial law situation is gradually easing after President Yoon Suk-yeol’s impeachment motion, uncertainty over a market recovery remains. As of Dec. 13, 74.5% of the 2,607 listed companies had experienced price drops, up more than 20 percentage points from last year’s 50.4%.
Hanwha Aerospace appoints foreign CEO for global defense business
Hanwha Aerospace appointed Michael Coulter, former president of Leonardo DRS, as president and CEO for overseas operations on Dec. 16. This marks the group’s second foreign CEO, following Paul Coleman in 2012 for Hanwha Chemical’s bio division. In November, Hyundai Motor also appointed Jose Muñoz as CEO, effective Jan. 1, highlighting South Korean conglomerates’ proactive response to a potential second Trump administration.
Coulter will officially join Hanwha Aerospace’s leadership after the shareholders’ meeting in March, alongside Vice Chairman Kim Dong-kwan and President Son Jae-il. He will oversee global operations, including affiliates like Hanwha Ocean and Hanwha Systems—roles previously led by Kim, the eldest son of Hanwha Group Chairman Kim Seung-youn.
Jungsik becomes 1st Korean restaurant in U.S. to earn Michelin 3 stars
Jungsik New York, led by Chef Yim Jung-sik, has made history by becoming the first Korean restaurant in the U.S. to receive three Michelin stars. In this year’s 2024 Michelin Guide for New York, Chicago, and Washington, released on Dec. 9, Jungsik was elevated from two stars to the prestigious three-star status.
Chef Yim’s achievement follows a milestone by Korean-born Chef Corey Lee’s Benu in San Francisco, which is categorized as “Asian Contemporary,” while Jungsik is recognized as a Korean restaurant. Since its opening in 2011, Jungsik New York became the first Korean restaurant in the world to earn a Michelin star, maintaining two stars since 2014 before this historic promotion.
Blackpink’s Rosé makes history with Billboard 200 debut at No. 3
Blackpink’s Rosé continues her global success with her debut album “Rosie,” which debuted at No. 3 on the Billboard 200, as announced on Dec. 16. This marks the highest position ever achieved by a K-pop female act, following the success of her megahit single “APT.”
Rosé also made history as the first K-pop female artist to chart in the top 10 on both the Billboard Hot 100 and Billboard 200 simultaneously. Released on Dec. 6, the album features 12 tracks, including the pre-released singles “APT.” and “Number One Girl,” which were unveiled in October and November. Rosé contributed to the writing and composing of every song, expressing her personal, candid stories.
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