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: Jan. 14.
Martial law fallout derails Yoon’s key reform agenda
The Yoon Suk-yeol administration has significantly scaled back its deregulation and reform agenda, with key policies on real estate, energy, pensions, education, and labor stalling amid political challenges, including impeachment proceedings and opposition pressure. Signature initiatives such as repealing Moon-era real estate regulations, revitalizing nuclear energy, and pension reform have been delayed or abandoned, leaving long-term strategies in limbo. Analysts warn that political deadlock and upcoming elections could further hinder meaningful progress.
KOSPI valuation hits record low 1 year after value-up push
The South Korean stock market experienced a decline in 2024, with the Korea Composite Stock Price Index’s price-to-book ratio (PBR) dropping to a record low of 0.84, signaling undervaluation. Despite initial optimism from foreign investors following the government’s corporate value-up policy, key reforms faced political and corporate resistance, leading to massive capital outflows and waning confidence among domestic investors. In contrast, overseas markets, particularly in the U.S., showed strong performance, prompting many Korean investors to shift their focus abroad.
North Korean troops used as human shields in Russia-Ukraine war
A Ukraine military monitoring group alleged that North Korean soldiers are being deployed by Russia as human shields on the frontlines, resulting in heavy casualties, with South Korea’s National Intelligence Service (NIS) estimating around 3,000 North Korean troops killed or injured in the Kursk region. The high casualty rate is attributed to outdated tactics and their use in direct assaults without adequate support. A recovered notebook revealed orders from Pyongyang urging soldiers to commit suicide rather than be captured, highlighting the harsh conditions faced by these troops.
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