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: Mar. 9.
President Yoon released from detention after 52 days
President Yoon Suk-yeol was released from the Seoul Detention Center on March 8 after 52 days, greeting supporters with gratitude and determination. He thanked the judges for their decision and expressed appreciation for the support of citizens and political leaders. After returning to his residence, Yoon reflected on his time in detention, sharing that he felt healthy and rested, with getting plenty of sleep. Yoon later had a quiet dinner with his wife and aides, urging his staff to remain focused on national affairs.
S. Korea’s manufacturing output sees sharpest drop in 18 months
South Korea’s manufacturing production dropped by over 4% year-on-year in January, marking the largest decline in 18 months. The manufacturing production index for January was 103.7, a 4.2% decrease from the same month last year, the steepest drop since July 2023. The Purchasing Managers' Index (PMI) also dipped to 49.9 in February, signaling contraction. As concerns over a prolonged slump grow, business leaders are calling for government support to boost competitiveness.
U.S. lobbying firms expand in Seoul as Trump’s tariff war spurs demand
As U.S. President Donald Trump’s tariff policies heighten trade tensions, South Korean companies are increasingly seeking lobbying support in Washington. Major K Street firms, including The Asia Group and WestExec Advisors, are expanding operations in Seoul and hiring former U.S. officials with expertise in Korea. Some firms, like Ballard Partners, are forming partnerships with South Korean entities to strengthen influence, while concerns rise over unverified brokers charging exorbitant fees for access to U.S. officials.
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