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: Apr. 23.
S. Korea’s top court sends Lee Jae-myung case to full bench
South Korea’s Supreme Court has taken the rare step of referring former Democratic Party leader Lee Jae-myung’s election law appeal directly to its full bench, skipping the usual panel review. The abrupt move is seen as an attempt to fast-track a final ruling before the next presidential election. Lee, who was acquitted on appeal after initially receiving a suspended prison sentence, was accused of making false statements during the 2021 presidential race.
Foreign funds exit Korean stocks for 8th month amid trade fears
Foreign investors continued to pull out of South Korean equities in February for the eighth straight month amid rising global trade uncertainty ahead of anticipated U.S. tariff measures, resulting in a $1.16 billion net outflow. However, strong demand for Korean bonds led to a $4.83 billion net inflow, driven by favorable arbitrage conditions. Overall, combined foreign investment recorded a net inflow of $3.67 billion, while the won saw heightened volatility and South Korea’s CDS premium ticked up slightly.
TSMC’s US setbacks weigh on Samsung’s Texas expansion
TSMC’s Arizona plant continues to rack up losses due to high labor costs and infrastructure investments, casting doubt on the feasibility of advanced semiconductor manufacturing outside Asia. Samsung Electronics, facing similar cost pressures at its nearly completed Texas fab, has delayed equipment imports amid weak demand, risking higher tariffs and financial strain. With its foundry division already deep in the red, Samsung is scaling back spending both in the U.S. and at home.
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