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. 26.
President Yoon indicted on insurrection charges
South Korean prosecutors indicted President Yoon Suk-yeol on charges of leading an insurrection when he briefly imposed martial law last month. Yoon is the first president in Korean history to be indicted while in office. Prosecutors said they received the case from the Corruption Investigation Office for High-ranking Officials (CIO), who had previously led the investigation into the martial law incident, and sought to conduct further investigations, including questioning Yoon in person. However, the Seoul Central District Court denied their requests to extend the detention period twice, which led prosecutors to proceed with the indictment before Yoon’s initial detention period expired. Yoon will remain in custody for up to six months as he awaits trial.
South Koreans grapple with rising lunch prices
The cost of kalguksu, a popular Korean noodle dish, is nearing 10,000 won ($7) per bowl, with the average price in Seoul reaching 9,385 won as of December 2024, up from 8,538 won in 2022 and 8,962 won in 2023. This steady price increase reflects the broader issue of “lunchflation,” where rising dining costs are straining office workers’ budgets. Statistics Korea data shows the consumer price index for dining out rose 3.1% in 2024. While the year-on-year rise last year slowed compared with the 7.7% increase in 2022 and 6.0% in 2023, the index has risen more than 3% for three consecutive years, signaling persistent inflation in the sector.
Airports packed as 1.34 million head abroad for Lunar New Year
Over 1.3 million South Koreans will travel abroad with family and friends during this year’s Lunar New Year holiday. The Incheon International Airport Corporation said a daily average of 134,000 outbound passengers will depart from six international airports—Incheon, Gimpo, Gimhae, Cheongju, Daegu, and Jeju—between Jan. 24 and Feb. 2, a 13.8% increase from last year’s Chuseok holiday. This year’s Lunar New Year holiday has been extended to six days after the government designated Jan. 27 as a public holiday to bridge the weekend and the actual Lunar New Year holiday (Jan. 28-30). To meet increased travel demand, airlines and the government have increased flights by 7%, with package deal sales rising 10% to 30% from last year.
Samsung overtakes Intel as the world’s top semiconductor provider
Samsung Electronics is poised to reclaim its position as the world’s top semiconductor provider in 2024, overtaking Intel, according to Gartner. This rebound follows a modest recovery in DRAM and NAND flash sales, with Samsung’s semiconductor revenue estimated at $66.5 billion in 2024, up 62.5% from the previous year. SK Hynix is expected to rank fourth, bolstered by its leadership in high-bandwidth memory (HBM), a key component for AI systems. Global semiconductor sales grew 18.1% to $626 billion in 2024, driven by demand for high-performance chips like HBM, despite a slowdown in general-purpose chips. The top 25 semiconductor providers increased their market share to 77.2%. The rankings did not include Taiwan’s TSMC, the world’s largest foundry (semiconductor contract manufacturer).
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