Court Summons Key Former Ministers as Witnesses in Han Duck-soo’s Sedition Appeal

▷ The appellate court for former Prime Minister Han Duck-soo (한덕수), who was sentenced to 23 years in his first trial for the December 3 sedition, has approved Lee Sang-min (이상민) and Shin Won-sik (신원식) as witnesses.

▷ While the court expressed concern over Lee Sang-min’s previous refusal to testify, it accepted the defense’s request to call him again, suggesting a possible change in his stance.

▷ Han was found to be a principal offender rather than a mere abettor, as he failed his constitutional duty to check the president’s abuse of power during the martial law declaration.

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South Korea Prepares Support Measures for 186 Sailors Stranded in the Strait of Hormuz

▷ Kim Seong-beom (김성범), the Acting Minister of Oceans and Fisheries, held an emergency meeting to review the safety of 186 Korean sailors currently stationed in the Persian Gulf and the Strait of Hormuz.

▷ The ministry has opened five direct hotlines to communicate with the crew and is monitoring the stock of essential supplies and the possibility of crew rotations in real-time.

▷ While no crew members have requested to disembark yet, the government is discussing long-term plans with shipping companies, including supply replenishment and emergency repatriation methods.

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Industry Minister Departs for Canada to Secure $44 Billion Submarine Project

▷ Industry Minister Kim Jung-kwan (김정관) departed for Canada on the 5th to support the bid for the Canadian Patrol Submarine Project (CPSP), which involves building up to 12 diesel submarines.

▷ Regarding reports of a potential split order between Korea and Germany, Minister Kim invoked Admiral Yi Sun-sin’s famous “12 ships” quote, expressing his firm commitment to winning the full contract for all 12 vessels.

▷ During his trip, he will attend the completion ceremony of an LG Energy Solution battery plant and meet with Canadian officials to discuss bilateral cooperation in the mobility and manufacturing sectors.

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Online Secondhand Fraud Rising with AI-Generated Fake Photos and Documents

▷ Police are investigating a series of online secondhand transaction scams where suspects used generative AI to create fake product photos and business registrations to deceive buyers.

▷ According to the Geumjeong and Nam-bu Police Stations in Busan, around 150 victims across the country have reported losses after transferring money for electronics like laptops and cameras.

▷ The fraudsters earned victims’ trust by presenting sophisticatedly manipulated cargo receipts, and law enforcement is currently tracking the suspects to determine if the cases can be merged for investigation.

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MFDS to Conduct Intensive Safety Inspections on Spring Vegetables Amid “Bomdong Bibimbap” Craze

▷ The Ministry of Food and Drug Safety (식품의약품안전처) will conduct intensive inspections on popular spring vegetables until March 20th, following the viral popularity of “Bomdong Bibimbap” on social media.

▷ A total of 340 samples, including bomdong, shepherd’s purse, and wild chive, will be collected from wholesale markets and online malls to test for residual pesticides and heavy metals.

▷ Any agricultural products found to exceed safety standards will be immediately discarded to prevent them from reaching consumers, as nine cases of non-compliance were already identified and dealt with last year.

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Korean Markets Stage Sharp V-Shaped Recovery with ‘Buy Sidecars’ as KOSPI Hits 5,700

▷ The KOSPI and KOSDAQ indexes surged a day after their record-breaking drops, triggering “buy sidecars” to temporarily suspend program buying as the market stabilized.

▷ Shares of Samsung Electronics (삼성전자) recovered to the 190,000 won level with a 15% jump, while SK Hynix (SK하이닉스) soared nearly 17% to lead the rebound.

▷ The USD/KRW exchange rate opened lower at 1,461.6 won, influenced by growing expectations for negotiations between the United States and Iran.

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China Sets 2024 GDP Target at 4.5-5% and Increases Defense Budget by 7%

▷ Premier Li Qiang (리창) officially announced that China has lowered its annual GDP growth target to a range of 4.5% to 5% for the first time in four years.

▷ The nation decided to boost its defense spending by 7% this year, maintaining a growth rate in the 7% range for the fifth consecutive year.

▷ Furthermore, the government has set the consumer price index (CPI) inflation target at 2% to ensure overall economic and price stability.

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Reports of Kurdish Militias Entering Iran for Ground Operations Stir Conflict

▷ Fox News reported that thousands of Kurdish militias have crossed from Iraq into northwestern Iran to begin ground offensive operations.

▷ While Pete Hegseth (피트 헤그세스), the U.S. Secretary of Defense, and Karoline Leavitt (캐롤라인 레빗), the White House spokesperson, denied or clarified positions on weapon supplies, Israel confirmed its support for the militias to incite an uprising.

▷ However, conflicting reports exist as an official from the Iraqi Kurdistan Regional Government stated that not a single person has crossed the border into Iran.

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Rising Oil Prices and Exchange Rates Threaten Korea’s Economy Amid Middle East Conflict

▷ The war between the U.S., Israel, and Iran is causing international oil prices to surge, with Dubai crude potentially reaching $100 per barrel and pushing Korea’s inflation to the mid-3% range.

▷ The KRW/USD exchange rate briefly surpassed the 1,500 won mark for the first time in 17 years since 2009, prompting experts like Seo Jeong-hun (서정훈) to warn of further volatility if foreign capital continues to exit.

▷ While Donald Trump (도널드 트럼프) suggested the war could be prolonged, scholars like Ahn Dong-hyun (안동현) and Heo Jeong (허정) emphasized that energy-related risks must be managed to meet the nation’s 2% economic growth target.

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Man in 20s Arrested for Feces and Graffiti Attack as ‘Revenge-for-Hire’

▷ A man in his 20s, referred to as A (A씨), was arrested for committing “revenge-for-hire” crimes, which included spraying food waste and red lacquer on a victim’s front door.

▷ Investigation revealed that A (A씨) received instructions through a Telegram channel and was paid approximately 800,000 won in cryptocurrency for the act.

▷ The police are currently seeking cooperation from Telegram to track down the organizers behind the scheme and are investigating possible links to similar crimes in other regions.

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