Spring-like Warmth Hits Seoul with 15°C While East Coast Remains Chilly

▷ On Friday, Seoul experiences warm spring weather with a high of 15°C, while the East Coast stays chilly throughout the day at around 8°C due to easterly winds.

▷ Rain or snow will continue in southern provinces, Jeju, and Gangwon Yeongdong until the afternoon, with dry air warnings remaining in effect for central regions like Seoul.

▷ Clear skies with large daily temperature swings are expected over the weekend, followed by nationwide rain or snow forecast for next Monday.

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Limitations in Monitoring Illegal Air Distribution of Food in Jeju

▷ Despite Jeju Province’s measures such as deploying quarantine staff, food products like milk and processed meat continue to be distributed via air without maintaining required refrigeration temperatures.

▷ Rep. Moon Dae-lim (문대림) emphasized that fundamental measures are necessary to ensure transparency throughout the entire air distribution process, as current oversight is limited by staff shortages and off-hour gaps.

▷ Currently, legal actions are underway against companies involved in the long-term illegal distribution of fresh milk and processed seafood products.

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Coupang’s Operating Profit Plummets 97% Due to Data Breach Impact

▷ Coupang Inc recorded an operating profit of 11.5 billion won in the fourth quarter, a 97% decrease from the previous year, as a major data breach severely hindered profitability.

▷ The company’s annual revenue reached 49.1 trillion won, falling short of the expected 50 trillion won milestone after recording its first quarter-on-quarter revenue decline since its 2021 listing.

▷ Despite the quarterly net loss, Coupang stated that the negative impact of the incident has stabilized and that business performance is showing signs of recovery starting from the first quarter of this year.

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President Lee Jae-myung Uses SNS as a Strategic Tool to Drive State Affairs

▷ President Lee Jae-myung (이재명) is actively utilizing SNS, specifically X, to issue direct orders, praise high-performing officials, and criticize administrative delays to enhance government efficiency.

▷ This “carrot and stick” approach through digital communication aims to accelerate policy implementation by encouraging voluntary movements from local governments and the public sector.

▷ With his approval rating hitting a record high of 67%, the President’s frequent SNS activity is creating significant tension and influence across the political landscape and civil service.

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South Korea to Review Lowering the Age of Juvenile Criminal Immunity

▷ President Lee Jae-myung (이재명) has proposed gathering public opinion to lower the age limit for “Chokbeop-sonyeon” (juveniles exempt from criminal liability), a standard that has remained at under 14 since 1953.

▷ Citizens, including a teacher named Choi (최모), generally support the change, citing the increased maturity of modern youth and the rising number of cases where minors intentionally exploit their legal immunity to commit crimes.

▷ While the proposal to lower the age to under 13 gains momentum, experts like Won Min-kyung (원민경) emphasize that any legal change must be accompanied by robust education and correction systems to prevent social labeling of young offenders.

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KOSPI Surges Past 6,300 Mark Driven by Strong ETF Inflows

▷ The KOSPI index soared to a record high of 6,307.32, jumping 3.67% in just one day after surpassing the 6,000 mark for the first time.

▷ This rapid rally was fueled by robust performances from major semiconductor stocks and a significant “money move” of capital shifting from real estate and savings into the stock market.

▷ Shin Hyun-yong (신현용), a researcher at Yuanta Securities, noted that capital entering through Exchange Traded Funds (ETFs) has become a primary driver of the market rather than just a supplementary tool.

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Coupang Fined 2.18 Billion Won for Unfair Practices Toward Suppliers

▷ The Fair Trade Commission (FTC) imposed a 2.18 billion won fine on Coupang for coercing suppliers to lower prices and cover advertising costs to compensate for its reduced margins from price competition.

▷ Coupang was also found to have delayed payments of 280.9 billion won to vendors for up to 233 days without paying interest and failed to return unsold promotional items worth hundreds of millions of won.

▷ Additional scrutiny is expected as the FTC reviews “tying” allegations involving Coupang Eats and the potential designation of Kim Bom-suk (김범석), the founder of Coupang Inc., as a “conglomerate head” in May.

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North Korea Rejects Peace Overtures and Defines South Korea as a “Hostile State”

▷ Kim Jong-un (김정은) dismissed the reconciliation efforts of the Lee Jae-myung (이재명) administration as a “deceptive act” and officially labeled South Korea as an “eternal enemy” and a “hostile state.”

▷ Despite facing friction with the U.S. over policy adjustments to foster dialogue, the South Korean government stated it will remain consistent in its pursuit of peace and stability on the Korean Peninsula.

▷ North Korea signaled a willingness to talk with the U.S. if “hostile policies” are removed, prompting South Korean officials like Jeong Dong-young (정동영) to emphasize the importance of Korea-U.S. cooperation to avoid being sidelined.

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South Korean National Assembly Passes ‘Law Distortion’ Bill Amid Concerns Over Judicial Independence

▷ The National Assembly passed a bill to punish judges and prosecutors who intentionally distort laws or manipulate evidence, sparking concerns about the potential erosion of judicial independence.

▷ Legal experts worry that the law could lead to a flood of malicious complaints from dissatisfied parties and discourage judges from making progressive rulings for fear of being investigated.

▷ While the opposition party, led by figures like Lee Jae-myung (이재명), argues the law is necessary to check power abuse, the judiciary warns that the vague definition of “law distortion” could interfere with fair trials and the three-tier court system.

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South Korea to Raise Basic Construction Costs by 2.12% Starting March

▷ The Ministry of Land, Infrastructure and Transport, led by Minister Kim Yun-deok (김윤덕), announced that the basic construction cost for price-capped housing will rise to 2.22 million KRW per ㎡ effective March 1.

▷ This 2.12% increase reflects the rising costs of construction materials and labor to ensure a stable environment for supplying high-quality housing.

▷ The new rate will apply to apartment complexes with floor areas between 60 and 85 ㎡ that request occupant recruitment approval on or after the effective date.

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