Changes in the Economic Market and Major News in Korean Society Ahead of the Election
International oil prices have dropped significantly by about 5% due to expectations of progress in negotiations between the United States and Iran. The market responded after former President Donald Trump mentioned that negotiations with Iran were constructive. Meanwhile, the Hong Kong stock market was closed for Buddha's Birthday, and the UK and US markets also took a break for holidays.
Hyundai Motor Group has reorganized its structure to prepare for future industries. New departments responsible for Software Defined Factories (SDF), robotics, and foreign trade have been established, with relevant executives appointed. This appears to be part of Hyundai's efforts to transform into a technology-centered company.
Socially, fake news exploiting artificial intelligence (AI) has become an issue. A distributor who spread false information about the May 18 Democratization Movement under the name of Gwangju Ilbo was caught by the police. AI technology was used to create fake newspapers, causing confusion among citizens and raising awareness about the misuse of technology.
Controversy surrounding Starbucks Korea continues. Political parties are criticizing each other and debating over products related to the 10th anniversary of the Sewol ferry disaster and the 'Siren' logo. Additionally, there are calls for the National Pension Service, which holds shares in Starbucks' parent company Emart, to actively establish measures to prevent losses resulting from this controversy.
The upward trend in Seoul's housing prices is once again unusual. Since the implementation of the heavy capital gains tax on multi-homeowners, Seoul apartment prices have actually risen further. In particular, with various regional redevelopment project pledges emerging ahead of the upcoming local elections, the real estate market is being further stimulated.
Political movements ahead of the election are also active. Representative Ahn Cheol-soo visited Gongju, Buyeo, and Cheongyang in South Chungcheong Province to support candidate Yun Yong-geun, promising to create a hub for future industries. Former President Park Geun-hye also visited the Gongju Sanseong Market to support South Chungcheong Governor candidate Kim Tae-heum and meet with citizens.
Finally, candidate unification in the Ulsan mayoral election is facing difficulties. Candidate Kim Jong-hoon of the Progressive Party held a press conference criticizing Democratic Party candidate Kim Sang-uk for unilaterally suspending public opinion polls. As a result, the conflict between the two candidates has deepened, and the unification primary is experiencing disruptions.