Seoul Mayor Oh Se-hoon acquitted in appeal over polling scandal
Seoul Mayor Oh Se-hoon has been acquitted in an appeal regarding allegations of receiving polling results from political broker Myung Tae-kyun and having the costs covered by a supporter. On October 23, the Seoul High Court overturned the lower court's ruling, which had sentenced Oh to a fine of 10 million won and ordered the forfeiture of 21 million won. Businessman Kim Han-jeong and former Seoul Deputy Mayor Kang Cheol-won, who were also indicted, were similarly acquitted.
Oh was accused of receiving polling results from Myung on ten occasions leading up to the April 2021 Seoul mayoral by-election and having Kim pay 33 million won on his behalf. The court stated, "Myung Tae-kyun's testimony regarding the charges is overall difficult to believe," rejecting the credibility of the evidence that had supported the initial guilty verdict.
The court specifically noted that the prosecution failed to prove that Oh had commissioned Myung for the polling and paid him for it. It remarked, "It is hard to accept that Oh Se-hoon would openly request Kim Han-jeong to cover the costs of an illegal poll that could significantly impact his political standing and should be conducted discreetly within his campaign."
Bank of Korea Governor Shin Hyun-song warns against return to ultra-low rates
Shin Hyun-song, Governor of the Bank of Korea, expressed skepticism about a return to an ultra-low interest rate environment. He emphasized the need for policy responses to prepare for a high-growth, high-interest rate scenario, as the South Korean economy is expected to maintain a growth rate in the 3% range next year, following this year's trends.
During a National Assembly audit on October 23, Shin agreed with Democratic Party lawmaker Kim Tae-nyeon’s assessment that it would be difficult to revert to a low-rate environment. When Kim suggested that economic policies should be based on the premise of prolonged high interest rates rather than merely hoping for rate cuts, Shin concurred, stating, "We will implement policies to prepare for a high-growth, high-interest rate situation."
Regarding future growth prospects, Shin maintained an optimistic outlook. He responded affirmatively to Democratic Party lawmaker Oh Gi-hyeong's inquiry about the likelihood of next year's economic growth surpassing the Bank of Korea's previous forecast of 2.9%, indicating a strong possibility of entering the 3% range.
While he did not provide specific figures for this year's growth forecast, he noted that the OECD had raised its projection for South Korea's growth to 3.7%, suggesting a stronger growth trend than previously anticipated. He described the potential rebound in the country's potential growth rate as "a very important turning point," with plans to release updated estimates in a working paper format before the end of the year.
President Lee Jae-myung emphasizes wage compensation for semiconductor industry
President Lee Jae-myung addressed the semiconductor industry's request for exceptions to the 52-hour workweek on October 23, stating that additional labor must be compensated with premium wages. He stressed the importance of addressing workers' health rights while also improving existing systems and administrative procedures to alleviate on-site difficulties.
During the second plenary meeting of the Regulatory Rationalization Committee held at the Blue House, Lee stated, "The fundamental premise is that we cannot create a system that does not compensate for additional labor through any special law."
Park Geon-soo, Vice President of the Korea Semiconductor Industry Association, requested that exceptions for core R&D personnel be realized within the year. He highlighted the administrative hurdles, such as prior approvals and Ministry of Employment and Labor consent, when utilizing the existing special extended work system.
In response, Lee questioned whether existing systems could be supplemented to resolve these issues, asking, "Is it necessary to create a new system for such reasons when we could provide comprehensive solutions in advance?" He noted that the remaining key issue appears to be health rights.
Lee instructed Minister of Employment and Labor Kim Young-hoon to discuss with the industry ways to amend enforcement regulations or simplify procedures. He also pointed out the lack of trust between labor and management, urging the ministry to take an active role. Kim responded that he would examine the difficulties faced by companies in utilizing existing systems and work to build trust to achieve results.
Hana and Woori Financial report strong Q3 earnings
Hana Financial Group and Woori Financial Group reported a combined net profit exceeding 6 trillion won for the third quarter of this year. Hana Financial achieved its highest cumulative net profit to date, while Woori Financial recorded a second consecutive quarter of net profit exceeding 1 trillion won. Both companies strengthened their revenue base through increased fees and non-interest income.
According to the financial sector on October 23, Hana Financial and Woori Financial's cumulative consolidated net profits for the third quarter were 3.6243 trillion won and 2.6581 trillion won, respectively, totaling 6.2824 trillion won. This marks a 0.8% increase compared to the combined net profit of 6.2298 trillion won during the same period last year, although Woori Financial's previous year's results included one-time gains from an insurance acquisition.
Hana Financial's net profit for the third quarter was 1.2214 trillion won, a 7.9% increase from the same period last year. Its cumulative net profit reached 3.6243 trillion won, marking a record high, while Woori Financial reported a net profit of 1.0492 trillion won for the third quarter, achieving over 1 trillion won for two consecutive quarters, although this represents a 15.7% decrease compared to the previous year.
LH President Lee Sung-hoon cites housing supply shortage as cause of price rise
Lee Sung-hoon, President of the Korea Land and Housing Corporation (LH), identified the housing supply shortage that has persisted since the previous administration as a key factor behind the recent rise in housing prices.
During a National Assembly audit on October 23, when asked by People Power Party lawmaker Kim Eun-hye whether he was confident that housing prices would fall, Lee responded, "Yes."
He stated, "The current rise in sales and rental prices is undoubtedly due to a lack of completed units, and new units must be constructed to increase supply."
Lee further claimed, "During the past three years of the previous administration, the number of construction starts in the metropolitan area dropped to half or one-third of previous levels, which is akin to setting a time bomb for price surges over a three-year construction period."
He asserted, "Once supply begins to increase significantly after three years under our administration, housing prices will plummet, and the market will inevitably turn to a downward trend as it recognizes this."
* This article has been translated by AI.
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