The Minute to Read (Weekend) series provides a quick overview of significant events in Korea from the week, conveniently condensed into a one-minute read. Here’s a recap of what happened this week: Oct. 21-25.
S. Korea posts modest 0.1% growth in Q3 amid export declines
South Korea’s economy saw minimal growth in the third quarter, rising by only 0.1% quarter-on-quarter, according to Bank of Korea (BOK) data released on Oct. 24. This result fell short of expectations, as both the BOK and market analysts had predicted growth between 0.3% and 0.5%. Despite hopes for a recovery after the second quarter’s contraction (-0.2%), the expected base effect had little impact. Exports recorded negative growth for the first time since the fourth quarter of 2022, significantly dragging down overall economic performance.
In its advance estimate, the BOK reported that GDP grew by 0.1% during July-September compared to the previous quarter. Earlier this year, South Korea’s GDP expanded by 1.3% in the first quarter, contracted by 0.2% in the second, and returned to modest positive growth in the third quarter year-on-year. Last year, quarterly GDP growth increased from 0.4% in the first quarter to 0.6% in the second, 0.8% in the third, and 0.5% in the fourth, compared to the same periods in the prior year.
SK Hynix reports record $5.09 bn Q3 operating profit
SK Hynix achieved record-breaking revenue and operating profit in the third quarter of 2024, driven by strong demand for high-bandwidth memory (HBM) and a surge in DRAM sales for high-performance servers.
The company reported revenue of 17.57 trillion won (approximately $12.73 billion) and an operating profit of 7.03 trillion won ($5.09 billion), with a robust 40% margin. Net profit totaled 5.75 trillion won ($4.17 billion), marking a 33% margin. These figures exceeded market expectations, surpassing the initial consensus for operating profit of 6.7628 trillion won by about 8%. This marks a stark contrast to the same period last year when the company posted a loss of 1.792 trillion won ($1.29 billion) due to unfavorable conditions in the semiconductor market.
Korea Zinc shares hit upper limit as ownership struggle drags on
Korea Zinc’s stock price hit the upper limit during trading on Oct. 24, following the conclusion of a tender offer battle between Chairman Choi Yun-beom, who is striving to defend the company’s management rights, and Young Poong along with MBK Partners, who are seeking to gain control.
Despite the tender offer closing, neither side secured a majority stake, leading investors to anticipate intensified competition for shares, including potential acquisitions on the open market. Korea Zinc’s tender offer for its treasury shares, aimed at safeguarding management control, appeared to counter the challenge from Young Poong and MBK Partners. However, with no clear majority between the coalition of Young Poong and MBK Partners and Chairman Choi Yun-beom, the struggle for control is expected to continue.
S. Korean presidential office grounds hit by debris from N. Korean trash balloons
Anti-South Korean leaflets from North Korean trash balloons landed in and around the presidential office in Yongsan, Seoul, on Oct. 24. The balloons burst mid-air, scattering debris across the area in the early morning hours. The Presidential Security Service confirmed that the debris posed no safety or contamination risk. “After conducting a thorough safety inspection, we found the objects to be harmless. The debris has been collected, and we are continuing to monitor the situation in cooperation with the Joint Chiefs of Staff (JCS),” the service reported.
Earlier, around 2:30 a.m. that day, the JCS had announced that North Korea had launched what appeared to be trash balloons. This marks the second such incident, following a similar occurrence on July. 24, when debris—mostly paper and plastic waste—also landed on the presidential office grounds.
Hyundai Motor India’s record IPO raises $3.3 bn
Hyundai Motor India (HMI) went public on the Indian stock market on Oct. 22. Its parent company, Hyundai Motor Company, is expected to raise 4.5 trillion won ($3.3 billion) through this initial public offering (IPO), marking the largest IPO in Indian stock market history. Rather than issuing new shares, Hyundai will sell 17.5% of its existing stake.
Hyundai plans to position India as a global manufacturing hub for exports to Europe and Southeast Asia, as the company shifts its focus away from Russia and China. “India is a market with limitless potential,” said Hyundai Motor Group Chairman Chung Eui-sun at the listing ceremony held at the National Stock Exchange (NSE) in Mumbai on Oct. 22. “Our efforts to pioneer future technologies will continue in India.”
With this IPO, Hyundai aims to strengthen its market share in India’s rapidly growing automotive sector and expand its research and development (R&D) investments, particularly in electric vehicles and software.
N. Korean troops in Russia spotted, possible deployment to Ukraine
After the National Intelligence Service (NIS) announced on Oct. 18 that North Korea had sent 12,000 troops to Russia, videos allegedly depicting North Korean military activity in Russia began circulating on social media. The South Korean government views this as a possible indication that these troops may soon be deployed in combat.
On Oct. 20, a government official told the Chosunilbo, “We are closely coordinating intelligence on North Korea’s troop movements with our ally, the U.S.,” adding, “In this instance, we may possess more detailed intelligence on North Korea than our allies (the U.S.).”
The NIS also released three satellite images linked to the deployment, all obtained from South Korean sources. One was provided by a government-operated satellite, while the other two came from the private satellite provider Airbus Defence and Space. Although South Korea has shared high-resolution satellite imagery and intelligence with allies, including the U.S., these materials have not been made available to the public.
BLACKPINK Rosé's ‘APT.’ surpasses 100 m views on YouTube
BLACKPINK’s Rosé has taken the global music scene by storm with her new song “APT.,” a collaboration with American pop star Bruno Mars, released on Oct. 18. Just four days after its release, the track soared to the top of Spotify’s global and U.S. charts, making Rosé the first South Korean female solo artist to achieve No. 1 on both. Additionally, the music video for “APT.” had surpassed 100 million views on YouTube by Oct. 23.
While K-pop songs often achieve international success, “APT.” stands out for its unique inspiration: a Korean drinking game. Rosé wrote and composed the song herself, adding personal flair to the project. Despite its focus on an unfamiliar aspect of Korean drinking culture, Bruno Mars enthusiastically chants “Geonbae, geonbae” (cheers) while drinking “somaek,” a popular mix of soju and beer. The song has quickly gained popularity due to its catchy melody, humor, and the incorporation of Korean subculture in the music video, drawing comparisons to Psy’s 2012 global hit “Gangnam Style.” The term “apart(ment)” itself is a form of “Konglish” (Korean-style English).
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