The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: Mar. 5.
N. Korean POWs in Ukraine express desire to defect to S. Korea
Two North Korean soldiers captured by Ukrainian forces in January have expressed their desire to defect to South Korea, according to South Korean lawmaker Yu Yong-weon. During a meeting with the prisoners, Ri and Baek, Yu revealed their defection intentions, with Ri strongly expressing his wish to reunite with his parents in South Korea. While Baek remains undecided, he showed interest in the possibility of defecting. Yu shared audio recordings and photos from the meeting during a press conference, urging the South Korean government to act quickly to prevent their forced repatriation to North Korea, where they could face execution. Ukrainian authorities have shown support for the POWs' defection, and South Korea is reportedly in talks with Ukraine to help facilitate their relocation.
S. Korea to launch $34 billion fund for semiconductor, AI sectors
South Korea plans to establish a 50 trillion won ($34.4 billion) fund under the Korea Development Bank (KDB) to support high-tech industries, including semiconductors, batteries, AI, and defense, with total financial aid exceeding 100 trillion won. The fund will provide ultra-low-interest loans and may involve joint investments with private firms in large-scale infrastructure projects. However, the plan requires parliamentary approval, including amendments to the KDB Act, to proceed.
Gold prices drop in S. Korea as domestic premium collapses
Gold prices in South Korea have sharply dropped after reaching record highs, with many individual investors facing unexpected losses due to the collapse of the “kimchi premium,” where domestic prices exceeded international rates. The premium, which had surged to 24% in mid-February, has rapidly diminished, leading to a 15% decline in domestic prices, compared to a modest 1% decrease in international prices. Experts warn that such premiums can create a bubble, and investors should exercise caution as asset prices may plummet once the premium disappears.
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