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: May 15.
Democratic Party seeks judiciary restructuring amid Lee Jae-myung trial
On May 14, the Democratic Party of Korea pushed through a controversial revision to the Public Official Election Act during a full session of the National Assembly’s Legislation and Judiciary Committee, removing the term “act” from the definition of spreading false information—potentially allowing its presidential candidate, Lee Jae-myung, to avoid punishment in his pending retrial. The Supreme Court had recently overturned Lee’s conviction and sent the case back to a lower court, but the party has since pressured for a delay until after the election and introduced further legislation aimed at shielding him. These include a bill for a special counsel investigation into Supreme Court Chief Justice Cho Hee-dae, whom the party accuses of election interference, as well as proposals to expand the number of Supreme Court justices to up to 100 and to allow Constitutional Court challenges to Supreme Court rulings—effectively creating a four-tier judiciary. Despite opposition from the People Power Party (PPP), which condemned the moves as efforts to protect one man and dismantle democratic checks, the bills advanced with Democratic Party control. Party leaders argue a decisive election win would serve as a public mandate for the reforms.
South Korea’s budget airlines bet on cargo as e-commerce soars
South Korea’s low-cost carriers (LCCs) are accelerating their push into the air cargo market—once dominated by full-service airlines like Korean Air and Asiana Airlines—as they seek to diversify revenue and capitalize on booming cross-border e-commerce, especially from China. Spurred by the COVID-19 pandemic’s impact on passenger traffic, LCCs such as Eastar Jet, Air Premia, and T’way Air are expanding cargo operations primarily through belly cargo on passenger flights rather than dedicated freighters. Air Premia now operates freight services on over 90 routes, with cargo accounting for 13 percent of its revenue, while T’way Air nearly tripled its freight volume after acquiring larger aircraft. With South Korea’s total air freight volume rising 11 percent in 2024 to 4.39 million tons and China surpassing the U.S. as its top cargo partner in early 2025, budget carriers see cargo as a core growth engine—though rising U.S. tariffs under President Donald Trump pose a potential threat to trade flows.
Lee Jae-yong ends M&A hiatus with consecutive strategic deals
Samsung Electronics Chairman Lee Jae-yong has reasserted his leadership with two strategic acquisitions in May, signaling a renewed push into AI infrastructure and industrial technology. Following Harman’s $350 million purchase of Masimo’s consumer audio division, Samsung announced a €1.5 billion deal to acquire Germany-based FläktGroup, Europe’s largest commercial HVAC provider. The move positions Samsung to expand into the high-growth data center cooling market, where thermal management is critical amid rising chip power demands. With Fläkt’s expertise in centralized air-handling systems for industrial sites and data centers, Samsung gains a foothold in a technically demanding segment traditionally dominated by Western incumbents. The deals reflect Lee’s efforts to diversify beyond Samsung’s core businesses and accelerate growth in AI-related infrastructure through bold M&A strategies.
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