Before the district elections in May, or around there, big corporations pledged to invest billions of dollars into Korea to create jobs and growth in order to support the conservative party candidates and it worked again. Seems to be a time-honored tradition.
But only Samsung has announced plans to invest billions in new semiconductor plants.
The article said, "Of the companies that have established 2023 plans, 67.3 percent said their 2023 investments will be similar to this year's levels. Nearly 14 percent replied they will increase investments next year, while 19.2 percent answered they will cut back on their investments".
I noticed that about three gas stations and around five car repair shops have closed in Seoul. There are plenty more, but it seems to be a trend as I also see a lot of electric vehicles, which have a different color license plate.
The Seoul City government has been giving out low interest loans to develop real estate in the old parts of Seoul with old and worn out houses and buildings.
Several neighborhoods have been renovated with new buildings and apartments.
Even some of the old houses and building in my neighborhood have been turned into condominiums, townhouses and apartments.
These were built when property prices in Seoul were rapidly rising. Now, they are rapidly falling.
One of the studio apartment buildings charges too much for rent and has been completely vacant for a year now. I wonder if the owner will ever decide to lower the rent. Probably rich enough to wait it out indefinitely.
Lots of vacant apartments and office space in Seoul these days. Some have started to lower rent prices slightly.
As predicted, Yoon's approval rating went up to the low to mid-thirty percent range depending on poll after he stopped the informal daily brief meeting with reporters on his way to work at the entrance of the building.
Yoon and the conservative party has accused the Democratic Party of being criminals, commie lovers, corrupt and even has the ministry of justice investigating everyone and their families.
And now they ask the Democratic Party for cooperation on passing next year's budget in the parliament but won't compromise?
The leader of the Democratic Party stated that if the ruling party isn't willing to negotiate the budget, the Democratic Party will have no choice but to make amendments to the budget and approve it unilaterally with their majority in the parliament.
Hope his underlings don't realize that stopping the daily Q&As will help his approval rating.
There is a regulation for insurance companies, like Samsung Life Insurance where assets, like shares of Samsung Electronics, are valued at their purchased price instead of current price. This regulation helps Samsung Chairman Lee maintain control of Samsung Electronics, while he only holds a 1.63% stake.
Samsung Life Insurance and Samsung C&T Corporation hold 8.5% and 5% stakes, respectively, in Samsung Electronics. Other group companies also hold stakes in Samsung Electronics.
Lee holds a 10% stake in Samsung Life Insurance. Other group companies also hold stakes Samsung Life. Through these stakes in controls Samsung Life Insurance which has an 8.5% stake in Samsung Electronics. Lee's 10% stake in Samsung Life Insurance is worth KRW 1.4 trillion (about USD 1 billion), while the 8.5% stake in Samsung Electronics that it holds is worth over KRW 30 trillion.
Anyway, if the regulation is changed, then due to other regulations, Samsung Life Insurance will have to sell a 5% stake in Samsung Electronics within seven years, at most.
The bill to revise the regulation is being discussed in committee meetings. If the bill passes, then it will be sent for vote to the parliament.
Samsung has managed to prevent this bill from being voted on twice before since 2017. While the ownership structure of Samsung Electronics will remain basically the same, the bill could slightly reduce Lee's hold on the company.
Korean media states the comprehensive real estate tax (tax on multiple residences or a single residence valued at more than $2 million or so) is not just a tax on the rich anymore and that it is being imposed on over a million people.
Korea has relatively low real estate tax. So, they created a comprehensive real estate tax in an attempt to make the rich pay some taxes.
The mostly conservative media, run by people who probably pay a comprehensive real estate tax, are complaining that the tax is unfair, a burden on ordinary citizens, depressing real estate market prices, and such.
Hope the majority opposition party (liberal) puts a stop to any proposals to reduce taxes. :)
