This is a horrible accident caused by speeding:

A speeding van with 12 construction workers and others on board overturned on an expressway exit ramp in central South Korea on Monday, killing seven and injuring the five others, police and expressway officials said.

The fatal accident occurred on the Dangjin–Yeongdeok Expressway’s Sejong section, about 120 kilometers south of Seoul, at 8:20 a.m., when the Starex van turned upside-down on a road leading to the South Sejong Toll Gate after colliding into a roadside signpost.

It was confirmed that the vehicle was speeding to overtake another car just prior to entering the curved exit ramp, where the speed limit is 40 kph, according to police and the Korea Expressway Corp.

The automobile was found to have lost its center of gravity and overturned after first impacting the signpost on the left side of the road while going around the ramp road that curves to the right, they explained.

Yonhap

You can read more at the link, but the only one wearing a seatbelt was the driver.

It is amazing that a retail U.S. video game company GameStop could have a major effect on the South Korean economy, but it has:

Yet, despite media hype about imminent bankruptcies of short-selling hedge funds and the historic win of small investors against Goliath hedge funds, statistics by S3 quoted in a recent CNBC report showed that most short-selling positions held by hedge funds are still intact, holding onto their bearish perspective on the stock’s future. 

A swarm of retail investors gathered on social media ― through Reddit’s WallStreetBets and Twitter messages ― expressed their anger over the unlevel playing field as evidenced by Robinhood and other U.S. brokerage firms’ unexpected suspension of the stock’s trading during the last two trading sessions last week. 

While U.S. regulators and politicians announced their plans for investigation and hearings on the matter, whatever will be the final result of the battle ― plunge of the stock price or short sellers’ major losses from a possible short squeeze ― one thing for sure is that now could be the start of a watershed moment.  (………..)

There was a massive selloff of Korean stocks in the KOSPI index at Friday’s session, net-selling 1.4 trillion won ($1.25 billion) worth of stocks, dragging down the nation’s benchmark index. 

“At this point, it’s very hard to predict how this event will turn out, as no one can be sure about future directions by countless retail investors on a global scale and numerous hedge funds’ moves as well,” Lee Hyo-seok, an analyst at SK Securities, told The Korea Times. 

“One thing for sure is that the market volatility is bound to increase for the time being; some say this would bring a major financial crisis, but as of now their assertion lacks substantial or concrete evidence at all. Thus at this point, we can only say the market uncertainty is growing,” the analyst said cautiously, adding that foreign money hasn’t yet escaped from ETFs following the Korean indexes. 

Other stock market researchers say while it’s too early to say whether the bubble will soon pop, investors’ investment sentiment preferring risky assets will be somewhat wavered. Some market experts say concerns about the increased volatility would bring financial authorities’ earlier tapering measures, which could add more volatility in the end.

Korea Times

You can read more at the link, but the GameStop saga has really exposed how the hedgefunds have gamed the financial system and it will be interesting to see how this unfolds.

It is ironic that the Korean left that used a dubious tablet PC to take down the last Presidential administration is claiming these reactor papers are all lies by the political opposition:

The ruling bloc is going all out to defend itself against escalating suspicions that the Moon Jae-in administration attempted to initiate the construction of a nuclear power plant in North Korea in 2018. 

Cheong Wa Dae and the ruling Democratic Party of Korea (DPK) are lashing out at the main opposition People Party of Korea (PPP) for raising the allegations ahead of the April 7 mayoral by-elections for Seoul and Busan, claiming it was re-engaging in the politics of “northern winds” often used by conservatives during election season.

President Moon called on the political circle to refrain from outdated political wrangling, in response to the rising calls from the opposition to clarify exactly whether there was any mention of a nuclear plant building project during his summit with North Korean leader Kim Jong-un at Panmunjeom in April 2018. 

“At a time when the people are already struggling (from the coronavirus pandemic), we should not instigate conflict and make politics regress through outdated tactics. I urge the political circle to find better ways to cooperate in improving the peoples’ lives,” Moon said during a meeting with senior aides at Cheong Wa Dae, Monday.

Korea Times

The Moon administration is even threatening to take legal action against people criticizing the administration because of the reactor papers. We know this administration has a long track record of jailing journalists and now they may even try and jail a politician:

The presidential office said it would consider taking legal action immediately after PPP interim leader Kim Chong-in remarked Jan. 29 that the ruling bloc’s actions were “benefiting the North” when he first raised the suspicion about the nuclear power plant project. “It is a reckless political offensive meant to delude the people,” a senior presidential aide said Monday.

You can read more at the link.

The ongoing historical disputes between Korea and Japan has caused the sales of Japanese beer to drop by 86% in South Korea:

Japanese beer is fast losing share in the Korean market as drinkers shun the suds from across the East Sea.    
   
In 2020, only $5.67 million worth of Japanese beer was imported, down 85.7 percent, according to Korea Customs Service.  
   
It was the second consecutive yearly decline, and Japan now ranks ninth among imported beers.  
   
The top position is held by Dutch beers, as $40.7 million worth was imported from the Netherlands. American beer ranked second at $34.9 million. Chinese beer took third place at $32.3 million, and Belgium beer ranked fourth at $26.7 million.  
   
In 2019, $39.8 million worth of Japanese beer was imported, down nearly 50 percent year-on-year. 

Joong Ang Ilbo

You can read more at the link.

Please leave anything you want to discuss in the comments section.

It looks like South Korea is still working out the kinks with their new type 214 submarine:

A defective inverter module was found to have been the cause of an error message that led to a new 214-class submarine having to be towed in the East Sea earlier this month, Navy officials said Sunday.

The Navy decided to inspect all 214-class submarines to ensure that no such problems would happen again, after finding that a defect was reported in the same part of another submarine of the same type two years ago too, officials said.

The latest incident happened on Jan. 23 when the submarine was in waters off the southeastern port city of Pohang. An error message popped up in the vessel’s propulsion system, and officials decided to get the sub towed by a civilian vessel.

Yonhap

You can read more at the link.