National Computing System Paralysis Causes Chaos... At Least Two Weeks Needed for Recovery [3-Minute Brief]

[At a Glance]
① 47 services including Government24 restored... At least 2 weeks expected until full recovery
② Resident registration verification system down... Inevitable inconvenience for bank loans and account openings
③ Only Korea faces 100% tariffs... Trump's tariff bomb puts K-bio on alert

MARKET INDEX

○ New York Stock Exchange AI rally resumes... Broad rebound despite shutdown crisis

○ Trump and Democrats to hold crucial talks today amid US government shutdown crisis

○ Department of Labor: "October employment report cannot be released if shutdown occurs"

TOP 3 NEWS

■ A single fire cripples the 'national computing system'... Public chaos is just beginning

○ As of the morning of the 29th, only 47 out of 647 systems have been restored
○ It will take 2 to 3 weeks just to recover 96 systems that were completely destroyed by fire
○ Damage is expected to increase not only for government agencies but also for individuals and businesses

■ "Resident registration cards still unusable" Concerns grow over prolonged banking service disruptions

○ Ongoing impact from the fire at the National Information Resources Service (NIRS)
○ Some financial services are expected to continue experiencing disruptions
○ Full recovery is likely to take time

■ "100% tariff on pharmaceuticals" Trump's remarks put Korean industry on alert

○ Announcement of tariffs on branded and patented pharmaceuticals
○ Korea has significant exports of CDMO and biosimilars to the US
○ "Need to monitor detailed measures... may not affect the entire supply chain"

the Chart: Hopes soared thanks to K-Pop Demon Hunters... but Korean frozen gimbap faces unexpected hurdles

○ US 'tariff bomb' hits frozen gimbap, exports on the decline

○ Gimbap struggles while ramen thrives, mixed fortunes for K-food exports to the US

○ Frozen gimbap stumbles due to tariffs, but Buldak and sauces hit record highs

Money-Making Law

■ "Use AI and cut legal costs, please"

○ British and American companies demand law firms use AI
○ Still quiet in Korea
○ Debate over whether 'AI discounts' will become the new normal
☞Read the article:  https://www.asiae.co.kr/article/social-general/2025092915400502938

■ Gift tax imposed based on appraisal value three months after transaction... Court rules "illegal"

○ Purchase price was 4 billion won, appraisal value 7.2 billion won... Tax office used 'market value' as the tax base
○ Court: "Difficult to consider it as the market value at the time of purchase"
○ Forest land was compared to factory land for standard appraisal
☞Read the article:  https://www.asiae.co.kr/article/social-general/2025092915421809827

■ "Retroactive application of the Special Act on Public Housing to private rental housing construction is constitutional"

○ Article 6 of the Special Act on Public Housing contains provisions on converting public construction rental housing to ownership
○ Corporation A filed a constitutional complaint, claiming the revised regulation infringes on business freedom
○ Constitutional Court: "Expansion of the scope of preferential conversion to ownership and third-party sales price control are constitutional"
☞Read the article:  https://www.asiae.co.kr/article/social-general/2025092915435823931

※ The "Money-Making Law" section, a content partnership between Asia Economy and the Law Times, is published every Tuesday and Thursday.

Today's Key Schedule

○ Domestic

KOSDAQ Samsung SPAC No. 11 listing, final public offering price 2,000 won

KOSDAQ KB No. 33 SPAC listing, final public offering price 2,000 won

○ Overseas

02:30 US FOMC member Williams speech

07:00 US FOMC member Bostic speech

08:50 Japan Industrial Production (MoM) (August)

10:30 China Composite Purchasing Managers Index (PMI) (September)

10:30 China Manufacturing PMI (September)

10:30 China Non-Manufacturing PMI (September)

13:30 Australia Interest Rate Decision (September)

15:00 UK GDP (YoY) (Q2)

15:40 France Consumer Spending (MoM) (August)

21:00 Germany Consumer Price Index (MoM) (September)

22:00 US S&P/Case-Shiller 20-City Home Price Index (YoY) (July)

23:00 US CB Consumer Confidence Index (September)

23:00 US Department of Labor JOLTS (Job Openings and Labor Turnover Survey) (August)

◇ Lunchtime & After-work Weather

○ Lowest temperature: 17℃ (0℃) ｜ Highest temperature: 25℃ (0℃)
○ Precipitation probability: 30% in the morning ｜ 60% in the afternoon
○ Fine dust: Moderate in the morning ｜ Moderate in the afternoon

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This content was produced with the assistance of AI translation services.