Reporter’s Notebook
Coupang’s Challenge: Time to Overhaul the 40-Year-Old "Identical Person System"
Coupang was first designated as a "publicly disclosed business group" and as having an "identical person (controlling shareholder)" in 2021. At that time, the Korea Fair Trade Commission acknowledged that Bom Kim, Chairman of Coupang Inc, had clear control. However, due to "deficiencies in the current system" for regulating foreign controlling shareholders and concerns over the "effectiveness of criminal sanctions," the Commission designated "the corporate entity Coupang" as the controlling shareholder instead. The logic was that indirect oversight would be possible through disclosures to the U.S. Securities and Exchange Commission (SEC). Three years later, the enforcement decree was revised so that foreigners who do not meet exemption requirements, such as not participating in family management, could be designated as controlling shareholders. However, Chairman Kim again avoided designation, as it was determined that he met the exemption criteria. After five years, the designation of
2026.04.30 09:23
Reporter’s Notebook
What If a Double Blockade Hits the Taiwan Strait?
On April 17, three days after the United States initiated maritime blockade measures against Iran, China's Ministry of National Defense issued an unusually strong statement. The ministry fiercely condemned the Japanese Maritime Self-Defense Force destroyer Ikazuchi for passing through the Taiwan Strait on its way to the Philippines, expressing its outrage in no uncertain terms. China's Ministry of National Defense pointed out, "April 17 marks the day the Treaty of Shimonoseki was signed after the end of the First Sino-Japanese War in 1895." The ministry criticized Japan for "deliberately sending a warship through the Taiwan Strait on this day, provoking the anger of the Chinese people." In China, the First Sino-Japanese War is considered a historical humiliation and is rarely discussed. Nonetheless, China invoked this history to issue a forceful rebuke. Subsequently, the Chinese military dispatched an aircraft carrier fleet to the area between Taiwan and Japan, openly demonstrating its
2026.04.30 08:41
SPACs Losing Merger Success and Popularity... Still Worth Saving
"There is a sentiment among companies that they do not see much merit in SPACs (Special Purpose Acquisition Companies). If their business performance is strong, they opt for a direct listing, questioning the need to go through a SPAC." A domestic venture capital (VC) CEO I recently met expressed concern over the gradual decline of SPACs. A SPAC is a paper company that first lists on the stock exchange with the purpose of acquiring an unlisted company; if it does not find a merger target within three years, it is dissolved. As the stock market enjoys a boom, high-quality companies are flocking to direct listings, and naturally, the pool of companies available for SPAC mergers is shrinking. He noted, "For high-quality unlisted companies where the majority shareholder holds nearly 100% of the shares, the actual benefits of listing are limited, given the burdens of audit and governance restructuring." According to the Financial Supervisory Service, the SPAC merger success rate, which was b
2026.04.30 08:24
Science Column
Computation Outpaces Gunfire: How Algorithms Are Redefining the Grammar of Modern Warfare
The grammar of war is changing. We are entering an era where algorithms, not the sound of artillery, determine victory or defeat. Invisible to the human eye, infrared sensors relentlessly track targets, while in the tumultuous sea of electromagnetic fields tangled by jamming and spoofing, unseen coordinates collide. While wars of the past were decided by the amount of gunpowder and the thickness of armor, the future warfare now witnessed in the Middle East and Eurasia has transformed into a battle over who possesses faster computing chips and whose data can be maintained without interruption and with greater accuracy. The language of the battlefield is no longer the sound of gunfire, but the speed of judgment compressed by algorithms. Weapons Become Software, Battlefields Are 'Updated' The most symbolic scene in this war is not stealth fighters costing billions of won, but the proliferation of low-cost drones, each worth merely hundreds of thousands of won, piloted in first-person view
2026.04.30 06:30
Public Voices
Beyond K-Pop: The Era of 'K-Tax Administration'...World-Class Tax Infrastructure as Seamless as Breathing
The era has arrived when tax refund notifications are delivered via KakaoTalk alerts instead of traditional postal mail. On March 11, the National Tax Service began sending out refund notifications totaling 140.9 billion won to 1.11 million taxpayers eligible for income tax refunds. Starting this year, the notification?previously sent once a year?has become a biannual event (March and September). Additionally, 120,000 new wage and other income earners have been included as recipients. Our daily lives have become so convenient that tax refunds can be confirmed with just a few taps on a smartphone?a stark contrast to the bleak scenes of overseas government offices depicted in past documentaries, with their outdated and inefficient systems. From Mountains of Paper to a Digital Powerhouse: The Status of 'K-Tax Administration'The documentaries highlighted the shocking state of foreign tax offices before the adoption of electronic tax administration infrastructure. Under the sweltering heat,
2026.04.29 16:00
Words That Shake the State Affairs
In a democratic government, it is natural for there to be a variety of opinions regarding the direction of national policy within the administration. When it comes to foreign affairs, national security, and trade matters, more intense debate is necessary because these issues are directly linked to the national interest. However, after such heated debate and thorough deliberation, any statements released publicly must be the product of a carefully crafted strategy. The remarks by Minister of Unification Jeong Dongyoung regarding nuclear facilities in Kusong, North Pyongan Province, North Korea, have caused a significant stir. The issue escalated into the center of political controversy after it was belatedly reported that, following Minister Jeong's statements in early March, the United States partially suspended the sharing of information obtained through satellites, reconnaissance aircraft, and signal interception. Minister Jeong, the person at the center of the issue, has maintained
2026.04.29 11:11
100 Plenary Agenda Items, Rushed Through Like Overdue Homework
"I'll finish quickly..." On April 23, during a plenary session of the National Assembly, Assemblyman Moon Geumju of the Democratic Party of Korea, who was representing the Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee to deliver explanations for ten bills, made this remark as he watched fellow lawmakers leaving their seats. Anticipating that it would take considerable time for the contents of the bills to be introduced, other lawmakers seemed to be tending to personal matters such as making phone calls. Assemblyman Moon, emphasizing that it would be brief, tried to bring them back so they would not miss the voting opportunity. In fact, Assemblyman Moon's explanation was surprisingly concise. After listing the titles of the ten bills, he simply said, "Please refer to the meeting records on your devices for further details." The explanation took about one minute and thirty seconds. This approach is common for other lawmakers when presenting bills as well. There was a c
2026.04.29 11:01
Failan Among Us in the Age of Population Decline
'Failan' is a film directed by Song Hae-sung and released in 2001. Actor Choi Min-sik played the role of Kang-jae, a third-rate gangster, while actress Cecilia Cheung portrayed Failan, a woman from China. In the film, Failan legally exists within Korean society, but in reality, she is not truly connected to anyone. On paper, she is someone's wife and has a name within the system, but her daily life is lonely, impoverished, and she is almost invisible. The letters she leaves behind belatedly shake Kang-jae's heart, evoking regret for recognizing someone's existence too late. This lingering sense of remorse is the lasting impression the film leaves. The reason this film resurfaces more than 20 years later is that our society is now facing similar questions on an entirely different level. South Korea has already entered a stage where population decline and aging are directly impacting the labor market. Foreign workers are no longer just supplementary labor; they have become a vital pillar
2026.04.29 11:01
All Columns
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