🇰🇷 May 1, 2025 (Thursday, Market Holiday) — South Korea Economic, Political, and Industrial Briefing
Major News Amid Market Closure
🗓️ Market Holiday for Labor Day
May 1 is Labor Day in South Korea, and both the KOSPI and KOSDAQ markets were closed today. However, despite the holiday, several significant developments took place in politics, the economy, and industry.
⚖️ Supreme Court Overturns Acquittal of Lee Jae-myung, Sends Case Back to Lower Court
South Korea's Supreme Court en banc ruled to overturn the previous acquittal of Democratic Party leader Lee Jae-myung in a case concerning violations of the Public Official Election Act. The court found that Lee’s denial of a golf outing with the late Kim Moon-ki, a former urban development official, and his comments about the Baekhyeon-dong redevelopment project constituted false statements during a campaign. The case has been remanded to the Seoul High Court for retrial.
(Source: hani.co.kr)
⚛️ KHNP Wins Czech Nuclear Power Plant Project — First Entry into European Market
Korea Hydro & Nuclear Power (KHNP) has been officially selected as the final contractor for the construction of Units 5 and 6 of the Dukovany Nuclear Power Plant in the Czech Republic. The project is worth approximately 26 trillion won (USD 19 billion), and the final contract will be signed on May 7 in Prague.
(Source: imaeil.com)
📉 Hyundai Research Institute Slashes South Korea’s 2025 Growth Forecast to 0.7%
The Hyundai Research Institute lowered its forecast for South Korea's 2025 GDP growth to 0.7%, down from the previous 1.7%. The adjustment reflects weak domestic demand and a slowdown in export growth.
(Source: v.daum.net)
🏢 Lotte Regains 5th in Corporate Rankings, GS Falls to 10th
According to the Fair Trade Commission's latest 2025 business group report, Lotte has reclaimed its position as South Korea's fifth-largest conglomerate, surpassing POSCO. Meanwhile, GS Group slipped another rank, falling to 10th place.
(Source: v.daum.net)
💬 Closing Thoughts
Though the markets were closed today, South Korea saw major developments in the political and industrial spheres. The Supreme Court’s decision regarding Lee Jae-myung and KHNP’s major win in the Czech Republic will likely influence the political landscape and the global standing of Korean industry. Additionally, the downgraded growth forecast and shifts in conglomerate rankings provide important context as markets reopen tomorrow. Investors should keep a close watch on how these stories unfold in the coming days.