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Hello. I am Lee Sung-il. I will begin the 5 o'clock News and Economy for October 29th. Marking the fourth anniversary of the Itaewon tragedy, an official government memorial ceremony was held at Gwanghwamun Square in Seoul . The bereaved families once again urged the Special Investigation Commission to uncover the truth behind the incident.
This is reporter Kim Heung-jun. The memorial service began at 10:29 AM with a minute of silence to mourn the 159 victims. Everyone, please bow your heads in silence. An official memorial event held through a joint public-private effort. About a thousand people, including bereaved families, President Yoon Suk Yeol, and citizens, bowed their heads together to pray for those who have passed.
Stepping onto the podium, the President offered condolences to the families and vowed to build a safe society where no more citizens are sacrificed. I offer my deepest gratitude and condolences to the bereaved families who have paved the way for a safer society. The government will ensure that no citizens are unjustly sacrificed due to the absence or negligence of the state.
The bereaved families once again urged the Special Investigation Commission, whose term was extended until next September, to uncover the truth. Uncovering the truth is not the final destination to punish someone, but the starting point to rebuild a safe Republic of Korea. Why were those precious lives not fully rescued at that place on that day?
Today's event was also attended by the families of 26 foreign victims of the Itaewon tragedy. An event to read memorial messages left by citizens over the past four years is scheduled to take place at 7:30 PM this evening at the Itaewon Plaza near Noksapyeong Station. This is Kim Heung-jun reporting for MBC News.
The government has announced new candidate sites for public housing districts in six locations in the capital region, including Gimpo, Guri, Hanam, Uijeongbu, and Goyang in Gyeonggi-do. The plan is to supply a total of 76,700 homes, including 37,000 in Gimpo. This is reporter Shin Soo-hwa . The location with the largest volume of housing among the new sites announced by the government today is the Gimpo Ara district in Gyeonggi-do.
Bordering Gangseo-gu, Seoul, 37,000 homes will be supplied there, accounting for nearly half of the volume announced today. Following this, housing will be supplied in order: 14,600 in Guri Gyomun, 12,000 in the district near Hanam Misa Island, 6,500 in Hanam Gamil , 4,000 in Goyang Daegok, and 2,600 in Uijeongbu Darakwon.
If we include the three locations previously disclosed during the August 8th measures—Seoul Gangseo Yeomchang, Namyangju Wabu, and Gyeonggi Gwangju Station area—the government's new housing supply plan in the capital region will increase to approximately 104,000. However, no sites within Seoul were included in this announcement.
The Ministry of Land, Infrastructure and Transport explained that they selected sites within 5km of the Seoul boundary that have good accessibility and are among the already damaged greenbelts undergoing haphazard development. The key is speed. The government emphasized its will to start construction early, stating that they aim to break ground within 2030.
For these six districts, the government plans to apply the fast-track construction model from the August 13th measures, reducing the average time from announcement to groundbreaking from 68 months to 37 months. The Ministry of Land, Infrastructure and Transport estimates that if construction begins in 2030, with a typical three-year building period, initial move-ins could be possible as early as 2033.
While stating that the actual number of units to start construction by 2030 will be decided after consultations with relevant agencies, they expressed a commitment to begin as soon as possible for the housing stability of young people and newlyweds. This is Shin Soo-ah for MBC News. The National Intelligence Service reported the possibility of a shift in the North Korea-US dialogue phase around the time of the APEC summit to be held in Shenzhen, China, next month.
At today's parliamentary audit held at the NIS headquarters, bipartisan secretaries Yoon Kun-young of the Democratic Party and Lee Sung-kwon of the People Power Party stated that the NIS reported the possibility that North Korea conveyed its intentions regarding North Korea-US dialogue to the Chinese leadership during Chairman Kim Jong-un's visit to China.
Here is a summary of economic news. The Korea Real Estate Board reported that the weekly rise in Seoul apartment sales prices reached 0.09%in the fourth week of October, marking 90 consecutive weeks of growth. However, the rate of increase has slowed for two consecutive weeks. The southern Gyeonggi region still showed high growth, with Gunpo and Suwon’s Yeongtong-gu rising 0.58%each, and Yongin’s Giheung-gu rising 0.54%.
Samsung Electronics announced a record-high quarterly operating profit of 107.4 trillion won and decided to pay out 30 trillion won in cash dividends to shareholders. However, its stock price fell by more than 4%. Reporter Kim Ji-in. Samsung Electronics recorded an operating profit of 107.4 trillion won for the third quarter of this year.
This is the first time in history that a global tech company has exceeded 100 trillion won in quarterly operating profit. This is more than an eightfold increase compared to the 12.2 trillion won from the same period last year. Revenue also set a new quarterly record of 195.3 trillion won, with both operating profit and revenue hitting record highs for four consecutive quarters.
Semiconductors led the performance. The DS (Device Solutions) semiconductor division alone earned 106.5 trillion won, accounting for almost the entirety of the total operating profit. Sales of high-bandwidth memory (HBM) for AI and increased demand for server SSDs drove the results. On the other hand, the DX division, including mobile phones, saw revenue increase to 52 trillion won due to new product launches like foldables, but recorded an operating loss of 800 billion won due to cost burdens.
They also announced a shareholder return plan. The total cash dividend for the third quarter is 30 trillion won, with a decision to pay 4,601 won per share for both common and preferred stocks. Samsung Electronics has set its total shareholder return for this year at between 90 trillion and 110 trillion won.
Excluding amounts already spent or committed, the remaining funds are estimated between 55 and 75 trillion won. The plan is to use this money for additional cash dividends and to buy back and cancel treasury shares. However, the final scale and specific methods will be decided and announced by the board at the end of January next year.
I'm MBC News reporter Kim Ji-in. The government has decided to make it mandatory for all workplaces to deposit employee severance pay into external institutions by 2030. This measure is intended to prevent the non-payment of severance pay. I'm reporter Park Jin-jun. The government and the ruling party have decided to mandate that all workplaces deposit severance benefits with external institutions by 2030.
Currently, a significant number of companies keep severance pay tied up as internal corporate funds. Since it is managed only as a bookkeeping figure without separate external reserve standards, a recurring structural problem has been that employees lose their severance pay when companies face financial difficulties.
In fact, as of last year, severance pay accounted for over 40%of the total amount of unpaid wages. More workers should be protected by the system, and reserves must be managed stably to ensure a solid post-retirement income. Starting with workplaces with 100 or more employees in 2028, it will expand to those with 10 or more in 2029, and all workplaces with fewer than 10 by 2030.
Employers must consult with labor unions and select products from external professional institutions, such as private financial firms or the Korea Workers 'Compensation&Welfare Service, to make deposits. Workplaces that fail to make external deposits will be automatically enrolled in "Blue Seed," a retirement pension fund for SMEs, and will face sanctions such as fines for violations.
The government plans to submit the relevant bill to the National Assembly in November and have it passed within this year. I'm MBC News reporter Park Jin-jun. The special prosecutor has requested the death penalty in the appellate trial for former President Yoon Suk Yeol, who was sentenced to life imprisonment in the first trial for his role as the ringleader of the December 3rd emergency martial law insurrection.
The special prosecutor stated that the December 3rd insurrection was a crime against the constitutional order that sought to turn back South Korea’s clock by 40 years, noting that a democratically elected president deployed troops armed against the people. Major New York stock indices, which rose slightly last night, are showing mixed directions in the pre-market futures trading.
The Nasdaq Composite Index, which rose nearly 0.3% last night, is down over 1%in the futures market, and the S&P 500 index is losing as much as it gained last night. The Dow Jones Industrial Average is showing a rise of around 0.4%. After the market closed, Alphabet reported a deficit in free cash flow for two consecutive quarters and fell over 10% in after-hours trading, leading to weakness in some tech stocks due to concerns over AI investment burdens.
Our market turned to a downward trend after just one day. We will bring you the detailed market conditions from Samsung Securities. This is Samsung Securities. The domestic stock market rally halted after three trading days, with the KOSPI falling over 1%and the KOSDAQ dropping more than 2%. Analysts suggest that concerns over a potential delay in Samsung Electronics' additional shareholder return policy dampened investor sentiment, while profit-taking also occurred following the surge over the past two sessions.
However, foreign investors remained net buyers today, focusing heavily on large-cap semiconductor stocks. Today, the KOSPI index closed at 2,417.42, down 74.78 points, and the KOSDAQ closed at 753.23 , down 18.05 points. Looking at trading trends by investor type, individuals and foreigners showed a buying advantage in the KOSPI market.
With the percentage of rising stocks remaining below 30%on the KOSPI and under 20%on the KOSDAQ, most stocks fell, and the bellwether Samsung Electronics also slid by 4%. Despite record-breaking earnings and the announcement that next year’s HBM supply is already sold out , analysts say disappointment over the lack of additional shareholder return policies led to selling pressure.
On the other hand, SK Hynix rose more than 2%today, marking its fifth consecutive day of gains. Meanwhile, LG Energy Solution fell over 8%due to a large-scale stake sale by its largest shareholder, and Doosan Enerbility and Daewoo E&C plummeted as negotiations for the Czech nuclear power plant construction contract fell through.
This has been Samsung Securities. The rain currently falling in the central regions and parts of the Jeolla provinces is expected to expand nationwide overnight. Tomorrow morning's lows will range from 5 to 13 degrees Celsius, with Seoul at 9 degrees, and afternoon highs are expected to range from 16 to 21 degrees , with Seoul at 18 degrees. This concludes Thursday's News and Economy. Thank you, everyone.
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