How hard it is to post every day! Even reading the newspaper and putting up a brief post is hard to do every day. The first news of December 2022 starts with the Cargo Truckers Solidarity strike. Both roads and railways have entered the strike, and citizens' feet are tied.
"If the refusal to transport continues, the safe-rate system will be abolished entirely." Government takes an ultra-hardline response to the Cargo Truckers Solidarity strike. Presidential office: "After a survey of the actual conditions of vehicle owners, we will review various options for the safe rate." Damage to industry already exceeds 1 trillion won. Hints at an additional return-to-work order for tank trucks. The supermajority opposition's legislative steamrolling… the Yellow Envelope Act also put on the agenda alone. The opposition holds a closed review in the Environment and Labor subcommittee. The ruling party walks out in protest… "Encouraging illegal strikes." A run of over-the-counter stocks "cut to a quarter." Kurly and Dunamu down 74% from their peaks. Asset price declines triggered by rising rates spread.
-> Full article: They thought it was a "scratch-less lottery ticket"… 2030 retail investors "wiped out."
A run of over-the-counter stocks "cut to a quarter." Kurly and Dunamu down 74% from their peaks. Asset price declines triggered by rising rates spread. Kurly at 30,600 won, down 73.6% from its peak last January (116,000). Dunamu at 136,000 won, down 73.8% from its peak last November (520,000). Viva Republica, which operates Toss, was cut to a quarter, from 157,000 won (last November) to 41,100 won. Kakao Mobility (-79.5%), Yanolja (-52.2%), Kbank (-53%) and others also saw large drops from their peaks. Retail investors were able to easily get their hands on unlisted stocks, once regarded as "the exclusive domain of institutions," because private exchanges sprang up like mushrooms. Securities Plus Unlisted, Seoul Exchange Unlisted, Angel League and so on are representative. As companies that did not meet trading requirements were delisted, the number of traded items plunged to about one fifth. On Securities Plus Unlisted, traded items fell from over 450 to 60. As new buying was blocked, there are also complaints that existing investors find it even harder to recover their investments.
With transport refused, gasoline stock is only about a week's worth… "At this rate, the country will grind to a halt." The "fuel crisis" triggered by the Cargo Truckers Solidarity becomes reality. Damage to industry snowballs. Gas stations closing on the weekend are likely to appear. "Let's buy in advance"—citizens keep coming. Transport refused despite the return-to-work order. Damage to steel, ready-mix concrete, etc. exceeds 1 trillion. Seoul subway strike causes delayed operation. It was estimated that 8 days' worth of gasoline and 10 days' worth of diesel remained. If the current state continues, the talk is that from December 8 gasoline cannot be found within Seoul.
"I will surely break the vicious cycle of political strikes"… President Yoon's "strong will." The presidential office puts out hardline measures day after day. "The safe-rate system is a hard-to-sustain system; the June agreement came out in a half-baked way." Issuing return-to-work orders—a "speed war"… on a second refusal, it switches to service by public notice. The Ministry of Land finishes sending to 445 people. "Vehicle owners who evade service face aggravated punishment." Serious accidents, from regulation and punishment to labor-management autonomy… punishment levels lowered when prevention efforts are made.
The Ministry of Employment and Labor announces a "serious-accident reduction roadmap." Mandatory "risk assessment" for companies. Identify workplace hazards on one's own. Responsibility to be assigned according to the performance and results of assessment. Considered in sentencing judgment, etc., when an accident occurs. Simplification of 679 industrial-safety regulations. Workers also obligated to observe safety rules. Business community: "It could become yet another regulation." The Yellow Envelope Act encourages illegal strikes… 20,000 jobs disappear every year.
Analysis by Hankyung and the Pi-Touch Institute. Real GDP down 4 trillion won and consumption down 12 trillion per year. "Legislation that promotes labor-management compromise is needed." "King dollar is over"… as the U.S. Fed is expected to ease the pace of rate hikes, Asian currency values rose the most in 6 years in November. The U.S. December 0.5%p hike is observed. The won's value up 7% and the baht 6.8%. China's COVID situation is the biggest variable.