The ruling and opposition parties are currently prioritizing bills for discussion on January 29. Initially, there was speculation about potential judicial reform proposals, including creating a new offense for legal distortion, increasing the number of Supreme Court justices, and introducing constitutional complaints.
However, given the potential for filibustering (unlimited debate), they have decided to focus primarily on legislation that directly impacts citizens’ lives. The chief representatives from both parties are continuing negotiations on specific agenda items. The final list of bills to be presented in the assembly will be determined after further deliberations.
The first criminal trial verdict for Kim Keon Hee, indicted on charges of stock manipulation involving Deutsche Motors, accepting bribes from the Unification Church, and violating political funding laws, will be announced on January 28. The 27th Criminal Division of the Seoul Central District Court, presided over by Chief Judge Woo In Seong, will deliver the verdict at 2:10 PM. Kim is accused of collaborating with former Deutsche Motors Chairman Kwon Oh Soo and Lee Jong Ho, ex-head of Black Pearl Investment, to illegally profit to the tune of 811.44 million KRW (approximately 570,000 USD) through manipulative trading practices. She also allegedly received gifts worth about 8 million KRW (approximately 55,000 USD), including a Graff diamond necklace and a Chanel bag, from the Unification Church in exchange for favors. Additionally, Kim is charged with accepting free public opinion surveys valued at 270 million KRW (approximately 190,000 USD) from June 2021 to March 2022.
At 3 PM on the same day, the court will also rule on Yoon Young Ho, the former head of the Unification Church’s world headquarters, accused of violating anti-corruption laws by delivering gifts to a fortune teller in exchange for favors on church-related issues. Concurrently, Kwon Seong Dong, a People Power Party lawmaker indicted for accepting 100 million KRW (approximately 70,000 USD) in bribes from Yoon before the 20th presidential election, will receive his verdict.
The Federal Reserve will hold its first Federal Open Market Committee (FOMC) meeting of the year on January 27 to 28. Despite three consecutive rate cuts since last September due to the labor market slowdown, this meeting is expected to result in a rate hold. The CME FedWatch tool indicates a 95.6% probability of maintaining current rates.
With no separate economic projections summary (SEP) or dot plot scheduled for release, market attention is focused on Chair Jerome Powell’s comments. Investors are particularly interested in Powell’s views on future monetary policy direction and his responses to the recent Justice Department investigation and debates about Fed independence. The meeting results will be announced at 4 AM Korean time on January 29.
Elbridge Colby, former U.S. Deputy Assistant Secretary of Defense and a key figure in shaping Donald Trump’s security policies, is set to visit South Korea for a three-day trip starting January 25. His visit comes on the heels of the U.S. unveiling its new National Defense Strategy (NDS), and he is expected to meet with South Korean diplomatic and defense officials.
The NDS suggests that the U.S. will scale back its support for South Korea’s defense to a more limited level, while acknowledging South Korea’s capacity to take a leading role in deterring North Korea. While the U.S. nuclear umbrella policy remains intact, the strategy emphasizes South Korea’s leadership in conventional defense. During his visit, Colby is scheduled to tour Camp Humphreys, a major U.S. military base in Pyeongtaek. Analysts anticipate potential discussions on increased defense spending, the transfer of wartime operational control, and the development of nuclear-powered submarines. On January 27, Colby will visit Japan to underscore the importance of trilateral cooperation among the U.S., South Korea, and Japan.
Samsung Electronics and SK Hynix are set to announce their fourth-quarter earnings for the previous year on January 29. In a preliminary report, Samsung Electronics disclosed consolidated revenue of 93 trillion KRW (approximately 64.5 billion USD) and an operating profit of 20 trillion KRW (approximately 13.9 billion USD) for the fourth quarter, marking substantial year-over-year increases of 22.7% in revenue and 208.2% in operating profit. This represents Samsung Electronics’ first-ever quarterly operating profit of 20 trillion KRW (13.8 billion USD).
Industry estimates suggest SK Hynix’s fourth-quarter revenue reached approximately 30 trillion KRW (approximately 20.8 billion USD), with operating profits potentially reaching 18 trillion KRW (approximately 12.5 billion USD). The semiconductor sector is experiencing an unprecedented boom, driven by intensifying competition in artificial intelligence development. Surging sales of high-bandwidth memory (HBM) and skyrocketing prices for general-purpose DRAM have positioned both South Korean semiconductor giants for record-breaking performances. As the memory market enters a super-cycle, industry experts are closely monitoring the future strategies of both companies. Samsung and SK Hynix are aggressively ramping up investments to capitalize on this market upswing.
The Seoul City Council’s special ethics committee will convene at 5 PM on January 27 to determine disciplinary measures for Kim Kyung, an independent council member representing Gangseo 1, who is under investigation for allegations related to nomination funds. Kim is accused of paying 100 million KRW (approximately 70,000 USD) to Democratic Party member Kang Sun Woo in exchange for a nomination ahead of the 2022 local elections. Kim has admitted to receiving the money back after securing his council nomination.
With 10 out of 15 ethics committee members belonging to the People Power Party, expulsion – the most severe disciplinary action under the Local Government Act – is considered likely for Kim. However, the final decision must be ratified through a vote in the general assembly. The next general assembly (the 334th extraordinary session) is scheduled for February 24 to March 13.