The Minute to Read (Weekdays) series provides a quick overview of significant events in Korea everyday, conveniently condensed into a one-minute read. Here’s a recap of what happened yesterday: Dec. 24.

Noh Sang-won, former Defense Intelligence Command chief arrested for rebellion charges, is seen during a 2016 audit. Police revealed a notebook seized from his Ansan fortune-telling studio detailing plans like “inducing NLL attacks” and “politician assassinations.” /TV Chosun

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Ex-intelligence commander’s note reveals plot to provoke NK attack at NLL

The National Office of Investigation revealed on Dec. 23 that a notebook belonging to Noh Sang-won, the former commander of the Defense Intelligence Command (DIC), contained plans for provoking North Korean attacks on the Northern Limit Line (NLL) to justify martial law, raising potential external treason charges. Noh, 62, currently detained for his role in the “Dec. 3 Emergency Martial Law” case, allegedly orchestrated a scheme involving detentions, executions, and the deployment of clandestine operatives to key sites like the National Assembly. The notebook detailed plans to detain politicians, labor leaders, and others, while evidence links Noh to former Defense Minister Kim Yong-hyun, suggesting high-level coordination. Noh is also accused of soliciting active-duty officers with promises of promotions to execute the operation. Previously discharged in 2018 for sexual assault, Noh’s actions are under intense investigation, with allegations that fabricated incidents, disguised as North Korean provocations, were planned to extend martial law.

K-beauty and K-food industries struggle amid falling won

South Korea’s cosmetics and food sectors, key drivers of the nation’s export economy, are grappling with the effects of a sharply depreciating won against the dollar, which has surged over 10% this year. While cosmetics exports reached $9.3 billion and agri-food exports hit $9.48 billion by November, the rising exchange rate is eroding profit margins due to heavy reliance on imported materials. Companies like CJ CheilJedang project significant profit reductions, while smaller firms fear declining performance as rising costs force cuts to marketing budgets, potentially disrupting the K-beauty industry’s domestic-to-global growth cycle. The situation is compounded by concerns over potential higher tariffs under a second Trump administration and political instability following President Yoon Suk-yeol’s martial law declaration.

S. Korea’s power stocks rise while REITs and batteries fall in 2024

South Korea’s stock market in 2024 saw sharp contrasts, with 53 stocks achieving triple-digit gains despite overall declines in the Korea Composite Stock Price Index (KOSPI) and the KOSDAQ index by over 8% and 20%, respectively. Power, food, and defense sectors led gains, with HD Hyundai Electric topping the KOSPI with a 345.26% surge, followed by SAMYANG FOODS (246.30%) and Hanwha Aerospace (136.81%). On the KOSDAQ, Taesung soared 577.75% due to demand for AI-driven semiconductors, while cosmetics firms like Genic (490.28%) also excelled. Conversely, real estate investment trusts (REITs), secondary battery stocks, and eco-friendly sectors suffered the steepest losses. STAR SM REIT plunged 78.55%, and battery-related stocks like KUM YANG (-77.11%) saw significant declines amid concerns over electric vehicle demand. Other major decliners included CNH (-93.90%) and SL Energy (-91.32%), highlighting vulnerabilities in stocks impacted by management disputes and sector-specific challenges.

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[The Chosun Daily]

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