The share prices of Korea's four major entertainment companies.

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👀 Today’s email about:

• The share prices of Korea's four major entertainment companies.

• Seoul's wealthiest districts account for 43% of the demand for Filipino caregivers.

• BTS fans demand Suga's departure, using satirical posts and protest wreaths to express their frustration.

NEWS 📰

The share prices of Korea's four major entertainment companies.

The share prices of South Korea's four major entertainment companies—HYBE, SM Entertainment, YG Entertainment, and JYP Entertainment—are experiencing a significant decline in 2024, despite the continued global popularity of their artists. Analysts attribute this downward trend to several factors, including the hiatus of top-selling artists like BTS from HYBE and BLACKPINK from YG, which has impacted the profitability of these companies, especially in the second quarter.

Gossip and scandals involving artists and executives are also contributing to the decline, as these entertainment companies' stocks, often referred to as "celebrity stocks," are heavily influenced by the public image of their stars. HYBE, for instance, has seen its stock price drop around 30% since the start of 2024, while SM, YG, and JYP Entertainment have experienced declines of 28.4%, 26.6%, and 46.1% respectively.

The situation is further exacerbated by controversies, such as HYBE Chairman Bang Si-hyuk being spotted with younger influencers, and incidents involving BTS member Suga and BLACKPINK's Jennie, which have frustrated both fans and investors. Analysts suggest that this sluggish performance is likely to continue for the next few months.

Seoul's wealthiest districts account for 43% of the demand for Filipino caregivers.

The Seoul Metropolitan Government's pilot program to hire Filipino caregivers, aimed at addressing the nation's low birthrate by providing affordable child care, has attracted significant interest from affluent areas in Seoul, particularly in the Gangnam, Seocho, and Songpa districts. Nearly 40% of the 157 households selected are located in these wealthy southern districts, highlighting concerns that the program may not be accessible to all families as intended.

The program's higher-than-expected costs—caregivers will earn 2.38 million won ($1,749) per month—appear to be a key factor driving demand in wealthier areas. Critics argue that some parents in these districts may be more interested in the caregivers' ability to provide English language education for their children than in caregiving itself.

The initiative has also sparked debate over the minimum wage for foreign caregivers. The Seoul city government requested permission to pay these workers below the minimum wage, similar to arrangements in non-OECD countries like Hong Kong and Singapore. However, the Ministry of Justice has not yet responded, and experts warn that lowering wages could lead to negative consequences, such as workers seeking higher pay elsewhere and becoming undocumented immigrants.

Instead, experts like Professors Seol Dong-hoon and Lee Joo-hee argue that the government should focus on providing financial support to low-income households to ensure they can access caregiver services, thus effectively addressing the childcare shortage and supporting the nation's efforts to boost its birthrate.

ENTERTAINMENT 🌄

BTS fans are demanding Suga's departure, using satirical posts and protest wreaths to express their frustration.

BTS member Suga (Min Yoon-gi) is facing significant backlash after being caught driving an electric scooter while intoxicated, with his blood alcohol level measured at 0.227%, far exceeding the legal limit for license cancellation. The incident, which occurred on August 6 in Hannam-dong, Seoul, has led to widespread criticism, including protest wreaths outside HYBE's headquarters demanding his resignation from the group. These wreaths carried messages like "Min Yoon-gi, leave BTS" and "Resign voluntarily for drunk driving (Suga)," alongside satirical remarks mocking his actions.

Online, the backlash has included viral posts comparing his blood alcohol level to the height of a South Korean high jumper's record, as well as graphs contrasting his level with other celebrities involved in similar scandals. The incident has also reignited past controversies, including allegations that Suga was uncooperative during his basic military training, with claims of him being negligent and inattentive.

CCTV footage released by Yonhap News TV shows Suga crashing into a curb while riding the scooter, which has only intensified the criticism. Despite Suga's claim that he had "just had one beer and drove for a short while," the footage and his high intoxication level have led to calls for more severe consequences. Suga, who is currently serving as a social service agent, is set to complete his military service next year, but this incident has cast a shadow over his service record and future with BTS.

JOB UPDATES 💼

More than 100k job vacancies in Korea in 3 Months

In July, Korea added over 100,000 jobs for the first time in three months, with the total number of employed people reaching 28.86 million, up 172,000 from a year earlier. This rebound follows three months of lower job growth, with June and May showing fewer additions.

Job growth was strongest among senior citizens, with 278,000 more positions for those aged 60 and older. However, the youth (15-29) saw a decline of 149,000 jobs, and those in their 40s also experienced a drop of 91,000.

The health and social welfare sector saw a 4% increase in jobs, while information and communications jobs rose by 7.8%. In contrast, the construction sector faced a 3.9% decrease, the largest decline since 2013, due to poor industry performance and adverse weather. The manufacturing sector also shed 11,000 jobs, ending a seven-month streak of job gains.

The employment rate for people aged 15-64 increased by 0.2 percentage points to 69.8%, and the overall jobless rate fell to 2.5%. The employment rate among those aged 15 and older reached 63.3%, the highest for any July since 1982.

The number of economically inactive individuals rose by 89,000 to 15.99 million. Additionally, self-employed individuals without employees dropped by 110,000, marking an 11th consecutive month of decline.

First Vice Finance Minister Kim Beom-seok noted the need for government measures to support the struggling construction sector and other vulnerable job market segments.

General Jobs 💼

See You Tomorrow,

Unravel Korea!