Golfzon County sale fight, Korea’s ₩2.9tn basic research budget, special counsel bill

Golfzon County sale fight, Korea's ₩2.9tn basic research budget, special counsel bill

By Dingwire in

South Korea · Evening briefing · November 5, 2026

On Nov 5, Korean dailies split their attention across governance fights, the fallout of the US midterms and a heated National Assembly. Chosun Ilbo followed an activist push over the Golfzon County sale, Hankyoreh tracked Hoban's rise to largest shareholder of Hanjin KAL, and Hankook Ilbo looked at AI-regulation hawks winning despite Elon Musk's spending. Policy coverage ranged from a filibuster over a special counsel bill to disputed martial-law documentary budgets.

Key points

  • Turtone Capital urged Golfzon Holdings to accept the Golfzon County sale and distribute roughly ₩250bn in proceeds.
  • The Korea Exchange flagged Hanjin KAL shares after Hoban Group became the largest shareholder.
  • Korea's science ministry set a record ₩2.91tn basic research budget for 2027, favoring regional and early-career researchers.
  • A split US government raises the difficulty for Korean firms managing US investment pressure, Hankyoreh reported.
  • People Power Party lawmakers launched a filibuster against the Democratic Party's special counsel bill.

Economy: Governance battles and the midterm blow to Big Tech money

Hankook Ilbo: Musk's $200m Texas bet fails as AI-regulation candidates gain ground

  • Musk spent over $400m backing Republicans, more than $200m in the Texas Senate race alone
  • Democrat James Talarico won, the first Democratic senator from Texas since 1988
  • Candidates pledging tighter AI oversight won in Michigan, Colorado, California and New York
  • Democratic control of Congress may shift AI policy, though a presidential veto limits federal bills
  • California's billionaire wealth tax measure was trailing in early counts

The Chosun Ilbo: Activist investor tells Golfzon Holdings to drop lawsuit threat and pay out sale proceeds

  • Turtone Capital, holding about 3%, published a shareholder demand presentation with a Nov 10 deadline
  • MBK Partners agreed to sell Golfzon County at an enterprise value of about ₩1.8tn
  • A drag-along right pulls in Golfzon Holdings' 41.63% stake, which the company plans to contest
  • Turtone estimates after-tax proceeds of about ₩250bn and seeks a dividend plus a 9.83% treasury share cancellation
  • An alternative proposal: a tender offer at book value for remaining minority shares

The Hankyoreh: Hanjin KAL draws exchange warning after Hoban becomes top shareholder

  • Hanjin KAL and its preferred shares received short-term overheating notices
  • Speculation that Hoban seeks management participation drove trading amid a market sell-off
  • Chairman Cho Won-tae's side holds 20.58% with limited room to buy more
  • Delta Air Lines, KDB (10.58%) and the National Pension Service may decide board votes
  • An analyst called the dispute a long-distance race

How the coverage compares

  • Chosun Ilbo and Hankyoreh both covered control disputes, but Chosun centered on minority holders' share of sale proceeds while Hankyoreh focused on shareholder vote math at next year's AGM.
  • Hankook Ilbo treated the US midterms as the economic story, stressing the limits of Big Tech political money and rising AI regulation.
  • Hankyoreh highlighted exchange warnings on market overheating; Chosun relayed an investor's warning that litigation could put the sale proceeds at risk.

Market read: Neutral · Sectors: Holding companies, Leisure, AI · Tickers: KRX:180640, KRX:121440, NASDAQ:TSLA
Hanjin KAL's ownership change and the Golfzon County sale dispute coincide with stronger US calls for AI regulation after the midterms.

Industry & Companies: Research funding, insurance sales reform and US investment risk

Hankook Ilbo: Korea lifts 2027 basic research funding to a record, targeting regions and young scientists

  • The 2027 program totals ₩2.91tn, up ₩173.9bn, covering 18,516 projects
  • About 1,000 new projects are reserved for regional researchers
  • Roughly 30% of new individual grants go to early-career and postdoctoral researchers
  • Evaluations will stop requiring paper and patent counts

The Chosun Ilbo: Insurance agency group head calls for a dedicated sales-company law

  • Kim Yong-tae backed an insurance sales company regime for general agencies
  • The scheme adds internal control and liability duties for agencies
  • He rebutted audit criticism, citing improved mis-selling rates
  • He urged public disclosure of churn metrics by channel and insurer

The Hankyoreh: Divided US government makes life harder for Korean firms and Seoul

  • Experts expect tariff-driven investment pressure to persist despite a Democratic Congress
  • A Section 301 probe into structural overcapacity covers Korea among 16 economies
  • Texas has 247 data center projects (93.1GW) while new Democratic leaders pledge rules
  • Pressure to lock in Alaska LNG investment may intensify before the new Congress

How the coverage compares

  • Hankyoreh weighed how US political change affects Korean investment and data center projects, while Hankook Ilbo and Chosun Ilbo covered domestic rule changes.
  • Hankook Ilbo summarized government figures; Chosun Ilbo relayed an industry leader's arguments and rebuttals.

Market read: Neutral · Sectors: Insurance, Data centers, Energy
Texas data center regulation pledges and US investment pressure coexist with debate over an insurance sales company law.

Policy & Politics: Filibuster, comeback debate and martial-law documentary budgets

Hankook Ilbo: Two state bodies fund overlapping martial-law documentaries

  • A presidential committee earmarked ₩250m for a documentary on the Dec 3 martial law
  • The National Assembly TV channel set aside ₩40m for a similar program
  • Funds were allocated before the 'People's Sovereignty Day' law passed
  • Critics cite budget waste; the broadcaster says the spending is proper

The Chosun Ilbo: Calls grow inside People Power Party to readmit Han Dong-hoon

  • Senior lawmaker Kim Tae-ho urged a swift readmission of Han
  • Others floated broad alliances including Oh Se-hoon and Lee Jun-seok
  • Party leader Jang Dong-hyuk said it is not yet time to discuss it
  • Insiders see readmission as unlikely for now

The Hankyoreh: Special counsel bill reaches the floor as opposition starts filibuster

  • The Democratic Party tabled a special counsel bill on alleged fabricated prosecutions
  • The People Power Party began a filibuster at 4 p.m.
  • A cloture motion sets up a possible vote on Nov 6
  • The opposition plans street rallies and one-person protests

How the coverage compares

  • Hankyoreh followed the special counsel bill clash and vote timetable, Chosun Ilbo the opposition party's internal readmission debate, and Hankook Ilbo duplicated martial-law budgets.
  • Hankook Ilbo questioned spending efficiency, while Hankyoreh focused on procedure and quotes from both parties.

Market read: Neutral · Sectors: Broadcasting
The special counsel filibuster and martial-law documentary budget dispute have limited direct sector impact.

Market snapshot

Indicator Value Change As of
KOSPI 5,383.80 -5.28% 2026-11-05
KOSDAQ 678.41 -5.11% 2026-11-05
USD/KRW 1,342.10 -0.03% 2026-11-05
Korea 10Y yield 3.89% +0.60% 2026-11-05
WTI crude 88.12 -8.29% 2026-11-04
Gold 4,073.00 +3.37% 2026-11-04

Source: Naver Finance, CNBC · collected Nov 5, 2026 3:40 AM ET

Sources

This article is for information only and is not investment advice. Investment decisions and their outcomes are the reader's own responsibility. Summaries were written with AI from the local reports linked above; headlines are English summaries, not translations. Please check the originals.

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