Korea's Not Playing Around

Hi Global Recap readers,

Have you heard of South Korea’s “hurry-hurry culture”?

It’s a rather endearing term that reflects the fast-paced, get-things-done mentality that permeates much of the country’s society and work life. This rush to act quickly, though, might have contributed to the latest political drama unfolding.

However, to begin: let’s take a look at the shockingly graphic stabbing attack on an elderly Holocaust survivor…👇️ 

🇮🇱 ISRAEL
Holocaust Survivor Stabbed

An 83-year-old Holocaust survivor was tragically killed in a stabbing attack in Herzliya.

What’s even more shocking? The attacker was a former Shin Bet (The Israel Security Agency) informant.

Tragic Incident

• On December 27, Ludmila Lipovsky was stabbed outside her assisted living facility.

• The attacker, Ibrahim Shalhoub, a 28-year-old Palestinian from Tulkarem, pounced on her.

• Lipovsky was waiting for a ride to a doctor’s appointment when the attack occurred.

Quick Response

• Security guards in the area shot and seriously wounded Shalhoub, neutralizing him.

• Shalhoub was arrested by police, but no details on his condition were provided.

• Lipovsky was rushed to Ichilov Hospital in Tel Aviv, where she was pronounced dead.

Assailant's Background

So, is this attack tied to the ongoing war in the area? It’s tricky to say.

• Shalhoub used to be a Shin Bet informant who exposed terror networks in the West Bank.

• He was moved to Israel after his cover was blown.

• The Shin Bet security service is involved in the investigation.

Ongoing Violence

But one thing’s clear: this attack is part of a larger pattern.

• Since October 7, 43 people have been killed in terror attacks in Israel and the West Bank.

• Six members of the security forces have also been killed in clashes with terror operatives.

• The country remains on high alert, with increased security measures in place.

🇰🇷 SOUTH KOREA
Acting President: Impeached

Well, lawmakers just impeached their acting president, Han Duck-soo, just two weeks after ousting President Yoon Suk Yeol.

Right before the National Assembly’s vote, the USD/KRW spiked past KRW 1,480 per USD—a level not seen since the Great Financial Crisis.

Leadership Crisis

Needless to say, South Korea is in a political vacuum. Here’s a rundown:

• President Yoon Suk Yeol was impeached on December 14 for declaring martial law.

• Acting President Han Duck-soo was impeached on December 27, marking the first time an interim leader has been ousted.

• The motion was passed 192-0.

• However, this count doesn’t include the ruling party MPs, who boycotted the vote.

Controversy

The debate centered on how many votes were needed to impeach the Acting President.

• The opposition argued that a simple majority of 151 votes was sufficient, as the Acting President is not the full President, but originally the Prime Minister.

• Meanwhile, the ruling party contended that 200 votes (two-thirds of the 300-member National Assembly) were required, as the seat still represents the presidency.

• Finance Minister Choi Sang-mok is next in line to be acting president, but he lacks an electoral mandate.

This is unprecedented in Korean history, leaving lawmakers and citizens navigating uncharted territory legally and socially.

Why?

So why was the Han impeached?

• The Constitutional Court must decide whether to reinstate or remove President Yoon.

• To make a decision, nine justices must be appointed, with six out of nine needing to vote in favor of impeachment to remove Yoon.

• Currently, the court has only six justices, who were appointed by both leaving the outcome in limbo.

• However, Han refused to appoint the remaining three justices, prompting the opposition party to pursue his impeachment.

  • His refusal was viewed as a stalling tactic by the governing party.

  • However, Han claims that his decision to withhold appointments until a bipartisan consensus was achieved—emphasizing that appointing justices without such agreement would contravene constitutional principles.

Economic Impact

The political mess is hitting South Korea's economy hard.

• The won has plunged to levels not seen since the Global Financial Crisis.

• Business and consumer confidence are at an all-time low.

• The stock market is down about 10 percent this year.

What's Next?

South Korea's political future is hanging by a thread.

• The Constitutional Court has up to six months to make a decision.

• President Yoon faces investigations for insurrection and other charges.

• The political crisis is expected to continue, with significant implications for South Korea's diplomacy and economy.

🇨🇳 CHINA
China's New Fighter Jets

China just gave the world a sneak peek at its latest military marvels.

Viral images on Chinese social media show these futuristic jets flying low and slow.

Surprise Flyby

• On December 26, images and videos of advanced aircraft flying at low altitudes surfaced on Chinese social media.

• These jets, featuring a tailless, stealthy design, could be sixth-generation fighters.

• The flyby happened in broad daylight, which is highly unusual and suggests a show of force.

Military Modernization

It looks like China is making rapid strides with its military upgrades.

• The new jets were spotted near Chengdu, home to the Chengdu Aircraft Corporation.

• This company is known for designing and manufacturing some of China's most advanced combat aircraft, including the J-20.

• The J-20, a fifth-generation fighter, has been a key player in China's aggressive drills around Taiwan.

US Comparison

The timing of this reveal is no coincidence either.

• The US is currently debating the future of its own sixth-generation fighter program, the Next-Generation Air Dominance (NGAD) Program.

• Projected costs for each US aircraft are estimated to reach hundreds of millions of dollars.

• Elon Musk has criticized the F-35 program, calling for manned fighter jets to be replaced with drones.

Strategic Implications

• The Pentagon is considering creating an unmanned "hellscape" of drones to defend Taiwan.

• Analysts believe that China might be more worried about this shift in US strategy than about the manned fighter project.

🇩🇪 GERMANY
Germany Dissolves Parliament

President Frank-Walter Steinmeier has dissolved parliament and called for a snap election on February 23, 2025, after Chancellor Olaf Scholz's coalition fell apart.

Political Shake-Up

• On December 27, President Steinmeier dissolved the Bundestag.

• Chancellor Olaf Scholz lost a confidence vote on December 16, triggering the election.

• Scholz's three-way coalition collapsed three years into its mandate.

Economic Woes

The political chaos is hitting Germany’s economy hard. But the real question is: Is the economy struggling because of the political instability, or was it already in trouble? I’d argue it’s the latter.

• Growth rates are flatlining, and the industry is in crisis.

• But this isn’t just a German problem. Around the world, currencies are tanking against the USD, with economic figures falling short globally. Meanwhile, the US figures are looking surprisingly strong, leading many to question whether the US is just rigging the numbers.

Election Dynamics

The upcoming election is shaping up to be a dramatically close race.

• Polls indicate the center-right opposition leader, Friedrich Merz, is likely to win.

• Merz's CDU/CSU bloc has about 31% support, while the AfD has around 18%.

• The Social Democrats (SPD) are polling at about 16%.

International Implications

Germany's political gridlock has global repercussions.

• The new government might not be in place until late spring.

• Incoming US President Donald Trump is threatening tariffs on Germany's car industry.

• Russia is making gains in Ukraine despite Germany's military assistance to Kyiv.

🇲🇿 MOZAMBIQUE
Opposition Leader
Installs Himself as
President

Mozambique's opposition leader Venâncio Mondlane declares he will install himself as president on January 15, rejecting his defeat in the recent presidential elections.

His announcement has sparked violent protests across the country.

Election Drama

• Venâncio Mondlane announced he will assume the presidency on January 15.

• This comes after Mozambique's highest court upheld the victory of Frelimo's candidate, Daniel Chapo, in the October elections.

• Mondlane, who contested the election as an independent, claims the poll was rigged. This seems to be a common theme around the world, I guess.

Violent Protests

The streets are anything but calm.

• Supporters of Mondlane have staged violent protests demanding an end to Frelimo's 49-year rule.

• Frelimo's offices, police stations, banks, and factories have been looted and set ablaze.

• At least 21 people have been killed in the unrest since Monday.

Mondlane's Stand

Mondlane is not backing down, even from exile.

• In a Facebook live broadcast, Mondlane rejected the court's ruling and vowed to take office.

• He urged his supporters to protest peacefully, despite the ongoing violence.

• Mondlane fled Mozambique after accusing police of threatening behavior, and two of his aides were shot dead in October.

Chapo's Response

The current president-elect remains silent.

• Daniel Chapo has not commented on Mondlane's declaration.

• Chapo won the election with 65% of the vote, according to the revised results by the constitutional court.

• Chapo, Frelimo's youngest ever presidential candidate, has denied allegations of rigging the poll.

What's Next?

Mozambique's political future is uncertain and tense.

• President Filipe Nyusi is due to step down at the end of his two terms.

• Rights groups report over 100 deaths in unrest since the elections.

• The situation remains volatile, with significant implications for Mozambique's stability.