Naver's Line-Yahoo Separation Accelerates in Japan

Line Yahoo will separate from Naver's system by 2024, impacting search engine usage and advertising revenue in Japan.

### SK-LINE Separation Accelerates with Naver Cloud and Search Engine Deals
* 🚪 Following the removal of CPO Shin Joong-ho and the discontinuation of Line Pay, Line Yahoo in Japan will **separate from Naver Cloud and employee systems by 2024**, two years earlier than planned.
* 🔍 Yahoo Japan, previously using Google's search engine, may switch to Naver's search engine after successful technology verification, leading to **potential technology export fees** and **shared advertising revenue**.
* 💡 The synergy between search engines and artificial intelligence was anticipated, but the recent developments have **raised uncertainties**.
* 🏦 China's periodic restrictions on ammonia exports pose a **significant risk**, especially since South Korea's dependency on China for ammonia has been **criticized**.
* 🚚 To mitigate supply chain risks, it is crucial to **prepare for potential disruptions in advance**, even if it incurs **additional costs**.
* 🏎 Tesla's Model 3 Long Range model becoming eligible for a **$7,500 subsidy in the US** led to a surge in stock prices, with implications for **Korean battery-related stocks**.
* ⚖ The court's decision to instruct Chairman Choi Tae-hyun to **transfer 35% of his assets** to Director Roh Seo-yeong sparked a legal dispute over the **calculation errors and the valuation date**.
* 🔋 The booming energy storage system (ESS) market in the US, driven by the need to **balance solar power generation**, presents a **significant opportunity** for Korean companies like KEPCO.

Welcome, this is the overwhelming news content 3% Newsroom. Hello, I'm Reporter Lee Ju-ho. Yes, hello, I'm Reporter Kwon Soo-hoon. Oh, you must be busy right now. Yes, I'm currently out on coverage. I'm also organizing a lot to present to our viewers. I'm sorry. When you're out on coverage, sometimes you realize it's already time for the news. So, you have to deliver the news. So, let's start by looking at the first news. The first news is about Line-Yahoo separating from Naver's system. Let's take a look at this first. So, the first news is about the ongoing process of Line removing itself from Yahoo after the Line-Yahoo incident. The first step was the removal of the father of Line, known as CPO Shin Joong-ho. He was excluded from the company, and following that, the process continued with another incident that occurred recently.

I mentioned before that Line Pay is now being discontinued. Today, consider this the next step. Recently, Line Yahoo in Japan held a shareholders' meeting and announced that they will separate Naver Cloud and employee systems by 2024. Naver and Line Yahoo will completely separate their systems, which was originally planned for around 2026. So, for the next two years, Line Yahoo was expected to use the infrastructure and systems held by Naver. However, this has been moved up by two years. Additionally, the CEO of Line Yahoo mentioned that they will end their consignment relationship with Naver in almost all domestic service areas in Japan.

I talked about this. What is it about? The fact is, the Japanese portal site Yahoo Japan was using Yahoo Japan's search engine on its website, but now it is using Google's search engine. Let me show you the table for a moment. Let's take a look at this together. When you enter Yahoo Japan, you will see a screen that looks somewhat similar to the one we used to see back in the days of using modems. The Japanese written here may seem a bit old-fashioned. Some might see it as outdated. I see it as a design that gives us a feeling of the old days. Yahoo Japan used that design back then, so they are still using it. There is a search engine window there, right? They were using Google's search engine window. But now, since they are using Google's search engine, they have to pay a huge amount of money to Google every year, more than hundreds of billions of won.

We were, however, thinking about what it would be like to use Naver's search engine, as Yahoo Japan and Line had been working on various things together. So, last year, the technology verification had been somewhat successful. Now that the technology verification has been fully passed, if everything goes well, we might be able to see Naver's search engine being used in Yahoo Japan. If that happens, what are the benefits for us? Well, since we are using Naver's technology, we could receive technology fees through technology exports. In fact, the good thing about using a search engine is that when you search and get results, you can also display ads next to them. Therefore, there was also an expectation that we could share the advertising fees.

Yes, and what we could have thought a little further is that when we use search engines like this, in fact, the reason we are using artificial intelligence these days is ultimately to ask artificial intelligence what we are curious about and get its answers. So, the foundation of that is ultimately search. It means that search engines are used to find search results for what we ask, and then deliver them to us. So, when search engines are used, we thought that it could create synergy with artificial intelligence. There were expectations, but everything collapsed in an instant this time. So, ultimately, it seems that things like the separation of Naver and the system are coming closer to Naver. As I mentioned earlier, as the Line Out incident unfolded, Shin Joong-ho...

The Chief Operating Officer (CPO) was excluded from the board of directors, and then, let's also take a look at this together on the 14th. On the 14th, Line and Yahoo announced the discontinuation of Line Pay, a simple payment service in Japan. They expressed gratitude for the past 10 years. Of course, they will maintain the service in Thailand and Taiwan, but anyway, Line Pay in Japan had a very large user base, nearly reaching close to 44 million users over the past 10 years. Since it is being discontinued, ultimately, it seems like Line is gradually following Naver's footsteps. Although the administrative sanctions have not been clearly identified, Line seems to be moving towards following Naver, even though it has not been determined yet. However, it seems like Line is gradually following Naver's footsteps. But you may need to take a closer look at this news. The expression following Naver is quite emotional. Here, the parts related to Naver Cloud that were mentioned earlier, and

We are pushing to complete the separation of employee systems and authentication-based systems by the mid-2025, around 24 years later. So, can we do this? So, are we going to use the Yahoo server for this authentication-based system, or are we going to follow Naver's approach? That's a fair point. Therefore, it is a valid point to properly separate the networks. We need to accept security enhancements as we need to separate these parts. Because Line had an incident, and Yahoo also had an incident, so you should sell your stocks. We need to push back against excessive demands. Therefore, I see this as a significant issue. Even though this matter is crucial, the frontline is somewhat unclear. So, we need to determine what we will accept and what we should not accept. In fact, this is quite...

There is an aspect where the government needs to move a bit. So, if our government says, Hey, your country's companies are doing business in our country, and if they violate your country's regulations or if there is a security incident, we will naturally accept measures to strengthen security regarding the incident. But that doesn't mean we will just accept anything. We can accept measures here, but we cannot accept going beyond that. We won't just sit back and watch. A message like this needs to be conveyed. However, the government doesn't draw that line. We don't even know how much the government is aware of. For example, even though they suggested conducting a joint investigation, it hasn't been done. There are some issues like this. So, when these issues come up in the news, it's like, What is this?

Being deprived of the prepayment technology fee infringes on property rights. Just because they want it, it's not right to take it away. It's necessary to distinguish if it's such a situation and respond accordingly. Yes, I understand. Next news is that China has restricted exports again. Since we experienced a shortage of prepayment before, we are quite sensitive to export restrictions. Fortunately, there shouldn't be any significant disruption in domestic prepayment supply. The reason is that the proportion of prepayment we import from China has decreased to almost the early 10%. So, when the incident first occurred, our dependency was quite high, right? It was very high back then. It was quite high. Like, you asked this question as if you knew. Thank you very much. Let's take a look together. If we look at the table together, before, the dependency on China was almost

I was at 83% level, but in 2022, it dropped a little to 71% pro. Then, when it was a bit loose, it went back up to 88% pro. And with criticisms that it went up to 88% pro, articles continue to come out saying it dropped to 133% pro. So, why is this happening? Well, ammonia is used when making fertilizers. It's mainly used to make fertilizers by refining coal. Therefore, if there are issues like carbon emissions or a shortage of coal, or if there is a shortage of energy, they restrict ammonia exports. However, South Korea imports ammonia and mixes it with water to use it as ammonia water. This led to an ammonia shortage crisis. If someone asks why South Korea doesn't produce ammonia, why don't they produce ammonia, it's because it's not profitable.

In South Korea, we used to produce fertilizers very cheaply in China, but because it doesn't make money for us now, we are not doing it. This is because even though it's cheap to make in China, we lack some elements to produce fertilizers. Also, if we impose export restrictions, there was a shortage of fertilizer elements back then. If that shortage had lasted a bit longer, there would have been a fertilizer shortage. If a fertilizer shortage occurs, it becomes a really critical issue because agricultural product prices skyrocket, they go up a lot. So, now, if we gradually raise the prices again until 88, it's difficult to keep buying expensive things continuously. That's why now, little by little, it has risen back up to 88. So, if the fertilizer element shortage happens again, it's going to be a big problem.

Isn't this about verification? So, this kind of criticism has come up again. If it goes up to 80%, isn't it a problem? So, if it goes up to 80%, isn't it a problem? So, if it goes up to 80%, isn't it a problem? So, if it goes up to 80%, isn't it a problem? So, if it goes up to 80%, isn't it a problem? So, if it goes up to 80%, isn't it a problem? So, if it goes up to 80%, isn't it a problem? So, if it goes up to 80%, isn't it a problem? So, if it goes up to 80%, isn't it a problem? So, if it goes up to 80%, isn't it a problem? So, if it goes up to 80%, isn't it a problem? So, if it goes up to 80%, isn't it a problem? So, if it goes up to 80%, isn't it a problem? So, if it goes up to 80%, isn't it a problem? So, if it goes up to 80%, isn't it a problem? So, if it goes up to 80%, isn't it a problem? So, if it goes up to 80%, isn't it a problem? So, if it goes up to 80%, isn't it

I need to buy some supplies, but if I can't order them from Coupang, I have to go quickly and buy them even at an expensive convenience store. But this isn't just once or twice. In that case, you should lay out various routes or store some at home. So, you need to take care of these aspects. Although this increases the cost factor, it doesn't happen just once or twice a year. Therefore, preparing for that can actually reduce costs. So, cost efficiency is naturally achieved by buying cheaply right away. If this happens repeatedly, saving and preparing for it may actually lower the cost on average. I'm worried that there are many famous factors now. Factors are...

As it becomes famous, people criticize the government more when there are elements missing. However, this isn't just about those elements. Now, there are not just one or two materials with a high dependence on China. So, when asked if we can do all of this, we may not be able to do it all immediately, but we cannot afford not to do this. We need to recognize this. It might be an essential role for our government to identify what we lack and establish a solid foundation. Today, a news article came out first in Yonhap News, saying a few news outlets reported it, and then the Ministry of Industry seemed to have been waiting, saying, No, we are prepared. We are prepared. The dependency has decreased by 10%, while explaining and presenting statistical data.

Because we're preparing, we can make loud noises anywhere, so we need to be prepared for these situations. But in order to do that, we need to thoroughly calculate the costs that will go up on average, and we need to optimize this efficiently. So, the cheapest option is not always the best. Considering where the lowest point is will continue to be crucial in the future. We need to check overall things like minerals and elements because last year when sugar prices went up, people wondered why. If we think simply, it might be due to the climate crisis, drought, and so on. However, in reality, it's because in India, they started producing biodiesel and banned sugar exports.

There was a price increase, you know, so when such issues arise, when the country internally decides to ban exports, we should have some overall review of raw materials in advance to prepare for the damages we may incur. It's true that we have some discussions about it, but often it just ends there. When a crisis occurs, we need to study and come up with countermeasures. However, sometimes the interest fades suddenly. Then the question arises, should we spend money even though we can get it cheaply now? That's how it goes. So, even though it may seem a bit wasteful to spend the money, we invest a little now and deal with the crisis when it happens. That's right. Nevertheless, it's an issue that we need to prepare for in advance, even if it costs us a bit, because it's related to the supply chain issue.

Yes, I understand. Alright, let's move on. Let me take a look at the next headline. Recently, there was news that in the United States, the Model 3 Long Range model received a $7,500 subsidy. In fact, with this news, Tesla's stock price rose by almost 5% overnight. Typically, when electric car companies' vehicles start receiving subsidies, it is expected that sales will increase, leading to a rise in stock prices. This is expected to have a positive impact on Korean battery-related stocks as well. Long Range is not an NCM, right? Due to this, it has become a bit of an issue. Now, let's take a look at the content. Originally, the Long Range model was not eligible for the $7,500 subsidy, but now it has become eligible for it.

What happened was that in addition to the $7,500 discount from Tesla, there was an additional discount of $200, $220, or $250. So, if you purchase a Model 3 Long Range in the United States, you can buy it for about $7,750 cheaper. Let's hope for the best since actual sales have not started yet. If the Model 3 sells well, there was an expectation that LG's batteries, which are being supplied there, would be used a lot. However, this expectation was somewhat thwarted. What happened was that previously LG's batteries were not eligible for subsidies, but now they are. This raises the question of whether there have been any changes in the batteries. Especially since they switched to batteries made in the U.S.

I started to speculate whether they received subsidies, and then I checked whether LG Energy Solution in the United States is producing the 2170 batteries that are currently used in the Long Range model at LG Soul. However, I found out that LG Energy Solution in the United States only produces pouches. So, it is possible that LG Energy Solution's batteries are not included. Therefore, there are many speculations about Panasonic. Despite the expectation that Model 3 Long Range will sell well, domestic battery companies are experiencing a decrease in stock prices. In fact, LG Soul does not produce cylindrical batteries, especially in the United States, so until we dismantle and see what type of battery is installed in the Model 3, we cannot know for sure. Cylindrical batteries are produced at the Korea 5 factory, while pouches are produced at LG Soul in the United States.

When we used to supply the existing pouches, we didn't receive subsidies, but this time we will receive subsidies. There seems to be a speculation that there was a battery replacement. The reason I'm telling you this story is because what we often talked about was that ultimately in the future industry, we need to see which car models are selling well. Even if electric cars sell well now, not all batteries will profit, only the applicable batteries will improve performance. So, no matter how well Tesla sells now, electric car stocks and battery stocks can move separately. I wanted to convey the message that we need to look at the vehicle models in the future industry. I chose this news to analyze. It has become difficult. In the past, if Tesla rose, the prices of secondary batteries in Korea also rose.

We climbed up together, but now it seems like we need to see what goes in one by one. The next news is about the court continuing the dispute between Choi Tae-hyun and SK regarding the judgment. Usually, I haven't seen the court continue a dispute. So, the court usually just makes a judgment, and whoever wants to refute it should do so. However, this time, it's a bit unusual because the court even provided explanatory materials. Normally, a dispute with the court is done through an appeal or a cassation, right? If you don't agree, you appeal, and then you go to court. It's not common to have discussions outside of the court. But summarizing the content briefly, the court is instructing Chairman Choi Tae-hyun to give about 35% of his assets to Director Roh Seo-yeong, which amounts to around 1 trillion won. Looking at that, SK Group...

So, from Chairman Choi Tae-won's side, it was about Chairman Choi Tae-hyun's assets, and they said to give 35% of that. Yes, the apex was inflated twice, so they overestimated the value of Chairman Choi Tae-hyun's assets, which caused the amount to be incorrect. But why doesn't it match? When asked that, Chairman Choi Tae-hyun said, The assets I raised, not much, were mostly raised by my father, not me and my wife. That was the story until yesterday. However, surprisingly, the court immediately admitted the error when it was pointed out. We miscalculated. Journalists make a lot of mistakes, and there are many errors, like miscalculating the face value of stocks. For example, remember when the price of Nvidia dropped significantly from $140 to $130 recently, it was $1,000 until just a while ago.

I went over it, and you know, there's a 90% difference. Calculating it that way, even the court said it was too simple of a mistake not to correct. So, we had to make the correction. After that, when we put in SK ES, the error was fixed, and instead of increasing by 100 times, it became 1 trillion instead of 100 billion. That's how it can be done. However, in the court, they explained that it was just discussing the facts at an intermediate stage. Regarding the property division, the point of calculating the property was in 2009. Ah, it's a bit complicated to explain briefly, so to put it shortly, it was based on the year 2009. How much was it at the 2009 point? Because that was when the divorce lawsuit was filed, right? That's right. It should be based on that time. That's how it was filed. The lawsuit was filed.

I started walking, but after that, after the lawsuit, my property was seized. Yeah, so it shouldn't be at that point, it should be at the time of the lawsuit. The reason I was stuttering and talking about it earlier is because I'm discussing the verdict on this with the lawyer now. Regarding the division of property, the principle is that the property to be divided and the amount are based on the date of the final judgment. Yes, based on the date of the final judgment. So, it's about the trial. So, when the lawsuit was filed in 2009, no, it's after the judgment is made, based on the date of the final judgment. It's the principle. It's stated like this. And then, in special circumstances, the changed property can be excluded from the division. It's like this. So, there's a bit of room for interpretation. I see. So, in the end, is it really right to go back to that point in 2009?

Or alternatively, based on the date of the final argument, so it's not very clear to refer to the current point in time. However, what could be somewhat confusing in court is that there was an error in the point they had set as the middle point. Why did they talk like that before? But what they are saying now is correct. Ah, that was just mentioning the interim results. In reality, it should be based on the current point in time. The court might say, Oh, is that so? Yes, that's right. Therefore, until the verdict is made public, it should be clearly stated in the verdict document when the division of property was determined. However, since the verdict document is not yet public, we are in a situation where we don't know how they arrived at the amount of 1.3 trillion won in assets. It's just a verbal battle without knowing the details.

After that, the calculation was wrong as of 2009, so admitting the mistake in assets, but I didn't calculate it for 2009, it was like this, um, 200, it's not like that, it seems to have become a bit like a legal battle, but really, this doesn't make sense. In fact, it's not just SK SK CNC, now SK CNC has contributions, and there's also GSK, which SK CNC merged with, and things like the contribution of 6공 and special things like that. So, I don't know. Originally, divorce lawsuits are complicated, emotions are also heavily involved, so when you read the judgment, it includes things like this. Did you see the SK judgment? So, divorce judgment documents have a lot of messy personal stories included, so it's quite confusing.

At the midpoint, they don't reveal things well, and on the exaggeration side, they are saying things like, Let's see the verdict. Yes, yes, oh, have you seen it? If so, please share it with me. Thank you. Yes, there is the next news. Let's take a look at the next news. Let's start with the title of the next news. No wonder there was news that ES has a high installation volume. Korean Electric Power Corporation has won a contract worth 1.3 trillion won in the United States. According to data from the Energy Information Administration in the United States from January to March, the cumulative installation volume increased by 193% compared to last year. This news came out recently. The reason why ESS installations have increased by 193% is something that many of you may already know. Nowadays, not only do we need to replace the aging power grid, but we also need to build a lot of places like data centers and semiconductor factories.

Ultimately, someone has to decide who will produce electricity. However, it's not sustainable to rely on thermal power generation like coal power. Nowadays, many companies building semiconductor factories or data centers are mostly big tech or semiconductor companies. Therefore, they aim for carbon neutrality, choosing to use clean energy sources, which leads to the need for more solar power installations. However, when trying to install solar power, it turns out that there is a lot of power generation during the day but none at night. So, what to do about this? As a result, the amount of energy storage installations is increasing. I'd like to show you something interesting. Recently, the Financial Times published an article titled The Oil-Rich United States.

In the middle, one of them is Texas, right? Texas produces large-scale solar power generation, which is now a region that uses a lot of renewable energy, more than California. They have also announced that it is higher than California. Then, it means that they are installing solar power on a massive scale. So, let's combine these two. If you install a lot of solar power and also install a lot of ESPPs, what will ultimately be needed? It will need cables, right? Let's connect this to the news just now. Daehan Jeonseon announced today that it has won three power grid projects in the United States in a row, with a total contract amount of about 130 billion won. As a result, Daehan Jeonseon has achieved over 330 billion won in new orders in the United States alone this year, marking its highest performance since entering the U.S.

It's 2022, and at that time, the accumulated orders were 400 billion won. How much time has passed now? It's been about half a year. In about half a year, we have already achieved results that almost exceed 80% of the historically largest export of 400 billion won. It is expected that there will continue to be orders for the power grid in the United States. As a result, there are expectations for record-breaking orders in the United States. The reason for this, as I may have mentioned a lot, is that the expected capacity to install solar power generation this year alone is almost 40GW. Therefore, it is anticipated that a considerable amount of electricity, or rather, a lot of power grid and many cables will be needed. How many cables will be needed? You can consider it as one of the key projects. I really like this industry. What is it? So, I think this is an industry with a clear direction for us.

I've been talking about power machinery for about a year or so. This is a very advanced trend now, improving infrastructure. It's not something that will happen today or tomorrow. So, if you look at it, it's like, if you wait a little, it will come back around. This is really a part where a new industry is emerging, a new market is emerging. We are now participating as a major player, Korea is. We need to change the parts that were highly dependent on China to somewhere else. But now, globally, the United States is doing the best. So, we need to tap into the U.S. market, but we need to do it properly among all the straws. It shouldn't just end with a one-off wonder, but we need to ride along with the direction the U.S. is going.

Things are good, but the problem is the support for the power infrastructure. So, the concern is whether to choose China or Korea. Of course, the quantity produced in our country is not large yet, but the issue is the price. They said they would impose a 25% tariff on Chinese products. So, whether choosing Korea at that price would be advantageous or not is still unclear. Everything seems to be decided by money. That's why we need to block it as allies. Do you want to be dominated by Chinese batteries? American companies like LG and ES are building factories in the US. So, just criticizing the power infrastructure will be quite challenging. It will cost a lot of money, take a long time, and it will be tough even just to criticize the power infrastructure.

If we increase it, it will surely happen, so we have to use more of the hydrogen that I like and use Korean fuel cells there. Oh, today, anyway, that was coming out. Chairman Jang Jae-hoon of Hyundai, who was inaugurated as the co-chair of the Hydrogen Council with Chairman Chung Eui-sun, and before that, well, he was like that and so on. Then, he was elected as co-chairman to succeed Chairman Kawasaky of Kawasaki Heavy Industries. So, ultimately, hydrogen will be developed, but it will take a long time. So, we don't know when that will be. Yes, I understand. Next, there was a discussion on why it is so difficult for me to make a living. The Bank of Korea talked about the characteristics and implications of the price level in Korea compared to the OECD average. In Korea, the price level of essential goods is a whopping 55% higher than the OECD average.

Eat, sleep, oh, eat, live, wear, wear, yes, that's it, like that, is it expensive? So, it's not because South Korea is a developed country, no, according to OECD standards, it's 55% higher. Would you like to see it together? Let's see. Compared to the OECD average price, when looking at other items, it's 97%, that's right. So, it's not that high, but when it comes to food expenses, it's a whopping 155, so it's 55% more expensive compared to the average. Utility bills are 73% lower, so food expenses are unusually high. In the end, why are food expenses particularly high? Well, housing costs are a different story, right? Housing costs, they are higher than ours, like Shanghai, Beijing, Hong Kong, Bangkok, about those places. Shanghai, Beijing, so, New York, Tokyo, these places are a bit cheaper, the rundown neighborhoods are excluded, slightly lower than us. Paris, London, New York, where else? Are we talking about provincial cities? Oh, provincial cities, right.

This is not a speech. Yes, because it's extremely expensive there, let's assume that's the case. Also, in the case of food prices, it increased from 1.2 times the OECD average in 1990 to 1.6 times last year. Public utility fees have decreased to 0.9 times and 0.7 times. In the case of public utility fees, globally, after the Ukraine war, public utility fees have increased significantly. However, in the increased part, in the background, Korea is trying to control it a bit. Currently, it can be seen as a situation where gas companies and KEPCO (Korea Electric Power Corporation) are struggling with deficits. Ultimately, areas where public utility fees are relatively low, we might hope that they are low due to oil production in the East Sea, but that's not the case. If there is a side that involves financial investment in keeping the public utility fees low, it ultimately reduces financial resources, which can burden future generations.

There is a side to it, so when it comes to the normalization of public utility charges to some extent, then what about food prices? It is necessary to talk about the diversification of supply channels, improvement of distribution structure, and diversification of consumer goods related to essential consumption items. It is mentioned that structural changes need to be added here. However, what is meant by structural change? It means innovation is needed. But what is innovation? It means to have a fight over that rice bowl. In other words, shake and tear apart the rice bowl that others have. That's innovation. For example, manipulating agricultural product prices or innovating distribution. Innovation in distribution means pushing out all the people who used to make a living in the middle, bringing everything from outside, collecting everything, and then reducing it.

It's like saying it has to be done. The Bank of Korea always uses sophisticated structural expressions, but actually, the negative tone is needed. How long can we just keep going like this? But while watching the news today, I saw that 3.3, the tax accounting startup, is preparing for listing. It was reported that someone in the tax society contacted the exchange officials and conveyed negative opinions about 3.3. So, there are talks about reducing fees related to certain tax aspects and trying to innovate, but tax professionals are collectively resisting, trying to hinder the listing here. This kind of thing happens every time. If there is an attempt at innovation, existing people...

This prevents the hind legs from going out and makes it impossible, so I think there is a need for this in Korea. As we head towards low growth, we need to do more, and we need to focus more on high value-added areas. Therefore, I think we need to discuss these aspects together. Understood. Now, I will look at one more thing. Recently, in Denmark, there was a recall issued because the Buldak-bokkeum-myeon (fire chicken noodles) contained an excessive amount of capsaicin, making it too spicy. Due to the excessive capsaicin content, people could show signs of addiction. Therefore, they issued a recall order stating that if a store cannot return the product, it should be disposed of. The recall order issued by the Danish Veterinary and Food Administration was based on the calculation of 113 mg of capsaicin per 140g of total weight, but Samyang Foods should not calculate it like that. The amount of capsaicin.

Calculating it that way is not correct because there is no capsaicin on that side, so the weight should be excluded if calculated like that. Since the weight of the liquid spray is 31g, it is necessary to consider around 25mg of capsaicin. I decided to present a rebuttal document. In Denmark, so I'm not just saying it now, but as I mentioned, I'm not presenting it as simply as I said. To measure the exact amount of capsaicin, I decided to have a domestic certified inspection agency measure the product, and even the collection is planned. And when the measurement is obtained, I will submit an official rebuttal document to Denmark. In fact, if you watch the news, as I mentioned last time, Denmark is originally known for not being able to eat spicy food. It seems like they would drink milk or something, so that's why. So, when you see the reactions of netizens, Denmark seems to be sprinkled with a little bit of red pepper.

Even though they say this and that, but when I see this, I think, Wow, that's so obvious. It's so obvious that not being able to eat spicy food is so obvious. Even Denmark has entered the scene, it was quite meaningful. They can't eat it, but they exported it. There are people who eat it. I was curious about that. So, that was quite interesting. But what I don't understand is that they calculated it based on the total weight of 140g, with 113mg of capsaicin. They should calculate it based on the weight of the liquid soup, which is 31g, and consider 25mm of capsaicin. But they calculated it based on the proportion of the total weight. That's strange, right? But if you really eat this with 113mg, you would die, wouldn't you? It's really spicy.

What's this? It was supposed to have 25mg, but 113mg got in. That means more than four times the amount of capsaicin went in, right? Mark must have really felt the heat. So, it feels like dying. Understood. Then, today's 3% Newsroom will end here. We will come back tomorrow. Thank you. Thank you. Park Geun-young, Lee Sun-hyuk, Sa Kyung-in, and Yeom Seung-hwan. Create healthy investment habits with the careful care of the investment masters. Check on the 3% membership app.

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Line-Yahoo Separation from Naver: The Latest Updates

Line is in the process of separating from Naver's system, with the timeline moved up to 2024, two years earlier than originally planned.

This separation will also end the consignment relationship with Naver in most domestic service areas in Japan, as Line Yahoo announces the discontinuation of Line Pay in Japan, closely following Naver's footsteps.

The potential use of Naver's search engine in Yahoo Japan could bring benefits through technology fees and a share of advertising revenue, but the collaboration now seems to be coming to an end.

The Importance of Separating Employee and Authentication Systems

There is a push to complete the separation of employee systems and authentication-based systems by mid-2025.

The decision of whether to use the Yahoo server or follow Naver's approach for the authentication-based system is crucial.

China's restriction on ammonia exports is causing a potential shortage of fertilizer elements, which could lead to a critical issue of skyrocketing agricultural product prices.

The Importance of Proactive Cost Management in the Face of Supply Chain Dependency

Relying heavily on a single source for supplies, especially from China, poses a significant risk and requires proactive preparation.

It is crucial for the government to assess and strengthen the country's own production capabilities to reduce dependency.

Proactive cost management and strategic planning are essential to mitigate the impact of potential supply chain crises and fluctuations in prices.

Impact of Tesla's Model 3 Long Range Subsidy on Stock Prices and Battery Companies

The Model 3 Long Range received a $7,500 subsidy in the US, leading to a nearly 5% increase in Tesla's stock price.

The subsidy eligibility for the car and LG's batteries has raised speculation and impacted Korean battery-related stocks.

The situation has created uncertainty for domestic battery companies, despite expectations of the Model 3's success.

Confusion Over Property Division in Chairman Choi Tae-hyun's Case

Chairman Choi Tae-hyun's assets were overestimated, leading to a 35% demand that was later admitted as a mistake by the court.

The property division issue is complicated, involving discussions of the 2009 point, the final judgment date, and special circumstances for excluding changed property.

The case also involves various contributions and mergers, adding to the complexity of the situation.

The Surge in ESS and Power Grid Projects in the United States

Korean Electric Power Corporation has secured a 1.

due to a 193% increase in ESS installations, driven by the need for clean energy sources and solar power generation.

Daehan Jeonseon has won over 330 billion won in new orders in the U.

this year, with expectations of record-breaking orders due to the anticipated massive demand for power grids and cables.

market is emerging as a crucial focus for the power machinery industry, offering a clear direction for growth and opportunities for global participation.

The Dilemma of Choosing Between Chinese and Korean Power Infrastructure

The potential 25% tariff on Chinese products is causing a dilemma in choosing between Chinese and Korean power infrastructure.

The growing presence of American companies like LG and ES in the US adds to the complexity of the decision.

The high cost and time investment in criticizing the power infrastructure, as well as the need for hydrogen and Korean fuel cells, further complicates the situation.

Additionally, the Bank of Korea's discussion highlights the significantly higher food expenses in Korea compared to the OECD average, calling for the need to address structural changes and innovation in the distribution of essential goods.

3, is facing resistance from tax professionals in Korea as it prepares for a listing, despite its efforts to innovate and reduce fees.

In Denmark, a recall was issued for Buldak-bokkeum-myeon (fire chicken noodles) due to excessive capsaicin content, causing addiction concerns, leading the company to plan a rebuttal and further product testing.

The news segment also highlighted the miscalculation of capsaicin content, sparking disbelief and amusement at the miscalculation's potentially serious consequences.