Adam Smith once famously noted in his book, The Wealth of Nations, that it is not from the benevolence of the butcher, the brewer, or the baker that we expect our dinner but from their regard for their own self-interest. For centuries, such self-interest was mainly concentrated on direct profits and losses of individuals and companies. Consequently, the global economy grew exponentially, focusing on development and revenue generation, and the world developed at an unprecedented rate. However, the side-effects of such measures began to emerge in the mid-20th century, with various environmental, humanitarian, and other problems arising. To face such problems, individuals and organizations worldwide began exploring sustainability as a central value in self-interest, which eventually developed into the area of Environmental, Societal, and Governmental(ESG) values. As of 2022, various companies, both big and small, are committing themselves to the pursuit of sustainability through promoting ESG values.
Now, the critical question is, what exactly is ESG? ESG is a non-financial value set for the three central values. The first of those values is the environment. In evaluating such criteria, the impact of the particular company in the discussion of climate change is studied thoroughly, taking data such as annual carbon emissions and transparency of company policy into consideration. Other vital environmental factors assessed by the CFA Institute include but are not limited to: air and water pollution, biodiversity, deforestation, energy efficiency, and water scarcity. While the first value of ESG, the environmental value, receives the most attention, the second and the third values also have their own significant part. Regarding the societal impact, the second criterion of ESG, a company is assessed on its promotion of base social values such as equality, diversity, and so on. Programs that allow a significant rise in the inclusion of underrepresented communities and programs that help solve society's problems allow a company to receive high scores on the societal part of ESG evaluations. Additional factors that are taken into consideration regarding a company's societal impacts noted by the CFA institute include but are not limited to: customer satisfaction, data protection, and privacy, gender and diversity, employee engagement, community relations, human rights, labor standards, and more. The last criterion, governance, shows insight into how the company is operated. Bribery and corruption both inside and outside the company are taken into consideration, where such indicators could lower the governance score of a company's ESG evaluation. Additional criteria established by the CFA institute include but are not limited to: Board composition, executive compensation, lobbying, and whistleblower scheme.
Following the rising interest of both corporates and consumers in the market, consulting firms such as McKinsey & Company and Bain & Company are also providing consultations focused on incorporating ESG values. Telkomsel, one of the world's largest and most influential mobile operators, worked with McKinsey & Company to tighten the gap in interest access in Southeast Asia. Under the notion of simplicity and extended engagement, Telkomsel provided comprehensive internet services to the people of Indonesia, allowing previously limited fixed broadband access. Moreover, the company's innovative mobile application extended various online services to the Indonesian people, allowing services like online banking to be publicly used. Similarly, Bain & Company also worked together with a client(the exact name of the company remained unknown due to confidentiality) in 2022 to rebuild its greenhouse gas emission reporting sectors. Such improvements not only allowed the company to provide a transparent report to its investors and customers but also to react to various environmental problems quickly.
As shown by the cases presented, the promotion of ESG values not only enables sustainability but eventually allows companies to increase their returns on investment. Noted in the article published by McKinsey & Company in 2019, "paying attention to environmental, social, and governance (ESG) concerns do not compromise returns—rather, the opposite." Telkomsel’s implementation of easy and straightforward applications allowed their customer pool to grow significantly, with customers, with "20 percent month-over-month growth." Bain's recommendations in applying a new monitoring system have allowed Bain & Company's client to take a step in leading the ESG sector of its market. Shown by the cases of two companies, the pursuit of ESG values eventually allowed each company to grow substantially. As long-term value creation has now become central to maintaining investors in the market, the pursuit of such values is becoming a significant task for many companies; promoting strong ESG values has become the solution for such need for value creation, with more than 90% of S&P Companies and 70% of Russell 100 companies generating sustainability reports every year. Successful incorporation of the values that companies are recognizing would be a significant task many companies would need to complete for them to flourish in the future.
With digital transformation disrupting the banking industry and creating new competitors in the fintech space, banks have been heavily pressured to develop a solution of their own across their value chain. Investment banking is one of the more obscure sectors that have received less attention than its counterparts for widescale digitalization. Despite digital technologies already being an integral part of every capital markets professional and having transformed the sales and trading business, corporate and investment banks have shown mixed and often disappointing results in regard to digital solutions. However, exploring the different approaches, priorities, and risks that involve digital transformation is crucial given the potential value that such solutions can provide.
Investment banks have experienced setbacks due to two overarching reasons in the past: volatile revenues, and increased competition. According to a report from Accenture, “despite significant cost-cutting measures, quarterly revenues in investment banking have been stagnating” (Accenture). The main aspects of the value chain that are driving weak returns are volatility in trading volumes, competitive advisory fees, falling revenues in merger and acquisition activities, and stringent capital and liquidity requirements. Furthermore, the increased regulatory measures have added to the burdens of investment banks and driven more costs. In addition to these trends, the competition in the capital markets industry has been ever-growing with the introduction of FinTechs. Financing through crowdfunding and peer-to-peer lending has eliminated the need for existing investment banking services and brokers, and more and more FinTechs are entering the market and providing alternative services that replicate and improve the services of traditional investment banks. Both of these challenges call for a revamped business model that is driven by digital that can cut costs and also keep up with new trends in the Fintech space.
Digital transformation provides great potential in optimizing the business to boost weak returns. The problem around volatile revenues encompasses inefficiencies in the value chain that can be addressed through the implementation of technologies like robotic process automation (RPA), machine learning, artificial intelligence, and data analytics. Ralf Bemman and Bhuvana Karthik from Accenture believe that these solutions alongside other disruptive technologies such as blockchain, virtual customer assistants, and advanced analytics will play a key role in “streamlining and simplifying processes, eliminating redundant ones, and curtailing investments in monotonous and repetitive internal processes” (Accenture). When looking into a traditional investment bank’s value chain, the client onboarding process in front-office operations was determined to show the highest potential and urgency for automation that can reduce the team size and time required for processing client onboarding. Bemman and Karthik also emphasize that new competition should be tackled through both competition and collaboration, allowing banks to improve existing services and tap into innovative ideas, while also developing innovative solutions through digital channels and interactive technologies that retain their existing clients base. Upgrading legacy applications through blockchain and RegTech collaborations is one way that investment banks can upgrade their value chain to address larger clearing volumes, ensure regulatory compliance, consolidate reporting, and provide customized reports.
However, despite the advantages of going digital in investment banking, investing heavily in digital is not a clear cookie-cutter answer for all banks. In McKinsey’s report on Digital Success in Capital Markets, analysts outlined that there were two different routes for success in digitalization for investment banks: the all-in route and the targeted route. Determining which route a bank should take depends entirely on its positioning. Banks that have a substantial portion of revenues coming from clients who are focused on executing at low cost and capital markets divisions facilitating adjacent businesses that are going digital, such as wealth management units, transaction banking, and retail banking will require highly digitized service models. However, banks that serve clients with highly customized needs such as pension and insurance funds seeking complex asset-liability management solutions will find digital services less urgent in many aspects of the value chain. Furthermore, banks should evaluate their track record with digital initiatives; those who are “late entrants, that have struggled to deliver historically, or that are constrained by funding” may find it better to explore limited digitization, to begin with (McKinsey).
Investment banking may see new opportunities going forward with digital and centering business models around disruptive technologies, but challenges have and always will be present. Assessing previous hiccups in the introduction of digital is key to developing a focused and successful migration path that is set up for success. Previously, banks “have misread the economics of electronic trading, failed to anticipate market structure changes or engaged in expensive ‘me too’ initiatives that were not sufficiently differentiated” (Mckinsey). Alongside these missteps, they have also underestimated the capabilities required for digital transformation to succeed. Moving forward, McKinsey has identified four immediate priorities that address many of these mistakes: clearly defining digital strategy for each sector, building digital capabilities and operating models, implementing “no regret” digital transformations and end-to-end automation, and fueling the innovation pipeline.
Bemmann, Ralf, and Bhuvana Karthik. “Charting the Digital Journey for Investment Banking: Part 1 .” Accenture, 2018, https://www.accenture.com/_acnmedia/pdf-83/accenture-charting-digital-journey-investment-banking-part-1.pdf.
Bemmann, Ralf, and Bhuvana Karthik. “Charting the Digital Journey for Investment Banking: Part 2.” Accenture, 2018, https://www.accenture.com/_acnmedia/pdf-89/accenture-charting-digital-journey-investment-banking-part-2-pov.pdf.
Buehler, Kevin, et al. Two Routes to Digital Success in Capital Markets. McKinsey, Oct. 2015, https://www.mckinsey.com/~/media/McKinsey/Industries/Financial%20Services/Our%20Insights/Two%20routes%20to%20digital%20success%20in%20capital%20markets/Two-routes-to-digital-success-in-capital-markets.ashx.
Springfield, Cary. “Can Investment Banking Successfully Embrace Digitalisation?” International Banker, 24 Mar. 2021, https://internationalbanker.com/banking/can-investment-banking-successfully-embrace-digitalisation/.
Buehler, Kevin, et al. Two Routes to Digital Success in Capital Markets. McKinsey, Oct. 2015, https://www.mckinsey.com/~/media/McKinsey/Industries/Financial%20Services/Our%20Insights/Two%20routes%20to%20digital%20success%20in%20capital%20markets/Two-routes-to-digital-success-in-capital-markets.ashx.
A representative example of a human-centered design can be said to be a wearable device. Currently, the biggest stake in the wearable device business in Korea is the elderly wearable device. The greatest potential of wearable devices is that they can be a medium for platform linkage. The core of the wearable device platform is to distribute wearable devices to the elderly population by linking institutions such as welfare institutions and telecommunications companies, collect data of the elderly, share it among institutions, and provide linked services. This journal will address the elements necessary for wearable devices to connect with the platform.
(Wearable technology daily usage rates, Statista)
If wearable devices for the elderly are commercialized in Korean society, they can be said to be an extension of the u-care service, a digital welfare service. Activity sensors, gas and fire sensors, and emergency callers can be installed at home for the elderly living alone, and if the elderly living alone is not active or is significantly lower than usual, the institution can be expanded to check their safety by phone. Furthermore, it is possible to compensate for the problem that the u-care service is not widely implemented due to a shortage of manpower. This is because if the devices are distributed, caregivers can manage the safety of the elderly by integrating them into machines without visiting them in person. Public institutions that can be linked include fire engines, surrounding elderly institutions, and medical institutions. First of all, firefighting agencies can receive emergency calls and fire report signals sent by the elderly to their terminals in real-time. In addition, if an outlier appears in which the degree of water and electricity use measured in the data is lower than the average, it can be dispatched after receiving a report from a nearby elderly institution that manages the device. Elderly institutions can collect GPS data and provide safe zone services with the consent of the elderly themselves or their guardians. When the elderly with dementia leaves the designated place, they can provide a service in the form of notification to local institutions immediately.
Medical institutions can collect medical-related data on the elderly and provide appropriate welfare data in connection with welfare institutions. A representative example is the provision of nursing services for stroke patients using k-cluster cluster analysis. Seoul National University's Graduate School of Medicine analyzed the data of stroke patients and divided them into long-term care groups and short-term care groups to provide nursing services for an appropriate period. If the above institution is linked, it is possible to achieve data welfare governance in which institutions and companies cooperate, not central government-centered welfare provision.
(Wearable device usage example, Senior Lifestyle)
The key to the "platform for all" is to allow as many people as possible to enjoy the benefits of data welfare services without difficulty. This means that the elderly population is more likely to have lower device utilization and judgment ability than other generations. The screen should be composed of large letters, simplified screens, and pictograms so that there is no inconvenience in use, and interfaces using touch (vibration), vision (red use in emergency situations), and hearing should be configured. You will also need a shortcut button to contact the emergency contact network.
The limitation of the welfare platform through devices is that the national budget alone cannot cover the supply of devices for the entire population. From a long-term perspective, it is possible to earn profits by reducing the labor cost of welfare workers through device distribution, but this takes a long time and even if it earns profits through this, there are budget limitations. Therefore, it is necessary to supplement the limitations of device distribution with data welfare services to be described later and expand the scope of welfare in the form of distributing devices to as many populations as possible by linking them with telecommunication companies and platform companies.
(Wearable device industry growth, Business Insider)
The closer you are to the city and the center, the more likely you are to see the benefits of technological development, but in farming and fishing villages and provinces, technology alienation is occurring because related infrastructure is inadequate. To solve this problem, a community care system should also be included in the platform that allows locals and businesses to form a cooperative relationship within data governance to enjoy the benefits of data technology development. The basic concept of community care is a policy that integrally supports social services so that residents in need of care can enjoy individual services in the region and live together in the community. The types of subjects of the elderly model are clustered to provide services accordingly. The classification presented by the state is divided into five models, which are health promotion, chronic diseases, and long-term care. Health care/welfare services in the community can be provided to health care targets discovered based on data, and are conducted through cooperation between health centers and private companies.
“Wearable Technology for Seniors.” Senior Lifestyle, 5 Nov. 2021, https://www.seniorlifestyle.com/resources/blog/wearable-technology-for-seniors/.
Stewart, Conor. “Wearable Technology Daily Usage Rates 50+ Adults by Group U.S. 2019.” Statista, 28 July 2020, https://www.statista.com/statistics/1088638/wearable-technology-daily-usage-rates-among-older-adults-by-age-group-us/.
Intelligence, Insider. “Wearables Usage Has Dropped Significantly - but There's a Silver Lining.” Business Insider, Business Insider, 26 Aug. 2016, https://www.businessinsider.com/wearables-usage-has-dropped-significantly-but-theres-a-silver-lining-2016-8.
Wearable Technology for the Elderly: Underutilized Solutions. https://www.researchgate.net/publication/308006477_Wearable_technology_for_the_elderly_Underutilized_solutions.
Olmedo-Aguirre, José Oscar, et al. “Remote Healthcare for Elderly People Using Wearables: A Review.” Biosensors, vol. 12, no. 2, 2022, p. 73., https://doi.org/10.3390/bios12020073.
Over the past decades, the global society has been rapidly shifting from conventional analog to digital technologies. Such transition has brought about numerous benefits to mankind, such as reinforced international connectivity, enhanced data collection, and freedom from spatial restraints. A less renowned field where digitalization has come into active use is cultural heritage preservation. International organizations, governments, and museums worldwide have made significant progress in this sector, creating a sustainable and inclusive reservoir of heritage. This article looks into the implementation and outcomes of these activities.
Being rich in cultural heritage as well as the resources to protect and preserve them, the European Union (EU) and its constituting countries have actively powered cultural heritage efforts throughout the 21st century. The utilization of digital technology has been one of them. From artificial intelligence to 3D tech and virtual reality, these technologies are being utilized to not only ensure preservation but also to promote the European culture and engage broader audiences both in and out of the EU. In 2019, 26 EU countries signed a Declaration of cooperation on advancing the digitalization of cultural heritage. The Declaration “invites the Member States to leverage synergies between digital technologies and Europe’s cultural heritage in three key areas: (i) a pan-European initiative for 3D digitization of cultural heritage artifacts, monuments, and sites; (ii) enhancing cross-sector, cross-border cooperation and capacity building in the digital cultural heritage sector; and (iii) fostering civic engagement, innovative use and spillovers in other sectors” (European Commission). In the following year 2020, the European Commission released the “10 basic principles for 3D digitization of tangible cultural heritage” which served as an important guideline for museums and heritage professionals. The need for digitalization was further highlighted with the start of COVID 19, which caused many cultural institutions to close. However, many were able to quickly respond by expanding their pre-established digital services. The European Commission also offers sustained support for cultural heritage innovation and research through its Horizon 2020 program. From 2014 to 2020, the program has funded around 70 million euros in digital cultural heritage.
(damaged Iraq heritage site, UNESCO)
The United Nations Educational, Scientific, and Cultural Organization (UNESCO) is another leading actor in the digitalization of cultural heritage. Similar to the activities of the EU, the international organization focuses on preservation through documentation and making culture more accessible to a wider audience. As part of its initiative, UNESCO has launched the #ShareOurHeritage campaign in collaboration with Google Arts & Culture. It is an interactive online exhibition featuring UNESCO World Heritage sites from across the globe, including the Mudejar Architecture of Aragon of Spain, Ngorongoro Conservation Area of Tanzania, and the Pampulha Modern Ensemble of Brazil. Another significant activity of UNESCO is the protection and preservation of cultural heritage in conflict zones. An exemplary case is Iraq. While home to six UNESCO world heritage sites, the country, and its heritages have been constantly affected by unstable conflict situations, which resulted in deliberate and non-deliberate destruction of heritage as well as looting of relics. In response, the Iraqi State Board of Heritage and Antiquities has proposed an initiative to “create a central database and digitally preserve and archive historical documents and photographs related to World Heritage sites in Iraq. The project will collect the pictures and documents held in several archives, digitize them, and catalog them to improve access to crucial conservation material and ensure the documents’ safeguarding” (UNESCO). Similar measures are being undertaken in Middle Eastern and African conflict zones as a sustainable and accomplishable way to preserve valuable information.
(before and after digital reconstruction of Leptis Magna of Lybia, CBNC)
In addition to nation-states and international organizations, some public sectors have also joined heritage preservation efforts by utilizing digital technology. In 2020, the London-based agency NeoMam Studios and insurance company Budget Direct have collaborated to digitally reconstruct destroyed heritage sites. With input from Turkish and Serbian architects, computer-generated renderings, and animations, the sites were digitally restored to their state before destruction. Museums and universities have also launched digital restitution projects. The ArchAIDE project led by the University of Pisa has developed “innovative software to identify fragments of pottery found during excavations and to store them in a dedicated database” (Cordis). According to archeologist Gabriele Gattiglia, this software will be able to save up to two-thirds of the time and effort spent on the identification of pottery artifacts.
The role of digital technology in cultural heritage preservation has increased continuously over the past decade, with funding and involvement of nations, international organizations, and private sectors. While COVID 19 has highlighted the need for digitalization, global demand and the need for digital expansion are prospected to continue in the post-COVID era. Following this, interregional collaboration similar to that of the EU would be much needed for an effective, sustainable, and inclusive digital environment for heritage preservation.
Devčić, Helga Bubanović, and Ivana Šimunec. “How Digitization Can Help to Preserve the Cultural Heritage.” EY, 25 June 2021, https://www.ey.com/en_hr/consulting/how-digitization-can-help-to-preserve-the-cultural-heritage-.
“Exploring World Heritage from Home with UNESCO.” UNESCO, 30 Sept. 2020, https://en.unesco.org/covid19/cultureresponse/exploring-world-heritage-from-home-with-unesco.
“How Digital Technologies Can Play a Vital Role for the Preservation of Europe’s Cultural Heritage.” European Comission, 16 Feb. 2021, https://cordis.europa.eu/article/id/413473-how-digital-technologies-can-play-a-vital-role-for-the-preservation-of-cultural-heritage.
Pitrelli, Monica Buchanan. “Watch These 5 Endangered UNESCO Sites Get Digitally Restored in a Matter of Seconds.” CNBC, CNBC, 30 July 2020, https://www.cnbc.com/2020/07/30/watch-5-unesco-sites-get-digitally-restored-in-a-matter-of-seconds.html.
Despite the endless chaos surrounding the Ukraine and Russian war, the world keeps moving and there is no time for rest without new surprises. Elon Musk comes out strong with bold statements regarding the acquisition of Twitter, South Korea sees its new president take office in a new era, and the cryptocurrency market warns investors once again of the dangers of alternate vehicles of investment.
- #Elon Musk’s deal to acquire Twitter is on hold.
On April 14th, Elon Musk offered to buy Twitter for 44 billion dollars, a valuation that prices a share of Twitter at $54.20, 9 dollars above the market value. Elon expressed that he believed that Twitter had huge potential to be a platform for free speech for everyone around the world, but also wanted to make some changes to the way the platform was run. One thing is clear: Elon Musk’s takeover of Twitter is not focused on gains but on shaping Twitter into Musk’s ideal platform for freedom of speech.
Musk’s decision to take over Twitter came about after a little incident involving Musk’s interest in the company. Previously, although Musk had attempted to get a minority stake of 15% of the company to make changes to the company, his plans were halted when the underlying offered him a seat on the board of directors, which restricted him from owning 15% of the company and dictating any changes. Thus, Elon Musk attempted to bypass these restrictions by offering to take over the entire firm. Not only did Elon Musk offer to buy Twitter, but SEC filings showing that Musk had sold 8.4 billion dollars worth of Tesla shares also show his commitment to the takeover. On April 25th, Twitter accepted Elon Musk’s offer at a 44 billion dollar valuation, but the deal is far from over. More recently, Elon Musk has put the deal on hold due to pending details on spam/fake accounts on the platform that has to be cleared up, but also highlights that he is still committed to the deal. In the case that the deal does not go through, Elon Musk will have to pay a 1 billion dollar breakup fee and also faces the risk of being sued for a breach of contract. Time will tell whether this deal is serious or just another of Elon’s memes on Twitter.
Yoon Suk-yeol was sworn into office as the new president of South Korea on May 10th. In his inaugural speech, Yoon expressed once more his conservative values and policies: stronger sanctions against North Korea, and closer ties with the United States, among others. And, despite accusations of President Yoon “pandering to widespread sentiment against China as well as an anti-feminist movement led by young South Korean men,” Yoon vowed to stand up for values like freedom and liberal democracy and is set on leaving a good impression on the people (Sang-hun, Choe). One of his first moves as president, a change in the presidential office from the Blue House to the Defense Ministry compound in Yongsan District, displays Yoon’s determination to show the people that he is insistent on delivering change.
Aside from the political frictions that come with Yoon’s inauguration, many have turned to the new president for a hope for change in South Korea’s housing market. South Korea’s housing prices saw the largest surge since the early 2000s last year, and policies regarding the housing market has been a major factor in the presidential election. Yoon’s agenda promises the removal of high capital gains taxes on multiple homeowners, which his party believes would encourage the homeowners to sell their properties and ultimately lead to a more stable real state with lower prices. More recently, however, the housing market has seen the opposite effect due to the anticipation of Yoon’s policy changes; “an 84-square-meter apartment which sold for 2.55 billion won in February listed at between 2.7 and 2.8 billion won” in April (Lee, Ho-Jeong, and Eun-Hwa Han). However, expectations for these policy changes remain relatively high, and Korea may be finally seeing concrete changes to the housing market.
Luna, a cryptocurrency, has lost nearly all of its value and collapsed to nearly 0 dollars from an all-time high value of $119. Luna is a cryptocurrency that is affiliated with TerraUSD, also known as UST, which is a stablecoin that stabilizes the price of the underlying to maintain a one-to-one peg with the U.S. Dollar. TerraUSD is able to keep the relative price to the dollar stable through a complex system of minting and burning that involves the burning of Luna cryptocurrency but recently has not been able to maintain the relative price ratio. When TerraUSD’s value fell and become less valued than the dollar, Luna, which is correlated to TerraUSD, quickly fell in price with it.
More and more investors have become skeptical of Luna and have started dumping the coin after TerraUSD lost its peg. The mass-selling of Luna was so intense that Binance, one of the largest cryptocurrency exchanges, had “slowness and congestion” due to the “high volume of pending Terra network withdrawal transactions” (Kharpal, Arjun). Furthermore, the cryptocurrency exchange had to suspend the withdrawal of Luna for a few hours during the mass dump. This incident surrounding TerraUSD and Luna brings great skepticism to an already down cryptocurrency market and tests the credibility of investment vehicles.
Whether Elon Musk ultimately goes through with the deal with Twitter or not, there will certainly be changes or repercussions to the bold offers made by Musk. We may also possibly see a directional shift in Twitter’s policies and values. South Korea, in a very similar light, is seeing the introduction of a new leader that comes with new ideologies and policies. These changes leave us curious about what the future may hold. The cryptocurrency market, which has already taken a beating in recent quarters, continues to be disappointed by examples like Luna, which continuously shed a skeptical light on the technology.
Sources (of research and visuals)
Hawkins, Andrew J. “Elon Musk Buys Twitter: All the News You Need on One of the Biggest Tech Deals of All Time.” The Verge, The Verge, 16 Apr. 2022, https://www.theverge.com/23026874/elon-musk-twitter-buyout-news-updates.
Kharpal, Arjun. “Cryptocurrency Luna Now Almost Worthless after Controversial Stablecoin It Is Linked to Loses Peg.” CNBC, CNBC, 13 May 2022, https://www.cnbc.com/2022/05/12/cryptocurrency-luna-now-almost-worthless-after-ust-falls-below-peg.html.
Kim, Sarah. “Korea's New President, Yoon Suk-Yeol, Gets Fresh Start in New Location.” Korea JoongAng Daily, https://koreajoongangdaily.joins.com/2022/05/09/national/politics/Korea-Yoon-Sukyeol-inauguration/20220509230113162.html.
Lee, Ho-Jeong, and Eun-Hwa Han. “Yoon Promises to Deliver on Property Campaign Promises.” Korea JoongAng Daily, https://koreajoongangdaily.joins.com/2022/04/04/business/economy/Yoon-Sukyeol-Real-estate-Moon-Jaein-debacle/20220404192009235.html.
Sang-hun, Choe. “In Korea, a New President in the South Vows a Harder Line on the North.” The New York Times, The New York Times, 10 May 2022, https://www.nytimes.com/2022/05/10/world/asia/south-korea-yoon-president.html.
Sherman, Alex. “Elon Musk Can't Just Walk Away from His Twitter Deal by Paying a $1 Billion Breakup Fee.” CNBC, CNBC, 14 May 2022, https://www.cnbc.com/2022/05/13/elon-musk-cant-just-walk-away-from-twitter-deal-by-paying-1-billion.html.