New York market closed for Thanksgiving… Hong Kong's worst fire disaster, 75 dead [Morning Briefing]

◆ New York market closed for Thanksgiving; the 28th is a half-day

In observance of Thanksgiving, U.S. markets are closed on the 27th local time, and will be open only for a half-day on the 28th. Thanksgiving is the fourth Thursday of November each year; this year it falls on the 27th. U.S. capital markets close for the full trading day on Thanksgiving. The 28th, when the U.S.'s biggest shopping season 'Black Friday' begins, will be a half-day. U.S. capital markets, including stock markets, close at 1:00 p.m. The period from the Friday after Thanksgiving through Christmas and New Year is the U.S.'s peak shopping season.

◆ Hong Kong's deadliest fire disaster in 77 years… 75 dead, 76 injured

At least 75 people were killed and 76 injured in a high-rise apartment complex fire in Hong Kong on the 26th (local time). With many missing and seriously injured, casualties are expected to rise. According to foreign media on the 27th, a report came in that a fire broke out at about 2:51 a.m. the previous day at 'Wang Fuk Court' (Wang Fuk Court), a 32-story residential high-rise apartment complex in the Tai Po district in northern Hong Kong. Seven of the complex's eight blocks caught fire. In four blocks, flames were largely brought under control after about 10 hours, but the remaining three blocks only entered the extinguishing phase that evening, more than 24 hours later.

The fire resulted in at least 135 casualties, making it Hong Kong's worst since the 1997 handover from Britain to China, and the deadliest in 77 years since the 1948 Hong Kong warehouse fire that killed 176 people. The Hong Kong Fire Services Department said that as of 10:40 p.m. that day, 75 people had died. Among them were one firefighter and two Indonesian domestic helpers, it was reported. The death toll had been identified as 44 by that morning, rose to 55 in the afternoon, and to 75 by the evening. With many missing and a significant number of severely injured among the wounded, the death toll is expected to rise. Injuries are provisionally tallied at 76, including 11 firefighters. Determining the exact cause of the fire is likely to take time, but bamboo scaffolding and construction safety nets installed for apartment repair work have been identified as major factors in the disaster.

◆ Marine special prosecutor concludes 150-day investigation… Special Prosecutor Lee Myung-hyun to announce results personally

The special prosecutor team led by Lee Myung-hyun, investigating alleged pressure and cover-ups related to the in-service death of Chae Sang-byung, will hold a final briefing on the 28th to wrap up their 150-day investigation and announce the final results. Until now, regular briefings had been conducted by Special Prosecutor Deputy Jeong Min-young, but on this day Special Prosecutor Lee Myung-hyun will speak personally. So far, the special prosecutor team has referred a total of 28 people to trial, including 16 key suspects in allegations of investigation interference (including former President Yoon) and the alleged Australia escape involving former Defense Minister Lee Jong-seop; five current and former Corruption Investigation Office (CIO) officials including Director Oh Dong-woon; five persons responsible for Chae Sang-byung's death, including former 1st Division commander Im Seong-geun of the Marine Corps; and two military prosecution officials. At the briefing, they are expected to present specific investigation results on allegations concerning the National Human Rights Commission's dismissal of Colonel Park Jung-hoon's emergency relief and complaint, allegations of investigation interference at the Gyeongbuk Provincial Police Agency, and allegations of lobbying to exonerate former division commander Im. The special prosecutor team plans to transition to full prosecution maintenance from the 29th and has decided to structure the team so that those who investigated the case will continue to handle prosecution.

◆ National Pension monthly maximum 3,185,040 won… With 20 years of contributions, average is 1,120,539 won

As the National Pension system, introduced in 1988, matures, cases of receiving more than 3 million won per month in old-age pension (the typical form of National Pension received upon reaching pension age) have been confirmed. According to the National Pension Service's 'National Pension Published Statistics as of July 2025' on the 28th, the highest monthly amount received by a pensioner is 3,185,040 won. The highest receiving amount is understood to be the result of pensioners increasing their pension through deferred pension applications or long-term contributions. By contrast, the average monthly amount for all old-age pension recipients is around 680,000 won, revealing a clear gap in received amounts depending on contribution period. This suggests that the quality of retirement security provided by the National Pension depends on 'how long and consistently one pays.'

The National Pension's payout is structured to be proportional to contribution period and payment amounts. The average monthly amount for 'full old-age pension' recipients who have contributed for 20 years or more is 1,120,539 won, far exceeding the overall average. By contrast, those with contribution periods between 10 and 19 years have an average monthly receipt of 442,177 won. In the end, it is calculated that by consistently working or maintaining regional subscription and paying premiums for 20 years or more, one can secure a pension that exceeds basic subsistence levels. This again confirms that 'long-term enrollment' is essential for the National Pension to shed its reputation as a 'pocket-money pension' and function as a real retirement safety net. The National Pension needs to be approached not as a simple tax but from the perspective of an investment for the future. Experts point out that pension investment strategies that actively use credit systems or retroactive payment schemes to extend contribution periods are needed to raise pension payouts.

◆ Mostly clear nationwide but chilly… beware of icy roads and black ice

Friday the 28th will be mostly clear nationwide, but temperatures will fall and it will be cold. Cold air from the north has moved in, lowering morning temperatures compared with yesterday. Strong winds will make the felt temperature even lower. As of 5 a.m. that day, temperatures were: Seoul -0.5°C, Incheon 0.0°C, Suwon -0.9°C, Chuncheon -0.4°C, Gangneung 3.6°C, Cheongju 2.2°C, Daejeon 2.4°C, Jeonju 4.8°C, Gwangju 5.9°C, Jeju 9.9°C, Daegu 4.5°C, Busan 4.9°C, Ulsan 4.5°C, Changwon 5.3°C. Daytime highs are forecast at 5 to 12°C. With temperature differences of more than 10 degrees between day and night, previously fallen rain or snow will freeze, creating many icy roads and patches of black ice, so caution is advised. Fine dust concentrations are expected to be 'Good' to 'Moderate' across all regions.

Kim Ye-rang, Hankyung.com reporter yesrang@hankyung.com