Democratic Party Sets August 17 for Leadership Election Convention The Democratic Party announced it will hold a convention to elect its next leader on August 17. The party also plans to establish a special committee to investigate the recent shortage of ballots during the June 3 local elections. Kang Jun-hyun, the party's chief spokesperson, spoke to reporters after the Supreme Council meeting on June 10, stating, "I will announce the decisions made during the closed meeting," adding, "We agreed to hold the convention on August 17." Kang explained that June 10, 2026

New Law Criminalizes Distribution of False Information on Comfort Women The new law allows for criminal penalties for the dissemination of false information regarding 'comfort women,' which was previously only punishable under defamation laws. The Ministry of Gender Equality and Family announced on June 10 that the revised law on the protection, support, and commemoration of Japanese military 'comfort women' victims will officially take effect on June 11. This law provides a legal framework for the state to respond more actively to acts of historical distor June 10, 2026

Financial Authorities Reform Debt Collection Practices for Delinquent Loans South Korea's financial authorities are set to reform the practice of debt collection for personal delinquent loans, which has allowed financial companies to continue pursuing debts even after receiving tax benefits. Under the new rules, financial institutions must complete the statute of limitations before they can claim tax benefits for recognizing personal delinquent loans as losses. On June 10, the Financial Services Commission and the Financial Supervisory Service announced a pre-not June 10, 2026

Consumer Coupons Boost South Korea's Economic Growth by 0.12% The consumer recovery coupons distributed to all citizens last year have reportedly increased South Korea's economic growth rate by approximately 0.12%. The Bank of Korea's research department released these findings on June 10 in its "BOK Issue Note" analyzing the economic impact of the consumer recovery coupons. A total of 13.522 trillion won was allocated for the consumer recovery coupons, with about 70% provided through credit cards and the remainder through local love gift certificat June 10, 2026

AI Utilization Gap Between Large and Small Enterprises Driven by Organizational Environment Amid the rapid expansion of generative AI, a report from the Korea Chamber of Commerce and Industry has highlighted the structural gap in AI utilization based on company size, emphasizing the urgent need to create conditions that facilitate AI adoption. According to the report titled "The Gap in Generative AI Utilization Between Large and Small Enterprises: The Role of Capabilities and Organizational Environment" (by Kim Yong-mi and Lee Chang-geun), the gap in basic generative AI utilizat June 10, 2026

Korean Party Holds Runoff Vote for Next Floor Leader The People Power Party's election for its next floor leader took place on June 10, with four-term lawmaker Kim Do-eup and three-term lawmaker Jeong Jeom-sik advancing to the runoff. Seong Il-jong, who finished third, was eliminated.The party held a general meeting at the National Assembly to conduct the election, which featured a three-way contest among Kim Do-eup, Jeong Jeom-sik, and Seong Il-jong.An initial vote was held, but no candidate received a majority of the votes, prompting an immedia June 10, 2026

Reassessing Flood Management Strategies in the Era of Climate Change As urban flooding and overflow from tributaries become more frequent due to climate change, the government and experts are reevaluating the existing flood response system, which has primarily focused on river maintenance. New flood management strategies, including integrated watershed management and AI-based forecasting systems, are now on the agenda. The National Water Management Committee, under the direct supervision of the President, announced on June 10 that it will hold its first reg June 10, 2026

Government Designates 10 Innovative Water Companies, Supports Overseas Expansion for 5 Years On June 10, the government announced the designation of 10 promising small water companies as innovative water enterprises. This follows the success of previously designated companies in expanding exports and securing overseas projects, demonstrating tangible business effects.The Ministry of Climate, Energy, and Environment revealed that it has finalized the selection of 10 small water companies for the seventh round of innovative water enterprises. A certificate presentation ceremony is schedul June 10, 2026

China's Producer Prices Surge Amid Rising Raw Material Costs and AI Demand China's producer price index (PPI) recorded its largest increase in nearly four years in May, attributed to rising raw material costs driven by instability in the Middle East and increased demand for artificial intelligence (AI) investments. According to the National Bureau of Statistics of China, the PPI rose 3.9% in May compared to the same month last year, surpassing last month's increase of 2.8% and exceeding Reuters' forecast of 3.8%. This marks the highest monthly increase since Ju June 10, 2026

Special Prosecutor Summons Shin Won-sik Over Martial Law Justification Messages The second comprehensive special prosecutor's team, led by Special Prosecutor Kwon Chang-young, has summoned Shin Won-sik, the former head of the National Security Office, as a suspect in an investigation into allegations of insurrection related to the emergency martial law declared on December 3. The special prosecutor's office is investigating whether former President Yoon Suk Yeol directed Shin to communicate messages justifying the martial law to allied countries, including the United June 10, 2026