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KOSPI rebounds day after record crash SEOUL, June 24 (AJP) - South Korea's benchmark KOSPI rebounded 3.3 percent to close at 8,471.02 on Wednesday, standing apart from a mixed regional session a day after its record crash. The index rose 267.18 points, recovering less than a third of the 910.71 points it lost on Tuesday. The junior KOSDAQ gained 2.0 percent to 909.31. Samsung Electronics powered the bounce, jumping 9.8 percent after it was reported to be mulling a record buyback of $65 billion buyback scheme, while SK hynix rose just 1.0 percent. The stock reclaimed No. 1 spot in market value in just two days. Domestic buyers carried the recovery, with individuals and institutions buying a combined 4.52 trillion won against another 4.63 trillion won of foreign selling. The snap-back fit a pattern that has held after the market's steepest falls, when a heavy drop is almost always followed by a gain. The region diverged. Japan's Nikkei 225 fell 0.9 percent as Tokyo chip stocks slid, Chinese chipmakers rallied while the Shanghai Composite held flat, and the won weakened. The next test for chip sentiment comes after Wednesday's U.S. close, when memory rival Micron Technology reports earnings watched for signs of AI demand. In Seoul, the recovery followed a now-familiar script. The record 12.1 percent crash on March 4 was met by a 9.6 percent surge the next session, and an 8 percent fall on June 8 by a 4.8 percent rebound on June 9. By one count in Korean media, eight of the index's 10 worst single-day drops were followed by a gain the next day. The bounce broadened as the session wore on, moving beyond chips into biotechnology and pharmaceutical shares. Samsung Biologics rose 9.2 percent to 1,390,000 won ($901), among the day's strongest gainers. Tuesday's fall was the largest single-day point drop in KOSPI history and its fifth-largest by percentage, and it triggered the year's fourth circuit breaker. The record by percentage remains the 12.06 percent plunge on March 4, 2026, after the outbreak of the U.S.-Iran war, followed by a 12.02 percent fall on Sept. 12, 2001, an 11.63 percent drop on April 17, 2000, and a 10.57 percent fall on Oct. 24, 2008. In Japan, the Nikkei 225 gave up an early advance to close at 69,174.97. Tokyo Electron fell 4.2 percent to 69,900 yen, Lasertec dropped 2.7 percent to 50,610 yen, and Advantest slipped 0.7 percent to 31,200 yen. In China, chip shares ran the other way. SMIC, the country's largest contract chipmaker, climbed 7.7 percent, JCET Group rose 10.0 percent, and Cambricon gained 3.5 percent, while the Shanghai Composite closed little changed at 4,109.56. The won weakened even as equities rallied, with the dollar quoted at 1,542.60 won, up 9.10 on the day, under the weight of the foreign outflow. South Korea's regulator has signaled it may tighten rules on the leveraged single-stock funds blamed for magnifying the recent swings. The next read on chip demand arrives with Micron's results after the U.S. close. 2026-06-24 16:20:43 -
Global Oil Stocks Drop by 3.8 Million Barrels Amid Middle East Conflict, IEA Warns As negotiations between the United States and Iran continue, concerns are rising over global oil supply instability, particularly with summer demand on the horizon. Following the outbreak of conflict in the Middle East, oil shipments through the Strait of Hormuz have plummeted, leading to a daily average decrease of 3.8 million barrels in global oil stocks. Experts warn that if the Strait of Hormuz does not return to normal operations, supply instability in the international oil market could worsen in July and August. According to the International Energy Agency (IEA) on June 24, oil shipments through the Strait of Hormuz, which averaged around 20 million barrels per day before the conflict, fell to an average of 2.7 million barrels per day from March to May. This has resulted in an estimated cumulative supply loss of over 1.3 billion barrels from Middle Eastern oil producers. The IEA has characterized this situation as the "largest oil supply disruption in history," noting that it is effectively the first time the Strait of Hormuz, a critical route for major energy exports including Middle Eastern crude oil, liquefied petroleum gas (LPG), and naphtha, has been blocked. The Asia-Pacific region, which heavily relies on Middle Eastern oil and petroleum products, has faced significant supply pressures since the onset of the crisis. Despite the severe impact on oil supply, the effects have not fully transferred to the oil market. The global release of strategic reserves and alternative export routes from Middle Eastern countries have played a significant role in mitigating the crisis. Additionally, non-Middle Eastern oil exports have also shown an upward trend. The IEA estimates that global oil stocks have decreased by an average of 3.8 million barrels per day since the conflict began. This rapid depletion of reserves has helped fill the supply gap. IEA member countries also agreed to release a historic 400 million barrels of emergency reserves at the onset of the crisis. Middle Eastern oil producers have reduced their dependence on the Strait of Hormuz by utilizing alternative export routes. Saudi Arabia has increased exports through its east-west pipeline to the Red Sea port of Yanbu. The United Arab Emirates (UAE) has maintained exports through pipelines and storage facilities from Habshan to Fujairah, as well as alternative routes. Increased supply from non-Middle Eastern countries, including the United States, has also provided some relief to the market. The IEA noted that export increases from the U.S., Kazakhstan, Brazil, and Venezuela have partially filled the shortfall in the Asian market. Notably, U.S. crude oil and petroleum product exports rose by 25% last month compared to a year earlier. Demand contraction has also alleviated market pressures. The IEA projects that global oil demand in the second quarter of this year will decline by nearly 5 million barrels per day compared to the same period last year. On an annual basis, a decrease of 1.1 million barrels per day is expected, marking a significant shift from earlier forecasts in February, which anticipated an increase of 850,000 barrels per day. However, the current stability is not structurally sound. The release of strategic reserves is merely a short-term measure, lacking sustainability. Alternative exports and increased non-Middle Eastern supply face logistical and infrastructural limitations, making the complete reopening of the Strait of Hormuz essential for the normalization of the oil market. With the summer peak season approaching in the Northern Hemisphere, demand for jet fuel and gasoline is expected to rise in July and August, while global stocks are depleting at a record pace. The IEA warned that if the Strait of Hormuz does not fully reopen, the international oil market risks entering a "red zone" in July and August. South Korea is also facing challenges. The country's energy supply heavily depends on imports of crude oil, LPG, and naphtha, with a significant reliance on Middle Eastern sources. If logistical disruptions in the Strait of Hormuz persist, it could have a cascading effect on refinery costs, petroleum product prices, and the supply of petrochemical feedstocks. Analysts suggest that the government's cautious approach to releasing strategic reserves is aimed at managing supply during the summer months. With international stock declines coinciding with increased summer demand, the burden of energy supply management could intensify in the second half of the year.* This article has been translated by AI. 2026-06-24 16:16:00 -
Real Estate Expert Urges Caution on Tax Reforms at 2026 Forum Woo Byeong-tak, a specialist at Shinhan Bank, noted that following the announcement of the end of the capital gains tax exemption for multiple homeowners, the number of apartments for sale in Seoul surged by about 4,000. However, once the tax was implemented, many of these listings were quickly withdrawn, illustrating that the effects of tax increases may be temporary. Speaking at the 2026 Real Estate Policy Forum organized by Aju Economy at the Korea Press Center in Seoul, Woo emphasized that the market does not always respond as policymakers expect. He cited the example of the capital gains tax exemption for multiple homeowners, which ended on May 10. After the government announced on January 27 that it would not extend the exemption, the number of listings increased significantly in a short period. However, the actual price reductions fell short of expectations, according to Woo. “Market sentiment does not adjust prices in proportion to tax differences,” he said, adding that property owners do not always react rationally to policy changes. While policies aimed at increasing tax burdens may temporarily boost listings, they can lead to a lock-in effect if transactions do not occur. After the implementation of the tax on May 10, unsold properties were quickly withdrawn from the market, and asking prices began to rise again, Woo pointed out. He noted that apartment prices in Seoul had increased by 4.72% by April of this year, suggesting that further price increases could occur in the second half of the year. Woo also expressed caution regarding proposals to reduce the long-term holding tax exemption for high-value single homeowners. While this aims to decrease tax benefits for those with shorter residency periods, he argued that the tax differences compared to the capital gains tax for multiple homeowners are relatively small, which may limit the effectiveness of such measures in stabilizing prices. He identified potential impacts on the rental market as another variable. If high-value homeowners, seeking to maintain tax benefits, evict existing tenants to move in themselves, this could lead to a decrease in available rental properties and an increase in demand for jeonse (long-term lease) in preferred areas of Seoul. While acknowledging the need for stronger property taxes and a reevaluation of official property values, Woo stressed the importance of a balanced approach and comprehensive design. He stated, “We should not only consider the ratio of property taxes to home prices but also look at the overall structure of real estate tax revenue, including inheritance and gift taxes, as well as capital gains taxes, in relation to the GDP.” Regarding the strengthening of the comprehensive real estate tax, Woo explained that the market does not simply react by listing properties in response to increased tax burdens. He cited instances from 2018 to 2022 when some multiple homeowners transferred properties to spouses or children to reduce their tax burdens. While agreeing with the direction of the official property value reassessment, Woo warned against rapid implementation. He noted, “The process of correcting disparities accumulated over 20 to 30 years within a span of 7 to 10 years coincided with periods of rapid price increases, leading to greater tax resistance. As a result, the system itself has faced setbacks in a vicious cycle.” Woo emphasized that reforming real estate taxes is not merely about raising or lowering tax burdens. “We must design the system to protect genuine demand while reducing market distortions,” he said, urging consideration of both policy effects and the actual responses and side effects from market participants.* This article has been translated by AI. 2026-06-24 16:16:00 -
Korean Football Association Confirms Live Broadcasts for All Matches in 2026 World Cup The Korean Football Association has received confirmation from FIFA that all matches of the 2026 North America World Cup will be broadcast in South Korea without interruption, easing concerns over potential disruptions. On June 24, the association stated that its president, Chung Mong-kyu, spoke with FIFA Secretary General Matthias Grafström on June 22 to directly address the domestic broadcasting rights and request FIFA's cooperation. The association reported that FIFA assured them that all matches would be broadcast as scheduled by South Korean broadcasters. The association added that if South Korea advances to the knockout stage, all matches involving the national team, as well as every game in the tournament, will be broadcast domestically as planned. Concerns over the World Cup broadcasts arose following a report by Japanese broadcaster TBS. On June 23, TBS reported that JTBC, the broadcaster responsible for airing all World Cup matches in South Korea, had failed to pay part of the broadcasting rights fees to FIFA. TBS claimed that if the outstanding payments were not made by the deadline, there was a risk that broadcasts in South Korea would be completely halted starting with the Round of 32 matches on June 29. In response, JTBC issued a statement on June 24, asserting that it would broadcast all matches of the 2026 FIFA North America World Cup, including the final, without any issues. They emphasized that they would provide live coverage of the South Korean national team's matches and the tournament's conclusion, urging the public not to be misled by incorrect information. Naver, which holds the exclusive online live streaming rights in South Korea, also stated that it is continuously monitoring the situation regarding the World Cup broadcasting rights and is preparing for stable service, including the upcoming match against South Africa. Meanwhile, TBS highlighted the financial difficulties faced by JTBC as a backdrop to the broadcasting controversy. JTBC secured the domestic broadcasting rights for approximately $125 million (about 190 billion won) but has struggled with negotiations to resell the rights to the three major terrestrial broadcasters (KBS, MBC, SBS). Ultimately, JTBC reached a joint broadcasting agreement with KBS, but reports indicate that KBS paid around 14 billion won for the rights. Under increasing financial pressure due to difficulties in monetizing the rights, JTBC applied for corporate rehabilitation last week.* This article has been translated by AI. 2026-06-24 16:16:00 -
2026 FIFA North America World Cup: Seven Nations Secure Spots in Round of 32 The picture of the 32 teams advancing to the 2026 FIFA North America World Cup is becoming clearer. With Colombia securing its spot, the number of nations confirmed for the knockout stage has risen to seven as of June 24. This tournament has expanded to 48 teams, altering the group stage qualification process. The top two teams from each of the 12 groups will advance directly to the Round of 32, along with the eight best third-placed teams. As the group stage progresses, the rankings of the groups and the performance of third-place teams will become increasingly significant. The most recent team to secure a spot in the Round of 32 is Colombia. On June 24, Colombia defeated the Democratic Republic of the Congo 1-0 in their second match of Group K at Estadio Guadalajara in Mexico. Daniel Munoz scored the decisive goal in the 76th minute. Colombia previously triumphed over Uzbekistan 3-1, marking two consecutive victories and earning six points. Regardless of the outcome of their final match against Portugal, Colombia has confirmed its advancement to the knockout stage, becoming the first team in Group K to secure a ticket. As of June 24, the nations confirmed for the Round of 32 include Mexico, the United States, Germany, Argentina, France, Norway, and Colombia. In terms of FIFA rankings, Argentina is the highest at number one. France ranks third, Germany is tenth, Colombia is thirteenth, Mexico is fourteenth, and the United States is seventeenth. Norway has the lowest ranking among the confirmed teams at thirty-first. Looking at the rankings, the initial teams confirmed for the Round of 32 are predominantly strong contenders. World number one Argentina and third-ranked France are advancing as expected, while Germany and Colombia have also demonstrated their strength within the top ten. Host nations Mexico and the United States have quickly secured their spots, leveraging their home advantage. South Korea currently holds the 25th position in the FIFA rankings. While it ranks lower than Argentina, France, Germany, Colombia, Mexico, and the United States, it is higher than Norway. If South Korea defeats South Africa, it would not be surprising given their ranking, as they would be performing as expected against a team within their competitive range. South Korea will face South Africa in their final match of Group A on June 25 at 10 a.m. South Korea began the tournament with a 2-1 victory over the Czech Republic but suffered a 1-0 loss to Mexico, currently earning three points. The outcome of the match against South Africa will determine their advancement to the Round of 32. The most straightforward scenario for South Korea is to secure a victory. If they defeat South Africa, they will earn six points, significantly increasing their chances of advancing. However, if they draw or lose, they will need to consider the results of the concurrent match between Mexico and the Czech Republic, as well as the performance of third-place teams in other groups. While the Round of 32 is open to third-place teams, the scenarios can become quite complex.* This article has been translated by AI. 2026-06-24 16:16:00 -
2026 Real Estate Policy Forum: Evaluating the First Year of the Lee Jae-myung Administration As the real estate market faces limited recovery due to supply constraints, tax burdens, and worsening financial conditions, experts are calling for simultaneous tax reform and innovation in private supply systems to restore the housing ladder and revitalize the market. They emphasize the need for a "two-way" solution that protects genuine demand without hindering normal transactions and supply. The "2026 Real Estate Policy Forum," organized by Aju Economic Daily and the Global Economic and Financial Research Institute, took place at the Seoul Club in the Korea Press Center on June 24. The forum focused on evaluating the real estate policies of the Lee Jae-myung administration during its first year, examining the successes and limitations of tax and housing supply policies, and discussing future improvements. Attendees included officials from the Ministry of Land, Infrastructure and Transport, the real estate and construction industries, academia, and the financial sector. Kwak Young-gil, Chairman of Aju News Corporation, opened the forum by stating, "The real estate market and construction industry are at another critical crossroads. I hope this forum will not only identify issues but also gather realistic alternatives and productive suggestions." Woo Byeong-tak, a Premier Pathfinder Specialist at Shinhan Bank, presented on the direction and recommendations for reforming real estate taxation to protect genuine demand and address market distortions. He noted that while the real estate tax aims for market stability, it can also lead to side effects such as reduced transactions and a decrease in rental properties. He analyzed that the increased capital gains tax on multiple homeowners and strengthened holding taxes might lower asking prices in the short term but could also lead to stricter residency requirements and a decrease in rental supply, increasing tenant demand. Kim Deok-rye, Head of the Housing Research Office at the Korea Housing Industry Research Institute, continued with a presentation on "Housing Supply of 1.35 Million Units + α and Innovations for Enhancing Private Vitality." He pointed out that while the current government has proposed supplying 1.35 million units in the metropolitan area, expanding urban housing supply, and supplementary measures for non-apartment housing, the actual market recovery has been slow. He highlighted that the 9·7 measures set a goal of supplying 1.35 million units in the metropolitan area over five years, and the 1·29 measures announced 60,000 new constructions for urban housing supply expansion and acceleration, but the on-the-ground experience has been limited. The forum also emphasized the importance of private housing supply. Short-term challenges include establishing a foundation for rental housing supply, adjusting excessive loan regulations for housing demanders and suppliers, and improving land use and building standards to expand the use of non-residential facilities. A panel discussion followed, moderated by Kwon Dae-jung, Chair Professor at Hanseong University. Panelists included Nam Hyuk-woo from Woori Bank, Lee Yoo-ri from the Ministry of Land, Infrastructure and Transport, Yoon Seong-jin from the Korea Research Institute for Human Settlements, and Ko Jong-wan from the Korea Asset Management Institute, who discussed policy directions for restoring the housing ladder and revitalizing the market. Kim Yi-tak, First Vice Minister of the Ministry of Land, Infrastructure and Transport, stated in his address, "The most urgent task in the current housing market is stable housing supply. The government is focusing on normalizing stalled projects and improving conditions for private supply to reignite the dwindling housing supply." Kim Jong-ho, President of the Korea Association of Realtors, remarked, "The real estate market is a key aspect of people's lives. I hope this forum will objectively assess the policy achievements of the past year and generate realistic alternatives for restoring the housing ladder and revitalizing the market." 2026-06-24 16:12:00 -
Concerns Grow Over Leadership Vacancies in South Korea's Small and Medium Enterprises Ministry As key public agency heads under the Ministry of SMEs and Startups approach the end of their terms, attention is turning to a significant leadership reshuffle expected in the second half of this year. According to government sources on June 24, the terms of Kang Seok-jin, head of the Korea SMEs and Startups Agency, and Kim Young-shin, head of the Korea Technology and Information Promotion Agency, will both expire in August. This means that the leaders overseeing crucial policies for small business funding and research and development support will be replaced simultaneously. Additionally, Lee Dal-gon, chair of the Shared Growth Committee, is also facing a term expiration in September. The appointment process for public agency heads involves several steps, including forming a recommendation committee, public recruitment, document and interview evaluations, and reviews by the relevant ministry and the presidential office. Typically, recruitment announcements begin 2 to 3 months before the expiration of an agency head's term, followed by the formation of the recommendation committee. However, as of now, the Korea SMEs and Startups Agency, the Korea Technology and Information Promotion Agency, and the Shared Growth Committee have not yet initiated this process. While a major leadership reshuffle is anticipated, industry insiders believe that the appointment process for agency heads will not commence until the confirmation hearing for Prime Minister nominee Han Sung-sook is completed and the subsequent appointment of the Minister of SMEs and Startups is finalized. There are concerns that delays in appointing leaders for these pivotal agencies could lead to policy gaps. Among the agencies under the Ministry of SMEs and Startups, there are instances where heads have remained in their positions for several months to over a year after their terms expired. The Korea Technology Finance Corporation recently launched its third recruitment process for a new chairman. The previous recruitment effort began in November 2024, following the end of Chairman Kim Jong-ho's term, but was halted due to the declaration of a state of emergency. The process resumed in December of the following year, but ultimately fell through as candidates did not receive presidential approval. Given that the selection process typically takes over 2 to 3 months, it appears that Kim Jong-ho will continue to lead the organization for the foreseeable future. Lee Tae-sik, head of the Korea SMEs and Startups Agency, also remains in his position despite his official term ending in April. The agency plans to form a recommendation committee as early as next month, but it is expected that the appointment process will not be finalized until after the National Assembly's audit scheduled for October. A source from one of the Ministry's agencies expressed concern, stating, "The overlapping expiration of multiple agency heads raises worries about administrative gaps. We hope the appointment process will proceed swiftly once the ministerial appointments are completed."* This article has been translated by AI. 2026-06-24 16:12:00 -
KOSPI Recovers Above 8500 After Previous Day's Plunge On June 24, South Korea's stock market closed higher, rebounding from a sharp decline the previous day. According to the Korea Exchange, the KOSPI rose by 303.97 points (3.71%) to close at 8507.81. The index started the day up 125.95 points (1.86%) and peaked at an increase of 373.68 points (4.55%). Although it briefly fell by 122.85 points (1.50%) in the afternoon, it ultimately regained momentum. In the securities market, individual investors purchased a net 1.867 trillion won, while institutions bought a net 2.572 trillion won. In contrast, foreign investors sold a net 4.348 trillion won. Among the top KOSPI stocks, results were mixed. Samsung Biologics (up 8.80%), Samsung C&T (up 5.82%), Samsung Life (up 1.88%), Doosan Enerbility (up 1.57%), and LG Energy Solution (up 0.97%) all closed higher. Conversely, SK Square (down 1.80%), Samsung Electro-Mechanics (down 1.31%), Hyundai Motor (down 0.39%), and HD Hyundai Heavy Industries (down 0.17%) ended lower. Samsung Electronics closed at 340,500 won, up 9.84%, while SK Hynix finished at 2,580,000 won, up 0.98%. Lee Kyung-min, a researcher at Daishin Securities, noted, "The KOSPI turned bullish due to a rebound buying trend following the previous day's sharp drop. Samsung Electronics saw significant gains following news of a 90 trillion won share buyback, reclaiming its position as the top market cap and widening the gap with SK Hynix." He also pointed out that discussions around taxation from the political sphere added volatility to the market. "Kim Yong-beom, head of the Presidential Policy Office, mentioned the need for social discussions regarding the use of excess tax revenue, which dampened investor sentiment and increased volatility during the trading session," he explained. Meanwhile, the KOSDAQ also closed higher, with the index rising by 17.79 points (2.00%) to finish at 909.31. It opened at 905.13, up 13.61 points (1.53%). In the KOSDAQ market, foreign and institutional investors sold a net 32.2 billion won and 316.2 billion won, respectively, while individuals bought a net 334.2 billion won. Most of the top KOSDAQ stocks surged. Alteogen (up 11.56%), Rigakem Bio (up 10.72%), Samchundang Pharm (up 6.49%), Kolon TissueGene (up 6.20%), HLB (up 5.68%), IOTech (up 5.54%), EcoPro (up 4.76%), Rainbow Robotics (up 2.39%), EcoPro BM (up 1.19%), and Rino Industrial (up 0.47%) all saw gains. However, JUSUNG Engineering dipped slightly by 0.98%. By sector, results varied. Pharmaceuticals (up 7.84%), electronics (up 5.04%), retail (up 4.05%), chemicals (up 2.54%), machinery (up 2.07%), metals (up 1.86%), insurance (up 1.24%), and transportation equipment and parts (up 0.89%) all increased. In contrast, IT services (down 0.59%) and finance (down 0.02%) experienced declines.* This article has been translated by AI. 2026-06-24 16:08:00 -
Constitutional Court Rules on Limited Scope for Retrial Requests The Constitutional Court has ruled that a provision in the criminal procedure law limiting the right to request a retrial to a deceased person's spouse, direct descendants, or siblings is unconstitutional.On June 24, the court issued its decision on Article 424, Section 4 of the criminal procedure law with a 7 to 2 vote, declaring it unconstitutional but allowing for a transitional period until December 31, 2027, for the National Assembly to amend the law.The ruling aims to prevent chaos that could arise from an immediate invalidation of the law while acknowledging its unconstitutionality. The court decided to maintain the provision until the deadline for legislative changes.The case stems from the late Park Mo's involvement in the so-called 'Yeosu-Suncheon Incident,' where he was sentenced to prison for violating a proclamation and was reportedly killed without legal proceedings by military and police forces in Daejeon around June 28 to July 17, 1950. Another individual, Ji Mo, was sentenced to 15 years in prison for inciting rebellion and obstructing public duties, with that ruling upheld.Relatives of Park and Ji filed for a retrial, but their requests were denied by the court, which ruled they did not qualify as eligible petitioners under the criminal procedure law. They subsequently sought a constitutional review of the law, which was also dismissed, leading to their appeal to the Constitutional Court.Article 424, Section 4 states that only the spouse, direct descendants, or siblings of a convicted individual who has died or is mentally incapacitated may request a retrial. The key issue in this case was whether the provision infringed on the rights of other relatives.The court noted, "While there may be reasonable grounds for defining the scope of retrial petitioners, applying this provision without considering the unique circumstances of civilian victimization cases and significant human rights violations is excessively focused on legal stability, neglecting the principles of fair and just trials. This represents a departure from the legislative authority concerning the right to petition for a trial."The court further explained, "It is difficult to argue that the need for legal stability, achieved by maintaining a conviction in exceptionally rare cases where the state has violated its duty to protect fundamental rights, outweighs the necessity to safeguard the rights of relatives who are not spouses, direct descendants, or siblings to seek a retrial."Regarding the ruling of unconstitutionality, the court stated, "If we were to simply declare the provision unconstitutional and nullify it immediately, it would create a legal vacuum, leaving spouses, direct descendants, or siblings of deceased individuals with no basis to request a retrial in similar cases."However, Justices Jeong Hyung-sik and Jo Han-chang expressed dissent, stating, "The provision limits retrial petitioners to the deceased's close relatives, which aims to balance the need for specific definitions in trials with legal stability and efficient use of judicial resources, and it cannot be deemed arbitrary legislation."A court official remarked, "If legislative improvements are made in line with this ruling, it is expected that victims of civilian victimization cases and significant human rights violations will be able to restore their honor through retrials, contributing to national unity and democratic development by reconciling with the past."* This article has been translated by AI. 2026-06-24 16:08:00 -
Democratic Party Threatens to Claim All Committee Seats if Opposition Fails to Submit List The Democratic Party announced on June 24 that if the People Power Party does not submit its list of committee members by noon on June 26, it will convene a plenary session that day and claim all 18 committee seats. During an emergency press conference held at the National Assembly, floor leader Han Byeong-do stated, "We can no longer allow a vacuum in the National Assembly." He emphasized that negotiations are currently stalled over the Legislation Committee, saying, "The entire National Assembly is being paralyzed because of a single position—the chair of the Legislation Committee." Han reminded the public of the past when the People Power Party held the Legislation Committee, noting, "The public remembers well what happened then. They even blocked bills that had passed through committees." He issued a stern warning, stating, "We cannot hand over the dangerous power to a group that neglects public welfare. The waiting period is over. We can no longer be dragged along." Following this, the party's leadership conveyed their determination to Chairman Cho. Democratic Party spokesperson Lee Joo-hee spoke to reporters outside the National Assembly Speaker's office, stating, "The Democratic Party already proposed an initial deadline of June 18, and the Speaker asked for the list to be submitted by noon today. We have made every effort for a smooth negotiation." She added, "The refusal to submit the list by the opposition is a violation of the National Assembly Act, and we can no longer tolerate this illegal situation." Regarding concerns that this decision might lead to pressure in terms of public opinion and approval ratings, she explained, "We are trying to create a functioning National Assembly. This is a necessary measure to ensure the normal operation of the Assembly."* This article has been translated by AI. 2026-06-24 16:04:00