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  • Prosecutors Conduct Raids on Former President Roh Tae-woos Family Over Hidden Slush Fund Allegations
    Prosecutors Conduct Raids on Former President Roh Tae-woo's Family Over Hidden Slush Fund Allegations Prosecutors have launched a surprise investigation into allegations of hidden slush funds and tax evasion involving the family of the late former President Roh Tae-woo.According to legal sources on August 21, the Seoul Central District Prosecutors' Office's Criminal Proceeds Recovery Division, led by Chief Prosecutor So Jeong-soo, dispatched prosecutors and investigators to secure financial documents and accounting records from Roh's residence in Yeonhui-dong, Seoul, where his wife, Kim Ok-sook, resides, as well as from related individuals and foundation offices.The search targets include not only Kim's residence but also the East Asia Culture Foundation, where Roh's son, Ambassador Roh Jae-hun, serves as chairman, and the Roh Tae-woo Center.Additionally, prosecutors are reportedly conducting searches at the homes of former secretaries who are suspected of providing accounts for the creation and management of slush funds during Roh's administration, collecting relevant financial transaction records.This investigation was prompted by revelations of previously undisclosed slush fund evidence during the appeals process of a divorce lawsuit between Roh's daughter, Roh So-young, director of the Art Center Nabi, and Choi Tae-won, chairman of SK Group.During the proceedings, Roh's side submitted photographs of six promissory notes worth 5 billion won along with a so-called 'Kim Ok-sook memo' to prove her mother's contribution to the formation of SK Group's assets.The memo reportedly details a financial flow of 90.4 billion won and its recipients. Roh's side claims that 30 billion won from Roh Tae-woo was transferred to Choi Jong-hyun, the former chairman of SK Group, and that this money played a crucial role in major management activities and business expansions of the SK Group, formerly known as the Sunkyong Group.As these slush fund details emerged during the trial, civic groups such as the May 18 Memorial Foundation and the Military Regime Crimes Recovery Committee expressed strong opposition.These organizations stated, 'The hidden criminal proceeds that were overlooked during the past confiscation process must be immediately recovered by the state, and a thorough investigation into money laundering and tax evasion allegations is necessary.' They filed a complaint against Kim, Roh, and Ambassador Roh for violations of the Act on the Regulation of Concealment of Criminal Proceeds and tax evasion.Following the complaint, prosecutors have been reviewing foundational materials and relevant legal principles, and with the commencement of this search, they plan to thoroughly investigate the authenticity of the 'Kim Ok-sook memo,' the timing of its creation, the actual sources and distribution of the funds, and any tax omissions.Once the analysis of the seized items is completed, prosecutors will sequentially summon members of Roh's family and key individuals involved in the creation and management of the slush funds to investigate the nature and circumstances of the funds.* This article has been translated by AI. 2026-08-21 11:00:10
  • China Delivers 300,000-Ton Super Large Oil Tanker
    China Delivers 300,000-Ton Super Large Oil Tanker China has delivered a 300,000-ton super large crude oil carrier (VLCC) designed independently by the country.The vessel, named 'Front Fraser,' was handed over to the Norwegian shipping company Siem Tankers on August 19 in Dalian, Liaoning Province, by Dalian Shipbuilding Industry Company (DSIC), a subsidiary of the state-owned China Shipbuilding Group (CSSC), in collaboration with China Shipbuilding Trading, according to a report by Xinhua on August 21.Designed and developed independently by DSIC, the ship measures 333 meters in length, 60 meters in width, and 30 meters in depth, with a deck area exceeding 18,000 square meters, equivalent to about 2.8 soccer fields. The vessel features optimized hull lines and is equipped with exhaust gas desulfurization systems, significantly enhancing energy efficiency and environmental performance. It is expected to save approximately 35 million yuan (about $5 million) in annual fuel costs.DSIC stated that the ship is designed to be suitable for various ports and waterways. With a design draft of 20.5 meters, it can carry over 2 million barrels of crude oil and navigate through shallower sections of the Malacca Strait.Meanwhile, in the first half of this year, China's shipbuilding industry saw increases in new orders, completed constructions, and order backlogs by 105.2%, 34.8%, and 37.1%, respectively, compared to the same period last year. These three indicators maintain China's position as the world's leader, with market shares of 73.9%, 55.4%, and 63.3%.* This article has been translated by AI. 2026-08-21 11:00:00
  • Uiwang City Council Inspects Emergency Response Capabilities During Eulji Training
    Uiwang City Council Inspects Emergency Response Capabilities During Eulji Training On August 20, the Uiwang City Council in Gyeonggi Province assessed the local emergency response capabilities and encouraged participants in the Eulji training exercise. According to the council, members visited the site of the '2026 Eulji Training' set up in the city hall conference room to review the training progress and emergency preparedness. All seven council members, including Chair Seo Chang-soo, attended the visit. The '2026 Eulji Training' is an emergency preparedness drill aimed at enhancing the response capabilities of government, local authorities, military, and police in the event of a national crisis. Uiwang City is using this training to evaluate its emergency response system, including procedures for transitioning to wartime conditions. After receiving briefings from training officials on the current status and emergency response systems, the council members encouraged public officials and military and police personnel participating in the exercise according to their respective roles. In particular, they expressed gratitude to the workers engaged in long hours of training under the hot weather and provided them with gifts. They also urged the participants to carry out their duties effectively to protect citizens' lives and safety during actual crisis situations. As the Eulji training progresses, the local community is increasingly focused on the importance of preparedness for emergencies and citizen safety. Recently, the need for a rapid response system to disasters and various social crises has gained prominence, prompting not only administrative agencies but also citizens to recognize the necessity of emergency preparedness. Citizens hope that the Eulji training will strengthen the safety net in their community, as it allows administrative bodies and related agencies to simulate real situations and review their roles and response procedures. Additionally, there are calls for the training to lead to effective initial responses, citizen guidance, and information sharing among agencies in the event of an actual emergency, rather than being a one-time event. Chair Seo Chang-soo emphasized that the '2026 Eulji Training' is crucial for citizen safety and national security, stating, 'Peace must be maintained through preparation and effort.' He expressed gratitude for the dedication of the workers participating in the training despite the heat and added, 'I hope this training establishes Uiwang City's integrated defense posture to respond quickly and accurately to emergencies.' Meanwhile, the city council plans to continue monitoring key sites related to citizen safety and to enhance the local emergency response capabilities and safety net through its legislative activities.* This article has been translated by AI. 2026-08-21 10:52:00
  • Financial authorities to offer more support for borrowers amid rising global yields
    Financial authorities to offer more support for borrowers amid rising global yields SEOUL, August 21 (AJP) - South Korea will prepare additional support for vulnerable groups as rising long-term global bond yields threaten to raise borrowing costs for households and businesses, the Ministry of Economy and Finance (MOEF) said on Friday. Finance Minister and Deputy Prime Minister Koo Yun-cheol convened a joint meeting in Seoul with Financial Services Commission Chairman Lee Eog-weon, Financial Supervisory Service Governor Lee Chan-jin and Bank of Korea Deputy Governor Park Jong-woo. Officials said long-term yields in major economies had risen amid Middle East uncertainty, increased sovereign issuance and heavier corporate bond sales by global artificial intelligence companies, with the pressure concentrated at the ultra-long end of the curve. The government will monitor the impact on South Korea's bond market, corporate and household borrowing costs and the broader economy while preparing measures to ease financial burdens on small businesses and other vulnerable borrowers. The planned package will include expanded debt restructuring for distressed small businesses and individuals as well as additional financing for small and medium-sized companies and vulnerable borrowers. "Long-term government bond yields in the U.S., Japan and Europe have risen to their highest levels in decades," Koo said, adding that Korea had also seen yields climb at ultra-long maturities. Officials also reviewed the won's sharp recent appreciation. The currency returned to the 1,300-per-dollar range on Aug. 19 for the first time in 11 months, after weakening beyond 1,550 in early July, helped by a record current-account surplus and easing foreign investor equity rebalancing, the ministry said. The won traded at 1,390 per dollar on Aug. 19 and 1,393 on Thursday, compared with 1,529 in the first week of July. Authorities said they would remain alert as geopolitical tensions in the Middle East and monetary policy in major economies continued to pose risks in both directions for the currency. The government meanwhile said South Korea's external financial position remained sound despite a sharp decline in net international investment assets in the second quarter. Officials attributed the drop largely to higher valuations of South Korean equities held by overseas investors, while net external claims increased by $2.3 billion to $367.8 billion and the current-account surplus reached a record $191 billion in the first half. Household credit has exceeded 2,000 trillion won, but the household debt-to-GDP ratio fell to 85.3 percent in the first quarter from 89.1 percent a year earlier, according to the ministry. Officials said they would continue managing household debt risks while ensuring that genuine borrowers do not face unnecessary financing constraints. Koo said authorities would maintain an integrated monitoring framework covering financial, foreign-exchange, government bond and property markets and respond promptly if risks intensified. 2026-08-21 10:43:42
  • Viet Nams Gen Z protests without gathering
    Viet Nam's Gen Z protests without gathering SEOUL, August 21 (AJP) - The flowers under the tree outside No. 55 Nguyen Huy Tu Street arrived one at a time, which is why the police had nothing to break up. Over roughly a week in August, young Vietnamese walked to the spot in central Hanoi, left a bouquet, photographed it and went home. By the time the pile was large enough to be a problem, no crowd had ever formed. The tree marks the place where a car crossed into oncoming traffic on May 30, 2025, and struck a motorbike carrying a father and his 18-year-old daughter. The teenager, Do Ngoc Phuong Thuy, suffered a severe injury to her right leg and died on June 8, days before her high school graduation examination. Her father, Do Viet Hung, was seriously hurt. Vietnamese newspapers reported the crash once, on May 31, identifying the driver only by his initials, and then stopped. The driver was Nguyen Sy Cuong, 64 at the time, a National Assembly deputy across two terms from 2011 to 2021 and a former deputy chair of the legislature's Foreign Affairs Committee. His wife, Lam Thi Phuong Thanh, was appointed minister of culture, sports and tourism in April. That silence held for more than a year. It broke this month after the culture ministry banned more than a dozen songs by the rapper MCK, which pointed public anger at the minister and, through her, at her husband. By the afternoon of Aug. 12, more than a million posts on Threads had mentioned the case. On Aug. 17, state broadcaster Vietnam Television devoted six minutes of its flagship current affairs program to the crash. In a country where more than 10,000 people die on the roads each year, a traffic case from the previous spring does not normally receive that treatment, and the timing put it two weeks ahead of National Day on Sept. 2. Colonel Nguyen Duc Long, deputy chief of the Hanoi police, said investigators found that Nguyen Sy Cuong had driven in the wrong lane and violated traffic regulations. He tested negative for alcohol and admitted responsibility, Long said, and met the conditions for exemption from criminal liability after the victim's family withdrew its complaint. It was the first official acknowledgment that he was the driver. Do Viet Hung appeared in the broadcast with his face obscured. He thanked people online for their concern and said the family had no complaints about the investigation. The matter, he said, "is now in the past." A spokesperson for the Ministry of Public Security used the same program to accuse "hostile and reactionary forces" of stringing together unrelated incidents to manipulate young people and students. Nothing in the case has been established about the allegation that drove most of the online anger. Users across Threads and Facebook asserted the driver had been drunk. The only official statement on the point is the negative alcohol test, and no evidence has been produced either way. What makes the episode unusual is not the anger but the shape it took. Protesters renamed the tree the justice tree and created a listing for it on Google Maps under the label Cay BMW NSC 30525, which collected more than 230 reviews. They checked in at the location the way people check in at restaurants. They wrote poems. They filed a petition. They generated images of the victim with artificial intelligence and circulated them. After the flowers were cleared on Aug. 14 and plainclothes officers were posted at the site, some young people began tying white ribbons to their backpacks. Every one of those actions is deniable. A person laying a bouquet is not an assembly. A ribbon on a backpack is not a banner. A Google Maps review is not a leaflet. Vietnamese law gives police wide latitude to disperse gatherings and prosecute organizers, and this campaign has produced neither a gathering nor an organizer. The state's response was to clear a place and watch it, because there was no crowd to address. The contrast with the rest of the region is sharp. Youth-led movements have swept South and Southeast Asia over the past two years, and most of them took the street. In Nepal, protests that began on Sept. 8, 2025, over corruption and a social media ban brought down Prime Minister K.P. Sharma Oli within days and left at least 76 people dead in the first 48 hours, with parliament and the presidential residence burned. Indonesian protesters forced President Prabowo Subianto to cut lawmakers' housing allowances last August after police killed a 21-year-old delivery driver during demonstrations. In the Philippines, tens of thousands turned out over graft in flood control projects. In India, thousands marched on Parliament in New Delhi in July over education reform. The obvious explanation is that Viet Nam is a one-party communist state and the others are not, but that does not survive contact with the facts. Oli led the Communist Party of Nepal (Unified Marxist-Leninist), and his government fell in five days. The difference lies in enforcement rather than ideology. Viet Nam has had street protests, and it has taught its young people what follows them. Weekly anti-China demonstrations ran for three months in the summer of 2011 outside the Chinese embassy in Hanoi and the consulate in Ho Chi Minh City before security forces began clearing them in late August and detained 47 people. Mass protests against a proposed cybersecurity law and a special economic zone bill in 2018 ended with organizers in prison, among them Huynh Truong Ca, who served five years. Article 331 of the penal code, which criminalizes infringing on state interests, carries sentences of up to seven years and has been applied to ordinary people for posts about local officials. A generation that watched those outcomes did not conclude that protest was impossible. It concluded that the assembly was the vulnerable part, and removed it. The pressure has not disappeared. Threads users posted screenshots on Aug. 13 showing notices that their posts had been restricted inside Viet Nam at the culture ministry's request, citing local law. Others said their accounts were limited. The petition demanding an investigation continues to collect signatures from outside the country, where it cannot be blocked. At the tree on Nguyen Huy Tu, only scattered petals remain. The plainclothes officers are still there, watching from across the street. 2026-08-21 10:40:24
  • Kakao Splits into Kakao AI and Kakao X, Appoints New Leadership
    Kakao Splits into Kakao AI and Kakao X, Appoints New Leadership Kakao is splitting into Kakao AI, focused on KakaoTalk and artificial intelligence (AI), and Kakao X, which will handle investments and new business development. Kakao AI aims to integrate AI with KakaoTalk to secure new growth opportunities, while Kakao X will focus on the growth of existing core businesses and new investments. Jeong Sin-a, the current CEO of Kakao, will lead Kakao AI, and Kim Do-young, CEO of Kakao Investment and head of Kakao's Group Investment Strategy Office, will head Kakao X.On August 21, Kakao's board of directors approved the division into the newly established Kakao AI and the continuing Kakao X. The split ratio was determined based on the book value of net assets, with Kakao AI receiving 0.36 and Kakao X receiving 0.64. Existing Kakao shareholders will receive shares in both Kakao AI and Kakao X according to this ratio.Kakao AI Aims for 6 Trillion Won Revenue by 2030Kakao AI plans to grow as an 'AI core company' that connects AI, advertising, and commerce centered around KakaoTalk. The strategy includes creating new user experiences and revenue models using AI within KakaoTalk, particularly in the era of agentic AI. Subsidiaries such as DK Tech and K&Works will also be included under Kakao AI.Kakao has set a goal for Kakao AI to achieve over 20 million daily active users (DAU) by 2030. The plan includes increasing user engagement on KakaoTalk by more than 50% and expanding new revenue models such as AI advertising, agentic commerce, and subscriptions, aiming for an average annual revenue growth of 20% to exceed 6 trillion won by 2030.Kakao X to Focus on Investments with 6 Trillion Won ResourcesKakao X will transform into a 'future value investment company' focused on supporting the growth of major subsidiaries and new investments.It will support the growth of existing core business areas, including Kakao Bank, Kakao Pay, Kakao Pay Securities in the tech-fin sector, Kakao Entertainment, SM Entertainment, and Kakao Piccoma in the content sector, and Kakao Mobility in the mobility sector, while also pursuing new business development and investments in innovative companies.Kakao X plans to utilize approximately 2.3 trillion won secured through asset liquidity and about 4.1 trillion won held by its subsidiaries for investment purposes.Based on the growth of core businesses and new investments, Kakao X aims to achieve an average annual growth rate of 13.3% in major business revenues by 2030, establishing a foundation for over 10 trillion won in revenue. The goal is to create a virtuous cycle of capital where investment results lead to shareholder returns and reinvestment.Kakao plans to hold an extraordinary shareholders' meeting on December 17 to finalize the split by January 1, 2027, followed by the relisting of Kakao AI and the change of listing for Kakao X on January 27, 2027.* This article has been translated by AI. 2026-08-21 10:40:20
  • Trump Declares Golden Age of Space Transportation with 1,000 Rocket Launches Annually by 2030
    Trump Declares 'Golden Age of Space Transportation' with 1,000 Rocket Launches Annually by 2030 Donald Trump, the President of the United States, has declared a "golden age of space transportation" and plans to significantly increase rocket launches through partnerships with private companies. This initiative aims to solidify U.S. space dominance amid competition from countries like China. On August 20, the White House announced that President Trump signed a National Security Presidential Memorandum (NSPM) to revitalize America's leading position in space transportation. The memorandum sets a goal of achieving over 1,000 rocket launches and re-entries annually by 2030, nearly six times the 178 launches recorded last year, according to Reuters. To facilitate this, the President directed relevant government agencies to encourage the joint development of space transportation infrastructure with the private sector and to expedite related permits and reviews. Additionally, he called for exploring commercial options for robotic operations on Mars and human round trips to the planet. The White House stated, "At a time when adversaries threaten U.S. superiority in space, President Trump is securing and defending our key national and economic interests related to space." Michael Kratsios, the White House Chief Technology Officer, commented on the memorandum, saying it aims to position the U.S. as a leader in the next era of space exploration, targeting the sending of Americans to the Moon by 2028 and establishing initial lunar base facilities by 2030, while ensuring rapid and reliable launch capabilities for national security through a commercial-first approach. Previously, President Trump signed an executive order at the end of last year to send astronauts to the Moon by 2028 and establish a lunar base by 2030, with follow-up actions underway. In July, the Federal Aviation Administration (FAA) announced measures to exempt environmental reviews for launch infrastructure. Meanwhile, since taking office last year, President Trump has frequently mentioned Mars exploration missions led by his key supporter, Elon Musk, CEO of SpaceX and Tesla. However, there have been calls in Congress for a focus on NASA's ongoing Artemis lunar exploration program. Currently, SpaceX handles most of the U.S. government's rocket launches, and in May, FAA Administrator Brian Bedford noted that SpaceX aims for an annual launch target of 10,000 within the next five years.* This article has been translated by AI. 2026-08-21 10:40:00
  • Alibaba Aims to Fully Replace Nvidia with New AI Chip Prototype
    Alibaba Aims to Fully Replace Nvidia with New AI Chip Prototype Alibaba, a major Chinese IT company, is set to enter the prototype production phase for its new AI semiconductor in the second half of this year.CEO Wu Yongming announced during an earnings call on August 20 that Pingtouge, a fabless semiconductor design subsidiary, is expected to begin prototype production of its second-generation Chinese AI chip in the latter half of the year, according to a report by China Securities Journal on August 21. Pingtouge plans to hand over the semiconductor design to a foundry for prototype production, with mass production anticipated to follow.Wu did not disclose specific product names or detailed specifications for the next-generation chip. He stated that the chip will have "very strong computational power and inter-chip connection bandwidth," adding that Alibaba believes this chip could completely replace large-scale AI model training currently dominated by Nvidia's high-performance AI accelerators.The 'Zhenwu' series AI chip developed by Pingtouge is already serving over 650 customers as of early August. Additionally, the supernode based on the Zhenwu M890, which was unveiled in May, has recently been commercialized through Alibaba Cloud. The M890 features 144GB of high-bandwidth memory (HBM) and supports an inter-chip connection bandwidth of 800GB/s. Alibaba claims the overall performance of the M890 is three times higher than that of the previous generation Zhenwu 810E.The next-generation chip mentioned by Wu is a successor to the M890. Pingtouge previously announced in its roadmap that it plans to launch the Zhenwu V900 in the third quarter of 2027, aiming for a performance increase of three times compared to the M890. The V900 is expected to feature 216GB of memory and an inter-chip connection bandwidth of 1200GB/s.Wu also highlighted that Pingtouge has already established a combination of self-developed chips encompassing GPUs, CPUs, and network chips. This indicates that Alibaba is not just developing AI chips as standalone products but is also building its own computing ecosystem that includes CPU, AI accelerators, and network chips, with annual generational upgrades.Meanwhile, Alibaba reported a revenue of 268.9 billion yuan for the second quarter of this year, a 9% increase compared to the same period last year. However, net profit fell by 38% year-on-year to 20.7 billion yuan, attributed to investments in AI infrastructure. Capital expenditures for the second quarter rose by 75% year-on-year to 67.6 billion yuan. Earlier, Alibaba announced plans to invest 380 billion yuan (approximately $78 billion) over the next three years.* This article has been translated by AI. 2026-08-21 10:40:00
  • Han Byeong-do Criticizes Jang Dong-hyuks Remarks on US-South Korea Joint Exercises
    Han Byeong-do Criticizes Jang Dong-hyuk's Remarks on US-South Korea Joint Exercises Han Byeong-do, the floor leader of the Democratic Party, criticized Jang Dong-hyuk of the People Power Party on August 21 for attacking President Lee Jae-myung over the reduction of US-South Korea joint military exercises.Speaking at a Supreme Council meeting in Gangneung, Han stated, "President Donald Trump expressed his intention to reduce the joint exercises to create conditions for dialogue with North Korea, and President Lee fully agrees with Trump's decision, emphasizing that South Korea must take responsibility for its own security."He further questioned, "If you cannot criticize Trump’s decision but only attack President Lee, who is trying to strengthen US-South Korea cooperation towards the same goal, whose politics are you serving?" He also emphasized that the adjustment of the exercises was made after consultations between the defense authorities of both countries, ensuring that essential readiness and training objectives would be maintained.Han added, "The transfer of wartime operational control is not a weakening of the US-South Korea alliance, but a path for South Korea to lead its own defense and strengthen the history of the alliance. To equate diplomatic efforts for peace with a loss of security and to misrepresent the transfer of operational control as a withdrawal of US troops is not just criticism; it is a dangerous falsehood that incites public anxiety."He stressed, "There can be no division in security between parties. There is no room for political strife in front of the public. The People Power Party must immediately stop using national security as a bargaining chip. The Democratic Party will work to ensure peace in the region and along the border based on strong defense and a solid US-South Korea alliance, contributing to the prosperity of peace on the Korean Peninsula and in East Asia."Meanwhile, the US-South Korea joint exercises are set to conclude today, earlier than the originally planned date of August 27.* This article has been translated by AI. 2026-08-21 10:36:00
  • Hyundai Plans to Increase HMGMA Production to 800,000 Units Annually
    Hyundai Plans to Increase HMGMA Production to 800,000 Units Annually Hyundai Motor is considering increasing the annual production capacity at its MetaPlant America (HMGMA) in Georgia from 500,000 to 800,000 units. This move is seen as a strategy to enhance competitiveness in the North American market and proactively address tariff burdens in the U.S.José Muñoz, CEO of Hyundai Motor, stated in an interview with CNBC on August 20 that the company is exploring plans to expand HMGMA's annual production capacity to between 700,000 and 800,000 units by 2028.If implemented, the share of Hyundai's U.S. sales produced locally would rise from 40% (as of 2024) to over 80% by 2029. An increase in HMGMA's production to 700,000-800,000 units would make it the largest single-plant production facility in the U.S., surpassing Tesla and Toyota.Muñoz emphasized, "The U.S. is the most important market in the world, excluding Korea," explaining that the production capacity expansion is part of a broader plan to invest a total of $26 billion (approximately 36 trillion won) in the U.S. by 2028.This plan is significantly influenced by the tariff policies of President Donald Trump. Muñoz noted, "President Trump's tariffs have helped accelerate our localization plans," adding that fortunately, the company had already begun localization efforts before the tariffs were announced, which has aided in speeding up the process.Currently, HMGMA produces electric vehicles such as the Hyundai Ioniq 5 and Ioniq 9, as well as the Kia Sportage Hybrid. According to market research firm Mobility Global, Hyundai's market share in the U.S. increased from 8.4% in 2020 to 11.2% last year.* This article has been translated by AI. 2026-08-21 10:36:00