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  • Seoul Mayor Oh Se-hoon Opposes Housing Supply in Yongsan Park
    Seoul Mayor Oh Se-hoon Opposes Housing Supply in Yongsan Park Seoul Mayor Oh Se-hoon has made it clear that he will not agree to any plans to supply housing in Yongsan Park, stating, "I cannot agree under any circumstances." However, he expressed willingness to support housing supply in nearby areas with improved transportation and urban infrastructure.After a one-hour meeting with Minister of Land, Infrastructure and Transport Kim Yun-deok on August 20, Mayor Oh told reporters, "In conclusion, we are at an impasse regarding Yongsan Park. The city will not agree to the construction of apartments on the main site of Yongsan Park under any circumstances."Oh emphasized that Yongsan Park is a vital space for leisure and relaxation for Seoul citizens and a key part of the green corridor extending from Namsan. He stated, "It is difficult to agree to convert even a limited area for residential use. Agreeing to that would result in me being remembered as a historical sinner as the mayor of Seoul."Instead, Mayor Oh proposed utilizing scattered sites near Yongsan Park, mentioning areas such as Camp Kim, the Gyeongridan area, sites related to the Bank of Korea, and the Ministry of Foreign Affairs parking lot. He said, "If there are available sites, we can discuss them flexibly."He also indicated that if the city accepts the proposal for housing supply on alternative sites, it would actively cooperate with transportation measures and the installation of urban infrastructure such as water and sewage systems. While drawing a line on the main site of Yongsan Park, the city is open to collaborating on housing supply through other sites.This approach aligns with a proposal made by ruling party lawmaker Kwon Young-se, who suggested alternative sites after meeting with Mayor Oh on August 18. Kwon proposed utilizing the site near the National Military Finance Management Office in Itaewon, the Ministry of Foreign Affairs parking lot, and the Bank of Korea dormitory in Huam-dong.However, Mayor Oh noted that he has yet to receive a clear position from the government regarding which specific areas within Yongsan Park they intend to use for housing supply. He stated, "I have asked several times which specific site they have in mind, but there is still no confirmed and organized position from the city’s perspective."The government is working to solidify its plans for housing supply in Yongsan Park. Minister Kim indicated the day before that while the entire Yongsan Park is under review, they are considering supplying youth housing primarily on some sites that have lost their green space function, such as officer quarters and military apartments.However, the city maintains that these sites are also included in the main area of Yongsan Park, making residential conversion impossible. Mayor Oh emphasized, "The military apartments and the Defense Acquisition Program Administration site are part of the main area," reiterating that they are designated for park development. He clarified that Yongsan Park has not been damaged and that the areas currently occupied by buildings are also intended for future park development.While the government argues that it can utilize sites that have lost their green space function, the city stresses that the purpose of Yongsan Park is not merely to convert currently green spaces into parks but to develop the entire main area into a park.The city also pointed out that for the government to push forward with housing supply in Yongsan Park, there are many challenges to address, including legal amendments, soil contamination cleanup, and transportation measures. Mayor Oh reiterated that if a large apartment complex were to be built in Yongsan Park, it could take considerable time to resolve traffic issues and clean contaminated soil.In fact, converting part of Yongsan Park into housing supply sites would require amendments to relevant laws. The National Assembly is set to discuss the "Special Act on the Creation of Yongsan Park" in a plenary session, making legal amendments a significant variable in this situation.Meanwhile, Mayor Oh also requested government-level institutional improvements to expand housing supply in Seoul, including support for youth housing and easing regulations on redevelopment projects. He emphasized the need to expand loan limits, such as the Didirim loan, to provide practical housing opportunities for young people.* This article has been translated by AI. 2026-08-20 12:32:00
  • Kim Min-seok Continues Efforts for Unity Within Democratic Party
    Kim Min-seok Continues Efforts for Unity Within Democratic Party Kim Min-seok, the leader of the Democratic Party, is continuing his efforts to unify the party. After greeting four former and current presidents from the democratic camp—late Presidents Kim Dae-jung and Roh Moo-hyun, former President Moon Jae-in, and President Lee Jae-myung—he visited the graves of former Prime Minister Lee Hae-chan and former Open Our Party Chairman Kim Geun-tae. This move is seen as an attempt to resolve factional conflicts that have intensified during the party's recent convention.On August 20, Kim visited the grave of Lee Hae-chan at the Eunha River Park in Sejong, stating, "Both Lee and Kim are great figures in the democratic camp and hold a special historical significance for me." He added, "If President Kim is my political mentor, then Prime Minister Lee taught me about elections. He was like a strict yet warm older brother."Kim emphasized, "I believe that Lee practiced politics that created a large faction and power with the principles of 'putting the party first' and 'serving the party after oneself.'" He noted that Lee played a central role in four governments born from the democratic camp. Notably, Lee's wife, Kim Jeong-ok, served as the campaign chair for Representative Jeong Cheong-rae, who was Kim's competitor during the party convention, indicating Kim's efforts to rally support from Jeong's faction.Additionally, Kim paid his respects at the grave of Kim Geun-tae in Moran Park, Namyangju, stating, "He was an activist, a revolutionary, and a gentleman," and expressed the need for the party to restore the path of a grand democratic coalition, as exemplified by Kim Geun-tae.Meanwhile, on the previous day, Kim dined with Representatives Jeong Cheong-rae and Song Young-gil, who competed against him in the party convention, at the Blue House, hosted by President Lee. During the dinner, President Lee emphasized that all three candidates for party leader are comrades who have shared joys and sorrows together and are responsible figures in the government of the people’s sovereignty, describing the party, government, and Blue House as a 'community of destiny' and 'partners in governance.'Kim also stated at a Supreme Council meeting held in Busan the day before, "You may have felt that we are already speaking in unison for the success of the Lee Jae-myung government, the unity of the party, and victory in the general elections, as we set aside the excitement of the convention. The Democratic Party will remain steadfast and united."* This article has been translated by AI. 2026-08-20 12:20:00
  • Yoon Duk-kun and Oh Se-hoon Discuss Housing Supply at Yongsan Park, Plan to Meet Again Next Week
    Yoon Duk-kun and Oh Se-hoon Discuss Housing Supply at Yongsan Park, Plan to Meet Again Next Week Yoon Duk-kun, the Minister of Land, Infrastructure and Transport, and Oh Se-hoon, the Mayor of Seoul, discussed expanding housing supply in Seoul by utilizing parts of Yongsan Park, but they only reaffirmed their significant differences in stance. The two sides also discussed the use of damaged greenbelt areas and easing regulations for private redevelopment, but they could not reach a conclusion and agreed to meet again next week. After about an hour of discussions at the Dalgaebi Conference House in Jung-gu, Seoul, Yoon told reporters, "We exchanged many opinions on the housing issue, but confirmed our differences in position. A significant portion of misunderstandings surrounding our thoughts has been resolved, and we agreed to meet again next week." The main point of contention during the meeting was the proposal to use parts of Yongsan Park for housing supply. Yoon reportedly suggested a limited supply of housing for youth, newlyweds, and multi-child families, focusing on areas that have already been damaged or where existing buildings are located, rather than developing the entire park. In contrast, Oh maintained his existing position of principled opposition to using Yongsan Park land for housing. Yoon stated, "Preserving Yongsan Park and supplying housing to youth and newlyweds are not mutually exclusive; we should seek a way to reconcile both objectives." However, the Ministry of Land, Infrastructure and Transport clarified that no specific development targets or supply volumes have been determined regarding the use of Yongsan Park. Yoon mentioned that while he cited areas already used for residential purposes, such as military housing, he did not specify particular locations, adding that the discussion would take place during forums or public deliberation committees. When asked whether they would proceed with public deliberation even if the Seoul city government continued to oppose the plan, Yoon avoided a direct answer, stating, "We need to discuss this again next week before reaching a conclusion." He also noted that the timing of the return of the land, soil contamination cleanup costs, and cost-sharing methods have not yet been specifically reviewed. The proposal to utilize damaged greenbelt areas for housing supply was also on the agenda. Yoon conveyed the need to limit the use of greenbelt areas that have already been damaged, such as those with vinyl greenhouses. However, he denied interpretations that the Seoul city government had agreed to some releases, stating, "We did not engage in specific discussions on that matter." The two sides also failed to reach a conclusion on easing regulations to promote private redevelopment. Oh reportedly requested that the government accept the regulatory improvements proposed by the Seoul city government, such as increasing the floor area ratio for private redevelopment projects. Yoon expressed understanding of Seoul's position that easing the floor area ratio could enhance project viability and expand housing supply, but he also raised concerns that it could potentially stimulate real estate prices. He remarked, "Having confirmed our respective positions, we need to listen to more opinions and internally coordinate our views." Disagreements also persisted regarding the scale of housing supply in the Yongsan International Business District. The Ministry of Land, Infrastructure and Transport holds the position that housing supply should be expanded to around 10,000 units, while the Seoul city government has proposed around 8,000 units based on existing plans. Yoon stated, "We discussed the Yongsan International Business District, but we have not reached a conclusion yet. I believe we need to come to some resolution in next week's meeting." Regarding the nature of the next meeting, Yoon described it as a gathering in a very friendly atmosphere aimed at reaching a positive conclusion, emphasizing the need to convey a hopeful message to the citizens of Seoul and the metropolitan area, especially to youth and newlyweds. 2026-08-20 12:20:00
  • Koreas Fair Trade Commission Approves Conditional Merger of Daesan 1
    Korea's Fair Trade Commission Approves Conditional Merger of Daesan 1 The Korea Fair Trade Commission (KFTC) has conditionally approved the merger of Daesan 1, the first case of restructuring in the petrochemical industry. While there are concerns about potential market competition limitations, the merger was not blocked.However, the KFTC imposed corrective measures, including restrictions on the prices and supply of low-density polyethylene (LDPE) and ethylene-vinyl acetate (EVA) for the next five years.On August 20, the KFTC announced its conditional approval of the merger involving Lotte Chemical, Lotte Daesan Petrochemical, HD Hyundai Oilbank, and HD Hyundai Chemical as part of a restructuring of the petrochemical business.The Daesan 1 project involves the absorption of Lotte Daesan Petrochemical, which was established by HD Hyundai Chemical through the physical division of Lotte Chemical's Daesan plant. After the merger, Lotte Chemical and HD Hyundai Oilbank will each hold a 50% stake in HD Hyundai Chemical, jointly controlling the entity.As a result, the naphtha cracking facilities (NCC) and other petrochemical production facilities of both companies located in the Daesan Industrial Complex will be operated jointly. The companies plan to increase operational efficiency, achieve economies of scale, and reduce costs through shared utilities and streamlined organizational structures.The KFTC expressed concerns about potential competition restrictions in the LDPE and EVA markets, as the number of domestic players will decrease from four—Hanwha, LG, Lotte, and HD Hyundai—to three. In terms of production capacity, Hanwha is expected to capture about 50% of the market, while LG and HD Hyundai will hold approximately 25%.Notably, the KFTC found that HD Hyundai Chemical has been supplying products at about 10% lower prices than its competitors. There are fears that the price competition pressure created by the new entrant, HD Hyundai Chemical, could dissipate due to the merger.Additionally, the reduction in the number of competitors could facilitate price coordination among remaining players, raising the risk of price increases and production halts due to collusion. In fact, there was a precedent in the 1990s when collusion persisted in the domestic LDPE market for over a decade due to supply excess.To address these concerns, the KFTC has linked the domestic sales price fluctuations of LDPE and EVA to export price changes for the next five years. If export prices rise or remain stable, the domestic price increase must be kept below the export price increase rate. Conversely, if export prices fall, the domestic price decrease must exceed the export price decrease rate.The KFTC chose to use export prices as a benchmark, believing that prices in the more competitive overseas markets are closest to competitive pricing. Currently, Lotte Chemical's Daesan plant and HD Hyundai Chemical export over 70% of their production.For all LDPE and EVA products being produced at the time of the merger, the companies are required to supply the quantities requested by domestic buyers. Many domestic purchasers are small plastic processing firms, and this measure aims to prevent disruptions in supply due to the discontinuation of less profitable products or avoidance of small orders during the restructuring process.Lotte Chemical, HD Hyundai Chemical, and HD Hyundai Oilbank are also prohibited from sharing sensitive competitive information regarding LDPE and EVA prices, quantities, costs, and inventory levels. However, in cases of unavoidable circumstances such as actual product purchases or intermediary sales, they may exchange information with internal controls and KFTC approval.The corrective measures will remain in effect for five years. Jeon Seong-bok, head of the KFTC's Merger Review Division, stated, "Although the restructuring period for the petrochemical business is three years, the market impact will be felt more significantly after the restructuring is completed. We determined that five years is appropriate, considering the competitive landscape in China and abroad. If competition concerns remain after five years, we will extend the corrective measures."Separately, the newly formed HD Hyundai Chemical plans to promote cooperative partnerships with its suppliers in consultation with the KFTC.This decision is expected to influence the review of the subsequent restructuring project, Yeosu 1. Yeosu 1 aims to integrate Lotte Chemical's Yeosu basic materials business, Hanwha Solutions' Yeosu polyethylene and petrochemical resin business, DL Chemical's polyethylene business, and Yeocheon NCC. If the plan proceeds as intended, Lotte Chemical, Hanwha Solutions, and DL Chemical will jointly control Yeocheon NCC.The KFTC also considered that if both Daesan 1 and Yeosu 1 are completed, there will be a share linkage between the two joint ventures through Lotte Chemical. Jeon noted, "Since the market situation for Daesan 1 is confirmed, it will naturally be taken into account when assessing Yeosu 1. Although the companies participating in Yeosu 1 differ, the number and types of product markets to be analyzed may change, but we will aim to conclude the review as quickly as possible."Industry voices welcomed the approval of Daesan 1. The Korea Chemical Industry Association expressed hope that it will serve as a successful restructuring model in line with the roadmap for the restructuring of the petrochemical industry, emphasizing the need for swift reviews of subsequent mergers to ensure the restructuring's goal of enhancing industrial competitiveness is realized without delay.* This article has been translated by AI. 2026-08-20 12:08:00
  • Rural Employment Rates Reach Record High Amid Urban Declines
    Rural Employment Rates Reach Record High Amid Urban Declines This year, the employment landscape in South Korea has shown contrasting trends between rural areas and urban districts. While rural regions have seen increases in both employment numbers and rates, urban districts have experienced declines in both metrics. Employment struggles continue in areas heavily reliant on manufacturing and construction, whereas regions with concentrations in sectors like semiconductors have reported relatively high employment rates.According to the '2026 Regional Employment Survey Key Indicators' released by the National Data Agency on August 20, the number of employed individuals in urban areas reached 14.27 million, an increase of 96,000 from the previous year. However, the employment rate fell by 0.1 percentage points to 62.5%. In contrast, rural employment rose by 26,000 to 2.13 million, with the employment rate increasing by 0.2 percentage points to 69.4%.On the other hand, the 75 urban districts reported a decrease of 25,000 in employed individuals, bringing the total to 11.565 million, while the employment rate dropped by 0.2 percentage points to 58.6%. The decline in employment in urban areas is attributed to ongoing struggles in the manufacturing and construction sectors.Kim Rak-hyun, head of the Employment Statistics Division at the National Data Agency, stated, "The decrease in employment numbers in manufacturing and construction seems to have the most significant impact. These sectors, which predominantly employ men, have been facing poor conditions, leading to a continuous decline in employment numbers for over 20 months, which is reflected in urban areas."The disparity in employment rates across regions is even more pronounced. Among rural areas, Ulleung County in North Gyeongsang Province had the highest employment rate at 84.3%. It was followed by Sinan County in South Jeolla at 80.4%, Hadong County in South Gyeongsang at 78.1%, and Hwacheon County in Gangwon at 76.1%. Conversely, Gyeongsan City in North Gyeongsang reported the lowest rate at 54.4%, with Dongducheon City in Gyeonggi at 56.8% and Mokpo City in South Jeolla at 57.6%. The gap between Ulleung County and Gyeongsan City was 29.9 percentage points.In the metropolitan areas, Ongjin County in Incheon had the highest employment rate at 79.7%, followed by Gunwi County in Daegu at 76.6%. Yeongdo District in Busan reported the lowest rate at 48.6%, with Seo District in Daegu at 50.7%. In Seoul, Yeongdeungpo District had an employment rate of 64.3%, while Jongno District stood at 51.8%, showing a difference of 12.5 percentage points.Sector-specific characteristics also influenced regional employment indicators. The proportion of employed individuals in agriculture, forestry, and fisheries was highest in Uiseong County, North Gyeongsang, at 55.9%, while the highest proportion in manufacturing was in Geoje City, South Gyeongsang, at 40.5%. Construction employment was notably high in Yeosu City, South Jeolla, and retail and accommodation sectors were prominent in Gapyeong County, Gyeonggi.Age-related employment rates revealed significant disparities. The employment rate for individuals aged 65 and older was highest in Cheongsong County, North Gyeongsang, at 79.7%, and Jangsu County, North Jeolla, at 79.1%. In contrast, Yongin City in Gyeonggi had a rate of only 28.0%, while Mokpo City in South Jeolla was at 31.1%. Among the youth, Ulleung County again led with a rate of 77.4%, followed by Wando County in South Jeolla at 67.2%. Geochang County in South Gyeongsang reported a low rate of 20.5%.The population aged 15 and older in rural areas reached 3.067 million, an increase of 29,000 from the previous year, marking the first increase since 2016. Kim noted that the rural employment rate is at its highest level since the statistics were first compiled in 2013, attributing this to increased support for policies and infrastructure in many rural areas facing population decline.* This article has been translated by AI. 2026-08-20 12:08:00
  • Korean Tax Agency Bans Misleading Tax Consultant Advertisements
    Korean Tax Agency Bans Misleading Tax Consultant Advertisements Advertisements by tax consultants that claim refund rates, tax savings, or success rates without proper justification are now prohibited. Promotions that assert superiority, such as 'the best in the country' or 'number one in refund rates,' are also subject to regulation.The National Tax Service announced on August 20 that it will issue a notice regarding the 'Regulations on Advertisements Prohibited for Tax Consultants.'This notice specifies types of advertisements that could harm taxpayers, following amendments to the Tax Consultant Act made in December of last year. The regulations apply a 'principle of prohibition with exceptions' approach, allowing advertisements that present objective data while restricting misleading or exaggerated claims.Prohibited advertisements include those that directly compare fees with other tax consultants and those that promise monetary or economic benefits. Expressions emphasizing superiority, such as 'the best in the country,' 'industry leader,' or 'number one in refund rates,' are also banned.To advertise refund rates, tax savings, or success rates, consultants must provide statistical justification. Advertisements that do not disclose the sample size, statistical period, or calculation methods are prohibited.Advertisements that accurately display one's fees or performance based on objective data are permitted. Supporting documents and statistical justifications must be retained for three years from the date of advertisement publication or transmission.The regulations apply to tax consultants and firms, as well as lawyers and certified public accountants registered for tax representation, including foreign tax advisory firms known as 'American tax consultants.'The same standards will apply to advertisements created by tax consultants themselves and those produced and posted by other entities or individuals in the name of tax consultants. This measure ensures that consultants cannot evade responsibility by outsourcing advertisement production.The National Tax Service plans to finalize the notice after gathering public and organizational feedback during the administrative notice period. It will establish a reporting channel for advertisements on its website and collaborate with organizations like the Korean Tax Association and the Korean Institute of Certified Public Accountants to strengthen monitoring and enforcement of violations.* This article has been translated by AI. 2026-08-20 12:08:00
  • Surge in Q2 Stock Prices Leads to Record Drop in Net External Financial Assets
    Surge in Q2 Stock Prices Leads to Record Drop in Net External Financial Assets In the second quarter, a significant rise in domestic stock prices resulted in a record drop in South Korea's net external financial assets. The increase in residents' overseas securities investments and a favorable global stock market partially offset the decline in external financial assets.According to the Bank of Korea's '2026 Q2 International Investment Position (preliminary)' report released on August 20, net external financial assets (external financial assets minus external financial liabilities) stood at $640 billion at the end of the second quarter, a decrease of $68.95 billion from the previous quarter. This marks the third consecutive quarter of decline, with the drop being the largest since statistics began in 1994. The balance is also the lowest since the third quarter of 2014, when net external financial assets turned positive.External financial assets increased by $201.7 billion to $3.083 trillion compared to the previous quarter. Residents' overseas direct investments rose by $20.8 billion, driven by equity investments in the United States. Securities investments saw a $142.7 billion increase due to sustained net investments and valuation gains from rising global stock prices.Conversely, external financial liabilities surged by $891.2 billion to $3.0202 trillion. This increase was primarily driven by a $859.3 billion rise in foreign investments in domestic securities. Notably, the value of domestic equity securities held by foreigners increased by $848.1 billion, influenced by the rise in domestic stock prices.Despite foreign investors selling domestic stocks, the significant increase in stock prices led to a substantial rise in the value of their holdings. The KOSPI index rose from 5,052.5 to 8,476.5, a 67.8% increase during the second quarter. During the same period, the value of the won fell by 1.8% against the dollar.Meanwhile, net external debt, calculated as external debt minus external claims, rose by $2.3 billion to $367.8 billion. External claims increased by $407 billion to $1.1806 trillion, while external debt rose by $384 billion to $812.8 billion.Choi Jae-hyuk, head of the Bank of Korea's Capital Movement Analysis Team, stated, "Although net external financial assets have decreased, the scale of residents' overseas assets has not diminished, and income from overseas assets continues to grow. This decline is due to a significant increase in external financial liabilities resulting from rising domestic stock prices, not a depletion of overseas assets. Therefore, the assessment that we can buffer foreign currency supply and demand through the sale of overseas assets and domestic repatriation in the event of external shocks remains valid."Short-term external debt rose by $15 billion to $198.5 billion compared to the previous quarter. Consequently, the ratio of short-term external debt to reserve assets increased to 46.5%, up 3.1 percentage points from the previous quarter. The proportion of short-term external debt within total external liabilities also rose to 24.4%, an increase of 0.7 percentage points.Moon Sang-yoon, head of the Bank of Korea's Foreign Investment Statistics Team, noted, "The 46.5% ratio of short-term external debt to reserve assets is the highest level since the end of the second quarter of 2011. However, the increase in short-term external debt is not due to borrowing issues as seen in the past, but rather because foreign investors sold domestic stocks and did not convert all of it to foreign currency, leaving some in domestic won deposits. This is the main factor behind the increase."He added, "Excluding the impact of foreign sales of domestic stocks, this ratio does not differ significantly from the previous quarter. While headline indicators have risen, we do not see this as a situation that would lead to liquidity issues."* This article has been translated by AI. 2026-08-20 12:04:20
  • Short-term External Debt Rises by $15 Billion in Q2, Weakening Debt Health Indicators
    Short-term External Debt Rises by $15 Billion in Q2, Weakening Debt Health Indicators South Korea's short-term external debt increased in the second quarter of this year, leading to a slight deterioration in external debt health indicators.According to the Ministry of Finance's report on 'Q2 External Assets and Liabilities Trends' released on August 20, the country's external debt reached $812.8 billion at the end of the second quarter, an increase of $38.4 billion from the previous quarter.By maturity, short-term external debt, due within one year, rose by $15 billion to $198.5 billion. Long-term external debt, with maturities exceeding one year, increased by $23.5 billion to $614.3 billion.In terms of sectors, external debt for the government and other sectors rose by $8.4 billion and $36.3 billion, respectively. In contrast, the central bank and banks saw their external debt decrease by $1.5 billion and $4.8 billion, respectively.During the same period, external assets increased by $40.7 billion to $1.1806 trillion. Consequently, net external assets, calculated by subtracting external liabilities from external assets, rose to $367.8 billion, up $2.3 billion from the previous quarter. The increase in external assets slightly outpaced the rise in external liabilities, marking a return to growth in net external assets after three quarters.However, the increase in short-term external debt has led to a slight decline in external debt health indicators. The proportion of short-term debt in total external debt rose from 23.7% at the end of the first quarter to 24.4% at the end of the second quarter, an increase of 0.7 percentage points.The ratio of short-term external debt to foreign exchange reserves also increased from 43.3% to 46.5%, a rise of 3.2 percentage points. Although the increase in long-term external debt was larger, the simultaneous rise in short-term debt contributed to this change.A Ministry of Finance official stated, "Considering the slight increase in net external assets and the rise in foreign exchange reserves, the country's external payment capacity is assessed to be at a healthy level."The foreign currency liquidity coverage ratio (LCR), which indicates the repayment ability of domestic banks' external debt, stood at 167.0% at the end of the second quarter, significantly exceeding the regulatory requirement of 80%.* This article has been translated by AI. 2026-08-20 12:04:20
  • South Korea Expands Recycling Standards for Used Batteries
    South Korea Expands Recycling Standards for Used Batteries The South Korean government is broadening the scope of materials recognized for recycling from used batteries and enhancing safety standards for their transport and storage. The Future Waste Resources collection centers, which primarily handled used electric vehicle batteries and solar panel waste, will now also manage components from wind turbines, energy storage systems (ESS), and eco-friendly vehicles.On August 20, the Ministry of Climate, Energy and Environment announced that it will publicly notify amendments to the Waste Management Act and the Resource Circulation Act for electric and electronic products and automobiles from August 21 to October 1.The proposed amendments expand the recycling recognition criteria for materials recovered from used batteries from a nickel content of 10% to a combined nickel and cobalt content of 13%. This adjustment allows for the recycling of lithium cobalt oxide (LCO) batteries, which typically have lower nickel content.The intended use of the recovered materials will be clearly defined for domestic product manufacturing, promoting the production of recycled materials in South Korea. A new classification code for 'used secondary batteries for power storage and backup power' will be established to separately track the volume of used batteries from ESS and uninterruptible power supplies (UPS). The types of recycling will also include remanufacturing and reuse.Standards for the transport and storage of used batteries will be strengthened. The current standards applied to used electric vehicle batteries will be extended to include those from hybrid vehicles, hydrogen vehicles, and batteries from construction and agricultural machinery, as well as electric storage facilities. High-risk used batteries that are damaged or deformed will need to be transported in sealed containers with protective equipment, ensuring insulation and cushioning to reduce the risk of hazardous material leaks, fires, and explosions.The range of items handled by the seven Future Waste Resources collection centers across the country will also be expanded. They will now be able to collect, store, and sell components such as drive motors and fuel cells from electric, hybrid, and hydrogen vehicles, as well as wind turbine nacelles and blades, and ESS. These facilities include critical minerals such as rare earth permanent magnets and platinum, and establishing a recovery system is expected to reduce import dependency and contribute to supply chain stability.The scope of large discarded appliances that manufacturers and importers must collect free of charge during new product installations has also been clarified. Eleven items, including refrigerators, washing machines, air conditioners, televisions, clothes dryers, and garment care devices, will be included.The implementation rules for the Resource Circulation Act for electronic products will take effect on December 10, following public consultation and review by the Ministry of Legislation. The amendments to the Waste Management Act are expected to be finalized by the end of this year.Kim Go-eung, director of the Resource Circulation Bureau at the Ministry of Climate, stated, "Future waste resources are waste that must be managed safely while being core resources that support our industry’s supply chain. We will spare no effort in improving systems and providing support to promote domestic recycling."* This article has been translated by AI. 2026-08-20 12:04:20
  • Financial Supervisory Service Automates Monitoring of Virtual Asset Market Using AI
    Financial Supervisory Service Automates Monitoring of Virtual Asset Market Using AI The Financial Supervisory Service (FSS) is automating its market monitoring of unfair trading in virtual assets using artificial intelligence (AI).On August 20, the FSS announced the establishment of an AI-based monitoring system for the virtual asset market that integrates generative AI and machine learning algorithms.This system includes real-time transaction data analysis, online public information analysis, and automatic in-depth analysis of suspicious assets.Initially, the AI algorithm will capture abnormal transactions occurring in the virtual asset market in real time. Based on the FSS's accumulated investigative experience, it will automatically identify suspected short-term price manipulation cases, such as the 'racehorse' type, where prices fluctuate dramatically at specific times, and the 'cage' type, where prices surge for assets with restricted deposits and withdrawals.For assets with significant price and trading volume movements, generative AI will analyze related announcements and news to determine the causes of price fluctuations. If typical price manipulation patterns emerge or prices rise sharply without clear reasons, the FSS will request trading data from exchanges to assess the need for further investigation.The AI will also detect artificial trading volume inflation, such as wash trading. By applying Benford's Law and machine learning algorithms, it will identify assets and trading periods that deviate from normal trading patterns.Unfair trading occurring online will also be monitored. Generative AI will analyze posts and videos related to virtual assets, examining subtitles and audio to detect illegal pre-trading through leading rooms, dissemination of false information, and incitement to unfair trading.After detecting abnormal transactions, AI will be utilized in the in-depth analysis process. It will assess quantitative indicators such as price and trading volume surges, the causes of price increases identified by AI, complaints, tips, and media reports to determine whether to initiate a detailed analysis.Generative AI will also compile review reports summarizing the analysis results. Based on the indicators generated by AI, the reports will be automatically created in a pre-designed format, allowing investigators to decide on further analysis or planning investigations.An FSS official stated, "With the establishment of this AI-based market monitoring system, we expect to respond quickly and efficiently to increasingly sophisticated and complex unfair trading in virtual assets with limited personnel. We also plan to further enhance the AI-based market monitoring and investigation system by developing additional features to support fund flow and on-chain tracking."* This article has been translated by AI. 2026-08-20 12:04:10