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  • Korean Economy: Focus on Manufacturing and Semiconductor Competitiveness
    Korean Economy: Focus on Manufacturing and Semiconductor Competitiveness To seize growth opportunities in the age of artificial intelligence (AI), South Korea must maintain its semiconductor competitiveness while focusing on the transition of manufacturing to AI (M.AX), according to Kwon Nam-hoon, head of the Korea Institute for Industrial Economics and Trade. He emphasized the need for South Korea to create substantial added value centered on its strengths in semiconductors and manufacturing, rather than merely following the competition in AI software.In a recent interview with Aju Economy, Kwon stated, "The areas where our country is making money in the AI revolution are ultimately semiconductors and information technology (IT) devices." He noted that the potential for generating revenue through AI software or sovereign AI is significantly lower than through industries that utilize or are linked to AI.Kwon stressed, "The area where South Korea should truly compete is manufacturing," highlighting that M.AX is the most critical and urgent task among various discussions related to AI.Earlier this year, the Korea Institute for Industrial Economics and Trade projected that South Korea's exports would reach approximately $940 billion, a 30.3% increase from the previous year. Exports in the first half of the year also hit a record high of $496.7 billion, with discussions emerging about the possibility of achieving $1 trillion in annual exports. The Korea Development Institute recently forecasted that exports would total $1.745 trillion this year.Kwon remarked, "The talk of reaching $1 trillion in exports is very positive," acknowledging the significant impact of semiconductors. He explained that the surge in semiconductor exports, coupled with increased demand for IT equipment due to the expansion of AI data center construction, has contributed to this growth.He also noted that despite high exchange rates and turmoil in the Middle East, other sectors' exports did not suffer as much as expected, positively influencing overall export growth. Kwon commented, "Some of this was due to luck, and some was due to our effective responses," but cautioned that fortunate circumstances could change at any time, necessitating continued vigilance.However, the increasing reliance on semiconductors raises concerns. Kwon pointed out that since around 2010, exports from industries other than semiconductors and automobiles have not increased in nominal terms. He noted that since around 2015, automobile exports have also stagnated, leading to a situation where exports have effectively become a "one-tool" reliance on semiconductors.Looking ahead, Kwon identified potential risks, including a decline in export competitiveness due to the rising value of the Korean won, the relocation of key production facilities overseas, and competition from Chinese manufacturing. He expressed concern that if the $350 billion investment in the U.S. materializes, it could weaken South Korea's domestic production base.Kwon stated, "There has been a trend of important production facilities moving overseas, particularly centered around the U.S., and this trend is likely to accelerate, which could impact our domestic production capacity."He emphasized the need for M.AX to spread the benefits of the semiconductor boom across the manufacturing sector. However, he cautioned that simply making existing tasks easier through AI implementation does not constitute a genuine transformation.Kwon suggested that to promote M.AX, companies need to establish successful case studies and data frameworks for reference. He highlighted the importance of creating an environment where data can be collected and utilized at low cost while maintaining security, as well as standardizing data and enhancing the AI capabilities of existing workers.He explained that M.AX would only be effective if smart factories and digital transformation (DX) are sufficiently advanced. Kwon argued that the policies of the Ministry of Trade, Industry and Energy regarding M.AX and the Ministry of SMEs and Startups' smart factory initiatives should not be pursued as separate projects.Kwon noted, "Large companies have the capital and workforce to find their own paths, but the focus of M.AX should be on revitalizing small and medium-sized enterprises and the manufacturing ecosystem, which have weakened competitiveness."Kwon made it clear that while the export structure's heavy reliance on semiconductors poses risks, delaying domestic semiconductor investment is not an option. He warned that if South Korea's relative production capacity diminishes amid the global competition for semiconductor production facilities among the U.S., China, Japan, and Europe, it could weaken the country's industrial leadership.Kwon stated, "The global semiconductor market is expanding, and countries are competing to attract production facilities. If our production capacity shrinks in this process, we could face significant strategic challenges in the future, making it essential to increase domestic semiconductor production facilities."He evaluated the government's push for semiconductor mega projects as a policy aimed at maintaining this domestic production base. Kwon noted, "When the mega project was announced, there was mention of accelerating the completion of the Yongin semiconductor cluster," adding that the proactive approach to the mega project is a positive development.He also expressed confidence that even if semiconductor demand does not increase as expected, investments in infrastructure will still be beneficial. Kwon emphasized, "Industrial sites with stable power and water supply are crucial for maintaining domestic manufacturing capacity and developing regions. Investments will not be wasted, as other industries can also utilize them, not just semiconductors."For the semiconductor mega project to translate into actual investment and production, Kwon recommended improvements not only in power and water supply but also in the working hours of research and development personnel. He discussed the need for a "white-collar exemption" related to the 52-hour workweek for personnel in advanced industries like semiconductors, stating, "If we cannot demonstrate flexibility even in areas that require it, we cannot expect flexibility in other sectors either."Kwon proposed that if comprehensive institutional reforms are challenging, work hour flexibility should be implemented first in special zones related to mega projects. He stated, "If special zones are merely given more subsidies without addressing the actual regulatory bottlenecks, they will not succeed," adding that introducing a white-collar exemption could be a first step toward labor market flexibility.However, he cautioned against emphasizing labor market flexibility alone. Kwon asserted, "There is no disagreement on the premise that increasing labor system flexibility must also enhance stability," emphasizing that the issue is more about methodology than direction, making it practical to apply it first through special zones.Kwon stressed that the semiconductor boom does not automatically lead to improvements in South Korea's economic structure. He argued that opportunities secured through exports must be linked to expanding domestic production capacity, M.AX, and strengthening the manufacturing ecosystem to enter a new growth phase.He concluded, "When opportunities arise from outside, we must leverage them to change ourselves to reach a new stage. In times of increased uncertainty, we need a long-term perspective on the industry rather than short-term optimism or pessimism."* This article has been translated by AI. 2026-08-20 05:04:00
  • POSCO Internationals LNG Strategy Focuses on Midstream Investments
    POSCO International's LNG Strategy Focuses on Midstream Investments POSCO International is prioritizing investments to strengthen its midstream capabilities in the liquefied natural gas (LNG) value chain, which encompasses procurement, trading, storage, and terminal operations. The company aims to enhance the efficiency of its integrated LNG value chain, from gas fields to power generation, to improve both profitability and capital efficiency.In an interview with Aju Economy, Jeong Gyeong-jin, Vice President and Head of Management Planning at POSCO International, stated, "We are focusing on connection points that can enhance the overall profitability of the value chain. Among these, I believe the midstream sector will be the most critical area moving forward."POSCO International's LNG operations are structured to integrate upstream assets, such as gas fields in Myanmar and Australia’s Senex Energy, with LNG procurement, trading, the Gwangyang LNG terminal, and power generation.Since merging with POSCO Energy in 2023, POSCO International has unified its gas field development and LNG procurement and trading capabilities with terminal and power generation operations into a single system. This integration has bolstered the group's energy procurement stability while allowing for more flexible responses to global energy price fluctuations and supply chain risks.Jeong emphasized, "The significance of the merger lies in the fact that the entire energy business has been integrated into one value chain. This has also positively impacted our ability to mitigate volatility across different businesses and secure stable cash flow."He noted that upstream gas field assets play a crucial role in ensuring stable resource acquisition and cash generation, while downstream power generation enhances demand stability and the overall reliability of the value chain.However, he stressed that the key to determining the efficiency and profitability of the entire value chain lies in the midstream sector. "By strengthening our capabilities in LNG procurement, trading, storage, and terminal operations, we can go beyond merely securing volumes to implement optimal procurement and sales strategies based on market conditions," he said.Jeong also pointed out that this approach would enhance both profitability and risk management capabilities, predicting that the efficiency of LNG operations will significantly influence profitability in the future.The recently established Singapore-based LNG subsidiary is part of this strategy to enhance midstream competitiveness. The plan is to increase flexibility in procurement and sales by leveraging long-term contracts, spot trading, regional price differences, and transportation and storage conditions in the global LNG market.Jeong remarked, "In the global LNG market, the ability to comprehensively utilize long-term contracts, spot trading, and regional price differences is becoming increasingly important. We plan to focus on strengthening our midstream competitiveness to enhance the flexibility and profitability of our entire portfolio."Despite the global energy transition, POSCO International remains committed to investing in LNG. The company believes that as coal power generation declines, LNG will serve as a stable bridge energy source, sustaining demand for a considerable period.Jeong stated, "Energy transition is not an overnight process where one energy source completely replaces another. It must be carried out gradually, considering stable power supply, carbon reduction, and economic viability."He particularly highlighted the Asian market, noting, "Asia's electricity demand continues to grow, and as coal power generation decreases, the demand for stable alternative energy sources is also expanding. In this context, LNG is a realistic bridge energy source during the energy transition."From a financial perspective, Jeong assessed the LNG value chain as highly attractive. Gas fields generate stable cash flow, terminals provide infrastructure-based revenue, and power generation serves as a demand outlet for secured LNG.By integrating procurement and trading functions, the company can flexibly manage volumes based on market prices and supply-demand conditions. POSCO International plans to leverage this foundation to enhance energy procurement stability at the group level.Additionally, the company aims to secure energy reliably for its key businesses, such as steel and secondary battery materials, thereby increasing its resilience against global energy price fluctuations and supply chain risks.POSCO International's investments are not limited to LNG. The company seeks to secure stable cash flow from energy while utilizing the current electric vehicle market stagnation as an opportunity for long-term supply chain development in the materials sector.Jeong noted, "While the growth rate of the electric vehicle market is adjusting, considering carbon neutrality policies and major automakers' electrification strategies, it is difficult to argue that the long-term growth trajectory of the electric vehicle and battery industries has changed. Rather, from the perspective of securing core raw material supply chains, the current adjustment phase may be an opportune time to proactively acquire competitive assets."He added, "POSCO International is not simply investing with the expectation of rising raw material prices; we are approaching this from the perspective of building a raw material supply chain connected to POSCO Group's secondary battery materials business." The strategy focuses on investing in assets with clear long-term demand that can create synergies within the group’s value chain.However, Jeong emphasized that while expanding investments in growth sectors such as energy and materials, maintaining capital efficiency and financial soundness remains a principle. He stated that rather than pursuing expansion solely due to market interest, the company will allocate capital to projects with confirmed profitability and investment recovery potential.Jeong concluded, "We must consider not only growth and strategy but also capital efficiency, cash flow, and investment recovery potential. We plan to actively secure growth opportunities centered around our core business pillars of energy, materials, and food while focusing on investments that can enhance financial soundness and long-term corporate value."He added, "If POSCO International's corporate value is evaluated differently in five years, it will not be due to the performance of a single business but because energy has created stable cash flow, materials have expanded future growth potential, and food has supported supply chain stability and portfolio balance."* This article has been translated by AI. 2026-08-20 05:04:00
  • Wang Yi Emphasizes Constructive Role for Peace and Stability on Korean Peninsula
    Wang Yi Emphasizes Constructive Role for Peace and Stability on Korean Peninsula Foreign Minister Cho Hyun and Wang Yi, head of the Chinese Communist Party's Central Foreign Affairs Office and Foreign Minister, held a four-hour meeting and dinner in Seoul on the afternoon of August 19. Minister Cho introduced the vision for peaceful coexistence on the Korean Peninsula, which President Lee Jae-myung outlined in his Liberation Day speech, including multilateral discussions for ending the war. Wang emphasized China's commitment to playing a constructive role in ensuring peace and stability on the peninsula. According to the Ministry of Foreign Affairs, Minister Cho and Wang exchanged views on Korea-China relations and mutual interests ahead of the 24th anniversary of diplomatic ties between the two countries. Cho explained the South Korean government's efforts toward denuclearization and peace on the peninsula, urging China to play a constructive role in facilitating North Korea's return to dialogue. In his Liberation Day speech, President Lee stated, "We will embark on a journey to end the war and transform the unstable armistice system on the Korean Peninsula into a peace system," proposing discussions among the parties involved to end the long-standing conflict. Wang responded that China's policy toward the Korean Peninsula maintains continuity and stability, reiterating its commitment to a constructive role for peace and stability. He expressed hope for peaceful coexistence between North and South Korea and wished for continued stability and development on the peninsula. Minister Cho assessed that the reciprocal state visits by the leaders of both countries have solidified the momentum for a comprehensive restoration of Korea-China relations, emphasizing the need for concrete follow-up measures to benefit the lives of citizens in both nations. Cho also highlighted the South Korean government's strong support for the successful hosting of the APEC summit in Shenzhen in November, where South Korea will serve as the chair. He urged preparations for high-level exchanges during APEC to begin in earnest. Wang noted that the reciprocal state visits by the leaders have led to a shared understanding, contributing to the stable and continuous improvement of Korea-China relations. He mentioned that President Lee is actively considering a meeting with Chinese President Xi Jinping during the APEC summit in November and called for joint efforts to facilitate this. Wang invited Minister Cho to visit China, to which Cho expressed gratitude and emphasized the need to discuss a mutually convenient time for the visit through diplomatic channels. After the meeting, Wang addressed reporters' questions about whether China would mediate North Korea-U.S. talks, stating, "The North Korea-U.S. summit is a matter for the two sides to decide," but added that the U.S. should change its long-standing hostile policy toward North Korea. The meeting was attended by South Korean officials, including Deputy Minister Jeong Hee-hye, Director Nam Jin of the Northeast and Central Asia Bureau, Director Kim Seok-woo of the Bilateral Economic Bureau, Director Lee Seok-joo of the International Legal Bureau, and Minister-Counselor Yoo Bok-geun from the South Korean Embassy in China. Chinese officials included Ambassador to South Korea Xing Haiming, Deputy Foreign Minister Hua Chunying, Director of the Asian Affairs Department Shen Minjuan, Deputy Director of the News Department Chen Yaowu, and others. This Korea-China Foreign Ministers' meeting was the first since the meeting in Beijing last September, and it marked Wang Yi's first visit to South Korea since September 2021. Wang had previously visited South Korea in November to assist President Xi at the APEC summit in Gyeongju.* This article has been translated by AI. 2026-08-20 04:16:00
  • President Lee Hosts Dinner with Democratic Party Leadership to Promote Unity
    President Lee Hosts Dinner with Democratic Party Leadership to Promote Unity President Lee Jae-myung gathered the new leadership of the Democratic Party and candidates from the party's recent leadership election for a dinner on August 19, emphasizing the importance of unity and teamwork in governance.During the dinner, President Lee described the party, government, and Blue House as a "community of fate" and "partners in governance," urging attendees to move past conflicts that arose during the party convention and to deliver tangible results that the public can feel.Hong Ik-pyo, the Chief of Staff to the President, announced in a written briefing that President Lee held the dinner with Kim Min-seok, the newly elected party leader, and former candidates Jeong Cheong-rae and Song Young-gil, along with Han Byeong-do, the floor leader.The dinner aimed to celebrate the new leadership while also addressing and resolving internal conflicts that surfaced during the party convention.President Lee congratulated Kim on his election and expressed sympathy and encouragement to Jeong and Song for their efforts in the primary. He emphasized that all three candidates are "comrades who have shared joys and sorrows and are responsible figures in the people's sovereignty government."Kim proposed an apology for some excessive remarks made during the party convention and suggested that they work together to support party unity and governance.Jeong stated, "We are comrades who have crossed the line of emergency martial law together, and we must unite our efforts to win the next general and presidential elections as a community of fate with the Lee Jae-myung government."Song highlighted the need for coordination between the party and the government regarding real estate taxation. He also expressed regret over misunderstandings with Jeong and the controversies that arose during the party convention.In concluding the dinner, President Lee urged that the party, government, and Blue House are a "community of fate" that shares a historical mission and called for collective efforts to make this year a foundational year for an "irreplaceable Republic of Korea."All attendees agreed to do their utmost as a "stronger team" to ensure the success of the people's sovereignty government. They committed to closer communication and cooperation in their respective roles to achieve results that all citizens can feel.The dinner menu also symbolized party unity and solidarity. The main dish, "unified yukhoe," featured ingredients representing the hometowns of the three candidates: Jongno yukhoe for Kim, Geumsan ginseng for Jeong, and Goheung yuzu for Song, combined into a dish of ginseng yukhoe with yuzu sauce. The Blue House explained that the meal signified a call for unity following the party convention for the sake of an irreplaceable Republic of Korea.The yuzu, known for its health benefits, along with ginseng and beef, reflects President Lee's hope that the candidates, who campaigned across the country, can recover from fatigue and regain their health.The dessert, a fruit punch, also carried political significance. By combining various flavors and colors of fruit, it symbolized the party's unity in becoming a "capable government and capable ruling party" and aimed to reward the public with "refreshing results" during the hot summer. 2026-08-19 22:48:00
  • K-Football Innovation Committee Listens to Voices on Youth Soccer Challenges
    K-Football Innovation Committee Listens to Voices on Youth Soccer Challenges The K-Football Innovation Committee, established to fundamentally reform South Korean soccer, is actively seeking realistic improvement measures by listening to voices from the field.On August 19, the committee held its seventh meeting, an 'open listening session,' at the Korea Football Park Stadium in Cheonan, South Chungcheong Province. All nine members of the committee, including co-chairs Park Ji-sung and Yoo Seung-min, as well as Minister of Culture, Sports and Tourism Choi Hwi-young, attended the event. Over 80 participants, including coaches, players, and parents from elementary, middle, and high schools, as well as officials from local associations, gathered to discuss ways to advance youth soccer.The three-hour session, conducted without formal presentations, revealed various structural issues facing youth soccer. Key concerns included training and competition environments hindered by regulations from the Ministry of Education and a lack of infrastructure.Field coaches expressed worries about restrictions on weekday competitions during the school year, which force tournaments to be concentrated during extreme heat or cold. They also highlighted the insufficient number of games for younger players and difficulties in utilizing school sports facilities due to prohibitions on commercial use, making it hard to secure playing fields.After hearing these concerns, Minister Choi stated, "It pains me to hear that children cannot play due to a lack of fields, and I feel a sense of responsibility. Forcing children to compete in the most challenging conditions, such as extreme heat or cold, is counterproductive to their education." He pledged to invest boldly and address outdated or unrealistic regulations.Regarding training conditions for student-athletes, Yoo noted, "It is important for high school athletes to have career choices. We need to help them engage in sports more freely." Co-chair Park also urged the Korea Football Association to allocate more budget to youth soccer, emphasizing that more funding is necessary for the growth of young players.After the session, Park remarked, "The statement that there are no fields available for practice resonated the most. The key is whether we can move forward with a clear purpose and plan. We will carefully discuss the feedback received to provide valuable recommendations for Korean soccer."Since its launch last month, the Innovation Committee has led governance reforms, including expanding the electoral base for the Korea Football Association president to 20,000 and introducing electronic voting. Following this face-to-face listening session, the committee will transition to virtual meetings. Park indicated that meetings would continue weekly or every two to three weeks, depending on circumstances.Additionally, the committee plans to examine key issues in the soccer community, including the vacant coaching system for the national team. Park emphasized, "We can discuss what systems are necessary to select a coach as fairly as possible, but the committee cannot decide on the appointment itself. Our role is to provide recommendations."* This article has been translated by AI. 2026-08-19 22:12:00
  • Wang Yi: North Korea-U.S. Dialogue Must Be Resolved by Parties, U.S. Policy Shift Needed
    Wang Yi: North Korea-U.S. Dialogue Must Be Resolved by Parties, U.S. Policy Shift Needed Wang Yi: North Korea-U.S. Dialogue Must Be Resolved by Parties, U.S. Policy Shift NeededWang Yi, head of the Chinese Communist Party's Central Foreign Affairs Commission and Foreign Minister, stated that the decision to engage in dialogue between North Korea and the United States lies with the two countries, emphasizing that a shift in U.S. policy toward North Korea is necessary. After a meeting with South Korean Foreign Minister Park Jin at the Ministry of Foreign Affairs in Jongno-gu, Seoul, on August 19, Wang told reporters that the possibility of a North Korea-U.S. summit is a matter for the two nations to decide, adding, "The U.S. must change its long-standing hostile policy toward North Korea." This reiterates China's position that the success of North Korea-U.S. dialogue depends on the judgment of the parties involved, while also stressing the need for a change in the U.S. approach to North Korea.Lee Likely to Implement Sequential Cabinet Reshuffle Before National AuditPresident Lee Jae-myung is increasingly expected to initiate a "sequential cabinet reshuffle" from September to October, replacing necessary ministers one by one. The resignation of Justice Minister Jeong Seung-ho and the prolonged vacancy in the Ministry of SMEs and Startups have made some appointments unavoidable, while a large-scale reshuffle before the October national audit poses challenges. President Lee is anticipated to prioritize urgent appointments in the Justice and SMEs ministries in September, with further reshuffles expected around the national audit in October, reflecting the need for political figures to return to their party roles. As of August 19, there is no officially confirmed schedule for the reshuffle, but the Blue House's acknowledgment of Justice Minister Jeong's resignation suggests that finding a successor has become imperative.KOSPI Plummets Amid U.S. Interest Rate Shock, Semiconductor Stocks Hit HardThe South Korean stock market experienced a significant drop as long-term government bond yields in major countries, including the U.S. and Japan, reached their highest levels in decades. Concerns over the U.S. fiscal deficit and large corporate bond issuances by AI big tech companies have driven interest rates up, leading to a massive sell-off, particularly in semiconductor stocks. Samsung Electronics and SK Hynix saw declines of 7% and 9%, respectively. Experts believe this bond market shock will persist for the foreseeable future.On August 19, the Korea Exchange reported that the KOSPI index closed at 6,471.17, down 398.66 points (5.80%) from the previous trading day, marking the largest drop since July 29 (-5.98%). The index opened at 6,528.77, down 341.06 points (4.96%), and fell as much as 6.83% to 6,400.81 early in the session.Trump: No Scheduled Negotiations with Iran; Iran Seeks Complete End to WarU.S. President Donald Trump has repeatedly dismissed the possibility of negotiations with Iran and reaffirmed the policy of maintaining maritime blockades. Iran, in turn, is demanding a complete end to the war rather than a temporary ceasefire and is enhancing its offensive operational capabilities in preparation for further conflict.On August 18, Trump stated on social media platform Truth Social, "There are no ongoing discussions or negotiations with Iran, nor are there any scheduled," adding that the maritime blockade remains fully in effect. He claimed that the Strait of Hormuz is "open and operating normally" and released a map indicating the strait as U.S. territory.The day before, Trump had indicated he would not extend the memorandum of understanding (MOU) for a ceasefire, urging Iran to surrender. He noted, "I have not set a timetable. I am not in a hurry," suggesting that military and economic pressure would continue for the time being.U.S. Defense Department to Scale Back UFS Exercises, Some Training CanceledIn response to President Donald Trump's directive to reduce U.S.-South Korea joint military exercises, the two countries' military authorities have decided to conclude the Ulchi Freedom Shield (UFS) exercises earlier than planned. Some related outdoor training will also be canceled or converted to simulations, resulting in a reduction of the overall training scale.According to a statement from the U.S. Department of Defense reported by Stars and Stripes on August 18, the exercises aimed at enhancing tactical capabilities will continue, but UFS will be significantly scaled back. The Department of Defense explained that related live training has also been reduced, with some exercises canceled or switched to simulations. They emphasized that essential readiness and training objectives will be maintained, ensuring that U.S. military training goals will not be compromised.* This article has been translated by AI. 2026-08-19 21:28:00
  • Fire at Incheon Coupang Logistics Center Forces Evacuation of 3,000
    Fire at Incheon Coupang Logistics Center Forces Evacuation of 3,000 A fire broke out at a Coupang logistics center in Incheon, prompting the emergency evacuation of approximately 3,000 employees. The fire was extinguished before firefighters arrived, and no injuries were reported. According to Yonhap News Agency, the fire was reported at 5:28 p.m. on August 19 at a large logistics center located in Wonchang-dong, Seohae-gu, Incheon. Fire authorities dispatched 81 personnel and 33 vehicles to the scene, guiding about 950 employees to evacuate while the remaining 2,050 exited the building on their own. When firefighters arrived, the fire had already been extinguished, with only smoke reported near the electrical panel in the basement machinery room. A thorough search of the building revealed no signs of further fire. Authorities are investigating the cause of the fire, including the possibility that it originated from a bus duct, a type of wiring system that supplies high-capacity electricity. The building houses six companies, with Coupang leasing most of the space for its logistics operations. Coupang Fulfillment Services stated, "The basement machinery room where the smoke occurred is not part of Coupang's leased and managed area, but rather the landlord's management space. All employees from Coupang and other tenants evacuated safely immediately after the smoke was detected." This incident follows a major fire at another nearby Coupang logistics center on July 18, which took 109 hours to extinguish.* This article has been translated by AI. 2026-08-19 21:08:00
  • Blue House: U.S.-South Korea Joint Exercises Reduced on Trumps Orders, No Impact on Wartime Operational Control Recovery
    Blue House: U.S.-South Korea Joint Exercises Reduced on Trump's Orders, No Impact on Wartime Operational Control Recovery The Blue House stated that the reduction of U.S.-South Korea joint military exercises, ordered by President Donald Trump, will not affect the recovery of wartime operational control.According to Yonhap News on August 19, Sung Ki-hong, the Blue House's senior secretary for public communication, expressed this view during an appearance on Channel A. He stated, "The government believes that the reduction of exercises should not hinder or delay the policy direction and schedule for the transfer of wartime operational control."Sung noted that he learned about Trump's message regarding the reduction of joint exercises through Truth Social, adding that many U.S. officials reportedly only recognized the president's intentions after seeing that post. He remarked, "It seems to reflect President Trump's unique style."Regarding the possibility of a North Korea-U.S. summit during the upcoming Asia-Pacific Economic Cooperation (APEC) summit in November, Sung expressed hope that a friendly relationship between the leaders would lead to improvements between the two countries. He stated, "We will communicate closely with the United States and fulfill our role."On the matter of Justice Minister Jeong Seong-ho's resignation, Sung said, "A decision will be made at an appropriate time." He refrained from discussing potential successors, stating, "It is not appropriate to mention successors while the minister is still in office."Concerning the development of Yongsan Park in Seoul, he clarified, "We are not planning to completely transform the 910,000-pyeong park in the Yongsan city center into a forest of apartments. We proposed utilizing some damaged land and small plots to create housing that can serve as a ladder for youth housing in certain areas."* This article has been translated by AI. 2026-08-19 21:04:10
  • Mirae Asset Management Approaches 1 Trillion Won in First Half Profit
    Mirae Asset Management Approaches 1 Trillion Won in First Half Profit Domestic and international stock market booms and inflows into funds have propelled Mirae Asset Management's net profit for the first half of the year to nearly 1 trillion won. A significant increase in equity method gains from overseas subsidiaries has driven the company's record performance. According to the Financial Supervisory Service's electronic disclosure system on August 19, Mirae Asset Management reported a standalone net profit of 906.2 billion won for the first half of the year. This marks an increase of approximately 2.8 times compared to 326.7 billion won during the same period last year. The consolidated net profit was recorded at 954.6 billion won. Pre-tax profit exceeded 1 trillion won, reaching 1 trillion 74 billion won. This is the first time in the asset management industry that a company has surpassed 1 trillion won in pre-tax profit for a half-year period. The improvement in performance was significantly influenced by the increase in equity method gains. Mirae Asset Management's operating profit for the first half was 238.6 billion won, while equity method gains amounted to 768.5 billion won, more than three times the operating profit. Corporate tax expenses were 101.2 billion won. Mirae Asset Management attributed the growth in operating and net profits to increased fee income from rising fund assets under management, along with strong growth from overseas subsidiaries in the U.S. and Hong Kong. Compared to other asset management firms, the gap was substantial. According to the Korea Financial Investment Association, Korea Investment Value Asset Management, the second-highest in net profit for the first half, recorded 274.6 billion won. DS Asset Management reported a net profit of 177.3 billion won. Tiger Asset Management and Timefolio Asset Management, which close their books in March, reported net profits of 183.8 billion won and 156.1 billion won, respectively, for the second quarter. Among large firms, Samsung Asset Management recorded 129.3 billion won, KB Asset Management 78.2 billion won, Shinhan Asset Management 47.4 billion won, and Korea Investment Trust Management 43.6 billion won in net profits. In terms of operating profit, the differences among asset management firms were relatively smaller. DS Asset Management and Korea Investment Value Asset Management reported operating profits of 235.2 billion won and 209.0 billion won, respectively, while Tiger Asset Management generated 228.3 billion won in operating profit in the second quarter alone. Samsung Asset Management's operating profit for the first half was 160.8 billion won. The influx of funds into mutual funds and exchange-traded funds (ETFs) due to rising domestic and international stock markets has been analyzed as a factor boosting overall performance in the asset management industry. The total net asset value of the domestic ETF market briefly surpassed 500 trillion won during the first half.* This article has been translated by AI. 2026-08-19 21:00:00
  • Hwang Gi-yeon Sworn in as First Deputy Mayor of Jeonnam Gwangju Special City
    Hwang Gi-yeon Sworn in as First Deputy Mayor of Jeonnam Gwangju Special City Hwang Gi-yeon has officially been sworn in as the first Deputy Mayor of Jeonnam Gwangju Integrated Special City. His role is expected to focus on stabilizing the organization and coordinating key issues during the early stages of the city's establishment.The Jeonnam Gwangju Integrated Special City announced that Hwang Gi-yeon took office as the first Deputy Mayor on August 19.Born in 1969 in Jangseong, Hwang graduated from Yonsei University with a degree in public administration and entered public service after passing the 42nd National Public Service Examination. He is recognized as a bureaucrat with extensive experience in both central and local government positions in the fields of administration and planning.In central government, he has held various roles, including positions in the Personnel Policy Division and Salary Policy Division of the Central Personnel Agency, as well as Director of the Awards Division and Address Policy Division at the Ministry of the Interior and Safety. He also served as an administrative officer in the Office of the President and as a Counsellor at the Organisation for Economic Co-operation and Development (OECD), later taking on key roles such as Director of the Prevention Policy Bureau and Administrative Director of the National Planning Commission.Hwang has a strong connection to Jeonnam, having served as the Director of the Economic and Trade Division, Director of Job Creation, and Director of Science and Technology, as well as Deputy County Mayor of Jangheung. From 2022 to 2023, he was the Planning and Coordination Director of Jeonnam, overseeing the overall administration of the province.Notably, after being appointed as the Deputy Governor of Jeollanam-do in February of this year, he participated in the administrative integration of Jeonnam and Gwangju and the establishment of the integrated special city. Since the launch of the Jeonnam Gwangju Integrated Special City on July 1, he has been serving as the Deputy Mayor, focusing on organizational stability and administrative system adjustments during the initial phase of integration.With this appointment, Hwang has established a continuity of administration from Deputy Governor of Jeonnam to Deputy Mayor of the integrated special city, which is expected to enhance his role in coordinating organizational and functional adjustments, regional balance, and management of key issues during the early stages of the city's establishment.Hwang Gi-yeon stated, "I am very honored to serve as the first Deputy Mayor. I will work closely with my staff to lay the groundwork for the overwhelming growth of Jeonnam Gwangju Integrated Special City and to improve the quality of life for our citizens."* This article has been translated by AI. 2026-08-19 20:52:00