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Semiconductor Slowdown Threatens Economic Growth Amid Disparities in Recovery South Korea's economy is projected to achieve a growth rate of 3.2%, primarily driven by semiconductor exports and facility investments. However, a recent study by a national research institute indicates that this robust growth is not translating into improvements in domestic consumption and employment.The Korea Development Institute (KDI) released its revised economic outlook on August 19, stating, "Economic growth is concentrated in the semiconductor sector, which has a low employment generation effect, preventing high growth from leading to improvements in private consumption and employment conditions."The upward revision in growth is largely attributed to semiconductor exports and facility investments. While real total income has surged, the benefits of this economic growth have not spread widely, as income gains are concentrated in the semiconductor sector. Additionally, the growth rate of real wages remains low, resulting in only modest improvements in private consumption.Kim Mi-ru, head of the KDI's Macroeconomic and Financial Policy Research Division, noted, "The companies producing semiconductors are large corporations, while most citizens work in small and medium-sized enterprises or the self-employed sector. The economic conditions in those areas are not favorable, so the overall economic sentiment is unlikely to keep pace with the growth rate."While exports and facility investments continue to soar, construction investment remains sluggish. Although there have been improvements in non-residential construction, including semiconductor factories, the overall construction investment has been dragged down by a stagnant housing market in rural areas.Moreover, employment indicators have shown disappointing results. Job losses persist in the construction and manufacturing sectors, and conditions for youth employment have worsened. The number of employed individuals is expected to increase by only 110,000 this year, a downward adjustment of 60,000 from previous forecasts.Factors contributing to this situation include the concentration of growth and uncertainties stemming from the Middle East conflict. The semiconductor sector employs a small portion of the overall workforce, limiting its positive impact on total employment. Additionally, the effects of the Middle East conflict in the first half of the year have led companies to reduce new hiring, further constraining overall job growth.Kim added, "The focus of growth is on the semiconductor sector, which has a relatively low employment generation effect, and despite a significant increase in real total income, the growth rate of real wages is not high compared to the average over the past decade. The ongoing slump in the construction industry, along with a lackluster outlook for manufacturing outside of semiconductors, suggests that high economic growth rates may not align with actual economic sentiment."Given the South Korean economy's reliance on semiconductors, future changes in the semiconductor market could significantly impact the overall macroeconomy. Concerns over the profitability of AI investments may reduce global demand for AI, and intensified competition with other semiconductor-producing countries could lead to a decline in the global market share of domestic semiconductor firms, resulting in a slowdown in growth.Kim Ji-yeon, head of the KDI's Economic Outlook Division, stated, "Once investment competition reaches a certain level, it will be difficult to sustain massive investments, and semiconductor demand is expected to slow compared to current levels. Additionally, uncertainties surrounding U.S. tariff policies, geopolitical conflicts in the Middle East, and high volatility in the stock market are also identified as risk factors."* This article has been translated by AI. 2026-08-19 12:04:00 -
Innovative Water Industry Ideas Sought with Up to 20 Million Won in Prizes and Support A startup competition aimed at discovering innovative water management technologies and business ideas to address the climate crisis and the transition to artificial intelligence (AI) will be held. The government will award up to 20 million won to outstanding ideas and companies, providing support for commercialization, including patent and marketing assistance, as well as participation in domestic and international exhibitions.The Ministry of Climate Energy and Environment announced on August 19 that it will recruit participants for the '2026 Korea Water Industry Innovation Startup Competition (STARTUP WATER 2026)' from August 20 to October 19.Now in its seventh year, the competition, which began in 2020, aims to identify ideas and innovative companies that can respond to water issues arising from climate crises such as floods and droughts, as well as the digital transformation of water management.The competition is divided into two categories: the 'Idea Category' for the general public and the 'Commercialization Category' for startups. Participants can propose solutions across all areas of water management, including water safety, water environment, and water use, focusing on climate crisis responses, AI-based water management, and water-energy convergence technologies.After evaluations of documents and presentations, nine teams will be selected from each category. These selected teams will receive specialized training through a 'boot camp' to refine their ideas and enhance their presentation skills.The top four teams from each category will advance to the final competition scheduled for November. Winners will receive awards from the Minister of Climate and a cash prize of up to 20 million won.Following the awards, additional support for commercialization will be provided. This includes specialized training in patent and marketing, as well as assistance in participating in domestic and international exhibitions, in collaboration with partner organizations such as the Intellectual Property Office and the Startup Promotion Agency.Results from previous competitions have shown success. Over the past six years, the Ministry has identified a total of 108 innovative startup companies through the competition, which have collectively generated 147.6 billion won in revenue, attracted 64.1 billion won in investments, and created 747 jobs.Last year's grand prize winner, Water Trinez, participated in the world's largest information technology and consumer electronics exhibition, CES 2026, held in Las Vegas in January, where it received an innovation award.Kim Ho-eun, Director of Water Use Policy at the Ministry, stated, "In the era of the climate crisis and AI transformation, innovative water management technologies are crucial for enhancing national competitiveness. We will support the discovery of creative ideas and innovative technologies to develop them into growth engines for Korea's water industry."* This article has been translated by AI. 2026-08-19 12:04:00
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People Power Party Defends Chief Justice's Authority to Nominate Justices Jang Dong-hyuk, leader of the People Power Party, criticized the Democratic Party on August 19 for questioning Chief Justice Cho Hee-dae's authority to nominate justices, stating, "The Chief Justice's power to nominate justices is a core authority for judicial independence."In a Facebook post, Jang responded to claims from the Democratic Party that the nomination process was not coordinated with the presidential office, labeling it as a case of "presidential bypass." He emphasized, "If there is prior communication and coordination with anyone, it contradicts the constitutional intent of the Chief Justice's inherent authority for judicial independence."Jang condemned the Democratic Party's assertion that prior coordination with the presidential office is customary, saying, "Isn't it right to break improper customs? The Democratic Party, which has repeatedly undermined legitimate practices, has no grounds to speak on this matter." He further urged that "the judiciary must protect its own independence," calling for the resumption of President Lee's trial to restore the judiciary's integrity.The People Power Party also strongly opposed the Democratic Party's push for impeachment against Chief Justice Cho. Jang warned, "Try it once. The public will surely impeach this administration."Floor leader Jeong Jeom-sik added, "If breaking customs is grounds for impeachment, then all Democratic Party lawmakers are subject to impeachment." He criticized the Democratic Party for attempting to intimidate Chief Justice Cho in line with the presidential office's wishes, stating that such actions would destroy the last taboo of the separation of powers.Jeong also claimed that it is the Democratic Party that has trampled on all parliamentary customs, questioning whether it was customary to confine Chief Justice Cho in the Legislative Judiciary Committee meeting for 90 minutes.He noted, "The Chief Justice exercised his authority to nominate justices based on the law that states the Chief Justice nominates justices, who then go through the National Assembly's confirmation process before being appointed by the president," and pointed out that the intent behind the Democratic Party's intimidation of Chief Justice Cho is to seize control of the Supreme Court to eliminate President Lee's trial.Jeong urged Chief Justice Cho not to yield to threats of power and to actively exercise his legal authority as Chief Justice. He also reiterated the need to resume President Lee's trial.Park Chung-kwon, the party's chief spokesperson, commented, "Behind the Democratic Party's unreasonable offensive lies a sinister intention to control the judiciary and extract rulings that suit their interests," urging an end to the intimidation of the judiciary and talk of impeaching the Chief Justice.Meanwhile, Chief Justice Cho nominated judges Son Bong-ki of the Daegu District Court and Kim Seong-soo of the Seoul High Court as candidates for new justices the day before.* This article has been translated by AI. 2026-08-19 11:52:20
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Special Prosecutors Charge Two Former Audit Officials Over Evidence Tampering The second special prosecutor team investigating allegations of a cover-up regarding the audit of the presidential office has charged two former officials from the Board of Audit and Inspection with distorting and tampering with evidence to maintain the original audit conclusions.On August 19, the special prosecutors announced the non-custodial indictment of Choi, the former head of the Administrative Safety Audit Bureau, and Son, the former first section chief of the bureau.This indictment focuses on actions taken to uphold the previous audit conclusions even after the Audit Committee's decision to 'suspend' the audit. The earlier indictment of Yoon Byeong-ho, the former secretary general of the Board, involved actions taken before the Audit Committee's suspension decision on May 10, 2024.According to the special prosecutors, during the first meeting, the Audit Committee instructed the Board's chairman to conduct interviews with relevant parties to clarify suspicions that 21gram, the contractor for the presidential office renovation, was solely responsible for the project.However, it was found that Choi and Son began drafting an audit report with conclusions similar to the original before conducting any interviews. Despite key testimonies being retracted regarding how a company lent its name to 21gram, the two allegedly coordinated statements among the audit subjects to maintain the original conclusions.Evidence of distortion and tampering was also confirmed. Son is accused of preparing a questionnaire and confirmation document that differed from the actual statements of the 21gram representative and site manager, then registering them in the electronic audit system. The special prosecutors have charged Son with neglect of duty and the creation and use of false public documents.Choi is accused of abusing his authority in June 2024 by instructing the exclusion of violations related to Article 16, Paragraph 1 of the Construction Industry Basic Act from the audit report. He faces charges of obstructing the exercise of authority.Both Choi and Son are also charged with obstructing the Audit Committee's duties by providing distorted evidence and audit reports that did not reflect the actual situation.The special prosecutors confirmed that they manipulated the assignment of lead auditors by continuously checking the status of assignments in relevant departments, ensuring that their preferred auditors were assigned. They utilized the basic trust that audit committee members had in the audit team to conceal the evidence tampering and achieve their desired conclusions. Both individuals face charges of obstructing public duties.Son is also accused of leaking internal information during the audit process. In April 2023, under Yoon's direction, he sent a written inquiry to the 21gram representative, detailing the evidence obtained by the audit team and their assessments. In November of the same year, he allegedly leaked parts of the final audit report to a staff member dispatched from the presidential office. The special prosecutors have charged Son with leaking official secrets.However, the special prosecutors decided not to charge the audit staff and presidential office personnel who participated in the crimes under the direction of Choi, Son, and Yoon.The special prosecutors plan to relay the necessary improvements identified in the Board's internal systems during the investigation. A spokesperson stated, "We will do our utmost to ensure that appropriate sentences are imposed on the defendants in the future."* This article has been translated by AI. 2026-08-19 11:44:00
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AJP Fact Check: Trump's claims about two Koreas SEOUL, August 19 (AJP) - U.S. President Donald Trump ordered a reduction in joint military exercises with South Korea last Sunday, signaling the possibility of another summit with North Korean leader Kim Jong-un. The order came shortly before the Wall Street Journal reported that Trump was pushing for another meeting with Kim, a move that could revive the personal diplomacy that defined his first term. Many observers see the push as driven by the upcoming U.S. midterm elections amid his sliding approval ratings. Against that backdrop, AJP fact-checked Trump's recent claims about Kim, North Korea's nuclear program and related issues on the Korean Peninsula. 2026-08-19 11:38:06 -
Korea National Oil Corporation Establishes New Department for Oil Reserves and Energy Security The Korea National Oil Corporation (KNOC) is establishing a new department dedicated to expanding oil reserve facilities and managing international joint reserves. The organization will also undergo restructuring, including reallocating overseas oil development research personnel to operational sites and consolidating management departments.On August 19, KNOC announced its organizational restructuring and personnel changes aimed at strengthening energy security and public service functions.This restructuring focuses on promoting substantial growth centered on energy security, diagnosing the overall overseas oil development business, and establishing an organization that operates based on expertise and performance.To this end, KNOC has created dedicated departments for expanding reserve facilities and managing international joint reserves. The international joint reserve initiative involves storing crude oil and petroleum products from oil-producing countries or foreign oil companies in domestic reserve facilities, ensuring priority supply during emergencies. KNOC plans to enhance its capacity to respond to energy crises by utilizing its reserve facilities and storage volumes.A new public business division has also been established to expand public services that citizens can feel and to strengthen the corporation's public role. In the overseas oil development sector, the research organization will be downsized, with about 30% of the technical personnel being reassigned to departments responsible for actual operations. This approach aims to focus technical expertise more on field operations rather than research and support functions.In the management sector, similar functions have been integrated and adjusted, reducing the existing four departments to two. This measure is intended to enhance operational efficiency and strengthen collaboration between departments.The personnel changes also emphasize a performance-based approach. Female department heads have been promoted to senior positions, and for the first time, an employee hired for fieldwork has been appointed as the head of a reserve base. KNOC stated that it has placed key talents and next-generation managers in appropriate positions based on expertise and performance.This restructuring is seen as a move to concentrate KNOC's organizational capabilities on reserves and public services while shifting the overseas oil development sector from research to actual project execution. In light of increasing geopolitical instability and potential supply chain disruptions, the corporation aims to strengthen its reserve capabilities for immediate use in times of crisis.The establishment of a dedicated department for international joint reserves indicates a strategic direction to actively utilize domestic reserve facilities as infrastructure for energy cooperation with oil-producing countries and foreign companies, rather than merely as storage spaces. An increase in joint reserve volumes will enhance the utilization of reserve facilities and expand domestic supply options during emergencies.KNOC President Son Joo-seok stated, "This organizational restructuring and personnel innovation is the first step to strengthening our core functions of safeguarding energy security and providing public services. We will continue to innovate until we restore public trust."* This article has been translated by AI. 2026-08-19 11:36:00
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Fans Donate Over $500,000 as Im Young-woong Celebrates 10th Anniversary As singer Im Young-woong celebrates his 10th anniversary, his fan club, Hero Era, has continued a wave of donations exceeding 500 million won. Im Young-woong is also commemorating the milestone with a stadium concert and a special album.According to the fan club's tally on August 19, donations from Hero Era and fan gatherings across the country totaled 544.33 million won, including 527.89 million won in cash and 16.44 million won in goods. There were a total of 53 donations.The recipients of these donations included hospitals, welfare facilities, organizations for the disabled, youth support agencies, and free meal services. Notably, 32 fan clubs nationwide established the 'Woong Dream Scholarship' fund, contributing 250 million won to support over 200 youth and students on July 31.Im Young-woong marked his 10th anniversary on August 8. While fans have added meaning through their donations, he is set to meet fans with a large-scale concert and a new album in September.Im Young-woong will hold the '2026 Im Young-woong Concert IM HERO - THE STADIUM 2' at Goyang Sports Complex from September 4 to 6, with performances starting at 6:30 PM each day.Two days after the stadium concert, on September 8 at 6 PM, he will release a special digital album titled 'IM HERO 10' to celebrate his 10th anniversary. He announced the upcoming album on his official social media on August 18.Fans are continuing to celebrate the significance of the 10th anniversary through their donations, while Im Young-woong is doing so through his performances and music. His activities are expected to continue from the September stadium concert to the album release.* This article has been translated by AI. 2026-08-19 11:32:00
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Seoul Bar Association Hosts Forum on Public Interest Litigation Costs The Seoul Bar Association, led by President Cho Soon-yeol, announced it will hold a forum on public interest litigation costs on August 20 at 2 p.m. in the Justice Hall on the fifth floor of the Seoul Bar Association building in Seocho-dong. The event is co-hosted with lawmakers Kim Nam-hee of the Democratic Party and Choi Bo-yoon of the People Power Party.Current civil procedure law maintains the 'loser pays principle,' which requires the losing party in a lawsuit to bear all litigation costs. However, this principle has been criticized for discouraging public interest litigation aimed at protecting the rights of vulnerable groups and minorities, effectively limiting citizens' fundamental right to seek judicial redress.Public interest litigation serves not only to remedy individual rights but also to address systemic discrimination and inequality in society, guiding government and local policies. Nevertheless, the significant financial risk of bearing the opposing party's legal costs in the event of a loss makes it challenging for individuals and civic groups with limited financial resources to pursue litigation.As a result, civil society has consistently called for the establishment of institutional mechanisms to reasonably alleviate the burden of litigation costs associated with losing public interest cases.The upcoming forum aims to highlight the positive trends in recent institutional reforms, such as the expansion of local government ordinances supporting public interest litigation costs, while also comparing and analyzing legislative examples from major developed countries. It seeks to explore various alternatives to ensure that related legislative amendments currently pending in the National Assembly are effectively enacted.Attorney Jang Beom-sik, a member of the Seoul Bar Association's Human Rights Committee, will present on 'The Reality of Public Interest Litigation in Korea and the Limitations of the Loser Pays Principle.' He will particularly address the adverse effects of the current litigation cost burden system on public interest activities and emphasize the need for reform.The designated discussion will be moderated by Attorney Yeom Hyung-guk, chair of the Human Rights Committee of the Seoul Bar Association.Panelists will include Attorney Jeong Da-eun, a former Gwangju City Council member; Judge Yeo Dong-geun from the Court Disability Law Research Association; Attorney Lee Chang-woo from the Korea Legal Aid Corporation's Cheonan branch; and Attorney Eom Ja-hye, deputy secretary of the Korean Bar Association. They will convey diverse perspectives from the judiciary, legal community, and local governments, engaging in a lively discussion.The Seoul Bar Association expressed hope that the forum will broaden social consensus on alleviating the burden of public interest litigation costs and safeguarding citizens' right to seek judicial redress. It also pledged to continue pursuing effective legislative and institutional improvements to promote public interest litigation. 2026-08-19 11:28:10
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KOSPI remains down 4 percent as KOSDAQ edges higher SEOUL, August 19 (AJP) - South Korean stocks were split Wednesday morning, with the KOSPI down more than 4 percent while the KOSDAQ edged higher. The benchmark KOSPI stood at 6,575.02 as of 10:30 a.m., down 4.34 percent. It had fallen as low as 6,400.81 shortly after the open before recovering some ground, with a high of 6,614.39. A sell-side sidecar was triggered shortly after the opening bell as KOSPI 200 futures tumbled, following an overnight selloff in U.S. chip stocks and a surge in long-term global bond yields. Retail investors bought 2.184 trillion won worth of shares, while foreign investors cashed out 1.3102 trillion won as institutions followed with 975 billion won worth of sale. Samsung Electronics fell 5.77 percent to 253,000 won and SK hynix dropped 7.1 percent to 1.544 million won. Hyundai Motor was down 3.45 percent at 420,000 won. Hanwha Aerospace bucked the decline, jumping 7.59 percent to 1.233 million won after its U.S. defense unit was selected for a U.S. Army mobile artillery prototype program. Korea Electric Power Corp. fell 4.14 percent to 31,250 won. Meanwhile the KOSDAQ, rose 0.22 percent to 836.07 after swinging between 804.02 and 840.50. Foreign investors bought 91 billion won worth of shares, while retail investors sold 70.3 billion won as institutions shed 21.5 billion won. Robotis gained 5.56 percent to 294,500 won and Silicon2 rose 4.04 percent to 46,300 won, while HLB slipped 2.67 percent to 42,000 won. Ananti surged 14.22 percent to 5,140 won as inter-Korean cooperation stocks rallied on reports that U.S. President Donald Trump was seeking a meeting with North Korean leader Kim Jong Un as early as this fall. Whereas in Japan, Nikkei 225 fell 2.01 percent to 66,107.68 and China's Shanghai Composite lost 0.96 percent to 3,952.12. Brent crude rose 0.96 percent to $91.925 a barrel, while West Texas Intermediate gained 1.06 percent to $85.830. The won strengthened 0.52 percent to 1,406.1 per dollar. AJP Takeaways · The KOSPI remained down 4.34 percent at 10:30 a.m. after an early plunge triggered a sell-side sidecar. · Foreign and institutional investors sold a combined 2.285 trillion won, while retail investors bought 2.184 trillion won. · Samsung Electronics and SK hynix remained the biggest drags, while the KOSDAQ edged higher. 2026-08-19 11:18:59 -
Joint Investigation Team Probes Election Official Over Ballot Shortage The Joint Investigation Team, led by Kim Tae-hoon, deputy chief prosecutor of the Seoul Central District Prosecutors' Office, is investigating the head of the Seocho District Election Commission in connection with the ballot shortage during the June 3 local elections.According to legal sources on August 19, the team has summoned the Seocho District Election Commission's secretary as a suspect for questioning regarding the ballot shortage incident.Additionally, the team is investigating a representative from the Gyeonggi Province Election Commission over allegations of vote manipulation and has called in two officials from the National Election Commission as witnesses regarding suspicions of overseas business trips.The team is also preparing to transfer the case to a special prosecutor for further investigation into the ballot shortage, reviewing seized materials and witness statements.In the afternoon, Lee Tae-han, the newly appointed special prosecutor for the Election Commission, is expected to meet with the Joint Investigation Team.* This article has been translated by AI. 2026-08-19 11:16:10