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  • AI Expansion Leads to 285,000 Drop in Youth Jobs Over Four Years
    AI Expansion Leads to 285,000 Drop in Youth Jobs Over Four Years Over the past four years, youth employment has significantly declined in sectors with high exposure to artificial intelligence (AI). The decrease in new hires, coupled with an increase in the departure of existing young workers, has weakened the career ladder for young people entering the workforce and gaining experience.The Bank of Korea's Employment Research Team analyzed these trends in a report titled 'BOK Issue Note: Youth Employment Contraction, Is AI to Blame? Changing Career Ladders and Response Challenges,' released on August 18.According to the report, the number of employed youth aged 15 to 29 fell by 285,000 from June 2022 to June 2023. Of this total, 268,000 jobs were lost in sectors with high AI exposure, accounting for 94.0% of the overall decline in youth employment. In contrast, employment among individuals in their 50s increased by 230,000 during the same period, with 173,000 of those jobs (75.2%) also in high AI exposure sectors.The decline in youth employment was particularly pronounced in high AI exposure industries. Employment in the information services sector dropped by 31.4%, while publishing saw a 27.4% decrease, computer programming and systems integration and management fell by 16.6%, and professional services decreased by 11.6%.The Bank of Korea explained that the age-related disparity may be due to AI's impact on entry-level jobs. Oh Sam-il, head of the Employment Research Team, stated, 'AI primarily handles tasks that are manual, which can replace young workers. Senior roles often require an understanding of the organization's context and specialized tasks, making them harder for AI to replace.'The impact of AI on youth employment varied depending on how it was utilized. Industries that heavily relied on 'automation,' where AI was tasked with performing jobs, experienced significant declines in youth employment. However, sectors that employed 'augmentation,' where AI assisted with existing tasks like drafting or verification, did not show the same pattern.The decline in youth employment was not limited to new hires. In high AI exposure sectors, the departure of existing young workers also increased. A comparison by the Bank of Korea between January 2016 to December 2019 and July 2022 to June 2026 revealed that the average monthly outflow of young workers in high AI exposure sectors rose from 3,700 to 4,900, an increase of about 32%. Meanwhile, the average monthly inflow decreased from 32,600 to 29,100, a drop of about 11%. This indicates a reduction in new entrants and an increase in the departure of existing workers.However, the Bank of Korea cautioned against attributing these trends solely to AI. They noted that the normalization of hiring, which had surged during the COVID-19 pandemic, along with companies' preference for experienced workers, reduced internal training, and weakened long-term employment relationships, may also play a role. The rise of remote work may have further diminished informal learning opportunities for junior employees and reinforced the preference for experienced workers.Moreover, the combination of AI and remote work may have accelerated the weakening of the existing career ladder. Jobs that allow for remote work often overlap significantly with those in high AI exposure sectors. As remote work makes it harder for juniors to develop skills, repetitive tasks that were once performed in the office have become standardized and modular, making them easier for AI to automate.The Bank of Korea stated, 'It is more appropriate to understand that AI has accelerated the existing weakening of the career ladder rather than being the sole cause.'The outlook for youth employment remains uncertain. The Bank of Korea believes that while the initial spread of AI has impacted the youth, they may adapt more quickly to AI utilization and new technologies, potentially becoming beneficiaries of AI expansion in the long run. They suggest that improvements in productivity due to AI could expand labor demand and create new career development pathways.Consequently, they recommend that policies should shift from merely preserving existing jobs to redesigning the youth career ladder to align with the AI era. This includes the need for vocational training that combines actual work with AI utilization and guidance from skilled professionals, rather than short-term training on how to use AI. They also proposed supporting companies with mentoring and training costs and introducing 'career development support funds' linked to performance, such as job retention.* This article has been translated by AI. 2026-08-18 13:04:00
  • China Reduces U.S. Treasury Holdings to Lowest Level in 18 Years
    China Reduces U.S. Treasury Holdings to Lowest Level in 18 Years Amid rising geopolitical tensions, China has reduced its holdings of U.S. Treasury securities to the lowest level in nearly 18 years as of June. Japan's holdings have also significantly decreased.According to data from the U.S. Treasury Department released on the 17th, China's U.S. Treasury holdings fell to $633.4 billion in June, down 4% from $659.3 billion in May. This marks a decline of over 13% compared to the same period last year. The June figure is the lowest since September 2008, when holdings were at $618.2 billion. China remains the third-largest holder of U.S. Treasuries, after Japan and the United Kingdom.The South China Morning Post interpreted this reduction as a response to increasing geopolitical uncertainties, including renewed tensions between the U.S. and Iran, and growing doubts about U.S. policy direction. Rising long-term Treasury yields due to fiscal concerns and an unclear path for future Federal Reserve interest rate decisions have diminished the attractiveness of U.S. Treasuries.In fact, total foreign holdings of U.S. Treasuries also decreased to $9.299 trillion in June, down from $9.371 trillion in May. However, this figure is still 2.3% higher than the same month last year.Japan, the largest holder of U.S. Treasuries, saw its holdings drop to $1.116 trillion in June, a 2.3% decrease from $1.143 trillion in May. The United Kingdom, the second-largest holder, also reduced its holdings to $939.9 billion in June, down 1% from $948.6 billion in May.The decline in Japan's holdings is believed to be related to recent interventions in the foreign exchange market to defend the yen. Analysts suggest that Japan may have sold U.S. Treasuries to acquire dollars for yen purchases.Concerns have been raised that if Japan sells U.S. Treasuries on a large scale to defend the yen, it could lead to a drop in Treasury prices and an increase in interest rates, raising borrowing costs for the U.S. government. In response, the U.S. joined Japan in yen defense efforts at the end of July, reportedly selling euros to purchase yen during this joint intervention. 2026-08-18 13:00:00
  • KakaoBank Surpasses 155 Trillion Won in Cumulative Debit Card Transactions
    KakaoBank Surpasses 155 Trillion Won in Cumulative Debit Card Transactions KakaoBank is accelerating its entry into the payment processing market by expanding its debit card business.As of the first half of this year, KakaoBank reported that its cumulative debit card transactions reached 154.9 trillion won since the card's launch in July 2017. This amounts to approximately 3 million won per person in South Korea.The debit card has also become a key touchpoint for KakaoBank's major financial services. Customers who used their debit cards for over 300,000 won monthly for three consecutive months in the first half of this year had an average balance of about 3.6 million won, four times higher than non-users, and visited the app five times more frequently.Usage has expanded beyond personal consumption to include group activities and individual businesses. In the first half of the year, group debit card transactions totaled 674.3 billion won, a 54% increase compared to the same period last year, while transactions for individual businesses rose by about 20% to 409.1 billion won. Approximately 1.6 million people applied for support funds for high fuel prices through KakaoBank debit cards.International transactions are also on the rise. In the first half of the year, the highest overseas offline transaction amount was in Japan at 27 billion won, followed by Vietnam at 8.3 billion won, the United States at 5.6 billion won, and Thailand at 2.1 billion won. Since its launch, KakaoBank debit cards have been used in over 160 countries worldwide.KakaoBank plans to introduce a new debit card this year that allows users to select benefits based on their consumption purposes and lifestyles. This includes a specialized overseas debit card linked to foreign currency accounts and a debit card exclusively for foreign residents in South Korea.* This article has been translated by AI. 2026-08-18 13:00:00
  • Small Business Agency Partners with Hope Foundation to Establish Safety Net for Entrepreneurs
    Small Business Agency Partners with Hope Foundation to Establish Safety Net for Entrepreneurs The Small Business Agency announced on August 18 that it is collaborating with the Korea Life Respect Hope Foundation to establish a safety net for small business owners.This initiative targets male small business owners in their 50s, who are classified as high-risk for suicide, aiming to enhance support for life respect and mental health. According to the agency, 53.0% of the primary motivations for suicide among men in this age group stem from economic issues, highlighting the need for proactive responses to psychological and emotional crises alongside financial assistance.The Small Business Agency and the Hope Foundation have significantly increased the one-on-one matching between small business support centers and suicide prevention centers from 35 to 61, creating a more robust community-based safety net for small business owners.Additionally, the agency has made the PHQ-9 depression screening tool available at these centers, allowing small business owners to assess their mental health status. If identified as high-risk, they will be referred to the dedicated counseling hotline '109' and local suicide prevention centers for professional support and management.The program also supports the psychological recovery and re-employment of small business owners contemplating closure or who have already shut down their businesses. In collaboration with the Korea Forest Welfare Institute and the Hope Foundation, specialized psychological recovery programs are offered to help stabilize mental health and prepare for new beginnings. One-on-one customized consulting from professional consultants for re-employment is also continuously available.In Tae-yeon, the head of the Small Business Agency, stated, "It is essential to provide support that considers the mental well-being of small business owners who are facing difficulties, ensuring they do not feel isolated. We will strengthen cooperation with specialized institutions to establish a comprehensive safety net that identifies at-risk small business owners early and connects them with the necessary assistance."* This article has been translated by AI. 2026-08-18 12:56:00
  • LG Electronics and NVIDIA Accelerate Robotics Collaboration
    LG Electronics and NVIDIA Accelerate Robotics Collaboration LG Electronics is significantly enhancing its collaboration with NVIDIA in the robotics sector, a key area for future business. The two companies met just four days after signing a memorandum of understanding (MOU) to discuss actionable strategies.On August 18, LG Electronics invited key figures, including Madison Huang, Senior Vice President of NVIDIA, to the LG Data Factory in Seocho-gu, Seoul, to discuss robotics collaboration and synergy creation strategies.Attendees included LG Electronics President Ryu Jae-cheol, LG CNS President Hyun Shin-kyun, and LG Science Park CEO Jeong Soo-hun, all of whom reaffirmed their commitment to accelerating business.Previously, on August 13, the two companies signed an MOU at NVIDIA's headquarters in Santa Clara, California, to collaborate on future strategic business initiatives. Their immediate reunion at the Yangjae Data Factory, which is currently under development, signals a push towards practical commercialization.The Yangjae Data Factory spans 10,000 square meters (about 107,600 square feet) and serves as a base for collecting, verifying, and refining data for robot training. Currently, the facility is accumulating data in environments that simulate residential, manufacturing, and logistics settings using the 'LG Cloid' robot.The high-quality manufacturing data collected by LG Electronics will be integrated with NVIDIA's Omniverse Library, Cosmos Open World Model, and Isaac Robotics Platform, transforming it into training data for robots.By the end of this year, LG Electronics plans to combine the data it collects with virtually generated data to amass a total of 100,000 hours (approximately 12 years' worth) of training data. This initiative aims to enhance the 'Robot Foundation Model (RFM)' that determines robot performance. The number of robots deployed by the end of the year is also expected to increase to several hundred.LG Electronics has designated this year as a pivotal moment for its robotics ambitions, having established a 'Robotics Business Center' directly under President Ryu last month. The company aims to become a 'total solution provider' in robotics by enhancing its hardware capabilities, from components to finished products, alongside large-scale data management.President Ryu Jae-cheol emphasized, "We will secure our physical AI competitiveness based on the synergies of 'One LG' and strategic collaborations with global partners." 2026-08-18 12:56:00
  • 23rd Cheorwon DMZ International Peace Marathon Set for September 5 with 8,500 Participants
    23rd Cheorwon DMZ International Peace Marathon Set for September 5 with 8,500 Participants The 23rd Cheorwon DMZ International Peace Marathon, a major sporting event in Cheorwon, Gangwon Province, will take place on September 5 at Goseokjeong.According to Cheorwon County on August 18, this year's event is expected to attract 8,500 participants, including marathon enthusiasts and families from both domestic and international locations.The marathon will feature four categories: a full marathon of 42.195 kilometers, a half marathon of 21.0975 kilometers, a 10-kilometer race, and a family walking event covering 10 ri (approximately 4 kilometers). The number of participants for each category includes 2,474 for the full marathon, 2,503 for the half marathon, 2,750 for the 10K, and 773 for the family walk.Participants will run through the scenic landscapes and historically significant areas adjacent to the DMZ. The event has been designed to accommodate everyone from professional marathoners to casual runners and families.Since its inception in 2004, the Cheorwon DMZ International Peace Marathon has grown into an international sporting event that conveys messages of peace and unity while running in the symbolic DMZ border area.The course will showcase Cheorwon's natural and historical resources, allowing participants to experience the unique environment of the border area, which is typically restricted.The full and half marathon categories will cater primarily to competitive runners, while the 10K is aimed at those preferring shorter distances. The family walk is designed for families and tourists to enjoy Cheorwon's autumn scenery.The event is co-hosted by Cheorwon County and Korea Daily, with the Cheorwon County Sports Council overseeing the organization. This year marks the third year of support from the Ministry of Culture, Sports and Tourism and the Korea Sports Promotion Foundation's regional specialization project.To ensure participant safety and smooth event operations, the county is reviewing course and traffic control measures, as well as emergency medical and safety management plans. A cooperative system with relevant agencies is also being established.Efforts to strengthen ties with the local economy are also underway. According to official announcements, participants will receive a 3-kilogram bag of Cheorwon Odae rice and Cheorwon Love gift certificates as souvenirs. This initiative aims to promote local agricultural products while encouraging a portion of the entry fees to be spent in local businesses.Cheorwon County anticipates that the influx of athletes and their families will boost sales for local restaurants, accommodations, and tourist attractions. The marathon is being developed as a sports tourism product that highlights Cheorwon's nature, history, and agricultural specialties.Kim Dong-il, the mayor of Cheorwon County, stated, “The Cheorwon DMZ International Peace Marathon, which has continued for 23 years, has established itself as an event that promotes the message of peace and fosters community unity. I hope everyone can experience the significance of Cheorwon's nature and peace firsthand.”* This article has been translated by AI. 2026-08-18 12:56:00
  • Special Prosecutor Kwon Chang-young Indicted for Distorting Law After Charging Four Lawmakers
    Special Prosecutor Kwon Chang-young Indicted for Distorting Law After Charging Four Lawmakers Special Prosecutor Kwon Chang-young, who indicted four lawmakers from the People Power Party for allegedly obstructing the execution of an arrest warrant for former President Yoon Suk Yeol, has been accused of distorting the law. This follows a previous investigation by the Insurrection Special Prosecutor's team, led by Jo Eun-seok, which dismissed the allegations. The differing conclusions have sparked ongoing controversy regarding the appropriateness of the indictments.According to legal sources on August 18, former Seoul City Councilor Lee Jong-bae filed a complaint against Special Prosecutor Kwon with the Supreme Prosecutors' Office through the National Petition Center.On August 14, the Comprehensive Special Prosecutor's Office indicted lawmakers Na Kyung-won, Kim Gi-hyeon, Yoon Sang-hyun, and Kwon Young-jin without detention on charges of obstructing the execution of special public duties. They are accused of hindering the execution of an arrest warrant in front of the presidential residence in Yongsan, Seoul, on January 15 of last year, alongside supporters of former President Yoon.The Comprehensive Special Prosecutor's Office determined that the lawmakers did not merely express opposition to the arrest but formed a human wall with numerous individuals present, effectively obstructing the execution of the warrant.The decision to indict was based on testimonies from officials involved in the execution of the warrant, approximately 94GB of recorded evidence, transcripts of verbal abuse captured in the footage, and legal precedents related to similar cases.In contrast, the Insurrection Special Prosecutor's team, which previously investigated the case, reached a different conclusion. After analyzing the evidence, they found no proof that the lawmakers directly assaulted or verbally abused investigators, leading them to dismiss the case.Former Councilor Lee argued that the Comprehensive Special Prosecutor's Office improperly indicted the lawmakers despite failing to meet the criteria for the charge of obstructing special public duties. He stated, "According to legal precedents, intimidation in the context of obstructing public duties refers to actions intended to instill fear in the other party by threatening harm. The mere existence of 'verbal abuse' as claimed by the Special Prosecutor's team does not constitute intimidation that would instill fear to the extent required by law."Lee further contended that the Special Prosecutor's reliance on mere verbal abuse to apply the charge of obstruction was a deliberate attempt to influence the investigation results, constituting a violation of Article 123-2 of the Criminal Code regarding law distortion.He also asserted that the lawmakers' actions fell under the justifiable acts defined in Article 20 of the Criminal Code, arguing that given the controversy surrounding the legality of the arrest warrant for a president from the same party, their protests were legitimate and not unlawful.Lee emphasized, "It is common for lawmakers to collectively express messages to the public. There were concerns from academia and experts regarding the legality of the warrant, and the Insurrection Special Prosecutor's team found no evidence of violence or verbal abuse against investigators, leading to their dismissal of the case."He concluded that the indictment of the four lawmakers, who are constitutional officials, despite the lack of established charges, represents a clear illegal indictment and an act of oppression against the opposition, calling for an investigation into Special Prosecutor Kwon, who bears ultimate responsibility for the investigation.The People Power Party also strongly opposed the indictments immediately after they were announced. Lawmaker Na stated, "This is political oppression aimed at dragging even one more opposition lawmaker into court and silencing dissent. The political special prosecutor, who has abused judicial power and manipulated legal principles to silence opposition lawmakers, will face charges of law distortion."Floor Leader Jeong Jeom-sik criticized the indictment, stating, "This is a showy indictment aimed at appeasing the government and ruling party, which extended the investigation period by 90 days. Fearing the criticism of being a 'toothless special prosecutor' after 180 days of investigation, they proceeded with the indictment irresponsibly, thinking, 'Let's just indict and see.'"* This article has been translated by AI. 2026-08-18 12:44:00
  • Supreme Court Rules Prosecutors Indictment Invalid in Bribery Case
    Supreme Court Rules Prosecutor's Indictment Invalid in Bribery Case A ruling by South Korea's Supreme Court has determined that a prosecutor's indictment following an investigation led by a prosecutor's investigator is invalid, as it constitutes the prosecutor's 'initiation of investigation.'On August 18, the Supreme Court's third division, led by Justice Lee Suk-yeon, overturned a lower court's sentence of eight years in prison and a fine of 200 million won for an individual identified as A, who was charged with violating the Act on the Aggravated Punishment of Specific Crimes (bribery). The case has been sent back to the Daegu High Court.A, a public official from a local government, was accused of receiving 680 million won in exchange for facilitating a park development project in May 2016.The investigation began in December 2022 after a complaint was filed with the Daegu District Prosecutors' Office. A prosecutor's investigator initiated the inquiry under the direction of a prosecutor, subsequently referring the case to Prosecutor B, who conducted further investigations and indicted A in December 2024.During the investigation, the prosecutor's investigator uncovered allegations that A had falsely registered two of his children as employees at a company to receive legitimate salaries, which constituted bribery. Prosecutor B then pursued additional investigations into four related cases before filing charges.Both the first and second trials deemed B's indictment as lawful, convicting A. The courts ruled that the case fell under the jurisdiction of the prosecutor's investigator acting as a judicial police officer, and thus did not qualify as a 'crime initiated by the prosecutor' under the Prosecutors' Office Act.Article 4, Section 1 of the Prosecutors' Office Act lists the types of crimes for which a prosecutor may initiate an investigation, including corruption and economic crimes. Section 2 states that 'a prosecutor may not file charges for crimes they initiated an investigation into, except for those referred by a judicial police officer.'While the Supreme Court acknowledged the legality of B's indictment regarding the complaint case, it ruled that the investigation initiated by the prosecutor's investigator under B's direction constituted a crime initiated by B, rendering the remaining charges unlawful. Consequently, the court annulled all verdicts related to A's charges.The court stated, "The term 'initiation of investigation' in Section 2 of Article 4 should be interpreted as referring to cases where the prosecutor is responsible for the initial investigation of a crime, meaning they are in charge of the 'primary investigation.'"It further explained, "Prosecutor's investigators operate under the direction of a prosecutor according to the Prosecutors' Office Act and the Criminal Procedure Act, and their investigations should be seen as assisting the prosecutor's investigation. Therefore, even if a prosecutor's investigator initiates an investigation into a crime, it should be regarded as the prosecutor's own initiation of investigation under Section 2 of Article 4."Additionally, the court noted, "Even if the prosecutor's investigator completed the investigation and referred the case to the prosecutor, it does not imply that the prosecutor's investigation has ceased, and thus it cannot be classified as a 'crime referred by a judicial police officer' under Section 2 of Article 4."* This article has been translated by AI. 2026-08-18 12:44:00
  • Expansion of After-School Care Program in Hwacheon for Elementary Students
    Expansion of After-School Care Program in Hwacheon for Elementary Students The Hwacheon County in Gangwon Province is expanding its after-school care services for elementary students in the Sahae area. According to the county on August 18, applications for the after-school care program will be accepted until August 21. The program is open to 40 students in the 1st and 2nd grades from Sahae, Gwangdeok, and Silnae Elementary Schools. Students must reside in Hwacheon and be able to attend voluntarily. The after-school care program will run from September 7 until February of next year at the Sahae Youth Cultural Center. It will be open on weekdays from 3 PM to 7 PM, excluding weekends and public holidays. Classes will be divided into two groups, offering a variety of experiential and educational programs throughout the week, including music, art, physical activities, experimental science, coding, and language. This initiative aims to reduce gaps in care that often arise after children enter elementary school. The 1st and 2nd graders, whose classes end earlier, have a relatively high demand for care until their parents finish work. In February 2024, Hwacheon County opened the Hwacheon Community Center, a local government-led all-day care facility for elementary students, providing after-school care and educational programs. However, students in the Sahae area found it challenging to access the facilities in Hwacheon due to distance and travel time. To address this issue and reduce disparities in care services based on location, the county has established a separate classroom in Sahae. Operating until 7 PM also aims to alleviate the childcare burden for dual-income and military families. The program combines care with experiential learning in arts, sciences, and digital education, meeting both after-school learning and care needs. In border areas like Hwacheon, considerations must include the proportion of military families, dual-income households, the broad living area, and access to educational facilities. Providing stable care nearby supports parents' economic activities and helps reduce family relocation due to educational issues. The county plans to expand this after-school care program into a more systematic educational and care service once the Sahae Education Community Center is built. Kim Se-hoon, the mayor of Hwacheon County, stated, “Care is both a welfare policy and a settlement policy that encourages residents to stay. We will enhance quality services to ensure satisfaction for parents and children in military and dual-income families.”* This article has been translated by AI. 2026-08-18 12:44:00
  • Gwangju Expands Term Synchronization System to Jeonnam
    Gwangju Expands Term Synchronization System to Jeonnam Gwangju has proposed an ordinance to expand its term synchronization system, aligning the terms of the mayor and executives of investment and public institutions in Jeonnam.The draft ordinance, titled "Special Ordinance on the Terms of Executives of Gwangju Investment and Public Institutions," has been announced for public comment until September 2.This ordinance extends the existing system, which previously applied only to Gwangju's investment and public institutions, to encompass all such institutions in Jeonnam.Some specific provisions differ from the previous Gwangju ordinance.While the existing ordinance set the term for executives at two years and simply stated that they could be reappointed, the revised proposal specifies "annual reappointment" decisions starting after the initial two-year term.Additionally, the draft ordinance mandates labor directors for public institutions with over 50 employees, standardizing the number of labor directors to two for institutions with over 200 employees and one for those with fewer than 200.The key aspect of the ordinance is its aim to expand the term synchronization system, which Gwangju introduced in 2023, to the entire Gwangju Jeonnam area.Prior to the integration, Gwangju had aligned the terms of the mayor with 11 out of 19 public corporations and institutions, while 23 public corporations and institutions in Jeollanam-do did not synchronize their terms with the governor.This discrepancy has led to controversy regarding the terms of heads of affiliated organizations in Gwangju and Jeonnam even before the administrative integration.* This article has been translated by AI. 2026-08-18 12:40:00