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  • S-Oil to Enhance Petrochemical Industry Competitiveness with Shaheen Project
    S-Oil to Enhance Petrochemical Industry Competitiveness with Shaheen Project S-Oil announced on August 18 that it will contribute to strengthening the global competitiveness of South Korea's petrochemical industry through the Shaheen Project, which commercializes TC2C technology for the first time in the world.The Shaheen Project will apply TC2C (Thermal Crude to Chemicals) technology to convert low-value fractions from crude oil and refining processes into petrochemical feedstock.By combining high-efficiency steam crackers, power generation facilities, waste heat recovery, and process optimization technologies, the project aims to enhance the efficiency of raw material and energy use. Additionally, design improvements are expected to reduce carbon emissions by more than 20% compared to the initial design, thereby increasing cost competitiveness while also improving energy efficiency and carbon emissions.Another significant advantage is the ability to utilize various raw materials, which reduces dependence on specific sources and allows for flexible raw material composition based on market conditions. Recent concerns over supply disruptions of naphtha through the Strait of Hormuz have highlighted the importance of raw material flexibility and procurement stability.The integrated production system based on refining and petrochemical processes will enable a more flexible response to fluctuations in raw material prices and supply due to supply chain shocks, enhancing cost competitiveness and supply chain resilience.The ethylene and propylene produced in the Shaheen Project will be supplied to downstream companies in the Ulsan National Industrial Complex through a dedicated pipeline network. As Ulsan currently relies on external imports for part of its basic petrochemical feedstock, the Shaheen Project is expected to strengthen domestic production and enhance self-sufficiency in raw materials. This is anticipated to improve supply stability and logistics efficiency, thereby contributing to the competitiveness of the domestic petrochemical value chain.The Ulsan Research Institute, a policy research organization funded by the city of Ulsan, recently evaluated in its 'Ulsan Economic and Social Brief' that the Shaheen Project will transform Ulsan from a simple refining hub into a global center for high-value chemical materials, enhancing the competitiveness of the regional industrial ecosystem based on the dedicated pipeline network.S-Oil explained that a competitive foundation for producing basic petrochemicals is a key element supporting the high-value transition of the domestic petrochemical industry. Without securing cost competitiveness in the basic petrochemical stage, it will be difficult for specialty products to achieve price competitiveness in the final market.In this context, large-scale investments in integrated refining and petrochemical facilities, including Crude Oil-to-Chemicals (COTC) projects that directly convert crude oil into petrochemical feedstock, continue in overseas markets such as China and the Middle East.S-Oil emphasized that business restructuring should focus on enhancing overall industry competitiveness through reducing excess capacity, investing in competitive facilities, transitioning to low-carbon processes, and strengthening supply chain stability.S-Oil stated, "The Shaheen Project is a long-term investment that has been pursued for several years in line with the government's ongoing efforts to strengthen industrial competitiveness and invest in advanced, high-efficiency facilities. We aim to contribute significantly to securing sustainable competitiveness for the domestic petrochemical industry in the global market through the successful completion and stable operation of the project."Meanwhile, the Shaheen Project represents the largest single investment in the history of the domestic petrochemical industry, with approximately 9.258 trillion won allocated. It is currently under construction in the Onsan National Industrial Complex in Ulsan and is approaching commercial operation next year after completing major equipment construction.* This article has been translated by AI. 2026-08-18 10:36:00
  • Yoo Yi-dong Acknowledges Need for Ethics Committee, Urges Caution on Disciplinary Actions
    Yoo Yi-dong Acknowledges Need for Ethics Committee, Urges Caution on Disciplinary Actions Yoo Yi-dong, a member of the People Power Party, stated on August 18 that while he agrees the party's Central Ethics Committee should play a role in maintaining order within the party, he urged caution regarding disciplinary actions against four incumbent lawmakers.During an appearance on KBS Radio's 'Current Affairs', Yoo said, "If the Ethics Committee is perceived as losing procedural trust or being used for political purposes, it will result in a greater distance between the party and the public."He noted that as the Democratic Party and the administration of Lee Jae-myung continue to face challenges, public support and expectations are declining. He pointed out that one reason for the People Power Party's persistently low approval ratings is the ongoing issues related to the Ethics Committee. "The news the public wants to hear concerns real estate issues, labor conditions, and climate change, but instead, matters related to the Ethics Committee are being reported like gossip," he said.Yoo expressed concern that the party is receiving unintended consequences from news that strays far from its core essence. He urged the party to be very cautious and deliberate in this regard.Regarding Jang Dong-hyuk's attendance at a rally in Olympic Park on August 15, Yoo emphasized the importance of representing a variety of voices rather than selective issues. He acknowledged that while it is one way for the opposition leader to engage in a struggle against the ruling party, there is a need to consider whether the intended outcome was achieved.He elaborated, "When we represent diverse voices on issues like real estate, disaster recovery, and stock market impacts, we can appeal to the public as a viable governing party. If we focus only on selective and narrow issues, it raises questions about how much support we can garner. As the opposition, we need to narrow the gap with the public to effectively check the ruling party and achieve results."On the previous day's dinner meeting attended by floor leader Chung Jeong-sik and other senior lawmakers, Yoo remarked, "There is a vision for the party that the party leader pursues, and there is a vision that the floor leader aims for. It seems that, from the perspective of party members, the approach taken by Floor Leader Chung to find the party's space amid the ruling party's missteps and the rapid decline in presidential approval ratings is seen as more effective."He added, "Recently, when the mayor of Seoul was called in to discuss the city's stance on real estate issues and how the party and the city can collaborate, it appears that lawmakers are giving higher marks for these efforts. I believe that the way Floor Leader Chung is currently leading the party represents the best efforts and attempts given the situation the party is in. I hope we can gradually bring about change from there."* This article has been translated by AI. 2026-08-18 10:36:00
  • President Lee Emphasizes Importance of Peace Without Conflict
    President Lee Emphasizes Importance of Peace Without Conflict President Lee Jae-myung presided over a full meeting of the Eulji National Security Council (NSC) on August 18, stating, "Creating a peace where conflict is unnecessary is of utmost importance, but we must also prepare for the worst-case scenarios."Chief Presidential Spokesperson Kang Yu-jeong reported in a written briefing that President Lee reviewed the nation's mobilization capabilities in the event of war, as well as the procedures and measures for transitioning various agencies to wartime operations.President Lee urged that the Eulji Exercise be conducted as a practical drill to protect citizens and ensure national security during emergencies.He emphasized that the Eulji Exercise is defensive in nature, aimed at safeguarding the lives and safety of the public. "We have no intention of attacking North Korea or escalating tensions on the Korean Peninsula through the Eulji Exercise," he stated.The president pointed out that past training methods should not be repeated as mere routine. This suggests a need for practical preparedness training that reflects recent changes in the nature of warfare and the security environment.He instructed, "Do not repeat the Eulji Exercise as it has been done in the past; prepare for realistic drills that reflect the current state of warfare. We must be ready to protect our citizens, regardless of the situation that arises."Additionally, he reiterated that the fundamental purpose of the Eulji Exercise is not to target specific entities but to maintain the safety and peaceful daily lives of the people.* This article has been translated by AI. 2026-08-18 10:28:20
  • KGM Launches Brand in Myanmar, Aiming to Sell 1,000 Vehicles Annually
    KGM Launches Brand in Myanmar, Aiming to Sell 1,000 Vehicles Annually KG Mobility (KGM) announced on August 18 that it is officially launching its brand in the Myanmar market in collaboration with the Super Seven Stars (SSS) Group.The official launch event, held on August 14 in Yangon, Myanmar, was attended by KGM Chairman Kwak Jae-sun, President Kwak Jeong-hyun, SSS Group Chairman Mr. San Linn, and President Mr. Salman Linn, along with over 500 attendees including officials, journalists, and customers.During the event, KGM introduced its brand to the Myanmar market for the first time, showcasing its electric vehicle lineup, including the Torres EVX and Musso EV.SSS Group, established in the early 2000s, is Myanmar's first private automobile company and the largest private automotive group in the country, involved in new and used car sales, electric vehicle charging infrastructure, as well as various industries such as food, logistics, and agriculture.Following this launch, SSS Group plans to begin local production and sales of the Torres EVX and Musso EV. KGM aims to supply a total of 1,000 vehicles to the Myanmar market this year in collaboration with SSS Group.Chairman Kwak Jae-sun stated, "Myanmar is a growing market with a developing automotive industry, where customers prioritize practicality and durability in vehicle design, considering road conditions and family mobility. This aligns with the values KGM has emphasized in developing SUVs and pickups for a long time."He added, "KGM will work closely with SSS Group to ensure that we are remembered as a trustworthy automotive brand that grows alongside our customers in the Myanmar market."Meanwhile, KGM has reported an increase in exports, with a total of 40,894 units shipped as of July, marking a rise from last year's record high in over a decade. The company is also intensifying its efforts in the KD (knock-down) business to boost export volumes and plans to sequentially expand its KD operations in key markets such as Saudi Arabia and Vietnam, starting with the Myanmar market.* This article has been translated by AI. 2026-08-18 10:28:10
  • Han Byeong-do: New Leadership Will Support Lee Government, Urges Passage of 9.7 Supply Bill
    Han Byeong-do: New Leadership Will Support Lee Government, Urges Passage of 9.7 Supply Bill Han Byeong-do, the floor leader of the Democratic Party, stated on August 18 that the party aims to become a stronger and more capable organization under its new leadership. He emphasized the need to pass legislation supporting the government's 9.7 supply plan during the upcoming parliamentary session on August 20.During a legislative meeting held at the National Assembly, Han remarked, "Having created a heated party convention, it is now time to form a united team. The Democratic Party has been strong when united, and we have achieved victory when we stood together." He added, "The new legislative leadership will work in unison with the new leadership to ensure the success of the Lee Jae-myung government."He also mentioned, "We will resolve the National Assembly's bill to amend the National Assembly Act, which was stalled due to a filibuster in July, during the first session of the August extraordinary National Assembly. We will revise the fast-track legislation, which has been labeled as slow-track, to respond promptly to pressing public issues."Furthermore, he stressed the urgency of passing legislation to support housing supply, noting that the follow-up bills to the 9.7 supply plan announced last year have been pending for nearly a year. "The People Power Party has voiced the need for increased supply, so we urge them to demonstrate their sincerity through legislative action rather than mere words," he said.Han also addressed the significant damage caused by record rainfall that began on August 15, particularly in the southern regions, stating, "The Democratic Party will work closely with the Lee Jae-myung government to address the aftermath of the heavy rains."* This article has been translated by AI. 2026-08-18 10:28:00
  • KB Kookmin Bank Partners with Kim & Chang to Enhance Asset Succession Services
    KB Kookmin Bank Partners with Kim & Chang to Enhance Asset Succession Services KB Kookmin Bank has partnered with Kim & Chang law firm to strengthen its comprehensive asset succession services, including inheritance and gift planning.On August 18, KB Kookmin Bank announced that it has signed a memorandum of understanding (MOU) with Kim & Chang for mutual cooperation in inheritance financial business.The agreement aims to address the growing and complex customer demands related to inheritance as asset sizes and forms diversify, and to enhance the asset succession services offered by the KB Golden Life Center.Under the agreement, the two institutions plan to jointly promote comprehensive legal advice for preventing inheritance disputes, as well as education and seminars related to inheritance tax law. They will also expand their collaboration to include inheritance consultations for clients with overseas assets and legal advice in non-financial areas.Through this initiative, KB Kookmin Bank aims to provide a one-stop service that integrates asset management, inheritance and gift planning, and legal advice. KB Financial Group is expanding services for senior clients through its 19 KB Golden Life Centers nationwide.A representative from KB Kookmin Bank stated, "This agreement allows us to respond more professionally to our customers' diverse inheritance concerns. We will strengthen our one-stop asset succession services that link asset management, inheritance and gift planning, and legal advice."* This article has been translated by AI. 2026-08-18 10:20:00
  • Call for Revision of Museum and Art Museum Promotion Law Amidst Misinterpretation of Scholarship
    Call for Revision of Museum and Art Museum Promotion Law Amidst Misinterpretation of 'Scholarship' Introduction The notion that 'art museums' and 'museums' share a common root is a well-established fact. The term 'museum' originates from the Greek 'Mouseion,' a sanctuary dedicated to the muses, where poetry, music, history, philosophy, and the visual arts coexisted in an integrated space. The concept of a museum itself emerged without separating scholarship from art. Historically, the Louvre, the British Museum, and the Uffizi, which established the modern museum system, all began with collections of artworks, indicating that art museums are not merely derivatives of museums but rather closer to the original concept. The International Council of Museums (ICOM) has a committee for modern art called the International Committee for Museums and Collections of Modern Art (CIMAM), and prestigious institutions like the Museum of Modern Art in New York, the Metropolitan Museum of Art, and the British Museum all include 'Museum' in their names. Logical Flaws in the Definition Clause Created by the Term 'Scholarship' Ideally, 'museum' should encompass all types of institutions dealing with history, archaeology, anthropology, folklore, art, zoology, botany, mineralogy, science, and technology. However, the law's use of the conjunction 'and' has led to a perception where 'museum' no longer includes art museums, treating them as separate and mutually exclusive entities. This legal phrasing distorts linguistic practices. This situation has been exacerbated by the prototype effect, where the National Museum of Korea is the first institution that comes to mind when people hear 'museum.' Due to its focus on archaeological and historical artifacts, the entire category has been narrowed to a place that deals solely with historical artifacts. The administrative structure has solidified this separation. The National Museum of Korea and the National Museum of Modern Art exist as entirely separate national institutions, and the law's designation of 'museum and art museum promotion law' reinforces the perception of these as equal categories. Consequently, the confusion surrounding the question 'Is an art museum a museum?' results from a threefold error: the loss of hierarchy during translation, the National Museum of Korea filling that void with a narrow image, and administrative separation institutionalizing this misunderstanding. The Conceptual Logic of Museums and Art Museums and Its Collapse The seriousness of the issue extends beyond mere legal and administrative disparities; it lies in the collapse of the logic within the legal text itself. To clarify the hierarchy, 'museum' is a superordinate concept, while both the National Museum of Korea and the National Museum of Modern Art are subordinate concepts. If the National Museum of Korea is a comprehensive history and culture museum encompassing archaeology, history, art, and anthropology, then the National Museum of Modern Art is a specialized art museum dealing with visual arts such as painting, sculpture, architecture, crafts, and calligraphy. While they are different types of institutions, they are equal subordinate concepts under the overarching category of 'museum.' However, this hierarchy collapses within the legal text. First, the purpose clause in Article 1 and the definition clause in Article 2 contradict each other. Article 1 states that the law aims to 'nurture museums and art museums to contribute to the development of culture, arts, and scholarship,' explicitly including 'scholarship' as a common goal for both. Yet, the definition in Article 2 excludes 'scholarship' from the definition of art museums. This discrepancy leads to a self-contradiction in the definitions of 'materials' and 'institutions.' Article 2 defines 'art museum materials' as 'materials related to art that are collected, managed, preserved, researched, exhibited, and educationally valued by art museums.' This definition implies that the materials must have academic value, while the institution handling these materials is legally defined as unrelated to scholarship. Such contradictions have also created inconsistencies in the qualifications for curators. While both museum and art museum curators are managed under the same qualification system, the legal status of the institutions they belong to diverges significantly. These 'inconsistencies' stem not from philosophical distinctions but rather from administrative and political compromises made during the 1991 overhaul of the 'Museum Law' into the 'Museum and Art Museum Promotion Law.' Distortion Engraved in Language and Administration: The Role of 'Art Museums' in Promoting Visual Arts The administrative framework for national museums and art museums is distinctly divided. The National Museum of Korea, the National Folk Museum, the Museum of Korean History, and public and private museums across the country fall under the Cultural Heritage Administration. In contrast, the National Museum of Modern Art is overseen by the Visual Arts and Design Division under the Arts Policy Bureau. This difference is not merely a matter of administrative division; it highlights how the government’s perspective on the National Museum of Modern Art varies due to the absence of the term 'scholarship.' The Cultural Heritage Administration's work is clearly based on 'museum studies,' focusing on comprehensive planning, legal and institutional improvements, and professional training for museum staff. On the other hand, the Visual Arts and Design Division emphasizes promotion, industry, and spatial policy. Its responsibilities include developing comprehensive plans for visual arts, enhancing marketing and industrialization, and training professionals in creative and management fields. The National Museum of Modern Art is treated as one of the agencies executing visual arts promotion, akin to a subcontractor. As demands for reform in this unreasonable structure grow within the art community, the Cultural Heritage Administration attempted to integrate museum administration in September 2017 but reverted to the Visual Arts and Design Division in 2018, citing the need for the National Museum of Modern Art to respond effectively to the field. Ultimately, the core issue is that the current National Museum of Modern Art is viewed as an institution primarily responsible for promoting visual arts rather than as a museum. To establish it as a true national museum, a reorganization transferring its operational support and management to the Cultural Heritage Administration or a separate line with museum studies expertise is essential. Promoting Visual Arts as a Third Path of 'Kunsthalle' Based on museum studies, it is necessary to transfer the National Museum of Modern Art to the Cultural Heritage Administration and establish separate institutions like 'Kunsthalle' or 'Institute of Contemporary Art' that operate without collections. This proposal aims to distribute responsibilities according to the purpose and nature of each institution rather than burdening the National Museum of Modern Art with all art-related tasks. This is not merely about transferring the National Museum of Modern Art's administrative department but about restructuring the entire logic of art administration in Korea. The current confusion arises from forcing the distinct entities of 'museum' and 'promotion agency' into one body, leading to a mismatch in their fundamental roles. Museums are inherently institutions based on long-term collection, preservation, and research, while promotion activities for emerging artists and experimental exhibitions require a more flexible institution that does not need to bear the weight of collections. Therefore, establishing a separate institution that operates without collections, like the Kunsthalle or ICA, is a viable solution. This would alleviate the burden on local public museums that lack the budget and expertise to secure collections and support the creative activities of local artists. However, such a framework does not currently exist in Korea. The 'Museum and Art Museum Promotion Law' only defines museums and art museums as facilities that collect, manage, preserve, research, exhibit, and educate, without providing a legal status for institutions that operate solely on exhibitions and promotion without collections. This has resulted in the National Museum of Modern Art having to simultaneously fulfill the roles of a museum and a promotion agency, which aligns with the dual administrative structure of the Visual Arts and Design Division and the Cultural Heritage Administration. Thus, it is rational to reposition the National Museum of Modern Art under the Cultural Heritage Administration to focus on its core functions of collection, preservation, and research, while the Visual Arts and Design Division establishes and operates a separate non-collection promotion exhibition institution. To achieve this, it is necessary to amend the 'Museum and Art Museum Promotion Law' to explicitly include institutions like Kunsthalle. Under the current legal framework, it is challenging for exhibition-focused institutions without collections to be recognized as 'art museums,' as the registration requirements and support systems are designed with the assumption of collection ownership. By amending the law to establish definitions, registration requirements, and support bases for such institutions, experimental exhibition spaces can be integrated into the system without burdening national or local governments. Of course, there are practical hurdles to overcome. Organizational restructuring involves budgetary and staffing issues intertwined with the interests of various departments, and establishing new institutions will require additional funding. However, separating the roles of museums and promotion agencies legally and institutionally is a topic worth serious consideration for Korea's art administration. The 'Museum' as a Last Resort The conceptual contradictions between art museums and museums are also evident in the terminology used by the Cultural Heritage Administration and the Korean Museum Association. The Korean Museum Association, which includes all museums in Korea, often uses the term 'museum' as a loanword, 'museum,' instead of the Korean term for 'museum' when referring to both museums and art museums. The Cultural Heritage Administration follows suit. This is not a mere stylistic choice; using 'museum' as a superordinate term implicitly grants art museums a status as institutions contributing to scholarly development, which the law does not recognize. Conversely, when art museums are grouped under the term 'museum,' they may feel their identity is diminished or absorbed into the lower category of museums. Thus, when referring to both institutions equally, using 'museum' as a superordinate term risks undermining the concept of art museums, while using 'art museum' excludes institutions dealing with history, natural history, and science. Therefore, a neutral third expression is needed, but there is currently no established neutral term in Korean. Consequently, using the loanword 'museum' without domestic legal or customary implications has become a safe option. This pattern of filling lexical gaps with loanwords is typical, but it also highlights the shameful reality that legal terminology has distorted scholarly and industry language practices. Neither ICOM nor museum studies distinguish between museums and art museums based on their scholarly contributions. Instead, art museums are treated as a subset of museums, which include history, archaeology, anthropology, folklore, zoology, botany, mineralogy, science, and technology. South Korea is the only country that has disrupted this established understanding in international discourse, leaving the situation unresolved for over 30 years. Discrepancy Between Art Museums and International Standards Conceptually separating art museums from museums is not a common practice internationally. ICOM does not define art museums separately. The revised definition of museums by ICOM in 2022 states that museums are 'non-profit, permanent institutions serving society and its development, and are responsible for the research, collection, preservation, interpretation, and exhibition of tangible and intangible heritage,' without distinguishing based on the type of collections. This unified definition is also reflected in the legislative practices of individual countries. Japan's Museum Law does not define art museums separately; it defines 'museum' as an institution that collects, preserves, and exhibits materials related to history, art, folklore, industry, and natural sciences, which includes art museums within this definition. The purpose clause also states that museums contribute to the 'education, scholarship, and cultural development' of the public, applying scholarly functions equally to art museums. France has a national certification system called 'Musée de France' under its Code of Heritage, which regulates a single category of 'museum' encompassing art museums, natural history museums, and science museums without defining art museums separately. In the United States, the Museum and Library Services Act defines 'museum' as a non-profit institution organized for educational, cultural heritage, and aesthetic purposes, which regularly exhibits tangible objects, listing art museums alongside aquariums, botanical gardens, history museums, and natural history museums. Thus, art museums are treated as one of several subtypes under a single definition rather than as a distinct category. In the UK, museums are not legally defined. The Museum Accreditation Scheme operated by Arts Council England adopts ICOM's definition, regulating 'museums and galleries' under a single accreditation standard without conceptually separating art museums. Germany follows a similar pattern, where the term 'museum' is not legally protected or defined, and the German Museums Association and ICOM Germany apply ICOM's definition as the de facto standard for all types of museums, including art museums. China formally regulates museums and art museums under different administrative laws, but the criteria for distinction are based on the era of collections or the differences in overseeing departments, not the presence of the term 'scholarship.' Moreover, the regulations related to art museums explicitly state that they 'organize scholarly research,' thus not excluding scholarly functions conceptually. South Korea's legislative approach, which defines museums and art museums side by side while differentiating based on the inclusion of 'scholarship,' is nearly unique internationally. Legal Revisions for an Attractive Cultural Nation As discussed, revising the 'Museum and Art Museum Promotion Law' is imperative. The amendment should begin with restoring the coherence of the definition clauses. To maintain the current system that categorizes art museums as a subtype of museums, it is essential to explicitly include 'the development of scholarship' in the purpose definition of art museums, ensuring alignment between the purpose clause (Article 1), the definition clause (Article 2), and the definition of art museum materials (Article 2, Clause 4). This is a straightforward yet urgent measure that can be corrected through reasonable judgment by the National Assembly. Furthermore, it should be redesigned to align with international standards and the concept system of 'museum studies.' As seen in the legislative practices of ICOM, Japan, and France, the dual definition approach that treats art museums as fundamentally different facilities must be fundamentally revised. Following international norms that require research functions for all museums and art museums, efforts should be made to quickly integrate into a unified definition system. Additionally, this revision should extend to organizational laws and personnel systems. If art museums are legally recognized as scholarly institutions contributing to the development of scholarship, the autonomy of the director of the National Museum of Modern Art regarding personnel and budget, as well as the job security and rank system for curatorial staff, should be redesigned accordingly. While changing a single phrase in the definition clause will not resolve all issues, it should serve as a starting point for a fundamental reassessment of the historically low institutional status of art museums. Laws are institutions made of language. As long as the law defines art museums as facilities unrelated to scholarship, that language will directly translate into organizational structures, budgets, and personnel treatment. We must not allow a single term, hastily created amid inter-departmental conflicts and disputes with the art community over 30 years ago, to continue justifying the low status of Korean art museums. The fact that we must reargue established knowledge in the international community speaks volumes about how far behind Korean cultural administration and legislation are from international standards. In discussions about the comprehensive revision of the 'Museum and Art Museum Promotion Law,' the issue of the term 'scholarship' must be addressed first and foremost. While constitutional amendments are important, aligning the differing purpose and definition clauses of the 'Museum and Art Museum Promotion Law' is a matter of significant importance related to the national dignity of South Korea. We must not delay any longer.* This article has been translated by AI. 2026-08-18 10:20:00
  • Kim Seung-soo: Lees Failure to Secure Democratic Party Leadership Marks Twilight of Power
    Kim Seung-soo: Lee's Failure to Secure Democratic Party Leadership Marks 'Twilight of Power' Kim Seung-soo, the Deputy Floor Leader of the People Power Party, warned on August 18 that "the president is facing the twilight of power just one year into his term," urging an end to what he described as judicial destruction and attempts to evade legal accountability.During a meeting of the party's floor leadership at the National Assembly, Kim stated, "President Lee Jae-myung has failed in his operation to seize control of the Democratic Party."He noted, "Despite President Lee's overt interference in the party convention, Democratic Party leader Kim Min-seok struggled in a close contest in all regions except Honam, starting his term with a damaged leadership."Kim emphasized, "The more one struggles to escape legal judgment, the closer the public's judgment will come. I urge the ruling party to demonstrate a willingness to respond to public sentiment."Meanwhile, Kim Mi-ae, the Deputy Floor Policy Leader, pointed out that both security and trade, which form the two pillars of the South Korea-U.S. alliance, are simultaneously deteriorating. She highlighted that U.S. President Donald Trump has directed a significant reduction in the joint military exercise, Ulchi Freedom Shield (UFS), while also dismissing the head of trade negotiations without a successor during ongoing trade talks with the U.S.Kim Mi-ae stated, "Diplomacy should not be reactive but proactive, anticipating movements from the other side, negotiating, and safeguarding national interests." She called for a clear disclosure of the prior consultations between South Korea and the U.S. regarding Trump's directive to reduce UFS.In a related note, Floor Leader Jeong Jeom-sik visited the flood-damaged areas in Geoje, Gyeongnam, instead of attending the floor leadership meeting. Consequently, Kim Seung-soo presided over the meeting, where the People Power Party's floor leadership urged the declaration of special disaster areas in Geoje and Tongyeong, which have suffered severe damage from the heavy rains, and called for prompt support and recovery efforts.* This article has been translated by AI. 2026-08-18 10:16:10
  • Polysilicon Prices Surge in China Despite U.S. Import Restrictions
    Polysilicon Prices Surge in China Despite U.S. Import Restrictions Despite the United States tightening import regulations on polysilicon and related products, prices for polysilicon in China have surged.According to Shanghai Metals Market (SMM) on August 17, the price of N-type recovery polysilicon rose by 0.95 yuan to 40.4 yuan per kilogram, while N-type dense polysilicon increased by 1 yuan to 40 yuan.On August 14, polysilicon prices jumped by 23.8%, recovering to around 39,000 yuan per ton, which has led to a price increase across the entire solar value chain, including wafers, battery cells, and solar glass.The immediate cause of this price surge is the Chinese government's supply reduction policy. The Chinese solar industry has been experiencing prolonged price competition, with products being sold below cost due to oversupply. In response, the Chinese government has intervened this year to encourage production cuts in the solar sector. The government is tightening energy consumption standards and pushing for the exit of outdated production capacities.Eight major polysilicon manufacturers in China announced earlier this month that they would stop selling below cost and strictly adhere to energy consumption standards. These companies account for over 90% of China's effective polysilicon production capacity, suggesting a significant impact from the supply reduction.In the stock market, Chinese solar stocks have shown strong upward momentum. Since July 21, the solar index on the Chinese stock market has risen by more than 14%, with some stocks recording increases of over 40%.Meanwhile, the recent surge in polysilicon prices in China is considered unrelated to the recent U.S. import restrictions. On August 6, President Donald Trump signed an executive order introducing a minimum import price and imposing an additional 15% tariff on polysilicon and related products under Section 232 of the Trade Expansion Act. This measure is set to take effect on December 4.The U.S. has already imposed high tariffs on Chinese polysilicon and other solar products, applying regulations related to forced labor to limit the entry of Chinese products into the U.S. market. As Chinese polysilicon products are effectively not being imported into the U.S., the impact of this measure on Chinese companies is expected to be minimal.* This article has been translated by AI. 2026-08-18 10:12:00
  • Chip rally pushes KOSPI past 7,200
    Chip rally pushes KOSPI past 7,200 SEOUL, August 18 (AJP) - South Korea's benchmark KOSPI opened 3.3 percent higher on Tuesday, led by SK hynix and Samsung Electronics, which extended a two-week rally driven by foreign investors, even as most stocks on the main board declined. The index opened at 7,211 on Tuesday, up 233.06 points, in its first session since Friday after Monday's substitute holiday for Liberation Day. Decliners outnumbered advancers 630 to 234, even as the large-cap KOSPI 200 rose 4 percent. The divergence highlights the narrow nature of the rally, with gains concentrated among a handful of large-cap stocks while most shares declined. Foreign investors have concentrated their buying in a narrow set of names. Over the week to Friday they bought a net 6.75 trillion won (US$4.78 billion) in Seoul shares, of which SK hynix took 2.45 trillion won ($1.73 billion) and Samsung Electronics 2.29 trillion won ($1.62 billion). Individuals sold a net 7.40 trillion won ($5.24 billion) over the same week, taking profit into the advance. SK hynix traded at 1,786,000 won ($1,264.87), up 141,000 won, a gain of 8.6 percent. Samsung Electronics traded at 287,500 won ($203.61), up 13,000 won, or 4.7 percent. SK square, the holding company whose main asset is its SK hynix stake, rose 8.9 percent to 1,257,000 won ($890.23). The semiconductor sector gained 6.3 percent, the strongest industry group on the main board. Shipping followed, with HMM up 6.4 percent. Outside the chip complex, the market was red. Among the largest listed companies, Hyundai Motor slipped 0.2 percent to 452,000 won ($320.11), LG Energy Solution fell 2.8 percent to 359,000 won ($254.25), and Samsung Biologics lost 1.7 percent to 1,522,500 won ($1,078.26). Foreigners bought a net 904.0 billion won ($640.2 million) in the opening 40 minutes, against 917.6 billion won ($649.9 million) of individual selling. The advance did not reach smaller names. The KOSDAQ slipped 0.3 percent to 862.30. Seoul is also moving against the overnight trend. The Dow Jones Industrial Average fell 0.5 percent and the Nasdaq Composite lost 0.3 percent on Monday in New York. Traders viewed Tuesday's gains as a catch-up to last week's strength in memory chip stocks rather than a fresh signal from Wall Street. The main index in Seoul has now risen more than 20 percent from its late July low, marking what is generally considered a technical bull market. In Tokyo, the Nikkei 225 traded at 69,025.70, down 0.3 percent. The won traded at 1,412 per dollar, stronger than Friday. 2026-08-18 10:10:42