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China's Economic Indicators Decline in July Amid Xi Jinping's Tribute to Jiang Zemin Xi Jinping, the President of China, emphasized the need to actively respond to the challenges facing the country on August 17, as he praised former President Jiang Zemin's achievements in overcoming significant political and economic upheavals, including the Asian financial crisis. His remarks came on the 100th anniversary of Jiang's birth, coinciding with the release of July's economic indicators, which fell short of market expectations, highlighting a clear slowdown in China's economic growth. Poor July Economic Indicators Highlight Clear Economic Slowdown According to the National Bureau of Statistics of China, retail sales in July increased by only 0.6% compared to the same period last year, falling short of the 1.5% forecast by Reuters and the 1.0% growth rate recorded in June. Industrial production, which reflects corporate activity, also saw a modest increase of 4.5% year-on-year, below the previous month's growth of 5.3% and the market expectation of 4.8%. Fixed asset investment, a key driver of China's economy alongside exports and consumption, also showed weakness. From January to July, fixed asset investment decreased by 6.7% compared to the same period last year, worsening from a 5.7% decline in the first half of the year and falling short of the market expectation of a 6% drop. The urban unemployment rate in July rose to 5.2%, up from 5.0% in June. These economic indicators follow a second-quarter growth rate of 4.3%, the lowest quarterly growth in about three and a half years since the COVID-19 pandemic. Concerns are growing over downward pressure on the Chinese economy due to weak domestic demand and investment contraction. Sun Xiao, the chief statistician at the National Bureau of Statistics, stated, "The external environment is complex and volatile, and the industrial economy is still facing many difficulties and challenges in the process of transitioning from existing growth drivers to new ones." He also pointed out persistent issues such as insufficient effective demand, mismatches between production and sales, and severe cash flow pressures on some industries and companies. Xi Calls on Jiang's Crisis Management Experience, Warns of 'Strong Winds and Rough Waves' As China's economic growth slows, Xi's remarks during the 100th anniversary ceremony for Jiang Zemin drew attention to past experiences in overcoming crises. According to China Central Television (CCTV), Xi attended the ceremony in Beijing and delivered a significant 40-minute speech, reflecting on Jiang's achievements in economic reform, opening up, World Trade Organization (WTO) accession, and foreign and defense policies. Xi particularly noted that Jiang maintained economic development as a core task during a period of rapid international changes and serious political turmoil in China from the late 1980s to early 1990s. He highlighted Jiang's commitment to upholding the "Four Cardinal Principles" of socialism and the leadership of the Communist Party while continuing reform and opening up, asserting the country's independence, dignity, security, and stability through diplomatic efforts. Xi also praised Jiang for navigating through successive crises, including the Asian financial crisis in the late 1990s and the major floods in 1998, while maintaining the momentum of reform and economic growth. He remarked, "Comrade Jiang Zemin made bold decisions at critical junctures in history and calmly responded to risks and challenges." Bloomberg analyzed that Xi presented Jiang's model of economic development, reform, and strong party leadership as a way to navigate current domestic and international pressures. By placing economic growth at the center of policy while maintaining party leadership and social stability, Xi invoked Jiang's experiences as lessons for overcoming the current economic slowdown and geopolitical tensions. Xi stated that in the new journey of the new era, the country must firmly safeguard its sovereignty, security, and development interests while achieving both rapid economic growth and long-term social stability. He emphasized the need to actively respond to significant tests, such as "strong winds and rough waves, and even dangerous torrents," with a strong fighting spirit and exceptional fighting capabilities. The "strong winds and rough waves" mentioned by Xi are interpreted as a comprehensive reference to the domestic and international risks facing China, including geopolitical uncertainties from conflicts in the Middle East, trade and technology tensions with the United States, and issues related to Taiwan, as well as internal pressures from weak domestic demand and investment contraction. 2026-08-17 17:12:00
Samsung Fire & Marine Insurance Expands Healthcare Business Beyond Services Samsung Fire & Marine Insurance is refining its healthcare business revenue model. The company is expanding its reach beyond providing health management services to policyholders by offering platforms to businesses and hospitals, as well as operating employee health management programs, thus venturing into business-to-business (B2B) operations.In the long term, the company plans to expand its business areas to include senior and home care in response to an aging society, and to connect personalized health management using medical and financial data. Additionally, it aims to validate whether healthcare services lead to improvements in actual insurance loss ratios and retention rates through data analysis, thereby enhancing its core insurance competitiveness.Lee Hae-sung, head of the healthcare business team at Samsung Fire & Marine Insurance, stated in a recent interview with Aju Economy, "The monetization of the healthcare business can be viewed in terms of indirect and direct revenue. Ultimately, our goal is to enhance customer value by supporting disease prevention, health management, and recovery after treatment, while also strengthening the sustainability of our core insurance business and developing healthcare into a new business model."Lee, an expert in the healthcare and bio fields, has previously worked at Samsung Electro-Mechanics Central Research Institute, Samsung Medical Center's Biomedical Engineering Research Institute, LG Life Sciences, SK Telecom, Johnson & Johnson Innovation Asia Pacific Center, and KT. Since 2023, he has been leading the healthcare business at Samsung Fire & Marine Insurance, which connects insurance and healthcare.Samsung Fire & Marine Insurance plans to accumulate data over a sufficient period to gradually validate the effects of health behavior changes, customer retention, and contributions to the core insurance business. Lee emphasized, "We need to accumulate data to objectively analyze the effects of service usage, health behavior changes, customer retention, and impacts on the core insurance business. Once the effects are proven, we expect to use this as a basis for designing health-promoting insurance products or new coverage and services in the future."The company is also solidifying direct revenue models. This includes paid services that allow existing policyholders to utilize health management services separately, as well as pursuing B2B operations by providing and operating Samsung Fire & Marine Insurance's healthcare platform 'Anyfit' for hospitals and businesses. Discussions are underway with pharmaceutical companies to integrate healthcare services into patient support programs during the new drug launch process, and programs are being operated for corporate employees to manage obesity and chronic diseases among those identified during health screenings.* This article has been translated by AI. 2026-08-17 17:04:20
Samsung Fire & Marine's Healthcare Chief: Insurers as 'Care Navigators' The role of insurance is expanding from 'post-coverage' to 'preventive care and health management.' With an aging population and an increase in chronic diseases, traditional methods of providing insurance payouts after illness are becoming insufficient to meet diverse health management needs. Insurers are increasingly broadening their business areas to include health screenings, lifestyle management, chronic and severe disease management, and senior care.Samsung Fire & Marine's healthcare team consists of over 30 professionals, including rehabilitation physicians, nurses, and experts in gerontology, financial engineering, and demography, working together to bridge the gap between insurance and healthcare.Lee Hae-sung, head of the healthcare business team at Samsung Fire & Marine, emphasized in a recent interview with Aju Economy that the core of the healthcare business is to connect the customer's treatment journey. He stated, 'Insurers must act as 'care navigators' or 'care coordinators' to ensure that customers receive the necessary services in a timely manner throughout the process of prevention, diagnosis, treatment, post-care, rehabilitation, and long-term care.'Below is a Q&A with the executive.- What does the Samsung Fire & Marine healthcare team do?'The Samsung Fire & Marine healthcare team is composed of over 30 members, including rehabilitation physicians, nurses, and PhD-level experts from various fields such as gerontology, financial engineering, and demography. We are creating a business model that integrates insurance, healthcare, and services while also researching how data can be effectively utilized.'- What is the biggest challenge in transitioning from post-coverage to preventive care?'Insurance can be likened to an umbrella. While an umbrella is needed when it rains, it is also necessary when it snows. Insurers must provide value to customers while also creating value within the insurance itself. The biggest challenge is how to deliver both simultaneously. Even if we create a prevention-focused healthcare model, customers must actively use it and change their lifestyles for it to be effective. Creating good services and changing customers' health habits are two different issues. The time factor is also important. Insurance payouts can be measured immediately, but the effects of prevention or lifestyle changes manifest over a long period. We need to look at not just short-term usage rates but also long-term changes in health habits, delays in disease progression, treatment continuity, reduced readmissions, and customer retention rates.'- How can we encourage customers to use healthcare services habitually?'First is hyper-personalization. Each customer has different ages, genders, health screening results, existing conditions, and lifestyles, so providing the same health information to everyone will not encourage sustained use. Second is immediacy. For example, using a continuous glucose monitor (CGM) allows customers to see how their blood sugar changes based on their meals in real time. Customers need to be able to immediately see the relationship between their actions and health changes to adjust their behavior. Third is motivation. We need rewards that go beyond simply giving points for walking. For instance, analyzing the nutritional content of meals through photos or providing coupons for healthy behaviors like walking for a certain amount of time can be effective. Considering the aging population and the increase in single-person households, family-based care is also important. There may be a growing demand for services that manage the health status of parents living separately.'- How can health data be utilized in actual business?'Health screening data is crucial for understanding customers' health statuses. Lifestyle data includes information collected through smartphones or wearables, such as sleep patterns, eating habits, exercise, blood pressure, and blood sugar levels. Smart scales can also provide insights into body composition and hydration. The recent expansion of the medical MyData system has laid the groundwork for individuals to take a more proactive role in utilizing their medical information. In the future, if we can safely connect medical and health data with insurance and financial data, we believe it will enable more sophisticated personalized health management. These data must be combined to create personalized and immediate services.However, various regulations, including privacy laws, medical laws, and financial regulations, are intertwined. While we are exploring various initiatives through regulatory sandboxes, a more sophisticated structure based on trust among customers, insurance companies, and data providers must be established. It is more important to safely utilize data within the scope agreed upon by customers and to return the results to better health management services or insurance experiences.'- What services can be offered by combining financial MyData and health data?'Financial MyData allows customers to view their spending, financial status, pensions, insurance subscriptions, and assets. Medical MyData provides information on hospital usage, diseases, treatments, and medications. When these two are combined, we can assess both health risks and financial risks for customers. For example, analyzing income, medical expenses, insurance status, and health conditions together can lead to personalized coverage analysis, health management based on disease risk, medical expense predictions, senior care, and management of medical expenses after retirement.In the long term, we envision using artificial intelligence (AI) to analyze both health and financial assets, considering health risks as well as expected medical expenses and income gaps in the event of illness, coverage, and retirement assets. This represents one aspect of Samsung Fire & Marine's vision for a 'hyper-personalized care navigator.' However, since both financial and health information are sensitive, clear customer consent and transparency regarding the purpose of data utilization are essential.'- What is the ideal collaboration structure with hospitals, startups, and big tech companies?'In one word, the ideal structure is 'separate yet together.' Hospitals provide medical expertise, tech companies offer technology, pharmaceutical companies focus on new drugs and treatments, and startups specialize in innovative services. Insurers excel in managing the entire customer journey and risk. Customers prefer a connected experience rather than using each service separately. I believe insurers should act as care navigators or coordinators to facilitate organic connections among all players.In particular, Samsung Fire & Marine can leverage infrastructure such as startup incubation programs for strategic partnerships and investments. We are also considering various collaborations with institutions like Samsung Medical Center, Gangbuk Samsung Hospital, and Catholic University Medical Center to enhance research and improve customers' quality of life. Our goal is to provide a unified experience while respecting each party's expertise.* This article has been translated by AI. 2026-08-17 17:04:20
Coramco Introduces New Development Model with 1 Trillion Won Project Near Gangnam Station As real estate project financing (PF) issues impact both developers and trust companies, Coramco Asset Trust is taking a different approach. Instead of increasing exposure to high-risk completion guarantee land trusts, the company is focusing on development projects backed by REITs and institutional investors.According to industry sources, Coramco is showcasing its 'trust-type developer' model through the 'Gangnam Station L Project' in Seocho District, Seoul. Unlike traditional developers that expand project size by increasing debt, the trust-type developer integrates investment, development, operation, and sale into a single platform.The project will develop a prime office building on approximately 5,300 square meters of land near Gangnam Station, with a total floor area of about 20,000 pyeong, consisting of six basement levels and 23 above-ground floors. The total project cost is estimated at 1 trillion won, with a completion target set for 2031.In terms of scale, the project is comparable to other large developers. However, the difference lies in the approach to risk. Coramco is collaborating with SK D&D, which has supplied around 220,000 pyeong of office space in major business districts in Seoul, to jointly invest and cooperate on the project. This strategy combines Coramco's investment and operational capabilities with the development experience of a specialized developer, avoiding a structure where one company bears all the development risks.Coramco's ability to undertake large-scale developments stems from financial restructuring efforts following the PF crisis. As of the end of March this year, the company's equity capital stood at 521.3 billion won, with a debt ratio of 27.9%. The debt ratio has decreased from 41.7% at the end of 2024 to 31.0% at the end of last year, and has continued to decline this year.In contrast to other trust companies facing downward pressure on credit ratings due to the realization of contingent liabilities from completion guarantee land trusts and delays in recovering trust account funds, Coramco has limited new orders for completion guarantee land trusts while simultaneously focusing on recovering existing projects and accumulating reserves. The company has adopted a selective bidding strategy in its trust business, concentrating on urban redevelopment projects, collateral trusts, and managed land trusts.As a result, NICE Credit Rating and Korea Credit Rating have maintained Coramco's corporate credit rating at A and stable for this year. The company also received an A2 rating for its commercial paper, maintaining the highest level of creditworthiness in the trust industry for nine consecutive years.◆ Institutional Funding Instead of Debt: 62 Trillion Won Platform Fuels DevelopmentThe funding for development also differs from that of traditional developers. Coramco manages and operates approximately 62 trillion won in real estate assets through REITs, real estate funds, and trusts. This figure has increased by about 8 trillion won in just a few months from approximately 54 trillion won in March.Coramco has a strong foundation in the REITs market. According to the Korea REITs Association, as of the end of June, Coramco managed 48 REITs worth 16.3574 trillion won, capturing a market share of 12.8%. It ranks first among domestic REIT asset management companies, including LH, marking the first time a private AMC has topped the public-private integration standard in nearly a decade.Institutional funds are also flowing in. Coramco has recently been selected as the domestic real estate blind investment management company for the Government Employees Pension Service and the Korea Post. The related investment scale is expected to reach about 1 trillion won. Blind funds, which do not specify investment targets in advance, require trust in the asset discovery, financial structure design, and operational and recovery capabilities of the management company.This funding is central to Coramco's development model. While traditional developers typically purchase land and leverage through bridge loans and primary PF, Coramco combines REITs, funds, and institutional investor capital to design the capital structure from the outset of development. After completion, the company can either manage the assets directly or sell them to recover investments.Coramco has already achieved success with this model. The 'Case Square Gangnam 2' project, which Coramco planned and developed, was sold for 355 billion won this year. The total investment was approximately 220 billion won, resulting in a profit of 135 billion won. The internal rate of return (IRR) for the single asset exceeded 20%. The company secured the land, began development in 2019, completed it in 2022, and managed the sale directly.The Gangnam Station L Project serves as a test case for scaling this model to 1 trillion won. Coramco plans to promote zoning changes and public contributions through prior negotiations with the Seoul city government, aiming to create large prime office spaces with a floor area of about 500 pyeong and a ceiling height of 3 meters.◆ Expanding Beyond Offices: Data Centers and Hotels as 'Development-Oriented Operators'Coramco's development expansion is not limited to office spaces. In the data center sector, the company is internalizing the entire development process, including site discovery, power supply, financial structure design, development management, and operator selection.In the Siheung National Industrial Complex in Gyeonggi Province, Coramco is jointly developing a 40MW AI data center with Brookfield's DCI. Coramco invests its own and operational funds into the project finance vehicle (PFV) and manages the financial structure, design, and construction as an asset management company. Following the Seoul Gasan data center, the company is also pursuing a 100MW project in Uijeongbu Rhythm City, with a goal of investing approximately 10 trillion won in the data center sector by 2032.Hotels and rental housing are also emerging as new pillars. Coramco's subsidiary has acquired the U5 Hotel in Euljiro and transformed the two-star hotel into a four-star 'Mercure Ambassador Dongdaemun,' with plans to increase hotel and residential assets to 5 trillion won over the next five years. This approach integrates development, remodeling, brand introduction, operation, and sale.In addition, Coramco has purchased and fully remodeled the Etiver Star Tower in Namdaemun and has liquidated Hyundai Motor's 11 business sites into a 580 billion won REIT. The company is broadening its scope of development to include not only new projects but also the regeneration of aging assets and the securitization of corporate real estate.The key challenge will be maintaining Coramco's strength in conservative financial structures during this expansion. The Gangnam Station L Project has about five years until completion, making it susceptible to fluctuations in construction costs, interest rates, and the rental market. As the proportion of operational real estate such as development-type assets, data centers, and hotels increases, the level of risk management will also rise compared to the existing REIT-focused business.A Coramco representative stated, “In our development projects, we are approaching the integration of investment and operational capabilities to manage risks rather than simply expanding our scale. The Gangnam Station L Project will consolidate our accumulated development and operational capabilities to create a competitive office facility.”* This article has been translated by AI. 2026-08-17 17:04:10
Kim Min-seok and Jeong Cheong-rae Clash Over Party Allegations at Convention Kim Min-seok and Jeong Cheong-rae, candidates for the leadership of the Democratic Party, continued their exchanges over allegations of factionalism and ties to the Shincheonji cult during the party convention held on August 17.During a joint speech at the Daejeon Convention Center, both candidates appealed for final support from party members.Kim Min-seok emphasized the need to eradicate election manipulation by fake and dual party members, stating, "I will address dual memberships and phantom members. I will offer a quiet exit to fake members." He expressed concern that the relationship between the party and the government might be shaken, despite the Lee Jae-myung administration opening the door to a golden era for South Korea. He urged members to cast their votes seriously, saying, "This convention is crucial for the fate of the nation."In response, Jeong Cheong-rae countered, "Where are the factionalists and Shincheonji members within the party? What do these allegations have to do with the success of the Lee Jae-myung government? We must unite to win the upcoming general elections." He highlighted his achievements over the past year as party leader, including reforms in the prosecution and judiciary, and called for a renewed commitment to reform to secure victories in both the general and presidential elections.Meanwhile, Song Young-gil continued to criticize Jeong Cheong-rae, referencing the party's losses in the June 3 local elections and the recent by-elections. He noted, "We lost four out of 14 seats in the by-elections, including critical areas like Seoul and Gyeongnam. This indicates a failure in both the local elections and the by-elections." He expressed skepticism about entrusting future elections to those who claim overwhelming victories, stating, "If we elect an incompetent leadership, we cannot guarantee our future."* This article has been translated by AI. 2026-08-17 16:52:20
U.S. Tariff Decisions Loom as South Korean Minister Visits Washington As the U.S. prepares to announce the results of its investigation into overproduction, the '15% tariff threshold' secured through the Korea-U.S. trade agreement is under scrutiny. This comes amid existing forced labor tariffs of up to 12.5% and pressures for early implementation of U.S. investments, compounded by the unexpected dismissal of Trade Negotiations Chief Yuhan-koo. The South Korean government aims to leverage the existing Korea-U.S. agreement and its investment plans to keep the final tariff rate within 15%.According to relevant authorities, Kim Jung-kwan, the Minister of Trade, Industry and Energy, arrived in Washington, D.C., on August 16 to discuss a $200 billion investment project and tariff issues with U.S. officials. This visit comes about three weeks after his attendance at the opening ceremony of the Korea-U.S. Shipbuilding Cooperation Center last month.The most significant variable in U.S. trade issues is the anticipated announcement of the overproduction investigation results under Section 301 of the U.S. Trade Act, expected by the end of this month. Since July 24, forced labor-related tariffs have been applied to South Korean products. The U.S. has imposed tariffs of up to 12.5%, including the most-favored-nation (MFN) rate, citing insufficient measures by South Korea to prevent the influx of goods produced through forced labor.With only a 2.5 percentage point margin remaining to reach the 15% limit set in the Korea-U.S. trade agreement, there are concerns that additional overproduction tariffs could push the final rate above 15%. However, the method for combining the overproduction tariff with existing tariffs has yet to be finalized.The announcement of the overproduction investigation results may be delayed beyond initial expectations. After arriving in the U.S., Minister Kim stated, "The U.S. indicated that the overproduction issue would be discussed around the end of August, but it seems to be taking longer than expected."Kim added, "Both U.S. Secretary of Commerce Gina Raimondo and U.S. Trade Representative Katherine Tai have expressed their commitment to uphold the spirit of our agreement," but he refrained from making assumptions about maintaining the 15% cap, stating, "We will do our best."Even if the overproduction investigation yields unfavorable results for South Korea, there remains room for negotiation to defer or reduce the tariff imposition. According to the Korea International Trade Association, of the 14 Section 301 investigations conducted by the U.S. Trade Representative since the Trump administration began in 2017, five resulted in actual retaliatory tariffs, while the others were resolved through negotiations that led to deferrals or adjustments.The South Korean government plans to use its investment strategy as leverage in these negotiations. Last year, South Korea agreed to invest $350 billion in exchange for the U.S. reducing tariffs on South Korean products from 25% to 15%. Of this amount, $150 billion is allocated for shipbuilding cooperation, with the remainder designated for strategic investments.The U.S. is demanding that South Korea quickly realize the promised investment projects. Therefore, resolving specific issues related to these projects is a key agenda for this visit.Regarding the purpose of his visit, Kim stated, "I mentioned that we are considering announcing the project between late August and early September, but as we approach the deadline, various specific issues are arising that need to be addressed collectively." He added, "We have had video conferences and practical contacts, but it is necessary to consolidate everything, which is why I came here."In response to speculation that the U.S. pressured South Korea by suggesting tariffs could be raised if investment implementation is delayed, Kim said, "I am not aware of that," and emphasized, "I have not received any such indication." The Blue House also confirmed, "It is true that we requested swift progress, but there has been no notification of a tariff increase."The first major investment project is expected to be the construction of a gas combined cycle power plant in Texas. When asked if this sector remains a strong candidate, Kim replied, "Let's wait and see," adding, "We are monitoring the situation as initially discussed."The sudden dismissal of Chief Yuhan-koo also poses a challenge. Kim stated, "Negotiations are not conducted by individuals but by the entire organization," and assured that he would continue working with Deputy Minister Park Jeong-seong and others to ensure there is no gap in leadership. He concluded, "We will do our utmost to avoid any disruption."* This article has been translated by AI. 2026-08-17 16:52:10
Debate Continues Over 52-Hour Workweek Exception for Semiconductor Sector The South Korean Ministry of Trade, Industry and Energy and the Ministry of Employment and Labor remain at an impasse regarding the application of exceptions to the 52-hour workweek for the semiconductor mega-cluster special law. The Labor Ministry emphasizes that a special extended work hours system already exists, while industry representatives criticize it as bureaucratic.As of August 17, the positions of the two ministries on the 52-hour workweek exception have not converged. On August 12, Minister of Trade, Industry and Energy Kim Jeong-kwan stated, "The system should not dampen the motivation and will of those who work hard to achieve success," while Labor Minister Kim Young-hoon urged a cautious approach.During a recent meeting with reporters, Minister Kim Young-hoon noted that there have been only about four applications for special extended work hours, which he likened to a "white-collar exemption" for high-income professionals. This raises questions about the necessity of creating separate regulations to relax the 52-hour workweek when existing systems are underutilized.The special extended work hours system allows employers to exceed the 52-hour workweek with the consent of employees and approval from the Labor Minister in cases of special circumstances. The Labor Ministry argues that utilizing this system can effectively create exceptions to the 52-hour workweek.However, industry voices criticize this as a form of "desk administration" that does not reflect on-the-ground realities. Given the strict enforcement of the 52-hour workweek, it is difficult to expect voluntary overtime from workers. Additionally, companies face procedural burdens, as they must obtain individual consent from employees and government approval, which discourages them from utilizing the system.In practice, the approval criteria, which include disasters, national emergencies, sudden equipment failures, and surges in workload, are quite stringent and require post-verification, making it a significant burden for companies. As a result, many businesses that need to exceed the 52-hour workweek often refrain from applying due to the complex procedures.Small and medium-sized fabless companies and semiconductor material, parts, and equipment firms, which lack administrative resources compared to larger corporations, frequently abandon applications due to the complicated paperwork. Moreover, emerging industries like robotics, which are gaining attention, are not even included in the categories eligible for special extended work hours.Consequently, as legal avenues for work become blocked, there are reports of increasing instances of "hidden overtime" where employees work off the clock to meet project deadlines, either by continuing work after shutting down their computers or handling remaining tasks at home after hours. This raises concerns that workers may not receive compensation for their efforts and could be exposed to overwork without adequate protections.* This article has been translated by AI. 2026-08-17 16:52:00
Korean Football Association Completes Application Review for Interim Coach The Korean Football Association has completed the application review process for the interim coach who will lead the national football team. This week, the association will begin online interviews to expedite the search for the next interim coach.On August 17, the association announced, "We completed the document eligibility review and result verification for the public recruitment of the interim coach and coaching staff over the weekend, and we have notified applicants of their acceptance or rejection status."Online interviews will be conducted this week for those who passed the document review. However, the specific schedule for the interviews may vary based on coordination with the candidates.Details regarding the list of candidates and the identities of those who passed the document review are kept strictly confidential. The association explained, "In consideration of privacy protection and the ongoing review process, we will not provide detailed information about the status of applicants or the identities of those who passed."The position of the national team head coach is currently vacant. The team faced elimination in the group stage of the 2026 FIFA World Cup in North and Central America, leading to the resignation of former coach Hong Myung-bo. Following this, Korean Football Association President Chung Mong-kyu also stepped down. The association is facing significant challenges in the appointment process amid various issues, including a parliamentary hearing, police searches, and past controversies involving referee misconduct.In this turbulent situation, the association held a board meeting on July 24 and approved the procedure for appointing an interim coach to manage A-match schedules from September to November. This recruitment will be conducted transparently in accordance with the National Sports Council's regulations on national team selection and operation.A selection committee, which includes some members of the association's Strengthening Committee and external members, closed the application process on August 9 and selected candidates for interviews over the weekend. After the online interviews conclude this week, the committee will establish a priority ranking based on the results and begin negotiations with the top candidates, aiming to finalize the appointment by the end of the month.The new interim coach will oversee a total of six A-matches scheduled for September (four games) and November (two games). The national team will face Ecuador on September 24, Uruguay on September 28, Venezuela on October 2, and Uzbekistan on October 6. Two additional friendly matches are also planned for November. The venues and kickoff times for these matches will be announced later.* This article has been translated by AI. 2026-08-17 16:52:00
Record Rainfall Causes Fatal Landslide in Geoje, South Korea During the Liberation Day holiday, Geoje, South Korea, experienced over 800 mm of record rainfall, resulting in a fatal landslide and widespread flooding of roads and homes. The region's two major shipyards, Hanwha Ocean and Samsung Heavy Industries, implemented emergency measures, restricting employee access. According to the Korea Meteorological Administration and fire authorities, Geoje received 815.5 mm of rain from August 15 to August 17. Notably, on the morning of August 17, rainfall peaked at 124.5 mm per hour, marking the highest hourly precipitation recorded in Geoje since weather observations began in 1972. Tragically, a landslide occurred at approximately 4:42 a.m. behind an apartment building in Okpo-dong, burying the first floor under mud and rainwater. Fire authorities rescued two residents, but a man in his 20s was found in cardiac arrest and later died at the hospital. The deceased was identified as an employee at a nearby shipyard. The heavy rainfall led to flooding and isolation in various parts of Geoje. Rising waters damaged bridges and submerged roads, prompting evacuations in areas at risk of landslides. The local industrial sector is on high alert. Hanwha Ocean announced through its disaster response center that access to roads in Geoje was restricted, making it difficult for employees to commute. Samsung Heavy Industries also advised workers scheduled for overtime to remain at home. The National Fire Agency issued a national firefighting mobilization order at 6 a.m. for Geoje and Tongyeong, deploying firefighting resources from nearby regions, including Busan, Ulsan, Daegu, Gyeongbuk, and Jeonnam, to assist with drainage and rescue operations. The government has decided to provide an emergency grant of 3 billion won to support recovery efforts in Gyeongnam and other southern regions affected by the heavy rain.* This article has been translated by AI. 2026-08-17 16:48:10
Recount of Ballots in Seoul's Olympic Park Uncertain Amid Political Disagreement The planned recount of ballots at Seoul's Olympic Park on August 18 has become uncertain due to the People Power Party's insistence that a special prosecutor must be involved in the process.According to political sources on August 17, the People Power Party intends to negotiate the recount schedule with the special prosecutor, who is set to be appointed that day. The party argues that the special prosecutor, tasked with investigating the overall infringement of citizens' voting rights, should conduct the public recount alongside the National Assembly's Special Committee on the Investigation of the National Assembly's Election Management Reform (National Assembly Special Committee).Previously, on July 30, both parties agreed to extend the National Assembly Special Committee's activity period from August 1 to August 31. They also reached a consensus to conduct a hearing (on August 10), the recount (on August 18), and adopt a report (on August 28) during this period.However, a clash has emerged between the Democratic Party, which supports proceeding with the recount on August 18, and the People Power Party, which insists that the recount must be conducted publicly with the special prosecutor and the National Assembly Special Committee. The August 18 date was initially a tentative agreement, and the People Power Party claims that the actual date must be coordinated with the special prosecutor. The two parties have been unable to reach a conclusion on this issue despite lengthy discussions on August 10.As a result, there is growing speculation in political circles that the recount may not proceed as planned. However, some believe that if President Lee Jae-myung appoints the special prosecutor by the legal deadline and a schedule agreement is reached between the parties and the special prosecutor, the recount could still take place as scheduled.Meanwhile, 2.47 million ballots used during the June 3 local elections are stored inside the handball arena at Olympic Park. The National Assembly Special Committee inspected the storage situation of the ballots at the handball arena, which was used as a counting center, on August 2.* This article has been translated by AI. 2026-08-17 16:32:00