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  • Job Growth Reaches 100,000, but Youth Employment Declines; Government to Announce Measures Soon
    Job Growth Reaches 100,000, but Youth Employment Declines; Government to Announce Measures Soon The government plans to swiftly announce a "youth job recovery plan" to address the poor employment situation among young people. It will also develop sector-specific measures aimed at revitalizing industries such as manufacturing, construction, and agriculture, which have been experiencing a decline in job numbers. On August 12, a joint task force meeting on employment was held at the Government Seoul Office, chaired by Lee Hyung-il, the First Vice Minister of the Ministry of Economy and Finance. The meeting reviewed July's employment trends, the youth job recovery plan, and sector-specific employment responses. Last month, the number of employed individuals increased by 108,000 compared to the same month last year. This marks a significant recovery, following a decrease of 40,000 in May, and increases of 63,000 in June and 108,000 in July. This is the first time since March that the increase in employment has surpassed 100,000. However, the employment situation for young people has worsened. The youth employment rate fell by 1.6 percentage points compared to the same month last year, while the unemployment rate rose by 1.3 percentage points. By sector, the service industry saw an increase of 295,000 jobs, leading the overall employment growth. In contrast, manufacturing lost 68,000 jobs, while construction and agriculture experienced declines of 57,000 and 80,000 jobs, respectively. Nonetheless, the decreases in manufacturing, construction, and agriculture were less severe than in the previous month. The government assessed that external uncertainties due to tensions in the Middle East and adverse weather conditions, such as heatwaves, could pose downward risks to the job market in the future. In response, the government is preparing to announce the "youth job recovery plan" after consultations with relevant ministries. They will also enhance outreach to inform young people about the support available and how to participate. Additionally, tailored measures will be developed for sectors experiencing employment difficulties, including manufacturing, construction, and agriculture. These measures will focus on revitalizing industries, training personnel, expanding jobs and entrepreneurship, improving working conditions, and strengthening the employment base. Related initiatives will be discussed in the task force and announced through the Economic Relations Ministers' meeting. * This article has been translated by AI. 2026-08-12 09:04:00
  • LG Uplus Expands Public Cloud Business with AWS Partnership
    LG Uplus Expands Public Cloud Business with AWS Partnership LG Uplus is expanding its public cloud business by combining Amazon Web Services (AWS) global cloud infrastructure with its own network and security operations capabilities. This strategy aims to enhance the provision of AWS-based cloud services in response to the growing demand for digital transformation among public institutions.On August 12, LG Uplus announced that it has officially registered its intermediary service, 'LG Uplus Intermediary Service for Amazon Web Services,' in the Digital Service Utilization Support System.The Digital Service Utilization Support System is a dedicated platform for the public sector, allowing government agencies, local governments, and public institutions to search for and contract digital services related to Infrastructure as a Service (IaaS), Software as a Service (SaaS), and cloud support services. New services must undergo a review by the Digital Service Review Committee of the Ministry of Science and ICT before being registered in the system.With this registration, the public sector can now utilize LG Uplus's AWS cloud infrastructure intermediary service through the Digital Service Utilization Support System. This marks a significant step for LG Uplus in establishing a foundation for expanding its public cloud business.Leveraging its cloud construction and operational capabilities, along with its experience in managing its own communication infrastructure, LG Uplus plans to support institutions in adopting AWS services tailored to their specific standards and operational characteristics. Notable use cases include chatbots for civil service inquiries and operational support using generative AI, AI-based information search services, and database construction for managing statistical and administrative data.However, this registration primarily serves as a stepping stone for business expansion. LG Uplus intends to utilize its existing capabilities in network, security, data, and AI transformation (AX) to propose optimal infrastructure configurations for the initial adoption of cloud services in the public sector. The company also plans to support stable service operations and efficiency improvements throughout the digital transformation process.Jung Young-hoon, Executive Director of LG Uplus's Corporate AI Business Division, stated, "LG Uplus will support public institutions in adopting AWS cloud infrastructure more swiftly and securely, providing operational systems optimized for each institution's work environment and security requirements. We aim to establish ourselves as a key AX partner supporting the cloud-native initiatives of public institutions by leveraging our AX business capabilities and expertise in developing and operating AI services such as AICC."* This article has been translated by AI. 2026-08-12 09:04:00
  • Samsung Life Introduces 7-Year Premium Health Insurance with Early Payout Options
    Samsung Life Introduces 7-Year Premium Health Insurance with Early Payout Options Samsung Life has introduced a new 7-year premium option for its flagship health insurance, allowing policyholders to receive death benefits in the form of annuities while still alive.On August 12, Samsung Life announced that it will begin selling the revised 'Samsung New Plus One Health Insurance' alongside the expanded 'Samsung Platinum Plus One Health Insurance' starting August 13.The most notable feature of this revision is the addition of the 7-year premium option. This new choice expands options for customers looking to pay off their premiums early before retirement, in addition to the existing 10, 15, 20, and 30-year premium plans.The products have been divided based on coverage levels. While maintaining the key protections of the existing New Plus One Health Insurance, the new Platinum Plus One Health Insurance is aimed at customers seeking broader coverage.Both products include 12 health coverage special clauses, such as integrated cancer treatment and major circulatory disease treatment. The Platinum Plus One Health Insurance also adds special clauses for integrated cancer diagnosis, brain hemorrhage diagnosis, and acute myocardial infarction diagnosis, enhancing coverage for the three major critical illnesses: cancer, brain, and heart.Additionally, the Platinum Plus One Health Insurance will implement a 'pre-payment conversion system for death benefits' that has been used in whole life insurance. Under certain conditions, policyholders can receive a portion of their death benefits as monthly annuity payments after retirement. This option is available for a one-time application only.The health management services have also been expanded. New offerings include consultations for nursing facility admissions, delivery of health recovery meals, and preferential genetic testing for cancer and dementia for family members.A new 'Cancer Diagnosis Support for Screening Examination' clause allows customers diagnosed with cancer to choose a screening examination reservation instead of receiving insurance benefits. This support is available not only for the policyholder but also extends to their family members.* This article has been translated by AI. 2026-08-12 09:04:00
  • China Secures International Standard in Fusion Energy Technology
    China Secures International Standard in Fusion Energy Technology China has taken the lead in establishing international standards in the field of fusion energy, often referred to as the "dream energy."On August 12, China's state-run Xinhua News Agency reported that the International Organization for Standardization (ISO) officially designated the standard "ISO 19991:2026," which was developed under China's leadership. The standard is titled "Nuclear Fusion Technology - Experimental Magnetic Confinement Fusion Facilities - Supersonic Molecular Beam Injection Fuel Supply Technology." This marks the first international standard set by ISO in the field of fusion fuel supply.The new international standard focuses on the technology of Supersonic Molecular Beam Injection (SMBI). This technology allows for the rapid and precise injection of hydrogen-based fuels into fusion devices where ultra-high temperature plasma is generated. Fusion involves the merging of light atomic nuclei, such as deuterium and tritium, in a plasma state to produce energy. To maintain stable plasma, a continuous supply of fuel must be delivered at the right location and speed. China's SMBI technology is characterized by its ability to create high-speed molecular beams that inject fuel deep into the plasma, enhancing both the speed and directionality of fuel supply. The use of SMBI technology improves fuel supply efficiency and reduces particle recirculation, allowing for more precise control of plasma fuel density.This technology was primarily developed by the Southwest Institute of Physics under the China National Nuclear Corporation (CNNC) and has been applied to over ten domestic and international magnetic confinement fusion experimental devices. The ISO standard includes essential technical requirements for the configuration of fuel injection systems, core performance, testing and inspection methods, and the basic technical requirements necessary for design, testing, inspection, and operation. Experts believe that by securing this international standard, China has demonstrated its possession of world-class technology in the field of fusion fuel injection.In addition, the construction of fusion power plants faces several technological challenges, including superconducting magnets, plasma control, divertors, radiation-resistant materials, tritium production and recovery, heat removal, and remote maintenance. China has already established significant competitiveness in areas such as superconducting magnets, plasma control, and fusion device manufacturing. There is speculation that China may also secure international standards in the field of superconducting materials in the future.Meanwhile, the artificial sun utilizes deuterium and tritium, which are abundantly found in seawater, to generate electricity without emitting pollution or radioactive waste. This is why the artificial sun is often referred to as "dream energy." However, it is expected that considerable time will be required before it becomes commercially viable.* This article has been translated by AI. 2026-08-12 09:00:00
  • Seoul Semiconductor Secures Ban on Patent-Infringing Products in India
    Seoul Semiconductor Secures Ban on Patent-Infringing Products in India Seoul Semiconductor and its affiliate, Seoul BioSys, have successfully obtained a ruling in India to ban the sale of optical semiconductor products that infringe on their patents, following similar actions in Europe and the United States. As the applications of optical semiconductors expand beyond automotive and display technologies to include artificial intelligence (AI) data communication, the company is reinforcing its patent protections for core technologies.On August 12, Seoul BioSys announced that it had won a lawsuit against the Indian renewable energy company, Oneate Agency, for distributing and selling products that violated its optical semiconductor application technology patents.The Delhi High Court in India prohibited the sale of the infringing products and issued an injunction against the CEO, preventing involvement in similar patent infringement activities.Seoul Semiconductor and Seoul BioSys have recently secured patent protection rulings in key markets. In February, a U.S. court issued a sales ban on products from Laser Components USA that used chips supplied by PhotonWave.In Europe, the sanctions were even more severe. In June of last year, the Unified Patent Court (UPC) ordered a sales ban on products infringing on Seoul Semiconductor's WICOP technology, along with a recall and disposal of already distributed products.The global optical semiconductor market is expected to exceed $200 billion by 2034, as its applications expand to automotive lighting, displays, and AI optical communications.This lawsuit involved technologies that enhance the brightness of optical semiconductors and the WICOP technology, which enables LED implementation without wiring, along with related sterilization technologies. Seoul Semiconductor and Seoul BioSys hold approximately 15,000 patents.Unlike simple damages, sales bans and recalls directly restrict the market distribution of infringing products. With consecutive injunctions secured in major markets, the burden of patent compliance is likely to increase for not only finished product manufacturers but also chip suppliers and distributors.Lee Jeong-hoon, founder of Seoul Semiconductor, stated, "To ensure that patents are respected globally, strict accountability must be imposed on companies and individuals involved in infringement. An environment must be created where young people and entrepreneurs can have opportunities through technological development."* This article has been translated by AI. 2026-08-12 09:00:00
  • BLACKPINKs Rosé Apologizes to Fans Over 10th Anniversary Event Controversy
    BLACKPINK's Rosé Apologizes to Fans Over 10th Anniversary Event Controversy BLACKPINK member Rosé expressed her apologies to fans regarding the recent 10th anniversary celebrations.On August 11, Rosé took to her social media to say, "I think I felt a lot of disappointment as I awaited this 10th anniversary just like Blink (the fandom name)." She added, "It wasn't that I couldn't understand the fans' feelings; rather, I empathized with them, and it took me a while to figure out what to say."She continued, "The time I spent growing and cherishing the past 10 years with Blink holds great significance for me, and my biggest wish was to celebrate together. I wanted August 8 to be a day where we all smiled and felt happy, but I feel deeply sorry that it didn't turn out that way."Rosé also expressed her gratitude, saying, "I sincerely thank the many Blinks who came to see us despite the hot weather. It was truly nice to meet after a long time, and I want to say I’m sorry as well."She reflected on the past decade, stating, "I am so grateful and overwhelmed with happiness that we have been able to love and support each other over these 10 years. This anniversary was for BLACKPINK, who has worked hard for a decade, and for the Blinks who have given us so much love. Although we all felt a lot of disappointment, I want to sincerely congratulate everyone once again and hope we can create many more wonderful memories together in the future."BLACKPINK debuted on August 8, 2016, and celebrated their 10th anniversary on August 8 with a 'Meet and Greet' event at the National Museum of Korea in Yongsan, Seoul, attended by 40 fans. However, the event announcement was posted just two days prior, on August 6, leading to disappointment among the Blink fandom due to the limited number of attendees.* This article has been translated by AI. 2026-08-12 08:56:00
  • What Makes Taxation Fair?
    What Makes Taxation Fair? The government has grouped real estate-related reforms under the banner of 'tax reform for fair taxation.' The plan shifts the basis for the comprehensive real estate tax from property ownership to residency, sets tax rates based on property value instead of the number of homes owned, and raises the fair market value ratio from 60% to 80%. Once the reform is complete, an additional 2.1815 trillion won will be collected annually from the comprehensive real estate tax alone. Most of the actual tax increase of 2.343 trillion won, excluding the conversion of tax deductions into budgetary projects, will come from this one tax item.The term 'fairness' is often used as a political slogan, but it can be assessed through specific criteria in taxation. This includes whether sufficient taxpayer consent has been obtained, whether the burden aligns with the benefits received, whether it corresponds to the taxpayer's ability to pay, whether the purpose and means are proportional, and whether taxpayers can anticipate their tax obligations. How fair is this reform based on these five standards?The legitimacy of taxation cannot be established solely by majority rule. Swedish economist Knut Wicksell argued that broad consensus should be sought regarding both taxes and expenditures. James Buchanan, who later won the Nobel Prize in Economics, expanded on this idea, suggesting that constitutional constraints are necessary on the government's taxing power. Since taxes directly affect citizens' property rights, legitimacy must be achieved not only in outcomes but also in procedures.The comprehensive real estate tax has been based on property ownership since its introduction in 2005. This reform will change that basis to residency. The basic deduction will be set at 140 million won for residents with one home and 90 million won for non-residents with one home, and the tax deduction linked to the length of ownership will also shift to a residency-based standard. Adjusting tax rates differs in weight from changing the basis of taxation. The former changes how much is paid, while the latter changes who pays more. To replace a standard that has been in place for twenty years, appropriate persuasion is necessary first.However, there has been no public discussion, and the results of research projects have not been disclosed. The period for gathering opinions was just over two weeks, falling short of the 40 days stipulated by the Administrative Procedures Act. When altering long-standing standards, securing taxpayer consensus first is the starting point for fairness.Next is the principle of benefits. Long-standing research in local finance has explained property taxes as payment for local public services such as schools, public safety, and roads. American economist Charles Tiebout described how residents choose their homes based on the combination of taxes and public services. The logic is that good local services are reflected in housing prices, and property taxes are a tax that shares part of that benefit.Applying this standard to the current reform raises questions. The individuals who directly utilize local public services are those who live there. Homeowners who do not reside in their properties do not directly use schools or roads. The benefits of increased property values due to improved local conditions go to the owners, but the extent of that benefit is unrelated to whether the owner lives in the home. If the property is rented out, some of the increased tax burden may be passed on to tenants through higher rents. There is weak justification for imposing significantly higher tax burdens solely based on non-residency.Consider an apartment valued at 1.5 billion won owned by a 60-year-old for ten years. If the owner lives in the apartment, the comprehensive real estate tax after the reform will be 110,000 won, while if they rent it out and live elsewhere, it will be 1.52 million won. Despite the same property, age, and length of ownership, the burden increases fourteenfold. The government calls this normalization, but an explanation of what principle justifies this is needed.The same applies from the perspective of ability to pay. There is no basis for concluding that a homeowner who does not reside in their property has greater economic capacity than someone who does. Some may live in a less expensive home while renting out their own, and others may live elsewhere due to work, education, or caregiving responsibilities. The government's various exceptions for education, relocation, long-term care, and redevelopment show that non-residency is not necessarily a result of choice or privilege.When considering ability in terms of income, the issue becomes clearer. Property taxes are levied even without cash income. For elderly owners with interrupted income, the ability to pay and the tax burden may diverge significantly. France imposes an income cap on its wealth tax on real estate for this reason. Our system lacks such cushioning mechanisms. In fact, the cap on the increase in tax burden from the previous year has been raised from 150% to 200%.Proportionality must also be examined. The reform plan integrates the tax rate tables based on the number of homes into those based on property value. The direction is correct, but the issue lies in the fact that it was integrated using the higher tax rate table. Even someone with only one home may face a maximum tax rate of 5% if their taxable base is high. This exceeds France's maximum wealth tax rate of 1.5% by three times.The differences extend beyond tax rates. France excludes mortgage loans from the taxable base, provides a 30% deduction for primary residences, and imposes caps on the combined tax burden with income tax. Our system lacks such provisions. If a property valued at 7 billion won is owned without residency, the combined property tax after the reform will reach 57.99 million won. Assuming a rental yield of 2% per year, this amounts to 41% of the pre-tax rental income. Rental income tax is separate.The Constitutional Court also ruled in a 2008 comprehensive real estate tax case that failing to consider the circumstances of individuals who have owned a single residence for a long time is problematic. This was based on the notion that it could lead to excessive burdens relative to their ability to pay. This point remains valid today.Finally, predictability must be considered. In his work 'The Wealth of Nations,' Adam Smith identified 'certainty' as one of the conditions for a good tax. It means that it should be clear who must pay how much and when, and that taxes should not be subject to government discretion.Since its introduction, the comprehensive real estate tax has undergone nine revisions over the past twenty years. Strengthening and relaxing measures have alternated approximately every two years. This reform will also see tax rate tables change annually, and the fair market value ratio will shift from 60% to 70%, then back to 80%. The limits on tax deductions and special exemptions for long-term capital gains will also change over the years. Taxpayers will face different rules each year for the next several years. Moreover, the fair market value ratio, which influences tax amounts, is governed by an enforcement decree rather than law, allowing it to change without parliamentary approval. A system where taxpayers cannot predict their tax obligations cannot be deemed fair.The fundamental direction for normalizing property taxes has been known for a long time. The authoritative tax reform report 'Merrill Review,' created by British tax experts led by Nobel laureate James Mirrlees, and the direction proposed by the OECD are not significantly different. The tax base should be broad, effective tax rates should be gradually increased, and taxes that hinder housing transactions should be lowered. South Korea ranks among the countries with the heaviest burden of real estate transaction taxes in the OECD.This reform is nearly the opposite. It narrows the tax base and concentrates high rates. What the National Assembly should examine is not how much more tax revenue will be collected, but the principles upon which that burden rests. The fairness of taxation is determined not by whether it collects a lot or a little, but by whether the public can understand the criteria and reasons behind it.Author's Major Background▲ Ph.D. in Economics from Yale University ▲ Professor of Taxation at the University of Seoul ▲ President of the Korean Fiscal Society ▲ Former Research Fellow at the National Tax Research Institute▲ Tax Analysis Officer at the National Assembly Budget Office ▲ Former member of the Local Regulatory Innovation Committee and the Special Committee on Fiscal Reform 2026-08-12 08:52:10
  • Kim Min-seok: Jeong Cheong-rae Lacks Crisis Management Skills for Party Leadership
    Kim Min-seok: Jeong Cheong-rae Lacks Crisis Management Skills for Party Leadership Kim Min-seok, a candidate for the leadership of the Democratic Party, criticized fellow candidate Jeong Cheong-rae on August 12, stating, "In a situation where internal and external crises are beginning, Jeong lacks the capability to navigate through this. The relationship between the party and the government will also be shaken." He also noted that the overall trend of the party convention has entered a "stable lead phase."During an appearance on the YouTube channel "Kim Eo-jun's Humility is Difficult News Factory," Kim expressed concerns about Jeong's ability to serve as party leader, saying, "If Jeong is re-elected as party leader, it will be difficult for him to support the Lee Jae-myung government."Kim emphasized that this is a crucial time with four years remaining in President Lee's term, asserting, "Jeong will not be able to support a smooth relationship between the party and the government, and President Lee's approval ratings will decline." He pointed out the recent downward trend in President Lee's approval ratings, stating, "I can provide stable support for President Lee's governance. As party leader, I will create a virtuous cycle that raises both the government's approval ratings and the party's support."Additionally, Kim commented on the ongoing regional primaries that began on August 1, stating, "The overall flow remains stable in our favor," and predicted, "If we win in Honam and the metropolitan area this weekend, I believe we can win decisively." He added, "The ultimate goal is to win first place without preference voting," explaining that the likelihood of securing a majority of votes to win the party convention has increased.When asked about his relationship with Jeong amid the heated party convention, Kim replied, "Emotional issues with Jeong will be resolved the next day." However, when questioned whether he would assign Jeong a party position if he becomes the leader, he stated, "It would be appropriate for Jeong, as a former leader, to take on an individual role such as a senior advisor."* This article has been translated by AI. 2026-08-12 08:52:00
  • Eom Jung-hwas Okay Madam 2 Released Today with Global Premiere
    Eom Jung-hwa's 'Okay Madam 2' Released Today with Global Premiere The film 'Okay Madam 2' has confirmed its international release schedule alongside its domestic debut.'Okay Madam 2' premiered in South Korean theaters on August 12. According to the distributor, the film ranked first in ticket reservations for Korean films as of the morning of its release.The movie is a comedic action film about Mi-young, a former legendary agent, and her family who embark on a luxurious cruise to escape the summer heat and the stresses of daily life, only to become embroiled in a cruise kidnapping incident. Directed by Lee Cheol-ha, the film stars Eom Jung-hwa, Park Sung-woong, Lee Sang-yoon, Bae Jung-nam, Park Jin-joo, Ryu Un, and Choi Soo-young.The international release follows suit, with 'Okay Madam 2' debuting simultaneously in South Korea, Taiwan, and Indonesia on the same day. It will continue to roll out in Singapore on August 20, the United States and Canada on August 21, Thailand on August 27, Cambodia on September 2, Turkey on September 4, and Malaysia and Brunei on September 16.Notably, in Indonesia and Turkey, the film will be distributed through local branches of CJ CGV.CJ 4DPLEX, the international sales company, stated, "'Okay Madam 2' will meet audiences in major Asian markets such as Taiwan, Singapore, Malaysia, and Thailand, as well as in the United States and Canada. With its action set against a cruise backdrop and delightful humor, we expect it to entertain audiences in theaters this summer."'Okay Madam 2' is a sequel to the 2020 film 'Okay Madam,' which gained popularity through word of mouth even during the pandemic and continued to attract attention across various platforms, including VOD.The sequel maintains the original's themes of family travel and comedic action but shifts the setting from an airplane to a luxurious cruise. It enhances the summer entertainment aspect with underwater action and comedic interactions among the characters.'Okay Madam 2' is currently showing in theaters nationwide.* This article has been translated by AI. 2026-08-12 08:48:00
  • Hana Bank Opens Foreign Exchange Capital Transaction Center to Enhance Forex Services
    Hana Bank Opens Foreign Exchange Capital Transaction Center to Enhance Forex Services Hana Bank announced the opening of its 'Foreign Exchange Capital Transaction Center' in Samsung-dong, Seoul, on August 12, aimed at strengthening its competitiveness as a foreign exchange specialist bank and responding to diverse global financial demands.The Foreign Exchange Capital Transaction Center is a dedicated organization established to provide specialized foreign exchange services for foreign direct investment (FDI), overseas direct investment, and overseas securities acquisition.Hana Bank plans to offer a one-stop foreign exchange service that supports complex foreign exchange capital transactions quickly and systematically, leveraging its collaborative network with major law firms and accounting firms.The center will also provide specialized financial services for expatriates and returning overseas Koreans. It aims to offer tailored financial services throughout the entire process of overseas relocation, including remittances for overseas relocation expenses, acquisition of overseas assets, foreign exchange reporting, and settling funds after returning to Korea.Hana Bank President Lee Ho-sung stated, "Through the Foreign Exchange Capital Transaction Center, we will provide faster and more professional financial solutions for complex foreign exchange transactions, establishing ourselves as a leading foreign exchange specialist bank." 2026-08-12 08:48:00