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July Employment Rises by 108,000, Marking Two Consecutive Months of Growth According to the National Data Agency's employment trends for July, the number of employed individuals reached 29.136 million, an increase of 108,000 compared to the same month last year. Employment has maintained a growth trend for two consecutive months, following an increase of 63,000 in the previous month.The employment rate for those aged 15 to 64, as per OECD standards, was recorded at 70.3%, up 0.1 percentage points from a year ago, while the unemployment rate rose by 0.2 percentage points to 2.6%.For the age group of 15 to 29, the employment rate fell to 44.2%, a decrease of 1.6 percentage points compared to the same month last year. The youth unemployment rate increased by 1.3 percentage points to 6.8%. Youth employment has been declining for 45 consecutive months, with the youth employment rate dropping for 27 straight months.By industry, there were increases in employment in health and social welfare services (5.3%), arts, sports, and leisure services (8.4%), and public administration, defense, and social security administration (3.5%).Conversely, the agriculture, forestry, and fishing sector saw a decline of 5.4%, manufacturing decreased by 1.6%, and construction fell by 3.0%.Last month, the economically active population was 29.912 million, an increase of 158,000 from the same month last year, while the labor force participation rate remained stable at 65.0%, the same as last year.Among wage workers, the number of regular employees increased by 71,000, while temporary workers decreased by 40,000 and daily workers fell by 41,000. Among non-wage workers, self-employed individuals with employees rose by 75,000, and those without employees also increased by 75,000. However, unpaid family workers decreased by 32,000. 2026-08-12 08:04:00 -
K-Food Becomes Essential for Foreign Tourists as Numbers Reach 10 Million “I always buy ramen and seaweed when I come to Korea. This time, I also bought several snacks that my friends asked for,” said Satomi, a 34-year-old tourist from Japan, as she filled her shopping basket at Lotte Mart's Zeta Plex location near Seoul Station on August 11. “I stopped here because it’s the last place I can shop for various items before heading to the airport,” she added, noting she was looking for gifts for her colleagues back home.The presence of K-Food is increasingly prominent in the shopping baskets of foreign tourists visiting Korea. Items such as ramen, seaweed, snacks, and beverages have made their way into shopping lists that were once dominated by cosmetics and luxury goods. In the first half of this year, the number of foreign tourists reached 10.71 million, with tourism spending exceeding 10 trillion won, establishing K-Food as a key consumer content in inbound tourism.According to the Korea Culture and Tourism Institute, 80.1% of foreign tourists engaged in shopping during their travels in the second quarter of this year. Culinary tourism followed closely at 79.2%, while sightseeing accounted for 57.2%. Among the items purchased by foreign tourists, food products made up 56.9%, ranking second after perfumes and cosmetics at 75.3%, and surpassing clothing at 49.1%. Notably, the food purchase rate increased by 2.9 percentage points from 54.0% in the second quarter of last year, indicating a shift in shopping demand from cosmetics to everyday food products enjoyed by Koreans.The number of inbound tourists is also growing rapidly. According to the Ministry of Culture, Sports and Tourism and the Korea Tourism Organization, 10,709,919 foreign tourists visited Korea from January to June this year, marking a 21.3% increase compared to the same period last year and a 26.9% rise compared to the first half of 2019.Food Purchases Follow Cosmetics; Foreign Tourists Shift to Supermarkets and Convenience StoresThe shopping venues for foreign tourists are expanding to everyday retail channels such as large shopping malls and convenience stores. In the second quarter of this year, the usage rate of large shopping malls among foreign tourists rose to 40.7%, up 2.3 percentage points from 38.4% during the same period last year. The usage rate of convenience stores also increased from 20.4% to 24.8%, a rise of 4.4 percentage points.This trend is reflected in actual purchasing data. A report by Lotte Members analyzing the consumption patterns of foreign tourists from April 2025 to May 2026 revealed that the top-selling item among foreign customers at Lotte Mart's Zeta Plex location was 'Paldo & Yangban Seaweed Soup Ramen.' Other popular items included Lotte Wellfood's 'Zero Fruit Jelly,' 'Zero Crunch Chocolate Balls,' and 'Zero Cocoa Cake.' This indicates that not only well-known products but also foods encountered for the first time in Korean retail channels are becoming popular purchases.Regional consumption patterns also highlight a clear preference for K-Food. Among foreign tourists using Lotte Department Store and Lotte Mart in Busan, tourists from Taiwan accounted for more than half. Their purchasing rates were 81% for snacks, 69% for packaged ramen, and 61% for processed seaweed products.The interest of tourists aligns with the growth of the actual export market. In the first half of this year, agricultural and food exports reached $5.3819 billion, a 5.0% increase from the previous year, marking the highest level ever. By region, the Middle East accounted for 25.2%, Latin America 19.5%, Europe 17.9%, and North America 11.0%. Notably, exports of ramen, snacks, and beverages have driven this growth.The government is also linking the popularity of K-Food to regional tourism. The Ministry of Agriculture, Food and Rural Affairs plans to operate a 'K-Gourmet Belt' starting in 2024, featuring traditional foods such as sauces, kimchi, ginseng, and traditional liquor as regional tourism resources. This year, they added a 'K-Chicken Belt' that connects various chicken dishes, including fried chicken, samgyetang, and dakgangjeong, to local attractions. In June, a map was released that combines chicken dishes, traditional liquor, and tourist sites nationwide.An industry insider noted, “The interest of foreign tourists is rapidly expanding from famous representative products to foods that Korean consumers actually enjoy. The purchasing experience in Korea can lead to repurchases and local demand after returning home, making inbound tourists an important touchpoint for the food industry.” 2026-08-12 08:04:00
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Korea Exchange Faces Setbacks in Pre-Market and After-Market ETF Trading The introduction of the pre-market trading system has been postponed until the end of next year, and the planned after-market trading for exchange-traded funds (ETFs) next month is now in jeopardy. This has disrupted the Korea Exchange's ambitious plans to extend trading hours.On August 10, the Korea Exchange convened asset management firms to gauge their interest in participating in after-market ETF trading. Reports indicate that all firms expressed their intention to abstain from participation.Concerns over market volatility, particularly regarding single-stock leveraged ETFs, have led to suggestions that after-market ETF trading may be premature. Additionally, the Korea Exchange's decision not to provide real-time estimated net asset values (iNAV) for ETFs traded in the after-market has added to the apprehension.As competitor NextTrade seeks to expand its ETF offerings within the year, the Korea Exchange risks missing out on opportunities for after-hours trading of ETF products.Earlier this year, the Korea Exchange had planned to implement a 12-hour trading system starting June 29, with pre-market trading from 7 to 8 a.m. and after-market trading from 4 to 8 p.m. However, due to opposition from labor unions in the securities industry and concerns from the sector, the launch was postponed to September 14 in March. In June, the timeline for the pre-market launch was further delayed to the end of next year, putting the goal of establishing a 24-hour trading system by the end of 2027 in jeopardy.* This article has been translated by AI. 2026-08-12 08:00:00
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Korbit Changes Name to Digital X, Service Name to Follow The cryptocurrency exchange Korbit has changed its name to Digital X. The name of the exchange's services will also be updated in the future. Digital X announced on the 12th that it has completed the registration for the name change. There will be no changes to the name 'Korbit' used in customer-facing applications such as the app and website, nor to its operational methods. The way user assets are stored and the handling of personal information will remain the same. This name change follows the completion of Mirae Asset Group's acquisition of Korbit. Previously, Park Hyun-joo, Mirae Asset Group's Global Strategist, informed employees in a letter on July 23 that "the cryptocurrency exchange Korbit has become part of Mirae Asset" and that "Korbit will start anew under the name 'Digital X.'" The service name change will be implemented at a later date. Digital X stated that the name change will not require users to provide passwords, OTP authentication numbers, or asset transfers. The company also urged users to be cautious of phishing attempts impersonating the name change. Digital X is currently conducting official notifications to users regarding the corporate name change.* This article has been translated by AI. 2026-08-12 08:00:00
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OpenAI Faces Executive Departures Amid IPO Plans, Including 8-Year Veteran Brad Lightcap OpenAI is experiencing a wave of executive departures as it moves forward with its initial public offering (IPO) plans. Brad Lightcap, the former Chief Operating Officer (COO) who has been with the company for eight years, is leaving to pursue a new business opportunity. On August 11, Lightcap announced via X (formerly Twitter) that he is departing OpenAI to "start something new." He did not disclose specific details about his next venture. Lightcap stated, "In recent months, I have been contemplating the challenges that stand in the way of OpenAI's mission to develop artificial general intelligence (AGI) for the benefit of all humanity. There are important issues that the world needs to address properly." Lightcap joined OpenAI in 2018 after working with CEO Sam Altman at the venture capital firm Y Combinator. He has overseen various aspects of the company's operations, including finance, legal, human resources, security, business development, and partnerships. He became COO in 2022 but stepped down in April to take on special projects directly under Altman. He was also involved in establishing the OpenAI Deployment Company, which supports AI system development by directly placing engineers with businesses. Lightcap's departure is part of a broader trend of key personnel leaving OpenAI. Chloe Bacalar, the former head of AI ethics, has also left the company, and last month, Fij Simmo, CEO of the AGI deployment division, transitioned to a consulting role due to health issues. Recently, Johannes Heideke, head of safety systems, and futurist Joshua Akiyum also departed. In April, Bill Peebles, who led the video generation model 'Sora,' and Srinivas Narayanan, who oversaw business-to-business application technology, also left the company. While Lightcap's exit may have limited immediate impact on management, the ongoing departures of key personnel in business, safety, and ethics present challenges as OpenAI pursues its IPO.* This article has been translated by AI. 2026-08-12 07:44:00
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Trump: Iran Must Either Collapse Economically or Face Military Action President Donald Trump stated that Iran could either collapse economically under pressure or face strong military action. He indicated that the U.S. would maintain sanctions and maritime blockades while keeping the option for further attacks open. On August 11, local time, Trump discussed his strategy regarding Iran in an interview with the conservative outlet 'Real America Voice.' He said, "We can continue as we are and watch how bad things get for them." He added, "If we just leave them alone, they will fail," referencing Iran's economic struggles, including high inflation and a plummeting currency. Trump also mentioned frozen Iranian assets, stating, "We control their money. I am their banker," emphasizing the ongoing pressure on Iran's financial resources. However, Trump's claim of a 300% inflation rate in Iran significantly diverges from official statistics, which recently reported an annual inflation rate of 88.6%. He did not rule out the possibility of military action, suggesting another option could be to "hit Iran very, very hard." Addressing concerns about U.S. ammunition shortages, he reassured, "We are fine; we are ramping up production quickly." Trump also left the door open for negotiations, stating, "We are having some sort of negotiations," while criticizing Iran as "very cunning negotiators." Mediation countries have assessed that U.S.-Iran negotiations are making progress. Pakistan reported that both sides are "close to some sort of agreement," while Qatar noted that discussions regarding the Strait of Hormuz have reached an advanced stage. However, significant differences remain before a final agreement can be reached. Iran demands the lifting of U.S. maritime blockades, the return of frozen assets, and compensation for war damages as conditions for reopening the Strait of Hormuz. Trump countered that Iran should compensate the U.S., leaving the outcome of negotiations uncertain.* This article has been translated by AI. 2026-08-12 07:36:00
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U.S. Stocks Decline Amid Stalled Iran Negotiations and CPI Concerns U.S. stocks fell across the board as expectations for negotiations between the U.S. and Iran weakened. The renewed conflict over the Strait of Hormuz has driven international oil prices higher, while caution ahead of the upcoming U.S. Consumer Price Index (CPI) report dampened investor sentiment.On August 11, the Dow Jones Industrial Average closed down 184.13 points (0.34%) at 53,791.85. The S&P 500 index fell 24.91 points (0.32%) to 7,728.20, and the tech-heavy Nasdaq Composite dropped 159.91 points (0.60%) to 26,445.45.The market was pressured by renewed uncertainty in the Middle East. Iran stated it would continue to close the Strait of Hormuz unless the U.S. accepts its conditions for ending the conflict. This diminished hopes for a swift agreement that would normalize oil transportation.International oil prices rose, with Brent crude reaching $88.91 per barrel, up 1.4%, and West Texas Intermediate (WTI) climbing 1.3% to $83.20. The S&P 500 energy sector index also increased by 1.1% due to rising oil prices.Investors are closely watching the U.S. July CPI report set to be released on August 12. Concerns about inflation are growing as energy prices rise again due to the conflict in Iran. Market speculation is divided over the possibility of a Federal Reserve interest rate hike in September.Large tech stocks showed weakness, with Amazon down 2.1% and Alphabet, Google's parent company, falling 3.8%, contributing to the declines in the S&P 500 and Nasdaq. SpaceX also dropped by about 4%.In contrast, semiconductor stocks recovered somewhat from previous losses. The Philadelphia Semiconductor Index rose 0.87% to 12,098.5. Micron gained 0.8%, and AMD increased by 1.0%, while Nvidia ended the day flat.Notably, SK Hynix's American Depositary Receipts (ADR) surged 4.70% to close at $141.65. The semiconductor index's rebound from a nearly 2.9% drop the previous day contributed to this strong recovery.The yield on the U.S. 10-year Treasury note slightly decreased to around 4.695%. The market views the situation in the Middle East, movements in international oil prices, and the CPI results as key factors that will influence the Federal Reserve's future interest rate decisions.* This article has been translated by AI. 2026-08-12 07:28:00
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North Korea Launches Suspected Ballistic Missile, Japan Reports It Has Already Fallen North Korea launched a suspected ballistic missile on August 12, just six days after firing a short-range ballistic missile on August 6. According to NHK, Japan's Ministry of Defense reported that a projectile likely to be a ballistic missile was launched from North Korea and appears to have already fallen. The ministry is currently analyzing details such as the type of projectile and its flight path. The Japan Coast Guard has advised vessels in the surrounding waters to remain alert for further information and to avoid approaching any debris. On August 6, North Korea also fired one short-range ballistic missile into the East Sea from the Wonsan area. This latest launch comes just five days before the annual U.S.-South Korea joint military exercises, known as 'Ulsan Freedom Shield (UFS),' scheduled to take place from August 17 to 27.* This article has been translated by AI. 2026-08-12 06:48:00
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Houthi Rebels Claim Attack on Saudi Military Vessel, 6 Dead in Red Sea Incident The Iran-aligned Houthi rebels claimed to have attacked a Saudi military supply vessel in the Bab el-Mandeb Strait, where a cargo ship was struck by a missile, resulting in six fatalities. However, it remains unconfirmed whether the targeted ship was indeed the Saudi vessel the Houthis claimed.On August 11, Houthi-run Saba News reported that the Houthi forces attacked a Saudi military supply ship in the Bab el-Mandeb Strait, releasing photos related to the attack.The Yemeni government’s Ministry of Transport stated that the small cargo ship Tihama was hit by three ballistic missiles fired by the Houthis while passing through the same area.The Yemeni Coast Guard announced that the attack resulted in the deaths of six individuals, including four crew members and two government personnel, with ten others injured. The deceased crew members included three Pakistanis and one Indonesian.It has not been confirmed that the Tihama is a Saudi vessel. According to Reuters, the shipping data firm Ambrey reported that the Tihama is neither owned by Saudi interests nor operated by a Saudi company, identifying it as a cargo ship owned and managed by an Egyptian firm.The Houthis declared a maritime blockade against Saudi vessels in the Red Sea on July 20, citing Saudi Arabia's blockade of Yemen. Saudi Arabia has denied these claims of a blockade.* This article has been translated by AI. 2026-08-12 06:36:00
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Zelenskyy Warns of Putin's Plans to Extend War with North Korean Troops Ukrainian President Volodymyr Zelenskyy has warned of the potential for Russia to mobilize hundreds of thousands of additional troops and to prolong the war by involving North Korean forces. He raised concerns about the expansion of military cooperation between Russia and North Korea for the second consecutive day.In a public address on August 11, Zelenskyy stated, "Putin believes he can extend the war through additional mobilization and the deployment of North Korean troops." He anticipates that Russia will initiate a large-scale troop mobilization following the upcoming September elections, citing internal Russian documents. He noted, "After the elections, hundreds of thousands will be quickly mobilized, with similar numbers expected next year."Zelenskyy also reiterated claims regarding Russia's use of North Korean missiles. He reported, "Russia attacked Ukraine last night with missiles supplied by North Korea."The Ukrainian Air Force announced that Russia launched attacks on Zaporizhzhia and Kyiv using Iskander-M and KN-23 ballistic missiles. In Zaporizhzhia, a steel plant was targeted, resulting in the deaths of seven workers.In his previous address, Zelenskyy had also discussed the additional deployment of North Korean troops and the supply of North Korean ballistic missiles. He warned that as North Korean forces and weapons gain combat experience in Ukraine, the threat to countries like South Korea and Japan could increase.* This article has been translated by AI. 2026-08-12 06:28:00