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Labor Unions of National Banks Hold Major Rally Against Relocation Members of labor unions from the Industrial Bank of Korea, Export-Import Bank of Korea, and IBK held a large joint rally on August 11 to oppose the relocation of national banks. They argue that the headquarters of these banks should remain in Seoul to ensure a smooth supply of policy financing, as discussions about relocating public institutions have recently emerged. The unions, affiliated with the National Financial Industry Labor Union, organized the "Rally to Oppose the Relocation of National Banks" in the Yeouido area of Seoul, near the headquarters of the Industrial Bank and Export-Import Bank. They read a resolution declaring their firm opposition to the government's unilateral relocation policy and their commitment to safeguarding the future of policy financing in South Korea. Notably, discussions about relocating the Industrial Bank to Busan occurred during the Yoon Suk Yeol administration. The bank's union strongly opposed the move, which was ultimately abandoned, but the instability within the organization led to a significant number of employees leaving. Kim Hyun-jun, the union leader of the Industrial Bank, encouraged members at the rally, stating, "During the Yoon Suk Yeol administration, we fought fiercely and achieved victory. Let’s hold on until the end." Also present at the rally was Democratic Party lawmaker Kim Hyun-jung, who emphasized, "What is needed in the regions is not merely the relocation of the national bank headquarters, but timely and sufficient low-interest policy funds for local businesses. Just as we opposed the relocation of the Industrial Bank, we will stand in solidarity again this time." Meanwhile, it is anticipated that the Ministry of Land, Infrastructure and Transport will announce the planned relocation sites for about 350 public institutions as early as next month. In this context, the financial union will conduct a vote on whether to engage in strike actions regarding the relocation and other issues on August 12.* This article has been translated by AI. 2026-08-11 21:40:00 -
Jang Dong-hyuk: Lee Jae-myung Criticizes Himself, Kim Young-hoon Should Be Dismissed Jang Dong-hyuk, the leader of the People Power Party, criticized President Lee Jae-myung on August 11, stating, "Yesterday's Lee Jae-myung is criticizing today's Lee Jae-myung."Jang's remarks came in response to President Lee's statement during a Cabinet meeting that "the process of debate and adjustment leading to a conclusion is the most democratic." Jang argued that the president has only pushed for debate while trampling on adjustment.He pointed to several policies unilaterally enforced by the ruling party, including the three judicial laws (the establishment of a crime distortion law, the introduction of judicial review, and the increase of Supreme Court justices), the abolition of supplementary investigative powers, real estate policies, tax policies, and stock market policies. Jang remarked, "Even when the opposition party opposed and the public criticized, all he said was, 'What does that even mean?'" He emphasized that debate and adjustment should involve the opposition party, stating, "Fighting among departments without the opposition and the public is not democratic."Jang concluded by referencing President Lee's past comments about the abundance of 'hasty policies,' stating that the administration is not solving the people's problems or national issues but rather exacerbating them.He also criticized the Yellow Envelope Law (revised Labor Union and Labor Relations Adjustment Act, Articles 2 and 3). In response to President Lee's remarks about disputes arising from the Yellow Envelope Law, Jang questioned, "Did you not anticipate this when creating the Yellow Envelope Law? Did everyone not oppose it?" He emphasized, "If you were unaware, that is sheer incompetence; if you knew and pushed it through, that is extreme irresponsibility."Jang asserted, "It is not the time to create enforcement decrees and rules; the Yellow Envelope Law itself must be abolished. The Yellow Envelope Law is driving businesses to the brink of collapse," and called for the dismissal of Labor Minister Kim Young-hoon, who is affiliated with the Korean Confederation of Trade Unions.He claimed that Minister Kim rejected President Lee's directives, stating, "The Korean Confederation of Trade Unions has shown that it is above the president in a live broadcast. At this point, he is not the Minister of Employment and Labor but the Minister of the Korean Confederation of Trade Unions."* This article has been translated by AI. 2026-08-11 21:20:00
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President Lee Vows to Pursue Criminal Organizations to Justice President Lee Jae-myung emphasized on August 11 that he will pursue Korean nationals involved in overseas voice phishing crimes until they are brought to justice, regardless of where they hide.In a post on X (formerly Twitter), President Lee stated, "Korean nationals who infiltrated Kazakhstan after passing through Cambodia and Vietnam to commit voice phishing crimes against our citizens have all been repatriated and are under police investigation."He warned, "There will be no exceptions for crimes that threaten the safety and peaceful daily lives of the people of the Republic of Korea."President Lee also expressed gratitude for the swift action in apprehending and repatriating the suspects, crediting the active support and cooperation of Kazakhstan's President Kassym-Jomart Tokayev and the National Security Committee of Kazakhstan.Meanwhile, the Busan District Court issued arrest warrants for four individuals, including a suspect named Kim, on August 7, who are accused of being part of a criminal organization. The group was apprehended in Kazakhstan last month while operating a voice phishing scheme and was repatriated to South Korea on August 5. This brings the total number of detained members to 14, including 10 previously arrested.According to police, the suspects established a call center in Almaty, Kazakhstan, impersonating government agencies such as the Financial Supervisory Service and the prosecution to defraud 16 victims in South Korea of approximately 600 million won.* This article has been translated by AI. 2026-08-11 20:52:00
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Opposition Criticizes Lee's Call for Comprehensive Review of Tax Reform Plan The People Power Party criticized President Lee Jae-myung's directive on August 11 for a comprehensive review of the personal comprehensive asset management account (ISA) and the 'stock price suppression prevention law,' calling it a "hasty reversal." They urged for a rational preparation of various tax reform plans, including real estate taxation.During a party strategy meeting at the National Assembly, Jung Jeom-sik, the party's floor leader, stated, "Our demand is to maintain policy consistency to enhance government trust and to carefully review important policies before their announcement." He also urged for swift measures to address the issue of unsold homes in local areas, given the decision to review the tax reform plan.Seo Il-jun, the opposition's secretary of the Political Affairs Committee, noted, "Since the announcement of the tax reform plan, fears have spread among tenants in Seoul and Gyeonggi about the potential invalidation of their contract renewal rights." He criticized the Democratic Party leadership for raising the need to amend real estate tax policies, suggesting that the current policy was hastily prepared without sufficient review.Jeong Dong-man, the opposition's secretary of the Land and Transport Committee, argued, "Suppressing the market will never stabilize the real estate market." He emphasized that instead of stifling demand with taxes and regulations, the government should facilitate private construction and allow citizens to prepare for homeownership.Senior members of the People Power Party also voiced their concerns regarding the tax reform plan. Na Kyung-won took to Facebook, questioning, "Is the joint ownership tax for couples with one home a 'divorce incentive tax' that encourages divorce?" She called for a comprehensive review of what she deemed a significant infringement on citizens' property rights as guaranteed by the constitution.Meanwhile, the People Power Party plans to invite Seoul Mayor Oh Se-hoon to their strategy meeting on August 14 to discuss responses to the government's tax reform plan and real estate policy issues.* This article has been translated by AI. 2026-08-11 20:44:00
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Fair Treatment for Coupang, Says Fair Trade Commission Chair Joo Byeong-gi, chair of the Fair Trade Commission, stated that there is no discriminatory enforcement of laws against Coupang or other U.S.-based platforms. He explained that both domestic and international platforms are regulated under the same standards, and that information is shared with U.S. competition authorities when investigating or sanctioning American companies.In an appearance on MBC Radio on August 11, Joo emphasized that "the competition policy for online platforms is based on an international normative system" and that all platforms, whether domestic or foreign, are treated without discrimination.He reaffirmed the commitment to using structural corrective measures, such as divestitures and business transfers, to address repeated collusion or abuse of market dominance. Joo noted, "As online platforms expand, the need for structural measures has increased," adding that this is not merely a threat.The commission is also pushing for stricter sanctions against individuals who fail to disclose data on large corporate groups. Given that omissions have occurred repeatedly over long periods or involve dozens of affiliates, there is a need to enhance the effectiveness of sanctions. Joo stated that the proposal to impose fines of up to 10% of annual revenue is "not excessive at all."* This article has been translated by AI. 2026-08-11 20:40:00
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Korean Leaders to Meet Bill Gates This Week Cho Jeong-sik, the Speaker of the National Assembly, and Han Seong-sook, the Prime Minister, are set to meet with Bill Gates, co-founder of Microsoft and chairman of the Gates Foundation, during his visit to South Korea this week.According to political sources on August 11, Speaker Cho is coordinating the details for a private meeting with Gates. This meeting is intended to be a courtesy visit coinciding with Cho's inauguration and Gates' trip to South Korea.There is also a possibility of a meeting between Gates and Prime Minister Han on August 14. Industry analysts suggest that cooperation in the small modular reactor (SMR) sector will be a key topic of discussion. During his visit, it is likely that both Cho and Han will meet with executives from major companies involved in SMR, as Gates may facilitate the participation of South Korean firms in the TerraPower project supply chain. Companies such as SK, HD Hyundai, and Doosan have shown interest in SMR-related projects.This visit marks Gates' return to South Korea after a year, having last met with President Lee Jae-myung and Minister of Trade, Industry and Energy Kim Jeong-kwan to discuss strategies for addressing power demands in the artificial intelligence and semiconductor industries using SMR technology.* This article has been translated by AI. 2026-08-11 20:28:00
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Seongnam Cultural Foundation Donates Over 900 Items to Goodwill Store The Seongnam Cultural Foundation delivered over 900 items collected from employees to the Goodwill Store, a facility supporting people with disabilities in Seongnam, on August 10. This initiative aims to promote resource recycling and support job creation for individuals with disabilities. According to the foundation, a donation ceremony was held at the Seongnam Arts Center conference hall, participating in the city’s ‘Monday is Goodwill Day’ campaign. ‘Monday is Goodwill Day’ encourages donations of reusable items from homes and organizations to promote resource recycling and support job creation and economic independence for vocational rehabilitation facilities for people with disabilities. The foundation conducted a donation campaign for employees from July 20 to August 7, resulting in the collection of over 900 items, including clothing, household goods, books, and small appliances. The donated items will be sorted and sold by workers with disabilities at the Goodwill Store. The proceeds will be used to support vocational training and economic independence for individuals with disabilities. This initiative is significant as it not only donates items but also adds new value to items that could have been discarded, fostering community sharing that supports the employment and independence of people with disabilities. Local citizens have responded positively to the foundation's participation. One citizen remarked, “It feels meaningful to organize unused items knowing they can be reused by someone in need,” adding, “I hope this kind of community sharing activity continues with participation from both institutions and citizens.” Another citizen stated, “This campaign is commendable not just for donating items but for connecting to job opportunities for people with disabilities. I hope it serves as an opportunity for community involvement.” Meanwhile, Yoon Jeong-guk, the foundation's CEO, stated, “Items that have served their purpose for us can become new opportunities and sources of independence for someone else,” expressing hope that employees’ small actions will lead to a positive cycle of sharing that creates change in the community.* This article has been translated by AI. 2026-08-11 20:00:20
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Weather Forecast: Cool Mornings and Hot Afternoons with Rain on the East Coast On Wednesday, the 12th, the weather across the country is expected to be mostly cloudy with a significant temperature difference of around 10 degrees Celsius. Mornings will be cool, but hot weather is anticipated during the day. Rain is forecasted for the East Coast.According to the Korea Meteorological Administration, the perceived temperature in the capital region, Chungcheongnam-do, and southern areas could rise to a maximum of 33 degrees Celsius. While extreme weather is beginning to ease, the midday heat will persist.However, rain is expected along the East Coast. Precipitation will begin in the morning in the eastern coastal and mountainous regions of Gangwon Province, spreading to the eastern coastal and mountainous areas of North Gyeongsang Province in the afternoon. The expected rainfall in these areas is between 20 to 60 millimeters. The southern East Coast of North Gyeongsang Province and the islands of Ulleungdo and Dokdo are expected to receive 10 to 40 millimeters of rain. There is also a possibility that rain will extend to Busan and Ulsan in the afternoon.The forecasted morning low temperatures for major regions are as follows: Seoul 23 degrees, Incheon 22 degrees, Suwon 21 degrees, Chuncheon 18 degrees, Gangneung 21 degrees, Cheongju 20 degrees, Daejeon 20 degrees, Jeonju 24 degrees, Gwangju 21 degrees, Daegu 20 degrees, Busan 22 degrees, and Jeju 24 degrees.The expected afternoon high temperatures are: Seoul 33 degrees, Incheon 33 degrees, Suwon 32 degrees, Chuncheon 30 degrees, Gangneung 26 degrees, Cheongju 32 degrees, Daejeon 31 degrees, Jeonju 33 degrees, Gwangju 33 degrees, Daegu 31 degrees, Busan 31 degrees, and Jeju 30 degrees.Meanwhile, fine dust levels are expected to be at a 'good' level across all regions. 2026-08-11 19:48:00
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Park Ji-sung: Next KFA President Election to Be Held This Year The next election for the president of the Korea Football Association (KFA) is expected to take place this year with a significantly expanded electorate.Park Ji-sung, co-chair of the K-Football Innovation Committee, stated during a briefing following the sixth meeting of the committee at the National Museum of Modern and Contemporary Art in Jongno, Seoul, on August 11, that "the KFA will promptly revise its bylaws based on recommendations to ensure the election is conducted transparently and democratically."Previously, the committee announced a recommendation to expand the electorate for the upcoming KFA presidential election from about 200 to approximately 20,000. The government and the Korean Sports Council also plan to actively support the necessary administrative and financial aspects of the election.With the significant increase in the number of voters, changes to the voting method are also anticipated. Park noted, "Given the nearly 20,000 voters, it will be difficult to proceed with the existing voting method. We plan to introduce efficient systems such as electronic or online voting and will explore various options through discussions with the working group to determine the most suitable method."Regarding the timing of the election, Park emphasized that it should occur within the year. He stated, "There are clearly procedures and time required for election preparation. However, the KFA is showing a proactive attitude toward holding the election as soon as possible. All committee members agree that it should not be postponed beyond this year. I believe the election will take place within the year."On the current vacancy of the head coach for the South Korean national football team, Park mentioned, "We cannot directly intervene in the ongoing appointment of an interim coach, but we will provide effective recommendations on what kind of system should be established for the subsequent appointment body."In light of the recent bribery scandal involving referees in South Korean football, Park highlighted the importance of reform and restoring trust. According to a 2016 audit report from the Ministry of Culture, Sports and Tourism and comprehensive materials provided by Democratic Party lawmaker Jin Sun-mi's office on August 7, the KFA provided sexual favors to over ten foreign referees and officials during seven national team friendly matches and Olympic team matches held in South Korea from March 2011 to March 2012.Park remarked, "This is not an issue for the innovation committee to address, so I cannot speak in detail. However, it is clear that we are facing a very unfortunate situation. It is difficult to predict what the outcomes will be in the future."He added, "What is clear is that we must deeply consider how to restore the trust that has been broken and how to move forward after facing such a situation."The innovation committee will hold its seventh meeting on August 19 at 2 p.m. at the KFA Stadium auditorium in Cheonan, South Chungcheong Province. This meeting will be conducted in an 'open listening session' format, allowing football players and fans to participate directly, focusing on gathering various opinions on youth player development strategies.* This article has been translated by AI. 2026-08-11 19:32:00
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Limit on Financial Holding Company Chair's Third Term May Be Dropped The proposal to limit the chairperson of financial holding companies to two terms may be excluded from the final plan for improving governance structures. Initially, financial authorities considered a stringent measure that would restrict the chair's reappointment to just one term. However, concerns were raised within the ruling party that legally limiting the tenure of CEOs at private financial firms could be seen as excessive management intervention.According to sources in the financial and political sectors, the Financial Services Commission plans to announce its governance improvement measures after the Democratic Party's national convention concludes on the 17th. It is reported that the ban on the chair's third term, which was initially a key component of the proposal, is likely to be omitted.The Financial Services Commission believes it is necessary to limit the number of terms for the chair to prevent the establishment of a long-term power base, often referred to as 'trench building,' centered around outside directors who are favorable to the current chair.However, within the ruling party, there are concerns that uniformly restricting the tenure of CEOs at private financial firms could be perceived as excessive management intervention. The high foreign ownership rates in major domestic financial holding companies also contribute to the reluctance to legislate CEO term limits, as there are few precedents for such measures internationally.Additionally, the Financial Services Commission has considered measures to enhance board independence by limiting the terms of outside directors to three years or adopting a 2+1 year system. However, this proposal is also likely to be excluded from the final plan. The decision reflects a belief that strengthening the independence and accountability of the board during the chair selection process would be more effective than merely imposing term limits.The announcement of the governance improvement plan has already been postponed several times. The Financial Services Commission initially intended to unveil the proposal in March but abruptly canceled the announcement on the scheduled day. Subsequently, the head of the Financial Supervisory Service, Lee Chan-jin, stated that the announcement would occur before KB Financial Group finalized its shortlist of chair candidates on July 3, but this also did not materialize. The announcement, which was scheduled for the end of last month, was also temporarily canceled.As the negotiations between the government and the ruling party drag on, there are concerns in the financial sector that key elements of the governance reform may be significantly weakened. While financial authorities have sought to address issues of long-term chairmanship and board independence, the exclusion of the proposed term limits and the shortening of outside director terms could diminish the effectiveness of the reforms.Currently, KB Financial Group has the nearest expiration of terms among major financial holding companies. Chairman Yang Jong-hee's term ends in November. However, since he is currently serving his first term, he would not be subject to any newly introduced term limits.Professor Kim Dae-jong of Sejong University's Business Administration Department stated, “It is important to be cautious about uniformly prohibiting reappointments for CEOs of private financial companies, as this could undermine sound governance. Creating a transparent and independent evaluation system is a way to secure both the competitiveness of the financial industry and management stability.”* This article has been translated by AI. 2026-08-11 19:08:00