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Mayor Min Hyung-bae Requests President Lee Jae-myung to Attend Yeosu World Island Expo Min Hyung-bae, the mayor of Jeonnam Gwangju Integrated Special City, officially requested President Lee Jae-myung to attend the opening ceremony of the 2026 Yeosu World Island Expo. With just 25 days until the event, he urged government departments and affiliated organizations to actively engage in ensuring the expo's success. Mayor Min attended the 35th State Council meeting at the Government Sejong Center on August 11, where he outlined the preparations for the 2026 Yeosu World Island Expo and emphasized the need for government support. "The Yeosu World Island Expo is the first international event since the establishment of Jeonnam Gwangju Integrated Special City and the first expo in the world focused on 'islands,'" he said. "It will be an opportunity to share the ecological, historical, and cultural values of islands and their growth potential with the world, presenting a blueprint for sustainable island development." He specifically requested President Lee's presence at the opening ceremony, stating, "This expo will showcase the future of Korea's islands and marine sector to the world. If the President attends, it will clearly demonstrate our national commitment to becoming a maritime powerhouse." He added, "It will also serve as a great encouragement to the citizens of Yeosu, who are facing difficulties due to the downturn in the petrochemical industry." Before Mayor Min's remarks, President Lee and the State Council members watched a promotional video for the Yeosu World Island Expo. Mayor Min also called for participation from government departments and affiliated organizations. He noted, "With government support, the facilities and exhibition preparations at the venue have been completed, and transportation and safety measures for visitors have been established. We will reassess the safety of facilities and overall event operations before the opening." He urged, "I hope each department and affiliated organization will take an interest and come to Yeosu to participate." The 2026 Yeosu World Island Expo will take place from September 5 to November 4 in Yeosu. As the opening approaches, Jeonnam Gwangju Integrated Special City is finalizing preparations for the venue and exhibitions, including enhancing KTX services and finalizing safety management measures. During the State Council meeting, Mayor Min also proposed expanding training for professionals in artificial intelligence (AI) to enhance the public sector's capabilities. He suggested that the Ministry of the Interior and Safety expand its 'AI and Data Utilization Professional Training Program' to enable civil servants with administrative experience to develop and apply AI-based administrative systems in the field. Mayor Min emphasized, "While hiring private developers is necessary, it is crucial to educate and utilize employees who understand the actual administrative processes and content." He highlighted the need for nurturing talent that combines administrative experience with AI technology by sharing examples of 7th-grade civil servants who developed systems like 'AI Yeobimon' and 'Contract Support System through Negotiation' after completing the training program. As the Yeosu World Island Expo will be the first international event since its establishment, Jeonnam Gwangju Integrated Special City plans to continue final checks on transportation, safety, facilities, and overall event operations in the remaining time.* This article has been translated by AI. 2026-08-11 18:28:00 -
Democratic Party Approves 'Light Revolution' Charter Amendments with 98.06% Support The Democratic Party has passed amendments to its charter that explicitly state the historical significance of the 'Light Revolution' and ensure fairness in the composition of delegates.On August 11, the party announced the results of the Central Committee vote held at the National Assembly, approving both the charter and party constitution amendments.In the charter amendment vote, 456 out of 465 participants voted in favor, resulting in a support rate of 98.06%, with 9 votes against.The party constitution amendment also passed with a 96.99% approval rate. Of the 465 voters, 351 supported the amendment while 14 opposed it.The approved charter amendment maintains the party's core values while reflecting the governance standards of the Lee Jae-myung administration. Yoo Dong-soo, the party's secretary-general, stated that the amendment aims to honor the spirit of the great citizens who defended the constitutional order during the 12.3 insurrection and to highlight the historical significance of the 'Light Revolution' in the charter's preamble.He further emphasized a commitment to a robust democracy defined by popular sovereignty, advocating for proactive labor market policies in the areas of economy, jobs, and labor, and pledging to harmonize economic growth with job security. Additionally, the charter amendment includes provisions to ensure youth participation in addressing youth issues and outlines a vision for regional balanced development, scientific technology, and educational innovation in line with the era of artificial intelligence.The party constitution amendment modifies the process for recommending delegates to ensure fairness and representation, allowing recommended delegates to be selected from party members with voting rights for public and party office elections.It also stipulates that the party affairs committee will ultimately decide on strategic regions and adjusts the voting ratio for the election of provincial party chairs to align with the one-person, one-vote system. Furthermore, the name of the social economy committee will be changed to the social solidarity economy committee to align with government policy directions.Earlier that day, the Democratic Party convened the Central Committee at the National Assembly to present the charter and party constitution amendments. Song Ok-joo, the vice chair of the Central Committee, encouraged committee members to vote, stating, "The charter and constitution are commitments to clarify what the Democratic Party aims for and the principles and values it will uphold in serving the public and party members."* This article has been translated by AI. 2026-08-11 18:24:00
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Lotte Sells 1.3 Trillion Won Stake in Lotte Rental to TPG Amid Restructuring Lotte has agreed to sell its management stake in Lotte Rental to global private equity firm TPG for 1.31 trillion won. This move is expected to accelerate the group's portfolio restructuring.On August 11, Lotte announced it had signed a contract with TPG for the sale of its entire 61.2% stake in Lotte Rental, which is held by Hotel Lotte and Busan Lotte Hotel. Hotel Lotte owns 38.1% of the shares, while Busan Lotte Hotel holds 23.0%. The sale price is set at 59,000 won per share, totaling 1.31 trillion won.Previously, Lotte had been negotiating with multiple potential buyers after its contract with the previous buyer, Affinity, ended in May. The company selected TPG as the final acquirer after a comprehensive review of the proposed corporate value, acquisition structure, employment guarantees, transaction completion likelihood, and funding capabilities.TPG plans to enhance Lotte Rental's competitiveness and corporate value based on its investment experience in global mobility companies like Uber.Lotte intends to use the proceeds from the sale to improve the financial health of Hotel Lotte and Busan Lotte Hotel and to invest in its core hotel business. With the increase in foreign tourist arrivals, the company aims to secure investment capacity to strengthen its global competitiveness.The group also plans to pursue further business restructuring. Lotte has already begun asset efficiency efforts, including the sale of its subsidiary Lotte Energy Materials, Lotte Eco-Wall, in May, and Lotte Chemical has achieved a turnaround to profitability through production optimization.A Lotte official stated, "We selected the acquirer after considering market conditions and our mid- to long-term growth strategy. We will focus more on strengthening the core business's fundamental competitiveness and enhancing our business portfolio."The transaction is expected to be finalized after receiving approval from the Fair Trade Commission for the business combination.* This article has been translated by AI. 2026-08-11 18:20:10
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Pearl Abyss Reports 2nd Quarter Operating Profit of 67.6 Billion Won, Up 7388.9% Year-Over-Year Pearl Abyss has significantly improved its second-quarter performance, driven by the global success of its new title, 'Crimson Desert.'The company announced on August 11 that it recorded consolidated revenue of 192.6 billion won and an operating profit of 67.6 billion won for the second quarter of this year. Revenue increased by 247.7% compared to the same period last year, while operating profit surged by 7388.9%. The net profit also turned positive.Overseas sales accounted for 91% of total revenue, with North America and Europe contributing 75% of that figure, highlighting the company's strong performance in the global market. Revenue from individual intellectual properties (IPs) included 55 billion won from 'Black Desert' and 136.1 billion won from 'Crimson Desert.''Crimson Desert' continues to expand its gameplay experience through updates based on user feedback since its launch. Pearl Abyss plans to enhance the value of the 'Crimson Desert' IP through storyline improvements and new content updates.The company is also pursuing follow-up strategies for long-term success. Downloadable content (DLC) is currently in the stage of assessing content direction and quality, with plans for a release by the end of the year.The Nintendo Switch 2 version of 'Crimson Desert' is focused on performance optimization, aiming for a launch in the first half of next year.As part of its package sales strategy, Pearl Abyss is considering discounts. The company is preparing various measures to expand sales, including discount policies.Meanwhile, Pearl Abyss plans to continue introducing new content and improving services in the second half of the year to enhance engagement with global users.* This article has been translated by AI. 2026-08-11 18:20:00
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KOSDAQ roars back as leveraged bets unwind SEOUL, August 11 (AJP) — South Korea's long-neglected KOSDAQ is suddenly outrunning its bigger sibling and major stock markets around the world, gaining 19 percent in the first seven trading sessions of August as investors look beyond the leveraged chip trade that dominated the first half. The junior market closed Tuesday at 857.84, up 19.2 percent from 719.76 at the end of July. The benchmark KOSPI, by contrast, has lost 3.8 percent over the same period to 6,345.53. Among major global benchmarks tracked by AJP, KOSDAQ is the only one posting a double-digit gain so far this month. Yet the sudden reversal has barely dented the gulf built up over the year. KOSDAQ remains 7.7 percent below its 2025-end close of 928.99, while KOSPI is still up more than 50 percent from 4,214.17 at the end of last year. KOSDAQ, largely bypassed during the AI-fueled rush into Samsung Electronics, SK hynix and leveraged products tied to the chipmakers, is benefiting from a rotation as that trade cools. But the money flows so far point more to a tactical rebound than a broad vote of confidence in the junior market's earnings prospects. Korea Exchange data show institutional investors bought a net 1.52 trillion won ($1.07 billion) of KOSDAQ-listed shares between July 31 and Aug. 10. Retail investors sold a net 552.4 billion won, while foreign investors unloaded 1.01 trillion won. Investment trusts led the institutional buying with 515.9 billion won, followed by financial investment firms at 347.6 billion won, private funds at 247.5 billion won and pension funds and other institutional accounts at 222.3 billion won. Tuesday showed how quickly that pattern can change. Retail investors bought a net 558 billion won of KOSDAQ shares by the close, absorbing net selling of 482 billion won by foreigners and 98 billion won by institutions. The reversal underscores how fluid the rally remains. Institutions drove much of the rebound through Monday, but foreign investors have yet to return on a sustained basis. Woo Seok-jin, an economics professor at Myongji University, said part of the shift reflects Korean investors' strong appetite for higher-risk assets. “Korean investors tend to have a relatively high appetite for risk, and leveraged ETFs had been one way of pursuing that,” Woo said. “Now that tighter regulations have raised the barrier for retail investors to trade those products, some of that search for opportunities appears to have shifted toward KOSDAQ.” For institutions, he said, the motivation is more straightforward. “Institutional investors are naturally focused on finding opportunities that can generate returns.” Funds rediscover KOSDAQ Investment-trust activity provides another sign that fund managers have been rebuilding exposure to the junior market. Between July 31 and Aug. 10, investment trusts bought a net 590.7 billion won of KODEX KOSDAQ 150, one of the largest ETFs tracking major KOSDAQ companies, while also accumulating KOSDAQ-listed shares. ETF purchases and direct stock buying cannot simply be added together because of differences in the way the transactions are structured. Still, demand through both channels points to greater exposure to the junior market. The contrast with the main board is striking. Institutions were net sellers of KOSPI shares over roughly the same period while buying more than 1 trillion won on KOSDAQ, suggesting their appetite had tilted toward the junior board. But Yoon Jae-hong, an analyst at Mirae Asset Securities, cautioned that not everything recorded as institutional buying represents institutions making an independent bet on KOSDAQ. “A significant portion of the inflows came through ETFs,” Yoon said. “When retail investors buy ETFs, some of that demand is recorded under the financial-investment category.” The distinction matters because it makes the rally less clearly institution-led than the headline flow numbers suggest. Still, other forces are working in KOSDAQ's favor. Kim Dae-jong, an economics professor at Sejong University, pointed to the easing concentration in giant semiconductor stocks, bargain hunting after KOSDAQ's steep fall and expectations that government reforms will favor the junior market. “Some of the money that had been concentrated in large semiconductor stocks is spreading out, while KOSDAQ is benefiting from its steep earlier losses and expectations for supportive policies,” Kim said. Selling pressure has also eased as forced liquidation of margin positions subsided, he said, while investors returned to growth sectors including biotechnology, batteries, robotics and semiconductor materials and equipment. But Kim cautioned against mistaking a sharp rotation for the beginning of a lasting bull market. “For now, the move has more of the characteristics of a rotation driven by market flows than a long-term rally backed by earnings,” he said. “For the gains to become sustainable, we need to see continued buying by institutions and foreign investors as well as improvements in corporate earnings.” Woo pointed to another, less bullish explanation for renewed retail interest. “Some retail investors may have given up after taking losses, while others appear to be making one last attempt to recover before leaving the market,” he said. From leveraged chips to KOSDAQ? One catalyst coinciding with KOSDAQ's rebound has been the abrupt cooling of the speculative trade built around Korea's two biggest chipmakers. Financial regulators tightened rules on single-stock leveraged ETFs after extreme turnover raised concerns that the products were amplifying swings in Samsung Electronics, SK hynix and the broader market. The minimum cash deposit required for retail investors was raised from 10 million won to 30 million won, while authorities also restricted new products and advertising. Trading turnover in the products subsequently plunged from 12.45 trillion won on July 30 to 845.2 billion won on Aug. 7, according to KRX data. KOSDAQ began its sharp rebound at around the same time. The overlap raises the possibility that investors who had crowded into Samsung, SK hynix and leveraged products tied to them began hunting for returns elsewhere. It does not establish that money leaving those products went directly into KOSDAQ. “Some of the money appears to have moved over,” Woo said. The timing nevertheless marks a sharp reversal in the market hierarchy of the first half, when the AI chip boom sucked capital and attention toward a handful of KOSPI giants and left much of KOSDAQ behind. Rally meets a market cleanup KOSDAQ's revival is also arriving just as regulators are making it harder for weak companies to remain there. South Korea raised the KOSDAQ market-capitalization threshold for delisting to 20 billion won from July 1, with the floor scheduled to rise again to 30 billion won in 2027. According to corporate research institute Leaders Index, 152 KOSDAQ companies, or 8.7 percent of the market, had an average market capitalization below the current 20 billion won threshold in July. Another 83 had remained below 1,000 won for 30 consecutive trading days. At next year's 30 billion won threshold, 367 companies — about 21 percent of KOSDAQ — would fall below the market-cap benchmark based on their July average valuations, although falling below the line does not automatically mean delisting. Woo said the tougher rules could improve the credibility of a market long criticized for allowing financially troubled companies to linger. “Penny stocks like these should have been removed from the market much earlier,” he said. “If a company is financially troubled, it should not be allowed to remain listed and continue trading.” Allowing distressed companies to remain listed too long can instead attract speculative capital looking for heavily discounted assets, he said. But cleaning out weak companies solves only half the problem. For KOSDAQ to sustain investor interest, Woo said, Korea also needs to rebuild the venture ecosystem that once supplied the market with companies capable of delivering rapid growth. “Investors seeking higher returns are willing to bet on innovative companies because of their strong growth potential,” Woo said. “But there are too few promising venture companies right now. The venture ecosystem itself needs to recover.” Yoon pointed to another potential catalyst: plans to introduce a tiered KOSDAQ structure that would separate stronger companies into a premium segment. Such a structure could make it easier to build ETFs and other investment products around a smaller pool of higher-quality companies, potentially drawing more long-term money into the market. “There are expectations that retail investors will come in if ETFs are created around the premium segment,” Yoon said. “For the rebound to continue, the market reforms now being introduced need to be sustained.” For now, KOSDAQ has achieved something it rarely managed during the chip-dominated first half: it has investors' attention. Whether it keeps it is the harder test. Three decades after its launch, KOSDAQ's challenge is no longer simply getting investors back. It is giving them a reason to stay. AJP Takeaways • South Korea's KOSDAQ rose 17.79 percent from July 31 through August 11, 2026, sharply outperforming the benchmark KOSPI, which fell 3.16 percent over the same period. • South Korea's tighter rules on single-stock leveraged products coincided with the KOSDAQ rebound, as turnover in products linked to major stocks plunged from 12.45 trillion won on July 30 to 845.2 billion won on August 7, 2026. Economists said some investment may have rotated toward the KOSDAQ, although a direct link cannot be established. • Economists caution that the KOSDAQ rebound remains driven more by investment flows than stronger corporate earnings, meaning sustained institutional and foreign buying and improved earnings will be needed for the rally to last. • South Korea's tougher KOSDAQ delisting standards could reshape the junior market, with 367 companies, or 21 percent of the market, below the 30 billion won market-capitalization threshold scheduled to take effect in 2027 based on July 2026 averages. 2026-08-11 18:12:35 -
Shift Up Reports 58.8% Drop in Q2 Operating Profit Amid New Game Gap Shift Up reported a 58.8% decrease in operating profit for the second quarter of this year, attributed to a gap in new game releases.The company announced on August 11 that it recorded revenues of 55.7 billion won and an operating profit of 27.6 billion won for Q2 2026, marking declines of 50.4% and 58.8%, respectively, compared to the same period last year. Net profit fell by 18.7% to 41.7 billion won.Shift Up explained that the acquisition of Japanese game developer Unbound, which was integrated as a consolidated subsidiary, impacted operating costs.The game 'Goddess of Victory: Nikke' generated 43.3 billion won in revenue. While this represented a 32.4% increase from the previous quarter due to a 3.5-year anniversary event, it was a 4.1% decrease year-on-year. 'Stella Blade' saw revenues of 8.8 billion won, down 31.6% from the previous quarter and 86.6% from the same period last year.The company stated, "Goddess of Victory: Nikke has shown a pattern of rebounding to the top revenue ranks during major updates, such as the 1.5-year, 2-year, and 3.5-year anniversaries," and expressed optimism for strong revenue performance from upcoming updates in the second half of the year.Regarding 'Stella Blade,' Shift Up noted, "We expect to maintain current sales momentum as we launch a Nintendo Switch 2 version in the second half, expanding to a new platform."Concerning the newly announced title 'Stella Blade: Bloodrain,' the company said, "Development is progressing smoothly to meet our targeted quality level, and we will ensure sufficient development time to deliver the highest level of completeness."'Stella Blade: Bloodrain' is a sequel being developed based on the 'Stella Blade' intellectual property (IP). Shift Up plans to self-publish starting with this title.The company added, "We aim to enhance the enjoyable combat experience praised in the previous title while strengthening the world and story, and we will actively implement a marketing strategy that highlights the unique characteristics of the IP."Additionally, another upcoming title, 'Project Spirit,' is under development with a goal for a reveal in the second half of the year. 'Project Spirit' is a global cross-platform live service game based on an Eastern fantasy universe.Shift Up also mentioned that it is developing additional new IPs that leverage its strengths, stating, "We will continue to invest in diversifying our development and pipeline."Recently, Shift Up has been hiring personnel for new IP development, indicating that this recruitment is aimed at building a future growth lineup, with further details to be disclosed as development progresses.* This article has been translated by AI. 2026-08-11 18:08:00
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Jung Cheong-rae Accuses Jeon Jin-sook of Illegal Campaign Activities Jung Cheong-rae, a candidate for the leadership of the Democratic Party, announced on August 11 that he has received reports alleging that Jeon Jin-sook's local committee in the North District of Gwangju, Jeollanam-do, operated an illegal phone room for campaign activities and promised monetary rewards to campaign workers.Jung's camp released a recording during a press announcement, which reportedly features a voice from Jeon's office. In the recording, a party member says, "Make sure to receive your payment," to which the response is, "Understood."According to Article 57-3 of the Public Official Election Act, campaign activities must adhere to legally prescribed methods. Additionally, Article 255, Section 2, Clause 3 of the same act stipulates penalties of up to two years in prison or fines of up to 4 million won for election misconduct.In response, Jeon Jin-sook's camp expressed regret over what they described as Jung's reckless behavior in distorting facts to portray voluntary service as a criminal act. They stated, "The young person mentioned in the recording is a pure volunteer who participated without compensation," adding that the claim of monetary rewards is a distortion stemming from leading questions.They further asserted, "Voluntary campaign activities conducted through personal mobile phones do not constitute an illegal phone room," and urged an immediate cessation of baseless accusations and media manipulation. They emphasized, "Jung's camp should stop this petty smear campaign and engage in a fair competition."* This article has been translated by AI. 2026-08-11 18:08:00
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Special Prosecutor's Investigation Faces Challenges with Key Cases Unresolved The second comprehensive special investigation team, led by Special Prosecutor Kwon Chang-young, is facing challenges as it approaches the end of its investigation period with unresolved key cases. Although the team has indicted around 50 individuals, there is a growing possibility that some unresolved allegations will be transferred to other investigative agencies.According to legal sources on August 11, the special investigation team is set to conclude its 180-day investigation on August 23 and will announce its final results on August 24. Following the last regular briefing, the team is focusing its efforts this week on selecting individuals for indictment and determining case dispositions. On this day, they also added former National Fire Agency Chief Heo Seok-gon and former Deputy Chief Lee Young-pal to the list of indictments for their alleged involvement in insurrection-related duties.Some cases that were passed on from the three major special investigations are at risk of remaining unresolved.A notable example is the allegation involving former Justice Minister Park Sung-jae, who is accused of attempting to suppress the investigation into Kim Geon-hee. Although the insurrection special investigation team indicted Park, the first-instance court dismissed the charges, stating they were not subject to investigation. The insurrection special investigation team then sought to transfer the case to the comprehensive special investigation team, but the latter indicated that it would be difficult to conclude the investigation within the remaining time.The so-called 'Noh Sang-won notebook' allegations involving former Director of the Defense Intelligence Command Noh Sang-won also remain unresolved. The special investigation team has conducted field verifications and interviews to confirm the feasibility of the contents in the notebook, but they are reportedly struggling with proving the facts and applying the law. As the investigation team returns, if they do not decide on indictments by the end of this week, they may consider transferring the case to another investigative agency.The case involving former Minister of Land, Infrastructure and Transport Won Hee-ryong, who is under suspicion for changing the endpoint route of the Seoul-Yangpyeong Expressway, also has an uncertain disposition. The special investigation team summoned Won for about 14 hours of questioning on August 5 and conducted a forensic examination of his mobile phone, keeping open the possibilities of indictment, non-indictment, or transfer.Recently, new circumstances regarding Won's involvement were revealed in court. An employee from the Ministry of Land, Infrastructure and Transport testified on August 10 during a hearing at the Seoul Central District Court that Won indicated that if the change plan for Gang Sang-myeon were to proceed, he could be subject to investigation, and he directed a review of the original plan. Evidence was also presented in court suggesting that there were disagreements between the Ministry and the Presidential Office before the project was scrapped, and that the decision to scrap it reflected the intentions of former President Yoon Suk-yeol.As the investigation nears its conclusion, there are cases where the special investigation team has only recently begun questioning key suspects and securing evidence. On this day, they first summoned Lee Jin-woo, a former commander of the Capital Defense Command, as a suspect in connection with the alleged formation of a 'Guardian Task Force (TF).' They also filed for arrest warrants for former National Defense Security Command Chief Hwang Yu-seong and former Marine Corps Intelligence Unit Chief Moon Yeon-cheol regarding allegations of pressure in the investigation of the deceased Marine case.Discrepancies among the special investigation teams have also added pressure to the handling of unresolved cases. The comprehensive special investigation team has included former National Intelligence Service Deputy Director Hong Jang-won and former First Guard Command Chief Cho Sung-hyun, who were key witnesses in the insurrection special investigation, as suspects for review. Additionally, there have been conflicting opinions between the two special investigation teams regarding the application of rebellion charges under military law. Although the special investigation law was amended to ensure mutual consultation on matters that could reverse previous judgments or affect the maintenance of charges, discord has persisted during the actual investigation process.Legal experts have pointed out that while the comprehensive special investigation team may achieve quantitative results through large-scale indictments, a separate evaluation is necessary to determine how effectively it has addressed the unresolved allegations from the three major special investigations. Concerns have also been raised that as the investigation nears its end, the rush to summon key suspects, secure evidence, and determine case dispositions may lead to cases being transferred back to other investigative agencies.* This article has been translated by AI. 2026-08-11 18:08:00
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Even Buddhism gets muddled over election in South Korea SEOUL, August 11 (AJP) - Elections can get dirty, and even one of South Korea's oldest religious traditions is not immune to the rough edges of politics. Inside Jogyesa Temple in downtown Seoul on Tuesday, 53 members of the Jogye Order's Central Assembly bowed before the Buddha and recited a declaration supporting incumbent chief administrator Ven. Jinwoo for another four-year term. They praised his first term for making Buddhism more "friendly and warm" and said he was best positioned to lead the country's largest Buddhist order through secularization and generational decline. But the headcount mattered almost as much as the ceremony. The 53 assembly members represent nearly two-thirds of the body's 81 seats, giving Jinwoo a formidable bloc of institutional support more than three weeks before the Sept. 3 election. Still, it does not guarantee victory. The Central Assembly accounts for only part of the 321-member electoral college. Another 240 electors — 10 from each of the order's 24 diocesan headquarters — will help decide whether Jinwoo wins a second term against Ven. Jeongnyeom and Ven. Gyeongu. The biggest question is whether Jinwoo should be allowed to run at all. Ven. Gakun, a former senior Jogye Order official, filed a lawsuit with the Seoul Central District Court earlier this month challenging Jinwoo's eligibility and separately filed a criminal complaint accusing him of obstruction of business through deception. The allegations have not been established in court, and the Jogye Order rejects them. Yet they have turned what might have been an election fought over Jinwoo's four-year record into a dispute reaching back nearly half a century into his early life as a monk. Tuesday's endorsement declaration focused almost entirely on the present. It credited Jinwoo with taking Buddhism beyond temple walls through the Buddhist Expo, temple-stay programs and meditation programs aimed at Koreans struggling with stress and burnout. Buddhism has also gained visibility among younger Koreans through events mixing traditional Buddhist culture with DJs and rap, helping create the phenomenon sometimes described as "hip Buddhism." His supporters also point to the opening of the order's first Buddhist nursing hospital, expanded welfare assistance for elderly monks and pension-contribution support covering about 2,600 registered clergy. They credit his administration with removing admission fees at temple cultural heritage sites and providing electricity subsidies to roughly 300 temples. The declaration closes with Jinwoo's practice of performing 108 prostrations every morning, portraying his record as the product of steady Buddhist discipline. It says nothing about the dispute over his ordination. Gakun's challenge centers on Jinwoo's officially recorded novice ordination at Bohyeonsa Temple in Gangneung in October 1978. According to Gakun's complaint, no such ordination ceremony took place at Bohyeonsa that year and the monk recorded as presiding over it was staying at another temple at the time. He also alleges that Jinwoo's recorded period of religious study overlaps with his military service from 1982 to 1984 and that Jinwoo lived outside the monastic community for several years between 1985 and 1988 without formally completing procedures to leave the order. Jinwoo has not been found by a court to have falsified his record. The Jogye Order says his registration was legitimately established and ultimately settled under a special law governing old monastic registration records, and that his eligibility has repeatedly been recognized through the order's own procedures. What has kept the dispute alive are inconsistencies in Jinwoo's publicly available biographies. A 2012 profile in a Jogye Order-affiliated Buddhist newspaper, published when Jinwoo was a candidate for abbot of Baegyangsa Temple, said he received novice ordination at Woljeongsa Temple in 1973 and full ordination at Beomeosa Temple in 1978. His current official record is different. It lists his novice ordination as taking place at Bohyeonsa Temple in 1978 and his full ordination at Tongdosa Temple in 1998 — the same chronology contained in a statement he submitted when becoming head of the order's education institute in 2019. The conflicting biographies do not prove that his monastic registration is invalid. They have nevertheless given his critics grounds to demand that the record be examined again. The order's answer is that it already has been. At the center of that argument is the Special Act on Monastic Registration, adopted during the administration of the late Ven. Jaseung, who served as chief administrator from 2009 to 2017. The measure was intended to settle longstanding problems involving incomplete or disputed records from earlier decades by giving final effect to registrations recognized through the order's system. That solved one problem while creating another argument. Supporters regarded the law as a practical way to stop decades-old ordination disputes from repeatedly destabilizing the order. Critics argued that making registrations effectively final could shield questionable historical entries from renewed scrutiny. Jaseung himself had faced questions over changes in his own monastic registration history. That old argument is now playing out again around Jinwoo. Outside Jogyesa on Tuesday, a protester opposing Jinwoo's re-election put much of the blame on the registration law. "There are a lot of questions about his monastic history, including his ordination," the protester said. "Those are things he should explain." The protester argued that the law made it easier for disputed records to escape scrutiny and traced the problem to Jaseung's years of influence over the order. "This special law keeps creating these kinds of situations," the protester said. "It's a very bad law. It needs to be abolished." The dispute has also spilled into the Jogye Order's disciplinary system. Gakun says the order is seeking "myeolbin" against him, its most severe disciplinary sanction, which would strip him of his status as a monk, after he took his allegations to secular courts and investigative authorities. That has opened another fault line in the election: not just whether Jinwoo's record deserves another examination, but how a religious order should treat monks who take internal disputes outside the Buddhist establishment. For many ordinary Buddhists, however, the struggle inside the order can feel remote. Kim Ji-soo, a 35-year-old Buddhist from Gunja in eastern Seoul, regularly visits Jogyesa because it is close to her workplace but said she knows relatively little about the election. "Honestly, I don't know much about the election," Kim said. "Of course, as a Buddhist, I hope a good person is elected." She hopes the next chief administrator will continue finding ways to bring Buddhism closer to younger people, including through events such as the Buddhist Expo. "But it doesn't really feel like something that directly affects me," she said. "Maybe that's because I haven't studied Buddhism very deeply. I just hope a good person is chosen." That disconnect stands in contrast to the increasingly intense maneuvering among the monks who will decide the election. Jinwoo, Jeongnyeom and Gyeongu registered Tuesday for the three-way race. Jinwoo's supporters are campaigning on his record in public outreach, meditation and monk welfare, while the challenge over his eligibility ensures that his monastic history will follow him through the campaign. His endorsement by 53 Central Assembly members gives him a powerful base, but the decisive arithmetic will involve all 321 electors on Sept. 3. For Seong Jeong-ja, an 84-year-old Buddhist from Bundang who has practiced the faith for decades and now attends Bongeunsa Temple, the arguments over registration, elections and institutional power matter less than what they appear to be doing to the Buddhist community itself. "I think having an election for the chief administrator is a good thing, but of course a good person has to be chosen," Seong said. "What makes me sad is that Buddhism seems to be becoming divided rather than coming together." "As someone who has believed in Buddhism all my life," she said, "I would be very happy if people who follow the Buddha's teachings could come together." 2026-08-11 18:06:37 -
Korean Semiconductor Workers Trapped in '52-Hour Trap' Amid Free Labor A researcher with 12 years of experience in the advanced process development department of a domestic semiconductor company reported working nearly 50 hours of unpaid overtime in June. With the deadline for next-generation memory supply to clients just weeks away, the researcher, referred to as A, had already exhausted the 150-hour limit for overtime allowed over three months in just two months.A's department, focused on yield improvement and process technology, is at the forefront of semiconductor research and development (R&D), analyzing hundreds of steps from wafer input to completion to identify defects and improve yield. During critical development periods leading up to product launches, researchers monitor yield analysis equipment continuously for 36 hours or more, tracking wafer defects. This is why teams often work day and night shifts to keep the labs operational.A expressed frustration, stating, "The company enforces a mandatory PC shutdown to comply with the 52-hour work week and even requires documentation for overtime. When a multi-million won test wafer is running in the equipment and data is pouring in, leaving on time without completing the work results in losses that the team must bear."The strict enforcement of the 52-hour work week is disrupting research continuity in major semiconductor facilities, leading to a normalization of unpaid overtime. Despite the government's implementation of flexible work systems, such as selective and flexible working hours, there are clear limitations in meeting the rapid pace of next-generation semiconductor development.According to anonymous posts on workplace communities, semiconductor researchers are lamenting their need to work unpaid overtime to improve memory quality. One commenter noted, "Today, I just tagged out and am on my way to the convenience store for some fresh air. I hope the measurement results turn out well after working like this."In 2021, the government amended the Labor Standards Act to extend the accounting period for selective working hours from one month to three months for R&D positions in fields like semiconductors and software development. This change aimed to provide more flexibility during critical project periods.However, industry insiders argue that the system remains ineffective. While it allows for concentrated overtime in specific weeks, the average weekly working hours within the three-month period still cannot exceed 52 hours.Despite complaints from the field, the government maintains that the current labor system is sufficient to address overtime needs. Recently, Minister of Employment and Labor Kim Young-hoon stated, "Even with the special overtime system in place, companies do not even apply for it," emphasizing that the situation can be managed without exceptions to the 52-hour rule.Under the current Labor Standards Act, the special overtime system is limited to emergencies, disasters, or unexpected equipment failures, making it difficult to obtain approval for R&D work, which requires continuity.A semiconductor industry representative noted, "To apply for special overtime, individual worker consent is required, and companies must strictly prove a surge in workload. If an application is rejected, the company risks being targeted for intensive inspections or labeled as an illegal employer, which discourages them from applying. The low application rate is not due to the adequacy of the current system but rather the stringent approval requirements."In contrast, semiconductor competitors like the U.S. and Taiwan recognize exceptions to work hour regulations for R&D personnel, allowing them to work around the clock. Micron has eliminated overtime limits for its research staff using a 'white-collar exemption,' while TSMC operates a 24/7 R&D system with three shifts.An Ki-hyun, executive director of the Korea Semiconductor Industry Association, emphasized, "The global semiconductor competition is a harsh race where a few months can determine success or failure in technology development. Only Korea is tying the hands of its researchers with uniform work hour regulations, making it urgent to introduce flexible work systems for key R&D positions."* This article has been translated by AI. 2026-08-11 18:04:10