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  • Government to Announce Housing Supply and Financial Measures on August 13
    Government to Announce Housing Supply and Financial Measures on August 13 The Democratic Party announced on August 11 that the government plans to unveil housing supply measures and financial policies on Thursday, August 13.Kim Han-kyu, the party's floor policy chief, stated during a meeting at the National Assembly, "I believe the government has thoroughly considered measures to stabilize the rental market." He added, "The Democratic Party will continue to listen to the public's opinions after the government's announcement and will communicate closely to make necessary adjustments."He emphasized, "There is an urgent need for real estate measures that can reassure the public. The most anxious group right now is the tenants. Due to stricter residency requirements for tax benefits, landlords are being forced to vacate their properties, which could lead to rising rental prices due to decreased supply in the rental market."Kim further stated, "The only way to overcome this situation is through supply, and both financial and tax policies must focus on supply. The government needs to devise plans to ensure sufficient rental units across all types of housing, including apartments, non-apartments, and semi-housing. There is a particular need to focus on non-apartment supply, which has significantly decreased following rental fraud incidents."He also noted that "financial support for suppliers, regulatory relief, and tax benefits are all necessary. Since the National Assembly's Land, Infrastructure and Transport Committee, the Political Affairs Committee, and the Finance Committee are all involved, the Democratic Party will coordinate efforts through the housing market stabilization task force, which will hold its first meeting on August 12. Additionally, the party plans to hold a general meeting on August 13 to explore solutions for the real estate market."Moreover, Democratic Party member Kim Young-bae appeared on SBS Radio's 'Kim Tae-hyun's News Show' on the same day, stating, "There are many concerns regarding financial support related to loans and real demand. The government is expected to announce financial measures on August 13, and we must closely examine those and actively make adjustments if necessary."* This article has been translated by AI. 2026-08-11 16:00:00
  • Hyundai Union Intensifies Strike Pressure, Expands Hours to 12 Daily
    Hyundai Union Intensifies Strike Pressure, Expands Hours to 12 Daily The Hyundai Motor Union is ramping up its strike activities this August. As negotiations for this year's wage and collective bargaining agreement remain stalled, the union is increasing pressure on the company following last month's partial strikes.Last month's partial strikes already resulted in production losses of approximately 42,000 vehicles, and further escalation is expected to exacerbate these losses.According to industry sources on August 11, the Hyundai union held a central countermeasure committee meeting at 2 p.m. to finalize additional strike schedules.As a result, the union plans to conduct partial strikes of four hours each on August 12 and 13, totaling eight hours, and extend the strike duration to six hours (totaling 12 hours) on August 14 and 18.Specifically, on August 12 and 13, day shift workers will strike from 10:50 a.m. to 3:30 p.m., while night shift workers will strike from 7:30 p.m. to 12:10 a.m.Regular day shift workers will join the partial strike from 12:40 p.m. to 4:40 p.m., and general staff will participate from 1 p.m. to 5 p.m.On August 14 and 18, the strike duration will increase to six hours. Day shift workers will strike from 8:50 a.m. to 3:30 p.m., and night shift workers will strike from 5:30 p.m. to 12:10 a.m.Regular day shift workers and general staff will also participate in the six-hour partial strike. The sales, service, Namyang, and Mobis committees will adjust their strike totals according to their specific circumstances.The union aims to regroup its efforts after the summer vacation and is committed to advancing its demands without wavering. However, if negotiations resume, the planned strikes for that day will be postponed. The next central countermeasure committee meeting is scheduled for August 18.This strike is expected to further increase production disruptions at Hyundai. Previously, the company reported a total of 60 hours of production losses due to three partial strikes conducted by the union this year, estimating the impact on production at 42,510 vehicles.The company also noted that, under the principle of no work, no pay, the average wage loss per technical worker amounts to 1.92 million won. For employees with 30 years of service, this could result in a reduction of approximately 14.01 million won in severance pay.Currently, the Hyundai management and union are at an impasse over three major issues in the detailed wage negotiations: bonus increases, reinstatement of dismissed workers, and extension of retirement age.The union stated, "It will be difficult to continue negotiations unless the company's stance changes." The management responded that negotiations can only proceed on the condition that the union withdraws its three core demands. Given the clear differences in positions, a stalemate between the union and management is expected to continue for the foreseeable future.* This article has been translated by AI. 2026-08-11 15:56:00
  • Gyeongnam Province Mobilizes Resources to Combat Drought
    Gyeongnam Province Mobilizes Resources to Combat Drought Gyeongnam Province is launching a comprehensive response to combat record low rainfall and prolonged drought by mobilizing all available resources and equipment.The province aims to quickly address immediate shortages of drinking and agricultural water while also preparing additional measures in case the drought persists.According to Gyeongnam Province, the cumulative rainfall over the past six months has reached only 586.7 mm, which is just 60.3% of the average. Notably, rainfall in June and July plummeted to 50% and 23% of the average, respectively, causing agricultural reservoir levels to drop to 47.8% of normal, with current levels at 34.1%.This has resulted in damage to crops across 1,955.6 hectares, including fruits like persimmons, apples, and pears, as well as rice and soybeans. While water supply for domestic and industrial use remains stable, residents in 26 areas without access to public water supply are experiencing increased inconvenience due to time-restricted water supply measures.Governor Park Wan-soo secured a special grant of 4.894 billion won during a drought and heatwave response meeting chaired by the President on August 6, and plans to swiftly utilize this funding along with disaster management funds and reserves.The province will maintain the daily supply of 117,000 tons from the Miryang Dam for domestic use, activate emergency connections for regional and local water supply, and allocate 300 million won from disaster relief funds to expand bottled water and transport water supplies in restricted areas. Additionally, all available equipment, including military water trucks from the 39th Infantry Division, fire trucks, and forestry firefighting vehicles, will be mobilized for emergency water supply and the development of additional wells.Concerns Over Temporary Solutions for Restricted Water Supply AreasDespite the briefing, some have raised concerns that the transport and bottled water supplies for restricted areas may only serve as temporary solutions.In response, a Gyeongnam water quality management official explained, "The current time-restricted water supply is a result of a temporary surge in demand due to increased tourism and heat, along with some areas using domestic water for agricultural purposes, leading to insufficient tank filling times."He added, "The resources currently secured are sufficient for a month, and if the drought extends or if emergency situations arise, such as groundwater wells becoming blocked, we plan to fully support the development of additional groundwater wells and implement permanent measures without delay." Continuous monitoring will focus on small water supply facilities and villages reliant on valley water, particularly in Tongyeong, Miryang, and Hadong.Deputy Governor Park Il-woong emphasized, "We will do our utmost to minimize damage by mobilizing all available means, rather than just waiting for rain to fall."* This article has been translated by AI. 2026-08-11 15:52:00
  • Public Home Shopping Hosts Consultation for Disabled Enterprises to Support Quality Products
    Public Home Shopping Hosts Consultation for Disabled Enterprises to Support Quality Products Public Home Shopping announced it held a consultation event for outstanding products from disabled enterprises on August 11 at the Small Business Market Promotion Corporation's Seoul Education Center in Gyeonji-dong, Seoul.Co-hosted with the Comprehensive Support Center for Disabled Enterprises, the event aimed to discover and nurture high-quality products from disabled businesses.Merchandise planners from Public Home Shopping provided tailored consultations to 32 companies, discussing ways to enhance product appeal in terms of popularity, pricing, and composition.The event also included training on quality management for home shopping entry and a briefing on the marketing support program being promoted by the Ministry of SMEs and Startups.Public Home Shopping plans to offer live TV shopping opportunities to five companies following expert evaluations. Companies that pass the consultation assessment will also receive benefits for mobile sales broadcasts through live commerce.A representative from Public Home Shopping stated, "Many disabled enterprises with excellent technology face challenges in securing sales channels. We will continue to support their growth."* This article has been translated by AI. 2026-08-11 15:48:00
  • Democratic Party Reaffirms Support for Lee Administrations Mega Projects
    Democratic Party Reaffirms Support for Lee Administration's Mega Projects Han Byung-do, acting leader of the Democratic Party, confirmed on August 11 that the party's special committee for supporting the three mega projects is committed to addressing challenges in the semiconductor industry and ensuring the success of the Lee Jae-myung administration's initiatives. All candidates for party leadership also pledged their full support for the mega projects.The special committee visited the Yongin semiconductor cluster that afternoon, stating its intention to work closely with the government and businesses to complete the cluster and advance the three mega projects. Committee members included Han, Vice Chairs Kim Kyung-soo and Lee Un-joo, Secretary General Jang Cheol-min, and Policy Chair Han Jeong-ae, along with lawmakers Jeon Eun-soo, Kim Ui-gyeom, Lee Yeon-hee, Oh Gi-hyeong, and Lim Mun-young. Executives from SK Hynix and Samsung Electronics, including CEO Kwak No-jung and Chief Strategy Officer Kim Yong-gwan, were also present.Han stated, "The Democratic Party will spare no policy support for the swift implementation of the three mega projects. We will ensure all necessary legislative and budgetary support in collaboration with the government. We will follow President Lee Jae-myung's call for a full-scale war beyond just a speed race."Vice Chair Lee emphasized the significance of SK Hynix's decision to expedite the completion of the general industrial complex in line with the mega projects, saying, "We will do our utmost to ensure faster completion. The government and ruling party will also quickly resolve various complaints, including those related to power grid connections."Industry representatives from SK Hynix and Samsung Electronics urged the Democratic Party to address several issues hindering the expansion of the semiconductor business.CEO Kwak remarked, "SK Hynix still needs to expand in the Honam region in line with the three mega projects. We require political support to facilitate business expansion and address issues such as water supply."Kim, the Chief Strategy Officer, noted, "The era of artificial intelligence (AI) is advancing rapidly. We aim to establish an industrial complex in Yongin to secure global leadership, and we need comprehensive support from the ruling party as the world competes in the semiconductor market."Meanwhile, party leadership candidates Kim Min-seok, Jung Cheong-rae, and Song Young-gil also pledged unwavering support for the success of the three mega projects during a TV debate held on August 10.Candidate Kim promised, "As my first decision as party leader, I will establish a special committee to ensure swift cooperation between the party and the government to complete the mega projects." Candidate Jung added, "I will push for the special law to be passed as quickly as possible to initiate the mega projects immediately, ensuring our success as an AI powerhouse through the special committee." Candidate Song stated, "I will work closely with President Lee, who has crossed the front lines, to ensure prompt legislation and do my best."* This article has been translated by AI. 2026-08-11 15:44:00
  • Clean Country Appoints Choi Hyun-soo as CEO, Transitioning to Co-CEO System
    Clean Country Appoints Choi Hyun-soo as CEO, Transitioning to Co-CEO System Clean Country has appointed Choi Hyun-soo as CEO and will transition to a co-CEO system with Lee Dong-yeol.The company announced on August 11 that it held a board meeting to appoint Choi as CEO.Choi will oversee the business and finance & purchasing divisions, while Lee will manage the Cheongju plant and human resources. Each CEO will lead decision-making and execution in their respective areas based on their expertise and experience, aiming to enhance business competitiveness and operational professionalism.Choi, the third-generation owner and daughter of Honorary Chairman Choi Byung-min, has established the company's mid- to long-term growth direction and laid the groundwork for future growth since taking office as chairman in December last year. With this appointment, she aims to strengthen the connection between business strategy and finance & purchasing, directly leading key management tasks to enhance growth and profitability.Lee will focus on improving the production competitiveness and operational efficiency of the Cheongju plant, leveraging his extensive on-site operational experience.A Clean Country representative stated, "This co-CEO system is a management transition aimed at translating the mid- to long-term growth direction established since last year into tangible business results. We will enhance the speed of decision-making and execution based on the expertise and responsibilities of each CEO, strengthening business competitiveness and operational capabilities for sustainable growth."* This article has been translated by AI. 2026-08-11 15:44:00
  • About 12% of wage workers earn below minimum wage
    About 12% of wage workers earn below minimum wage SEOUL, August 11 (AJP) - About one in eight workers in South Korea earn an hourly wage below the minimum wage, with women and temporary workers more likely to be paid less and struggle to make ends meet. Some 2.77 million workers were paid less than the minimum wage of 10,030 won (about US$6.7) per hour last year, accounting for 12.4 percent of the country's 22.42 million wage workers, according to a report released on Tuesday by the Minimum Wage Commission under the Ministry of Employment and Labor. The number of workers earning below the minimum wage saw slight ups and downs over the past decade, peaking at about 3.2 million in 2021 before falling to about 2.77 million last year. The proportion was higher at smaller businesses and among those with less stable jobs. About 30 percent of workers at businesses with one to four employees earned below the minimum wage, followed by 17.6 percent at businesses with five to nine employees. By comparison, only 1.8 percent of workers at businesses with 300 or more employees earned below the minimum wage. It was also much higher among temporary workers and day laborers at 38.5 percent and 32 percent, respectively, compared with just 3.6 percent among regular salaried workers. By gender, the figure was 9 percent among men and 16.2 percent among women. By age, nearly half of the workers or 49.5 percent were those under 19, while 31.9 percent were those in their 60s or older. In terms of educational attainment, 22.5 percent had a high school diploma or less, far higher than 5.8 percent who were vocational college graduates and 4.3 percent who were university graduates or had higher levels of education. Meanwhile, next year's minimum wage was set at 10,700 won per hour, up 380 won from this year's 10,320 won. AJP Takeaways: - 2.77 million workers earned below the minimum wage: They accounted for 12.4 percent of South Korea's 22.42 million wage workers in 2025. - Small businesses had the highest share: About 30 percent of workers at businesses with one to four employees earned below the minimum wage, compared with 1.8 percent at businesses with 300 or more employees. - Temporary workers and day laborers were most affected: The shares were 38.5 percent among temporary workers and 32 percent among day laborers, compared with 3.6 percent among regular salaried workers. - Women and younger workers had higher shares: The figure was 16.2 percent among women and 9 percent among men, while 49.5 percent of workers under 19 earned below the minimum wage. - The 2026 minimum wage is 10,700 won: The rate rose by 380 won from 10,320 won in 2025, equivalent to about US$7.50 per hour. 2026-08-11 15:42:01
  • Trump Responds to Irans War Compensation Demands with Counterclaims
    Trump Responds to Iran's War Compensation Demands with Counterclaims President Donald Trump has countered Iran's demands for war reparations by asserting that Iran should instead pay compensation. As Iran seeks concessions from the U.S. to reopen the Strait of Hormuz, Trump's introduction of new reparations conditions has further diminished the likelihood of an early agreement.Trump's Counterclaims to Iran's DemandsOn August 10, Trump stated on social media platform Truth Social that Iran's request for reparations had never been mentioned in any negotiations. He called it an 'interesting thought' and added, 'Now I, too, demand reparations from Iran.'Previously, Iran had set conditions for reopening the Strait of Hormuz, including the lifting of U.S. maritime blockades and economic sanctions, the return of frozen assets, the withdrawal of U.S. troops from the region, and compensation for war damages. Iran believes that compensation for damages caused by U.S. and Israeli attacks is necessary to normalize the situation in the strait.In contrast, Trump argued that Iran should compensate for past U.S. military casualties in the Middle East. He also stated that Iran should pay reparations to the families of protesters killed by the Iranian government's harsh crackdowns. He expanded his demands, saying, 'Iran must also be responsible for damages in Lebanon, Syria, Yemen, and Gaza.'Trump indicated that he has instructed representatives to firmly raise this issue in all future negotiations, signaling that the U.S. will not only reject Iran's demands but will also make its own reparations claims a formal agenda in upcoming talks.US-Iran Reparations Standoff and Halted NegotiationsThe negotiations for reopening the Strait of Hormuz are expected to become more challenging. With Iran reaffirming its demands for sanctions relief and compensation, and Trump adding new conditions, the gap between the two sides has widened. Bloomberg reported that 'the immediate possibility of an agreement is low as both sides maintain hardline positions.'Direct negotiations between the U.S. and Iran are currently suspended. Iranian Foreign Minister Abbas Araghchi stated, 'The two sides are communicating through intermediaries rather than direct talks.' Iran's position is that it will not engage in direct negotiations unless the U.S. properly implements a tentative agreement reached in June.Meanwhile, negotiations between Iran and Oman regarding the Strait of Hormuz have progressed to the final stages. The two countries are discussing new shipping routes. However, Iran has made it clear that it cannot fully reopen the strait unless the U.S. lifts sanctions and provides compensation, even if an agreement is reached with Oman on shipping routes.Challenges to Trump's Peace PlanThis situation poses a burden on the peace plan that the Trump administration has been considering. According to the Wall Street Journal, Trump has explored the possibility of ending the war even if a final agreement on Iran's nuclear issue is not reached, provided that the Strait of Hormuz is fully reopened. However, with Iran demanding reparations and the withdrawal of U.S. troops, and the U.S. countering with its own reparations demands, finding a breakthrough in peace negotiations has become more difficult.The two sides also have differing views on the nature of reparations. Trump has claimed, 'Reparations to Iran were never discussed in past negotiations.'However, the memorandum of understanding (MOU) agreed upon by the U.S. and Iran in June included a provision for the establishment of a $300 billion fund by the U.S. and regional countries for Iran's post-war reconstruction and economic development. The agreement did not explicitly define this as direct war reparations.US Shifts Focus to Economic Pressure Amid Negotiation StalemateAs negotiations remain stalled, the Trump administration is prioritizing economic pressure over large-scale military strikes for the time being. The Wall Street Journal reported, citing U.S. officials, that 'Trump has opted for a strategy that increases Iran's economic burden by maintaining financial sanctions and maritime blockades on Iranian ports.'Trump is currently said to prefer not to order additional airstrikes. He emphasized the effectiveness of economic pressure, stating, 'They are bankrupt.' However, when asked about the possibility of large-scale escalation, he noted, 'If we want to, we have the capability.'As expectations for negotiations have diminished, international oil prices have surged again. Brent crude rose nearly 5% on August 10, approaching $88 per barrel. Concerns over delays in normalizing the Strait of Hormuz continue to create instability in the global energy market.* This article has been translated by AI. 2026-08-11 15:40:10
  • Blue House to Dismiss Kim Sang-ho, Chief of the Press Center, Amid Controversy
    Blue House to Dismiss Kim Sang-ho, Chief of the Press Center, Amid Controversy 청와대가 자신이 소유한 서울 강남구 다세대주택의 미등록 원룸 임대 논란이 불거진 김상호 춘추관장을 면직 처리하기로 했다. 김 관장이 관련 보도가 나오기 전 이미 사직서를 제출한 상태였던 만큼, 기존 사의에 따른 면직 절차와 건축물 논란에 대한 책임 문제는 구분해 들여다보겠다는 방침이다. 청와대 관계자는 11일 김 관장의 거취와 관련해 “면직 처리된다”고 밝혔다. 청와대는 단순 면직과 별도로 징계 절차를 밟는 방안도 검토하고 있는 것으로 전해졌다. 다만 구체적인 징계 수위와 처리 형식은 아직 확정되지 않았다. 당초 김 관장은 지난 6월 홍보수석 교체 당시 홍보 라인 쇄신이 필요하다는 이유로 사의를 표명한 것으로 전해졌다. 이후 새 홍보수석 체제가 안착한 뒤 정식으로 사직서를 제출했고 청와대 내부에서 관련 절차가 진행 중이었다. 따라서 이번 부동산 논란이 최초 사의 표명의 직접적인 원인은 아니라는 게 청와대의 설명이다. 다만 사의 처리 과정에서 김 관장 소유 건축물의 무단 증축 의혹이 불거지면서 상황이 달라졌다. 청와대로서도 단순히 사직서를 수리하는 데 그치지 않고, 재직 중 고위공직자의 재산 관리와 법규 준수 여부를 확인할 필요가 있다고 판단한 것으로 풀이된다. 앞서 SBS는 전날 김 관장 부부가 2014년 17억7000만원에 매입한 서울 강남구 대치동의 5층짜리 다세대주택에 건축물대장상 존재하지 않는 원룸이 있다고 보도했다. 해당 건물은 건축물대장에 6가구가 등록돼 있지만, 주차장과 계단으로 등재된 1층 일부가 ‘101호’ 원룸으로 사용됐다는 내용이다. 이 원룸에서는 보증금 1000만원과 월세 85만원의 임대차 계약이 이뤄진 것으로 전해졌다. 김 관장은 별도의 입장문을 통해 해당 건물은 2003년 준공됐으며 자신은 세 번째 소유자라고 설명했다. 2014년 매입할 당시 이미 주차장 일부가 원룸으로 바뀐 상태였고, 직접 증축하거나 증축을 지시한 사실도 없다고 밝혔다. 그는 매입 당시 해당 공간이 미등록 건축물이라는 사실을 인지하지 못했다가 이후 임차인을 구하는 과정에서 알게 됐다고 해명했다. 다주택 규제가 강화된 2018년부터 건물 매각을 추진했지만 주택 수 증가에 따른 부담 등을 고려하는 과정에서 관련 행정절차를 제때 밟지 못했다고 인정했다. 김 관장은 “필요한 행정절차를 제때 진행하지 못한 점을 무겁게 받아들이고 있다”며 건축사 등 전문가의 검토를 거쳐 양성화 절차를 추진하겠다고 밝혔다. 다만 소규모 건축물 양성화 지원 대상에 해당하는지는 주차장 확보 기준과 건축법상 요건 등에 대한 관할 행정기관의 판단을 거쳐야 한다. 언론인 출신인 김 관장은 이재명 정부 출범과 함께 초대 춘추관장에 임명돼 약 1년 동안 청와대의 언론 취재 지원과 출입기자단 관련 업무를 총괄해왔다.* This article has been translated by AI. 2026-08-11 15:40:00
  • NH Investment & Securities Hosts NYSE Chairman Lin Martin to Discuss Global Cooperation
    NH Investment & Securities Hosts NYSE Chairman Lin Martin to Discuss Global Cooperation NH Investment & Securities invited Lin Martin, Chairman of the New York Stock Exchange (NYSE) Group, to discuss global capital market cooperation.On August 11, NH Investment & Securities held a meeting at its headquarters in Yeouido, Seoul, attended by Lin Martin and CEO Bae Kwang-soo.Participants from NH Investment & Securities included CEO Bae, Kang Min-ho, head of the Digital Business Division, and Kim Ji-hoon, head of the Retail Advisory Division. From the NYSE Group, Lin Martin was joined by Marco Cheung, head of Asia and the Middle East business, and Kim Min-cheol, head of Asia Relationship Management.This meeting was organized during Lin Martin's visit to South Korea, where he oversees NYSE's global operations and capital market strategies.The two sides exchanged views on recent significant changes in the global capital markets, trends in the U.S. financial market, strategies for Korean companies to utilize global capital markets, and developments in the digital financial market.They particularly focused on expanding opportunities for Korean companies to enter global capital markets and enhancing access for domestic investors to overseas markets. They also discussed strengthening cooperation in capital markets and sharing market information through their global networks.Bae stated, "We had a meaningful time discussing changes in the global financial market and the capital market as a whole. We will continue to expand our network with major global financial institutions and strive to provide our clients with diverse investment opportunities in global markets."* This article has been translated by AI. 2026-08-11 15:40:00