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Trump Claims Strait of Hormuz is Open and Under U.S. Navy Control President Donald Trump asserted that the Strait of Hormuz is already open and under the control of the U.S. Navy. However, Iran maintains that it will only reopen the strait if the U.S. lifts its maritime blockade and sanctions, leading to conflicting claims from both sides.On August 10, during a press briefing at the White House, Trump stated, "It is currently open," and emphasized that "the only force controlling the strait is the U.S. Navy."Trump claimed, "The U.S. is controlling the entry of vessels and has removed all mines placed in the strait." He added, "Iran occasionally places mines, but we are able to locate them, and we have removed all mines from the strait." However, The New York Times pointed out that contrary to Trump's assertions, the Strait of Hormuz has been effectively closed since the outbreak of hostilities.According to Reuters, Iran has stated it will not fully reopen the strait until the U.S. accepts its demands. These include lifting the maritime blockade, ending economic sanctions, withdrawing U.S. troops from the region, returning frozen assets, and providing reparations for war damages.Recently, Iran and Oman have approached an agreement regarding new shipping routes through the Strait of Hormuz. However, Iran clarified that even if an agreement is reached on the new route, it does not mean the strait will be fully reopened immediately.In response to Iran's demands for war reparations, Trump countered on Truth Social, stating, "Iran should compensate for the casualties of Americans and its own anti-government protesters," and indicated that he has instructed his negotiating team to raise this issue in future discussions with Iran.* This article has been translated by AI. 2026-08-11 06:48:00 -
Zelenskyy: Russia Prepares to Deploy More North Korean Troops Ukrainian President Volodymyr Zelenskyy has claimed that Russia is preparing to deploy additional North Korean troops. He warned that as North Korea improves its weaponry and gains combat experience through the Ukraine war, security threats to neighboring countries like South Korea and Japan could increase. In a public address on August 10, Zelenskyy stated, "Russia can no longer conduct the war without reinforcements from North Korea," adding that Moscow is ready to deploy North Korean troops to its territory. He also asserted that Russia has received additional ballistic missiles from North Korea, noting that North Korean missiles and other weapons are being enhanced through cooperation with Russia. "North Korea is elevating its weapon performance and troop operational capabilities through the Ukraine war," he pointed out. Zelenskyy warned that the increased use of North Korean missiles and troops would heighten risks for regional countries, including South Korea, Japan, and the Philippines. He urged the international community to support Ukraine's air defense systems, stating that such assistance would help prevent North Korea from accumulating combat experience. Ukrainian sources estimate that the number of North Korean troops deployed to Russia could reach up to 50,000. Zelenskyy claimed the possibility of 30,000 to 50,000 North Korean troops being stationed in Russian territory the previous day, although he did not disclose specific sources for this information. North Korea has already sent troops to the Kursk region of Russia, where they have engaged in combat with Ukrainian forces. Both Russia and North Korea have officially confirmed the participation of North Korean troops in the fighting in Kursk.* This article has been translated by AI. 2026-08-11 06:40:00
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Trump Responds to Iran's War Compensation Demands President Donald Trump has asserted that Iran should also compensate for the losses suffered by Americans and its own protesters in response to Iran's demand for war reparations. The issue of compensation has emerged as a new point of contention in U.S.-Iran negotiations regarding the reopening of the Strait of Hormuz.On August 10, Trump stated on Truth Social, "Iran is demanding compensation for damages incurred during military conflicts over the past five months. If that is the case, then I will demand compensation from Iran as well."He emphasized that Iran should compensate Americans who were killed or injured due to attacks by Iranian-backed armed groups, as well as the families of anti-government protesters who died during the Iranian government's crackdown.Trump also mentioned that he has directed U.S. negotiators to raise the issue of compensation in all future discussions with Iran.Additionally, Trump included the victims of the 2000 bombing of the USS Cole in Yemen as part of those deserving compensation. The attack resulted in the deaths of 17 U.S. service members, although U.S. authorities concluded that the incident was carried out by al-Qaeda, not Iran.Trump's remarks are a direct response to Iran's recent demands for war reparations, which it has linked to the reopening of the Strait of Hormuz. Iran has called for the lifting of maritime blockades and economic sanctions, the withdrawal of U.S. troops from the region, the return of frozen assets, and compensation for war damages.* This article has been translated by AI. 2026-08-11 06:36:00
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Fire Breaks Out at Hazardous Materials Storage Facility in Pyeongtaek A fire broke out at a hazardous materials storage facility in Pyeongtaek, Gyeonggi Province.According to Yonhap News and the Gyeonggi Fire and Disaster Headquarters, the fire was reported at 5:16 a.m. on August 11 at the hazardous materials storage facility located in Tojin-ri, Cheongbuk-eup, Pyeongtaek. The response level was downgraded from Level 2 to Level 1.So far, there have been no reported injuries.Earlier, at 12:03 a.m., the fire department received an automatic fire alarm from the facility and dispatched units to the scene.Due to concerns about the potential spread of the fire, the fire department issued a Level 1 response (requiring 31 to 50 vehicles) at 1:32 a.m., which was later upgraded to Level 2 (requiring 51 to 80 vehicles) at 2:40 a.m.As the flames intensified, a National Fire Mobilization Order was issued at 3:39 a.m. This prompted immediate support from 26 fire trucks and chemical vehicles from four nearby provinces: Chungnam, Sejong, Chungbuk, and Daejeon.The National Fire Mobilization Order is issued by the Fire Chief when it is deemed that local firefighting resources are insufficient to respond to a disaster.A total of 95 pieces of equipment and 238 personnel were deployed, and the fire was eventually brought under control, allowing the alert level to be lowered to Level 1. However, the National Fire Mobilization Order remains in effect in case the fire reignites.The facility is reported to store materials and finished products related to secondary batteries, but it has not been confirmed whether such materials were present at the time of the fire.The fire department plans to investigate the cause of the fire once it is fully extinguished.* This article has been translated by AI. 2026-08-11 06:28:00
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Iran's Supreme Leader Reshuffles Military Leadership After U.S.-Israel Strikes Iran's Supreme Leader Ayatollah Mostafa Khamenei has made appointments to the leadership of the military and the Islamic Revolutionary Guard Corps (IRGC), filling gaps left by the deaths of key commanders due to U.S. and Israeli airstrikes.According to Iran's state-run IRNA news agency on August 10, Khamenei appointed Brigadier General Ali Abdollahi as the new Chief of Staff of the Iranian Armed Forces.Abdollahi succeeds former Chief of Staff Abdolrahim Mousavi, who was killed in late February during the U.S.-Israel strikes on Iran.Brigadier General Kioumars Heydari has been appointed as the Deputy Chief of Staff of the Iranian Armed Forces.Major General Ahmad Vahidi has been named the new Commander of the IRGC, with Brigadier General Mostafa Izadi serving as his Deputy.Additionally, Major General Ali Azmaei has been appointed as the Commander of the IRGC Navy, and Hossein Taeb has been named the head of the Basij, a paramilitary organization under the IRGC.Khamenei instructed the new military leadership to strengthen defensive and security capabilities and readiness. He emphasized the need to prepare for complex threats that combine traditional military attacks with cyber warfare and psychological operations, directing the integration of the General Staff and wartime operations command to unify the command structure.* This article has been translated by AI. 2026-08-11 06:28:00
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Iran President: Supreme Leader in Good Health After 7-Hour Meeting Iranian President Masoud Pezeshkian stated that he recently met with Supreme Leader Ayatollah Mojtaba Khamenei for seven hours amid growing health concerns surrounding the leader. Pezeshkian emphasized that Khamenei's health is very good. On August 10, according to Iran's state-run IRNA news agency, Pezeshkian met with political figures at the Ministry of Interior and said, "I spent about seven hours with the Supreme Leader discussing all national issues." He added, "His health was very good, and he listened comfortably to the concerns and issues I raised, providing various directives." The two discussed issues including public livelihoods, employment, housing, and the economic difficulties stemming from Western sanctions, as well as the domestic political situation. Pezeshkian noted that Khamenei particularly emphasized the importance of "maintaining unity and cohesion." This statement appears to be an effort to quell the recent rumors regarding Khamenei's health. Since taking office as Supreme Leader in March, Khamenei has not appeared in public, and no photos, videos, or audio of him have been released. Pezeshkian also fueled health concerns during a state television interview on August 5, where he remarked that communication with the Supreme Leader is very difficult. Following this, the opposition media outlet IranWire reported, citing multiple sources, that there are speculations within the Iranian leadership about Khamenei's serious condition. However, these claims have not been independently verified. Mojtaba Khamenei is believed to have been injured during U.S. and Israeli airstrikes at the end of February, shortly after the death of his father, Ayatollah Ali Khamenei. Since then, he has not made any public appearances.* This article has been translated by AI. 2026-08-11 06:16:10
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Ukraine Strikes Major Russian Oil City 1,200 km from Border, 13 Dead Ukraine launched a drone attack on a major Russian oil city located approximately 1,200 kilometers from its border, escalating its offensive against Russian rear positions by expanding its target range to energy facilities following recent strikes on large distribution networks.According to reports from Reuters and other sources on August 10, a Ukrainian drone attack occurred in Nizhnekamsk, located in the Republic of Tatarstan, resulting in the deaths of 13 people. Local authorities reported that 75 individuals sought medical assistance, with 21 of them hospitalized.The Ukrainian military confirmed that the TANECO oil facility in Nizhnekamsk was struck. Nizhnekamsk is a key oil and petrochemical production hub in central Russia, situated about 1,200 kilometers from the Ukrainian border.Russian officials stated that not only the oil facility but also civilian buildings, including accommodations, were damaged. The Russian Foreign Ministry condemned the attack as a 'terrorist act targeting civilians.'Ukrainian President Volodymyr Zelenskyy remarked that operations targeting Russian oil facilities would continue, asserting that Russia is feeling the impact of these strikes. He also expressed gratitude to the Security Service of Ukraine (SBU) for leading the long-range drone attacks.Recently, Ukraine has intensified its attacks on Russian rear energy and logistics facilities. Since last month, logistics centers of Russia's largest online retailer, Wildberries, have been repeatedly targeted. This strategy aims to diminish Russia's war capabilities while spreading the effects of the conflict to areas far from the front lines.As Ukraine's rear attacks intensify, Russia is preparing for the State Duma elections scheduled for September 20. The expansion of Ukraine's long-range strikes to major Russian cities and economic facilities is increasing pressure on the Putin administration.Meanwhile, Russia continues its attacks on major Ukrainian cities. Recent airstrikes in Kharkiv, Ukraine's second-largest city, have resulted in civilian casualties, highlighting the escalating back-and-forth attacks and the ongoing toll on civilians.* This article has been translated by AI. 2026-08-11 06:08:00
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Debate Erupts Over 'Right to Work' and 'Right Not to Work' in South Korea The debate over the 52-hour workweek is intensifying among government officials. Minister of Trade, Industry and Energy Kim Jeong-kwan and Minister of Employment and Labor Kim Young-hoon have taken opposing stances in public forums just a day apart.During a recent discussion at the Kwanhun Forum, Minister Kim emphasized that the issue of the 52-hour workweek should be compared not with domestic standards but with those of competing countries like China. He argued that in sectors where speed is crucial, such as semiconductors, research and development, and startups, the will of individuals who want to work should not be hindered by regulations. He pointed out that uniform working hour regulations could delay technological advancements and limit the choices of young professionals.In contrast, Minister Kim Young-hoon, speaking at a luncheon with reporters, noted that domestic semiconductor companies have achieved significant results without exceptions to the 52-hour workweek. He highlighted the existing flexible work arrangements, such as the flexible working hours and special extended working hours, questioning the need for additional exceptions given that companies are not fully utilizing these options. His stance suggests that it is more prudent to assess the effectiveness of current regulations rather than focus on uncertain future crises.As the South Korean economy is largely driven by the semiconductor industry, both perspectives hold merit. The semiconductor sector is characterized by rapid technological advancements, and if intensive research is necessary at certain times, the system must be adaptable to accommodate this need.However, there are also numerous instances where long working hours have become entrenched under the guise of 'voluntary choice.' The argument for protecting the right to rest cannot be overlooked, especially considering that South Korea's annual working hours exceed the OECD average.The issue lies in the manner and venue of the debate. The Minister of Trade presented his arguments at a forum, while the Minister of Labor did so at a press luncheon. Although inter-ministerial consultations are ongoing, the public perceives this as a series of external disputes rather than genuine policy coordination.A similar situation recently unfolded regarding the distribution of excess profits in the semiconductor sector, with both ministries holding separate discussions just a day apart. While it is beneficial to have multiple forums for diverse opinions, it is problematic when government departments independently hold discussions to validate their own arguments without reaching a consensus.The actions of the Ministry of Trade in promoting industry perspectives and the Ministry of Labor in advocating for labor perspectives cannot replace the need for policy coordination. If differing views exist, it is essential to engage in a process of negotiation at the same table, as the purpose of discussion is to reconcile conflicting positions.As both ministers publicly counter each other's claims, time continues to pass. If, as the Minister of Trade suggests, the competition in semiconductors is as urgent as stated, then while external disputes persist, China's technological advancements may accelerate. Conversely, if, as the Minister of Labor argues, this is a matter of health rights, delays in reaching a conclusion will only exacerbate uncertainty and conflict in the field.President Lee Jae-myung urged earlier this year at a Cabinet meeting for ministers to engage in active debate when there are differences in opinions during policy implementation. He emphasized that if ministries do not debate on behalf of the public, the public will ultimately face the conflicts directly.Now is the time to act on the President's directive. While private inter-ministerial consultations are necessary, it is crucial for both ministers to sit at the same table and publicly discuss their evidence and alternatives, especially on issues with sharp conflicts of interest. The debate that forces a choice between current labor rights and future industrial competitiveness must come to an end.The 'freedom to work' and the 'right not to work' are not values that must erase each other to survive. The role of politics and administration is to create a system that can protect both. What is needed from the two ministers is not another external statement or separate discussions, but a clear conclusion reached together.* This article has been translated by AI. 2026-08-11 06:04:00
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Coex Remodeling to Displace 28 Exhibitions to Other Venues Due to the remodeling of Coex, some exhibition halls will be closed starting in the second half of next year, prompting 28 exhibitions to relocate to other venues in the metropolitan area. The government and the exhibition industry are working to secure alternative spaces while also providing cost support and easing rental conditions.The Ministry of Trade, Industry and Energy announced on August 11 that it signed a "cooperation agreement for the exhibition industry’s coexistence due to Coex remodeling" with industry stakeholders at the SETEC Convention Center in Seoul.Coex is set to undergo remodeling in conjunction with the construction of the Gangnam Complex Transfer Center in Seoul. The construction is scheduled to take place from July 2027 to December 2028, during which operations in Hall A and Hall C will be suspended.Concerns have been raised about potential disruptions to the schedules of major exhibitions that are typically held at Coex, as half of the exhibition halls will be unavailable for 18 months.In response, the Ministry has formed a "Task Force for the Coexistence of the Exhibition Industry" since April, involving major exhibition organizers, the Korea International Trade Association, and Coex to communicate closely about the remodeling plans and the allocation of alternative exhibition spaces.As a result, the 28 exhibitions requiring alternative spaces next year will be held at the SETEC Convention Center, Coex Magok, aT Center, KINTEX, and Songdo Convensia.Additional measures will be implemented to reduce space shortages. The Korea International Trade Association and Coex are exploring the use of nearby cinemas and hotel banquet halls as exhibition and meeting spaces. The exemption time for preparation and dismantling of exhibitions will also be extended from 10 hours to 15 hours to lessen the burden on organizers.Other venues are also stepping up to accommodate events that cannot be held at Coex. SETEC, KINTEX, and the Incheon Tourism Organization will support the rental of spaces for exhibitions in need of alternative locations.Support will also be provided for additional costs incurred from relocating events. The Korea Exhibition Industry Promotion Association plans to utilize domestic exhibition support programs to assist with promotional and transportation costs. Organizers unable to find alternative venues will receive assistance in connecting with other exhibition spaces.This agreement involves seven organizations, including the Korea Exhibition Organizers Association, the Korea Exhibition Industry Promotion Association, the Korea International Trade Association, Coex, SETEC Convention Center, KINTEX, and the Incheon Tourism Organization.The government aims to link the dispersion of exhibition demand due to the Coex remodeling with the revitalization of the regional exhibition industry. It plans to encourage exhibitions concentrated in the metropolitan area to move to regional venues and promote the development of regional exhibitions in connection with the "Five Extremes and Three Special Growth Engines" initiative starting next year.Kim Gam-chan, Director of the Trade and Investment Bureau at the Ministry, stated, "This agreement marks the starting point for overcoming potential disruptions to exhibitions caused by the Coex remodeling in collaboration with the industry. We will actively foster regional exhibitions to enhance the global competitiveness of the domestic exhibition industry."* This article has been translated by AI. 2026-08-11 06:04:00
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Korean Economy Faces Structural Challenges, Says Bank of Korea Research Head The Korean economy's long-term growth foundation is under scrutiny due to a simultaneous structural transformation driven by declining working-age population, the spread of artificial intelligence (AI), decarbonization, and global supply chain restructuring. Experts emphasize the urgent need for bold structural reforms to maintain growth momentum.In a recent interview with Aju Economy, Lee Jae-won, head of the Bank of Korea's Economic Research Institute, identified 'transformation' as the key term that best describes the current state of the Korean economy from a long-term and structural perspective. He noted, "Our working-age population has already entered a phase of decline. We are experiencing not only a demographic shift but also a digital transformation due to AI, a decarbonization transition in response to the climate crisis, and a global supply chain restructuring focused on economic security." Lee highlighted that the semiconductor boom and improved trade conditions have significantly increased real incomes, stating, "The important thing is how we utilize the income and time provided by this boom." He stressed the need to solidify technological advantages in semiconductors while enhancing productivity in the service sector and small businesses, as well as addressing inefficiencies in labor market duality and capital allocation. "If we delay transformation, we risk weakening our existing strengths, but if we effectively leverage the current boom, we can turn structural changes into a new opportunity for growth," he added.Regarding the current economic situation, Lee acknowledged that while the economy has entered a recovery phase, there are disparities among industries. He explained, "The Korean economy has entered a recovery phase, but this recovery has not spread uniformly across the economy. It is more accurate to describe it as a 'strong but narrow recovery.'" He further noted, "The income generated from increased exports manifests as corporate profits, which then spread to investments, wages, sales of partner companies, and household consumption. At this point, the speed at which the recovery broadens is more important than whether it is recovering." Lee pointed out a significant weakness in the Korean economy: the lack of ability to reallocate labor and capital to more productive firms and industries. He suggested that support for small businesses should be differentiated based on productivity improvement and growth potential, rather than providing long-term support solely because they are small. He emphasized, "Now is the golden time for structural reform because the costs and resistance to reform could increase significantly after the aging population and fiscal burdens become more pronounced. The current period of increased income from the semiconductor boom is not a time to reduce the need for structural reform, but rather a time when we have the capacity to bear the short-term costs associated with reform." On the issue of real estate funding concentration, he stressed the need for a shift towards productive investment. He stated, "Even with the same level of private credit, a higher proportion allocated to the corporate sector rather than households has been associated with higher long-term growth rates. Particularly, when funds are directed towards young small businesses and high-productivity firms, the growth effects are even more pronounced." Lee projected that ultra-aging would narrow the central bank's monetary policy space. He explained, "In a recession, the policy interest rate approaches its effective lower bound, reducing the capacity for rate cuts. Conversely, in a situation where rigid expenditures such as pensions and healthcare increase alongside government debt, raising interest rates could significantly increase the government's interest costs. This creates constraints in both directions: insufficient capacity to lower rates when needed and increased fiscal burdens when rates need to be raised." While the introduction of AI holds great potential to enhance macro productivity, Lee noted that the effects and timing of realization remain uncertain. Regarding AI's impact on the labor market and income distribution, he remarked, "Rather than entire jobs disappearing, it is more likely that the tasks that make up jobs will be restructured. For young people, the 'first rung of the career ladder' may weaken, but there is also significant potential for productivity improvement as they can quickly adapt to AI." Born in 1975, Lee Jae-won graduated from the University of Wisconsin with a degree in mathematics and economics and earned his master's and doctoral degrees in economics from Princeton University. He has served as a professor at Rutgers University, a visiting research fellow at the Federal Reserve Bank of St. Louis, and a professor at the University of Virginia before being appointed as the head of the Bank of Korea's Economic Research Institute and chief economist in 2023, gaining attention for leading the institute at a relatively young age. 2026-08-11 06:04:00