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  • Korean Economy Faces Structural Challenges, Says Bank of Korea Research Head
    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
  • Colombia Hit by 7.4 Magnitude Earthquake, At Least 111 Dead and 87 Injured
    Colombia Hit by 7.4 Magnitude Earthquake, At Least 111 Dead and 87 Injured A 7.4 magnitude earthquake struck western Colombia, resulting in at least 111 fatalities. Many residents are trapped under collapsed buildings, raising the possibility of further casualties.On August 10, Colombian President Abelardo de la Espriella reported that the earthquake has claimed at least 111 lives and injured 87 others, according to Reuters and AP.The U.S. Geological Survey (USGS) indicated that the earthquake occurred at 7:34 a.m. local time near San José del Palmar in Chocó province, with a depth of approximately 107 kilometers.Damage has been concentrated in the western regions, including Risaralda, Valle del Cauca, and Chocó. In particular, buildings collapsed in Pereira, Risaralda, and Cali, a major city with a population of about 2 million, prompting rescue teams to search for those trapped.Fatalities were also reported in Manizales, where parts of a cathedral's spire collapsed due to the tremors. The port city of Buenaventura also experienced building collapses, resulting in casualties.Transportation infrastructure has also been affected. Colombian aviation authorities confirmed damage at airports in Pereira, Manizales, Quibdó, Armenia, Cartago, and Buenaventura, initiating safety inspections.The Colombian government has declared a national emergency and is focusing its efforts on rescue operations and support for those affected. President de la Espriella stated, "Our top priority is to rescue those trapped under the debris," adding that he would personally oversee support efforts in the affected areas.Having taken office just three days prior on August 7, President de la Espriella is now responding to a major natural disaster.Colombian geological authorities noted that this earthquake is among the strongest recorded in the country in the past decade. A 6.2 magnitude earthquake in central-western Colombia in 1999 resulted in over 1,000 deaths.* This article has been translated by AI. 2026-08-11 06:00:00
  • Kim Sang-ho, Chief of the Blue House Press Office, Addresses Unauthorized Renovation Allegations
    Kim Sang-ho, Chief of the Blue House Press Office, Addresses Unauthorized Renovation Allegations Kim Sang-ho, Chief of the Blue House Press Office, responded to reports that part of the parking area of a multi-family housing unit he owns in Gangnam, Seoul, was illegally converted into a studio apartment for rental purposes. He stated, "The space was already modified before I purchased it, and I did not directly carry out or instruct any renovations." However, he acknowledged that he failed to complete necessary administrative procedures after becoming aware of the situation and expressed intentions to regularize the property. In a statement released on August 10 regarding an exclusive report by SBS, Kim explained, "The multi-family housing unit mentioned in the article was completed in 2003 and has changed ownership twice. I am the third owner, and when I purchased it in 2014, part of the parking area had already been converted into a studio apartment." SBS reported that Kim and his wife bought the five-story multi-family housing unit in Daechi-dong, Gangnam, for 1.77 billion won in 2014, and that part of the first floor, registered as a parking area and stairwell, has been converted into a studio apartment labeled '101' for rental. According to SBS, the building is registered as having six residential units on floors two to five. However, the first floor contains a separate studio apartment, reportedly rented for a deposit of 10 million won and a monthly rent of 850,000 won. A Gangnam district official indicated that if the area previously designated as a parking space or stairwell has been expanded for residential use, it could be considered an unauthorized renovation. Kim claimed he was unaware that the space was not registered in the building's official records at the time of purchase. He stated, "I learned about the relevant facts during the process of finding tenants," asserting that he did not intentionally create an unregistered space or acquire it with that knowledge. He admitted that he did not promptly initiate administrative procedures after recognizing the situation. Kim noted, "Since the government tightened regulations on multiple homeowners in 2018, I have been continuously trying to sell the property," adding that the burden of increased housing ownership made it difficult to actively pursue the necessary procedures. He further stated, "I take seriously the fact that I failed to carry out the necessary administrative procedures in a timely manner." Kim also mentioned that the government, Seoul City, and Gangnam District are supporting the regularization of existing unregistered buildings. Since May of last year, Seoul City has temporarily relaxed the floor area ratio for small buildings, and Gangnam District is providing consultations and guidance on administrative procedures for owners of unregistered structures. Gangnam District has indicated that regularization may be difficult for buildings that do not meet parking installation standards or exceed building coverage ratios. Therefore, whether Kim's property qualifies for regularization will need to be determined through an investigation of the building's status and the judgment of the relevant administrative authorities. Kim stated, "I am currently verifying the relevant materials and the status of the building," and he pledged to actively pursue the regularization process after consulting with experts such as architects, ensuring that all necessary documents are prepared for a swift process. He added, "I will faithfully implement the necessary measures in accordance with relevant laws and administrative procedures." Meanwhile, it has been confirmed that Kim submitted his resignation to the Blue House on the same day. The status of his resignation has yet to be determined. Kim, a former journalist at Dong-A Ilbo, joined the campaign of Lee Jae-myung during the 2018 Gyeonggi gubernatorial election and has been with him since. * This article has been translated by AI. 2026-08-11 03:44:00
  • Rivalry Intensifies Among Democratic Party Leadership Candidates in TV Debate
    Rivalry Intensifies Among Democratic Party Leadership Candidates in TV Debate Democratic Party leadership candidates Kim Min-seok, Jung Cheong-rae, and Song Young-gil engaged in a heated debate on August 10, ahead of the upcoming regional primary in Honam. The candidates addressed various allegations against each other, aiming to win over the party's base in the region.During the televised debate held at KBC, the candidates presented their views and discussed issues such as the merger with the Justice Party and allegations surrounding Shincheonji. Given that the debate was hosted by a local broadcaster, each candidate also unveiled regional pledges aimed at Honam.Jung, who took the lead in the debate, launched an attack on Kim, who had raised concerns about allegations of factionalism and ties to Shincheonji. Jung stated, "You are dragging the party convention into the mud with these allegations. Do you have any intention of apologizing?" He further criticized the practice of distributing party positions during the election period, asking Kim to explain the rationale behind it.In response, Kim pointed out that the Shincheonji issue was being addressed by Representative Choi Min-hee, who is associated with Jung. He defended the distribution of party positions as a necessary step for unification, emphasizing the need for party member sovereignty.Kim also reflected on the party's failure to secure victories in certain areas during the June 3 local elections, stating, "We must deeply reflect on our inability to win due to controversies over candidate nominations. As the party leader responsible for managing the elections, I ask you to explain the reasons for this failure."Jung countered, saying, "In practice, nominations for local leaders are handled by the respective provincial party committees. Even during my tenure as party leader, I held meetings with election management committee chairs to ensure that candidates with corruption or misconduct were not nominated."Song criticized Jung for lacking understanding of the government's key policies, stating, "During your time as party leader, you failed to persuade the opposition regarding the inclusion of the spirit of the May 18 Gwangju Democratization Movement in the constitutional preamble, which was a top priority for the Lee Jae-myung administration."As the candidates prepare for the Honam regional primary, they also announced pledges aimed at the region. Jung proposed establishing a special committee for semiconductors, with the party leader as chair, to ensure the success of the southwestern semiconductor cluster. Kim announced plans to form a special committee to support three major mega-projects, which he would lead. Song pledged to back the special law announced by President Lee Jae-myung.Additionally, Kim emphasized the need for a fair nomination process and a system for re-evaluating and re-verifying candidates to allow politicians from Honam to engage in diverse fields. Song pointed out that politicians from Honam often feel pressured to seek approval from influential figures for nominations, stating, "We must not fall into the narrative of Honam's inability to win. I will work to restore Honam's political standing." Jung echoed this sentiment, asserting that the public in Honam desires reform and that the candidates must act reformatively for the region.* This article has been translated by AI. 2026-08-10 23:04:00
  • Anyang City Council Elects Yoon Hae-dong as Vice Chair, Completes 10th Assembly Formation
    Anyang City Council Elects Yoon Hae-dong as Vice Chair, Completes 10th Assembly Formation The Anyang City Council held its third extraordinary session on August 10, electing Yoon Hae-dong of the Democratic Party as vice chair, thereby completing the formation of the 10th assembly. Following the election of the vice chair, the council appointed members to four standing committees: the Committee on Council Operations, the Committee on Planning and Administration, the Committee on Welfare and Environment, and the Committee on Urban Transportation, and elected their respective chairs. Chairman Eum Kyung-taek apologized to citizens for the delays in the assembly's formation and schedule due to internal council matters, expressing gratitude to those who trusted and waited for the council. Chairman Eum stated, "We will use this challenging time as an opportunity for the council to mature and strengthen its unity." Yoon Hae-dong, newly elected as vice chair, remarked, "For the council to develop as a representative body of the citizens, the efforts of elected council members are essential. I will fulfill my role as vice chair diligently." In his inaugural address, Chairman Eum emphasized the council's commitment to regaining citizens' trust and prioritizing their livelihoods and achievements. He specifically highlighted key local issues such as the GTX and expansion of the metropolitan railway network, redevelopment of the first phase of the Pyeongchon new town, and the Parkdal Smart City, stressing the importance of communication and cooperation with the executive branch. Chairman Eum affirmed, "The council and the executive branch will move forward as partners in mutual growth toward the common goal of Anyang's development and citizens' happiness, while fulfilling our roles of oversight and monitoring, and cooperating beyond political parties and interests for the benefit of the citizens and the advancement of Anyang." The standing committees, consisting of the Committee on Council Operations, the Committee on Planning and Administration, the Committee on Welfare and Environment, and the Committee on Urban Transportation, elected three chairs from the Democratic Party and one from the People Power Party. Chae Jin-ki of the Democratic Party was elected as the chair of the Committee on Council Operations, with Kim Seo-kyung as vice chair. Members include Kwak Dong-yoon, Kim Bo-young, Kim Yu-mi, Jang Myung-hee, and Hwang Won-young. Jo Ji-young of the Democratic Party was elected as chair of the Committee on Planning and Administration, with Park Soon-im as vice chair. Members include Kim Yu-mi, Yoon Hae-dong, Chae Jin-ki, and Hwang Won-young. Kim Bo-young of the People Power Party was elected as chair of the Committee on Welfare and Environment, with Noh Soo-nam as vice chair. Members include Seol Da-young, Yoon Kyung-sook, Yoon Soon-seop, and Jang Kyung-sool. Kwak Dong-yoon of the Democratic Party was elected as chair of the Committee on Urban Transportation, with Lee Gwi-ra as vice chair. Members include Kim Seo-kyung, Kim Jeong-jung, Lee Chang-seong, Jang Myung-hee, and Jo Eun-seok. The city council completed the formation of the assembly by electing the leadership and distributing committee assignments, and reviewed urgent agenda items. During the opening ceremony held at 3 p.m. the same day, Mayor Choi Dae-ho and senior officials attended to celebrate the inauguration of the 10th Anyang City Council. Mayor Choi stated, "If the city council and the executive branch combine their wisdom and capabilities to communicate and cooperate, we can overcome any difficulties wisely," congratulating the new council. Meanwhile, the council members who attended the opening ceremony pledged to engage in responsible legislative activities for the citizens through their oath of office. 2026-08-10 22:04:00
  • China Issues Preliminary Anti-Dumping Ruling on U.S. Pecans Ahead of U.S.-China Summit
    China Issues Preliminary Anti-Dumping Ruling on U.S. Pecans Ahead of U.S.-China Summit China's preliminary ruling finds dumping in U.S. pecan imports at 54%The Chinese government has issued a preliminary ruling indicating that there is dumping in the imports of pecans from the United States and Mexico, determining a dumping margin of 54% specifically for U.S. products.According to Yonhap News on August 10, the Ministry of Commerce of China announced the results of its anti-dumping investigation, which began in September of last year, stating that "dumping exists, the Chinese pecan industry has suffered substantial damage, and there is a causal relationship between the two parties."The ministry also stated that starting August 11, it will implement temporary anti-dumping measures in the form of a deposit, requiring importers to pay a deposit to the authorities.For Mexican imports, the deposit rates range from 17.8% to 51.6% depending on the company, while all U.S. companies will face a 54.3% deposit.U.S. Ambassador Steel honors Korean War veterans at Seoul National CemeteryU.S. Ambassador to South Korea Michelle Steel visited the National Cemetery in Seoul on August 10, accompanied by U.S. Forces Korea Commander Javier Brunson.Ambassador Steel expressed her honor in a post on X (formerly Twitter), stating, "It was a privilege to lay a wreath with Commander Brunson at the National Cemetery to honor the dedication and sacrifice of Korean War veterans."Steel's husband, attorney Sean Steel, who has accompanied her on key engagements since her appointment, was also present during the visit.Ambassador Steel arrived in South Korea on July 30 and submitted her credentials to Foreign Minister Park Jin on August 4.South Korea maintains cautious stance on Ukraine's air defense support amid North Korea troop concernsDespite Ukraine's calls for South Korea to support its air defense systems amid concerns of a potential additional troop deployment of 30,000 to 50,000 North Korean soldiers to Russia, the South Korean government is maintaining its cautious approach.On August 10, a Foreign Ministry official responded to Ukrainian President Volodymyr Zelensky's remarks about ongoing diplomatic contacts regarding air defense support, stating, "Our provision of defense materials to each country has been conducted in compliance with relevant domestic laws and policies."The official added that South Korea has been providing support to Ukraine in various sectors, including energy, infrastructure, healthcare, and education, and will continue to explore options for peace and reconstruction in Ukraine.Kolmar Holdings reports 55% increase in Q2 operating profitKolmar Holdings announced on August 10 that its consolidated operating profit for the second quarter reached 25.3 billion won, marking a 54.7% increase compared to the same period last year.However, sales decreased by 19.0% to 142.3 billion won, and net profit fell by 10.1% to 35.3 billion won. For the first half of the year, the cumulative operating profit was 45.7 billion won, a 134.4% increase from the previous year.Sales for the first half totaled 294.3 billion won, down 10.3%, while net profit rose by 86.1% to 75.1 billion won.Police launch investigation into alleged visa information leak involving NewJeans member HaniPolice have begun a formal investigation into allegations that Ador, the agency representing the girl group NewJeans, leaked visa information of member Hani, an Australian of Vietnamese descent, on August 10.According to Yonhap News, attorney Park Kang-ho from the law firm representing Kim Seong-soo, a cultural critic who filed a complaint against Ador and its employees for violating personal information protection laws, appeared at the Yongsan Police Station in Seoul on the same day.Kim had previously claimed that Ador leaked Hani's personal information, including her E-6 visa type, expiration date, and the status of her visa extension application, during a dispute over her exclusive contract.Hanssem reports fivefold increase in Q2 operating profit, marking 13 consecutive profitable quartersHanssem announced on August 10 that it achieved an operating profit of 11.3 billion won in the second quarter, marking its 13th consecutive quarter of profitability.The company attributed its success to strengthening the competitiveness of its B2C products and enhancing its brand value, resulting in a 400% increase in operating profit compared to the same period last year, despite the second quarter traditionally being a slow season in the home interior industry.Sales decreased by 9.2% to 417.2 billion won, while net profit fell by 85.2% to 4.8 billion won. 2026-08-10 21:36:00
  • China Issues Preliminary Ruling on Dumping of U.S. and Mexican Pecans
    China Issues Preliminary Ruling on Dumping of U.S. and Mexican Pecans The Chinese government has issued a preliminary ruling that imports of pecans from the United States and Mexico are being dumped, determining a dumping margin of 54% for U.S. products.According to Yonhap News Agency, the Ministry of Commerce of China announced on August 10 that its anti-dumping investigation, which began in September of last year, found that "dumping exists, the Chinese pecan industry has suffered substantial damage, and there is a causal relationship between the two parties."The ministry stated that it will implement temporary anti-dumping measures in the form of deposits starting August 11, requiring importers to pay a deposit to the authorities.For Mexican imports, the deposit rates will range from 17.8% to 51.6% depending on the company, while all U.S. companies will face a uniform deposit of 54.3%.A spokesperson for the Ministry of Commerce noted, "Many Mexican companies cooperated with the investigation, but all U.S. companies did not respond. The rates for U.S. companies were determined based on available facts in accordance with Chinese law and World Trade Organization (WTO) regulations."* This article has been translated by AI. 2026-08-10 21:20:00
  • U.S. Ambassador Michelle Steel Visits Seoul National Cemetery to Honor Veterans
    U.S. Ambassador Michelle Steel Visits Seoul National Cemetery to Honor Veterans U.S. Ambassador to South Korea Michelle Steel visited the Seoul National Cemetery on August 10, accompanied by U.S. Forces Korea Commander Javier Brunson.According to Yonhap News, Steel expressed on her X account, "It was an honor to pay tribute to the dedication and sacrifice of Korean War veterans alongside Commander Brunson at the National Cemetery."Steel's husband, attorney Sean Steel, who has been accompanying her on key engagements since her arrival, also joined the visit.The embassy noted that Steel met with Commander Brunson on August 5 as well.In a post on X on August 6, she stated, "I had a meaningful conversation with Commander Brunson about our shared mission to uphold peace and stability on the Korean Peninsula," adding, "We will work closely together to strengthen our combined defense posture and the robust Korea-U.S. alliance."Steel officially took up her post in South Korea on July 30 and submitted her credentials to Foreign Minister Park Jin on August 4.* This article has been translated by AI. 2026-08-10 21:04:10
  • South Korea Remains Cautious on Air Defense Support for Ukraine Amid North Korea Troop Concerns
    South Korea Remains Cautious on Air Defense Support for Ukraine Amid North Korea Troop Concerns Ukraine has raised concerns about the potential deployment of an additional 30,000 to 50,000 North Korean troops to Russia, urging South Korea to provide air defense support. However, the South Korean government has reiterated its cautious stance.According to Yonhap News Agency on August 10, a Foreign Ministry official stated that President Volodymyr Zelensky of Ukraine has expressed hope for South Korea's air defense support, and that diplomatic contacts between the two countries are ongoing. The official emphasized, "Our provision of defense materials to each country has been conducted in compliance with relevant domestic laws and policies."The official added, "We have been providing support to Ukraine in various fields, including energy, infrastructure, healthcare, and education, and we will continue to explore ways to assist in the restoration of peace and reconstruction in Ukraine." This statement reaffirms the government's existing position that military support for Ukraine is unlikely.Since Russia's invasion of Ukraine, the South Korean government has focused on humanitarian and non-military assistance while maintaining a principle of not directly supplying lethal weapons.Earlier, on August 9, President Zelensky shared in an interview with local media that he hopes for South Korea's support in the area of air defense systems, acknowledging legal constraints in South Korea but expressing optimism for cooperation as diplomatic contacts are underway.* This article has been translated by AI. 2026-08-10 21:00:00
  • Kolmar Holdings Reports 55% Increase in Q2 Operating Profit
    Kolmar Holdings Reports 55% Increase in Q2 Operating Profit Kolmar Holdings announced on August 10 that its consolidated operating profit for the second quarter reached 253 billion won, a 54.7% increase compared to the same period last year.Revenue for the quarter was 1.423 trillion won, a decrease of 19.0%, while net profit fell by 10.1% to 353 billion won.For the first half of the year, cumulative operating profit stood at 457 billion won, marking a 134.4% increase from the previous year. Revenue for the first half was 2.943 trillion won, down 10.3%, while net profit rose by 86.1% to 751 billion won.In May, Kolmar Holdings reported a consolidated operating profit of 20.4 billion won for the first quarter, a staggering 549.95% increase year-on-year, with revenue slightly declining by 0.32% to 1.519 trillion won.A company representative stated, "The increase in profit was due to improved performance and profitability of major subsidiaries, as well as expanded equity method gains. However, revenue decreased due to restructuring efforts aimed at enhancing operational efficiency within the group, including the transfer of the Kolmar Skin and H&J cosmetics divisions."* This article has been translated by AI. 2026-08-10 20:40:20