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  • Former Joyworks CEO Cho Seong-hwan Admits to Assault, Claims Conspiracy Behind Incident
    Former Joyworks CEO Cho Seong-hwan Admits to Assault, Claims Conspiracy Behind Incident Global running shoe brand HOKA's domestic distributor, Joyworks, saw its former CEO, Cho Seong-hwan, publicly address an assault incident involving a former business partner nearly eight months after it occurred. During a press conference on August 10 at the Koreana Hotel in Seoul, Cho acknowledged his responsibility for the assault while asserting that the victims had approached him with the expectation of violence. He also claimed that there were vested interests behind the incident related to the domestic distribution rights of HOKA. "I will courageously say what is wrong is wrong and what is not true is not true," Cho stated. "I sincerely apologize for the discomfort caused by my mistakes." He further alleged that the essence of the incident was a conspiracy involving a small group of insiders and external forces colluding to seize Joyworks' exclusive domestic rights to HOKA. The incident occurred in December 2022 when Cho assaulted two representatives from competitor Caveworks in Seongdong-gu, Seoul. The story broke in January 2023 through an MBC report, which introduced the victims as being affiliated with Joyworks' subcontractors, leading to a broader controversy over alleged abuse of power. Following the incident, Cho admitted to the assault and stepped down from his position, while Deckers, the American company that owns the HOKA brand, notified Joyworks of the termination of their domestic distribution contract. However, after mediation by the Press Arbitration Commission, some reports were corrected to clarify that the victims were not subcontractors of Joyworks but rather competitors who had established Caveworks. Currently, Joyworks and Deckers are engaged in international arbitration regarding the termination of their distribution agreement. Cho's side contended that the incident was mischaracterized as a case of a powerful company abusing a powerless subcontractor. The assault victims were identified as former Joyworks employee Im and former business partner Cheon, who had established Caveworks and were in competition with Joyworks. Cho argued, "The essence of the incident is not about abuse of power in a subcontractor relationship, but rather a conflict induced by using company information to create a competing firm with a specific agenda to provoke violence." A notable testimony came from Son Najayong Pullar, who claimed to have been close to the victims. Son stated that Im and Cheon had repeatedly mentioned going to "take a beating" before the incident, and that Cheon had said, "A few hits and it will be over." Son also revealed a recorded phone conversation with Im, in which Im allegedly acknowledged such statements. He submitted a notarized statement to investigative authorities regarding these claims. Son recounted that after the assault, he heard from the victims, "I was hit more than I expected," and expressed concern that the public narrative was vastly different from what he had witnessed. Cho's team also raised suspicions that Caveworks continued to contact current Joyworks employees after their business relationship ended, allegedly using company resources and trade information. A KakaoTalk conversation was revealed, discussing the merging of Joyworks and Caveworks under the name "JokeWorks" and suggesting the use of personal emails instead of company ones. Cho stated, "I only learned that Joyworks employees and Caveworks representatives referred to themselves as 'JokeWorks' after the incident," adding that he became aware of the misuse of Joyworks' resources post-assault. Joyworks has initiated legal action for breach of trade secrets and embezzlement related to these allegations, which are currently under investigation with no final judgment from judicial authorities yet. Cho also questioned the timing of Deckers' termination of the distribution contract following the assault report, stating, "I understand that nearly 30 companies contacted the U.S. headquarters after the report. While fair competition is always welcome, if there was a calculation to undermine a person to seize rights, that must stop." When asked if he believed a specific large corporation was behind the incident, Cho refrained from naming any companies directly. He remarked, "Given the brand's growth, several large companies have competed with us over the years. You can infer who benefits the most from the contract termination." However, no objective evidence linking a specific corporation to the assault was presented during the press conference. Cho emphasized, "This is not a platform for me to reclaim my position." He expressed concern that his personal mistakes were affecting the livelihoods of unrelated employees, stating, "I will bear any punishment for my mistakes, but please do not let my employees suffer for it." He also appealed to Deckers, saying, "The success achieved in the Korean market is built on the hard work of dedicated employees. It is crucial that they do not lose their jobs before the truth is revealed."* This article has been translated by AI. 2026-08-10 16:04:00
  • Decline in Demand Deposit Turnover Continues for Second Month
    Decline in Demand Deposit Turnover Continues for Second Month The turnover rate of demand deposits in the banking sector has decreased for two consecutive months. This decline is attributed to increased domestic and international uncertainties and heightened volatility in the stock market, leading households and businesses to postpone investments and spending. Some of the idle funds are shifting to time deposits, which offer higher interest rates.According to the Bank of Korea on August 10, the turnover rate for demand deposits at deposit banks was recorded at 21 times in May, down 2.1 from 23.1 in the previous month, marking the lowest level since February (19.1 times).The turnover rate indicates the ratio of withdrawal amounts to average balances, reflecting how often deposits are withdrawn or transferred over a certain period. A lower turnover rate suggests that the speed at which money remains in accounts for investment or consumption has slowed.The demand deposit turnover rate peaked at 23.6 times at the end of last year, the highest in a decade, before dropping to 21.4 times in January and 19.1 times in February. It rebounded to 23.5 times in March but fell again to 23.1 times in April and 21 times in May, marking two consecutive months of decline. The turnover rate for checking accounts, primarily used by businesses for transaction payments and investments, also fell to 632.8 times in May, dropping below 600 for the first time since February.Market analysts attribute this trend to increased stock market volatility and rising interest rates, prompting households and businesses to prioritize cash reserves over active investments or spending. With the upward trend in benchmark interest rates, banks have raised deposit rates, reducing the incentive to shift funds into riskier assets. According to the Capital Market Research Institute, the daily return volatility of the KOSPI index in the first half of this year was 3.6%, more than double last year's 1.4%.In fact, there is a noticeable trend of funds moving from demand deposits to time deposits. As of August 7, the balance of time deposits at the five major banks—KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup—was recorded at 994.7 trillion won, an increase of 45.3 trillion won from 949.4 trillion won at the end of June. This month alone, it rose by 9.7 trillion won from 984.9 trillion won at the end of last month.Conversely, the balance of demand deposits, a typical form of short-term liquid funds, decreased from 722.3 trillion won at the end of June to 666.1 trillion won as of August 7, a drop of 56.1 trillion won. While the overall balance of demand deposits has significantly decreased, the turnover rate of the remaining funds has also slowed. Analysts suggest that rather than quickly moving into investments or consumption, some funds are shifting to relatively higher-yielding time deposits, while others are being held for liquidity.A source from a major bank's funding department stated, "As stock market volatility increases and interest rates rise, there is a strong tendency for both households and businesses to delay active investments or spending. It is likely that the trend of funds moving to time deposits and the slowdown in demand deposit turnover will continue for the time being."* This article has been translated by AI. 2026-08-10 16:00:20
  • Housing Market Shows Wide Disparity Between Seoul and Regional Areas
    Housing Market Shows Wide Disparity Between Seoul and Regional Areas Recent data from the apartment subscription market reveals a stark contrast in competition rates between Seoul and regional areas, with Seoul's rate exceeding that of the provinces by more than seven times. However, performance varied significantly across different regions and complexes, indicating a shift towards a more selective approach based on housing type.According to data released on August 10 by the Korea Real Estate Agency, a total of 33 apartment complexes that completed general supply applications from July 1 to July 31 received 34,821 applications for 7,539 units, resulting in an overall competition rate of 4.62 to 1.However, the disparity between Seoul and the provinces is pronounced. In Seoul, four complexes offered 691 units and received 14,648 applications, achieving a competition rate of 21.20 to 1. In contrast, eight provinces outside the capital saw 4,692 units with only 13,096 applications, yielding a rate of 2.79 to 1. This means Seoul's competition rate is 7.6 times higher than that of the provinces.When comparing supply and application ratios, the concentration in Seoul becomes even clearer. Although Seoul's general supply accounted for only 9.2% of the total, it attracted 42.1% of all applications. Excluding Seoul, the overall competition rate drops to 2.95 to 1, indicating that some complexes in Seoul significantly raised the average.In contrast, Busan saw only 73 applications for 347 units, resulting in a competition rate of 0.21 to 1, while Ulsan and Jeonbuk recorded rates of 0.15 to 1 and 0.13 to 1, respectively. Jeju had just 23 applications for 378 units, leading to a rate of 0.06 to 1, with applicants failing to reach even one-tenth of the available units. Overall, 19 out of the 33 complexes, or 57.6%, had fewer applications than available units, indicating that more than half of the complexes could not attract enough applicants.Applications have become concentrated in a select few complexes. This trend of 'selective subscription' shows that demand is focused on specific regions and complexes. The top five complexes, including Jangwi Prugio Mark One, Changwon Hanshin The Hue Mega Centum, Dongjak Central Dongmun The East, Pentahills W Phase 1, and Wolgye Jungheung S-Class Riviera, received a total of 22,503 applications, accounting for 64.6% of all applications.Within Seoul, there were significant variations among complexes. Dongjak Central Dongmun The East received 3,903 applications for 34 units, resulting in a staggering competition rate of 114.8 to 1. Wolgye Jungheung S-Class Riviera also saw 3,024 applications for 62 units, achieving a rate of 48.8 to 1. Meanwhile, Dephine Artia had 1,753 applications for 85 units, and Jangwi Prugio Mark One received 5,968 applications for 510 units.When examining housing types, consumer preferences have become more segmented. Overall this year, rising prices and loan regulations have led to a preference for smaller units.In the first priority area for Jangwi Prugio Mark One, the 46-square-meter units had the highest competition rate at 81.17 to 1, while the 84-square-meter B units, which had a larger supply, only reached a rate of 4.43 to 1. The significant price difference, with the highest price for the 46-square-meter units at around 800 million won compared to 1.7 billion won for the 84-square-meter units, suggests that demand has shifted towards smaller units due to total price and financial burden considerations.At Noryangjin Dephine Artia, the 59-square-meter A units recorded a competition rate of 50.1 to 1, while the 59-square-meter B units reached 36.7 to 1, in stark contrast to the 109-square-meter units, which only had a rate of 1.8 to 1. Dongjak Central Dongmun The East also saw a high competition rate of 198.67 to 1 for the 59.7098-square-meter units.Conversely, Wolgye Jungheung S-Class Riviera exhibited the opposite trend, with the 84-square-meter units achieving a competition rate of 105 to 1. This indicates that within Seoul, factors such as supply volume, pricing, location, and the scarcity of new developments have influenced the perceived value of certain housing types.Experts predict that this selective subscription trend will become even more pronounced in regional areas. Kwon Dae-jung, a professor of economics and real estate at Hansung University, noted, “Even within the same region, subscription performance varies dramatically. Location, brand, pricing, and living infrastructure are key determinants of success.”Additionally, there is a growing tendency to apply only to complexes deemed competitive after considering funding and surrounding market prices, rather than using subscription accounts indiscriminately. A real estate industry insider stated, “The trend in subscriptions is changing due to government regulations,” adding, “While small units are currently in demand due to loan restrictions, selective and cautious subscriptions for 84-square-meter units are also on the rise depending on location conditions.”* This article has been translated by AI. 2026-08-10 16:00:10
  • Controversy Surrounds Ha-youngs Ancestors Alleged Pro-Japanese Activities
    Controversy Surrounds Ha-young's Ancestor's Alleged Pro-Japanese Activities Speculation is growing that actor Ha-young's great-grandfather was modern physician Ahn Sang-ho, prompting a reexamination of his pro-Japanese activities.Ha-young has previously disclosed her medical family background in various broadcasts and interviews. In a January 2025 interview, she revealed that her father is a practicing doctor and her mother studied nursing, stating, "I heard that my great-grandfather was one of the first doctors to practice Western medicine in Hanyang. He reportedly treated Emperor Gojong."In a recent broadcast, Ha-young reiterated this, saying on KBS2's 'Problematic Sons of Rooftop,' "I heard that my great-grandfather was among the first to establish a Western medicine clinic in Hanyang after studying medicine in Japan, and he treated Emperor Gojong."Following these remarks, online speculation arose that Ha-young was referring to Ahn Sang-ho. Historical records confirm that Ahn was part of the royal medical staff. According to materials published by the Seoul History Compilation Committee, Ahn studied medicine in Japan before returning to Korea, where he served as a physician for Emperor Sunjong and established a private clinic in Jongno 3-ga. His name appears repeatedly in the Annals of the Joseon Dynasty as a physician for Sunjong in the 1920s.Ahn's name has become controversial due to his actions during the Japanese colonial period. A study published by the Korean Society for the Study of National Movement indicates that Ahn was a member of the Daejeong Friendship Association, formed in November 1916. The study describes the association as a pro-Japanese organization, noting that Ahn, a successful doctor who married a Japanese woman, was considered a model of 'Japanization' at the time. Other members of the association included Lee Wan-yong and Song Byeong-jun.However, Ha-young's agency acknowledged that Ahn Sang-ho is indeed her great-grandfather but stated that the allegations of pro-Japanese activities are "groundless."In response, netizens expressed their opinions, with comments such as, "Isn't it wrong to boast about being from a pro-Japanese family?" and "It seems like they kept it quiet at home... Is this a lack of family education or just excessive? It's a funny situation," and "This is a misstep; they should have educated her better about the pro-Japanese issue. This is not something that can be defended," along with remarks like, "The protagonist of the Gojong poisoning theory" and "She won't be able to do commercials in the future."As the controversy escalates, past responses from other celebrities regarding their 'pro-Japanese descendants' are also being recalled.Actress Lee Ji-ah, when her grandfather's pro-Japanese activities came to light, issued a statement saying, "I deeply recognize my grandfather's historical mistakes and sincerely apologize as a descendant." Lee explained that her grandfather passed away when she was two years old, and she grew up unaware of his pro-Japanese actions, only learning about them through related articles in 2011. She visited the National Institute of Korean History multiple times to verify the information and study the issue.Lee also stated that if the family assets in question were acquired during the Japanese colonial period, they should be returned to the state.* This article has been translated by AI. 2026-08-10 16:00:00
  • IBK Industrial Bank Partners with Seoul to Discover AX-Based Fintech Startups
    IBK Industrial Bank Partners with Seoul to Discover AX-Based Fintech Startups IBK Industrial Bank is collaborating with the city of Seoul to discover and nurture fintech startups based on artificial intelligence transformation (AX). On August 10, the bank announced that it is recruiting participants for the '2026 Seoul Fintech Week Demo Day with IBK Industrial Bank,' which is being jointly organized with the Seoul Metropolitan Government and Seoul Fintech Lab. The recruitment is open to fintech startups located in Seoul that have been established within the last seven years. Companies in new industry sectors that fall under the Small and Medium Enterprise Startup Support Act can also apply if they have been founded within the last ten years. Applications will be accepted from August 10 to 30 through the Startup Plus website. After a review process, IBK and Seoul will select a total of 12 companies. The selected startups will participate in a program designed to enhance their presentation skills and business models, known as the 'Investor Relations (IR) Enhancement Support Program,' prior to the demo day. Three outstanding companies chosen during the demo day will receive additional support for their growth. The recipient of the 'IBK Special Award' will receive 20 million won in research and development funding, along with an opportunity to participate in the bank's open innovation program. IBK aims to use this event not just as a competition but as a nurturing program to connect promising fintech startups with investment and business collaboration opportunities. An IBK official stated, "Through this demo day, we will discover excellent AX-based fintech companies and expand investment and collaboration opportunities."* This article has been translated by AI. 2026-08-10 16:00:00
  • Homeowners in Han River Belt Face Dilemma Amid Tax Reforms
    Homeowners in Han River Belt Face Dilemma Amid Tax Reforms Homeowners of non-residential single homes in the Han River Belt, including Mapo and Seongdong districts, are grappling with complex decisions regarding ownership, sales, and actual residency following recent tax reforms. While the reforms expand the basic exemption for resident homeowners, non-residents face increased tax burdens. With lending restrictions limiting buyer activity, many find it challenging to sell or rent their properties.According to real estate agencies in the Mapo area, inquiries from non-resident homeowners about selling and moving in have surged since the announcement of the tax reform.The Mapo Raemian Prugio, a prominent complex with 3,885 units, has seen recent transactions for its 59-square-meter units priced between 2.1 billion and 2.2 billion won, while 84-square-meter units are selling for 2.4 billion to 2.6 billion won. This area has been noted for its lower price burden compared to Gangnam and its accessibility to the city center, attracting demand for what is referred to as 'less desirable' properties. However, there has been a noticeable increase in consultations from non-resident homeowners regarding property sales.A representative from a local agency stated, "A homeowner residing in Pyeongtaek, who owns a single property here, came in worried about taxes. They find it difficult to leave their existing community, and selling their home to buy another would incur acquisition taxes and brokerage fees, making it hard to decide."Under the new tax reform, the basic exemption for resident homeowners has increased from 1.2 billion won to 1.4 billion won, while non-residents are subject to a 900 million won threshold. Homes with a publicly assessed value exceeding 900 million won but below 1.2 billion won may now be subject to taxation, and properties valued over 1.2 billion won will face increased burdens due to reduced exemptions and higher market value ratios.According to Woo Byung-tak, a specialist at Shinhan Premier Pathfinder, if the rate of increase in publicly assessed values for apartments in 2027 is assumed to be half of this year's rate, the property tax for a non-resident homeowner with an 84-square-meter unit in Mapo Raemian Prugio, valued at approximately 1.75 billion won, is projected to rise from 4.16 million won this year to 6.17 million won next year, marking a 48.2% increase. Similarly, the tax for an 84-square-meter unit in Seongdong's Raemian Oksooribujeon is expected to increase from 4.52 million won to 8.63 million won, a 90.7% rise.These figures reflect the combined impact of the tax reform and rising assessed values, with actual property taxes varying based on assessed values and exemptions.A representative from a local agency in Okso-dong noted, "Homeowners living outside the area are inquiring whether they are subject to taxation. Many prefer to wait and see the actual amounts they will owe and the buyer demand before listing their properties."Even for those choosing to sell, demand remains insufficient. Homes priced around 2 billion won require significant personal funds due to limited loan amounts, and potential buyers looking to move to Mapo or Seongdong must first sell their existing homes.A representative from an agency near Seongdong's Centras commented, "Even if homeowners list their properties due to taxes, the limited loan amounts mean there aren't many buyers. How many buyers have around 2 billion won in cash?"Homeowners unable to sell are also considering moving in themselves. A representative from a Mapo Raemian Prugio agency mentioned, "A homeowner with a lease contract until 2027 asked if they could sell without showing the interior since the tenant isn't allowing viewings. Some homeowners are considering moving in if selling proves difficult."Nam Hyuk-woo, from Woori Bank's real estate research institute, stated, "It is unlikely that demand will quickly concentrate in the Han River Belt immediately after the tax reform. Those looking to upgrade must first sell their existing homes, which means the entire market is interconnected and will inevitably slow down together." 2026-08-10 15:56:00
  • This Weeks Power Demand Expected to Reach 96.7 GW with Reserve Capacity Over 10 GW
    This Week's Power Demand Expected to Reach 96.7 GW with Reserve Capacity Over 10 GW 지난주 일 최대 총수요가 기존 기록을 넘어선 가운데 이번 주에도 높은 전력수요가 예상된다. 다만 10GW 이상의 예비력을 확보해 전력수급은 안정적일 것으로 보인다. 10일 전력거래소의 '8월 1주차 주간 전력수급 실적 및 전망'에 따르면 오는 10~14일 예상 전력수요는 92.9~96.7GW(기가와트)다. 같은 기간 공급능력은 106.9~107.5GW로 예상됐다. 이에 따른 예비력은 10.3~14.4GW, 예비율은 10.7~15.5% 수준으로 전망된다. 지난 3~7일 전력수요는 91.1~95.3GW를 기록했으며 총수요는 97.3~104.4GW로 집계됐다. 특히 지난 7일 오후 3시 총수요는 104.4GW를 기록해 지난해 8월 25일 세운 종전 일 최대 총수요 104.2GW를 넘어섰다. 당시 전력수요는 95.3GW, 공급능력은 103.6GW였다. 예비력은 8.3GW, 예비율은 8.7%를 기록해 높은 수요에도 안정적인 전력수급을 유지했다. 2026-08-10 15:56:00
  • MegaMGC Coffee Concludes NCT WISH Fan Signing Event, F.M.W Campaign Wraps Up
    MegaMGC Coffee Concludes NCT WISH Fan Signing Event, F.M.W Campaign Wraps Up About four months of engagement between NCT WISH and fans culminated in a meaningful journey as MegaMGC Coffee wrapped up its participatory campaign with a fan signing event.On August 8, MegaMGC Coffee held the 'FIND MY WISH: THE FINAL JOURNEY MegaMGC Coffee × NCT WISH Fan Signing Event,' which was announced on the 10th. Fifty fans selected through a frequency event held last month attended the event.The frequency event allowed fans to enter the fan signing by purchasing a total of 10 drinks, including mission beverages. Various programs, including a Q&A session utilizing the F.M.W campaign, were organized alongside the fan signing.Fans shared stories they wanted to discuss with NCT WISH members about the 'starlight emotion keywords' used in the campaign, such as happiness, luck, love, joy, dreams, and courage. Members selected questions from these submissions to answer. A cake was presented to celebrate the campaign's conclusion, and a prize drawing was also held. Six fans were selected to receive keychains, tin case sets, and MegaMGC Coffee mobile vouchers.The F.M.W campaign was a participatory event aligned with the birthdays and significant anniversaries of the six NCT WISH members. It ran for about four months, starting on April 5, with fans sharing the members' 'starlight emotion keywords' at stores. MegaMGC Coffee connected in-store content with the frequency event and the offline fan signing.NCT WISH members expressed, "We are happy to be able to work with MegaMGC Coffee again this year, just like last year. It was a joy to communicate closely with fans and see their faces after a long time."A representative from MegaMGC Coffee stated, "It is meaningful to conclude the F.M.W campaign with the fan signing event. We will continue to provide unique experiences to consumers through various campaigns with different artists in the future."* This article has been translated by AI. 2026-08-10 15:52:00
  • Special Prosecutors Consider Charging Around 40 Individuals, Results to Be Announced on 24th
    Special Prosecutors Consider Charging Around 40 Individuals, Results to Be Announced on 24th The second comprehensive special investigation team, led by Special Prosecutor Kwon Chang-young, is preparing to indict around 40 additional individuals as the investigation nears its conclusion. This week, the team will begin selecting those to be charged, including key figures such as former National Intelligence Service Deputy Director Hong Jang-won and former Commander of the Capital Defense Command Jo Sung-hyun.According to legal sources on August 10, the special investigation team is considering indicting approximately 40 individuals ahead of the investigation's conclusion on the 23rd. Given that the team has already indicted 11 individuals since its establishment on February 25, the total number of indictments is expected to reach around 50.During a regular briefing at the special investigation office in Gwacheon, Special Prosecutor Kim Ji-mi stated, "This week will primarily focus on selecting those to be indicted." The team is employing a strategy known as 'heavy tail,' concentrating on case resolutions in the latter stages of the investigation.A significant number of indictments are anticipated in connection with allegations of involvement in insurrection by the National Intelligence Service and military personnel. The special investigation team plans to select individuals for indictment from the 11 already charged with insurrection-related offenses this week.The decisions regarding Hong and Jo are particularly noteworthy. Both have been investigated as key witnesses in the insurrection special investigation team led by Special Prosecutor Jo Eun-seok, but the comprehensive special investigation is examining whether their actions during the execution of the insurrection were illegal. Hong is currently under investigation by the comprehensive special investigation team.If they are indicted, it could impact the maintenance of charges in existing insurrection cases. If key witnesses used to substantiate allegations against figures like former President Yoon Suk Yeol are later deemed suspects by a subsequent special investigation, the defense may challenge the credibility of previous testimonies.According to reports from Aju Economy, the special investigation team is also reviewing allegations that the military command operated without using command and control equipment during the emergency martial law on December 3, following orders from higher-ups.Military prosecutor Kim Min-seok contacted a whistleblower on July 27 to confirm the intent of the report, applicable charges, and the basis for operating command and control equipment. The whistleblower indicated that the military did not use the equipment as per higher orders and provided supporting military documents and evidence.However, as of today, there have been no requests from the special investigation team for additional appearances or document submissions. With the investigation nearing its end, there is speculation that the team may refer cases to other investigative agencies rather than expanding its own inquiry.In the investigation into the alleged pressure surrounding the death of Sergeant Chae Sang-byeong, the special investigation team has moved to secure suspects at the last minute. On August 7, they requested pre-arrest warrants for former Director of the Defense Security Command Hwang Yu-seong and former Chief of the Marine Corps Intelligence Unit Moon Yeon-cheol for their involvement in concealing the so-called 'presidential anger' incident. Hwang faces charges of abuse of authority, while Moon is charged with abuse of authority and coercion of interviews. The warrant hearings for these individuals are scheduled for August 12 at the Seoul Central District Court.The special investigation team expects to indict around six suspects from Kim Ji-mi's team. In connection with allegations of covering up the Deutsche Motors stock manipulation case, former Seoul Central District Prosecutor Seo Min-seok has recently been investigated as a suspect, and related individuals are expected to be indicted this week.The status of former Minister of Land, Infrastructure and Transport Won Hee-ryong, who is under suspicion for changing the route of the Seoul-Yangpyeong Expressway, remains uncertain. The special investigation team is considering additional investigations, indictments, or referrals to other investigative agencies.To prepare for the large-scale indictments, the special investigation team is also securing personnel for maintaining charges. They have begun recruiting special prosecutors to handle charge maintenance, targeting lawyers with over five years of legal experience. Under the revised comprehensive special investigation law, up to 10 charge maintenance attorneys can be designated.The special investigation team is set to conclude its 180-day investigation on the 23rd and will announce the final results on the 24th.* This article has been translated by AI. 2026-08-10 15:52:00
  • Sony and TSMC Invest $9 Billion in Kumamoto for Next-Gen Image Sensors
    Sony and TSMC Invest $9 Billion in Kumamoto for Next-Gen Image Sensors Sony Group and Taiwan's TSMC are set to invest approximately 1 trillion yen (about $9 billion) in the production of next-generation image sensor semiconductors in Kumamoto, Japan, where a magnitude 7.1 earthquake occurred last month.According to Nikkei Asia on August 10, Sony and TSMC plan to begin mass production of the next-generation image sensors in Kumamoto as early as 2029. The total investment is expected to be around 1 trillion yen.The production will be managed by a joint venture, with Sony contributing about 60% and TSMC about 40%. The companies aim to finalize their investment plans soon and establish the joint venture by March 2027, within the 2026 fiscal year.The production line will be located at Sony Semiconductor Solutions' image sensor factory in Kōshi, Kumamoto Prefecture, which is approximately 30 kilometers from the earthquake's epicenter and sustained minimal damage. A large-scale research and development facility will also be established. Sony and TSMC are discussing potential government subsidies to support their investment with Japan's Ministry of Economy, Trade and Industry.The decision to continue investing in Kumamoto despite the earthquake is attributed to the region's favorable conditions for semiconductor production. Kumamoto is rich in water resources essential for semiconductor manufacturing and offers relatively inexpensive electricity generated from renewable sources such as geothermal and solar energy. Both companies plan to maintain semiconductor production investments in Kumamoto in the long term.The high-performance camera sensors produced by the joint venture are expected to be supplied to Apple for its iPhones. The companies also plan to enhance the performance of image sensors to target the physical AI market.Nikkei noted that Sony aims to strengthen its technological edge in the image sensor market through its partnership with TSMC, while TSMC seeks to accumulate related technologies to expand into the physical AI sector.Meanwhile, it has been reported that the recent earthquake in Kumamoto Prefecture has resulted in 39 fatalities to date.* This article has been translated by AI. 2026-08-10 15:52:00