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  • President Lee Holds Meeting on Real Estate and Stock Market After Returning from Overseas Trip
    President Lee Holds Meeting on Real Estate and Stock Market After Returning from Overseas Trip Upon returning from a trip to the United States and South America, President Lee Jae-myung convened a meeting on August 3 to discuss the real estate and stock markets, addressing concerns over market instability.President Lee closely monitored the recent rise in rental prices in the metropolitan area and the fluctuations in the stock market. He reportedly instructed officials to enhance investor protection measures for single-stock leveraged exchange-traded funds (ETFs).After arriving at Seongnam Seoul Airport, President Lee went directly to the Blue House to lead a closed-door meeting. Prime Minister Han Seung-soo and ministers from economic and financial departments attended, providing updates on housing market trends, the impact of tax reforms, and stock market volatility.It is expected that President Lee emphasized the need for housing policies to prioritize the stability of genuine buyers while ensuring the expansion of supply proceeds without delays.The Blue House did not provide an official briefing regarding the closed-door meeting.The government is intensifying monitoring of speculative demand and market disruptions, working to ensure that rising rental prices do not trigger increases in sale prices.In particular, regarding the stock market, officials likely focused on the price fluctuations of the single-stock leveraged ETFs introduced on July 31 and the potential losses for individual investors. The government plans to strengthen investor information and market oversight by reviewing the product structure, sales processes, and adequacy of risk disclosures.Based on the discussions from this meeting, the Blue House will direct relevant departments to refine detailed measures and continuously monitor market conditions.Starting August 4, President Lee will receive reports from various ministries. In the afternoon, he is expected to hear from the Ministry of Trade, Industry and Energy, the Korean Intellectual Property Office, the Ministry of Climate and Energy, the Korea Meteorological Administration, the Nuclear Safety and Security Commission, followed by the Ministry of Employment and Labor, the Ministry of SMEs and Startups, and the Fair Trade Commission, to review follow-up actions from this closed-door meeting.* This article has been translated by AI. 2026-08-03 21:20:00
  • Bithumb Aims for IPO Completion by 2028, Promises Enhanced Transparency
    Bithumb Aims for IPO Completion by 2028, Promises Enhanced Transparency Bithumb, a virtual asset exchange, has outlined its plan to successfully complete its initial public offering (IPO) by 2028, based on significant improvements in its governance structure.On August 3, Bithumb announced its IPO progress through a disclosure on its website, stating that it aims to demonstrate management transparency and maximize corporate value.According to the detailed listing schedule, Bithumb will focus on enhancing its internal control systems and preparing for the transition to Korean International Financial Reporting Standards (K-IFRS) by the end of this year. Following this, the company plans to apply for a preliminary listing review next year, with the goal of completing the final listing process in 2028.Key preparations for a successful IPO include establishing a risk management system comparable to that of regulated financial institutions, improving management transparency through business restructuring, fostering a transparent market environment through proactive information disclosure, and collaborating with external experts to ensure compliance with listing procedures.Additionally, Bithumb has committed to establishing a transparent governance structure, strengthening compliance management, enhancing investor protection measures, securing sustainable growth drivers, and implementing a globally competitive management system.A Bithumb representative stated, "The push for an IPO is a declaration of our commitment to elevate the transparency and stability of virtual asset exchanges to the level of regulated finance. We will systematically fulfill the remaining listing requirements."* This article has been translated by AI. 2026-08-03 21:08:00
  • Seongnam Mayor Shin Sang-jin: Supporting Local Artisans is Key to Reviving the Economy
    Seongnam Mayor Shin Sang-jin: Supporting Local Artisans is Key to Reviving the Economy Shin Sang-jin, the mayor of Seongnam, stated on August 3 that "supporting local artisans is essential for revitalizing the local economy," emphasizing efforts to expand market access for local craftspeople and strengthen the competitiveness of small businesses. On this day, Mayor Shin announced that the "25th Seongnam Excellent Craft Exhibition" will be held from August 3 to 6 at the first-floor plaza of AK Plaza in Bundang. He highlighted the event's focus on nurturing the local craft industry and supporting small businesses. The exhibition is organized by the Korea Traditional Folk Craft Association, with Seongnam City providing 30 million won in funding. The event aims to showcase the works of outstanding local artisans to the public while facilitating actual sales and expanding market access to enhance the competitiveness of the craft industry, according to Mayor Shin. The exhibition will feature over 200 exceptional works from local artisans, including mother-of-pearl lacquerware, hanji crafts, textile arts, and ceramics. Beyond mere display, the event is designed to allow citizens to purchase the artworks directly, which is expected to contribute to stable income generation and self-sustainability for local artisans. In particular, Mayor Shin plans to strengthen distribution and market support for local artisans in collaboration with the Small Enterprise and Market Service's Southern Gyeonggi branch. Additionally, hands-on experience programs in hanji crafts and ceramics will be offered for public participation. During the event, on-site registration will allow approximately 400 participants, indicating strong interest from family visitors. This event is seen as a continuation of Mayor Shin's ongoing emphasis on "livelihood economy recovery," "support for small businesses," and "nurturing local cultural industries." By promoting the consumption of high-quality locally produced crafts and providing opportunities for direct communication between citizens and artisans, the event aims to expand the foundation for a virtuous cycle in the local economy. Citizens have responded positively, expressing that it is an event where they can directly appreciate the value of local crafts. One visitor remarked, "It’s unique and meaningful to see local artisans' works all in one place at a department store, and I feel it’s even more valuable knowing they are handmade, making me want to buy them as gifts." Another citizen noted, "Purchasing high-quality crafts made locally ultimately helps revive the local economy. I hope such events continue to provide tangible support to artisans." Local artisans also expressed their gratitude, stating, "This is a precious opportunity to introduce and sell our works directly to citizens. The continuous support from Seongnam City is a great help in enhancing the competitiveness of the local craft industry." Meanwhile, Mayor Shin emphasized that "local artisans are valuable assets that carry our culture and skills." He added, "We will actively support the creative activities and market expansion of outstanding artisans to invigorate the local economy and continuously create an environment where citizens can enjoy culture and crafts in their daily lives." 2026-08-03 21:00:00
  • Ceuta Faces Ongoing Crisis After Influx of 60,000 Migrants; 72 Confirmed Dead
    Ceuta Faces Ongoing Crisis After Influx of 60,000 Migrants; 72 Confirmed Dead Ceuta, a Spanish enclave in North Africa, is grappling with the aftermath of an unprecedented influx of 60,000 migrants. While the large wave of immigration has subsided, tensions within the local community are escalating, alongside growing criticism of Morocco's handling of the situation.According to Yonhap News on August 3, Ceuta authorities have regained control of the city, and most Moroccan migrants have returned home. However, a palpable tension remains throughout the urban area. At least 72 migrants are reported to have died while attempting to cross the border.The most evident fallout is the ideological conflict that has erupted among residents. A local resident who identifies as a supporter of the far-right Vox party stated, "We cannot open our doors to everyone," criticizing the left-leaning central government’s open immigration policy. Conversely, dozens of leftist protesters gathered across the street, declaring, "We are ashamed of a community that has turned its back on those who desperately crossed the border."The situation for migrants who crossed into Ceuta with dreams of reaching mainland Europe is dire. Many arrived after hearing rumors on social media that the border was open, only to find closed shops, police crackdowns, and overt hostility from some residents. Ultimately, most were unable to endure the hunger and returned to Morocco in tears. Currently, fewer than 1,000 migrants are estimated to remain in Ceuta, and they are reportedly suffering from severe hunger due to the heavy police presence.As the situation stabilizes, various narratives are emerging regarding the underlying causes of the crisis. Multiple foreign analyses suggest that Spanish Prime Minister Pedro Sánchez's visit to Algeria on July 20 to expand gas pipeline cooperation may have provoked Morocco.Many reports indicate that Morocco intentionally loosened border controls to exacerbate the situation. The Spanish Defense Minister publicly referred to Morocco's actions as "blackmail," noting that similar tactics were used in 2021.In international diplomatic circles, there is a prevailing view that Morocco has leveraged the migrant issue as a pressure tactic against Spain and the EU. Some speculate about a connection between Morocco and the U.S., particularly following former President Donald Trump's criticism of Spain as a "terrible NATO partner," although specific links remain unverified.A local police officer in Ceuta, who requested anonymity, criticized, "What is most concerning about this situation is that Morocco not only did nothing to prevent the influx of migrants but actually facilitated it."* This article has been translated by AI. 2026-08-03 20:40:00
  • Ansan Mayor Lim Min-keun Highlights Importance of Eulji Training for Citizen Safety
    Ansan Mayor Lim Min-keun Highlights Importance of Eulji Training for Citizen Safety Lim Min-keun, the mayor of Ansan, emphasized on the 31st that "Eulji training is a key exercise for checking response systems in preparation for national emergencies and various disasters, ensuring citizen safety." On this day, Mayor Lim held a '2026 Eulji Training Preparation Report Meeting' in the first conference room of the city hall, where he comprehensively reviewed the training preparations and inter-agency cooperation systems. The mayor is working to establish a practical response system to prepare for national emergencies and complex disasters. The meeting was attended by 23 senior officials who discussed detailed plans for the crisis management exercise scheduled for the 12th and the war preparedness training taking place from the 18th to the 21st, focusing on building a robust emergency response system capable of immediate action in real situations. Mayor Lim stated, "We will prioritize the lives and safety of our citizens, thoroughly preparing for the exercise with a focus on establishing an integrated defense system that fosters organic cooperation among civil, military, and government entities and enhances on-site response capabilities." This year marks the 58th iteration of the Eulji training, which is a government-led emergency preparedness exercise aimed at preparing for national emergencies and various disasters, according to the mayor. The crisis management exercise will include the operation of the Integrated Defense Support Headquarters, meetings of the Integrated Defense Working Committee, and regional defense security discussions. About 80 participants from civil, military, and government sectors will attend the security discussions to share local security issues and strengthen inter-agency cooperation in the event of a crisis. Notably, the war preparedness training will involve 20 agencies, including Ansan City, with over 520 participants. Various practical programs will be conducted, including emergency assembly training in parks, operation of a comprehensive situation room for wartime, distribution training for general gas masks based on chemical and biological scenarios, and joint initial response training for potential drone terror attacks on school facilities. Additionally, a nationwide civil defense evacuation drill organized by the Ministry of the Interior and Safety will also take place during this period. Citizens have expressed that, given the recent series of disasters and changes in international circumstances, practical emergency preparedness training like Eulji is essential. There is a prevailing expectation that practical training scenarios, such as those involving drone terror and chemical situations, will enhance crisis response capabilities and that the integrated response system among civil, military, and government will further strengthen the safety net for citizens. Moreover, there are calls for sufficient guidance and publicity to ensure systematic training while minimizing inconvenience to citizens. Meanwhile, Mayor Lim Min-keun added, "We will do our utmost to enhance crisis response capabilities through realistic training, making Ansan a safe city that protects the lives and safety of its citizens."* This article has been translated by AI. 2026-08-03 20:36:00
  • Koreas Lee risks losing the rich after stock retailers with property tax
    Korea's Lee risks losing the rich after stock retailers with property tax SEOUL, August 03 (AJP) -South Korean President Lee Jae Myung risks alienating both wealthy homeowners on top of retail investors as he pushes ahead with higher property taxes to curb housing speculation, following an earlier capital-market policy that fueled a speculative frenzy through leveraged single-stock exchange-traded funds (ETFs). Wealthier property owners face sharply higher tax bills under the latest overhaul, while millions of retail investors are still reeling from the collapse of the stock bubble that followed the government's approval of highly leveraged ETF products, a debacle that has prompted regulatory tightening and raised the prospect of class-action lawsuits. Under a new property tax code unveiled Monday by the Ministry of Economy and Finance, the government is reshaping the Comprehensive Real Estate Tax to reward owner occupancy rather than property ownership, while imposing heavier tax burdens on investors, owners of multiple homes and holders of high-value residential properties. The overhaul is one of the Lee administration's boldest attempts to tackle South Korea's chronic housing speculation and widening wealth inequality by discouraging investment demand while protecting genuine homeowners. For owner-occupied single homes, the tax-free threshold will rise to 1.4 billion won (about $1 million) in officially assessed property value from the current 1.2 billion won, reducing taxes for many households that actually live in their homes. The benefits, however, will no longer automatically apply simply because a person owns only one home. Owners of a single home who lease it out or do not reside in it will lose much of the preferential treatment. While the 1.4 billion won exemption threshold will remain, only 900 million won will qualify for the basic deduction, significantly increasing their taxable amount compared with owner-occupiers. Owners of multiple homes will face even steeper burdens. Instead of receiving a uniform 900 million won deduction, their tax-free allowance will now depend on how much of their portfolio consists of owner-occupied housing. Investors who do not live in any of their homes will see the deduction reduced to just 400 million won. The government will also gradually raise the taxable value ratio — the proportion of a property's assessed value subject to taxation. For owner-occupied homes and owners of up to two homes outside designated speculative districts, the ratio will increase to 70 percent from 60 percent beginning next year. Owners of three or more homes and properties in speculative zones will see the ratio eventually climb to 80 percent beginning in 2028. The tax rate structure will also be overhauled. Rather than applying different tax schedules based primarily on the number of homes owned, the government will shift toward taxing the total value of residential assets, meaning expensive property portfolios will face higher effective tax rates regardless of the number of homes. Another major change replaces ownership with residency as the basis for tax relief. Current tax credits reward homeowners based on both age and years of ownership. Under the new system, long-term residency will become the principal criterion, giving larger tax breaks to people who actually live in their homes instead of those who simply hold appreciating assets. The government also plans to raise the cap on annual tax increases to 200 percent from 150 percent, allowing tax liabilities for some property investors to rise more sharply than under the current system. Capital gains tax rules will likewise shift toward rewarding occupancy rather than ownership, with long-term deductions increasingly tied to the length of time a homeowner actually resides in the property. The finance ministry estimates that owner-occupied homes worth up to roughly 3 billion won at market prices will generally pay less tax, while high-end homes, investment properties and multiple-home owners will shoulder significantly larger tax bills. The property overhaul comes only days after the government was forced to tighten rules on leveraged single-stock ETFs, which had become one of the defining financial controversies of Lee's early presidency. The products, introduced as part of efforts to deepen South Korea's capital markets, helped fuel a speculative trading mania centered on AI-related stocks before the market suffered one of its sharpest corrections on record. Billions of dollars in retail wealth were wiped out as individual investors crowded into leveraged products, leaving regulators scrambling to impose emergency restrictions. Lee, whose approval rating has already slipped below 50 percent, now faces class action from investor groups. On Monday, the Citizens' Coalition for People's Livelihood Measures filed a criminal complaint with the Seoul Metropolitan Police Agency against President Lee, Presidential Chief of Staff for Policy Kim Yong-beom and Financial Supervisory Service Governor Lee Chan-jin, accusing them of abuse of authority and obstructing the exercise of rights over the launch of the leveraged ETF products. The civic group argued that Lee and his senior economic aides were responsible for the decision to introduce leveraged single-stock ETFs and urged investigators to examine whether the policymaking process violated relevant laws and administrative procedures. The products became possible after the Cabinet approved revisions to the Enforcement Decree of the Capital Markets Act on April 21, with the amended rules taking effect a week later. The first 2x leveraged ETFs tracking Samsung Electronics and SK hynix were listed on May 27. Since their introduction, market volatility has intensified sharply. During July alone, the Korea Exchange activated sidecar trading curbs 13 times and imposed three marketwide circuit breakers as leveraged trading amplified swings in AI-related stocks. 2026-08-03 20:15:45
  • Kumamoto Faces Dual Crisis of Earthquake and Heatwave; Takaiichi Promises $200 Million in Aid
    Kumamoto Faces Dual Crisis of Earthquake and Heatwave; Takaiichi Promises $200 Million in Aid A powerful 7.1 magnitude earthquake in Kumamoto, Japan, has resulted in 38 fatalities, compounded by an unprecedented heatwave with temperatures exceeding 40 degrees Celsius. In response to the escalating hardships faced by evacuees, the Japanese government has pledged significant financial and administrative support to address the crisis.On August 3, Kumamoto City recorded a high of 40.3 degrees Celsius, marking the first time temperatures in the region have surpassed 40 degrees. Local media reported that the extreme heat, coupled with the aftermath of the earthquake that struck on July 28, has made recovery efforts and the living conditions for evacuees increasingly difficult.Prime Minister Sanae Takaiichi visited the affected areas for the first time since the earthquake. During her visit, she announced a proactive budget allocation of approximately 20 billion yen (about $182 million) for recovery efforts in Kumamoto.Additionally, she stated that the government would designate the situation as a 'specific emergency disaster' to expedite various administrative procedures involved in the recovery process. A large ferry is scheduled to arrive at Yatsushiro Port in Kumamoto on August 4 to facilitate the provision of temporary housing and medical services for evacuees.Takaiichi's inspection was conducted via helicopter from the Japan Ground Self-Defense Force, where she assessed the damage at the Aeon Mall Kumamoto, which experienced explosions and collapses, as well as the area surrounding the Yatsushiro factory of Nippon Paper Industries, where a chimney fell.Following her aerial tour, Takaiichi visited a temporary evacuation center set up in Hikawacho, where she listened to the concerns of evacuees and discussed government support measures.Meanwhile, Japan's Ministry of Agriculture, Forestry and Fisheries reported that the earthquake has caused direct and indirect damage to 1,970 agricultural facilities and 389 plots of farmland in Kumamoto.* This article has been translated by AI. 2026-08-03 19:48:00
  • Defense Minister An Kyoo-baek Calls for Special Discipline Check Amid Operational Failures
    Defense Minister An Kyoo-baek Calls for Special Discipline Check Amid Operational Failures In response to ongoing concerns about operational discipline in frontline units, the Ministry of National Defense has initiated a comprehensive review of military conduct.According to a report by Yonhap News on August 3, Defense Minister An Kyoo-baek convened an urgent meeting of key military commanders at the Joint Chiefs of Staff operations command center, issuing directives for a special discipline check across the armed forces.Minister An emphasized the seriousness of recent operational failures, instructing, "A joint special discipline inspection task force should be established under the leadership of the Defense Ministry's inspector general to focus on operational discipline and reporting systems across the military, including the First Army Corps, until the conclusion of the 'Ulsan Freedom Shield' (UFS) exercise."He also stressed that the core of unit operations should be based on fundamental principles and realistic training, stating, "We must stand as a strong military that earns the trust of the people and instills fear in our enemies, remaining unyielding in the face of any threat."This initiative follows recent incidents involving unarmed guard duty at frontline posts and a mistaken identification of U.S. drones, which have raised significant concerns. Prior to the meeting, military authorities decided to suspend Major General Han Gi-seong, commander of the First Army Corps, from duty pending an investigation.Additionally, military leaders attending the meeting analyzed recent developments in North Korea and meticulously reviewed military readiness. They also agreed to assess disaster preparedness in light of ongoing extreme heat and adverse weather conditions, ensuring proactive measures to prevent casualties.* This article has been translated by AI. 2026-08-03 19:36:10
  • Hyundai Sales Decline While Kia Thrives in July Performance Report
    Hyundai Sales Decline While Kia Thrives in July Performance Report Hyundai Motor and Kia reported mixed global sales results for July. While Hyundai's sales decreased due to weakened domestic and international demand and production disruptions, Kia continued its growth driven by strong sales of electric vehicles (EVs) and hybrids.According to the automotive industry on August 3, Hyundai sold a total of 318,454 vehicles last month, comprising 48,113 units domestically and 270,341 units overseas. This represents a 5.1% decline compared to the same month last year, with domestic sales down 14.4% and overseas sales down 3.2%.In the domestic market, sales of the Sonata (4,584 units) and Santa Fe (3,822 units) were particularly weak. Hyundai noted in its recent second-quarter earnings report that demand in the domestic and European markets has been further hampered by intensified competition.In contrast, Kia reported total sales of 298,037 vehicles last month, including 54,604 units sold domestically and 242,556 units sold overseas, marking a 13.4% increase from the same period last year. Domestic sales rose by 21.3%, while overseas sales increased by 11.6%. Thanks to the expansion of EV and hybrid sales, Kia's global sales have now risen for five consecutive months.The total global sales of the five major domestic automakers in July reached 670,191 units, a 3.5% increase compared to the same month last year, marking two consecutive months of growth. Korean GM sold a total of 42,119 vehicles, benefiting from strong exports of the Chevrolet Trax crossover and Trailblazer, which represented a 30.6% increase from the same period last year.On the other hand, Renault Korea sold a total of 3,030 vehicles, a significant 58.2% decrease from last year. Domestic sales were 1,704 units, down 57.4%, while exports fell by 59.2% to 1,326 units. KG Mobility reported total sales of 8,551 units, an 11.1% decline from last year. Domestic sales dropped by 41.4% to 2,610 units, but overseas sales increased by 15.0% to 5,941 units.In the domestic market, the Hyundai Grandeur topped the best-selling car list for the second consecutive month with 8,532 units sold, followed by the Kia Seltos (7,427 units), Carnival (6,917 units), Sorento (6,153 units), and Sportage (5,381 units).* This article has been translated by AI. 2026-08-03 19:28:00
  • Opposition Criticizes Governments Tax Reform Plan as a Burden on Renters
    Opposition Criticizes Government's Tax Reform Plan as a Burden on Renters The People Power Party strongly condemned the government's tax reform plan, which includes increases in property ownership and transaction taxes, calling it an "unprecedented deterioration."According to a report by Yonhap News on August 3, members of the National Assembly's Finance Committee from the People Power Party held an emergency press conference, stating, "The government, which should support the public suffering from high prices, high exchange rates, and high interest rates, has only increased the burden." They collectively labeled the proposal as "the worst tax reform plan in history."The committee members particularly criticized the government's intention to collect an additional 3.4 trillion won in taxes despite achieving record surplus revenues due to the semiconductor boom, asserting, "In short, it’s a 'shut up and pay your taxes' approach."The most contentious issue raised by the committee was the increase in property transaction and ownership taxes. They argued that the simultaneous rise in these taxes would restrict housing supply. They warned that the increased tax burden on multiple homeowners and landlords would ultimately be passed on to tenants, leading to soaring rents and housing instability for ordinary citizens.Additionally, they criticized the change in the deduction criteria for comprehensive real estate tax and capital gains tax from 'ownership' to 'residency,' stating that citizens would have to meet stringent requirements to prove their residency. They also pointed out that the reduction of capital gains tax benefits for seniors and long-term homeowners sounded like a coercive message: "If you can't afford to pay taxes, sell your house and leave." They added that the tightening of regulations on rental businesses would further hinder housing supply for young people and newlyweds.Furthermore, they noted, "The government has significantly eliminated or redirected legally guaranteed tax benefits for the public, making it difficult for households and businesses to plan long-term due to uncertainty about when and how much support they will receive."The committee also expressed skepticism about the effectiveness of the government's proposed corporate support measures, criticizing the increased requirements for business inheritance tax exemptions from 10 years to 30 years, questioning whether this was an attempt to undermine the system itself.According to materials released by the People Power Party, the government's tax reform will modify 115 out of 241 tax expenditure items and convert 17 into financial support.The committee emphasized, "This reform eliminates the rights of the people while expanding government handouts," asserting, "The People Power Party will fight to protect the rights and properties of the people against tax absolutism."* This article has been translated by AI. 2026-08-03 19:24:20