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  • Foreign Ministry Reviews Preservation of Independence Movement Sites in China
    Foreign Ministry Reviews Preservation of Independence Movement Sites in China The Foreign Ministry reported on August 2 that it conducted a comprehensive review of the preservation and management status of independence movement sites in China during a meeting held in Chongqing on July 31, ahead of Liberation Day.Attendees included officials from the ministry's diplomatic missions in China, the Ministry of Veterans Affairs, the Independence Hall of Korea, and the Northeast Asian History Foundation.During the meeting, participants assessed the preservation and management status of Korean independence movement sites in China based on field inspection results from overseas missions.They also discussed institutionalizing preservation and management efforts for historical sites, as well as expanding the use of the Provisional Government's offices in Shanghai and Chongqing to enhance exchanges between the citizens of both countries.After the meeting, officials, including Director Na, visited key independence movement sites in Chongqing, such as the Korean Liberation Army Headquarters Memorial Hall, the Provisional Government's office in Yeonhwa, the site of Osaya Port, and the residence of Lee Dong-nyeong, to assess their conditions and also visited the Chijang Museum.The Foreign Ministry stated, "We will continue to work closely with relevant organizations to strengthen the preservation and management of independence movement sites in China and will maintain diplomatic efforts to secure cooperation from the Chinese side."* This article has been translated by AI. 2026-08-02 16:32:00
  • South Koreas Birth Rate Expected to Reach 0.9 for First Time in Seven Years
    South Korea's Birth Rate Expected to Reach 0.9 for First Time in Seven Years This year, South Korea's birth rate is showing signs of recovery, with expectations that the annual total fertility rate could reach the 0.9 range for the first time in seven years. However, experts caution that the ongoing effects of low birth rates may still hinder efforts to reverse the aging population structure. According to data from the National Statistical Portal (KOSIS) and population trends released on August 2, the total fertility rate for the first quarter of this year was 0.95, with April and May recording rates of 0.93 and 0.85, respectively. Typically, the total fertility rate is higher in the first and second quarters and lower in the third and fourth quarters. Given the trends observed through May, there are predictions from both government and external sources that the annual total fertility rate could exceed 0.9. If the total fertility rate recovers to the 0.9 range this year, it would mark the first time since 2019, when it was 0.92. The rate, which was 1.48 in 2000, has steadily declined, reaching as low as 1.05 in 2017. In 2018, it fell below 1 for the first time, dropping to 0.98. After hitting a record low of 0.72 in 2023, it rebounded to 0.75 in 2024 and rose to 0.80 last year. The increase in the total fertility rate is attributed to a combination of factors, including a rise in the population of individuals in their 30s, an increase in marriages, and a positive shift in perceptions regarding marriage and childbirth. From January to May this year, the number of births totaled 122,694, reflecting a 15.2% increase compared to the same period last year. Despite the recent uptick in births, analysts argue that it is insufficient to reverse the entrenched trend of aging. Over the past decade, the youth population has decreased by approximately 25%, while the elderly population has surged by over 60%. According to the registered census population statistics compiled annually in November, the youth population aged 0-14 was 5,224,936 last year, a 24.9% decrease from 2015. This decline has continued at an annual rate of about 2-4% over the past decade. In contrast, the population aged 65 and older increased from 6,617,378 to 10,722,557, marking a 62.0% rise and surpassing 10 million. This age group has seen an annual increase of about 3-6% over the last ten years. Notably, the population aged 85 and older has more than doubled in the past decade, rising from 525,723 to 1,148,525. As a result, the proportion of the youth population among the total population of 51,817,499 last year was only 10.1%, while the elderly population accounted for 20.7%, more than double that of the youth. The Organization for Economic Cooperation and Development (OECD) emphasized in a report released last month that structural reforms are necessary to address low birth rates, aging, and regional economic disparities.* This article has been translated by AI. 2026-08-02 16:20:00
  • Despite Record Exports, Won-Dollar Exchange Rate Remains Stuck Amid Overseas Investment Boom
    Despite Record Exports, Won-Dollar Exchange Rate Remains Stuck Amid Overseas Investment Boom Last month, the won-dollar exchange rate fell by over 125 won, dropping to the low 1400s. Strong export performance and corporate demand for currency exchange supported this short-term decline, but ongoing structural demand for dollars due to domestic overseas investments suggests a return to the previous range of 1200-1300 won is unlikely in the medium to long term.According to the Seoul foreign exchange market on August 2, the won-dollar exchange rate closed at 1424.0 won as of 3:30 PM on July 31. This marks a decrease of 125.4 won from 1549.4 won at the end of June, representing the largest monthly drop since March 2009, when exchange rate volatility surged during the global financial crisis.The won appreciated against the dollar by 8.81% last month, the highest rate since March 2009. The exchange rate peaked at 1559.2 won on July 1 before falling to 1418.0 won on July 30, the lowest level in nine months.The recent sharp decline in the exchange rate has been influenced by improvements in foreign exchange market supply and demand. Analysts attribute the increase in dollar supply to funds related to SK Hynix's American Depositary Receipt (ADR) issuance and export companies' negotiation volumes. Additionally, the Bank of Korea raised its benchmark interest rate from 2.50% to 2.75% last month, narrowing the interest rate gap between South Korea and the U.S., which also supported the won's strength.Strong export performance is another factor contributing to the short-term decline in the exchange rate. According to the Ministry of Trade, Industry and Energy, July exports surged by 62.8% year-on-year to $98.89 billion, marking the second-highest monthly total on record. Semiconductor exports reached $41.01 billion, a staggering increase of 178.8%, while the trade balance recorded a surplus of $30.32 billion.In August, continued demand for currency exchange from companies preparing for corporate tax prepayments is expected.However, analysts caution that this short-term decline in the exchange rate is unlikely to lead to a sustained appreciation of the won in the medium to long term. According to a report by Samsung Securities, an analysis of exchange rate fluctuations from early 2022 to June 2023 revealed that the current account surplus exerted a downward pressure of 29 percentage points on the won-dollar exchange rate. Conversely, domestic investments in overseas securities created an upward pressure of 29 percentage points, effectively offsetting the impact of the current account surplus. Samsung Securities also noted that foreign capital outflows and risk premiums have contributed to the weakness of the won.The gap between economic fundamentals and the actual exchange rate has widened. The value of the won, reflecting productivity, trade conditions, net foreign assets, and real interest rate differentials, is estimated to be undervalued by about 26% compared to its equilibrium level. While improvements in trade conditions due to strong semiconductor exports suggest a strengthening of the won's equilibrium value, the actual value has not kept pace.Before the COVID-19 pandemic, exchange rates typically returned to equilibrium levels after about 14 months, even if they deviated. However, since 2020, this resilience has weakened, influenced by structural dollar demand from domestic investments in overseas securities and acquisitions of foreign assets by institutions and corporations.Samsung Securities predicts that if South Korea follows a path similar to Germany, where trade surpluses and overseas investments continue, the won-dollar exchange rate could fluctuate between 1430 and 1485 won. If it follows Taiwan's trajectory, characterized by a large trade surplus centered on semiconductors and accumulation of overseas assets, the rate could rise to the 1500 to 1600 won range by 2030.Choi Ye-chan, a researcher at Samsung Securities, stated, "Regardless of which scenario South Korea follows, the conclusion remains that higher exchange rates than in the past will persist. A meaningful appreciation of the won will only be possible when the speed of foreign currency reflows slows and incentives for domestic and foreign capital to return to Korea arise."* This article has been translated by AI. 2026-08-02 16:16:00
  • New US envoy Steel tours Seoul landmarks after taking up post
    New US envoy Steel tours Seoul landmarks after taking up post SEOUL, August 02 (AJP) - Michelle Steel, the new U.S. ambassador to South Korea, has visited a string of Seoul's most recognizable sites in the days since taking up her post, in an early effort to underscore her personal ties to the country as its first Korean American woman to hold the role. Steel marked the start of her tenure by raising the American flag alongside the embassy's Marine Security Guards, calling it "a symbolic and meaningful start" to her time as envoy to the Republic of Korea. Steel toured Namdaemun Market on Saturday, sharing photographs on X of herself and her husband, attorney Shawn Steel, posing outside the market and holding hotteok, a Korean griddle pancake, alongside a vendor. "Returning to Namdaemun Market after so many years brought back so many memories," Steel wrote. "It is wonderful to rediscover Seoul — a city that is both familiar and new to me." A day earlier, she posted a photograph taken before the statue of King Sejong at Gwanghwamun, saying the monument reminded her of Korea's legacy of innovation and leadership. Born in Seoul in 1955 to a family displaced from the North, Steel emigrated to the United States in 1975. She went on to serve on California's Board of Equalization, as an Orange County supervisor and as a Republican member of the U.S. House of Representatives, and is seen as close to President Donald Trump and the party's mainstream. Her arrival on Thursday filled a post that had stood vacant for about a year and a half. Fluent in Korean, she is expected to help reinforce the alliance by bridging the sensibilities of both nations. Steel, a devout Christian, also attended Sunday worship at Youngnak Presbyterian Church in central Seoul, a congregation founded by refugees from the North that her own displaced parents once attended, according to local media reports. 2026-08-02 16:15:56
  • Heat Wave Response Elevated to Level 2 as Labor Minister Issues Safety Directives
    Heat Wave Response Elevated to Level 2 as Labor Minister Issues Safety Directives Kim Young-hoon, the Minister of Employment and Labor, has directed the strengthening of safety management in industrial sites to prevent heat-related workplace accidents.On August 2, at 1 p.m., the Central Disaster and Safety Countermeasure Headquarters (CDSCH) raised its heat wave alert to Level 2. In response, the Ministry announced it would enhance the operation of a 'Heat Safety Special Task Force' involving the headquarters, local offices, the Korea Occupational Safety and Health Agency, and private disaster prevention organizations.Minister Kim instructed that information about the heat wave situation be rapidly disseminated through the major disaster sirens. He emphasized the need for strict enforcement of the 'Five Basic Safety Rules for Heat Waves' and the work stoppage criteria based on heat wave levels at vulnerable workplaces across regions.As a result, local offices will expand on-site inspections of vulnerable workplaces, ensuring that information regarding heat advisories and major alerts is quickly communicated. The government plans to focus on verifying that the work management standards appropriate for the heat wave levels are properly implemented on-site.Specific work guidelines for different heat wave levels have also been established. During a heat advisory, when the perceived temperature exceeds 33 degrees Celsius, adjustments to work hours or reductions in outdoor work time are recommended. In the case of a heat warning, with temperatures above 35 degrees Celsius, outdoor work is advised to be halted from 2 p.m. to 5 p.m. If a major heat warning is issued, indicating a perceived temperature of 38 degrees Celsius or higher, all outdoor work, except for emergency measures, is strongly recommended to be suspended.The Ministry will particularly focus on inspecting compliance with protective measures for workers at high-risk sites, such as construction sites and logistics centers. They will closely monitor whether work stoppages during peak heat hours, adjustments to work hours, and adequate rest breaks are being implemented effectively.Additionally, measures to prevent suffocation incidents in confined spaces due to the heat will be intensified. As temperatures rise, harmful gas concentrations, such as carbon dioxide and hydrogen sulfide, can increase rapidly in facilities like wastewater treatment plants, sewer systems, septic tanks, and storage containers. The Ministry will recommend that local governments halt work in confined spaces, excluding emergency measures, and will enhance on-site guidance and safety inspections.* This article has been translated by AI. 2026-08-02 16:12:00
  • Korean Investors Return to U.S. Markets, Losing 50 Trillion Won in Two Months
    Korean Investors Return to U.S. Markets, Losing 50 Trillion Won in Two Months As the domestic stock market experiences volatility, more Korean investors are returning to U.S. markets, but their investment returns have sharply declined. In the past two months, losses for these investors have reached 50 trillion won.According to the Korea Securities Depository's securities information portal, Saveuro, the net purchase of U.S. stocks by Korean investors in July amounted to $4.668 billion (approximately 6.7428 trillion won), the largest since January of this year. After recording net sales in April and May, these investors resumed buying in June, pouring a total of $5.3 billion (about 7.6547 trillion won) into the U.S. stock market over the two months of June and July.However, their investment performance has fallen short of expectations. The value of U.S. stocks held by Korean investors dropped from $204.1 billion at the end of May to $170.4 billion at the end of last month. This represents a loss of $33.7 billion (approximately 48.7 trillion won) in just two months, amounting to about 16.5% of the valuation at the end of May.This decline exceeds the drop in the S&P 500 and Nasdaq indices during the same period, which fell by 1.88% and 6.85%, respectively.The increase in investment losses among Korean investors can be attributed to the poor performance of their chosen stocks. The price of Tesla, the most held stock among these investors, fell by 29.1% from the end of May to the end of July. Similarly, Nvidia's stock price dropped by 7.6% during the same timeframe.Investments in leveraged products have also contributed to the burden. The most heavily net-purchased stock by Korean investors in June and July was the SOXL ETF, which tracks the Philadelphia Semiconductor Index's daily returns at three times the rate. The net purchase amounted to $3.77486 billion (approximately 5.452 trillion won). However, the value of SOXL increased only slightly from $5.35326 billion at the end of May to $5.81145 billion at the end of last month. Despite nearly $4 billion in additional inflows, the stock price plummeted from $224.34 to $114.72.The situation for domestic leveraged product investors is similarly grim. Citigroup Global Markets recently reported that the market capitalization of leveraged ETFs based on Korean assets peaked at approximately $52.5 billion on June 22, but has since fallen to around $19 billion. Consequently, individual investors' losses are projected to reach about $38.7 billion (approximately 56 trillion won).* This article has been translated by AI. 2026-08-02 16:12:00
  • Zelensky: Patriot Missile Interceptors Depleted, Urges Political Will for Support
    Zelensky: Patriot Missile Interceptors Depleted, Urges Political Will for Support Ukraine has effectively acknowledged that it has depleted its stock of interceptor missiles for the Patriot air defense system, a key tool in countering Russian ballistic missile attacks.In a post on social media platform X (formerly Twitter) on August 1, Ukrainian President Volodymyr Zelensky stated, "Only 1 of the 27 ballistic missiles was intercepted," attributing this to a lack of interceptor missiles for the Patriot system. He added, "The shortage of ballistic missile interceptors is encouraging Russia to continue its deadly attacks."According to Zelensky, Russian forces launched 35 missiles, including 27 ballistic missiles, and 185 various attack drones toward Ukraine overnight. The capital city of Kyiv was particularly targeted, with strikes also reported in the Dnipro, Sumy, Kharkiv, and Poltava regions.In Kyiv, fires and damage to facilities occurred in seven districts. Eighteen residential buildings, a school, the Lithuanian embassy, and infrastructure were damaged, resulting in nine fatalities and dozens of injuries so far.Zelensky urged Western nations to immediately provide Ukraine with the Patriot interceptor missiles they possess, rather than stockpiling them. He emphasized, "These resources are not meant to be stored somewhere for hypothetical situations; they are urgently needed here to deter and stop Russia's war against Ukraine."He further stated, "Every bundle of ballistic missile interceptors saves the lives of our citizens," and warned that the number of casualties increases with each night that passes without interceptors.Zelensky called for political decisions to secure additional support, asserting that the U.S. and Europe already know what weapons Ukraine needs. He remarked, "Ballistic missile interceptors should protect people, not be stored in reserves," and cautioned that every day this essential support is delayed gives Russia another opportunity to kill our citizens.He also demanded additional sanctions against companies and individuals supporting Russian missile production. He argued that all entities involved in the production of ballistic missiles and launchers, or supplying necessary components, should be sanctioned not only by Ukraine but also by Western nations.Moreover, Zelensky pointed out that there are still gaps in the sanctions regime of the Group of Seven (G7) and urged for increased pressure on the energy sector to prevent Russia from restoring its oil refining capabilities.* This article has been translated by AI. 2026-08-02 16:04:00
  • Declining Interest in Cryptocurrency Weakens Domestic Exchanges
    Declining Interest in Cryptocurrency Weakens Domestic Exchanges As interest in cryptocurrency investments wanes, the foundation of domestic cryptocurrency exchanges is also weakening. The rise in the stock market has diverted investment demand, leading to signs of market contraction such as decreased trading participation and reduced deposits. Additionally, there are concerns about the competitiveness of domestic exchanges as some investment demand shifts overseas.According to data submitted by the Financial Supervisory Service to Lee Jong-wook, a member of the National Assembly's Finance and Economy Planning Committee, the user engagement rate for the five largest domestic cryptocurrency exchanges (Upbit, Bithumb, Coinone, Korbit, and Gopax) was only 19.5% as of the end of June this year.This figure represents the percentage of active users who completed customer verification (KYC) and participated in actual trading, a decline from 35.7% at the end of January last year. The number of users eligible for trading also fell from 11.56 million at the end of March to 11.15 million at the end of June, a decrease of over 400,000.Customer funds held by exchanges are also decreasing. As of the end of the first quarter, Upbit's deposits amounted to 51.472 trillion won, an 11% decrease from 57.833 trillion won at the end of last year. Similarly, Bithumb saw its member deposits drop from 20.351 trillion won to 18.006 trillion won, a decline of 11.5% during the same period.Industry analysts attribute the slowdown in trading activity in the cryptocurrency market to the ongoing strength of the domestic stock market, which has diverted some investment demand. They suggest that individual investors have shifted their focus to the domestic stock market amid the rising KOSPI index since last year.There is also a continuing outflow of funds to overseas exchanges. In June, the net outflow of stablecoins from the five major domestic exchanges to overseas exchanges reached 2.7625 trillion won. After accounting for the 2.2022 trillion won that flowed into domestic exchanges from overseas, the net outflow amounted to 560.3 billion won. The net outflow for the second quarter was 1.6872 trillion won, surpassing the net purchases of overseas stocks by domestic investors, which totaled 1.6185 trillion won during the same period.The stablecoins that have moved overseas are primarily used for trading various derivatives that are not available on domestic exchanges. Consequently, industry insiders believe that there is a need to establish a regulatory framework that can absorb the investment demand leaving for overseas markets back into the domestic market.An industry representative stated, "Cryptocurrency derivatives, including perpetual futures, can enhance market price efficiency and serve as risk management tools for investors. To attract the current demand for derivatives concentrated in overseas exchanges back to the domestic market and enhance market competitiveness, discussions on related regulations are necessary."* This article has been translated by AI. 2026-08-02 16:00:20
  • Former Prosecutors Urge President Yoon to Veto Criminal Procedure Law Amendment
    Former Prosecutors Urge President Yoon to Veto Criminal Procedure Law Amendment As a criminal procedure law amendment that fully abolishes the supplementary investigation rights of prosecutors passed the National Assembly, former top prosecutors are urging President Yoon Suk Yeol to exercise his veto power.The Prosecutors' Association, led by former Prosecutor General Han Sang-dae, issued a statement on August 2, condemning the Democratic Party's "legislative dictatorship" for passing the amendment. They criticized, "Despite opposition from the Minister of Justice, the prosecution, concerns from the Supreme Court, and the President's expressed dissent, the Democratic Party rushed to pass the amendment that abolishes prosecutors' investigative powers. This is an act of arrogance and obsession by the ruling party, disregarding the grievances and concerns of crime victims, as well as overwhelming public opposition, without proper deliberation and discussion."The statement continued, "Who will be responsible for the numerous adverse effects and chaos that may arise from this, and how will it be resolved? The President must exercise his veto power based on his convictions. The Constitutional Court should also rule this as unconstitutional in the future."The Prosecutors' Association, which includes former high-ranking prosecutors, has been vocal on major judicial issues. They stated that if the President does not exercise his veto, they will continue to fight in solidarity with conscientious legal professionals and victim groups.The criminal procedure law amendment, which passed the National Assembly on July 31 under the leadership of the Democratic Party, completely separates investigation and prosecution, prohibiting direct investigations by prosecutors and allowing only requests for supplementary investigations to the police.As a result, the investigative powers of prosecutors, which have been a cornerstone of the criminal justice system since the enactment of the criminal procedure law in 1954, have effectively disappeared. Following the passage of the bill, Acting Prosecutor General Koo Ja-hyun expressed his deep sense of responsibility and submitted his resignation.* This article has been translated by AI. 2026-08-02 16:00:00
  • Son Heung-min Scores in Fourth Consecutive MLS Match as LAFC Draws with Vancouver
    Son Heung-min Scores in Fourth Consecutive MLS Match as LAFC Draws with Vancouver Son Heung-min of LAFC scored in his fourth consecutive match in Major League Soccer (MLS).On August 2, Korean time, Son netted the opening goal in the 37th minute during an away match against the Vancouver Whitecaps at BC Place in Canada.This marked Son's fourth goal in MLS and extended his scoring streak to four matches.After a slow start to the season, Son found the net for the first time in the regular league on July 18 against LA Galaxy, following the FIFA North America World Cup break, contributing to a 3-0 victory.Since then, Son has regained his scoring touch, adding goals against Real Salt Lake on July 23 (3-1 win) and Kansas City on July 26 (4-0 win), culminating in his latest goal against Vancouver.With his goal against Vancouver, Son's official tally for the season now stands at six, including two goals in the CONCACAF Champions Cup.Starting as the central forward, Son connected the team's first shot on goal with his opening strike in the 37th minute.After capitalizing on a defensive error, Denis Bouanga intercepted the ball and passed it to Son, who turned and fired a stunning right-footed shot into the net.However, Son's goal did not lead to a victory for LAFC, as they conceded a penalty equalizer to Thomas Müller in the 76th minute.Ultimately, LAFC finished the match in a 1-1 draw.* This article has been translated by AI. 2026-08-02 15:44:00