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  • July Market Crash Leads to Increased Risk of Delisting for 30 KOSDAQ Companies
    July Market Crash Leads to Increased Risk of Delisting for 30 KOSDAQ Companies The KOSDAQ market experienced a decline of over 20% in July, resulting in a surge of companies failing to meet listing maintenance standards. Despite the government's efforts to enhance delisting criteria to improve corporate value, the overall market drop has put even financially sound companies at risk of delisting, raising concerns about the need for regulatory adjustments. According to the Financial Supervisory Service's electronic disclosure system, 30 KOSDAQ-listed companies issued warnings about being designated as management items due to insufficient market capitalization during July. This averages to one company per day. Notably, from July 22 to 31, during the market's steep decline, 19 companies made related disclosures. This situation follows the government's decision to raise the market capitalization standards for maintaining KOSDAQ listings. Under the new criteria, companies with a market capitalization below 20 billion won for a certain period will be designated as management items, and if they fail to rectify this, delisting procedures will commence. A significant issue is that many of the recent cases are more influenced by the market downturn than by individual company failures. The KOSDAQ index fell by 21.4% in July, marking one of the largest declines since the global financial crisis. On July 29, the index even dipped below the 630 mark. Trading volume also plummeted to 6.1 trillion won, the lowest level this year. Analysts suggest that the sharp decline in semiconductor stocks and a drop in investor sentiment have led to a sell-off that began with large-cap stocks and spread to mid- and small-cap stocks, significantly reducing the market capitalization of many companies. Among the companies facing management item designations are those that are profitable or do not have financial issues such as capital erosion. This indicates that the overall market decline, rather than individual company performance, is the primary cause of the drop in market capitalization. The securities industry has raised concerns that the current regulations do not adequately reflect market conditions. Unlike other delisting reasons, the process for delisting due to insufficient market capitalization is initiated without a substantive review or improvement period if the shortfall persists for a certain duration. There is no procedure to distinguish between temporary market-driven declines and those resulting from a company's loss of competitiveness. A securities industry representative stated, "Recently, there have been increasing instances where market capitalization falls below the threshold due to deteriorating investor sentiment, regardless of company performance. It is necessary to review whether applying the same standards in situations where market volatility has a greater impact than a company's operational performance or financial health is appropriate." However, there is a general consensus in the market on the need to strengthen listing maintenance criteria. The rationale is that timely removal of uncompetitive, failing companies is essential to enhance trust in the capital market. Nonetheless, there is growing support for implementing flexible measures regarding the market capitalization assessment period or evaluating companies' self-rescue efforts during exceptional market downturns. 2026-08-02 09:48:00
  • Korea Electric Power Corporation Shortens Power Network Construction for Honam Semiconductor Complex
    Korea Electric Power Corporation Shortens Power Network Construction for Honam Semiconductor Complex 한국전력이 호남권 반도체 산업단지의 2030년 가동에 맞춰 전력망 건설 기간 단축에 나선다. 강과 하천을 굴착하지 않고 횡단하는 공법과 케이블 연결 지점을 줄이는 장거리 포설 기술 등을 적용해 공사 기간을 줄이면서 환경 훼손을 최소화하고 주민 주용성도 높인다는 구상이다. 한전은 이 같은 내용의 '전력망 적기 구축 기술혁신 방안'을 수립하고 호남권 반도체 산단 전력공급망 건설에 신기술·신공법을 본격 도입한다고 2일 밝혔다. 호남권 반도체 산단은 2030년 가동을 목표로 조성되고 있다. 정부와 지방정부, 한전은 산단 가동에 앞서 2029년 말까지 1단계 전력공급 선로를 구축하기로 잠정 합의했다. 산단 인근의 신장성·신광주 송전망과 예정지를 연결하는 방안이 검토되고 있다. 한전은 우선 강과 하천을 지나는 구간에 전용 교량을 설치하는 비굴착 공법을 적용할 계획이다. 이를 통해 환경 훼손을 최소화하면서 공사 기간을 단축한다는 구상이다. 한 번에 설치할 수 있는 케이블 길이를 늘리는 장거리 포설 공법도 개발한다. 현장에서 구조물을 제작하는 대신 공장에서 미리 만든 부재를 조립하는 '조립식 전력구' 역시 확대 적용할 계획이다. 저소음·무진동 시공이 가능한 기계식 수직구 굴착장비도 도입한다. 공사 기간을 줄이는 동시에 시공 안전성과 주민 수용성을 확보하기 위한 조치다. 신규 공법은 기술 검증과 현장 실증을 거쳐 단계적으로 확대 적용한다. 앞서 정부는 지난달 29일 지방정부와 한전, 입주 예정 기업 등이 참여하는 실무협의체를 출범시키고 기관 간 협력과 인허가 신속 처리 방안을 논의하기로 했다. 김동철 한전 사장은 "메가프로젝트의 안정적 전력공급을 위한 전력망 적기 구축은 국가 경쟁력 확보를 위한 핵심 과제"라며 "한전은 전담 TF를 중심으로 기술혁신을 지속 추진해 정부의 메가프로젝트 성공을 뒷받침하고 호남권 반도체 산단이 계획대로 조성될 수 있도록 모든 역량을 집중하겠다"고 강조했다. * This article has been translated by AI. 2026-08-02 09:40:00
  • AI coding tools thin out junior developer ranks, Gartner warns
    AI coding tools thin out junior developer ranks, Gartner warns SEOUL, August 02 (AJP) - Hiring of entry-level software developers has fallen sharply as companies lean on artificial-intelligence coding tools to handle routine work, a shift that research firm Gartner warned that could drain the industry's future talent pool. Employment of software developers aged 22 to 25 has dropped by about 20 percent from its late-2022 peak, according to a Stanford University Digital Economy Lab study of payroll records, coinciding with the arrival of ChatGPT and a wave of AI-assisted coding tools. Separate research from the Linux Foundation found entry-level roles bearing the brunt of AI-driven hiring cuts. Yet the premise that developers are merely coders is a flawed one, the data suggests. A study of Microsoft engineers by the Institute of Electrical and Electronics Engineers found that writing and reading code occupies just 15 percent of a developer's workday, with the remainder spent on collaboration, planning, review and testing. AI-generated code has also proven far from turnkey. In the 2025 State of Web Development AI survey, 76 percent of developers said they rewrite more than half of the code the tools produce, citing verification and error detection as their toughest challenges. Trimming junior ranks carries a hidden cost, as senior engineers absorb the maintenance and oversight that juniors once handled. Engineering-intelligence firm Jellyfish found that 46 percent of engineering managers expect developer burnout to worsen as a result, while the average COBOL specialist — a scarce, legacy skill — now commands about $115,000 a year, a sign of how thinning supply drives compensation higher. Analysts argue the remedy is to elevate junior roles rather than eliminate them, shifting new hires toward testing, validation and system-level judgment while handing them explicit ownership of reviewing AI output. Cheaper AI-enabled prototyping, they add, makes junior-led "tiny teams" a fast route from raw productivity to business results. "Slowing junior-level hiring could lead to significant pitfalls, including inhibiting knowledge transfer, restricting the internal talent pipeline, and limiting recruitment to more expensive and competitive senior roles," said Aliyah Camacho, a principal analyst at Gartner. The firm predicts that by 2028, organizations relying on AI to cut junior roles will hollow out their own software engineering talent pipeline, ultimately stalling the innovation those cuts were meant to accelerate. 2026-08-02 09:34:05
  • Samsung Fire & Marine Insurance Achieves AA Credit Rating from S&P, First for a Private Company in Korea
    Samsung Fire & Marine Insurance Achieves 'AA' Credit Rating from S&P, First for a Private Company in Korea Samsung Fire & Marine Insurance has become the first private company in South Korea to receive an 'AA' credit rating from the global credit rating agency Standard & Poor's (S&P).On August 2, Samsung Fire announced that it has upgraded its long-term insurance payment capability rating and issuer credit rating from 'AA-' to 'AA' by S&P.This 'AA' rating is equivalent to the sovereign credit rating of South Korea, marking a unique achievement among domestic private companies.S&P cited several factors for the upgrade, including robust asset-liability management, excellent capital adequacy maintained after the introduction of International Financial Reporting Standards (IFRS 17), stable profitability, and strong internal capital generation capabilities. The agency also positively assessed Samsung Fire's leading position in the domestic non-life insurance market and its diversification of revenue sources through global business expansion.Specifically, S&P projected that Samsung Fire's combined ratio, which was approximately 91% last year, will gradually improve to between 88% and 91% over the next two years, a level considered competitive compared to global insurers.With this credit rating upgrade, Samsung Fire expects to enhance its competitiveness in large-scale risk coverage areas, including corporate insurance, specialty insurance, and project risk underwriting.The upgrade is also anticipated to positively impact its global business expansion. S&P noted that Samsung Fire's strengthened capital base would sufficiently support the capital needs during its overseas business expansion, and the contribution to profits from its investment in the Lloyd's insurer Canopius is expected to continue to grow.A representative from Samsung Fire stated, "We will continue to provide more stable insurance services to our customers and grow as a trusted global top-tier insurer in the corporate and global markets."* This article has been translated by AI. 2026-08-02 09:32:00
  • Court Orders Hospital to Pay $450,000 After Newborns Death
    Court Orders Hospital to Pay $450,000 After Newborn's Death A court has ruled that a hospital and its attending physician must pay over 540 million won (approximately $450,000) to the parents of a newborn who died just three days after birth, acknowledging medical negligence.On August 2, the Seoul Central District Court's Civil Division 15, led by Judge Park Jeong-ki, ordered the defendants, including the attending physician A and the hospital director, to pay the full amount claimed by the parents. The court also mandated that the hospital's insurance company contribute up to 50 million won and directed a payment of 5 million won to the infant's maternal grandmother.The incident occurred in January 2024. The hospital fed the two-day-old newborn a total of 270ml of formula in six separate feedings over an eight-hour period, from 7 p.m. to 3 a.m. the following day. However, around 5 a.m., the infant was found in a state of cyanosis and apnea.When emergency responders arrived, the child was already unresponsive and not breathing, and the attending physician was not present during the emergency treatment. The infant ultimately died at 7 a.m. that day. An autopsy by the National Forensic Service determined the cause of death to be asphyxiation due to aspiration of vomit.The court noted, "Considering the size of the newborn's stomach and the recommended feeding amount, the medical staff overfed the infant, violating their duty of care."The court also held the medical team accountable for their inadequate emergency response. It stated, "Despite confirming cardiac arrest, they waited 30 minutes before calling emergency services, and a nurse attempted intubation without the physician's authorization, delaying necessary actions." Additionally, it criticized the application of adult CPR guidelines instead of the appropriate infant guidelines during resuscitation efforts.The hospital's claim of sudden infant death syndrome was dismissed by the court, which stated, "Speculative possibilities cannot overturn causality, and had the duty of care been fulfilled, the infant's life could have been saved." The court also highlighted issues with a nurse altering feeding records and changing her testimony the day after the incident.The court ruled that even though the criminal case was closed without charges, the lack of thorough investigation does not negate civil liability. However, the defendants have appealed the ruling.* This article has been translated by AI. 2026-08-02 09:24:00
  • HD Hyundai Electric Produces 1,000th High-Voltage Transformer in the U.S.
    HD Hyundai Electric Produces 1,000th High-Voltage Transformer in the U.S. HD Hyundai Electric has solidified its position in the global power equipment market by producing its 1,000th high-voltage transformer in the United States.The company announced on August 2 that it held a ceremony at its North American production facility in Alabama to commemorate the milestone.Key figures at the event included Kim Young-ki, President of HD Hyundai Electric, and Barbara Hampton, representative of Georgia Transmission.The 1,000th transformer produced is a 500kV, 675-megavolt-ampere (MVA) high-voltage transformer, which will be delivered to Georgia Transmission to support stable power supply in Walton County, Florida.Since establishing its North American production facility, HD Hyundai Electric has accumulated a production capacity of approximately 200 gigavolt-amperes (GVA) from the 1,000 transformers supplied to the U.S. market over the past 15 years, enough to meet the power demand of about 130 million households across the country.Recently, the demand for electricity in the U.S. has surged due to the expansion of AI data centers and reshoring in manufacturing, leading to a shortage of high-voltage transformers. Industry experts consider HD Hyundai Electric, with its local production base, one of the biggest beneficiaries of this growing demand.In fact, HD Hyundai Electric has demonstrated the competitiveness of its local production system in the U.S. power equipment market. According to global market research firm Guldin Report, the company achieved a market share of 17.2% in the U.S. high-voltage transformer market for units over 100 MVA in 2024, and 25.7% in 2025, ranking first for two consecutive years.HD Hyundai Electric is currently working on the construction of its second plant in Alabama, which is expected to increase its annual transformer production capacity by about 50% upon completion in April next year, allowing for the production of transformers up to 765kV.Kim Young-ki stated, "Since the establishment of our facility in 2011, we have aimed to create a 'world-class' production base to meet the growing demand for North American power infrastructure. The production of our 1,000th transformer is a significant achievement made possible by the skills and dedication of our employees and the trust of our customers."* This article has been translated by AI. 2026-08-02 09:16:00
  • 23 Lights Illuminate Gwanghwamuns Garden of Gratitude as a Memorial Platform
    23 Lights Illuminate Gwanghwamun's Garden of Gratitude as a Memorial Platform On the evening of July 22, Gwanghwamun Square resonated with the clear voices of Ethiopian children singing "Spring of My Hometown." The performers were the grandchildren of veterans from Ethiopia's Kagnew Battalion, who fought for South Korea during the Korean War.As the performance concluded, 23 pillars of light symbolizing South Korea and the 22 nations that participated in the Korean War illuminated the square. The bonds formed on the battlefield 76 years ago were revived through music, light, and the friendship of future generations.The "Garden of Gratitude" in Gwanghwamun Square is evolving from a simple memorial space into a new memorial platform connecting South Korea with the world.Since its opening in May, the site has hosted various events, including a Korean War memorial ceremony, a joint cheering event for the South Africa World Cup, and a performance by the Ethiopian Kagnew Choir, bringing to life the history of friendship and solidarity with participating nations.Washington remembers names, Paris honors with flames... Seoul shines with '23 Lights'Global memorial spaces do more than display the past; they engage citizens in ongoing remembrance. The Vietnam Veterans Memorial in Washington, D.C., features the names of 58,318 fallen and missing service members etched into a black granite wall, allowing visitors to reflect on their own images as they walk along the names.In Paris, the Tomb of the Unknown Soldier beneath the Arc de Triomphe is honored each evening with a ceremony to rekindle the "Flame of Remembrance." This ritual, ongoing for over a century, has transformed the site into a national memorial.Seoul has chosen a different approach. Twenty-three stone pillars, each 6.25 meters tall, encircle the square, and at night, the "23 Lights of Gratitude" connect as one beam.While Washington remembers through names and Paris honors with flames, Seoul expresses gratitude to the world for its role in safeguarding South Korea's freedom through these 23 lights.Beyond Remembrance: A 'Living Memory' Engaging CitizensThe most significant feature of the Garden of Gratitude is that memory does not remain confined to exhibits.During the Korean War memorial ceremony held in June, flags from the 22 participating nations were raised in the square, and the "23 Lights of Gratitude" were illuminated. This was the first official event attended by over 500 participants, including veterans' organizations, youth, and citizens.During the Korean War commemorative week, citizens ran a 6.25-kilometer course connecting Gwanghwamun and Jeongdong, while children and youth participated in programs to experience the contributions of participating nations. An outdoor library featured books and films about the Korean War for the public.On the day of the South Korea vs. South Africa World Cup match, citizens and the South African ambassador to South Korea cheered together in the square, continuing the bonds formed 76 years ago through sports.Despite the varied formats of ceremonies, performances, running events, and sports cheering, the message remained consistent: freedom and prosperity in South Korea are not solely the result of its own efforts but are built upon the sacrifices and solidarity of nations worldwide.Freedom Hall Attracts 100,000 Visitors in Just Over Two Months: A New Model for MemorialsThe underground exhibition space, Freedom Hall, is also quickly drawing visitors. According to the Seoul city government, Freedom Hall, which opened on May 12, is nearing 100,000 cumulative visitors just two months after its launch. Following a record of over 62,000 visitors on June 21, more than 30,000 additional visitors have come in the past month.The media art exhibition allows visitors to experience the sacrifices of veterans and the growth of South Korea in a multidimensional way. It naturally conveys the message that today's freedom and prosperity are possible due to the sacrifices of the world, as South Korea has transformed from a recipient of aid to a provider."A Memorial Platform Representing South Korea"In the fields of veterans' affairs and culture, the Garden of Gratitude is being recognized as a new memorial model that extends the friendship between South Korea and the participating nations to future generations, beyond merely commemorating past sacrifices.Just as Washington and Paris have become global memorial landmarks symbolized by "names" and "flames," Seoul is showing potential to grow into a representative space of memory for South Korea through its unique symbol of "23 Lights."A Seoul city official stated, "The Garden of Gratitude is not just a space to remember the sacrifices of war but a place where citizens and future generations can experience the history of friendship and solidarity with participating nations in their daily lives. We will continue to develop it into a representative memorial platform of South Korea, where commemorative events, exhibitions, cultural arts, and international exchanges are continuously held." 2026-08-02 09:00:20
  • Ceuta Becomes a Key Issue in U.S. Midterm Elections
    Ceuta Becomes a Key Issue in U.S. Midterm Elections Ceuta, a Spanish exclave on the African continent bordering Morocco, has emerged as a significant issue in the U.S. midterm elections, following an influx of approximately 60,000 Moroccan migrants. Currently, more than 48,000 have returned to Morocco, but the simultaneous crossing of thousands has drawn considerable attention.The Hill reported on July 31 that President Donald Trump criticized the situation, suggesting it would be a consequence of Democratic governance. In an interview with Fox News, Trump described the incident as "horrific" and urged viewers to remember the images, warning that a return to power by the wrong forces in three years could lead to similar events. He added, "If the Democrats are in power, you will not be able to live a good life." Stephen Miller, Deputy White House Chief of Staff, also shared a video of the crossings on social media, claiming, "The Democrats have allowed this to happen every day during Biden's four years in office."According to Al Jazeera, Juan Jesús Vivas, the head of Ceuta's autonomous government, reported that 60,000 migrants crossed illegally into Ceuta over two days, from July 30 to 31. The Spanish Ministry of the Interior estimated the number at 50,000, with most, around 48,300, having returned by 6 p.m. on July 31. At least 67 people died during the crossing.As reported by The Guardian and The New York Times, Ceuta is a Spanish exclave located adjacent to northern Morocco, with a population of just 84,000. It has been Spanish territory since 1580 and remains an autonomous city alongside another African exclave, Melilla. Morocco, a former Spanish colony, does not officially recognize these areas as Spanish territory, referring to them as occupied land. The BBC noted that Ceuta has long been a gateway for migrants seeking to enter Europe. In 2021, 8,000 migrants crossed into Ceuta, straining diplomatic relations between Spain and Morocco.Reports also highlighted Morocco's high unemployment rate and recent anti-government protests among the younger generation, which have fueled discontent. Many Moroccans swam several kilometers to reach the Spanish territory. Additionally, under the leftist government of Pedro Sánchez, Spain has adopted a more lenient immigration policy, granting legal residency to 500,000 illegal immigrants in April.Given the Trump administration's strict stance on illegal immigration, the large-scale crossing attempts at Ceuta have not gone unnoticed. The Hill indicated that some Republicans hope to leverage the Ceuta crossing issue in the upcoming midterm elections.The New York Times reported on August 1 that the reasons behind the Moroccan migrants' crossing into Ceuta remain unclear. The Moroccan border did not prevent their crossing, leading to a surge of people from across Morocco. The Guardian suggested that the recent opening of the Moroccan border might be linked to Prime Minister Sánchez's recent visit to Algeria, which has been embroiled in a territorial dispute with Morocco over Western Sahara.* This article has been translated by AI. 2026-08-02 05:00:20
  • President Yoon Returns to Germany After South America Trip
    President Yoon Returns to Germany After South America Trip 이재명 대통령이 브라질과 칠레, 아르헨티나로 이어진 남미 3개국 순방을 마치고 귀국길에 올랐다. 이 대통령은 김혜경 여사와 함께 1일(현지시간) 부에노스아이레스 에세이사 국제공항에서 공군 1호기로 독일 프랑크푸르트로 출발했다. 이 대통령은 프랑크푸르트 도착 이후 2일 현지 동포들과 간담회를 갖는다. 이번 독일 체류는 별도의 정상회담이 예정된 공식 방문이 아니라 귀국길 경유 일정이다. 이 대통령은 프랑크푸르트 동포간담회에서 독일 한인사회의 현황과 애로사항을 듣고 정부의 재외동포 지원 방향을 설명할 예정이다. 이 대통령은 동포간담회를 끝으로 지난달 24일 시작한 미국 샌프란시스코 및 남미 3개국 순방 일정을 모두 마치고 3일 귀국한다. 특히 이 대통령은 김혜경 여사와 아르헨티나 출국을 앞두고 부에노스아이레스 보카 지구를 찾아 현지 시민들과 직접 소통했다. 안귀령 청와대 부대변인의 서면 브리핑에 따르면 이 대통령 부부는 이날 낮 현지 관계자의 안내를 받으며 보카 지구의 카미니토 거리 일대를 둘러봤다. 보카 지구는 과거 항만 노동자와 유럽 이민자들의 삶의 터전에서 예술과 관광이 공존하는 공간으로 탈바꿈한 지역이다. 다채로운 원색의 건물과 거리 탱고 공연으로 유명한 카미니토 거리에는 현지 시민과 세계 각국의 관광객이 모인다. 이 대통령 부부는 보카 지구의 역사와 문화, 도시의 변화 과정에 관한 설명을 들으며 거리를 걸었다. 현장에서는 이 대통령 부부를 알아본 시민들이 “한국 대통령(South Korea’s President)”을 외치며 환영했다. 일부 시민은 한국어로 “감사합니다”라고 인사하거나 함께 사진을 찍어달라고 요청했다. 이 대통령 부부는 시민들의 사진 촬영 요청에 응하고 하이파이브를 하며 화답했다. 길 건너편에서 환영 인사를 보내는 시민들에게도 손을 흔들었다. 어린이들과는 눈높이를 맞춰 인사를 나누고 함께 사진을 촬영했다. 이 대통령 부부는 거리 화가들의 작품을 살펴보고 아르헨티나 전통 악기인 반도네온 연주도 감상했다. 이 대통령 부부는 보카 지구 방문 이후 인근 식당으로 이동해 아르헨티나 전통 바비큐인 ‘아사도’를 맛보며 현지 식문화를 체험했다. 앞서 이 대통령은 지난달 30일 아르헨티나에 도착해 대한민국 대통령으로서는 22년 만의 공식 방문 일정을 시작했다. 하비에르 밀레이 대통령과 정상회담을 갖고 핵심광물과 에너지, 교역·투자, 인공지능(AI), 방산 분야의 협력 확대 방안을 논의했다. 양국은 핵심광물 협력 양해각서(MOU)를 체결하고 리튬의 탐사·채굴 등 가치사슬 전반에서 기업 투자와 공동 프로젝트를 추진하기로 했다. 아르헨티나 정부는 현지에서 진행 중인 한국 기업의 리튬 사업에 대한 지원 의지도 재확인했다. 에너지 분야에서는 올해 시범 도입한 아르헨티나산 원유 88만 배럴을 토대로 수입 확대 가능성을 검토하기로 했다. 양국은 원유뿐 아니라 천연가스와 원자력 분야에서도 협력사업을 발굴할 계획이다. 이중과세방지협정도 최종 타결했다. 협정이 발효되면 현지 진출 기업의 이중과세 부담을 줄이고 투자 환경의 예측 가능성을 높일 수 있을 것으로 정부는 기대하고 있다. 양 정상은 2021년 이후 중단된 한·메르코수르 무역협정 협상의 조속한 재개에도 뜻을 모았다. 경제공동위원회와 에너지자원협력위원회를 재가동해 정상회담 합의의 후속 조치를 점검하기로 했다. 이 대통령은 정상회담 이후 호르헤 마크리 부에노스아이레스 시장을 접견해 현지 한인사회에 대한 관심과 지원을 요청했다. 이어 재외동포 150여명과 만찬 간담회를 갖고 아르헨티나 공식 일정을 마무리했다.나 공식 일정을 마무리했다.* This article has been translated by AI. 2026-08-02 02:40:20
  • Kim Min-seok Wins Tight Race Against Jeong Cheong-rae in First Democratic Party Primary
    Kim Min-seok Wins Tight Race Against Jeong Cheong-rae in First Democratic Party Primary Kim Min-seok Wins Tight Race Against Jeong Cheong-rae in First Democratic Party Primary The Democratic Party of Korea announced that candidate Kim Min-seok narrowly defeated Jeong Cheong-rae in the first round of voting for the party's leadership at the Daejeon Convention Center. On August 1, the party revealed the results of the voting in the Chungcheong region, which includes South Chungcheong, North Chungcheong, Daejeon, and Sejong. Kim received 45.05% of the votes, edging out Jeong, who garnered 44.61%, by a margin of just 0.44 percentage points. Meanwhile, Song Young-gil finished third with 10.34% of the vote. This convention marks the first time the Democratic Party has implemented a one-person, one-vote system, with the voting weight set at 70% for delegates and party members and 30% for the public. The results of the public votes and delegate votes will be announced on August 17 at the Daejeon convention, following the completion of regional primaries. Special Investigation Team Questions Yoon Han-hong for 9 Hours Over Residence Relocation Allegations Yoon Han-hong, a member of the National Assembly from the People Power Party, was questioned for approximately nine hours by the Special Investigation Team regarding allegations of improper selection of unqualified contractors during the relocation of the presidential residence. On August 1, the team summoned Yoon to their office in Gwacheon, Gyeonggi Province, as a suspect in a case of abuse of power. The questioning took place from 10 a.m. to 7:05 p.m. Investigators focused on whether Yoon, while serving as the head of the task force for the presidential transition committee in April 2022, was involved in changing the proposed site for the residence from the Army Chief of Staff's residence to the Foreign Minister's residence after a preliminary site visit with Kim Geon-hee, the spouse of President Yoon Suk-yeol. They also inquired whether he directed former Vice Minister of Land, Infrastructure and Transport Kim O-jin to award a contract to the unqualified interior company '21 Grams,' which has ties to Kim Geon-hee. Attacks on Oil Tankers Increase in Hormuz Strait Amid Ongoing US-Iran Tensions As military tensions between the United States and Iran continue, armed attacks and explosions targeting oil tankers have occurred in the Hormuz Strait, a critical global oil transport route. According to Reuters, the United Kingdom Maritime Trade Operations (UKMTO) reported on August 1 that a tanker sailing about 20 kilometers northeast of Oman was struck by an unidentified projectile. The attack severely damaged the vessel's engine room, rendering it unable to operate. While there were no reported casualties, a separate underwater explosion was reported shortly after, 39 kilometers northeast of Khasab, Oman, raising concerns about maritime security. The incidents occurred in a key passage connecting the Persian Gulf and the Gulf of Oman. Since a military conflict erupted between the U.S. and Israel in February, Iran has claimed control over the strait and has conducted mine-laying and missile attacks against commercial vessels that do not comply with its directives. Kwon Young-jin Refuses to Resign Amid Controversy Over Physical Altercation Kwon Young-jin, a member of the People Power Party, has stated that he will not voluntarily resign amid controversy over a physical altercation with party leader Jeong Jeong-sik regarding committee assignments. On August 1, Kwon reportedly sent a message to fellow party members expressing his position. Kwon had previously caused a stir on July 23 when he confronted Jeong in the party's office, expressing his dissatisfaction after being assigned as the secretary of the Administrative Safety Committee against his wishes. He allegedly used abusive language and grabbed Jeong by the collar. Following this incident, the party's leadership suggested Kwon resign on July 27, warning that disciplinary procedures would be initiated through the Central Ethics Committee if he did not comply. After Kwon showed no intention of resigning, the ethics committee began disciplinary proceedings against him on the same day.* This article has been translated by AI. 2026-08-01 21:48:00