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Park Hong-geun: Strengthening Job Base and Maintaining Fiscal Sustainability Park Hong-geun, Minister of the Ministry of Planning and Budget, stated on July 28 that the government will strengthen the job base and social safety net while maintaining fiscal sustainability. During his visit to the Korean Confederation of Trade Unions (KCTU), Park met with Chairman Yang Kyung-soo. This meeting marked the first discussion between the Minister and the KCTU Chairman since the establishment of the Ministry, initiated at the request of the labor group. Previously, on July 20, Park visited the Korean Trade Union Confederation and met with Chairman Kim Dong-myung. The meeting aimed to incorporate labor perspectives into the 2027 budget proposal and the long-term national development strategy. The KCTU emphasized the need to improve working conditions for employees and strengthen social safety measures. Yang Kyung-soo remarked, "We must improve the treatment of non-regular workers in the public sector and caregivers, increase social insurance support for low-wage workers, and expand support for public hospitals." He also proposed the implementation of a main project for sick leave benefits and increased investment in industrial accident prevention. In response, Minister Park affirmed, "The value of labor must be respected despite structural changes such as the transition to artificial intelligence and K-shaped growth polarization." He added, "The government is actively working to alleviate labor market disparities and employment instability, including measures announced in April to improve the treatment of non-regular workers in the public sector, while ensuring a solid job base and social safety net alongside fiscal sustainability." The Ministry plans to focus on the labor and welfare sector's recommendations during the budget preparation process and the operation of the public service committee, which is set to begin in September.* This article has been translated by AI. 2026-07-28 14:32:00 -
National Assembly Committee Approves Bill to Shorten Fast-Track Review Period The National Assembly's Operating Committee approved a bill on July 28 aimed at shortening the review period for fast-track legislation, led by the ruling party. The bill is expected to be presented at the full committee meeting on July 29 and subsequently at the plenary session on July 30.Chun Jun-ho, the ruling party's floor leader and committee secretary, spoke to reporters after the subcommittee meeting, stating, "We discussed shortening the fast-track review period, changing the filibuster system, and prohibiting the unauthorized entry of sound equipment into the meeting room." He noted that issues unrelated to fast-track legislation would undergo further deliberation.Chun assessed that the fast-track process has lost much of its effectiveness, explaining, "Typically, fast-track legislation takes about 330 days. However, bills are currently being reviewed and processed in about 300 days. We believe it is necessary to shorten the processing time to align with its original intent."However, he acknowledged the need for careful consideration regarding the filibuster and sound equipment regulations, indicating that discussions on these matters would continue.Chun also announced that the fast-track-related bill passed by the subcommittee would be presented at the full committee meeting on July 29 and the plenary session on July 30.Under the current fast-track process, bills undergo a total of 330 days of review, including 180 days in the standing committee, 90 days in the Legislation and Judiciary Committee, and 60 days in the plenary session. The Democratic Party plans to reduce the review period for non-fast-track bills to 90 days, with 60 days in the standing committee, 30 days in the Legislation and Judiciary Committee, and presentation at the first plenary session after being submitted.* This article has been translated by AI. 2026-07-28 14:29:00
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Political Turmoil Erupts Over Proposed Abolition of Investigative Powers in South Korea 보완수사권 폐지를 골자로 한 검찰개혁 입법을 둘러싸고 정국이 격랑 속으로 빠져들고 있다. 정성호 법무부 장관이 법안의 최종 입법을 앞두고 사의를 굳히면서다. 검찰개혁의 속도 조절을 주장해 온 정 장관의 중도 퇴진 움직임은 단순한 국무위원 일인의 사퇴를 넘어, 여야 간 가파른 정쟁과 사법 시스템 전반의 거대한 공백을 예고하고 있다. 거센 파고 속에서 이재명 대통령이 어떤 결단을 내릴지, 국정 운영의 리더십이 중대한 시험대에 올랐다. 정 장관의 사의 표명 소식이 알려지자 정치권은 즉각 극명한 온도 차를 보이며 대립각을 세웠다. 여당은 검찰개혁이라는 시대적 과제를 완성하기 위한 불가피한 진통으로 받아들이는 분위기다. 반면, 야당은 “정권의 국정 독주와 무리한 개혁 추진이 초래한 당연한 결과”라며 총공세를 펼치고 있다. 더 큰 문제는 법무부와 검찰 수뇌부의 동시 공백이라는 초유의 사태다. 정 장관의 사의가 수리될 경우, 법무부는 수장 부재라는 행정력 마비 상태에 직면하게 된다. 여기에 보완수사권 폐지 추진에 반발해 온 검찰 수뇌부마저 연쇄 사퇴하거나 법안 반대 목소리를 높일 경우, 사법 행정의 일선 현장은 걷잡을 수 없는 혼란에 빠질 수밖에 없다. 수사 지휘 체계가 흔들리고 중요 사건 처리가 지연되면 그 피해는 온전히 국민에게 돌아간다. 이번 사태는 이재명 정부가 추진해 온 검찰개혁 정책의 향방에도 결정적인 분수령이 될 전망이다. 정 장관은 그간 검찰개혁의 큰 방향성에는 동의하면서도, 현장의 혼란을 줄이기 위한 보완수사권 유지 등 속도 조절과 완성도를 강조해 온 ‘온건·합리파’로 분류되어 왔다. 그런 그가 사의를 굳혔다는 것은 당정 간, 혹은 개혁 주도 세력과의 이견을 끝내 조율하지 못했음을 뜻한다. 이는 향후 이재명 정부의 검찰개혁이 속도 조절이나 보완 장치 마련보다는 강경한 원안 추진으로 기울 가능성이 높음을 시사한다. 이제 공은 이재명 대통령에게 넘어갔다. 이 대통령의 선택은 향후 국정 운영 전체의 향방을 갈라놓을 중요한 지점이 될 것이다. 정 장관의 사의를 즉각 수리하고 후임 인사를 단행하며 개혁 법안을 원안대로 밀어붙일 것인가, 아니면 사의를 거두도록 설득하거나 야당 및 법조계와의 타협점을 모색하며 속도 조절에 나설 것인가. 전자를 선택한다면 개혁의 동력은 확보할 수 있겠지만, 정국 냉각과 수사기관의 반발, 민생 법안 안건 처리 난항이라는 정치적 부담을 안아야 한다. 반대로 후자를 선택한다면 협치의 발판을 마련할 수 있으나, 당내 강경파의 반발과 개혁 후퇴라는 비판에 직면하게 된다. 검찰개혁은 권력기관의 권한 남용을 막고 국민의 인권을 보호하기 위한 수단이어야 하지, 그 자체가 목적이 되거나 정쟁의 도구로 전락해서는 안 된다. 이 대통령은 법치주의의 안정성과 국정의 연착륙을 최우선으로 고려하는 통섭의 리더십을 발휘해야 한다. 무리한 속도전으로 사법 공백과 사회적 갈등을 유발하기보다는 절차적 정당성을 확보하고 현장의 목소리를 담아내는 지혜가 필요한 때다. 이 대통령의 신중하고도 결단력 있는 용단을 기대한다. 2026-07-28 14:28:00
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Han Dong-hoon Announces Filibuster Against Proposed Abolition of Investigative Powers 한동훈 무소속 의원은 더불어민주당이 오는 30일 본회의에서 보완수사권 폐지를 골자로 한 형사소송법 개정안 처리를 예고하자 필리버스터(무제한 토론)에 나서겠다고 밝혔다. 한 의원은 28일 자신의 페이스북에 "민주당 정권이 보완수사 폐지 법안을 본회의에 올리면 왜 보완수사 폐지로 국민이 고통받게 되는지를 국민들께 말씀드리기 위해 필리버스터를 신청하겠다"고 적었다. 국민의힘도 보완수사권 폐지에 맞서 필리버스터를 신청할 계획이다. 최수진 원내수석대변인은 이날 국회에서 열린 원내대책회의 후 기자들과 만나 "당연히 필리버스터를 해야 한다는 게 원내 공식 입장"이라고 말했다. 다만 한 의원이 필리버스터에 참여하려면 국민의힘 원내지도부와 사전 조율이 필요하다. 한 의원이 국민의힘 의원들과 공동 필리버스터에 나설 경우 국회 입성 이후 첫 야권 공조가 될 전망이다. 한 의원은 29일 국회에서 보완수사권 폐지의 문제점을 다루는 국회 토론회를 개최할 예정이다. 그는 전날 페이스북에 "지난 78년 동안 피해자를 보호해 온 장치가 제대로 된 공론의 장에서 찬반 토론도 없이 사라지게 된다"며 "보완수사권 폐지에 찬성하는 민주당 의원이나 전문가들의 참여를 적극 환영한다"고 했다. 그는 민주당 소속 의원 전원에게 토론회 참석을 요청하는 친전을 보낸 것으로 알려졌다. * This article has been translated by AI. 2026-07-28 14:27:00
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Apple Reclaims Top Spot in Global Market Capitalization Amid AI Market Adjustments Apple has reclaimed its position as the world's most valuable company, surpassing Nvidia after 15 months. While Nvidia, which had been riding high on the AI wave, has seen a market correction, Apple has leveraged the stable profitability of its iPhone and services business to return to the top. This shift has led some market observers to speculate about an 'AI peak.'The market's perspective on AI investments is changing. Previously, announcements about building data centers and securing graphics processing units (GPUs) were enough to boost stock prices. Now, companies must demonstrate how these investments translate into revenue and profits. The stage has shifted to one where justifying astronomical capital expenditures under the banner of AI is becoming increasingly difficult.Apple's return to the top spot symbolizes this change. Despite being perceived as lagging in the generative AI race, Apple has received high marks for its substantial cash flow, loyal customer base, and robust ecosystem. Instead of diving into the competition for massive AI model development, Apple has opted to integrate AI into its existing products and services. This approach underscores the importance of connecting AI capabilities to real consumer experiences and revenue.However, interpreting this as a decline of the AI era would be premature. Nvidia's stock adjustment signifies not the end of the AI industry, but rather a transition from unqualified optimism to a phase where performance and profitability are scrutinized. The initial excitement surrounding AI semiconductors and data centers is now spreading to software, services, manufacturing, finance, healthcare, logistics, and robotics.Technological advancements continue as well. AI semiconductors are evolving not only in computational performance but also in power efficiency and inference costs. The competition among models is shifting from larger models to smaller, specialized models that can perform specific tasks at lower costs. As the cost of using AI decreases, the likelihood of increased adoption by businesses and individuals rises.Of course, not all AI companies and investments will succeed. Just as not every dot-com company survived the internet boom, the AI market will inevitably see over-investment and the exit of underperforming firms. This is why one should not equate the stock price or market capitalization of a specific company with the fate of the entire AI industry.Apple's reclaiming of the top market capitalization position reflects a change in market standards, not a defeat for AI. Investors are now looking beyond the AI label to assess a company's ability to translate that into products, sales, and profits. If Apple fails to effectively integrate AI into its ecosystem, it cannot guarantee its current standing.Caution regarding an AI bubble is warranted. However, it is also important not to misinterpret the stock adjustments of some companies as the end of the industry. The deflation of a bubble does not equate to the disappearance of technology. In fact, when expectations are lowered, companies that can generate real productivity and profits will emerge stronger.The rankings of Apple and Nvidia in market capitalization may continue to fluctuate. What matters is not who holds the top position, but how much AI can enhance productivity across the economy. Both the overly optimistic belief that AI will solve all problems and the pessimistic view that growth has ended should be approached with caution. The AI era is not over; it is transitioning from illusion to reality. 2026-07-28 14:24:00
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KOSPI and KOSDAQ Plunge on 'Black Tuesday' as Circuit Breakers Triggered The domestic stock market experienced a 'Black Tuesday' as the KOSPI index fell over 9% due to the impact of declining U.S. tech stocks. The KOSPI dropped below the 6,100 mark, leading to a significant contraction in investor sentiment, with both the main and KOSDAQ markets triggering sell-side circuit breakers and a full circuit breaker.As of 2:07 PM on July 28, the KOSPI was down 662.01 points (9.80%) at 6,093.74, having opened 355.48 points (5.26%) lower at 6,400.27 and continued to decline.In the morning, the first-level circuit breaker was activated in the main market for the eighth time this year, followed by the KOSDAQ market at 12:01 PM, marking the third circuit breaker activation in the KOSDAQ this year and the 13th in history.Foreign investors continued to sell off, with net sales amounting to 3.941 trillion won in the main market. In contrast, individual and institutional investors bought 3.3344 trillion won and 609.4 billion won, respectively, indicating some bargain hunting.All major stocks in the KOSPI saw declines, including Samsung Electronics (-12.01%), SK Hynix (-12.17%), SK Square (-14.42%), Samsung Electro-Mechanics (-15.09%), Hyundai Motor (-9.68%), LG Energy Solution (-6.31%), Samsung Biologics (-0.45%), KB Financial (-4.69%), and Samsung Life (-10.11%).At the same time, the KOSDAQ index was down 58.45 points (7.64%) at 706.41, having started 22.73 points (2.97%) lower at 742.13 and further widening its losses.In the KOSDAQ market, individual investors were net buyers, purchasing 115.5 billion won, while foreign and institutional investors sold off 48.9 billion won and 67.7 billion won, respectively.Most of the top stocks in the KOSDAQ also showed weakness, with declines seen in Alteogen (-5.93%), EcoPro BM (-7.24%), EcoPro (-8.56%), Rainbow Robotics (-9.08%), JUSUNG Engineering (-11.14%), Rino Technology (-11.17%), Wonik IPS (-14.06%), HLB (-3.34%), and ABL Bio (-4.82%). However, Pharma Research saw a rise of 2.30%.* This article has been translated by AI. 2026-07-28 14:21:00
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Kim Eun-hye Denies Reports of State Compensation for ETF Investment Losses Kim Eun-hye, a lawmaker from the People Power Party, refuted reports that she is considering a state compensation claim related to losses incurred by investors in Samsung Electronics and SK Hynix single-stock leverage ETFs. This denial has sparked a debate online regarding the government's responsibility for investment losses.On July 28, Kim stated on her Facebook page, "While we must point out and improve the government's reckless actions that have turned the domestic stock market into a volatile speculative arena, I only expressed a general intention to review the investment environment and listen to investors' opinions."She added, "The discussions about state compensation mentioned in the article are not something I have ever stated, nor do they align with my fundamental position. I express my strong regret towards the media outlet that published the article, which misleadingly suggested that I made such statements by pairing them with my photo and comments."Kim also warned that if her requests for deletion and correction are not accepted, she will pursue a formal correction process.She clarified her stance, saying, "I am gathering opinions from victims to better understand the situation of investors, and I will discuss a parliamentary investigation into how the government has turned national assets into a volatile speculative arena based on political schedules."Earlier, a media outlet reported that Kim's office was considering the possibility of a state compensation claim. However, Kim has categorically denied this information.This initial report has led to a heated debate among netizens about whether it is appropriate for the state to compensate for investment losses.In male-dominated online communities, comments included, "Why should investment losses be compensated with taxpayer money?" and "Does it make sense for a conservative party to advocate for state compensation for investment losses?" Others criticized, saying, "The People Power Party has scored an own goal again," and "Who would believe such policies while criticizing the Democratic Party?"In female-dominated communities, reactions included, "The Democratic Party is frustrating, but the People Power Party is even more absurd," and "Are they competing to be criticized?" Some remarked, "It's not like we're in a communist country where the state covers investment losses," and "Both those who created the situation and those advocating for compensation are problematic."Meanwhile, the online reactions were based on the initial report, which has since been clarified by Kim's office as inaccurate. 2026-07-28 14:21:00
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US enlists South Korea, allies in 6G push to counter China SEOUL, July 28 (AJP) - The Trump administration launched a global partnership on sixth-generation wireless technology, rallying 25 governments including South Korea in a bid to shape the next era of telecommunications and blunt China's growing influence over the field. The initiative announced Monday (local time), dubbed the "Call to Action for 6G Leadership and Security," drew endorsements from major economies such as Japan, Britain, Germany and France, alongside Albania, Australia, Canada, Costa Rica, the Czech Republic, Denmark, Estonia, Finland, Greece, Honduras, Italy, Latvia, Lithuania, Norway, Panama, Paraguay, the Philippines, Romania and Sweden. The participating governments pledged to deepen cooperation over the coming 12 months and beyond, vowing to bolster the security, interoperability and resilience of next-generation networks. They agreed to designate government points of contact, pool technical resources and lay the groundwork for commercial deployment, while endorsing trustworthy artificial intelligence as central to secure 6G development. " Today’s action recognizes that 6G will be dramatically different from 5G, and that advancing U.S. and allied leadership requires a dramatically different playbook," said Arielle Roth, Assistant Secretary of Commerce for Communications and Information and National Telecommunications and Information Administration (NTIA) Administrator. The coalition gives shape to goals President Donald Trump set out last December in a policy paper, "Winning the 6G Race," which cast next-generation networks as a pillar of American national security, foreign policy and economic prosperity. Roth had first hinted at the plan in March, warning against embracing an existing model " built around censorship, surveillance and control" — a pointed jab at Chinese vendors such as Huawei and ZTE, whose equipment Washington has flagged as a security risk since Trump's first term. Political news outlet Politico said the alliance is designed to sharpen diplomatic coordination among allies ahead of next year's World Radiocommunication Conference in Shanghai, where 6G standards will be negotiated, and to keep China in check. Known formally as IMT-2030, 6G aims for theoretical peak speeds of about 1 terabit per second — roughly 50 times faster than current 5G — and latency as low as a ten-thousandth of a second. The first detailed specifications are expected around March 2029, with commercial rollout anticipated near 2030. 2026-07-28 14:19:07 -
South Korea Extends Fuel Tax Cuts Amid Ongoing Middle East Tensions The South Korean government has decided to extend the temporary reduction in fuel taxes until the end of September due to ongoing military tensions in the Middle East. During a Cabinet meeting held at the Government Seoul Complex on July 28, officials reviewed and approved 20 presidential decrees, five general agenda items, and one report. The amendment to the Enforcement Decree of the Traffic, Energy, and Environment Tax Act extends the temporary reduction in the traffic, energy, and environment tax on gasoline, diesel, and similar alternative fuels from July 31 to September 30. Prime Minister Han Seung-soo stated, "The uncertainties in the Middle East remain, and the domestic and international conditions, including new U.S. tariffs and worsening youth employment, are challenging." He emphasized, "Even while the President is on an overseas trip, he is taking care of measures for people's livelihoods, such as the maximum price system for oil and the reduction of fuel taxes. The Cabinet must remain vigilant and do its utmost for economic stability and growth." The Cabinet also passed an amendment to the Individual Consumption Tax Act, extending the temporary reduction in the individual consumption tax on butane, as well as an amendment to the Enforcement Decree of the Oil and Oil Substitute Fuel Business Act, which exempts the sales levy on liquefied petroleum gas (LPG) butane until the end of the year. President Lee Jae-myung instructed during a video conference with senior aides on July 27, while on a trip to South America, to maintain the maximum price system for oil and to keep policies like fuel tax reductions in place until the uncertainty in oil prices is resolved. Prime Minister Han expressed hope regarding President Lee's trip to the U.S. and South America, stating, "South Korea will build a global AI cooperation network and become a key country in an indispensable supply chain within the global AI ecosystem." He added, "We will also expand the supply chain of essential resources such as key minerals and energy through close cooperation with resource-rich South American countries, and I urge relevant ministries to ensure that the outcomes of the trip translate into tangible changes for the people and businesses."* This article has been translated by AI. 2026-07-28 14:18:00
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Elon Musk's Wealth Plummets by $754 Billion in a Month Elon Musk, the first person to surpass a personal fortune of $1 trillion, has seen his wealth nearly cut in half in just over a month.According to Forbes, Musk's net worth is now estimated at $695.7 billion (approximately 1,019 trillion won). This marks a decrease of $754.3 billion (about 1,106 trillion won) from his record high of $1.45 trillion (around 2,125 trillion won) on June 16.On July 24, Musk posted on his social media platform X, referring to himself as a "(former) trillionaire." This self-deprecating remark reflects his current financial situation, which has fallen below the $1 trillion mark due to declines in the stock prices of SpaceX and Tesla.Musk became the world's first trillionaire when SpaceX went public last month. The company raised $75 billion through its IPO on June 12, with its market capitalization soaring to approximately $2.1 trillion on its first trading day.On that day, SpaceX shares closed at $161, 19% above the initial public offering price of $135. As the company's value skyrocketed, Musk's wealth increased to about $1.1 trillion. Following a peak share price of $225, Forbes estimated Musk's fortune reached around $1.4 trillion.However, the initial excitement surrounding the IPO did not last long. On July 27, SpaceX shares closed at $113.50, marking the lowest closing price since the IPO. During trading, shares fell below $109. Compared to the peak price of $225.64, this represents a decline of nearly 50%, and the shares are now trading below the IPO price of $135.SpaceX's market capitalization has dropped to about $1.5 trillion. While it remains one of the most valuable companies in the world, much of the value anticipated by the market immediately after the IPO has evaporated.Investors are concerned about SpaceX's high valuation and the burden of its significant investments in artificial intelligence. The company is investing heavily not only in its space and satellite communications business but also in AI. There is uncertainty about when the AI investments will start generating profits, which has pressured the stock price.Reuters analyzed that the weakness in SpaceX's stock price reflects some investor concerns about the debt burden for AI investments. Short-sellers betting against SpaceX's stock have reportedly made about $15.5 billion in profits on paper as of July 21 since the IPO.The decline in Tesla's stock price, another key asset for Musk, has also contributed to the decrease in his wealth.After Tesla's second-quarter earnings report on July 23, the stock price dropped by about 14%. While quarterly revenue exceeded market expectations, adjusted earnings per share fell short, highlighting the significant investment burden for AI and robotics and autonomous driving. On that day alone, Musk's wealth reportedly decreased by about $18.6 billion.However, Musk's net worth of $700 billion does not mean he has lost or spent actual cash.The net worth of billionaires is calculated based on the estimated value of their holdings in stocks and private equity. Most of Musk's wealth is tied to his stakes in companies he leads, such as Tesla and SpaceX. When stock prices rise, his wealth increases, and when they fall, the value of his holdings decreases immediately.Despite the significant drop in wealth, Musk remains the world's richest person. As of July 27, he topped Forbes' real-time billionaire rankings.SpaceX is set to announce its first quarterly earnings since going public next week. Investors are keenly awaiting Musk's insights on the company's performance, growth prospects for Starlink and space launch services, AI investment plans, and future spending levels.* This article has been translated by AI. 2026-07-28 14:16:00