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  • Korea trade chief heads to Washington as U.S. global tariff nears expiry
    Korea trade chief heads to Washington as U.S. global tariff nears expiry SEOUL, July 22 (AJP) - South Korea’s Industry Minister Kim Jung-kwan left for Washington on Wednesday to defend Seoul’s tariff deal and advance a $350 billion investment package as the legal authority for the United States’ temporary global duties expires on Friday. Kim will stay in Washington through Saturday for talks with U.S. Commerce Secretary Howard Lutnick and other senior administration and congressional officials on strategic investment and outstanding trade issues, the Ministry of Trade, Industry and Energy said. He will also meet Energy Secretary Chris Wright and other officials to discuss cooperation in energy and natural resources while conducting outreach to Congress on bilateral trade and investment concerns. The visit comes as the Trump administration prepares for the expiry of the 10 percent global tariff imposed under Section 122 of the Trade Act of 1974. That provision allows the president to levy duties for up to 150 days to address a serious balance-of-payments problem. Without congressional action to extend the tariffs, the Section 122 authority expires Friday. Washington could seek to preserve or replace the duties through Section 301, a more durable trade remedy that permits tariffs or other restrictions after an investigation finds that a foreign government’s conduct is unreasonable or discriminatory and burdens U.S. commerce. For Seoul, the immediate question is whether duties imposed under a new legal authority would remain subject to the 15 percent ceiling agreed by the two countries last year. South Korea agreed to a $350 billion investment package in return for Washington lowering its reciprocal tariff on Korean products from 25 percent to 15 percent. The Korean government has yet to disclose specific projects under the package, although presidential policy chief Kim Yong-beom has said the first investments could become visible around August or September. Kim’s trip also comes as South Korea faces a separate threat of Section 301 action arising from its treatment of Coupang, the New York-listed e-commerce company. Beyond tariff concerns, Kim will seek to accelerate bilateral shipbuilding cooperation. He will attend Thursday’s opening of the Korea-U.S. Shipbuilding Partnership Center in Washington with government and industry representatives from both countries. The center follows a memorandum signed by the Korean Industry Ministry and U.S. Commerce Department in May under the Korea-U.S. Shipbuilding Partnership Initiative. It will support cooperation between Korean and U.S. shipbuilders and identify joint projects. “The government has begun full-scale work on strategic investment projects under the Korea-U.S. Strategic Investment Act,” Kim said. “Through this visit, we will further specify the direction of the investment projects and faithfully implement the Korea-U.S. tariff agreement so that bilateral trade relations remain stable.” 2026-07-22 11:12:04
  • NS Home Shopping Donates Over 60,000 Bottles of Water to Delivery Workers Amid Heatwave
    NS Home Shopping Donates Over 60,000 Bottles of Water to Delivery Workers Amid Heatwave NS Home Shopping announced on July 22 that it has delivered 60,360 bottles of water to support delivery workers during the summer heat. The 'Love Water Campaign' has been an initiative by NS Home Shopping since 2005, aimed at sharing the challenges faced by delivery personnel. This year, the company provided water to major delivery partners including Hanjin, CJ Logistics, and Lotte Logistics. To date, the campaign has distributed over 940,000 bottles of water.In addition to the water donations, NS Home Shopping operates a support program for delivery partners, which includes monthly awards for outstanding delivery workers and special bonuses during holidays.Yoo Dae-hee, head of the Customer Support Division at NS Home Shopping, stated, "We initiated this campaign to express our gratitude to delivery workers who strive to deliver products safely even in the heat. We will continue to engage in collaborative activities that foster growth with our delivery partners."Meanwhile, NS Home Shopping is also involved in community service activities to support the health of local seniors during the summer. Since 2011, the company has been conducting a Samgyetang sharing event in partnership with the Sujeong Senior Welfare Center, and this year, it has donated 20 million won to provide 2,500 servings of Samgyetang. 2026-07-22 11:12:00
  • South Korean Investors Accumulate 1 Trillion Won in Chinese Stocks This Year, Led by SMIC
    South Korean Investors Accumulate 1 Trillion Won in Chinese Stocks This Year, Led by SMIC South Korean investors have purchased a net total of 1 trillion won (approximately $678 million) in Chinese mainland stocks this year, marking a 130.5% increase compared to the previous year, according to a report by Shanghai Securities News on July 22.In the first half of this year, the most purchased Chinese stock by South Korean investors was semiconductor equipment manufacturer North Huachuang, with a net purchase of $33.94 million. GPU developer Cambricon followed in second place with $27.28 million, while CATL, the leading battery manufacturer, ranked third with $12.54 million. Other notable companies in the top ten included SANY Heavy Industry, Zhaoyi Innovation, BYD, Foxconn, and Shenzhen SMI.In the Hong Kong stock market, South Korean investors primarily bought shares of SMIC, the top foundry company, with a purchase amount of $85.46 million. When combining purchases from both the mainland and Hong Kong markets, SMIC emerged as the most acquired stock. The second most purchased stock listed in Hong Kong was AI company Minimax, with $66.65 million.Even during a market correction last week, South Korean investors continued to buy mainland Chinese stocks. From July 13 to 17, they purchased $2.85 million worth of Cambricon shares. Stocks from semiconductor companies such as SMIC, Lattice Semiconductor, Huahong Semiconductor, and AMEC also saw net purchases exceeding $1 million each.Meanwhile, Citigroup raised its investment outlook for the Chinese stock market from 'Tactical Neutral' to 'Overweight' in a report released on July 20. The bank noted that while the growth in earnings per share (EPS) for Chinese companies remains sluggish, the low investment levels, falling oil prices, and potential global economic recovery suggest a significant inflow of foreign capital could occur.* This article has been translated by AI. 2026-07-22 11:08:00
  • The Paradox of Leverage ETFs: Finding Solutions to Market Principles
    The Paradox of Leverage ETFs: Finding Solutions to Market Principles The controversy surrounding single-stock leveraged exchange-traded funds (ETFs) continues. President Lee Jae-myung urged financial authorities on July 21 during a Cabinet meeting to "swiftly and thoroughly create supplementary measures." This call comes in light of the Financial Services Commission's announcement on July 16 to raise the minimum deposit from 10 million won to 30 million won, recognize only cash as a deposit, and increase the trading unit from one share to 20 shares. However, the implementation of these measures has been postponed until next month, prompting the President to deem this delay unacceptable.It remains unclear what additional measures will be introduced. Nevertheless, the trend of individual investors flocking to the two-times leveraged ETFs tracking Samsung Electronics and SK Hynix has not changed since the July 16 announcement. Critics argue that the measures announced on July 16 are more about "raising the threshold" than providing fundamental solutions, labeling them as stopgap measures.In reality, raising the deposit and expanding trading units will not eliminate the structural volatility of leveraged ETFs. The core issue with these products lies not in the number of individual investors but in the large-scale buying and selling of underlying assets and the concentration of trading at closing prices. Simply raising the entry barrier could push small investors out of the market, leaving only those with substantial capital to continue trading. This could undermine the equity of investment opportunities under the guise of investor protection.A more significant concern is that financial authorities have fallen into a dilemma of their own making. Single-stock leveraged ETFs were initially introduced to redirect funds from overseas leveraged products back into the domestic market by easing regulations. The belief was that prohibiting investments allowed in the U.S. and Hong Kong would exacerbate capital outflows. However, if authorities now propose to lower leverage ratios or encourage delisting, it would represent a self-negation of policy. This could lead to a balloon effect, where investment demand does not disappear but shifts back to overseas products.As a result, the market is calling for a more structural approach. A realistic alternative is to change the hedging methods. Domestic leveraged ETFs face strict regulations on derivatives, forcing them to buy and sell large amounts of underlying assets directly. By improving regulations to allow for a higher proportion of hedging using futures and options, the concentration of trading at closing prices could be significantly alleviated. This is not a measure that restricts trading but rather an institutional improvement that reduces market shocks.There is also a need to revise the method of calculating closing prices. It may be worth considering changing the management of deviation rates and hedging standards from a single closing price to an average price over a set period. This could help naturally disperse the phenomenon of concentrated trading at the end of the trading day.The government's role should not be to make investment itself more difficult but to improve trading structures to prevent excessive market fluctuations. There are numerous alternatives that can reduce volatility while maintaining market functionality, such as expanding single-price trading, average price calculations, and easing regulations on derivatives. Investor protection and market efficiency are not conflicting values but goals that should be pursued together.Above all, policies must be consistent. If a product introduced as necessary is effectively neutralized within just a few months, the market will find it hard to trust government policies. Regulations should not be a means to outsmart the market but rather a mechanism to ensure it operates effectively. The controversy over single-stock leveraged ETFs should serve as an opportunity to find institutional solutions that preserve the dynamism of capital markets while managing risks. Repeated stopgap regulations will not gain market trust or policy credibility. 2026-07-22 11:08:00
  • Korean stocks lead Asia as chip rally sends KOSPI above 7,000
    Korean stocks lead Asia as chip rally sends KOSPI above 7,000 SEOUL, July 22 (AJP) - Korean stocks led Asian markets by a wide margin Wednesday morning, driven by heavy foreign buying in semiconductor shares after a sharp overnight rally in U.S. chipmakers revived expectations for continued artificial intelligence infrastructure investment. The benchmark KOSPI was trading 5.6 percent higher at 7,125.8 as of 10:30 a.m., outperforming Japan's Nikkei 225, which gained 1.9 percent to 67,512.1. China's Shanghai Composite and Hong Kong's Hang Seng Index each fell 0.6 percent to 3,839.7 and 24,978.9, respectively. The KOSPI opened at 7,052.09, up 4.51 percent from the previous session, and climbed as high as 7,166.00 before trimming part of its gains. Its intraday low stood at 7,052.09. A buy-side sidecar was triggered at 9:06 a.m. after KOSPI 200 futures surged more than 5 percent, temporarily suspending program buy orders. The benchmark reclaimed the 7,000 level as soon as trading began. Foreign investors led the advance, purchasing 1.78 trillion won ($1.2 billion) worth of KOSPI-listed shares. Retail investors sold 1.37 trillion won, while institutions were also the biggest sellers, offloading 430.7 billion won in the latest disclosed tally. Semiconductor heavyweights accounted for much of the index's gain. SK hynix jumped 8.5 percent to 1,992,000 won, while Samsung Electronics rose 5.8 percent to 274,000 won. The two companies together account for more than half of the KOSPI's total market capitalization. Their gains followed a semiconductor-led rebound on Wall Street. Micron Technology surged 12.2 percent, Intel gained about 8 percent and Nvidia advanced 2 percent. SK hynix's U.S. depositary receipts soared 13.74 percent to $171.93, while the Philadelphia Semiconductor Index climbed 5.21 percent. Buying returned to chipmakers as investors reassessed concerns over slowing AI infrastructure investment and focused instead on continued growth in demand for AI servers, memory chips and data centers. SK hynix received an additional boost amid separate reports that SK Group Chairman Chey Tae-won, Samsung Electronics Chairman Lee Jae-yong and Naver founder Lee Hae-jin were arranging a private meeting with Nvidia Chief Executive Jensen Huang near Silicon Valley this week, with OpenAI's Sam Altman and Anthropic's Dario Amodei also reportedly possible attendees. The proposed talks are expected to cover high-bandwidth memory, graphics processing units, AI data centers and generative AI services, although the participants and schedule have not been finalized. Samsung Electronics also benefited after S&P Global Ratings raised its outlook on the company to positive from stable, citing stronger memory-chip earnings and expectations that Samsung will be a major beneficiary of an extended memory supercycle. The credit rating agency projected that shortages in memory supply could persist for at least two years as capital expenditure by the world's four largest hyperscalers increasingly shifts toward AI data-center construction. Other KOSPI heavyweights advanced alongside the semiconductor rally. Samsung Electro-Mechanics gained 9.5 percent to 1,435,000 won, Hyundai Motor rose 6.8 percent to 426,000 won and LG Electronics climbed 10.1 percent to 190,700 won. Doosan Enerbility added 6.3 percent to 71,000 won, while SK Eternix surged 19.3 percent to 66,700 won. Electronic products and wireless communications services were the strongest sectors, each rising about 9 percent, followed by machinery stocks with an 8.4 percent gain. SK Telecom climbed 11.3 percent, while LG Uplus advanced 1.7 percent. The tech-heavy KOSDAQ was trading 2.9 percent higher at 774.8. The index moved between an intraday low of 767.77 and a high of 789.23, giving up part of an earlier gain of more than 4 percent. Retail investors bought 176.3 billion won worth of KOSDAQ shares, while foreign and institutional investors sold 95 billion won and 80.2 billion won, respectively. Robot and physical AI stocks led the secondary market after Samsung Electronics announced the establishment of its Robotics eXperience, or RX, business office directly under its chief executive. The unit will oversee the company's medium- and long-term robotics strategy, core technology development and commercialization as Samsung seeks to expand robotics into a major growth business. Rainbow Robotics, which Samsung Electronics incorporated as a subsidiary in late 2024, surged 23.5 percent to 508,000 won. The stock climbed as high as 529,000 won earlier in the session. Buying spread across the robotics sector, which gained 9.8 percent as a group. TXR Robotics and Cosmo Robotics both hit their daily limit with 30 percent gains, while robotics-related shares including Doosan Robotics, Robotis, Robostar and Neuromeka also posted double-digit advances. Physical AI stocks rose 9.5 percent, led by KNS, which surged 29.9 percent. Among heavily traded KOSDAQ shares, Lightron gained 15.4 percent to 2,770 won and NRobotics rose 28.6 percent to 2,367 won. On the downside, HLB fell 7.7 percent to 28,050 won. Pintel dropped 28.2 percent, while Zinitix, Nano, Plasmapp and Sonokong declined between 11.9 percent and 17.9 percent. The Korean won strengthened 0.2 percent to trade at around 1,480 won against the U.S. dollar. Oil prices continued to rise as geopolitical tensions threatened supply routes in the Middle East and other major exporting regions. West Texas Intermediate crude gained 1.5 percent to $85.60 per barrel, while Brent crude rose 1.6 percent to $92.50, remaining near a six-week high. Concerns intensified over potential disruptions in the Red Sea and the Strait of Hormuz, as well as attacks targeting the Caspian Pipeline Consortium's Black Sea terminal, a key export route for crude oil from Kazakhstan. 2026-07-22 11:07:50
  • Trump Administration Plans to Shift Federal Research Funding to AI and Individual Researchers
    Trump Administration Plans to Shift Federal Research Funding to AI and Individual Researchers The Trump administration plans to restructure approximately $200 billion in federal research and development funding, shifting the focus from universities to individual scientists and AI-driven research.According to the Wall Street Journal, the White House Office of Science and Technology Policy (OSTP) outlined in a new report and guidelines that supporting individual researchers and AI-based scientific research will be key priorities for the federal research budget. These new guidelines are expected to influence the allocation of research and development funds during President Trump's remaining time in office.Instead of the traditional method of providing research funding to universities, the Trump administration intends to expand fellowships and grant programs that support individual researchers directly. The White House cited the National Science Foundation's (NSF) graduate student support program and the National Institutes of Health's (NIH) creative scientist support program as exemplary models.Additionally, the administration is looking to increase the authority of politically appointed officials in deciding research funding and is pursuing regulations from the Office of Management and Budget (OMB) to align research projects with the administration's policy priorities. As a result, large universities that heavily rely on federal research funding may face challenges.Michael Kratsios, OSTP Director, stated, "We have been stuck in the mindset of funding the same research at the same institutions in the same way for the past 20 to 30 years."Utilizing AI as a core tool for scientific discovery is also a major aspect of this policy. Kratsios and OMB Director Russell Vought urged departments to support research that uses AI not just as a complement to existing research capabilities but as a means for new scientific discoveries.The Trump administration is also advancing the 'Genesis Mission,' which aims to connect the Department of Energy's research capabilities and supercomputers with private companies and researchers. Furthermore, it has set goals to establish high-performance quantum computers by 2028 and to begin construction on ten large reactors by 2030.Since taking office last year, the Trump administration has identified reducing government spending as a key policy objective. In this context, it has significantly cut funding to major universities like Harvard and MIT, which have faced conflicts with the administration over diversity issues.Meanwhile, the Wall Street Journal reported concerns that overemphasizing potentially flawed AI could limit the research areas available to scientists. 2026-07-22 11:04:00
  • Aekyung Industrys One Thing Opens Recovery House in Bukchon
    Aekyung Industry's One Thing Opens 'Recovery House' in Bukchon Aekyung Industry's skincare brand One Thing has launched a wellness-focused event, moving beyond a typical product pop-up to promote skin and daily recovery, aiming to connect with both domestic and international consumers. From July 22 to 25, One Thing will host a private experience event called 'One Thing Recovery House' at the Ujuyeon Oriental Medicine Clinic in Bukchon. The event is themed 'Skin Burnout Recovery,' addressing skin irritation and fatigue stemming from busy lifestyles. The space is designed around One Thing's flagship product, the 'Centella Asiatica Extract Toner,' and the new 'Centella Soothing Mist.' Participants will have the opportunity to use key skincare products, including the Centella line, and learn about the essential ingredients and characteristics of each product. On the first day, influencers from South Korea and Japan, as well as TikTok creators from the United States, will be invited to participate in three wellness programs. Activities will include fortune-telling with colors, a tea ceremony using Centella tea, singing bowl meditation, lymphatic massage, and product experiences. From July 23 to 25, influencer experience events will continue with time-slot reservations. The product experience area will feature QR codes linking to purchase pages, facilitating the transition from offline experiences to actual purchases. Participants will receive a 'Burnout Recovery Kit' containing the Centella Extract Toner, Centella Soothing Mist, Centella Serum, modeling pack, and multi big pads, along with brand merchandise. One Thing is a minimalist skincare brand designed around essential ingredients for skin concerns. Its official online store offers toners, serums, and creams prominently featuring Centella, houttuynia cordata, hyaluronic acid, and niacinamide. This event marks one of the first external marketing activities since Aekyung Industry fully absorbed the One Thing brand. Aekyung completed the merger process for One Thing, which it acquired in 2022, last month and plans to expand its product line centered on the Centella line while combining its sales, marketing, research, and production capabilities to develop it into a global skincare brand. A representative from One Thing stated, “We aim to expand our connections with both domestic and global consumers through our flagship product, the Centella Extract Toner, and the new Centella Soothing Mist, and we will continue to enhance our recognition as a K-beauty skincare brand through various global marketing activities.”* This article has been translated by AI. 2026-07-22 11:04:00
  • Government Expands Eligibility for Green Seed Retirement Pension Fund
    Government Expands Eligibility for Green Seed Retirement Pension Fund The government has significantly expanded the eligibility for the Green Seed Retirement Pension Fund, aiming to address gaps in retirement pension coverage.On July 22, the Ministry of Employment and Labor and the Workers' Compensation and Welfare Service held a ceremony in Mapo-gu, Seoul, to commemorate the expansion of the Green Seed program and to introduce improvements following the revised Worker Retirement Benefits Security Act.Under the new regulations, the eligibility for the Green Seed program has been expanded from businesses with 30 or fewer regular employees to those with fewer than 50 employees. Starting in January 2027, the eligibility will further extend to businesses with fewer than 100 employees.Additionally, a new Individual Retirement Pension (IRP) product has been introduced, allowing self-employed individuals, labor providers, and public servants to join the public fund-based retirement pension. The government expects this will strengthen the foundation for retirement income security for groups that have been excluded from retirement pension benefits until now.The Green Seed program, launched in 2022, is the country's first public fund-based retirement pension, designed to pool contributions from various small businesses into a single fund for professional management. It aims to provide stable asset management services to small businesses, allowing even the smallest enterprises to benefit from economies of scale. Currently, there are about 190,000 participants, with accumulated funds reaching approximately 1.9 trillion won.As the population ages rapidly and non-standard labor increases, reducing gaps in retirement pension coverage has become an important policy issue. The expansion of eligibility to include self-employed individuals and platform workers, who were previously outside the system, is expected to enhance the public retirement income security framework.During the ceremony, plaques of appreciation were presented to business owners with fewer than 50 employees who newly joined the Green Seed program, as well as to IRP participants. Attendees were also able to apply for membership on-site, with promotional activities for the program taking place at Front One, a hub for startups and young workers.Kwon Chang-jun, Deputy Minister of Labor, stated, "The fact that workers in small businesses, as well as self-employed individuals and labor providers, can now benefit from the public fund-based retirement pension represents a significant advancement in our country's retirement income security system. We will continue to address gaps in retirement pension coverage and support the activation of fund-based retirement pensions like Green Seed through ongoing improvements and field support."* This article has been translated by AI. 2026-07-22 11:04:00
  • South Korea Launches Regional Growth Engine Development Plan
    South Korea Launches Regional Growth Engine Development Plan The South Korean government is developing a regional growth engine plan to implement its 5 poles 3 special regional growth strategy.On July 22, the Ministry of Trade, Industry and Energy held a 'Growth Engine Development Plan Working Council' at the Government Sejong Center, attended by local governments. The council aimed to explain guidelines for quickly establishing and implementing the growth engine development plan and to gather feedback.The guidelines for drafting the growth engine development plan serve as practical instructions for local governments to create a comprehensive long-term development plan in collaboration with anchor companies after selecting growth engines. The plan will include strategies for attracting anchor company investments, visions for growth engine development, and detailed tasks to promote investment and growth.In the future, the ministry plans to pursue the signing of ultra-regional special agreements involving the central government, local governments, anchor companies, and regional innovation organizations based on this plan.On the same day, the ministry also introduced a seven-point policy support package and the Mega Special Zone Act as part of the government's support policy direction. The government plans to provide tailored support for major corporate investment projects in each region through a package of policies covering finance, taxation, regulation, technology, talent, and infrastructure. Additionally, it will utilize the Mega Special Zone system to offer exceptional regulatory benefits linked to large-scale investments, such as growth engines.This working council signifies that the 5 poles 3 special strategy is moving beyond the slogan stage to the phase of establishing regional action plans. While previous regional balanced development policies have focused on infrastructure development and budget allocation, this initiative aims to directly connect anchor company investments with regional growth engines, fostering industrial projects. The key will be how well the growth engines proposed by local governments align with actual corporate investments.The ministry stated, 'Based on the discussions from the council, we will promptly finalize the guidelines for drafting the growth engine development plan and will regularly operate central-local working councils to expedite the implementation of local-led growth policies.'* This article has been translated by AI. 2026-07-22 11:04:00
  • Kim Geon-hee Under Investigation in Presidential Residence Scandal
    Kim Geon-hee Under Investigation in Presidential Residence Scandal The second special investigation team, led by Special Prosecutor Kwon Chang-young, is conducting its first questioning of Kim Geon-hee regarding allegations of preferential treatment related to the relocation of former President Yoon Suk-yeol's residence. With the investigation period unusually extended three times, the team is expected to exert maximum effort to achieve results in this case.Starting at 10 a.m. on July 22, the special prosecutor summoned Kim Geon-hee as a suspect in violations of the Act on the Aggravated Punishment of Specific Crimes, including bribery and abuse of power. This marks the first time Kim has appeared before the special prosecutor.Kim, who is currently in custody, was transported to the investigation room in a Ministry of Justice vehicle, and her appearance was not made public. Initially, her questioning was scheduled for July 19 but was postponed twice due to health issues.Her attorney, Chae Myung-sung, stated, "The allegations raised are merely unilateral claims by the special prosecutor and are not true. Kim Geon-hee has had no involvement in the awarding of contracts for the residence construction."Kim is accused of being involved in the selection of contractors for the presidential residence construction. The special prosecutor is investigating claims that 21gram provided Kim with luxury items, including Dior clothing, and that she improperly used her status as the spouse of the president to secure a contract for 21gram.Additionally, it is suspected that Kim colluded with former Chief of Staff Kim Dae-ki and former Administrative Secretary Kim O-jin to illegally divert the Ministry of Interior and Safety's budget to pay 21gram for construction costs, and that she played a role in the alleged concealment of the results of an audit by the Board of Audit and Inspection during the relocation.The special prosecutor previously announced in a regular briefing that they prepared a 150-page questionnaire, indicating a focus on substantiating the allegations against Kim. However, given the extensive nature of the charges, the possibility of further summons remains open.Notably, a bill to extend the special prosecutor's mandate for a third time was passed in the National Assembly the previous day, led by the Democratic Party, prompting analysis that the special prosecutor must now deliver results.While the special prosecutor has adopted a 'Heavy Tail' strategy, focusing on requesting arrest warrants or filing charges in the latter stages of the investigation, they have yet to secure half of the suspects in custody. Skepticism regarding the extension has grown due to minimal investigative results and excessive budget expenditures.In this context, attention is drawn to whether the special prosecutor can achieve results related to the residence relocation allegations and successfully shift the atmosphere based on the questioning of Kim Geon-hee, who is considered a key figure.The special prosecutor has already indicted former Minister of the Interior and Safety Lee Sang-min, former Chief Secretary Yoon Jae-soon, and former Chief of Staff Kim Dae-ki regarding the allegations of illegal budget diversion to pay 21gram. On July 20, they successfully secured the custody of Yoo Byeong-ho, an audit committee member under investigation for alleged inadequate audits related to the presidential residence relocation.* This article has been translated by AI. 2026-07-22 10:56:00