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Police Testify That Separate Investigations Were Ordered in Jang Yoon-ki Case Jang Yoon-ki's murder case of the late Lee Chae-won and past sexual crimes were ordered to be investigated separately by the National Investigation Agency (NIA), according to testimonies from police officers involved at the time.On July 20, Yonhap News reported that officers who investigated or supported the case claimed they received directives from the NIA to conduct separate investigations for the murder and sexual crime cases.The sexual crime in question occurred on May 3, two days before Lee Chae-won's murder, when Jang Yoon-ki allegedly raped a female acquaintance of Southeast Asian nationality. Officers stated that after the case was reported to another local police station, a joint investigation was considered, but the NIA instructed that it be investigated separately by the women's youth division.As a result, the separation of the two cases complicated the investigation into applying charges of murder for the purpose of rape against Jang Yoon-ki. Prior to the case being sent to prosecutors, there were internal discussions within the investigation team about applying the charge of murder for the purpose of rape, but it was ultimately not reflected in the final report.Currently, the NIA's special investigation team is looking into allegations that A, the former head of the criminal division at the Gwangju Gwangsan Police Station, ordered the separation of the investigations, which could constitute abuse of authority. A pre-arrest interrogation for A is scheduled to take place on July 21 at the Gwangju District Court.The NIA stated, "The investigation process, including whether there was an order for separate investigations, is a matter that needs to be clarified through future investigations." If it is confirmed that the NIA was indeed the authority behind the separate investigations, significant repercussions are expected.* This article has been translated by AI. 2026-07-20 21:28:00 -
Incheon Coupang Logistics Center Fire Extinguished; Investigation Underway The fire at the Coupang logistics center in Incheon has been extinguished after three days, prompting a joint investigation into the cause of the blaze.According to the Incheon Fire Department, the fire broke out at the Coupang No. 32 logistics center in Seongnam-dong, Incheon, at 6:54 a.m. on July 18 and was initially brought under control around 8 p.m. on July 20, approximately 61 hours later.Authorities plan to conduct a joint investigation with the police, the National Forensic Service, and the Korea Electrical Safety Corporation. The investigation will focus on the sixth floor of Building B, which is believed to be the initial ignition point, once the building's safety is confirmed.During the investigation, officials will also secure evidence such as closed-circuit television (CCTV) footage from inside the logistics center and fire alarm data to clarify the circumstances surrounding the fire.The police have established a dedicated investigation team, including members from the Incheon Police Agency's Serious Crimes Investigation Unit and the Major Disaster Investigation Division, to determine the cause of the fire. They plan to reference the 2021 fire at the Coupang logistics center in Icheon, Gyeonggi Province, where officials were prosecuted for delaying initial response by repeatedly disabling fire alarms.This fire occurred in an eight-story logistics center with a total floor area of approximately 299,000 square meters. All 121 employees on duty at the time were evacuated safely, although two firefighters were transported to the hospital due to smoke inhalation and exhaustion during the firefighting efforts. The fire department issued a national firefighting mobilization order, deploying 231 vehicles and 812 personnel to combat the blaze.* This article has been translated by AI. 2026-07-20 20:52:00
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EU Fines AliExpress €550 Million for Violating Digital Services Act The European Union has imposed a €550 million ($590 million) fine on AliExpress, the e-commerce platform owned by China's Alibaba Group, for violations of the Digital Services Act (DSA).On July 20, the European Commission announced that its investigation found a significant distribution of illegal and counterfeit products on AliExpress, including fake clothing and shoes, toys that do not meet safety standards, and harmful cosmetics.The Commission determined that AliExpress had not taken adequate measures to protect consumers from these illegal products. It specifically noted a lack of personnel to review illegal items and instances where some illegal products were promoted before being removed due to staff overload.Henna Virkkunen, Vice President of the European Commission, stated, "The spread of illegal products such as counterfeit clothing, unsafe toys, and harmful cosmetics is not an inevitable result of online shopping but a failure to comply with DSA obligations."AliExpress is required to submit a corrective action plan to the European Commission by October 20.* This article has been translated by AI. 2026-07-20 20:32:00
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China Expands AI Weather Alert System in Global South, Operating in Seven Countries China is expanding its influence in the Global South by distributing its artificial intelligence (AI)-based early warning weather system to developing countries. This initiative is seen as a move to strengthen technological diplomacy by promoting weather and disaster response technology as an 'international public good.'According to the South China Morning Post on July 20, China's AI early warning weather system, named 'Mazu,' is currently operational in seven developing countries: Pakistan, Djibouti, Ethiopia, Jordan, Mongolia, the Solomon Islands, and Sri Lanka.A public cloud version has completed trial operations in 40 countries in the Global South. There are increasing real-world applications, such as disaster alerts in Pakistan and urban flood predictions in Nigeria.Mazu was first unveiled at the World Artificial Intelligence Conference (WAIC) in Shanghai last year, and this year's event showcased its overseas applications. The system is named after Mazu, the goddess of the sea in Chinese mythology, and was designed with international distribution in mind from the outset.During the WAIC opening ceremony on July 17, Chinese President Xi Jinping announced plans to implement Mazu in 30 countries over the next five years.Pan Jinjun, a senior engineer at the China Meteorological Administration, stated, 'Mazu provides tailored early warning services for developing countries and will be a key technology for enhancing extreme weather response capabilities through rapid forecasting across vast regions.'* This article has been translated by AI. 2026-07-20 20:20:00
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Government Considers Overhaul of Long-Term Capital Gains Tax Exemption for Real Estate The government is reviewing plans to reform the long-term capital gains tax exemption (LTGE) for real estate, focusing on actual residency, ahead of a national discussion on real estate policy scheduled for July 23. The proposed changes include reducing benefits for non-residential properties and differentiating exemption rates for high-value homes, raising concerns about how to adjust the tax burden for long-term homeowners and retirees.◆ Maximum 40% for Ownership and Residency... Review of Non-Residential ExemptionsAccording to relevant authorities, the government has been conducting discussions on supply, finance, and tax policy since July 14, culminating in a presidential-led real estate forum on July 23. The discussions will synthesize feedback from these meetings and online consultations to shape future real estate policies and tax reforms.While specific reform proposals have not yet been finalized, key issues under consideration include whether to reduce benefits for non-residential properties and whether to apply different exemption rates for high-value homes.The LTGE allows individuals who have held real estate for an extended period to deduct a portion of their capital gains when selling their homes, thereby alleviating the tax burden that can arise from sudden taxation on accumulated gains.The current system already considers both the holding period and residency for homeowners. For properties sold for more than 1.2 billion won, homeowners can receive a maximum deduction of 40% based on a holding period of 10 years or more and an additional 40% based on residency of 10 years or more. In contrast, general real estate outside the one-home rule only qualifies for a maximum 30% deduction after being held for 15 years.The core of the proposed reform is not to introduce new residency requirements but to reduce the weight of deductions based solely on ownership while enhancing benefits based on actual residency. Currently, homeowners who do not reside in their properties can still receive deductions for long-term ownership. Discussions among government officials and stakeholders suggest lowering the ownership deduction limit while expanding residency deductions or reducing the maximum deduction rate for high-value homes.Proponents of the reform argue that providing tax benefits solely for long-held non-residential properties contradicts the principle of taxing based on actual demand. They emphasize that as property values and capital gains increase, the corresponding deduction amounts also rise, questioning the appropriateness of applying the same maximum deduction rate of 80% to high-value homes.◆ Tax Burden on Retirees and Concerns Over Market Lock-Up... Transitional Measures Are KeyAddressing potential side effects of the reform is also a challenge. Applying stricter criteria uniformly to long-term homeowners who have relied on the existing system could undermine tax predictability. Homeowners unable to reside in their properties due to work or family issues, as well as retirees looking to fund their retirement through home sales, may face unexpectedly high tax burdens.According to the National Data Agency, as of 2024, the national housing supply rate stands at 102.7%, with the number of homes exceeding the number of households. However, the homeownership rate remains at 57.7%, indicating a disconnect between actual residency and asset ownership. Additionally, the Ministry of Land, Infrastructure and Transport's 2024 housing survey reported a homeownership rate of 61.3%, suggesting that many homes are used for investment or rental purposes. This structure supports the argument for a residency-focused tax system.Concerns have also been raised that reducing the LTGE could lead to a market lock-up. If the tax burden increases sharply, homeowners may delay selling their properties, resulting in fewer homes available on the market. There is a possibility of a temporary surge in listings before the implementation of the new system or a slowdown in transactions until the reform details are finalized.Consequently, market attention is focused not only on the exemption rates but also on the criteria for application and the timing of implementation. Whether transitional measures will be established to apply previous regulations to existing homeowners or if the new criteria will apply only to homes acquired after the reform will significantly affect perceived tax burdens. Gradual adjustments to exemption rates or a temporary grace period are also being discussed as alternatives to mitigate market shocks.Lee Eun-hyung, a researcher at the Korea Construction Policy Institute, stated, "For an increase in housing supply to lead to market stability, a balance between supply and demand is necessary. Suppressing demand while increasing supply may lead to conflicting directions, so the impact of demand suppression and strengthening residency for one-home ownership should also be discussed."* This article has been translated by AI. 2026-07-20 20:08:00
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ASEAN Foreign Ministers' Meeting Opens Amid Speculation on US-China Talks The ASEAN Foreign Ministers' Meeting, taking place from July 21 to 23 in Manila, Philippines, will see the attendance of top diplomats from the United States, China, and Russia, raising interest in the potential for high-level talks between the US and China, as well as the US and Russia.On July 20, the US State Department reported that Secretary of State Marco Rubio expressed a willingness to meet with Wang Yi, head of the Chinese Communist Party's Central Foreign Affairs Office and Foreign Minister, as well as with Russian Foreign Minister Sergey Lavrov.Rubio stated, "There will inevitably be differences of opinion between great powers like the US and China," but emphasized the importance of maintaining communication and relationships among significant nations. However, he noted that a meeting with Wang has not yet been confirmed, and he would not disclose the agenda for any discussions.China has also confirmed Wang's attendance at the meeting but has not verified whether he will meet with Rubio. Chinese Foreign Ministry spokesperson Lin Jian stated, "We will announce relevant circumstances at an appropriate time."The meeting is expected to focus on regional security issues, including the South China Sea, the situation in the Middle East, and the civil war in Myanmar. Notably, amid escalating territorial disputes in the South China Sea, the foreign ministers of China and the Philippines are set to meet for the first time in nearly two years, drawing attention to the potential for improved relations between the two countries.ASEAN member states are also expected to discuss energy supply concerns stemming from the prolonged conflicts in the Middle East and exchange views with the US on its stance toward China. Additionally, discussions will cover the progress of negotiations on a code of conduct in the South China Sea and potential solutions to the Myanmar civil war.During the meeting, Rubio will also participate in a Quad foreign ministers' meeting and hold talks with Philippine President Ferdinand Marcos Jr. On July 22, he plans to convene a trilateral meeting with South Korean Foreign Minister Park Jin and Japanese Foreign Minister Yoko Kamikawa to discuss the situation on the Korean Peninsula and economic security cooperation.* This article has been translated by AI. 2026-07-20 20:08:00
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International Oil Prices Surge Amid U.S.-Iran Tensions International oil prices have surged past $90 per barrel for the first time in over a month as tensions between the United States and Iran escalate. Despite the government and oil industry securing crude oil imports for July and August, experts believe there is a low likelihood of domestic supply issues in the short term. However, concerns are growing that prolonged disruptions in the Strait of Hormuz could lead to increased supply uncertainty after September.Brent Crude Surpasses $90 for the First Time in Over a MonthAccording to Investing.com, as of 2 p.m. on July 20, the benchmark for global oil prices, Brent crude for September delivery, was trading at $90.24 per barrel, up 2.43% from the previous trading day. Earlier in the day, it reached $90.95 before retracting some gains, marking a return to the $90 level for the first time since June 11.At the same time, West Texas Intermediate (WTI) crude for August delivery rose 2.13% to $83.50 per barrel, the highest level since June 12.International oil prices have shown a sharp rebound recently. According to the Korea National Oil Corporation's Petronet, Brent crude prices in the third week of July averaged $85.06 per barrel, while WTI averaged $79.70, reflecting increases of 9.77% and 8.50%, respectively, from the previous week.The renewed escalation of U.S.-Iran tensions has contributed to this price surge. The U.S. continues its military actions against Iran while imposing a maritime blockade on Iranian ports. In response, Iran has threatened to attack vessels that violate navigation regulations in the Strait of Hormuz, raising fears of disruptions in oil transportation. The Strait of Hormuz is a critical passageway for approximately 20% of the world's oil trade.September Supply Uncertainty and Price Control Strategy in QuestionThe main concern now is the remaining supply for September and subsequent imports. If the U.S.-Iran conflict continues, the prices for crude oil, shipping, and vessel insurance could all rise during the contracting process for remaining supplies. If tanker traffic is again restricted, even the crude oil already secured may not arrive in South Korea as scheduled.The global oil market, which had been showing signs of recovery, now faces the risk of renewed shocks. According to the International Energy Agency's July oil market report, total oil exports from the Gulf region reached 16.1 million barrels per day last month, an increase of 6.5 million barrels from the previous month. However, this figure still falls short of the pre-Middle East conflict level of 24 million barrels per day. A significant decline in tanker traffic through the Strait of Hormuz could reverse the recovery trend in Gulf region exports.Domestically, oil product prices continue to decline. According to the Korea National Oil Corporation's Opinet, as of 3 p.m. on July 20, the national average gasoline price was 1,873.16 won per liter, down 0.22 won from the previous day. Diesel prices also fell by 0.07 won to 1,857.61 won. The effects of the seventh oil price control measure, which lowered the supply price cap for gasoline to 1,784 won and diesel to 1,773 won, are being reflected with a lag since it was implemented on June 27.However, the recent surge in international oil prices complicates the exit strategy for the price control measures. The Ministry of Industry plans to announce the eighth price cap on July 24. Maintaining current prices could widen the gap between the actual costs for refiners and the supply price cap, increasing the government's financial burden. Conversely, raising the price cap could stimulate fuel prices at gas stations and consumer prices, which have stabilized.The government has allocated 4.2 trillion won for loss compensation, assuming the price control measures will be in place for six months. The refining industry estimates cumulative losses to be around 4 trillion won. However, the government maintains that there is a discrepancy between the international oil product price standards applied by the industry and the actual cost standards.* This article has been translated by AI. 2026-07-20 20:04:00
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Korean Central Bank's Interest Rate Hike Outlook: August or October? Speculation is rife over the timing of the next interest rate hike by the Bank of Korea, with opinions divided between August and October. While there is general consensus on the need for one more increase this year, some institutions are leaning towards an earlier 'back-to-back' hike in August.According to financial sources on July 20, Korea Investment & Securities has maintained its year-end base rate forecast at 3.00% but has moved the anticipated timing of the next hike from October to August. The firm expects the Bank of Korea to raise rates in both July and August before assessing the impact of these changes. If further upward pressure on growth and prices is confirmed, another hike could occur in the first quarter of next year; otherwise, the rate may remain at 3.00% for an extended period.Moon Da-un, a researcher at Korea Investment & Securities, stated, "The Bank of Korea is likely to confirm improvements in income conditions through second-quarter GDP and GDI data before adjusting its economic outlook and implementing an additional rate hike in August. However, the rising prices of semiconductors are expected to moderate from the fourth quarter, and the recovery in private employment is slow, making it difficult for high growth rates to lead directly to more rate hikes."JP Morgan also assesses a high likelihood of a rate increase in August. Park Seok-gil, an economist at JP Morgan, interpreted the governor's press conference as suggesting that the possibility of an August hike is slightly higher than that of a freeze. He noted, "If the second-quarter GDP and July consumer price index confirm the current trends, an August consecutive rate hike will be a strong option." Korea Citibank shares this view, predicting an August hike if the second-quarter GDP remains strong and demand-side inflation pressures persist.Conversely, several analysts predict that the next hike will occur in October. NH Investment & Securities believes it will be challenging to confirm additional demand-side inflation pressures before the August monetary policy meeting. Kang Seung-won, a researcher at NH Investment & Securities, emphasized, "While data predictions are important for policy decisions, confirmation is even more critical," suggesting that the likelihood of a rate freeze at the August meeting is increasing amid minority opinions for a hike.Hyundai Motor Securities also favors the October timeline for a potential rate increase over August. Choi Je-min, a researcher at Hyundai Motor Securities, remarked, "Monetary Policy Committee members are cautious about growth and inflation risks but do not seem to view the situation as urgent enough to warrant consecutive hikes." He interpreted the governor's metaphor of a 'tanker' as a call for a measured approach to the pace of rate increases.Bank of Korea Governor Shin Hyun-sung likened monetary policy to a 'tanker' during a press conference on July 16, stating, "It does not move in a day or two; we will consider the time it takes for policies to impact the economy."* This article has been translated by AI. 2026-07-20 20:04:00
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Proposed Overhaul of Property Tax System May Shift Focus to Property Value The government is expected to announce a tax reform plan by the end of this month, which may shift the property tax system from being based on the number of homes owned to focusing on the value of those properties. The aim is to enhance tax equity by ensuring that individuals with similar asset values pay comparable taxes, regardless of the number of homes they own. However, there are concerns that this could exacerbate the trend of concentrating wealth in high-value properties, known as the 'one good house' phenomenon.According to relevant authorities, the government plans to unveil a tax reform proposal that includes strengthening property taxes as early as the end of this month.The current property tax system consists of local property taxes and the national comprehensive real estate tax (known as 종부세). The 종부세 applies different tax rates and deductions based on the number of homes owned. This has led to situations where individuals owning a single high-value property face different tax burdens compared to those owning multiple lower-value properties, despite having the same total assessed value. Critics argue that the current system's reliance on the number of homes owned creates inequities in tax burdens.During a public discussion on real estate tax reform held on July 16, the idea of transitioning the 종부세 assessment criteria from the number of homes to property value was proposed as a viable alternative. It was noted that owning one high-value property in the metropolitan area has become more tax advantageous than owning several lower-value properties in rural areas, which has fueled the preference for the 'one good house' strategy.Academics generally agree on the need to strengthen property taxes while lowering transaction taxes such as acquisition and capital gains taxes. They argue that South Korea's tax burden on property ownership is relatively low compared to the high burden on transactions, indicating a need to balance these two aspects.However, there are concerns that a sudden increase in tax burdens could delay the sale of properties by multiple homeowners or lead to higher rental prices as the increased tax costs are passed on to tenants. Therefore, experts suggest that any reforms should be implemented gradually to minimize market disruption.Shifting the tax basis to property value could also change how market participants allocate their assets. While the disadvantages associated with the number of homes owned would decrease, a simplified tax system based on total property value could ease the tax burden for those owning multiple lower-value properties in rural areas. Conversely, if concentrating assets in a single high-value property becomes more advantageous, the preference for the 'one good house' strategy may be reinforced in a different form.Experts agree that the key issue in this tax reform is not merely about increasing tax revenue but rather determining the criteria for taxation. The success of the proposed reforms will hinge on whether it can achieve both tax equity and market stability.* This article has been translated by AI. 2026-07-20 20:04:00
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Five Candidates for Democratic Party Leadership Rally Support Ahead of Preliminary Elections Five candidates vying for leadership of the Democratic Party appealed for support ahead of the preliminary elections starting on July 21. The party will select three candidates to advance to the final round.During a joint speech event held at the party's headquarters in Yeouido on July 20, Song Young-gil referenced his past experience with a corruption scandal involving the distribution of money envelopes during a previous party convention. He stated, "I left the party to avoid burdening it. I did not want to cause trouble for President Lee Jae-myung, so I refused a pardon and ultimately returned after being acquitted."He emphasized his key campaign slogan, 'No 2030, No 2030,' asserting, "Without the support of the youth, there will be no victory in the 2030 presidential election. I promise to create new opportunities for young people."Former Prime Minister Kim Min-seok focused his attacks on rival Jung Cheong-rae, questioning, "Do you want to see headlines about the 'Myeong-Cheong War' for the next two years like we did last year?" He added, "We must end the Myeong-Cheong War. A party leader who causes conflict between the party and the government through self-serving politics cannot lead us."Kim also criticized Jung, asking, "Why suddenly talk about the weak and mention collective violence? Are you comparing the Democratic Party to gangster politics just to run for party leader again?" He urged party members to help restore a winning Democratic Party, calling for 100% participation in voting to break the factional divide and protect the party, government, and president.Jung Cheong-rae stated, "I will achieve internal unification and work towards alliances with broader democratic progressive forces. I will continue the reforms that are the identity of the Democratic Party. Together with party members, I will push for the complete abolition of the investigative powers of the prosecution, having already crossed the nine-tenths mark in prosecutorial reform."He also pledged to uphold the one-person, one-vote system and protect party members' right to know by live-streaming general meetings of party members. "If we can live-stream cabinet meetings, why not ours?" he asked.Ko Min-jung asserted, "The politics of the Democratic Party must be renewed. To achieve this, we must change first." He specifically called for an end to lineage debates and urged, "Let’s not leave President Lee to struggle alone."Kim Bo-mi, former chair of the Gangjin County Council, warned, "The generation that still fights with Molotov cocktails and stones cannot be the owners of the Democratic Party. If the 686 generation continues to dominate, the party will fail as it moves to the 786 and 886 generations."* This article has been translated by AI. 2026-07-20 20:00:00