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People Power Party Condemns Democratic Party's Push for Second Special Investigation Extension 국민의힘은 20일 더불어민주당이 '2차 종합특검 연장법' 본회의 상정을 추진하자 "야당 탄압용 공안정국 연장"이라고 비판하며 필리버스터(무제한 토론)에 나섰다. 국민의힘은 이날 본회의를 앞두고 국회 로텐더홀에서 규탄대회를 열었다. 정점식 원내대표는 "대화와 타협이라는 최소한의 기본 원칙마저 짓밟고 의석수만 믿고 입법 독주의 폭주 기관차를 다시 굴리고 있는 데 대해 국민의힘은 필리버스터로 무도한 실체를 국민 앞에 낱낱이 고발하겠다"고 밝혔다. 정 원내대표는 "오늘 민주당이 강행 처리하는 2차 종합특검 연장안의 본질은 명확하다"며 "야당을 옥죄고 탄압하기 위한 공안 정국의 연장이자 이재명 정권의 모순과 내로남불을 극명하게 보여주는 입법 폭거"라고 목소리 높였다. 이어 "2차 특검 자체가 태생적으로 1차 3대 특검의 보완수사 개념"이라며 "검찰의 보완수사권은 빼앗고 폐지하겠다더니 자신들이 주도하는 특검에는 보완수사라는 명목을 붙여 연장의 연장을 거듭하는 게 앞뒤가 맞는 소리냐"고 지적했다. 그는 "원 구성도 안된 국회에서 힘으로 입법 독주를 강행하고 오로지 야당 탄압용 공안 정국만 연장하려는 여당의 오만함과 무도함을 강력하게 규탄한다"며 "국민의힘은 필리버스터를 통해 종합특검법안이 가진 가식과 모순, 협상 파괴와 입법 독주의 폭거를 국민 여러분에 낱낱이 고발한다"고 강조했다. 신동욱 최고위원은 "이재명 정권 들어서 특검이라는 말이 없었던 기간은 단 하루에 불과하다"며 "민주당은 검찰을 악마로 만들었고 사법부를 농락했다"고 질타했다. 이어 "내란 특검, 김건희 특검, 채해병 특검 등 무슨 성과가 있었느냐"며 "앞으로 남은 이재명 정권 4년 내내 특검이라는 괴물과 마주해야 할지도 모른다"고 우려했다. 우재준 청년 최고위원도 "특검해서 결과를 만들어내라는 식의 수사는 그만해야 한다"며 "특검을 멈춰야 한다. 굳이 특검을 한다면 그 칼날은 민주당을 향해야 한다"고 주장했다. 그러면서 "대장동 일당에 대해서 항소 포기를 지시한 것은 누구인지, 선거관리위원회 참정권 사태에 대해 원인이 무엇인지 등을 특검해야 한다"고 덧붙였다.* This article has been translated by AI. 2026-07-20 15:20:00 -
Small Printing Industry Protests Fine Reductions for Major Companies The small printing industry has expressed regret over the Fair Trade Commission's decision to exempt and reduce large fines for major printing paper manufacturers, announcing plans for legal action.In a joint statement on July 20, the Korea Printing Cooperative Federation and other small printing businesses criticized the Fair Trade Commission for effectively granting a "get out of jail free card" to the paper industry's repeated price collusion.They specifically pointed out that if the leniency program is misused to lessen the responsibility of habitual colluding companies, it could undermine the original purpose of deterring collusion and weaken fair market order.Initially, the Fair Trade Commission imposed a fine of 338.3 billion won on the major printing paper companies for their price collusion, but the final amount was significantly reduced to 144.1 billion won due to the application of leniency. Hansol Paper had its entire fine of 142.5 billion won waived, while subsidiaries of Moolim received a reduction of 51.7 billion won.The small printing industry also criticized the fact that the average selling price of printing paper increased by 71% during the collusion period from February 2021 to December 2024, placing a burden on both the printing and publishing sectors and ultimately on consumers.They demanded that the Fair Trade Commission transparently disclose the legal basis, criteria for reductions, and the review process behind the fine reduction decision. They also called on the government to implement practical relief measures for struggling small printing businesses and urged the National Assembly and the Fair Trade Commission to comprehensively review the leniency program and amend the Fair Trade Act.Park Jang-seon, president of the Korea Printing Cooperative Federation, stated, "We will continue all legal and institutional responses until fair market order is restored and the damages from collusion are addressed," adding, "We will stand in solidarity with the small printing industry nationwide and respond strongly."* This article has been translated by AI. 2026-07-20 15:16:00
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Yeoongbeom Cho Appointed as New Vice Minister of the Ministry of Planning and Budget President Lee Jae-myung appointed Yeoongbeom Cho, the head of the Budget Office, as the new Vice Minister of the Ministry of Planning and Budget on July 20. This appointment comes just ten days after the previous Vice Minister, Kim Ik-geun, was named the head of the Office for Government Policy Coordination.Chief Presidential Spokesperson Kang Yoo-jung stated in a written briefing that "the new Vice Minister Cho is a top expert in the fields of budget and finance, having held key positions including that of Budget Office head."Cho graduated from Seoul National University with a degree in law and holds a master's degree in public policy from the Korea Development Institute (KDI) and a master's degree in law from the University of Wisconsin.He began his public service career after passing the 39th National Administrative Examination and has served in various roles within the Ministry of Economy and Finance, including as the Director of Budget Coordination, Director of Budget Policy, Director of Agricultural, Marine, and Fisheries Budget, Director of Administrative Budget, and Director of Budget Standards. He later moved to the Presidential Office, where he worked as an administrative officer in the Economic Policy Office.After returning to the Ministry of Economy and Finance, he served as spokesperson and then as the Budget Coordination Director before being promoted to head of the Budget Office in December of last year. He is regarded as a person of both capability and character within the ministry.Spokesperson Kang noted, "He has been recognized for his contributions to stabilizing people's livelihoods and recovering the economy, having passed the supplementary budget for overcoming the Middle East war crisis in the shortest time this year and exceeding fiscal execution targets." She added that he is expected to establish a mid- to long-term national development strategy based on his expertise in budget and finance, and to support South Korea's leap forward through investments in future response strategies such as artificial intelligence (AI).* This article has been translated by AI. 2026-07-20 15:16:00
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The Dangers of Excess Profit Distribution in South Korea's Semiconductor Industry South Korea's economy appears to be thriving, buoyed by a surge in artificial intelligence (AI) and record-breaking performances from leading semiconductor companies. However, beneath this prosperity lies a significant threat that could fundamentally weaken the economic structure.The Bank of Korea recently issued a stark warning regarding 'Dutch disease' in its report on the 'Impact of Semiconductor Boom on the Real Economy.'Dutch disease refers to the phenomenon experienced by the Netherlands after discovering a massive natural gas field in the North Sea in 1959, which led to a severe economic downturn following a resource boom.When exports of a specific resource or industry surge, foreign currency floods in, causing the domestic currency to appreciate and triggering high inflation and wage increases. This diminishes the price competitiveness of other manufacturing sectors, ultimately damaging the domestic industrial ecosystem. As resources deplete and the industrial cycle enters a downturn, the entire economy can collapse. This scenario bears a striking resemblance to South Korea's current situation.Samsung Electronics and SK Hynix are projected to report a combined operating profit of approximately 639 trillion won this year, more than double the total operating profit of all other listed companies in South Korea, which stands at around 308 trillion won. Essentially, these two companies are shouldering the national economy. In contrast, the performance of companies in the same semiconductor sector that supply materials, parts, and equipment is lackluster.About 60% of South Korea's semiconductor industry relies on imports for materials, parts, and equipment. Even with substantial capital investments, most of the returns flow back overseas, resulting in a weak link to job creation and domestic demand.Despite these concerns, some lawmakers are advocating for the redistribution of what they term 'excess profits' generated by companies during the semiconductor boom. This debate is ongoing within government circles. Minister of Trade, Industry and Energy Kim Jeong-kwan argues that companies should be encouraged to reinvest their excess profits into the industry, while Minister of Employment and Labor Kim Young-hoon expresses the need for social redistribution.The root causes of Dutch disease and its Taiwanese counterpart are not simply due to high earnings. They arise from the short-term wealth generated by a boom being squandered on extravagant spending.Thus, the proposal to artificially distribute excess profits is akin to a poison that exacerbates Dutch disease. Historically, every unprecedented boom has been followed by a harsh recession. The excess profits earned during prosperous times serve as a buffer to withstand downturns and as resources to secure leadership in next-generation technologies. The political push for redistribution appears to be a statistical illusion aimed at garnering immediate votes, resembling classic populism.Investment priorities are clear: the materials, parts, and equipment industry. Investments from major semiconductor firms should lead to the growth of small and medium-sized enterprises in South Korea, maximizing the trickle-down effect. Creating a virtuous cycle where the prosperity of large companies translates into increased sales and job growth for domestic partners is the true essence of 'coexistence and distribution.'Moreover, to prevent excessive capital and talent from concentrating solely in semiconductors, industries where South Korea has strengths, such as biotechnology, secondary batteries, and AI services, should be nurtured as next-generation strategic sectors. The profits earned by private companies should not be distributed by politicians as a form of charity; instead, a market-driven ecosystem for redistribution is the only path to sustainable prosperity.* This article has been translated by AI. 2026-07-20 15:16:00
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Real Estate Forum Set for July 23: Aligning Policies Beyond 'Deregulation vs. Regulation' The government will hold a real estate forum on July 23, led by the President. After gathering opinions on supply, finance, and taxation, the focus now shifts from collecting views to establishing policy priorities and implementation timelines. It is essential to reconcile immediate measures to curb housing prices with long-term policies aimed at increasing supply, while also managing household debt and financing for housing construction to avoid conflicts. If the discussion remains stuck in the familiar debate of 'deregulation vs. regulation,' it will only heighten market uncertainty.Currently, the market is difficult to characterize in a single direction. Recently, apartment sale prices and rental prices in Seoul rose by 0.30% and 0.28%, respectively, over the course of a week, indicating a simultaneous increase. While some areas are experiencing rising home prices, there is a backlog of unsold homes in provincial regions even after completion. The shortage of new housing in the metropolitan area is becoming a reality, yet the pace of new construction and sales is not recovering evenly. It is natural for the government to be cautious about overheating housing prices and household debt. However, it must also address the deteriorating business viability in the supply sector, financial tightening, and the weakening of the long-term supply foundation. Applying a one-size-fits-all solution without distinguishing between regions and housing types could exacerbate stagnation in some areas while attempting to control overheating in others.Both short-term and long-term measures are necessary for supply. Rental housing and non-apartment supply are essential to fill immediate gaps. However, non-apartment supply cannot replace the volume of apartments entering the market, and it has limitations in addressing future supply shortages. Redevelopment, reconstruction, and private housing projects should not be postponed simply because they take time. If not initiated now, supply shortages will recur in three to five years. The government must present both short-term supplementary measures and long-term apartment supply plans simultaneously.Financial measures must also be categorized by purpose. Housing purchase loans that could drive up prices should not be treated the same as financing for actual housing supply projects. However, it is also not acceptable to loosen all regulations under the guise of supply. Financial support should be selectively provided only for projects with clear feasibility and supply effects, as well as defined uses of funds. Financing for actual demand should also be assessed based on housing prices, income, repayment ability, and actual residency.Taxation must consider not only the number of properties owned but also the value of holdings and actual residency status. Adjusting the burden on owners of high-value, non-resident, or multiple properties must not block the exit for transactions. Raising property taxes alone could lead to a lock-in effect on listings and shift the burden to rental prices. Property and capital gains taxes should be designed together, clearly outlining the subjects of tax burdens, their intensity, timing, and transitional measures.At the forum on July 23, the President should not present a compromise that merely mixes the demands of stakeholders. Instead, there should be immediate market stabilization measures, a timeline for construction within the term, and a phased schedule leading to completion and occupancy. Clear criteria must also be established to differentiate between financing for actual demand and speculative loans. If the policies on supply, regulation, finance, and taxation operate independently, one set of measures could undermine the effects of another. Having listened sufficiently, it is now time to set priorities and take action.* This article has been translated by AI. 2026-07-20 15:16:00
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Luxury Shoppers Brave Rain and Heat for Price Increases On the morning of July 20, as heavy rain was forecasted at 30mm per hour, a long line formed outside the Lotte Department Store Avenue L in Songpa, Seoul. While office workers hurried to work with umbrellas, the department store had already set up barriers to manage the waiting area. The first person in line, a man in his 40s, brought a folding chair and waited for about two hours, looking at his smartphone in the rain until the store opened.The scene was similar on July 16, when temperatures soared above 30 degrees Celsius. Even two hours before opening, eager shoppers lined up for the luxury stores. Those at the front of the line had cardboard boxes and plastic chairs, suggesting they had camped out overnight. Some tourists from China used their luggage as makeshift tables, sharing snacks and drinks while chatting. The number of people waiting, initially around ten, grew to a line of about 20 meters as opening time approached.At 10:30 a.m., when the store opened, customers quickly dispersed to the Chanel, Van Cleef & Arpels, and Tiffany & Co. sections.The ongoing luxury shopping rush, despite the heat and rain, is driven by a series of price increases from luxury brands since the beginning of the year, with further hikes anticipated in the second half. Concerns are growing that brands that have already raised prices may do so again this year.In fact, online luxury communities have seen discussions about the possibility of additional price increases from Chanel, which raised prices on July 14. One user expressed concern, stating, "The price of the Chanel 25 mini bag increased from 9.9 million won to 10.2 million won. I wonder if it will go up again this year."French high-end jewelry brand Boucheron is also set to raise prices by about 7% on July 22. The basic model of the popular 'Quatre Classic Wedding Band' among newlyweds will rise from 3.25 million won to approximately 3.48 million won. The XS size of the 'Serpent Bohème Pendant,' currently priced at 5 million won, may increase to around 5.35 million won.The trend of luxury brands raising prices has become so common that it is referred to as 'N-time increases.' Since the beginning of the year, brands like Rolex, Hermès, and Cartier have raised prices, followed by Tiffany & Co. in February and Van Cleef & Arpels in March. Chanel, Bulgari, and Chaumet have also joined the price hike trend. Notably, Cartier adjusted prices again in May after a January increase, with the 'Panda de Cartier Mini Steel' and 'Cartier Tank Française Small' rising from 6.55 million won to 6.9 million won. The 'Benoit Bangle Mini' increased from 24.7 million won to 27.3 million won, while the 'Benoit Mini Full Pavé Bangle' jumped from 97 million won to 105 million won.A luxury industry insider noted, "On weekends, even if you register for the open run, the number of people is so high that it’s common to enter the store late in the afternoon or for reservations to close early. In the past, staff would say, 'Now is the best time to buy luxury goods,' but now customers are the ones saying it first."Another insider mentioned that young couples preparing for weddings are increasingly visiting luxury brands to choose wedding bands, leading to rapid closures of weekend registration slots.Experts believe that the price increases in luxury goods will not immediately lead to a decrease in demand. Instead, rising prices may enhance the allure of exclusivity and status, stimulating consumer desire.Lee Young-ae, a professor of consumer studies at Incheon University, stated, "Unlike regular products, luxury goods experience the 'Veblen effect,' where consumer desire increases as prices rise. As prices go up, the rarity of ownership is emphasized, fulfilling the desire to showcase superiority over others. Luxury brands must continue to stimulate consumer desire to maintain their value, so the trend of price increases is likely to continue for the foreseeable future." 2026-07-20 15:12:00
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Kwon Hyung-taek Takes Helm of Korea Technology Guarantee Fund, Aims to Boost Support for SMEs and Startups The Korea Technology Guarantee Fund (KOTEC), which had been operating under an acting leadership for nearly two years, has officially transitioned to a normal operational structure with the appointment of Kwon Hyung-taek as its new chairman. His leadership is expected to accelerate organizational stability, enhance support for small and medium-sized enterprises (SMEs), and drive management innovation.According to government sources on July 20, Kwon, who took office on July 15, will begin his official duties this week. He plans to receive departmental reports throughout the week to understand key issues and assess the direction of organizational operations and priority initiatives. Additionally, he will start preparations for a presidential briefing scheduled for early August.With this appointment, KOTEC has restored its normal leadership structure after 20 months. Following the expiration of former chairman Kim Jong-ho's term in November 2024, two attempts to appoint a successor failed, leading to a prolonged acting leadership period. The delay in appointing heads of public institutions after the new government took office further extended the leadership vacuum.Kwon, a financial and public service expert with experience in both private finance and public institutions, is recognized for his understanding of the economic policy direction of the Lee Jae-myung administration. A graduate of Seoul National University with a degree in international economics, Kwon also holds a master's degree in management information systems from the University of Michigan. His career includes roles at Woori Bank's investment finance division, as a managing director at HSBC, and as an economic and financial advisor to the mayor of Incheon. He has also served as a representative of the Gimpo Gold Line and the head of HUG, and recently worked as an advisory committee member for the economic division of the national planning committee under the Lee administration.Upon his appointment, Kwon expressed a clear commitment to expanding support for SMEs. In a meeting with reporters on July 20, he stated, "Key industries such as artificial intelligence, semiconductors, and defense are undergoing rapid changes simultaneously. I will do my utmost to ensure that SMEs benefit during this industrial transformation." He added, "When I first arrived in Korea in the 2000s, many people left large corporations or government jobs to start their own businesses. I aim to play a foundational role in creating that atmosphere again."However, Kwon faces significant internal challenges. Last year, KOTEC recorded a record 1.5677 trillion won in compensation for general guarantees for SMEs and venture companies, increasing the burden of managing guarantee soundness. There is also a need to improve deteriorating management indicators, as KOTEC's public institution management evaluation grade dropped from excellent (A) in 2023 to good (B) in 2024, and then to average (C) last year, marking two consecutive years of decline. Additionally, preparations must be made for the potential consolidation of policy finance institutions.Kwon emphasized the importance of communication in organizational operations. He remarked, "It is an era where a leader cannot do everything alone. I will actively communicate with staff and listen to diverse opinions through field visits." However, regarding the possibility of merging with the Korea Credit Guarantee Fund, he stated, "I have heard discussions about it, but I am still in the stage of understanding the work, so I do not have a prepared stance on that."* This article has been translated by AI. 2026-07-20 15:12:00
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Coupang Warehouse Fire in Incheon Raises Concerns Over Building Collapse A fire at a Coupang warehouse in Seongnam-dong, Seo-gu, Incheon, has continued for three days, raising concerns about the potential collapse of the building. Flames and black smoke are still visible at the site, and fire authorities are engaged in firefighting efforts amid fears for structural safety due to the prolonged blaze.The fire broke out on July 18 at 6:54 a.m. on the sixth floor of the warehouse. More than 50 hours later, the fire has not been fully extinguished, and reports indicate that some structural damage has occurred due to the extended high temperatures.Fire officials are prioritizing safety in their firefighting operations, considering the possibility of a building collapse. There are discussions about preemptively dismantling parts of the structure using large cranes to reduce the risk of collapse and improve conditions for extinguishing the internal fire.Online communities have seen posts warning about the collapse risk of the Coupang warehouse, urging nearby residents to evacuate to safe locations. Comments include concerns that if the entire warehouse were to collapse, the damage could be significant.Another user noted that Coupang's losses could amount to hundreds of billions of won, factoring in not only the damage to the building itself but also the impact on incoming goods and logistics disruptions.Particular concern has been raised due to the proximity of large petrochemical facilities, such as SK Energy and SK Incheon Petrochemical. Users have commented on the urgency of firefighting efforts, expressing hopes that there will be no casualties and noting that rain today has provided some relief. Others shared their fears, stating that black smoke was visible even from their homes and commending the hard work of firefighters. 2026-07-20 15:12:00
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AI boom turns chip industry into one of Korea's hottest job markets SEOUL, July 20 (AJP) -The AI chip boom is transforming one of South Korea's most selective industries into one of its hottest job markets, as Samsung Electronics and SK hynix sharply expand hiring for new graduates to support an unprecedented wave of semiconductor investment. After years of favoring experienced engineers, the country's semiconductor industry is opening its doors wider to first-time job seekers as the AI race fuels construction of new fabrication plants and an aggressive expansion of advanced memory production. According to data released Monday by HR technology platform JobKorea, entry-level positions accounted for 12.2 percent of all semiconductor job postings in the first half of 2026, up from 9.8 percent a year earlier. The share, which rose roughly 24 percent year on year, marks the highest level in five years and signals a notable shift in an industry traditionally known for recruiting seasoned talent. Hiring has accelerated across the sector. Total semiconductor job postings, including both entry-level and experienced positions, increased about 20 percent from a year earlier, comfortably outpacing the 14 percent growth recorded across all industries. The rebound is being led by South Korea's two memory giants as they ramp up capacity to meet surging global demand for AI chips. Last month, SK hynix began rolling recruitment for entry-level positions and notably removed academic background requirements, reflecting a broader effort to widen its talent pool. Samsung Electronics recently launched recruitment across 82 positions within its semiconductor division. The hiring spree coincides with one of the largest investment cycles in the industry's history. President Lee Jae Myung's administration has designated semiconductors as a national strategic industry, backing massive investments in fabrication plants and supporting infrastructure as countries compete for AI leadership. At the same time, Samsung Electronics and SK hynix are expanding production of high-bandwidth memory (HBM), the premium memory chips that have become indispensable for Nvidia's AI accelerators and hyperscale data centers. "While hiring is naturally influenced by the semiconductor cycle, we generally recruit personnel in line with the completion of fabrication facilities," an SK hynix official said. "There are also many fabs scheduled to be built in the coming years." The recruitment drive reflects the industry's remarkable turnaround. Samsung Electronics and SK hynix have become two of the biggest beneficiaries of the global AI investment boom, together supplying roughly 80 percent of the world's HBM chips. Record earnings from soaring demand for advanced memory have translated into generous employee bonuses and strengthened the appeal of semiconductor engineering as a career. For many of South Korea's top science and engineering students, chipmakers are increasingly rivaling medicine and other traditionally prestigious professions as employers of choice. Samsung Electronics declined to comment on its specific hiring plans. "We do not separately disclose our hiring figures, and the JobKorea data likely includes not only semiconductor manufacturers but also companies across the broader semiconductor supply chain," a Samsung official said. The momentum extends beyond domestic champions. Global chipmakers with operations in South Korea, including Nvidia and Micron, have already posted more vacancies in the first half of this year than they did during all of 2025, representing roughly a 50 percent increase in recruitment activity. The industry's growing appeal is also evident among job seekers. Searches for SK hynix on the JobKorea platform surged 180 percent from a year earlier, while registrations for recruitment alerts at major semiconductor companies also climbed sharply as graduates sought opportunities in one of the country's fastest-growing industries. "The recruitment drives by major semiconductor companies during the first half of the year are leading the recovery in hiring across the broader semiconductor sector," a JobKorea official said. The hiring rebound stands out against a broader manufacturing sector that has struggled to generate meaningful employment gains despite a strengthening economy. While many traditional industries continue to grapple with weak demand and restructuring, the AI semiconductor boom is emerging as one of the few bright spots creating substantial opportunities for young engineers entering South Korea's job market. 2026-07-20 15:10:00 -
President Yoon appoints Cho Yong-beom as new Vice Minister of Planning and Budget President Yoon Suk Yeol appointed Cho Yong-beom, the current Budget Director of the Ministry of Planning and Budget, as the new Vice Minister of Planning and Budget on July 20.Chief Presidential Spokesperson Kang Yu-jeong announced in a written briefing that Cho was selected to succeed Lim Gi-geun, who was appointed as the head of the Office for Government Policy Coordination.Born in Jeju in 1971, Cho graduated from Seoul National University’s law school and earned a master’s degree in law from the University of Wisconsin in the United States. He has held various positions within the Ministry of Economy and Finance, including Director of Budget Coordination and spokesperson, as well as Senior Administrative Officer in the Office of the Chief Economic Advisor at the Blue House.Kang explained that Cho is regarded as a top expert in the budget and finance sectors, having successfully facilitated the swift passage of a supplementary budget to address the crisis caused by the Middle East conflict earlier this year, and exceeding fiscal execution targets, contributing to stabilizing livelihoods and economic recovery.Looking ahead, it is expected that Cho will leverage his expertise in budget and finance to establish a long-term national development strategy and support South Korea's leap forward through investments in future-oriented strategies, including artificial intelligence (AI). 2026-07-20 15:08:00