Latest by
-
Lee orders swift measures for single-stock leveraged ETFs amid market volatility SEOUL, July 15 (AJP) - President Lee Jae Myung on Wednesday ordered financial authorities and the Korea Exchange to swiftly draw up measures for leveraged exchange-traded funds (ETFs) linked to Samsung Electronics and SK hynix amid concerns over heightened stock-market volatility. The matter is expected to be discussed Thursday at a meeting of South Korea's four main economic and financial authorities, commonly known as the F4, as regulators consider stronger protection for investors. The F4 brings together the Ministry of Economy and Finance, the Bank of Korea, the Financial Services Commission and the Financial Supervisory Service. Lee raised the issue during a joint government policy briefing at Cheong Wa Dae, asking Financial Supervisory Service governor Lee Chan-jin about the controversy involving single-stock leveraged ETFs. The governor admitted the regulator's responsibility as a market supervisor. Lee then turned to Korea Exchange chairman Jeong Eun-bo and asked officials to prepare supplementary measures without delay. "Please swiftly draw up the necessary measures," Lee said, stressing that normalizing and strengthening the capital market remains his key policy priority. Single-stock leveraged ETFs, launched in the domestic market on May 27, amplified the daily price swings of individual stocks including those of the country's two biggest chipmakers. Their launch has sparked debate over whether heavy trading in these funds could make swings in the underlying stocks, related derivatives, and the broader market even bigger. Buy and sell sidecars have been triggered 36 times on the benchmark KOSPI so far this year, with 17 of those activations occurring since the leveraged ETFs were launched, according to news outlet Newsis. Five of the 13 circuit breakers activated across the KOSPI and junior KOSDAQ since 2000 have also occurred since May 27. The figures show that the launch of these products coincided with a period of unusually sharp market moves, but do not by themselves establish that the ETFs directly caused the trading halts. Authorities are expected to examine the funds' trading structure, liquidity management, their interaction with spot and derivatives markets and the risk of losses among individual investors. Kim Yong-beom, Lee's chief policy secretary, said last week that the government would closely review the products' market impact at the next F4 meeting and decide whether additional measures were needed. The FSS chief has previously expressed regret over the products' introduction, saying last month that the regulator should perhaps have taken stronger action before accepting their securities registration statements. The Financial Services Commission also held a closed-door meeting Tuesday with major brokerages and asset management companies to discuss potential safeguards. Financial firms, meanwhile, agreed this week to strengthen risk warnings tailored to investors' ages and portfolios, improve mandatory education for leveraged-product trading and consider raising minimum deposit requirements to curb excessive investment. The government's measures are likely to focus on tighter entry requirements, clearer risk disclosures and stronger liquidity and operational controls, with the broad direction expected to emerge after Thursday's F4 meeting. 2026-07-15 15:52:58 -
2026 Korea Drone Expo hosts thrilling match INCHEON, July 15 (AJP) - A drone soccer match takes place during the Drone Soccer Grand Prix at the 2026 Korea Drone & UAM Expo at Songdo Convensia in Yeonsu District, Incheon, on July 15, 2026. 2026-07-15 15:50:43 -
Drone soccer grand prix thrills in Incheon INCHEON, July 15 (AJP) - A Taiwanese player inspects a drone after a match against Hong Kong during the Drone Soccer Grand Prix at the 2026 Korea Drone & UAM Expo at Songdo Convensia in Yeonsu District, Incheon, on July 15, 2026. 2026-07-15 15:48:09 -
Korea drone expo hosts thrilling match INCHEON, July 15 (AJP) - A Taiwanese player inspects a drone after a match against Hong Kong during the Drone Soccer Grand Prix at the 2026 Korea Drone & UAM Expo at Songdo Convensia in Yeonsu District, Incheon, on July 15, 2026. 2026-07-15 15:46:25 -
Incheon hosts thrilling drone soccer match INCHEON, July 15 (AJP) - Hong Kong players compete against Taiwan during the Drone Soccer Grand Prix at the 2026 Korea Drone & UAM Expo at Songdo Convensia in Yeonsu District, Incheon, on July 15, 2026. 2026-07-15 15:44:12 -
Why Illegal Waste Dumping Continues: Inadequate Investigations Fuel Waste Crimes Recent evening news reports highlighted the illegal dumping of a massive amount of waste at a factory site in Asan, South Chungcheong Province, known as the '10,000-ton mountain of garbage.' According to criminal court rulings, the illegal dumping organization discharged approximately 11,000 tons of waste at this factory in just 73 days in 2021. They rented the land under the pretense of operating a 'mask factory' and systematically transported and dumped discarded fishing nets, plastic waste, and construction debris from various locations across the country. The operation involved a network of roles, including masterminds, waste producers, brokers, tenants, and transporters, indicating a structured environmental crime.While those involved received guilty verdicts, only the visible perpetrators, such as the tenant and transporters, faced punishment. The investigation failed to adequately identify the sources of the waste, the routes it took, and the key players, including the waste producers and brokers. Consequently, the landowner, who unknowingly leased the property, has suffered significant losses for five years while administrative and civil procedures regarding the responsibility for illegal waste disposal have progressed slowly.This issue is not isolated. A comprehensive survey by the Ministry of Environment in 2019 identified 235 locations across the country with waste mountains totaling approximately 1.2 million tons. Following this, the Waste Management Act was amended to significantly expand the responsibilities for illegal waste disposal. However, by July 2024, the number of identified waste mountains had surged to 493, with a total of 1.845 million tons.Article 48 of the Waste Management Act defines nine categories of individuals subject to corrective action orders, including those who generate improperly managed waste, contractors, waste producers, participants, collaborators, successors of rights and obligations, and landowners. While most parties are held accountable for their actions, landowners, who may have legally leased their property without any involvement in waste generation, can still be subject to corrective action orders. As a result, innocent landowners may face costs for waste disposal that can amount to several times, or even dozens of times, the rental income they received. To address this issue, a prioritization system for corrective action orders was established in 2025 to protect innocent landowners. Under this system, those who generated improperly managed waste are prioritized first, followed by contractors and waste producers, with landowners placed last.However, this prioritization only functions if the primary offenders are clearly identified. If the individuals responsible for generating improperly managed waste, contractors, and waste producers are not properly identified, the first and second priorities become effectively powerless, leaving the burden of responsibility on the third priority—landowners. Therefore, it is crucial to focus investigative and administrative resources on uncovering the full extent of the crime from the outset of illegal dumping incidents.Illegal waste dumping has evolved into a nationwide organized crime involving various cities and jurisdictions, with connections to organized crime groups and brokers. However, the investigative agencies typically handling these cases are usually the local police departments where the waste is discovered. These departments often lack the resources and expertise to conduct thorough investigations across jurisdictions, making it difficult to address the widespread illegal dumping perpetrated by organized groups. As a result, the same criminal organizations are often linked to multiple incidents, but only the individuals caught at the scene are prosecuted, leading to a cycle where the 'tail' is cut off while the 'body' escapes. This structure allows the profits from these crimes to outweigh the risks of punishment, explaining the recurring issue of waste mountains.In a 2016 case in Paju, the Gyeonggi Southern Provincial Police Agency, which has broader investigative authority, simultaneously investigated several illegal waste dumping incidents, uncovering the actions of the same criminal organization and the nationwide routes of waste movement. This resulted in multiple offenders being punished, and the affected landowners were able to recover a significant portion of their losses. In contrast, the Asan case was limited to the local police department's investigation, which only punished those caught on-site. Even similar crimes can have vastly different outcomes based on the jurisdiction and expertise of the investigation.There is potential to develop a nationwide investigative framework for environmental crimes, similar to the joint specialized investigation team established at the Uijeongbu District Prosecutors' Office. Given that illegal waste dumping occurs systematically across the country, a rapid establishment of a nationwide investigative system is essential. Pursuing and punishing criminals to hold them accountable for illegal waste dumping is not only a means of ensuring responsibility but also a way to protect innocent landowners. Connecting scattered incidents to reveal the full scope and profit structure of criminal organizations is necessary to eliminate the economic incentives for illegal dumping. Organized crime that spans the nation must be met with a corresponding nationwide investigative response.* This article has been translated by AI. 2026-07-15 15:44:00 -
Rising Burden of Home Loan Interest Rates as COFIX Increases for Three Consecutive Months The COFIX (Cost of Funds Index), a benchmark for variable interest rates on home loans in South Korea, has risen for three consecutive months, increasing the financial burden on borrowers.According to the Korea Federation of Banks, the COFIX for new loans in June was recorded at 3.05%, up 0.15 percentage points from the previous month’s rate of 2.90%.This marks the first time since January 2022, when it was 3.08%, that the new COFIX has surpassed the 3% threshold. The index has been on the rise since April.The balance-based COFIX increased from 2.89% to 2.94%, while the new balance-based COFIX rose from 2.50% to 2.54%.COFIX represents the weighted average interest rate of funds raised by eight major banks in South Korea. A decrease in COFIX indicates that banks can secure funds at lower interest rates, while an increase suggests the opposite.With the COFIX rising, borrowers, particularly those who have taken out loans under the “영끌족” (young people who borrow heavily), will face higher interest payments. Major banks are expected to reflect the newly announced COFIX rates in their variable interest rates for new home loans starting from the 16th.At KB Kookmin Bank, the variable interest rate for new loans based on the COFIX will increase from a range of 4.06% to 5.46% to a range of 4.07% to 5.47%. Similarly, the interest rate for jeonse loans (long-term lease loans backed by the Korea Housing Finance Corporation) will rise from 3.7% to 5.1% to 3.71% to 5.11%.Woori Bank will also see an increase in its variable interest rates for new loans based on the COFIX, from 4.37% to 5.57% to 4.38% to 5.58%.* This article has been translated by AI. 2026-07-15 15:44:00
-
National Assembly's Legislative Committee Approves Comprehensive Special Prosecutor Bill The National Assembly's Legislative and Judiciary Committee approved a comprehensive special prosecutor bill on July 15, led by the Democratic Party. The bill aims to extend the investigation period for three major special investigations, including those related to insurrection, Kim Geon-hee, and Chae Hae-byeong, and to expand the investigative personnel.Kim Seung-won, a Democratic Party member of the committee, announced during the full committee meeting, "We have prepared an alternative to the 'Partial Amendment to the Law on the Appointment of Special Prosecutors for the Investigation of Insurrection, Foreign Exchange, and State Affairs Manipulation by Yoon Seok-yeol and Kim Geon-hee,' which I co-sponsored with fellow Democratic Party member Kang Deuk-gu."He explained, "We have expanded the number of dispatched public officials from a maximum of 130 to 150, allowing for the investigation period to be extended by up to 30 days twice per session with presidential approval." If the bill passes the National Assembly, the investigation deadline is expected to be updated from July 24 to August 23.Additionally, he noted that the bill allows for the efficient investigation of the comprehensive special prosecutor by providing access to copies of records from the three major special investigations.Meanwhile, there was a heated debate among committee members regarding a proposed amendment to the Criminal Procedure Act that would abolish supplementary investigative powers. Within the ruling coalition, there are differing opinions on completely abolishing these powers while maintaining some exceptions for victim protection.Notably, members of the People Power Party boycotted the meeting in protest of the committee's composition.* This article has been translated by AI. 2026-07-15 15:40:00
-
KOSPI Surges 6.24% to Recover 7280 Level as Foreign Investors Buy 2.3 Trillion Won The KOSPI index rebounded sharply by over 6% in a single day, recovering the 7280 level, driven by significant buying from foreign investors.On July 15, the Korea Exchange reported that the KOSPI closed at 7284.41, up 427.58 points (6.24%) from the previous trading day. Foreign investors made a net purchase of 2.33 trillion won, while institutional investors also bought a net 183.1 billion won. In contrast, individual investors sold a net 2.47 trillion won, taking profits.Most of the top stocks by market capitalization on the KOSPI saw substantial gains. SK Square surged 16.13%, followed by Samsung Electro-Mechanics (12.14%), SK Hynix (8.83%), Samsung Electronics (6.27%), Samsung Life Insurance (6.47%), Samsung Electronics Preferred (5.38%), LG Energy Solution (4.04%), Hyundai Motor (2.24%), Samsung Biologics (1.10%), and KB Financial (0.89%).The KOSDAQ index also rose, closing at 829.43, up 45.45 points (5.80%) from the previous day. In the KOSDAQ market, institutional and foreign investors bought a net 108.5 billion won and 24.2 billion won, respectively, while individual investors sold a net 140.7 billion won.Most of the top stocks by market capitalization in the KOSDAQ showed strong performance. Wonik IPS rose 12.27%, followed by EcoPro (9.23%), JUSUNG Engineering (8.77%), EO Technics (7.84%), EcoPro BM (7.37%), Rainbow Robotics (7.37%), Kolon TissueGene (6.86%), Rino Technology (6.57%), and Alteogen (3.22%). PSK also saw a slight increase of 0.49%.* This article has been translated by AI. 2026-07-15 15:40:00
-
President Lee: Remaining 3 Years and 11 Months Are Crucial Amid Fake News 이재명 대통령은 15일 "지금까지 1년이 지나면서 많은 성과를 내주셨고, 잘해주셨다"며 "이제 앞으로 더 남아있는 기간, 3년 11개월쯤 기간이 더 중요하다"고 말했다.이 대통령은 이날 오전 청와대 영빈관에서 열린 재정경제부(국세청·관세청·조달청)·국가데이터처·금융위원회·기획예산처 등 기관 업무보고 모두발언에서 "개혁과 혁신, 두 가지가 모두 잘 돼야 할 텐데 지금까지의 흐름으로는 잘 가고 있다고 생각된다"며 이같이 밝혔다.이 대통령은 "국정기획 목표에 우리가 부합하게 장기 정책 집행 준비도 잘해야 하고, 기존에 우리 안에 있던 문제를 시정하는 일도 잘해야 한다"고 당부했다.특히 이 대통령은 지난달 연평부대 방문 당시 자신이 사용한 소총을 다룬 언론 보도를 가짜뉴스의 사례로 들었다. 해당 보도는 국군이 낡은 소총을 사용하는 상황에서 이 대통령이 일선에 충분히 보급되지 않은 최신 소총을 사용했다는 취지였다.이 대통령은 "대한민국 국군 17만명에게 지급돼 거의 보편화된 총기인데 그런 엉터리 기사를 써서 정부를 공격하는 일도 있었다"며 "대한민국의 소총은 싸구려 옛날 소총인데 대통령은 자기 혼자 비싼 소총을 가지고 자랑한다는 기사를 1면에 쓰는 언론도 있었다"고 지적했다.이 대통령은 "영향력 있는 가짜를 즉각 분석하고 팩트에 기반해 반론하는 것도 시스템적으로 할 수 있을 것 같다"며 "가짜뉴스가 온 세상을 어지럽히고 있고 공동체를 파괴할 정도로 적대적이고 대결적인 문화를 만들어내고 있다"고 비판했다.이날부터 시작되는 업무보고는 '삶으로 체감하는 대체불가 대한민국'을 슬로건으로 총 9차례에 걸쳐 진행된다.정책 점검을 넘어 국민이 직접 정책 결과와 계획 발표에 참여할 수 있도록 국민참여단 200여명을 선발해 업무보고에 참여할 수 있게 했다.청와대에 따르면 지난 7월 1일부터 6일까지 대통령 페이스북·유튜브·엑스(X·옛 트위터)·인스타그램 등을 통해 모집한 국민참여단은 중복 신청자를 제외하고 총 1259명이 신청해 약 6.3대 1의 경쟁률을 기록했다. 청와대는 업무보고마다 약 20여명을 선발해 업무보고에 함께할 수 있도록 할 예정이다. 이날은 20대 4명, 30대 1명, 40대 6명, 50대 10명, 60대 1명으로 구성된 참여단이 배석했다.지원 현황을 보면 교육부 지원자가 209명으로 전체의 16.1%를 차지해 가장 많았다. 이어 국토교통부 108명, 보건복지부 107명 순이었다. 연령대로는 40대가 340명으로 가장 많았고, 이어 30대 307명, 50대 291명, 60대 175명, 20대 159명, 70대 23명으로 집계됐다. 직업군은 직장인, 자영업자, 프리랜서, 학생, 주부 등으로 다양했다.청와대 관계자는 "국민주권정부 철학에 발맞춰 국민참여단은 대통령과 함께 부처로부터 업무보고를 직접 받고 현장의 시각에서 자유롭게 질의하거나 제안하는 시간을 가질 예정"이라고 설명했다.한편 이 대통령은 이날 업무보고가 끝나고 점심 시간 이후 청와대 춘추관을 '깜짝 방문'해 출입기자들과 70여분 동안 소통 자리를 가졌다.이 대통령이 청와대 기자들과 공식 간담회가 아닌 비공식 소통 자리를 가진 것은 올해 들어 처음이다. 이 대통령은 지난해 12월 청와대로 집무실을 이전한 직후 춘추관을 한 차례 찾아 기자들과 소통한 바 있다. 2026-07-15 15:40:00