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  • Kim Yong-beom: South Koreas Economy May Shift Long-Term Trends
    Kim Yong-beom: South Korea's Economy May Shift Long-Term Trends Kim Yong-beom, head of the Presidential Policy Office, stated on July 12 that the South Korean economy is entering an initial phase that suggests a potential shift in long-term trends rather than just a simple recovery.In a post on his Facebook, Kim noted, "The moment when the growth narrative that describes a country changes and the market's criteria for viewing that country's future shifts occurs perhaps once every 10 or 20 years."He emphasized, "It is rare in economic history for policy and industrial cycles to amplify each other, but it seems that South Korea is entering such a phase in the second half of 2025. There is a strong possibility that 2025 will be remembered as the year when the long-term trend of the South Korean economy began to change direction."Kim pointed out that a country previously cited as a representative example of low growth in East Asia is now being recognized as having the strongest growth momentum among advanced nations. He argued that this should not be viewed merely as a rebound, stating, "The market is redrawing the long-term trend line of the South Korean economy."He added, "Now, growth rates in the upper 2% range are being discussed as realistic projections, and the recovery of a potential growth rate of 3%, which once seemed unrealistic, is no longer an unattainable goal."Kim explained, "No matter how powerful the engine of production is, the economy cannot reach its maximum speed if the transmission that delivers that power is not functioning properly. What we are trying to change now is that transmission." He described capital market reform as not merely a policy to raise stock prices but as part of a growth mechanism aimed at spreading the benefits of production across the entire national economy.However, he acknowledged that "we are still at the beginning stage," noting that issues such as low birth rates, aging population, and household debt remain. He also highlighted the need to enhance the status of the Korean won and manage the dependency on artificial intelligence (AI) and semiconductors.Kim concluded, "The fact that structural problems remain and the fact that the growth trajectory is changing can coexist. South Korea could be the first country to break away from the path that Japan has followed most closely."* This article has been translated by AI. 2026-07-12 16:20:00
  • Han Dong-hoon Faces Opposition in Return to People Power Party
    Han Dong-hoon Faces Opposition in Return to People Power Party Ahn Cheol-soo, a member of the People Power Party, has turned against independent lawmaker Han Dong-hoon. The two lawmakers clashed directly over the order to gather at the party headquarters during the emergency martial law on December 3. Ahn's public declaration of opposition to Han's return adds uncertainty to Han's plans.During a press conference on July 12, Ahn stated, "If Han returns, the entire party will fall into factional conflict and destructive infighting, making it impossible to even think about winning the general election," and he firmly opposed Han's return to the People Power Party. He added, "If Han is considering starting a new party, I would support that, but I hope he stays away from our party."Ahn's shift from previously being favorable toward Han's return appears to be influenced by the ongoing dispute over the truth surrounding the order to gather at the party headquarters during the emergency martial law. After the press conference, Ahn told reporters, "I had to prepare a lot because I need to speak only the truth in the trial of Daegu Mayor Choo Kyung-ho. However, Han attacked me, claiming I distorted the facts. This is not right."Earlier, Ahn testified in court on July 8, recalling, "I remember that it was Han, who was the party leader at the time, who first ordered us to gather at the party headquarters on the day of the emergency martial law." In response, Han reaffirmed his actions during the martial law and warned, "I will respond firmly to any attempts to distort the facts."In this context, Ahn's press conference raised concerns and opposition regarding Han's return. He criticized pro-Han lawmakers within the party, stating, "Attacking, mocking, and vilifying senior party members is clearly an act against the party."This conflict is likely to disrupt Han's plans to return to the People Power Party. The pro-Han faction has been attacking party leadership figures like Jang Dong-hyuk while trying to facilitate Han's return. Han himself has expressed his intention to return, stating, "When I was expelled, my first words were, 'I will definitely come back.'"However, under the 'Jang Dong-hyuk regime,' returning is not an easy prospect. On July 10, Jang indicated that Han's expulsion was due to criminal acts, not just party violations, suggesting he has no intention of facilitating Han's return. Consequently, political analysts believe the pro-Han faction may aim to dismantle Jang's leadership before taking time to push for Han's return. However, with Ahn, a leading candidate for the next party leadership, opposing Han's return, the assumption that a new leadership could facilitate Han's return is now in question.* This article has been translated by AI. 2026-07-12 16:08:00
  • Lee Seok-yeon: Complete Abolition of Prosecutors Supplementary Investigation Rights Violates Constitution
    Lee Seok-yeon: Complete Abolition of Prosecutors' Supplementary Investigation Rights Violates Constitution Lee Seok-yeon, Chairman of the President's National Integration Commission, stated on July 12 that the complete abolition of prosecutors' supplementary investigation rights is unconstitutional.In a post on Facebook, Lee emphasized that to uphold the spirit of the Constitution, prosecutors' supplementary investigation rights must be recognized in some form. Lee, a centrist conservative and former head of the Legislation Office during the Lee Myung-bak administration, made these remarks.He noted, "While the Constitution does not prevent the abolition of the prosecution office and the distribution of prosecutors' powers, the total deprivation of investigative rights from prosecutors as investigative entities could violate the principle of constitutional legitimacy and be deemed unconstitutional."Lee further argued, "To completely deprive these rights, the Constitution would need to be amended to change the authority to apply for warrants from prosecutors to investigative agencies, as was done in the original Constitution, or delegated by law."He criticized the Democratic Party, stating, "If it is a responsible political party, it should not abandon the fundamental principles for the future of the community in the name of reform, merely to appease its immediate support base or for political gain."The chairman added, "Institutions themselves are neither good nor evil. Regardless of the system, the issue lies with the people who operate it," expressing hope that the pressing issues causing serious national division would be discussed and resolved based on legal stability and predictability, in accordance with the Constitution and sound public sense.* This article has been translated by AI. 2026-07-12 16:08:00
  • KakaoTalk and Toss Compete in Mini-Game Services to Increase User Engagement
    KakaoTalk and Toss Compete in Mini-Game Services to Increase User Engagement Financial and messaging app platforms are expanding their mini-game services to increase user engagement. As mini-games prove effective in boosting app usage and conversion rates, the HTML5-based web game market is expected to expand into retail and shopping sectors.According to industry sources on July 12, Kakao launched a game tab on KakaoTalk in mid-June, introducing 25 HTML5-based web games, including six casual games utilizing Kakao Friends intellectual property.Kakao is enhancing user engagement by allowing users to create game profiles, compare rankings with others, and share games with friends. The company plans to increase the number of games offered to 50 by the end of the year.The HTML5 mini-game market has been expanding since Toss entered the space in October last year. Financial apps are particularly focusing on increasing user engagement by offering rewards such as points and coupons, linking this engagement to advertising, financial products, and shopping services.Kakao had previously operated a game service within KakaoTalk called 'Game Room' from 2016 until its closure in August 2020. However, with Toss rapidly growing the in-app mini-game market, Kakao has re-entered the competition with KakaoPay and KakaoTalk.Toss currently features mini-games in 20% of its mini-apps, totaling around 800 games. The platform offers a variety of genres, including puzzles, web board games, RPGs, and tycoon games. Notable titles include 'Anipang 2' from Wemade Play, 'Abyssrium' from Wemade Max, 'HanGame Single Maji' from NHN, and 'Infinite Stairs' from Neptune, among others.In the increasingly competitive financial app market, companies are incentivizing game participation by offering points. For instance, Toss rewards players with points equivalent to 2 won for every minute spent playing 'Infinite Stairs.'Industry reports indicate that the average daily engagement time for mini-games varies significantly, ranging from about 5 to 30 minutes depending on the genre and play style. This variation leads to different monetization strategies, such as reward-based advertising and in-app purchases. Consequently, platforms are linking increased engagement time to financial and commerce services, while game developers are converting increased usage into revenue through advertising and in-app purchases.As more app platforms adopt mini-games, the supply channels for game developers are expanding into finance, messaging, and shopping sectors. This intensifying competition among platforms for content acquisition is providing game developers with more distribution options.Additionally, HTML5-based web games can be adapted from existing mobile games to fit web environments, making it less burdensome than developing new titles from scratch.On July 6, TwoByte launched the mobile puzzle game 'PawPop Match' on KakaoTalk and KakaoPay through Com2uS Holdings. This game was transitioned from its original mobile version to HTML5 to expand its distribution channels. TwoByte had soft-launched 'PawPop Match' in the U.S. and Indonesia in February and has now optimized the game for web environments, with most mobile version development completed ahead of its global launch in the second half of the year.TwoByte CEO Ham Young-cheol stated, "For this web game service, we reduced the game's size from 460 megabytes (MB) to around 60-65 MB, focusing on optimizing graphics and game resources while maintaining the core fun of the puzzle game."Mini-games are expected to expand into retail and shopping platforms that prioritize user engagement and conversion rates. A representative from a game company supplying games to financial apps noted, "We are preparing to launch additional games on three to four platforms, including shopping apps, by the end of the year." 2026-07-12 16:08:00
  • Hyundai Faces Challenges Amid Chinese EV Surge and Struggling Sales
    Hyundai Faces Challenges Amid Chinese EV Surge and Struggling Sales The rise of Chinese electric vehicles, led by Tesla and BYD, is shaking Hyundai Motor Group's position in its home market of South Korea. With sales slowing both domestically and internationally, the company faces additional challenges as labor strikes escalate, raising concerns about its performance in the second half of the year. According to an analysis by Kaizyu Data Research Institute of data from the Ministry of Land, Infrastructure and Transport, Hyundai Motor Group's three brands (Hyundai, Kia, and Genesis) registered a total of 534,654 new passenger cars in the first half of 2026 (January to June), a decrease of approximately 4.8% compared to the same period last year (561,875 units). During this period, Kia was the only brand to show growth, with 268,868 new registrations. In contrast, Hyundai and Genesis saw declines of 8.0% and 24.0%, with 217,962 and 47,824 new registrations, respectively. Hyundai's struggles in its domestic market can be largely attributed to the strong performance of Chinese electric vehicles like Tesla and BYD. These brands have capitalized on the shift from internal combustion engines to electric vehicles, attracting domestic demand with competitive pricing. The combined increase in sales from Tesla and BYD in the first half of the year exceeded the overall growth in the imported passenger car market. Tesla saw an increase of 36,925 units (192.1%), while BYD's sales surged by 10,338 units (773.2%). Together, their growth accounted for 47,263 units, surpassing the total increase of 46,250 units in the imported passenger car market during the same period. Tesla has maintained its position as the top seller in the domestic imported car market since February, selling 11,130 units in March alone, effectively changing the benchmark for the '10,000 Club' from annual to monthly sales. BYD is also rapidly expanding its presence with affordable models like the Dolphin and Sea Lion, increasing its monthly sales from 1,347 units in January to 4,652 units last month. The situation is compounded by Hyundai's struggles in international markets. From January to May, cumulative sales from overseas factories totaled 909,400 units, down nearly 40,000 units from the same period last year (947,315 units). Notably, significant declines were observed in key markets such as Turkey, China, the Czech Republic, and Indonesia, with decreases ranging from 6.5% to 36.0%. Industry experts believe that defending performance in the second half of the year will be challenging. Hyundai's labor union has entered a strike phase following a breakdown in wage and collective bargaining negotiations. While currently in a partial strike, there is a significant possibility of escalation to a full strike, which would inevitably disrupt the production of new models set to launch in the second half of the year. Hyundai is expected to begin sales of the eighth-generation Avante, a complete redesign after six years, as early as next month, along with the introduction of a new Tucson. An industry insider noted, "Tesla has recently raised prices, and BYD has been excluded from government subsidy eligibility, which adds to the uncertainty. If Hyundai's strikes continue for an extended period, the impact on new model launches will be unavoidable, and we will need to monitor the recovery of global sales closely."* This article has been translated by AI. 2026-07-12 16:04:00
  • Chinas LNG Shipbuilding Gains Challenge South Koreas Dominance
    China's LNG Shipbuilding Gains Challenge South Korea's Dominance The global liquefied natural gas (LNG) carrier market is witnessing a shift as South Korea's dominance is being challenged. China, leveraging its technological advancements, is expanding its orders for ultra-large LNG carriers and increasing its influence in the high-value ship segment.According to the shipbuilding industry, Chinese shipbuilders are rapidly accumulating experience in LNG carrier construction, enhancing their presence in the high-value ship market.Last month, China’s state-owned Hudong-Zhonghua secured orders for the world’s largest 271,000 cubic meter QC-Max LNG carriers. Other shipyards, such as Jiangnan and Dalian Shipbuilding Industry Company (DSIC), are also establishing large LNG shipbuilding systems to target the high-value ship market. Once focused primarily on bulk carriers and container ships, China is now proving its technological capabilities by accumulating LNG shipbuilding achievements.China's progress is evident in its order statistics. According to overseas shipbuilding industry data, South Korea recorded 115 new LNG ship orders (67.5%) in 2022, while China secured 56 orders (32.5%). However, in 2024, South Korea is projected to have 48 orders (57.2%) compared to China’s 28 orders (42.8%), significantly narrowing the gap between the two countries. While South Korea maintains a technological edge, industry consensus indicates that China's growth rate is surpassing market expectations.LNG carriers are high-value vessels designed to transport liquefied natural gas at minus 163 degrees Celsius. They require advanced cargo tank technology, insulation systems, and long-term operational reliability, creating high entry barriers.In response, South Korea's three major shipbuilders—HD Hyundai Heavy Industries, Hanwha Ocean, and Samsung Heavy Industries—have steadily accumulated LNG shipbuilding experience since the 2000s, advancing their technology. As a result, they have maintained a unique competitive advantage in the LNG ship market, earning the trust of global shipowners.However, recent developments show that Chinese shipyards are quickly narrowing the technological gap in LNG shipbuilding. In fact, the number of Chinese shipyards capable of designing and constructing LNG carriers has increased from one, Hudong-Zhonghua, to five.According to China’s state-run CCTV, China's share of the global LNG carrier market has surpassed 30%. Notably, Hudong-Zhonghua has secured orders for approximately 60 LNG carriers, ranking first in the world in terms of total cargo capacity, with a backlog of orders secured until 2031.Industry experts warn that if this trend continues, the profitability of South Korea's shipbuilding industry could be affected. If China intensifies price competition based on its technological capabilities, South Korea may struggle in volume competition, leading to downward pressure on global LNG ship prices.One industry insider stated, "In the past, there was a perception that China could not catch up with South Korea in LNG ships, but the atmosphere has changed. South Korea must not rest on its current advantages but should maintain its technological lead through next-generation eco-friendly ships and productivity innovations."* This article has been translated by AI. 2026-07-12 16:04:00
  • 2035 National Greenhouse Gas Reduction Goals Face Challenges
    2035 National Greenhouse Gas Reduction Goals Face Challenges The government has proposed a national greenhouse gas reduction target (NDC) of 53% to 61% by 2035 compared to 2018 levels. However, an analysis by the National Assembly Budget Office indicates that achieving this goal with current policies will be challenging. The report warns that without additional reduction measures in key emission sectors such as power, industry, and transportation, reaching the 2035 target and the 2050 carbon neutrality goal will be difficult.◆Current Policies Have Limitations…43.5% Reduction LikelyIn a report titled 'Assessment of Major Sector Reduction Pathways for the 2035 NDC' released on July 12, the Budget Office utilized an Energy Policy Simulator (EPS) to analyze the feasibility of the government's proposed reduction pathways. The analysis concluded that if current reduction policies and industrial structures remain unchanged, achieving the target will be difficult.South Korea is currently implementing an NDC to reduce greenhouse gases by 40% by 2030 compared to 2018 levels. In November of last year, the Presidential Committee on Carbon Neutrality and Green Growth (now the National Climate Crisis Response Committee) confirmed a range target for the 2035 NDC of a 53% to 61% reduction from 2018 levels.The 53% target is based on a linear reduction pathway, which aims for annual reductions at the same rate from 2018 to achieve carbon neutrality by 2050. In contrast, the 61% target reflects a more aggressive reduction scenario that incorporates an accelerated initial reduction pace.The Budget Office predicts that if current policies remain in place, greenhouse gas emissions in 2035 will only be reduced by 43.5% compared to 2018 levels. Factors such as the slow pace of renewable energy expansion and the deceleration of electrification are expected to impact the achievement of the target.In contrast, the report suggests that achieving a 61% reduction compared to 2018 levels will require maximizing currently available reduction measures, including expanding clean power, electrifying industrial processes, and increasing the adoption of eco-friendly vehicles. However, this would necessitate a level of emissions reduction comparable to that seen during periods of significant economic downturn.The Budget Office also noted that given the proposed targets, the lower limit of 53% may be perceived as the de facto goal during the implementation process.◆Power and Industry Are Key…Securing Additional Reduction Measures Is CrucialThe report identifies the power sector as the most critical variable. Although the power sector has achieved the most significant reductions since 2018, it will require the largest additional cuts moving forward. This is necessary to accommodate the rapidly increasing demand for electricity while expanding the share of renewable and non-carbon power sources.In 2024, the power sector accounted for 31.6% of the country's total greenhouse gas emissions. To meet the 61% reduction target by 2035, an additional reduction of approximately 148 million tons of CO₂ equivalent from 2024 levels will be required.The industrial sector is also highlighted as a key area for reductions. Energy-intensive industries such as steel, petrochemicals, and cement have limited capacity for reductions due to their reliance on fossil fuels in production processes. Low-carbon technologies such as hydrogen reduction steelmaking, process electrification, and carbon capture, utilization, and storage (CCUS) are being considered as alternatives, but challenges remain regarding cost and technology commercialization.In the transportation sector, the report emphasizes the need for greenhouse gas reductions through the expansion of electric vehicle adoption, increased public transportation use, improved fuel efficiency, and higher biodiesel blending rates.The Budget Office recommends that to achieve the 2035 target and ensure a pathway to carbon neutrality by 2050, additional reduction measures must be secured. This includes expanding new reduction technologies such as hydrogen and investing in research and development (R&D) while establishing a supportive regulatory framework to maintain ongoing reduction capacity.Gwon Il, head of the Industrial Support Analysis Division at the Budget Office, stated, "Current reduction measures alone will not suffice to achieve the 2035 NDC, so effective policies that reflect market conditions and the pace of technological advancement must be established along with a continuous reduction pathway."* This article has been translated by AI. 2026-07-12 15:56:00
  • Lindsey Graham, Close Ally of Trump, Dies at 71
    Lindsey Graham, Close Ally of Trump, Dies at 71 Lindsey Graham, a U.S. Senator from South Carolina and a close ally of former President Donald Trump, has died at the age of 71.On July 12, Graham's office announced via social media platform X (formerly Twitter) that he passed away the previous day due to a sudden illness.The statement added, "Senator Graham's family is grateful for the prayers and support they have received and requests privacy during this very difficult time."Born in 1955, Graham had served as a four-term senator representing South Carolina since 2003. He was known as a prominent hawk within the Republican Party on foreign and security issues and was preparing to run for a fifth term in the upcoming November midterm elections.Graham had established a political alliance with Trump, actively supporting the former president's positions on key domestic and international issues.* This article has been translated by AI. 2026-07-12 15:44:00
  • Cho Kuk Denies Targeting Lissen Members with Ilbe Remarks
    Cho Kuk Denies Targeting Lissen Members with 'Ilbe' Remarks Cho Kuk, the former leader of the Justice Party, clarified that he never targeted the girl group Lissen or referred to them as 'Ilbe' in connection with the controversy surrounding member Wony's use of the term 'scary no.'On July 12, Cho posted on his social media, stating, "I have never mentioned or targeted Lissen in any of my writings," and added, "I have never said that Lissen is Ilbe." He explained that his concern was not with the Gyeongsang dialect but rather with the use of 'Ilbe-style no' that mocks the late former President Roh Moo-hyun. He aimed to highlight the infiltration of Ilbe culture into societal language and its associated risks.Cho expressed regret that his comments were interpreted as criticism of Lissen. He said, "I am saddened that my post was used to hurt Lissen and its fans," and noted that he has little knowledge about idol groups, including Lissen.He reflected on the need to pay closer attention to the language, culture, and context used by younger generations, influenced by conversations with his daughter and young party officials. Nevertheless, he vowed to continue fighting against the anti-human rights and anti-humanity culture of Ilbe.At the end of his post, Cho expressed support for Lissen's activities, stating, "I applaud Lissen's efforts and achievements, and I sincerely hope they receive love on even bigger stages in the future," adding, "Let’s shout the slogan we learned from this incident: Lissen, yay!"This controversy began with a Lissen YouTube content released on June 28, where Wony, from Geoje, followed the production team's use of the phrase 'scary no' during a visit to the hometown of Japanese member Minami. The discussion escalated online after Kim Hyun-ji, a PD at Gyeongnam MBC, pointed out that the expression was characteristic of Ilbe.On July 5, Cho posted on social media about the need to distinguish between Ilbe-style expressions and the Gyeongsang dialect. He shared a post explaining how Ilbe users mechanically attach 'no' to standard language, while also explaining the usage of question-ending particles in the Busan and Gyeongsang regions.This led to interpretations that Cho was targeting Wony's remarks. The debate has since expanded into a political dispute, with figures such as Lee Jun-seok, the leader of the Reform Party, weighing in.* This article has been translated by AI. 2026-07-12 15:36:00
  • Government to Revise Property Tax Laws, Increasing Taxes on High-Value Homes
    Government to Revise Property Tax Laws, Increasing Taxes on High-Value Homes The government is expected to reduce tax benefits for long-term holdings of non-residential properties and increase property taxes on high-value homes. Additionally, reforms to the long-term holding special deduction for actual residents are anticipated.According to Yonhap News on July 12, the Ministry of Economy and Finance is working on a plan to reform the real estate tax system. Previously, the ministry commissioned a study on measures to normalize the housing market, focusing on the comprehensive real estate tax and capital gains tax.Currently, homeowners with one property can receive tax benefits regardless of whether they reside in the home. If they hold the property for more than five years, they can receive deductions ranging from 20% to a maximum of 50%, with additional tax credits of 20% to 40% available for owners aged 60 and older on the tax date. These two deductions can be applied simultaneously, up to a maximum of 80%, meaning that higher-value homes receive greater tax benefits.In response, the government is considering measures to increase the burden on high-value homes to curb speculation. The current threshold for imposing the comprehensive real estate tax on a single home is set at a publicly assessed value of 1.2 billion won. As housing prices rise, the number of homes subject to this tax is also increasing.The amount of the comprehensive real estate tax is determined by various factors, including the publicly assessed value of the home, the basic deduction amount, and the tax rate. The government plans to adjust these factors equitably to arrive at a final burden level.Currently, a realization rate of 69% is applied when determining the publicly assessed value. For the comprehensive real estate tax, a fair market value ratio of 60% is used, with a basic deduction of 120 million won for single homeowners and 90 million won for multiple homeowners. The government intends to strengthen the comprehensive real estate tax while gradually implementing the timing of factors that affect the tax amount, aiming to encourage the sale of non-residential and speculative properties.Revisions to the long-term holding special deduction are also expected to focus on actual residents. Under the income tax law, this deduction allows single homeowners to receive up to 80% off their capital gains tax. This means that even without residing in the property, they can still benefit from a maximum of 40%.The key issue in this reform will be how much the 40% holding benefit will be reduced. It is also reported that while the holding benefit may decrease, the residency benefit for actual residents will likely increase, drawing attention to the extent of changes to the long-term holding special deduction. If the holding deduction is reduced to 0%, there are predictions that the name of the deduction itself may change.Meanwhile, President Lee Jae-myung is scheduled to hold a real estate forum on July 23. He has proposed discussing the tax rates for property ownership, including single homes for actual residents, non-residential single homes, and multiple property owners.Taxation criteria and the methods for imposing taxes on high-value single homes are expected to be key topics of discussion, particularly regarding the definition of 'high-value single homes.'The government is expected to finalize the real estate tax reform based on the opinions gathered during the forum.* This article has been translated by AI. 2026-07-12 15:24:00