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  • Kim Jang-gyeom: The Era of Physical AI is a Prime Opportunity for South Korea
    Kim Jang-gyeom: The Era of Physical AI is a Prime Opportunity for South Korea Kim Jang-gyeom, a member of the National Assembly from the People Power Party, stated on September 2 that "the era of physical AI presents a prime opportunity for South Korea to take a leap forward."Speaking at the 2026 Good Growth Global Forum (GGGF) held at The Plaza Hotel in Seoul, Kim emphasized the need to combine the country's manufacturing strengths with the new capabilities offered by AI.He noted that the forum's theme, 'KOREA, State of AI,' highlights South Korea's robust industrial foundation, which includes world-class manufacturing, semiconductor competitiveness, and strong sectors in automotive, shipbuilding, batteries, and robotics. "These are clear strengths," he said.Kim predicted that the outcome of future AI competition will depend on how the nation integrates its industrial capabilities, including semiconductors, data centers, robotics, manufacturing, energy, and communication infrastructure.He stressed the importance of seizing this opportunity, calling for continuous and proactive investment, as well as reducing regulatory barriers to allow companies to innovate freely. He also highlighted the necessity of developing sufficient infrastructure, including AI semiconductors, data centers, and power grids.In conclusion, he expressed hope that through more active investment and innovation, physical AI will provide new wings to South Korea's manufacturing sector, leading to a virtuous cycle of industrial growth and quality job creation. He wished for the GGGF to serve as a platform for presenting strategies and solutions for South Korea to become a leading nation in the AI era.* This article has been translated by AI. 2026-09-02 16:16:10
  • Progress on 8,550 Social Housing Units Stalled Under Hong Ji-sun
    Progress on 8,550 Social Housing Units Stalled Under Hong Ji-sun Hong Ji-sun, the nominee for Minister of Land, Infrastructure and Transport, initiated a social housing policy during her tenure as the head of the Urban Housing Division in Gyeonggi Province. However, as the final year of the plan approaches, the flagship pilot project has yet to break ground. Ongoing issues with land acquisition and an inadequate financing structure for long-term leases have hindered progress.According to Gyeonggi Province and the Gyeonggi Provincial Assembly, Hong, while serving as Urban Housing Division head, finalized the '2026 Gyeonggi Province Social Housing Basic Plan' in December 2021, aiming to supply 8,550 social housing units from 2022 to this year.Social housing is long-term rental housing supplied and operated by social enterprises or cooperatives with public support. Gyeonggi Province has proposed various supply models, including new town village types and community-based models.However, not all 8,550 units will be newly constructed by Gyeonggi Province. The total includes units supplied by the Korea Land and Housing Corporation (LH) and local governments, as well as existing public rental housing, making direct comparisons with individual new projects challenging.The pilot project directly pursued by Gyeonggi Province has faced difficulties from the start. Since 2020, the province has sought developers for land-lease social housing but has failed to attract applicants in three rounds of bidding. This issue of securing suitable land and attracting developers has been a persistent weakness in the policy since Hong's tenure.Hong also participated in establishing the necessary framework. In 2020, she proposed amendments to relevant ordinances in the Gyeonggi Provincial Assembly, laying the groundwork for public support through land leasing, loans, and subsidies for social housing. Concerns were raised in the assembly regarding the scope of support and accountability in case of project failures.Repeated Bidding but Construction Yet to Begin in Deokpung-dongFive years later, the flagship pilot project has still not commenced construction.Gyeonggi Province is working on social housing for young people without homes in Deokpung-dong, Hanam City. In the 2024 bidding process, potential developers withdrew due to disagreements over purchase prices, prompting a reevaluation of the project approach.The current plan involves social economy entities designing and constructing the housing, which will then be purchased and managed by the Gyeonggi Housing and Urban Corporation (GH) under a 'specialized purchase and lease' model. This year, 29 units are set to be supplied.According to Gyeonggi Province's comprehensive housing plan for 2026, the Deokpung-dong project is scheduled to begin construction after a contract is signed. However, it has not yet started by the end of the plan's final year.Choi Kyung-ho, director of the Housing Neutrality Research Institute, emphasized the need to change the land acquisition method. He noted, "While plans are being reviewed, landowners sometimes sell their land to others," suggesting that the public should secure land first before separately soliciting project proposals.Concerns have also been raised regarding the financing structure, which needs to align with long-term leasing. Social housing relies on long-term rental income to recoup investments, differing from sales projects in terms of cash flow.Choi stated, "In sales projects, investments can be recouped within 2-3 years through sales proceeds, but for long-term rentals like social housing, it can take over 20 years to recover initial capital." He urged a reduction in the proportion of high-pressure repayment funds and an increase in low-interest, long-term financing.If Hong is to expand new rental housing supply models, including social housing, upon her appointment as Minister of Land, Infrastructure and Transport, she must address the land acquisition and financing issues that have already emerged in Gyeonggi Province.* This article has been translated by AI. 2026-09-02 16:16:10
  • Director Kim Mi-jo on Humor and Perspective in Gyeongju Journey
    Director Kim Mi-jo on Humor and Perspective in 'Gyeongju Journey' Director Kim Mi-jo, who gained attention at domestic and international film festivals with her debut film 'Seagull,' has released her first commercial film, 'Gyeongju Journey.' The film skillfully intertwines the heavy theme of personal revenge with elements of thriller, black comedy, and family drama, establishing her unique style. The film features a tight ensemble of veteran actors, each character vividly brought to life, expertly balancing moments of humor, sadness, and tension. The film's high level of craftsmanship ultimately stems from Kim's solid directorial skills."This film is a family drama. I thought it would be nice if the family members appeared in matching outfits, like a military unit. I wanted them to look like a united group, seemingly on a mission for revenge. However, as the story progresses, I wanted to depict the process of the family's disintegration as their inner wounds are revealed. I see it as a story of a family that gathers together but ultimately disassembles as each member reveals their true feelings," Kim said.The setting of Gyeongju holds significance beyond just a filming location. The strange coexistence of the living and the dead, along with the tension and everyday life intersecting, originated from a landscape Kim encountered in 2014."In 2014, when I started making films, I traveled to Gyeongju with my family. As a child, I only thought of Gyeongju as a school trip destination, but visiting as an adult felt different. I saw laundry hanging next to tombs and houses nearby. I often thought, 'This is a city where the living and the dead coexist.' The irony was captivating. While walking next to Daereungwon in blue raincoats with my family, I suddenly thought, 'This looks like a visual of killing someone.' I took a photo, and that image became the starting point for 'Gyeongju Journey.'"Despite the complex narrative involving numerous characters, Kim ensured that none were underutilized. It was her responsibility as a director to create an environment where veteran actors could fully showcase their talents."With so many characters, I often worried that some might be used merely as tools. Therefore, I paid close attention to character development and wanted to give each character a 'key scene.' The actors were all highly talented, and I didn't want to hear that I had written them in a certain way. I aimed to create a work that highlighted the ensemble of actors, focusing on each character's important moments," she explained.'Gyeongju Journey' does not merely view tragic events as 'sad.' It blurs the lines between tragedy and comedy, solidifying its unique tone. This approach reflects Kim's everyday life and perspective."My father has a great sense of humor. The greatest legacy he gave me was the ability to see tragedy not just as tragedy. The atmosphere in my family is like that. I believe 'Gyeongju Journey' is essentially me. It naturally contains my way of viewing the world. While they are seeking revenge, I wondered if they would only focus on that. Wouldn't they get hungry? Wouldn't they need to use the restroom? Those thoughts naturally layered into the black comedy aspect of the film," she said.The film also flows with the pain of those left behind after losing family members and the memories of social tragedies. It reflects the painful 'tragedies' that audiences who have lived in the same era as Kim are familiar with."I think many events I've seen and heard have naturally blended into the film. Incidents like the Sewol ferry disaster, the Sampoong Department Store collapse, the Sea Land incident, the Daegu subway disaster, the Itaewon tragedy, and even the 9/11 attacks. I have always been curious about why people could not return, why such events keep repeating, and how the survivors live afterward. Those questions seem to have naturally found their way into this film," she noted.The collision of humor and tragedy, genre and reality, required meticulous calculation and coordination. Kim stated, "The biggest challenge was adjusting the film's tone," explaining that she refined the work through numerous takes and post-production efforts."While I had done black comedies and dramas in short films, this was my first time expanding into genres like this. When writing, I let my imagination run wild, but meeting the actors changed the texture. So, I worked extensively with the senior actors on various takes, shooting exaggerated versions and more realistic ones. While the film is shot in segments, the audience sees it as a whole. If the emotional lines were disconnected, it wouldn't work, so I had to approach it that way. In post-production, I worried about whether it would look like a mishmash, and I communicated with the music director about balancing tragedy and comedy, like '70% tragedy, 30% comedy.' It required continuous adjustments during editing," she explained.Ok-sil's choices and conclusion do not aim for simple catharsis through good triumphing over evil. Instead, they confront the reality of "humans who must live with the fire in their hearts," aiming to resonate deeply with the audience."We often say, 'You must forgive.' But does forgiveness solve everything? What if you don't forgive? I've always been curious about that. Ok-sil is someone who has lost her husband and daughter. I believe that a single phrase like 'you must forgive' cannot comfort someone who has suffered such a deep wound. I was curious about what the face of someone who goes to the end looks like and what state they are in. I thought that the fire in Ok-sil's heart might only be extinguished by going through with it. I see her line, 'I was afraid I might forgive you,' as central to the story. For Ok-sil, not forgiving seems to be her way of repaying her feelings toward Gyeongju and her husband," she said.The process of revenge leads to the departure of her daughters, leaving Ok-sil to confront Baek Sang-hyun alone, a core element that remained unchanged since the first draft."From the first draft, the structure of Ok-sil acting alone in committing the crime never changed. When I showed the script to various people, the most common question was, 'Would a mother choose to become a criminal with her children?' I thought that part might be difficult to grasp. What I wanted to convey was not that the family does something together, but that one person carries out what they believe in to the end. As the daughters express their feelings, they inevitably drift apart, leaving Ok-sil alone. Ultimately, I thought it was necessary for Ok-sil to face Baek Sang-hyun directly," she explained.Kim's decision to fade out during Ok-sil's trial scene at the end of the film reflects her compassion. She expressed a desire to offer a warm perspective and hope for the character of Ok-sil."I faded out because I couldn't conclude that part myself. Ironically, I hoped that Ok-sil would receive 'leniency from the law.' However, I think what I desire and what is expressed in the film are different issues. There are complex problems between strict punishment and leniency. Some people continue to cry, and there are wounded families. I wanted to focus more on how those families can continue to live," she said.Kim Mi-jo's perspective, which encompasses heavy social questions and genre entertainment, has broadened through this work. This journey, starting from intimate curiosity and expanding into empathy with others, has become a valuable milestone for the director as she moves to the next stage."In the past, I often made films because I wanted to see stories that intrigued me. However, 'Gyeongju Journey' is the first work I created while considering stories that might also intrigue others. During 'Seagull,' I wanted to see the process of a character resisting within a system, while 'Gyeongju Journey' explores family stories. It’s about a tragic journey where they collapse together but simultaneously discover each other. Just as interests change over time, I think the themes will continue to shift. When I tell stories, I often feel a sense of resolution. Having completed 'Gyeongju Journey,' I feel ready to move on to another topic after family stories."* This article has been translated by AI. 2026-09-02 16:16:00
  • Roberto Moreno Appointed Interim Coach of South Korean National Soccer Team
    Roberto Moreno Appointed Interim Coach of South Korean National Soccer Team Roberto Moreno, a Spanish coach, has been appointed as the interim head coach of the South Korean national soccer team. Moreno, who has no professional playing experience, began his career as a video analyst and is known for his tactical approach that emphasizes possession-based passing and strong pressing. However, concerns have been raised regarding his management skills and communication with players.The Korea Football Association approved the appointment of Moreno and five other interim coaching staff during its seventh board meeting held on September 1 at Korea Football Park in Cheonan, South Chungcheong Province. This decision comes about two months after former coach Hong Myung-bo resigned following the team's exit from the group stage of the 2026 FIFA World Cup in North and Central America. This marks the first time a Spanish national has taken charge of the South Korean A national team, and it is also the first instance of the association selecting a head coach through a public recruitment process.Moreno's contract runs until November 27. He will lead the team in six matches, starting with games against Ecuador and Uruguay in September, followed by matches against Venezuela and Uzbekistan in October, and two additional games in November. The association has included a clause in his contract that allows for an extension based on the results of these six matches, potentially leading to an extended term through the 2027 AFC Asian Cup in Saudi Arabia.Born in 1977, Moreno differs from his predecessors as he is not a former player. He has never played professionally and began his coaching education at the age of 14, encouraged by a physical education teacher. He took charge of a youth team in his hometown at 16 and later joined FC Barcelona B as a video analyst.Moreno gained prominence by working alongside current Paris Saint-Germain coach Luis Enrique. He joined Enrique as an assistant coach at AS Roma in 2011 and supported him at Celta Vigo, Barcelona, and the Spanish national team for nearly eight years. During his time as Barcelona's first assistant coach from 2014 to 2017, he contributed to the team's European treble, focusing on opponent analysis, match planning, and set-piece tactics.His opportunity to lead the Spanish national team came in March 2019 when Enrique stepped away due to a family illness. Moreno took charge temporarily and was later promoted to head coach, guiding Spain to qualify for UEFA Euro 2020. He remained unbeaten in nine matches, with seven wins and two draws, and recorded four wins and two draws in six matches as head coach before leaving the position when Enrique returned.However, his subsequent coaching stints have been less successful. He left AS Monaco after seven months in late 2019, with a record of five wins, three draws, and five losses, and criticism that his promised style of play was not implemented. He attributed his departure to a new sports director bringing in their own staff.At Granada, he faced similar challenges, attempting to implement a possession-based style with a team that favored direct play. His tenure ended after a poor start to the 2021-2022 season, with a record of five wins, ten draws, and twelve losses in 27 league matches, leading to his dismissal as the team hovered just above the relegation zone. Most recently, he achieved promotion with FC Sochi but was dismissed after just one point from seven matches in the following season.Overall, Moreno has managed 104 matches across three clubs since leaving the Spanish national team, with a record of 32 wins, 34 draws, and 38 losses, resulting in a win rate of approximately 30.8%.Moreno's tactical style is distinct, favoring a 4-2-3-1 formation, although he has also employed 4-3-3, 3-5-2, and 4-4-2 formations in his previous roles. His approach involves short passing from the back, maintaining player positioning and spacing to relieve pressure, and immediate pressing to regain possession when the ball is lost.Reports indicate that Moreno was selected over other candidates, such as Domenec Torrent and Jesus Casas, due to his strong data utilization and opponent analysis skills. He is known for dedicating significant time to opponent analysis and believes that while players are essential, analytical tools are necessary for success.Despite his impressive background, Moreno has faced scrutiny over his reliance on AI tools, particularly during his time at Sochi. Reports from Qatari media outlet beIN Sports suggested that his dismissal was partly due to poor performance and excessive use of AI tools like ChatGPT for training programs, player selection, and travel schedules, raising concerns within the club.Specific examples of this reliance were highlighted, including a training schedule that required players to sleep for only 28 hours before a match. Former Sochi director Andrei Orlov noted that one player selected through ChatGPT failed to score in ten matches.Moreno has denied these claims, stating in an interview with Spanish media outlet AS that he never used AI for player selection or match preparation, calling it a complete falsehood. He acknowledged using AI for translating Russian, a language he is not fluent in, but emphasized that AI had no role in sports-related decisions.He added, "My football career began with data and video analysis. This is my area of expertise and has set me apart since the beginning of my career. Like all coaching staff, we utilize various analytical tools, and technology helps process information quickly. However, the final decisions related to sports always rest with the coaching staff."Concerns also linger regarding his player management skills. During his time at Granada, he reportedly clashed with players due to a lack of empathy. At Sochi, he faced backlash for blaming players for poor results, including demanding that they return part of their salaries after a heavy defeat.Moreno has brought back his former assistant Eduardo Docampo to join his coaching staff, which consists entirely of Spanish nationals, including Hasint Magrinya (analysis and training methodology), Victor Bravo DeSoto (coach), Javier Chocaro (physical coach), and Nico Bosch (goalkeeper coach).Moreno is expected to arrive in South Korea in early to mid-September after completing visa preparations. His first test will be the match against Ecuador later in September.* This article has been translated by AI. 2026-09-02 16:16:00
  • KOSPI tumbles on rising oil prices, bond yields
    KOSPI tumbles on rising oil prices, bond yields SEOUL, September 2 (AJP) - A surge in Middle East crude oil prices and a deepening global bond selloff drove South Korea's benchmark KOSPI down 4.0 percent on Wednesday, the steepest fall among Asia's major markets. The index shed 273.08 points to close at 6,562.72. South Korea was hit harder than Japan and China because it faced two shocks at the same time. Dubai crude, widely used by South Korean refiners, jumped US$7.78 to $98.60 a barrel Tuesday, putting it several dollars above Brent. Sovereign bond yields also rose worldwide after Japan's benchmark 10-year yield touched 3 percent for the first time since 1996. Foreign investors sold a net 1.91 trillion won or $1.40 billion, on the main board. Institutions sold 2.04 trillion won or $1.49 billion. Individuals bought 2.30 trillion won or $1.68 billion. The selloff was concentrated in large cap shares. The KOSPI 200 fell 4.1 percent, more than the broader market, while the small cap KOSDAQ dropped 2.1 percent to 803.98. Samsung Electronics fell 4.0 percent to 250,500 won or $183 while SK hynix fell 4.7 percent to 1,613,000 won. SK square, the holding company whose main asset is its stake in SK hynix, dropped 8.0 percent to 982,000 won. That was roughly twice the fall in the chipmaker itself. Carmakers were hit harder than either chipmaker. Hyundai Motor lost 5.6 percent to 378,000 won. Kia lost 5.2 percent to 124,400 won. Banks were the exception. Shinhan Financial Group slipped 0.5 percent to 110,500 won. KB Financial Group fell 1.2 percent to 169,100 won. Traders treated higher yields as support for lending margins. In Tokyo, the Nikkei 225 closed down 2.9 percent at 64,325.64. SoftBank Group fell 6.4 percent to 4,924 yen and Tokyo Electron fell 3.4 percent to 53,110 yen. The composite index in Shanghai edged lower. The won firmed against the dollar to 1,367.60 won, strengthening by 7.90 won from the previous session. Foreign investors had sold less than 1 trillion won worth of stocks for five straight sessions through Tuesday, but their selling nearly doubled on Wednesday as oil prices in the Gulf, rather than the chip cycle, drove the market 2026-09-02 16:16:00
  • Line Games Faces Major Crisis Amid Ongoing Annual Losses
    Line Games Faces Major Crisis Amid Ongoing Annual Losses Line Games is facing its biggest crisis since its inception, continuing to report annual losses for the eighth consecutive year while relying on capital increases from major shareholders and facing a 223.5 billion won lawsuit over stock sale payments.According to industry sources, the first hearing for the appeal of the lawsuit filed by Rungo Entertainment against Line Games' largest shareholder is scheduled for September 3 at the Seoul High Court, nearly nine months after the first ruling in December.Rungo is an investment vehicle established by private equity firm Anchor Equity Partners. In 2018, it invested 125 billion won in Line Games, acquiring a 27.6% stake. At that time, it entered into a shareholder agreement with Line Games and its largest shareholder, Line Corporation. Following a restructuring, the largest shareholder position is now held by Jet Media Global, a subsidiary of Japan's Line Yahoo (LY) Group.The core of the lawsuit revolves around a non-compete clause included in the shareholder agreement. At the time, Line Yahoo was involved in gaming through its subsidiaries, necessitating a mechanism to prevent new gaming opportunities from being diverted to other affiliates. The agreement stipulated that Line Yahoo would allow Line Games to determine whether new games within the group were core games, and if deemed so, Line Games would have exclusive publishing rights.Rungo claims that Line Yahoo violated this obligation and exercised a put option in September 2023. The payment was to be calculated by adding a 15% annual compound interest to the principal investment from the transaction date. After Line Yahoo failed to make the payment, Rungo filed a lawsuit in January 2024 for 223.5 billion won.The first ruling acknowledged the possibility of a breach of contract by Line Yahoo but dismissed Rungo's claims. The court determined that the requirement for a 'serious breach' not specified in the contract was necessary for exercising the put option, and Rungo did not sufficiently prove that this condition was met. Rungo argues that the put option is a separate remedy from contract termination and has appealed on the grounds that no additional conditions should be imposed.Ahead of the appeal, a recent capital increase by Line Games has emerged as a new point of contention. In March, Line Games conducted a rights offering, issuing new shares at 500 won each. Following this increase, Line Yahoo's ownership stake rose from 35.7% to 83.8%, while Rungo's stake plummeted from 21.4% to 0.5%. Rungo contends that the capital increase was conducted at a price significantly lower than the minimum issuance price of 863,594 won stipulated in the shareholder agreement, infringing on minority shareholder rights.Line Games' decision to pursue a capital increase stems from chronic poor performance. Since establishing its current corporate structure in 2018, the company has consistently reported annual losses, with an operating loss of 14.9 billion won last year. Revenue has also declined from 82.8 billion won in 2022 to 48.9 billion won in 2023, 43.5 billion won in 2024, and 33.5 billion won last year.The decline is attributed to a lack of successful new releases. The natural decrease in revenue from existing live games, coupled with a gap in new releases, has led to a contraction in the company's size. Line Games aims to reverse this trend by expanding its portfolio, focusing on PC games, and launching new titles like 'Amber and Blade,' but has yet to see an improvement in performance.* This article has been translated by AI. 2026-09-02 16:12:00
  • Education Officials Demand Review of 2027 Budget Amid Concerns Over Funding Changes
    Education Officials Demand Review of 2027 Budget Amid Concerns Over Funding Changes The Education Officials Council of South Korea has called for a review and social discussion regarding the government's 2027 budget plan, which is based on a reform of the local education funding system, citing insufficient consultation with the education sector.In a statement released on September 2, the council expressed concerns over the 2027 budget approved at a Cabinet meeting on September 1 and the direction of the local education funding system reform.The council emphasized that local education funding is a crucial resource supporting educational activities in elementary, middle, and high schools nationwide, and that adequate consultation with local education offices is necessary before any changes are made.A key issue is the proposed revision of the current tax revenue linkage system and the legal allocation rate of 20.79%.The council argued that for local education offices, which do not have their own taxation authority, the tax revenue linkage system serves as a mechanism to secure a stable education budget regardless of the central government's financial conditions or policy decisions.While the government cites the need for reform due to declining school-age populations and revenue volatility, the council explained that a decrease in student numbers does not necessarily correlate with proportional reductions in schools, classes, or staff.The council also pointed out that new educational financial demands, such as special education, basic academic skills, student mental health, and childcare, are increasing, which should not be solely linked to the decline in school-age populations.Discrepancies between the government and the education sector regarding the scale of funding increases have also emerged.According to the council, the government claims that the funding for 2027 will increase by 10.1%, or 7.2031 trillion won, compared to the 2026 original budget of 71.6687 trillion won.In contrast, the council argues that when comparing to the 2026 revised budget, which includes adjustments, the actual increase is about 2.4 trillion won, resulting in a growth rate of only 3.2%.The council noted that this growth rate is lower than the 3.9% increase in public employee salaries for 2027, highlighting the need to consider fixed costs such as staff salaries and school operating expenses.Concerns were also raised regarding the future response fund. The council criticized the government's plan to convert part of the legal allocation into a future response fund, arguing that the nature of the funds allocated to local education offices by law differs from those managed by the central government.The council emphasized that the major projects funded by the 4.9315 trillion won allocated to the future response fund for education and talent development in 2027 focus on early childhood education, university and youth support, and training in AI and advanced skills, underscoring the need for a stable investment mechanism for early childhood and primary and secondary education.The council also demanded a detailed financial outlook following the proposed reforms.It requested that the government disclose the basis for the new formula, which includes a standard amount of 75.7 trillion won and the average growth rate over three years, as well as the projected funding amounts for each year from 2027 to 2030 under both the existing 20.79% linkage system and the new formula, along with cumulative differences.Additionally, the council called for a detailed disclosure of the impact on local financial scales, teacher and educational staff salaries, basic academic skills, special education, educational welfare, overcrowded classrooms, support for small rural schools, and improvements to aging school facilities.Concerns were also raised regarding the legislative notice period. The council pointed out that the legislative notice for the proposed amendment to the Local Education Funding Act was conducted over just five days, urging the government to explain the reasons for the shortened period and the basis for determining that sufficient public input was gathered.Jeong Geun-sik, president of the Education Officials Council and Seoul's education superintendent, stated, “The government must reconsider the significance of the 20.79% linkage system and engage in thorough discussions with the education sector to create a future education finance system that the public can accept.”Meanwhile, the government's 2027 budget is set to be submitted to the National Assembly on September 3. The Education Officials Council plans to inform the National Assembly about the potential impacts of the local education funding reform on schools and ensure that the opinions of local education offices are reflected during the budget and related legislation review process.* This article has been translated by AI. 2026-09-02 16:12:00
  • Focus on Strategic Equipment Retention Amid Petrochemical Restructuring
    Focus on Strategic Equipment Retention Amid Petrochemical Restructuring The government and industry are accelerating the reduction of naphtha cracking centers (NCC), but experts warn that the focus should not solely be on how much to cut. They emphasize the need to remove uncompetitive facilities while strategically retaining the infrastructure necessary for future high-value material production and domestic advanced industry supply chains.According to a report published on September 2 by the National Assembly Future Research Institute, the crisis facing South Korea's petrochemical industry stems not merely from poor market conditions but from the structural limitations of its existing growth model.The South Korean petrochemical sector has traditionally grown by producing generic products at large-scale NCCs for export to China. However, as China has significantly increased its production capacity and self-sufficiency, it has turned from being the largest export market into a competitor. This situation is compounded by aggressive competition from Middle Eastern and U.S. companies, global oversupply, and the tightening of carbon neutrality and circular economy regulations.The institute argues that the goal of restructuring should not be merely to reduce capacity. In the short term, while addressing excess capacity and cost structures, it is crucial to evaluate the competitiveness of each facility and its impact on upstream and downstream industries to determine which facilities to cut, maintain, or transition.Specifically, the report proposes a rationalization roadmap that categorizes restructuring targets into reduction, transition, and maintenance. Facilities that lack competitiveness should be reduced, while those that can be utilized should be transitioned to high-value, low-carbon production facilities. Meanwhile, production bases essential for future advanced industry supply chains should be strategically preserved.There is also a call to establish a 'national petrochemical material and equipment supply chain map' that outlines the connections between raw materials, basic petrochemicals, intermediates, high-value materials, and upstream industries. This is necessary to ensure that individual companies' restructuring plans lead to actual adjustments in the industry's overall production capacity.After rationalization, it is emphasized that the remaining production bases must be linked to new demand. Utilizing existing facilities, workforce, and infrastructure such as land, pipelines, and ports, the industry should foster high-value materials connected to domestic upstream sectors like semiconductors, batteries, automobiles, and artificial intelligence (AI), while transitioning to circular materials and low-carbon processes.The report also suggests expanding the scope of research and development (R&D) support to include not just technology development but also demonstration, certification, mass production, and initial purchasing.Consideration must also be given to the impact on petrochemical industrial clusters in Yeosu, Ulsan, and Daesan. It is essential to redeploy skilled workers in process operation, equipment, safety, and environmental fields to growth areas within the industry and support the business transition of partner companies to facilitate entry into new supply chains. The report proposes utilizing idle land, pipelines, storage facilities, and ports that arise during the reduction process as a foundation for transition industries.Kim Eun-ah, a researcher at the National Assembly Future Research Institute, stated, "The success of the rationalization policy should be evaluated not by how much NCC capacity is reduced, but by how effectively the reduced capital, workforce, land, and industrial base are transitioned to a new competitive production structure."* This article has been translated by AI. 2026-09-02 16:08:00
  • Korean Finance Minister Advocates for AI and Domestic Investment at G20
    Korean Finance Minister Advocates for AI and Domestic Investment at G20 Koo Yun-cheol, the Deputy Prime Minister and Minister of Economy and Finance, presented growth strategies focused on investments in artificial intelligence (AI) and domestic market stimulation during the G20 finance ministers and central bank governors meeting. He emphasized the need for both surplus and deficit countries to collaborate on policy responses to reduce global imbalances and called for fair burden-sharing among creditors and transparency in debt data regarding the global debt issue.According to the Ministry of Economy and Finance, Koo attended the second G20 finance ministers and central bank governors meeting held in Asheville, North Carolina, from August 31 to September 1, 2026. The discussions covered global economic conditions, growth policies, current account imbalances between nations, debt in developing countries, financial literacy and fraud, and innovations in the financial sector.During the global economy session, Koo noted that despite the prolonged conflict in the Middle East, the South Korean economy continues to grow steadily. He stated that the country is responding to the post-war economic environment by promoting investments in future industries like AI and stabilizing supply chains.In the growth policy session, Koo outlined the government's growth strategy, which includes three major mega-projects aimed at fostering AI as a new growth engine and policies for transitioning existing key industries to AI. He also mentioned plans to expand investments in strategic industries through initiatives like the National Growth Fund, along with support for youth and small businesses, and structural reforms to enhance medium- to long-term growth potential.Regarding the global debt issue, Koo stressed the importance of equitable burden-sharing among creditors and the need for comprehensive disclosure of debt-related data. He also urged debtor countries to enhance their domestic resource mobilization capabilities and pursue structural reforms to address the root causes of debt vulnerability.In the global imbalance session, Koo took the lead in discussions as a representative of the G20 Global Imbalance Study Group, co-chaired by South Korea and Australia. He highlighted the necessity of analyzing the impact of industrial structural changes, including AI, on imbalances between countries. Koo reiterated that both surplus and deficit countries must take policy actions to alleviate these imbalances.As part of South Korea's policy direction, he proposed stimulating domestic demand and increasing domestic investment, particularly through the three mega-projects to bolster the growth foundation. The G20 chair's statement from the United States also noted that countries with excessive and persistent external surpluses should reduce factors that constrain domestic consumption, while deficit countries should work on increasing domestic savings and fiscal consolidation.The G20 acknowledged that maintaining growth in the global economy requires smooth operation of key supply chains, including energy, food, fertilizers, and critical minerals. It identified supply chain disruptions due to war and geopolitical conflicts as major risks and urged countries to refrain from unnecessary export restrictions. The potential of AI and digital infrastructure investments to enhance productivity was also recognized.During the meeting, Koo held bilateral discussions with finance ministers from major countries, including the United States, the United Kingdom, France, Italy, India, and Qatar. He discussed recent economic and financial market trends and cooperation strategies with the U.S., and agreed to strengthen collaboration with the U.K. during its G20 presidency in 2027 and South Korea's in 2028. Koo proposed hosting the Korea-India finance ministers' meeting in South Korea in the second half of this year.With Qatar, he discussed energy supply chains and infrastructure cooperation, as well as expanding local business participation by South Korean companies and collaboration in AI and digital sectors. In meetings with the EU, he exchanged views on geopolitical issues, including Ukraine, and global imbalances.Koo stated, "We will enhance our growth potential through investments in future industries like AI, stabilize supply chains, and play a responsible role in alleviating global imbalances."* This article has been translated by AI. 2026-09-02 16:04:00
  • Hydrogen Bus Replacement Project Approved for Emission Trading Credits
    Hydrogen Bus Replacement Project Approved for Emission Trading Credits 수소버스 교체사업이 처음으로 배출권거래제 외부사업으로 승인됐다. 개인주택에 설치된 태양광 발전설비도 감축사업에 포함되는 등 온실가스 감축 인정 범위가 수송·생활 분야로 확대되고 있다.기후에너지환경부는 1일부터 이틀간 제71차 배출량 인증위원회를 서면으로 열고 태양광 설비와 히트펌프, 수소버스 등 외부사업 승인과 온실가스 감축량 인증 등의 안건을 심의·의결했다고 2일 밝혔다.외부사업은 배출권거래제 할당대상업체 외부의 시설이나 활동을 통해 온실가스를 감축·흡수·제거하는 사업이다. 인증받은 감축실적은 배출권 시장에서 활용할 수 있다.이번 위원회에서는 처음으로 승인된 수소버스 교체사업을 비롯해 태양광 발전설비와 히트펌프 설치 등 총 28건의 감축사업이 승인됐다. 정부는 이들 사업을 통해 연간 약 2만2102t의 온실가스를 줄일 수 있을 것으로 전망했다.한국동서발전의 '평곡초등학교 외 10개소 건물 태양광 발전설비 설치 감축사업'에는 충북 음성군 내 초등학교와 6개 개인주택 등에 설치된 태양광 발전설비가 포함됐다. 공공시설이나 아파트 중심이던 재생에너지 외부사업이 개인주택까지 확대된 사례다.기존에 승인돼 시행 중인 사업에 대한 감축량 인증도 이뤄졌다. 전기차 교체와 히트펌프 설치, 폐냉매·육불화황 회수 및 분해, 아산화질소 촉매 분해 등 10개 사업에서 총 76만t의 온실가스 감축량이 인증됐다.특히 쏘카의 전기차량 도입을 통한 온실가스 감축사업이 인증을 받으면서 모빌리티 플랫폼을 활용한 친환경 이동수단 전환 성과가 처음으로 공식적인 온실가스 감축실적으로 인정됐다.정부는 렌터카와 공유차량뿐 아니라 개인 전기차 소유자도 차량 제조사나 보험사 등을 통해 외부사업에 참여할 수 있도록 관련 사업을 추진하고 있다.이번 위원회에서는 전기설비 육불화황(SF6) 열분해 방법론과 분산형 열병합발전 설비를 이용한 전기·열 생산 방법론 등 2건도 신규 승인됐다. 기후부는 산업·생활 현장의 수요를 반영한 방법론을 추가로 등록해 외부사업 적용 범위를 넓힐 계획이다.안세진 기후부 기후에너지정책관은 "이번에 승인된 수소버스·전기차 교체 사업과 개인주택 태양광 설비사업은 수송·생활 분야에서 국민이 직접 체감할 수 있는 대표적인 온실가스 감축 사례"라며 "다양한 분야에서 실질적인 감축 성과가 배출권거래제와 연계될 수 있도록 외부사업을 지속적으로 발굴·확대하겠다"고 밝혔다.* This article has been translated by AI. 2026-09-02 16:04:00