Aju Press - Asia News Hub

Journalist

Latest by

Five Special Prosecutors Appointed to Investigate Election Commission Scandal Five special prosecutor assistants have been appointed to investigate allegations surrounding the shortage of ballots during the June 3 local elections. According to the legal community on September 2, President Yoon Suk Yeol appointed Park Hyuk (22nd Judicial Research and Training Institute), Kim Eun-jung (38th), Kim Sang-cheon (first bar exam), Kwon Geun-hwan (second bar exam), and Kim Jin-woo (third bar exam) as special prosecutor assistants.Park Hyuk has served as a prosecutor at the Seoul and Changwon District Prosecutors' Offices and has experience working with the Ministry of Science and ICT.Kim Eun-jung worked as a research officer at the Supreme Prosecutors' Office and served as a prosecutor at the Busan District Prosecutors' Office.Kim Sang-cheon has experience as a researcher at the National Security Technology Research Institute and has worked as a prosecutor and at the Corruption Investigation Office for High-Ranking Officials.Kwon Geun-hwan has held positions as a police officer at the Seoul Metropolitan Police Agency, a prosecutor at the Seoul Central District Prosecutors' Office, and a judge at the Jeonju District Court.Kim Jin-woo has served as a member of the Supreme Prosecutors' Office's Investigation Review Committee, an ethics director at the Korean Bar Association, and a legal advisor to the Korean Sports Council.The special prosecutor assistants will be responsible for investigating cases, maintaining prosecutions, supervising special investigators and dispatched officials, and handling media relations, receiving treatment equivalent to that of a chief prosecutor.With the appointment of the special prosecutor assistants, the special prosecutor's office will finalize its investigative organization and assign tasks based on the expertise and experience of each assistant.The special prosecutor stated, "We will conduct the investigation based on objective data and evidence without any preconceived notions or biases, in accordance with the law's defined targets and scope of investigation."The special prosecutor requested President Yoon to appoint five out of ten candidates for the special prosecutor assistants on August 28.The special prosecutor's office began operations on August 24 at a temporary office in Seocho-dong, Seoul, and is set to commence full-scale investigations on September 7.* This article has been translated by AI. 2026-09-02 08:12:00
Venice Film Festival Kicks Off Today with Lee Chang-dong's 'Possible Love' Competing for Golden Lion The 83rd Venice International Film Festival opens today in Venice, Italy. This year, director Lee Chang-dong's new film 'Possible Love' is in the running for the prestigious Golden Lion.A total of 20 films have been invited to compete in the festival's feature film category. This marks the second consecutive year that a South Korean film has been nominated, following Park Chan-wook's 'Decision to Leave' last year. Notably, this is Lee Chang-dong's first entry into the Venice competition since his film 'Oasis' won the Best Director and Best New Actor awards (for Moon So-ri) 24 years ago.The Netflix film 'Possible Love' depicts the story of a couple of laid-off workers who meet a documentary filmmaker couple while working on a project together. This is Lee's first film in eight years since 'Burning' (2018), featuring actors Jeon Do-yeon, Sul Kyung-gu, Jo In-sung, and Cho Yeo-jeong. It will be released in select theaters in South Korea on September 23, followed by a global release on Netflix on November 6.The competition for this year's Golden Lion is fierce, with notable contenders including Hirokazu Kore-eda's live-action adaptation of the manga 'Broker,' Danny Boyle's 'Ink,' Casey Affleck's 'Company,' and Martin McDonagh's 'Wild Horse Nine.' The jury president for this year's competition is actress and director Maggie Gyllenhaal.One of the world's top three film festivals, the Venice Film Festival will run for 11 days, concluding with the awards ceremony on September 12.* This article has been translated by AI. 2026-09-02 08:08:00
Consumer Prices Rise 3.1% in August; Living Costs Up 3.2% According to the National Data Agency, the consumer price index for August rose to 120.05 (2020=100), marking a 3.1% increase compared to the same month last year.The living cost index, calculated based on 144 frequently purchased items that are sensitive to price changes, increased by 3.2% from August of the previous year.Meanwhile, the fresh produce index saw a significant decline of 6.7% year-on-year, attributed to an increase in the supply of agricultural, livestock, and fishery products. Lee Doo-won, an economic trends statistics officer at the data agency, noted, "It appears that government support events have influenced this trend." However, prices for staple items such as rice (up 6.2%) and mackerel (up 6.5%) continue to rise. Additionally, prices for domestic beef (up 3.3%), imported beef (up 7.4%), eggs (up 5.2%), ginseng (up 31.1%), and hairtail fish (up 7.5%) have also increased.Furthermore, the rise in consumer prices in August was significantly influenced by fuel and mobile phone charges. Fuel prices showed a double-digit increase, rising 14.2% compared to the previous year. Mobile phone charges also surged by 26.7% year-on-year. Lee stated, "The increase in mobile phone charges appears to be largely due to the base effect from last year." Excluding food and energy, the index rose by 3.4% compared to a year ago, while the index excluding agricultural products and fuel increased by 3.1%.* This article has been translated by AI. 2026-09-02 08:00:20
Hana Securities Raises Lotte Rental's Target Price Following Shareholder Change Hana Securities on September 2 projected that Lotte Rental's dividend payout ratio will increase following a change in major shareholders, raising its target price to 57,000 won. The investment recommendation remains a 'buy.'Analyst Ahn Do-hyun stated in a report that "Lotte Rental is not just a car rental company but also holds the largest vehicle data (for autonomous driving learning) in the country, making it a significant player. We believe it is time to reassess its new growth strategy and dividend direction."Ahn noted that the Fair Trade Commission approved the acquisition of Lotte Rental by TPG, a U.S.-based private equity firm. He explained that the entire 61.2% stake held by Hotel Lotte and Busan Lotte Hotel will be sold to TPG at a price of 59,000 won per share, totaling 1.3 trillion won.He added, "The only aspect to reconsider following the change in major shareholders is shareholder returns. Lotte Rental's position as the leading player in the car rental market is expected to remain solid, and its profitability and cash flow based on this position are likely to be stable."Furthermore, Ahn assessed that "the car rental business is sensitive to interest rates, but Lotte Rental has strong pricing power and a variety of debt financing options. With limited annual rollover debt, concerns about profitability during high-interest periods are expected to be minimal. The only change will be in the level of shareholder returns."* This article has been translated by AI. 2026-09-02 07:44:00
YouTubers Grape Juice Se-yeon and K, Under Investigation for Drug Use Popular YouTuber couple Grape Juice Se-yeon (real name In Se-yeon, 26) and K (real name Park Jung-kyu, 37) are reportedly under police investigation for allegedly using psychoactive drugs.According to Yonhap News on September 1, the Gangnam Police Station in Seoul has filed charges against In and Park, along with a third individual, for violating drug control laws as of July 30.Police stated that they are suspected of taking sleeping pills classified as psychoactive substances.Previously, Park acknowledged during a personal live broadcast that he was under police investigation for obtaining a prescription for sleeping pills.Initially, only news of Park's investigation was reported, but it was later confirmed that his partner In is also involved in the police inquiry.Park is believed to have obtained the psychoactive sleeping pills through a friend.Park has been streaming online since 2012 and currently has over 706,000 subscribers on YouTube. In gained attention in 2024 when she was spotted with HYBE Chairman Bang Si-hyuk in Beverly Hills, Los Angeles.Meanwhile, In stated during a SOOP live broadcast the day before, "There was an incident with my boyfriend, and after he took his medication, we ended up in the emergency room, which led to the police investigation. I did not use drugs. I did not obtain a prescription through someone else. I was investigated before my hair was bleached. I apologize for causing concern."* This article has been translated by AI. 2026-09-02 07:36:00
Margin Trading Surges to 4.8 Trillion Won, Doubling Last Year's Total ◆Ajou Economic Major News▷Margin trading reaches 4.8 trillion won, doubling last year's total in just seven months.- According to data submitted by the office of Democratic Party lawmaker Kang Jun-hyun from the top 10 comprehensive financial investment firms (Korea Investment, Mirae Asset, NH Investment, Meritz, Samsung, KB, Shinhan Investment, Kiwoom, Hana, and Daishin Securities), the total amount of margin trading by individual investors from January to July this year reached 4.819 trillion won.- This figure is nearly double last year's total margin trading amount of 2.4642 trillion won and surpasses the highest annual amount in the past five years, which was 3.904 trillion won in 2021.- By type, margin trading accounted for 2.9281 trillion won, making up more than half of the total. This is more than double last year's annual figure of 1.4152 trillion won. Margin trading and collateral loan transactions also totaled 1.8909 trillion won, significantly exceeding last year's annual amount of 1.0491 trillion won.- There have been a considerable number of accounts that were liquidated after losing all principal. From January to July this year, 6,170 accounts were liquidated with total losses of 31.2 billion won, more than double last year's total liquidation amount of 15.3 billion won.- The surge in margin trading is attributed to increased volatility in the stock market this year. The KOSPI index has fluctuated by an average of 2.9% daily, nearly three times higher than last year's average of 1%.◆Major Reports▷Will shareholder returns become a factor in the Korean market? - Many investors are pondering whether shareholder returns, highlighted by announcements from semiconductor companies, can drive stock prices higher. Looking at examples from Apple and TSMC, shareholder returns can indeed be a powerful tool for sustained stock price growth, provided there is clear trust.- Apple paid dividends from 1987 to 1995 but halted them in 1996 due to poor sales. When Steve Jobs returned as CEO in 1997, he focused on accumulating cash without changing that policy, which continued until his death in 2011.- The shift came with Tim Cook's appointment as CEO in 2012, who resumed dividends and share buybacks, initially for employee compensation. The active use of share buybacks for shareholder returns began in 2013.- Amid a slowdown in smartphone growth and a drop in stock prices from $25 to $15, a large share buyback announcement helped trigger a rebound despite lowered guidance.- The U.S. case shows that consistent increases in shareholder returns are more favorably viewed in the market than one-time large distributions.◆Key Disclosures After Market Close (September 1)▷Shin Dong-bin sells 118,000 shares of Lotte Shopping on the market.▷Hanwha Ocean secures orders for three ultra-large gas carriers worth 477.8 billion won.▷Samsung Electro-Mechanics signs a supply contract for AI-use MLCCs worth 1.0722 trillion won with big tech companies.▷Yuhan Corporation supplies raw pharmaceuticals to a global pharmaceutical company worth 131.1 billion won.◆Fund Trends (as of August 31, excluding ETFs)▷Domestic equity: -3.213 trillion won▷Overseas equity: +177.8 billion won◆Today's Schedule (September 2)▷Korea: Consumer Price Index (August)▷U.S.: Automatic Data Processing (ADP) Private Employment Report (August) 2026-09-02 06:52:00
Stabbing in New York's Times Square Leaves Bank of America Executive Dead On August 31, a random stabbing incident in New York's Times Square resulted in the death of a Bank of America executive.According to local media, the victim was identified as Erin Piacentini, 32, a vice president at Bank of America. Reuters reported that Piacentini was responsible for business selection and conflict of interest. The company expressed its shock and deep sorrow over the tragic loss of a colleague, extending condolences to her family and loved ones. Bank of America's Manhattan office is located near One Bryant Park, close to where the incident occurred.Piacentini was known as a respected executive within the company. An internal memo obtained by Reuters revealed that Matthew Coder, head of Bank of America's Global Corporate and Investment Banking, referred to Piacentini as a "valued colleague and friend," adding that her death has left many in mourning.The incident began when the suspect, Pamila Cisneros, 49, pulled out two knives and attacked Piacentini and a 68-year-old man at approximately 4:24 p.m. at the intersection of West 42nd Street and Seventh Avenue. When police arrived, Piacentini reportedly attempted to attack the officers instead of surrendering, leading to her being shot. The New York Police Department stated that responding officers had no choice but to fire their weapons, resulting in the suspect's death. Officers had engaged Cisneros in conversation for four minutes, urging her to drop the weapons, but she refused and attempted to attack them.New York Police Commissioner Jessica Tish stated, "The suspect told the officers, 'I will not put anything down. I will kill both of you.'" She added that Cisneros repeatedly threatened to kill the officers. Initially, an officer deployed a Taser, but it was ineffective, and ultimately, two officers fired their weapons, killing Cisneros.The police have classified the incident as a so-called 'random murder.' Tish explained that the attack appeared to be random and without motive. Cisneros had been previously reported to the NYPD in 2018 and 2019 for mental health issues but had not been arrested.Meanwhile, the 68-year-old man who was also stabbed and transported to the hospital is currently receiving treatment. He was visiting New York with his wife to see their son in Brooklyn when the incident occurred.Despite this shocking crime, overall crime rates in New York City have been reported to be declining. According to NYPD statistics, the number of shootings, shooting victims, and homicides recorded in July reached historic lows.* This article has been translated by AI. 2026-09-02 06:36:00
Nepal Search Team Reports No Progress in Finding Missing South Koreans A government joint rapid response team dispatched to find nine South Koreans missing due to severe flooding in Nepal conducted a search with the Nepalese military on September 1 but has yet to find any significant traces of the individuals.According to Yonhap News, a representative from the rapid response team spoke with reporters at a hotel in Kathmandu, stating, "Today, we focused our search in the Dunche area, about 2 kilometers from the Weir Dam where one of the missing individuals worked, but unfortunately, we have not achieved any meaningful results."The representative added, "We also conducted drone searches, similar to yesterday, but with the same lack of results."The ground search team, consisting of nine members, entered an area approximately 2 kilometers from the camp where the missing individuals were last known to be and launched drones to search the surroundings.The representative noted, "Of the nine members in Dunche, three returned to Kathmandu after their activities, while six remained in Dunche."The six members who stayed behind are expected to collaborate with the overseas emergency relief team (KDRT) dispatched by the South Korean government, which is set to arrive in Kathmandu on September 2.A member of the government response team stated, "The terrain in Dunche is rugged, making it virtually impossible to conduct searches without the cooperation of Nepalese authorities," adding that the remaining six are in ongoing discussions with the Nepalese military.The KDRT is scheduled to depart from South Korea at midnight and is expected to arrive in Kathmandu at approximately 5:55 AM local time on September 2.* This article has been translated by AI. 2026-09-02 06:08:00
Investing Surplus Tax Revenue in Future Talent The semiconductor industry is once again providing a boost to the national economy, with significant increases expected in corporate tax revenue. This is welcome news; however, from a fiscal research perspective, the immediate question is how to allocate these funds. If the increased revenue is spent entirely in the current fiscal year, a downturn in tax revenue could lead to renewed burdens of issuing government bonds and restructuring expenditures.The government aims to save surplus tax revenue in a Future Response Fund to invest in growth drivers and talent in youth, local areas, and education. This strategy also serves as a financial stabilization resource during periods of declining revenue. To mitigate the fluctuations in fiscal management that accompany economic cycles, it is essential to establish sufficient buffer resources in advance.A key component of this process is the Local Education Financial Grants. Adjusting the grant structure, which is automatically linked to domestic tax revenue, is crucial for breaking down fiscal silos. Currently, 20.79% of domestic tax revenue is automatically allocated to primary and secondary education. This system enabled stable educational investment during times of absolute resource scarcity and played a decisive role in South Korea's growth through education. However, the environment surrounding this system has changed significantly over the past half-century.The school-age population has decreased from 8.8 million in 2010 to 5.91 million in 2025, a drop of about 33%. During the same period, Local Education Financial Grants increased from 32 trillion won to 70 trillion won, a rise of 118%. This indicates a divergence between the number of students and available resources. Moreover, the structure linked to domestic tax revenue causes rapid increases in education funding during times of high tax revenue, followed by declines when revenue falls. It is not ideal for educational finance, which requires multi-year planning for teachers, school facilities, and digital transformation, to fluctuate with economic and tax revenue changes.The purpose of this reform is not to reduce funding for primary and secondary education; such reductions are unacceptable. The new design reflects economic growth, inflation, and changes in the school-age population, accounting for only 35% of the decrease in that population. If the calculated grant amount is lower than the previous year, the government will cover the difference. This approach acknowledges expenditures that cannot be adjusted quickly, such as personnel costs and school facilities, while gradually reflecting changes in the economy and demographic structure. The goal is to maintain stability while aligning the growth rate more closely with actual fiscal needs.Importantly, the resources secured through this process will not disappear outside of education. They will be reinvested in early childhood education, higher education, research talent, adult retraining, and lifelong learning through the Future Response Fund's education and talent account. In fact, as of 2022, per-student public education spending for primary and secondary education significantly exceeds the OECD average, while higher education spending remains at about 70% of the average. This highlights the need to examine the tiered investment structure. The reform is not about diminishing the importance of education but rather about expanding its horizons.Our students continue to demonstrate high academic capabilities. In the OECD PISA 2022 assessment, South Korean 15-year-olds outperformed the OECD average in mathematics, reading, and science. However, the Adult Skills Survey (PIAAC) revealed that literacy, numeracy, and problem-solving skills among adults aged 16 to 65 were below the OECD average. This indicates that the education system is not yet sufficient to maintain and develop the skills acquired in school throughout adulthood.Artificial intelligence and digital transformation are rapidly changing the landscape of lifelong learning. In a society where people need to work longer, opportunities for middle-aged and older individuals to learn new skills are essential. Universities must also expand their roles as hubs for lifelong learning that supports advanced technology, foundational disciplines, and career transitions.This is why the timing is critical. Although the need for reforming the domestic tax-linked system has been raised multiple times, concerns that it might reduce support for primary and secondary education have hindered actual changes. Now, with additional tax revenue potential, it is an exceptional time to maintain stable funding levels for primary and secondary education while also securing resources for new educational demands. Fiscal reforms can be pursued more effectively when there is a surplus rather than a shortage of resources.However, the reform's objectives will only be fully realized if a management system is established to ensure that the resources transferred to the education and talent account are used for their intended educational purposes. While the previous domestic tax-linked system supported educational advancement, a new framework is now required to broaden learning opportunities from early childhood to old age based on those achievements. It is essential to allocate resources in a way that maintains the stability of primary and secondary education while adapting to changing demographics and national priorities. Reforms should be undertaken when they are feasible, not just when they are necessary. This is why there may not be a better time than now to pursue the reform of Local Education Financial Grants.* This article has been translated by AI. 2026-09-02 06:04:00
Relocation of Financial Institutions: More Than Just a Change of Address One of the most sensitive topics in the financial sector today is 'regional relocation.' As the government accelerates the second phase of public institution relocations, the possibility of moving national banks such as the Industrial Bank of Korea, the Korea Development Bank, and the Export-Import Bank, as well as the Financial Supervisory Service and the Korea Deposit Insurance Corporation, is being discussed. The financial labor union has announced a general strike on the 4th, making the prevention of regional relocation a key demand. Although the target institutions and relocation areas have not yet been determined, the financial sector is already in turmoil.Few would oppose the intention behind regional balanced development. In a situation where people, businesses, and capital continue to concentrate in the metropolitan area, relocating public institutions could serve as a means to create new jobs and industries in the regions. It is also true that innovation cities were established following the first phase of public institution relocations. However, it is contradictory to worry only about regional extinction while allowing the concentration in the metropolitan area to continue.That said, relocating financial institutions is not just a matter of deciding 'where to send them.' Finance is an industry where people, information, and networks are key competitive factors. Financial companies, government agencies, and market participants need to exchange information frequently, and quick decision-making is essential in crisis situations. If the main office address is simply moved to a regional location while key personnel leave and major meetings and decisions continue to take place in Seoul, the significant costs of relocation will lose their meaning.We must also be cautious about viewing the relocation targets as a single group. Policy financial institutions and financial supervisory agencies have different roles. The Industrial Bank of Korea and the Korea Development Bank focus on corporate finance and policy funding, while the Financial Supervisory Service and the Korea Deposit Insurance Corporation are primarily responsible for financial market supervision and crisis response. Even with the same goal of regional balanced development, it is necessary to design the relocation methods and functional placements differently, taking into account the characteristics of their work, the degree of connection with private financial institutions, and the need for crisis response. Rather than asking 'how many institutions will remain in Seoul,' we should first consider which functions are most efficient to place where.The past performance of public institution relocations shows what this policy should focus on. In the first phase, 153 public institutions moved to ten innovation cities across the country. While there was an effect of supplying new populations and jobs to the regions, it revealed limitations in creating the self-sustaining industrial ecosystems that were expected.According to an analysis by the Korea Institute for Industrial Economics and Trade, the influx of population from the metropolitan area to innovation cities increased during the period when public institution relocations were concentrated, but it sharply declined after 2017, and by 2023, it had turned into a net outflow. Even the influx of population to innovation cities within the same region has stopped since 2025. The employment effects were primarily seen in the service sector, and the extent of diffusion to surrounding areas was also limited. This indicates that moving an institution and enhancing regional competitiveness are separate issues.If the focus is on evenly distributing institutions across regions based on political considerations, there is a high likelihood of repeating the limitations of the first phase. In particular, financial institutions must first consider what kind of synergy they can create with regional industries and whether they can attract related financial companies and professionals.This is precisely the point the government must consider in the second phase of public institution relocations. The criteria for success should not be how many institutions were removed from Seoul or how many were placed in which regions. It is essential to create incentives for private companies associated with the relocated institutions to move as well and to establish living conditions that allow employees and their families to settle in the regions. Only then can the relocation serve as a catalyst for growing regional industries rather than merely a change of address.The relocation of financial institutions is a means, not an end. If the address is changed without achieving the goal of regional balanced development, both the government and the financial sector opposing the relocations will incur significant costs. The question the government must answer before finalizing the list of relocations is not 'where to send them,' but 'what to leave behind there.'* This article has been translated by AI. 2026-09-02 06:04:00