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  • Ruling Party Calls for Withdrawal of Supreme Court Chief Justices Nomination
    Ruling Party Calls for Withdrawal of Supreme Court Chief Justice's Nomination Seo Young-kyo, chair of the National Assembly's Judiciary Committee, and Kim Seung-won, the ruling party's committee secretary, stated on the 28th that Supreme Court Chief Justice Cho Hee-dae should "voluntarily withdraw" his written nomination amid ongoing controversy. They also indicated plans to pressure Cho to appear as a witness before the committee on the 31st and to clarify the court organization law.Speaking to reporters after a workshop for lawmakers at the Inspire Hotel in Incheon, Kim noted, "We thoroughly discussed legislation related to people's livelihoods in the Judiciary Committee. Judicial reform has emerged as a key issue for major reforms benefiting the public."Kim specifically addressed the recent controversy surrounding Cho's written nomination of three Supreme Court justice candidates, stating, "After discussions with President Lee Jae-myung, we concluded that it is appropriate to go through a re-nomination process for the three candidates. If Cho does not proceed with the re-nomination, we will consider it a violation of the law regarding the court organization."He added, "We will not only ensure Cho's appearance as a witness on the 31st but will also carefully follow through with subsequent steps, including discussions on clarifying the court organization law if necessary."Chairwoman Seo also remarked, "The Democratic Party's concerns regarding the written nomination stem from the fact that the nominations were made without consultation with the presidential office. I hope that there will be sufficient discussions regarding other Supreme Court candidates to facilitate a swift re-nomination process."Furthermore, Kim expressed support for launching a special prosecutor law to uncover fabricated charges made by the prosecution during the Yoon Seok-yeol administration, stating, "We will discuss the specific timing with the party leadership."Seo noted that with the conclusion of the party convention and the formation of the party leadership, they plan to engage in serious discussions about the special prosecutor law for fabricated charges. She confirmed that there is a consensus within the party on holding the prosecution accountable for fabricated charges, stating, "Now that the leadership is in place, we will discuss this together. We will investigate any wrongdoing more thoroughly."* This article has been translated by AI. 2026-08-28 12:12:00
  • Construction Spending in South Korea Drops by 28.8 Trillion Won, Largest Decline Since 1998
    Construction Spending in South Korea Drops by 28.8 Trillion Won, Largest Decline Since 1998 Last year, domestic and international construction spending in South Korea fell by nearly 29 trillion won, totaling 335 trillion won. The decline rate of 7.9% marks the largest drop since the 1998 financial crisis, which saw a decrease of 12.9%. This downturn is attributed to a slump in the private construction market and poor performance in overseas projects.According to the "2025 Construction Industry Survey Results" released by the National Data Agency on August 28, the construction spending last year was 335 trillion won, a decrease of 28.8 trillion won from the previous year. Construction spending refers to the actual value of projects completed in the survey year.While construction spending increased by 1.3% in 2024 compared to the previous year, it reversed sharply last year. Domestic construction spending was 297 trillion won, down 18.8 trillion won (6.0%) from the previous year. Spending in the metropolitan area was 138.7 trillion won, a decrease of 12.1 trillion won (8.0%), while non-metropolitan areas saw a drop to 158.3 trillion won, down 6.7 trillion won (4.1%).Regionally, construction spending in Gyeonggi Province fell by 11.8% to 79.3 trillion won. Incheon experienced a 10.0% decline, while Seoul saw a slight increase of 1.3%, totaling 41.3 trillion won. In non-metropolitan areas, Sejong reported a 22.4% decrease, Daegu 19.9%, and Gyeongnam 12.5%.By type of work, construction spending on buildings, including apartments and offices, totaled 212.2 trillion won, down 18.4 trillion won (8.0%), accounting for most of the decline in domestic construction spending. Civil engineering projects, including highways and railways, decreased by 2.0% to 47.2 trillion won. However, industrial facilities increased by 2.3% to 30.1 trillion won.The downturn in the private sector was particularly pronounced. Private construction spending was 204.2 trillion won, down 21.5 trillion won (9.5%) from the previous year. In contrast, public sector spending rose by 2.7 trillion won (3.0%) to 92.5 trillion won, partially offsetting the decline in the private sector.Within the public sector, construction spending by central government agencies increased by 10.3%, local governments by 4.0%, and public organizations by 7.5%. However, spending on projects initiated by public enterprises decreased by 1.5%.By industry, specialized construction sectors saw a spending drop of 8.6% to 181.5 trillion won, which was greater than the 1.5% decline in general construction. Spending on fire protection systems fell by 12.2%, mechanical installations by 10.9%, and specialized construction by 10.3%.Overseas construction spending was 38.1 trillion won, down 10 trillion won (20.8%) from the previous year. Spending in the Americas decreased by 45.2%, Europe by 39.4%, and Asia by 23.5%. In contrast, spending in the Middle East increased by 5.8% to 16.7 trillion won.The total construction spending of the top 100 construction firms was 106.1 trillion won, an 8.2% decrease. Domestic spending saw a slight decline of 1.0%, while overseas spending plummeted by 20.1%. The top 100 firms accounted for 92.1% of total overseas construction spending.The number of construction companies with project records increased by 489 (0.5%) to 89,590, despite the significant drop in project volume.Last year, the total value of construction contracts was 307.1 trillion won, a decrease of 1.2 trillion won (0.4%) from the previous year. Domestic contracts increased by 4.0% to 277 trillion won, driven by a rise in building contracts, while overseas contracts fell sharply by 28.1% to 30.2 trillion won. Regionally, contracts in the Middle East dropped by 52.0%.* This article has been translated by AI. 2026-08-28 12:04:00
  • IDB Provides $700 Million Loan to POSCOs Lithium Project in Argentina
    IDB Provides $700 Million Loan to POSCO's Lithium Project in Argentina The Inter-American Development Bank (IDB) has extended a loan of approximately 700 million dollars to POSCO Holdings for its lithium mining and production operations in Argentina. This funding will enable POSCO to secure substantial working capital, expand its lithium production capabilities, and strengthen its supply chain for critical minerals.On August 28, the Ministry of Economy announced that IDB Invest, the private sector investment arm of the IDB Group, is providing the financial support for POSCO's lithium project in Argentina.IDB Invest is an international financial institution that offers loans, guarantees, and equity investments for private sector development projects in Latin America.With this funding, POSCO can stabilize its working capital and reduce financial costs through low-interest loans and tax benefits.The government views this financial support as a tangible outcome of the economic development agenda discussed during the President's recent visit to South America. It highlights the collaboration between Latin America's critical mineral resources and South Korea's technological and financial capabilities to diversify the lithium supply chain.The Korean Trust Fund also supported the feasibility review process for POSCO's project. This collaboration links multilateral development bank loans with the Korean Trust Fund to bolster domestic companies' initiatives in Latin America.On August 27, Moon Ji-sung, the Director-General for International Economic Affairs at the Ministry of Economy, met with James Scriven, President of IDB Invest, and other IDB Group executives to discuss expanding domestic companies' market presence in Latin America and potential follow-up cooperation.The Ministry emphasized the need to enhance cooperation that connects critical mineral resources in Latin America, such as lithium, with the technological expertise of domestic companies amid growing uncertainties in the global supply chain. IDB Invest also expressed its commitment to continue collaborating with Korean companies.The government plans to invest 150 million dollars in IDB Invest's third general capital increase. This plan was announced during the IDB annual meeting in March 2024, following a letter of intent submitted by the Deputy Prime Minister in December of last year.The government aims to leverage the Korean Trust Fund and the Korea-Latin America Business Forum to strengthen financial support and discover new business opportunities for domestic companies in Latin America.* This article has been translated by AI. 2026-08-28 12:04:00
  • Resident Foreign Currency Deposits Increased by $15 Billion in July
    Resident Foreign Currency Deposits Increased by $15 Billion in July Last month, resident foreign currency deposits in South Korea continued to rise for the fourth consecutive month.According to data released by the Bank of Korea on August 28, the balance of resident foreign currency deposits at foreign exchange banks reached $128.34 billion at the end of July, an increase of $15.01 billion from the previous month.Resident foreign currency deposits refer to deposits held by domestic individuals, domestic companies, foreigners residing in South Korea for more than six months, and foreign companies operating in the country.The increase in foreign currency deposits was primarily driven by dollar deposits and corporate deposits.By currency, dollar deposits rose by $11.12 billion, while euro and yen deposits increased by $2.22 billion and $1.5 billion, respectively.The rise in dollar deposits was attributed to large corporations receiving payments, inflows of funds for foreign bond issuance by securities firms, and pre-purchases of dollars due to a decline in the exchange rate.Euro deposits increased due to some companies receiving payments, while yen deposits grew from deposits made for dividend payments by certain companies and inflows for foreign bond issuance by securities firms.By category, corporate deposits totaled $112.56 billion, up $13.57 billion, while individual deposits reached $15.7 billion, an increase of $1.44 billion.Among these, corporate dollar deposits amounted to $96.99 billion, reflecting an increase of $10.11 billion from the previous month.* This article has been translated by AI. 2026-08-28 12:04:00
  • Korean SMEs Partner with Garden Grove to Expand U.S. Market Access
    Korean SMEs Partner with Garden Grove to Expand U.S. Market Access The Korea SMEs Association has partnered with the city of Garden Grove, California, to establish a business model aimed at assisting Korean small and medium-sized enterprises (SMEs) in entering the U.S. market.On August 27, local time, the Korea SMEs Association announced that it signed a memorandum of understanding with Garden Grove at the city’s police department to support the entry of Korean SMEs into the U.S. market through the revitalization of the Korean business district.Garden Grove, located in Orange County, is home to over 100,000 Korean residents, accounting for 42% of the city’s total population. The city is also near major tourist attractions like Disneyland, contributing to a vibrant local economy centered around food, dining, and tourism.The Korea SMEs Association recognized the strengths of Garden Grove’s Korean business community and its supportive industrial base for food, fashion, and daily goods. This partnership marks the first memorandum of understanding between the association and a U.S. city government, focusing on mutual cooperation in areas such as supporting Korean SMEs in the U.S. market, promoting the Korean business district in Garden Grove, and establishing business networks between the two organizations.Following the agreement, the Korea SMEs Association presented a plaque declaring Garden Grove as a 'K-Food & K-Goods Friendly City' in appreciation of the city’s efforts to promote the K-Food industry and to express its commitment to future collaboration.Kim Ki-moon, president of the Korea SMEs Association, proposed the establishment of a 'Korea Desk' in Garden Grove to support SMEs looking to expand across California and the U.S. He also requested the creation of a space for showcasing and selling outstanding SME products and suggested hosting a 'Korean Product Exhibition' at the end of the year, allowing local consumers to experience a variety of Korean products firsthand.Garden Grove Mayor Stephanie Clopfenstein responded positively to the Korea SMEs Association's proposal, stating, 'Utilizing the strengths of the Korean community in our city is a great idea to inject new vitality into the local economy.'* This article has been translated by AI. 2026-08-28 11:40:00
  • JTBC Begins Corporate Rehabilitation Process Amid Central Group Liquidity Crisis
    JTBC Begins Corporate Rehabilitation Process Amid Central Group Liquidity Crisis The Seoul Rehabilitation Court decided on August 28 to initiate corporate rehabilitation proceedings for JTBC.The court's second division, led by Chief Judge Jeong Jun-young, announced the conclusion of JTBC's Autonomous Restructuring Support (ARS) process and the decision to commence rehabilitation proceedings.The court cited several factors for its decision, including the growth of online video services (OTT) following the COVID-19 pandemic, rising production costs such as talent fees and labor, and a shrinking broadcast advertising market. It also noted significant expenditures related to Olympic broadcasting rights and a liquidity crisis affecting the entire Central Group.The court opted not to appoint a separate administrator, allowing the current management team to remain in place. However, it included a condition that management could be replaced if any wrongdoing is identified.The deadline for submitting the list of creditors is set for October 8, with the period for creditor claims running until November 6.The creditors' council will consist of the company's major creditors, and a Chief Restructuring Officer (CRO) appointed based on recommendations from the council will oversee the company's financial management.The deadline for submitting the rehabilitation plan is January 29 of next year.Earlier in July, JTBC applied to the court to initiate rehabilitation proceedings, expressing a desire for the ARS process, which the court accepted, postponing the decision on rehabilitation.JTBC stated, "After several discussions, we concluded that initiating the rehabilitation process would be more effective for protecting creditor interests. Therefore, we did not apply for an extension of the ARS, leading to the decision to commence rehabilitation proceedings."The financial crisis at Central Group began when JTBC declared a default in June after failing to repay 20.6 billion won in liquidity loans.With the initiation of JTBC's rehabilitation process, five affiliates of Central Group, including JoongAng Holdings, Contentree JoongAng, JoongAng P&I, and Megabox JoongAng, will also undergo rehabilitation proceedings. JoongAng Ilbo has received a decision to commence a corporate restructuring workout.* This article has been translated by AI. 2026-08-28 11:36:00
  • NPS posts 27% H1 return as KOSPI doubles
    NPS posts 27% H1 return as KOSPI doubles SEOUL, August 28 (AJP) - South Korea's National Pension Service posted a 27.22 percent return in the first half, roughly seven times the average for the same six-month period over the previous six years, as an extraordinary rally in Korean stocks propelled the fund to its strongest start in recent years. The performance came as the KOSPI more than doubled from the end of December through June before a correction began in July, leaving the latest pension report as a snapshot of returns near the height of the market rally. The National Pension Service (NPS), one of the world's third-largest pension funds, said Friday that its assets under management reached 1,866 trillion won ($1.35 trillion) at the end of June, with a preliminary money-weighted investment return of 27.22 percent. The KOSPI soared 101.14 percent against an 8.99 percent gain in global equities. Bonds were the opposite. The three-year government yield climbed 74.6 basis points, more than three times the 20.7-basis-point increase in the U.S. 10-year Treasury yield. The headline return stands out even against the NPS's strong recent performance as this year's return is over seven times 3.81-percent first-half return average over the last six years. Domestic equities explain much of the extraordinary performance. The NPS held 543.2 trillion won of Korean stocks at the end of June, representing 29.1 percent of its portfolio. Overseas stocks accounted for another 661.1 trillion won, or 35.4 percent, leaving almost two-thirds of financial assets exposed to equities. Korean equities returned 107.37 percent for the pension fund, compared with 82.44 percent for all of 2025 and a long-term annualized return of 11.26 percent since inception. Chipmakers were at the center of the surge as the artificial intelligence investment boom drove extraordinary earnings and expectations for Samsung Electronics and SK hynix. The result gives the NPS an unusually large exposure to the same AI-driven wealth effect now running through Korea's corporate profits, exports and equity market. The performance elsewhere in the portfolio was far more restrained. Overseas equities returned 17.81 percent, slightly below their 19.74 percent return for all of 2025. Alternative assets earned 9.60 percent, broadly around their 10.08 percent annualized return since inception. Domestic bonds were the conspicuous loser, falling 3.00 percent as interest rates rose and bond prices declined. Overseas bonds returned 9.22 percent, helped partly by the weaker Korean currency. The won stood at 1,541.5 per dollar at the end of June, 7.43 percent weaker than at the end of 2025, increasing the won value of foreign assets. The first-half performance will likely be hard to march. Korean equities began correcting in July after the extraordinary first-half run. By 10:30 a.m. Friday, the KOSPI was trading at 6,818.87, almost 20 percent below its June-end level of 8,476.48. The currency tailwind has also partially reversed. The won was trading around 1,379 per dollar Friday morning, substantially stronger than its 1,541.5 level at the end of June. NPS Chairman Kim Sung-joo acknowledged that the second half has brought greater volatility, saying some of the first-half gains have fluctuated while overall performance remains favorable. AJP Takeaways The NPS returned 27.22 percent in the first half, more than seven times the 3.81 percent average of the previous six first-half periods. Domestic stocks returned 107.37 percent as the KOSPI surged 101.14 percent from end-December through June, making Korean equities the dominant driver of the pension fund's performance. The six-month return already exceeds the NPS's record 18.82 percent full-year gain in 2025, although the periods are not directly comparable. The KOSPI has since fallen almost 20 percent from its June-end level, underscoring that the first-half report captures performance before the market correction that began in July. 2026-08-28 11:26:25
  • Special Prosecutor Requests Transfer of Election Incident Records
    Special Prosecutor Requests Transfer of Election Incident Records The special prosecutor team investigating the ballot shortage during the June 3 local elections is accelerating its formation as of August 28. The team has requested the joint investigation headquarters of the prosecution and police to transfer case records and evidence.In a press release, the special prosecutor's office stated, "We have sent a request for cooperation to the Ministry of Justice and the National Police Agency to complete the deployment of about 60 investigators, including 20 prosecutors, by September 4."On the same day, an additional assigned prosecutor reported to the temporary office, bringing the total to 14 personnel, including three assigned prosecutors, five special investigators, and six assigned police officers.The special prosecutor's team also requested the joint investigation headquarters, led by Deputy Prosecutor Kim Tae-hoon, to transfer all case records and seized evidence to their office for the investigation into violations of citizens' voting rights.They plan to first receive and review the digitized case records on the 31st, then establish an investigation plan and officially commence investigations on September 7.Due to uncertainties regarding the National Assembly's special committee's on-site verification of the Songpa-gu ballot counting center, the special prosecutor's team is also legally reviewing what actions can be taken during the preparation period after the 31st.Yoon Sang-hyun, chair of the special committee investigating the June 3 ballot shortage, stated the previous day that "a recount at the committee level is off the table" due to internal disagreements within the People Power Party.* This article has been translated by AI. 2026-08-28 11:20:00
  • China May Restrict Rare Earth Exports in Response to U.S. Sanctions on Banks
    China May Restrict Rare Earth Exports in Response to U.S. Sanctions on Banks Speculation has arisen that if the United States imposes sanctions on Chinese banks to enforce economic restrictions against Iran, China may respond by tightening its rare earth exports.On August 27, President Donald Trump, speaking to reporters at the White House, was asked whether he would sanction Chinese banks that conduct business with Iran. He replied, "Who said I’m not doing it?" He added, "You don’t know if I’m imposing sanctions or not," suggesting the possibility of sanctions as part of a broader strategy to increase economic pressure on Iran.The South China Morning Post reported on August 28 that if the U.S. sanctions Chinese financial institutions or companies due to Iran, China is likely to respond more aggressively. Shih Tien-Chen, chief economist at the Economist Intelligence Unit, stated, "If the U.S. sanctions are limited to small and medium-sized enterprises, China’s retaliation may be symbolic. However, if the scale of sanctions increases, China will take corresponding measures." He noted, "China has the rare earth export control card, and it is precisely this card that makes the U.S. hesitant to impose sanctions on China."Professor Cui Shoujun from Renmin University predicted that despite U.S. sanctions, China would continue to purchase oil from Iran. He added, "If U.S. sanctions are implemented, China may enforce stricter controls on rare earth exports and enhance scrutiny of end users, which would limit the flow of Chinese rare earths to U.S. defense or high-tech companies." He also suggested that China might expand its cross-border yuan payment system, CIPS, to mitigate risks associated with U.S. sanctions.Previously, China has clearly stated its opposition to U.S. sanctions against Iran. On August 25, Chinese Foreign Ministry spokesperson Lin Jian said during a regular briefing, "Cooperation between China and Iran has always been conducted within the framework of international law and should not be interfered with or obstructed. China is closely monitoring relevant developments and will take all necessary measures to firmly safeguard its rights and interests." Lin also reiterated that China firmly opposes illegal and unilateral sanctions that lack legal basis and have not been approved by the United Nations Security Council, adding that the most urgent task is to ease tensions and return to dialogue and negotiation as soon as possible. 2026-08-28 11:20:00
  • Tway Airs Incheon-Paris route carries 200,000 passengers in 2 years
    T'way Air's Incheon-Paris route carries 200,000 passengers in 2 years SEOUL, August 28 (AJP) - T'way Air has carried more than 200,000 passengers between Incheon and Paris since launching the service two years ago, the budget carrier said on Friday. The service began on Aug. 28, 2024, and served over 200,000 passengers through about 490 round-trip flights over the past two years. The milestone comes as the airline continues to strengthen its presence on long-haul routes to Europe through both passenger and cargo services. South Korean travelers accounted for the largest proportion at 64 percent, followed by French nationals at 24 percent, Japanese passengers at 4 percent, Chinese passengers at 3 percent, and others. By age, passengers in their 20s made up the largest proportion at 38 percent, followed by those in their 30s at 25 percent, those in their 40s and 50s at 11 percent each. The airline also transported about 6,800 tons of cargo during the same period using the belly cargo space of its aircraft. "We will put safety first while improving our services to provide passengers with a better flight experience," said a T'way Air spokesperson. Meanwhile, T'way Air, which changed its corporate name to Trinity Airways, recently unveiled its new logo and uniforms ahead of a new beginning under the new name, which will take effect after relevant legal procedures are completed. AJP Takeaways • T'way Air has carried more than 200,000 passengers between Incheon and Paris since launching the service on Aug. 28, 2024, with about 490 round-trip flights over two years. • South Korean travelers accounted for 64 percent of passengers, followed by French nationals at 24 percent, while passengers in their 20s made up the largest age group at 38 percent. • T'way Air transported about 6,800 tons of cargo on the service over the same period and is preparing to operate under its new corporate name, Trinity Airways, after relevant legal procedures are completed. 2026-08-28 11:14:34