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  • Parties Delay Vote on Yongsan Park Special Law Amendment
    Parties Delay Vote on Yongsan Park Special Law Amendment Parties negotiated to pass an amendment to the Yongsan Park Special Law, which supports the government's real estate supply measures, ahead of the afternoon session of the National Assembly on the 26th. However, due to existing differences, the vote on the amendment was postponed. Additionally, a resolution calling for the expulsion of Lee Jin-sook from the People Power Party is expected to be presented and processed under the leadership of the Democratic Party.Chun Jun-ho, the Democratic Party's floor leader, and Kim Seung-soo, the People Power Party's floor leader, met in the National Assembly on the morning of the 26th to discuss the bills to be presented in the afternoon session.After the meeting, Chun told reporters, "We worked on prioritizing the bills to be processed in today's session," adding that no further meetings would take place as all procedures were completed.However, the amendment to the Yongsan Park Special Law, which was likely to be presented in the session, was postponed once again. Chun explained that the amendment was deprioritized in light of the meeting between Minister of Land, Infrastructure and Transport Kim Yun-deok and Seoul Mayor Oh Se-hoon.The session is also expected to include a resolution calling for the expulsion of Lee Jin-sook, who has been embroiled in controversy over remarks regarding the May 18 Democratic Uprising.Chun stated, "We have decided to present the resolution calling for Lee Jin-sook's expulsion in the session." Given the significant internal opposition within the Democratic Party regarding this matter, it is anticipated that the resolution will be processed under the Democratic Party's leadership.* This article has been translated by AI. 2026-08-26 12:00:10
  • Concerns Grow Over Volatility in South Korean Stock Market
    Concerns Grow Over Volatility in South Korean Stock Market Major international media outlets are expressing growing concerns over the volatility of the South Korean stock market. On August 24, the Wall Street Journal (WSJ) referred to the South Korean market as "the world's craziest stock market," noting that investors have dubbed it "Rollerkospi." The report described it as having become a "ride of fear."The WSJ's characterization of "Rollerkospi" is not without merit. Once considered one of the hottest markets globally last year, the South Korean stock market plummeted nearly 40% over six weeks in June and July. During this period, the market lost approximately $2.5 trillion in market capitalization. Earlier, Bloomberg pointed out on August 3 that "South Korea is Becoming Uninvestable, Too," highlighting the risks associated with the market's extreme volatility.Both reports emphasize that the core issue is not merely fluctuations in stock prices but a structural increase in volatility. The fact that Samsung Electronics and SK Hynix, two semiconductor stocks, at one point accounted for over half of the total market capitalization of the KOSPI indicates a problematic market structure where the fate of the entire index hinges on specific sectors and stocks. Additionally, the heavy involvement of individual investors, who account for 60-70% of daily trading volume and often utilize leveraged products, has further exacerbated market volatility.The extreme volatility has significantly increased investor losses. The WSJ reported on investors who quit their jobs to invest half of their severance pay in semiconductor stocks, only to incur losses within a week. Another investor, who made a 40% profit in three weeks, later reinvested in leveraged products and faced a 69% loss. Such stories are becoming increasingly common.In response to the WSJ report, financial authorities issued a statement emphasizing the "highest level of growth" and a "stabilization trend." They also stated, "The government will closely monitor the stock market situation and implement volatility reduction measures as needed while consistently pursuing fundamental market reforms to build a resilient capital market." This stance was similar to the one taken during Bloomberg's report on August 3.While the government has much to say, it cannot deny that the South Korean stock market's recent performance, which has broken out of a long stagnation to achieve the highest growth rates among major countries for two consecutive years, is a significant achievement linked to capital market reforms. However, it is understandable that international media refer to the market as a "casino" or "Rollerkospi."Nevertheless, it is an undeniable fact that the government has contributed to market overheating. The rush to introduce high-risk leveraged products to achieve the "KOSPI 5000" target overlooked the structural characteristics of the South Korean market, which has a particularly high proportion of individual investors and significant concentration in specific stocks. While it may not be entirely fair to say the government is reaping what it has sown, it cannot evade responsibility for its management practices.Before refuting foreign media reports, the government should focus on the issue of "trust." Although the volatility has decreased, the KOSPI continues to experience fluctuations in August. As this high volatility persists, the confidence of long-term investors and foreign capital in the South Korean stock market is bound to decline. The sighs of domestic individual investors are likely to grow louder.Trust is built not through rebuttal materials but through the ability to manage volatility. Instead of merely repeating that the stock market is sound, the government should seriously consider and deliberate on policies to reduce volatility. 2026-08-26 12:00:10
  • TikToks Impact on K-Culture Projected to Generate 40.6 Trillion Won by 2030
    TikTok's Impact on K-Culture Projected to Generate 40.6 Trillion Won by 2030 TikTok's contribution to K-Culture is expected to generate approximately 40.64 trillion won by 2030, according to a new report.On August 26, TikTok held a press conference titled 'K-Culture on TikTok' at the Ellyena Hotel in Gangnam, Seoul, where it unveiled the report 'K-Culture on TikTok: Driving Global Economic Impact,' conducted in collaboration with global management consulting firm Kearney.The report indicates that the interest and engagement of global users translate into increased sales, production, and employment for Korean companies.TikTok forecasts that the economic impact of K-Culture will rise by 29% from 31.37 trillion won in 2026 to 40.64 trillion won in 2030. Consumer spending is expected to grow from approximately 10.75 trillion won to about 13.92 trillion won during the same period.This consumer expenditure is also projected to have a ripple effect on domestic production and employment. By 2030, the domestic production impact is estimated to reach around 26.72 trillion won, with job creation effects amounting to approximately 118,865 jobs.By industry, K-Beauty is expected to have the largest direct economic impact at 3.27 trillion won by 2030. K-Tourism is projected to grow by 44% compared to 2026, marking the highest growth rate, and is expected to create around 30,384 jobs, indicating significant employment effects among the six sectors analyzed.The survey included 3,300 consumers aged 16 to 49 from ten countries, including the United States, the United Kingdom, the Philippines, Saudi Arabia, Brazil, and Japan. It combined survey responses with economic impact analysis, focusing on six sectors: K-Pop, media/IP (content), beauty, food, fashion, and tourism.Jung Jae-hoon, head of TikTok Korea, stated, "This report demonstrates that TikTok is contributing to the global spread of Korean culture and creating tangible economic value beyond being just a content platform. We will continue to play a role as a partner supporting the growth opportunities generated by K-Culture alongside creators, users, brands, and the broader Korean industry."Meanwhile, TikTok is also expanding its investments to connect the global spread of K-Culture with actual content and business ecosystems. In April, it announced plans to invest over $50 million in the Korean content ecosystem this year to enhance creator support and content partnerships. During the same month, it operated a K-Beauty lounge at the Coachella festival in the U.S., featuring around 500 global creators to connect Korean beauty brand product experiences with content creation and TikTok Shop commerce.* This article has been translated by AI. 2026-08-26 12:00:00
  • Rebellions supplies AI chip racks to UK cluster
    Rebellions supplies AI chip racks to UK cluster SEOUL, August 26 (AJP) - Rebellions' neural processing units will power part of a UK government-backed AI research cluster, the South Korean chip maker's first entry into Europe's sovereign AI infrastructure market, under a supply deal for more than 100 computing racks disclosed Wednesday. The racks will run through a partnership with Callosum, a London-based AI compute startup that last week raised about $100 million in seed funding led by Atomico, with backing from the UK's Sovereign AI Fund. "The partnership with Callosum allows our chips to work alongside other specialized hardware, with different components handling different parts of an AI workload," said Rebellions Chief Executive Park Sung-hyun. Callosum was the fund's first disclosed equity investment. Founded in 2025 by two Cambridge University neuroscientists, Callosum develops software that routes AI workloads to the chips and models best suited to each task. Rebellions will join as Callosum's lead partner in Asia. The two companies are jointly designing a reference architecture that positions Rebellions' NPUs as inference-only hardware within Callosum's heterogeneous computing platform, allowing customers to deploy NPU-based infrastructure without separate optimization work. Rebellions said the initial supply of more than 100 racks would mark the first phase of the project, with further shipments expected in later stages as it seeks to accelerate its push into sovereign AI markets across Britain and Europe. The European breakthrough comes at a pivotal time for Rebellions, one of South Korea's most closely watched unlisted semiconductor companies. Founded in 2020 and based in Bundang, south of Seoul, Rebellions develops data-center AI accelerators designed primarily for inference, the process of running trained AI models to generate answers and other outputs. The company has raised roughly $850 million from investors including SK hynix, Samsung Ventures and Arm, as well as the South Korean government, and was most recently valued at around $2.3 billion. Rebellions has been preparing for an eventual stock-market listing rather than publicly pursuing a sale. Chief Financial Officer Shin Sung-kyue said last year that an initial public offering remained the company's "master plan." The company raised more than $400 million in a pre-IPO financing round in March, when it also introduced two rack-scale AI infrastructure products, RebelRack and RebelPod. It confirmed its CEO Park has met with Nvidia Chief Executive Jensen Huang at Nvidia's Santa Clara headquarters last week without disclosing the details. AJP Takeaways • Rebellions will supply more than 100 NPU computing racks to a UK government-backed AI research cluster, its first entry into Europe's sovereign AI infrastructure market. • The racks run through Callosum, a London startup that raised about $100 million led by Atomico and was the first disclosed investment of the UK's Sovereign AI Fund. • Rebellions' ATOM NPUs pair with Callosum's vendor-neutral routing layer, positioning the Korean chipmaker against Nvidia's dominance in inference hardware. 2026-08-26 11:54:28
  • Muan County Social Welfare Association Hosts Happiness Recharge Event for Social Workers
    Muan County Social Welfare Association Hosts 'Happiness Recharge' Event for Social Workers The Muan County Social Welfare Association is supporting social workers on the front lines of community welfare by providing opportunities for rest and recharge, aiming to create a healthier welfare environment. On August 25, the association held the '2026 Muan County Social Workers Happiness Recharge Program – A Happy Day with Movies' at the Muan Small Cinema, targeting its affiliated social workers. This program was designed to offer cultural and leisure activities to social workers who are exposed to emotional labor while performing various tasks such as counseling, case management, and caregiving. Recognizing that the working conditions and psychological well-being of social workers directly impact the quality of welfare services provided to local residents, the event aimed to boost morale and foster communication among staff. Participants enjoyed a screening of the film 'Hope,' starring Hwang Jung-min and Jo In-sung, taking a moment to relax away from their daily routines. The event also served as a platform for social workers from different welfare settings to share experiences and connect. One social worker remarked, "It was a great relief to escape the busy routine and watch a movie with colleagues. I will strive to provide better welfare services to local residents with the energy I have recharged here." The Muan County Social Welfare Association continues to engage in various activities aimed at enhancing the professionalism, rights, and working conditions of social workers, as well as fostering collaboration and capacity building among local welfare workers. The Happiness Recharge Program is part of its efforts to support social workers in focusing on their welfare duties in a more stable environment. Park Sang-kyu, president of the Muan County Social Welfare Association, expressed gratitude for the hard work of social workers who quietly serve the community's marginalized and those in welfare blind spots, stating, "Social workers must be healthy and happy for the welfare services provided to residents to improve." He added, "We will actively work to improve the treatment and rights of social workers, as well as create a healthy welfare environment where they can take pride in their work. We will also continue to expand various Happiness Recharge Programs that reflect the voices from the field."* This article has been translated by AI. 2026-08-26 11:52:00
  • Kim Yoon-deok: Yongsan Park Housing Supply Requires Public Discourse and Legal Revisions
    Kim Yoon-deok: Yongsan Park Housing Supply Requires Public Discourse and Legal Revisions The issue of housing supply at Yongsan Park appears to be entering a prolonged phase. While the government is reviewing plans for housing supply at Yongsan Park, there are numerous hurdles to overcome, including public discourse, legal amendments, and collaboration with local governments such as Seoul and Yongsan.After meeting with Seoul Mayor Oh Se-hoon on the 26th, Kim Yoon-deok, Minister of Land, Infrastructure and Transport, told reporters that the first step is to undergo a public discourse process. He explained that the results of this discourse would necessitate amendments to the Yongsan Park Special Act, and even then, cooperation with local governments like the Seoul city government and Yongsan District Office would be essential for implementation.Kim emphasized that the government's current review of housing supply at Yongsan Park differs from short-term supply measures. In fact, the new public housing plan, which is set to be announced next month and includes 73,000 units, does not encompass Yongsan Park.Specific sites for housing supply have yet to be determined. The Ministry of Land, Infrastructure and Transport has indicated that some areas previously used for military housing or hospitals could be limited to housing for young people and newlyweds, but the extent and scale of development will need to be clarified through the public discourse process.Meanwhile, opposition from the Seoul city government remains strong. Mayor Oh has opposed using the main area of Yongsan Park for housing and has instead proposed utilizing surrounding scattered sites and alternative locations.Kim noted, "In the process of actively seeking housing for young people and newlyweds in Seoul, Yongsan has also become one of the targets."* This article has been translated by AI. 2026-08-26 11:52:00
  • Yongsan Park Dispute Continues as Gangnam Tancheon 13,000 Units Proposal Emerges
    Yongsan Park Dispute Continues as 'Gangnam Tancheon 13,000 Units' Proposal Emerges Minister of Land, Infrastructure and Transport Kim Yoon-deok and Seoul Mayor Oh Se-hoon met again to discuss housing supply in Seoul six days after their last meeting, but they did not reach a conclusion regarding the use of Yongsan Park. Meanwhile, the Seoul city government officially proposed an additional supply plan to build up to 13,000 units of youth housing and advanced industrial facilities around the Tancheon Water Recycling Center, which the Ministry of Land is also actively considering.After his meeting with Minister Kim on the 26th, Mayor Oh held a briefing at Seoul City Hall, where he officially proposed the concept of a 'Southeast Youth-Specialized Industrial Complex' utilizing the Tancheon Water Recycling Center and nearby sites. He expressed hope that the withdrawal of the Yongsan Park supply plan would lead to the adoption of the Southeast Youth Complex and progress in discussions.The Seoul plan centers on relocating the Tancheon Water Recycling Center in Gangnam's Ilwon-dong and integrating it with the nearby Eastern Road Office and Seoul Trade Exhibition Center (SETEC) to develop a mixed-use area for youth housing and advanced industries. The goal is to attract future industries like physical AI, connecting housing and jobs in one location.The Tancheon Water Recycling Center spans approximately 393,000 square meters, making it about 90,000 square meters larger than the Yongsan Children's Garden, which the government has been considering for housing supply at around 300,000 square meters. The city estimates that utilizing about half of the total site for residential purposes could yield a minimum of 10,000 to a maximum of 13,000 housing units.Previously, the sites mentioned by the city as alternatives to Yongsan Park, such as the Military Financial Management Agency and the Ministry of Foreign Affairs parking lot, and the Bank of Korea's Huam Living Hall, were too small for large-scale supply. The Tancheon Water Recycling Center, however, can provide over 10,000 units from a single site, offering significant supply potential.Location is also considered a strong point. The site is adjacent to Yangjaecheon Stream and Samsung Medical Center, with close proximity to Hakgyeol Station, Daechung Station, and Suseo Station. The city believes it can develop not only housing but also industrial and business facilities, creating a job-housing proximity model for young people.Seoul has completed a master plan study for the Yangjaecheon and Tancheon confluence area, including the Eastern Road Office and SETEC, and is currently conducting a feasibility study for private investment in relocating the Tancheon Water Recycling Center. The feasibility study is expected to be completed by the end of this year.The funding for the project is planned to be secured using nearby city-owned land. The city estimates the value of the Eastern Road Office and SETEC to be approximately 33 trillion won and 23 trillion won, respectively, totaling around 55 trillion won. An additional 5 trillion won will be invested as a catalyst to attract private investment.However, significant time is needed before actual housing supply can occur. The relocation of the Tancheon Water Recycling Center and the urban planning and housing construction processes must be completed. The city believes that if related procedures are conducted concurrently, construction could realistically begin within 7 to 8 years.Minister Kim expressed his intention to actively consider the city's proposal. He stated, 'Mayor Oh requested that we examine the Tancheon Water Recycling Center, and the Ministry currently does not have specific data. We discussed the intention to analyze the data once received and actively consider it.'Disagreements surrounding Yongsan Park remain. The Ministry of Land holds the position that limited housing for youth and newlyweds could be supplied in damaged areas within the park, while the city insists that the main body of Yongsan Park must be preserved. Both sides discussed measures to expand urban supply, such as easing the floor area ratio for redevelopment projects, but did not reach a concrete conclusion.Minister Kim and Mayor Oh agreed to meet again in a week to continue discussions. Whether the development plan for the Tancheon Water Recycling Center can be concretized as a means to supply over 10,000 additional units in Seoul, separate from the Yongsan Park discussions, will remain a key issue in future negotiations. 2026-08-26 11:48:00
  • Special Prosecutor Lee Tae-han Selects 10 Candidates for Deputy Prosecutor
    Special Prosecutor Lee Tae-han Selects 10 Candidates for Deputy Prosecutor Special Prosecutor Lee Tae-han, investigating allegations surrounding the Election Commission, including the shortage of ballots during the June 3 local elections, has completed the selection of 10 candidates for deputy prosecutor and plans to request their appointment from President Lee Jae-myung.On August 26, the special prosecutor announced, "We have finalized the list of 10 candidates by combining our internal list with recommendations from the Korean Bar Association." However, it is expected to take 1 to 2 days to confirm any disqualifications among the candidates, so the official submission of the list to the Blue House will occur immediately after the verification process is completed.The special prosecutor emphasized that the primary criteria for selecting deputy prosecutors were investigative capability and technical expertise. "We selected candidates solely based on practical skills, prioritizing forensic abilities and investigative instincts," the special prosecutor stated, adding that political neutrality, objectivity, and character were also evaluated comprehensively.Deputy prosecutors will hold key positions under the direction and supervision of the special prosecutor, responsible for investigating cases, maintaining prosecutions, overseeing special investigators and dispatched officials, and managing media relations, receiving treatment equivalent to that of senior prosecutors.According to the special prosecutor law, the president must appoint 5 out of the 10 candidates within 5 days of receiving the request. The special prosecutor's team plans to commence full-scale investigations in early September once the five deputy prosecutors are confirmed.The special prosecutor added, "Even during the preparation period for the investigation, once the deputy prosecutors are appointed, we will ensure that they can immediately begin reviewing investigation records and conducting preliminary investigations."Efforts to secure investigative personnel and establish infrastructure are ongoing. This week, the special prosecutor plans to receive dispatched personnel from the Ministry of Justice and the National Police Agency as part of an advance team.Additionally, the special prosecutor is reaching out to the Seoul Bar Association to request participation from capable lawyers as special investigators, while discussions to transfer investigation records from the joint investigation team that handled existing cases are nearing completion.Currently, the special prosecutor has set up a temporary office in the The Base Building in Seocho-gu, Seoul, overseeing preparations for the launch of the special prosecutor's team.Furthermore, in response to a request from the National Assembly's Special Committee on National Investigation, the special prosecutor is simultaneously reviewing the legal basis and participation procedures for observing the on-site verification at the Olympic Park ballot counting center.* This article has been translated by AI. 2026-08-26 11:48:00
  • Mid-sized shipbuilder lands orders for six petrochemical carriers
    Mid-sized shipbuilder lands orders for six petrochemical carriers SEOUL, August 26 (AJP) - K Shipbuilding has signed new contracts with shipowners based in Europe and the Middle East to build six carriers for petrochemical products, the midsize shipbuilder said on Wednesday. It said the order, worth about 510 billion won includes two 50,000-ton vessels and four 74,000-ton vessels. They will be built at K Shipbuilding's shipyard in Jinhae, Changwon, South Gyeongsang Province, and delivered gradually starting in the first half of 2028. The ships, among the shipbuilder's key vessel types, will feature eco-friendly, high-efficiency designs using its energy-saving devices. "The latest orders reflect our customers' confidence in our extensive experience, shipbuilding expertise and capabilities," it said in a statement. "We will continue to deliver high-quality ships and strengthen our position as a global shipbuilder." K Shipbuilding has emerged as a competitive mid-sized shipbuilder, posting 683.5 billion won in revenue and 114.3 billion won in operating profit in the first half of this year. AJP Takeaways • K Shipbuilding has secured orders worth about 510 billion won to build six petrochemical product carriers for shipowners in Europe and the Middle East. • The six vessels, including 50,000-ton and 74,000-ton carriers, will be built at K Shipbuilding's Jinhae shipyard in Changwon, South Gyeongsang Province, with deliveries starting in the first half of 2028. • K Shipbuilding posted 683.5 billion won in revenue and 114.3 billion won in operating profit in the first half of 2026, highlighting its growing competitiveness as a midsize shipbuilder. 2026-08-26 11:40:48
  • Major Banks Dominate Seoul Foreign Exchange Market
    Major Banks Dominate Seoul Foreign Exchange Market In the Seoul foreign exchange market, major commercial banks such as Kookmin, Shinhan, Woori, and Hana have ranked among the top performers in spot and swap transactions. In the non-bank sector, Meritz Securities recorded the highest trading volume in both spot and swap transactions.According to the '2026 Foreign Exchange Market League Table' released by the Seoul Foreign Exchange Market Operations Council on August 26, the trading performance of 98 institutions, including overseas foreign exchange business handling institutions (RFI), was compiled from July of last year to June of this year.The top seven institutions in spot trading volume included Kookmin Bank, Industrial Bank of Korea, Shinhan Bank, Woori Bank, Crédit Agricole, Hana Bank, and NH Nonghyup Bank.In foreign exchange swaps, Kookmin Bank, Shinhan Bank, Woori Bank, JPMorgan Chase, Hana Bank, Standard Chartered Bank Korea, and Hong Kong and Shanghai Banking Corporation Korea were among the top seven in trading volume.When combining the total trading volume of spot and swap transactions, Kookmin Bank, Shinhan Bank, Woori Bank, JPMorgan Chase, Hana Bank, BNP Paribas, and NH Nonghyup Bank formed the top ranks.With the extension of trading hours in the foreign exchange market until 2 a.m. the following day, participation in night trading has increased. Among the top institutions in spot trading, Woori Bank had the highest proportion of trades after 3:30 p.m. at 51%, followed closely by NH Nonghyup Bank at 50%. In total trading, including both spot and swaps, NH Nonghyup Bank had the highest proportion of extended hours trading at 43% among the top seven institutions.In the non-bank sector, Meritz Securities ranked first in trading volume for spot, swap, and overall transactions, with extended hours trading proportions of 3%, 6%, and 4%, respectively.* This article has been translated by AI. 2026-08-26 11:40:00