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  • President Lee Apologizes to Roh Woong-rae After Acquittal in Appeal
    President Lee Apologizes to Roh Woong-rae After Acquittal in Appeal President Lee Jae-myung apologized for excluding Roh Woong-rae, a former Democratic Party lawmaker, from the party's nomination during the 2024 general election after he was acquitted in his appeal on charges of bribery and illegal political funds.On August 21, President Lee posted on X (formerly Twitter), stating, "Former Congressman Roh Woong-rae has been acquitted in his appeal, just as he was in the first trial. I am sorry, respected senior, and I love you."President Lee described Roh as "a respected senior and one of the few political allies" and noted that he was the candidate with the highest chance of winning in the Mapo-gap district for the Democratic Party.He criticized the prosecution for relying on questionable witness statements and what he termed 'rustling sounds' as grounds for seeking an arrest warrant against Roh."Fortunately, the vote on the arrest warrant in the National Assembly was rejected, allowing him to avoid imprisonment, but he became prey to the relentless political prosecution and was ultimately charged as a corruption offender," President Lee said.He explained the circumstances surrounding Roh's exclusion from the nomination, stating, "The general election held after the Yoon Suk-yeol administration took power was a crucial election that determined the fate of the country and its people, and the Democratic Party had to win. As the leader of the party, I had no choice but to exclude former Congressman Roh with tears in my eyes."President Lee expressed empathy for Roh, saying, "How can anyone who is not the person involved imagine how unfair it must have been for him, who was charged by the political prosecution and stripped of his political life by the party?"Despite being excluded from the nomination, Roh campaigned for the Democratic Party candidates, but the party lost in the Mapo-gap election."Although former Congressman Roh was acquitted in the first trial after much hardship, the prosecution still chose to appeal. Even though he was acquitted again in the appeal, both Roh and the Democratic Party, as well as South Korean democracy, have already lost too much," President Lee pointed out.He added, "As the party leader, I had to resort to sacrificing a loyal member for the sake of the overall election in the face of the political prosecution's atrocities. I extend my belated apology to former Congressman Roh, who has proven his innocence and escaped the dangers of injustice, along with my congratulations."President Lee emphasized, "I will ensure that no innocent citizen suffers as a result of the abuse of state power again."Earlier, the Seoul Central District Court's Criminal Appeal Division 5-2 ruled that Roh was not guilty of violating the Political Funds Act and accepting bribes, just as in the first trial.Roh was charged in March 2023 for allegedly receiving a total of 60 million won from businessman Park over five occasions from February to December 2020, in exchange for facilitating permits for a logistics center and providing convenience for a power plant supply and solar power project.The appellate court upheld the first trial's ruling that evidence obtained from the spouse's mobile phone of businessman Park was illegally collected and thus lacked evidentiary value. The prosecution had obtained materials related to Roh from a mobile phone seized during the investigation of former Democratic Party Deputy Secretary-General Lee Jung-geun.While the court found some errors in the first trial's decision to exclude certain electronic information from Park's phone as evidence, it concluded that even if that evidence were accepted, it would still be insufficient to prove the charges against Roh.The prosecution sought a four-year prison sentence, a fine of 200 million won, and a confiscation of 50 million won in the appeal.Immediately after the ruling, Roh stated, "We must put an end to the wrongful investigative practices of the political prosecution."* This article has been translated by AI. 2026-08-22 00:28:00
  • President Lee Declares Special Disaster Areas in Geoje and Tongyeong, Additional Recovery Funds to be Provided
    President Lee Declares Special Disaster Areas in Geoje and Tongyeong, Additional Recovery Funds to be Provided 이재명 대통령이 기록적인 집중호우로 큰 피해가 발생한 경남 거제시와 통영시 일부 지역을 특별재난지역으로 우선 선포했다. 강유정 청와대 수석대변인은 21일 서면 브리핑을 통해 이 대통령이 이날 오후 6시께 거제시 전역과 통영시 산양읍·봉평동을 특별재난지역으로 우선 선포했다고 밝혔다. 이들 지역은 지난 15일부터 18일까지 남부지방에 내린 이례적인 집중호우로 산사태와 주택·상가 침수, 도로와 하천 유실 등 큰 피해가 발생한 곳이다. 특별재난지역으로 선포된 지방정부에는 재난 복구를 위한 국비가 추가로 지원된다. 피해 주민도 국세·지방세 납부유예와 공공요금 감면 등의 추가 지원을 받을 수 있다. 강 수석대변인은 “정부는 가용한 인력과 자원을 총동원해 빠른 피해 수습과 복구를 위해 노력하고 있다”고 밝혔다. 이번 우선 선포 대상에 포함되지 않은 피해 지역에 대해서도 추가 조사가 진행된다. 정부는 정밀조사 결과 특별재난지역 선포 기준을 충족하는 것으로 확인되면 추가 선포를 검토할 계획이다. 거제와 통영에는 지난 15일부터 18일까지 각각 956.1㎜와 766.9㎜의 기록적인 비가 내렸다. 특히 거제에서는 1시간 동안 124.5㎜의 비가 쏟아졌다. 기상청은 약 200년에 한 번 나타날 수준의 극한호우로 분석했다. 폭우로 지반이 약해지면서 산사태도 잇따랐다. 거제의 한 아파트 인근에서 토사가 주거시설을 덮쳐 1명이 숨지는 등 거제·통영에서 모두 1명이 사망하고 4명이 다쳤다. 21일 오전 기준 거제와 통영의 잠정 피해액은 약 422억원으로 집계됐다. 거제가 약 270억원, 통영이 약 152억원이다. 거제에서는 도로와 하천, 상하수도 등 공공시설 132곳과 주택·상가·농경지 등 사유시설 946곳을 합쳐 모두 1078곳에서 피해가 확인됐다. 통영에서도 공공시설 334곳과 사유시설 167곳 등 모두 501곳이 피해를 입었다. 피해 신고와 현장 조사가 계속되고 있어 최종 피해 규모는 더 늘어날 가능성이 있다. 정부와 지방정부는 피해 조사를 진행하는 동시에 도로·하천 등 공공시설의 응급 복구와 이재민 지원에 속도를 낼 방침이다. 2026-08-22 00:20:00
  • Samsung Electronics Announces Record 110 Trillion Won Shareholder Return
    Samsung Electronics Announces Record 110 Trillion Won Shareholder Return 삼성전자, 110조원 주주환원…국내 기업 사상 최대삼성전자가 올해 최대 110조원에 달하는 사상 최대 규모의 주주환원에 나선다. 기존 국내 기업 최대 기록을 약 5배 웃도는 규모다. 반도체 실적 개선으로 확보한 현금을 주주에게 대거 돌려주면서 최근 임직원 보상을 둘러싸고 높아진 주주들의 불만에도 화답하는 모양새다. 실적 성장과 주주가치 제고를 함께 가져가는 주주친화 경영을 한층 강화했다는 평가가 나온다.삼성전자는 21일 이사회를 열고 2026년 주주환원 규모를 약 90조~110조원으로 예상하고 시행 방안을 의결했다. 기존 최대 주주환원 규모였던 2020년 20조3000억원의 약 5배다. 2016~2025년 연평균 주주환원 규모인 13조8000억원과 비교하면 약 7배에 이른다. 삼성전자는 2024~2026년 3년간 잉여현금흐름(FCF)의 50%를 주주환원에 활용한다는 기존 정책도 그대로 이행하기로 했다.삼성전자는 이번 결정을 통해 최근 실적 개선에 따른 현금창출력을 주주에게 적극적으로 돌려준다는 방침이다. 올해 예상 주주환원까지 포함하면 2024~2026년 3년간 주주환원 규모는 총 120조~140조원에 달할 전망이다.삼성전자의 주주환원 확대는 단발성 조치가 아니다. 삼성전자는 1975년 국내 증시에 상장한 이후 1980년을 제외하고 매년 현금배당을 실시했다. 2016년에는 FCF의 50%를 주주환원 재원으로 활용하는 정책을 내놨고 2017년부터는 분기배당을 도입해 연간 네 차례 배당하는 체계를 갖췄다.조현준 효성 회장 "父, 임종 직전까지 고소 취하 말라 했다"​​​​​​​조현준 효성그룹 회장이 동생 조현문 전 효성그룹 부사장과의 갈등과 관련해 "아버지가 임종 직전까지 조 전 부사장이 뉘우칠 때까지 고소·고발을 취하하지 말라고 했다"고 증언했다.조 회장은 21일 서울중앙지법 형사25단독 이성열 판사 심리로 열린 조 전 부사장의 강요미수 혐의 사건 공판에 증인으로 출석해 이같이 밝혔다. 두 사람이 법정에서 만난 것은 2014년 이른바 '효성 형제의 난' 이후 처음이다.조 회장은 이번 고소·고발이 고(故) 조석래 전 효성그룹 명예회장의 뜻에 따른 것이라고 강조했다. 그는 "아버지가 둘째 아들을 깨우치게 하려고 이 방법밖에 없다며 피를 토하는 심정으로 선택한 소송"이라며 "이 방법 외에는 현문이를 뉘우치게 할 수가 없다. 이렇게 해서라도 반성했으면 좋겠다고 하셨다"고 말했다.이어 "얼마나 많은 가족이 피해를 보는지 모르겠다"며 "아버지 이야기를 명심해서 더 이상 우리 집안을 괴롭히지 않았으면 좋겠다는 것이 고소·고발의 이유"라고 했다.李대통령 지지율, 긍정·부정 45% '팽팽'...전주보다 1%p 상승​​​​​​​이재명 대통령 국정 지지율이 취임 후 최저치를 기록한 지난주보다 소폭 상승해 부정 평가와 동률을 이뤘다는 여론조사 결과가 21일 나왔다. 한국갤럽이 18~20일 전국 만 18세 이상 1004명에게 조사해 이날 공개한 여론조사에 따르면 이 대통령의 직무수행에 대한 긍정 평가는 45%로 집계됐다. 지난 14일 공개된 8월 2주차 조사에서 취임 후 최저치인 44%를 기록한 것과 비교하면 1%포인트(p) 상승한 수치다. 대통령 직무 수행에 대한 부정 평가는 45%로 긍정 평가와 동률을 이뤘다. 응답자 11%는 의견을 유보했다.靑, '김여정 담화'에 "불필요한 비방 멈추고 평화공존 함께 해야"​​​​​​​청와대가 북한을 향해 남측에 대한 "불필요한 비방을 멈추고 한반도 평화공존을 향해 함께 나아갈 것을 촉구한다"고 밝혔다. 청와대 관계자는 21일 김여정 북한 노동당 부장이 20일 밤 이재명 대통령의 실명을 언급하며 비난한 담화에 "우리 정부와 대통령에 대한 비방적 언사는 상호 신뢰를 쌓아가는 데 도움이 되지 않는다"며 이같이 말했다. 그러면서 "정부는 상호 존중에 기초한 한반도 평화공존 정책을 일관되게 추진해 나갈 것"이라고 강조했다.李대통령, '호우 피해' 거제·통영 특별재난지역 선포​​​​​​​이재명 대통령이 최근 집중호우로 큰 피해를 입은 경남 거제시와 통영시 산양읍·봉평동을 특별재난지역으로 선포했다.강유정 청와대 수석대변인은 21일 서면브리핑을 통해 이 대통령이 남부지방의 이례적인 집중호우로 피해를 본 해당 지역을 특별재난지역으로 선포했다고 밝혔다.특별재난지역으로 지정되면 재난 복구에 필요한 국비가 추가로 지원된다. 피해 주민들은 국세와 지방세 납부 유예를 비롯해 공공요금 감면 등의 지원도 받을 수 있다.강 수석대변인은 "정부는 가용한 인력과 자원을 총동원해 빠른 피해 수습 및 복구를 위해 노력 중"이라며 "이번에 특별재난지역으로 선포되지 않은 피해 지역에 대해서도 정밀 조사를 거쳐 기준을 충족하는 경우 특별재난지역 선포를 검토할 계획"이라고 말했다.서초사옥 모인 삼성전자 DX 노조…"경영실패 책임져라"삼성전자 DX(디바이스경험) 부문 직원 중심의 삼성전자 노동조합 동행(동행노조)이 경영진의 경영 실패에 따른 수익성 악화 책임을 직원들에게 전가해서는 안 된다며 전사 차원의 보상체계 마련을 요구했다.동행노조는 21일 서울 서초구 삼성전자 서초사옥 인근에서 집회를 열고 "회사가 경영 실패의 모든 책임을 직원들에게 전가하고 있다"고 주장했다.노조는 "임원은 전사 성과로 보상받으면서 직원에게는 사업부별 각자도생을 요구하고 있다"며 "경영 판단의 실패에 대한 대가가 비용 절감과 인력 감축이라는 이름으로 직원들에게 돌아가고 있다"고 비판했다.동행노조가 제시한 요구안은 △DX 부문 직원 1인당 자사주 1000주 지급 △전사 성과에 연동한 공통재원 마련 △기본급 인상률(Base-up)의 전사 동일 적용 등이다.* This article has been translated by AI. 2026-08-21 21:36:00
  • Kakao Splits AI and Investment Divisions to Accelerate Growth
    Kakao Splits AI and Investment Divisions to Accelerate Growth Kakao has initiated a restructuring by separating its artificial intelligence (AI) and investment sectors. The company will transition to a system where 'KakaoAI' and 'KakaoX' focus on their respective business and investment operations. This move aims to enhance speed in the AI competition while addressing the undervaluation of its corporate value due to its conglomerate structure.On August 21, Kakao held an online briefing to explain the rationale and future direction of the spin-off into KakaoAI and KakaoX.During a board meeting earlier that day, Kakao resolved to proceed with the spin-off. The newly established KakaoAI will be led by CEO Jeong Sin-a, overseeing KakaoTalk and the AI, advertising, and commerce sectors. The existing entity, KakaoX, will be managed by CEO Kim Do-young, focusing on supporting the growth of tech-finance, content, and mobility subsidiaries, as well as new business investments.Founder Kim Beom-soo conveyed to Kakao employees that, “The AI era demands a different level of agility, and we will redesign our growth structure with two engines: KakaoAI and KakaoX.”While the business structure will be divided, Kakao plans to maintain collaboration between its platforms and subsidiaries under the principle of 'One Kakao.' After the spin-off, KakaoAI and KakaoX will operate independently, but organic collaboration with existing platforms and subsidiaries will continue.Previously, in June, Kakao underwent an organizational restructuring led by CEO Jeong, who emphasized the need to unify under 'One Kakao' amid labor disputes and concerns over service strategies. This spin-off is seen as a measure to enhance the operational effectiveness of existing businesses before the implementation of the spin-off next year.Kakao assessed that the burden of managing subsidiaries had diluted the management resources that should be directed toward its core business. Kim Do-young, the designated CEO of KakaoX (currently CEO of Kakao Investment), stated during the briefing, “Recently, there has been a growing demand in the market to commercialize AI B2C services and clarify business models within the next 2-3 years. However, a significant portion of Kakao's management resources has been spent on resolving subsidiary-related issues.”According to Kakao, approximately 85% of the 23 major decisions made by the board in the past five years were related to subsidiaries. In the past year, 84% of the 32 internal investment review items were also related to subsidiaries.KakaoAI aims to clarify its identity as an AI company and seeks a market reassessment. CEO Kim expressed concern, stating, “If we do not accelerate our AI business now, we risk missing a critical opportunity to become a leader in B2C AI services.”Kakao has identified corporate value reassessment as a key goal of the spin-off. The company believes that the bundling of distinct businesses, such as AI platforms and tech-finance, content, and mobility, has led to a conglomerate discount. Kim noted, “In the past three months, Kakao's average market capitalization has been 16.8 trillion won, while the combined valuation of Kakao's individual business segments is estimated at 34.2 trillion won, indicating a more than 50% undervaluation.”Kakao has also set ambitious targets for both entities by 2030. KakaoAI aims for over 20 million daily active users, more than 6 trillion won in revenue, and over 2 trillion won in EBITDA, with AI-related sales exceeding 1 trillion won. KakaoX plans to expand its revenue from tech-finance, content, and mobility sectors from approximately 5.6 trillion won in 2025 to over 10 trillion won by 2030, utilizing around 6.4 trillion won in investment resources from both the parent company and subsidiaries to explore new businesses in virtual assets, physical AI, and global fandom.There will be no changes in the shareholding percentages of founder Kim Beom-soo and major shareholders like K Cube Holdings. Kakao stated that existing shareholders will receive shares in KakaoAI and KakaoX according to the spin-off ratio, maintaining their current ownership levels.Meanwhile, prior to the announcement of the spin-off, there was a sense of tension within Kakao. The day before, at 6 p.m., Kakao informed employees about an open talk schedule, leading to various speculations about a transition to a holding company, a spin-off of the AI business, subsidiary sales, and even potential mergers of certain divisions with Naver.However, following the disclosure of the restructuring details, the internal atmosphere reportedly stabilized. Most of the main business and personnel from KakaoTalk, commerce, AI, and advertising will transition to KakaoAI, effectively continuing the existing structure under the new entity. Kakao also confirmed that it will maintain the employment and working conditions of existing employees after the spin-off.The Kakao labor union has expressed concerns over insufficient communication and has initiated a response in the form of 'joint negotiations.' The union claims it has not received official responses from management regarding the announcement details. The union stated, “As the decision-making structure becomes more complex after the spin-off, resolving practical issues through negotiations at the corporate level alone will be difficult.” They are demanding that the impact of the spin-off on employment and labor conditions at Kakao and its major subsidiaries be disclosed and discussed with the union before the extraordinary shareholders' meeting in December. A joint negotiation declaration ceremony involving Kakao and major subsidiary workers is scheduled for the 26th at Pangyo Station.* This article has been translated by AI. 2026-08-21 21:24:00
  • Samsung Electronics DX Union Demands Accountability for Management Failures
    Samsung Electronics DX Union Demands Accountability for Management Failures The Samsung Electronics DX (Device Experience) division's labor union, Donghaeng, has demanded that management not shift the blame for declining profitability onto employees, calling for a company-wide compensation system.On August 21, the union held a rally near Samsung's Seocho office in Seoul, asserting, "The company is shifting all responsibility for its management failures onto employees."The union criticized, "While executives are compensated based on overall company performance, employees are expected to fend for themselves within their respective divisions. The costs of management failures are being passed on to employees in the form of cost-cutting and workforce reductions."Among the union's demands are: 1,000 shares of company stock for each DX division employee, the establishment of a common fund linked to overall company performance, and a uniform base salary increase across the company.Specifically, the union cited the need for the 1,000 shares of stock for DX employees, arguing that past successes during the DX division's boom years contributed to strengthening the company's overall competitiveness through reinvestment in areas like semiconductors. They contend that since the DX division contributed to company-wide investments instead of receiving additional performance bonuses, corresponding compensation is warranted.The union also called for a compensation system that allocates a certain percentage of overall company performance to a common fund, which would then be distributed based on divisional performance. This aims to create a structure where overall company performance is shared, moving away from the current system where rewards vary significantly based on divisional results.However, some critics argue that the timing of the rally lacks justification, as Samsung Electronics and the labor union had already reached an agreement on wage negotiations for 2026 in May. The demand to reopen negotiations months later has been labeled a "backward rally" by some observers.Approximately 2,000 participants attended the rally, according to police estimates, chanting slogans such as, "Take responsibility for management failures" as they marched near Samsung's Seocho office. 2026-08-21 21:24:00
  • Gwangju City Council Engages with Residents to Address Local Issues
    Gwangju City Council Engages with Residents to Address Local Issues The Gwangju City Council has embarked on a series of outreach efforts to hear directly from residents and administrative staff across the region, marking the beginning of its 10th term. According to the council, from August 18 to 21, it held communication meetings in 16 towns and villages, gathering diverse opinions on local issues and administrative experiences. City Council members, including Chair Park Sang-young, visited various towns based on their schedules and constituencies. The meetings began with discussions among local officials, followed by informal interactions with staff and feedback from community organizations and stakeholders. Notably, council members engaged in relaxed conversations with frontline administrative staff, who are closest to residents, to understand the challenges they face and areas needing improvement. Key issues raised included the incorporation of resident participation in budgeting, improvements to facilities used by the public, and the workload burdens caused by staff shortages. Additionally, a wide range of opinions emerged regarding practical difficulties encountered in the administration of local governance. Residents expressed appreciation for the council's direct engagement, stating, "It was easier to share opinions that are usually hard to convey when the council comes to us," and emphasized the need for local voices to be reflected in actual policies and budgets. There was also positive feedback regarding the council's direct verification of the voices from towns and villages, highlighting the importance of follow-up actions given the insights gained about local issues and the working conditions of administrative staff. Chair Park Sang-young remarked, "Through these meetings, we were able to hear firsthand the difficulties faced by staff in towns and villages and the voices of the community. We will actively ensure that the valuable opinions gathered lead to tangible improvements." He added, "We will continue to strengthen our legislative activities by seeking answers in the field closest to citizens and maintaining ongoing communication with the administration and local governments to create changes that residents can feel."* This article has been translated by AI. 2026-08-21 21:16:00
  • Former Lawmaker Kwon Seong-dongs Lawyer Registration Canceled
    Former Lawmaker Kwon Seong-dong's Lawyer Registration Canceled Kwon Seong-dong, a former lawmaker of the People Power Party, has had his lawyer registration canceled following a confirmed prison sentence for receiving illegal political funds from the Unification Church.According to Yonhap News on August 21, the Korean Bar Association recently canceled Kwon's lawyer registration. This action follows a directive from the Ministry of Justice, which communicated the cancellation order to the Bar Association on August 14.Under the Lawyer Act, individuals registered as lawyers who receive a prison sentence of more than one year are disqualified from practicing law. In such cases, the Minister of Justice is required to order the cancellation of their registration.Kwon was indicted for allegedly accepting 100 million won from Yoon Young-ho, the former head of the Unification Church, in exchange for lobbying the Yoon Suk-yeol administration for support of the church. The Supreme Court upheld a two-year prison sentence and a fine of 100 million won against Kwon on July 16.As a result, Kwon also lost his position as a member of the National Assembly. The Public Official Election Act stipulates that a lawmaker loses their seat if they are convicted of violating political fund laws and receive a fine of over 1 million won.Kwon passed the bar exam in 1985 and worked as a prosecutor before opening a law practice in 2006. He served as the legal secretary to the Blue House during the Lee Myung-bak administration from 2008 to 2009 and entered politics after being elected in a by-election in 2010.* This article has been translated by AI. 2026-08-21 20:48:00
  • Uiwang Mayor Kim Seong-je urges enhanced crisis response and security awareness
    Uiwang Mayor Kim Seong-je urges enhanced crisis response and security awareness Uiwang Mayor Kim Seong-je expressed hope on August 21 that the recent Eulji exercise has strengthened public officials' crisis response capabilities and security awareness.During a post-exercise evaluation held in the city hall's conference room, Mayor Kim emphasized the importance of enhancing crisis response skills and establishing a robust emergency preparedness posture.The meeting was convened to report on the overall results of the Eulji exercise, which took place from August 18 to 21, and to assess achievements and areas for improvement identified during the training.While leading the evaluation, Mayor Kim stressed, "We must continuously enhance our emergency preparedness capabilities to ensure that administrative agencies can respond effectively in the event of a national emergency."The Eulji exercise included training on wartime organizational structures, operation of comprehensive command centers, actual training with relevant agencies, and civil defense drills in preparation for air raids.Mayor Kim particularly highlighted the need for close cooperation among relevant agencies to ensure rapid information dissemination and on-site response during actual emergencies, as confirmed by the roles and collaboration systems identified during the training.Public officials who attended the evaluation noted that repetitive training based on hypothetical scenarios has been beneficial in enhancing on-site response capabilities, and they emphasized the need to address shortcomings identified during the exercise in peacetime.They also stated, "For the Eulji exercise to serve as a catalyst for improving actual emergency preparedness capabilities, it is crucial to organize the issues discovered during the training and follow up with necessary actions."Citizens echoed the sentiment, saying, "While it is difficult to feel the impact of emergency situations in everyday life, swift responses from administrative agencies are directly linked to citizen safety when actual situations arise. Continuous promotion and education are needed for both public officials and citizens to understand how to act during crises such as air raids or disasters."Mayor Kim urged each agency to solidify their emergency preparedness posture to ensure they can clearly fulfill their roles during emergencies.Additionally, Mayor Kim plans to incorporate the areas for improvement identified during the post-exercise evaluation into future emergency preparedness plans.* This article has been translated by AI. 2026-08-21 20:44:00
  • President Lee Declares Geoje and Tongyeong Special Disaster Areas Due to Heavy Rain Damage
    President Lee Declares Geoje and Tongyeong Special Disaster Areas Due to Heavy Rain Damage President Lee Jae-myung has declared the cities of Geoje and Tongyeong, including the districts of Sanyang-eup and Bongpyeong-dong, as special disaster areas due to significant damage from recent heavy rainfall.In a written briefing on the 21st, Chief Presidential Spokesperson Kang Yu-jeong announced that the President made this declaration in response to the unusual heavy rain that affected the southern region.Being designated as a special disaster area allows for additional national funding to support disaster recovery efforts. Affected residents will also receive assistance, including deferrals on national and local tax payments and reductions in public utility fees.Kang stated, "The government is mobilizing all available personnel and resources to expedite damage recovery and restoration efforts," adding that a thorough investigation will be conducted in other affected areas not yet designated as special disaster areas, with plans to consider such designations if they meet the necessary criteria.* This article has been translated by AI. 2026-08-21 20:00:00
  • Weak Yen Drives Surge in Dollar Deposits in Japan
    Weak Yen Drives Surge in Dollar Deposits in Japan The ongoing depreciation of the yen has prompted individuals and businesses in Japan to expand their foreign currency assets.According to a report by the Nihon Keizai Shimbun (Nikkei) on August 21, the Bank of Japan's statistics show that the balance of foreign currency deposits at domestic banks reached 26.1 trillion yen (approximately $227.8 billion) in the second quarter of this year (April to June), marking an 18% increase compared to the same period last year. This increase of 3.9772 trillion yen is the largest since foreign currency deposits were fully permitted in 1998.Even accounting for the rise in the yen's value against the dollar, the actual balance of foreign currency deposits has significantly increased.Notably, the growth in foreign currency deposits among individuals has been particularly pronounced. In the second quarter, individual foreign currency deposits amounted to 6.7 trillion yen, an 8% increase from a year earlier. Traditionally, Japanese individuals tended to buy undervalued foreign currencies when the yen was strong, but recently, there has been a trend of converting assets into foreign currencies like the dollar, even amid a weak yen.In addition to deposits, investments in overseas securities have also expanded. As of the end of March this year, Japanese households held 46.4618 trillion yen in overseas securities, a 23% increase from the previous year.Corporate foreign currency deposits have seen an even larger increase. In the second quarter, the balance of foreign currency deposits held by companies reached approximately 19.3 trillion yen, a 22% increase from the same period last year.Analysts suggest that expectations of continued yen weakness are driving the expansion of foreign currency assets among individuals and businesses. Tsuyoshi Ueno, a senior economist at the Nissay Research Institute, explained, "The strong outlook for continued yen depreciation is leading export companies to hold off on converting their dollar earnings into yen."* This article has been translated by AI. 2026-08-21 19:40:00