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  • Ruling Party Submits Disciplinary Motion Against Lawmaker Over 5·18 Controversy
    Ruling Party Submits Disciplinary Motion Against Lawmaker Over 5·18 Controversy The Democratic Party submitted a disciplinary motion on August 21 against Lee Jin-sook, a lawmaker from the People Power Party, over her controversial remarks regarding the May 18 Gwangju Democratization Movement. The party criticized her comments as an insult to the citizens of Gwangju.Lee Joo-hee, the party's floor spokesperson, stated in the National Assembly that "today we submitted a binding disciplinary motion following last week's resolution calling for her expulsion." Ahn Do-geol, chair of the Gwangju chapter of the People Power Party, was also present at the announcement.Lee added, "The behavior exhibited by this lawmaker within the National Assembly is something that should never occur in a constitutional institution and a party representing the people's will." She emphasized that this matter cannot be overlooked and must be addressed with disciplinary action.Ahn also expressed that he views this as a serious provocation against the spirit of the Constitution and the May 18 movement, stating, "This is a secondary harm to the victims and their families of the May 18 incident. It is an act that insults the 3.2 million citizens of Gwangju, and it cannot be forgiven."Previously, on August 13, Lee hosted a public forum in the National Assembly titled "Revisiting the May 18 Democratization Movement," which sparked the controversy.In response, Democratic Party leader Kim Min-seok stated on X (formerly Twitter) that he would ensure Lee's expulsion and called for cooperation from National Assembly Speaker Chung Jin-suk regarding the disciplinary process. He also expressed hope that the People Power Party would begin addressing this issue and move towards genuinely aligning with the people by including the May 18 movement in the constitutional preamble.Additionally, some responsible members of the People Power Party have called for disciplinary action against Lee. Kim expressed his gratitude to them for their stance.* This article has been translated by AI. 2026-08-21 15:40:00
  • No Woo-rae Acquitted Again in Political Bribery Case
    No Woo-rae Acquitted Again in Political Bribery Case No Woo-rae, a former member of the Democratic Party, has been acquitted again in a political bribery case involving millions of won in illegal campaign funds. The Seoul Central District Court's Criminal Appeals Division 5-2, led by judges Kim Yong-jung, Kim Ji-sun, and So Byeong-jin, upheld the initial ruling of not guilty on August 21. The court determined that evidence collected by prosecutors during a search of the mobile phone of Jo, the spouse of businessman Park, was illegally obtained and therefore inadmissible. The case began when prosecutors investigated Lee Jeong-geun, a former deputy secretary-general of the Democratic Party, for alleged bribery. During this investigation, prosecutors seized Jo's mobile phone and uncovered leads related to No's alleged offenses, prompting an expanded inquiry. However, the first trial court ruled that the method of obtaining this evidence violated legal procedures and the principle of warrant-based searches, leading to its exclusion. The appeals court reaffirmed this judgment as valid. Nonetheless, the appeals court noted that the first trial court made a legal error in excluding some electronic information from Park's mobile phone. The court indicated that this information could be admissible as evidence, but ultimately concluded that even with this evidence, the prosecution's overall case was insufficient to establish guilt. The court also issued the same ruling for businessman Park, who was charged alongside No. He was found not guilty of bribery for allegedly providing money to No. In contrast, Lee Jeong-geun was found guilty of providing 330 million won in funds for election expenses and was sentenced to one year and five months in prison. Park, who had been out on bail, did not attend the sentencing and had his bail revoked. No was indicted in March 2023 for allegedly receiving a total of 60 million won from Park in five instances between February and December 2020, in exchange for facilitating permits for a logistics center, supplying to a power plant, and aiding a solar power project. Prosecutors argued that part of this money was used for campaign expenses during the National Assembly elections and the party's convention, seeking a four-year prison sentence, a fine of 200 million won, and a forfeiture of 50 million won in both trials. Following the trial, No issued a statement condemning the prosecution's investigation and indictment process. He stated, "It took three years and nine months to correct the wrongful prosecution and investigation by the political prosecutors under Yoon Seok-yeol. We must put an end to the wrongful investigative practices of political prosecutors who tried to frame me as a criminal by using information from a mobile phone without a warrant."* This article has been translated by AI. 2026-08-21 15:32:00
  • Gunpo Mayor Han Dae-hee Emphasizes Citizen Safety in Civil-Private Joint Training
    Gunpo Mayor Han Dae-hee Emphasizes Citizen Safety in Civil-Private Joint Training Gunpo Mayor Han Dae-hee led a joint civil-private training exercise for air raid preparedness on August 20, reaffirming that "protecting the lives and property of citizens is the top priority."During the exercise at E-Mart Sanbon, which was part of the 2026 Ulchi Training, Mayor Han conducted a demonstration of evacuation procedures for multi-use facilities in the event of an air raid.The training aimed to enhance the response capabilities of both citizens and officials in real air raid situations. It was organized as part of a nationwide civil defense drill to ensure that people can evacuate quickly and orderly from crowded public spaces.Mayor Han's direct involvement in the training drew attention as he oversaw the exercise on-site.At 2 p.m., an air raid siren sounded, prompting shoppers and staff at E-Mart Sanbon to stop their activities and follow the guidance of evacuation personnel to designated safe areas.The exercise simulated evacuation routes and emergency response procedures within the facility, allowing participants to experience a realistic scenario.Mayor Han also moved through the evacuation routes alongside citizens, observing the overall response system and evacuation process.The focus was on understanding how citizens would react in a real disaster and how relevant agencies and facility staff should respond.Participants expressed agreement on the necessity of air raid preparedness training. One citizen remarked, "I had always thought vaguely about where to evacuate when the air raid siren sounded, but experiencing it today helped me understand the evacuation process better. I hope there will be more of these drills, especially since I use these facilities with my children."Another participant noted, "In places where many people move at once, orderly evacuation is crucial. I believe this will be helpful in actual disaster situations."Mayor Han stated, "Through this training, we have assessed the emergency response system for multi-use facilities and strengthened the community safety net based on civil-private cooperation. I thank the citizens and E-Mart Sanbon staff for their active participation in the drill."Looking ahead, Mayor Han plans to continuously evaluate disaster response systems in multi-use facilities and enhance safety policies that citizens can feel. 2026-08-21 15:32:00
  • Koreas Central Fisheries Cooperative Provides $38 Million in Emergency Financial Aid for Flood Damage
    Korea's Central Fisheries Cooperative Provides $38 Million in Emergency Financial Aid for Flood Damage The Korea's Central Fisheries Cooperative has announced an emergency financial aid package of up to 50 billion won (approximately $38 million) for areas in Gyeongnam affected by heavy rainfall.On August 21, the cooperative stated that it has allocated the emergency funds to support fishermen and other affected individuals in regions such as Geoje. Local fisheries cooperatives will also offer financial benefits, including interest rate reductions on existing loans, to customers impacted by the flooding.A volunteer team from the cooperative visited the flooded areas in Geoje to assist with environmental cleanup efforts. Additionally, they plan to provide essential goods worth 10 million won (about $7,600) through the Geoje Fisheries Cooperative to help stabilize residents' living conditions.In addition to on-site support, comprehensive financial assistance will be provided. The Fisheries Cooperative Bank will offer 50 billion won in emergency funds to fishermen, individuals, and small business owners in the flood-affected areas.The emergency funds will include living stability funds of up to 20 million won per person, as well as facility funds and operating funds (up to 500 million won, with interest rates reduced by up to 1.5%). Extensions on existing loan maturities will also be available.Local fisheries cooperative branches will provide benefits such as deferred principal and interest repayments and maturity extensions (within six months), emergency living funds of up to 20 million won, interest rate reductions on existing loans, and reductions in overdue interest.Fishermen seeking support must obtain a damage verification certificate from their local government and submit it to a nearby Fisheries Cooperative Bank or local fisheries cooperative branch.Labor Jin, the chairman of the Korea's Central Fisheries Cooperative, stated, "We will ensure that our efforts in both on-site recovery and financial support proceed without delay, so that those affected by the disaster can return to their daily lives as soon as possible."* This article has been translated by AI. 2026-08-21 15:32:00
  • Kim Min-seok to Meet with Jang Dong-hyuk on August 24
    Kim Min-seok to Meet with Jang Dong-hyuk on August 24 Kim Min-seok, leader of the Democratic Party, is set to meet with Jang Dong-hyuk, leader of the People Power Party, on August 24. This will be their first meeting since Kim took office, raising questions about the potential for bipartisan cooperation as he emphasizes expansion politics.According to the Democratic Party on August 21, Kim plans to meet with Jang on the 24th. On the same day, he will also hold a series of meetings with Shin Jang-sik, leader of the Justice Reform Party, Kim Jong-hoon, leader of the Progressive Party, and Lee Jun-seok, leader of the Reform Party.Previously, Kim and Jang were scheduled to meet on August 18 at a memorial service for former President Kim Dae-jung at the National Cemetery in Seoul. However, the meeting was canceled when Jang and other leaders from the People Power Party had to change their plans to respond to flood damage in Geoje, South Gyeongsang Province.Currently, the ruling and opposition parties are at odds over the impeachment of Chief Justice Cho Hee-dae and the shortening of the U.S.-South Korea joint military exercises. With Kim advocating for the ABC (Affordability, Broadening, Competent) approach within his party, there is growing interest in whether he will seek to mend relations, unlike his predecessor Jeong Cheong-rae, who refused to shake hands with Jang, stating he could not engage with insurrectionist forces during his early tenure last year. 2026-08-21 15:24:00
  • Samsung and SK Hynix Enter Shareholder Return Competition Amid AI Boom
    Samsung and SK Hynix Enter Shareholder Return Competition Amid AI Boom Samsung Electronics and SK Hynix are entering a competition for shareholder returns, fueled by a cash influx from the booming artificial intelligence (AI) memory market. SK Hynix kicked off the rivalry by announcing a 40 trillion won stock buyback and cancellation. Samsung Electronics is also expected to finalize its next shareholder return policy this month, raising interest in how it will allocate cash generated from AI semiconductors between investments and shareholder returns.According to industry sources, SK Hynix's board of directors approved the 40 trillion won stock buyback and cancellation on August 19. The buyback will target approximately 24.07 million shares, representing about 3.3% of the total issued shares. The company plans to acquire these shares over the next three months and then cancel them, marking the largest stock buyback and cancellation in the history of South Korean listed companies.SK Hynix has also raised its shareholder return target. The company will now return over 50% of its cumulative free cash flow (FCF) from 2025 to 2027, up from the previous target of 50%. It plans to conduct both stock buybacks and cash dividends, and is considering expanding dividends to include special dividends.The backdrop for SK Hynix's increased return capacity is the AI memory boom, which led to an operating profit of 60.54 trillion won in the second quarter. By the end of the second quarter, its net cash had risen to approximately 69 trillion won. Analysts expect significant increases in FCF for this year and next. Samsung Securities noted that the stock buyback signals a reduction in the number of issued shares while demonstrating management's confidence in sustained profitability.Attention is also focused on Samsung Electronics. The company currently operates a policy that returns 50% of its FCF from 2024 to 2026 to shareholders, with annual regular dividends amounting to about 9.8 trillion won. The market speculates that Samsung may finalize additional shareholder return measures, including special cash dividends, at its board meeting later this month.SK Hynix's announcement of a massive 40 trillion won buyback has heightened expectations for Samsung's response. Given the improved cash generation from the AI memory boom, analysts believe the market will demand returns exceeding the company's existing policy. Following SK Hynix's announcement, Samsung's stock rose by 9.49%, while SK Hynix's shares surged by over 12%, indicating that shareholder return expectations are influencing the stock valuations of both companies.However, the capital allocation conditions for the two companies differ. Samsung operates in multiple sectors, including memory, foundry, and mobile, which require substantial investments. SK Hynix also needs to invest heavily in expanding its AI memory production capacity, including the Yongin cluster and Cheongju expansion. Analysts emphasize that how both companies allocate their cash flow in the future will be more critical than the absolute amount of cash they have on hand.The market is also paying attention to the possibility that this competition will not be limited to a one-time stock buyback. SK Hynix has committed to returning over 50% of its FCF for three years, and Samsung Electronics may reflect the cash increase from the AI boom in its upcoming policy. The AI semiconductor boom is reshaping not only capital investments but also the capital allocation and shareholder return policies of major semiconductor companies.A business insider stated, "The AI memory boom has elevated the cash generation capabilities of Samsung Electronics and SK Hynix to unprecedented levels. Balancing ongoing investments while returning a portion of the increased cash to shareholders will be a crucial factor in the future valuation of both companies."* This article has been translated by AI. 2026-08-21 15:20:00
  • Early-August exports hit record high as chip shipments stay strong
    Early-August exports hit record high as chip shipments stay strong SEOUL, August 21 (AJP) - South Korea's exports surged 56 percent from a year earlier to a record high for August in the first 20 days of this month, as semiconductor shipments nearly tripled and again drove the country's export growth, according to preliminary data released by the Korea Customs Service (KCS) on Friday. Exports totaled $55.21 billion from Aug. 1 to 20, the highest ever for the period, while imports rose 19.0 percent to $41.23 billion, resulting in a trade surplus of $13.98 billion. The increase came despite fewer working days, with 14 days during the period compared with 14.5 days a year earlier. Average daily exports climbed 61.5 percent to $3.94 billion from $2.44 billion. Semiconductor exports jumped 198.8 percent to $26.03 billion, accounting for 47.2 percent of the country's total outbound shipments, up 22.5 percentage points from a year earlier. The chip tally was the highest ever for the first 20 days of this month and surpassed the previous record of about $25.5 billion set during the same period in June. The latest figures show how heavily South Korea's record export performance continues to rely on semiconductor shipments. AJP analyzed customs data and found that, excluding semiconductors, exports rose about 9.3 percent from a year earlier, far below the 56.0 percent increase in overall shipments. Other technology-related products also posted strong gains, with exports of computer peripherals surging 242.1 percent and petroleum products rising 56.4 percent. But not all major industries saw growth, as passenger-car exports fell 45.1 percent, ship exports dropped 60.5 percent and auto-parts shipments declined 19.9 percent. By destination, exports to China more than doubled, rising 118.6 percent to $15.26 billion, while shipments to the U.S. increased 59.4 percent to $7.98 billion. Exports to Viet Nam climbed 67.4 percent to $5.83 billion and shipments to Hong Kong surged 245.5 percent to $3.63 billion. Exports to the European Union, by contrast, fell 3.2 percent. China, the U.S. and Viet Nam together accounted for 52.6 percent of South Korea's exports during the period. Imports of semiconductors rose 59.4 percent, while purchases of semiconductor manufacturing equipment jumped 89.3 percent. Crude-oil imports rose 17 percent, while gas imports fell 17.1 percent, leaving combined imports of crude oil, gas and coal 11.1 percent higher than a year earlier. Cumulative exports so far this year totaled $650.27 billion, up 51 percent from a year earlier, while imports rose 18.3 percent to $468.54 billion, resulting in a trade surplus of $181.74 billion. Meanwhile, the KCS cautioned that the figures are preliminary and cover only the first 20 days of the month, so comparisons may be affected by differences in the number of working days. 2026-08-21 15:15:09
  • Korean Party Faces Backlash After Disciplining Lawmakers
    Korean Party Faces Backlash After Disciplining Lawmakers The People Power Party's Central Ethics Committee has faced ongoing backlash as it imposed a suspension of party membership on four lawmakers, including Jo Kyung-tae, Kwon Young-jin, Seo Beom-soo, and Jin Jong-oh. Critics, particularly from the non-mainstream faction, have raised concerns that the disciplinary actions are aimed at eliminating political rivals who have called for the resignation of party leader Jang Dong-hyuk. Senior party members have also expressed their worries.Jin, who has been suspended for two years, held a press conference at the National Assembly, demanding that the Ethics Committee disclose when, where, and how he allegedly supported independent candidate Han Dong-hoon. He stated, "If they cannot provide this information, the Ethics Committee will have to admit it has become a mere follower of Chairman Jang." He hinted at the possibility of legal action regarding various aspects of the committee's proceedings.Kwon Young-jin, who received a 1.5-year suspension, expressed his concerns on CBS Radio, questioning whether the actions were politically motivated to eliminate dissenting voices. He remarked, "Isn't this a warning that if you challenge me, you won't receive nominations next time?"The 'Alternatives and Future' group, which includes some of the disciplined lawmakers, issued a statement urging Chairman Jang and the leadership to make wise decisions. They warned that severe disciplinary measures could lead to division within the party, stating, "When politics wields a sword, it can inflict wounds on the very fabric of society."Among veteran lawmakers, there were also significant concerns. Five-term lawmaker Yoon Sang-hyun took to Facebook, urging a reconsideration of the harsh penalties, emphasizing that what is needed now is not exclusion but unity. He called for a return to the core principles of politics, focusing on the people's livelihood and governance.Five-term lawmaker Na Kyung-won noted that the timing and severity of the Ethics Committee's actions do not benefit the leadership. She pointed out that while punishing one person can serve as a warning to many, punishing many can harm the community. Na expressed hope that the remaining procedures, including the Supreme Council's decisions and re-examinations, would be adjusted in a way that benefits the party. Four-term lawmaker Kim Tae-ho also addressed Chairman Jang, stating, "While the party constitution grants you the position, your representation comes from the people and party members. You can silence criticism with discipline, but you cannot discipline public sentiment."Meanwhile, independent lawmaker Han Dong-hoon criticized the disciplinary actions as a form of political maneuvering that aids the Democratic Party amid its crises. He remarked, "This disciplinary politics for personal gain is helping the beleaguered Lee Jae-myung administration by diverting attention from its issues."As for the three lawmakers, excluding Seo, who face suspensions of 1.5 years or more, if the penalties are confirmed, their chances of receiving nominations from the People Power Party in the next general election will be virtually impossible. Kwon and Seo have stated they will not take legal action for now, while Jo and Jin have not clarified their positions. 2026-08-21 15:12:00
  • Samsung Expected to Overtake Apple as Smartphone Market Leader This Year
    Samsung Expected to Overtake Apple as Smartphone Market Leader This Year Samsung Electronics is projected to reclaim its position as the leading smartphone manufacturer this year, four years after losing the title to Apple.On August 21, Bloomberg reported, citing data from global market research firm Counterpoint Research, that global smartphone shipments are expected to decline by 14.3% this year due to a shortage of memory supply and subsequent price increases. However, Samsung is anticipated to achieve a remarkable 0.8% increase in shipments compared to last year, thanks to its advanced supply chain and mature distribution network. This could allow Samsung to regain the top spot in the smartphone market, which it has ceded to Apple for three consecutive years since 2023.Indeed, Samsung's Galaxy Z Fold 8 series pre-sales, which ran until August 3, reached 1.44 million units, marking the highest pre-order volume for Samsung smartphones despite the price hikes.Yang Wang, a senior researcher at Counterpoint Research, stated, "Samsung's return to the top of the smartphone market is due to its internal component production capabilities, extensive product portfolio, and strong relationships with carriers and retailers." In contrast, Apple, like Samsung, has maintained significant sales support despite price increases, but its outlook for this year appears more conservative. Apple is expected to officially unveil Siri AI, which incorporates artificial intelligence features, and a foldable iPhone this fall, but the likelihood of a major upgrade boom is considered low. Yang noted, "While foldable phones and on-device AI will support product differentiation and premiumization, they are unlikely to create a supercycle that significantly boosts shipments." Additionally, aside from Samsung, Huawei, which has built its own hardware supply chain despite U.S. sanctions, is expected to continue its significant growth. However, Chinese smartphone manufacturers like Oppo, Vivo, and Honor, which focus on low-cost models, are projected to see their shipments decline by as much as 34% this year, according to Counterpoint Research. Yang remarked, "Major Chinese smartphone manufacturers are expected to face considerable pressure in terms of shipments, and the ongoing downturn in the market is likely to accelerate industry consolidation, which remains Counterpoint's baseline scenario." Counterpoint Research forecasts that global smartphone shipments will continue to decline until 2027, before entering a recovery phase starting in the following year.* This article has been translated by AI. 2026-08-21 15:08:00
  • South Korea Grants Long-Term Residency to Sri Lankan Workers Who Rescued Air Force Pilots
    South Korea Grants Long-Term Residency to Sri Lankan Workers Who Rescued Air Force Pilots The Ministry of Justice has granted long-term residency status to two Sri Lankan workers for their role in rescuing Air Force pilots whose lives were in danger after a crash.On August 21, the Ministry announced that it recognized the special contributions of the two Sri Lankan nationals who rescued the pilots of an Air Force fighter jet that crashed in the West Sea in August 2022. They were awarded the Skilled Worker Visa (E-7-4) to allow them to reside in South Korea more securely.The workers entered South Korea in April 2022 under the Employment Permit System (E-9). On August 12 of the same year, while working near Hwaseong, Gyeonggi Province, they discovered the pilots after their jet crashed due to an engine fire and assisted in their rescue alongside the vessel's captain. Their efforts were recognized with a letter of appreciation from the Chief of Staff of the Air Force during the World Day for Cultural Diversity on May 20.In light of their significant contribution to the national interest by rescuing the endangered pilots, the Ministry of Justice's Immigration and Foreign Policy Bureau decided to grant these foreign workers the long-term residency status as skilled workers (E-7-4).Minister of Justice Jeong Seong-ho stated, "Recognizing the dedication of foreigners who save lives enhances trust in our society. We will continue to support foreigners who make special contributions to our community, ensuring they can live stably in South Korea."* This article has been translated by AI. 2026-08-21 15:08:00