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  • President Lee Appoints Park Jeong-seong as Head of Trade Negotiation Office
    President Lee Appoints Park Jeong-seong as Head of Trade Negotiation Office President Lee Jae-myung has appointed Park Jeong-seong, the Deputy Minister of Trade, as the new head of the Trade Negotiation Office at the Ministry of Trade, Industry and Energy. Choi Yong-cheol, the Deputy Chief of the Fire Agency, has been named the new Fire Chief.Blue House spokesperson Kang Yu-jeong announced in a written briefing on the afternoon of August 21 that President Lee made these appointments.Park, born in 1972, graduated from Kyungwon High School and Seoul National University with a degree in economics. He has nearly 30 years of experience in key positions related to trade and trade policy, including serving as the Director of the Trade and Investment Bureau and Deputy Minister of Trade.Kang described Park as someone who has overseen practical aspects of tariff and investment negotiations with the U.S., making him well-suited to maintain continuity in negotiations amid urgent trade issues with the U.S. She expressed confidence that Park would navigate complex trade matters with a sophisticated negotiation strategy, drawing on his experience as co-chair of the World Trade Organization (WTO) investment facilitation negotiations and as the lead representative for the U.S. tariff negotiation task force.The appointment of Park comes after the dismissal of former Trade Negotiation Office head Yeo Han-goo, indicating a move to ensure continuity in trade policy.Choi, the new Fire Chief, is a fire expert with 27 years of experience in both frontline rescue operations and key policy departments. He has previously served as the acting head of the Gyeonggi Province Fire and Disaster Headquarters and as the Deputy Chief of the Fire Agency.Kang praised Choi for his exceptional field command skills, strong work ethic, and extensive administrative experience, noting his high regard within the Fire Agency for his rational leadership that fosters communication and unity.She added that Choi is expected to establish a thorough disaster prevention and response system in line with the government's goal of prioritizing the safety and lives of citizens across all areas of governance.* This article has been translated by AI. 2026-08-21 15:52:00
  • BIGBANG returns as trio for first stadium tour in 9 years
    BIGBANG returns as trio for first stadium tour in 9 years SEOUL, August 21 (AJP) - Nine years after its last full tour, BIGBANG opens a 20th anniversary world tour Friday at Goyang Stadium northwest of Seoul, the first concert run in the group's history with three members on stage instead of five. The Goyang shows run three nights through Sunday and are sold out, including seats released later with restricted views. General ticketing drew roughly 210,000 people into the online queue at once, the heaviest demand for any single concert or festival sale in South Korea this year. Domestic tickets were sold exclusively through Coupang Play, which is also the presenting sponsor. BIGBANG debuted on Aug. 19, 2006, and spent the following decade as one of the defining acts of K-pop's second generation, with hits including "Lies," "Haru Haru" and "Bang Bang Bang." The lineup narrowed to three, G-Dragon, Taeyang and Daesung, after the departures of Seungri and T.O.P. The group's last full touring cycle ended with the Last Dance tour in 2017. Friday's show also carries the first live performance of "BiiiG," a digital single released on Aug. 19, the exact date of the group's 20th anniversary. It is BIGBANG's first release in four years and four months, since "Still Life" in April 2022. G-Dragon wrote and composed the track, a high-energy hip-hop song built on a heavy beat and a repeating hook. The set list mixes those older hits with solo segments for each member. All three took part in building the show, working on the song order, the stage design and the direction. The production leans heavily on overseas talent. A live band led by Wow Jones, who has worked with Usher, Post Malone and Rihanna, plays every song. Mike Carson, who directed the 2025 Super Bowl halftime show, and Es Devlin, who designed the stage for the 2012 London Olympics closing ceremony, both worked on the staging. The centerpiece is a 23-ton moving LED structure that uses multi-motor torque synchronization to shift position during the show. The tour title, "XX : COSMOS," gave the group a theme to build promotions around. BIGBANG filmed a collaboration with a Korean science YouTube channel on the physics of the actual big bang, and the Korea AeroSpace Administration named the three its first honorary ambassadors. A fan event on the Han River, a lighting show around Jamsil and a media exhibition in central Seoul filled out the run-up. G-Dragon announced the tour himself in April, from the stage at the Coachella Valley Music and Arts Festival, where BIGBANG performed a roughly hour-long set. After Goyang, the tour moves through 19 cities and 33 shows across North America, Europe, Oceania and Asia, including Auckland, Paris, London, Sydney, Tokyo and Jakarta. YG Entertainment said more dates and locations will be announced, so the final count may grow. Demand outside South Korea has followed a similar pattern, with the Auckland date selling out in 30 minutes and a second show added. "BiiiG" reached No. 1 on iTunes song charts in 24 regions and hit No. 2 on the worldwide song chart, according to YG Entertainment. At home it went to No. 1 on Melon's TOP100 one hour after release, on a chart that combines 24-hour listening data with the most recent hour, and set this year's record on the platform for the most listeners in a song's first hour. 2026-08-21 15:48:38
  • LIG D&A Denies Bribery Allegations Linked to Electronics Project
    LIG D&A Denies Bribery Allegations Linked to Electronics Project LIG Defense and Aerospace (LIG D&A) has firmly stated that it is "clearly unrelated" to the bribery allegations involving its employees in connection with a 2 trillion won electronic systems development project.On August 21, LIG D&A explained that "the public official involved did not participate as an evaluator in the assessment of this electronic systems project" and expressed regret over the indictment of its employees, emphasizing that the electronic systems project was selected through a fair evaluation process with a significant score difference.The company further asserted that claims suggesting the public official's involvement in related projects are unfounded and unrelated to the core technological elements of the electronic systems development. They described the project as a highly complex national task that significantly enhances the survival capabilities of the Republic of Korea Air Force, urging against undermining the dedication and efforts required to complete advanced military capabilities.LIG D&A also expressed hope that legal proceedings will clarify the facts and resolve the allegations, stating that they will actively cooperate if necessary. The company committed to strengthening its advanced defense R&D capabilities while working towards establishing a transparent and fair compliance system that meets public expectations.Meanwhile, the Suwon District Prosecutors' Office has recently indicted a level 5 public official from the Defense Acquisition Program Administration (DAPA) on charges of bribery under the Act on the Aggravated Punishment of Specific Crimes, along with an executive from LIG D&A on bribery charges.According to prosecutors, the DAPA official is accused of participating as an evaluator for six defense project proposals worth a total of 91.5 billion won from late 2021 to late last year, allegedly giving favorable scores to LIG D&A. It is believed that the official received 320 million won and a recommendation for a subcontractor service contract worth 2.2 billion won in return.Notably, among the six projects suspected of receiving preferential treatment, three are known to be core technologies for the 1.7 trillion won 'Korean Electronic Systems R&D Project' that LIG D&A secured in December of last year, placing them at the center of the controversy.* This article has been translated by AI. 2026-08-21 15:44:00
  • 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