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  • 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
  • Jipyung Law Firm Supports Successful 12th South Korea International Arbitration and Corporate Crime Summit
    Jipyung Law Firm Supports Successful 12th South Korea International Arbitration and Corporate Crime Summit Jipyung Law Firm announced on August 21 that it participated as a main sponsor in the 12th South Korea International Arbitration and Corporate Crime Summit, hosted by Legal Plus, a global legal event organization, on August 20.This year’s summit, marking its 12th edition, covered a wide range of pressing issues in international disputes, including interim relief measures in cross-border disputes, M&A and joint venture-related conflicts, construction and energy sector disputes, and technology disputes surrounding digital assets and artificial intelligence (AI). Legal and dispute resolution experts from both domestic and international backgrounds, as well as in-house counsel and representatives from arbitration and mediation institutions, attended to share insights on the latest trends and practical responses in international disputes.The opening remarks were delivered by Kim Jin-hee, a foreign attorney and head of the international dispute team at Jipyung. She addressed the new roles and challenges that the rapidly changing legal environment demands from legal professionals, emphasizing the importance of adapting to these changes.The summit featured six thematic presentations and five panel discussions, with over 20 speakers and discussants participating. Jeon So-min, a foreign attorney from Jipyung’s international dispute team, took part in the first panel discussion, while Kim Jin-hee moderated the second panel.In the first panel discussion on 'Interim Relief Measures in Cross-Border Disputes,' Jeon So-min highlighted various interim relief measures applicable in international arbitration and litigation, discussing key issues to consider during the enforcement process. She stressed the need for strategic responses at the initial stages, taking into account the legal systems and enforceability in different countries, and shared insights on effective rights preservation strategies.The second panel discussion, focused on 'Mediation and Hybrid ADR Models,' was led by Kim Jin-hee. She guided the discussion on the practical challenges faced by mediation in the legal environments of Korea and Asia, the unique value of mediation, and the conditions necessary for successful mediation processes, as well as the competencies required from attorneys.Kim facilitated the exchange of views among panelists on the practical implications of utilizing mediation and concluded the session with a Q&A segment, engaging with attendees.Kim Jin-hee remarked, "As the landscape of international disputes becomes increasingly complex with the emergence of new types of conflicts, this summit was significant in that domestic and international experts shared their experiences and perspectives to seek practical solutions. I hope this summit helps companies proactively assess various dispute possibilities and develop more effective response strategies."* This article has been translated by AI. 2026-08-21 15:00:00
  • Anyang Mayor Choi Dae-ho Calls for Increased Awareness of Unpaid Vehicle Taxes
    Anyang Mayor Choi Dae-ho Calls for Increased Awareness of Unpaid Vehicle Taxes Anyang Mayor Choi Dae-ho emphasized the importance of raising awareness about unpaid vehicle taxes, stating, "I hope this crackdown will foster a culture of voluntary payment among those with outstanding debts." On this day, Mayor Choi announced a joint operation with Gyeonggi Province, designating a day for a comprehensive crackdown on unpaid vehicle license plates. The mayor is launching a rigorous enforcement campaign targeting vehicles with unpaid car-related fines. This operation aims to actively collect overdue payments while ensuring fairness for diligent taxpayers and establishing a just tax system. In particular, Mayor Choi plans to focus on fair administration and citizen-centered field operations, balancing enforcement with consideration for citizens facing economic hardships. He revealed that the crackdown will utilize vehicles equipped with license plate confiscation systems and specialized equipment, concentrating efforts in areas with high vehicle concentrations, such as apartment complexes, large supermarkets, and public parking lots. Targeted vehicles include those with two or more unpaid car taxes or fines, those with overdue amounts exceeding 300,000 won, and vehicles under operation suspension. For other unpaid vehicles, the mayor stated that a notice will be affixed to encourage voluntary payment. Confiscated license plates will be returned after confirming the payment status and whether the vehicle is under an operation suspension order. For vehicles that do not retrieve their license plates within a specified period, the city will pursue active collection measures, including public auction. Citizens have expressed support for the need to ensure fairness between diligent taxpayers and those with unpaid debts, while also calling for careful administration considering the economic downturn and living conditions. In particular, drivers of cargo and delivery vehicles, which are essential for their livelihoods, argue that enforcement should take into account the reasons for unpaid taxes and their economic situations. In response, Mayor Choi plans to encourage payment agreements and installment plans for those in financial distress, balancing collection efforts with the protection of citizens' livelihoods. Citizens also hope that this crackdown will not only identify unpaid taxpayers but also ensure fairness for diligent taxpayers and provide opportunities for those facing economic difficulties to recover. Mayor Choi urged citizens to check their payment status in advance to avoid the disadvantages of license plate confiscation and to voluntarily settle their debts. Additionally, Mayor Choi Dae-ho stated, "We will continue to establish a fair tax system through ongoing crackdowns and collection measures." * This article has been translated by AI. 2026-08-21 15:00:00
  • Lotte Wellfood Apologizes for Ammonia Leak at Yeongdeungpo Plant, Promises Safety Measures
    Lotte Wellfood Apologizes for Ammonia Leak at Yeongdeungpo Plant, Promises Safety Measures Lotte Wellfood officially apologized on August 21 for an ammonia leak incident that occurred at its Yeongdeungpo plant in Seoul and announced plans to implement preventive measures. In a statement, Lotte Wellfood expressed, "We sincerely apologize for causing great concern to nearby residents and customers due to the gas leak incident at the Yeongdeungpo plant." The company added, "We will cooperate sincerely and transparently with the investigation by relevant authorities and will conduct thorough safety inspections of the facility along with preventive measures against recurrence." Earlier that day, at approximately 5:30 a.m., ammonia gas leaked from the Lotte Wellfood Yeongdeungpo plant near Seonyudo Station in Yangpyeong-dong 5-ga, prompting a response from the fire department. About 40 employees present at the plant evacuated safely, and no injuries were reported. The Yeongdeungpo plant, which was completed in 1969, is a major production facility for Lotte Wellfood, currently manufacturing gum, candy, chocolate, and ice cream. Lotte Wellfood stated, "We reported the incident to emergency services immediately, and by 5:52 a.m., the main gas valve was successfully shut off by the responding fire department." The company further noted, "Subsequent measurements of residual gas concentrations in the plant and surrounding areas by fire, district office, and environmental authorities confirmed 'non-detection,' safely concluding the emergency situation." This information was also communicated to local residents through safety alerts from the district office. Lotte Wellfood emphasized, "We prioritize safety as our top value and have been conducting regular safety inspections and emergency response training for our employees. We will thoroughly review our safety management system in light of this incident and promptly implement necessary corrective actions to prevent recurrence."* This article has been translated by AI. 2026-08-21 15:00:00
  • Private Mid-Rate Loans Excluded from Household Loan Limits Starting August
    Private Mid-Rate Loans Excluded from Household Loan Limits Starting August The financial authorities have decided to exclude the increase in private mid-rate loans from the household loan limits of savings banks, credit finance companies, and mutual finance companies starting this month. This measure aims to encourage funding for low- and mid-credit borrowers while alleviating the burden of total loan management for the second financial sector.According to the financial sector on the 21st, the Financial Supervisory Service convened household loan managers from the National Agricultural Cooperative Federation, the National Credit Union Federation, the National Federation of Fisheries Cooperatives, the National Forestry Cooperative Federation, the Korea Savings Bank Association, and the Korea Credit Finance Association to communicate this policy.The financial authorities will manage the household loan increase targets for each financial institution by dividing them into their own loan share, policy finance, and reserves for additional loan demand.Among mid-rate loans, the Saitdol loan falls under the category of policy mid-rate loans. Policy financial products like the Haet-sal Loan and Saitdol loans are managed separately as part of the total policy finance, and thus have already been excluded from the household loan limits for each financial institution.In contrast, privately supplied mid-rate loans were previously included in the household loan limits, with only a portion of the increase excluded from total loan management. Savings banks had 80% of the increase excluded, while credit finance companies had 40%. However, starting this month, the exclusion rate will be expanded to 100% for all second financial sector institutions, including mutual finance.A financial authority official stated, "There has been much concern as the existing incentives did not lead to the expected increase in mid-rate loans."As a result, any increase in private mid-rate loans by the second financial sector from this month onward will not be reflected in the household loan limits for each financial institution. Since the increase in mid-rate loans will be excluded from the total, financial institutions will have more capacity to offer other household loans, such as general credit loans, within their limits.However, even if the capacity for total loan management increases, the actual scale of loan supply is expected to vary based on each financial institution's deposits, funding costs, soundness, and capital conditions.This measure follows the government's comprehensive real estate finance plan announced on August 13, which raised the household loan growth management target for the entire financial sector from 1.5% to 3.0% for this year. It is estimated that an additional loan capacity of about 30 trillion won will be created across the financial sector, but authorities plan to guide this supply towards actual demand and low-income financing rather than distributing it uniformly among financial institutions.The existing management policy will remain in place for general mortgage and credit loans. Additional total loan limits for each financial institution will be allocated based on compliance with household loan targets in the first half of the year and the lending situation by sector. The specific allocation amounts have not yet been determined.Authorities will also apply total loan management incentives to group loans, which are characterized by strong actual demand. From this month onward, the increases in moving expenses, interim payments, and final payments for group loans will be fully excluded from the household loan limits for each financial institution.There will not be a separate limit set for group loans; instead, the increase will be deducted from the total loan management results for each financial institution, meaning the actual supply scale will depend on future demand and the individual conditions of each financial institution.Meanwhile, total loan management incentives for mid-rate loans in the banking sector will be discussed separately from those in the second financial sector. Since the existing methods for reflecting total loans differ between banks and the second financial sector, specific measures regarding the subjects and exclusion rates will be determined after consultations with the banking sector.* This article has been translated by AI. 2026-08-21 14:56:00
  • Renault Korea Reaches Tentative Agreement on Wage Negotiations
    Renault Korea Reaches Tentative Agreement on Wage Negotiations Renault Korea announced on August 21 that it reached a tentative agreement during the 15th round of negotiations for the 2026 wage and collective bargaining agreement with its representative union on August 20.After 16 hours of negotiations, both sides agreed to work together to overcome the company's challenging management situation.Negotiations began on April 27, and over the past four months, a total of 15 rounds of main and practical negotiations have taken place.The tentative labor agreement will be finalized at a general meeting of employees scheduled for August 26, following an explanatory session for union members.If approved at the general meeting, Renault Korea will become the third domestic automaker to finalize a labor agreement, following GM Korea and KGM.* This article has been translated by AI. 2026-08-21 14:56:00
  • Blue House Calls for North Korea to Cease Unnecessary Criticism and Work Towards Peaceful Coexistence
    Blue House Calls for North Korea to Cease Unnecessary Criticism and Work Towards Peaceful Coexistence The Blue House urged North Korea to "stop unnecessary slander against the South and move forward together towards peaceful coexistence on the Korean Peninsula."A Blue House official made this statement on the 21st in response to a speech by Kim Yo-jong, deputy director of the North Korean Workers' Party, who criticized President Lee Jae-myung by name the previous night. The official noted that "derogatory remarks about our government and president do not help build mutual trust."The official emphasized that the government will consistently pursue a policy of peaceful coexistence on the Korean Peninsula based on mutual respect.Furthermore, the official stated, "As a party to peace on the Korean Peninsula, we will continue to maintain close cooperation with the United States and strive to resume dialogue between North Korea and the U.S. as a facilitator."Earlier, on the 20th, Kim criticized the reduction of U.S.-South Korea joint military exercises, stating, "Due to a single remark from President Donald Trump, Seoul finds itself in the unfortunate position of having to withdraw from its favorite 'war games.'"She also accused President Lee of displaying "double standards" in his words and actions, reflecting South Korea's anxious and contradictory mindset.* This article has been translated by AI. 2026-08-21 14:48:10
  • Kakao to split businesses in major AI restructuring
    Kakao to split businesses in major AI restructuring SEOUL, August 21 (AJP) - Kakao will split its key businesses into two entities, KakaoAI and KakaoX, in a major restructuring to strengthen its artificial intelligence (AI) capabilities and creating new growth engines, the South Korean messaging giant said on Friday. The decision was made at its board of directors' meeting the previous day, with the spinoff scheduled to be completed by Jan. 1 next year, after getting shareholder approval at an extraordinary shareholders' meeting slated for Dec. 17. Under the plan, KakaoAI will be created as a new entity in charge of its popular messenger app KakaoTalk and other AI-related services, while the current company will be renamed KakaoX and focus on investment and the development of future businesses. Kakao said the new entity, putting AI at its core, will introduce new AI-powered user experiences and revenue models, including advertising, agentic commerce and subscriptions, under the leadership of its CEO Chung Shin-a. KakaoAI has set a goal of reaching at least 20 million daily active users of its AI-related services by 2030. It also aims to increase the time users spend on KakaoTalk by more than 50 percent and achieve average annual revenue growth of about 20 percent, reaching more than 6 trillion won (US$4.3 billion) in revenue by 2030. KakaoX, meanwhile, will support the growth of major affiliates and seek new investment and business opportunities. It plans to raise about 2.3 trillion won by monetizing its assets and use another 4.1 trillion won in resources held by its subsidiaries. Through 2030, it aims to grow revenue from its major businesses by an average of 13.3 percent a year and lay the groundwork for annual revenue of more than 10 trillion won. Kim Do-young, who currently leads Kakao Investment and the company's investment strategy office, has been named to lead KakaoX. Under the proposed split, Kakao shareholders will receive shares in both companies in proportion to their existing holdings, with the split ratio set at 36 percent for KakaoAI and 64 percent for KakaoX. Kakao plans to relist KakaoAI while making changes to KakaoX's listing status on Jan. 27 next year. After Kakao announced its split plans, its shares were trading at around 35,000 won in the early afternoon, down about 3,000 won or nearly 9 percent from the previous session after falling as low as 33,600 won earlier in the day. AJP Takeaways • Kakao will split its key businesses into KakaoAI and KakaoX, with the spinoff scheduled for completion on Jan. 1, 2027, subject to shareholder approval on Dec. 17, 2026. • KakaoAI will oversee KakaoTalk and AI-related services, with plans for AI-powered advertising, agentic commerce and subscription services under CEO Chung Shin-a. • KakaoAI aims to reach at least 20 million daily active AI users and generate more than 6 trillion won in annual revenue by 2030, while increasing time spent on KakaoTalk by more than 50 percent. • KakaoX will focus on investments and new businesses, planning to raise about 2.3 trillion won through asset monetization and use about 4.1 trillion won in resources held by subsidiaries. • Kakao shares fell nearly 9 percent after the split announcement, trading around 35,000 won in the early afternoon on Aug. 21, 2026, after hitting an intraday low of 33,600 won. 2026-08-21 14:44:22