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  • People Power Party Delays Vote on Reelecting Local Committee Chairs
    People Power Party Delays Vote on Reelecting Local Committee Chairs The People Power Party's Supreme Council discussed the re-election of local committee chairs on August 20 but failed to reach a conclusion.Chief Spokesperson Choi Bo-yun told reporters after the meeting that the decision on the election of the 2026 regular local party committee chair would be postponed.The council intends to consider the opinions of incumbent lawmakers regarding the election of committee chairs through a lawmakers' meeting before making a decision. Choi stated, "While the Supreme Council is not bound by the decisions made in the lawmakers' meeting, those opinions will be shared with the Supreme Council to inform their deliberations."The Supreme Council reconvened after initially failing to reach a conclusion but ultimately adjourned without voting on the related agenda. The Supreme Council resumed before the lawmakers' meeting concluded, which likely contributed to the lack of input for their decision.Political analysts suggest that the delay in decision-making stems from the need for careful discussion regarding the full re-election of committee chairs, a proposal pushed by Party Leader Jang Dong-hyuk. Given the unresolved internal dissent, the party aims to deliberate thoroughly before reaching a conclusion. It is reported that all Supreme Council members agreed to consider the lawmakers' meeting decisions in their discussions.There are differing opinions within the Supreme Council. Member Woo Jae-jun expressed to reporters, "I believe our leadership lacks the authority to undertake such actions," pointing out that it essentially amounts to preemptively exercising power over the next general election nominations. Conversely, member Jo Kwang-han argued that it is a valuable measure to strengthen the party's capabilities, questioning, "If we do not receive even minimal trust from responsible party members, how can we expect to win the next general election?"According to the People Power Party's constitution and regulations, local committee chairs can be re-elected at the end of August in even-numbered years. Recently, incumbents have typically been re-elected, except in cases where issues arose, such as resignations.* This article has been translated by AI. 2026-08-20 19:16:10
  • Fast-Track Review Period Shortened as National Assembly Passes Bill
    Fast-Track Review Period Shortened as National Assembly Passes Bill The National Assembly passed a bill on August 20 that reduces the fast-track review period from a maximum of 330 days to 90 days, led by the Democratic Party. The Assembly also processed follow-up bills supporting the government's real estate supply measures, including amendments to housing laws and the public housing special law. However, the special law for the creation of Yongsan Park was not presented for discussion due to disagreements between the ruling and opposition parties, and will undergo further discussions.During the plenary session, the Assembly approved over 70 bills agreed upon by both parties. The amendment to the National Assembly Act was passed with 153 votes in favor and 81 against out of 234 members present.The amendment includes provisions to shorten the review period for fast-track bills from 180 days to 60 days in standing committees, and from 90 days to 30 days in the Legislation and Judiciary Committee. It also eliminates the requirement to wait up to 60 days after a bill is presented to the plenary session, allowing it to be discussed at the next available session.The bill was initially presented to the Assembly on July 31, where it faced a filibuster from the People Power Party, but it automatically ended with the conclusion of the July extraordinary session. Consequently, it was reintroduced at the first plenary session of the August extraordinary session and voted on.Additionally, follow-up bills related to the government's September 7 real estate supply measures were passed. Notably, an amendment to the housing law temporarily relaxes the requirement for urban-type housing to fewer than 500 units, and allows for up to 700 units in transit-oriented developments. The public housing special law was also passed to improve environmental and compensation procedures for public housing projects and shorten project timelines.The special law for the creation of Yongsan Park and amendments to the urban maintenance law, which were expected to be presented at this session, were postponed. Democratic Party floor leader Cheon Jun-ho stated after a meeting with People Power Party floor leader Kim Seung-soo that they would monitor discussions between the Minister of Land and the Mayor of Seoul and aim to process these bills next week.The plenary session also approved recommendations for three candidates for special inspector. The candidates, Choi Gil-soo, Kang Ji-sik, and Choi Yong-hoon, were nominated by the Democratic Party, the People Power Party, and the Korean Bar Association, respectively.The special inspector is a vice-ministerial level official responsible for monitoring corruption involving the president's relatives and close aides. President Lee Jae-myung must appoint one of the candidates as special inspector within three days of receiving the nomination from the National Assembly, after which the appointee will undergo a confirmation hearing before being officially appointed.In addition, over 70 bills, including those related to the commemoration of the May 18 Democratic Uprising and amendments to the National Basic Living Security Act, were processed.* This article has been translated by AI. 2026-08-20 19:16:00
  • North Koreas Ballistic Missile Launches Draw Condemnation from Lawmakers
    North Korea's Ballistic Missile Launches Draw Condemnation from Lawmakers Following North Korea's launch of over ten ballistic missiles, political leaders expressed strong condemnation. The People Power Party stated that this would "accelerate the end of Kim Jong Un's regime."Lee Yong-woo, spokesperson for the Democratic Party, said in a written briefing on the 20th, "North Korea is seriously threatening peace and stability on the Korean Peninsula."He criticized North Korea's repeated military provocations as "irresponsible acts that escalate tensions on the Korean Peninsula and directly undermine the international community's efforts to promote peace."Lee urged, "Such actions cannot be justified for any reason," and called for an end to military provocations that threaten security on the Korean Peninsula.Choi Bo-yoon, senior spokesperson for the People Power Party, also issued a statement, describing the military display occurring during the ongoing U.S.-South Korea joint exercise, "Ulchi Freedom Shield (UFS)," as a clear provocation threatening peace and stability in both the Korean Peninsula and Northeast Asia.He noted that North Korea has launched missiles three times this month alone, intentionally raising tensions, and pointed out that the responsibility for North Korea's arrogant provocations lies significantly with the Lee Jae-myung administration.Choi emphasized, "North Korea must clearly recognize the catastrophic consequences of its reckless provocations," adding that such meaningless and foolish acts could serve as a catalyst for the regime's tragic end in the future.He also issued a stern warning to the Lee Jae-myung administration, stating that if it continues to cling to the illusion of "false peace based on goodwill" in the face of blatant provocations from the enemy, it will only result in jeopardizing the lives of the people and national security. 2026-08-20 19:12:00
  • South Korea Holds Emergency Meeting After North Korea Launches Short-Range Missiles
    South Korea Holds Emergency Meeting After North Korea Launches Short-Range Missiles The National Security Office convened an emergency security meeting on August 20 following North Korea's launch of over ten short-range ballistic missiles into the East Sea from the Pyongyang area. According to the Blue House, representatives from the Ministry of National Defense and the Joint Chiefs of Staff attended the meeting. The National Security Office reviewed South Korea's response to the missile launches and assessed the impact of these actions on national security. Based on the analysis, the National Security Office directed relevant agencies to implement necessary measures. Given that the Ulchi exercise is currently underway, officials emphasized the need to remain vigilant and prepared for potential further provocations from North Korea. The missile launches occurred on the same day that President Lee Jae-myung met with Wang Yi, a member of the Central Political Bureau of the Communist Party of China and the Foreign Minister, at the Blue House. National Security Office Director Wi Seok-jun also held a separate meeting with Minister Wang. During their discussions, President Lee and Minister Wang addressed the development of South Korea-China relations and the situation on the Korean Peninsula. Director Wi explained the concept of peaceful coexistence on the Korean Peninsula and urged constructive cooperation from China regarding a phased and practical approach to denuclearization starting with a 'halt.' This marks the third ballistic missile launch by North Korea this month. On August 6, North Korea fired one short-range ballistic missile into the East Sea from the Wonsan area around 5 p.m., marking its first missile provocation in 42 days since June 25. On August 12, another missile was launched from Wonsan into the East Sea around 6 a.m., flying over 700 kilometers, with South Korean and U.S. intelligence agencies analyzing its specifications. With the additional launch of over ten short-range ballistic missiles from the Pyongyang area, North Korea has now conducted 12 ballistic missile launches this year, with three occurring this month alone on the 6th, 12th, and 20th. The National Security Office stated, "North Korea's ballistic missile launches are serious violations of United Nations Security Council resolutions," urging an immediate halt to these actions.* This article has been translated by AI. 2026-08-20 19:08:00
  • South Korean Prime Minister Calls for Rationalization of New Industry Regulations
    South Korean Prime Minister Calls for Rationalization of New Industry Regulations South Korean Prime Minister Han Seong-sook stated that the government is making every effort to rationalize regulations in the new industry sector to align with global competitive standards.According to Yonhap News Agency, during a regulatory innovation meeting for new industries held at the Venture Business Association in Guro District, Han emphasized the importance of securing a competitive edge amid fierce global competition.She added, "Regulations that do not meet global standards must be proven necessary by the relevant ministries. If proving necessity is difficult, we will strengthen the 'regulatory proof responsibility system' to improve or abolish such regulations."Han also highlighted discussions on mandatory legal adjustments from the moment special regulatory exemptions are granted and announced plans to establish a one-stop integrated support center at the Prime Minister's Office to enhance the regulatory sandbox system.* This article has been translated by AI. 2026-08-20 18:56:00
  • Lucky Winner Attributes Success to Frequent Visits with Parents
    Lucky Winner Attributes Success to Frequent Visits with Parents "I often visit my parents, and on the way, I stopped by a famous lottery retailer to buy a ticket."As interest grows in the winning numbers for the 329th Pension Lottery 720+ on August 20, the story of a winner from the 243rd draw, who won 1st prize (1 ticket) and 2nd prize (4 tickets), is being highlighted.In a post on the Dohang Lottery winners' board dated January 2 of last year, the winner shared, "I buy lotto and pension lottery tickets once a week. Since my parents live nearby, I often visit them, and I stopped by a well-known lottery retailer on the way. After some time, while driving to buy a new lottery ticket, I checked the winning status in my car."The winner continued, "The first ticket I checked was for the 2nd prize. At first, I thought I had only won the 2nd prize and felt a bit disappointed, but when I checked online, I learned that purchasing the set meant I had won both the 1st and 2nd prizes. Upon checking the other tickets, I found out I had won the 1st prize and 4 tickets for the 2nd prize."He added, "I shared the news with my spouse along with a photo, and we celebrated together. I believe my luck came because I often visit my parents and show them respect. I plan to live even more happily and diligently in the future."The winner, who purchased the tickets at a lottery retailer in Giheung-gu, Yongin, responded to a question about any memorable dreams, saying, "I haven't had any dreams recently."When asked what type of lottery tickets he usually buys, he replied, "I buy lotto and pension lottery tickets weekly in small amounts."Regarding plans for the winnings, he stated, "I was worried about my retirement, but I plan to use the winnings for retirement funds."Meanwhile, the winning numbers for the 329th Pension Lottery 720+ will be available after 7:05 PM today (August 20).* This article has been translated by AI. 2026-08-20 18:52:00
  • SK Hynix Boosts KOSPI, Index Recovers 6800 Points
    SK Hynix Boosts KOSPI, Index Recovers 6800 Points It was a rollercoaster two days for the South Korean stock market. After a sharp decline on August 19, the market rebounded significantly on August 20. Over the two days, the KOSPI index experienced a fluctuation rate of 12%, with a swing of more than 700 points. The index, which had been pressured by a shock in long-term U.S. Treasury yields, regained the 6800-point mark in just one day. Major semiconductor stocks, which had triggered the previous day's drop, surged by about 10%.According to the Korea Exchange, the KOSPI closed at 6852.58, up 381.41 points (5.89%) from the previous trading day. This figure fully recovers the 5.80% drop that had pushed the index down to the 6400 range the day before. The index opened at 6680.34, up 3.23%, and saw a significant influx of foreign buying, prompting a buy-side circuit breaker to be activated at 9:06 AM.The driving force behind the market's rebound was undoubtedly the major semiconductor stocks. SK Hynix's announcement of a 40 trillion won share buyback and complete cancellation plan after the market closed the previous day led to a surge of 19,100 won (12.73%), closing at 1,691,000 won. Meanwhile, expectations grew that Samsung Electronics would announce a record 100 trillion won shareholder return policy, resulting in a rise of 2,500 won (9.49%) to close at 2,710,000 won. During the day, the stock price peaked at 2,730,000 won. Samsung Electronics is expected to finalize its shareholder return plan, including special cash dividends, at a board meeting at the end of this month. The combination of large-scale share buybacks and increased dividends propelled both semiconductor giants to lead the index's rebound.On this day, foreign investors made net purchases of 2.28 trillion won in the securities market, lifting the index. In contrast, individual investors, who had engaged in bargain hunting the previous day, sold off 2.63 trillion won to realize profits. The KOSDAQ index also rose, closing at 840.89, up 16.43 points (1.99%) from the previous trading day.Global investment banks have raised the possibility of a reevaluation of SK Hynix's stock following its shareholder return plan. Simon Coles, a Barclays analyst, noted in a report that despite the buyback amounting to about 15% of the market capitalization, SK Hynix has sufficient capital to significantly expand production capacity and invest in new opportunities in artificial intelligence (AI) over the coming years. Barclays maintained a 'weight increase' recommendation for SK Hynix's American Depositary Receipts (ADRs) with a target price of $300, suggesting an additional upside potential of about 93%.Nomura Securities also maintained a 'buy' rating for SK Hynix with a target price of 4.7 million won. Nomura stated, "SK Hynix's current stock price is only 3.8 times and 2.8 times the expected price-to-earnings ratios (PER) for 2026 and 2027, respectively," adding that the combination of sustained earnings growth driven by AI demand, reduced business risks through long-term contracts, and large-scale shareholder returns would help the company escape its serious undervaluation.Market analysts expect that the strong shareholder return policies from these large-cap stocks will provide solid support for the lower end of the market's valuation. Lee Kyung-min, an analyst at Daishin Securities, stated, "The large-scale share buyback by SK Hynix and the expectations surrounding Samsung Electronics' shareholder returns have created strong upward pressure not only on semiconductors but also on the overall South Korean stock market. With the stabilization of interest rates due to the expansion of U.S. Treasury buybacks, the upward trend may continue for the time being." Lim Jeong-eun, an analyst at KB Securities, also noted that the ongoing shareholder return initiatives among major semiconductor stocks could sustain the upward trend across the market.* This article has been translated by AI. 2026-08-20 18:44:00
  • North Korea Launches Ballistic Missiles Amid Trump’s Dialogue Proposal
    North Korea Launches Ballistic Missiles Amid Trump’s Dialogue Proposal North Korea launched over 10 short-range ballistic missiles on August 20. This action comes as President Donald Trump proposed dialogue to North Korean leader Kim Jong Un, drawing attention.According to the Joint Chiefs of Staff, the missiles were detected around 5 p.m. as they were fired from the Pyongyang area into the East Sea. The military is currently analyzing the specifications and range of the missiles.Moreover, this launch occurred just one day before the conclusion of the UFS exercises, which are set to end on August 21. Analysts suggest that North Korea's actions reflect dissatisfaction with the ongoing US-South Korea joint exercises, which have been shortened. Earlier this year, in March, North Korea also launched over 10 ballistic missiles following Trump's indication of a willingness to engage in dialogue with former Prime Minister Kim Min-seok.Notably, this marks North Korea's first ballistic missile launch in eight days and the 12th such incident this year. 2026-08-20 18:44:00
  • National Pension Service Expands ESG Investment Principles to Alternative Assets
    National Pension Service Expands ESG Investment Principles to Alternative Assets The National Pension Service (NPS) is expanding its environmental, social, and governance (ESG) investment principles, which were previously limited to traditional assets like stocks and bonds, to include alternative investments such as private equity, real estate, and infrastructure. This move is expected to enhance the public nature of fund management and the accountability of national finances.The Ministry of Health and Welfare announced on August 20 that the National Assembly approved an amendment to the National Pension Act, which expands the asset classes eligible for responsible investment principles.Under current law, the NPS can consider ESG factors when managing and operating the fund to achieve long-term and stable returns. However, until now, this consideration was restricted to traditional asset classes like stocks and bonds.The fund management headquarters has employed an 'ESG integration strategy' that incorporates ESG factors into the financial analysis of directly managed stocks and bonds. In cases of outsourced management, responsible investment criteria were considered during the selection and monitoring of asset managers.With the recent amendment to the National Pension Act, explicit legal grounds have been established for considering ESG factors in alternative investments, which include assets outside of securities as defined in Article 4 of the Capital Markets and Financial Investment Business Act.This amendment addresses regulatory gaps as the proportion of alternative investments, such as private equity, real estate, and infrastructure, continues to rise. Additionally, the amendment mandates that the 'National Pension Fund Management Guidelines' include criteria and methods for considering environmental (E), social (S), and governance (G) factors.The NPS, which currently outsources about 99% of its alternative investments, plans to actively consider ESG factors when selecting and evaluating alternative investment managers based on this legal change.The amended law will take effect six months after its promulgation, following approval at the Cabinet meeting. The specific scope of alternative investments will be defined in the enforcement decree of the National Pension Act, and the government will finalize the revised fund management guidelines through discussions with the National Pension Fund Management Committee, which includes representatives of fund members.Minister of Health and Welfare Jeong Eun-kyeong stated, “This amendment to the National Pension Act is significant as it allows the application of responsible investment principles across all asset classes. We will strive to enhance fund returns in a long-term and stable manner to ensure reliable income for retirement.”* This article has been translated by AI. 2026-08-20 18:40:00
  • Special Prosecutor Charges Former Prosecutor General Sim Woo-jung with Insurrection
    Special Prosecutor Charges Former Prosecutor General Sim Woo-jung with Insurrection The second special prosecutor team, led by Kwon Chang-young, has indicted former Prosecutor General Sim Woo-jung and former Chief of the Planning and Coordination Bureau Jeon Mu-gon on charges of insurrection without detention.On August 20, the special prosecutor's office announced, "We have indicted former Prosecutor General Sim and former Deputy Chief Jeon for engaging in important duties related to insurrection and for obstructing the exercise of rights by abuse of authority."Sim is accused of organizing procedures to dispatch prosecutors to the martial law command's joint investigation unit following the declaration of a state of emergency on December 3, and of compiling a list of prosecutors for that purpose. He is also charged with directing the review of jurisdiction for investigations and trials of martial law violators and instructing the formation of a dedicated investigation team within the prosecution for these cases.Additionally, he faces allegations related to directing the abandonment of an immediate appeal after the release of former President Yoon Suk Yeol. The special prosecutor's office explained, "Sim facilitated the release of former President Yoon, whose grounds for detention had not been eliminated, thereby obstructing the special investigation team's right to appeal and causing them to act without obligation."Jeon is accused of conspiring with Sim to review the jurisdiction and procedures for investigations and trials of martial law violators and of preparing and reporting documents related to 'jurisdiction under martial law.'The special prosecutor's office stated, "Through the execution of a search and seizure at the Supreme Prosecutors' Office, we confirmed the existence of documents such as '241203 Martial Law Investigation Team,' 'Procedure Organization,' and 'Jurisdiction under Martial Law,' and verified that various lists of prosecutors were prepared or reviewed."Previously, the special prosecutor's office requested arrest warrants for Sim and Jeon on July 14, but the court dismissed the request on July 16, stating, "There is no concern for evidence destruction or flight."* This article has been translated by AI. 2026-08-20 18:32:00