news highlight

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  Nat'l Assembly passes controversial bill stripping prosecutors of investigative powers SEOUL, July 31 (AJP) - The National Assembly passed a bill on Friday that would completely strip prosecutors of their powers to directly investigate criminal cases, in a move led by the ruling Democratic Party (DP). The revisions to relevant laws were approved by a vote of 175 in favor, two against and one abstention among the 178 lawmakers present. The main opposition People Power Party (PPP), which had launched an unlimited filibuster the previous day in protest of the bill, di July 31, 2026
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  South Korea to set up 20 trillion won strategic fund at KIC SEOUL, July 31 (AJP) - South Korea will establish a strategic investment account worth more than 20 trillion won ($14 billion) at the Korea Investment Corp. to supply long-term equity capital to artificial intelligence, semiconductors and other industries deemed critical to national competitiveness. The fund’s initial capacity to make new investments, however, is expected to be limited to about 600 billion won because most of its capital will consist of government-held share July 31, 2026
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  Lee arrives in Argentina for final leg of South American trip SEOUL, July 31 (AJP) - President Lee Jae Myung on Thursday arrived in Buenos Aires for the final leg of his South American trip, after visiting Brazil and Chile earlier this week. It marks the first visit to Argentina by a South Korean president since former President Roh Moo-hyun visited the country in 2004. Lee, who arrived at Ezeiza International Airport late Thursday night with first lady Kim Hea Kyung, is scheduled to hold a summit with Argentine President Javier July 31, 2026
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  Chip bonanza translates into tax bumper for Seoul SEOUL, July 31 (AJP) -South Korea's stock boom, which saw the main index KOSPI double in the first half, has delivered an unexpected windfall for government coffers, lifting tax revenue by 33 trillion won ($23.8 billion) above last year's level as trading activity, corporate profits and performance bonuses surged. National tax revenue reached 223 trillion won in the January-June period, up 17.4 percent from a year earlier, according to the Ministry of Economy and Finance on July 31, 2026
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  Korea's Lee heads for Argentina after state visit to Chile SEOUL, July 31 (AJP) -President Lee Jae Myung called Thursday for South Korea and Chile to transform mounting global economic uncertainty into an opportunity for deeper cooperation, urging the two countries to modernize their two-decade-old free trade agreement and broaden collaboration from critical minerals to advanced manufacturing and defense industries. Speaking at a Korea-Chile Business Roundtable in Santiago attended by business leaders from both countries, Lee said the c July 31, 2026
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  New US envoy arrives in Seoul, pledges stronger alliance SEOUL, July 30 (AJP) - New U.S. Ambassador to South Korea Michelle Steel arrived in Seoul on Thursday afternoon. In a brief statement shortly after arriving at Incheon International Airport, Steel first greeted reporters in Korean, saying, "I was born in Seoul, but I stand here today representing the U.S. Standing here again brings back many emotions." Describing how she was "grateful" to be standing on South Korean soil once again, Steel said the two countries&# July 30, 2026
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  South Korea mulls protection measures for platform workers under ILO convention SEOUL, July 30 (AJP) - South Korea is considering requiring delivery apps and other digital labor platforms to explain how their algorithms distribute work, as the government prepares legal changes needed to ratify a international convention protecting platform workers, the Ministry of Employment and Labor said on Thursday. It is also considering extending the right to refuse dangerous work to delivery riders, drivers and other platform workers who are not formally classified as emp July 30, 2026
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  BOK puts policy, markets veterans in key posts SEOUL, July 30 (AJP) - The Bank of Korea moved monetary policy and financial market specialists into key advisory and operational posts on Thursday, underscoring a push to strengthen policy coordination and its capacity to respond to market volatility. The central bank appointed or reassigned 11 department and regional branch heads and promoted 56 employees, including nine to Grade 1 and 15 to Grade 2. Lee Hwa-yeon, previously head of the Policy Coordination Team at the Monetar July 30, 2026
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  Fed holds rates despite three hike dissents, dovish signal: BOK SEOUL, July 30 (AJP) - The Federal Reserve held interest rates steady against three calls for a quarter-point increase, but markets nevertheless interpreted the decision as broadly dovish as Chair Kevin Warsh offered no clear trigger or timetable for further tightening, according to reports from the Bank of Korea’s overseas offices. The assessments were contained in the BOK Washington office’s review of the July Federal Open Market Committee meeting and the New York of July 30, 2026