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Constitutional Amendment Efforts Hinge on Cooperation with People Power Party Political analysts emphasize that bipartisan agreement is essential for any constitutional amendment. Without the support of the People Power Party, the leading opposition party, it is nearly impossible for any amendment proposal to pass through the National Assembly. Consequently, some suggest that the ruling Democratic Party may need to concede control of discussions to facilitate the process.According to reports on September 9, the People Power Party holds the key to any potential amendment. If the party officially opposes the proposal, it is unlikely to pass in the Assembly.To amend the constitution, three major steps must be followed. First, a majority of the current 299 lawmakers must propose an amendment. Alternatively, the president can submit a proposal after deliberation by the Cabinet. Second, the proposal must receive approval from at least two-thirds of the Assembly during a plenary session. Finally, it must be approved by a majority of voters in a national referendum.Given that the People Power Party currently holds 109 seats, if all its members oppose the amendment, the chances of it passing are virtually nonexistent. In May, a constitutional amendment proposal was brought to the Assembly by then-Speaker Woo Won-sik, but it failed to proceed due to the partys opposition and its members absence from the vote.The People Power Party argues that President Lee Jae-myung is undermining the separation of powers while attempting to push through a term extension amendment. In response to the Democratic Partys proposal for a gradual amendment, the People Power Party advocates for a comprehensive amendment that would result from in-depth discussions.In a recent address, Jung Jeom-sik, the partys floor leader, stated, There will be no constitutional amendment under this government. We will not engage in discussions with those who are clearly violating the constitution for personal gain.Experts advise that the ruling party should propose an opposition-led amendment to draw the People Power Party into public discussions. Political commentator Park Sang-byeong noted in a conversation with Aju Economy, In a situation where they are being dragged along, would the People Power Party be inclined to pursue an amendment? They need to be accommodated to take the lead in the amendment process. If the opposition proposes to change the power structure, the People Power Party is unlikely to oppose it.There are also concerns that the government and ruling party are fostering distrust. Cha Jin-ah, a professor at Korea University Law School, warned, If the focus is merely on extending terms without addressing the issues of the imperial presidency, it could exacerbate the problems of the 87 system. The governments shifting statements regarding amendments make it difficult to trust them.Some analysts suggest that the Democratic Party might attempt to secure rebel votes from the People Power Party instead of reaching a consensus. Given that they have previously found common ground with parties like the Justice Party, Progressive Party, Reform Party, Basic Income Party, and Social Democratic Party during past amendment discussions, securing just 11 votes from the People Power Party could help them reach the necessary 200 votes for an amendment. In fact, some members of the People Power Party have publicly expressed their support for constitutional amendments.However, making a choice contrary to party lines during an actual vote is challenging, and the political burden of processing an amendment without bipartisan agreement is significant, making it unlikely that the ruling party will opt for this route.* This article has been translated by AI. September 9, 2026 2 -
Debate Over Constitutional Reform Gains Momentum in South Korea There is a growing consensus in South Koreas political arena about the need to amend the current constitution, which has been in place for nearly 40 years since 1987. However, substantial discussions have yet to make significant progress. The core issue revolves around restructuring the power dynamics, particularly how much authority should be decentralized from the presidency. Experts highlight that the key to successful reform lies in both major parties finding a common greatest common divisor and expanding that consensus among the public.◇Consensus on Need for Reform, but Disagreements on Power StructureAccording to reports from September 9, both ruling and opposition parties generally agree on the necessity of constitutional amendments. The People Power Party, which has been somewhat passive about reform, does not oppose the idea of amending the constitution itself. A national survey conducted by the National Assembly in February revealed that 68.3% of 12,000 respondents supported constitutional changes, indicating a significant public consensus on the issue.However, the situation changes when it comes to the critical aspect of restructuring power. Various proposals, including a dual executive system and a parliamentary system, have been discussed, but recent conversations have focused on maintaining the presidential system while redistributing the concentrated powers of the presidency.President Lee Jae-myung mentioned last month on X (formerly Twitter) that there should be adjustments to the powers of the president and the National Assembly, suggesting a shift to a four-year term limit or a re-election system. The People Power Party also proposed a constitutional amendment last April to change the presidential term to a four-year limit and introduce a responsible prime minister system.The challenge lies in the ambiguity surrounding the concept of decentralization as discussed by lawmakers. While there is agreement on the need to reduce presidential powers, there are differing opinions on what specific powers should be transferred, to whom, and to what extent.Proposals include having the National Assembly recommend the Prime Minister or sharing some of the presidents appointment powers with the Assembly. While this could provide checks on the presidents authority, critics argue that overly diminishing presidential powers could undermine the intent of the current system, where the president is directly elected by the people. Ultimately, the key task is to find an appropriate level of decentralization that maintains direct presidential elections while enhancing checks and balances.Kyung Hee University law professor Jeong Tae-ho explained in a conversation with Aju Economy that in decentralized systems abroad, presidents are directly elected by the public, yet their actual powers differ significantly.Professor Jeong, who supports maintaining the presidential system, cautioned against changing the form of government based solely on a few academic arguments and comparative legal studies. He suggested that a weighted voting threshold could be applied to positions requiring neutrality, rather than fully transferring the presidents appointment powers to the National Assembly, thereby strengthening checks on specific appointments.Conversely, political commentator Park Sang-byeong proposed a more proactive decentralization model where powers are shared between the president and the prime minister. He argued that the president should retain authority over foreign affairs, security, and unification, while the prime minister, representing the majority party, should manage administration, safety, land, and transportation, creating a hybrid system of presidential and parliamentary governance.◇Expanding Constitutional Issues: Bicameral Legislature, Emergency Control, and Balanced DevelopmentIn addition to power structure discussions, several other issues are expected to be on the constitutional reform agenda. One prominent proposal is the introduction of a bicameral legislature similar to those in the United States or Japan. Proponents argue that a bicameral system would enhance regional representation in the National Assembly and create a political structure that allows for thorough deliberation.However, there are counterarguments. Park noted that a bicameral system could become burdensome, suggesting instead increasing the number of proportional representatives to 100 and lowering the threshold for negotiating groups from 20 seats to encourage more diverse representation.Additionally, discussions are likely to include measures to establish checks on the National Election Commission, especially following controversies over voter rights during the 6-3 local elections. Proposals to strengthen National Assembly oversight of emergency powers and to more clearly enshrine regional balanced development in the constitution are also being considered. There have been ongoing calls to include the spirit of democracy from events like the May 18 Gwangju Uprising and the Busan Democratic Uprising in the constitutional preamble.Ultimately, the success of constitutional reform hinges on how far both parties can find common ground among the various issues. Attempting to resolve all contentious points at once could complicate negotiations and risk derailing the reform process altogether.Experts emphasize that for reform to become a reality, the ruling Democratic Party must actively engage in negotiations with the opposition. Since amending the constitution requires a two-thirds majority in the National Assembly, pursuing changes without opposition agreement is practically unfeasible.Korea University law professor Cha Jin-ah stated, If the Democratic Party is serious about constitutional reform, it must engage in discussions with the People Power Party. Without such negotiations, there will be suspicions that the push for reform is merely a tactic to shift focus due to declining presidential approval ratings.* This article has been translated by AI. September 9, 2026 2
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Han Seong-sook Addresses Declining Approval Ratings for President Lee Jae-myung Prime Minister Han Seong-sook stated on September 9 that she is seriously listening to the voices of the people regarding the recent decline in approval ratings for President Lee Jae-myungs administration.During a government questioning session in the National Assembly, Han responded to a question from People Power Party lawmaker Yoon Jae-ok about public opinion polls, saying, We need to properly assess what we are doing well and what we are not, and seriously consider the areas that need change.Regarding the reasons for the declining approval ratings, she noted, I believe this is a result of our inability to meet the expectations of the public in certain areas, as well as our shortcomings in explaining what we are doing well.In response to recent criticisms about the cabinet reshuffle, Han emphasized the need for hearings to provide clarification and explanations for any raised concerns, stating, It is important to follow procedures that meet the publics expectations after undergoing a verification process that aligns with democratic principles.When addressing concerns raised by lawmaker Na Kyung-won about the qualifications of Kim Seung-won, the nominee for Minister of Justice, and Yong Hye-in, the nominee for Minister of Gender Equality and Family, Han said, We are doing our best to recommend capable individuals, and I believe they are competent, which is why we have put them forward for nomination.In response to a question from lawmaker Lee Jun-seok regarding the rationale behind Yongs nomination, Han explained, We considered her track record as a female lawmaker, her leadership as the head of the Basic Income Party, and her contributions as a working woman.On the issue of the proposed abolition of early voting, which is being pushed by the People Power Party, Han stated, The National Election Commission needs to express its position, and there are aspects that need to be amended in the election law, while also acknowledging that early voting is a very convenient system that enhances public participation.Han, who took office in July, participated in her first government questioning session on this day. When Yoon asked her what the top priority of the Lee Jae-myung administration is, she initially responded with constitutional amendment but quickly corrected herself to politics that unites the people.* This article has been translated by AI. September 9, 2026 1
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12 Home Shopping Operators Approved for 7-Year Renewal Twelve home shopping operators whose licenses had expired have received a seven-year renewal.The Broadcasting and Media Communications Commission (BMCC) held its 34th plenary meeting on September 9 and approved the renewal for the twelve home shopping companies.The companies under review included Our Home Shopping, Home & Shopping, W Shopping, Shinsegae Live Shopping, CJ ENM, SSG.com, NS Shopping, GS Retail, TRN, KT Alpha, and Hyundai Home Shopping, all of which had their licenses expire between April and June of this year.The BMCC reported that all twelve companies scored above the renewal threshold of 650 points out of a possible 1,000 and met at least 50% of the criteria in the evaluation process, thus securing a seven-year renewal.The review committee was chaired by BMCC member Ryu Shin-hwan and included ten experts from various fields such as broadcasting, media, law, and accounting.The renewal committee reviewed existing conditions for renewal and streamlined those that were outdated or redundant with other laws and regulations, while also specifying necessary conditions to reflect the characteristics of each operator.Common conditions for all twelve companies included: clearly specifying the range of services provided to suppliers in contracts, prohibiting the unfair transfer of increased broadcasting fees to suppliers, and establishing fair trading practices to prevent unfair transactions and employee misconduct.Individual conditions were also assigned based on the characteristics of each operator. For Our Home Shopping, requirements included securing outside directors and internal committees, while Home & Shopping was required to maintain a direct purchase ratio of over 20% for small and medium-sized enterprises and promote cooperative management. Additionally, they were prohibited from using the same name as their TV home shopping channel on data home shopping channels.BMCC Chairman Kim Jong-cheol stated, Home shopping is an important sales channel for small and medium-sized enterprises, and it must fulfill its role even in challenging distribution and media environments. The BMCC will also continue to implement necessary policy support to strengthen the competitiveness of home shopping operators and expand sales channels for small and medium-sized enterprises.Meanwhile, the BMCC also approved an enforcement decree of the Act on Promotion of Information and Communications Network Utilization and Information Protection, which imposes fines of up to 6% for illegal spam, set to take effect on October 1.* This article has been translated by AI. September 9, 2026 1
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Fines of up to 6% imposed for illegal spam starting next month A new law imposing fines of up to 6% of revenue on businesses that send illegal spam or fail to prevent it will take effect next month. The Broadcasting and Media Communications Commission (BMCC) held its 34th full meeting on September 9, 2026, where it approved the enforcement decree and related regulations regarding fines for illegal spam under the Act on Promotion of Information and Communications Network Utilization and Information Protection. The enforcement decree specifies the criteria for information and communication service providers to take action if their services are used for sending illegal spam. It establishes a fine range of 1% to 6% of related revenue, with a base amount of 10 million to 200 million won, depending on the severity of the violation. The regulations also outline the procedures for calculating fines. The base amount for fines is determined by multiplying the revenue by the applicable rate based on the type and severity of the violation. Severity is assessed based on factors such as intent, method, type of violation, and the scale and impact of the harm, categorized as high, medium, or low. Additional aggravating or mitigating factors are then applied sequentially to determine the final fine. The approved amendments to the enforcement decree and regulations are expected to be announced and implemented on October 1, following approval from the Cabinet meeting. Kim Jong-cheol, chairman of the BMCC, stated, With the enactment of this enforcement decree and regulations, we can address the ongoing issue of illegal spam transmission. We will continue to identify and improve tasks to ensure that citizens can enjoy digital media services with greater peace of mind.* This article has been translated by AI. September 9, 2026 1
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Jung Jeom-sik Praises Han Dong-hoon's Passion for Kim Seung-won's Vetting Jung Jeom-sik, the floor leader of the People Power Party, stated on September 9 that he views the enthusiasm shown by independent lawmaker Han Dong-hoon in vetting Kim Seung-won, the nominee for Minister of Justice, very positively.In an interview on SBSs Joo Young-jin News Briefing, Jung expressed this opinion. However, he noted that Hans participation in Kims confirmation hearing is not permissible under the National Assembly Act, stating, It is impossible to include an independent lawmaker while excluding a specific member from a negotiating group. Chairman Cho Jung-sik must facilitate a swap among independents, but both parties must agree to it.Jung also targeted Kim and Yong Hye-in, the nominee for Minister of Gender Equality and Family, saying, Candidates for ministerial positions must possess high moral standards and qualifications, but both are viewed very negatively by the public. From the perspective of meeting the publics expectations, both are unqualified.Regarding the failure to select witnesses for Kims confirmation hearing in the National Assemblys Legislative and Judiciary Committee, Jung criticized, About 40 witnesses and references were requested, but only the date and document submission requirements were approved before the session was adjourned. This indicates an intention to create a hollow hearing without selecting any witnesses.In relation to his announcement the previous day to halt discussions on constitutional amendments, Jung remarked, Fundamentally, the Democratic Party or the Lee Jae-myung administrations push for constitutional amendments seems to pursue private interests. This issue can only enter the National Assemblys discussion when it forms a national consensus.Jung also acknowledged that the People Power Party is falling short of the expectations of the public and its supporters. He stated, We are receiving criticism for not fighting hard enough against the government and ruling party. I am working to address these shortcomings through unity within the party. This is my most significant task during my one-year term.* This article has been translated by AI. September 9, 2026 1
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Ruling Party and Opposition Agree on Prosecutorial Reform Legislation 여야가 중대범죄수사청·공소청법, 형사소송법을 비롯한 검찰 개혁 후속 법안을 오는 17일 본회의에서 처리하기로 합의했다.전은수 더불어민주당 대변인은 9일 국회에서 의원총회 후 기자들과 만나 "형사소송법 개정과 관련해 처리해야 할 법안이 139건인데 이중 100건 정도는 부칙을 수정하고, 39개 법률은 개별로 발의해 각 상임위원회에서 처리하기로 했다"고 밝혔다.전 대변인은 "오는 17일 본회의가 예상된다"며 "무제한 토론(필리버스터)은 없을 것"이라고 했다. 민주당이 관련 법안을 처리해도 국민의힘이 필리버스터를 하지 않을 것이라는 의미로 풀이된다. 공소청 직제안과 관련해선 의원들 사이에 의견을 반영하고 있다고 전했다. 그러면서 "수정할 수 있는 부분은 수정할 수 있다는 입장"이라고 했다.한편 다음 달 2일 공소청과 중수청이 출범할 예정이다.* This article has been translated by AI. September 9, 2026 1
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Big Pharma Competes in mRNA Cancer Vaccine Development as South Korea Advances Domestic Production The global competition in messenger RNA (mRNA) platform development has entered a critical phase. Major pharmaceutical companies are investing heavily in new indications for vaccines targeting diseases like influenza and cancer, achieving visible results. In South Korea, the government and biotech firms are collaborating to advance domestic production efforts.According to industry sources, mRNA cancer vaccines, which have shown potential for personalized treatment, are emerging as a new battleground amid competition surrounding next-generation platforms like antibody-drug conjugates (ADCs), bispecific antibodies, and cell therapies. Recently, a personalized mRNA cancer vaccine jointly developed by U.S. pharmaceutical companies Moderna and Merck (MSD) has gained attention as a game changer after positive results in Phase 3 trials for melanoma.The competition among major pharmaceutical companies utilizing mRNA technology is expected to intensify. Last year, German biotech company BioNTech signed a $1.25 billion deal to acquire its competitor CureVac in an all-stock transaction to expand its mRNA cancer pipeline. This acquisition aims to strengthen research, manufacturing, and commercialization of mRNA-based cancer immunotherapies.Sanofi also invested in mRNA technology by acquiring the U.S. venture Translate Bio for $3.2 billion in 2021, focusing on developing new mRNA vaccines for influenza and other diseases. Pfizer and BioNTech are advancing their mRNA influenza vaccine into Phase 3 trials, closely following Moderna, which received FDA approval in August for its mRNA-based influenza vaccine, EmplusiVa, marking a first in this category. GSK recently announced Phase 2 results for its mRNA seasonal influenza vaccine candidate and plans to initiate Phase 3 trials.An industry insider noted, The fact that mRNA technology has moved beyond COVID-19 to the seasonal influenza market signifies its commercialization stage. If GSK proves competitive in Phase 3 trials, the competition between traditional technologies and mRNA platforms in the influenza vaccine market will intensify further.The South Korean governments push for mRNA domestic production is also gaining momentum. The Korea Disease Control and Prevention Agency has increased the budget for next years Pandemic Preparedness mRNA Vaccine Development Support Project by 53.4% to 40.5 billion won, up from 26.4 billion won this year. The government previously announced plans to invest a total of 505.2 billion won by 2028 to localize currently imported mRNA vaccines and secure rapid development platforms. The goal is to support development from preclinical to Phase 3 trials, aiming for product approval by 2028.GC Pharma is a leading candidate for domestic production. The company submitted an Investigational New Drug (IND) application for its COVID-19 mRNA vaccine candidate last month and plans to enter Phase 2 trials this fall. GC Pharma stated, We aim to establish a proprietary mRNA-lipid nanoparticle (LNP) platform that can be used broadly, not limited to specific vaccine development, and create a structure that allows us to expand into contract development and manufacturing (CDMO) services beyond mere technological independence.In addition to vaccine developers, movements toward domestic production are also evident in the CDMO sector. ST Pharm has announced its transition from an oligonucleotide CDMO business to an integrated RNA CDMO model, expanding into mRNA and LNP formulation.Jeong I-soo, a researcher at IBK Investment & Securities, commented, As global latecomers accelerate their mRNA cancer vaccine development, the demand for CDMO services for early clinical supplies is expected to rise. Interest in domestic companies with mRNA delivery and platform technologies will also increase.* This article has been translated by AI. September 9, 2026 1
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mRNA Platform Evolution: Expanding Beyond Vaccines to Treatments The messenger RNA (mRNA) platform has entered its second major test since proving its effectiveness with COVID-19 vaccines. Building on the success of COVID-19 vaccines, the platform is now expanding into new areas, including seasonal flu, respiratory syncytial virus (RSV) infections, and treatments for cancer and rare diseases. The bio industry is at a turning point, seeking new growth drivers in the post-COVID era through the evolution of the mRNA platform.According to a report by global market research firm Vision Research Report, the global mRNA vaccine and treatment market is expected to grow from $10.66 billion in 2024 to $45.04 billion by 2034, reflecting an annual growth rate of 15.5%. Within this, the mRNA cancer vaccine market is projected to nearly double, increasing from $8.1 billion to $15.7 billion during the same period.This growth indicates that mRNA technology is creating new markets by extending beyond simple preventive vaccines into therapeutic areas. An industry insider noted, While there were predictions that the mRNA vaccine market might experience a temporary slowdown after the COVID-19 pandemic, it appears that growth will be sustained through the expansion of new indications such as flu, RSV, and cancer vaccines.The expansion of mRNA into new areas is driven by the structural limitations of traditional egg-based cultivation methods. Producing a single vaccine using egg culture typically takes 5 to 6 months, during which time the virus may mutate, reducing the vaccines effectiveness. In contrast, mRNA can be designed within weeks once the genetic information of the pathogen is obtained, providing a speed advantage in responding to mutations.Leveraging these advantages, the mRNA platform is moving beyond preventive vaccines into therapeutic applications. Recent developments in personalized cancer vaccines and treatments for rare diseases are rapidly broadening its medical applications.There is growing optimism in the market that the era of designing personalized cancer vaccines based on patients genetic information is becoming a reality. U.S. companies Moderna and Merck (MSD) have reported significant treatment effects in a Phase 3 clinical trial for melanoma patients using their cancer vaccine Intismeran Autogen in combination with the immunotherapy Keytruda, compared to Keytruda alone. This marks the first time mRNA-based treatments have demonstrated efficacy in the oncology field, extending beyond infectious diseases like COVID-19.Global pharmaceutical and biotech companies are expanding the application of cancer vaccines to more prevalent cancers, such as lung, bladder, and pancreatic cancers, suggesting a shift in the paradigm of cancer drug development.Jung Yoon-taek, head of the Pharmaceutical Industry Strategy Research Institute, stated, The combination of mRNA and lipid nanoparticles (LNP) is expected to extend the platforms applicability to various cancer types as well as infectious diseases. It is also encouraging that the South Korean government has allocated 40.5 billion won for mRNA-related budgets. Such national-level investments to proactively respond to future infectious diseases are likely to increase.* This article has been translated by AI. September 9, 2026 1
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Financial Services Commission Imposes $9.5 Million Fine on Dexter Studios for Accounting Violations The Financial Services Commission has imposed a fine of 9.5 billion won (approximately $9.5 million) on Dexter Studios for violating accounting standards in its financial statements.The commission announced the decision during its regular meeting on September 9.Two former CEOs of the company were fined 72.7 million won and 94.6 million won, respectively.Investigations revealed that Dexter Studios, a content planning and production company, inflated its revenue by manipulating the progress of projects that were either canceled or had their contract amounts falsely increased between 2016 and 2019.* This article has been translated by AI. September 9, 2026 1
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Marine Corps Commemorates Victory Events Connecting Jeju, Incheon, and Seoul The Marine Corps is holding a series of victory commemorative events from August 29 to September 19 in Jeju, Incheon, and Seoul under the theme Great Victory! Together with the People. The events aim to honor the sacrifices and dedication of veterans, retracing the journey from the deployment of Marine Corps troops in Jeju during the Korean War to the Incheon Landing Operation and the recapture of Seoul.The events began with the 26th Jeju Marine Corps Day on August 29-30. On September 5, a memorial ceremony commemorating the victory at the Battle of Yeonhui was held at Hongjecheon Waterfall Park in Seodaemun-gu, Seoul, in collaboration with the Marine Corps Veterans Association.Additionally, the Marine Corps, in partnership with the city of Incheon, will host a week of events from September 10 to 15 to mark the 76th anniversary of the Incheon Landing Operation. A military band concert will take place at the Incheon Cultural Arts Center on September 11 at 7 p.m., followed by a victory commemorative event at the Incheon Sang Sang Platform on September 15 at 10:30 a.m. This will be the first time since 2010 that the Marine Corps has hosted the Incheon Landing Operation victory event.On the same day at 2:30 p.m., a memorial ceremony for the victory at the Bupyeong Battle will be held at the Bupyeong Art Center to honor the achievements of veterans and commemorate the fallen heroes.On September 19, members of the Marine Corps Veterans Association and U.S. Marine Corps personnel will conduct a relay carrying the national flag from Incheon’s Wolmido to Seoul City Hall. The flag will be presented at the 76th anniversary commemorative event for the recapture of Seoul, which will take place at 10:30 a.m. in front of Seoul City Hall.Moon Won-wook, head of the Personnel and Administration Office of the Marine Corps, stated, We are preparing the events to remember the great victories achieved by our senior Marines together with the people and to retrace the footsteps of victory.* This article has been translated by AI. September 9, 2026 1
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IBK Bank Fails to Detect 18.2 Billion Won Loan Fraud Despite Warrant IBK Bank has come under scrutiny for failing to recognize a significant real estate loan fraud involving 18.2 billion won, despite receiving a police search warrant detailing the fraudulent methods and loan amounts. After reporting the incident to the Financial Supervisory Service (FSS), the bank approved an additional 1.9 billion won in related loans and concluded two internal checks with no irregularities found.On September 9, Shin Dong-wook, a member of the National Assemblys Political Affairs Committee, revealed information obtained from the FSS and IBK Bank. The Incheon Police Agency sent a request for cooperation and a search warrant to IBK Bank on September 24 of last year.The warrant included specific allegations of fraud, stating that developers and brokers had used nominal buyers to secure a loan of 965 million won through false contracts and payment documents.IBK Bank received the warrant the following day but did not recognize it as a fraud case. It was not until a week later, on October 2, when the FSS requested confirmation regarding the search warrant that the bank acknowledged the incident. On October 10, the bank reported the fraud to the FSS, attributing it to external parties.Subsequent internal checks failed to identify any warning signs. The banks inspection department reviewed 16.489 billion won in related loans, examining credit assessments, collateral evaluations, documentation, and cash flows.The review included loans secured by multiple units in the same building, third-party fund inflows, and connections between borrowers and related companies, yet both inspections concluded with no irregularities.Moreover, after reporting the incident to authorities, the bank continued to approve related loans. On October 24, IBK Bank lent 1.9 billion won for facility funds secured by commercial real estate in Namyangju, Gyeonggi Province. This loan went through the headquarters approval process but later became part of the police investigation, resulting in it being classified as related to the fraud due to subsequent delinquencies.The scale of the fraud has expanded as investigations progressed. Initially involving one borrower and one case amounting to 965 million won, the total has now risen to 12 borrowers and 14 cases totaling 18.221 billion won. The total amount of loans executed is 24.46 billion won, with 6.239 billion won recovered through external sales. The provision for bad debts stands at 1.098 billion won, and the final estimated loss has yet to be determined.This incident is part of a broader scheme where developers and brokers allegedly used nominal buyers to obtain loans through false contracts and payment documents for commercial real estate in the metropolitan area, known as work loans.Similar financial incidents have occurred across banks and mutual finance sectors, totaling 136 cases and 1.091 trillion won. Among banks, IBK Bank reported the highest amount at 18.221 billion won, followed by Shinhan Bank at 17.34 billion won, Woori Bank at 9.87 billion won, and KB Kookmin Bank at 3.58 billion won.* This article has been translated by AI. September 9, 2026 1
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Team Korea Prepares for 2026 Aichi-Nagoya Asian Games: A Look Back at 18 Attempts The 2026 Asian Games, held in Japan for the first time in 32 years, are set to begin in 10 days. South Korea, which narrowly missed out on second place by just one gold medal at the 1994 Hiroshima Games, is aiming for 40 to 45 gold medals and to maintain its goal of finishing third overall at the Aichi-Nagoya Games.Since its debut at the 1954 Manila Games, South Korea has participated in 18 Asian Games. While it has never finished first overall, it has placed in the top three in 16 of those events, achieving second place nine times and third place seven times.The first second-place finish came at the 1966 Bangkok Games, where South Korea secured 12 gold medals. It repeated this feat four years later in the same city, finishing with 18 golds. This was followed by additional second-place finishes in 1986 Seoul, 1990 Beijing, 1998 Bangkok, 2002 Busan, 2006 Doha, 2010 Guangzhou, and 2014 Incheon, totaling nine second-place finishes.Third-place finishes occurred in the inaugural 1954 Manila Games, 1958 Tokyo, 1978 Bangkok, 1982 New Delhi, and 1994 Hiroshima, as well as in the 2018 Jakarta-Palembang and the 2023 Hangzhou Games.South Korea has only finished outside the top three twice: in 1974 Tehran, where it placed fourth with 16 golds, and in 1962 Jakarta, where it recorded its lowest performance with just four golds.The closest South Korea came to finishing first overall was at the 1986 Seoul Games, where it won 93 golds, just one behind China, which secured 94. South Korea did, however, lead in total medals with 224, compared to Chinas 222.◆ Five Consecutive Second Place FinishesThe 1986 Seoul Games also marked a significant achievement in individual sports. South Korean boxers swept all 12 weight classes, and Im Chun-ae won gold in the 800m, 1500m, and 3000m, becoming a three-time champion. However, this success did not carry over to the next event. At the 1994 Hiroshima Games, South Korea won 63 golds but fell to third place, just one gold behind host Japan.Four years later, at the Bangkok Games, South Korea reclaimed second place with 65 golds, surpassing Japans 52. This achievement came after the 1997 financial crisis, which led to the dissolution of several professional teams. The 2002 Busan Games set a new record for South Korea, which won a total of 260 medals (96 gold, 80 silver, 84 bronze), the highest in history, maintaining a 52-gold lead over Japan, which secured 44 golds.At the 2006 Doha Games, South Korea again finished second with 58 golds (totaling 192 medals). Park Tae-hwan, then a high school student, dominated the freestyle events, winning gold in the 200m, 400m, and 1500m, and was named the tournaments Most Valuable Player (MVP). Since the MVP award was established in 1998, Park is the only South Korean athlete to receive it.In the 2010 Guangzhou Games, South Korea won 232 medals (76 gold, 65 silver, 91 bronze), setting a new record for the most golds at an away event. Park Tae-hwan again made history, winning gold in the 100m, 200m, and 400m freestyle, becoming the first male swimmer to achieve back-to-back three-gold performances at the Asian Games.At the 2014 Incheon Games, South Korea finished second for the fifth consecutive time, winning 79 golds and outpacing Japan by 32 golds. The success of team sports was particularly notable, with the mens soccer team winning gold for the first time since the 1986 Seoul Games and both mens and womens basketball teams claiming gold, a first and only occurrence for South Korean basketball at the Asian Games.◆ Losing Second Place to Japan: Two Consecutive Third Place FinishesSince the 2018 Jakarta-Palembang Games, South Koreas performance has declined. The Korean Sports Council aimed for over 65 golds to secure a sixth consecutive second-place finish but ended up with only 49 golds, 58 silvers, and 70 bronzes, finishing third overall. The target was lowered to 50 golds during the event, but that goal was not met.This marked the first time since the 1982 New Delhi Games that South Korea failed to win at least 50 golds (28 golds). It also marked the first time since the 1994 Hiroshima Games that South Korea lost second place to Japan. The competition was particularly fierce in foundational sports, with South Korea winning only one gold out of 48 available in athletics and just one out of 41 in swimming. In contrast, Japan secured six golds in athletics and 19 in swimming, achieving its best performance since the 1974 Tehran Games with a total of 75 golds.The trend continued at the 2023 Hangzhou Games, which were postponed by a year due to COVID-19, where South Korea again finished third, winning 42 golds, 59 silvers, and 89 bronzes, trailing behind China (201 golds) and Japan (52 golds). Although the total medal count increased by 13 from the previous event, the number of golds decreased by seven.However, there were notable achievements. South Korean swimming set a record with 22 medals (6 gold, 6 silver, 10 bronze), surpassing Japan (5 golds) for the first time. A total of 14 new national records were established during the event, with all six relay events featuring new South Korean records.Kim Woo-min became a three-time champion, following in the footsteps of Park Tae-hwan from the 2010 Guangzhou Games, while badminton player An Se-young claimed two golds in womens singles and team events, marking the first golds in these categories since the 1994 Hiroshima Games.◆ Aiming for 40-45 Golds and Third Place at Aichi-NagoyaThe 2026 Aichi-Nagoya Asian Games will take place from September 19 to October 4, spanning 16 days across Aichi Prefecture and Nagoya City, with some events held in Tokyo, Osaka, and Shizuoka. South Korea will send 1,052 athletes and officials to compete in 41 out of 43 sports, excluding cricket and padel, marking the largest number of sports it has ever participated in at the Asian Games.The Korean Sports Council has set a target of 40 to 45 gold medals and aims to finish third overall. Yoo Seung-min, president of the council, stated at a media day on August 20 at the Jincheon National Training Center, While the goal is set for third place, I believe we should always aim high. Given that the Asian Games are being held in Japan, our athletes and the council are particularly determined to perform well.Team leader Lee Sang-hyun expressed optimism, saying, At Hangzhou, we had more total medals than Japan. I expect Japan to be stronger than ever, but our athletes have the resilience to perform well under pressure. I believe we could achieve results beyond our expectations.In terms of specific sports, archery aims for five golds, targeting victories in all events, including mens and womens individual and mixed team events. Swimming, which made history in Hangzhou, is aiming for four golds. Badminton, led by An Se-young, is targeting a record three golds.Baseball and soccer are also looking to set records. The baseball team, managed by Ryu Ji-hyun, aims for its first five consecutive golds and a total of seven golds. The U-23 mens soccer team, coached by Lee Min-seong, is seeking its first four consecutive golds.* This article has been translated by AI. September 9, 2026 1
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Japan Emerges as a Key Hub for Semiconductor Production and R&D Japan is re-emerging as a global hub for semiconductor production and research and development (R&D). Analysts suggest that the ecosystem of materials, components, and equipment is a strong enough incentive to overlook the risks posed by earthquakes.According to industry sources, Samsung Electronics has opened a next-generation semiconductor packaging R&D center in Minato Mirai, Yokohama. The company plans to invest 40 billion yen (approximately $329 million) by 2028, with half of that amount supported by the Japanese government. A total of 95 researchers from South Korea and Japan will work at the facility, which aims to expand joint development with local materials and equipment companies and research institutions.SK Hynix is also considering establishing a factory in Japan. Local media have reported on the potential for a memory production base in Japan, following discussions in February and again last month. While SK Hynix denied the rumors in February, it acknowledged last month that it is exploring various options, including securing additional production bases, although no decisions have been finalized. Chey Tae-won, chairman of SK Group, has indicated that he is reviewing multiple candidate sites in Japan, suggesting that the investment discussions are serious.Some argue that Japans frequent earthquake risks make it an unsuitable location for semiconductor factories. A 7.1 magnitude earthquake struck Kumamoto on July 28, causing TSMCs subsidiary JASM and production facilities of Sony and Renesas to halt or reduce operations.However, many view the earthquake risk as manageable. TSMCs Kumamoto plant resumed normal production on August 3 after equipment inspections. Sony significantly shortened its recovery time from the 2016 earthquake, which had taken over three months, thanks to improved seismic reinforcement and repeated training based on past disaster experiences.Japans competitive edge in semiconductor materials, components, and equipment is a significant advantage. According to data from Japans Ministry of Economy, Trade and Industry, Japanese companies hold 31% of the global semiconductor manufacturing equipment market and 48% of the major materials market. Shin-Etsu Chemical and SUMCO are among the top two global suppliers of silicon wafers, while Tokyo Ohka Kogyo is a leader in photoresists. Ajinomotos subsidiary supplies about 95% of the global market for advanced packaging substrate insulation materials.In the era of AI semiconductors, the importance of proximity in collaboration has increased. As it becomes more challenging to enhance performance solely through advanced processes, the utility of high-bandwidth memory (HBM) and advanced packaging that combines multiple chips has grown. The need for chip manufacturers and materials and equipment companies to align material properties and processes from the early stages of development has heightened the value of research hubs close to suppliers. This industrial shift is cited as a reason for Samsungs decision to expand its packaging R&D base in Japan before establishing production lines.The Japanese governments support is also a crucial factor. The Yokohama research centers investment is half funded by the government. Japan has allocated up to 732 billion yen in support for TSMCs second Kumamoto plant and plans to invest over 10 trillion yen in public support for the AI semiconductor sector by 2030. This strategy aims to attract foreign companies, connect them with domestic suppliers, and stimulate further related investments.The supply chain conflict between South Korea and Japan, which arose from Japans export restrictions on semiconductor materials in 2019, has also shifted. The two countries normalized related regulations in 2023. While the risk of concentrating supply chains in one country remains, industry experts emphasize that as AI competition accelerates, the speed of joint development with necessary materials and equipment companies has become increasingly important.Kim Yang-pyung, a senior researcher at the Korea Institute for Industrial Economics and Trade, stated, The semiconductor industry has limitations in processing all operations within a single country, unlike in the past. We must explore growth strategies through collaboration with Japan.* This article has been translated by AI. September 9, 2026 1
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Semiconductor Industry Faces Challenges Amid Global Competition There is a growing call for South Korean semiconductor companies to strengthen their position within the global ecosystem to maintain their competitive edge. Concerns have been raised about potential technology leaks and domestic job losses as Samsung Electronics and SK Hynix expand overseas, but experts emphasize that strategic territorial expansion is urgent.According to industry sources, TSMC announced in January plans to increase its overseas production base from 15% in 2030 to 20% by 2036. Micron has also diversified its key production lines beyond the U.S. to locations in Taiwan, Singapore, and Hiroshima, Japan.In contrast, most of South Korean companies core memory production lines remain concentrated domestically. While Samsungs advanced foundry in Taylor, Texas, and SK Hynixs packaging facility in Indiana are underway, overseas memory production sites are limited to general products and backend processes in Xian and Wuxi, China. The critical front-end production for next-generation advanced memory processes is still entirely handled by domestic campuses in Pyeongtaek, Icheon, and Yongin.Plans for overseas expansion by these companies are also hindered by concerns from the government and political circles. In June, then-Prime Minister Kim Min-seok stated, The priority should be finding ways to make it work in Korea, rather than saying if it doesnt work in Korea. He criticized SK Group Chairman Chey Tae-won’s comments about considering overseas investments due to challenges like power and water shortages in Korea.However, experts warn that an approach characterized by semiconductor isolationism, which insists on domestic production citing potential technology leaks, could weaken competitiveness. They argue that such a stance may lead to isolation during the global supply chain restructuring.According to the Korea International Trade Association and the Bank of Korea, the domestic localization rate of semiconductor equipment is only about 20%, with reliance on imports from the U.S., Japan, and the Netherlands exceeding 70% for key equipment. In a situation where it is difficult to independently establish the entire process of materials, equipment, and packaging, simply increasing domestic fabs without collaboration with global hubs has clear limitations.Yoon Jeong-hyun, a senior researcher at the Institute for National Security Strategy (INSS), explained, If the state and companies become overly nationalistic about technology, they will prioritize strengthening domestic capabilities over cooperation, which risks leading to exclusive protectionism.This is also a timely opportunity for South Korean semiconductor companies to boldly expand their overseas territories. As of the first half of this year, the combined cash and cash-equivalent assets of Samsung Electronics and SK Hynix approached 278 trillion won, marking the highest level of financial resources available. Unlike in the past, when financial difficulties hindered overseas investments, they now have the capacity to secure global hubs.Major countries are also extending significant incentives. The U.S. is actively attracting advanced fabs with high tariffs and subsidies, while Japan is offering cash support covering up to 50% of factory construction costs to draw global semiconductor companies.Ahn Gi-hyun, executive director of the Korea Semiconductor Industry Association, stated, Expanding territories by leveraging overseas subsidies and favorable location conditions is a strategy to enhance global market dominance, not a risk of technology leakage. It is time to make policy decisions to break free from the frame of protectionism and strengthen ties with the global ecosystem.* This article has been translated by AI. September 9, 2026 1