President Lee Jae-myung has directed a comprehensive review of the government's proposed reforms to the Individual Savings Account (ISA) and the so-called stock price control prevention law, prompting varied responses from political parties. The ruling Democratic Party welcomed the decision, stating it provided an opportunity to correct issues, while the opposition People Power Party criticized it as a hasty response to public opinion.
According to reports from the political arena, President Lee issued the directive on August 7, calling for a full reassessment of the ISA reform and stock price control prevention law included in the recent tax reform proposal.
This move comes amid growing criticism from investors and young people regarding the tax reform plan, interpreted as a call to reevaluate these policies from scratch.
The controversial ISA reform plan aims to abolish the limit carryover system and shorten the contract period, leading to backlash primarily from young investors. The stock price control prevention law is intended to prevent major shareholders from keeping stock prices low to reduce inheritance and gift taxes, but it has been criticized for its limited applicability compared to proposals from Democratic Party lawmakers, raising concerns about its effectiveness.
In the Democratic Party's regional primary held on August 8, candidate Kim Min-seok secured 22,537 votes, defeating Jeong Cheong-rae, who received 19,862 votes. This victory marks Kim's success in all regions except for the Busan-Ulsan-Gyeongnam area, where the primary was held on August 1.
Kim achieved this win at the primary held at the Namdong Gymnasium in Incheon, where he garnered 8,742 votes in Jeju and 13,795 votes in Incheon, surpassing Jeong's 6,625 votes in Jeju and 13,237 votes in Incheon. Candidate Song Young-gil received a total of 4,799 votes, with 1,240 in Jeju and 3,559 in Incheon.
Before the announcement of the primary results, the candidates presented their views at a joint speech event at the Namdong Gymnasium, aiming to appeal to party members.
During the event, Jeong continued to challenge Kim, stating, "The essence of this party convention is to judge a candidate who has divided the party and caused distress among members through baseless allegations of factionalism and division." He demanded an apology from Kim for allegedly putting the party in jeopardy.
In the wake of disappointing performances at the 2026 North and Central America World Cup, the Korea Football Association has issued an apology to fans and football stakeholders following a police raid and the emergence of various past misconduct allegations.
On August 8, the association released a statement expressing regret for causing significant disappointment and concern due to the controversies surrounding it after the World Cup.
It added, "The association, which should bring joy and excitement to football fans through intense efforts and sportsmanship, has lost its fundamental function and is in a truly dire situation."
The association emphasized that no inappropriate actions or misuse of cards are currently occurring and expressed hope that the valuable achievements and efforts of national team players representing South Korea would not be misunderstood or diminished by these events.
As a prolonged heatwave grips the nation, over 200 individuals sought emergency treatment for heat-related illnesses in a single day.
According to the Korea Disease Control and Prevention Agency, 202 heat-related patients visited emergency rooms across the country on August 7, with three fatalities reported.
Since the heat illness monitoring system was activated on May 15, a total of 3,089 cases have been recorded, with 26 deaths. The number of heat-related illnesses, which had been below 50 per day until mid-July, has surged to triple digits this month. On August 3, there were 208 cases, followed by 211 on August 4, and 223 on August 5. Although the number slightly decreased to 194 on August 6, it rose again the following day.
On August 8, President Lee Jae-myung addressed the so-called "marriage penalty" in loans and housing subscriptions, stating, "Marriage should be a hopeful new beginning, not a burden. The government will fulfill its responsibilities to ensure this."
In a post on X (formerly Twitter), President Lee emphasized that young people should not hesitate to marry due to government policies. He directed a thorough investigation into institutional disadvantages that may arise from marriage.
During a meeting with senior aides in February, President Lee also highlighted the marriage penalty in loans and housing subscriptions, insisting that it must be identified and corrected.
He noted that through youth forums, real estate discussions, and reviews by relevant ministries, various opinions were gathered, leading to the proposal of 22 priority issues directly affecting housing and asset formation.
The newly established company Sovereign State, just two months old, entered into a lease agreement with the Korea Construction Technology Association through opaque procedures. It subsequently misappropriated tenant deposits totaling 10 billion won and used the funds for other ventures, depleting the deposits.
On July 24, at the parking lot of the Rich Central Building in Songdo, Incheon, electric vehicle chargers were conspicuously absent. This was the site of the "Megawatt" charging station, which Sovereign EPS had promoted as the largest in the country. All 60 charging facilities, including fast chargers, had been dismantled, leaving only a crumpled opening ceremony banner in one corner of the parking lot. Electric equipment removal was actively underway.
The representative of Sovereign State, Mr. Choi, is also the head of Sovereign EPS. In October 2022, he held an opening ceremony at this location, boasting plans to expand a network of large charging stations across major hubs nationwide.
Sovereign State and Sovereign EPS are essentially the same entity, differing only in name. The corporate registration records for both companies list Mr. Choi as CEO and Mr. Lee as auditor. Mr. Yoo, who was responsible for contracts with tenants under the title of director at Sovereign State, was actually a registered director at Sovereign EPS. He lent Mr. Choi 95 million won and received a 3% stake in Sovereign EPS in return.
Gas prices at nationwide stations have fallen for 12 consecutive weeks. However, both gasoline and diesel prices remain high, still above 1,800 won per liter.
According to the Korea National Oil Corporation's oil price information system, the average selling price of gasoline at nationwide stations for the first week of August (August 2-6) decreased by 2.9 won to 1,866.2 won per liter compared to the previous week.
Regionally, Seoul recorded the highest price at 1,909.1 won, down 1.0 won from the previous week, while Daegu had the lowest price at 1,840.6 won, down 3.8 won.
By brand, GS Caltex stations had the highest gasoline price at 1,869.2 won per liter, while budget stations offered the lowest at 1,858.0 won.
* This article has been translated by AI.
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