Construction Spending in South Korea Drops by 28.8 Trillion Won, Largest Decline Since 1998
Last year, domestic and international construction spending in South Korea fell by nearly 29 trillion won, totaling 335 trillion won. The decline rate of 7.9% marks the largest drop since the 1998 financial crisis, which saw a decrease of 12.9%. This downturn is attributed to a slump in the private construction market and poor performance in overseas projects.According to the "2025 Construction Industry Survey Results" released by the National Data Agency on August 28, the construction spending
Resident Foreign Currency Deposits Increased by $15 Billion in July
Last month, resident foreign currency deposits in South Korea continued to rise for the fourth consecutive month.According to data released by the Bank of Korea on August 28, the balance of resident foreign currency deposits at foreign exchange banks reached $128.34 billion at the end of July, an increase of $15.01 billion from the previous month.Resident foreign currency deposits refer to deposits held by domestic individuals, domestic companies, foreigners residing in South Korea for more than
Korean SMEs Partner with Garden Grove to Expand U.S. Market Access
The Korea SMEs Association has partnered with the city of Garden Grove, California, to establish a business model aimed at assisting Korean small and medium-sized enterprises (SMEs) in entering the U.S. market.On August 27, local time, the Korea SMEs Association announced that it signed a memorandum of understanding with Garden Grove at the city’s police department to support the entry of Korean SMEs into the U.S. market through the revitalization of the Korean business district.Garden Grove, lo
JTBC Begins Corporate Rehabilitation Process Amid Central Group Liquidity Crisis
The Seoul Rehabilitation Court decided on August 28 to initiate corporate rehabilitation proceedings for JTBC.The court's second division, led by Chief Judge Jeong Jun-young, announced the conclusion of JTBC's Autonomous Restructuring Support (ARS) process and the decision to commence rehabilitation proceedings.The court cited several factors for its decision, including the growth of online video services (OTT) following the COVID-19 pandemic, rising production costs such as talent fees and labo
Special Prosecutor Requests Transfer of Election Incident Records
The special prosecutor team investigating the ballot shortage during the June 3 local elections is accelerating its formation as of August 28. The team has requested the joint investigation headquarters of the prosecution and police to transfer case records and evidence.In a press release, the special prosecutor's office stated, "We have sent a request for cooperation to the Ministry of Justice and the National Police Agency to complete the deployment of about 60 investigators, including 20 pros
Ansan Mayor Lee Min-keun Pledges to Create Tangible Changes for Residents
Lee Min-keun, the mayor of Ansan, expressed on the 27th, "I will listen on-site and create changes that residents can feel." On this day, Mayor Lee visited Bon-o 2-dong, where he toured key locations with residents and gathered their opinions on everyday inconveniences and local issues. The mayor continues his on-site communication efforts by directly visiting residents' living environments to address local concerns and hear their voices. The 'Dialogue with Residents' event included Mayor
Choi Hwi-young: Ticket Scalping to Be Eradicated Starting Today
Choi Hwi-young, the Minister of Culture, Sports and Tourism, announced on August 28 that starting today, all fraudulent transactions involving performance and sports tickets will be prohibited, regardless of the use of macro programs.During a joint inspection meeting on ticket scalping held at the National Museum of Modern and Contemporary Art in Jongno, Seoul, Choi stated, "Scalpers, who neither perform on stage nor compete in sports, are disrupting the market by taking advantage of the value c
YouTuber BJ Kay Admits to Police Investigation Over Prescription Drug Allegations
BJ Kay (36, real name Park Jung-kyu), the boyfriend of YouTuber Gwajuseyeon, has acknowledged that he is under police investigation for allegedly obtaining prescription sleep medication illegally and has issued an apology.During a live broadcast on the 27th, BJ Kay stated, "There was an article about the prescription drug allegations, and I admit it is true."He added, "I am currently receiving prescriptions properly and I apologize for creating this issue. I have cooperated fully with the invest
Lotte On Supports Small Businesses with Live Commerce, Aiming to Assist 70 Companies This Year
Lotte On, the e-commerce platform of Lotte Shopping, is supporting small businesses in expanding their online sales through live commerce.On August 28, Lotte On announced its participation in the '2026 Live Commerce Production and Operation Support Project' in collaboration with the Korea Small and Medium Enterprises and Startups Agency and the Ministry of SMEs and Startups. By the end of this month, approximately 30 small businesses have participated in the live commerce program 'OnLive,' with
Pro-Trump Companies Strengthen Ties with Democrats Ahead of Midterms
Major U.S. corporations closely aligned with President Donald Trump are reportedly strengthening their ties with the Democratic Party in anticipation of the November midterm elections, amid concerns that they could face congressional investigations or scrutiny. These companies, which have made significant donations to the Trump administration or closely aligned themselves with its policies, are assessing potential vulnerabilities should Democrats gain control of the House.The Wall Street Journal