Government to Revise Local Education Funding Formula Amid Declining Student Numbers
The government plans to revise the formula for local education financial grants to reduce instability caused by declining school-age populations and fluctuations in tax revenue. The new formula will enhance the stability of total grants by reflecting economic growth rates and inflation while incorporating some changes in school-age population. Savings from this adjustment will be reinvested in future education and talent initiatives, including early childhood education and attracting national ta
People Power Party to Review Financial Policies of Lee Jae-myung Administration
The People Power Party announced plans to assess the appropriateness of the financial expansion policies of the Lee Jae-myung administration during the 2025 fiscal year settlement review. This includes verifying the details of special activity expenses and the budget related to the relocation of the presidential office.On August 21, members of the Budget Settlement Committee from the People Power Party held a press conference at the National Assembly to outline key issues and the direction of th
Park Hong-keun: Future Response Fund to Serve as Strategic Investment Platform
Park Hong-keun, Minister of the Office for Government Policy Coordination, announced plans to invest additional tax revenue from the semiconductor boom into future growth areas such as youth, artificial intelligence (AI), local development, and talent cultivation, rather than using it for temporary expenditures.On August 21, the Ministry held the first meeting of the Fiscal Management Strategy Council at the Government Seoul Complex, chaired by Minister Park, to discuss the implementation of the
South Korea to Allocate Surplus Tax Revenue to Future Response Fund
The South Korean government will not separately calculate the increase in corporate tax from semiconductor companies but will instead allocate the total domestic tax revenue exceeding the long-term trend of the past decade to the Future Response Fund. This initiative aims to create a "fiscal reservoir" that accumulates resources during tax revenue booms for future industry investments and can be tapped into when revenues decline.On August 21, the government held the first meeting of the Fiscal M
Allegations of Military Secrets Leak Surround LIG Defense & Aerospace's Fleet Air Defense Missile-II
Allegations of a military secrets leak are spreading around LIG Defense & Aerospace.Recently, a post titled 'General Information Related to the Development of the Fleet Air Defense Missile-II' appeared on an online community.The post included materials and explanations related to the development of domestic vessels and the Fleet Air Defense Missile.Notably, the author of the post introduced himself in the comments as having served five years in the navy and two and a half years on land before be
Korea Technology Guarantee Fund Facilitates $245 Million M&A Deal
The Korea Technology Guarantee Fund announced on August 21 that it has facilitated a merger and acquisition (M&A) deal worth 24.5 billion won (approximately $245 million).The M&A platform, developed by the fund in collaboration with investment institutions, aims to support small and medium-sized enterprises (SMEs) in their M&A endeavors. APS Innovation, a company specializing in secondary battery equipment, signed a contract earlier this month to acquire 100% of the shares of IRE Engineering for
Prosecutors Conduct Raids on Former President Roh Tae-woo's Family Over Hidden Slush Fund Allegations
Prosecutors have launched a surprise investigation into allegations of hidden slush funds and tax evasion involving the family of the late former President Roh Tae-woo.According to legal sources on August 21, the Seoul Central District Prosecutors' Office's Criminal Proceeds Recovery Division, led by Chief Prosecutor So Jeong-soo, dispatched prosecutors and investigators to secure financial documents and accounting records from Roh's residence in Yeonhui-dong, Seoul, where his wife, Kim Ok-sook,
China Delivers 300,000-Ton Super Large Oil Tanker
China has delivered a 300,000-ton super large crude oil carrier (VLCC) designed independently by the country.The vessel, named 'Front Fraser,' was handed over to the Norwegian shipping company Siem Tankers on August 19 in Dalian, Liaoning Province, by Dalian Shipbuilding Industry Company (DSIC), a subsidiary of the state-owned China Shipbuilding Group (CSSC), in collaboration with China Shipbuilding Trading, according to a report by Xinhua on August 21.Designed and developed independently by DSI
Uiwang City Council Inspects Emergency Response Capabilities During Eulji Training
On August 20, the Uiwang City Council in Gyeonggi Province assessed the local emergency response capabilities and encouraged participants in the Eulji training exercise. According to the council, members visited the site of the '2026 Eulji Training' set up in the city hall conference room to review the training progress and emergency preparedness. All seven council members, including Chair Seo Chang-soo, attended the visit. The '2026 Eulji Training' is an emergency preparedness drill aimed at en
Kakao Splits into Kakao AI and Kakao X, Appoints New Leadership
Kakao is splitting into Kakao AI, focused on KakaoTalk and artificial intelligence (AI), and Kakao X, which will handle investments and new business development. Kakao AI aims to integrate AI with KakaoTalk to secure new growth opportunities, while Kakao X will focus on the growth of existing core businesses and new investments. Jeong Sin-a, the current CEO of Kakao, will lead Kakao AI, and Kim Do-young, CEO of Kakao Investment and head of Kakao's Group Investment Strategy Office, will head Kaka