Kim Min-seok Continues Efforts for Unity Within Democratic Party
Kim Min-seok, the leader of the Democratic Party, is continuing his efforts to unify the party. After greeting four former and current presidents from the democratic camp—late Presidents Kim Dae-jung and Roh Moo-hyun, former President Moon Jae-in, and President Lee Jae-myung—he visited the graves of former Prime Minister Lee Hae-chan and former Open Our Party Chairman Kim Geun-tae. This move is seen as an attempt to resolve factional conflicts that have intensified during the party's recent conv
Korean Tax Agency Bans Misleading Tax Consultant Advertisements
Advertisements by tax consultants that claim refund rates, tax savings, or success rates without proper justification are now prohibited. Promotions that assert superiority, such as 'the best in the country' or 'number one in refund rates,' are also subject to regulation.The National Tax Service announced on August 20 that it will issue a notice regarding the 'Regulations on Advertisements Prohibited for Tax Consultants.'This notice specifies types of advertisements that could harm taxpayers, fo
Rural Employment Rates Reach Record High Amid Urban Declines
This year, the employment landscape in South Korea has shown contrasting trends between rural areas and urban districts. While rural regions have seen increases in both employment numbers and rates, urban districts have experienced declines in both metrics. Employment struggles continue in areas heavily reliant on manufacturing and construction, whereas regions with concentrations in sectors like semiconductors have reported relatively high employment rates.According to the '2026 Regional Employ
Korea's Fair Trade Commission Approves Conditional Merger of Daesan 1
The Korea Fair Trade Commission (KFTC) has conditionally approved the merger of Daesan 1, the first case of restructuring in the petrochemical industry. While there are concerns about potential market competition limitations, the merger was not blocked.However, the KFTC imposed corrective measures, including restrictions on the prices and supply of low-density polyethylene (LDPE) and ethylene-vinyl acetate (EVA) for the next five years.On August 20, the KFTC announced its conditional approval of
Short-term External Debt Rises by $15 Billion in Q2, Weakening Debt Health Indicators
South Korea's short-term external debt increased in the second quarter of this year, leading to a slight deterioration in external debt health indicators.According to the Ministry of Finance's report on 'Q2 External Assets and Liabilities Trends' released on August 20, the country's external debt reached $812.8 billion at the end of the second quarter, an increase of $38.4 billion from the previous quarter.By maturity, short-term external debt, due within one year, rose by $15 billion to $198.5
South Korea Expands Recycling Standards for Used Batteries
The South Korean government is broadening the scope of materials recognized for recycling from used batteries and enhancing safety standards for their transport and storage. The Future Waste Resources collection centers, which primarily handled used electric vehicle batteries and solar panel waste, will now also manage components from wind turbines, energy storage systems (ESS), and eco-friendly vehicles.On August 20, the Ministry of Climate, Energy and Environment announced that it will publicl
Surge in Q2 Stock Prices Leads to Record Drop in Net External Financial Assets
In the second quarter, a significant rise in domestic stock prices resulted in a record drop in South Korea's net external financial assets. The increase in residents' overseas securities investments and a favorable global stock market partially offset the decline in external financial assets.According to the Bank of Korea's '2026 Q2 International Investment Position (preliminary)' report released on August 20, net external financial assets (external financial assets minus external financial lia
Financial Supervisory Service Automates Monitoring of Virtual Asset Market Using AI
The Financial Supervisory Service (FSS) is automating its market monitoring of unfair trading in virtual assets using artificial intelligence (AI).On August 20, the FSS announced the establishment of an AI-based monitoring system for the virtual asset market that integrates generative AI and machine learning algorithms.This system includes real-time transaction data analysis, online public information analysis, and automatic in-depth analysis of suspicious assets.Initially, the AI algorithm will
High-Level Radioactive Waste Management Committee Begins Operations
A specialized committee tasked with reviewing policies for managing high-level radioactive waste has officially begun its activities. In its first meeting, the committee will examine the draft of the third basic plan for high-level radioactive waste management and the criteria for excluding unsuitable disposal site areas.The High-Level Radioactive Waste Management Committee announced on August 20 that it will hold its first sector-specific committee meeting on August 21 at the Sangyeonjae in Jun
Population of Centenarians in South Korea Surges to 8,604, Majority Are Women
Last year, the number of centenarians in South Korea surpassed 8,600, marking a 2.7-fold increase over the past decade, with more than 80% being women.According to the National Data Agency's report on the "2025 Population and Housing Census for Centenarians" released on August 20, the number of individuals aged 100 and older was recorded at 8,604 as of November 1 last year.This figure represents an increase of 5,445 (172.4%) from 3,159 in 2015. The number of centenarians per 100,000 people rose