Court Administration Chief Addresses Controversy Over Judicial Nomination Process
As backlash grows from the ruling party over Chief Justice Cho Hee-dae's written nomination of Supreme Court candidates, Noh Kyung-pil, head of the Court Administration, stated, "This is not meant to provoke a fight." The Supreme Court has expressed that it could not delay the nominations further due to ongoing disagreements over candidates and the potential for additional vacancies on the court.During a session of the National Assembly's Judiciary Committee on August 19, Noh responded to a ques
President Lee Likely to Implement Sequential Cabinet Reshuffle Before National Audit
President Lee Jae-myung is increasingly expected to initiate a 'sequential cabinet reshuffle' from September to October, addressing urgent personnel changes in key ministries. The resignation of Justice Minister Jeong Seong-ho and the prolonged vacancy in the Ministry of SMEs have made it difficult to delay appointments further, especially as a significant reshuffle before the October National Audit poses challenges.President Lee is anticipated to prioritize appointments in the Ministry of Justi
Seoul Mayor Oh Se-hoon Opposes Housing Development in Yongsan Park
Seoul Mayor Oh Se-hoon expressed his opposition to housing construction in Yongsan Park during a Cabinet meeting at the Blue House on August 18. Oh argued that to expand housing supply, regulations hindering redevelopment and reconstruction must be eased. He stated that relaxing restrictions on the transfer of membership status, floor area ratio, and rental housing ratios would allow for quicker housing supply in areas favored by the private sector. However, he firmly opposed the idea of u
NH Bank Resumes Variable Rate Mortgage Loans, Easing Borrowing Conditions
NH Nonghyup Bank is set to resume offering variable rate mortgage loans. This marks the first instance of a loan regulation easing in the banking sector following the government's decision to relax household loan limits this year.According to the financial sector on August 19, NH Nonghyup Bank will restart new issuances of its 'NH Mortgage Loan' product starting August 20. The bank had restricted new issuances of this product since June 1 to manage household loan limits.The resumption of loan of
Lotte Group Sees Profit Surge Amid Business Restructuring
Lotte Group's ongoing business restructuring and focus on profitability have led to improved performance in the first half of the year. Not only did the retail and food sectors see gains, but even the chemical and construction divisions, which had faced challenging market conditions, reported increased operating profits, indicating a significant transformation across the group.According to Lotte, Lotte Shopping recorded an operating profit of 342.8 billion won in the first half of the year, an 8
Former National Intelligence Service Chief Joo Tae-yong Sentenced to 2.5 Years in Prison
Joo Tae-yong, the former chief of the National Intelligence Service, was sentenced to 2 years and 6 months in prison in an appeals court, a year longer than his initial sentence. He was convicted of charges including dereliction of duty, violations of the National Intelligence Service Act, and evidence destruction related to his involvement in the political landscape following the declaration of martial law on December 3, 2024.On August 19, the Seoul High Court's Criminal Division 1, led by Judg
HD Hyundai Heavy Industries Launches New Landing Ship for Peru
HD Hyundai Heavy Industries has successfully completed its first joint ship construction project abroad.On August 18, the company announced the launch of the Chimbote, the first of two new landing ships for the Peruvian Navy, at the SIMA shipyard in Peru.The Chimbote is one of two landing ships being jointly constructed by HD Hyundai Heavy Industries and SIMA. The company secured a contract in April 2024 for a total of four vessels, including two landing ships, and began simultaneous constructio
HD Hyundai Heavy Industries Undergoes Intensive Oversight Following Fatal Accidents
The Ministry of Employment and Labor has initiated intensive oversight of HD Hyundai Heavy Industries, following a series of fatal entrapment accidents. Although the company has implemented emergency measures such as a safety shutdown, it has yet to announce specific follow-up actions to prevent further incidents.According to industry sources, two workers died in entrapment accidents at HD Hyundai Heavy Industries' Ulsan and Gunsan shipyards on July 18 and 24, respectively. This brings the total
China Successfully Recovers Reusable Rocket on Land for the First Time
China has successfully recovered a reusable rocket on land for the first time. The Zhuque 3 rocket, developed by the aerospace company Landspace, was launched at 7:35 a.m. from the Dongfeng Commercial Space Innovation Test Site in Gansu Province, according to China Science and Technology Daily.About 137 seconds after launch, the first and second stages separated, with the second stage successfully placing the payload, the Honghu 03 satellite, into its intended orbit. The first stage then adjuste
Hyundai Motor Launches First Full Strike in a Decade, Industry Faces Challenges
Hyundai Motor has initiated its first full strike in a decade, raising concerns about its sales in the second half of the year. According to industry sources and Yonhap News on August 19, negotiations between Hyundai and its labor union failed to reach an agreement during the 16th round of talks held the previous day at the Ulsan plant. As a result, the union began a five-day strike starting today. The union plans to conduct four-hour partial strikes on August 19-20 and August 24-25, followed by