Kim Min-seok, a candidate for the leadership of the Democratic Party, secured victories in Gangwon and Gyeongbuk during the party's primary held on the 9th. This win means Kim has triumphed over his opponent, Jeong Cheong-rae, in all regions except for Busan-Ulsan-Gyeongnam and Daegu, including Chungcheong, Jeju, and Incheon.
Kim achieved his final victory over Jeong at the Grand Ballroom of the Inter-Burgo Exco Hotel in Daegu's Buk-gu. He garnered 9,568 votes in Gangwon and 4,948 votes in Gyeongbuk, surpassing Jeong's 7,978 and 4,774 votes, respectively.
However, Jeong managed to win in Daegu, receiving 4,603 votes compared to Kim's 4,461, thus avoiding a complete sweep. Candidate Song Young-gil received a total of 2,760 votes, with 1,476 in Gangwon, 561 in Daegu, and 723 in Gyeongbuk.
The Korea Football Association is embroiled in controversy following revelations that it provided sexual services to foreign referees in the past. This scandal has raised concerns about the potential for the forfeiture of Olympic medals and possible sanctions from FIFA, as it has been confirmed that the misconduct occurred during matches, including the final qualifiers for the 2012 London Olympics.
According to a recently released audit report from the Ministry of Culture, Sports and Tourism from 2016 and comprehensive materials provided by Democratic Party lawmaker Jin Sun-mi's office on the 7th, the Football Association offered sexual services to over ten foreign referees and officials during seven national team friendly matches and Olympic team games held in South Korea from March 2011 to March 2012. Payments were made using corporate cards at massage parlors in Gangnam, Changwon, and Ulsan, ranging from hundreds of thousands to over one million won.
In the seven matches where the referees were involved, South Korea achieved an undefeated record of five wins and two draws. This includes the matches against Oman (2-0 win) and Qatar (0-0 draw) during the final qualifiers for the London Olympics, where South Korea advanced to the finals and won its first Olympic bronze medal. The 2014 World Cup third qualifying match against Kuwait (2-0 win) also involved referees who were part of the scandal.
The won-dollar exchange rate has rapidly fallen to the 1400 won level, raising questions about whether the won will continue to strengthen. While there is potential for further declines if dollar supply increases due to corporate tax payments, experts predict that once this supply is exhausted, the dollar's availability may become limited, leading to a rebound.
As of the 9th, the exchange rate in the Seoul foreign exchange market closed at 1,409.5 won per U.S. dollar on the 8th. During trading, it reached a low of 1,407.3 won, marking the lowest level since October 2 of last year (1,399.5 won).
The exchange rate has seen significant declines recently. After peaking at 1,555.8 won on July 2, it has dropped by 139.7 won over 25 trading days until the 7th, averaging a decrease of 5.6 won per day. This rate of decline is more than double the average drop of 2.5 won per day observed from April 9 to June 30 of last year.
The recent sharp decline in the exchange rate is attributed to improved dollar supply and coordinated market interventions by the U.S. and Japan. The influx of dollar amounts related to SK Hynix's American Depositary Receipts (ADRs) and the dollar sales by exporting companies have also alleviated supply imbalances.
SK Hynix is set to make a massive investment of 54 trillion won in Yongin and Cheongju, focusing on expanding its production base for advanced artificial intelligence (AI) memory. The company plans to optimize its assets by selling its less profitable production line in Chongqing, China, while enhancing its capacity to meet the demand for high-bandwidth memory (HBM) and next-generation NAND flash.
According to industry sources on the 9th, SK Hynix's board recently approved a new investment of approximately 54.3 trillion won, which includes 35.2 trillion won for the second phase of the Yongin semiconductor cluster (Fab Y2) and 19.1 trillion won for the Cheongju M17 fab. This marks the beginning of the company's long-term expansion plan announced at the end of June, aimed at timely securing supply capabilities to meet the rapidly growing global demand for AI memory.
The core of this domestic investment is the establishment of a next-generation AI memory production base. Construction of the Yongin Y2 fab, which is set to begin in July next year, will cover an area of 1,127,272 square meters (approximately 340,000 pyeong), with the first cleanroom expected to be operational by 2029. SK Hynix envisions the Yongin Y2 fab as a leading facility for producing cutting-edge HBM and next-generation DRAM in the global market. The Cheongju M17 fab, which will also begin construction in February next year, aims to open its cleanroom by the end of 2028 and will establish a premium NAND line.
In Yeouido and Mokdong, two major reconstruction areas in Seoul, securing temporary housing has become a critical variable for the advancement of large-scale relocation projects. As multiple redevelopment projects accelerate, the demand for relocation is increasing, while the supply of rental properties is dwindling. Concerns are also rising that if tax reforms enhancing benefits for actual residents are implemented, landlords may withdraw rental properties to live in them themselves, further tightening the rental market.
According to the redevelopment industry on the 9th, the Daegyo Apartment in Yeouido, which received approval for its management plan on May 19, plans to begin relocation around October. Built in 1975, the Daegyo Apartment will be reconstructed from its current 576 units into a maximum of 912 units across 49 floors. The association aims to demolish the building and start construction next year, targeting completion in 2031.
The Hanyang Apartment is also preparing for relocation in the second half of this year as it completes the final steps of its management plan. This project will transform the existing 588 units into a mixed-use complex with a maximum of 992 residential units and 60 office-tel units across 57 floors. The Seoul City Maintenance Project Information System registered a notification of the management plan approval on the 5th.
If the relocation timelines for Daegyo and Hanyang overlap, up to 1,164 households in Yeouido may need to find new accommodations simultaneously. Residents in Yeouido prefer temporary housing within the area or in nearby districts such as Mapo, Gongdeok, Sin-gil, and Mokdong to maintain their living environment. Households with school-age children face even more limited options as they are reluctant to move away from their existing school districts.
* This article has been translated by AI.
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