The 2026 Nobel Prize in Economics has been awarded to American economists Robert Hall, 83, a professor at Stanford University, and Michael Woodford, 71, a professor at Columbia University, for their research on microeconomic foundations for macroeconomic stability and the framework of modern monetary policy.
According to reports from Yonhap News and others, the Royal Swedish Academy of Sciences announced on October 12 that the two scholars have been jointly awarded this year's Nobel Prize in Economics.
The Academy stated, "Their research has brought significant changes to economic stabilization policies," adding that the 'New Keynesian model' developed from their work allows for the explanation and quantification of the impact of stabilization policies on economic fluctuations.
Their most notable achievement was the innovative overhaul of the traditional Keynesian model, which showed limitations during the stagflation of the 1970s. The two economists shifted focus from relying solely on macroeconomic statistics to examining how individual economic agents, such as households and businesses, predict and act in the future.
Major international economic media outlets highlighted the profound influence of their theories on the policy operations of central banks worldwide. Bloomberg noted that Hall and Woodford have redefined how central banks combat extreme economic crises like deflation and hyperinflation over the past decade, emphasizing that the 'forward guidance' policy adopted by the Federal Reserve and others after the 2008 financial crisis is rooted in Woodford's research.
SK Group Chairman Choi Tae-won Appeals Property Division Ruling
Choi Tae-won, chairman of SK Group, has filed an appeal with the Supreme Court against the ruling in his divorce case with Na So-young, director of the Art Center Nabi, signaling a fierce legal battle over property division.
On October 12, Yonhap News reported that Choi's legal team submitted the appeal to the Supreme Court, which is reviewing the property division case. The key issue in the appeal is whether the division ratio of 'Choi 66.6% to Na 33.3%' determined by the appellate court was appropriate.
Last year, the Supreme Court ruled that the 30 billion won slush fund from the late former President Roh Tae-woo, which had actually flowed to SK, was considered 'illegal funds' and should not be factored into Na's contributions in the property division. Consequently, the appellate court, following the Supreme Court's ruling, excluded the slush fund from the division calculation but still recognized Na's contribution at 33.3%.
This figure is only a 1.7 percentage point decrease from the 35% recognized by the previous appellate court. Choi's side argues that it is unfair for Na's property division ratio to decrease only slightly despite the lack of recognition for the slush fund's contribution.
EU to Limit Annual Imports of Chinese Hybrid Cars to 350,000
The European Union (EU) will implement safeguard measures limiting annual imports of hybrid cars, including those from China, to 350,000 units starting in December.
According to Yonhap News on October 12, the EU plans to introduce this import restriction on hybrid cars on December 1. The initial cap for this year will be set at 350,000 units, with the limit increasing by 6% each year for the next four years.
This cap will apply to both conventional hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs). To comply with the World Trade Organization's non-discrimination principle, the cap will not be limited to Chinese imports but will also apply to vehicles from all countries with which the EU has free trade agreements. However, the quota for Chinese imports will be ensured to be no less than that of any other importing country.
Previously, Chinese Commerce Minister Wang Wentao and EU Trade and Economic Security Commissioner Valdis Dombrovskis reached this trade agreement during the second China-EU economic and trade consultation held in Beijing from October 8 to 9.
Dombrovskis stated, "We have reached a common understanding to regulate the export of Chinese hybrid cars," adding that in return, China will reduce tariffs on certain EU products, including automotive parts and olive oil, resulting in cost savings of at least 225 million euros (approximately 338 billion won).
Korean Baseball Sets New Attendance Record with 12.77 Million Fans
The 2026 Korean professional baseball season concluded with a record-breaking attendance of 12.77 million fans, surpassing the previous record set last year.
On October 12, Yonhap News reported that the total attendance for the 720 regular season games this year reached 12,775,551, exceeding last year's record of 12,312,519.
The final day of the regular season saw sell-out crowds at three stadiums: Seoul's Jamsil Stadium (23,750 seats), Daegu's Samsung Lions Park (24,000 seats), and Gwangju's Kia Champions Field (25,000 seats), marking a spectacular end to the season.
Each team also enjoyed record-breaking attendance figures. The Samsung Lions became the first team to surpass 1.7 million fans in a season, finishing with a total of 1,717,050 attendees. The Doosan Bears, who played their last regular season game at Jamsil Stadium before its demolition, also achieved a milestone by attracting over 1.5 million fans (1,507,522).
Massive Anti-Government Protests Erupt in India Over Voter List Deletions
In India, a shocking incident has led to the deletion of over 130 million names from the voter list, sparking widespread anti-government protests calling for the resignation of Election Commission officials and Prime Minister Narendra Modi.
On October 12, reports from Yonhap News, Reuters, and AFP indicated that thousands of supporters from opposition parties and the youth political movement 'Cockroach People's Party (CJP)' held demonstrations in New Delhi, demanding a halt to the voter list revisions and the resignation of Election Commissioner Gyanesh Kumar.
The protesters attempted to march toward the Supreme Court, where they plan to submit an official petition demanding Kumar's resignation to Chief Justice D.Y. Chandrachud, who had previously suggested that the opposition submit a petition instead of meeting directly.
This situation arose after local media outlet Indian Express first reported allegations regarding the Election Commission's handling of the voter list. According to the report, the Commission deleted 133 million names during the revision process, a number greater than Japan's entire population.
Opposition supporters allege that many names were targeted for deletion, suggesting that the ruling Bharatiya Janata Party (BJP) led by Modi is manipulating the voter list to gain an advantage in upcoming elections. The Election Commission has countered these claims, stating that the deletions were merely routine internal discrepancies and not indicative of any wrongdoing.
However, public outrage has escalated since protests began in Mumbai on October 2, spreading to major cities like New Delhi and Kolkata over the weekend. Demonstrators are increasingly vocal about their demands for Modi's resignation, stating, "After 12 years of injustice, we want this government to step down, and if we lose our voting rights, we have nothing left."
* This article has been translated by AI.
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