Korea Herald

• President Lee Jae Myung stated on Friday that he has no intention of seeking reelection. • Lee rejected claims that his push to revise the Constitution to allow consecutive presidential terms was a move to extend his own time in office. • This clarification comes during Lee's seventh press conference since taking office, a period marked by falling approval ratings.

• Chinese short-form drama platforms dominated new entertainment app downloads in South Korea during August. • DramaWave led the market with 840,000 installs, followed by NetShort with 800,000 and DramaBox with 740,000, according to Mobile Index. • The surge in Chinese app popularity highlights a gap in the local Korean market for bite-sized series despite the country's global reputation for long-form dramas.

• The ruling Democratic Party of Korea adopted the confirmation report for its justice minister nominee on Thursday. • The Legislation and Judiciary Committee of the National Assembly pushed the confirmation through despite resistance from the main opposition party. • This decision allows the embattled nominee to move forward in the appointment process despite political conflict.

• Gender Equality and Family Minister nominee Rep. Yong Hye-in announced Thursday that she will keep her parliamentary seat if she is appointed to the cabinet. • Yong denied allegations regarding her husband's pay, stating he earned an average monthly salary of 2.5 million won over six years while working for the Basic Income Party. • The nominee's decision to retain her seat persists despite mounting pressure from both ruling and opposition political parties.

• A presidential official announced Thursday that the government will decide whether to appoint nominees for justice and gender equality ministers after their confirmation hearings. • Senior presidential secretary Seong Ghi-hong made the statement during an MBC radio interview regarding nominees Kim Seung-won and Yong Hye-in. • The decision affects the leadership of the justice and gender equality ministries following public controversy surrounding the candidates.

• South Korea's rival political parties will clash over the Lee government's policies during a government interpellation session and minister confirmation hearings starting Wednesday. • The schedule begins with political affairs on Wednesday, followed by foreign affairs, unification, and security on Thursday, and economic affairs on Friday. • These sessions will determine the legislative scrutiny of the administration's approach to housing, security, and the national economy.

• The South Korean government has abandoned proposed eligibility reforms for the basic pension, opting for a compromise that avoids tightening requirements before upcoming elections. • The Ministry of Health and Welfare had previously considered replacing the "70 percent rule" with a median-income threshold to reduce eligibility to 80 percent by 2030. • This reversal followed the abrupt cancellation of a scheduled briefing by Health and Welfare Minister Jeong Eun-kyeong on August 27.

• President Lee Jae Myung has accepted the resignation of Kim Yong-beom, his top policy adviser, according to an announcement from Cheong Wa Dae on Tuesday. • The resignation marks a significant shift in the administration's inner circle, as Kim held a pivotal role in shaping the president's policy agenda. • This leadership change may impact the government's current strategic direction and the implementation of key domestic and foreign policies.

• Presidential chief of staff for policy Kim Yong-beom has offered his resignation, which has been formally accepted by President Lee Jae Myung. • The announcement was confirmed by a presidential spokesperson, marking a significant leadership change within the administration's policy wing. • This resignation is critical as the policy chief is responsible for coordinating the government's strategic direction and legislative priorities.

• President Lee Jae Myung's approval rating has dropped below 40% for the first time since his inauguration in June 2025, according to a Realmeter poll. • The decline is attributed to escalating friction between the liberal administration and the Supreme Court over controversial justice appointments. • This conflict highlights a deepening power struggle between the executive branch and the judiciary, currently led by Chief Justice Jo Hee-de.

• South Korea's science ministry announced on Friday the selection of three consortia, including SKT, KT, and Kakao, to develop a public AI service. • The project is part of the government's "AI for all" initiative, which aims to create artificial intelligence services that are accessible to the general public. • This move signifies a strategic effort by the South Korean government to democratize AI technology and integrate it into daily civic life.

• South Korean President has accepted the resignation of Justice Minister Jung Sung-ho. • The departure follows a period of political tension after the liberal bloc implemented a controversial overhaul of the nation's criminal justice system. • Jung previously cited personal health struggles, specifically mentioning a sleep disorder during a late July meeting with the National Assembly's Legislation and Judiciary Committee.

• Democratic Party chair Kim Min-seok has initiated a reconciliation push by calling for frequent, informal talks with People Power Party leader Jang Dong-hyeok. • Simultaneously, Kim is seeking to revive cooperation with the Rebuilding Korea Party, exploring the possibility of a merger to strengthen the liberal alliance. • The Rebuilding Korea Party has responded cautiously, stating that rebuilding trust is a necessary prerequisite after previous merger negotiations collapsed.

• South Korea is launching a "Future Fund" designed to promote long-term economic growth by investing in emerging industries. • The fund will be financed using "windfall revenue" generated from increased tax collections, largely driven by the current global semiconductor boom. • This initiative aims to diversify the national economy and reduce reliance on traditional sectors by fostering innovation and future-tech development.

• Kim Min-seok, the newly elected chief of the ruling Democratic Party, met with presidential aides on Tuesday at the National Assembly in Seoul. • During the meeting with presidential chief of staff Kang Hoon-sik and senior secretary Hong Ihk-pyo, Kim vowed to support the Lee Jae Myung administration. • The meeting aims to strengthen cooperation between the ruling party and the presidential office to ensure the smooth implementation of the administration's policy agenda.

• Hong Kong filmmaker Ann Hui will be honored with the 2026 Camellia Award at the 31st Busan International Film Festival. • The 79-year-old director is a pioneer of the Hong Kong New Wave, having directed 27 feature films and two documentaries since her 1979 debut, "The Secret." • The award recognizes Hui's significant contributions to cinema, specifically her focus on the lives of ordinary people and the advancement of women in film.

• Right-leaning lawmakers have criticized President Lee Jae Myung for refusing to veto a revision to the Criminal Procedure Act. • The controversial legislation removes all investigative powers from the prosecution, a move conservatives argue will cause chaos within the judicial system. • Lawmaker Park specifically condemned the President's "extreme irresponsibility" and claimed the bill fails to provide adequate protections for crime victims.

• The AI boom is driving significant profit growth for multilayer ceramic capacitor (MLCC) suppliers, leading to price increases and a surge in long-term orders. • High demand for AI-related components is benefiting manufacturers in mainland China and Taiwan, as conventional production is crowded out by high-value AI needs. • Chaozhou Three-Circle Group recently raised 7.16 billion Hong Kong dollars ($913 million) through a July listing to fund global expansion.

• South Korea's stock market experienced extreme volatility throughout July, leading to significant losses for retail investors. • Industry officials are calling for tighter scrutiny of overly bullish brokerage research and stricter regulations on margin-lending rules. • These measures aim to prevent inflated market expectations and high-leverage trading from amplifying losses during sharp market swings.

• CJ ENM and Japan's Nippon TV have co-produced "Merry Berry Love," a global TV series scheduled for a worldwide premiere in October. • The cross-border romance stars Ji Chang-wook as Yoo-bin, a Korean spatial designer, and Mio Imada as Karin, a Japanese farmer. • The project highlights a growing trend of international collaborations in the drama industry to navigate cultural and national boundaries.

• National Assembly Speaker Woo Won-shik clarified on Wednesday that he is not proposing a constitutional revision to allow the incumbent president to serve a second term. • The statement follows speculation that changes to the Constitution could be used to extend the current presidency beyond the single five-year term limit. • This clarification aims to dismiss claims that the legislative leadership is seeking to manipulate term limits for political gain or personal extension.

• South Korean election authorities reportedly made 72 revisions to data figures following the local elections held on June 3. • The revisions were revealed in data released on Monday, sparking significant controversy and allegations of irregularities regarding the vote count. • This development matters as it fuels public distrust in the electoral process and raises questions about the accuracy of the official results.

• People Power Party chairman Rep. Jang Dong-hyeok criticized President Lee Jae Myung's proposal to introduce electronic voting for overseas Koreans. • Jang described the suggestion as being "like a fox guarding the henhouse," arguing that the move could compromise the integrity of South Korea's electoral process. • The dispute highlights a significant political divide over the security and fairness of digital voting mechanisms in national elections.

• South Korea's five largest financial groups achieved a record combined net income of 13.12 trillion won ($8.97 billion) during the first half of the year. • Shinhan Financial Group contributed to this growth with a 13.3 percent profit increase, driven by a 19.7 percent rise in noninterest income. • The rally was supported by strong performance in securities and asset management, which increased the nonbank share of group profit to 35 percent.

• The US Treasury included South Korea on its semiannual foreign exchange monitoring list in a report released Thursday. • Despite South Korea's strong economic fundamentals and a large current account surplus, the US noted that the won remains under sustained depreciation pressure. • South Korea remains on the watchlist alongside nine other nations, including China, Japan, Taiwan, Singapore, Vietnam, Germany, Ireland, Switzerland, and Thailand.

• CJ ENM announced on Wednesday that it has secured 12 nominations across seven different categories for the 2026 ContentAsia Awards. • Organized by the media platform ContentAsia, these awards are designed to recognize exceptional content and creative talent throughout the Asia-Pacific region. • This achievement highlights CJ ENM's significant influence and creative leadership within the competitive Asian entertainment and media landscape.

• South Korean President Lee Jae Myung is visiting San Francisco to meet with four leading US artificial intelligence industry executives and convene an AI summit. • The mission aims to secure strategic investments and partnerships to bolster South Korea's national AI ambitions. • This diplomatic push follows a previous meeting between President Lee and Nvidia CEO Jensen Huang on October 31, 2025, during the APEC summit in Gyeongju.

• Entry-level hiring in South Korea's semiconductor industry surged by 47% during the first half of the year, according to data released by JobKorea on Monday. • The spike in recruitment is driven by the global AI boom, which has created a robust demand for specialized talent to develop high-performance chips. • This trend highlights the strategic shift of Korean tech firms to secure a new generation of engineers to maintain a competitive edge in the AI hardware market.