Korea Herald

• 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.

• Lee Jae-myung urged the Democratic Party of Korea to reconsider a decision to increase registration deposits for candidates in the upcoming leadership election. • The call for reconsideration follows concerns that higher financial barriers could undermine equal access to political participation. • This move is significant as it highlights a tension between party administrative rules and the principle of inclusive political competition.

• The ruling Democratic Party of Korea has indicated it may slow the pace of its controversial prosecutorial reform plan following mounting criticism. • Concerns have been raised that the proposed revisions, including changes to the Criminal Procedure Act, could weaken legal protections for victims seeking justice. • A subcommittee of the Legislation and Judiciary Committee met at the National Assembly on Wednesday to review the bills, though People Power Party lawmakers boycotted the session.

• The ruling Democratic Party of Korea has threatened to sue opposition lawmaker Rep. Joo Jin-woo for allegedly violating a recently enacted fake news law. • The legal action follows the distribution of a video clip featuring the first lady, which the ruling party claims contains false information. • This move highlights the intensifying political conflict in South Korea over the regulation of misinformation and the legal boundaries of legislative speech.

• The Socialist Women's Union of Korea, affiliated with the ruling Workers' Party, concluded its Eighth Congress in Pyongyang on July 15 after a five-year hiatus. • During the two-day event, the organization revised its internal rules, reviewed the work of the Seventh Central Committee, and reelected Jon Hyang-sun as chair. • The congress focused on pledging a stronger ideological campaign to align the nation's women with the state's political goals.

• The ruling Democratic Party of Korea has approved a contentious change to its national convention rules despite ongoing internal infighting. • The party will now implement a ranked-choice voting system to elect its new leader during the upcoming convention in August. • This rule change is significant as it alters the mechanism for leadership selection, potentially shifting the power dynamics within the party.

• The ruling Democratic Party is engaged in a deepening debate over whether to completely remove prosecutorial supervision of police during criminal case investigations. • This issue has become a key agenda item leading up to the party's upcoming convention to elect a new leader. • Some lawmakers express concern that removing this oversight could leave police unchecked and increase the risk of corruption, while hawkish members argue the reform plan must proceed regardless.

• Members of the ruling Democratic Party of Korea are increasingly calling for caution regarding the party's plan to abolish prosecutors’ supplementary investigation powers. • This move is a central component of a long-term prosecution reform agenda aimed at restructuring the legal system's investigative authority. • The internal debate highlights growing concerns within the party about the potential legal gaps or systemic disruptions that may result from stripping these powers.

• A new wave of multinational co-productions is emerging in the K-drama industry, moving beyond solely Korean casts and crews. • A key example is the mystery thriller "Kidnap Game," a joint venture between Korea’s SimStory, Japan’s Fuji Television Network, and Hong Kong’s MakerVille. • The series features a regional ensemble led by Lee Joon-gi and Kentaro Sakaguchi, with actors from Taiwan, Hong Kong, Singapore, the Philippines, and Thailand.

• South Korea implemented a new disinformation law on Tuesday, introducing punitive damages and stricter obligations for digital platforms. • Major platforms must now establish formal procedures for reporting and managing disinformation, hate speech, and discriminatory content. • The Democratic Party of Korea argues the law is essential to combat social damage caused by "cyber wreckers" who spread false claims for profit.

• South Korean courts have finalized sentences for three individuals charged with providing bribes to former first lady Kim Keon Hee. • The defendants received suspended prison terms and fines, according to legal sources reporting on Monday. • This case highlights ongoing legal scrutiny regarding corruption and bribery allegations surrounding the former first lady's influence.

• The South Korean benchmark Kospi index slumped during intraday trading on Tuesday, despite positive news from the country's largest company. • The decline occurred even as Samsung Electronics reported record-high quarterly operating profits, highlighting a disconnect between corporate performance and market sentiment. • This trend is significant as it shows that record earnings from market heavyweights like Samsung are currently insufficient to offset broader downward pressure on the index.

• President Lee Jae Myung ordered the government on Monday to accelerate investment plans for semiconductors and artificial intelligence. • The initiative focuses on establishing a "Honam cluster," with Gwangju emerging as a primary site for the new chip infrastructure. • This push aims to strengthen South Korea's technological competitiveness and economic growth through streamlined administrative support.

• The South Korean won has depreciated by nearly 6% against the US dollar so far this year, according to data released by the central bank on Sunday. • This decline is driven by a massive sell-off by foreign investors, who offloaded more than 156 trillion won (approximately $102.3 billion) in domestic stocks. • The trend highlights significant capital flight and growing volatility in the Korean financial markets relative to the US dollar.