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Gyeonggi Province calls for 'jeonse' fraud aid to cover foreign victims

As a wave of scams exploiting Korea’s unique “jeonse” rental system has left tens of thousands of tenants at risk, Gyeonggi Provincial Government is urging the central government to extend state assistance to foreign residents who are living in Korea legally, according to officials Monday. Under the jeonse system, tenants pay a large lump-sum deposit to their landlord instead of monthly rent. For decades, it was a relatively low-risk way to secure a home, while giving landlords access to a large pool of capital. But as the housing market became more volatile, it emerged as a major source of risk. When landlords fail to return deposits, whether due to fraud or sharp decline in property values, tenants can be left with losses running into hundreds of millions of won. As of July 31, the Ministry of Land, Infrastructure and Transport had officially recognized 40,278 people as victims under the Special Act on Support for Jeonse Fraud Victims and Housing Stability. Foreign nationals accounted for 544 cases, or 1.4 percent of the total. The special act does not bar foreign residents from

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Lee urges earliest possible implementation of AI-related investment projects

The government plans to enact a special law this year to designate special zones for investment projects related to artificial intelligence (AI), the presidential chief of staff said Monday, as Seoul seeks to accelerate their implementation. Presidential chief of staff Kang Hoon-sik unveiled the plan at a press briefing following a meeting presided over by President Lee Jae Myung to assess progress on the projects. The Lee administration announced the "three megaprojects" in late June that outlined plans for large-scale investments in a semiconductor production cluster, physical AI and AI data centers in regional areas. Under the chip cluster project alone, the two leading chipmakers — Samsung Electronics and SK hynix — have pledged to invest a combined 800 trillion won ($564.9 billion), marking the single-largest investment plan to date in the southwestern city of Gwangju and the surrounding Honam area. The initiative also includes large-scale investments in Chungcheong Province and the southeastern Yeongnam region. Through the envisioned special law on megaproject zones, the govern

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S. Korea, US to hold UFS exercise from Aug. 17

South Korea and the United States will conduct their annual Ulchi Freedom Shield (UFS) exercise from Aug. 17 to 27, with this year’s drills reflecting evolving threats including drones, GPS disruption and cyberattacks, the allies said Monday. The Joint Chiefs of Staff (JCS) and the Korea-U.S. Combined Forces Command announced the schedule during a joint briefing in Seoul. The allies described UFS 26 as an annual exercise that is defensive in nature. About 18,000 Korean troops will participate, roughly the same level as last year. The number of combined field training exercises at the battalion level or above, however, will be reduced to 14 from 17 in 2025. A JCS official said the allies have been conducting combined field training throughout the year in a balanced manner to maintain and improve their combined defense posture. The exercises were closely coordinated from the planning stage and will focus on essential training linked to the UFS scenario. This year’s exercise will also incorporate lessons from recent conflicts, including changes in warfare involving drones, GPS disruptio

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Korea becomes market barometer for global AI stock trade

Korea has become an important barometer for the global artificial intelligence (AI) stock trade, industry officials said Monday, as swings in Seoul increasingly reflect shifts in technology sentiment that are playing out across markets from Tokyo and Shanghai to Wall Street. The shift reflects the unusual structure of the Korean market. The KOSPI's heavy weighting toward semiconductor companies, combined with its sensitivity to foreign capital flows, means changes in expectations for AI investment can be reflected in Korean share prices quickly, and sometimes more sharply than elsewhere. That has made Seoul an increasingly important reference point during Asian trading hours. Investors have increasingly treated the Nikkei 225 and the KOSPI as expressions of much the same trade, according to Nikkei Asia. Both indices have substantial exposure to companies tied to AI and semiconductors, while their trading hours largely overlap. The relationship was evident last Wednesday. Stronger-than-expected earnings from Japanese electronics supplier Ibiden initially sent AI and semiconductor-related

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SK chairman's divorce battle nears end

After more than nine years of litigation, the divorce and property division battle between SK Group Chairman Chey Tae-won and Art Center Nabi Director Roh Soh-yeong appears to be nearing its end. The deadline for either side to appeal the high court’s retrial ruling on the property division is midnight on Aug. 14. If neither side appeals by then, the decision ordering Chey to pay Roh 944 billion won ($670 million) will become final, bringing their long-running legal saga to a close. If either party appeals, the case will return to the Supreme Court, prolonging a dispute that began when Chey filed for divorce mediation in 2017. According to court filings and rulings, their actual separation began in 2005, when they started living in separate quarters at their home in Seoul. Chey has attributed the breakdown of their marriage in part to the deaths of his mother in 1997 and his father, former SK Group Chairman Chey Jong-hyon, the following year. He claims Roh failed to provide him with sufficient emotional support during that period. In 2003, Chey was arrested over an accounting fraud sca

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From 'BTS Boulevard' to US governor's praise: BTS sweeps N. America on 'ARIRANG' tour

As its ongoing "ARIRANG" world tour sweeps across North America, Korean boy group BTS is capturing more than just enthusiastic crowds — It is inspiring local governments to roll out the red carpet with a series of high-profile official tributes. Toronto City Council has recently approved a plan to temporarily co-name a stretch of Yonge Street in the city's North York district as "BTS Boulevard" from Aug. 21 to Sept. 23, ahead of the group's concerts there from Aug. 22-23. The council also plans to ask the city to proclaim the concert dates "BTS Weekend." A BigHit Music official said Toronto had contacted the agency to seek approval for the use of BTS' intellectual property in connection with the street naming and the weekend proclamation. BTS is touring North America after completing European dates in cities including London, Paris and Munich. The group is scheduled to perform at M&T Bank Stadium in Baltimore on Aug. 10 and 11, AT&T Stadium in Arlington on Aug. 15 and 16, and Rogers Stadium in Toronto on Aug. 22 and 23. Maryland Gov. Wes Moore, whose state includes Baltimore, welcomed

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US envoy's husband brings political heft to Seoul

Ever since U.S. Ambassador to Korea Michelle Steel arrived in Seoul on July 30, her husband, Shawn Steel, has been by her side at nearly all of her official appearances. At first, the arrangement — including a joint visit to Namdaemun Market — appeared aimed at building a warm, family-oriented image with the Korean public. But when Shawn accompanied the ambassador to the Ministry of Foreign Affairs to present her credentials to the chief of protocol and met with Foreign Minister Cho Hyun, his presence took on a different tone. His attendance at a meeting with the foreign minister — unusual for a diplomatic spouse — made him something of a scene-stealer and insiders say it could signal a broader political role for him as a political heavyweight close to U.S. President Donald Trump. "It is rare for a diplomatic spouse to attend a meeting with the foreign minister. But it can happen," an insider said. "The ministry likely agreed to his presence in advance, given the political implications." Cho, who later briefed reporters on the meeting, openly expressed high expectations as the c

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Kosdaq soars 7% while KOSPI gains modestly

KOSPI edged higher but failed to reclaim the 6,300 level, Monday, while the Kosdaq surged more than 6 percent to close above 850. The benchmark KOSPI closed 0.65 percent higher at 6,299.66 after opening up 0.33 percent, snapping a two-session losing streak. Foreign investors sold a net 1.5 trillion won ($1.06 billion) of shares, while retail and institutional investors bought a net 899.8 billion won and 567.4 billion won, respectively. SK hynix fell 0.14 percent to 1,420,000 won, while Samsung Electronics declined 0.43 percent to 230,000 won. U.S. nonfarm payrolls fell by 23,000 in July, compared with market expectations for a gain of 100,000. The weak reading eased concerns about further interest rate increases and supported demand for riskier assets. Sentiment toward chipmakers remained fragile, however, following reports that Apple was considering using memory chips from China’s CXMT. Hopes for renewed U.S.-Iran talks also faded. U.S. President Donald Trump said he would be willing to end the war without a nuclear agreement with Iran if freedom of navigation through the Strait of Horm

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Housing policy, prosecution reform drag president's approval rating to record low

President Lee Jae Myung's approval rating has fallen to a new low since he took office, as public discontent grew over politically sensitive issues, including housing policy, prosecution reform and his controversial remarks about the Korea Military Academy, a survey showed Monday. The Realmeter survey, commissioned by Energy Economic News, also showed that public support for Lee slipped below the support rate for the ruling Democratic Party of Korea (DPK) for the first time in his presidency, now in its second year. "Controversies over the real estate tax overhaul, prosecution reform, Lee's remarks linking the Korea Military Academy to a coup, along with the prolonged heat wave and economic uncertainty, have led to a broader erosion of support," Realmeter said in a press release. The dispute over real estate tax reform centers on potentially raising taxes for owners of high-value homes, as housing remains one of the nation's most politically sensitive issues, particularly in Seoul. The controversy over prosecution reform was sparked by a legislative revision that completely strips prosec

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Korean chipmakers face growing calls to improve shareholder returns

Samsung Electronics and SK hynix are facing growing expectations of sizable shareholder return policies, as investors increasingly call for measures that could provide fresh momentum for their share prices. Samsung Electronics shares closed at 231,000 won ($163.20) on Aug. 7, down about 36.3 percent from their peak closing price of 362,500 won on June 18. SK hynix shares ended at 1.422 million won on Aug. 7, down about 51.3 percent from their peak closing price of 2.919 million won on June 22. The selloff that continued through last month has eased, but the shares have since moved sideways, trading in a relatively narrow range. Samsung Electronics and SK hynix closed at 230,000 won and 1.42 million won respectively on Monday, down 0.43 percent and 0.14 percent from a session earlier. Since the two chipmakers have already posted record second-quarter earnings, investors are looking for fresh momentum to drive gains in the companies’ share prices. Analysts say the large-scale shareholder return plans, expected as early as this month, could provide a boost. KB Securities analyst Kim Dong-

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'The Assassin(s)' unravels mystery behind 1974 killing of first lady

Director Hur Jin-ho emphasized maintaining a balanced, unbiased perspective when depicting the mystery surrounding the 1974 assassination of first lady Yuk Young-soo in his new movie "The Assassin(s)." "When I first thought about making this story into a film a decade ago, it was not an easy topic because some figures involved are still alive," Hur said during a press conference in Seoul, Monday. "Through extensive research and interviews, I tried to maintain a balanced and objective perspective without prejudice, while also incorporating the cinematic tension and pace of a mystery thriller." Inspired by the Aug. 15, 1974 assassination of the wife of President Park Chung-hee, "The Assassin(s)" follows three men as they pursue their suspicions and chase hidden motives. Although based on real events, the movie does not explicitly use the real names of the historical figures it depicts. In the movie, six gunshots ring out live on national television during a Liberation Day ceremony, but only four bullets are recovered, leaving two unaccounted for in official records. The plot revolves around

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Korea's inflation woes grow as heat wave drives up food prices

This summer’s prolonged heat wave is pushing up food prices, raising the prospect that a rebound in inflation could be more pronounced than expected in August, according to economists, Sunday. The concern comes as underlying price pressures remain firm, with core inflation picking up in July. Meanwhile, the government’s oil price cap, which has remained in place since March shortly after the U.S. and Israel began their war on Iran, is another variable clouding the outlook. Taken together, the result is a more challenging inflation picture, with a weather-driven supply shock adding to pressures that were already building beneath the surface. According to the Ministry of Data and Statistics, July consumer inflation eased to 2.8 percent, falling back into the 2 percent range for the first time in three months. One of the biggest wild cards for August, however, is the severe heat wave that has gripped the country this summer, with temperatures topping 40 degrees Celsius in some areas, including parts of Seoul. The extreme heat has hit supplies of everything from vegetables to meat and se

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Police mull widening investigation into football governing body over sexual entertainment allegations

Police are considering whether to expand their investigation into the Korea Football Association (KFA) over allegations the association provided sexual entertainment to foreign referees between 2011 and 2012, an official said Monday. The KFA has been rocked by the allegations stemming from a recently publicized 2016 government audit report amid an ongoing investigation over the association's controversial 2024 appointment of former head coach Hong Myung-bo. The report said the KFA paid for sexual entertainment for visiting referees at massage parlors and other adult establishments before and after international matches held in Korea between March 2011 and March 2012. "If (we) launch an investigation, we will review it," the official at the Seoul Metropolitan Agency said in a briefing, noting that police have yet to determine whether the case has passed the statute of limitations. Under the law, many offenses have a statute of limitations of 15 years, excluding serious crimes, such as murder. Police investigators could pursue criminal charges, such as violating laws on prostitution, but th

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Homeplus back in business, faces 3-week survival test

Homeplus, which had been on the brink of closure, is accelerating efforts to normalize operations after securing 200 billion won ($141 million) in emergency operating funds, company officials said Monday. Whether the large-scale retailer can restore customer trust and sales and prove its viability by the Sept. 4 deadline for approval of its rehabilitation plan will be a key test of its recovery, according to industry watchers. Homeplus resumed online orders at 2 p.m. Monday, following the reopening of 67 key stores nationwide on a trial basis last Friday. The retailer plans to resume full operations Thursday, along with marketing campaigns aimed at attracting customers. The reopening comes about a month after the 67 stores were temporarily closed starting July 13. Homeplus has been under court-led rehabilitation proceedings since March 4 last year. But the Seoul Bankruptcy Court ordered the proceedings terminated on July 3, saying the firm was unlikely to raise the necessary funds on its own after struggling to secure the 200 billion won in minimum operating funds required to implement i

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BOK's collateral policy criticized for favoring high-carbon assets

A new study has accused the Bank of Korea (BOK)'s collateral system of favoring high-carbon assets over green bonds, arguing that the framework could effectively provide an "implicit subsidy" to fossil fuel and other carbon-intensive industries. The study, released Monday by London-based nonprofit Positive Money and Seoul-based Institute for Green Transformation (IGT), found that 53 percent of corporate and public-institution bonds recognized as collateral by the BOK in 2025 came from fossil fuel and other high-emission sectors. Green and sustainability bonds accounted for just about 2 percent. The analysis covered 1,368 bonds using BOK data obtained through Rep. Jung Tae-ho of the ruling Democratic Party of Korea, according to the researchers. The BOK accepts bonds and other assets as collateral when providing liquidity to financial institutions. It applies so-called "haircuts" to account for potential risks, meaning it discounts the value of an asset when determining how much it can be used as collateral. The study found that green bonds had an average haircut of 8.7 percent in 2025, ro

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Migrant worker found dead after going missing during heat wave

A migrant worker in her 30s working at a farm through the recent heat wave was found dead a day after she went missing, prompting police investgation. Yeoju Police station said Monday that the body of the missing person was found in a wooded area near the farmhouse in Saejongdaewang, a rural town of Yeoju, Gyeonggi Province, at 7 p.m. Saturday. The worker reportedly said she felt unwell while working at the farm the day before. She left the worksite at around 3 p.m. to take a break and was later reported missing. After receiving a missing person report, police and fire department personnel conducted a joint search operation, and found her body in the woods about 28 hours later. A severe heat wave warning had been in effect across Yeoju since Aug. 3, and the daytime high reached 36.2 degrees Celsius on the day she went missing. However, authorities have yet to determine whether her death was caused by a heat-related illness. Police said the worker had entered Korea on an eight-month seasonal work visa and had been working at the farm. They plan to conduct an autopsy to determine the exact

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Netflix drops US 'Squid Game' spinoff 'Heckler'

Netflix reportedly halted production on the American version of its hit drama series "Squid Game," which originated in Korea and became a global phenomenon. U.S. entertainment outlets, including The Playlist, said Netflix scrapped plans to produce "Heckler" (working title), an American spinoff project of "Squid Game" that it had pursued for years. Hollywood director David Fincher, who helmed films such as "Se7en," "Fight Club," "Zodiac" and "Gone Girl," was attached to direct the project, with Dennis Kelly, creator and writer of the British series "Utopia," set to write the script. Although planned as an American adaptation, Netflix scheduled production and filming in the U.K. during a period of strong Hollywood interest in U.S. versions of major Korean titles. However, corporate priorities shifted following executive leadership changes within Netflix and years of slow development. Momentum slowed as Fincher turned his attention to producing other works, including the feature film "The Adventures of Cliff Booth." Netflix now appears more interested in developing versions tailored to int

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Why young Koreans are less interested in $420 mil. state-backed equity fund

Young Koreans showed relatively little interest in the country's state-backed growth fund launched earlier this year, despite strong overall demand for the 600 billion-won ($420 million) fund, data showed Monday. According to data obtained by Rep. Kim Sang-hoon of the main opposition People Power Party from the Financial Services Commission (FSC), the first round of the National Growth Fund program attracted 30,038 subscribers and sold out within a week of its launch on May 22. Investors in their 50s were the largest group by both the number of subscribers and the amount invested. A total of 10,173 people in their 50s invested 231.6 billion won, accounting for 33.9 percent of all subscribers and 38.7 percent of total investment. By comparison, 5,852 investors in their 20s and 30s invested a combined 80.2 billion won. The two age groups accounted for 19.5 percent of all subscribers, and 13.4 percent of total investment. Investors in their 40s numbered 9,357 and invested 170.6 billion won. Those aged 60 and above numbered 4,588 but had the highest average investment, at 23.36 million won th

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Editor's Pick

Private schools push back against Korea's free tuition plan for nat'l universities

Private schools push back against Korea's free tuition plan for nat'l universities

A government proposal to make tuition free for some 64,000 incoming students at national universities next year is facing mounting opposition from private universities. Critics warn the policy could put private institutions at a further disadvantage in attracting students and deepen their financial struggles. The concerns are particularly acute among private universities outside the Seoul metropolitan area, which are already struggling with declining enrollment and financial pressures while facing continued restrictions on tuition hikes. During a policy briefing at Cheong Wa Dae in Seoul on Wednesday, the Ministry of Education said it is considering providing full tuition scholarships to some 64,000 freshmen at 30 national universities outside the Seoul metropolitan area beginning in the 2027 academic year. Under the plan, it would gradually expand to cover all undergraduate students at those universities within the current administration's term. International students are not included in the plan, at least for now. Since they are admitted outside the standard enrollment quota and are su

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Life in Korea

Seoul launches bathhouse-themed night run

Seoul launches bathhouse-themed night run

On sweltering summer evenings in Korea, city dwellers traditionally seek refuge inside air-conditioned sanctuaries or steam-filled public bathhouses, unwinding over chilled drinks after a long day. This month, municipal planners are taking that beloved bathhouse culture outdoors, pairing the nation’s passion for relaxation with its rapidly growing urban running movement. The Seoul Metropolitan Government announced Monday the debut of its new waterfront night-running series, kicking off Aug. 28 with the Yangjaecheon Moonlight Night Run. Organized in partnership with the city's official 7979 Seoul Running Crew, the event invites 300 participants to complete a 5.8-kilometer route along the tree-lined Yangjae and Yeoui streams in southern Seoul. What sets the event apart is its playful immersion into Korean sauna culture. Running enthusiasts will navigate the riverside course equipped with bathhouse-themed paraphernalia, including mini towel-folded "sheep-head" headbands and wristband locker keys. The initiative is designed to offer a lighthearted, social fitness experience while celebrat

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Lifestyle

Int'l writers' festival to kick off in Seoul next month

An annual literary festival bringing together writers from Korea and abroad will take place next month, with participants set to navigate the role of human values and literature amid the rise of artificial intelligence (AI) technology, organizers said Monday. The event will take place at Ara Art Center in central Seoul from Sept. 11-16, with 24 renowned writers set to take part, according to the Literature Translation Institute of Korea (LTI Korea). Under the theme "Who Are We," some 20 programs — including talks between authors, graphic novel artists, translators and readers — will take place through both online and in-person sessions. Renowned Korean writer Kim Ae-ran and Chilean novelist Benjamin Labatut will headline the opening session titled "We Are Someone." Also set to attend the event are Korean writers Lee Seung-u, Moon Ji-hyuck and Yeh So-yeon as well as Taiwanese novelist Chen Xue, Canadian poet Emily Jungmin Yoon and Japanese novelist Keiichiro Hirano, according to the organizers.

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Int'l writers' festival to kick off in Seoul next month

K-Culture

EVAN's debut EP 'Death of Me' arrives Sept. 7

Solo artist EVAN, formerly known as Heeseung of the boy group ENHYPEN, is set to release his first extended play, "DEATH OF ME," Sept. 7, his agency Belift Lab said Monday. The upcoming EP marks his first return since debuting his solo digital single, "Ride or Die," just two months ago. Belift Lab, a subsidiary under HYBE that continues to manage ENHYPEN, confirmed that EVAN once again took a hands-on role in producing the album from start to finish. Building on the creative autonomy of his debut single, the new project channels candid reflections on his inner self alongside a firm resolve for his future, translating those personal themes into a rich, multifaceted sound. EVAN parted ways with ENHYPEN in March to forge an independent artistic path while remaining under Belift Lab. Rebranding under his childhood moniker rather than his birth name, Lee Hee-seung, the singer allowed ENHYPEN to transition into a six-member line-up while he established a distinct solo identity. His initial solo offering, "Ride or Die," proved his global appeal by topping iTunes Top Songs charts in nine countr

2 MIN READ
EVAN's debut EP 'Death of Me' arrives Sept. 7

Celebrities

TWICE's Jeongyeon leaves JYP to pursue acting career

Jeongyeon, a member of K-pop girl group TWICE, has left her longtime agency, JYP Entertainment, and signed with a star agency that represents her older sister, actor Gong Seung-yeon, the company said Monday. Jeongyeon, whose real name is Yoo Jeong-yeon, has signed an exclusive contract with Varo Entertainment after 11 years with JYP, where she debuted as a member of TWICE in 2015. "We are truly delighted to form a valuable relationship with Yoo Jeong-yeon, who possesses a diverse range of charms and infinite potential," Varo said in a statement. Jeongyeon plans to begin pursuing her acting career under the agency while continuing her activities with TWICE, one of the leading girl groups in the K-pop industry. In a message posted on social media, she said she had been afraid to leave a familiar environment but found the courage to do so thanks to her fellow members and the group's fans, known as Once. "Although I am moving to a new home and beginning a new challenge, I will continue to protect TWICE, which is at the very heart of who I am," she said. "Standing before Once as a member of TW

1 MIN READ
TWICE's Jeongyeon leaves JYP to pursue acting career

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Top 10 Stories

  1. Gyeonggi Province calls for 'jeonse' fraud aid to cover foreign victims

  2. Korea's inflation woes grow as heat wave drives up food prices

  3. InterviewMalaysia positions itself as Korea's long-term tech partner

  4. Trump says US 'low-keying it' with Iran

  5. SK chairman's divorce battle nears end

  6. Housing policy, prosecution reform drag president's approval rating to record low

  7. Lee urges earliest possible implementation of AI-related investment projects

  8. S. Korea, US to hold UFS exercise from Aug. 17

  9. Korea becomes market barometer for global AI stock trade

  10. Seoul's baby boom district offers multicultural parents custom guide to parenthood

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