Korea Daily News (August 29, 2024)

Economy

1. Used Car Price Increase Expected: The used car market is expected to become more active ahead of the Chuseok holiday, with a particular rise in the price of Kia Carnival vehicles.
2. Expansion of Disaster Management Fund: Ulsan City plans to expand its disaster management fund to 88.6 billion won, focusing on disaster prevention.
3. Disclosure of Lawmakers’ Assets: The assets of 147 members of the 22nd National Assembly have been disclosed, with an average wealth of 2.68 billion won.
4. Acquisition of Digital Art Company: The digital art company Third Space signed an MOU to acquire the Klip Drops business from the blockchain technology company Ground X.
5. AI Company Investment: Reports indicate that OpenAI, an artificial intelligence (AI) company, is attracting investment with a valuation of $100 billion.

Politics

1. President Yoon’s Remarks: President Yoon emphasized economic recovery and improvement in people’s livelihoods, focusing on price stability and housing supply as key measures.
2. National Assembly Press Conference: President Yoon held a national policy briefing and press conference at the Yongsan Presidential Office, introducing pension reform and healthcare reform agendas.

Culture and Arts

1. Kim Hee-ja Art Exhibition: Kim Hee-ja’s Contemplation exhibition is being held at Metagallery LaLuna until November 9.
2. Lee Hyo-seok Literary Forum: The Lee Hyo-seok Literary Forum, commemorating the writer, is being held in Pyeongchang, Gangwon Province.
3. Art Exhibition in Gangnam, Seoul: Yoo Young-kuk’s solo exhibition at PKM Gallery in Gangnam showcases 34 rare works, including small pieces.
4. Maverick of Korean Traditional Music, Lee Hee-moon: Lee Hee-moon, known for his bold performances, is recognized as a “B-grade singer” who brings new vitality to traditional Korean music.

Education and Research

1. Biohealth Education: Daegu Haany University and K-Biohealth University are partnering with Goryeo H Korean Medicine Hospital to enhance students’ practical skills.
2. Pohang Technology Partnership: Pohang City Hall has signed an MOU with eight institutions to develop advanced technology and foster talent.
3. DGIST Development Fund: The Daegu Gyeongbuk Institute of Science and Technology (DGIST) has signed a 100 million won development fund agreement with the Songgok Cultural Scholarship Foundation.
4. Construction Mutual Growth Education: DL E&C, in collaboration with Chung-Ang University, held the third admission ceremony for the Construction Mutual Growth Management Program, focusing on enhancing the competitiveness of small and medium-sized enterprises.

Legal and Incidents

1. First Arrest under Serious Accidents Punishment Act: The CEO of Aricel and the CEO of Youngpoong were arrested under the Serious Accidents Punishment Act following a fire at the Aricel factory in Hwaseong.
2. Digital Sexual Crime Measures: After President Yoon’s directive to eradicate digital sexual crimes, the Ministry of Education and the Korea Communications Standards Commission quickly began preparing countermeasures.
3. Deepfake Pornography Distribution Case: A court emphasized severe punishment for deepfake pornography distribution, labeling it a disgusting and revolting crime.

Technology and Innovation

1. Hyundai Motor’s Credit Rating: Hyundai Motor and Kia have received an A rating from the world’s three major credit rating agencies, strengthening their position in the global mobility industry.
2. Network Camera Security Solution: Axis Communications has developed technology that detects and warns of electric vehicle fires early through thermal cameras.
3. HR Service and Software Partnership: HR SaaS global decacorn Deel has partnered with enterprise software giant SAP to enhance its global market competitiveness.

Environment

1. Expansion of Disaster Management Fund: Ulsan City plans to expand its disaster management fund to 88.6 billion won, focusing on disaster prevention.

International and Diplomacy

1. Criticism by U.S. NGO: A U.S. environmental NGO has criticized Elon Musk’s company for the unauthorized installation and operation of gas turbines.
2. French Court Trial: Telegram founder Pavel Durov is facing trial in a French court on charges of failing to prevent harmful content and not cooperating with criminal investigations.
3. AI Regulation Bill Passed: The California State Assembly has passed a strong AI regulation bill, making it the most stringent AI regulation in the U.S.
4. Air Pollution Issue: Concerns have been raised that a gas turbine installed by Elon Musk’s company is operating without authorization, emitting 130 tons of air pollutants annually.

Consumer and Business

1. Starbucks Autumn Menu Launch: Starbucks Korea is launching its autumn seasonal menu along with an autumn promotion.
2. Price Reduction by Haitai Confectionery: Haitai Confectionery has announced an average 6.7% price reduction for three types of biscuits, including egg biscuits, as part of its efforts to stabilize prices.
3. LX Glass Participation in International Event: LX Glass will participate in ICG 2024, a prestigious international event in glass science and technology, showcasing innovations in the glass industry.
4. Venture Business Association’s Position: The Venture Business Association has expressed opposition to the government’s plan to introduce e-commerce platform regulations, arguing that it is unfair to strengthen regulations based on individual company issues.

Sports and Leisure

1. Popularity of U.S. Road Trips: The iconic travel style of road trips in the U.S. continues to be popular among travelers, with the U.S. Tourism Board promoting the unforgettable experiences of exploring nature.
2. Tekken 8 eSports World Cup: Tekken 8 pro gamer Im Soo-hoon from Korea, known as “Ulsan,” won the Tekken 8 2024 eSports World Cup held in Riyadh, Saudi Arabia.