[Headlines from Yonhap News Agency at 07:30]

1. South Korea reports 1,200 new COVID-19 cases, government mulls tougher measures
2. Seoul stocks open higher on chip gains
3. Moon to visit UAE, Qatar next week for talks on supply chain, energy cooperation
4. S. Korea to provide 3 mln COVID-19 vaccine doses to developing countries by year-end
5. BTS set to hold 4th online concert in June

■ “Majority of Fed Members Consider Appropriate to Cut Rates in September”…Expectation for ‘Big Cut’ in September

The majority of Federal Reserve (Fed) members indicated in the minutes of the July Federal Open Market Committee (FOMC) meeting released on the 21st (local time) that if economic indicators continue to perform as expected, it would be appropriate to cut the benchmark interest rate in September. The minutes stated, “The vast majority of members said that if the indicators continue to meet expectations, it would be appropriate to ease monetary policy at the next meeting (September 17-18).” This perspective from Fed members aligns with market expectations for a rate cut in September.

Full article: https://www.yna.co.kr/view/AKR20240822004252072

■ Base Rate Expected to be Maintained for the 13th Consecutive Time Today…Possibility of Minority Opinions for Cut

The Bank of Korea’s Monetary Policy Committee (hereinafter the MPC) will hold a meeting on the direction of monetary policy at 9 a.m. on the 22nd to decide whether to adjust the current benchmark interest rate of 3.50%. Economists and the market expect that the MPC is likely to maintain the benchmark interest rate at the current level rather than lowering it quickly, considering recent soaring housing prices and household loans. If the forecast is correct, it will mark the longest streak of consecutive freezes since February last year, with 13 freezes. After the freeze in July, Bank of Korea Governor Lee Chang-kyu stated, “It is now time to change course and prepare for a pivot at the right time,” officially announcing the start of discussions on policy adjustments.

Full article: https://www.yna.co.kr/view/AKR20240821150600002

■ Continued Hot Weather Despite ‘Choseo’…Mostly Cloudy with Rain Across the Country

On the 22nd, known as ‘Choseo’ marking the end of the hot summer, the weather across the country is expected to be mostly cloudy with occasional rain. As of 5 a.m. today, the temperatures in major regions are as follows: Seoul 28.2°C, Incheon 27.8°C, Suwon 26.9°C, Chuncheon 25.6°C, Gangneung 25.9°C, Cheongju 27.5°C, Daejeon 26.4°C, Jeonju 27.8°C, Gwangju 27.2°C, Jeju 30.5°C, Daegu 26.0°C, Busan 28.3°C, Ulsan 25.8°C, Changwon 27.8°C. The daytime high temperatures are forecasted to range from 30 to 36°C.

Full article: https://www.yna.co.kr/view/AKR20240822007000034

■ Public Servants’ Pension Less Than 1 Million Won Monthly…48,466 Unable to Receive Basic Pension

It has been revealed that nearly 50,000 recipients of public servant pensions are unable to receive basic pensions, despite receiving less than 1 million won monthly. Due to this situation, there is an opinion suggesting the need to adjust the system to provide basic pensions to impoverished special occupation pensioners such as public servants, educators, and military personnel who, even after working as public servants and retiring, struggle to live in old age. According to the National Pension Service, a report titled ‘Comparison Study of National Pension and Special Occupation Pension’ by researchers Jung In-young, Kwon Hyuk-chang, and Lee Ye-eun proposed this idea.

Full article: https://www.yna.co.kr/view/AKR20240821106000530

■ [US Presidential Policy Comparison] ①Contrasting Policies on the Korean Peninsula…Strengthening ROK-US Alliance vs Direct Dealings with North Korea

The policies on the Korean Peninsula of Democratic presidential candidate Kamala Harris and Republican presidential candidate Donald Trump, who will face off in the upcoming November U.S. presidential election, show distinct differences in areas such as the ROK-U.S. alliance and the North Korean strategy. In terms of North Korea policy, both sides have distinct approaches, with Harris advocating for containment of North Korea through strengthening the ROK-U.S. alliance and trilateral cooperation with Japan, while Trump focuses on risk management through bold initiatives to improve North Korea-U.S. relations.

Full article: https://www.yna.co.kr/view/AKR20240822001100071

■ Strengthened Penalties Proposed for Drunk Driving and Driving Without a License for Electric Kickboards and Scooters Comparable to Cars

Following safety concerns raised by incidents like BTS member Suga’s, bills have been proposed to prevent drunk driving and driving without a license for electric kickboards and scooters. According to the National Assembly on the 22nd, Democratic Party lawmaker Im Ho-seon recently proposed an amendment to the Road Traffic Act to penalize personal mobility (PM) drunk driving in the same manner as drunk driving for cars. This amendment includes reducing the maximum speed of PMs from the current 25 km/h to 20 km/h for safer operation.

Full article: https://www.yna.co.kr/view/AKR20240821125100004

■ [US Democratic Convention] Former National Security Adviser Rice: “Harris to Maintain Biden’s Emphasis on Alliances”

Former National Security Adviser Susan Rice predicted that if Democratic presidential candidate Kamala Harris is elected, she will prioritize alliances and actively engage in international affairs, similar to President Joe Biden’s foreign policy. During a press briefing on the 21st (local time) at the Democratic National Convention held in Chicago, Rice stated, “The foundation of U.S. foreign policy will remain consistent with the Biden administration.” She further explained that “Kamala Harris believes in the need for robust U.S. leadership in the world and that U.S. values and strength should be used not only for the well-being and security of Americans but also for the greater good of the world.”

Full article: https://www.yna.co.kr/view/AKR20240822003200071

■ Trump: “Someone Transferred Hypersonic Missile Plans to Russia…Could be Obama”

Former U.S. President and Republican presidential candidate Donald Trump stated on the 21st (local time) regarding foreign policy, “The moment I take my hand off the Bible after the inauguration, I will restore America to maximum strength and bring peace to the world.” During a campaign rally in Ashboro, North Carolina, Trump claimed, “I can do most things with just one phone call. We don’t even need to send troops,” emphasizing his ability to resolve issues without military intervention.

Full article: https://www.yna.co.kr/view/AKR20240822007900071

■ Monitoring ‘Altesh’ Clothing Reveals…No Information Provided for After-Sales Service Contact

A survey of 100 clothing items sold on Chinese online platforms such as Aliexpress, Taemoo, and Shine found that not a single one provided information or contact details for after-sales service (AS). On the 22nd, the Seoul Metropolitan Government, in collaboration with the consumer group Future Consumer Action, announced the results of a monitoring study on the provision of information on overseas direct purchase online platforms from June 25 to July 2. Among the 100 clothing products surveyed, 80 items did not indicate the country of manufacture, and 98 items did not specify the manufacturing month.

Full article: https://www.yna.co.kr/view/AKR20240821136500004

■ Monthly Production of Finished Vehicles Drops Below 300,000 for the First Time in 23 Months

The monthly production volume of domestic finished vehicle manufacturers has dropped below 300,000 for the first time in 23 months. This is attributed to prolonged sluggish domestic demand and production disruptions at some companies due to partial strikes last month. According to the Korea Automobile Manufacturers Association (KAMA) on the 22nd, the total production volume of domestic finished vehicle manufacturers in July was 299,100 units.

Full article: https://www.yna.co.kr/view/AKR20240821141300003

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2024/08/22 07:30 Released