1. The government and the ruling Democratic Party have decided to set next year's budget at the 800 trillion won level, an increase of more than 10% compared to this year's general budget of 729.9 trillion won. During a consultation meeting on the budget held today (the 25th), the government and the Democratic Party announced that they have selected five major focus investment areas: AI and future growth, youth, region-led growth, and public safety. In particular, the ruling party and the government decided to concentrate investments on future growth, such as the three major AI semiconductor mega-projects, rather than spending increased tax revenues on temporary expenditures. The budget bill for next year will also include a plan to provide full tuition support for students attending national universities in regional areas.
2. A tentative wage agreement proposed by SK hynix management and labor has been voted down by production line union members, with 49.92% voting in favor and 50.08% against, a narrow margin of just 25 votes. The rejected proposal included a 6.3% wage increase, with 40% of performance-based bonuses paid in cash and the remaining 60% in company stock. Last year, labor and management agreed to maintain the cash payment method for 10 years, and strong opposition reportedly arose among union members over changing this to a company stock system. Meanwhile, Hyundai Motor, which had staged a full-scale strike, reached a tentative agreement after all-night negotiations between management and labor, which includes a basic pay raise and performance bonuses of over 400%.
3. The U.S. Department of Treasury has unveiled a new sanctions package targeting the Iranian regime, dubbed an "economic pariah" operation. To block Iran's core funding sources—oil smuggling and sanctions evasion networks—Washington has placed more than 60 entities, individuals, and vessels worldwide on its sanctions list. The package also includes secondary sanctions that impose tariffs on third-country companies or nations trading with Iran in key sectors such as digital assets, gold, aviation, and shipping. In response, Iranian Minister of Economic Affairs Ali Madanizadeh pushed back, stating that the U.S. cannot sever Iran's economic alliances and that Iran has a two-year plan in place to prepare for U.S. sanctions.
4. A former police officer who had been reported missing has been arrested on charges of murdering his wife at her residence, despite a restraining order issued against him for domestic violence. The Seogwipo Police Station in Jeju announced that they emergency-arrested a man in his 50s, identified as A, who was hiding in Gyeonggi Province, on charges of murdering a woman in her 50s with a weapon at a home in Seogwipo early this morning. The wife, B, who was in the middle of divorce proceedings with A, was found dead at her Seogwipo home yesterday evening. Police believe A killed B early yesterday morning and are continuing their investigation.
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