1. According to the Foreign Ministry on Friday, the South Korean government decided to impose additional sanctions on 8 individuals and 7 institutions linked with North Korea’s weapons programs.
2. South Korea’s rival political parties, the ruling People Power Party and the main opposition Democratic Party, continue their negotiations to approve next year’s budget plan on Friday which is the legal deadline for the National Assembly to pass next year’s budget bill.
3. U.S. President Joe Biden hinted at a possible adjustment to the Inflation Reduction Act. Signed into law, the act has triggered apprehension that South Korean electrical vehicles might lose their competitiveness in the U.S. market.
