Privacy Breach Reports Surge 2.7 Times in Three Years Amid Staffing Challenges As large-scale data breaches involving companies like Coupang, SK Telecom, and KT continue to rise, the workload for the Personal Information Protection Commission (PIPC) has also increased. However, the number of specialized investigators handling these cases remains critically low. There are calls for collaboration with external experts, similar to practices in other countries.According to the PIPC, the number of reported data breaches has escalated from 167 in 2022 to 318 in 2023, 307 in 2024 September 16, 2026

Financial Commission Takes Action Against Haitai Confectionery for Accounting Violations The Securities and Futures Commission, under the Financial Commission, announced on September 16 that it has decided to designate an auditor and impose penalties on Haitai Confectionery for violating accounting standards in its financial statements.According to Yonhap News, the investigation revealed that Haitai Confectionery inflated its sales and cost of goods sold by issuing false tax invoices and omitting accounting for sales discounts and promotional expenses.It was also found that the comp September 16, 2026

Rising Costs and Tariffs Challenge South Korean Tire Makers in Second Half of 2026 South Korea's three major tire manufacturers—Hankook, Kumho, and Nexen—are facing significant challenges in maintaining profitability in the second half of 2026. The impact of the Middle East conflict has led to increased logistics costs, compounded by rising raw material prices and tariffs from the United States and the European Union (EU). How effectively these companies can offset the increased costs will be crucial moving forward.According to industry sources, the pressure on profitability f September 16, 2026

Regulating High-Cost Mobile Plans: Communications Commission to Address Unfair Practices The Broadcasting and Media Communications Commission (BMCC) plans to take strict action against unfair practices by mobile phone retailers that encourage high-cost plans or additional services.On September 16, the BMCC held its 35th plenary meeting at the Government Complex in Gwacheon, where it reviewed and approved measures aimed at enhancing user rights and preventing unfair practices in the mobile device distribution environment.These measures were developed in response to the repeal of the September 16, 2026

Korean Air Finalizes $44.8 Billion Purchase Agreement with U.S. Korean Air has finalized a purchase agreement worth approximately 60 trillion won ($44.8 billion) that includes aircraft acquisitions. This agreement comes a year after the two countries agreed on a $350 billion investment plan, marking a significant step in the realization of the previously announced large-scale aircraft purchase plan. It is expected to strengthen the economic cooperation between South Korea and the United States, which had been in a state of uncertainty.On September 16, Korean September 16, 2026

Democratic Party Supports Budget Policies in Daejeon, Focuses on Public Institution Relocation and Future Industries The Democratic Party held a budget policy council in Daejeon on September 6, pledging support for local projects, including the second phase of public institution relocation and the establishment of Daejeon Medical Center.Kim Min-seok, the party leader, stated at the council meeting held at Daejeon City Hall, "The Democratic Party will work to ensure that Daejeon becomes the center of revitalizing the region and the country in all aspects of budget and policy." He noted, "Daejeon was designated September 16, 2026

Top Two Car Rental Companies Shift to Private Equity, Intensifying Competition with Financial Firms The top two car rental companies in South Korea are transitioning to a private equity (PEF) system, intensifying competition with financial firms in the market. With powerful capital backing from PEFs and financial companies entering the fray, the battle for dominance in the car rental sector is becoming increasingly fierce.According to industry sources on September 16, Lotte Rental withdrew from the National Car Rental Association earlier this month and joined the Korea Car Rental Business Asso September 16, 2026

Chojung-sik Advocates for Legislative Improvements Reflecting Voices of SMEs Chojung-sik, the Speaker of the National Assembly, met with Kim Ki-moon, President of the Korea Federation of Small and Medium Businesses, on September 16 to discuss key legislative issues affecting small and medium enterprises (SMEs).During the meeting, Speaker Chojung-sik noted, "Despite the challenging economic conditions this year, SME exports reached a record high of $64 billion in the first half of the year," expressing gratitude for the significant contributions of various sectors, includ September 16, 2026

Semiconductor Stocks Continue to Rise in Aftermarket; KOSDAQ Sees Surge Semiconductor stocks that showed strength during regular trading hours are continuing their upward trend in the aftermarket. Samsung Electronics and SK Hynix are both up by 1% to 3%, while the KOSDAQ market is seeing significant gains among high-volume stocks.According to the Korea Exchange, as of 6:24 PM, Samsung Electronics is trading at 253,000 won, up 4,500 won (1.81%) from the previous trading day. SK Hynix has risen by 6,400 won (3.79%) to 1,754,000 won. SK Square and Samsung SDI are also September 16, 2026

Korean National Assembly Speaker Meets with Kazakhstan President to Discuss Energy and AI Cooperation Jong-sik Cho, the Speaker of the National Assembly, met with Kazakhstan President Kassym-Jomart Tokayev on September 16 to discuss strengthening cooperation between the two countries in areas such as energy supply chains and artificial intelligence (AI).During their meeting at the National Assembly, Cho expressed his pleasure that Tokayev's visit to South Korea would elevate the bilateral relationship to a future-oriented, comprehensive strategic partnership.He noted, "Kazakhstan was the first c September 16, 2026