Wage Jobs Increased by 220,000, but Youth and Manufacturing Struggles Persist Wage jobs increased by over 220,000 in the fourth quarter of last year, continuing a recovery trend. However, challenges remain for youth employment and sectors like manufacturing and construction, highlighting disparities in the job market. According to the National Data Agency's report on "Wage Job Trends for Q4 2025," the total number of wage jobs reached 21,123,000 as of November last year, an increase of 221,000 compared to the same period the previous year. The growth in wage jobs saw a significant drop from 153,000 in Q4 2024 to just 15,000 in Q1 2025, marking the lowest level on record. However, there was a gradual recovery with increases of 111,000 in Q2, 139,000 in Q3, and 221,000 in Q4. Among all jobs, "sustained jobs," where the same workers remained employed, accounted for 15,494,000, or 73.4% of the total. "Replacement jobs," where workers changed due to retirement or job changes, numbered 3,272,000 (15.5%), while "new jobs" created through business formation or expansion totaled 2,356,000 (11.2%). Conversely, 2,135,000 jobs were lost due to business closures or downsizing. The employment trends varied by age group. Jobs for those under 20 decreased by 111,000, marking a 13-quarter decline since Q4 2022. Jobs for those in their 40s also fell by 37,000. In contrast, the number of jobs for those aged 60 and over increased by 246,000, while jobs for those in their 30s and 50s rose by 99,000 and 24,000, respectively. The employment struggles among youth were particularly pronounced in manufacturing and construction. For those under 20, significant job losses were seen in manufacturing (-31,000), construction (-17,000), and information and communication (-16,000). Meanwhile, the 60 and older age group saw job gains in health and social welfare (88,000), manufacturing (27,000), and business and rental services (26,000). Sector-wise, the service industry continued to show growth. The health and social welfare sector recorded the largest increase, adding 126,000 jobs compared to the previous year, driven by gains in social welfare services (81,000) and health services (45,000). The accommodation and food service sector also grew by 40,000 jobs, supported by increases in restaurant and bar services (37,000) and accommodation services (2,000). The professional, scientific, and technical services sector added 33,000 jobs, primarily in professional services (21,000) and architectural and engineering services (6,000). However, the construction sector continued to struggle, losing 88,000 jobs, while manufacturing saw a decline of 14,000 jobs. Manufacturing remains the largest sector by job share at 20.4%, followed by health and social welfare (13.1%), retail (10.3%), construction (8.5%), and business and rental services (7.0%).* This article has been translated by AI. 2026-05-19 12:59:09

127 Individuals Under Investigation for Real Estate Tax Evasion in South Korea The National Tax Service (NTS) has launched an investigation into 127 individuals suspected of real estate tax evasion, including those who purchased high-priced apartments with cash to circumvent loan regulations or utilized parental funds in what is referred to as "parental advantage" transactions. The scope of the investigation has expanded beyond the Gangnam area to include regions in Gyeonggi Province that have recently experienced significant price increases, aiming to curb disruptions in the real estate market. On May 19, the NTS announced that it has identified a total of 127 individuals as targets for investigation, including cash-rich buyers outside loan regulations, multiple homeowners seeking capital gains, and purchasers of ultra-high-priced apartments. The categories of those under investigation include: cash-rich individuals unaffected by loan regulations, excessive private debt holders, multiple homeowners aiming for capital gains, and buyers of properties valued at over 3 billion won (approximately $2.3 million). The total value of the properties acquired by the individuals under investigation is estimated at around 360 billion won (approximately $270 million), with the estimated tax evasion amount reaching about 170 billion won (approximately $128 million). The NTS noted that as loan regulations have tightened recently, there has been an increase in cases where individuals purchase high-priced apartments using funds from parents or relatives instead of bank loans. One case under investigation involves a child who purchased an apartment in a desirable school district for over 3 billion won entirely in cash, using funds from a father who sold overseas stocks. The NTS is examining the potential for disguised gifts in such transactions. Instances of "disguised borrowing" using promissory notes are also under scrutiny. One case involved a young professional in their early 30s who borrowed over 1 billion won from their father to buy an apartment in a new city in Gangnam, with a promissory note stipulating repayment of the principal and interest upon the father's death. The NTS suspects this may be an attempt to disguise a gift as a loan. The NTS is also intensifying its scrutiny of multiple homeowners. It plans to investigate not only the sources of funds used for acquiring additional high-priced apartments but also the overall flow of funds among family members and the process of wealth accumulation. Transactions in non-Gangnam areas, such as Seongbuk-gu and Gangseo-gu, as well as Gyeonggi Province's Gwangmyeong and Guri, which have recently seen notable price increases, will also be closely monitored. The NTS is analyzing suspected tax evasion based on funding plans shared in real-time by the Ministry of Land, Infrastructure and Transport. Particularly, properties valued at over 3 billion won will undergo comprehensive verification. Following an initial investigation in October of last year, the NTS is continuing its tax audits, focusing on the sources of acquisition funds and the overall process of wealth formation. The NTS will also examine the potential misuse of business loans. After a self-correction period in the first half of the year, the NTS plans to conduct a thorough verification of cases involving the use of business loans to acquire high-priced apartments starting in the second half of the year, expanding the scope of investigation to include potential tax evasion across entire businesses. An NTS official stated, "Tax evasion in real estate transactions undermines tax justice, distorts market order, and creates social deprivation. We will respond strongly until the perception that tax evasion will inevitably be detected becomes established."* This article has been translated by AI. 2026-05-19 12:55:43

Buhyung Group Conducts Safety Inspections at 17 Sites Nationwide Buhyung Group has initiated comprehensive safety inspections across its operations to prepare for natural disasters during the summer and to prevent serious accidents. The company announced on May 19 that from May 14 to May 21, it will assess compliance with safety and health obligations at 17 sites nationwide. This initiative aims to proactively prevent safety incidents related to summer heat and heavy rainfall. The inspections will cover Buhyung Group's buildings and leisure facilities across the country. The inspections will focus on the effectiveness of safety and health management systems at each site and the implementation of practical accident prevention measures. Key inspection items include: safety and health goal setting, processes for gathering feedback from on-site workers, emergency response systems in case of accidents, risk assessments and improvements based on identified issues, and the status of fire safety equipment installation and management. Compliance with fire prevention safety regulations and the status of guidance inspections by external organizations will also be reviewed. Following its achievement of zero serious industrial accidents last year, Buhyung Group has set a management policy for this year emphasizing compliance with laws and regulations to establish a culture of safety. The company operates a dedicated safety management department and conducts regular safety training for all employees to maintain its accident prevention system. Buhyung stated, "We are taking measures to eliminate risks associated with climate change during the summer and prevent serious accidents," adding, "We prioritize safety and will maintain an environment where both visitors and workers can feel secure." Additionally, Buhyung Group has been continuously enhancing its safety and health management system since obtaining the 'KOSHA 18001' certification from the Korea Occupational Safety and Health Agency in 2019, and is now operating under the revised 'KOSHA-MS' standard. A Buhyung Group official stated, "We plan to continue regular safety training and ongoing safety education for our employees this year."* This article has been translated by AI. 2026-05-19 12:52:36

Huons Merges with Huons Lab to Enhance Bio R&D and Seek Price Benefits Huons is significantly enhancing its research and development capabilities in biopharmaceuticals by merging with its subsidiary, Huons Lab. This strategic move is seen as a way to secure benefits from government pricing incentives for innovative pharmaceutical companies. Market analysts suggest that this merger may also lay the groundwork for future succession planning.On May 18, Huons held a board meeting where it approved the merger agreement to absorb Huons Lab, which operates under Huons Global. The surviving entity will be Huons, while Huons Lab will be dissolved, with a share exchange ratio set at 1:0.4256893.The merger process is expected to be finalized at a special shareholders' meeting in July, with the official merger date scheduled for August 18. Prior to this transaction, Huons Group established a special committee, including external experts, to verify the legitimacy, fairness of conditions, and appropriateness of the procedures in accordance with Ministry of Justice guidelines.Huons plans to integrate Huons Lab's biopharmaceutical candidates into its existing synthetic drug pipeline to secure high-value growth drivers.Huons Lab possesses differentiated technologies, such as a formulation change platform utilizing human-derived hyaluronidase, which will enable the company to secure stable funding for the necessary technology transfer stages through the merger.Additionally, Huons aims to strengthen its R&D capabilities and obtain certification as an innovative pharmaceutical company. This certification is expected to enhance its competitiveness in light of the government's proposed reforms to drug pricing systems.According to the Ministry of Health and Welfare's 'Improvement Plan for National Health Insurance Drug Pricing System,' innovative and quasi-innovative pharmaceutical companies, which have a high proportion of R&D investment, will receive a maximum price of 49% for new drugs, compared to the original price of 45% for generic drugs, for up to four years. For newly listed generic drugs, innovative pharmaceutical companies will receive a price of 60%, while quasi-innovative companies will receive 50% for the same duration.Song Soo-young, CEO of Huons, stated, "We have laid the foundation to leap forward as a global company by integrating our capabilities from pharmaceutical and biopharmaceutical R&D to sales. We will strengthen our fundamentals to maximize shareholder value."Some analysts view this merger as a strategic move to complete the merger before a significant technology export, as the company's valuation is currently low. Huons Lab, which has a platform technology called 'High Diffuse' that converts intravenous (IV) formulations to subcutaneous (SC) injections, is reportedly in discussions with a global pharmaceutical company regarding contracts related to antibody-drug conjugates (ADC) SC conversion.This is also linked to future succession planning, as the company aims to complete asset restructuring and governance organization within the group to alleviate potential gift and inheritance tax burdens.* This article has been translated by AI. 2026-05-19 12:51:00

Kim Yong-nam Apologizes for Assault and Verbal Abuse Controversy Kim Yong-nam, the Democratic Party candidate for the Pyeongtaek re-election, issued an apology on May 19 in response to allegations of assault against his aides. He expressed deep regret, stating, "I sincerely reflect on my past immaturity and mistakes." He emphasized that the situation was entirely his fault and pledged to approach the citizens of Pyeongtaek with humility as he continues his campaign. In a statement, Kim said, "Regardless of the circumstances, I bow my head in sincere apology. I feel a heavy sense of regret and responsibility for the deep wounds caused by my harsh words and actions." He explained that the incident stemmed from the pressure he felt during his first term as a lawmaker to achieve results, admitting, "My inability to control my emotions and my outburst of anger were entirely my immaturity and mistake." Kim acknowledged that he failed to consider the feelings of his dedicated colleagues who worked tirelessly alongside him, vowing to reflect on himself strictly and to listen to the citizens of Pyeongtaek with the utmost humility. The candidate's campaign team also released a statement denying the allegations, asserting that no one in the camp has experienced or witnessed the violence or abusive language described in the reports. They stated, "As the election approaches in two weeks, the attacks will become sharper, but our staff and volunteers will remain steadfast. There is no top-down management style in our campaign that supports one politician over another." Earlier that day, a media outlet reported on the allegations of assault and verbal abuse against Kim during his first term as a lawmaker. An aide claimed that Kim kicked him in the shin with his shoe and subjected him to various verbal abuses, leading to the controversy.* This article has been translated by AI. 2026-05-19 12:43:48

People Power Party to Oppose Special Prosecutor Law on Election Manipulation People Power Party officials announced on May 19 that they will work to block the ruling party's proposed special prosecutor law aimed at canceling the indictment of President Lee Jae-myung, which they claim was temporarily halted ahead of local elections but will be pursued immediately afterward. They also criticized the Supreme Prosecutors' Office for seeking severe disciplinary action against Prosecutor Park Sang-yong.Joo Jin-woo, chairman of the special committee to oppose the indictment cancellation law, held the committee's first meeting at the National Assembly and stated, "With inflation, exchange rates, and livelihoods in such dire straits, how can the top priority of the government be to eliminate its own trial?"Regarding reports that Prosecutor Park, who was involved in the investigation of the Ssangbangwool North Korea remittance case, would face severe disciplinary action, Joo criticized, "They are going beyond absurd claims of disciplining him for something trivial, and now they are saying they will impose severe penalties because a document was omitted during the investigation process. This is nonsensical."He added, "The investigation process confirmation document is merely an administrative formality, and there has never been a case where it has been used as a basis for disciplinary action since its introduction. The investigation and trial records related to the president's North Korea remittance case amount to hundreds of thousands of pages, so how can anyone accept that a few missing documents warrant disciplinary action?"Joo continued, "If other documents were properly prepared and the investigation was conducted correctly, doesn't that validate the legitimacy of this investigation?"He emphasized that if Prosecutor Park is disciplined, they will respond to ensure that the disciplinary decision is revoked at the committee level, stating, "The moment they discipline Park, he will return to the prosecution by court decision, marking the beginning of the lame duck period for the Lee Jae-myung administration."* This article has been translated by AI. 2026-05-19 12:42:33

Ruling Party Condemns Starbucks' 'Tank Day' Marketing as a Social Crime Against Human Rights The Democratic Party of Korea has condemned Starbucks Korea's 'Tank Day' marketing campaign, launched on the 46th anniversary of the May 18 Gwangju Democratization Movement, calling it a "social crime that tramples on human rights and democracy."During a party meeting on May 19, Han Byeong-do, the party's floor leader, stated, "Yesterday, Starbucks unveiled a truly bizarre event," adding, "Before the atmosphere of mourning could settle, they drove another nail into the hearts of Gwangju citizens. I am filled with anger beyond despair."He continued, "This is neither an expression of freedom nor a legitimate event. It is an inhumane act that shakes the foundations of our community and denies the values of democracy," expressing strong suspicion that this was not merely an act of thoughtless individuals. "We will not overlook this anti-historical behavior," he declared.Ahn Do-geol, another party member, emphasized, "Any act that trivializes the sacrifices of those who gave their lives for democracy in South Korea, turning them into a commercial event, is unacceptable for any reason." He called for a comprehensive overhaul of the historical and human rights sensitivity verification system, internal reviews, and accountability regarding this incident.He added, "The history of democracy is not a subject for mockery. The sacrifices of Gwangju should not be used as marketing material, and we must not take this matter lightly."Additionally, Lee Joo-hee, the party's spokesperson, hinted at forthcoming discussions within the party regarding the controversial event. After the meeting, she told reporters, "While we have not yet discussed specifics within the party, as emphasized by our leadership and members today, we are viewing this matter seriously. I believe there will be discussions within the party."She reiterated Han's statement, describing the issue as a significant matter that undermines the spirit of May 18, suggesting that various responses and considerations will follow.* This article has been translated by AI. 2026-05-19 12:39:24

Deputy Minister Heo Jang Calls for Strengthening Corporate Cooperation through Supply Chain Financing Program 허장 재정경제부 2차관은 19일 "공급망안정화기금의 상생금융 프로그램으로 기업 간 안정적 협력관계를 다져 위기 대응 능력을 강화해야 한다"고 말했다. Heo Jang, Deputy Minister of the Ministry of Economy and Finance, stated on May 19 that the Supply Chain Stabilization Fund's cooperative financing program should be utilized to strengthen stable partnerships among companies and enhance their crisis response capabilities. During a signing ceremony for the Supply Chain Stabilization Fund's cooperation agreement held at the Korea Export-Import Bank, Heo met with representatives from major companies to discuss ways to strengthen the supply chain ecosystem and improve its structure. He emphasized, "This signing ceremony marks the starting point for solidifying the domestic supply chain ecosystem through the cooperative financing program of the Supply Chain Stabilization Fund. We must strengthen the collaboration among large, medium-sized, and small enterprises across the entire supply chain, including import, production, and distribution, to enhance our ability to respond to supply chain uncertainties." In March, the government established the 'Supply Chain Cooperative Financing Program' through the Supply Chain Stabilization Fund. This program aims to facilitate the flow of funds between large purchasing companies and small suppliers, thereby increasing liquidity across the supply chain. The Ministry of Economy and Finance plans to strengthen the domestic supply chain based on cooperative financing. The signing ceremony aims to enhance collaboration in critical sectors such as secondary batteries and nuclear power, where the value chain of large and small enterprises is vital. The Korea Export-Import Bank will play a role in providing financial support related to the supply and purchase of raw materials under this program. Participating large companies are required to recommend their collaborating small and medium-sized enterprises. Additionally, the bank will offer a preferential interest rate of up to 2.4 percentage points to collaborating small and medium-sized enterprises and increase the loan limit by 10% compared to the current level. In line with the government's regional development policy, an additional 0.2 percentage point interest rate reduction (within the 2.4 percentage point limit) will be applied to medium-sized and small enterprises located outside the capital region. Participants remarked, "In light of the ongoing supply chain instability due to recent events in the Middle East, timely financial support through the fund has enabled us to establish a stable supply system. We will strive for further cooperative efforts with small and medium-sized partners following today's signing ceremony."* This article has been translated by AI. 2026-05-19 12:36:50

Why China Invited Lei Jun to Trump's State Dinner "It is extremely rare for a single company to receive such intense attention," stated Chinese state media on May 19, highlighting Xiaomi's technological innovation, international openness, and entrepreneurial spirit. The New Tanqin account, part of the state-run Xinhua News Agency, noted that this year, several foreign leaders, including Spanish Prime Minister Pedro Sánchez, Abu Dhabi Crown Prince Khalid bin Mohammed Al Nahyan, German Chancellor Friedrich Merz, Singapore's Senior Minister Tharman Shanmugaratnam, and Taiwan's Kuomintang Chairman Eric Chu, have visited Xiaomi's factories in Beijing. Notably, during the state dinner held on May 13-15, which coincided with President Trump's visit to China, Lei Jun attended and interacted with prominent figures from the U.S. political and business sectors. On May 18, Chinese Premier Li Qiang also visited Xiaomi's factory, emphasizing the importance of technological innovation. He mentioned the need to foster future industries through the integration of artificial intelligence and manufacturing, interpreting this as a recognition of Xiaomi as a leading example of China's technological innovation. The New Tanqin account remarked, "Focusing on Xiaomi is essentially focusing on China's technological innovation," asserting that Xiaomi is no longer just a mobile phone manufacturer but a technology company rapidly joining the ranks of China's key tech firms, developing chips, operating systems, AI large language models, smart manufacturing, smart vehicles, and smart device ecosystems. The report highlighted that the state dinner included leaders from companies such as Fuyao Glass, Industrial and Commercial Bank of China, China National Chemical Corporation, Air China, and Xiaomi, representing key industries like finance, manufacturing, aviation, and technology, showcasing China's capabilities in global cooperation and competition. The media emphasized that the invitation of business leaders to the state dinner symbolically demonstrates China's continued emphasis on openness and cooperation, positioning Xiaomi as a representative case of Chinese tech companies expanding globally. It further noted that the visits by high-ranking foreign officials and Xiaomi's invitations to major diplomatic events reflect the company's technological prowess, global market influence, and mature internationalization capabilities. The New Tanqin also stated, "Whether Xiaomi can become a century-old enterprise depends on the accumulation of technological innovation, development strategies, and the perseverance and challenges faced by its entrepreneurs," indicating that the interest of domestic and foreign dignitaries in studying Xiaomi underscores recognition and encouragement for the company's entrepreneurial spirit focused on research and development. Particularly regarding Lei Jun, the report praised his diligence, self-discipline, and long-term vision, noting that despite already achieving business success, he continues to challenge himself in new industrial areas such as software, smartphones, electric vehicles, and semiconductors. The New Tanqin concluded, "The world is witnessing a more confident China and a societal atmosphere that values innovation. Pursuing both self-reliance and openness, like Xiaomi, is a common challenge faced by today's Chinese tech companies." Given the nature of state media in reflecting government positions, this report suggests that the Chinese government views Xiaomi as a 'national representative technology company' with technological innovation and global competitiveness. This is not the first time Chinese state media has praised Xiaomi. The People's Daily, the official newspaper of the Chinese Communist Party, described it in a front-page article last December as a representative case showcasing the achievements of China's manufacturing upgrade. Earlier this year, China Central Television also referred to Xiaomi as "a microcosm of China's smart manufacturing," emphasizing its alignment with the government's core industrial strategies in AI, semiconductors, and smart manufacturing.* This article has been translated by AI. 2026-05-19 12:34:01

Korea's Ministry of Food and Drug Safety Hosts First Annual GMP Seminar The Ministry of Food and Drug Safety (MFDS) is set to host the first annual seminar on Good Manufacturing Practices (GMP) in collaboration with the Korea Pharmaceutical and Bio-Pharma Manufacturers Association. The MFDS believes this seminar will enhance the understanding and implementation capabilities of GMP policies among manufacturing companies. On May 19, the MFDS announced that the seminar will take place at the ST Center in Gangnam, Seoul, targeting representatives from pharmaceutical manufacturing companies. The event will cover trends in GMP policy implementation and share technical insights on aseptic drug GMP compliance. Topics to be discussed include: the current status of GMP policy implementation, updates on the operation of a global GMP compliance support committee, and trends in GMP inspections by the U.S. Food and Drug Administration (FDA), along with strategies for responding to unannounced inspections. Notably, the policy updates will be broadcast live on the MFDS YouTube channel. Additionally, the seminar will address industry interests regarding the revision of aseptic drug regulations, including strategies for the operation of the Pre-Use Post-Sterilization Integrity Testing (PUPSIT) and case studies of its application, as well as the latest technological trends in freeze-drying processes and global regulatory developments. The MFDS stated, "We plan to regularly hold policy briefings and annual seminars to strengthen the GMP compliance capabilities of the pharmaceutical industry and support the harmonization of global regulations."* This article has been translated by AI. 2026-05-19 12:31:12