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  • Yoon Hong-geun of Genesis BBQ: Crises Signal New Choices
    Yoon Hong-geun of Genesis BBQ: Crises Signal New Choices Yoon Hong-geun, chairman of Genesis BBQ Group, stated, "Crises can be signals that demand new choices rather than obstacles that halt businesses."According to Genesis BBQ Group, Yoon made these remarks during a lecture at the 43rd HDI CEO Summer Forum held at the Topsten Hotel in Gangneung, Gangwon Province, on August 20.The forum, themed "The Next Frontier in the Age of Superintelligence: Finding Essential Competitiveness in an Era of Technological Overload," featured Yoon's lecture titled "Turning Crises into Opportunities: A Continuous Challenge Towards the World." The event was attended by over 130 CEOs from major domestic companies and institutions, including Kim Jong-gap, chairman of HDI.In his lecture, Yoon framed the past 31 years of BBQ not merely as a history of achievements but as a history of choices made during moments of crisis.He explained that despite various crises, including the 1997 IMF financial crisis, avian influenza, and rapidly changing dining trends, BBQ chose to innovate and pursue coexistence rather than remain complacent, which has been key to its competitiveness.In 2005, BBQ introduced its Golden Olive Chicken, which incorporated olive oil into chicken preparation, and established a training and quality management system centered around its Chicken University, continuing its innovation across products and operations.Yoon emphasized, "Building a large company is different from creating a sustainable one," highlighting the importance of not only external growth but also maintaining sustainable competitiveness.BBQ has also accelerated its international expansion. Since entering the overseas market in 2003 with its first store in Shanghai, China, it now operates approximately 800 stores across 57 countries, including North America, Central and South America, Southeast Asia, and Central Asia.This year, BBQ continues to expand its market presence, having opened its first store in Ho Chi Minh City, Vietnam, in May, and signed a master franchise agreement with a local company in Brunei, further broadening its reach in Southeast Asia.Yoon remarked, "You cannot become a leader in a new market by merely following the paths others have already created," adding, "BBQ's 31 years have been a time of challenges, choosing new paths and creating them during crises."He concluded by stating that in an era of rapid advancements in artificial intelligence and digital technology, it is crucial to clarify the value that must be provided to customers and the reason for a company's existence, continuously innovating based on that foundation.Yoon asserted, "In the future, BBQ will not settle for the status quo but will continuously challenge itself towards the global market, growing as a global brand that promotes the competitiveness of K-food worldwide."* This article has been translated by AI. 2026-08-21 10:16:00
  • Will China Join U.S. Sanctions Against Iran?
    Will China Join U.S. Sanctions Against Iran? U.S. Treasury Secretary Scott Besant announced plans to unveil a new economic sanctions strategy aimed at destabilizing the Iranian regime during a press conference on August 24. Attention is focused on whether China, the largest buyer of Iranian oil, will participate in these sanctions.In a CNBC interview on August 20, Besant described the upcoming sanctions as the most severe in history, likening them to a "one-two punch" following the ongoing maritime blockade. He urged allies to choose between siding with the U.S. or opposing it, emphasizing that China's reliance on the Gulf region for 50% of its energy makes the stability of the Strait of Hormuz beneficial for its interests. When asked if China would be included in the sanctions, he replied, "Some discussions are better kept private," avoiding a direct answer.China is viewed as a crucial supporter of Iran's economy. According to Iranian customs data, Iran exported an average of 1.6 million barrels of oil per day in 2024, with 90.8% (1.46 million barrels) going to China. This amounted to $11.8 billion, representing 4% of Iran's GDP of $310.1 billion.In 2010, Iran exported oil to over 20 countries, with China accounting for only 19% of its exports. However, after the U.S. imposed economic sanctions on Iran in 2011, most countries ceased purchasing Iranian oil. China, however, continued to import oil from Iran, and if it does not comply with U.S. sanctions, the effectiveness of these measures is likely to be limited. Max Maizlish, a researcher at the Foundation for Defense of Democracies, referred to China as Iran's "primary partner in evading sanctions," stating that without Chinese support, Iran would struggle to sustain its war efforts.Analysts suggest that China is unlikely to join U.S. sanctions this time, as it has previously deemed U.S. actions against Iran illegal. Chinese Foreign Minister Wang Yi met with Iranian Deputy Foreign Minister Abbas Araghchi in May, labeling U.S. and Israeli attacks on Iran as unlawful and calling for an immediate ceasefire.Following U.S. sanctions targeting Chinese companies like Hengli Petrochemical, the Chinese Ministry of Commerce issued a directive on May 2 instructing domestic firms not to recognize or comply with U.S. sanctions. This marked the first activation of the "Blocking Statute" established in 2021 to counteract the extraterritorial application of foreign laws. The People's Daily, the official newspaper of the Chinese Communist Party, commented on this, asserting that it would defend the rights of Chinese companies against U.S. overreach.Moreover, China has developed methods to circumvent U.S. sanctions. Its shadow tanker fleet has been transporting sanctioned oil to China, and smaller private refineries have been purchasing oil without engaging in dollar transactions, thus avoiding U.S. financial sanctions.However, some speculate that if the U.S. offers corresponding incentives, China might consider joining the sanctions. Robin Mills, CEO of Dubai-based energy consulting firm Qamar Energy, noted that China could leverage its purchases of Iranian oil in U.S.-China trade negotiations, linking the issue to core Chinese interests in Taiwan and the South China Sea.* This article has been translated by AI. 2026-08-21 10:16:00
  • Youngest Female Police Chief in Gangnam Sparks Mixed Reactions
    Youngest Female Police Chief in Gangnam Sparks Mixed Reactions The profile of the current police chief of Seoul's Gangnam Police Station, born in 1983, has become a topic of discussion.On August 21, an online community revealed the profile of the Gangnam Police Chief.According to the disclosed profile, the individual graduated from Yonsei University after attending Korean Samyook High School. She passed the 53rd National Administrative Examination in 2009 and worked as a civil servant at the Public Procurement Service.She reportedly chose a career in law enforcement at the suggestion of her father, who was also a police officer. She began her police career in 2013 as part of the 20th recruitment for experienced officers, taking a path different from the typical police promotion route.In 2020, she earned a master's degree in public administration from Seoul National University.After being promoted to police chief in January 2021, she served as a policy advisor for the Ministry of Justice's Criminal Justice Common System Operation Team and held the position of chief of the Gwacheon Police Station from February 2023 to February 2024.She then served as the head of the Women's Protection Division at the Seoul Police Agency, the Human Rights Protection Officer at the National Police Agency, and the head of the Youth Protection Division before being appointed as the first female chief of the Gangnam Police Station in December 2025.She holds several notable records, including being the second female police chief in police history and the first female head of the Information Division at the Chungbuk Police Agency in 2015.In 2021, she made history as the youngest female police chief at the age of 38. Her appointment as the first female chief of the Gangnam Police Station in 2025 garnered significant attention.The Gangnam Police Station is considered a key police station in Seoul, overseeing areas with high security demands and social interest, including Gangnam Station, Apgujeong, Cheongdam, and Samseong-dong, which are known for their high foot traffic and concentration of entertainment and commercial facilities.Online reactions to her profile have been mixed.Some users praised her achievements, stating, “That’s impressive,” “She’s elite,” and “It’s remarkable to see someone from the administrative exam background in the police force. I hope she does well despite the controversies.”Conversely, others raised questions about her police experience and the role of the Gangnam Police Chief.Comments included, “You can become a chief in Seoul without a background in serious crime,” and “Is that the Gangnam Police Station?”Some users referenced past controversies surrounding the Gangnam Police Station, including the Burning Sun incident, the suspicious death of a criminal case, the Rolls-Royce incident at Apgujeong Station, theft of seized items by a current police officer, attempts to cover up the incident involving YouTuber Tzuyang, the loss of Bitcoin worth 2.1 billion won, and conflicts of interest related to the Park Na-rae case, as well as the Yang Jeong-won fraud case.One user specifically linked the suspicious death case to the Burning Sun incident, suggesting that a re-investigation is necessary.* This article has been translated by AI. 2026-08-21 10:16:00
  • Rare Works by Masters Like Park Soo-keun and Kim Chang-yeol Featured in August Art Auctions
    Rare Works by Masters Like Park Soo-keun and Kim Chang-yeol Featured in August Art Auctions Rare works by masters of modern and contemporary Korean art will be featured in upcoming auctions this month. Notable pieces include Park Soo-keun's work, which is being auctioned for the first time in 40 years, Kim Chang-yeol's 'Water Drop,' which is making its domestic debut after being exhibited at the FIAC art fair in Paris 45 years ago, and a large-scale work by Kim Whanki from his New York period.Seoul Auction and K Auction will hold their respective art auctions on August 25 and 26 in Gangnam, Seoul. Seoul Auction will present 117 lots valued at approximately 9.1466 billion won, while K Auction will feature 102 pieces estimated at around 6.5 billion won, bringing the total to over 200 pieces worth more than 15 billion won across the two days.One of the standout pieces is Park Soo-keun's 'Tree and Woman' (estimated at 400 million to 800 million won), which showcases his signature themes of aged trees and women. This piece was part of the collection of Margaret Miller, a key patron of Park in the 1960s. It has been exhibited in several notable shows, including the 'Korean Impression Exhibition' at the Korean Art Museum in 1983 and the '20th Anniversary Exhibition of Park Soo-keun' at the Hyundai Gallery in 1985.Seoul Auction will also present Kim Chang-yeol's large work 'Water Drop' (estimated at 600 million to 1.2 billion won), which was first shown at the Stamply Gallery booth during the FIAC at the Grand Palais in Paris in 1981. This piece is characterized by its unique composition featuring golden droplets and a central rectangular window. Additionally, Kim Whanki's 1966 work '3-Ⅱ-66' (150 cm) will be auctioned, marking a significant transition in his style from concrete forms to full abstraction during his New York period.Early works from these masters are also garnering attention. Seoul Auction will feature Yoon Hyung-keun's 1968 piece 'Untitled,' known for its rich texture and blue hues, as well as Lee Ufan's four-panel folding screen 'Untitled' (1960), created shortly after his arrival in Japan in 1956. K Auction will showcase Yoon Hyung-keun's 'Umber-Blue' and Lee Ufan's 'With the Wind,' allowing for comparisons with their later representative series that established their unique styles.Additionally, Lee Dae-won's works 'Farm,' 'Pine Tree,' and 'Tree,' which have gained attention from the retrospective at the National Museum of Modern and Contemporary Art, Deoksugung, will be available alongside pieces by other modern masters such as Lee Jung-seob and Chun Kyung-ja.The auctions will take place at Seoul Auction's Gangnam Center at 4 PM on August 25 and at K Auction's headquarters in Sinsa-dong at 4 PM on August 26.* This article has been translated by AI. 2026-08-21 10:12:00
  • Corporate Loan Delinquency Rates Reach Highest Level in a Decade
    Corporate Loan Delinquency Rates Reach Highest Level in a Decade The delinquency rate for domestic banks' won-denominated loans reached its highest level in a decade as of June. Although the rate decreased from the previous month due to a large-scale cleanup of delinquent loans at the end of the quarter, the corporate loan delinquency rate has risen compared to a year ago. As the government promotes productive finance to expand funding for businesses and advanced industries, the importance of managing the soundness of corporate loans is increasing.According to the Financial Supervisory Service on August 21, the delinquency rate for won-denominated loans at domestic banks was 0.56% at the end of June, down 0.11 percentage points from the end of the previous month. However, this is an increase of 0.04 percentage points compared to the same month last year. This marks the highest level for June since 0.71% in June 2016.The decline in the delinquency rate from the previous month was significantly influenced by the end-of-quarter effect. Banks sold off 5.3 trillion won worth of delinquent loans in June, an increase of 3.8 trillion won from the previous month’s 1.5 trillion won. The amount of new delinquencies also decreased from 3.3 trillion won to 2.6 trillion won.By sector, the trends in corporate and household loans diverged. The corporate loan delinquency rate fell to 0.68%, down 0.16 percentage points from the previous month, but it rose by 0.08 percentage points compared to the same month last year. In contrast, the household loan delinquency rate decreased to 0.40%, down 0.05 percentage points from the previous month and 0.01 percentage points from the same month last year. Consequently, the gap between the delinquency rates for corporate and household loans widened to 0.28 percentage points, up from 0.10 percentage points in June 2024.Among corporate loans, the burden of soundness is particularly evident for small businesses. The delinquency rate for small businesses rose to 0.92%, up 0.13 percentage points from 0.79% in June last year. During the same period, the delinquency rate for individual business loans increased from 0.66% to 0.69%, a rise of 0.03 percentage points. The delinquency rates for large corporations and small businesses also increased by 0.08 percentage points each, reaching 0.22% and 0.82%, respectively.As the corporate loan delinquency rate rises compared to last year, simply increasing the supply of loans could also heighten banks' credit assessment and provisioning burdens. There are calls for risk-sharing measures through policy finance and guarantees to expand funding for relatively lower-credit small and innovative enterprises.The pace of new delinquencies has somewhat stabilized. The new delinquency rate in June was 0.10%, down 0.03 percentage points from the previous month and 0.01 percentage points from the same month last year. Additionally, household loans, including mortgage and credit loans, showed improvement compared to the previous year. The delinquency rate for mortgage loans was 0.28%, down 0.02 percentage points from the same month last year. The delinquency rate for credit loans, excluding mortgages, also decreased to 0.77%, down 0.01 percentage points during the same period.* This article has been translated by AI. 2026-08-21 10:12:00
  • KOSPI opens lower as US yield worries return
    KOSPI opens lower as US yield worries return SEOUL, August 21 (AJP) - South Korean stocks opened lower on Friday, giving back some of the previous session's sharp gains as higher U.S. Treasury yields, rising oil prices and losses on Wall Street weighed on investor sentiment. The benchmark KOSPI traded at 6,808.63 points at around 9 a.m., down 0.64 percent from the previous session. The junior KOSDAQ also fell 3.53 percent to 811.22, with losses considerably steeper among smaller growth stocks. The decline came after the KOSPI surged 5.89 percent the previous day, powered by a rebound in semiconductor heavyweights including SK hynix, after the chipmaker announced a record 40 trillion won (US$28 billion) share buyback plan. But major chipmakers bucked the broader decline in early trading. Samsung Electronics rose 0.18 percent to 271,500 won, while SK hynix gained 1.42 percent to 1,715,000 won. Samsung Electronics preferred shares climbed 3.61 percent to 198,100 won as of 9:35 a.m. Elsewhere among major stocks, losses were widespread. Samsung Electro-Mechanics dropped 4.94 percent to 1,327,000 won, LG Energy Solution fell 2.37 percent to 349,500 won and Hyundai Motor lost 1.38 percent to 411,750 won. Hanwha Aerospace slid 6.26 percent to 1,094,000 won, while HD Hyundai Heavy Industries declined 3.26 percent to 460,000 won. Financial stocks were mixed, with KB Financial rising 1.06 percent to 161,700 won and Shinhan Financial Group gaining 1.48 percent to 102,600 won. Samsung Life Insurance fell 1.01 percent to 294,000 won. The selloff was sharper on the KOSDAQ, where all 10 of the largest stocks shown in early trading were lower. Biotech platform developer Alteogen fell 5.74 percent to 320,000 won, while battery materials group EcoPro dropped 4.43 percent to 84,200 won and cathode-material maker EcoPro BM lost 5.26 percent to 108,100 won. Robot maker Rainbow Robotics slid 5.51 percent to 445,500 won. Semiconductor-related equipment and component makers also retreated. Jusung Engineering, which makes semiconductor manufacturing equipment, fell 1.35 percent to 174,900 won, while semiconductor and display equipment maker Wonik IPS dropped 3.25 percent to 110,200 won. Leeno Industrial, a maker of semiconductor testing components, declined 4.03 percent to 66,700 won, and laser-based semiconductor equipment maker EO Technics lost 2.53 percent to 404,500 won. Biotech companies were also weak, with HLB down 4.26 percent at 38,200 won and bispecific-antibody developer ABL Bio tumbling 6.67 percent to 77,000 won. Early trading showed investors turning cautious again. Retail investors bought a net 70.8 billion won ($50.7 million) of KOSPI shares, while foreign and institutional investors sold a net 20.6 billion won and 109.1 billion won, respectively. Program trading recorded net selling of about 183.9 billion won. The cautious start followed a broad retreat on Wall Street overnight, where higher Treasury yields and signs of weaker U.S. consumer spending weighed on stocks. The Dow Jones Industrial Average fell 1.32 percent, to 52,759.21 on Thursday. The S&P 500 dropped 0.87 percent to 7,641.16, while the Nasdaq Composite lost 1.00 percent to 26,067.17. Concerns about consumer spending deepened after Walmart, the largest U.S. retailer, reported that sales at its established U.S. stores rose just 2.6 percent in the second quarter, the slowest pace in six years. Its shares plunged 9.15 percent as high fuel prices added to worries that consumers could cut back on spending. Bond yields added to the cautious mood. The benchmark 10-year U.S. Treasury yield climbed 5 basis points to around 4.70 percent, while the 30-year yield rose about 4 basis points to 5.24 percent. The moves came just a day after yields briefly eased when the U.S. Treasury announced plans to expand its buyback of long-term government bonds. The program allows the Treasury to purchase bonds already trading in the market, making them easier to buy and sell. The measure helped calm global bond markets and supported Thursday's rebound in Korean equities, but investors remain concerned that heavy government borrowing and more debt issuance by big tech companies to fund artificial intelligence (AI)-related investment could keep yields elevated. Higher bond yields can weigh particularly heavily on technology and other growth stocks by increasing borrowing costs and reducing the value investors place on future earnings. Oil prices posed another risk, climbing more than 2 percent amid heightened tensions surrounding Iran. October Brent crude futures settled at $93.78 a barrel, while September West Texas Intermediate crude ended at $87.83. Friday's early decline marked a renewed test for the South Korean market after the previous day's powerful rebound, with investors watching whether semiconductor momentum can withstand another bout of pressure from higher global yields and oil prices. Meanwhile, the won strengthened, trading at 1,385.10 against the U.S. dollar as of 9 a.m., compared with 1,392.60 the previous day. AJP Takeaways • South Korea's KOSPI fell 0.64 percent to 6,808.63 as of 9:16 a.m. on Aug. 21, 2026, giving back part of its 5.89 percent surge on Aug. 20 as higher U.S. Treasury yields, rising oil prices and Wall Street losses weighed on sentiment. • Samsung Electronics rose 0.18 percent to 271,500 won and SK hynix gained 1.42 percent to 1,715,000 won, bucking the broader market decline after SK hynix's 40 trillion won ($28 billion) share buyback and cancellation plan helped fuel the previous session's rebound. • U.S. Treasury yields climbed on Aug. 20, with the 10-year yield reaching about 4.70 percent and the 30-year yield 5.24 percent, despite the U.S. Treasury's move to expand buybacks of long-term government bonds. • Walmart shares plunged 9.15 percent on Aug. 20 after the largest U.S. retailer reported its slowest second-quarter U.S. comparable-sales growth in six years, adding to concerns that high fuel prices could curb consumer spending. • The South Korean won strengthened to 1,385.10 per U.S. dollar as of 9 a.m. on Aug. 21, 2026, from 1,392.60 the previous day. 2026-08-21 10:11:54
  • Philip Morris Expands Market with VEEV Liquid E-Cigarettes
    Philip Morris Expands Market with VEEV Liquid E-Cigarettes “We considered how liquid e-cigarettes can be responsibly provided to adult smokers,” said Kim Joo-han, Vice President of External Affairs and Public Relations at Philip Morris Korea, during a meeting at the IQOS store in Garosu-gil, Gangnam, on August 19.This consideration is reflected in the product structure of VEEV, which Philip Morris is introducing to the domestic market for the first time. VEEV utilizes a closed pod system that does not allow users to inject or mix liquids themselves, along with a rechargeable device.The dedicated pods use natural nicotine and food-grade flavorings. The company aims to expand its portfolio of non-combustible products, which has been centered around IQOS, to include liquid options.On display in the center of the store were the VEEV inPRIME devices, available in five colors and small enough to fit in one hand.The aluminum devices can be used immediately after inserting a pod, without the need for additional liquid injection. The store also offers a customization service using 16 different engravings and prints.Preventing Liquid Mixing with Rechargeable UsePhilip Morris emphasized that the key differentiator of VEEV is its closed pod system. Unlike open systems where users can add their own liquids, VEEV is designed to only work with pre-filled dedicated pods, known as VEEBI inPRIME.This design prevents users from mixing liquids or ingredients, maintaining consistency in product composition and usage, according to the company.Kim stated, “While there are products on the market that use synthetic nicotine, VEEV is made with natural nicotine,” emphasizing the focus on creating a trustworthy product with verified ingredients.The device is rechargeable for repeated use, and when the liquid runs out, only the pod needs to be replaced. It takes about 40 minutes for a full charge, and Kim Gi-baek, Senior Manager of New Products at Philip Morris Korea, noted that it can reach 70-80% charge in under 10 minutes.The device features an 'Advanced Vape Induction System' that induces heating in the pod and stops heating when the liquid is low, with a vibration function to indicate the device's status.There are five types of dedicated pods, with a nicotine content of 0.9%. Each pod has a capacity of 2ml, and the company claims it can provide approximately 1,400 puffs based on a one-second usage time.The introduction of VEEV coincides with regulatory changes surrounding liquid e-cigarettes. In April of this year, amendments to the Tobacco Business Act included synthetic nicotine products under regulation.Kim noted, “The government has been aware of issues surrounding synthetic nicotine, and recent amendments to the Tobacco Business Act have institutionalized this,” adding that the company supports government policies and complies with relevant regulations.VEEV was initially scheduled for release on June 22 but was postponed to August. Kim clarified that the delay was not due to product safety issues but rather the need to reassess launch preparations, including labeling.IQOS and VEEV: A 'Multi-Category' StrategyThis launch aligns with Philip Morris International's (PMI) 'multi-category' strategy, which operates both IQOS and VEEV.Kim Tae-hyung, Senior Vice President of Consumer Experience, stated, “It’s ultimately the consumer's choice whether existing IQOS users also use VEEV or switch between the two products. It’s important to provide a wider range of options for consumers choosing non-combustible products.”According to PMI, non-combustible products accounted for 42% of total net revenue in the second quarter of this year, with related products sold in 109 markets.VEEV's shipments in the first half of this year increased by 72% compared to the same period last year, and the company claims it is the market leader in closed pod systems in Europe.PMI aims to generate more than two-thirds of its total net revenue from non-combustible products by 2030, having allocated 99.7% of its total R&D spending to this area last year.Philip Morris Korea began selling VEEV at IQOS flagship stores on August 18, and from the 26th, it will expand its distribution network to over 14,000 locations nationwide, including convenience stores and vape shops.The recommended retail price for the VEEV inPRIME device is 29,000 won, while each dedicated pod costs 8,000 won. With promotional offers, the device can be purchased for 10,000 won at IQOS flagship stores and 15,000 won at convenience stores.* This article has been translated by AI. 2026-08-21 10:08:10
  • Tway Air Celebrates Two Years of Rome Route with 250,000 Passengers
    T'way Air Celebrates Two Years of Rome Route with 250,000 Passengers T'way Air announced on August 21 that its long-haul route from Incheon to Rome has reached its second anniversary.Since its inaugural flight on August 8, 2024, the Incheon-Rome route has operated over 530 round trips, transporting approximately 245,000 passengers in the past two years.Entering its second year, the route has maintained steady passenger numbers not only during the summer peak season but also in the spring and fall off-peak seasons, establishing a stable year-round demand.Passenger demographics show the highest proportions from South Korea, Italy, Japan, China, and the United States, with a balanced gender ratio.Notably, travelers in their 20s and 30s make up a significant portion of the total passengers, reflecting a diverse customer base that includes individual leisure travelers, business trips, and family vacations, solidifying its status as a leading European route.In the cargo sector, the introduction of larger aircraft has proven beneficial. Utilizing the belly cargo space of aircraft like the A330-200 and B777-300ER, T'way Air has transported approximately 6,900 tons of cargo over the past two years. This includes high-value items such as automotive parts, precision machinery, and e-commerce shipments, contributing to revenue diversification.Currently, the Incheon-Rome route departs Incheon International Airport at 12:35 PM, arriving at Rome's Fiumicino Leonardo da Vinci Airport at 7:15 PM local time. The return flight departs Rome at 9:15 PM, arriving in Incheon at 4:10 PM the following day.Meanwhile, T'way Air recently announced its Selective Service Carrier (SSC) strategy, preparing to launch new operations under the name 'Trinity Air' in the second half of the year. The airline plans to enhance its service and route competitiveness through the continued introduction of next-generation aircraft, including the A330-900NEO and B737-8.A T'way Air representative stated, "The Incheon-Rome route has established itself as a trusted European route over the past two years, based on safe operations, reasonable fares, and differentiated services. We will continue to prioritize safety while enhancing our service competitiveness."* This article has been translated by AI. 2026-08-21 10:08:00
  • Kido Industry Shares Drop Over 6% on First Day of KOSDAQ Listing
    Kido Industry Shares Drop Over 6% on First Day of KOSDAQ Listing On its first day of trading on the KOSDAQ, Kido Industry's stock price showed weakness, falling below its initial public offering (IPO) price.According to the Korea Exchange, as of 9:30 a.m. on August 21, Kido Industry's shares were trading at 26,600 won, down 1,800 won (6.34%) from the IPO price of 28,400 won. The stock initially rose to 29,500 won but later reversed course and fell. At one point, the price dropped to 24,650 won, dipping below the IPO price.Kido Industry is an original equipment manufacturer (OEM) and original design manufacturer (ODM) that produces outdoor and motorcycle protective gear for global brands. The company started as Oasis International in 1980 and changed its name to Kido Industry in 1994.The company is recognized for its manufacturing capabilities, meeting the quality standards of global premium brands through proprietary composite material control technology and specialized fabric processing. Its major clients include Harley-Davidson, Barbour, Jack Wolfskin, and Schoffel.In a previous demand forecast for institutional investors, Kido Industry recorded a competition rate of 213.3 to 1. The IPO price was set at the upper end of the desired range at 28,400 won. The subsequent public subscription saw a competition rate of 5.5 to 1, with approximately 33 billion won in subscription deposits collected.* This article has been translated by AI. 2026-08-21 10:08:00
  • Government Moves to Establish Retirement Benefits for Non-Standard Workers
    Government Moves to Establish Retirement Benefits for Non-Standard Workers The government is set to establish a retirement benefit and welfare protection system for non-standard workers, including special employment workers, platform workers, and freelancers. This initiative aims to address gaps in the existing social safety net, which is primarily designed around traditional employment contracts.On August 21, the Ministry of Employment and Labor held the first meeting of a preparatory task force for the so-called 'K-Labor Welfare Council' at the Seoul Business Hub.The Labor Welfare Council will serve as a public safety net system that oversees retirement benefits, rights protection, and welfare support for the growing number of non-standard workers due to the rise of the platform economy and artificial intelligence (AI). The ministry believes that merely expanding existing social insurance and retirement benefit systems centered on traditional workers will not adequately address the needs of non-standard workers.To minimize these gaps, labor authorities plan to utilize the Labor Welfare Council to create a personal safety net that allows workers to maintain their career and benefit entitlements regardless of job or platform changes.The task force includes experts in law, labor relations, employment safety nets, and taxation, as well as field representatives who have worked on labor protection projects for platform and freelance workers.The group will discuss the functions and organizational structure of the Labor Welfare Council, decision-making processes, retirement benefit program design, and funding strategies. By September, they aim to solidify key details and transition to a broader forum involving stakeholders from labor and management to continue discussions through the end of the year.Alongside the establishment of the Labor Welfare Council, the government is also pushing for the enactment of a 'Basic Law for Workers,' which will define the fundamental rights of all labor providers. While the Labor Welfare Council will serve as a delivery system for welfare and benefit services, the Basic Law for Workers will provide the legal foundation for protecting non-standard workers.During the meeting, Park Soo-min, a deputy researcher at the Korea Labor Institute, presented findings on the labor and welfare conditions of special employment, platform, and freelance workers, highlighting the limitations of existing welfare systems centered on traditional employment relationships.Park identified the structure that places the burden of income loss during periods of illness, leave, or unemployment on the individual labor provider as a key vulnerability. He suggested that a system is needed where career, income, and welfare benefits are accumulated and connected based on the individual rather than the workplace, considering the nature of workers who move between multiple jobs and platforms.Labor Minister Kim Young-hoon stated, "With the spread of non-standard labor, it is difficult to resolve gaps by merely expanding existing systems. We will establish a new public safety net delivery system that encompasses welfare support and rights protection centered on retirement benefits."He also noted, "As this is an unprecedented new project, there will be many issues to discuss and differing opinions. I hope that a thorough discussion with experts will lead to the design of a safety net for non-standard labor."* This article has been translated by AI. 2026-08-21 10:04:00