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  • 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
  • Thailands Seamless Copper Tubes Face Up to 8.41% Anti-Dumping Duties
    Thailand's Seamless Copper Tubes Face Up to 8.41% Anti-Dumping Duties The government will impose anti-dumping duties of up to 8.41% on seamless copper tubes imported from Thailand. This measure aims to protect the domestic copper tube industry, which has suffered from low-priced dumping imports, and to create fair competition conditions.The Ministry of Economy and Finance announced on August 21 that it will levy anti-dumping duties ranging from 4.93% to 8.41% on seamless copper tubes imported from Thailand, effective from September 11, 2026, until September 10, 2031.These anti-dumping duties are not intended to restrict the import of Thai copper tubes but rather to correct price distortions caused by imports priced below normal levels by adding additional tariffs to the general tariff.Seamless copper tubes are materials used as raw materials in home and industrial air conditioning systems. As of 2024, the domestic market size is approximately 600 billion won, with Thai products holding about 8% market share. The duties will apply to seamless copper tubes made of refined copper with an outer diameter of 66.68 mm or less and a thickness of 0.2 mm to 2.5 mm.This investigation was initiated at the request of domestic manufacturers Neungwon Metal Industry and LS Metal. The two companies requested a dumping investigation from the Ministry of Trade, Industry and Energy on August 25 of last year, and the Trade Commission began its investigation on September 12 of the same year.The Trade Commission determined that there was evidence of dumping of Thai products and confirmed substantial damage to the domestic industry. On June 29, it recommended the imposition of anti-dumping duties to the Ministry of Economy and Finance. To prevent potential harm to the domestic industry during the investigation period, the government has been applying provisional anti-dumping duties ranging from 3.64% to 8.41% on Thai products since March 30.The Ministry of Economy and Finance plans to announce the relevant legislation by October 3 and implement the final duty rates starting October 11.The government stated, "This measure is expected to improve the business conditions of the domestic industry that has faced difficulties due to low-priced dumping imports and to foster a fair competitive environment between domestic and foreign companies."* This article has been translated by AI. 2026-08-21 10:00:20
  • CJ CheilJedangs PHA Gains Attention from Major U.S. Media for Biodegradability and Commercialization
    CJ CheilJedang's PHA Gains Attention from Major U.S. Media for Biodegradability and Commercialization CJ CheilJedang's biodegradable bio-material PHA has garnered attention from major U.S. media outlets. On August 21, CJ CheilJedang announced that the Associated Press recently highlighted the biodegradability and diverse applications of PHA in an article presenting bioplastics as a solution to petroleum-based microplastic pollution. The AP described CJ CheilJedang's U.S. subsidiary, CJ BioMaterials, as a 'leader in PHA production,' mentioning its research and development efforts to replace petroleum-based plastics and a wide range of commercialization examples, from disposable tableware and straws to various packaging materials and reusable paper towels. This article has also been featured in prominent media such as the Washington Post, ABC News, the Los Angeles Times, and Boston NBC, drawing local interest. PHA is a bio-material produced through the fermentation of plant-derived sugars, such as those from sugarcane, by microorganisms, and it is characterized by its ability to biodegrade in soil and marine environments. Only a few companies worldwide can produce it in large quantities, with CJ CheilJedang being the sole producer in South Korea. CJ CheilJedang began mass production of PHA in 2022 at its dedicated production line in the Pasuruan bio-factory in Indonesia, currently ranking third in global production capacity. Since launching its biodegradable material brand 'PHACT' in 2022, CJ CheilJedang has applied PHA to various products. In the same year, it introduced a cleansing balm container made from PHA for the makeup brand 'Vanilla Co,' and in 2024, it developed PHA-based plastic packaging for the Olive Young same-day delivery service 'Today Dream.' Last year, it partnered with Swedish bio-materials compounding company BIQ Materials to apply PHA as infill for artificial turf at a Swedish soccer field. Starting this year, it has been supplying PHA straws to domestic coffee chains like Paul Bassett and a well-known coffee chain in the U.S. In February, it unveiled a 'Kleenex washable biodegradable sanitary cloth' made solely from a blend of PHA, PLA, and pulp in collaboration with Kimberly-Clark and Eugene Hanil Chemical. A CJ CheilJedang official stated, 'The biodegradability and high versatility of PHA as a future material are increasingly gaining attention,' adding, 'We will continue to introduce products utilizing PHA in various fields through ongoing research and development and external collaborations.' 2026-08-21 10:00:00
  • Musinsa partners with Vietnamese retailer in latest entry into Southeast Asian market
    Musinsa partners with Vietnamese retailer in latest entry into Southeast Asian market SEOUL, August 21 (AJP) - South Korean fashion platform Musinsa is expanding into Viet Nam, marking its latest move into Southeast Asia after recently entering the Philippines and Indonesia. Musinsa said Friday it has signed a partnership with Au Chau Fashion and Cosmetics Company (ACFC), a subsidiary of Vietnamese retailer Imex Pan Pacific Group (IPPG), to expand its brands in Viet Nam and reach more local customers. Under the partnership, the two companies also plan to open offline stores in major cities including Ho Chi Minh City. Musinsa said ACFC's existing distribution and retail network will help it enter the Vietnamese market more quickly. ACFC has 28 global fashion brands and operates more than 280 stores nationwide, while its parent company, IPPG, operates more than 1,200 stores across Viet Nam and carries more than 100 global brands. Musinsa's latest entry comes as demand from Vietnamese consumers has grown, with its online transaction volume from Viet Nam increasing by an average of about 40 percent annually from 2023 to 2025. Musinsa has already signed similar deals in other Southeast Asian countries. On Aug. 12, it signed an exclusive distribution agreement with ACX Holdings, part of the Philippines' Ayala Corporation, and plans to open its first store in Manila in the second half of this year. Just two days later, it signed another agreement with Indonesian retailer PT Mitra Adiperkasa Tbk (MAP). With these recent deals, Musinsa is expanding its presence across Southeast Asia, with its fashion labels targeting younger and middle class consumers with affordable fashion. "By combining ACFC's expertise in global fashion brands with Musinsa's strength in unique styles, we hope to offer Vietnamese consumers a new and differentiated experience while expanding our presence in Southeast Asia," said Choi Un-sik, who oversees brand marketing at Musinsa. AJP Takeaways • Musinsa is expanding into Viet Nam in August 2026, marking its latest move into Southeast Asia after recent entries into the Philippines and Indonesia. • Musinsa signed a partnership with Au Chau Fashion and Cosmetics Company, or ACFC, on Aug. 21, 2026, to expand its fashion brands and reach more Vietnamese consumers. • Musinsa and ACFC plan to open offline stores in major Vietnamese cities, including Ho Chi Minh City, using ACFC's existing retail and distribution network to speed up market entry. • Musinsa's online transaction volume from Viet Nam grew by an average of about 40 percent annually from 2023 to 2025, highlighting rising demand among Vietnamese consumers. • Musinsa is building a Southeast Asian retail network through partnerships with major local retailers in Viet Nam, the Philippines and Indonesia, targeting younger and middle class consumers with affordable fashion. 2026-08-21 09:59:54
  • KAI Partners with INSS to Strengthen Global Defense Market Competitiveness
    KAI Partners with INSS to Strengthen Global Defense Market Competitiveness Korea Aerospace Industries (KAI) announced on August 21 that it signed a memorandum of understanding (MOU) with the Institute for National Security Strategy (INSS) on August 20 to collaborate on global security environment analysis and defense policy.The signing ceremony was attended by KAI CEO Kim Jong-chul and INSS Director Kim Sung-bae. The two organizations aim to enhance their analytical capabilities regarding the global defense market and strengthen export competitiveness.This MOU seeks to bolster joint research and policy collaboration on the global security and defense environment, leveraging KAI's expertise in aerospace and defense and INSS's research capabilities in security and policy.Based on public-private cooperation, the two institutions will synergize their expertise to pursue initiatives such as global security and export environment analysis, defense system improvement and policy research, academic and policy exchanges related to defense policy, and joint seminars and forums.INSS will analyze the impact of changing international circumstances on K-defense and the policy and diplomatic environments of potential export markets. KAI plans to use this information to enhance its technological competitiveness and inform its export strategy, thereby improving its capacity to enter overseas markets.Kim Jong-chul, CEO of KAI, stated, "Through collaboration with specialized institutions in the rapidly changing international defense market, we will secure accurate information and establish a policy and institutional foundation to support exports and technology development. We will strengthen our foundation to proactively respond to the global security environment."Kim Sung-bae, Director of INSS, remarked, "We will build an effective cooperation model by linking the security and policy research capabilities accumulated by the institute with KAI's on-the-ground experience in the aerospace industry."* This article has been translated by AI. 2026-08-21 09:56:00
  • Koo Yoon-cheol: Rising Long-Term Interest Rates Prompt Urgent Support for Small Businesses
    Koo Yoon-cheol: Rising Long-Term Interest Rates Prompt Urgent Support for Small Businesses Koo Yoon-cheol, Deputy Prime Minister and Minister of Economy and Finance, has announced plans to address the funding burdens faced by businesses and households due to rising long-term interest rates. He emphasized the need for urgent support measures for small businesses and vulnerable borrowers. On August 21, Koo convened a market situation review meeting at the Bank Hall in Seoul, where he discussed trends in the financial and foreign exchange markets. The meeting included Lee Ok-won, Chairman of the Financial Services Commission, Lee Chan-jin, Chairman of the Financial Supervisory Service, and Park Jong-woo, Deputy Governor of the Bank of Korea. Participants noted that uncertainty in the Middle East, coupled with increased government bond issuance and expanded corporate bond issuance by global AI companies, has led to rising interest rates, particularly for long-term bonds. The yield on U.S. 30-year Treasury bonds rose from 4.61% at the end of February to 5.19% on August 19. During the same period, Japan's yield increased from 3.34% to 4.09%, while the UK's rose from 5.03% to 5.79%. Koo stated, "The government will continuously monitor the issuance and trading conditions in the government bond market to minimize the impact on the real economy, including corporate funding costs and household interest burdens." He added, "We will quickly announce a 'support plan for vulnerable borrowers' to alleviate the debt burden on small businesses and financially vulnerable individuals. We will also enhance debt restructuring to support struggling small businesses and individuals and expand financial assistance for small and medium-sized enterprises and vulnerable borrowers." The won-dollar exchange rate fell from the 1550 won range at the beginning of last month to 1390 won on August 19, marking a return to the 1300 won range for the first time in 11 months. Analysts attribute this decline to record-high current account surpluses and easing foreign stock rebalancing. However, given the geopolitical conflicts in the Middle East and the monetary policies of major countries, Koo noted that both upward and downward factors affecting the exchange rate remain, and the government will maintain a readiness to respond to market volatility. The decrease in net external financial assets in the second quarter is believed to be due to improved corporate performance and rising stock prices, which increased the value of domestic stocks held by foreigners. Net external bonds rose by $23 billion to $367.8 billion, and the current account recorded a historic surplus of $191 billion in the first half of the year, indicating good external soundness. Household credit has surpassed 2000 trillion won, but the ratio of household debt to GDP has decreased from 89.1% in the first quarter of last year to 85.3% in the first quarter of this year. Authorities plan to manage the growth of household debt, which remains high compared to major countries, while reducing funding difficulties for genuine borrowers. The trading volume of single-stock leveraged products dropped from 12.4 trillion won on the day before the implementation of supplementary measures on July 30 to 1.1 trillion won on August 20. Authorities will activate an integrated management system covering the financial, foreign exchange, government bond, and real estate markets to assess sector-specific risk factors and take market stabilization measures if necessary.* This article has been translated by AI. 2026-08-21 09:52:10
  • Seongho Electronics Accelerates Debt Reduction Amid M&A
    Seongho Electronics Accelerates Debt Reduction Amid M&A Seongho Electronics is actively restructuring its increased debt following a merger and acquisition (M&A). The company is accelerating its "debt diet" by reducing stock collateral loans and corporate borrowings, thereby lowering interest costs.According to investment banking sources on August 21, Seoryong Electronics, the largest shareholder of Seongho Electronics, has repaid 135 billion won of a 300 billion won loan secured against its shares, reducing the outstanding balance to 165 billion won. As the principal of the stock collateral loan decreases, the risk of additional collateral and forced sales due to stock price declines also diminishes.Additionally, Seongho Electronics has issued the 20th convertible bond (CB) worth 89.5 billion won. The entire amount raised will be allocated to repaying existing borrowings, specifically targeting 69.5 billion won owed to Seoryong Electronics and 20 billion won owed to Woongjin Free Life.Notably, the interest rates on the existing borrowings are 4.6% and 6.0%, while the new CB has a zero percent interest rate for both the nominal and maturity rates. The company explained that this will effectively reduce cash interest burdens by approximately 4.4 billion won on an annualized basis.* This article has been translated by AI. 2026-08-21 09:52:10
  • SK Securities Shares Rise for Second Day Amid SK Hynixs $40 Billion Buyback
    SK Securities Shares Rise for Second Day Amid SK Hynix's $40 Billion Buyback SK Securities has seen its shares rise for the second consecutive trading day as it facilitates a large-scale stock buyback for SK Hynix.As of 9:24 a.m. on the Korea Exchange, SK Securities shares were trading at 3,270 won, up 460 won (16.37%) from the previous day. The stock had surged 29.79% the day before, hitting the upper limit.The increase in SK Securities' stock price is attributed to expectations of expanded brokerage fee revenue from SK Hynix's approximately 40 trillion won stock buyback.On August 19, SK Hynix's board of directors decided to buy back 24.07 million common shares on the market to enhance shareholder value, with plans to retire all purchased shares. The total acquisition amount is expected to be 40.43 trillion won, representing about 3.3% of the total issued shares.The buyback period runs from August 20 to November 19. The actual number of shares acquired and the total amount will vary based on stock prices during the buyback period. SK Hynix plans to retire all shares purchased after the buyback period ends.SK Securities has been selected as the brokerage for this stock buyback. SK Hynix's daily purchase limit is set at 2.407 million shares. Given the substantial buyback amount and the three-month duration, there are expectations that SK Securities will generate significant brokerage fee revenue.On the first day of the buyback, August 20, SK Hynix purchased 650,000 shares for a total of 1.09 trillion won on the market.* This article has been translated by AI. 2026-08-21 09:52:00
  • Kim Min-seok Thanks Party Members for Calling for Disciplinary Action Against Lee Jin-sook
    Kim Min-seok Thanks Party Members for Calling for Disciplinary Action Against Lee Jin-sook Kim Min-seok, the leader of the Democratic Party, expressed gratitude on August 21 to members of the People Power Party who called for disciplinary action against Lee Jin-sook amid controversy over the distortion of the 5.18 Gwangju Democratization Movement.On the social media platform X, Kim stated, "I respect and thank the responsible members of the People Power Party." He added, "Since the late former President Kim Young-sam, I am well aware that our country’s conservative parties have also developed a democratic orientation." He emphasized that it is desirable for conservative parties to embrace democracy and for progressive parties to support growth for the sake of politics and the nation.Kim pledged, "The Democratic Party will ensure that Lee is expelled or at least suspended from activities," and expressed hope that the People Power Party would begin addressing Lee's situation and move toward including the 5.18 in the constitutional preamble, thereby genuinely approaching the public.Previously, Kim had formally requested disciplinary action against Lee during a meeting with National Assembly Speaker Cho Jeong-sik.Lee hosted a public forum on August 13 in the National Assembly titled 'Revisiting the 5.18 Democratization Movement,' which sparked controversy over allegations of undermining the movement. Additionally, a heated exchange occurred between Democratic Party lawmakers and Lee during a session of the National Assembly's Science, Technology, Information, Broadcasting and Communications Committee.* This article has been translated by AI. 2026-08-21 09:48:10
  • Sejong Law Firm Signs MOU with Busan-Jinhae Free Economic Zone Authority to Establish BJ-INVESTIA
    Sejong Law Firm Signs MOU with Busan-Jinhae Free Economic Zone Authority to Establish 'BJ-INVESTIA' Sejong Law Firm, led by Managing Partner Oh Jong-han, announced on August 21 that it signed a public-private partnership memorandum of understanding (MOU) with the Busan-Jinhae Free Economic Zone Authority, headed by Park Seong-ho, on August 20 to establish the investment attraction ecosystem 'BJ-INVESTIA.'BJ-INVESTIA is a comprehensive investment ecosystem that connects six key areas necessary for foreign companies investing in the Busan-Jinhae Free Economic Zone: location and design, investment and establishment, finance and incentives, customs and logistics, workforce and settlement, and innovative growth.Under this agreement, Sejong and the Free Economic Zone Authority will collaborate to provide legal advice and specialized consulting to domestic and foreign companies considering investment or entering the Busan-Jinhae Free Economic Zone.The Free Economic Zone Authority will identify and manage the advisory and consultation needs of investment companies, while Sejong will offer legal advice and consulting covering the entire investment cycle, including investment structure design, foreign investment reporting, corporate establishment, location and permits, and business operations.Starting in mid-September, the two organizations plan to begin providing comprehensive advisory and consultation support to companies, including seminars and workshops, and will continue to collaborate in various areas to support investment and stable settlement.Sejong is recognized as one of the leading law firms in South Korea, particularly strong in M&A, corporate mergers, ICT regulations and permits, and fair trade, while also addressing a wide range of legal issues arising during the investment process, including real estate, construction, taxation, labor, and economic security.Notably, Sejong has been actively engaged in cash incentive programs specialized in attracting foreign investment through its Trade and Industry Policy Center, enabling a cohesive advisory system where experts from various fields collaborate to provide consistent support from initial risk assessment to regulatory responses after business establishment.Oh Jong-han, Managing Partner of Sejong, stated, "The Busan-Jinhae Free Economic Zone is a key investment hub in South Korea, equipped with ports, airports, and industrial complexes, and its strategic value is increasing amid the global supply chain restructuring. Based on Sejong's accumulated experience in foreign investment and regulatory response consulting, we aim to significantly reduce the uncertainties companies face during their investment decision-making process and help our economic zone become a preferred investment destination for global companies."Park Seong-ho, head of the Free Economic Zone Authority, remarked, "Sejong's extensive industry expertise and legal advisory capabilities will greatly assist companies investing in the Busan-Jinhae Free Economic Zone in their investment decisions and stable business operations. Through this agreement, we will strengthen cooperation with specialized institutions to quickly resolve legal and regulatory challenges faced by companies during the investment process and translate them into tangible investment outcomes."The Busan-Jinhae Free Economic Zone Authority was established as a joint local government organization between Busan Metropolitan City and Gyeongsangnam-do to oversee foreign investment attraction and the development of logistics and advanced industry centers in the area surrounding Busan New Port and Jinhae Port, with its office located in Gangseo-gu, Busan.* This article has been translated by AI. 2026-08-21 09:48:00