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Major Retailers to Shorten Payment Terms for Suppliers 대형마트와 백화점 등 대규모유통업체가 납품업체에 상품 대금을 지급해야 하는 기한이 최대 절반 수준으로 줄어든다. 특약매입·위수탁 등의 거래는 판매마감일로부터 40일에서 20일로, 직매입은 상품수령일로부터 60일에서 35일로 단축된다.공정거래위원회는 이 같은 내용을 담은 '대규모유통업에서의 거래 공정화에 관한 법률' 개정안이 17일 국회 본회의를 통과했다고 밝혔다.이번 개정은 티몬·위메프 사태와 홈플러스 회생절차 등을 계기로 대규모유통업자의 대금 지급 관행을 개선하기 위해 추진됐다. 공정위는 지난해 2월부터 11개 업태 111개 유통 브랜드를 대상으로 실태조사를 실시한 뒤 같은 해 12월 대금 지급기한 개선방안을 마련했다.개정안에 따라 특약매입·위수탁·임대을 거래의 대금 지급기한은 월 판매마감일로부터 40일에서 20일로 절반으로 단축된다. 백화점과 면세점 등에서 주로 활용하는 특약매입은 상품이 팔리지 않으면 반품하는 조건으로 외상 매입한 뒤 판매 수수료를 제외하고 대금을 지급하는 방식이다.공정위 조사 결과 특약매입 등의 실제 대금 지급기간이 평균 20일 안팎인 데다 월 정산에 필요한 실무 기간 등을 고려해 법정 지급기한을 20일로 정했다.대형마트와 편의점, 온라인몰 등에서 주로 활용하는 직매입 거래의 지급기한도 상품수령일로부터 60일에서 35일로 줄어든다. 직매입은 유통업체가 납품업체로부터 상품을 직접 사들인 뒤 자기 책임으로 판매하는 방식이다.당초 공정위는 직매입 지급기한을 30일로 단축하는 방안을 추진했다. 실태조사에서 대다수 업체가 30일 안에 대금을 지급하고 있는 것으로 나타났기 때문이다. 다만 국회 논의 과정에서 아직 판매되지 않은 상품에 대해서도 대금을 지급해야 하는 직매입의 특성과 유통업체의 부담 등을 고려해 최종적으로 35일로 결정됐다.월 1회 정산하는 직매입 거래에는 별도의 예외가 적용된다. 월말을 매입마감일로 정해 한 달 동안 매입한 상품을 한꺼번에 정산하는 경우 매입마감일로부터 20일 이내에 대금을 지급할 수 있다.천재지변이나 납품업체 채권 압류 등 유통업체의 책임이 없는 사유로 대금 지급이 어려운 경우에도 지급기한의 예외가 인정된다. 직매입의 경우 파산이나 회생, 급격한 현금흐름 악화 등 긴급한 경영상 우려가 있고 공정위 승인을 받으면 지급기한 적용에서 예외를 인정받을 수 있다.공정위는 경영상 어려움을 이유로 한 예외가 남용되지 않도록 납품대금 지급이 어려운 사실이 객관적으로 명백한 경우에 한해 승인할 방침이다. 구체적인 예외 사유와 절차는 하위 법령을 통해 마련한다.개정 법률은 정부 이송과 국무회의 의결 등을 거쳐 공포된 뒤 1년 후 시행된다. 시행 이후 상품을 수령하거나 판매한 거래부터 새로운 지급기한이 적용된다.공정위 관계자는 "1년의 유예기간 동안 유통업계와 납품업체 등의 의견을 수렴해 하위 법령을 정비할 계획"이라고 밝혔다.* This article has been translated by AI. 2026-09-17 16:32:00 -
Naver Decides Not to Acquire Delivery Hero's Baedal Minjok Naver has decided not to proceed with the acquisition of a stake in Baedal Minjok, operated by Woowa Brothers.On September 17, Naver announced in a public disclosure that it had considered acquiring a stake in Baedal Minjok but ultimately decided against it due to changes in the business environment. This announcement clarifies a report from May 19 by Seoul Economic Daily regarding Naver and Uber's potential acquisition of Baedal Minjok for approximately 8 trillion won.Previously, Seoul Economic Daily reported that Naver was forming a consortium with Uber to acquire Baedal Minjok for around 8 trillion won. At that time, Naver stated, “We are exploring various options to strengthen our business competitiveness, but no specific decisions have been made yet.”The sale of Baedal Minjok has been pursued by Germany's Delivery Hero (DH). The market speculated that the sale price could reach up to 8 trillion won, and it was reported that Naver and Uber were considering forming a consortium.* This article has been translated by AI. 2026-09-17 16:28:20
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Promoting palace etiquette with FIFTY FIFTY Heo Min, head of the Korea Heritage Service, and Athena and Yewon of FIFTY FIFTY, promotional ambassadors for the agency, hand out promotional fans to visitors during a joint campaign to promote proper etiquette at royal palaces and tombs at Gyeongbokgung Palace in Jongno District, Seoul, on the morning of Sept. 17, 2026. 2026-09-17 16:25:32 -
Seoul Court Rules Against Namsan Cable Car Project A Seoul court has ruled against the city’s plan to change land use for the Namsan gondola project, deeming the action illegal.The Seoul High Court’s Administrative Division 7, led by Judge Kwon Soon-hyung, ruled on September 17 in favor of the plaintiffs, including the Namsan Cable Car operator, Korea Sacto Industrial Co., in a lawsuit seeking to annul the city’s urban management plan decision. The court did not provide specific reasons for its ruling.As a result, the Namsan gondola project, which has been stalled for two years since a court's injunction in October 2024, faces renewed legal challenges.The core issue in this dispute revolves around the legality of changing land use and height restrictions under the Park Greenery Act. Current regulations prohibit the construction of any structures exceeding 12 meters in urban natural park areas. However, the city’s gondola plan requires the installation of intermediate supports, which would be 30 to 50 meters tall.To circumvent these height restrictions, the city changed the land use designation from 'urban natural park' to 'Namsan Yejang Neighborhood Park,' classified as urban planning facilities. In response, Korea Sacto Industrial Co. filed a lawsuit against the city.Both the first and second courts found that the city’s change of land use violated relevant laws. According to the enforcement decree of the Park Greenery Act, changing or abolishing urban natural park areas requires meeting strict criteria, such as significant damage to green spaces or loss of recreational functions.During earlier hearings, the city argued that the criteria for abolishing urban natural park areas did not apply when changing to facility parks, but the court rejected this claim.The first court noted, "Urban natural parks and facility parks are strictly distinct concepts under the law." It emphasized that any change from urban natural park to facility park must adhere to the criteria for changing or abolishing urban natural parks.This ruling indicates that the city’s assertion that it could change urban natural parks to facility parks at will for administrative purposes is legally untenable.The Namsan Cable Car has been operated exclusively by Korea Sacto Industrial Co. since it obtained a business license without an expiration date in 1962.The city aims to end this long-standing monopoly and improve accessibility for the 12 million annual visitors, proposing a gondola system with 25 ten-passenger cabins to transport over 1,600 people per hour from near Myeongdong Station to the summit of Namsan, but the project is now at risk due to the court's decision.Immediately following the appellate ruling, the city expressed strong regret, stating, "This ruling perpetuates a 60-year-old private monopoly and neglects the mobility issues faced by citizens."The city also criticized the ruling as failing to adequately reflect the procedures and legal requirements for changing urban management plans, asserting that the decision was a lawful administrative action that met the criteria for changing urban natural park areas. It announced plans to appeal to the Supreme Court.Conversely, Korea Sacto Industrial Co., local university students, and environmental groups welcomed the ruling, viewing it as a reaffirmation of legal standards for preventing reckless development and preserving the environment.* This article has been translated by AI. 2026-09-17 16:24:10
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U.S. House Passes Russia Sanctions Bill Targeting China and India Ahead of Xi Jinping's Visit The U.S. House of Representatives passed a bill on September 16 aimed at imposing sanctions on China and India, major buyers of Russian energy. The legislation grants President Donald Trump the authority to impose tariffs of up to 100% on imports of Russian oil and natural gas.According to the South China Morning Post, the House approved the 'Lindsey O. Graham Russia-Iran Sanctions Act' with a vote of 262 in favor and 159 against. The Senate had previously passed the bill overwhelmingly last month with a vote of 86 to 11. The bill now awaits Trump's signature.Led by the late Republican Senator Lindsey Graham, who passed away in July, the bill empowers Trump to impose tariffs on the top five countries importing Russian oil and natural gas.While the bill does not specify the countries targeted, China and India are expected to be the primary focus due to their significant imports of Russian energy.The legislation also includes additional sanctions on Russia's energy and defense industries. It aims to strengthen sanctions against the so-called 'shadow fleet' that transports Russian oil to evade existing sanctions and imposes further restrictions on Iran.The Chinese government responded immediately. Chinese Foreign Ministry spokesperson Geng Shuang stated at a regular briefing on September 17, "China has always engaged in normal trade and economic cooperation with countries based on equality and mutual benefit. Such cooperation is not aimed at any third country and should not be interfered with or coerced by third parties." He added that China opposes extraterritorial jurisdiction without a basis in international law and without approval from the United Nations Security Council.The Indian Ministry of External Affairs also issued a statement on the same day, emphasizing that it has made its position clear regarding the potential impact of the bill on U.S.-India relations and the international energy market. The ministry warned that it would take all necessary measures to protect its trade and economic interests.The passage of this bill comes as negotiations between the U.S. and China are ongoing ahead of Chinese President Xi Jinping's visit to the United States next week. U.S. Treasury Secretary Scott Bensent and Chinese Vice Premier He Lifeng are expected to hold final negotiations this weekend to prepare for Xi's visit. The two sides are anticipated to discuss economic agreements, including tariff reductions on agricultural trade and the extension of a fragile trade truce established last October.This legislation targeting China, a major importer of Russian oil, is seen as a further economic pressure tactic as the U.S. intensifies sanctions against Iran and urges China to halt commercial transactions with the country. 2026-09-17 16:24:00
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Korea and IEA forge RISE ASIA partnership to enhance energy security Kim Sung-hwan, minister of climate, energy and environment, and Fatih Birol, executive director of the International Energy Agency (IEA), pose for a photo after signing a memorandum of understanding on the Korea-IEA Resilient and Integrated Security of Energy in Asia (RISE ASIA) Partnership during a joint press conference at the Four Seasons Hotel Seoul in Jongno District, Seoul, on the afternoon of Sept. 17, 2026. 2026-09-17 16:23:06 -
South Korea's Foreign Ministry Clarifies Delays in U.S. Investment Agreement The South Korean Foreign Ministry clarified on September 17 that the delay in the schedule for the first U.S. investment agreement, as stated by Foreign Minister Park Jin, is due to remaining domestic procedures rather than differences between South Korea and the United States. A ministry official remarked, "It seems to imply that further coordination on details is necessary between the two countries."During a briefing with reporters, the official added, "This should be interpreted as a process of finding common ground rather than a conflict between South Korea and the U.S." The official further explained that Park's comments connected the need for domestic procedures to the completion of detailed coordination.Additionally, the official noted, "I understand that reporting to the National Assembly through government discussions is necessary. It would have been preferable to finalize this sooner, but there are various positions, including our economic interests." The official projected that finding common ground for a final agreement between the two countries may take some time.Earlier that day, Minister Park, before departing for a meeting with U.S. Secretary of State Marco Rubio, stated to reporters, "There are no differences between South Korea and the U.S.; it is about resolving procedural issues domestically. What we can do is explain to the U.S. and maintain a clear stance on any issues that contradict our national interests or differ from our position."Meanwhile, the government was scheduled to report the first U.S. investment project to the Ministry of Trade, Industry, and Energy and the Ministry of Economy and Finance on the same day, but the meeting was unexpectedly postponed the day before. This has led to speculation that the delay may be due to disagreements between South Korea and the U.S.* This article has been translated by AI. 2026-09-17 16:20:20
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Free Attractions to Visit During Chuseok Holiday As the Chuseok holiday approaches, various attractions in Seoul, from art museums to palaces and nature recreation areas across the country, will open their doors for free. Visitors can enjoy a range of activities, whether on a date, with family, or exploring exhibitions alone.The National Museum of Modern Art will offer free admission during the holiday. The Gwacheon, Deoksugung, and Cheongju branches will be open for free from September 24 to 27. The Seoul branch will be closed on Chuseok day, September 25, but will be open for free on September 24 and from September 26 to 27.For couples planning a day in downtown Seoul, a visit to Deoksugung Palace and the National Museum of Modern Art's Deoksugung branch is a great option. Deoksugung Palace will be open for free from September 24 to 27.If you are visiting with children, the Seoul Museum of History will host a Chuseok event. The event, titled 'Hangawi Hanmadang - Colorful Chuseok,' will take place on September 26 from noon to 4 p.m.Activities include traditional games such as 'gilssimnori' at noon and at 1 and 2 p.m., as well as fusion Korean music busking at 1:30 and 3 p.m. Visitors can also participate in traditional games like 'neolttwigi,' 'tuho,' 'jegichagi,' and 'janggi,' along with hands-on experiences using traditional tools like 'jige' and 'jeolgu.'Experience programs such as folk painting, making full moon wish lanterns, and creating knot coasters will also be available. Some programs will be offered on a first-come, first-served basis and may end early if materials run out.If you want to enjoy the holiday atmosphere with your parents, Namsangol Hanok Village is worth considering. The village will host 'Namsan Moonlight Square' from September 25 to 27, open from 10 a.m. to 8 p.m. Basic admission is free.On September 25, a program will explore the significance of traditional rituals and holiday customs through a Chuseok ritual table. The 4th World Pansori Festival will take place over two days, from September 25 to 26, followed by traditional tightrope walking and performance shows on September 27.If you prefer to escape the city and spend time in the woods, the National Nature Recreation Areas are also an option. The government will waive entrance fees for 48 national nature recreation areas from September 24 to 26.Four national arboretums will also have waived entrance fees during the Chuseok holiday, but their actual opening days vary. The National Sejong Arboretum, National Baekdu-daegan Arboretum, and National Korean Native Plant Arboretum will be open on September 24 and 26 to 27, while the National Arboretum in Pocheon, Gyeonggi Province, will be closed from September 24 to 26 and will open on September 27.This year's Chuseok holiday spans from September 24 to 27. There are many options for enjoying exhibitions and traditional culture in downtown Seoul or heading to nearby forests without spending money. However, since the free admission dates, closure days, and reservation requirements vary by facility, it is advisable to check the official websites of each institution for operational information before visiting.* This article has been translated by AI. 2026-09-17 16:20:20
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U.S.-South Korea Talks on Hormuz Contributions Postponed Government officials have postponed the National Security Council (NSC) standing committee meeting, indicating a cautious approach regarding military contributions in the Hormuz Strait. Instead of finalizing their stance, the government aims to narrow down support methods and scope after discussions at the U.S.-South Korea foreign minister meeting. On the morning of September 17, South Korean Foreign Minister Cho Hyun departed for Washington, D.C., to meet with U.S. Secretary of State Marco Rubio. The two ministers are scheduled to meet on September 18 (local time) to discuss a wide range of topics, including U.S.-South Korea relations, the Korean Peninsula, and regional and global issues. This will be their first bilateral meeting in seven months, providing an opportunity for both foreign ministers to exchange views on the Hormuz situation. Before his departure, Cho told reporters that the decision regarding troop deployment to Hormuz has not been made and is under consideration based on various factors. He emphasized that while South Korea will participate in international cooperation, the safety of its citizens and the freedom of navigation in the Hormuz Strait will be prioritized. During the meeting, Cho is expected to explain the South Korean government's review process and public sentiment while also gauging the U.S. expectations for contributions. Without understanding the specific forms and levels of support the U.S. seeks—whether it be personnel, equipment, or technical assistance—South Korea's options and negotiation leverage may be limited. The government is reportedly examining discussions not only with the U.S. but also with a multinational coalition led by the United Kingdom and France. The Ministry of Foreign Affairs has stated that it will assess the Hormuz issue from a broader perspective, considering freedom of navigation, energy supply, and the safety of local populations. First Vice Minister Park Yoon-joo mentioned during a National Assembly Foreign Affairs and Unification Committee meeting that the discussions with the international community fundamentally revolve around contributions and how to assist in restoring stability. The introduction of nuclear-powered submarines and the expansion of uranium enrichment and spent fuel reprocessing rights are also expected to be key agenda items for this meeting. Cho stated that he aims to expedite the implementation of the fact sheet (joint explanatory materials) while maintaining a clear stance on issues that contradict national interests or South Korea's position. Meanwhile, the NSC standing committee meeting originally scheduled for today has been postponed. The Blue House did not provide specific reasons for the delay, but it appears to be a strategic decision to assess the outcomes of the U.S.-South Korea foreign minister meeting, especially with Cho's absence. Discussions are ongoing regarding the limited deployment of non-combat defensive forces, such as maritime patrol aircraft, explosive ordnance disposal teams, and unmanned equipment, or providing equipment and technical support. Some voices within the ruling party have suggested that instead of sending troops, South Korea could leverage its strengths in shipbuilding and plant sectors to support post-conflict reconstruction and recovery. The ongoing negotiations regarding U.S. investments, which have not yet been finalized, also present a variable. Cho commented on the delay in reporting the first U.S. investment project to the National Assembly, stating that it is more about clarifying domestic procedural issues than differences between South Korea and the U.S. Following the scheduled press conference by President Lee Jae-myung on September 18 and the U.S.-South Korea foreign minister meeting, the government is expected to finalize its contributions to the Hormuz situation. After completing his schedule in Washington, Cho will travel to New York on September 19 to coordinate meetings with senior UN officials and foreign ministers from various countries. Issues that could not be resolved at the ministerial level may be addressed through further discussions at the UN General Assembly. 2026-09-17 16:20:10
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Chinese Stock Market Declines Amid U.S. Interest Rate Hike; Impact Seen as Limited The Chinese stock market, which rebounded the previous day, fell again on September 17. The decline was attributed to the impact of the U.S. interest rate hike. The Shanghai Composite Index closed down 0.41% at 3,875.60, the Shenzhen Component Index dropped 0.33% to 13,409.91, and the ChiNext Index fell 0.40% to 3,298.31.On September 16, the U.S. Federal Reserve raised its benchmark interest rate by 25 basis points to a range of 3.75% to 4.00%. This marked the first rate increase since July 2023. All 12 voting members of the Federal Open Market Committee (FOMC) supported the decision. Notably, the market is focused on the potential for further rate hikes. The median forecast for the year-end interest rate among 18 Fed officials is now 4.1%, up 0.3 percentage points from the June estimate, with 16 of the 18 officials expecting at least one more increase this year.Luo Zhiheng, chief economist at Yuekai Securities, stated, "The Chinese stock market will be affected by the U.S. interest rate hike, but it may also show independent trends." He added, "The direction of the Chinese stock market will be more influenced by the fundamentals of the Chinese economy and industry rather than pressure from interest rate differentials. In the medium to long term, there is a possibility of additional economic stimulus measures, and as stabilization funds gradually flow into the market and corporate performance is quickly reflected, the market may withstand external shocks."Yang Delong, chief economist at Qianhai Kaiyuan Fund, also assessed that the recent rate hike will not fundamentally impact the Chinese stock market. He noted, "The Chinese stock market has undergone significant adjustments in the third quarter, effectively completing the process of eliminating the tech bubble. The previous declines have largely priced in concerns over high valuations in the tech sector and the potential for U.S. Fed rate hikes."On this day, the automotive sector showed strength, with stocks like Ankai Bus, Haima Automobile, and Zhongtai Automobile hitting their daily limits. Guangzhou Automobile announced plans to acquire a stake in a specific joint venture with DiDi through a new share issuance, which, upon completion, will make it the second-largest shareholder in Guangzhou Automobile. This joint venture is reported to be with Ichito Toyota. The market viewed this as a positive development signaling the start of restructuring in the automotive industry.The leisure sector also saw gains, with Dalian Shengya reaching its daily limit and Changbai Mountain and Xiyu Travel recording significant increases. In China, there are only three working days between the Mid-Autumn Festival and the National Day holiday, and taking three days off can lead to a maximum of 13 consecutive days of vacation. According to data from travel platform Qunar as of September 16, bookings for flights and hotels during the National Day holiday this week increased by 56% compared to the previous week, with long-haul flight bookings over 2,000 kilometers doubling from the previous year.Meanwhile, the People's Bank of China set the yuan's central parity rate against the dollar at 6.7580 yuan, a decrease of 0.0048 yuan from the previous day, reflecting a 0.07% increase in the value of the yuan.* This article has been translated by AI. 2026-09-17 16:16:10