Latest by
-
Small Business Agency Recognizes Outstanding Service in Q2 2026 The Small Business Market Promotion Agency announced on August 13, 2026, that it has selected three outstanding cases for its 'Q2 2026 Praise Program.'The agency conducted an internal vote involving 244 employees to determine the top examples from 21 customer commendations submitted on its 'Praise Program' bulletin board.Hwang Ji-hyun, a manager at the Daegu Northern Center, was awarded first place. She received high praise for her meticulous guidance on loan procedures and documents, as well as her genuine empathy for the challenges faced by small business owners.One customer expressed gratitude, stating, "After completing the process, she asked, 'What difficulties have you faced?' Her consideration, despite her busy schedule, brought me to tears."Joint second place went to Hong Hye-jin, a manager in the Specialized Support Team, and Nam Yoon-mi from the Ansan Center. Hong was recognized for her attentiveness to a foreign evaluator who was unwell during a market assessment, ensuring their health was monitored, and providing warm support to attendees at the event.Nam assisted a foreign small business owner by clearly explaining the policy funding system and carefully guiding them through the application process, even helping with documents they had not prepared. The grateful business owner remarked, "This kindness I experienced in Korea has inspired me to help others in need in the future."In Tae-yeon, the agency's director, stated, "The public's praise reflects the valuable efforts of our employees who interact with small business owners on the ground. We will continue to listen to the voices of small business owners and strive to provide warm public services that can be trusted and felt through proactive administration."* This article has been translated by AI. 2026-08-13 17:16:00 -
Rainy long holiday weekend to bring relief to drought-hit southern province SEOUL, August 13 (AJP) - Rain may ruin the plans of many holidaymakers over this weekend, but it is expected to bring much-needed relief to drought-hit areas in the southern part of the country. According to the Korea Meteorological Administration (KMA) on Thursday, rain is forecast for most parts of the country from Friday through Monday, which is a substitute holiday as this year's Liberation Day falls on Saturday. Up to 50 millimeters of precipitation is expected over the long weekend, with scattered showers varying by region, bringing enough rainfall to ease the prolonged heatwave in recent weeks. The rainfall, which comes after this year's 15th Typhoon Chan-hom dissipated over Japan and moved toward the East Sea, is especially good news for South Gyeongsang Province, where water reserves have been depleted due to low precipitation in recent months. The province suffered from a severe drought over the past month, receiving an average of 58.5 millimeters of rain, about a quarter of the usual seasonal average of 241.9 millimeters, prompting the government to dispatch firefighters and other workers, along with more than 200 water tankers, to provide emergency water supplies to drought-hit areas there. AJP Takeaways: - Rain is forecast across most parts of Korea from Friday, Aug. 14, through Monday, Aug. 17, 2026, bringing up to 50 millimeters of precipitation over the long weekend. - The rainfall is expected to ease the prolonged heatwave that has affected much of Korea in recent weeks. - South Gyeongsang Province is expected to benefit significantly from the rain after suffering severe drought conditions caused by months of below average precipitation. - South Gyeongsang Province received an average of 58.5 millimeters of rain over the past month, about one quarter of its usual seasonal average of 241.9 millimeters. - The Korean government dispatched firefighters, other workers and more than 200 water tankers to South Gyeongsang Province to provide emergency water supplies to drought hit areas. 2026-08-13 17:14:02 -
Hanwha Galleria Reports 2nd Quarter Operating Profit of 15.1 Billion Won Hanwha Galleria has successfully turned a profit in the second quarter of this year, driven by increased demand for luxury goods and rising sales to foreign customers. Both revenue and profitability have improved significantly.On August 13, Hanwha Galleria announced that its consolidated operating profit for the second quarter reached 15.1 billion won, a turnaround from an operating loss of 4.8 billion won during the same period last year.During the same timeframe, sales rose to 150.9 billion won, marking an 18.9% increase compared to the previous year. The company also reported a net profit of 5.1 billion won, reversing a loss from the same period last year.This improvement in performance marks the second consecutive quarter of positive results, following a first-quarter operating profit of 12.3 billion won, which was a 551% increase from the same period last year.Since the second half of last year, Hanwha Galleria has focused on enhancing its high jewelry and watch categories at its Apgujeong luxury department store, targeting its key VIP customers.The company has successfully attracted the Swiss watch brand Moritz Grossmann and the German jewelry brand Wellendorff, and has introduced luxury watch brands such as Tudor, Hublot, and Grand Seiko at its Gwanggyo store.Additionally, the influx of over 10 million foreign tourists to South Korea in the first half of this year has positively impacted luxury consumption, contributing to the company's improved performance.A Hanwha Galleria representative stated, “Our profits have significantly improved due to increased demand for luxury goods and rising sales to foreign customers. We will continue to focus on developing new content and enhancing our services to maintain this momentum.”* This article has been translated by AI. 2026-08-13 17:12:00
-
Experts Predict Kim Min-seok's Victory in Upcoming Democratic Party Convention The Democratic Party's convention is just four days away, and political experts generally predict a victory for candidate Kim Min-seok, who is currently leading in the polls. However, they also highlight the declining approval ratings of the Lee Jae-myung administration and the upcoming primary in Honam, the party's traditional stronghold, as critical factors that could influence the outcome, raising the possibility of a strong showing from Jeong Cheong-rae.Park Sang-byeong, a political commentator, stated in a phone interview with Aju Economy that the convention is likely to reflect the favorable polling results for Kim. He noted, "The results of the polls and the introduction of the preference voting system give Kim an advantageous position," predicting a solid victory for him in Honam.Lee Jong-hoon, another political analyst, echoed this sentiment, saying, "Due to the nature of the preference voting system, Kim will naturally absorb votes from Song Young-gil, leading to his victory." He explained that the preference voting system allows the second-choice votes of the third-place candidate to be transferred, which will likely widen the gap between Kim and Jeong.Both analysts pointed to the historically low approval ratings of President Lee, which currently sit at their lowest since he took office, and the fact that Honam voters make up more than a third of the party's total membership as the most significant variables in the race.Park warned that the current trend of low approval ratings for President Lee could work against Kim, stating, "If this trend continues, public sentiment in Honam could shift towards Jeong. If Jeong loses by a margin of less than 3%, there is a possibility that the outcome could be reversed."Shin Yul, a professor of political science at Myongji University, predicted that if a specific candidate fails to secure a majority, it would deal a significant blow to the Lee Jae-myung administration. He remarked, "The fact that no candidate surpasses the majority itself is a blow to the administration. This will inevitably amplify the voices of the anti-Lee faction within the party, potentially deepening internal divisions."When asked about Jeong's chances of winning, Shin said, "If Jeong achieves a decisive victory with a margin of over 5% in the primary in Honam this weekend, there is a possibility of a turnaround." He added, "The party members in Honam do not wish for this administration to fail, so votes will naturally gravitate towards Kim."* This article has been translated by AI. 2026-08-13 17:04:20
-
KAI Signs Additional Contract for One 'Chamsuri' Helicopter with Police Agency KAI (Korea Aerospace Industries) announced on August 13 that it has signed a contract with the National Police Agency to supply one additional 'Chamsuri' helicopter.The Chamsuri (KUH-1P) is a multipurpose helicopter modified and developed from the Army's Surion utility helicopter for police missions. It is equipped with advanced technology, including a high-performance electro-optical infrared camera and an aerial video transmission device, enabling rapid and accurate command and rescue operations in complex terrains such as mountains, seas, and urban areas.The contract includes not only the helicopter itself but also maintenance parts, various support equipment, and the latest technical manuals. A KAI official stated, "We will support the National Police Agency in providing the best public safety services based on rapid technical support and reasonable maintenance costs."KAI delivered the first Chamsuri helicopter based on the Surion in 2013 and has successfully supplied a total of 14 police helicopters to date. With the addition of this helicopter, the total supply has reached 15 units.Meanwhile, the Surion is a domestically developed helicopter that has established itself in the public helicopter market, which has been dominated by foreign models. Currently, a total of 43 Surion helicopters have been contracted for various national agencies, including the police, coast guard, fire services, forestry, and national parks, solidifying their role as key assets for these organizations.The Surion helicopters used by the coast guard are equipped with search radars and AIS (Automatic Identification System) for coastal patrol and search missions, while those used by fire services, forestry, and national parks are outfitted with belly water tanks and EMS kits for firefighting and mountain rescue operations.Notably, during the large forest fires in Uiseong and Sancheong last year, the Surion helicopters were deployed for nighttime firefighting operations. In line with the government's initiative to enhance large-scale firefighting capabilities, KAI plans to develop a new belly water tank to increase the water capacity from 2 tons to 2.7 tons, with delivery scheduled for 2027 to the Gangwon Fire Service.* This article has been translated by AI. 2026-08-13 17:04:00
-
Extreme heat drives up vegetable prices A citizen purchases a bundle of spinach for 8,000 (about $5.62) won at Gyeongdong Market in Jegi-dong, Dongdaemun-gu, Seoul, August 13, 2026. 2026-08-13 17:02:27 -
Extreme heat drives up vegetable prices A bundle of spinach sells for 8,000 won (about $5.62) at Gyeongdong Market in Jegi-dong, Dongdaemun-gu, Seoul, August 13, 2026. 2026-08-13 17:00:48 -
BlackRock Expands Stakes in South Korean Biotech Firms The world’s largest asset manager, BlackRock, has increased its stakes in major South Korean pharmaceutical and biotech companies to over 5% this year, signaling a reassessment of the K-Bio sector. The investments by BlackRock and other foreign funds in domestic biotech firms are interpreted as a shift towards selecting companies with strong cash flow generation potential, rather than merely betting on clinical success.According to the Financial Supervisory Service’s electronic disclosure system and industry sources, BlackRock’s subsidiary, BlackRock Fund Advisors, and its affiliates have raised their stake in HLB to 7.15% and in Alteogen to 5.03%. They also increased their stake in Yuhan from 5.07% in June to 6.50% last month.In the case of HLB, BlackRock raised its stake from 5.01% in March to 6.05% in June, and then to 7.15% at the end of last month, making it the second-largest shareholder after HLB Group Chairman Jin Yang-gon. Alteogen’s stake increased from 4.98% (2,670,175 shares) on July 30 to 5.03% (2,694,448 shares) the following day, qualifying it for a large shareholder report.Other foreign asset managers are also expanding their stakes in domestic pharmaceutical companies. U.S.-based Copernic Global Investors has continuously purchased shares in Jongkundang, raising its stake to 8.38%.The increase in stakes by foreign asset managers in South Korean pharmaceutical and biotech firms aligns with a trend of additional investments in companies that have achieved billion-dollar technology exports and global commercialization successes.Yuhan is being highly regarded for its long-term growth potential, particularly due to the global commercialization success of its lung cancer drug, Lecraza, and the possibility of further technology exports. BlackRock’s consecutive stake increases in June and July reflect this optimism.Alteogen has successfully transferred technology to GlaxoSmithKline (GSK) affiliates and Biogen, leveraging its human hyaluronidase platform, ALT-B4. The market views BlackRock’s acquisition of over 5% as a recognition of Alteogen’s technological capabilities and commercialization potential.HLB is set to seek FDA approval for its bile duct cancer treatment, Liraglutide, next month. According to HLB, it recently held a late-cycle meeting with the FDA regarding the approval review for Liraglutide as a second-line treatment for bile duct cancer. The company reported that there were no significant disagreements during the review process, and no new review issues that could affect approval were raised, heightening expectations for approval. The late-cycle meeting is an official procedure to address remaining issues and discuss drug labeling and post-marketing compliance plans as the approval review nears completion.However, the situation is different for another drug candidate in HLB’s pipeline. HLB’s U.S. subsidiary, Elevate Therapeutics, received a third complete response letter (CRL) from the FDA regarding its new drug application (NDA) for the combination therapy of Ribociclib and Camrelizumab. The CRL was due to identified issues during the cGMP inspection of the manufacturing facility by China's Hansoh Pharmaceutical. This has increased uncertainty regarding the timeline for entering the U.S. market. Some analysts suggest that BlackRock may view this third CRL as limited to manufacturing-related issues, indicating a possibility for resolution.Kiwoom Securities noted, "Interest from foreign investors is expanding beyond mere expectations of clinical success to include companies that are undervalued or have a high potential for actual cash flow generation." However, they cautioned that "it is difficult to interpret the recent stake increases as a sign of active investment in K-Bio," suggesting the need to consider the potential for passive and index effects. 2026-08-13 17:00:20
-
Game Industry Adopts Defensive Strategies Ahead of GTA6 Release Major game companies reported strong performances in the first half of the year, but concerns loom for the second half. The impact of new releases is diminishing, and the highly anticipated launch of 'Grand Theft Auto 6 (GTA6)' is prompting companies to rethink their marketing strategies and release schedules.On August 13, South Korea's leading game companies finalized their second-quarter results. Nexon reported second-quarter revenue of 1.139 trillion won, with an operating profit of 294.3 billion won and a net profit of 278.8 billion won. This marks a 19.9% decrease in revenue compared to the first quarter's 1.4213 trillion won, and a 45.9% drop in operating profit from 543.6 billion won.The success of the 'MapleStory' franchise and the October 2025 release of 'Arkriders' contributed to a cumulative revenue of 2.5603 trillion won, an operating profit of 837.9 billion won, and a net profit of 813.7 billion won for the first half of the year, setting a record for the period. Revenue and operating profit increased by 17% and 13%, respectively, compared to the same period last year.NC reported second-quarter revenue of 770.5 billion won, an operating profit of 173.9 billion won, and a net profit of 131.2 billion won. Revenue surged by 101% and operating profit by 1,053% year-on-year, with the success of 'Lineage Classic,' released in February, significantly boosting PC game revenue to a record 343.8 billion won.Netmarble achieved consolidated revenue of 749.2 billion won and an operating profit of 80.1 billion won in the second quarter, reflecting a substantial recovery with increases of 15% in revenue and 50.8% in operating profit from the previous quarter. The growth was driven by updates to 'The Seven Deadly Sins: Origin' and the initial success of the new MMORPG 'Soul: Enchant,' alongside a 78% contribution from international sales.Krafton also reported record second-quarter consolidated revenue of 1.2902 trillion won and an operating profit of 410.9 billion won, marking increases of 94.9% in revenue and 67.0% in operating profit year-on-year. The sustained revenue from its flagship title 'PUBG' and the global success of the new release 'Subnautica 2' were key factors in this growth.Despite these impressive results, the outlook for the second half is challenging. Sales and operating profits from new games released earlier this year have begun to decline, prompting companies to prepare for major new releases and strengthen existing IPs.NC plans to launch about ten games from its own development and publishing efforts starting in the second half of this year through next year, with new releases scheduled almost every month. Krafton aims to expand the playtime of 'Subnautica 2,' which has released about 25-30% of its story in early access, and introduce a four-player cooperative mode.Pearl Abyss is also preparing for a major update and platform expansions, including for Switch 2, to boost sales of 'Crimson Desert' and plans to sell downloadable content (DLC).As the competition for new releases heats up in the second half, GTA6 emerges as a significant variable. NC's 'Cinder City,' Kakao Games' 'ArcheAge Chronicles,' and 'God Save Birmingham' are among the titles that may coincide with GTA6's release.Game companies, including NC, are adopting a strategy to avoid the month of November for new releases. There is a prevailing opinion that adjusting release dates is preferable to direct competition, leading to potential rescheduling of many upcoming game launches.* This article has been translated by AI. 2026-08-13 17:00:20
-
First 'Gimgane' Location Closes Amid Rising Costs in Kimbap Market On August 13, a visit to a snack bar in Seoul revealed that while the sign prominently displayed the word 'kimbap,' the dish was no longer on the menu. The establishment stopped selling kimbap this year, removing its dedicated preparation table and reducing kitchen staff by one. Currently, the restaurant only offers Korean dishes such as ramen, fried rice, tteokbokki, and stews. The owner, identified as A, stated, "Considering the costs of ingredients and labor, selling kimbap was no longer profitable, so we decided to streamline the menu."Kimbap, once considered a staple of affordable dining, is losing its place in the restaurant market. The dish's reliance on a variety of ingredients makes it particularly vulnerable to rising raw material costs, while the labor-intensive preparation process adds to the financial strain.According to the Korea Consumer Agency's price information portal, 'Chamgak,' the average price of a kimbap roll in Seoul rose from 2,946 won in 2022 to 3,200 won in 2023, surpassing 3,000 won. By June of this year, the price reached 3,838 won, nearing the 4,000 won mark. This represents a 30.3% increase compared to 2022, the highest among major dining options, including jjajangmyeon (22.2%), naengmyeon (22.8%), and samgyeopsal (21.0%).The steep price increases are largely attributed to rising raw material costs. Data from the Korea Agro-Fisheries & Food Trade Corporation (aT) shows that the average price of 20 kg of rice increased from 59,090 won in August of last year to 61,488 won this August, a 4.1% rise. During the same period, the price of 30 special eggs rose by 4.2%, and the cost of 10 sheets of dried seaweed increased by 6.2%. Prices for processed foods like ham are also on the rise, while vegetable prices have become more volatile due to extreme weather conditions.Labor costs are another significant burden. Kimbap requires multiple ingredients to be prepared, rolled, and cut by hand, limiting the ability to reduce staff. The minimum wage this year is set at 10,320 won per hour, a 12.7% increase from five years ago, and is expected to rise to 10,700 won next year.As costs continue to rise, more snack bars are closing than opening. According to the Seoul Business Analysis Service, only 348 new snack bars opened in the first half of this year, while 461 closed, surpassing the number of openings. The five-year survival rate for these establishments is just 32.1%, ranking ninth among ten subcategories of the dining industry. This means that two out of three newly opened snack bars do not survive beyond five years.The situation is similar for franchises. The first location of the original kimbap franchise, Gimgane, located in Daehangno, closed its doors on July 31. Data from the Fair Trade Commission shows that the number of Gimgane locations decreased from 448 in 2022 to 378 in 2024, a drop of 70. Similarly, the number of Gobongmin Kimbap locations fell from 541 to 450, a reduction of 91. Baruda Kimseonsaeng saw its locations decrease from 125 in 2023 to 94, falling below the 100 mark.An industry insider noted, "Kimbap requires many ingredients and is labor-intensive, leading to high costs for both raw materials and labor. Because it is perceived as a common people's food, it is difficult to keep raising prices, which only increases the profitability burden on restaurant owners as costs continue to rise." 2026-08-13 17:00:20