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Purchases of Industrial Robots on Alibaba.com Surge 300% as Korean Companies Expand Smart Manufacturing Sourcing Korean companies are broadening their online overseas procurement from finished products to industrial equipment and components. According to July B2B (business-to-business) purchasing data from Alibaba.com, purchases of industrial robots surged over 300% compared to the previous year, with significant growth also seen in electrical equipment and electronic components used in production sites. On July 13, Alibaba.com reported that during last month's major promotional period, the top 10 purchasing categories for Korean buyers included packaging & printing, industrial machinery, electronic components & accessories & communications, electrical equipment & supplies, and commercial equipment & machinery. Purchases of electrical equipment & supplies, which provide or distribute power to production facilities, increased by 50% year-on-year. Electronic components & accessories & communications items, utilized in smart equipment, also saw an increase of over 30%. Outside the top 10 categories, the growth in automation and supply chain-related items was even more pronounced. Materials used for storage, transportation, and shipping rose by over 100% compared to the previous year. Purchases of power transmission devices and measuring instruments used for quality control and inspection during production processes also increased. The most significant growth was observed in industrial robots. Although the overall purchase volume remains relatively small, it increased by more than 300% compared to the same period last year. Alibaba.com noted that the simultaneous rise in purchases of industrial machinery, electrical equipment, and components indicates a growing demand for automation-related procurement among companies. There was also a notable increase in purchases of beauty devices. Equipment used in dermatology, aesthetics, and beauty salons rose by nearly 150% year-on-year. As summer vacations and back-to-school preparations coincided, consumer goods purchases also increased. Among the top 10 purchasing categories, gifts & crafts saw growth, and there was an expansion in office & stationery items, including notebooks and writing pads. Footwear & accessories also rose due to summer outings and outdoor demand. Alibaba.com is a B2B platform that allows business buyers to compare suppliers and products from various countries online and obtain quotes. It offers logistics, customs, and payment services, as well as AI-based product recommendations and supplier discovery features. A representative from Alibaba.com stated, "The July purchasing data shows that Korean companies' global B2B sourcing is expanding beyond finished products to include industrial equipment, components, automation, and logistics—areas essential for actual production and business operations." They added, "Alibaba.com will continue to enhance the digital sourcing environment to enable small and medium-sized enterprises to connect efficiently with global suppliers and flexibly procure the products they need." * This article has been translated by AI. 2026-08-13 14:12:20 -
Syswork Shares Plunge 97% on First Day of Trading Suspension Syswork's stock price plummeted below 100 won on the first day of trading suspension due to delisting.According to the Korea Exchange, as of 2 p.m. on August 13, Syswork's shares were trading at 27 won, down 862 won (96.96%) from the previous trading day. Trading volume exceeded 36 million shares. During the trading suspension period, there are no price limits, allowing the stock to drop nearly 97% in just one day.Previously, Syswork faced delisting due to a refusal of audit opinions, citing uncertainty about its ability to continue as a going concern. A request to suspend the delisting decision was also rejected, leading to the start of the trading suspension today. This suspension will continue until August 24, with the official delisting date set for August 25.Syswork is currently undergoing rehabilitation proceedings. The deadline for submitting a rehabilitation plan is set for September 4, but the stock will proceed with delisting regardless of the rehabilitation process. Syswork specializes in manufacturing automatic control devices, focusing on motors and controllers used in clean rooms for semiconductor and display production processes, as well as integrated environmental monitoring and control systems.Meanwhile, the trading suspension allows investors to sell their shares of a company that has been confirmed for delisting. Unlike regular stock markets, there are no price limits during this period, and Syswork shares are traded in a single-price competitive trading method at 30-minute intervals from 9 a.m. to 3:30 p.m.* This article has been translated by AI. 2026-08-13 14:12:20
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Free Screening of 'Chunhyang's Escape' at Gangjin Cinema on the 19th What if Chunhyang, instead of waiting in prison for Mong-ryong, escapes to find him? Gangjin County announced that it will host a free screening of the romantic comedy opera 'Chunhyang's Escape' on the 19th at 5:30 PM at Gangjin Cinema. This screening is part of the 'SAC on Screen' project, which involves filming performances from the Seoul Arts Center for nationwide distribution. The initiative aims to provide access to performing arts for residents who cannot visit the venue in person. Gangjin Cinema collaborates with the Korean Small Cinema Association and the Seoul Arts Center to present these performance videos to local audiences. 'Chunhyang's Escape' is a creative opera that reinterprets the familiar tale of 'Chunhyangjeon' from a modern perspective. In the original story, Chunhyang waits in prison for Mong-ryong's return, but in this adaptation, she takes the initiative to escape and seek him out. The characters include a reimagined Mong-ryong as a student preparing for exams and a unique version of Byeon Hak-do, diverging from traditional portrayals. The use of contemporary dialogue and dialects offers a fresh take on the original characters and narrative. The screening will last 96 minutes and is suitable for all audiences. Admission is free, and attendees can reserve tickets on-site at Gangjin Cinema on the day of the screening without prior booking. A representative from Gangjin Cinema stated, “We hope this screening provides an opportunity for residents to engage with a new interpretation of the classic 'Chunhyangjeon' and the charm of opera. We will continue to expand cultural opportunities for our community through various arts programs.”* This article has been translated by AI. 2026-08-13 14:12:00
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Korean and Chinese Calligraphers Connect Hearts at International Exhibition The '2026 Korea-China Calligraphy International Exchange Exhibition – Connecting Hearts through Calligraphy' opened on August 8 at the Dangjin Arts Center in South Korea. The exhibition features 100 artists, including 60 members from the South Korean Sangnok Calligraphy Association and 40 calligraphers from Liaocheng, China. 'Connecting Hearts' signifies that the hearts of the artists connect through the path of calligraphy, with each piece reflecting the beauty of tradition, artistic spirit, and hopes for friendship between the two countries. Attendees at the opening ceremony included Kim Gi-jae, the mayor of Dangjin, Kim Sun-ho, the chair of the Dangjin City Council, and Ren Feng, director of the Liaocheng News Center in China. Members of the Sangnok Calligraphy Association performed a calligraphy demonstration themed 'Korean Heart, Connecting Hearts, Cultural Companionship' to energetically announce the start of the exhibition. Following its debut in Dangjin, the exhibition will be held at Daewon Gallery from August 15 to September 3, before moving to the Liaocheng Canal Cultural Art Museum in China from September 10 to 13. Kim Yong-nam, an advisor to the Sangnok Calligraphy Association, stated, 'Calligraphy is an art that connects the hearts of people beyond mere writing. I hope the path of the brush that began in Dangjin continues to Liaocheng, fostering understanding and expanding friendships among artists from both countries through ongoing cultural exchange.'* This article has been translated by AI. 2026-08-13 14:12:00
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Tax watchdog raids KB Kookmin Bank in latest audit of financial sector SEOUL, August 13 (AJP) - About 30 tax officials from the National Tax Service (NTS) on Thursday raided KB Kookmin Bank to conduct a tax audit. They searched the lender's headquarters in Yeongdeungpo, western Seoul, to secure accounting records and other documents needed for the audit. In the probe, which is expected to continue through the end of this year, the NTS is reportedly looking into suspected tax evasion and other irregularities, although the specific reasons for or scope of the probe have not been disclosed. The abrupt raid comes about three months after the NTS launched similar audits of Hana Financial Group, Hana Bank and Meritz Securities in May. The series of recent probes prompted speculation that tax authorities could expand their scrutiny of financial companies after President Lee Jae Myung criticized financial institutions for what he described as a lack of commitment to the public interest and called for the financial sector to play a stronger public role. But the NTS declined to comment, saying, "We cannot confirm information related to tax investigations into individual cases." AJP Takeaways: - About 30 National Tax Service officials raided KB Kookmin Bank's headquarters in Yeongdeungpo, western Seoul, on Thursday for a tax audit. - Investigators secured accounting records and other documents needed for the audit. - The probe is expected to continue through the end of 2026 and reportedly focuses on suspected tax evasion and other irregularities. - The audit follows similar probes of Hana Financial Group, Hana Bank and Meritz Securities launched by the NTS in May. - The latest probe has fueled speculation of broader scrutiny of financial companies following President Lee Jae Myung's calls for the financial sector to strengthen its public role. 2026-08-13 14:10:53 -
Jindo County Offers Summer Cultural Experience Program for Youth Jindo County provided local youth with various cultural and artistic experiences during the summer vacation. The county announced that from July 28 to August 13, it hosted the '2026 Summer Vacation Program' at the Youth Cultural Center for 50 local youth and their parents. This program was designed to allow youth to engage in diverse cultural and artistic activities, fostering creativity and promoting healthy leisure time during the break. The activities were centered around hands-on experiences, taking into account the interests of the youth. In the 'Creative Workshop,' participants made their own keycaps and phone grips, while the 'Creative Art' session allowed them to paint with acrylics. The 'Clay Workshop' featured pottery-making, where participants crafted plates and ramen bowls using clay. Notably, on the final day, August 13, a 'Family Cooking Class' was held, where youth and parents worked together to make homemade hamburgers, fostering communication and collaboration. One participant remarked, "It was a meaningful time to create keycaps and make dishes with friends during the vacation." A Jindo County official stated, "We hope the youth had an enjoyable time experiencing various activities at the Youth Cultural Center during their break, and we will continue to develop programs that support their healthy growth." Jindo County plans to continuously expand tailored experience programs that reflect the interests and demands of local youth in cultural and leisure activities.* This article has been translated by AI. 2026-08-13 14:08:00
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Starbucks Korea Reports $14 Million Operating Loss in Q2, Revenue Drops 6.1% SCK Company, which operates Starbucks Korea, reported an operating loss in the second quarter of this year. Following consumer backlash over the 'Tank Day' marketing controversy in May, the absence of its summer promotion, 'Summer e-Frequency,' appears to have impacted its performance.According to a report released by E-Mart on August 13, SCK Company recorded an operating loss of 18.4 billion won ($14 million) in Q2, a significant decline from an operating profit of 40.3 billion won during the same period last year, marking a drop of 58.7 billion won. Revenue fell to 747.3 billion won, down 6.1% compared to the previous year.For the first half of the year, cumulative revenue reached 1.5651 trillion won, a slight increase of 0.5% year-on-year, but operating profit plummeted by 85.5% to 10.9 billion won from 75.4 billion won in the same period last year.SCK Company identified the lack of the Summer e-Frequency event in June as a key factor behind its poor Q2 performance. The Summer e-Frequency is a major summer promotion where customers who purchase specific beverages receive gifts. The cancellation of this event, which typically boosts customer visits and beverage sales, significantly affected Q2 revenue.Earlier, Starbucks faced criticism for a tumbler promotion called 'Tank Day' on May 18, the anniversary of the Gwangju Uprising, which was perceived as disrespectful. Following the backlash, the company halted the promotion and issued an apology, resulting in the dismissal of the SCK Company CEO and a senior executive. Some consumers initiated a boycott, but the company did not directly attribute the decline in performance to the Tank Day controversy or the boycott.Looking ahead, SCK Company aims to focus on restoring brand trust and stabilizing operations in the second half of the year. The company plans to revamp its quality control system by introducing checklists and AI tools, along with establishing related organizational structures. It also intends to enhance its social contribution activities centered on preserving historical value and fostering community development.Additionally, SCK Company will implement business strategies to recover revenue and improve profitability. This includes strengthening customer acquisition marketing centered on membership and seasonal strategies, as well as optimizing low-profit products within its portfolio. New store openings will be pursued with a focus on profitability. As of the end of Q2, the total number of stores reached 2,185, an increase of 49 compared to the same period last year.A representative from Starbucks Korea stated, "The impact of halting marketing activities during the internal restructuring and follow-up measures has been reflected in our performance. Our top priority is to restore customer trust while continuing to engage in community development activities and enhancing product competitiveness to expand differentiated customer benefits and services." 2026-08-13 14:08:00
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Samsung Life Reports 33.8% Increase in First-Half Net Profit Samsung Life Insurance achieved strong results in the first half of the year, despite a decline in insurance service profits due to one-time costs, thanks to an increase in investment income.The company announced on August 13 that its net profit for the first half of the year reached 1.9676 trillion won, a 33.8% increase compared to the same period last year. The consolidated net profit attributable to shareholders rose by 35.8% to 1.8935 trillion won.Insurance service profits fell by 35.9% year-on-year to 533.1 billion won, impacted by one-time costs. However, investment income surged to 1.858 trillion won, driven by increased dividend income and profits from subsidiaries.The cumulative insurance contract margin (CSM) balance increased by 500 billion won from the beginning of the year to 13.7 trillion won. The new contract CSM for the first half of the year totaled 1.7175 trillion won, reflecting a 20.4% increase from the previous year, attributed to a flexible sales strategy considering profitability and market conditions. Notably, the protection CSM reached 1.6426 trillion won, bolstered by competitive health products and increased sales of whole life insurance.The number of exclusive agents remained high at 44,987, maintaining the industry's top level.The solvency ratio, a key indicator of financial health, stood at 208% at the end of the first half, reflecting the impact of rising stock prices, interest rates, and new contracts.* This article has been translated by AI. 2026-08-13 14:04:00
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Gangbuk Housing Prices Rise 0.4% as Gangnam Prices Stagnate As the upward trend in Seoul's apartment prices continues, the growth in key areas like Gangnam and Seocho has slowed, while the rise has spread to Gangbuk and some regions in Gyeonggi Province.The Korea Real Estate Agency reported on August 13 that the national apartment sales price index increased by 0.08% compared to the previous week. The metropolitan area saw a 0.14% rise, while Seoul's prices increased by 0.21%. However, this marks a decrease from the previous week's increase of 0.26%.In Seoul, a clear disparity emerged between the Gangnam and Gangbuk areas. The 11 districts in Gangnam saw a modest increase of 0.14%, while the 14 districts in Gangbuk rose by 0.29%. Notably, Seocho and Gangnam districts experienced declines of 0.04% and 0.02%, respectively. In contrast, districts such as Jungnang, Seongbuk, and Seodaemun saw increases of 0.46%, 0.43%, and 0.41%, while Jung-gu and Gangbuk both rose by 0.40%.In Gyeonggi Province, certain areas also showed significant price increases. Jungwon-gu in Seongnam recorded the highest rise in the metropolitan area at 0.55%, followed by Byeongjeom in Hwaseong at 0.42% and Gwangmyeong at 0.40%. Conversely, Icheon and Paju saw declines of 0.14% and 0.10%, respectively.The rental market also reflected the temperature difference between Seoul and Gangbuk. Apartment rental prices in Seoul rose by 0.20%, a decrease from the previous week's increase of 0.25%. Gangbuk's 14 districts saw a 0.24% increase, while Gangnam's 11 districts rose by 0.16%. Gangnam district experienced a 0.03% decline in rental prices, while significant increases were noted in key Gangbuk areas such as Seongbuk (0.40%), Nowon (0.35%), Seodaemun (0.29%), and Mapo (0.26%).In the provinces, Chungbuk's price increases were particularly notable. Apartment sales prices in Chungbuk rose by 0.07%, the highest among the seven provinces. Within Chungbuk, Heungdeok-gu in Cheongju saw a 0.21% increase, the largest in the province, while Sangdang-gu rose by 0.05%. Chungju also experienced a 0.05% increase. Heungdeok-gu is home to the Cheongju General Industrial Complex, which includes SK Hynix's campuses and companies like LG Chem, LS Electric, and Orion.The rental market in Chungbuk also showed strength, with apartment rental prices rising by 0.09%, the highest increase among the seven provinces. Heungdeok-gu in Cheongju saw a 0.19% increase, Chungju 0.16%, and both Sangdang-gu in Cheongju and Jecheon saw increases of 0.08%.Nationally, both sales and rental prices continued to rise. The national apartment sales price increased by 0.08%, while rental prices rose by 0.09%. However, the number of areas experiencing price increases has decreased. The number of areas with rising sales prices fell from 117 to 113, while areas with declining prices increased from 58 to 61. Similarly, the number of areas with rising rental prices decreased from 152 to 142, while declining areas rose from 21 to 29.Nam Hyuk-woo, a researcher at Woori Bank's real estate research institute, stated, “The three districts in Gangnam and the Han River belt are currently in a wait-and-see mode as they assess costs and benefits related to the recent tax reform proposal.”He added, “In the outskirts, rental price increases have been steep, while sales price increases have been relatively slow, leading to a price alignment phenomenon. In areas like Jungnang and Gangbuk, demand from first-time homebuyers and newlyweds continues, particularly for apartments priced around 600 million won, where the impact of reduced loan limits is relatively minor.”* This article has been translated by AI. 2026-08-13 14:00:20
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Mokpo Mayor Kang Seong-hwi Seeks National Funding for 2027 Projects Mokpo City is actively seeking national funding for key local projects as it prepares for the 2027 government budget. Mayor Kang Seong-hwi visited the National Assembly on August 12 to meet with Seo Sam-seok, chair of the National Assembly's Agriculture, Food, Rural Affairs, and Ocean Affairs Committee, to discuss major local issues and request funding for the 2027 budget, the city announced on August 13. The projects proposed by Mokpo include the establishment of a Sewol Ferry cultural space, designation of a seafood industry promotion zone, development of a dried seaweed quality information management platform, and the basic and detailed design for the national fishing port at Sapjin Harbor. The city believes these initiatives are essential for enhancing Mokpo's competitiveness in the marine and fisheries sectors and revitalizing the local economy. In particular, the seafood industry-related projects aim to strengthen the industrial foundation that connects production, processing, and distribution. The Sapjin Harbor project is also highlighted as a critical issue for expanding port functions and supporting the local fishing industry, underscoring the need for national funding. Mokpo's efforts to secure national funding have been ongoing since the government budget formulation stage. Last month, the city visited government budget authorities to explain the necessity of local projects and request support for their inclusion in the 2027 government budget. This visit to the National Assembly is part of a strategy to prepare for the upcoming budget review process. Kang Seong-hwi, the mayor of Mokpo, stated, "Securing national funding for 2027 is crucial for addressing local issues and ensuring Mokpo's future growth potential. We will do our utmost to persuade the government and the National Assembly to include essential projects in the national budget." Mokpo City plans to collaborate with local lawmaker Kim Won-yi to monitor the status of budget inclusion and continue to respond to each project during the National Assembly's budget review and approval process.* This article has been translated by AI. 2026-08-13 14:00:20