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  • Song Young-gil Intensifies Criticism of Jung Cheong-rae
    Song Young-gil Intensifies Criticism of Jung Cheong-rae Song Young-gil, a candidate for the leadership of the Democratic Party, has ramped up his criticism of fellow candidate Jung Cheong-rae, using harsh language such as "goldfish IQ" and "quack doctor."On CBS Radio's 'Park Seong-tae's News Show' on August 13, Song accused Jung of lying about the criteria for winning the June 3 local elections, stating, "Why are you telling such obvious lies? It's not like you have a goldfish IQ."During a debate on SBS TV the previous day, Song pointed out that President Lee Jae-myung had apologized to the public for losing in areas he should have won, while Jung claimed that the party had agreed on a victory strategy. Jung later clarified that he referred to the party and government, not the party and the president.Additionally, on KBS Radio's 'Intensive Current Affairs' the day before, Song criticized Jung's assessment of the decline in President Lee's approval ratings, attributing it to the loss of core supporters. Song argued that the current drop in support is due to issues like real estate and leveraged ETFs, calling Jung's attempt to regain core support a "quack doctor prescription."Last month, Song had also remarked on Jung's comments about the ongoing conflict between the ruling party and the president, saying, "It's absurd that the ruling party leader and the president are at odds while there are still four years left in the presidential term." He controversially added that in the past, such matters would have been dealt with severely, leading to a public apology from him during the debate.* This article has been translated by AI. 2026-08-13 10:12:00
  • Hyundai Rotem, KAI team up to home-grow fighter jet
    Hyundai Rotem, KAI team up to home-grow fighter jet SEOUL, August 13 (AJP) - Hyundai Rotem has agreed to team up with Korea Aerospace Industries (KAI) to develop homegrown aviation weapons technology including a long-range air-to-air missile for the county's KF-21 fighter jet. Hyundai Rotem said Thursday it signed a memorandum of understanding with KAI the previous day at KAI's headquarters in Sacheon, South Gyeongsang Province, to combine its guided weapon and propulsion technologies with KAI's aircraft platform expertise. The partnership is aimed at strengthening their ability to provide integrated solutions that combine aircraft and weapons. Under the agreement, the two will work together to develop and integrate aviation weapons with aircraft platforms including a long-range air-to-air missile. They will also jointly explore business opportunities at home and overseas. The latest partnership comes as Hyundai Rotem expands beyond ground weapons into the aerospace sector including research and development of next-generation technologies for hypersonic propulsion systems, after securing several space and aviation-related projects from the Korea Research Institute for Defense Technology Planning and Advancement (KRIT) and the Agency for Defense Development (ADD). "The agreement will help strengthen our competitiveness in next-generation aviation weapons by combining our expertise with KAI's core technologies," a Hyundai Rotem spokesman said, adding that the partnership will contribute to enhancing the country's self-reliant defense capabilities. AJP Takeaways: - Hyundai Rotem and Korea Aerospace Industries signed a memorandum of understanding on Aug. 12, 2026, to jointly develop homegrown aviation weapons technology and integrate weapons with aircraft platforms. - The partnership includes the development of a long-range air-to-air missile for the KF-21, South Korea's homegrown fighter jet. - Hyundai Rotem and Korea Aerospace Industries will combine Hyundai Rotem's guided weapon and propulsion technologies with Korea Aerospace Industries' aircraft platform expertise. - The two companies will also jointly explore domestic and overseas business opportunities involving integrated aircraft and weapons solutions. - The agreement supports Hyundai Rotem's expansion into the aerospace sector, including research and development of next-generation technologies for hypersonic propulsion systems, as it seeks to strengthen South Korea's self-reliant defense capabilities. 2026-08-13 10:10:56
  • Democratic Party Criticizes Oh Se-hoon for Low Housing Supply in Seoul
    Democratic Party Criticizes Oh Se-hoon for Low Housing Supply in Seoul The Democratic Party stated on August 13 that "the housing supply in Seoul during Oh Se-hoon's tenure as mayor is at 60% of the 10-year average." They specifically criticized Oh for focusing on his political brand, such as the New Town Plan, rather than concentrating on administrative tasks like establishing project plans after district designations.After a meeting on real estate policy response held by the Seoul City Party and its 'Seoul Policy Reform Promotion Team' (tentative name), lawmaker Kim Nam-keun told reporters, "The number of multi-family homes, which are often used by young people, has decreased by 32% compared to the 10-year average, contributing to the rental crisis." He added, "Oh has created a divide between public and private sectors by labeling public development as inefficient." Lawmaker Kim Young-bae mentioned, "The government is expected to announce follow-up measures regarding supply and finance today," emphasizing that tax and finance are primarily the responsibility of the central government and the National Assembly, while supply should be a collaborative effort between the Seoul City and the government. He highlighted that the Seoul City’s leadership in this area is crucial.Lawmaker Oh Gi-hyung noted, "During discussions, there was a suggestion that additional tax revenue should be used for housing stability and welfare. This needs to be addressed in the National Assembly." He also pointed out the need for collaboration between the central government and Seoul City to actively secure public rental housing. Furthermore, he stated, "In addition to public housing, there are various forms of private sector projects that should be actively discussed, particularly focusing on newlyweds, young people, and loans."* This article has been translated by AI. 2026-08-13 10:08:00
  • Second Quarter National Budget Deficit Falls to 84.4 Trillion Won, Lowest in Four Years
    Second Quarter National Budget Deficit Falls to 84.4 Trillion Won, Lowest in Four Years The national budget deficit for the second quarter has dropped below 85 trillion won, marking the lowest figure for June since 2023. This improvement is attributed to increased securities transaction and corporate taxes, driven by a strong semiconductor market and a revitalized stock market.According to the 'Monthly Fiscal Trends for August' report released by the Ministry of Strategy and Finance on August 13, the management fiscal balance recorded a deficit of 84.4 trillion won as of the end of June. This represents an improvement of 9.9 trillion won compared to the same period last year.The 'management fiscal balance,' which excludes social security fund revenues from the consolidated fiscal balance, reflects the government's actual financial status. The consolidated fiscal balance showed a deficit of 43.9 trillion won for the second quarter, while the social security fund recorded a surplus of 40.5 trillion won. This marks the smallest deficit for the consolidated fiscal balance since 2019 and for the management fiscal balance since 2023.Total revenue for the second quarter reached 381.9 trillion won, an increase of 61.3 trillion won compared to the same period last year. This growth is attributed to a rise in national tax revenue (33 trillion won) as well as increases in non-tax revenue (9 trillion won) and fund revenue (19.3 trillion won).National tax revenue increased to 223 trillion won, driven by the strong stock market and semiconductor sector. Income tax (10.4 trillion won), securities transaction tax (5.2 trillion won), value-added tax (4.9 trillion won), and corporate tax (4.3 trillion won) all saw significant increases.Non-tax revenue rose by 9 trillion won compared to the previous year, totaling 28.4 trillion won, while fund revenue reached 130.6 trillion won, an increase of 19.3 trillion won from a year earlier. A Ministry official noted, "With the corporate tax interim payment scheduled for August, we expect a temporary improvement in the figures at that time."As of the end of June, cumulative total expenditures amounted to 425.8 trillion won, an increase of 36.6 trillion won compared to the same period last year. Key factors contributing to the rise in fiscal expenditures include support for health insurance finances and compensation for high oil prices.The central government's debt balance stood at 1,338.5 trillion won at the end of June, a decrease of 6.8 trillion won from the previous month. A Ministry official explained, "Typically, at the end of the second quarter, the amount of government bond repayments exceeds the amount issued, leading to a decrease in the debt balance."The total revenue progress rate is 54.5%, an improvement of 4.2 percentage points compared to the same period last year. Notably, the progress rate for non-tax revenue increased by 13.5 percentage points, driving the overall growth rate.* This article has been translated by AI. 2026-08-13 10:04:20
  • Koreas Fair Trade Commission Launches Study on Online Platform Transactions
    Korea's Fair Trade Commission Launches Study on Online Platform Transactions The Fair Trade Commission (FTC) is initiating a large-scale survey to assess the transaction status between major online platforms and their partner businesses, including delivery services, open markets, and accommodations. On August 13, the FTC announced it will conduct a study titled 'Fact-finding Survey on Transaction Status and Unfair Trade Cases between Major Platforms and Partner Businesses.' This research will take place over three months, from today until November 12. The FTC's decision to investigate online platforms comes as the market has rapidly expanded, leading to a significant increase in related disputes. The number of platform-related disputes reported to the Fair Trade Dispute Mediation Council rose from 103 cases in 2021 to 445 cases in 2025, marking an increase of approximately 330%. The FTC plans to closely examine the market structure and transaction status, focusing on three key sectors: delivery, open markets, and accommodations, where complaints have been concentrated. The survey will reassess the market conditions that have changed since the end of 2022 and will include direct surveys of partner businesses to gather specific insights into their burdens and challenges. The partner business survey will specifically analyze issues related to costs such as commissions, instances of harm experienced during transactions, and experiences with dispute resolution. Additionally, to objectively verify industry practices, the FTC will conduct a written survey of platform operators. The commission will send out a questionnaire to major platform operators in the delivery, open market, and accommodation sectors to comprehensively review aspects such as commission and advertising fee structures, operational practices, data policies, and dispute resolution procedures. An FTC official stated, "Based on the results of this research and the written survey, we plan to conduct a comprehensive analysis of the transaction status between partner businesses and platforms, and engage with experts from academia and other fields. We aim to use this as foundational data for establishing fair trading practices in the online platform market."* This article has been translated by AI. 2026-08-13 10:04:20
  • LG Electronics Hosts First Standalone Home Lifestyle Fair
    LG Electronics Hosts First Standalone Home Lifestyle Fair LG Electronics is expanding its home lifestyle community, Lifezip, from online to offline. With over 1.1 million members, Lifezip is hosting its first standalone Home Lifestyle Fair, aiming to enhance brand experiences beyond just selling appliances.From August 13, LG Electronics will hold the '2026 House Archive: Home Digging Fair' at COEX in Samseong-dong, Seoul. This marks the first standalone home lifestyle exhibition organized by Lifezip.The exhibition spans 670 pyeong and features five themed areas, more than double the size of last year's Lifezip pop-up store in Seongsu-dong, Seoul. Approximately 70 brands from various sectors, including furniture, lighting, plants, stationery, and crafts, will participate.The event is themed 'Home Digging,' encouraging visitors to explore various activities they can enjoy at home and delve into their personal tastes. The exhibition is divided into five thematic spaces: 'Rest,' 'Creation,' 'Connection,' 'Collection,' and 'Exploration.'In the 'Rest' area, visitors can experience relaxation through scents, tea, and sleep. The 'Creation' space offers DIY and craft activities. 'Connection' focuses on social interactions through home parties, while 'Collection' showcases ceramics, vintage items, and art prints. 'Exploration' introduces various hobbies, including gardening.A dedicated space will allow Lifezip members to participate directly, with about 30 members selling items they have created or collected at a table market. This event is designed not just for LG Electronics to provide content but to enable users from the online community to engage as content creators offline.LG Electronics has also integrated its products throughout the exhibition. Visitors can experience items like the portable lifestyle screen 'LG StanbyME2 Max,' the wireless speaker 'LG Xboom 360,' the table-type air purifier 'LG PuriCare AeroFurniture,' and the plant care appliance 'LG Tiiun Mini' in settings that resemble real living spaces.Lifezip is a community that shares various home-related activities, including cooking, interior design, gardening, and pet care, under the slogan 'We can do anything at home.' Starting with 450 members in 2022, the community has grown to over 1.1 million members in about three years, with approximately 300,000 active users each month.As the membership rapidly expands, LG Electronics is transitioning Lifezip from an online community to an offline platform that enhances customer experiences. Following the first pop-up store 'Lifezip Housewarming' in Seongsu-dong in 2024, the company participated in the '2025 Seoul Living Design Fair' held at COEX last year.Jung Jae-woong, head of LG Electronics' Customer Value Innovation Division, stated, 'Lifezip is expanding customer touchpoints through various offline activities, from online community to pop-up stores and now this fair. We will continue to create a differentiated customer experience while building a new home lifestyle culture with our customers.'* This article has been translated by AI. 2026-08-13 10:04:10
  • Korean cosmetics firm Kolmar sets record high stock price amid strong Q2 results
    Korean cosmetics firm Kolmar sets record high stock price amid strong Q2 results Korean cosmetics manufacturer Kolmar has reached an all-time high stock price during trading, buoyed by its record performance in the second quarter of this year. The company's growth in the domestic cosmetics original design manufacturing (ODM) sector, along with increased orders from scale-up brands and rising overseas demand, has led to a significant improvement in its financial results, prompting analysts to raise their target prices.As of 9:32 a.m. on the Korea Exchange, Kolmar's stock was trading at 138,200 won, up 5,700 won (4.30%) from the previous trading day. At one point, the stock surged to 144,000 won, marking its highest price ever.The stock has seen a sharp increase this month, rising 39.18% from August 3 to August 12, ranking 20th among KOSPI stocks in terms of growth during that period.The surge in stock price is attributed to improved financial performance. Kolmar reported a consolidated operating profit of 110.3 billion won for the second quarter, a 50.2% increase compared to the same period last year. Revenue rose by 17.8% to 861.3 billion won, while net profit jumped 68.9% to 70.6 billion won. Notably, this marks the first time that quarterly operating profit in the cosmetics ODM industry has exceeded 100 billion won.For the first half of the year, cumulative revenue reached 1.5893 trillion won, up 14.8%, with operating profit increasing by 41.8% to 189.2 billion won. Net profit also saw a significant rise of 100.9% to 130.6 billion won.The domestic business has been the main driver of these results. In the second quarter, domestic standalone revenue was 430.4 billion won, a 31.2% increase year-on-year, while operating profit rose by 44.3% to 70.8 billion won. Analysts attribute this success to strong demand for skincare and sun care products, as well as the growth of existing indie brands, which has led to larger order volumes.Orina, a researcher at LS Securities, noted, "While the influx of new indie brands previously drove growth, we are now seeing a significant increase in order sizes from major scale-up brands. The global competitiveness of Kolmar and its clients is improving faster than market expectations."Analysts have collectively raised their target prices for Kolmar. On the same day, all 15 securities firms that issued reports on Kolmar increased their target prices, with Shinhan Investment & Securities setting the lowest at 153,000 won and LS Securities at the highest at 200,000 won.Park Hyun-jin, a researcher at Shinhan Investment & Securities, stated, "We believe that the increase in coverage of new indie clients, along with smooth responses to export demand in new categories, will continue to drive profit leverage effects from revenue growth in the third quarter for the Korean subsidiary."Kolmar has set a target for domestic standalone revenue of 430 billion won for the third quarter, with an operating profit margin of over 15%. LS Securities anticipates that production for year-end promotions in the U.S. and Europe will be concentrated in the third quarter, and the expansion of European exports for scale-up clients will emerge as a new growth axis.Additionally, the expansion of over-the-counter (OTC) sales in the U.S. and the launch of new products are expected to provide further momentum for sun care growth in the second half of the year and into next year. However, the impact of summer vacations in the third quarter may reduce operational days, which could affect actual sales capacity.* This article has been translated by AI. 2026-08-13 10:04:10
  • LG to Develop Skeleton and Ice Hockey Talent Through 2030
    LG to Develop Skeleton and Ice Hockey Talent Through 2030 LG is committed to nurturing sustainable athletes in skeleton and ice hockey, extending its sponsorship of the national teams through 2030.On August 13, LG announced the launch of its skeleton talent development program, "LG Future Slide," and the ice hockey support initiative, "LG Hockey Dreams." These programs aim to expand the athlete base, enhance core competitiveness, and increase public interest beyond mere financial sponsorship.The skeleton support system, developed in collaboration with the Korea Bobsleigh and Skeleton Federation, features a step-by-step training track from entry-level to national team selection. It includes a "Draft Combine" to assess the athletic abilities of prospective athletes at middle and high schools and universities, along with skeleton training sessions and start competitions.The ice hockey support program, operated with the Korea Ice Hockey Association, focuses on improving the skills of promising players and facilitating their entry into the global arena. Key initiatives include a goalie camp, scholarships for overseas league participation, and a tryout camp for the 2028 Dolomiti Val di Fiemme Winter Youth Olympics. The recently held goalie camp invited coaches from advanced leagues, such as the NHL, to teach elite middle school goalie players advanced defensive techniques.LG has also extended its sponsorship agreements with the skeleton and ice hockey national teams through 2030. The company has been the main sponsor of the skeleton team since 2015 and began supporting the women's ice hockey team in 2016, subsequently expanding its support to include all men's, women's, and youth teams.Since 2014, the number of registered skeleton athletes has more than doubled, with over 130 medals won on the international stage. Ice hockey has also seen its national team lineup expand from four to seven, with the Korean women's ice hockey team winning a historic silver medal at the 2024 Gangwon Winter Youth Olympics.An LG representative stated, "It is meaningful to nurture promising athletes and contribute to the development and expansion of these sports. We will continue to provide support to broaden the athlete base."* This article has been translated by AI. 2026-08-13 10:04:10
  • Hana Bank Offers Free Insurance for Young Renters Against Fraud
    Hana Bank Offers Free Insurance for Young Renters Against Fraud Hana Bank is launching an insurance policy that protects young renters from fraud, covering losses up to 300 million won. The bank announced on August 13 that it will provide the 'Youth Rent Contract Assurance Insurance' free of charge to its young customers, developed in collaboration with Hana Insurance. Eligible participants include individuals aged 19 to 34 who apply for Jeonse loans at Hana Bank and meet Hana Insurance's underwriting criteria. Hana Bank will cover the entire insurance premium. This product offers coverage for fraud that may occur from the signing of a rental contract to the early stages of moving in, with a maximum coverage of 300 million won. Key areas of protection include impersonation of landlords, contract damages due to forgery and fraud, document forgery such as land registry issues, and double contracts. If a tenant's rights are violated during the contract process, the policy will compensate for actual damages, such as deposits or down payments, within the coverage limit. However, losses incurred from not receiving a deposit back due to the landlord's financial difficulties are not covered, as this product specifically addresses fraud-related damages. Additionally, to maintain legal standing, tenants must complete their residency registration on the contract start date, and coverage may be limited if they move out without permission before the contract ends. A Hana Bank representative stated, "We created this insurance to reduce the risk of fraud for young people and support housing stability. We will continue to expand financial services that alleviate the housing burden for the youth."* This article has been translated by AI. 2026-08-13 10:00:00
  • SM Vexcel Battery Division Achieves Six Consecutive Years of Dispute-Free Labor Agreement
    SM Vexcel Battery Division Achieves Six Consecutive Years of Dispute-Free Labor Agreement SM Vexcel, a manufacturing subsidiary of SM Group, has successfully concluded its wage and collective bargaining agreement without disputes for six consecutive years, from 2021 to 2026.The company announced on August 13 that the signing ceremony for the 2026 labor agreement took place on August 12 at its headquarters in Gumi, North Gyeongsang Province. Key representatives from both labor and management, including CEO Choi Se-hwan and union chairman Ahn Hyo-yong, attended the event, reaffirming their commitment to a culture of coexistence and trust.Achieving a dispute-free labor agreement for six years is a rare accomplishment in the domestic manufacturing sector. The labor and management at SM Vexcel have focused on improving working conditions and enhancing employee welfare, in line with the management philosophy of SM Group Chairman Woo Oh-hyun, which emphasizes communication and partnership.With strengthened labor-management ties, the company plans to enhance its competitiveness in a challenging domestic and international environment by ensuring stable production of key products, including lithium ampule batteries for the defense industry, while also expanding collaboration with its clients.Choi Se-hwan, CEO of SM Vexcel, stated, "The successful labor agreement over the past six years has been possible due to the strong camaraderie and understanding between labor and management. We will continue to work towards establishing a partnership perspective and ensuring that the valuable outcome of a dispute-free agreement becomes deeply rooted in our organizational culture."Meanwhile, SM Vexcel is accelerating its efforts to capture the high-value battery market by expanding its business in specialized batteries for industrial and medical use, including lithium ampule batteries used in military radios and guided weapons.* This article has been translated by AI. 2026-08-13 09:56:10