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  • Google Lowers Service Fee to 10%, But Regulatory Review Needed for Penalty Reduction
    Google Lowers Service Fee to 10%, But Regulatory Review Needed for Penalty Reduction The Broadcasting and Media Communications Commission (BMCC) stated that it needs to further review whether Google’s decision to lower service fees for Korean app developers to a minimum of 10% can be considered a voluntary corrective action in the context of penalty assessments.On August 12, the BMCC held its 27th full meeting at the Government Complex in Gwacheon, where it listened to the opinions of Google and Apple regarding violations of the Telecommunications Business Act by app market operators.During a briefing following the meeting, questions arose about whether Google’s fee reduction policy could be recognized as a mitigating factor in penalty assessments. The BMCC responded that a review at the commission level is necessary.Lee Sun-hee, acting head of the BMCC's Telecommunications Market Research Division, noted, "There is a need to examine whether this applies to the Korean market, among other factors, but there are aspects that make it difficult to view this as a voluntary correction, so further discussion and review by the commission are required."Previously, on August 11, Google announced via its blog that it would introduce a 'Payment Choice Program' and reduce its service fees, which previously reached up to 30%, to between 10% and 25% depending on the type of transaction. This represents a reduction of 5 to 10 percentage points from the previous rates.This development comes as the BMCC is proceeding with sanctions against Google and Apple for their practices of mandating in-app payments. The BMCC has been investigating whether Google and Apple violated the Telecommunications Business Act by forcing specific payment methods from August 16, 2022, to April 15, 2023.The investigation revealed that Google and Apple effectively mandated in-app payment methods with fees of up to 30%, preventing partner companies from using 'outlink' payments through external web pages. It was also found that they imposed disadvantages on developers by refusing to register or update apps that did not accept specific payment methods and by unduly delaying app reviews.Meanwhile, the BMCC stated that it aims to reach a decision on this matter as soon as possible.* This article has been translated by AI. 2026-08-12 19:24:00
  • Broadcast Advertising Regulations Relaxed: Total Ad Time Increased by 20%
    Broadcast Advertising Regulations Relaxed: Total Ad Time Increased by 20% Broadcast advertising time will increase by 20%, and the minimum program length for mid-roll ads will be reduced to 30 minutes, as part of improvements to the broadcasting advertising system set to take effect in October.The Broadcast Media Commission (BMC) held its 27th general meeting on August 12, where it reviewed and approved amendments to the Broadcasting Act aimed at revitalizing the broadcasting market by rationalizing outdated advertising regulations.Previously, the BMC held a general meeting in June to announce legislative proposals related to the matter. After reviewing feedback gathered from that meeting, the commission finalized its decisions on this day.First, the regulation on total advertising time per program will be abolished. The total daily advertising time per channel will be increased from 17% to 20% of the total broadcast time.However, to prevent the concentration of ads during specific time slots and to protect viewers, a separate total advertising limit of 20% will apply during prime viewing hours: weekdays from 7 PM to 11 PM and weekends and holidays from 6 PM to 11 PM.The minimum program length for mid-roll ads will also be reduced from 45 minutes to 30 minutes. Consequently, the number of mid-roll ads allowed in programs ranging from 45 to 60 minutes will increase from one to two, and in programs from 60 to 90 minutes, from two to three.Starting in October, the scope for virtual and indirect advertising will also be expanded. Virtual ads will be permitted in all programs except for children's, news, current affairs, and commentary shows, in addition to existing entertainment and sports programs. Indirect advertising will also be broadened to include all programs except for children's, news, current affairs, and commentary shows, expanding beyond the current scope of educational and entertainment programs.Restrictions on ad size will be relaxed as well. The screen occupancy ratio for virtual and indirect ads will be adjusted from a maximum of one-fourth of the screen to one-third.The same standards will apply to subtitle ads and data broadcasting channel ads, with the size limit changed from one-fourth of the screen to one-third. The requirement to display the word 'advertisement' before the program will remain, but the size restriction will be lifted.During the meeting, there were also suggestions to expedite the implementation of these regulations. BMC Commissioner Ko Min-soo stated, "If we prepare the relevant procedures now, we could consider implementing them immediately upon announcement. Given that these improvements are aimed at rationalizing regulations, it is essential to expedite the implementation timeline."BMC Chairman Kim Jong-cheol expressed hope that the regulatory improvements would alleviate asymmetrical regulations among media due to changes in the media environment and enhance the vitality of the broadcasting market. He urged broadcasters to fulfill their public responsibilities and to make efforts to improve content quality and protect viewer rights to enhance public trust.* This article has been translated by AI. 2026-08-12 19:16:00
  • Kimhaes Traditional Swordmaking Revives Gayas Legacy
    Kimhae's Traditional Swordmaking Revives Gaya's Legacy Kimhae, once the center of the iron culture of Gaya 2,000 years ago, is now gaining attention for its traditional knives in both domestic and international markets.The Gaya Daejanggan, a traditional forge, and Chelling, equipped with advanced manufacturing technology, are both elevating the status of Kimhae knives.On August 12, the city of Kimhae introduced the two local knife manufacturers, stating, "The traditional forge culture is being recognized as a new tourism content and luxury item." Both companies are part of Kimhae's hometown love donation program.Located at the entrance of Bongri-dan-gil in Bonghwang-dong, Gaya Daejanggan is operated by Jeon Byeong-jin, 63, who has over 40 years of experience, and Jeon Hyeon-bae, 34, who is continuing the family business. They produce knives and agricultural tools using traditional forging methods, heating iron in a furnace exceeding 1,000 degrees Celsius, followed by repeated hammering and quenching. Their current offerings include kitchen knives, sashimi knives, and various household iron tools.Gaya Daejanggan recently gained attention after being featured on MBC Every1's show "Welcome, First Time in Korea?" Three Michelin-starred chefs from Italy visited the forge to observe the production process and purchased over 160 traditional knives, including the Beoseonko knife.Following the broadcast, orders surged, leading to many online products being sold out. Jeon Hyeon-bae stated, "As a small business, we have production limits, so it takes time to restock due to the continued orders."'Non-Sharpening Knife' Chelling Competes with Double Heat TreatmentChelling, located in Juchon-myeon, is a premium kitchen knife manufacturer that employs a machine processing method. While Gaya Daejanggan uses traditional hammering techniques, Chelling adopts a modern approach of mass production followed by precision processing. The company has been producing kitchenware since 1980 and has inherited the techniques of Korea's first knife master, Jeong Jae-seo.Their flagship product is a kitchen knife designed to last without needing sharpening, utilizing a double heat treatment process. The knife's surface features mirror polishing, preventing food from sticking and making cleaning easy.Chelling's CEO, Kim Seok-bong, explained, "When a knife is sharpened, it can easily rust, but our method eliminates that issue. If the blade wears out after a few years, customers can send it back to us for re-manufacturing and double heat treatment."Last year, Chelling achieved sales of 17 million won over four days at the Mega Show with their new product, the X-knife IV, ranking first in consumer goods sales. Since then, they have expanded their market to the United States, Netherlands, Kuwait, and Sri Lanka. At the 2026 Vietnam International Premium Consumer Goods Fair held in June, they held discussions with local buyers and signed a memorandum of understanding with five Vietnamese companies for kitchen knife exports.Among these, they are negotiating export contracts worth approximately $600,000 with two distribution companies.Initially, Chelling set an export target of $20,000 to $30,000 last year. Regarding the unexpectedly large contracts, Kim stated, "We launched a new product in November last year, and this development was beyond our expectations."The contracts are still in the pre-signing stage. Kim noted, "The Vietnamese side is scheduled to visit this month, and we plan to finalize the contracts during their visit."Chelling is also exploring entry into the Indonesian market in collaboration with KOTRA. Kim mentioned, "We received a request for samples from Indonesia, and the products will be ready next week. If the samples meet their satisfaction, we plan to proceed with contracts worth $20,000 to $30,000."* This article has been translated by AI. 2026-08-12 19:08:00
  • Political Debate Erupts Over Gwangju Semiconductor Cluster Development
    Political Debate Erupts Over Gwangju Semiconductor Cluster Development On August 12, lawmakers clashed during a meeting of the National Assembly's Industry and Trade Committee over the government's push to establish a semiconductor cluster in Gwangju. The Democratic Party supported the government's rapid development of the cluster, arguing it is essential to gain an advantage in the ongoing 'semiconductor war.' In contrast, the People Power Party expressed concerns that the government is hastily advancing a massive project.Democratic Party lawmaker Baek Hye-ryun questioned Minister of Trade, Industry and Energy Kim Jeong-kwan during the committee meeting, asking if companies had already begun evaluating additional production sites due to the urgent need for semiconductor exports. Kim confirmed that the government had not anticipated the urgency with which companies would seek new sites, noting that Gwangju met the necessary criteria for location, power, and water supply.Baek emphasized that the military airport site in Gwangju offers ample space and favorable conditions for land acquisition, urging that speed is crucial in this endeavor. She cautioned against any single department monopolizing control over the project.Another Democratic lawmaker, Kim Won-yi, refuted claims from the opposition that the government pressured companies like Samsung and SK to select specific sites for the semiconductor cluster.Conversely, the People Power Party criticized the government and ruling party for rushing the semiconductor cluster development to align with political timelines. They raised doubts about whether the site selection process was influenced by government pressure.People Power Party lawmaker Park Seong-min remarked that President Lee Jae-myung seems to be moving too quickly, questioning whether the first phase of the Gwangju production facility could be completed within three years. He suggested that the government's approach may be a popularity-driven policy ahead of the 2028 general elections or the 2030 presidential elections. In response, Kim stated that from his perspective as the minister responsible for the semiconductor industry, even a completion date of 2029 or 2030 would be considered slow.Another lawmaker from the same party, Kim Do-eup, pointed out that the announcements from Samsung Electronics and SK Hynix include contingencies and potential changes, criticizing the president's directive to relocate the airport by 2028 and the pressure from Labor Minister Kim Young-hoon regarding profit-sharing with companies.Lawmaker Koo Ja-geun criticized the Ministry of Trade, Industry and Energy for its inadequate data submission, expressing concern that the government and ruling party are prematurely announcing the establishment of a 'mega-special zone' law.The People Power Party persistently questioned who initially proposed the semiconductor cluster site. Minister Kim clarified that the government suggested various locations, including Gwangju, based on the companies' needs, but the final decision rested with the companies. However, he declined to answer questions about alternative sites outside of Gwangju.The semiconductor cluster, expected to be developed on the site of the Gwangju military airport, is projected to include four semiconductor production facilities from Samsung Electronics and SK Hynix. The government plans to support companies in completing their semiconductor plants within three years.* This article has been translated by AI. 2026-08-12 18:40:20
  • Ruling Party Launches Task Force Amid Housing Market Concerns, Opposition Criticizes Government
    Ruling Party Launches Task Force Amid Housing Market Concerns, Opposition Criticizes Government As the government prepares to announce real estate supply measures, the ruling Democratic Party has launched a task force (TF) to address public concerns. Meanwhile, the People Power Party has ramped up its criticism, blaming the Lee Jae-myung administration's 'hasty administration' for the burdens faced by ordinary citizens.On August 12, the Democratic Party held the inaugural meeting of its housing market stabilization TF in the National Assembly, signaling its commitment to fully support the government's real estate policies. With the government's supply measures expected to be announced as early as August 13, the ruling party is mobilizing all its resources for a proactive public relations campaign.Han Byeong-do, the party's acting leader, emphasized during the TF's first meeting that the most crucial factor for prompt supply is a sense of urgency that the public can feel. He urged for a close cooperation system between the party and the government to swiftly develop response measures. Han Jeong-ae, the head of the policy committee and TF leader, echoed the need for both the central government and Seoul City to increase housing supply in the capital, calling for collaboration to accelerate the supply process.Kim Young-bae, a member of the TF, explained that he conveyed citizens' concerns regarding the government's real estate measures during the meeting. He noted that the discussions primarily focused on supply and financial strategies, adding that concerns from non-resident homeowners and young people regarding tax reform were communicated. However, he clarified that tax reform was not on the agenda for discussion that day.In response, the People Power Party has expressed skepticism about the Lee Jae-myung administration's expertise in real estate supply measures, while also criticizing the government's hasty administration approach. Jang Dong-hyuk, the party's leader, appeared on the YouTube program 'Lee Dong-jae's News Cabinet' and accused President Lee of failing to uphold his campaign promises to reduce taxes, expand supply, and ease real estate loan regulations. Jang stated, 'Despite repeatedly saying after taking office that he would not use taxes to control housing prices, he is going in the opposite direction,' and criticized the administration for appearing uninformed about tax reform proposals.Park Seong-hoon, the party's chief spokesperson, also commented that the government's reactive measures only exacerbate public anxiety, pointing out that the burden is falling on the homeless due to ineffective policies.Additionally, the People Power Party plans to hold a parliamentary strategy meeting on August 14, where Seoul Mayor Oh Se-hoon is expected to discuss responses to the President's real estate supply measures. Given that Mayor Oh has indicated a confrontational stance against President Lee regarding housing supply policies, he is likely to directly criticize the administration's real estate strategies.* This article has been translated by AI. 2026-08-12 18:32:00
  • Wemade Play Reports $2.6 Million Operating Profit in Q2, Up 6% Year-Over-Year
    Wemade Play Reports $2.6 Million Operating Profit in Q2, Up 6% Year-Over-Year Wemade Play announced on August 12 that it recorded a revenue of 32.2 billion won ($26 million), an operating profit of 2.6 billion won ($2.1 million), and a net profit of 3.6 billion won ($3 million) for the second quarter of 2026. These figures represent increases of 9% and 6%, respectively, compared to the same period last year.For the first half of 2026, the company reported consolidated revenue of 64.6 billion won ($60 million), an operating profit of 6 billion won ($5 million), and a net profit of 9.8 billion won ($8 million). While revenue grew by 4% and operating profit surged by 42% year-over-year, net profit saw a decline of 45%. Key business areas, including gaming, advertising, and publishing, remained profitable.Wemade Play's subsidiary, Playlings, achieved first-half revenue of 42.7 billion won ($40 million), with an operating profit of 4.5 billion won ($3.8 million) and a net profit of 4.8 billion won ($4 million). This marks the first time the company has surpassed 40 billion won in revenue for a half-year period, fueled by growth in international markets and the establishment of new business ventures.Looking ahead, Wemade Play is preparing a lineup of new titles. Among its own developments are Project R and Project G, which feature match-three and merging genres. Playlings is set to introduce casual social casino games. These new titles are expected to launch as early as the end of the second half of the year.CEO Woo Sang-jun stated, "We are focusing our expertise and the capabilities of our employees on the challenges of new overseas titles and business ventures. We expect these new releases to serve as a starting point for new growth momentum in international markets."* This article has been translated by AI. 2026-08-12 18:32:00
  • Military academy alumni urge defense minister to reconsider three-school merger
    Military academy alumni urge defense minister to reconsider three-school merger SEOUL, August 12 (AJP) - Alumni associations of South Korea’s Army, Navy and Air Force academies urged Defense Minister Ahn Gyu-back on Wednesday to reconsider the government’s plan to merge the three service academies, with Ahn saying he would remain open to their concerns. Leaders of the three alumni associations met Ahn to raise concerns over the proposed integration and argue that the government’s reform goals could be achieved without merging the existing academies. During the meeting, the alumni groups called on the government to suspend legislative, budget and relocation procedures until alternative options are independently reviewed. They also urged the ministry to examine whether military education reform could be achieved while maintaining the existing three academies. According to their joint statement, Ahn said he would keep an open mind toward the option of pursuing education reform while maintaining the current three-academy system, without committing to that approach. He also agreed to convey the discussions to President Lee Jae Myung. The dispute centers on a government plan announced July 16 to merge the Korea Military Academy, Korea Naval Academy and Korea Air Force Academy into a single four-year Korea Armed Forces Academy at Jaundae in Daejeon. Under the plan, cadets would spend all four years at the new campus. First- and second-year cadets would receive common education focused on areas including artificial intelligence and multi-domain operations, while third- and fourth-year cadets would receive more specialized education for the Army, Navy or Air Force. The government has argued that the integrated system would better prepare future officers for joint and multi-domain warfare, including operations involving space, cyber and the electromagnetic spectrum. A detailed implementation plan is expected in October, and establishing the new academy would require legislation. The alumni groups also sought clarification on whether a public hearing scheduled for Aug. 26 would reconsider the need for integration from the ground up or serve as part of the process for implementing the existing proposal. The associations said they viewed Ahn’s willingness to hear alternative proposals positively, while stressing that they would monitor whether their concerns are reflected in the government’s review. They also called for continued dialogue with the Defense Ministry and said a direct meeting with Lee may ultimately be necessary. 2026-08-12 18:30:59
  • Prime Minister Han Seung-soo: Regulatory Innovation is Key to SME Growth
    Prime Minister Han Seung-soo: Regulatory Innovation is Key to SME Growth Prime Minister Han Seung-soo stated on August 12 that "the new leap for a growing South Korea cannot be achieved solely through a few key new industries," adding that "regulatory innovation will be a key driving force in creating a virtuous cycle where the fruits of growth are widely distributed to small and medium enterprises (SMEs)."Han, a former Minister of SMEs and Startups, chaired her first regulatory roundtable for SMEs at the Korea Federation of Small and Medium Businesses in Yeouido, Seoul. The event gathered 120 participants, including representatives from the SME sector and deputy ministers from relevant government departments.The government plans to establish a 'Startup Venture Regulatory Innovation Committee' under the Regulatory Rationalization Committee. This dedicated body will focus on identifying and addressing issues in new industries and technologies that require improvement or have conflicting interests.Han emphasized that "regulatory improvement goes beyond resolving individual complaints; it is about considering what is necessary for the growth of the entire industry." She pledged to actively utilize the Regulatory Rationalization Committee and other resources to ensure ongoing attention to these issues.The roundtable featured three sessions focused on new industries and innovation, SME growth, and field-specific proposals, addressing 14 key issues.The government proposed the establishment of a regulatory sandbox law that mandates the creation of legal reform plans when granting regulatory exceptions, along with plans for a unified support center. It also aims to temporarily allow data scraping related to the right to request personal data transfer under the Personal Information Protection Act.During the SME growth session, discussions included expanding SME participation in government mega-projects, identifying key items for localization in materials, parts, and equipment, and introducing a public sector payment linkage system. The government also decided to ease the requirements for designating special districts in local industrial complexes to support a variety of industries.Other topics included excluding the pregnancy and maternity periods of female CEOs from the calculation of startup support periods, revitalizing small manufacturers of construction materials, and expanding the types of rental cars available for small business owners.Han concluded by stating, "We cannot solve everything at once, but we will improve things step by step, starting with what we can change."* This article has been translated by AI. 2026-08-12 18:28:00
  • Ruling Party Dismisses Allegations Against Hwang Myung-sun and Jeon Jin-sook
    Ruling Party Dismisses Allegations Against Hwang Myung-sun and Jeon Jin-sook The Democratic Party's Election Commission announced on August 12 that it has dismissed allegations regarding Hwang Myung-sun's campaign activities and Jeon Jin-sook's involvement in illegal phone banking during the party's August 17 convention.Im Ho-sun, the deputy chair of the central Election Commission, spoke to reporters after a meeting of the fair election subcommittee at the party's headquarters in Yeouido. He stated, "In the case of Hwang, there was no additional evidence beyond the captured photos," adding that they had completed their review of the submitted materials. Previously, Hwang faced accusations of being involved in organized activities within the campaign of Kim Min-seok, a candidate for party leader.Im emphasized that they had also listened to recordings related to Jeon’s case, confirming that "Soh Byung-hoon, the chair of the central Election Commission, made the decision."Meanwhile, the campaign team of candidate Jeong Cheong-rae had raised concerns the previous day, alleging that Jeon was assisting Kim through illegal phone banking and released recordings to support their claims, warning of potential legal action.Specifically, Article 57-3 of the Public Official Election Act prohibits campaign activities by means other than those prescribed by law, while Article 255, Section 2, Clause 3 of the same law stipulates penalties of up to two years in prison or fines of up to 4 million won for election misconduct.In response, Jeon's team expressed regret over what they described as Jeong's reckless behavior in distorting facts and labeling voluntary service as criminal activity. They asserted, "Voluntary campaign activities conducted via personal mobile phones do not constitute illegal phone banking. We demand an immediate halt to baseless accusations and media manipulation."* This article has been translated by AI. 2026-08-12 18:28:00
  • Delisting Procedures for Penny Stocks and Low Market Cap Stocks Intensify
    Delisting Procedures for Penny Stocks and Low Market Cap Stocks Intensify The delisting procedures for penny stocks and those failing to meet market capitalization requirements have intensified. With the implementation of strengthened listing regulations, 30 stocks have been newly designated as management stocks, and additional reasons for designation have been added to six existing management stocks.According to the Korea Exchange, as of the market close on August 12, 30 stocks that have traded below 1,000 won for the past 30 trading days or failed to meet the minimum market capitalization requirements will be newly designated as management stocks effective August 13. The six existing management stocks will also have additional reasons for their designation.The newly designated management stocks include 18 stocks classified as penny stocks, with three from the KOSPI market and 15 from the KOSDAQ market. The existing management stocks, including E8, BK Holdings, Ice Cream Edu, Wonpung Mulsan, Barunson E&A, and Susung Webtoon, will have the penny stock designation reason added.Additionally, nine stocks that did not meet the penny stock criteria but failed to meet the minimum market capitalization requirements (300 billion won for KOSPI and 200 billion won for KOSDAQ) over the past 30 trading days will also be newly designated as management stocks, comprising five from the KOSPI and four from the KOSDAQ.Three stocks that meet both the criteria of trading below 1,000 won and failing to meet market capitalization requirements will be newly designated as management stocks, including one from the KOSPI and two from the KOSDAQ.This action marks the first application of the revised listing regulations that took effect on July 1. The amendments stipulate that stocks trading below 1,000 won for 30 consecutive trading days or failing to meet the minimum market capitalization requirements will be designated as management stocks. If these stocks fail to meet the criteria for 45 out of the following 90 trading days, delisting procedures will commence.* This article has been translated by AI. 2026-08-12 18:24:00