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  • KAI Union Opposes Hanwhas Management Participation Amid Concerns
    KAI Union Opposes Hanwha's Management Participation Amid Concerns Hanwha Group has acquired over 15% of Korea Aerospace Industries (KAI), prompting the union to express opposition to the merger. The union argues that Hanwha, a supplier in the aviation sector and a competitor in the space sector, could create conflicts of interest in KAI's management.On August 12, the KAI union issued a statement urging the Fair Trade Commission to reject the merger review of KAI and Hanwha. This follows Hanwha Group's continued acquisition of KAI shares, which reached 15.89% as of August 10, with the stated purpose of 'management participation.'The union highlighted that Hanwha Aerospace and Hanwha Systems are major suppliers to KAI. They pointed out that Hanwha Aerospace has supplied engines for the T-50 series and signed a contract worth 473.1 billion won for 17 types of components for the KF-21's initial production. Hanwha Systems also supplies avionics for the LAH and KF-21.The union claims that if Hanwha exerts influence over KAI's management, it could lead to preferential selection of Hanwha products and limit business opportunities for competing suppliers, thereby undermining independent purchasing and supply chain decision-making.They also emphasized the competitive relationship in the space sector, noting that KAI and Hanwha Systems are competing for the Defense Acquisition Program Administration's (DAPA) synthetic aperture radar (SAR) satellite project, which is set to be announced by the end of the year. The union expressed concerns that Hanwha's management participation could grant access to sensitive competitive information, such as bid prices, project costs, and technology development strategies.The union referenced a previous merger case between Hanwha and Daewoo Shipbuilding & Marine Engineering, where the Fair Trade Commission imposed corrective measures due to concerns over price discrimination and the potential leakage of trade secrets between suppliers and shipbuilders. They argue that the merger between Hanwha and KAI, which involves both supply and competitive relationships, should be scrutinized even more rigorously.A KAI union representative stated, 'The aerospace industry is a strategic sector formed through significant national investment and long-term research and development. If the independent competitive structure is compromised, it will be difficult for new entrants to replace it. The most effective way to protect competition is to prevent competitors from participating in each other's management.'* This article has been translated by AI. 2026-08-12 15:12:00
  • Culley Reports Record Q2 Operating Profit of 27.4 Billion Won, Marking Six Consecutive Quarters of Profit
    Culley Reports Record Q2 Operating Profit of 27.4 Billion Won, Marking Six Consecutive Quarters of Profit Culley reported record operating and net profits for the second quarter of this year. Growth in core businesses such as food and beauty, along with new ventures like seller delivery products (3P) and fulfillment services (FBK), contributed to both revenue growth and improved profitability.On August 12, Culley announced that its consolidated operating profit for the second quarter reached 27.4 billion won, a staggering 1,991% increase compared to the same period last year. This marks the largest quarterly operating profit in the company's history and the sixth consecutive quarter of profitability. Revenue rose to 734.8 billion won, a 27% increase.Net profit for the quarter was 25.4 billion won, a turnaround from a loss in the same period last year. Culley has now recorded net profit for two consecutive quarters following the first quarter.The improvement in profitability was influenced by reduced cost of sales and an expansion of commission-based businesses. The share of revenue from seller delivery products (3P) increased, leading to a gross profit margin of 35.3% for the second quarter, up 1.5 percentage points from the previous year.Culley also continued its growth trajectory, with total transaction volume (GMV) for the second quarter reaching 1.0786 trillion won, a 25.1% increase year-on-year. The core business, Market Culley, saw a 25.7% increase in transaction volume, driven by higher sales of fresh food and home meal replacements (HMR), while Beauty Culley also experienced a 13.5% increase.In new businesses, FBK and 3P led the growth. The transaction volume for 3P, including FBK, increased by 32.1% year-on-year, supported by an expanded product range in fashion, kitchenware, and home decor, as well as enhanced logistics competitiveness. Culley N-Mart also continued to see growth in transaction volume.Thanks to improved profitability, cash assets reached an all-time high of 372.9 billion won, a 73% increase from the same period last year.Kim Jong-hoon, Chief Financial Officer of Culley, emphasized, "We will maximize corporate value based on the high growth of our core and new businesses, laying the groundwork for a successful initial public offering (IPO) in the future."Meanwhile, Culley is hosting its first Grand Beauty Culley Festa until August 20, offering discounts of up to 90% on over 10,000 beauty products.* This article has been translated by AI. 2026-08-12 15:12:00
  • KB Kookmin Bank Adds Time Deposits to KPI Amid Growing Deposit Competition
    KB Kookmin Bank Adds Time Deposits to KPI Amid Growing Deposit Competition KB Kookmin Bank is expected to intensify competition for deposits as it has added time deposits to its key performance indicators (KPI) for the second half of the year. With the Bank of Korea raising its benchmark interest rate, market interest rates are increasing, leading banks to seek relatively stable deposit sources.According to the financial sector on August 12, KB Kookmin Bank has newly included personal and corporate time deposits in its KPI announced earlier this month. This temporary measure will reflect the performance of branch offices and employees in attracting time deposits until the end of the year, aiming to proactively secure deposits.Other banks are also working to attract customers by raising deposit interest rates. Shinhan Bank, which had suspended special time deposit products for two years, is currently running its sixth special offer this year. The maximum interest rate has increased from 3.1% in the first special offer to 3.5% in the fifth and sixth offers, a rise of 0.4 percentage points.Woori Bank has launched the 'Our Wish Time Deposit' to commemorate the 150th anniversary of the birth of Kim Gu and Liberation Day, offering a maximum interest rate of 3.4% for a December maturity. Hana Bank raised the base interest rates of 14 deposit products, including six types of time deposits and seven types of savings accounts, by 0.2 to 0.3 percentage points at the end of last month.While banks are employing various strategies, from branch evaluations to special offers and interest rate hikes, they are mobilizing all means to secure deposits.The push for time deposits is driven by the need to establish a stable funding base proactively. Unlike demand deposits, time deposits tie up funds for a specified period, reducing the risk of fund outflows and making it easier for banks to predict the scale and maturity of their funding. This is also significant as it allows banks to secure stable deposits that can be used for future lending.The increased reliance on market-based funding in the banking sector is another factor contributing to the competition for deposits. While banks are raising funds through bond issuances, the rising market interest rates can increase their funding costs. In contrast to market-based funding, which can fluctuate based on financial market volatility, time deposits provide a more stable source of funding. In a situation where reliance on market-based funding has increased, banks are looking to secure more stable deposit sources.The possibility of further increases in deposit interest rates due to the benchmark rate hike is also prompting banks to act. The Bank of Korea raised the benchmark rate from 2.50% to 2.75% last month. As banks prepare for the potential of higher deposit rates and increased market-based funding costs, competition to secure deposits is expected to continue.A banking sector official stated, "In a situation where market interest rates are rising, deposit rates will inevitably follow suit, and the more unstable the flow of funds in the financial market, the more important it is for banks to secure a stable deposit base. This trend is likely to continue for the time being."* This article has been translated by AI. 2026-08-12 15:08:00
  • Korean Agency Discovers Illegal Sale of Glutathione Injections
    Korean Agency Discovers Illegal Sale of Glutathione Injections The Ministry of Food and Drug Safety has referred an individual to prosecutors for illegally selling prescription drugs, including glutathione injections, commonly known as "white jade injections."On August 12, the agency announced that it had sent A, who is accused of violating the Pharmaceutical Affairs Act, to prosecutors for illegally selling approximately 160 million won worth of glutathione injections and other prescription drugs.The Central Investigation Team for Food and Drug Safety received information that glutathione injections and Cinderella injections, used for skin beauty treatments, were being illegally distributed through online information-sharing cafes, prompting an investigation.The investigation revealed that A, a pharmaceutical sales representative, illegally sold a total of 2,293 units of over 100 types of prescription drugs worth 160 million won to 156 buyers through direct transactions and delivery from April 2025 to April 2026.It was confirmed that the buyers purchased these prescription drugs for skin whitening, antioxidant effects, and to enhance performance during exercise or recover from fatigue, all without a doctor's prescription.While glutathione is a substance produced in the body, it is known that administering it in high doses via injection can lead to side effects.The Ministry of Food and Drug Safety emphasized that the illegally sold prescription drugs were used for purposes not approved by regulatory authorities, such as skin beauty treatments, and warned that misuse could lead to severe side effects, including cardiac arrest, loss of consciousness, and shock due to respiratory distress. They urged that these drugs should only be used under a doctor's prescription.Additionally, the agency has requested the prosecution to seize 70 million won in criminal proceeds obtained by A under the Act on the Regulation and Punishment of Criminal Proceeds Concealment.The Ministry stated, "We will continue to actively crack down on illegal sales of pharmaceuticals and impose strict penalties to protect public health and safety."* This article has been translated by AI. 2026-08-12 15:08:00
  • Korean Air and Asiana Airlines Finalize Merger, Launching Mega Carrier
    Korean Air and Asiana Airlines Finalize Merger, Launching Mega Carrier Korean Air and Asiana Airlines have finalized their merger.On August 12, Korean Air held a regular board meeting at its headquarters in the Seosomun Building in central Seoul, where it approved the merger agreement.Korean Air met the requirements for a small-scale merger under Article 527-3 of the Commercial Act, allowing the board's resolution to substitute for a shareholders' meeting.On the same day, Asiana Airlines convened an extraordinary shareholders' meeting at its headquarters in Oseo-dong, Gangseo-gu, Seoul, where it approved the merger contract.At the Asiana Airlines shareholders' meeting, 81.86% of all shareholders attended, with 99.3% (167,436,677 shares) of those present voting in favor of the proposal. This fulfilled the special resolution requirements set forth in Articles 522 and 434 of the Commercial Act.The merger resolutions from the Korean Air board and the Asiana Airlines shareholders' meeting officially accept the merger agreement that was approved by both companies' boards in May. Korean Air and Asiana Airlines plan to complete remaining procedures, including creditor protection processes, and register the merger by December 17.Korean Air has been progressing smoothly with the post-merger integration (PMI) process since acquiring Asiana Airlines. Following a review by the Ministry of Land, Infrastructure and Transport, the merger was conditionally approved on June 25, and the securities registration statement submitted to financial authorities became effective on July 24.To ensure seamless operations on the launch date of the integrated airline, the companies are closely coordinating with relevant authorities to obtain the Air Operator Certificate (AOC) and necessary operating permits from foreign aviation authorities.With the merger resolutions now complete, the final preparations for the integration of Korean Air and Asiana Airlines are expected to accelerate.In particular, the two airlines plan to strengthen their 'One Team' collaboration framework. They are focusing on system integration and cultural unification to provide safe operations and high-quality service from the first day of the new airline's launch.Korean Air is conducting job training for employees responsible for passenger and cargo services at Asiana Airlines in preparation for the launch of the integrated airline, and training for operational and cabin crew is also underway.The successful completion of joint emergency evacuation drills has demonstrated the capabilities of the crews from both airlines to ensure passenger safety after the merger. Additionally, joint volunteer activities among employees from both companies are expanding.A Korean Air official stated, "We will do our utmost to complete all necessary procedures in the remaining four months before the launch of the integrated airline and to elevate the status of South Korea's aviation industry."* This article has been translated by AI. 2026-08-12 15:04:00
  • Local Supermarkets Demand Action Against Large Retailers Early Delivery Services
    Local Supermarkets Demand Action Against Large Retailers' Early Delivery Services Local supermarket owners are urging the government to halt discussions on allowing early morning deliveries by large retailers and to quickly implement support measures for local businesses. They express growing concern as the influence of online platforms and large retailers continues to rise, despite indicators of economic recovery.On August 12, the Korea Supermarket Cooperative Federation and the People's Solidarity for Participatory Democracy held a press conference in front of the Cheong Wa Dae fountain, stating, "While government statistics may indicate economic recovery, local supermarkets are contemplating closure due to the ongoing crisis in the local economy." They called for urgent measures to address the challenges faced by local businesses.According to the Small Enterprise and Market Service, the Business Sentiment Index (BSI) for small businesses was 55.6 in July, a drop of 8.0 points from the previous month, with an outlook BSI of 71.0 for August, down 6.3 points in a month. A BSI below 100 indicates worsening economic conditions, while above 100 suggests improvement.The number of supermarkets has also significantly decreased. The National Tax Service reported that the number of supermarkets, which exceeded 28,000 during the height of the COVID-19 pandemic in 2022, fell to 26,588 as of June this year.While the government has announced budgets and policy funds for small businesses, the federation pointed out that there are no structural measures to help small business owners in the local economy increase sales and enhance competitiveness.They also expressed concerns over the expansion of business areas by companies like Coupang, Daiso, and Baedal Minjok's B Mart, which have exacerbated their difficulties. In particular, they voiced strong apprehension regarding discussions on allowing early morning and late-night deliveries by large retailers.The federation stated, "There are moves to allow late-night deliveries by large retailers under the pretext of countering Coupang. We must strengthen regulations on online platforms and large retail companies and withdraw the policy allowing late-night deliveries by large retailers." They also proposed expanding support for AI-based shared logistics centers necessary for small retailers and easing regulations for small business owners.They demanded a meeting with the President. Jeong Yeon-hee, president of the Korea Supermarket Cooperative Federation, noted, "While the President has met with large business leaders to hear their difficulties and discuss necessary support, there has been no such dialogue with small business owners. We urge an immediate halt to discussions on late-night deliveries and a direct meeting with representatives of local supermarkets."* This article has been translated by AI. 2026-08-12 15:04:00
  • Koreas Small Business Agency Launches AI Academy for Employees
    Korea's Small Business Agency Launches AI Academy for Employees The Small and Medium Business Administration announced on August 12 that it will pilot an 'AI Academy' aimed at employees of small businesses.The AI Academy is designed to enhance the AI capabilities of employees through hands-on training while also validating the educational model for industry-specific AI contract programs before their implementation.This year, the agency selected 10 new industry-specific AI contract programs that integrate AI with key sectors such as manufacturing, biotechnology, materials and components, and aerospace and defense. Each university plans to launch degree programs starting in March next year.The classes are structured to not only teach generative AI but also to equip employees with the skills to directly address challenges faced by their companies.The Korean Management Association Consulting, serving as an advisory body, is supporting the planning and operation of the training program, which will be conducted in a hybrid format of online and in-person sessions. The participants include about 30 students enrolled in the small business contract programs.The first session took place on August 1 at the Korea University of Engineering and Technology in Siheung, Gyeonggi Province. The Small and Medium Business Administration plans to conduct a total of four training sessions every Saturday until August 22.Kang Seok-jin, the head of the Small and Medium Business Administration, stated, "We will verify the effectiveness of the pilot operation of the AI Academy and continuously cultivate practical talents who can lead the self-sustaining AI transformation (AX) of small businesses in connection with the industry-specific AI contract programs."* This article has been translated by AI. 2026-08-12 14:56:20
  • Actor Ha-young Apologizes for Great-Grandfathers Pro-Japanese Actions
    Actor Ha-young Apologizes for Great-Grandfather's Pro-Japanese Actions Actor Ha-young has issued a personal apology regarding the pro-Japanese actions of her great-grandfather, Ahn Sang-ho. On August 11, Ha-young took to Instagram to express, "I sincerely apologize for the disappointment and hurt caused by matters related to my great-grandfather. Recently, I have reflected on my family's history with a heavy heart after learning about my great-grandfather Ahn Sang-ho's past actions." She continued, "Until now, I only had a fragmented understanding of my great-grandfather's life based on stories passed down through my family. Regrettably, I have spoken about him in various settings as if it were a family pride, in a state of ignorance." Ha-young acknowledged that the recent events prompted her to research her great-grandfather's history, stating, "Through this process, I learned about his pro-Japanese actions. I reflect on how I lightly mentioned my family history without fully understanding the painful history of our country during the Japanese occupation." She also apologized for her initial response to the controversy, saying, "When the issue first arose, I did not have a clear understanding of the facts, which led my agency to issue a statement claiming it was unfounded. I believe it was my inadequacy that allowed a mistaken position to be communicated without sufficient verification. I sincerely apologize for causing further confusion and hurt." Ha-young added, "Not knowing the facts does not excuse me from overlooking or trivializing that history. I take this mistake seriously and sincerely apologize as a descendant. I feel particularly remorseful for causing controversy due to my shortcomings just before Liberation Day." In conclusion, she stated, "I will take a closer look at my family's history and that era, and I will approach history with greater caution in the future. I will strive to study our history deeply and serve with respect for those who contributed to our independence and the well-being of our country. I will put these words into action, not just in speech." Previously, on August 7, Ha-young mentioned her family's background on KBS2's 'Problematic Men in the Rooftop Room,' stating, "My great-grandfather studied Western medicine in Japan and was the first doctor to open a practice in Hanyang. I believe he treated King Gojong." Following the broadcast, allegations regarding Ahn Sang-ho's pro-Japanese activities surfaced online. Ahn Sang-ho is known to have graduated from the Tokyo Jikei Medical School in 1902, becoming the first Korean to obtain a medical license in Japan. After returning to Korea in 1904, he opened a private practice in Jongno 3-ga, Seoul, and treated King Gojong alongside a Japanese doctor in 1919. In response to the controversy, Ha-young's agency initially stated that the claims were "unfounded." However, after Ahn Sang-ho's name was found on a list of council members of the Daijeong Friendship Association, the agency reversed its position within a day. The Daijeong Friendship Association is known to have cooperated with Japanese colonial rule and promoted the integration of Koreans and Japanese, with figures like Lee Wan-yong also associated with the group. In light of the controversy, Ha-young's promotional schedule for her upcoming Netflix series 'This Awful Love' has been adjusted, with all related interviews canceled. 2026-08-12 14:56:20
  • Ruling Party Launches Task Force to Support Housing Market Stabilization
    Ruling Party Launches Task Force to Support Housing Market Stabilization The Democratic Party has launched a task force (TF) to support the real estate supply measures of the Lee Jae-myung administration, set to be announced on the 13th, reaffirming its commitment to mobilizing all resources for comprehensive support. The party also urged the People Power Party to recognize that housing policy should not be a subject of political conflict.On the afternoon of the 12th, the Democratic Party held the inaugural meeting of the 'Housing Market Stabilization TF' at the National Assembly, in collaboration with the Ministry of Land, Infrastructure and Transport, the Ministry of Economy and Finance, and the Financial Services Commission.Attendees included Han Byung-do, the party's acting leader and floor leader, along with Cheon Jun-ho, the deputy floor leader, Kim Han-kyu, the senior policy deputy leader, and Han Jeong-ae, the head of the policy committee. Other members present were lawmakers from the National Assembly's committees on Land, Infrastructure and Transport, Economy and Finance, and Administrative Safety.Han Byung-do stated that the party would exert all possible efforts to achieve housing stability for the public by reviewing policies encompassing supply, taxation, and finance with the government. He emphasized the need for a closer cooperation system between the party and the government to devise effective responses, stating, "It is crucial to act swiftly so that the public can feel the impact, and we will work together to restore the housing ladder."Han Jeong-ae argued for the necessity of cooperation among the central government, local governments, and Seoul to increase housing supply, asserting that all efforts should be made to expand housing availability. She called for an increase in non-apartment housing that can be supplied in the short term and urged a bold acceleration of supply through modular housing.They also called on the People Power Party to cease unnecessary political disputes and cooperate with the government on housing supply measures, given the consensus on the need for such measures.Han Byung-do criticized the People Power Party for blocking the passage of follow-up legislation to support the government's supply measures, despite their claims that supply is the solution to stabilize the housing market. He urged them to stop using the public's livelihood as a bargaining chip and to cooperate in processing the legislation.Han Jeong-ae noted that it has been over eight months since the government's 9-7 measures, and follow-up legislation has yet to be processed. She reiterated that housing policy should not be a subject of political conflict, urging the People Power Party to cooperate in passing related legislation if they agree on the necessity of housing supply measures.* This article has been translated by AI. 2026-08-12 14:56:00
  • AWS Launches Amazon Quick to Target AI Market in South Korea
    AWS Launches 'Amazon Quick' to Target AI Market in South Korea AWS is entering the South Korean enterprise artificial intelligence (AI) agent market with its new product, 'Amazon Quick,' which connects corporate data and work applications. As generative AI evolves into 'agentic AI' capable of performing actual tasks, AWS has expanded its business intelligence (BI) and enterprise data utilization technologies into work-related AI over the past decade.On August 12, AWS Korea held a press conference in Gangnam, Seoul, to introduce the key features of the AI assistant Amazon Quick and its applications both domestically and internationally.Amazon Quick is an AI assistant that integrates over 40 work applications, including Slack, Salesforce, and Google Workspace, along with local files, calendars, and emails. It can analyze data scattered across various platforms and generate reports or automate repetitive tasks using natural language commands. A key feature is its ability to understand the relationships between work data, continuously leveraging the user's work context.Park Hye-young, Chief Solutions Architect at AWS Korea, noted, "AI agents have progressed from merely answering questions or recommending information to making judgments and taking actions themselves." She explained that the use of AI in businesses is expanding from supporting individual tasks like searching and document creation to executing and automating entire workflows.Park emphasized the need for AI tools that can operate across multiple applications. She pointed out that even companies that have adopted generative AI still require employees to navigate various apps for actual work processes. While AI can search for information and draft documents, follow-up tasks like sending emails or scheduling appointments still require manual handling within each application.According to research, office workers spend about 40 hours a month switching between different work applications. "AI can provide answers, but sending emails, scheduling, and recording in internal systems still require accessing each app individually," she said.AWS has validated the effectiveness of Amazon Quick in workplace applications over six months with 200,000 Amazon employees, resulting in over 300,000 automated tasks. The time taken to create reports, which previously required about three hours for data collection, formatting, drafting, and feedback incorporation, has been reduced to around five minutes through natural language commands.The foundation of Amazon Quick is built on AWS's accumulated expertise in enterprise data analysis and utilization over the past decade. AWS began analyzing structured data through its BI service, 'Amazon QuickSight,' in 2015. As corporate needs expanded to include unstructured data like documents and emails, it broadened its scope with 'Amazon Q Business.'Recently, as the use of generative AI has expanded beyond information retrieval and analysis to actual task execution and automation, these functions have been integrated into Amazon Quick. AWS highlighted its unique capability to combine its accumulated enterprise data processing capabilities with connectivity that is not dependent on specific work applications, allowing for expansion from individual to organizational task automation.In South Korea, AWS has already secured adoption cases. According to AWS, Black Yak is utilizing Amazon Quick for natural language-based data analysis in its existing BI operations, while Megazone Cloud has implemented it for automating repetitive tasks and data analysis.Park stated, "Amazon Quick is a service designed for all employees, not just developers, and is structured to be usable at both individual and organizational levels."* This article has been translated by AI. 2026-08-12 14:48:10