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  • 66% of Retail and Service Franchises Fail to Comply with Essential Item Contract Requirements
    66% of Retail and Service Franchises Fail to Comply with Essential Item Contract Requirements Under a revised franchise business law mandating the inclusion of essential items in contracts, two out of three retail and service franchises have been found to omit certain items or fail to comply with the requirements. The Fair Trade Commission announced on August 12 the results of its compliance inspection conducted in June and July on 100 major franchise headquarters in the retail and service sectors. According to the revised franchise business law that took effect in January 2022, franchise headquarters are required to specify the types of essential items that franchisees must purchase from the headquarters or designated suppliers, as well as the pricing methods for these items, in their contracts. Following an inspection of 75 companies in the food service sector last year, the Commission this year reviewed the contract status and copies from 100 franchise headquarters in the retail and service sectors. The inspection revealed that 23 of the 100 companies surveyed did not have any essential items, meaning that the actual requirement applied to 77 companies. Among these 77 companies, 67 made efforts to include essential items in their contracts, while the remaining 10 either mistakenly believed they had no essential items or were unaware of the legal changes, resulting in no inclusion in their contracts. Of the 67 companies that included essential items in their contracts, only 55 fully complied with all requirements. Twelve companies omitted some types or pricing methods. Notably, only 26 of the 77 companies (33%) fully applied the requirements to all franchise agreements. The Fair Trade Commission has decided to grant a one-month period for voluntary corrections to the 51 companies (66%) that failed to include some or all required items in their contracts. In terms of the types of essential items specified, 65 companies (97%) provided specific items, while 2 companies (3%) listed them in general terms. Regarding the pricing methods, 55 companies were found to have specified criteria or price increases in accordance with the Fair Trade Commission's guidelines. A Fair Trade Commission official stated, "We will thoroughly monitor contract changes during the voluntary correction period and will continue to encourage the full implementation of the regulatory improvements in the franchise sector." * This article has been translated by AI. 2026-08-12 10:04:10
  • LG Display Partners with Yonsei University to Secure Next-Gen Display Talent
    LG Display Partners with Yonsei University to Secure Next-Gen Display Talent LG Display is taking steps to secure talent for next-generation displays by collaborating with Yonsei University. As global competition intensifies around OLED technology, the company is enhancing its talent development system by selecting and training professionals from the university admission stage through to hiring.On August 12, LG Display announced that it will hold an information session on August 24 at the LG Science Park ISC in Magok, Seoul, for students and parents interested in the Display Convergence Engineering program at Yonsei University.The session will include an introduction to the program and LG Display, as well as details about the admission process for the 2027 academic year. Current students will also share insights about their experiences and the curriculum.The Display Convergence Engineering program is a contract-based course jointly designed by LG Display and Yonsei University, linking education with employment. Students will receive on-site training and financial support during their studies, and those who meet certain criteria will have the opportunity to join LG Display upon graduation.This program, established in 2021 through an agreement between LG Display and Yonsei University, is the first undergraduate contract program in South Korea that connects education with employment in the display field, selecting 30 new students each year starting from the 2023 academic year.Over the past four years, a total of 120 students have been admitted. The program focuses on providing integrated education necessary for the industry, covering fundamental sciences such as physics and chemistry, as well as display devices, processes, and circuit design. The early admissions for the 2027 academic year will begin on September 7.As the focus of competition in the display industry shifts from LCD to OLED and next-generation form factors, securing talent through contract programs is becoming increasingly important. The ability to understand technologies across various fields, including panel performance, materials, devices, and processes, is seen as directly linked to product competitiveness.An LG Display representative stated, "In the face of fierce competition among global companies, securing talent is crucial for our country to maintain its technological leadership. We will present a roadmap for nurturing talent that can lead K-display technology in the global market."* This article has been translated by AI. 2026-08-12 10:04:00
  • LG Electronics Launches FDA-Approved Diagnostic Monitor to Strengthen B2B Medical Market
    LG Electronics Launches FDA-Approved Diagnostic Monitor to Strengthen B2B Medical Market LG Electronics is accelerating its entry into the business-to-business (B2B) medical monitor market with the launch of a new diagnostic monitor that has received approval from the U.S. Food and Drug Administration (FDA).The company announced on August 12 that it has expanded its lineup of medical monitors with the release of the 40-inch diagnostic monitor (model 40HT513D) recently approved by the FDA.The new monitor features a 21:9 aspect ratio curved IPS black panel with a resolution of 5120×2160. It delivers a total of 11 megapixels (MP), allowing users to perform tasks that previously required three 3-megapixel monitors on a single screen.In medical settings, professionals often need to compare and analyze original and past images, such as X-rays, computed tomography (CT) scans, and magnetic resonance imaging (MRI), alongside electronic medical records (EMR). The traditional setup, which involves multiple monitors, can be cumbersome as medical staff must switch between screens, and the borders between monitors can disrupt image review.To address this issue, LG Electronics has implemented a '3PBP (3 Picture By Picture)' feature that divides a single screen into three sections, allowing different image sources to be displayed simultaneously. This enables medical staff to compare multiple images at a glance without needing to switch screens, reducing eye movement and the disconnection between displays during the review process.The usability of the new monitor has been validated in real medical environments. Professor Jeong Seung-eun, the head of the Department of Radiology at Eunpyeong St. Mary's Hospital and president of the Korean Society of Radiology, stated that after using the monitor for about seven weeks, "The bezel-less wide monitor allowed for more efficient viewing of multiple screens. There was no disconnection due to borders between screens, and the curved display provided a high-quality reading environment."The monitor also includes features designed to enhance work efficiency. It has a built-in KVM switch that allows users to control two PCs with a single keyboard, monitor, and mouse, enabling seamless switching between PCs by simply moving the mouse cursor. Files can also be transferred between different PCs using a drag-and-drop method.Significant attention has been given to image quality management, a critical aspect of medical monitors. The monitor is equipped with a detachable calibration sensor that precisely manages brightness and contrast. The sensor can be stored inside the monitor during regular use and taken out for calibration or performance measurement when needed.In addition to hardware improvements, LG Electronics has enhanced software features that support medical image interpretation. The 'Focus View' mode highlights the area of interest for medical staff without requiring separate image magnification, while the 'Pathology Mode' adjusts resolution and color to provide clearer visibility of pathological structures, such as cells.Hospitals can also manage multiple monitors simultaneously. Using LG's proprietary software, 'LG Calibration Studio Medical,' hospitals can conduct quality management tests according to various standards and remotely check results from a central server. If any anomalies are detected, notifications are sent to administrators for prompt action.LG Electronics' expansion of its diagnostic monitor lineup is part of a strategy to target the medical field as a new B2B display market. Medical monitors require high resolution, color accuracy, and brightness and contrast management for precise image interpretation, distinguishing them from standard monitors. Additionally, diagnostic products must meet country-specific certifications and specialized functions for medical environments, enhancing their competitiveness.The company plans to enhance its competitiveness in the related market by combining display technology with software tailored for medical settings. LG aims to provide comprehensive solutions that encompass everything from image interpretation to quality management, thereby expanding its B2B customer engagement.Lee Chung-hwan, vice president of LG Electronics' Display Business Division, stated, "We will continue to strengthen our lineup of FDA-approved diagnostic monitors to provide differentiated customer experiences based on our overwhelming display technology in the B2B medical monitor sector."* This article has been translated by AI. 2026-08-12 10:04:00
  • Seven in Ten Seoul Apartments Have Less Than 1.2 Parking Spaces Per Unit
    Seven in Ten Seoul Apartments Have Less Than 1.2 Parking Spaces Per Unit Approximately seven out of ten apartments in Seoul have less than 1.2 parking spaces per unit. As car ownership becomes more common, parking availability is emerging as a key competitive factor for new apartments. On August 12, Real Estate Info analyzed data from 3,022 publicly managed apartment complexes in Seoul. The analysis revealed that 2,094 complexes, or 69.3%, have fewer than 1.2 parking spaces per unit. Moreover, 1,131 complexes, accounting for 37.4% of the total, have less than one parking space per unit. This indicates that in about four out of ten Seoul apartments, there may not be enough parking if every household owns a vehicle. The average number of parking spaces per unit across all analyzed complexes was approximately 1.04. Considering households with two vehicles and visitor parking needs, the overall parking situation is quite tight. By district, the proportion of complexes with fewer than 1.2 parking spaces per unit was highest in Seongdong-gu at 75.6%, followed by Dongdaemun-gu at 73.0%, Seodaemun-gu at 70.0%, Mapo-gu at 66.7%, and Jung-gu at 61.0%. Newly constructed complexes are not exempt from this trend. Among 297 complexes that received occupancy approval since 2020, 254, or 85.5%, have fewer than 1.5 parking spaces per unit. Industry experts note that parking space is a challenging aspect to improve after residents move in. Creating additional underground parking requires significant costs and structural changes, leading more buyers to check the number of parking spaces per unit from the sales stage. As the demand for dedicated spaces for electric vehicle charging and accessible parking for people with disabilities increases, the shortage of general parking spaces that residents experience may worsen. In this context, Ssangyong Construction plans to launch sales for 'Ssangyong The Platinum Seodaemun' in Hong-eun-dong, Seodaemun-gu, this month. The complex will consist of three buildings with 177 units, spanning four underground floors and 20 above ground. Notably, it will offer approximately 1.63 parking spaces per unit, with 62 units of 59 and 84 square meters available for general sale. Each unit will also include a private storage space. The interior will feature a four-bay flat structure, pantry, powder room, and dressing room, along with community facilities such as a fitness club, GX room, reading café, and golf practice area.* This article has been translated by AI. 2026-08-12 10:00:20
  • Rising Office Vacancies in Seoul Amid Soaring Rental Prices
    Rising Office Vacancies in Seoul Amid Soaring Rental Prices As new office supply significantly increases, the average vacancy rate in Seoul has risen, yet rental prices and investment demand remain strong, highlighting a growing polarization in the office market.According to AlSquare, a commercial real estate service company, the average office vacancy rate in Seoul reached 6.5% in the second quarter of 2026, up 0.4 percentage points from the previous quarter. The increase was driven by the addition of 11 new office buildings, totaling approximately 99,000 pyeong, with over 60% concentrated in the Central Business District (CBD).Notably, the CBD saw the introduction of 61,642 pyeong of new office space, including 'G1 Seoul' at 43,388 pyeong and 'Renaissance Square' at 12,587 pyeong. Consequently, the vacancy rate in the CBD rose by 2.4 percentage points to 7.3% compared to the previous quarter.However, the increase in supply did not lead to a decrease in rental prices. The average rental price for large offices in the CBD surged by 8.5% year-on-year, marking the highest increase among major areas in Seoul. This indicates sustained demand for offices with prime locations and high product quality, despite the growing supply.In the Gangnam area, a 'Flight to Quality' trend has become evident. The vacancy rate for super-large offices in Gangnam, which saw no new supply in the second quarter, stood at 0.3%, while the vacancy rate for large offices was 2.2%. This trend suggests that companies are increasingly favoring prime offices with strong location and building competitiveness amid limited supply.In the investment market, transaction volumes have surged. The total transaction value for offices in Seoul and Bundang reached approximately 6 trillion won in the second quarter, nearly 1.7 times higher than the 3.5 trillion won recorded in the previous quarter. However, the average transaction price per pyeong fell by 11.1% to 27.19 million won, attributed to an increased share of non-core asset transactions, which lowered the overall average price.The Yeouido area set notable records in both transaction volume and price. The 'IFC Office Building' was sold for approximately 1.9278 trillion won, marking the largest transaction in the second quarter. The 'Hana Securities Yeouido Building' was sold for about 811.2 billion won, achieving a record high price per pyeong of approximately 38.4 million won.AlSquare anticipates that demand for office investments will continue to focus on prime assets in the second half of the year. Lee Sang-jun, head of AlSquare's Big Data Consulting Division, stated, "The trend of transactions centered on prime assets will persist in the second half. Properties with strong location competitiveness and stable cash flow, or those with excellent physical specifications and value-add potential, are likely to see successful transactions."This second quarter in the office market illustrates that an increase in supply does not necessarily lead to a uniform decline in asset values. Despite the rise in vacancy rates, rental prices and transaction values for prime offices remain robust, suggesting that market differentiation based on location and asset competitiveness will intensify moving forward.Meanwhile, AlSquare announced on the 20th that the former Hana SK Card Building, now known as 'Fast Five Tower' in Da-dong, Jung-gu, Seoul, has been put up for sale, and they have begun joint sales consulting with AcreTree.* This article has been translated by AI. 2026-08-12 10:00:00
  • Former Military Officials Attend Arrest Warrant Hearing Amid Cover-Up Allegations
    Former Military Officials Attend Arrest Warrant Hearing Amid Cover-Up Allegations Hwang Yu-seong, former commander of the Defense Security Command, and Moon Yeon-cheol, former head of the Marine Corps' intelligence unit, are facing allegations of involvement in a cover-up related to the death of Marine Chae Sang-byeong. Both officials are attending a warrant review hearing.Judge Lee Jong-rok of the Seoul Central District Court is conducting the hearing for Colonel Moon at 10:10 a.m. on August 12. Hwang's hearing is scheduled to begin at 2:10 p.m. The court is expected to decide on their arrest warrants by this evening.Moon and Hwang are accused of participating in the handling of the case surrounding the death of Marine Chae.The Special Prosecutor's Team investigating the case, led by Lee Myung-hyun, has gathered evidence indicating that former President Yoon Suk Yeol expressed anger during a senior secretary meeting at the presidential office on July 31, 2023, after receiving initial investigation results regarding Chae's death. Following this meeting, Hwang reportedly communicated with former military advisor Park Jin-hee.Hwang is also said to have had subsequent conversations with Defense Minister Lee Jong-seop, National Security Office Director Cho Tae-yong, Deputy Director Lim Jong-deok, and Presidential Office Secretary for Public Integrity Lee Si-won.Colonel Moon is alleged to have acted as a liaison between the Defense Security Command and the Marine Corps during his assignment, preparing reports on the situation, including the withholding and retrieval of initial investigation records after Yoon's outburst, as well as the re-transfer of the case to the Gyeongbuk Police Agency following a review by the Defense Investigation Headquarters.The Comprehensive Special Prosecutor's Team, led by Kwon Chang-young, took over the investigation from the Special Prosecutor for the deceased Marine and summoned Hwang as a witness in May. On August 7, they requested arrest warrants for both Hwang and Moon on charges of abuse of power.* This article has been translated by AI. 2026-08-12 10:00:00
  • Samsung Elec payout hopes lift KOSPI more than 2%
    Samsung Elec payout hopes lift KOSPI more than 2% SEOUL, August 12 (AJP) -Seoul's main index jumped more than 2 percent in early trade Wednesday as foreign and institutional money returned to large-cap stocks on speculation that chip bellwethers could sharply increase shareholder payouts. The KOSPI traded at 6,484.59, up 2.2 percent from Tuesday's close of 6,345.53, while the junior KOSDAQ reversed course and fell 1.5 percent to 845.18. The rally was narrow. Decliners outnumbered advancers 473 to 357 on the main board, while the large-cap KOSPI 200 rose 2.5 percent, outperforming the broader index and underscoring how buying was concentrated among heavyweight stocks. Samsung Electronics and SK hynix have yet to announce new shareholder-return policies, but expectations intensified after KB Securities said in a report Monday that Samsung could raise annual shareholder returns to between 100 trillion and 200 trillion won ($70.7 billion-$141.4 billion). The brokerage maintained its target price at 600,000 won. Samsung currently returns about 9.8 trillion won a year in dividends under a shareholder-return program that runs through this year, with total returns set at 50 percent of free cash flow. Samsung Electronics surged 4.1 percent to 249,250 won, while SK hynix gained a more modest 2.1 percent to 1,455,000 won, widening the gap between the two chip bellwethers on the same market catalyst. Samsung Electro-Mechanics climbed 3.8 percent to 1,310,000 won. The electronics sector jumped 6.7 percent, the strongest-performing group on the board, with LG Electronics up 6.9 percent. Life insurers also rallied, with the sector gaining 4.8 percent. Expectations for higher payouts have taken on greater market significance since an amendment to the Restriction of Special Taxation Act took effect Jan. 1. Under the revised rules, dividends from qualifying high-payout companies are taxed separately at rates of 14 percent to 30 percent rather than being added to comprehensive income subject to rates as high as 45 percent, giving investors a stronger incentive to rotate into companies and sectors expected to increase distributions. Foreign investors were net buyers of 109.9 billion won of KOSPI shares in early trade, while individuals sold a net 73.8 billion won and institutions sold 29.9 billion won. The Nikkei 225 in Tokyo was little changed at 66,950.51, down 0.03 percent. The won was quoted at 1,414.20 per dollar on the Hana Bank screen, marginally weaker than Tuesday. 2026-08-12 09:53:59
  • Celltrion Expands Bidding Success in Spain and Portugal, Accelerates European Market Strategy
    Celltrion Expands Bidding Success in Spain and Portugal, Accelerates European Market Strategy Celltrion is accelerating its market strategy in Europe by securing major bids in key countries.On August 12, Celltrion announced that it is strengthening its market influence in Spain and Portugal through successful bids and expanded prescriptions for its biosimilar products.In Spain, the chronic idiopathic urticaria and allergic asthma treatment 'Omliklo' (ingredient: omalizumab) has been selected as a supplier in bids from four major regional governments: Catalonia, the Basque Country, Asturias, and Valencia. The company estimates that its market share exceeded 90% as of June, bolstered by increased prescriptions from individual hospitals.The autoimmune disease treatment 'Aptozma' (ingredient: tocilizumab) has also been chosen as a supplier in bids from the Spanish Ministry of Health's bidding agency, INGESA, and regional governments. The company reported that its market share in Spain surpassed 50% in the second quarter of this year.Celltrion attributed its success to product competitiveness, including formulations not available in original products, ease of use, and stability at room temperature, along with a tailored direct sales strategy.In Portugal, all of its products, including the autoimmune disease treatments 'Remsima' (ingredient: infliximab), 'Uplima' (ingredient: adalimumab), and 'Stekima' (ingredient: ustekinumab), were awarded in national bids during the first half of this year. These products began supply in the first half and will continue to be supplied in the second half.Additionally, the ophthalmic treatment 'Idenzelt' (ingredient: aflibercept) was also awarded in the bidding, further demonstrating Celltrion's product competitiveness beyond the autoimmune disease sector in Portugal.Gang Seok-hoon, head of Celltrion's Spain branch, stated, "New products are continuing to achieve bidding success in Spain and Portugal, and we expect sales to accelerate further as product supply intensifies in the second half. We will strengthen our market position based on differentiated product competitiveness and direct sales capabilities."Meanwhile, Celltrion has been steadily building its direct sales system since Chairman Seo Jung-jin proposed a plan to establish an overseas direct sales network in 2019. The company transitioned to a direct sales system in Europe in 2020 and began direct sales in the United States in 2023.* This article has been translated by AI. 2026-08-12 09:52:10
  • Minister Choi Hwi-young to Meet with Young Cultural Artists
    Minister Choi Hwi-young to Meet with Young Cultural Artists Minister Choi Hwi-young will meet with young cultural artists at Art Korea Lab in Jongno, Seoul, at 2 p.m. on August 12, according to the Ministry of Culture, Sports and Tourism.During the meeting, Minister Choi plans to hear firsthand about the realities faced by young cultural artists in their creative processes, including creation, performance, and planning, and to explore necessary policies and support directions.Eleven young artists will attend the gathering, including orchestra members, traditional music creators, theater actors, visual artists, university students majoring in arts, independent film directors, indie game developers, webtoon creators, indie band members, and entrepreneurs in the arts and content sectors.Participants will freely share their experiences, achievements, challenges, and the support they need moving forward.Minister Choi stated, “It is crucial to listen candidly to the concerns young people face in the cultural and artistic fields and to incorporate these insights into policy. Based on the discussions from this meeting, we plan to continuously establish a support system that allows young cultural artists to challenge themselves and grow.”Additionally, during his inauguration last year, Minister Choi referenced the late Kim Min-ki, who dedicated his life to nurturing young artists while running a theater in Seoul's Daehangno, saying, “I will serve as a 'seedbed' to help young cultural and sports figures grow freely.” 2026-08-12 09:52:00
  • Pacific Law Firm Launches AI Infrastructure Strategy Center
    Pacific Law Firm Launches AI Infrastructure Strategy Center Law firm Pacific has announced the launch of its 'AI Infrastructure Strategy Center' to enhance its integrated advisory capabilities for artificial intelligence (AI) data centers and digital infrastructure projects.The competition in AI is expanding beyond models and semiconductors to include securing data centers and power infrastructure. AI data centers, in particular, are complex projects that involve various legal issues from development to operation, requiring significant investment and power procurement.As integrated legal responses are needed across various sectors, Pacific has gathered over 100 experts in real estate, construction, M&A, foreign investment, finance, project financing, energy, infrastructure, environmental law, AI, data protection, and international trade to respond effectively.The center will provide one-stop legal services throughout the entire project process, including data center development, domestic and international investment and M&A, project financing, power procurement, construction and operation contracts, various permits, data privacy, cybersecurity, and compliance with global regulations.Lee Jun-ki, a seasoned attorney with extensive experience in M&A, energy, infrastructure, and foreign investment, will lead the center.The energy and infrastructure sector includes several experts, such as Kim Jeong-gwan, a former deputy minister of the Ministry of Knowledge Economy, and Song Myeong-dal, a former deputy minister of the Ministry of Oceans and Fisheries, along with attorneys Park Jin-pyo, Lee Kwang-min, Ahn Hyun-cheol, and Nam Won-cheol.In the data center development and real estate sectors, attorneys Jeon Eun-jin, Song Chi-young, Park Seong-tae, and Ji Seung-eun, along with foreign attorney Byeon Hyun-seo, will be involved. The M&A and foreign investment sectors will be handled by attorneys Lee O-ryeong, Jeong Jae-yong, and foreign attorneys Hwang Yu-jin and Jang Ye-seung.The finance and project financing sectors will include attorneys Lee Ji-young, Ryu Myeong-hyeon, Kim Geon-ho, Kim Ho-jin, and Jeong Min-hee, while the regulatory and environmental sectors will feature experts such as Jeong Yeon-man, a former deputy minister of the Ministry of Environment, Kim Jong-moon, a former first deputy minister of the Office for Government Policy Coordination, and foreign attorney Woo Byeong-ryeol, along with attorneys Kwon So-dam, Koo Do-hyeong, and Jeon Hyeon-kyu.As AI infrastructure emerges as a critical asset linked to national and economic security, the importance of responding to global regulations, including export controls, has increased. To support global regulatory compliance, the center will also include Kim Seong-nam, a former first deputy minister of the Ministry of Foreign Affairs, Hwang Ho-seong, head of Pacific's Export Control Response Center, and attorney Kim Ji-ina. In the data privacy sector, attorneys Kang Tae-wook, Yoon Joo-ho, and Lee Kang-hye will contribute.Prior to the center's launch, Pacific has advised on numerous projects, including the establishment of the national AI computing center in Haenam and the AI infrastructure development for Shinsegae Group and Reflection AI, as well as projects involving domestic conglomerates and global tech giants in the AI infrastructure sector and the entry of global companies and funds into the domestic data center market. The firm has accumulated experience in various areas, including domestic and international data center development, AI infrastructure investment, strategic partnerships, and project financing.Lee Jun-ki stated, "AI data centers require not only expertise in individual fields but also the ability to coordinate interconnected issues such as development, power, investment, finance, and regulation in a timely manner to ensure stable project advancement. We will leverage Pacific's specialized knowledge and collaborative capabilities to proactively assess risks from the early stages of projects and support our clients' AI infrastructure initiatives from development through investment, financing, and operation."Pacific is composed of over 900 professionals, including more than 600 attorneys, foreign attorneys, and certified public accountants. Established in 1980, it is the first law firm in Korea and has formed specialized teams to address various fields, including corporate law, M&A, securities finance, and fair trade.Recently, it became the first domestic law firm to implement the global legal AI 'Harvey' across its operations to provide efficient legal services.* This article has been translated by AI. 2026-08-12 09:52:00