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Shift Up Reports 58.8% Drop in Q2 Operating Profit Amid New Game Gap Shift Up reported a 58.8% decrease in operating profit for the second quarter of this year, attributed to a gap in new game releases.The company announced on August 11 that it recorded revenues of 55.7 billion won and an operating profit of 27.6 billion won for Q2 2026, marking declines of 50.4% and 58.8%, respectively, compared to the same period last year. Net profit fell by 18.7% to 41.7 billion won.Shift Up explained that the acquisition of Japanese game developer Unbound, which was integrated as a consolidated subsidiary, impacted operating costs.The game 'Goddess of Victory: Nikke' generated 43.3 billion won in revenue. While this represented a 32.4% increase from the previous quarter due to a 3.5-year anniversary event, it was a 4.1% decrease year-on-year. 'Stella Blade' saw revenues of 8.8 billion won, down 31.6% from the previous quarter and 86.6% from the same period last year.The company stated, "Goddess of Victory: Nikke has shown a pattern of rebounding to the top revenue ranks during major updates, such as the 1.5-year, 2-year, and 3.5-year anniversaries," and expressed optimism for strong revenue performance from upcoming updates in the second half of the year.Regarding 'Stella Blade,' Shift Up noted, "We expect to maintain current sales momentum as we launch a Nintendo Switch 2 version in the second half, expanding to a new platform."Concerning the newly announced title 'Stella Blade: Bloodrain,' the company said, "Development is progressing smoothly to meet our targeted quality level, and we will ensure sufficient development time to deliver the highest level of completeness."'Stella Blade: Bloodrain' is a sequel being developed based on the 'Stella Blade' intellectual property (IP). Shift Up plans to self-publish starting with this title.The company added, "We aim to enhance the enjoyable combat experience praised in the previous title while strengthening the world and story, and we will actively implement a marketing strategy that highlights the unique characteristics of the IP."Additionally, another upcoming title, 'Project Spirit,' is under development with a goal for a reveal in the second half of the year. 'Project Spirit' is a global cross-platform live service game based on an Eastern fantasy universe.Shift Up also mentioned that it is developing additional new IPs that leverage its strengths, stating, "We will continue to invest in diversifying our development and pipeline."Recently, Shift Up has been hiring personnel for new IP development, indicating that this recruitment is aimed at building a future growth lineup, with further details to be disclosed as development progresses.* This article has been translated by AI. 2026-08-11 18:08:00
Jung Cheong-rae Accuses Jeon Jin-sook of Illegal Campaign Activities Jung Cheong-rae, a candidate for the leadership of the Democratic Party, announced on August 11 that he has received reports alleging that Jeon Jin-sook's local committee in the North District of Gwangju, Jeollanam-do, operated an illegal phone room for campaign activities and promised monetary rewards to campaign workers.Jung's camp released a recording during a press announcement, which reportedly features a voice from Jeon's office. In the recording, a party member says, "Make sure to receive your payment," to which the response is, "Understood."According to Article 57-3 of the Public Official Election Act, campaign activities must adhere to legally prescribed methods. Additionally, Article 255, Section 2, Clause 3 of the same act stipulates penalties of up to two years in prison or fines of up to 4 million won for election misconduct.In response, Jeon Jin-sook's camp expressed regret over what they described as Jung's reckless behavior in distorting facts to portray voluntary service as a criminal act. They stated, "The young person mentioned in the recording is a pure volunteer who participated without compensation," adding that the claim of monetary rewards is a distortion stemming from leading questions.They further asserted, "Voluntary campaign activities conducted through personal mobile phones do not constitute an illegal phone room," and urged an immediate cessation of baseless accusations and media manipulation. They emphasized, "Jung's camp should stop this petty smear campaign and engage in a fair competition."* This article has been translated by AI. 2026-08-11 18:08:00
Special Prosecutor's Investigation Faces Challenges with Key Cases Unresolved The second comprehensive special investigation team, led by Special Prosecutor Kwon Chang-young, is facing challenges as it approaches the end of its investigation period with unresolved key cases. Although the team has indicted around 50 individuals, there is a growing possibility that some unresolved allegations will be transferred to other investigative agencies.According to legal sources on August 11, the special investigation team is set to conclude its 180-day investigation on August 23 and will announce its final results on August 24. Following the last regular briefing, the team is focusing its efforts this week on selecting individuals for indictment and determining case dispositions. On this day, they also added former National Fire Agency Chief Heo Seok-gon and former Deputy Chief Lee Young-pal to the list of indictments for their alleged involvement in insurrection-related duties.Some cases that were passed on from the three major special investigations are at risk of remaining unresolved.A notable example is the allegation involving former Justice Minister Park Sung-jae, who is accused of attempting to suppress the investigation into Kim Geon-hee. Although the insurrection special investigation team indicted Park, the first-instance court dismissed the charges, stating they were not subject to investigation. The insurrection special investigation team then sought to transfer the case to the comprehensive special investigation team, but the latter indicated that it would be difficult to conclude the investigation within the remaining time.The so-called 'Noh Sang-won notebook' allegations involving former Director of the Defense Intelligence Command Noh Sang-won also remain unresolved. The special investigation team has conducted field verifications and interviews to confirm the feasibility of the contents in the notebook, but they are reportedly struggling with proving the facts and applying the law. As the investigation team returns, if they do not decide on indictments by the end of this week, they may consider transferring the case to another investigative agency.The case involving former Minister of Land, Infrastructure and Transport Won Hee-ryong, who is under suspicion for changing the endpoint route of the Seoul-Yangpyeong Expressway, also has an uncertain disposition. The special investigation team summoned Won for about 14 hours of questioning on August 5 and conducted a forensic examination of his mobile phone, keeping open the possibilities of indictment, non-indictment, or transfer.Recently, new circumstances regarding Won's involvement were revealed in court. An employee from the Ministry of Land, Infrastructure and Transport testified on August 10 during a hearing at the Seoul Central District Court that Won indicated that if the change plan for Gang Sang-myeon were to proceed, he could be subject to investigation, and he directed a review of the original plan. Evidence was also presented in court suggesting that there were disagreements between the Ministry and the Presidential Office before the project was scrapped, and that the decision to scrap it reflected the intentions of former President Yoon Suk-yeol.As the investigation nears its conclusion, there are cases where the special investigation team has only recently begun questioning key suspects and securing evidence. On this day, they first summoned Lee Jin-woo, a former commander of the Capital Defense Command, as a suspect in connection with the alleged formation of a 'Guardian Task Force (TF).' They also filed for arrest warrants for former National Defense Security Command Chief Hwang Yu-seong and former Marine Corps Intelligence Unit Chief Moon Yeon-cheol regarding allegations of pressure in the investigation of the deceased Marine case.Discrepancies among the special investigation teams have also added pressure to the handling of unresolved cases. The comprehensive special investigation team has included former National Intelligence Service Deputy Director Hong Jang-won and former First Guard Command Chief Cho Sung-hyun, who were key witnesses in the insurrection special investigation, as suspects for review. Additionally, there have been conflicting opinions between the two special investigation teams regarding the application of rebellion charges under military law. Although the special investigation law was amended to ensure mutual consultation on matters that could reverse previous judgments or affect the maintenance of charges, discord has persisted during the actual investigation process.Legal experts have pointed out that while the comprehensive special investigation team may achieve quantitative results through large-scale indictments, a separate evaluation is necessary to determine how effectively it has addressed the unresolved allegations from the three major special investigations. Concerns have also been raised that as the investigation nears its end, the rush to summon key suspects, secure evidence, and determine case dispositions may lead to cases being transferred back to other investigative agencies.* This article has been translated by AI. 2026-08-11 18:08:00
Even Buddhism gets muddled over election in South Korea SEOUL, August 11 (AJP) - Elections can get dirty, and even one of South Korea's oldest religious traditions is not immune to the rough edges of politics. Inside Jogyesa Temple in downtown Seoul on Tuesday, 53 members of the Jogye Order's Central Assembly bowed before the Buddha and recited a declaration supporting incumbent chief administrator Ven. Jinwoo for another four-year term. They praised his first term for making Buddhism more "friendly and warm" and said he was best positioned to lead the country's largest Buddhist order through secularization and generational decline. But the headcount mattered almost as much as the ceremony. The 53 assembly members represent nearly two-thirds of the body's 81 seats, giving Jinwoo a formidable bloc of institutional support more than three weeks before the Sept. 3 election. Still, it does not guarantee victory. The Central Assembly accounts for only part of the 321-member electoral college. Another 240 electors — 10 from each of the order's 24 diocesan headquarters — will help decide whether Jinwoo wins a second term against Ven. Jeongnyeom and Ven. Gyeongu. The biggest question is whether Jinwoo should be allowed to run at all. Ven. Gakun, a former senior Jogye Order official, filed a lawsuit with the Seoul Central District Court earlier this month challenging Jinwoo's eligibility and separately filed a criminal complaint accusing him of obstruction of business through deception. The allegations have not been established in court, and the Jogye Order rejects them. Yet they have turned what might have been an election fought over Jinwoo's four-year record into a dispute reaching back nearly half a century into his early life as a monk. Tuesday's endorsement declaration focused almost entirely on the present. It credited Jinwoo with taking Buddhism beyond temple walls through the Buddhist Expo, temple-stay programs and meditation programs aimed at Koreans struggling with stress and burnout. Buddhism has also gained visibility among younger Koreans through events mixing traditional Buddhist culture with DJs and rap, helping create the phenomenon sometimes described as "hip Buddhism." His supporters also point to the opening of the order's first Buddhist nursing hospital, expanded welfare assistance for elderly monks and pension-contribution support covering about 2,600 registered clergy. They credit his administration with removing admission fees at temple cultural heritage sites and providing electricity subsidies to roughly 300 temples. The declaration closes with Jinwoo's practice of performing 108 prostrations every morning, portraying his record as the product of steady Buddhist discipline. It says nothing about the dispute over his ordination. Gakun's challenge centers on Jinwoo's officially recorded novice ordination at Bohyeonsa Temple in Gangneung in October 1978. According to Gakun's complaint, no such ordination ceremony took place at Bohyeonsa that year and the monk recorded as presiding over it was staying at another temple at the time. He also alleges that Jinwoo's recorded period of religious study overlaps with his military service from 1982 to 1984 and that Jinwoo lived outside the monastic community for several years between 1985 and 1988 without formally completing procedures to leave the order. Jinwoo has not been found by a court to have falsified his record. The Jogye Order says his registration was legitimately established and ultimately settled under a special law governing old monastic registration records, and that his eligibility has repeatedly been recognized through the order's own procedures. What has kept the dispute alive are inconsistencies in Jinwoo's publicly available biographies. A 2012 profile in a Jogye Order-affiliated Buddhist newspaper, published when Jinwoo was a candidate for abbot of Baegyangsa Temple, said he received novice ordination at Woljeongsa Temple in 1973 and full ordination at Beomeosa Temple in 1978. His current official record is different. It lists his novice ordination as taking place at Bohyeonsa Temple in 1978 and his full ordination at Tongdosa Temple in 1998 — the same chronology contained in a statement he submitted when becoming head of the order's education institute in 2019. The conflicting biographies do not prove that his monastic registration is invalid. They have nevertheless given his critics grounds to demand that the record be examined again. The order's answer is that it already has been. At the center of that argument is the Special Act on Monastic Registration, adopted during the administration of the late Ven. Jaseung, who served as chief administrator from 2009 to 2017. The measure was intended to settle longstanding problems involving incomplete or disputed records from earlier decades by giving final effect to registrations recognized through the order's system. That solved one problem while creating another argument. Supporters regarded the law as a practical way to stop decades-old ordination disputes from repeatedly destabilizing the order. Critics argued that making registrations effectively final could shield questionable historical entries from renewed scrutiny. Jaseung himself had faced questions over changes in his own monastic registration history. That old argument is now playing out again around Jinwoo. Outside Jogyesa on Tuesday, a protester opposing Jinwoo's re-election put much of the blame on the registration law. "There are a lot of questions about his monastic history, including his ordination," the protester said. "Those are things he should explain." The protester argued that the law made it easier for disputed records to escape scrutiny and traced the problem to Jaseung's years of influence over the order. "This special law keeps creating these kinds of situations," the protester said. "It's a very bad law. It needs to be abolished." The dispute has also spilled into the Jogye Order's disciplinary system. Gakun says the order is seeking "myeolbin" against him, its most severe disciplinary sanction, which would strip him of his status as a monk, after he took his allegations to secular courts and investigative authorities. That has opened another fault line in the election: not just whether Jinwoo's record deserves another examination, but how a religious order should treat monks who take internal disputes outside the Buddhist establishment. For many ordinary Buddhists, however, the struggle inside the order can feel remote. Kim Ji-soo, a 35-year-old Buddhist from Gunja in eastern Seoul, regularly visits Jogyesa because it is close to her workplace but said she knows relatively little about the election. "Honestly, I don't know much about the election," Kim said. "Of course, as a Buddhist, I hope a good person is elected." She hopes the next chief administrator will continue finding ways to bring Buddhism closer to younger people, including through events such as the Buddhist Expo. "But it doesn't really feel like something that directly affects me," she said. "Maybe that's because I haven't studied Buddhism very deeply. I just hope a good person is chosen." That disconnect stands in contrast to the increasingly intense maneuvering among the monks who will decide the election. Jinwoo, Jeongnyeom and Gyeongu registered Tuesday for the three-way race. Jinwoo's supporters are campaigning on his record in public outreach, meditation and monk welfare, while the challenge over his eligibility ensures that his monastic history will follow him through the campaign. His endorsement by 53 Central Assembly members gives him a powerful base, but the decisive arithmetic will involve all 321 electors on Sept. 3. For Seong Jeong-ja, an 84-year-old Buddhist from Bundang who has practiced the faith for decades and now attends Bongeunsa Temple, the arguments over registration, elections and institutional power matter less than what they appear to be doing to the Buddhist community itself. "I think having an election for the chief administrator is a good thing, but of course a good person has to be chosen," Seong said. "What makes me sad is that Buddhism seems to be becoming divided rather than coming together." "As someone who has believed in Buddhism all my life," she said, "I would be very happy if people who follow the Buddha's teachings could come together." 2026-08-11 18:06:37
Korean Semiconductor Workers Trapped in '52-Hour Trap' Amid Free Labor A researcher with 12 years of experience in the advanced process development department of a domestic semiconductor company reported working nearly 50 hours of unpaid overtime in June. With the deadline for next-generation memory supply to clients just weeks away, the researcher, referred to as A, had already exhausted the 150-hour limit for overtime allowed over three months in just two months.A's department, focused on yield improvement and process technology, is at the forefront of semiconductor research and development (R&D), analyzing hundreds of steps from wafer input to completion to identify defects and improve yield. During critical development periods leading up to product launches, researchers monitor yield analysis equipment continuously for 36 hours or more, tracking wafer defects. This is why teams often work day and night shifts to keep the labs operational.A expressed frustration, stating, "The company enforces a mandatory PC shutdown to comply with the 52-hour work week and even requires documentation for overtime. When a multi-million won test wafer is running in the equipment and data is pouring in, leaving on time without completing the work results in losses that the team must bear."The strict enforcement of the 52-hour work week is disrupting research continuity in major semiconductor facilities, leading to a normalization of unpaid overtime. Despite the government's implementation of flexible work systems, such as selective and flexible working hours, there are clear limitations in meeting the rapid pace of next-generation semiconductor development.According to anonymous posts on workplace communities, semiconductor researchers are lamenting their need to work unpaid overtime to improve memory quality. One commenter noted, "Today, I just tagged out and am on my way to the convenience store for some fresh air. I hope the measurement results turn out well after working like this."In 2021, the government amended the Labor Standards Act to extend the accounting period for selective working hours from one month to three months for R&D positions in fields like semiconductors and software development. This change aimed to provide more flexibility during critical project periods.However, industry insiders argue that the system remains ineffective. While it allows for concentrated overtime in specific weeks, the average weekly working hours within the three-month period still cannot exceed 52 hours.Despite complaints from the field, the government maintains that the current labor system is sufficient to address overtime needs. Recently, Minister of Employment and Labor Kim Young-hoon stated, "Even with the special overtime system in place, companies do not even apply for it," emphasizing that the situation can be managed without exceptions to the 52-hour rule.Under the current Labor Standards Act, the special overtime system is limited to emergencies, disasters, or unexpected equipment failures, making it difficult to obtain approval for R&D work, which requires continuity.A semiconductor industry representative noted, "To apply for special overtime, individual worker consent is required, and companies must strictly prove a surge in workload. If an application is rejected, the company risks being targeted for intensive inspections or labeled as an illegal employer, which discourages them from applying. The low application rate is not due to the adequacy of the current system but rather the stringent approval requirements."In contrast, semiconductor competitors like the U.S. and Taiwan recognize exceptions to work hour regulations for R&D personnel, allowing them to work around the clock. Micron has eliminated overtime limits for its research staff using a 'white-collar exemption,' while TSMC operates a 24/7 R&D system with three shifts.An Ki-hyun, executive director of the Korea Semiconductor Industry Association, emphasized, "The global semiconductor competition is a harsh race where a few months can determine success or failure in technology development. Only Korea is tying the hands of its researchers with uniform work hour regulations, making it urgent to introduce flexible work systems for key R&D positions."* This article has been translated by AI. 2026-08-11 18:04:10
Semiconductor Special Law Takes Effect, Supporting Development to Mass Production The Semiconductor Special Law's enforcement decree took effect on August 11, expanding support for domestic semiconductor materials, parts, and equipment (known as 소부장) from research and development (R&D) to mass production verification. Following the government's announcement of a 10-year, 1 trillion won "Together Growth Project" the previous day, Samsung Electronics and SK Hynix are establishing infrastructure to test products developed by their partners in environments close to actual production processes. This initiative aims to reduce the commercialization bottleneck faced by domestic 소부장 companies, which have struggled to transition from technology development to customer validation.The enforcement decree of the Semiconductor Special Law, which began today, clarifies the basis for the Semiconductor Industry Competitiveness Enhancement Special Committee, chaired by the President, and the operation of special accounts. It establishes a framework for supporting clusters, R&D, and workforce training under a long-term plan rather than through individual departmental projects.For 소부장 companies, securing "mass production data" is considered a higher hurdle than funding. New equipment or materials cannot be delivered based solely on performance verification; they must undergo long-term validation for yield rates, operational efficiency, and compatibility with existing equipment in customer processes. The government is allocating 20 billion won for reliability assessments and 25 billion won for mass production performance evaluations this year to connect developed products with actual production lines.Support to lower the verification barriers for 소부장 companies has also been specified. The government will assist in operating testbeds and reducing facility rental costs to enable small and medium-sized 소부장 companies, which may struggle to establish their own clean rooms or expensive analytical equipment, to verify product performance and mass production feasibility.The "Together Growth Project" announced the previous day aligns with this direction. The government plans to invest 1 trillion won over the next decade in projects where large and small companies collaborate from technology development to verification and mass production. It will provide 5 trillion won in cooperative trade financing for exporting 소부장 companies and establish a new fund of approximately 5 trillion won for promising 소부장 and fabless companies. Unlike previous financial support, this initiative aims to link verification and purchasing stages.Samsung Electronics and SK Hynix are also expanding their mass production verification spaces. Samsung is pursuing the establishment of a mass production-linked testbed to validate partner products and facilitate actual deliveries. SK Hynix is constructing a "Trinity fab" in the Yongin semiconductor cluster, with an investment of about 860 billion won. The plan includes initially placing 40 pieces of equipment in a clean room of approximately 1,000 pyeong, allowing partners to validate products in an environment similar to mass production lines, with operations targeted to begin in May 2027.Verification history can also be leveraged for overseas expansion, as global semiconductor companies require mass production data during the adoption of new equipment. This verification infrastructure could enhance the export competitiveness of domestic equipment manufacturers, who need to reduce reliance on the Chinese market and expand their customer base in the U.S. and Europe.Lee Hyun-cheol, SK Hynix's head of purchasing strategy, stated regarding the Trinity fab, "We aim to support 소부장 companies in shortening the verification period for mass production by establishing verification infrastructure similar to that of mass production fabs."* This article has been translated by AI. 2026-08-11 18:04:00
High-End Gaming Monitors Sell Out as OLED Demand Surges from Samsung and LG Premium gaming monitors priced over 2 million won are selling out rapidly, reflecting a vibrant market driven by increasing demand for performance over price, particularly in refresh rates, response times, and image quality that can determine game outcomes.In this competitive landscape, Samsung and LG are vying for market leadership by emphasizing high-performance features such as 6K ultra-high resolution and OLED technology.According to the electronics industry on August 11, LG Electronics' 39-inch 'LG UltraGear Evo AI OLED Gaming Monitor,' launched in May, sold out within 16 minutes of its initial release. The additional stock that arrived at the end of last month was also confirmed to be sold out in about two weeks. Despite its high price of around 2 million won, demand surged, prompting LG to initiate further production, with plans to supply additional units starting in September.LG is enhancing the performance of its gaming monitors. Earlier this year, the company introduced its premium 'UltraGear Evo' lineup featuring AI technology, which includes on-device AI capabilities such as '5K AI Upscaling' to enjoy all content at 5K clarity. According to market research firm IDC, LG's gaming monitor brand 'UltraGear' achieved a 29.3% market share in South Korea in the first quarter of this year, ranking first.Samsung Electronics is also strengthening its gaming monitor lineup by promoting ultra-high resolution. The company unveiled four new models of the 2026 Odyssey gaming monitors, including the industry's first 32-inch 'Odyssey G8' that supports 6K ultra-high resolution. The OLED product range has also expanded, with the 27 and 32-inch 'Odyssey OLED G8' supporting 4K resolution and a maximum refresh rate of 240Hz. The 32-inch OLED G7 features a dual mode that allows switching between 4K at 165Hz and FHD at 330Hz. Samsung will showcase the Odyssey G8 and other models at Gamescom 2026, the world's largest gaming exhibition, in Cologne, Germany, targeting global gamers.The push by Samsung and LG for high-performance gaming monitors is driven by a rapid shift in premium demand towards OLED in the monitor market. Consumers who do not prioritize performance tend to choose low-cost LCDs, while those seeking high-performance products are increasingly skipping mid-range LCDs in favor of OLEDs, highlighting a clear market polarization.According to market research firm Omdia, the share of LCD monitors priced between $600 and $800 plummeted from 16% in 2022 to just 2% last year. Similarly, the share of LCD products priced over $800 dropped from 16% to 4% during the same period. In contrast, the share of OLED monitors priced over $800 surged from 1% to 20%. Gaming monitors are emerging as a new demand source for OLED, surpassing stagnant TV and smartphone markets.The competition among finished product manufacturers is also extending to the panel market. Samsung Display and LG Display, which dominate the OLED market for monitors, are engaged in a technological competition for gaming panels, focusing on ultra-high refresh rates and resolutions. According to Omdia, Samsung Display held a 70.7% market share in the monitor OLED market by revenue in the second quarter of this year, while LG Display accounted for 29.3%.Samsung Display is expanding its quantum dot (QD)-OLED gaming monitor lineup. Recently, it introduced a 31.5-inch quantum dot-OLED monitor that simultaneously achieves 4K UHD resolution and a 360Hz refresh rate, with a maximum of 680Hz in FHD. Earlier this year, it began mass production of a 34-inch 360Hz quantum dot-OLED featuring a 'V-Stripe' pixel structure, supplying it to global monitor manufacturers.LG Display is also competing with its high-performance gaming OLED panels. Its 27-inch DFR (variable refresh rate and resolution) OLED panel offers an industry-leading 720Hz refresh rate in high refresh rate mode and can achieve QHD resolution with a 540Hz refresh rate in high-resolution mode. A representative from LG Display stated during a conference call for the second quarter earnings report, "We plan to strengthen our high-value product lineup, including gaming OLED monitors, and expand shipments in line with the accelerating shift from LCD to OLED in the monitor market."* This article has been translated by AI. 2026-08-11 18:04:00
Embracing Discomfort: Real Opportunities in the Brazilian Market “I always had to be the last one.” This is a reflection from the protagonist, Zeze, in the Brazilian novel ‘My Sweet Orange Tree.’ While the context differs, the feeling of waiting to be last is not unfamiliar in Brazil. Traffic jams are common, and long lines at hospitals and banks are the norm. However, just because people are accustomed to waiting doesn’t mean they want to. The moment alternatives arise, consumers choose cost over waiting.Traditionally, our companies have viewed Brazil through three main lenses: industrial goods, consumer goods, and public demand. These approaches remain valid today. However, focusing solely on these three pillars in a market of 200 million can lead to missing significant nuances. The universal domestic market reveals what is inconvenient in everyday life and what shifts when something disappears.It is at this intersection that innovation becomes a demand. The innovation discussed here is not merely about speed. It involves alleviating surrounding inconveniences such as costs, administration, and payment, and redesigning the user experience itself. While speed may open doors, it is the subsequent process innovations that expand the market. This transformation is already evident throughout daily life in Brazil.Transportation exemplifies an innovation that expands touchpoints. Sem Parar began with automatic toll payments, but consumer response was not just about the convenience of automatic payments. It eliminated the time spent stopping, searching for payment methods, and collecting receipts, even if it meant paying a monthly fee. This experience has broadened to include payment touchpoints for parking, refueling, car washes, and drive-thrus. The public parking payment app Zul+ has also consolidated various procedures, such as related taxes, fines, and insurance, which drivers previously had to check separately, into a single interface. This goes beyond simplifying payments; it reduces the hassle of moving, parking, and managing a vehicle.Healthcare represents an innovation in operational structure. The shared consultation model has transformed the administrative aspects surrounding medical care. Mobile platforms handle appointments, while kiosks manage on-site registration, payments, and document issuance. When the time comes, the doctor meets the patient directly. This structure allows consultations to proceed without dedicated administrative staff. The burdens of space, scheduling, registration, payment, and document issuance that a solo practitioner would typically bear have shifted to the platform. As a result, doctors are no longer confined to a physical location and can provide care across various regions, while patients can see a doctor more quickly and closer to home. This innovation goes beyond merely simplifying appointments; it changes how medical personnel and facilities are utilized.The private sector is not the only one making strides. Pix is a government initiative that has reduced transaction costs for payments, broadening market options. The Brazilian Central Bank's payment system, Pix, has cut down on transfer and payment delays to mere seconds, but its success is not solely about speed. It has brought transactions into the mobile realm for consumers who struggle with account openings or credit card approvals, small businesses burdened by fees and equipment, and transactions previously tied to business hours and payment confirmations. Payments for street snacks, domestic help wages, and business transactions are now moving in real-time within this payment network. Pix has already garnered over 170 million users and has emerged as a leading payment method for online purchases, surpassing credit cards. The government-built payment infrastructure has transformed both consumption and sales methods.What these developments indicate is clear: opportunities in Brazil's domestic market extend beyond the products themselves. They also encompass the reduced burdens of time, cost, and procedures during the user experience, which adds value. The 200 million domestic consumers cannot be fully understood through the existing three pillars alone. While industrial goods, consumer goods, and public demand remain relevant, narrowing the target is essential to see the market clearly. To fully leverage the value of this vast domestic market, one must also recognize the common demands that lie beyond these boundaries. Such demands manifest repeatedly across various touchpoints in consumers' daily lives. The fourth pillar, which alleviates discomfort and enables better choices, is crucial. Industries and products may segment the market, but experiences that reduce inconvenience unite dispersed consumers. At this juncture, the 200 million domestic consumers finally become a cohesive market./Kwon Jun-seop, Director of KOTRA São Paulo Trade Office 2026-08-11 18:04:00
Hanssem and Hyundai Livart Sustain Performance Amid Construction Market Slowdown As the construction market continues to slow and uncertainty looms over the housing sales sector, South Korea's leading home furnishing companies, Hanssem and Hyundai Livart, reported similar trends in their second-quarter results. The stagnation in revenue appears to have been offset by cost reductions and restructuring efforts.According to the furniture industry on August 11, both companies experienced a decline in sales but a significant increase in operating profit. Hanssem reported consolidated sales of 417.2 billion won and an operating profit of 11.3 billion won for the second quarter. While sales decreased by 9.2% compared to the same period last year (459.4 billion won), operating profit surged over 400% from 2.3 billion won, marking 13 consecutive quarters of profitability. However, net profit fell to 4.8 billion won, an 85.2% decrease from the previous year.Hyundai Livart, which announced its results on August 4, showed a similar pattern. The company reported consolidated sales of 373.1 billion won for the second quarter, down 9.0% from 409.9 billion won a year earlier, but operating profit rose by 9.4% to 5.6 billion won from 5.1 billion won. Net profit saw a dramatic increase of 507.4%, reaching 3.7 billion won.The improvement in Hanssem's performance was largely driven by its rehouse segment, which saw a 13% increase in sales year-on-year. This growth was attributed to rising demand for apartment transactions and renovations, particularly in key product categories such as kitchens, bathrooms, and storage solutions. In the home furnishing sector, sales of the storage furniture line 'Signature' increased by 12%, while the Swive sofa series, including 'Swive the Master,' saw a 46% rise in sales.Notably, the growth of premium lines was significant. Combined sales of the premium kitchen brands 'Kitchen Bach' and 'Euro Kitchen' increased by 40% compared to the same period last year, and sales of the bathroom solution 'Easy Bath 5,' launched in February, surged by 80% in June compared to its first month of release.Additionally, the company undertook restructuring efforts by closing inefficient stores and reorganizing distribution channels.A Hanssem representative stated, "While external risks will persist in the second half of the year, we will consistently strengthen the competitiveness of our core products, enhance customer experiences through distribution channels, and elevate brand value through focused marketing to solidify our position as an industry leader."Hyundai Livart's profit improvement was primarily driven by cost reductions and operational efficiencies. The company noted that the ongoing construction market slowdown has led to a decrease in the supply of built-in furniture, impacting sales. However, through efficient management, operating profit was slightly increased compared to the previous year.There were notable differences across business segments. The B2B sector continued to grow, while the decline in built-in furniture supply affected overall sales. Its affiliate, Zinus, faced challenges in the mattress business, but production rates at overseas facilities in Indonesia, China, and Cambodia improved.Hyundai Livart plans to accelerate its restructuring and business diversification efforts. The company aims to continue focusing on profitability through efficient management while actively pursuing new housing maintenance projects and B2B contracts to lay the groundwork for a sales rebound.A Hyundai Livart representative commented, "We plan to actively pursue new housing maintenance projects and B2B contracts to continuously expand our sales."* This article has been translated by AI. 2026-08-11 18:00:00
Korea, Tajikistan industry officials meet ahead of C5 summit SEOUL, August 11 (AJP) - Ahead of the first Korea-Central Asia Summit in September, South Korea and Tajikistan on Tuesday discussed expanding economic cooperation in critical minerals, supply chains and new technologies. South Korean Vice Minister of Trade, Industry and Resources Moon Shin-hak met Isojon Qurbonzoda, Tajikistan's first deputy minister of industry and new technologies, in Seoul to discuss projects that could produce tangible economic outcomes at the upcoming summit. The two sides discussed creating a regular C5+Korea Industry Ministers' Meeting, bringing together South Korea and the five Central Asian countries — Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan. They also discussed a memorandum of understanding on bilateral cooperation in industry and new technologies and ways to expand exchanges among companies through a Korea-Central Asia Business Summit. The first Korea-Central Asia Summit is scheduled to be held in South Korea on Sept. 16-17, according to the Foreign Ministry. Seoul has been preparing for the inaugural gathering through a series of senior officials' meetings and established a 17-member private advisory committee covering seven fields. The summit is expected to serve as a platform for South Korea to deepen ties with the five Central Asian states, an increasingly important region for energy, critical minerals, infrastructure and supply-chain cooperation. Critical minerals were a major focus of Tuesday's meeting. Tajikistan has deposits of gold, silver and antimony, while South Korea is seeking to diversify supplies of minerals needed for its advanced manufacturing industries. The two countries will hold their first Korea-Tajikistan Minerals Forum in Seoul on Wednesday, bringing together government officials, institutions and companies to discuss mineral policies, joint exploration, investment, financing and supply-chain development. Moon said the forum could connect Tajikistan's resource potential with South Korea's mineral exploration and development technologies and its demand for raw materials. The government hopes the talks will lead to specific projects that can be presented when leaders meet in September. Economic ties between the two countries remain relatively small but have expanded sharply in recent years. Bilateral trade reached US$354 million in 2025, according to Korea International Trade Association data cited by the Foreign Ministry. "With their abundant resources and growth potential, Tajikistan and other Central Asian countries are important partners for Korea," Moon said, adding that Seoul would work to turn the discussions into concrete cooperation in industry, supply chains and critical minerals at the September summit. AJP Takeaways: - South Korea and Tajikistan are expanding cooperation in critical minerals, supply chains and advanced technologies ahead of the first Korea-Central Asia Summit in Seoul on Sept. 16-17. - Critical minerals will be a key focus, with the first Korea-Tajikistan Minerals Forum set for Wednesday to explore joint projects in mineral exploration, investment, financing and supply-chain development. - Seoul is seeking concrete economic outcomes from the September summit, including a possible C5+Korea Industry Ministers' Meeting and stronger business ties with resource-rich Central Asian countries. 2026-08-11 17:57:31