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KFTC Revises Direct Payment Agreement for Construction Industry to Strengthen Subcontractor Payment Protection The Korea Fair Trade Commission (KFTC) announced on August 5 that it has revised the standard subcontracting contract for the construction industry to mandate payment guarantees from primary contractors, even when direct payment agreements are made at construction sites.With the recent amendments to the subcontracting law, if a client agrees to pay a subcontractor directly instead of through the primary contractor, the primary contractor is still required to provide a payment guarantee. This revision aims to ensure that the legal changes are effectively implemented on-site and to enhance the protection of subcontractors' payments.The revised standard direct payment agreement specifies that if the client fails to fulfill their direct payment obligations, the primary contractor will bear the ultimate responsibility for any unpaid subcontractor payments. This measure is expected to preemptively address potential disputes related to unpaid guarantees and to further strengthen the protection of subcontractors through the payment guarantee system.The KFTC plans to publish the revised standard subcontracting contract on its website and encourage its active dissemination and use in construction sites through relevant associations and organizations.* This article has been translated by AI. 2026-08-05 10:04:00 -
LG Electronics Launches Pop-Up Experience for New Robot Vacuum 'LG Roni' LG Electronics has set up a pop-up experience zone to showcase the cleaning performance and space-customized design of its new robot vacuum, the 'LG HomeBot AI Object Collection Roni.'The pop-up experience will take place on the first floor of the Hyundai Department Store in Pangyo until August 12, the company announced on August 5. The zone is designed to resemble a home environment, allowing visitors to explore two station models of LG Roni: the 'Hidden Station' and the 'Object Station.'The Hidden Station, utilizing a 15 cm high infrastructure, can be discreetly installed under kitchen sink areas, maintaining a clean interior. When the vacuum returns after cleaning, a door closes to block camera exposure.The Object Station, designed like a side table, blends seamlessly into living and bedroom spaces, with ergonomic considerations for product height and water tank placement to enhance user convenience.In terms of cleaning performance, both the main unit and the station feature the world's first 100-degree steam function. With a suction power of 30 watts, it simultaneously sucks up dust while a mop rotates at 180 times per minute to remove stubborn stains.The experience zone will begin at the Hyundai Department Store in Pangyo and will subsequently be held at Lotte Department Store in Incheon from August 14 to 23, and at Shinsegae Department Store in Gangnam from August 25 to 31. On-site, there will be functional experience events and giveaways for participating customers.Launched on July 2, LG Roni is achieving record sales, marking the highest sales since LG Electronics began its robot vacuum business in 2003. It has recorded approximately three times the sales of previous combined suction and mop models during the same period.* This article has been translated by AI. 2026-08-05 10:04:00
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LS Marine Solutions Reports Record Half-Year Performance Driven by Offshore Projects LS Marine Solutions has achieved its highest-ever half-year performance, bolstered by the expansion of its underwater and underground cable construction business. The company reported that significant overseas projects have begun to contribute to its revenue, with its order backlog nearly three times last year's annual sales.On August 5, LS Marine Solutions announced a consolidated revenue of 148.2 billion won and an operating profit of 10.3 billion won for the first half of the year. The net profit was recorded at 13.1 billion won.Compared to the same period last year, revenue increased by approximately 33%. Operating profit rose by about 61%, while net profit surged by around 217%. All three metrics—revenue, operating profit, and net profit—set records for the half-year period.The company's performance was driven by its undersea cable installation project for the Taiwan Power Company’s offshore wind farm and undersea communication cable projects in the Asia-Pacific region. The increase in marine construction volume, including cable laying and installation, contributed to these results.Additionally, the overseas underground cable business of its subsidiary, LS Buildwin, has also contributed to growth. LS Buildwin is currently engaged in high-voltage underground cable projects in Singapore, Taiwan, and Saudi Arabia.LS Marine Solutions' consolidated order backlog stands at approximately 660 billion won, which is about 2.7 times last year's annual revenue of 244.2 billion won. If projects selected as preferred bidders, such as the Sinan Uwi and Taean offshore wind farms, proceed to formal contracts, the order volume is expected to increase further.The current order backlog is about 4.5 times the revenue for the first half of the year, indicating a solid foundation for medium- to long-term revenue based on existing projects.The company has also completed performance upgrades on its undersea cable laying vessel, the GL2030. This enhancement aims to improve the vessel's construction capabilities to better respond to large projects, including offshore wind farms and high-voltage direct current (HVDC) energy highways along the west coast.LS Marine Solutions is expanding its construction system by connecting LS Cable, which handles undersea cable production, with LS Buildwin, which manages land construction. This integrated capability, from cable supply to laying and underground connection work, is expected to influence future domestic and international power grid project bids.A representative from LS Marine Solutions stated, "We will continue our growth by participating in offshore wind and west coast HVDC projects and expanding into global markets. Based on our construction capabilities that encompass both undersea and land projects, we aim to expand our involvement in domestic and international power infrastructure projects."* This article has been translated by AI. 2026-08-05 10:00:10
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Tesla Dominates Market as July Imports Reach 30,976 Vehicles More than 30,000 imported cars were sold in South Korea last month, demonstrating continued growth in the market. Tesla surpassed 10,000 monthly sales, maintaining its position as the top seller in the import car sector.According to the Korea Automobile Importers Association (KAIDA), the number of new registrations for imported passenger cars in July reached 30,976, a 14.3% increase compared to the same month last year. However, this figure represents an 18.6% decrease from the previous month (38,059 units), attributed to supply shortages for some brands and the impact of the vacation season. From January to July this year, the cumulative number of imported car registrations totaled 215,008, marking a 30.1% increase from the same period last year.In July, Tesla sold 10,237 vehicles, securing its position as the leading brand in the import car market. Following Tesla were BMW with 6,533 units, Mercedes-Benz with 3,959 units, BYD with 2,846 units, Lexus with 1,474 units, Toyota with 1,340 units, Volvo with 958 units, Audi with 935 units, Porsche with 635 units, and MINI with 632 units.Tesla also dominated the best-selling model category, with the Model Y Premium leading sales at 6,612 units. The Model Y Premium Long Range (2,092 units) and Model 3 Premium Long Range (1,239 units) secured the second and third spots, respectively.The trend toward eco-friendly vehicles continued, with electric cars accounting for 15,428 units, or 49.8% of total sales. Hybrids followed with 12,840 units (41.5%). In contrast, gasoline vehicles totaled 2,514 units (8.1%), and diesel vehicles accounted for just 194 units (0.6%).By country of origin, European brands led with 14,841 units (47.9%), followed by American brands with 10,464 units (33.8%), Chinese brands with 2,846 units (9.2%), and Japanese brands with 2,825 units (9.1%).Jung Yoon-young, vice president of the Korea Automobile Importers Association, stated, "The new registrations of imported passenger cars in July decreased compared to the previous month due to supply shortages for some brands and the impact of the vacation season."* This article has been translated by AI. 2026-08-05 10:00:00
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SBI Savings Bank Sells Out Special 4.1% Time Deposit in Just Five Business Days SBI Savings Bank has sold out its special time deposit product, launched to celebrate its fifth consecutive year of achieving an A credit rating, within just five business days. The bank announced on the 5th that the entire limit of 300 billion won for the special time deposit, which went on sale on July 29, has been exhausted. This special offer was created to commemorate SBI Savings Bank receiving an A credit rating from Korea Ratings and NICE Investors Service for five consecutive years. The product was available through nationwide branches, internet banking, and the mobile application 'Cider Bank,' offering interest rates up to 0.5 percentage points higher than existing products, depending on the deposit period. The highest interest rate for a 12-month maturity was 4.1%. Due to strong demand for high-interest deposit products, the entire limit of 300 billion won was sold out within five business days of the launch. SBI Savings Bank explained that this special offer not only provided preferential interest rates to existing customers but also attracted new clients. An official from SBI Savings Bank stated, “We prepared this special offer to provide benefits to customers based on the external trust of maintaining an A rating for five consecutive years. We will continue to introduce competitive products and services and fulfill our role as a financial institution for the public.”* This article has been translated by AI. 2026-08-05 10:00:00
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Han Byeong-do: Tax Reform Plan Aims to Protect Actual Owners and Normalize Tax Structure Han Byeong-do, the acting leader of the Democratic Party, addressed concerns raised on August 3 regarding the government's recently announced tax reform plan, which some critics labeled as an 'artificial housing price control policy.' He clarified that the plan is a process to protect actual owners and correct a distorted tax structure.During a Supreme Council meeting on August 5, Han explained, 'This tax reform plan aims to protect single-homeowners while normalizing the tax situation for high-value properties and non-resident multiple homeowners in line with tax equity.'He added, 'In contrast, the People Power Party is fervently criticizing the plan, claiming it raises taxes without any supply measures.' He noted that President Lee Jae-myung has ordered a comprehensive review of existing real estate supply measures to maximize available housing supply.Han emphasized that since President Lee has expressed his intentions regarding real estate supply measures, the Democratic Party will activate all relevant committees to support the administration's real estate policies.He stated, 'The Land, Infrastructure and Transport Committee, the Administrative Safety Committee, the Finance and Economy Committee, and the Political Affairs Committee will all participate to closely monitor the real estate market.' He pledged, 'We will create a real estate policy that the public can trust, based on the voices of the people and the field.'Additionally, Han criticized the People Power Party for continuing to spread misinformation regarding the criminal procedure law amendments approved by President Lee during a Cabinet meeting on August 4. He remarked, 'The People Power Party has eagerly resorted to all sorts of ugly rhetoric, including impeachment, as if they had been waiting for this moment. This is a malicious judicial offensive that completely disregards the legal content and proper judicial procedures.'He concluded, 'The Democratic Party takes seriously the urgent appeals and concerns expressed by victims of criminal offenses and their families,' announcing the formation of a task force to directly hear the voices of victims and their families.* This article has been translated by AI. 2026-08-05 09:56:10
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Alteogen Shares Rise 6% Following $365 Million Licensing Agreement Alteogen's shares have surged 6% following the announcement of a licensing agreement worth 520 billion won.According to the Korea Exchange, as of 9:47 a.m., Alteogen's stock was trading at 283,000 won, up 16,000 won (5.99%) from the previous trading day.On this day, Alteogen disclosed in a pre-market announcement regarding significant management matters that it has entered into an exclusive licensing agreement for its recombinant human hyaluronidase product, ALT-B4.The agreement involves the development and commercialization of a subcutaneous formulation for one product from a partner company, utilizing Alteogen's Hybrozyme platform-based recombinant human hyaluronidase ALT-B4. The identity of the partner company has not been disclosed due to confidentiality obligations.The total value of the agreement, which includes upfront payments and milestone payments for development, approval, and commercialization, could reach up to $365 million (approximately 521.9 billion won). Alteogen is expected to receive the upfront payment within 30 days from the effective date of the agreement, which is today.However, the company noted that this agreement is conditional upon approval from regulatory authorities. Therefore, if clinical trials fail, product approvals are not granted, or research and development is halted, the contract may be terminated. Additionally, the maximum contract amount may vary based on the progress of development and commercialization.* This article has been translated by AI. 2026-08-05 09:56:00
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NH Nonghyup Bank Creates Remote Work Opportunities for Severely Disabled Individuals NH Nonghyup Bank is launching remote work opportunities to support emotional care for elderly individuals living alone in rural areas.On August 5, NH Nonghyup Bank announced the establishment of a dedicated team within its Customer Happiness Center to provide telephone companionship services, hiring temporary workers with severe disabilities.The hired workers will engage in regular conversations with elderly individuals who request the telephone companionship service.This hiring initiative is designed to create remote work opportunities for severely disabled individuals who face challenges with mobility and commuting. It aims to provide them with chances for social participation and economic activity while offering elderly individuals a consistent communication channel. This model represents a mutually beneficial social contribution.A representative from NH Nonghyup Bank stated, “We have created this initiative to expand economic participation opportunities for severely disabled individuals while delivering warm greetings to elderly individuals in need of care. We aim to develop this into a model that creates social value where both disabled individuals and the elderly support each other.”* This article has been translated by AI. 2026-08-05 09:56:00
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HMM to open India-East Africa container route in September SEOUL, August 05 (AJP) - HMM, South Korea's largest container carrier, said it would launch a new service linking India and East Africa in September, extending the hub-and-spoke network that has become the centerpiece of its expansion strategy. The service announced Wednesday, branded Gulf-India-East Africa (GIA), will connect the Indian gateway ports of Nhava Sheva and Mundra — where cargo from India and Central Asia converges — with Dar es Salaam in Tanzania and Mombasa in Kenya. It marks the carrier's second African feeder line under a strategy pursued since Choi Won-hyuk took over as chief executive. The first vessel is scheduled to depart Nhava Sheva in the fourth week of September, with about five container ships of 2,800 twenty-foot equivalent units deployed on the loop. HMM will run the route jointly with China's COSCO Shipping Lines, Singapore's Pacific International Lines and Taiwan's Interasia Lines, and plans eventually to extend the service into the Gulf. The new line complements HMM's existing north and west African route out of Algeciras, Spain, giving the carrier what it called a firm bridgehead across the continent. Kenya and Tanzania, both undergoing steady port and inland-logistics development, rank among East Africa's principal gateways. HMM has said it aims to grow its container fleet to 1.47 million TEU across 166 ships by 2030, and is securing feeder tonnage to work in tandem with its larger ocean-going vessels as shippers increasingly prize schedule reliability and destination reach amid a fractured global supply chain. "This India-East Africa service is an important milestone in extending our hub-and-spoke strategy across the whole of Africa," said an HMM spokesperson, adding that the company would keep building out its network in high-growth markets. 2026-08-05 09:48:17 -
Inje County Expands Disaster Insurance Enrollment Amid Heat Wave Response Inje County, Gangwon Province, is intensifying efforts to expand enrollment in disaster insurance for natural calamities such as floods and earthquakes, while also directly assessing the living conditions of vulnerable populations during the summer heat.According to Inje County on August 5, the county will operate a 'Focused Enrollment Period for Disaster Insurance' until August 31. This initiative aims to reduce property damage from natural disasters and support rapid recovery.The disaster insurance program is overseen by the Ministry of the Interior and Safety and operated by private insurance companies. The government and local authorities subsidize 70% to over 92% of the premiums, significantly lowering the financial burden on enrollees.The coverage includes typhoons, floods, heavy rain, strong winds, high waves, tsunamis, heavy snowfall, and earthquakes. Eligible properties include homes, greenhouses, vinyl houses, and small business establishments. Renters can also enroll for home insurance, but unregistered buildings, vacant houses, and accessory structures are excluded.Inje County provides up to 100,000 won in premium support for homes and small businesses, and up to 200,000 won for greenhouses, allowing enrollees to pay only 1,000 won.This year, the program has been improved. Even if there are no weather warnings in the affected area, if a warning is in effect in a neighboring area and a damage verification certificate is submitted, the eligibility for insurance payouts can be reassessed. The annual coverage limit for small business insurance has also doubled, enhancing the level of protection.As of August 3, Inje County has recorded 2,503 enrollments in disaster insurance, including 1,558 homes, 787 greenhouses, and 158 small businesses. As of July 6, the county had provided 57,638,000 won in premium support for 934 enrollments this year.The county plans to work with administrative welfare centers in towns and villages to provide focused guidance on the enrollment process and support details to residents, farmers, and small businesses, particularly targeting facilities vulnerable to natural disasters.Efforts to address the heat wave are also being strengthened. Choi Sang-ki, the head of Inje County, visited households vulnerable to heat in Inje-eup to check on the availability of cooling supplies, assess living inconveniences due to the heat, and review the management status of key individuals. He instructed that any identified inconveniences be addressed promptly and emphasized the need for meticulous on-site management to protect vulnerable populations.Inje County will continue to check on the well-being of elderly individuals living alone and those with health vulnerabilities, enhancing tailored protective activities during heat advisories. The county aims to build a more robust safety net for residents by simultaneously promoting disaster insurance to reduce property damage and implementing measures to prevent loss of life during heat waves.Gwon Oh-young, head of the Safety and Traffic Division in Inje County, stated, “We hope that residents, farmers, and small business owners actively enroll in insurance to prepare for unexpected natural disasters such as heavy rain and typhoons.”* This article has been translated by AI. 2026-08-05 09:48:00