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Muan County Councilman Lee Ho-sung Proposes Two-Track Strategy for City Upgrade Lee Ho-sung, a councilman from Muan County, has proposed a two-track strategy that aims to simultaneously pursue the upgrade of Muan to city status while also reforming the administrative districts of Ilro and Samhyang to separate rural areas from new urban developments. During a five-minute speech at the seventh session of the 310th Muan County Council on August 3, Lee stated, "While we must steadfastly pursue the upgrade to city status, we also need to address practical administrative demands by advancing the Ilro and Samhyang district separation strategy concurrently." Lee noted that Muan County has been working towards city status since the enactment of a supporting ordinance in 2007, which included forming a county-wide promotion committee, holding policy discussions, and implementing population policies. He emphasized that while these efforts should continue, practical constraints must also be taken into account. He explained the realistic challenges of achieving city status based on the current demographic structure of Muan County. As of the end of June 2026, the population of Muan County stands at 95,659, with the populations of Namak New Town and Oryong New Town accounting for over half of that total. However, there remains a significant gap from the 150,000 residents required under local government law for the establishment of a city. Lee stressed the need for a strategy that reflects reality, as the enactment of special laws or amendments requires cooperation from the central government and the National Assembly, rather than a singular focus on city status. As the first part of his proposal, Lee suggested enhancing the existing city upgrade strategy. He argued for the continuous increase of the population through the creation of quality jobs, expansion of industrial infrastructure, and improvement of living conditions, while systematically accumulating data to demonstrate urban living conditions. He also proposed that improvements to special laws and systems should be pursued in collaboration with local political circles to reflect the characteristics of Muan, where the integrated special city hall is located. For the second strategy, Lee proposed a phased separation of the rural areas of Ilro and Samhyang from the new towns. He suggested that Ilro should be restructured as an independent administrative unit for Oryong New Town, while Samhyang should be considered for the same for Namak New Town. He emphasized the need to prioritize the separation requirements for Namak and to enhance the functions of the branch office in Oryong as it approaches a population of 20,000, creating a roadmap for gradual separation. Lee outlined the expected benefits of this separation, including enhanced expertise in rural and urban administration, increased political representation for Muan following the launch of the integrated special city, and strengthened arguments for securing national and special city funding that reflects financial needs. He particularly noted that focusing on agriculture and community welfare in rural areas while concentrating on urban administration related to transportation, education, and social infrastructure in new towns could improve administrative efficiency and resident satisfaction. However, Lee cautioned that administrative district reform should not conflict with the city upgrade strategy, warning that dispersing urban populations or weakening legal requirements could undermine the rationale for city status. He stressed the necessity of professional studies and public discourse among residents as prerequisites. In conclusion, Lee stated, "The upgrade to city status is a significant goal for Muan's future, while district separation is a practical preparation to meet today's administrative demands. We must begin a responsible two-track strategy that provides careful support for rural areas and professional management for new towns." Since the enactment of the supporting ordinance for city transition in 2007, Muan County has prioritized city status as a core administrative goal, focusing recently on population growth, improvement of living conditions, and expansion of industrial infrastructure to lay the groundwork for the upgrade.* This article has been translated by AI. 2026-08-03 15:08:00 -
Dongbu Construction Recovers to 2 Trillion Won in Construction Capability Evaluation Dongbu Construction has regained a construction capability evaluation amount of over 2 trillion won this year, moving up to the mid-20s in the overall ranking. On August 3, Dongbu Construction announced that it ranked 25th in the "2026 Construction Company Capability Evaluation" released by the Ministry of Land, Infrastructure and Transport, with a construction capability evaluation amount of 2.0215 trillion won. This marks a three-place increase from last year's 28th position. The evaluation amount rose by 270.1 billion won from last year's 1.7514 trillion won, reflecting a growth rate of 15.4%. The construction capability evaluation is calculated based on the performance of construction projects over the past three years, as well as factors such as capital, financial structure, technical personnel, investment in technology development, safety, environmental standards, and reputation. The results are seen as a reflection of Dongbu Construction's business competitiveness, including its project performance, management stability, technical capabilities, and external credibility. Dongbu Construction has successfully restored its construction capability evaluation amount to over 2 trillion won, which had fallen below that threshold last year. The increase in both ranking and evaluation amount indicates that the company's efforts to improve its business structure and strengthen its management foundation have been recognized. In specific performance categories, Dongbu Construction showed strengths as well. Based on 2025 construction performance, it ranked 6th in the port sector with 90.5 billion won, and 7th in the railway sector with 104.2 billion won. In the river, forest, and agricultural civil engineering sectors, it achieved 3rd place with 20.3 billion won. In the building sector, it ranked 5th among all construction companies in the education and social building category with 157 billion won. While its overall ranking is 25th, it has demonstrated strong performance in specialized areas such as ports, railways, and public architecture, proving its competitiveness in the public infrastructure sector. Despite a slowdown in the construction market, the recovery of both the ranking and evaluation amount in the construction capability assessment could enhance trust in future public project bids and private sector contracts. Dongbu Construction is expanding its business scope into private plants, semiconductors, and advanced industrial facilities, leveraging its accumulated experience in public civil engineering and construction. A representative from Dongbu Construction stated, "The results of this construction capability evaluation reflect the company's accumulated project execution capabilities and technical skills, as well as the comprehensive recognition of our efforts to improve management focused on profitability. We have reaffirmed Dongbu Construction's expertise and competitiveness by achieving top-tier performance in areas where we excel, such as ports, railways, and public architecture."* This article has been translated by AI. 2026-08-03 15:08:00 -
Jeonbuk Province Accelerates Development of 500 Solar Income Villages The establishment of 'solar income villages,' where residents share profits from solar power generation, is set to gain momentum in Jeonbuk Province.On August 3, Jeonbuk Special Self-Governing Province announced that 17 villages across eight cities and counties have been selected as project sites in the first round of the Ministry of the Interior and Safety's solar income village initiative.Solar income villages are community-driven renewable energy projects where local communities install solar power facilities on idle land and use the profits from electricity sales for community welfare and joint projects. This initiative allows residents to become energy producers, generating local income and enhancing the sustainability of their villages. It is estimated that operating a 1 MW power plant could yield monthly dividends of approximately 450,000 won for 30 households during the initial five-year grace period.Among the selected villages, Wanju's Aedu and Waemok villages will begin their projects immediately.The remaining 16 villages will proceed with their projects after meeting conditions such as securing land and enhancing the power grid. Villages selected conditionally will initiate formal approval processes within six months after addressing the required improvements.The conditionally selected villages include: Iksan's Yeosan-myeon (Sangok, Haok, Sawol, Namsan, Seokgyo), Iksan's Yeosan-myeon (Yeonmyeong, Dogyang, Sangyang), Iksan's Yeosan-myeon (Hakdong, Sinri), Iksan's Yeosan-myeon (Nuhang, Deoksa, Nodong, Hyeoncheon), Gimje's Geumgu-myeon (Yongjeon), Gimje's Geumgu-myeon (Geumcheon, Guam, Daeyul), Wanju's Gosan-myeon (Seobong), Jinan's Donghyang-myeon (Bongok), Jinan's Baegun-myeon (Dongsan), Jinan's Jeongcheon-myeon (Mugeo), Jangsu's Gyeobuk-myeon (Sanchon), Imsil's Imsil-eup (Hwaseong, Junggeum), Imsil's Gwancheon-myeon (Bangdong), Gochang's Mujang-myeon (Sami), Gochang's Buan-myeon (Daedong), and Buan's Jusan-myeon (Sandol).The province plans to focus its administrative efforts on supporting villages facing challenges in project implementation due to insufficient power infrastructure, facilitating the early installation of energy storage systems (ESS) in collaboration with relevant agencies.Moving forward, the province aims to expand the establishment of solar income villages by collaborating with cities, counties, and related organizations, providing step-by-step support from community formation to site discovery, power grid connection review, and project planning.Building on these achievements, the province plans to establish 500 solar income villages by 2030, expanding community participation in renewable energy projects.Recognized as an Excellent Institution for Active AdministrationJeonbuk Special Self-Governing Province announced on August 3 that it has been selected as an excellent institution in the '2025 Local Government Active Administration Comprehensive Evaluation' conducted by the Ministry of the Interior and Safety, receiving a commendation from the Minister.Active administration refers to the proactive handling of public duties by civil servants, improving unreasonable regulations for the public good based on creativity and expertise.The province was recognized for achieving the most significant improvement in active administration evaluation scores among cities and provinces nationwide compared to the previous year.Scores increased across various evaluation criteria, including representation and promotion of active administration, expansion of active administration mileage, pre-consultation achievements, and identification of best practices, with particular praise for efforts to enhance active administration systems.In the city and county category, Jeongeup and Buan were also recognized as excellent institutions, receiving commendations from the Minister of the Interior and Safety.Both institutions have been acknowledged for their consistent efforts in promoting active administration, having been named excellent institutions for five consecutive years.* This article has been translated by AI. 2026-08-03 15:04:00 -
Fast Five CEO Kim Dae-il: Moving Beyond Shared Office Stagnation to an Office Platform “There are concerns about the viability of the shared office business model. However, if the past decade has been a period of transformation for the shared office market, the next ten years will see it establish itself as a standard,” said Kim Dae-il, CEO of Fast Five, in a recent interview with Aju Economy. Kim noted that while competitors have struggled to open new locations in recent years, Fast Five opened about ten new sites last year and plans to open more than ten this year. He added that not only revenue but also operating profit, net profit, and EBITDA have improved on an annual basis. As companies seek to cut costs and operate office spaces more efficiently amid high interest rates and economic slowdown, the office market is rapidly evolving. Shared offices, which allow flexible use of space based on company size and needs, are emerging as a viable alternative to traditional offices that require long-term leases and significant upfront costs. Fast Five has steadily increased its number of locations, positioning itself as a leader in the domestic shared office market. Last year, the company reported revenue of 149.3 billion won and an operating profit of 6 billion won. This year, it aims for approximately 20% revenue growth while opening more than ten new locations. The company’s growth is attributed to an expanding customer base for shared offices, effective vacancy management, and a shift in business structure. Fast Five has broadened its clientele from startups and freelancers to include foreign companies and small to medium-sized enterprises. It has also transitioned from a model reliant on direct leasing to an 'asset-light' approach, sharing operational revenue with landlords. Additionally, it is expanding its business scope by connecting corporate clients with services in interior design, IT, and office construction. Kim emphasized the essence of shared offices, stating that they are not merely about multiple companies sharing a single office. Instead, they connect large spaces with companies that require smaller areas, addressing a demand that traditional office markets have not met. Historically, the office market was dominated by large corporations, financial institutions, and foreign companies leasing hundreds to thousands of square meters for extended periods. However, advancements in technology, such as mobile and AI, have led to an increase in companies generating high added value with fewer employees, resulting in a more segmented demand for office space. Fast Five has secured large spaces and offers a range of options from single offices to larger suites, attracting demand that traditional office markets could not accommodate. Approximately 80% of its total space consists of independent offices for companies, with only lounges and meeting rooms shared. The customer base for shared offices has expanded from startups and freelancers to include foreign companies and small to medium-sized enterprises. Demand for small to medium-sized offices is evenly distributed across key areas such as Gangnam (GBD), the central business district (CBD), Yeouido (YBD), and Pangyo and Magok. In residential areas, demand is forming around companies with 1 to 4 employees seeking proximity to their homes. Kim stated, “Just as cloud services eliminate the hassle of companies having to build their own servers, shared offices reduce the burden of creating and managing office spaces. This can be seen as the rental or cloudification of office space.” Amid market stagnation, Fast Five has adopted a strategy to manage both vacancies and pricing. The average vacancy rate across all locations is maintained at 5-8%. Rather than lowering prices to eliminate vacancies, the company views the approximately 5% vacancy that occurs during tenant transitions as a 'natural vacancy rate' and aims to maintain appropriate pricing. Kim explained, “To achieve a 0% vacancy rate, we would have to lower prices at some point to fill spaces, which could reduce overall profitability. Maintaining a vacancy rate around 5% while keeping prices stable helps ensure stable operations.” When opening new locations in key areas, most spaces are typically filled within 2-3 months. Kim noted that even with demand, it takes time to establish new sites. The ability to adjust contract terms and space sizes according to company needs has also contributed to stable demand. While traditional offices typically require lease agreements of 2-3 years, with larger spaces often extending to 5 years, Fast Five offers contracts starting as short as 3 months. If a company’s workforce increases during the contract, they can move to a larger office within the same location or distribute their organization across multiple areas. Kim remarked, “In just six months, a company’s workforce can significantly increase or decrease, making it burdensome to determine office space needs 2-3 years in advance. The flexibility to change contract terms, space, and work locations is a key competitive advantage of shared offices.” The expertise gained from operating shared offices has laid the foundation for new business ventures. Fast Five currently operates a membership lounge for individual users called 'Five Spot,' a corporate office construction service named 'Powered by Fast Five,' an interior design brand 'Hyphen Design,' and IT services for small to medium-sized enterprises called 'Five Cloud.' As tenant companies grow, Fast Five supports them in building larger offices and provides assistance with interior design, IT infrastructure, and ongoing operations. The strategy is to expand beyond merely renting space to becoming an office platform that connects all aspects of a company’s operations. Kim concluded, “We want to be the first company that corporate clients turn to when they need workspaces, regardless of size. Our long-term goal is to become a dominant player in both markets, to the point where landlords feel they should entrust their vacancies to Fast Five.” * This article has been translated by AI. 2026-08-03 15:04:00 -
Fast Five CEO Kim Dae-il: Expanding Urban Office Supply is an Opportunity “Few companies can absorb all the large office spaces being supplied in urban areas. Some of it will inevitably be filled through shared offices.” As concerns grow over increasing vacancies due to the planned supply of large office spaces in Seoul's central business district (CBD), Kim Dae-il, CEO of Fast Five, views the new supply as an opportunity to expand the shared office market. Kim stated, “From the recent completions in the Euljiro area to the offices expected to be supplied by 2029, we anticipate a minimum of 100,000 square meters and potentially up to 200,000 square meters in the city. This presents an incredible opportunity and opens a new market for Fast Five.” Fast Five positions itself as a “vacancy solver” for building owners. While traditional offices require finding a single tenant to occupy hundreds to thousands of square meters, shared offices can divide large spaces into individual rooms or suites for multiple companies. Kim pointed to Magok as a leading example of the changing urban office market. In recent years, large office facilities have been established in Magok, leading to vacancies in some buildings. Last year, Fast Five secured about 1,000 square meters near Magoknaru Station and operated it as a shared office. While other floors in the same building struggled to find tenants, the space Fast Five secured was mostly filled. This was due to a diverse influx of demand from aviation and biotech companies, as well as content firms and corporate training centers. Recently, Fast Five signed an additional contract for about 700 square meters in the same building. Kim noted, “To find a tenant for 500 or 1,000 square meters in Magok, a large-scale relocation by a major corporation would be necessary. However, because Fast Five divides the space, we were able to fill 1,000 square meters with a variety of demands, from content companies moving from Yeouido to aviation and biotech firms, as well as corporate training centers.” He added, “Building owners who have seen the rapid filling of spaces created as shared offices have proposed further expansions. It is highly likely that similar phenomena will occur in urban areas.” The new office supply in the city is expected to impact other business districts, such as Gangnam (GBD) and Yeouido (YBD). If the increase in supply raises the vacancy rate in the city, rental prices may adjust, prompting companies from other regions to relocate to the more competitively priced urban areas. Kim emphasized, “The role of shared offices is to subdivide large buildings to meet corporate demand. As office supply increases, the role of operators in helping building owners resolve vacancies and providing appropriately sized offices for companies will become even more significant.”* This article has been translated by AI. 2026-08-03 15:04:00 -
Damyang County Holds First Regular Meeting of the 9th Elected Term Damyang County in Gwangju held its first regular meeting of the 9th elected term on August 3 at the county hall, sharing its vision and direction for governance. The meeting also recognized the winners of the National Bamboo Design Craft Competition, awarded the best public officials of the first half of the year, and honored departments with excellent complaint handling through the National Complaint Center. Mayor Park Jong-won stated, “The next four years will not be shaped by the will of one mayor alone, but by the collective action and passion of all public officials. We must listen to even the smallest inconveniences faced by our citizens, seek solutions in the field, and prioritize finding ways to succeed over reasons for failure. This approach will lead to tangible changes that citizens can feel.” He further noted, “Damyang is at a critical juncture with challenges such as population decline, regional extinction, the AI transformation, and the integration of Gwangju and Jeonnam. I urge all departments to unite as one team and fulfill our promises to the citizens.” During the meeting, Damyang County officials rallied around the slogan of the 9th elected term, 'The Central Axis of the Special City! A Dynamic Damyang,' and the governance goal of 'A Happier Damyang Where We Thrive Together,' reaffirming their commitment to these objectives.* This article has been translated by AI. 2026-08-03 15:00:10 -
Hanwha M&S Officially Launches as Holding Company for Tech and Life Solutions Hanwha Group has officially launched Hanwha Machinery and Service Holdings (Hanwha M&S), a holding company that encompasses its Tech and Life Solutions sectors. The new holding company aims to enhance business specialization and strengthen synergies among its subsidiaries to boost corporate competitiveness and shareholder value.On August 3, Hanwha M&S held a launch ceremony at The Plaza in central Seoul, marking the official declaration of its establishment. CEO Kim Hyung-jo, along with three internal directors and four independent directors, including Professor Jo Min-ho from Hanyang University, convened the first board meeting to elect executives and establish committees and internal regulations.Hanwha M&S was formed through a spin-off from Hanwha and oversees the Tech and Life Solutions sectors. The Tech sector includes Hanwha Vision, Hanwha Semitec, Hanwha Momentum, and Hanwha Robotics, while the Life sector comprises Hanwha Galleria, Hanwha Hotels and Resorts, and Ourhome. The company has a total of 57 affiliated companies, including subsidiaries and overseas entities. By the end of 2025, it is projected to have consolidated revenues of approximately 6 trillion won and total assets of 11.3 trillion won, with Hanwha Vision and Hanwha Galleria listed on the stock market.Kim Hyung-jo will serve as the inaugural CEO. Born in 1968, he joined Hanwha Group in 1994 and has over 30 years of experience in business strategy and operations. He previously served as the CEO of Hanwha Hotels and Resorts for four years starting in 2021.Hanwha M&S plans to accelerate decision-making processes and expand collaboration among its subsidiaries based on the holding company structure. It aims to implement strategies tailored to business characteristics and market conditions while focusing on enhancing corporate and shareholder value. The group expects that the transition to a holding company structure will alleviate the conglomerate discount, positively impacting investment and business expansion.Kim Hyung-jo stated, "We will establish a management system that maximizes expertise to become a strong and efficient organization. We will strive to ensure that the growth of our company contributes to national and social development."Also present at the launch ceremony was Kim Dong-sun, who has been instrumental in exploring new markets for the Tech and Life sectors. He will now oversee the establishment of long-term blueprints and the discovery of future growth opportunities for each subsidiary. He was recently promoted to president on August 1, recognized for expanding the semiconductor equipment business through significant orders for TC bonders for HBM and for his achievements in developing emerging markets in the Middle East and India.Meanwhile, Hanwha approved the spin-off plan at an extraordinary shareholders' meeting on July 15. Hanwha M&S is set to be listed on the stock market on August 25.* This article has been translated by AI. 2026-08-03 15:00:00 -
Hollywood stars indulge in Seoul's charms ahead of 'The Odyssey' release SEOUL, August 3 (AJP) - The cast and crew of Hollywood's upcoming epic saga "The Odyssey" on Monday shared their experiences of spending time here after arriving in Seoul over the weekend. Director Christopher Nolan, his wife and producer Emma Thomas, actor Matt Damon, and actress Charlize Theron attended a press conference for the action fantasy film at the Four Seasons Hotel in central Seoul, where they shared their experiences exploring the capital after arriving two days earlier. Nolan said he had some free time to explore Seoul and took a walk along the Han River, which he described as "truly beautiful," although the weather was quite hot. Hollywood actor Matt Damon also shared that he visited Gocheok Sky Dome in Guro, southwestern Seoul shortly after arriving in South Korea. Wearing a Kiwoom Heroes uniform, he watched a baseball game and signed an autograph for a young fan. Damon said he was glad he got to see the game, though jet lag kept him from staying until the end. Theron said she had previously visited Seoul with her daughter a few months earlier. She said she was happy to return with "The Odyssey," during which she met friends, enjoyed Korean food, and took care of her skincare. Theron praised Seoul as a "beautiful city with rich culture," saying she felt its charm from the moment she arrived at the airport. Meanwhile, "The Odyssey" tells the epic journey of Odysseus, the legendary hero of the Trojan War, as he struggles to return home while facing the gods' anger. The 172-minute film is slated to hit local theaters on Wednesday. 2026-08-03 14:54:26 -
Kangjin County Launches Fourth Round of Small Business Support Program Kangjin County is recruiting participants for the fourth round of its "2026 Small Business Facility Improvement Support Program" aimed at reducing the management burden on local small businesses and creating a competitive store environment. This initiative seeks to enhance the operational competitiveness of local small businesses and improve customer satisfaction through facility upgrades. Eligible applicants must have been registered and operating in Kangjin County for at least six months as of the announcement date. In previous years, the county supported 111 businesses in 2023, 61 in 2024, and 61 in 2025. This year, 50 businesses were selected in the first three rounds, and the fourth round will add seven more within the budget. If the number of applicants exceeds the available spots, candidates will be evaluated based on annual revenue and the duration of business operations. Additional points will be awarded to businesses that are part of the Kangjin Love Gift Certificate program, affiliated with the Meokgaebi franchise, recognized as good price businesses, submitted a small business verification certificate, or completed the 2025 small business capacity-building training. Funding will cover up to 70% of the facility improvement costs, with a maximum of 2 million won. Applicants must cover any value-added tax and costs exceeding the support limit. Support areas include outdoor signage, interior design, display facilities, and safety equipment improvements. Eligible expenses include signage replacement and installation, wallpaper and flooring, lighting, partition walls, awnings, display and sales counter improvements, and the installation of fire prevention and security equipment, including CCTV. However, expenses for simple cleaning, consumables, used equipment, rental costs, and general supplies such as computers, TVs, and air conditioners are not eligible for support. Additionally, businesses that received similar support within the last two years, those without revenue reported in the previous year, or those with no sales cannot apply. Applications can be submitted in person at the local town or township office, by registered mail, or online through the Kangjin County Small Business Support Center until 6 p.m. on the 19th. Lim Seong-su, head of the Kangjin County Tourism and Sports Bureau, stated, "We hope this support program alleviates the management burden on small businesses and creates a pleasant operating environment that satisfies both customers and merchants. We look forward to the active participation of small business owners in need of facility improvements." For more details regarding this program, inquiries can be directed to the Regional Economic Connection Team at Kangjin County Office.* This article has been translated by AI. 2026-08-03 14:52:00 -
Gunpo City Council Proposes First Legislative Draft, Seeks Citizen Input Gunpo City Council has announced its first legislative proposal since the opening of the 10th council, introducing 17 local regulations and seeking input from citizens. According to the council on August 3, this legislative proposal is set to be discussed at the 289th regular session scheduled for September, encompassing a total of 17 items, including 14 ordinances and 3 rules. Among these, there are 8 new proposals and 9 amendments, either partial or complete. The legislative proposals include an ordinance to promote and foster the robotics industry, aligned with the establishment of a wearable robot demonstration center by the Gunpo Industrial Promotion Agency, as well as various issues closely related to citizens' lives, such as preventing elder abuse, protecting elderly victims, addressing gender wage gaps, and promoting urban regeneration. The proposals are categorized by committee, with 7 items under the Council Operations Committee, 4 under the Administrative Welfare Committee, and 6 under the Industry and Construction Committee. The main sponsors of the proposals include Shin Kyung-won with 9 items, Park Sang-hyun (People Power Party) with 5 items, Lee Dong-han with 2 items, and Lee Hye-seung with 1 item. Local citizens have shown interest in the legislative initiatives that encompass various fields, including future industry development, welfare policies, and the introduction of AI in administration. In particular, there is anticipation regarding how effectively the voices of the community will be reflected in actual policies, given the established procedure for collecting public opinions in advance. The legislative proposals can be reviewed on the Gunpo City Council website under the 'Council News - Legislative Proposals' section. Chairman Lee Woo-cheon stated, "This legislative proposal reflects the council members' efforts to improve inconveniences in citizens' lives and prepare for future changes in the region," adding, "We will carefully review the submitted public opinions to enhance the quality of local regulations and ensure they translate into practical policies." Meanwhile, the council plans to review the feedback received during the legislative proposal period and inform the submitters of the outcomes.* This article has been translated by AI. 2026-08-03 14:52:00


