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  • Barley Production Surges 47.3% Amid Rising Prices; Garlic and Onion Output Also Increases
    Barley Production Surges 47.3% Amid Rising Prices; Garlic and Onion Output Also Increases This year, barley production has increased by more than 47% compared to last year, driven by a significant rise in planting area due to higher prices. Garlic and onion production also saw slight increases thanks to expanded cultivation and favorable growing conditions.According to the National Data Agency's report on barley, garlic, and onion production released on July 30, this year's barley output reached 135,881 tons, up 43,657 tons (47.3%) from last year's 92,224 tons.The area planted with barley expanded to 37,250 hectares, a 47.6% increase from the previous year. The rise in planting area was influenced by last year's increase in barley prices during the sowing season. Although initial growth was sluggish due to frequent rainfall and insufficient sunlight, improved weather conditions later on allowed the yield per 10 ares to remain stable at 365 kilograms, similar to last year.By variety, production of malting barley surged to 29,701 tons, an increase of 82.1% from the previous year, with the planting area up 60.6% and yield per 10 ares rising by 13.4%. Production of feed barley reached 71,274 tons, up 47.6%, while hulless barley production increased by 26.3% to 34,906 tons.Regionally, Gwangju in South Jeolla Province accounted for 63,000 tons, or 46.1% of total barley production, followed by North Jeolla Province with 54,000 tons (39.5%) and South Gyeongsang Province with 8,000 tons (5.5%).This year, garlic production rose by 1.2% to 313,685 tons. The planting area increased by 5.6% to 24,232 hectares due to last year's price rise, but yield per unit area decreased by 4.2%.Initial growth was hampered by frequent rains during the sowing period, and damage occurred as temperatures rose in April and May. The yield per 10 ares fell from 1,351 kilograms last year to 1,295 kilograms this year.Regionally, South Gyeongsang Province led garlic production with 112,873 tons, making up 36.0% of the total. North Gyeongsang Province produced 71,476 tons (22.8%), and South Chungcheong Province contributed 44,991 tons (14.3%).Onion production increased by 2.1% to 1,206,553 tons. Despite a 0.7% decrease in planting area to 17,556 hectares due to last year's price drop, favorable weather conditions during the growing season led to a 2.8% increase in yield per 10 ares, reaching 6,873 kilograms.Gwangju in South Jeolla Province produced 401,382 tons of onions, accounting for 33.3% of the total. South Gyeongsang Province followed with 277,387 tons (23.0%), and North Gyeongsang Province produced 161,844 tons (13.4%). Production in Jeju increased by 30.5% due to higher yields per unit area.* This article has been translated by AI. 2026-07-30 12:04:00
  • Rising Inflation Leads to Decline in Real Wages for Workers
    Rising Inflation Leads to Decline in Real Wages for Workers As international oil prices surge due to the ongoing conflict in the Middle East, inflation continues to rise, resulting in a decline in real wages for workers for the second consecutive month.The Ministry of Employment and Labor reported on July 30 that the nominal wage for employees at businesses with at least one regular worker was 3,982,000 won in May, an increase of 1.7% (66,000 won) compared to the same month last year. This marks four consecutive months of growth since February.However, when adjusted for inflation, the real wage fell to 3,321,000 won, a decrease of 48,000 won (-1.4%) from the same period last year. This represents a decline for two months in a row, following a 1.0% drop the previous month.This is the first time real wages have decreased for two consecutive months since December 2023 to January 2024, when a similar decline occurred due to the effects of holiday bonuses. Excluding holiday influences, this is the first decline since July to August 2023.The data indicates that the rate of wage growth is lagging behind inflation. Jeong Hyang-sook, head of the Labor Market Research Division at the Ministry, stated, "The consumer price inflation rate, which fluctuated around 2% last year, has been increasing since April this year. In a high inflation environment, wage growth rates are showing a downward trend."In fact, the consumer price inflation rate reached 3.1% in May, the highest level in 26 months. The surge in international oil prices due to the Middle East conflict has driven up the prices of petroleum products, contributing to the ongoing inflationary trend.Additionally, the decline in special bonuses has also impacted wages. In May, special bonuses averaged 263,000 won, down 5.0% (14,000 won) from the previous year. The increase in temporary and daily workers, who typically earn lower wages, has further pulled down overall wage levels. Average working hours also decreased by 7.2 hours from a year ago, totaling 139.8 hours.Jeong explained, "The negative growth in special bonuses is due to a combination of factors, including changes in the payment method and timing of special bonuses following wage system reforms, as well as a decrease in performance bonuses. The increase in temporary and daily workers this year, following a decrease last year, has resulted in lower overall working hours and wages."As of the end of last month, the number of businesses with at least one employee was 20,714,000, an increase of 1.2% (248,000) compared to the same period last year. While the number of regular workers increased by only 0.4% (76,000), there was a notable rise in temporary and daily workers (7.9%, 150,000) and other workers (1.6%, 22,000).By size, the number of employees in businesses with fewer than 300 regular workers increased by 1.0% (174,000) to 17,017,000, while those in businesses with 300 or more workers rose by 2.0% (74,000) to 3,697,000.By industry, sectors such as health and social welfare services (4.8%, 124,000), finance and insurance (3.8%, 33,000), and public administration, defense, and social security administration (3.4%, 33,000) showed growth. The manufacturing sector, which employs the largest share of the workforce, also saw an increase of about 12,000 workers.Conversely, the wholesale and retail sector (-1.3%, 29,000), arts, sports, and leisure services (-1.6%, 5,000), and information and communication sector (-0.4%, 3,000) experienced declines in employment.* This article has been translated by AI. 2026-07-30 12:04:00
  • Busan Sees Significant Increase in New Corporations in First Half of 2026
    Busan Sees Significant Increase in New Corporations in First Half of 2026 The number of new corporations in the Busan area has shown a notable increase in the first half of 2026, indicating a rebound in the startup market.The rise in foreign tourists and major development projects appear to have stimulated entrepreneurial sentiment in the service sector and specific industries. However, domestic-focused sectors such as retail and construction remain subdued, necessitating a multifaceted analysis of the causes and tailored policy responses.According to a report released by the Busan Chamber of Commerce and Industry on July 30, a total of 2,317 new corporations were established in Busan during the first half of this year.This figure represents a 9.2% increase compared to the same period last year (2,122 corporations) and a 2.5% increase from the previous half-year (2,261 corporations). The number of new corporations has been on a steady recovery trajectory since the second half of 2024, when it reached 2,100.Considering the unique circumstances from 2020 to the first half of 2022, when involuntary small startups surged to around 3,300 due to the impact of the COVID-19 pandemic, the recent trend suggests a genuine recovery in the startup market.A particularly noteworthy aspect is the positive impact of the increase in tourists on the startup market. The Busan Chamber of Commerce identified the rise in foreign tourists and tourism spending as key factors behind the expansion of new corporations.In fact, new corporations in the service sector numbered 604, reflecting a 10.6% increase from the same period last year, while transportation-related businesses, including shipping and passenger transport, also grew by 16.9% to 97 corporations.A representative from the Chamber's research team stated, "The increase in foreign tourists and their spending in Busan likely had a positive effect on the entrepreneurial sentiment in related industries such as services and transportation."The information and communication sector, along with real estate and equipment rental, also saw significant growth. The information and communication sector recorded 208 new corporations, a 48.6% increase from the previous year, driven by major developments such as the designation of the Eco Delta City data center as a special development zone.Real estate and equipment rental also saw a 17.4% increase, totaling 250 new corporations, attributed to the influx of investment demand following the end of the capital gains tax exemption for multiple homeowners in non-regulated areas.However, while the overall total has increased, the state of the consumer economy presents a different picture. The retail sector, which accounts for the largest share (26.7%) of all new corporations, saw a 4.6% decrease to 618 corporations compared to the same period last year, due to worsened entrepreneurial sentiment amid high inflation and exchange rates.The construction sector also faced a decline, with a 4.3% drop to 156 corporations, reflecting the ongoing chill in industries closely tied to everyday consumers.This survey is based on data collected from the Busan District Court's registration office, categorizing the number of corporate establishments by industry. Therefore, it does not include direct causal relationships between the increase in tourists and corporate establishments, nor does it separately classify tourism-related specialized corporations.Additionally, it is concerning that 82.5% of all new corporations are small businesses with capital of less than 50 million won (1,911 corporations).There are calls for advanced follow-up analyses to assess whether these newly established corporations are generating meaningful employment and sales, and to determine their survival rates one to three years after overcoming the initial challenges.Rather than resting on the increase in establishment numbers, it is crucial for local governments and relevant agencies to collaborate on cross-analysis of data and implement tailored support measures to enhance the actual survival rates of small businesses. 2026-07-30 12:04:00
  • Kibo Provides 100 Billion Won Financial Support for Semiconductor Companies in Partnership with Hyundai and Kia
    Kibo Provides 100 Billion Won Financial Support for Semiconductor Companies in Partnership with Hyundai and Kia The Korea Technology Finance Corporation (Kibo) announced on July 30 that it has signed a memorandum of understanding with Hyundai Motor Company, Kia, and the Industrial Bank of Korea to provide financial support for semiconductor companies collaborating with Hyundai and Kia. This agreement aims to enhance financial accessibility for Hyundai and Kia's partner semiconductor firms in response to the global supply chain restructuring and intensified technological competition, while also supporting the sustainable growth of the automotive semiconductor industry. Under the agreement, Kibo will supply a total of 100 billion won in guarantee funds, which includes a special contribution of 2.5 billion won from Hyundai and Kia and 2.5 billion won from the Industrial Bank of Korea, along with 1 billion won in guarantee fee support. Kibo will offer preferential benefits through the guarantee, including an increase in the guarantee rate from 85% to 100% for three years and a fixed guarantee fee of 0.5% for three years. The Industrial Bank of Korea will support a reduction of 0.5 percentage points in the guarantee fee for two years. Eligible companies can utilize technology guarantees without any guarantee fee burden for two years. The support is targeted at new technology businesses that meet Kibo's technology guarantee requirements and are recommended by Hyundai and Kia in the semiconductor or display sectors, with a maximum support limit of 20 billion won per company. Previously, Kibo signed a memorandum of understanding with Hana Bank on July 10 for a financial support program aimed at scaling up the semiconductor industry. Under that agreement, Kibo will provide a total of 100 billion won in guarantee fee support based on Hana Bank's guarantee fee support funds, along with a 0.3 percentage point reduction in guarantee fees for three years. Kwon Hyung-taek, Kibo's chairman, stated, "We will continue to expand cooperation with relevant institutions to support the growth of technology-driven semiconductor companies and actively contribute to strengthening the competitiveness of the future automotive industry."* This article has been translated by AI. 2026-07-30 11:56:00
  • Namwon City to Address Traffic Issues in Jirisan Bamsagol Area
    Namwon City to Address Traffic Issues in Jirisan Bamsagol Area Namwon City in North Jeolla Province is launching a comprehensive and long-term traffic management initiative to ensure smooth traffic flow in the Jirisan National Park Bamsagol area.The plan aims to prevent inconveniences caused by vehicle congestion and illegal parking, especially during the summer vacation season and the autumn foliage period when visitor numbers remain high.According to the city on July 30, the Bamsagol Valley is a 14-kilometer gorge flowing along the northern slope from Banyabong to Bansun, recognized as one of the most scenic valleys within Jirisan National Park.Traffic congestion in this area has been a concern, particularly during the summer when vacationers flock to the site and in autumn when leaf peepers arrive.To address this, the city will implement special traffic management from this month until October 31, spanning approximately four months.On weekends and public holidays when visitor numbers peak, the city plans to deploy additional personnel to enhance on-site response capabilities.This traffic management effort will involve collaboration among three agencies: the Namwon City Traffic Department, the Namwon Police Station, and the Northern Office of Jirisan National Park.The Namwon City Traffic Department will oversee the area from the Sannae Tobis Condo to the Bansun intercity bus stop, while the Namwon Police will manage the section from the Bansun intercity bus terminal to Dalgung. The Northern Office of Jirisan National Park will provide on-site support within the national park.Each agency will maintain a regular patrol system for their designated sections and will conduct focused inspections using enforcement vehicles as needed to prevent illegal parking and ensure uninterrupted vehicle flow.The city will also continue to guide visitors to use nearby public parking lots, such as the Bansun parking lot, encouraging them to utilize designated parking spaces.To prevent long-term parking in public lots, the city plans to install and operate height restriction facilities.Installation of Object Address Signs at 409 Community FacilitiesNamwon City announced on July 30 that it has sequentially installed 409 object address signs at facilities closely related to citizens' daily lives and safety.The installation targets locations such as bus stops, rest areas, emergency fire equipment, heat relief shelters, civil defense evacuation facilities, and children's play areas.Object addresses are unique address information assigned to facilities or locations rather than buildings.By providing unique addresses to places without building numbers, such as bus stops, citizens can easily and quickly identify their current location and the location of facilities using the information on the object address signs.The signs are generally structured using road names and basic numbers, typically formatted as administrative district name, road name, basic number (or object number), and object type name.The city anticipates that the installation of these object address signs will facilitate quick identification of locations during emergency situations such as crimes or disasters.* This article has been translated by AI. 2026-07-30 11:52:00
  • Imsil County Moves to Designate Osu Dog as Natural Monument
    Imsil County Moves to Designate Osu Dog as Natural Monument Imsil County in North Jeolla Province is taking steps to have the Osu Dog, a native breed that embodies the 'loyal dog folklore,' recognized as a natural monument at the national level.On July 30, the county announced that it recently held a review meeting to assess the application materials for the Osu Dog's designation as a natural monument, discussing future directions and necessary improvements.The Osu Dog is featured in historical texts from the Goryeo Dynasty, such as the 'Bohanjip,' as the protagonist of the 'loyal dog that saved its owner' tale, making it a significant cultural symbol and representative native breed of South Korea.In 2024, the breed was officially registered as a native dog of South Korea in the UN FAO's Global Animal Genetic Resources Information System (DAD-IS), gaining international recognition for its uniqueness and conservation value.To systematically preserve and manage the historical and academic value of the Osu Dog for future generations, the county is pursuing its designation as a natural monument under the 'Law on the Preservation and Utilization of Natural Heritage.'During the recent meeting, various suggestions were made to enhance the completeness of the application materials in preparation for the National Heritage Administration's review.Participants agreed to improve the structure and logic of the materials to clearly convey the Osu Dog's unique historical and cultural significance, as well as its academic value, while strengthening the objective evidence.Additionally, they plan to systematically organize key evaluation items, including the historical background, human environment, current breeding and conservation status, and future management, while incorporating expert opinions from related fields to enhance the reliability and persuasiveness of the application materials.The county will also review the criteria for expert opinion letters as stipulated in the enforcement decree of the 'Law on the Preservation and Utilization of Natural Heritage,' ensuring that qualified experts provide objective and professional opinions to thoroughly prepare for the National Heritage Administration's review.Since the launch of the 'Osu Dog Natural Monument Designation Research Project' in March, the county has been consistently conducting research and verification on the breed's historical significance, lineage, and cultural value.Following the recent review meeting, the county plans to promptly incorporate the identified improvements, consult with relevant agencies, and submit the final application, while systematically responding to subsequent procedures such as site investigations and reviews.The push for the Osu Dog's designation as a natural monument is expected to enhance not only the preservation of cultural heritage but also the brand value of the Osu Dog, strengthen the status of Imsil as a pet-friendly city, and positively impact the pet industry and tourism.A natural monument is a designation by the state for animals, plants, geological and mineral resources, and natural reserves that hold significant historical, scenic, and academic value, as defined by the 'Law on the Preservation and Utilization of Natural Heritage,' with the National Heritage Administration's head overseeing the designation process after a review by the National Heritage Committee.* This article has been translated by AI. 2026-07-30 11:52:00
  • Jeong Mong-kyu and Hong Myung-bo Apologize for World Cup Performance
    Jeong Mong-kyu and Hong Myung-bo Apologize for World Cup Performance Jeong Mong-kyu, the president of the Korea Football Association, and Hong Myung-bo, the former head coach of the national football team, appeared before a National Assembly hearing on July 30, where they expressed regret over the team's poor performance in the 2026 FIFA World Cup.The hearing, conducted by the National Assembly's Culture, Sports and Tourism Committee, was convened in response to growing public criticism following the national team's exit from the group stage of the World Cup. It aimed to examine the overall operations of the Korea Football Association, the coaching selection process, and allegations of opaque administration.In his opening remarks, Jeong stated, "I made every effort to advance Korean football during my tenure, but I sincerely apologize for the controversies and the unsatisfactory results in the World Cup." He added, "As the president of the football association, I feel a deep sense of responsibility and regret for not meeting the expectations of the public and football fans. After resigning, I will focus on my business and contribute to society."Hong, who sat alongside Jeong, also apologized, saying, "I want to express my sincere apologies to the public for not meeting their expectations in the World Cup." He acknowledged, "I take full responsibility for not living up to the hopes placed in the national team and will share the facts as I know them without evasion."He also expressed remorse towards the players, stating, "I want to convey my gratitude and apologies to the players who fought until the end despite the difficult circumstances. I feel a heavy sense of responsibility for not being able to reward their efforts. I will take the significance of this occasion seriously and will listen carefully to the questions and respond sincerely."* This article has been translated by AI. 2026-07-30 11:52:00
  • Jeil Pharmaceutical Reports Positive Phase 2 Results for Diabetes Drug JP-2266
    Jeil Pharmaceutical Reports Positive Phase 2 Results for Diabetes Drug JP-2266 In the competitive diabetes treatment market, there is a growing focus on developing next-generation therapies that not only provide cardiovascular and renal protection like existing SGLT-2 inhibitors but also manage postprandial blood sugar levels. In this context, Jeil Pharmaceutical has garnered attention by revealing the Phase 2 clinical trial results for its oral type 2 diabetes drug candidate, JP-2266. On July 30, Jeil Pharmaceutical announced that the results of the Phase 2 study for JP-2266 were published in the international journal, Diabetes & Metabolism Journal (DMJ). JP-2266 is a dual inhibitor that targets both SGLT-2, which inhibits glucose reabsorption in the kidneys, and SGLT-1, which delays glucose absorption in the intestines. It is being developed as a next-generation diabetes treatment that combines the benefits of existing SGLT-2 inhibitors with postprandial blood sugar control. The clinical trial involved 156 patients with type 2 diabetes whose blood sugar levels were not adequately controlled by diet and exercise alone. Conducted across 28 medical institutions in South Korea, the study employed a randomized, double-blind, placebo-controlled design, with Professor Cha Bong-soo from Severance Hospital's Endocrinology Department serving as the trial coordinator. According to the study results, after 12 weeks of treatment, JP-2266 significantly reduced hemoglobin A1c (HbA1c) levels compared to the placebo group. The estimated treatment difference (ETD) was a decrease of 0.94 percentage points in the 5 mg group and 0.97 percentage points in the 10 mg group, both achieving statistical significance. The proportion of patients reaching an HbA1c level of less than 7% was 70.6% in the 10 mg group and 66.7% in the 5 mg group. Improvements were also observed in fasting blood sugar and blood sugar levels one and two hours after meals, with a reduction of approximately 63 to 68 mg/dL in postprandial blood sugar at the 12-week mark. Weight loss and improvements in certain cardiovascular and metabolic risk factors were also noted. Notably, the 10 mg group experienced a reduction in systolic blood pressure, along with improvements in insulin resistance and beta-cell function indicators. Safety assessments indicated that both doses had a similar incidence of adverse events compared to the placebo group, confirming overall good tolerability. Professor Cha stated, "In Asian countries where carbohydrate intake is high, managing postprandial blood sugar is crucial, making JP-2266 a potentially significant treatment option. Further confirmation of its efficacy and safety is needed in Phase 3 trials." Meanwhile, Jeil Pharmaceutical is accelerating the development of new drugs following the success of its potassium-competitive acid blocker (P-CAB) reflux disease treatment, Zagut. The company aims to shift its focus from introducing products to a research and development (R&D) centered approach, emphasizing its pipeline of diabetes treatments and anticancer drugs.* This article has been translated by AI. 2026-07-30 11:40:10
  • Jeil Pharmaceuticals JP-2266 Shows Promising Results in Diabetes Treatment
    Jeil Pharmaceutical's JP-2266 Shows Promising Results in Diabetes Treatment The competition to develop next-generation diabetes treatments that not only provide cardiovascular and kidney protection like existing SGLT-2 inhibitors but also manage post-meal blood sugar levels is intensifying. In this context, Jeil Pharmaceutical has garnered attention by revealing the results of its Phase 2 clinical trial for the oral type 2 diabetes drug candidate JP-2266. On July 30, Jeil Pharmaceutical announced that the results of the Phase 2 study for JP-2266 were published in the international journal 'Diabetes & Metabolism Journal (DMJ)'. JP-2266 is a dual inhibitor that targets both SGLT-2, which inhibits glucose reabsorption in the kidneys, and SGLT-1, which delays glucose absorption in the intestines. It is being developed as a next-generation diabetes treatment that combines the benefits of existing SGLT-2 inhibitors with post-meal blood sugar control. The clinical trial involved 156 patients with type 2 diabetes whose blood sugar levels were not adequately controlled by diet and exercise alone. Conducted across 28 medical institutions in South Korea, the study was randomized, double-blind, and placebo-controlled, with Professor Cha Bong-soo from Severance Hospital's Endocrinology Department serving as the trial coordinator. According to the study results, JP-2266 significantly reduced hemoglobin A1c (HbA1c) levels compared to the placebo group after 12 weeks of administration. The estimated treatment difference (ETD) was a decrease of 0.94 percentage points in the 5 mg group and 0.97 percentage points in the 10 mg group, both achieving statistical significance. The proportion of patients reaching an HbA1c level of less than 7% was 70.6% in the 10 mg group and 66.7% in the 5 mg group. Improvements were also observed in fasting blood sugar and post-meal blood sugar levels, with a reduction of approximately 63 to 68 mg/dL in post-meal blood sugar at the 12-week mark. Weight loss and improvements in certain cardiovascular and metabolic risk factors were also confirmed. Notably, the 10 mg group showed a decrease in systolic blood pressure, along with improvements in insulin resistance and beta-cell function indicators. Safety assessments indicated that both doses had a similar incidence of adverse events as the placebo group, confirming overall good tolerability. Professor Cha stated, "In Asian countries where carbohydrate intake is high, managing post-meal blood sugar is crucial, making JP-2266 a potentially significant treatment option. Further confirmation of its efficacy and safety is needed in Phase 3 trials." Meanwhile, Jeil Pharmaceutical is accelerating the development of new drugs following the success of its potassium-competitive acid blocker (P-CAB) reflux disease treatment, 'Zacubo'. The company aims to shift its focus from introducing products to research and development (R&D), emphasizing a fundamental transformation in its approach.* This article has been translated by AI. 2026-07-30 11:40:00
  • Samsung Electronics Completes Contracts with Top 5 Data Center Clients
    Samsung Electronics Completes Contracts with Top 5 Data Center Clients Samsung Electronics announced during its second-quarter earnings conference call on July 30 that it has completed contracts for server memory with the world's top five data center clients and is currently negotiating supply agreements with an additional five companies.The company stated, "Contracts with big tech firms are structured as multi-year agreements based on a five-year term, with the volume covered by these contracts accounting for 60-70% of our current DRAM capacity."Regarding advance payments under long-term contracts, Samsung explained, "We have included substantial advance payment clauses in all agreements with our clients," adding that it has already secured about one-quarter of the total contract value.The multi-year supply agreements are based on a five-year term but will be adjusted annually through negotiations to reflect contract duration and supply volume in a 'rolling' manner.* This article has been translated by AI. 2026-07-30 11:40:00