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Key Energy Costs Included in Subcontract Payment Regulations Key energy costs, including electricity, heat, and fuel, will now be included in the written documentation for subcontract payment adjustments. The reasons for exceptions to payment guarantees in construction subcontracting will be narrowed, eliminating provisions such as direct payment agreements with clients to minimize gaps in the payment guarantee system.The Fair Trade Commission announced that a revised enforcement decree for the Subcontracting Act passed the Cabinet meeting on the 28th.With the expansion of the payment adjustment criteria from 'major raw materials' to 'major energy,' related information must now be documented in writing. This includes the identification of major energy costs, benchmark indicators for these costs, and the reference points for calculating fluctuations in energy costs.The gaps in the payment guarantee system for construction subcontracting will also be reduced. Previously, exceptions were made for small projects under 10 million won, direct payment agreements with clients, or the use of electronic payment systems. Going forward, payment guarantees will be mandatory for all construction subcontracting transactions, excluding only small projects.To encourage reporting of unfair subcontracting practices, the scope of eligible whistleblowers will be expanded. Those previously excluded from receiving rewards for reporting violations can now receive compensation if they provide evidence of legal violations by the main contractor related to other subcontractors.Incentives for using standard subcontract agreements will also increase. In addition to the existing reduction of two penalty points for using standard agreements in over 90% of cases, a new provision will allow for a reduction of 2.5 points for 100% compliance.The upper limit for penalties on repeated violations will be raised. The maximum penalty increase limit will be adjusted from 50% to 100%, taking into account the number of past violations.The revised enforcement decree will take effect on the 11th of next month after being promulgated following presidential approval. However, the increased penalty limit for repeated violations will be applied immediately upon promulgation.A Fair Trade Commission official stated, "The amendment to the enforcement decree for the Subcontracting Act will lay the groundwork for subcontractors to receive payments more reliably from main contractors. We expect a more equitable subcontracting order to be established through the expanded use of standard agreements and strengthened deterrents against repeated legal violations."* This article has been translated by AI. 2026-07-28 11:45:00 -
Franchise Disclosure Documents to Include Average Penalties and Survival Rates Franchise disclosure documents will now include information on average penalties for contract termination and long-term survival rates. Additionally, the maximum fines imposed on franchisors that repeatedly violate the law will be increased. The Fair Trade Commission announced on July 28 that a revised enforcement decree for the Franchise Business Act has passed the Cabinet meeting. This amendment will be implemented starting January 1, 2027, alongside the announcement of the standard format for franchise transaction disclosure documents next month. This revision is a follow-up measure to the government's national agenda and comprehensive plan to strengthen the rights of franchisees, aimed at addressing shortcomings in the operation of disclosure documents and enhancing market transparency. New items will be added to the disclosure document that directly affect the decision-making of prospective franchisees. These include the long-term survival rates of franchisees, average penalties for contract termination, and information on franchisors owned by private equity funds. Notably, the frequency of disclosures regarding the number of franchise and company-owned stores, a key indicator for assessing a brand's growth potential, will be reduced from once a year to quarterly, providing more up-to-date information. The format and structure of the disclosure document will also be revised. The table of contents will be reorganized to follow the franchise life cycle, including opening, operation, and closure, and a summary will be created to compile key information such as the number of franchises by region and average annual sales. Moreover, franchisors will be required to submit documentation to verify compliance with the '1+1 obligation,' which mandates that they operate at least one company-owned store for over a year before registering. The penalties for unfair practices will also be strengthened. The maximum fines for franchisors that repeatedly violate the law will be increased, and the adjustment limit for fines imposed by the Fair Trade Commission will rise from 50% to a maximum of 100%. Measures to enhance administrative efficiency will be implemented concurrently. The Fair Trade Commission will establish provisions allowing for online processing of registration cancellations in the event of business closures and will enable the disclosure document registration agency to notify via email. This amendment will be implemented sequentially after receiving presidential approval. The Fair Trade Commission stated, "We plan to carry out follow-up measures, including system reforms, to enhance the transparency and reliability of franchise transactions and assist prospective franchisees in making informed decisions." * This article has been translated by AI. 2026-07-28 11:45:00
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Government Strengthens Penalties Against Overcharging in Accommodation Services The government has decided to strengthen penalties against overcharging in the hanok experience industry and urban accommodation services for foreign tourists. On July 28, the government announced that it had reviewed and approved a partial amendment to the Enforcement Decree of the Tourism Promotion Act during a Cabinet meeting. This amendment is a follow-up to the 'Measures to Eradicate Overcharging' announced at the expanded National Tourism Strategy Meeting on February 25. It is set to take effect immediately upon its promulgation on August 4. Previously, hanok experience businesses faced limitations, as they would only receive a corrective order for first-time violations of not posting accommodation rates or charging higher than posted rates. Urban accommodation services for foreign tourists had no obligation to post or comply with rate regulations, leaving a gap in price transparency. In response, the government has introduced a requirement for urban accommodation services to post and comply with accommodation rates. Additionally, penalties have been strengthened, with a five-day business suspension imposed for first-time violations of not posting rates or charging above the posted rates. These enhanced penalties will initially apply to general and residential accommodation businesses, with plans to expand to the taxi and food service industries in the future. Furthermore, the government plans to implement a 'Safe Price System' to protect consumers and maintain market order by eradicating overcharging, along with establishing regulations against unilateral reservation cancellations without just cause.* This article has been translated by AI. 2026-07-28 11:40:00
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Law Firm Gwangjang Launches Corporate Law Research Center to Enhance Advisory Services Law Firm Gwangjang, led by Managing Partner Kim Sang-gon, announced on July 28 that it has established a 'Corporate Law Research Center' within its corporate advisory group to enhance the quality of its advisory services.The firm noted that in the rapidly changing business environment and increasingly complex legal issues, individual lawyers or practical teams face realistic limitations in conducting in-depth research alone. The launch of the Corporate Law Research Center aims to achieve both expertise and efficiency.The center's core functions are outlined in three key areas. First, it will conduct in-depth analyses of laws, case law, and international examples related to corporate law and mergers and acquisitions (M&A) to support lawyers in providing more accurate and timely advice to clients.Second, when significant legal amendments or regulatory trends are identified, the center will provide in-depth analytical materials and seminars that go beyond simple news updates, thereby enhancing client responsiveness.Third, the center will institutionalize the existing Corporate Law Amendment Task Force (TF) to continuously generate research outcomes. Following the recent distribution of guidelines by the Ministry of Justice, the center has already proactively reviewed the 'Special Committee' system with specialized personnel and plans to apply this framework to various legal issues in the future.The Corporate Law Research Center will be led by Director Kim Jong-wook (35th Judicial Research and Training Institute) and Deputy Director Kim Tae-jung (37th Judicial Research and Training Institute), who will coordinate research directions. Additionally, Moon Ho-jun, a leading expert in M&A and corporate advisory, and Yoon Yong-jun, the secretary of the corporate advisory group, will support the center's activities.Research will be conducted by selecting urgent and important topics, with partner lawyers and associate lawyers specializing in those topics collaborating with lawyers from the existing Corporate Law Amendment TF. Depending on the issue, external researchers, including Dr. Kim Soo-yeon, will also participate.The results produced will be used as internal materials to enhance the overall quality of advisory services and work efficiency, while also being provided as newsletters or materials for client briefings to offer direct assistance to clients.Moon Ho-jun expressed optimism, stating, "The Corporate Law Research Center is a think tank that consolidates the capabilities of Gwangjang's corporate advisory group. In an increasingly competitive corporate advisory market, it will serve as a foundation for providing optimal legal services to clients."Director Kim Jong-wook also stated, "In the rapidly changing corporate law environment, the Corporate Law Research Center will proactively identify issues and share analysis results, providing clients with the most necessary information first and establishing a foundation for all Gwangjang lawyers to offer accurate and high-quality advice to clients."Deputy Director Kim Tae-jung emphasized, "The outputs of the Corporate Law Research Center will not merely be a list of theories but practical solutions that can be immediately utilized in the field, focusing on providing materials that will assist clients in finding optimized solutions promptly."The establishment of this research center is significant in that it systematically accumulates knowledge assets to enhance the quality of advisory services and work efficiency internally, while externally responding swiftly to client demands and building trust. Law Firm Gwangjang aims to contribute to the development of the corporate legal market in South Korea through continuous research activities.Founded in 1977, Law Firm Gwangjang is one of the top-tier large law firms in South Korea, with over 750 professionals providing a wide range of legal services, including corporate advisory, litigation, finance, intellectual property, and criminal disputes.* This article has been translated by AI. 2026-07-28 11:35:00
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Chairman Joo Byeong-gi: Responding to Unfair Practices of Dominant Online Platforms Chairman Joo Byeong-gi of the Fair Trade Commission stated, "We will respond consistently to various unfair practices of domestic and foreign online platforms that hold monopolistic positions in accordance with the law and principles."In his opening remarks during a report to the National Assembly's Political Affairs Committee on the 28th, Chairman Joo emphasized, "I will actively participate in legislative discussions at the National Assembly level to establish a fair trading order between platforms and their partner companies." This indicates that the Fair Trade Commission will maintain its existing principle-based response to unfair practices while also engaging in legislative discussions related to platform trading order.On this day, Chairman Joo outlined key initiatives for the year, highlighting the need to address the power imbalance between large and small enterprises. He stated, "We will revise laws in various ways to ensure that economically vulnerable parties in subcontracting, franchising, and distribution sectors receive fair compensation on time, while also focusing on inspecting major unfair practices such as technology theft and non-payment of fees, and we will respond firmly to illegal activities."He also stressed the importance of creating an environment where both large and small businesses can grow together by shortening the payment periods for suppliers of large retail companies and promoting institutional improvements that allow small and medium-sized enterprises and small business owners to negotiate collectively with large corporations.Regarding collusion, which directly affects people's livelihoods, he noted, "Recently, we have taken strict measures against collusion in the sugar, flour, and starch sectors amid the ongoing inflation crisis due to changes in international circumstances," adding, "In the future, we will pursue institutional improvements to cancel registrations or suspend operations for companies that repeatedly engage in collusion."Chairman Joo also promised swift handling of cases, stating, "The Fair Trade Commission is currently working to increase its workforce by over 400 to ensure prompt case processing," and explained, "We are also pursuing the rationalization of economic penalties and strengthening economic sanctions to secure effective deterrence against legal violations."Additionally, regarding the regulation of large corporate groups, he assured thorough monitoring of unfair internal transactions and self-dealing practices, while also aiming to enhance the effectiveness of policies by reducing incentives for dual listings within holding company structures.* This article has been translated by AI. 2026-07-28 11:35:00
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Photon Shares Surge on Expectations for Next-Gen Cooling Solutions Photon's shares soared as expectations grew for its entry into next-generation cooling solutions based on all-solid-state thermoelectric devices.According to the Korea Exchange, as of 11:30 a.m. on July 28, Photon was trading at 2,340 won, up 540 won (30.00%) from the previous trading day.The surge in stock price is attributed to a positive assessment of Photon's growth potential in its next-generation thermal management business by independent research firm ARIS.In a report released today, analysts Lee Jae-mo and Jeong Min-hee noted that Photon is pursuing new business opportunities targeting AI data centers, electric vehicles, and semiconductor thermal management, building on its existing smartphone camera module component business.Photon primarily produces flexible printed circuit board assemblies for smartphone camera modules. Recently, the company has been making strategic investments in EdgeQ, which is developing ultra-precise cooling technology based on quantum precision control.According to the report, the all-solid-state thermoelectric devices being developed by EdgeQ utilize electric current to transfer heat without refrigerants, eliminating the need for compressors and piping, which allows for miniaturization and low power consumption. These devices can be applied across various sectors, including AI data centers, electric vehicles, semiconductors, and industrial equipment.Lee and Jeong stated, "As the AI era takes off, thermal management technology is becoming a core infrastructure across industries. Photon has secured growth potential in the next-generation thermal management market based on its foundational material technology and patent competitiveness."* This article has been translated by AI. 2026-07-28 11:35:00
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Conflict Erupts Over Disciplinary Action Against Lawmaker Kwon Young-jin A heated debate unfolded during the People Power Party's legislative countermeasure meeting regarding the initiation of disciplinary proceedings against lawmaker Kwon Young-jin by the party's ethics committee. This public clash occurred following the appointment of committee secretaries for the second half of the year. Jung Jeom-sik, the floor leader, expressed his displeasure, stating, "Please speak in accordance with the party constitution during the meeting."During the meeting on July 28, lawmaker Jo Eun-hee acknowledged that Kwon's behavior in the floor leader's office was clearly inappropriate but insisted that "discipline should not be the goal."He further stated, "It is not the true intention of our party to say, 'You will be expelled if you do not apologize for your mistakes' or 'We will expel you if you do not leave voluntarily.' There should be accountability for mistakes, but we must also provide opportunities for sincere reflection and apology. We need to create a new path that everyone can walk together."In response, lawmaker Yoo Young-ha emphasized, "If authority collapses, the organization collapses. History shows that internal strife has caused more damage than external threats. If violence is tolerated and swept under the rug, similar incidents will recur in the future."He added, "It is absolutely unacceptable for a member of a party representing the people to commit violence against their own party's floor leader. When the nest is broken, all the eggs inside are destroyed. We must hold him accountable decisively."Earlier, the Supreme Council had suggested that Kwon voluntarily resign after he was involved in a confrontation with floor leader Jung on July 24 over dissatisfaction with committee assignments, during which he reportedly grabbed Jung by the collar. There was a consensus that if he did not comply, a disciplinary action equivalent to expulsion would be unavoidable. The ethics committee initiated disciplinary proceedings against Kwon on the same day.As the secretaries exchanged public remarks on internal party issues during the legislative countermeasure meeting, floor leader Jung intervened, stating, "Article 67 of the party constitution pertains to the legislative countermeasure committee. The first clause stipulates that the committee is established to discuss and coordinate the party's major measures regarding National Assembly activities." He urged, "Political views should be expressed through social media or press conferences, and remarks in public meetings should be made in accordance with the party constitution."* This article has been translated by AI. 2026-07-28 11:30:00
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Hanwha, KAIST launch space talent program for young students SEOUL, July 28 (AJP) - Hanwha Group and KAIST have launched the fifth class of their youth space talent program, selecting 30 middle school students as South Korea seeks to nurture future talent for its growing space industry. The program, called “Space Pebbles,” began Saturday at Hanwha Building in Seoul, the company said Monday. The program is designed to identify and train promising first- and second-year middle school students from across the country. Hanwha selected 30 students for the fifth class through essay screening and discussion-based interviews. The students will study under KAIST aerospace engineering professors and other experts through the end of the year under the theme of “space technology for South Korea.” The first session opened with a space humanities conference, which brought together science communicators, space scientists, researchers and other industry experts. Science communicator Orbit gave the first lecture under the theme of coexistence technologies in space, discussing technologies needed for long-term survival in space and challenges that must be overcome. Space law expert Ahn Young-shin also gave a lecture on legal systems in space, explaining how space development requires the international community to build new rules for environments where national borders are less clearly defined. This year’s program also included a talk concert with Orbit and three KAIST professors dedicated to the Space Pebbles program. Students asked questions about space science and exchanged views through discussion. A second space humanities conference will be held next month, featuring An Hyoung-joon, head of the space public team at the Science and Technology Policy Institute, and Kim Sang-kyun, a professor of AI business at Kyung Hee University, who will discuss space policy and social changes surrounding the industry. Students who complete the program will receive a certificate issued in the name of the KAIST president, an opportunity to take courses at the KAIST Global Institute for Talented Education, KAIST mentoring and a chance for all participants to visit overseas space institutions. Hanwha said it will continue to support graduates through alumni networking and follow-up programs. A Hanwha official said the space industry is moving toward integrated companies that can handle everything from launch vehicles to satellites and operations. Hanwha Group recently said it will invest $37.4 billion in aerospace and AI by 2040, covering launch vehicles, satellite networks and defense AI. The group has also increased its stake in Korea Aerospace Industries to the 13 percent range and formally changed the purpose of its shareholding to management participation, strengthening its position in South Korea’s space sector. 2026-07-28 11:27:20 -
U.S. Lawmakers Propose Entry Ban for Foreign Officials Discriminating Against American Companies A bill has been introduced in the U.S. House of Representatives to restrict the entry of foreign government officials who discriminate against American companies and to allow for their deportation if they are already in the U.S.Representative Michael Baumgartner (R-Wash.) announced on July 23 that he has introduced H.R. 9834, the "No Racketeers on Our Shores Act," which amends immigration and nationality laws.The bill designates foreign government officials who economically discriminate against Americans or American companies as ineligible for entry into the U.S. and subject to deportation. However, it excludes regulations that are applied legally and fairly, imposing diplomatic penalties only on those who decide or enforce discriminatory policies.Baumgartner stated, "American companies should compete based on the competitiveness of their products, not against foreign bureaucrats trying to tilt the playing field." He expressed concern over foreign governments imposing selective investigations, punitive fines, and discriminatory taxes and regulations on U.S. companies.He specifically cited the regulatory actions against Coupang by South Korean authorities as a key example. Baumgartner claimed that South Korean officials have conducted dozens of investigations into the U.S.-based company and demanded thousands of documents, culminating in the largest fines ever imposed.He also referenced the European Union's imposition of over $1 billion in fines on Google under the Digital Markets Act (DMA) and Brazil's push for DMA-style regulations targeting large tech companies based in the U.S.Baumgartner emphasized that official investigations by the U.S. Trade Representative (USTR) or renegotiations of trade agreements could have broad economic and diplomatic repercussions, asserting that this bill offers a more limited and targeted response.He added, "Foreign officials who use government power to discriminate against Americans should not take for granted the privilege of visiting or remaining in the U.S."The bill was introduced as Coupang expands its lobbying efforts with the U.S. government and Congress. According to disclosures under the Lobbying Disclosure Act, Coupang paid $250,000 to the lobbying firm Ballard Partners in the second quarter of this year, targeting agencies including the White House, the House of Representatives, and the USTR.* This article has been translated by AI. 2026-07-28 11:25:00
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Food Delivery Safety: One Hour Limit in Extreme Heat If you fall asleep with leftover delivery food like chicken, pizza, or pork on the table, it’s safer not to eat it the next day. Even if the smell and taste seem normal, pathogenic bacteria may have proliferated.The Ministry of Food and Drug Safety advises ordering only what you can eat immediately. When receiving food, check that the delivery containers and packaging are not contaminated or damaged. Hot food should be kept above 60 degrees Celsius, while cold food must be stored below 5 degrees Celsius.Don’t assume that being indoors with air conditioning guarantees safety. Consider the actual temperature of the area where the food is placed and how long it has been left at room temperature. In sunny kitchens, balconies, or uncooled rooms, food temperatures can rise quickly.The U.S. Department of Agriculture recommends discarding perishable foods, including meat, poultry, and eggs, if they have been left at room temperature for more than two hours. In environments exceeding 90 degrees Fahrenheit (about 32 degrees Celsius), this guideline is reduced to one hour.This standard applies not only to outdoor picnics or campsites but also to hot car interiors and uncooled indoor spaces. If you don’t eat delivery food right away or have leftovers, refrigerate them as soon as possible.When storing leftovers, it’s better to divide large quantities into several shallow containers rather than keeping them in one large container. Foods like soups, stews, and meats can take longer to cool in the center, allowing bacteria to thrive.The Ministry of Food and Drug Safety recommends quickly cooling cooked food in multiple containers and storing it below 5 degrees Celsius. Do not leave hot food on the table for extended periods to cool.Instead of placing delivery containers directly in the refrigerator, transfer the food to clean, covered storage containers. Foods that have been shared with multiple people may have been contaminated with saliva or utensils, so it’s best to refrigerate them promptly after the meal.Do not overcrowd the refrigerator. If cold air cannot circulate properly, food may not cool quickly enough, even when stored inside.When reheating refrigerated chicken, pork, or other meats, ensure they are heated thoroughly to an internal temperature of 75 degrees Celsius for at least one minute. Stir soups or stews during reheating to ensure even heating throughout.Food that has exceeded the room temperature guidelines is not guaranteed safe even if reheated in a microwave or air fryer. Some toxins produced by bacteria may remain after reheating, so if you are unsure how long the food has been at room temperature, it’s safer not to eat it.Particular caution should be taken with foods like kimbap, sushi, salads, and cream desserts that do not require reheating. Foods containing eggs, meat, seafood, or dairy should also be refrigerated immediately after being served.* This article has been translated by AI. 2026-07-28 11:25:00