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Jang In-hwa Appointed as 8th Chair of the Shared Growth Committee The Shared Growth Committee announced on September 15 that Jang In-hwa, Honorary Chairman of the Busan Chamber of Commerce and Industry, has been appointed as the 8th Chair of the committee. His official term will begin on the 23rd and will last for two years. Jang has previously served as the Chairman of the Busan Chamber of Commerce and Industry, Senior Vice Chairman of the Korea Chamber of Commerce and Industry, Chairman of the Busan Creative Economy Innovation Center, and Vice Chairman of the Korea Federation of Small and Medium Businesses. He has also held positions such as President of the Busan Sports Council and Head of the South Korean delegation for the Tokyo Olympics. Current Chair Lee Il-gon expressed hope that during Jang's term, his experience in regional economic development, particularly in Busan, will help capture diverse voices from industries and regions, and expand the scope of shared growth evaluations and cooperative efforts in response to the changing industrial environment.* This article has been translated by AI. 2026-09-15 15:08:00 -
HD Hyundai Develops 'Floating Power Plant' Technology, Receives ABS Certification HD Hyundai has successfully developed technology for a 'floating power plant' (Barge Mounted Power Plant, BMPP).HD Korea Shipbuilding & Offshore Engineering, a mid-holding company of HD Hyundai's shipbuilding sector, announced on September 15 that it has received basic certification (AIP) from the American Bureau of Shipping (ABS) for its 100MW-class floating power facility.This certification allows HD Korea Shipbuilding & Offshore Engineering to secure key technologies related to the floating power facility, including basic conceptual design, electrical single-line diagrams, and stability assessments.The floating power facility generates electricity at sea using power engines, supplying it to land-based power infrastructure where construction is challenging or to large-scale power-demanding data centers and industrial complexes.The floating power facility developed by HD Korea Shipbuilding & Offshore Engineering is based on the medium-speed HiMSEN engine, capable of reliably supplying up to 100MW of power. The HiMSEN engine was originally developed for ship propulsion and onboard power generation.HD Korea Shipbuilding & Offshore Engineering plans to enter the floating power facility market in earnest after completing detailed design and subsequent certification processes.Interest in floating power facilities has been steadily increasing. With the expansion of AI technology and the growth of data centers, global power demand is rising rapidly, while land-based power plant construction faces constraints due to site acquisition and environmental regulations.A representative from HD Korea Shipbuilding & Offshore Engineering stated, "The ability to produce and supply stable and flexible power is a key competitive advantage in the AI era," adding, "We will further enhance floating power facility technology to lead the global power infrastructure market."* This article has been translated by AI. 2026-09-15 15:08:00
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Coupang creates outside security panel after record privacy fine SEOUL, September 15 (AJP) - Coupang has opened its internal security policies to review by seven outside experts, the South Korean e-commerce operator said Tuesday, 10 months after a breach exposed personal data belonging to about 37.6 million people. The information protection advisory committee, co-chaired by Coupang chief information security officer Brett Mathis and Korea Chief Private Officers' Forum president Hur Sung-wook, held its first meeting the on same day and will convene quarterly. Lawyers from two large Seoul firms and four university professors fill the remaining seats. The company said the panel's findings will be written into internal security rules and work processes. The security measure enhancement follows after a record fine of 624.68 billion won ($460.6 million) slapped on by the Personal Information Protection Commission (PIPC) on June 10, the heaviest privacy penalty ever levied in South Korea. The PIPC concluded that sloppy management of an authentication signing key and weak access controls let a former employee harvest user records for about five months. The regulator also ordered the company to strengthen safeguards, notify non-members whose data leaked and guarantee a substantive role for its privacy chief, and said it would verify compliance within three months. Coupang's monthly active users reached 35.95 million in August, above the 34.38 million logged in October 2025, before the breach surfaced, according to Mobile Index. Estimated card spending on the platform came to 4.93 trillion won that month. AJP Takeaways - Coupang launched an information protection advisory committee of seven outside experts on Sept. 15, 2026, co-chaired by chief information security officer Brett Mathis and CPO Forum chairman Huh Sung-wook, with quarterly meetings planned. - South Korea's Personal Information Protection Commission fined Coupang Corp. 624.68 billion won ($410 million) on June 10, 2026, over a leak affecting about 37.55 million people, the largest privacy penalty in the country's history. - Coupang's monthly active users stood at 35.95 million in August 2026, above the 34.38 million recorded in October 2025 before the breach was disclosed. 2026-09-15 15:05:46 -
Lee So-young, Ministerial Candidate, Calls for Easing of Labor Regulations Lee So-young, the candidate for Minister of Small and Medium Enterprises and Startups, stated during a National Assembly confirmation hearing on September 15 that there is a need to ease labor regulations regarding the 52-hour workweek and the comprehensive wage system.Lee remarked that the current penalty of up to two years in prison for violating the 52-hour workweek does not align with today’s diverse work structures. She noted that unlike traditional factory jobs, knowledge work is often evaluated based on outcomes rather than hours worked.However, she acknowledged the necessity of reducing working hours, citing the long working hours in South Korea and the high incidence of overwork-related deaths, emphasizing the importance of worker health.Regarding the comprehensive wage system, Lee expressed the need for flexibility, stating that companies should be granted a degree of autonomy and flexibility concerning labor and wage regulations. She also indicated that there could be concerns about fully restricting the comprehensive wage system.Earlier in her opening remarks, Lee emphasized the importance of ensuring that self-employed individuals do not suffer from health issues or insecurity and can benefit from social safety nets. She pledged to expand support for health care costs and enhance coverage for industrial accident insurance and employment insurance for self-employed workers.* This article has been translated by AI. 2026-09-15 15:04:00
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Traditional Markets Offer Cheaper Chuseok Table Costs Than Online Platforms This year, preparing a Chuseok table at traditional markets is more cost-effective than at large supermarkets or online platforms. According to the Small Business Market Promotion Agency (소진공) on September 15, a price comparison survey conducted in the first week of this month across 37 traditional markets, 37 nearby large supermarkets, and 2 online platforms revealed that traditional markets were 18.4% (79,509 won) cheaper than large supermarkets and 4.8% (17,814 won) cheaper than online platforms. The average cost for a Chuseok table for a family of four at traditional markets was 352,553 won, while it was 432,062 won at large supermarkets and 370,367 won on online platforms. Traditional markets had price advantages over large supermarkets in vegetables (52.7%), seafood (32.2%), and meat (16.9%). Compared to online platforms, traditional markets were cheaper in vegetables (36.9%), fruits (24.6%), and seafood (17.5%). Traditional markets offered lower prices for 22 out of the 28 items surveyed compared to large supermarkets. The top seven items where traditional markets had a price advantage over large supermarkets included: peeled bellflower root (71.9%), bracken (68.6%), frozen pollack (43.1%), jujube (37.8%), songpyeon (36.2%), beef for soup (28.1%), and spinach (25.3%). When compared to online platforms, traditional markets were cheaper for 18 items, including peeled bellflower root (57.6%), Fuji apples (51.3%), bracken (46.8%), yellow corvina (39.7%), grapes (32.4%), dried persimmons (30.3%), and yakgwa (27.2%). The Small Business Market Promotion Agency expanded its survey this year to include traditional markets, large supermarkets, and online platforms, allowing consumers to compare and verify price information across various purchasing channels. In Tae-yeon, the head of the Small Business Market Promotion Agency, stated, “From September 16 to 20, a 10% discount will be offered on an additional purchase limit of 200,000 won for digital Onnuri gift certificates. I hope consumers will use the results of this price comparison survey to prepare for the holiday season economically at traditional markets.” 2026-09-15 15:00:20
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Government Proposes Social Dialogue on Labor Exemptions in Mega Special Zone Law The government has proposed a "one-point social dialogue" regarding labor exemptions set to be introduced in the Mega Special Zone Act. The primary topics for discussion are expected to include the "white-collar exemption," which would allow exceptions to working hour regulations for high-income workers, and the "2+2" extension for temporary workers, which would permit an additional two years of employment with worker consent.Kim Young-hoon, Minister of Employment and Labor, held a briefing on September 15 at the Government Seoul Complex, stating, "The labor exemptions being discussed in the process of establishing the Mega Special Zone Act are uncharted territory for our society," and he proposed a "one-point social dialogue" related to these labor exemptions.This proposal comes as the government accelerates the enactment of the Mega Special Zone Act. Earlier, the ruling party and the government agreed to introduce the bill in the form of a parliamentary proposal this month, aiming for its passage within the year. However, the inclusion of labor exemption provisions such as the white-collar exemption and the 2+2 extension has sparked significant backlash from labor groups.In response, labor representatives have suggested social dialogue. President Lee Jae-myung met with Kim Dong-myung, chairman of the Korean Confederation of Trade Unions, and Yang Kyung-soo, chairman of the Korean Federation of Trade Unions, on September 3 to discuss labor issues. During that meeting, the two major labor unions proposed resolving the labor exemption issues of the Mega Special Zone Act through social dialogue, to which President Lee agreed.The government plans to engage in discussions with the two major labor unions, as well as business groups such as the Korea Employers Federation and the Korea Federation of Small and Medium Businesses. Since the Korean Confederation of Trade Unions is not participating in the Economic, Social and Labor Council, the government aims to initiate a separate social dialogue focused on this matter. The Ministry of Employment and Labor, the Ministry of Trade, Industry and Energy, and the Office for Government Policy Coordination will participate in these discussions. Minister Kim noted that there is also the possibility for the Economic, Social and Labor Council to be involved in the discussions.While the topics for discussion are open, they are expected to primarily focus on the white-collar exemption and the 2+2 extension. Minister Kim remarked, "The labor exemptions being discussed in the Mega Special Zone Act are uncharted territory for our society," adding, "There will inevitably be differences of opinion between companies requesting exemptions and workers expressing concerns."He further stated, "From a labor time perspective, the business sector's demand for a white-collar exemption is a given, while the labor sector is advocating for a four-day workweek. If dialogue begins, the government will provide sufficient objective data to facilitate in-depth discussions among the stakeholders involved, based on the accumulated surveys and findings."However, there are concerns about whether an agreement can be reached between labor and management, given the unresolved conflicts within the government. The Minister of Employment and Labor and the Minister of Trade, Industry and Energy have previously expressed differing opinions on several occasions.In this regard, a Labor Ministry official stated, "The government's inability to reach a conclusion is due to the differences in opinions between labor and management. Since the positions of both sides are in opposition, it was deemed necessary to engage in further dialogue rather than reaching a unilateral conclusion."Additionally, the official noted, "While this can be seen as a significant social dialogue, there have been smaller deals recently regarding work hours and retirement pensions to implement national tasks. We will strive to ensure that this social dialogue is conducted effectively."As the ruling party and government plan to proceed with legislation this month, there are concerns that the social dialogue may be a mere formality. In response, a Labor Ministry official stated, "No clear decisions have been made yet," adding, "We have already engaged in discussions for about three months regarding actual work hour reductions and retirement pensions. If the parties involved share a mutual understanding of the need for dialogue, a three-month period for social dialogue should be sufficient."* This article has been translated by AI. 2026-09-15 15:00:20
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Samsung Compliance Chief Calls for Labor Rights Amid Union Conflicts Samsung Electronics is facing ongoing conflicts between its internal labor unions, prompting Lee Chan-hee, chairman of the Samsung Compliance Committee, to emphasize the need for 'labor rights' to be upheld not only in labor-management relations but also among unions. He identified labor rights as a core issue for the committee, stating that if labor issues within Samsung become a significant concern, the activities of the labor subcommittee will be strengthened.Before the fourth regular meeting of the Compliance Committee held at Samsung Life's Seocho headquarters on the afternoon of September 15, Lee addressed reporters regarding the recent conflicts between Samsung's internal unions. He stated, "Labor rights are an important principle that must be respected not only in labor-management relations but also in relations between unions. I will continue to pay attention to this matter and ensure progress."Lee also highlighted 'labor rights' as a key issue for the labor subcommittee. He remarked, "I believe that labor movements should develop in an environment where human rights are respected in both labor-management and inter-union relations."Recently, the Samsung Compliance Committee convened a labor subcommittee to receive reports and exchange opinions on various labor issues from experts affiliated with the Samsung Labor Relations Advisory Group. This advisory group was established within Samsung based on the committee's recommendations.Lee clarified that discussions regarding performance bonuses were not part of the labor subcommittee's agenda. He explained, "We did not discuss performance bonuses; rather, we had a session to receive reports on labor issues from the Labor Relations Advisory Group, which consists of top labor experts, and to exchange opinions."He hinted at the possibility of expanding the role of the labor subcommittee in response to future labor issues within Samsung. Lee stated, "If labor issues become significant within Samsung, it is likely that the labor subcommittee will become more active. We plan to continue seeking advice from various experts."Recently, conflicts have escalated between unions formed within Samsung's Device Solutions (DS) division, which handles semiconductors, and the Device Experience (DX) division, which oversees home appliances, smartphones, and TVs. These disputes have evolved from disagreements over performance bonuses to exchanges of derogatory remarks.Moreover, the Samsung Group's largest union, the Samsung Super Union, is experiencing heightened tensions due to allegations of a blacklist created by its leadership and controversies surrounding contracts with companies linked to the union chairman's family.In particular, Lee took a cautious stance regarding the allegations of a blacklist created by the Super Union's leadership, which has been referred to the prosecution. He stated, "As a legal professional, I trust the principle of presumption of innocence. It is not appropriate for me to express my thoughts while the facts have not yet been established." However, he added, "I will ensure that the facts are verified further."Regarding allegations of improper receipt of housing support funds by some Samsung employees, Lee noted, "We have not yet accurately confirmed the facts, but if there are issues in that process, I believe Samsung will handle it according to the law and principles."* This article has been translated by AI. 2026-09-15 15:00:10
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Korea, Turkmenistan broaden economic partnership at summit SEOUL, September 15 (AJP) - South Korean President Lee Jae Myung and Turkmen President Serdar Berdimuhamedow agreed Tuesday to expand cooperation in investment, infrastructure, shipbuilding and public security as the two countries signed 13 agreements and memorandums of understanding. Lee met Berdimuhamedow, who is on a state visit to South Korea, at Cheong Wa Dae in Seoul ahead of the inaugural Korea-Central Asia Summit. The agreements cover investment protection, chemical and plant industries, construction, transportation and logistics, water resources, railways and efforts to combat transnational crime. Among them was an investment promotion and protection agreement concluded after 16 years of negotiations. The pact establishes protections for investors, including fair and equitable treatment, provisions on investor-state dispute settlement and guarantees concerning the transfer of investment-related funds. The two leaders also agreed to broaden cooperation beyond the energy and plant sectors into railway modernization, shipbuilding, smart cities, water management, forestry, artificial intelligence and science and technology. Lee asked Berdimuhamedow to support the participation of Korean companies in Turkmenistan's railway modernization projects. Lee thanked Turkmenistan for helping South Korean nationals and their families evacuate from Iran through its territory amid heightened tensions in the Middle East. In March, more than 30 South Koreans crossed by land into Turkmenistan, with Ashgabat providing special immigration arrangements for them. South Korea and Turkmenistan established diplomatic relations on Feb. 7, 1992, and formed what Seoul describes as a "mutually beneficial partnership" in 2008. Economic ties have focused heavily on Turkmenistan's vast natural gas resources and South Korea's engineering and industrial capabilities. Korean companies have participated in major Turkmen energy projects, including the Kiyanly gas chemical complex, built by a consortium involving Hyundai Engineering and LG International. During a 2024 summit, the two countries also signed a Trade and Investment Promotion Framework, while Hyundai Engineering reached agreements related to the Galkynysh gas field and the Kiyanly plant. More recently, the two governments have sought to extend cooperation into transportation infrastructure and shipbuilding. Turkmen officials said in May that Korean companies were already making significant contributions to the country's gas chemical industry, transport infrastructure and shipbuilding projects. Berd Berdimuhamedow's visit comes as Seoul hosts the first Korea-Central Asia Summit, bringing together the leaders of Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan and Uzbekistan on Sept. 16-17. AJP Takeaways - South Korea and Turkmenistan agreed to broaden economic cooperation at a summit in Seoul, with 13 agreements and memorandums covering investment, infrastructure, logistics and public security. - The two countries finalized a long-negotiated investment protection agreement, providing a stronger legal framework for companies operating in each other's markets. - Seoul and Ashgabat are seeking to expand ties beyond energy and plant construction into railways, shipbuilding, smart cities, water management, AI and other emerging sectors. 2026-09-15 14:57:33 -
AI may worsen capital concentration if left unchecked, BOK study SEOUL, Sept. 15 (AJP) —Eight out of 10 new jobs created through the rise of artificial intelligence were in South Korea’s capital region, suggesting the AI-driven economy could worsen capital overconcentration, a Bank of Korea study found Tuesday. Occupations highly exposed to generative AI added 247,000 jobs over the period, with the Seoul metropolitan area accounting for 80.8 percent of the increase, according to a study published on the latest Bank of Korea (BOK) Issue Note. The concentration was even greater in occupations highly exposed to agentic AI, which can plan and carry out workflows with limited human intervention. Of the 105,000 jobs added in those occupations in 2025, 88.3 percent were in the capital region. The capital region, comprising Seoul, Incheon and Gyeonggi Province, accounts for more than half of South Korea's employment. The researchers divided AI into generative, agentic and physical types and measured occupational and regional exposure to each. AI exposure refers to the extent to which tasks within an occupation can use or be automated by the technology. Exposure to generative AI was highest in Seoul, followed by Sejong, Gyeonggi Province and Incheon. Agentic AI exposure was also concentrated in Seoul, Sejong and Gyeonggi Province, while physical AI showed the opposite pattern. Exposure to physical AI was highest in North Gyeongsang, South Jeolla, North Chungcheong and Ulsan, where manufacturing and manual occupations make up larger shares of employment. The divide largely reflected differences in local employment and industrial structures. Office, sales, managerial and professional occupations with greater exposure to generative and agentic AI account for larger shares of employment in the capital region. Machine-operation, elementary and service occupations more exposed to physical AI are relatively more common outside it. The employment gains did not extend to younger workers. Among people in their 20s, employment in occupations highly exposed to generative and agentic AI declined in both the capital and non-capital regions. The researchers said university education remained focused on traditional knowledge accumulation, making it difficult for recent graduates to build the expertise and experience increasingly demanded by employers. Existing industrial concentration could widen the gap further. The capital region already accounts for 71.9 percent of employment in knowledge-intensive services and 74.4 percent in semiconductor manufacturing, according to the study. The findings were presented Tuesday at the BOK's 2026 Regional Economy Symposium in Daejeon, where separate research examined whether companies and regions were equipped to turn AI adoption into productivity gains. Eom Sang-min, professor of economics at Kyung Hee University, found that adopting AI did not by itself guarantee immediate productivity gains. Companies with larger shares of workers in their 30s showed clearer productivity improvements after adopting AI, while the effect was limited at firms with higher shares of employees aged 50 or older. Firms that spent more on employee training also recorded stronger gains. Companies outside the capital region tended to have older workforces and spend less on training than firms around Seoul, leaving them at a relative disadvantage in the AI transition. AI adoption did not reduce overall employment at the firms studied, but it had a negative effect on employment of workers aged 29 and younger. Eom called for retraining older employees and stronger employment support for young workers during the transition. Another study presented at the symposium examined how AI infrastructure could affect regional economies. Kim Young-sik, professor of economics at Seoul National University, found that AI data centers could raise total factor productivity, attract workers and increase gross regional domestic product in host areas. The gains could be partly offset if limited supplies of land and buildings raised rents and created congestion. Productivity gains concentrated in one region could also draw labor and other resources away from other areas and weaken production elsewhere, according to the study. Kim found that the effects depended not only on the size of a data center but also on local supply chains, trade links and labor-market conditions. The BOK issue note also identified opportunities for areas outside the capital region. AI could produce larger productivity gains in regions where human capital is scarce, while physical AI could help manufacturing regions expand into product development, process improvement and other knowledge-intensive services. The researchers called for stronger regional AI training systems, greater specialization in knowledge services linked to local manufacturing and concentrated investment to turn regional universities into AI hubs. The studies suggest that South Korea's regional AI gap will depend not only on where the technology is adopted, but also on whether local economies have the workers, training systems and industrial base needed to use it productively. AJP Takeaways - Bank of Korea researchers found that South Korea's capital region accounted for 80.8 percent of job gains in occupations highly exposed to generative AI between 2023 and 2025. - Bank of Korea research showed that South Korea's capital region is more exposed to generative and agentic AI, while non-capital regions face greater exposure to physical AI linked to manufacturing and manual work. - Research presented at the Bank of Korea's 2026 Regional Economy Symposium found that companies outside the capital region face weaker conditions for AI-driven productivity gains because they tend to have older workforces and lower training investment. - Bank of Korea researchers said regional AI training, manufacturing-linked knowledge services and stronger university-based AI hubs could help non-capital regions capture more of the technology's economic gains. 2026-09-15 14:55:03 -
U.S. Clarity Act to Face First Senate Vote on September 15; South Korea's Digital Asset Law Delayed The Clarity Act, which defines the distinction between securities and commodities in virtual assets and outlines the supervisory authority of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), will be put to its first procedural vote in the U.S. Senate on September 15 (local time). In South Korea, the preparation of a unified Digital Asset Basic Law, which includes the issuance of won-backed stablecoins and regulations on virtual asset exchange ownership, has been delayed, with a legislative turning point expected in November.According to the virtual asset industry on September 15, the U.S. Senate will hold a vote on the motion to proceed with H.R.3633 (Clarity Act) on the morning of September 16, Korean time. This vote will determine whether the bill will be discussed in the Senate, requiring at least 60 votes from the 100 senators. Even if all 53 Republican senators support it, at least 7 votes from Democrats or independents are needed.Passing this procedural vote does not guarantee final approval of the bill. The Senate must review and vote on amendments before concluding debate and holding a final vote on the bill itself. If the Senate version differs from the House's previous approval, a reconciliation process between the two chambers will be necessary. However, if the procedural vote fails, the likelihood of passing legislation by the end of the year is significantly reduced, especially considering the upcoming midterm elections and subsequent congressional schedule.While the U.S. is clarifying the legal nature and regulatory framework for virtual assets, the preparation of a unified Digital Asset Basic Law, referred to as the 'second phase of virtual asset legislation' in South Korea, has been delayed. Earlier this year, the Democratic Party formed a task force (TF) and initiated discussions with the government, but a final proposal has yet to be released.Key issues in domestic legislation include the entity authorized to issue won-backed stablecoins and ownership limits for major shareholders of virtual asset exchanges. Lawmakers have proposed that banks should hold more than 50% of the shares in companies issuing won-backed stablecoins, with a limit of one share exceeding that threshold. For exchange major shareholders, a general limit of 20% has been discussed, with a potential increase to 34% if certain criteria, such as innovation, are met.The bank-centered issuance plan is seen as a way to ensure the credibility of won-backed stablecoins and financial stability, but critics argue it may restrict participation from fintech and information technology companies. Similarly, while limiting major shareholder ownership in exchanges could prevent concentration of power, it has raised concerns about potential violations of property rights and decreased management stability.The Democratic Party plans to hold a public hearing by the end of this month and begin a thorough review in the legislative subcommittee in November. They aim to process the bill by late November or early January at the latest, but the timeline remains uncertain due to ongoing national audits and budget reviews for the next year.As the existing Digital Asset TF is expected to be reorganized under the Democratic Party's 'AI Transition Financial, Stock Market, and Economic System Improvement Promotion Team,' how to consolidate individual bills proposed or prepared by lawmakers into a single proposal remains a challenge.An industry insider stated, "Considering the national audit and next year's budget schedule, passing the bill by the end of the year seems difficult. Even if U.S. legislation progresses, it will be challenging to immediately reflect it in our system without resolving key domestic issues and regulatory frameworks." 2026-09-15 14:52:00