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  • Seoul Launches 23-Day Welcome Program for East Asian Holiday Travelers
    Seoul Launches 23-Day Welcome Program for East Asian Holiday Travelers Major holidays in East Asia, including Japan's Silver Week and China's Mid-Autumn Festival and National Day, coincide this fall. To attract foreign tourists during this peak travel season, the Seoul Metropolitan Government is launching a 23-day hospitality initiative from September 19 to October 11. The city announced on September 15 that it will operate the '2026 Seoul Welcome Week (Autumn Edition)' in collaboration with the Seoul Tourism Foundation and the Seoul Tourism Association. This year's program is designed to provide hospitality services along the actual travel routes of foreign tourists, from their arrival at the airport to their departure. The initiative expands beyond the traditional focus on Myeongdong to include Incheon and Gimpo airports, urban tourist information centers, the Seoul Culture Lounge, and the Han River. The event aligns with the East Asian tourism peak, starting with Japan's Silver Week (September 19-23), followed by Korea's Chuseok (September 24-27), China's Mid-Autumn Festival (September 25-27) and National Day (October 1-7), and Taiwan's National Day (October 9-11). In July, 1.61 million foreign tourists visited Seoul, spending 1.07 trillion won. Chinese tourists accounted for the largest group at 600,000, followed by 250,000 from Japan and 200,000 from Taiwan. The city aims to convert the holiday demand of these significant East Asian tourist markets into autumn travel spending. At the airport, foreign tourists will be greeted with a 'free tourist pass' as their first welcome. Starting September 19, the 'Discover Seoul Pass Heritage Edition' will be distributed on a first-come, first-served basis at tourist information centers in Incheon Airport's Terminals 1 and 2 and Gimpo Airport. This mobile pass allows free entry to 12 major national heritage sites in Seoul, including the royal tombs of the Joseon Dynasty and four major palaces, along with discounts at over 110 partner tourist facilities. Hospitality events themed around Chuseok will take place at 13 tourist information centers and fixed guide posts, including the Seoul Tourism Plaza and Myeongdong. Foreign tourists can write wishes while viewing the moon and receive English fortune cookies and traditional knot ornaments. Myeongdong, a popular destination for foreign tourists, will serve as the main stage for the Welcome Week. From October 1 to 8, a 'Seoul Welcome Center' will be set up near Exit 6 of Myeongdong Station. At the Seoul Culture Lounge on the 11th floor of the Seoul Tourism Plaza on Cheonggyecheon-ro, programs to experience Korea's Chuseok and traditional culture will be held from September 19 to October 10. Special hospitality events for foreign tourists will also take place along the Han River. During the Welcome Week, Seoul Cruise will offer a 20% discount on cruise tickets for foreigners. The 'Moonlight Rooftop Night Market' will feature K-pop performances and traditional cultural experiences against the backdrop of the Han River's night scenery at the Yeouido Cruise Terminal's fourth floor. The city is also encouraging greater participation from the tourism industry. Starting September 16, it will send out four newsletters to the tourism sector to inform them about the Welcome Week events and participation methods, while promoting fair pricing and courteous service to prevent excessive charges and unfair practices. Cho Sung-ho, head of the Seoul Tourism and Sports Bureau, stated, "This Welcome Week is significant for expanding hospitality services along the travel routes of foreign tourists from the airport to major urban tourist hubs, and for encouraging participation from the tourism industry. We will ensure that visitors feel a warm welcome and experience the diverse charms of Seoul from the moment they arrive until they depart." 2026-09-15 12:00:00
  • Joint Response Team Raids Bio Company A for Insider Trading Allegations
    Joint Response Team Raids Bio Company A for Insider Trading Allegations The Joint Response Team, tasked with eradicating stock manipulation, is conducting a raid on Bio Company A, a KOSDAQ-listed firm, for allegedly profiting from undisclosed information prior to a favorable announcement regarding a contract with a global pharmaceutical company.According to financial sources, the team began its search early on September 15 at the headquarters of Company A in Gangnam, Seoul, as well as the residences of employees implicated in the case.Company A specializes in developing immuno-oncology drugs and treatments for degenerative brain diseases. It announced last year that it had signed technology transfer agreements with a global pharmaceutical company for new drug development in both the first and second halves of the year.Approximately 10 employees of Company A are suspected of acquiring shares before the announcement of the contract and then selling them for profit after the stock price increased following the public disclosure.Current capital market laws prohibit insiders from using or allowing others to use undisclosed important information related to a listed company's operations for trading purposes.The estimated amount of illicit gains is around 1 billion won.The Joint Response Team is reportedly conducting a broad investigation into whether employees used undisclosed information personally, whether such information was shared organizationally within the company, and the involvement of executives and management.If it is determined that the misuse of information was not an individual act but rather an organized effort within the company, or if executive involvement or violations of disclosure regulations are uncovered, it could lead to a substantial review of the company's eligibility for listing. 2026-09-15 11:56:00
  • Government Plans to Reduce Power Tower Construction by Up to 40% and Expand Underground Wiring in Daejeon and Sejong
    Government Plans to Reduce Power Tower Construction by Up to 40% and Expand Underground Wiring in Daejeon and Sejong The government plans to reduce the construction of new power towers by up to 2,214 and expand underground wiring in densely populated areas. It will also support the installation of solar power facilities in villages near the national power grid, allowing residents to earn income from power generation.The Ministry of Climate, Energy, and Environment reported these measures during a cabinet meeting on September 15. The initiative aims to expand the power grid in response to increasing electricity demand from the semiconductor and data center industries, as well as the growth of renewable energy, while minimizing the impact on residents and ensuring tangible benefits for local communities. Minister Kim Sung-hwan incorporated feedback from three meetings with resident representatives and site visits in Daejeon, Geumsan, and Anseong into the plan.Initially, the government will integrate existing and new power lines onto a single tower or install newly planned lines together. This approach will consolidate double-circuit lines into four-circuit towers. By maximizing integration in the ongoing national power grid project, the government estimates that the number of planned towers, originally set at 4,723, could be reduced to 2,509. Consequently, it plans to integrate 969 kilometers of the total 2,169 kilometers of power lines.Additionally, the government will expand underground wiring in densely populated areas, focusing on regions such as Yuseong District in Daejeon, Jangseong County, Gunsan, Cheongyang, and Sejong and Cheongju. The underground wiring for the Shin Gyeryong to Shin Cheonan line will be considered for approximately 10 kilometers in Daejeon's densely populated areas. The plan also includes underground wiring for about 2 kilometers in the extraction area of a new 345kV substation where multiple lines converge. Alternative routes will be pursued to minimize the impact on villages of national merit, social welfare facilities, and cultural heritage sites.The government will establish 'Solar Income Villages' to support residents' income. Of the 2 billion won (approximately $1.5 million) in support provided to local governments for each kilometer of the national power grid, about two-thirds will be allocated to nearby villages, prioritizing investments in village solar installations. The plan includes support for solar installations ranging from 300 kW to 1 MW per village, with a dedicated support team from Korea Electric Power Corporation to assist with project development and administrative procedures. The ministry estimates that households in these areas could earn up to 3 million won (about $2,250) annually.Furthermore, the government will expand direct support for residents affected by the national power grid project and increase funding for areas near power facilities, adjusting the budget annually to account for inflation. The site selection process will require an initial public briefing and increase the number of briefings from two to three. Resident participation in the site selection committee will be generally permitted, and meeting materials will be made public, excluding personal information.At least two candidate corridors will be identified to broaden the selection options for resident representatives. Discussions and public hearings will be held from the planning stages of the basic power supply plan and long-term transmission and transformation facility plans to assess the necessity and feasibility of power grid construction.The government is also working to distribute over 14 GW of electricity demand from the Honam semiconductor industrial complex and data centers in Donghae and Ulsan, promoting a system where locally produced electricity is consumed locally.Minister Kim Sung-hwan stated, "We must communicate sufficiently with residents and share tangible benefits to reduce social conflicts while timely expanding the necessary power grid. We will strengthen cooperation with residents to ensure that the expansion of the power grid leads to local development."* This article has been translated by AI. 2026-09-15 11:52:00
  • Kimhae Yongdu District Development Project Surpasses 80% Compensation Rate
    Kimhae Yongdu District Development Project Surpasses 80% Compensation Rate The land compensation rate for the Kimhae Yongdu District development project has exceeded 80%, signaling a green light for the commencement of site preparation work within the year.The Kimhae Urban Development Corporation announced that it is currently in the process of expropriation resolution and compensation payment for unagreed land.According to the corporation, the reported compensation rate of 80% is calculated based on the 'total compensation amount' rather than the number of landowners or parcels. This means that the amount for which contracts have been signed, compensation payments completed, and ownership transferred to the corporation exceeds 80% of the total.The compensation amount was determined by averaging the evaluations from three appraisal firms, each recommended by the Gyeongsangnam-do government, the project implementer, and a landowners' association.The first expropriation resolution for landowners who disputed the compensation amount has been completed. The corporation plans to deposit the compensation funds by the 18th and complete the payment by the 21st.For the remaining land where no agreement has been reached, the process will move to a second expropriation resolution. The project implementer will apply for a resolution to the Gyeongsangnam-do Local Land Expropriation Committee, which will select a new appraisal firm to reassess the compensation amount.The exact start date for the site preparation work has not yet been determined. While the initial project plan indicated a start date of October 12, the corporation is considering a December start based on the overall progress of compensation.Once the project is completed, public facilities such as roads will be handed over to the city of Kimhae, and two sites for elementary and high schools within the district will be transferred to the education office at no cost.Kwon, head of the development project team, stated, "With the compensation rate surpassing 80%, the project is progressing smoothly," and emphasized, "There will be no delays in construction due to compensation issues."* This article has been translated by AI. 2026-09-15 11:40:00
  • Kim Young-shin Inspects Outstanding Companies in Regional Industry Development Project
    Kim Young-shin Inspects Outstanding Companies in Regional Industry Development Project The Small and Medium Business Technology Information Promotion Agency reported that Kim Young-shin visited H.E.V., a specialized automotive component manufacturer, on the 14th. This visit aimed to share the achievements of outstanding companies in the regional industry development project and to explore ways to enhance the competitiveness of local small and medium enterprises in the automotive component sector and their entry into domestic and international markets. Located in Sejong, H.E.V. specializes in producing wire harnesses that supply power and transmit electrical signals to automotive sensors, fuel pumps, and motors. The company currently supplies parts to Corevis and Hyundai Motor Group and has established overseas subsidiaries in Vietnam and Mexico. Through the growth ladder support of the Ministry of SMEs and Startups and Gijeongwon, H.E.V. has received assistance in marketing, prototype production, technology transfer, product enhancement, and intellectual property certification. Kim toured the research facilities and reviewed the status of key products and technology development. H.E.V. CEO Kim Sun-hee shared plans for entering overseas markets, regional collaboration, commercialization strategies, and challenges with Kim. Kim Young-shin stated, “We will continue to identify promising local companies with high growth potential and support their technology development, commercialization, and international expansion to enhance the competitiveness of regional businesses.”* This article has been translated by AI. 2026-09-15 11:36:10
  • Han Byeong-do Criticizes Opposition for Attacking Kim Seung-won Ahead of Confirmation Hearing
    Han Byeong-do Criticizes Opposition for Attacking Kim Seung-won Ahead of Confirmation Hearing Han Byeong-do, the floor leader of the Democratic Party, criticized the People Power Party on September 15 for focusing on insulting Kim Seung-won, the nominee for Minister of Justice, ahead of his confirmation hearing. He stated, "They are preoccupied with making provocative remarks that are unrelated to the essence of the matter, and the real target is not Kim Seung-won himself but the reform of the criminal justice system."During a policy meeting at the National Assembly, Han emphasized that all three candidates appearing at the hearing today have proven their expertise and capabilities in their respective fields.He described the confirmation hearing as an opportunity to thoroughly verify the policy capabilities and execution skills of the leaders who will guide each ministry, introducing Kim as someone who possesses both practical experience in the legal field and legislative reform experience, capable of leading the new criminal justice system stably.Regarding Lee Hyung-il, the nominee for Deputy Prime Minister and Minister of Economy and Finance, Han noted, "He has been recognized for his abilities across both progressive and conservative administrations and is a seasoned economic bureaucrat who is well-suited to lead South Korea's macroeconomy stably." He also praised Lee So-young, the nominee for Minister of SMEs and Startups, stating, "With her ability to handle budgets and policies, she will closely examine the challenges faced by small businesses, micro-enterprises, and startups to create clear solutions."Han asserted, "We will verify the candidates' capabilities based on unwavering principles and will firmly confront malicious political attacks to ensure the hearing is evaluated on merit and policy."Meanwhile, Han pressed Chief Justice Cho Hee-dae to clarify his stance regarding the vacancies in the Supreme Court. He pointed out, "It has been over two weeks since President Lee Jae-myung requested the re-nomination of Supreme Court candidates, yet Chief Justice Cho remains silent and unresponsive." He highlighted that on September 11, the Blue House emphasized the public's right to a fair trial and requested a prompt re-nomination, but no specific position or timeline has been provided.Han added, "In the meantime, two Supreme Court positions have become vacant, raising concerns about disruptions in the operation of the small court and the plenary session. There are already candidates who have been recommended through proper procedures. If new candidates are nominated from among them, the vacancies can be filled. I urge you to promptly clarify your position and timeline."* This article has been translated by AI. 2026-09-15 11:36:00
  • KOSPI Rises Over 2% Following Strong NVIDIA Performance
    KOSPI Rises Over 2% Following Strong NVIDIA Performance The South Korean stock market opened lower on September 15 but quickly rebounded, with the KOSPI turning positive and the KOSDAQ rising nearly 2%.The domestic market began the day with the KOSPI down 25.00 points (0.38%) at 6,659.25, dipping to as low as 6,625.15 before recovering to 6,686.87, up 2.50 points (0.04%) as of 11:26 a.m. The KOSDAQ also started lower, down 0.30 points (0.04%) at 806.49, but reversed course to rise 15.80 points (1.96%) to 822.59.Early trading was affected by U.S. Treasury yields exceeding 5% and a surge in international oil prices, compounded by concerns over the pace of artificial intelligence (AI) development, which dampened investor sentiment. All three major U.S. stock indices fell overnight.In terms of trading activity, individuals purchased a net 496.9 billion won in the KOSPI, while foreign investors and institutions sold a net 836 billion won and 297.1 billion won, respectively. In the KOSDAQ, institutions bought a net 84.2 billion won, while individuals sold a net 85.7 billion won.Among large-cap stocks, Samsung Electronics rose 0.50% and SK Hynix gained 0.88%, with Samsung Electronics preferred shares up 3.54% and LG Energy Solution increasing by 3.41%. Conversely, KB Financial fell 2.20% and Samsung Life dropped 3.02%.In the KOSDAQ, IOTechniques surged 6.19%, while Rainbow Robotics and Roboteers rose 5.11% and 4.93%, respectively. EcoPro BM and EcoPro also saw gains of 3.46% and 2.82%. However, Juseong Engineering experienced a decline of 4.17%.* This article has been translated by AI. 2026-09-15 11:32:00
  • Seoul Bus Strike Looms as City Prepares Emergency Transport Measures
    Seoul Bus Strike Looms as City Prepares Emergency Transport Measures As negotiations continue just one day before a planned bus strike in Seoul, the city is preparing emergency transport measures.On September 15, Seoul Mayor Oh Se-hoon chaired an urgent meeting to review the city's emergency transport plans in anticipation of the bus strike.Mayor Oh urged both labor and management to consider the impact on citizens' daily lives and to approach negotiations with a sense of responsibility. He noted, "The two-day bus strike in January caused significant inconvenience for many citizens, particularly for those in transportation-disadvantaged areas and vulnerable populations such as the elderly."He added, "We will mobilize all available resources to ensure there are no gaps in transportation for citizens tomorrow morning. We will thoroughly check whether the shortcomings from January have been adequately addressed and ensure there are no oversights in preparations for transportation-disadvantaged areas and vulnerable populations."If the strike occurs, it will be the second in about eight months, following the one in January. During that strike, only 478 out of 7,018 buses were operational on the first day, resulting in a service rate of just 6.8%. After two days of striking, labor and management reached an agreement on a 2.9% wage increase, but the issue of revising the wage system to reflect ordinary wages was not included in the agreement.In preparation for this strike, the city plans to expand alternative transportation options compared to January. The number of free shuttle buses will increase from around 700 to a maximum of 1,500. Approximately 1,300 of these will connect major hubs and residential areas to subway stations across 25 districts, while the city will deploy about 200 additional buses to operate on ten major arterial routes, including Gangnam-daero, Tongil-ro, and Dobong-ro.The subway will also increase service by 202 trips per day. The peak commuting hours will be extended from 7-9 a.m. to 7-11 a.m., and evening service will be extended from 6-8 p.m. to 6-10 p.m. The last trains will also be extended to arrive at their final destinations by 2 a.m. the following day. In January, the subway increased service by 172 trips during the strike.Community buses will also be deployed to fill in gaps left by the city buses. The public bicycle service, 'Ddaerung-i,' will be available for free. To accommodate an expected increase in private vehicle use, regular bus lanes will be opened to general traffic during the strike, while central bus-only lanes will remain operational as usual.Flexible work arrangements will be implemented for city employees and public institutions. The city has requested the education office to adjust school start times for elementary, middle, and high schools and is encouraging private companies, through the Seoul Chamber of Commerce and the Korea Federation of Small and Medium Businesses, to adopt remote work and flexible hours.The core issue of the current conflict revolves around the application of ordinary wages. The Supreme Court's full bench has established a new standard, stating that wages paid regularly and uniformly for specified work can be included as ordinary wages, even if certain payment conditions are attached. This ruling has intensified the conflict over wage calculation methods between labor and management, particularly following a second trial ruling in a case involving Dong-A Transportation.The union argues that the standard calculation for ordinary wages should be based on 176 hours per month, with an additional 7.85% increase. Management and the city have proposed a wage increase of about 10.32%, which includes the portion reflecting the court's ruling on ordinary wages.The Seoul Regional Labor Relations Commission will hold a second mediation meeting at 2 p.m. today in a last-ditch effort to reach an agreement. The union plans to strike starting with the first bus on September 16 if no agreement is reached by then.* This article has been translated by AI. 2026-09-15 11:28:00
  • Revisions to Construction Industry Law and Saemangeum Project Law Approved
    Revisions to Construction Industry Law and Saemangeum Project Law Approved On September 15, the Ministry of Land, Infrastructure and Transport announced that revisions to the Construction Industry Law and the Saemangeum Project Law were approved during a Cabinet meeting.The amendment to the Construction Industry Law grants the Minister of Land the authority to take administrative action against serious illegal subcontracting practices on construction sites. It also establishes grounds for reducing penalties for those who voluntarily report such violations. The new provisions are set to take effect four months after the law is promulgated.Previously, penalties for illegal subcontracting had to be imposed within six months of detection, but the authority to enforce these penalties rested with local governments. Under the new regulations, the Ministry of Land will directly impose administrative actions based on factors such as the detection entity, subcontract amount, type of work, and progress rate.Additionally, if a violation is voluntarily reported within the period specified by the Minister of Land and corrective actions are completed before the penalties are finalized, the penalties may be reduced by up to half of the business suspension or fine.The amendment to the Saemangeum Project Law expands the scope of local companies eligible for preferential treatment and improves the method of supplying developed land. This amendment will take effect immediately upon promulgation.Under the new provisions, contracts for construction engineering services under the Construction Technology Promotion Act will be included in the categories eligible for preferential treatment for local companies participating in the Saemangeum project. This aims to encourage greater participation from construction engineering firms based in North Jeolla Province.To promote comprehensive development in Saemangeum, the method of supplying developed land will also be improved. The government plans to ensure procedural fairness while considering project proposals, designs, and other factors through a competitive bidding process.Meanwhile, the Cabinet meeting is a key policy deliberation body composed of the President, Prime Minister, and Cabinet members, where important policies and issues are discussed and decided. The meeting requires a majority of its members to be present and decisions are made with the approval of at least two-thirds of those present.* This article has been translated by AI. 2026-09-15 11:28:00
  • U.S. Considers Gradual Agreement with Iran Amid Ongoing Tensions
    U.S. Considers Gradual Agreement with Iran Amid Ongoing Tensions As tensions between the United States and Iran show little sign of resolution, the U.S. is reportedly considering a gradual agreement with Iran.On September 14, the UAE media outlet Erem News reported, citing a Pakistani source familiar with U.S.-Iran negotiations, that the Trump administration appears to be maintaining high levels of military and economic pressure on Iran while keeping communication channels open. The report added that if a comprehensive agreement with Iran proves difficult to achieve quickly, the U.S. is exploring the option of transitioning to a gradual agreement. Pakistan is acting as a mediator in the U.S.-Iran negotiations and is urging both sides to return to the negotiating table amid a prolonged deadlock.The source explained that the most realistic negotiation scenario moving forward would involve starting with manageable issues and gradually building agreements. Initially, the focus would be on relatively quick-to-manage matters such as navigation safety in the Strait of Hormuz and preventing conflict escalation, before moving on to more complex issues like nuclear and missile concerns and Iran's role in the Middle East.He also cautioned against interpreting President Trump's mention of a potential end to military operations around the time of the November midterm elections as a signal of a halt to military actions. Instead, he suggested that the U.S. views the coming months as a period to recalibrate negotiation conditions and the balance of power, indicating a likelihood of renewed military pressure to achieve a broader agreement afterward.On the same day, President Trump stated on his social media platform Truth Social, "Once the military conflict with Iran ends, oil prices will plummet," adding that "peace is not far off." During a press conference while visiting Ireland the previous day, he remarked that the conflict with Iran could end "right after the midterms, or perhaps even before," asserting that "Iran desperately wants to negotiate. They keep calling."The Pakistani source analyzed Trump's comments as sending simultaneous messages to both the U.S. domestic audience and Iran ahead of the midterm elections. The U.S. does not desire an endless war, but when negotiations resume, it aims to assert its conditions based on a position of strength or secure concessions on key issues. He noted that the timing of any agreement would depend on the progress of military operations and both sides' ability to bear the costs of continued conflict. Additionally, changes in the energy market and maritime transport conditions are critical variables that could increase pressure on all parties to return to the negotiating table.However, both the U.S. and Iran are currently engaged in a tense standoff to gain the upper hand in negotiations, leaving the prospect of talks still uncertain. President Trump stated on Truth Social, "The collapsing nation of Iran desperately wants to negotiate," adding, "I will decide whether the U.S. will enter negotiations." He emphasized, "We are open to options for entering negotiations."In response, Mohsen Rezaei, Secretary of Iran's Supreme National Security Council, cautioned on social media platform X (formerly Twitter) against being misled by the U.S. president's fluctuating statements, which shifted from "no negotiations" to "ready to talk." He asserted, "The situation surrounding oil and the straits has already changed," emphasizing that there will be no negotiations until Iran's conditions are met.* This article has been translated by AI. 2026-09-15 11:24:00