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  • Vietnamese Pharmaceutical Delegation Visits Daewon Pharmaceuticals Jincheon Plant
    Vietnamese Pharmaceutical Delegation Visits Daewon Pharmaceutical's Jincheon Plant Daewon Pharmaceutical announced that a delegation from the Vietnamese government and pharmaceutical industry visited its Jincheon plant in North Chungcheong Province on September 11 to tour its advanced pharmaceutical production facilities and quality control systems. The delegation included officials from the Vietnam Ministry of Health's Drug Administration (DAV) and representatives from pharmaceutical and bio companies such as Newteco and Phitopharma. They visited the Jincheon plant to benchmark Korea's advanced pharmaceutical production facilities and operational systems in connection with Vietnam's ongoing pharmaceutical and bio industrial park development project, and to explore potential collaboration with domestic pharmaceutical companies. Daewon Pharmaceutical showcased its smart factory initiatives, focusing on the plant's automated production equipment and IT-based quality control systems. Opened in 2019, the Jincheon plant is the largest production base for liquid medications in Korea, producing Daewon's flagship products, including the oral medication Cold Daewon. It features state-of-the-art facilities and production systems that meet cGMP standards. cGMP refers to the manufacturing and quality control standards required by the U.S. Food and Drug Administration (FDA) to ensure the safety and quality of pharmaceuticals, encompassing management standards for the entire production process from raw material receipt to manufacturing, packaging, testing, and storage. The Jincheon plant has implemented a range of automation technologies, including a raw material transfer system (TDS), conveyor systems, packaging automation robots, and a warehouse management system (WMS), enhancing efficiency across the entire production process from preparation to packaging and logistics. Additionally, it employs IT-based systems such as quality management systems (QMS), laboratory information management systems (LIMS), and environmental management systems (BMS) to systematically manage quality, testing, and manufacturing environments. Baek In-hwan, president of Daewon Pharmaceutical, stated, "This was an opportunity to directly introduce the advanced production facilities and operational capabilities of the Jincheon plant to the Vietnamese government and industry officials promoting the establishment of a pharmaceutical and bio industrial park. We aim to expand our collaboration with overseas partners based on our smart factory competitiveness and to raise awareness of the excellence of products produced at the Jincheon plant." Meanwhile, Daewon Pharmaceutical is noteworthy for expanding its prescription drug portfolio, which has traditionally focused on respiratory and antipyretic analgesics, to include chronic diseases. In the second quarter of this year, the endocrine and circulatory system accounted for 25.1% of the company's sales by disease category, surpassing the respiratory system's 24.4%. In the previous quarter, the respiratory system accounted for 26.6%, while metabolic diseases represented 22.9%. The company plans to establish new growth avenues by developing new drugs for gastroesophageal reflux disease and obesity-related metabolic disorders.* This article has been translated by AI. 2026-09-14 17:28:10
  • Samsung, LG to pay suppliers 1.9 trillion won early ahead of Chuseok
    Samsung, LG to pay suppliers 1.9 trillion won early ahead of Chuseok SEOUL, September 14 (AJP) - South Korea's Samsung and LG will make a combined 1.9 trillion won ($1.4 billion) in early payments to suppliers ahead of the Chuseok holiday, seeking to ease cash-flow pressures on smaller business partners during a period of increased funding needs. Samsung said Monday that 13 affiliates, including Samsung Electronics, Samsung C&T and Samsung Biologics, will pay a combined 1.3 trillion won to suppliers about seven days earlier than scheduled. The amount is about 110 billion won more than Samsung provided ahead of last year's Chuseok holiday. LG, meanwhile, will make 600 billion won in early payments through eight affiliates, including LG Electronics, LG Energy Solution, LG Chem and LG Innotek. Payments will be made as much as 13 days ahead of schedule. Large Korean companies routinely accelerate payments to smaller suppliers ahead of major holidays, when demand for cash can rise as businesses face expenses including raw-material purchases and employee bonuses. LG also operates about 1.2 trillion won in financial support programs through seven affiliates, including funds and direct lending that allow suppliers to access interest-free or low-interest financing. Both conglomerates are taking additional measures aimed at supporting smaller businesses and local economies during the holiday period. Samsung is operating an online marketplace for employees featuring regional specialties, agricultural products and goods made by small and midsize companies that participated in Samsung Electronics' smart-factory program. Seventeen Samsung affiliates are participating in the marketplace, with employees typically purchasing about 3 billion won worth of products during the Lunar New Year and Chuseok holiday periods combined each year. LG affiliates, meanwhile, plan to provide daily necessities and conduct volunteer activities for vulnerable communities during the holiday. AJP Takeaways - Samsung and LG will separately make a combined 1.9 trillion won in early supplier payments ahead of Chuseok, including 1.3 trillion won from Samsung and 600 billion won from LG. - Samsung will bring payments forward by about seven days, while LG's eight participating affiliates will make payments as much as 13 days early. - The companies are also providing additional support to smaller businesses, including Samsung's holiday marketplace and LG's 1.2 trillion won supplier financing programs. 2026-09-14 17:25:20
  • LE SSERAFIM, Ejae team up for new remix single
    LE SSERAFIM, Ejae team up for new remix single SEOUL, September 14 (AJP) - K-pop girl band LE SSERAFIM released a remix version of "Made My Night" featuring Ejae of "Kpop Demon Hunters," the group's agency Source Music said on Monday. Ejae took part not only as a featured vocalist but also in the song's production, according to the agency. In her lyrics, EJAE references several of LE SSERAFIM's earlier tracks, including "FEARLESS," "ANTIFRAGILE" and "CRAZY." The collaboration follows Ejae's previous work with the group on "So Cynical" last year. She said that she was happy to work with LE SSERAFIM again and tried to carry the original track's upbeat mood into her vocal part. AJP Takeaways - LE SSERAFIM released a remix of "Made My Night" featuring EJAE. - EJAE also took part in the song's production. - The lyrics reference earlier LE SSERAFIM tracks including "FEARLESS," "ANTIFRAGILE" and "CRAZY." 2026-09-14 17:25:19
  • Opposition Questions Leadership Vacancies in Criminal Justice System
    Opposition Questions Leadership Vacancies in Criminal Justice System The opposition People Power Party raised concerns on September 14 during a government questioning session in the National Assembly regarding the vacancies in key law enforcement positions, including the police chief and prosecutor general. In the first round of questioning, People Power Party lawmaker Seo Beom-soo pressed Prime Minister Han Seung-soo, stating, "The position of police chief has been vacant for 15 months. Is it that you have not appointed someone, or that you cannot?" With the abolition of the prosecution office set for next month and the restructuring of the criminal justice system centered around the new prosecution office and the Serious Crime Investigation Agency, concerns were raised about the lack of leadership in these organizations. Seo questioned, "In a situation where there is no head for the police, prosecutor's office, or Ministry of Justice, who is controlling these agencies, and who is responsible?" In response, Prime Minister Han stated, "We will finalize appointments as soon as possible. I will provide a specific timeline for these appointments shortly," adding that suitable candidates will be appointed in line with the changes in the criminal justice system. Democratic Party lawmaker Kim Young-ho highlighted the prolonged delays in the liquidation process following the dissolution of redevelopment and reconstruction associations. He told the Prime Minister, "Liquidation associations must return members' assets after the dissolution of redevelopment and reconstruction associations, but the government and local authorities are not even properly grasping the situation," and noted that there are many cases where liquidation is intentionally delayed. He called for follow-up measures, including a comprehensive investigation of unresolved associations, an investigation into corruption in completed liquidations, and the formation of a joint task force involving relevant agencies such as the police and the National Tax Service. Kim also urged the establishment of a 'Liquidation Reserve Fund Task Force' within the Democratic Party to allow local government leaders to investigate the status of liquidation reserves.* This article has been translated by AI. 2026-09-14 17:24:10
  • K-Beautys Growth Formula Shifts as U.S. and Europe Drive Expansion
    K-Beauty's Growth Formula Shifts as U.S. and Europe Drive Expansion K-Beauty's growth formula is changing. Moving away from a structure centered on the Chinese market and large brands, small and indie brands are expanding in overseas markets such as the U.S. and Europe. This shift is creating a virtuous cycle in the industry ecosystem, where brands, manufacturing, and distribution grow together, enhancing K-Beauty's competitiveness.According to the Ministry of Trade, Industry and Energy, cosmetics exports in the first half of this year (January to June) reached $6.997 billion (approximately 9.413 trillion won), marking a 27.2% increase compared to the same period last year. This marks the highest export figure for the first half of the year for three consecutive years since 2024. In July, exports totaled $1.351 billion (approximately 1.8175 trillion won), and in August, they reached $1.312 billion (approximately 1.765 trillion won), reflecting remarkable growth of 37.8% and 52.1%, respectively, compared to the previous year.Notably, the shift in key overseas markets has become pronounced in recent years. The export structure, once centered on China, is rapidly transitioning to the U.S. and Europe. According to the Ministry of Food and Drug Safety, the proportion of cosmetics exports to China decreased from 32.8% in 2023 to 24.5% in 2024, and further to 17.7% in 2025. This decline is attributed to companies reducing their dependence on China following the deployment of THAAD and the subsequent restrictions on Korean products.In contrast, the share of exports to the U.S. increased from 14.1% in 2023 to 18.7% in 2024, and reached 19.1% in 2025, surpassing China. In terms of export value, the U.S. accounted for $2.184 billion last year, while China accounted for $2.018 billion. Poland is also emerging as a new market. K-Beauty exports to Poland were only about $50 million in 2023, but are projected to grow to $130 million in 2024 and $280 million in 2025, entering the top nine in export rankings.An industry insider stated, "While export destinations were previously concentrated in China, they are now diversifying with a focus on the U.S. The recent overhaul of cosmetics regulations in China has increased the burden of required documentation and costs, leading more companies to consider targeting other markets with the same investment of time and resources."Alongside market changes, the industry structure has also evolved. Previously, K-Beauty was dominated by large corporations like Amorepacific and LG Household & Health Care, which managed research, production, and distribution in a vertically integrated model. Products developed and manufactured in-house were sold through their own brand shops, department stores, and duty-free shops.Currently, an ecosystem where brands, manufacturing, and distribution share roles has become the center of growth. Brands focus on planning and marketing, while contract manufacturers like Cosmax and Korea Kolmar handle production. Distribution companies like Olive Young connect various brands through platforms and local distribution networks. This shift has created a foundation for market entry without large-scale organizations, expanding the growth structure to include indie brands. This has led to an assessment that the entire industry is growing together, rather than just specific companies.The government is also working to expand the industrial base. The Ministry of Food and Drug Safety has launched the world's first Global Cosmetics Regulatory Authority Leaders' Forum (GCORAS) to share regulatory systems and policies with 15 institutions from 12 countries, including ASEAN, the Middle East, and Latin America. This initiative aims to establish an international cooperation framework to support domestic companies' overseas expansion in line with the strengthening of global regulations on cosmetics safety assessments, manufacturing, and quality management standards (GMP), and halal certification.An industry representative noted, "As awareness of K-brands and the national image has increased, overseas consumers are naturally encountering these products more often. With quality being standardized and competitive pricing, the market is steadily expanding not only in the U.S. but also in Southeast Asia." 2026-09-14 17:24:00
  • Kim Ji-yong Responds to Pro-Yoon Controversy, Citing Past Disciplinary Actions
    Kim Ji-yong Responds to 'Pro-Yoon' Controversy, Citing Past Disciplinary Actions Kim Ji-yong, the nominee for the inaugural head of the Serious Crimes Investigation Agency, has firmly rebutted allegations of being 'pro-Yoon' (supportive of President Yoon Suk Yeol). He asserted that his opposition to the abolition of supplementary investigative powers in the past was motivated by a concern for victims, not the prosecution.On September 14, Kim addressed reporters in the lobby of the Government Seoul Building in Jongno, Seoul, where he shared his stance on various allegations surrounding him.In response to claims that he is a 'pro-Yoon' prosecutor, Kim stated, "I was demoted during the first prosecutor appointment after the Yoon Suk Yeol administration took office, and I retired in September 2023, about a year later. I have never been classified as close to any specific individual or received any benefits during my time in the prosecution."Regarding his past opposition to the abolition of supplementary investigative powers, he explained, "My advocacy for the necessity of supplementary investigations was not for the benefit of the prosecution but stemmed from a belief that there should be no gaps in protecting crime victims."He added, "I deeply reflect on the fact that the prosecution, which I was part of, lost public trust and led to its abolition. I fully agree with the fundamental principle of separating investigation and prosecution as part of criminal justice reform."Kim emphasized, "I respect the National Assembly's intent behind amending the Criminal Procedure Act. It is now time to focus on successfully establishing the Serious Crimes Investigation Agency and ensuring that the new criminal justice system takes root with public trust."Kim's clarifications come amid rising criticism from within the ruling party. Some factions of the Democratic Party and the Justice Innovation Party have raised concerns about the appropriateness of Kim's nomination, given his 24 years of service in the prosecution. They argue that a prosecutor's background is incompatible with the newly established Serious Crimes Investigation Agency, which was created to separate investigative and prosecutorial powers.Notably, Democratic Party lawmaker Kim Yong-min recently urged Kim to resign, stating, "The nominee has consistently acted as a typical 'pro-Yoon political prosecutor,' opposing the disciplinary action against Yoon Suk Yeol, overseeing the excessive prosecution of Prosecutor Jin Jeong-woong related to Han Dong-hoon, and directing the prosecution in the illegal exit case of Kim Hak-ui."Gyeonggi Province Governor Lee Jae-myung also publicly criticized the nomination, stating on September 12, "If someone who was aligned with Han Dong-hoon becomes the first head of the Serious Crimes Investigation Agency, is that democracy?"As the controversy within the ruling party continues, the Blue House has adopted a cautious approach and has begun additional verification of Kim's nomination.President Lee Jae-myung reportedly instructed Blue House staff to conduct a thorough review of Kim's qualifications shortly after returning from a recent trip to France. Consequently, the submission of the nomination request to the National Assembly, initially expected around this time, is likely to be postponed until after the Chuseok holiday.* This article has been translated by AI. 2026-09-14 17:24:00
  • Korea seeks new marine construction technologies for field trials
    Korea seeks new marine construction technologies for field trials SEOUL, September 14 (AJP) - South Korea will open applications for new marine construction technologies to be tested at actual project sites, aiming to help promising technologies prove their performance and expand their use in the field. The Ministry of Oceans and Fisheries said Monday it will accept applications from Sept. 15 through Nov. 13 for new domestic technologies and patents to receive support under its trial construction program. The program gives technologies that have not yet been used in the field an opportunity to be applied to part of a construction project, with the government providing both the test site and related costs. The ministry has operated the program since 2018 to address difficulties faced by new technologies and patented methods that have strong technical potential but lack opportunities to demonstrate their performance at actual construction sites. This year's applicants will first undergo a review process to select preliminary candidates. Regional oceans and fisheries offices will then assess projects where the technologies could be applied before choosing the final recipients of trial construction support. Supported technologies include wave-dissipating blocks, coastal erosion control systems, breakwater structures and ground improvement methods. Completed projects include a new quay construction method at Mokpo North Port, underwater blocks designed to prevent sand loss along the coast, and a photocatalyst-based system aimed at reducing fine dust at Incheon Port. "We hope this will encourage further technology development and help advance technological capabilities in the marine and fisheries construction sector," Kong Doo-pyo, director general for ports at the ministry, said. AJP Takeaways - South Korea is seeking new marine construction technologies for field trials at actual project sites. - The program supports technologies and patents that need real-world testing before wider commercial use. - Supported projects include coastal erosion control, breakwater construction and new port technologies. 2026-09-14 17:20:04
  • Councilman Lee Jeong-woon Visits Senior Care Facility Ahead of Chuseok
    Councilman Lee Jeong-woon Visits Senior Care Facility Ahead of Chuseok Lee Jeong-woon, a councilman from the Democratic Party representing Muan 2 in the Jeonnam Gwangju Unified Special City Council, visited a local senior care facility to check on the well-being of elderly residents and listen to the voices from the welfare field ahead of the Chuseok holiday.On September 14, the councilman visited the Sunyoung Senior Care Center located in Samhyang-eup, Muan County, where he delivered care packages to the elderly residents and encouraged the staff.This visit aimed to share the spirit of the holiday with users of the senior welfare facility, who may feel isolated during this time, and to assess the working conditions and challenges faced by caregivers and staff.During the visit, the councilman toured the facility, checking on the health and living conditions of the elderly residents while extending holiday greetings. He also engaged in discussions with facility officials and staff to gather insights on the difficulties they encounter in elderly care and areas needing improvement.Lee Jeong-woon stated, “It is meaningful to personally visit local seniors during Chuseok and share warm sentiments,” adding, “I will continue to pay attention to improving the elderly welfare environment so that seniors can live safely and comfortably.”He expressed gratitude to the caregivers working diligently under challenging conditions to maintain the daily lives of the elderly, emphasizing, “I will ensure that the difficulties faced on the ground translate into practical policies and support.”Considering the rapidly aging population in the region, he also expressed his commitment to actively reflect the voices raised in the field regarding the improvement of service quality in elderly care facilities and the working conditions of staff in his legislative activities.Lee remarked, “Welfare policies should not just be about creating systems; it is crucial that they effectively reach those in need,” and pledged to continuously monitor vulnerable groups and marginalized neighbors in the community to reduce welfare gaps.Meanwhile, Councilman Lee plans to continue his efforts to enhance community welfare by closely observing welfare and livelihood issues that are closely related to the lives of local residents and incorporating feedback from the field into his legislative activities and policy proposals.* This article has been translated by AI. 2026-09-14 17:20:00
  • Cryptocurrency Taxation Set to Proceed as Planned
    Cryptocurrency Taxation Set to Proceed as Planned The taxation of cryptocurrency is expected to proceed as scheduled in January 2026. Lee Hyung-il, the Deputy Prime Minister and Minister of Finance nominee, stated that the introduction of capital gains taxes, including the financial investment income tax, should be considered only after market conditions stabilize, but affirmed that cryptocurrency taxation will go ahead as planned. However, concerns have been raised regarding the adequacy of the tax infrastructure needed to calculate acquisition costs, transfer prices, and profits and losses for individual taxpayers.According to the Ministry of Finance on September 14, Lee expressed during a recent confirmation hearing that specific tax guidelines related to cryptocurrency will be announced within the year through notices from the National Tax Service, ensuring that taxpayers can report without difficulties. He also indicated that it is possible to secure tax data for transactions conducted on overseas exchanges.The implementation of cryptocurrency taxation has been postponed multiple times. Initially scheduled for 2022, the rollout was delayed due to concerns over tax infrastructure and investor backlash. If implemented in January, taxes will be levied on income generated from the transfer or lending of cryptocurrency that exceeds a certain threshold.A key issue is that cryptocurrency will be taxed before the financial investment income tax is reinstated. Critics argue that since both stocks and cryptocurrencies are assets from which investors derive profits based on price fluctuations, there needs to be a clear explanation for the differing tax standards applied to each asset class.Lee stated that the introduction of capital gains taxes, such as the financial investment income tax, will be reviewed only after market conditions are sufficiently stable. In contrast, he reiterated that cryptocurrency taxation will proceed as planned, raising questions about how the timing and criteria for taxing these two asset classes will differ.Particularly, the effectiveness of the taxation will likely become evident during the actual reporting process rather than the implementation of the system itself. Cryptocurrency investors often use multiple exchanges or transfer assets between exchanges, and may also utilize personal wallets or overseas exchanges.Determining acquisition costs presents another challenge. When buying and selling cryptocurrency in multiple transactions or switching exchanges, investors must connect the acquisition prices and disposal prices for each transaction to accurately calculate their profits and losses. As the number of different cryptocurrencies held and the frequency of transactions increase, the reporting process may become more complex.The method for calculating profits and losses is also a contentious issue. It is essential to clarify how to handle profits from one cryptocurrency against losses from another, and how to aggregate profits and losses from multiple exchanges, so that taxpayers can accurately predict their tax liabilities.Ultimately, the specificity of the tax guidelines to be presented within the year will be crucial. It is not enough to simply define the taxable items and tax rates; the government must also provide clear criteria for acquisition cost calculations, asset transfers between exchanges, the use of overseas exchanges, and various scenarios that may arise during the reporting process.For the government to implement cryptocurrency taxation as planned, it must establish a reporting system that allows taxpayers to calculate their taxes independently, in addition to outlining the principles of taxation. Given that the introduction of the financial investment income tax has been postponed while cryptocurrency taxation is being implemented first, there is a need to address concerns about tax equity between different asset classes.Bae Jin-soo, a researcher at the Korea Financial Research Institute, stated, "If cryptocurrency taxation increases the incentive for domestic investors to use overseas exchanges and decentralized exchanges, it could make it difficult to capture tax revenue and negatively impact the domestic cryptocurrency industry and investor protection. Therefore, it is essential to design incentives that encourage investors to remain with domestic exchanges. If there are plans to introduce comprehensive taxation on cryptocurrencies similar to overseas examples, it would be advisable to reflect issues such as profit and loss offsetting and carryover deductions."* This article has been translated by AI. 2026-09-14 17:20:00
  • Fuel Tax Cut Extension in Question Amid Rising Oil Prices
    Fuel Tax Cut Extension in Question Amid Rising Oil Prices As international oil prices have surpassed $100 per barrel, attention is turning to whether the government will extend the fuel tax cut set to expire at the end of this month. The government plans to decide on the tax adjustment by considering the oil price ceiling and trends in international oil prices. However, there are calls to reassess the tax rates and adjustment methods, as the temporary fuel tax cut introduced in 2021 has effectively continued for nearly five years.According to the Ministry of Economy and Finance on the 14th, the government will determine whether to extend the fuel tax cut and the extent of the cut based on a comprehensive review of international oil prices, domestic oil product prices, and the operation of the oil price ceiling system. Relevant discussions are expected to take place at a meeting of economic ministers and related agencies before the 30th.Currently, a 15% tax cut applies to gasoline, while diesel and liquefied petroleum gas (LPG) are subject to a 25% cut. As a result, the tax on gasoline is 698 won per liter, diesel is 436 won, and LPG is 152 won. Compared to the flexible tax rates before the cuts, gasoline is 122 won lower per liter, diesel is 145 won lower, and LPG is 51 won lower.If the government extends the current tax cuts, consumers will not receive additional discounts on fuel prices; rather, it will maintain the reduced tax burden. Conversely, if the tax cut is terminated, the flexible tax rates will apply again, leading to increased tax burdens on gasoline and diesel, which could contribute to rising fuel prices.Ultimately, the government faces a dilemma: extending the cuts would mean accepting a reduction in tax revenue while trying to curb price increases, whereas normalizing the tax could lead to higher fuel costs and increased inflationary pressures.Recent trends in international oil prices are complicating the normalization of the fuel tax. On the 10th, Brent crude and West Texas Intermediate (WTI) prices reached $107.63 and $102.48 per barrel, respectively, marking a return to triple-digit prices. On the 13th, Brent crude approached $110 during trading, indicating sustained high oil prices.Domestic inflation is also a factor. The consumer price index rose 3.1% in August compared to the same month last year, returning to the 3% range after a month. However, excluding the base effect from last year's telecommunications discounts, the inflation rate is estimated at around 2.5%. In the same month, oil prices increased by 14.2% year-on-year. As of the 14th, the average selling price at gas stations was 1,858.69 won per liter for gasoline and 1,843.98 won for diesel.The fuel tax cut was first introduced in November 2021 and has been extended several times, with the cut rates adjusted based on international oil prices and inflation. The gasoline tax cut rate peaked at 37% in 2022 before being gradually reduced. However, following a surge in oil prices from the Middle East in March of this year, the gasoline tax cut was increased from 7% to 15%, and the cuts for diesel and LPG were raised from 10% to 25%. Similar cuts were extended in May and July.Nevertheless, the government has indicated that if international oil prices stabilize, it may reduce the fuel tax cut or normalize it. A Ministry of Economy and Finance official stated, "If oil prices fall, normalizing the fuel tax could allow consumers to purchase at lower prices than before," adding that adjustments will be made based on oil price trends.Regarding the financial burden of the fuel tax cut, the official noted, "Both the flexible tax rate reduction and the oil price ceiling ultimately involve financial resources," but emphasized that if gas station purchase prices rise significantly, both the financial burden and consumer burden must be considered.* This article has been translated by AI. 2026-09-14 17:16:00