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Korea's Small Business Association Recognizes Leading Cooperative Companies The Small Business Association of Korea held the 6th Distribution Cooperation Conference on July 21 in Yeouido, Seoul, in collaboration with the Korea Department Store Association, the Korea Online Shopping Association, and the Korea Chain Store Association.The conference aims to share exemplary cases of cooperation between large and small businesses in the retail sector and to reward model companies, promoting a culture of cooperation. This year marks the sixth iteration of the event.This year's recognized cooperative companies include Hyundai Department Store, E-Mart, 11st, and Lotte On. Hyundai Department Store and E-Mart received commendations from the Fair Trade Commission Chairman, 11st was honored by the Chairman of the National Assembly's Political Affairs Committee, and Lotte On received recognition from the Chairman of the Win-Win Growth Committee.Hyundai Department Store presented exemplary cases of cooperation and expressed its commitment to continue its collaborative efforts through the Retail Cooperation Council and the Small Business Retail Cooperation Committee.Kim Gi-moon, Chairman of the Small Business Association, stated in his opening remarks, "The retail industry is facing an unprecedented crisis due to prolonged domestic demand stagnation and intensified competition from overseas e-commerce. The solution to overcoming this crisis lies in cooperation between large and small businesses." He emphasized that if leading domestic retailers support small businesses and local merchants, the value of cooperation will shine even brighter.Lee Byeong-moon, Second Vice Minister of the Ministry of SMEs and Startups, remarked in his congratulatory speech, "Cooperation is a key strategy for enhancing corporate competitiveness," and assured that the ministry would actively support the establishment of a cooperative ecosystem that underpins the competitiveness of Korea's retail industry.* This article has been translated by AI. 2026-07-21 13:56:00
SAMG Entertainment Shares Rise Ahead of 'Love Hachuping 2' Release SAMG Entertainment is experiencing a surge in its stock price ahead of the release of the animated film 'Love Hachuping: The Legend of the Whale Gem.' As of 1:24 p.m. on July 21, SAMG Entertainment shares were trading at 29,250 won, up 2,550 won (9.55%) from the previous trading day. During the session, the stock rose as high as 29,450 won, further increasing its gains. The buying momentum is attributed to strong expectations for the upcoming film, set to premiere on August 5. This film is a sequel to 'Love Hachuping,' which attracted 1.24 million viewers last year. SAMG Entertainment is expanding its reach beyond animation, leveraging its intellectual property (IP) from titles like 'Catch! Tini Ping' into toys, performances, and licensing. The company recently unveiled a new corporate identity (CI) to mark its 25th anniversary, outlining its vision and business strategy as a global IP content company. Lee Hyun-ji, a researcher at Eugene Investment & Securities, stated, "The first installment of Love Hachuping, released in 2024, successfully attracted over 1.2 million viewers, boosting product and licensing sales. The fourth quarter of this year is expected to see the release of Season 7 of Catch! Tini Ping, which, along with the film, will contribute to the steady growth of the Tini Ping IP and lead to record earnings."* This article has been translated by AI. 2026-07-21 13:56:00
President Lee: Profit Distribution Not a Labor Dispute President Lee Jae-myung stated on July 21 that the issue of distributing a portion of operating profits to workers is unlikely to be classified as a labor dispute.In response to claims by the Samsung Electronics union that the construction of a semiconductor plant at the Gwangju military airport site should be a subject of labor negotiations, he emphasized that the overall exercise of management rights cannot be a matter of dispute and directed the Ministry of Labor to establish clear criteria.During a Cabinet meeting at the Blue House, President Lee addressed the recent controversy surrounding the scope of labor disputes. He stressed the need for the government to provide certain standards regarding labor disputes, stating, "It is the government's role to provide certain criteria regarding labor law. It is not necessary to legislate every issue; legislation serves as a comprehensive standard, while the executive branch is responsible for specifying it." Minister of Employment and Labor Kim Young-hoon commented on the claims made by the Samsung Electronics mega union, stating, "We believe that the decision by Samsung Electronics to build a large-scale semiconductor plant in Gwangju does not fall under the category of a labor dispute. We have also issued a press release indicating that it contradicts the intent of the labor law amendment." In response, President Lee noted, "There are management decisions related to personnel rights and working conditions, but the boundaries are unclear. The question of whether distributing a percentage of operating profits is a matter of dispute is being debated across various workplaces, and there are many that are considering whether to strike over this issue." He further remarked, "There is also a government position on this matter, and it would be better to clearly establish guidelines in advance through enforcement decrees, presidential orders, enforcement rules, and labor ministry guidelines." President Lee urged, "Before disputes arise and are judged by the Labor Commission and then go to court, please organize this through presidential orders, enforcement rules, guidelines, and notices if necessary. This will help reduce social disputes." He added, "If we continue to expand this way, will there be an end? I ask that you quickly organize it within reasonable limits." Regarding the military airport, he stated, "If a factory is built in Gwangju, there may be a possibility of relocation, which seems to be the basis for the claim that it is a subject of labor disputes. However, if we consider it that way, there cannot be any management rights exercise unrelated to all companies. Issues like inheritance or the sale of management rights could also be seen as potentially worsening working conditions, leading to endless disputes." * This article has been translated by AI. 2026-07-21 13:52:00
Op-ed: Brâncuși, Romania's Legendary Artist: A Bridge to Korean Modernism Editor's Note: The following opinion article is contributed by Choe Chong-dae, a longstanding member of the Royal Asiatic Society Korea and enthusiast of international cultural and historical affairs. SEOUL, July 21 (AJP) - My longstanding interest in art and my particular appreciation for cultural heritage recently brought me to a special exhibition honoring the life and legacy of Constantin Brâncuși (1876–1957). Entitled Brâncuși – From Romania to Paris and the World, the exhibition was presented at the Seoul History Museum. I had the privilege of attending the opening ceremony on July 3 at the invitation of H.E. Mr. Cezar Manole Armeanu, Ambassador of Romania to the Republic of Korea. The program featured a striking photo exhibition showcasing some of Brâncuși’s most representative masterpieces, providing guests a unique opportunity to explore the creative vision of the artist widely regarded as the founding father of modern sculpture. Standing at the exhibition, surrounded by photographs of his iconic works while sipping a rich glass of Romanian wine, I found myself thinking less about rigid art history and more about how desperately our fast-paced modern world needs his philosophy right now. The event carried profound historical weight, as 2026 marks the momentous 150th anniversary of Brâncuși's birth. To commemorate the milestone, the exhibition featured a screening of a documentary film by Cornel Mihalache, a prominent Romanian director, senior TV journalist, and the recently appointed manager of the Brâncuși Center in Târgu Jiu. A lifelong Brâncuși scholar, Mihalache has spent decades documenting the sculptor’s life and fiercely exposing art forgeries that threaten the authenticity of his work. The screening was followed by an engaging panel discussion between Romanian and Korean art critics. Born in rural Romania, Brâncuși brought his homeland’s rich folk woodcarving heritage with him when he moved to Paris in 1904. He fiercely protected his artistic independence, famously leaving a highly coveted spot in Auguste Rodin’s studio because, as he legendarily declared, “Nothing can grow under big trees.” Free from Rodin’s influence, Brâncuși developed a revolutionary aesthetic characterized by simplicity, purity, and a relentless search for the essence of form. Rather than merely reproducing outward appearances, he sought to express profound metaphysical truths through clean lines and refined shapes. This vision gave rise to such celebrated masterpieces as Sleeping Muse (an exploration of slumber and creative inspiration), The Kiss, and the Bird in Space series, which triumphantly captured not the physical likeness of a bird, but the very concept of flight. One of the defining milestones of Brâncuși’s career came in 1926, when a version of Bird in Space arrived in the United States. Perplexed customs officials refused to recognize the abstract sculpture as art, instead classifying it as an industrial object subject to hefty import duties. The ensuing historic court case ended in Brâncuși’s favor, securing a landmark victory that legally validated the entire modern art movement. Brâncuși’s greatest public achievement is found in Târgu Jiu, Romania, where he created a monumental ensemble honoring the brave soldiers who defended the city during World War I. Completed in 1938, the outdoor complex consists of The Table of Silence, The Gate of the Kiss, and the soaring Endless Column. Together, these monumental works form a powerful, poetic meditation on sacrifice, memory, and spiritual transcendence. Carefully restored in the early twenty-first century, the site remains one of Romania’s most treasured cultural landmarks and a UNESCO World Heritage site. Today, Brâncuși’s legacy spans the globe, leaving a profound mark on the trajectory of Korean modern and contemporary art. By embedding himself in the European avant-garde, he pioneered a radical approach centered on abstraction and the essential spirit of his subjects, fundamentally redefining what sculpture could be. For generations of Korean artists studying or working in France, encountering Brâncuși's legacy through European museums, galleries, and the École de Parismilieu proved transformative. His enduring impact is most evident in how Korean artists approach two core concepts: Spiritual Abstraction (truncating reality into essential, organic forms—a pursuit that deeply resonated with traditional Korean aesthetics of simplicity, restraint, and natural beauty) and Material Consciousness (an artistic reverence for raw mediums such as stone, wood, or metal, allowing the inherent character, texture, and voice of the material to express itself). While masters of the European diaspora like Lee Ungno and Kim Tschang-yeul engaged deeply with Western modernism to forge their own distinct paths, later generations of Korean sculptors working in Europe drew even more directly from the minimalist and abstract foundations Brâncuși helped establish. Perhaps the most compelling connection lies in the deep philosophical affinity between the Romanian sculptor and the pioneers of Dansaekhwa (Korean monochrome painting), such as Park Seo-bo and Ha Chong-hyun. Though working with canvas and alternative mediums rather than chiseling stone, these Korean artists beautifully mirrored Brâncuși’s foundational ethos. Their rigorous emphasis on repetitive rhythm, extreme restraint, the tactile materiality of the medium, and art as a grueling form of spiritual discipline all echo Brâncuși’s lifelong quest to strip away the superfluous and capture the pure essence of being. Marking Constantin Brâncuși’s 150th anniversary, the Brâncuși – From Romania to Paris and the World exhibition strengthened the bond between Romania and Korea—paving the way, hopefully, for a full display of his original sculptures in Korea soon. 2026-07-21 13:50:35
Ministry of SMEs Launches Founders Circle to Foster Entrepreneur Network The Ministry of SMEs and Startups is establishing a network program for participants in the 'All Entrepreneurship' project to connect with senior and fellow entrepreneurs.On July 21, the ministry announced that it will hold the 'Founders Circle' in three locations: Seoul, Daejeon, and Busan.This initiative aims to expand the 'All Entrepreneurship Community,' allowing members of the startup ecosystem to engage in ongoing communication and collaboration.The event will feature a two-part format to encourage meaningful dialogue among attendees. The first part will include a panel discussion where experienced entrepreneurs will share their journeys, from the moment they decided to start their businesses to how they navigated growth and overcame challenges. The second part will consist of small group discussions, pairing one senior entrepreneur with about 20 participants, allowing for open exchanges about entrepreneurial concerns.Additionally, the ministry has been conducting nationwide meetings since June 29, visiting 17 cities and provinces to gather feedback. On July 8, it held a session for selected participants from the Chungcheong region, followed by another for the Seoul metropolitan area on July 15.Yong-seok Noh, the First Deputy Minister of SMEs and Startups, stated, "We will build a community where entrepreneurs can communicate and collaborate freely, creating an ecosystem where entrepreneurship is a collective challenge rather than a solitary endeavor."* This article has been translated by AI. 2026-07-21 13:48:00
Oil Supply Secured at 110% for July-August, 90% for September Amid Middle East Tensions As tensions between the United States and Iran reignite, supply chain instability in the Middle East is intensifying. However, the government reports that crude oil supply remains relatively stable.The Ministry of Trade, Industry and Energy announced on July 21 that "crude oil supply for July and August has been secured at over 110% compared to the average of the previous year," adding that "the amount of crude oil to be imported in September is also steadily increasing, with about 90% secured compared to last year." Yang Gi-wook, head of the ministry's Resource Security Division, stated, "The amount of crude oil secured for September continues to rise." Amid renewed clashes between the U.S. and Iran, the Houthi rebels in Yemen recently declared a maritime blockade against Saudi Arabia. This has raised concerns about potential blockages at Bab el-Mandeb, the entrance to the Red Sea, leading to a rise in international oil prices the previous day.However, reports that Iran has received a 10-day ceasefire proposal from mediators led to a slight decline in international oil prices on the same day.Since the signing of a memorandum of understanding (MOU) for a ceasefire between the U.S. and Iran, three of the six oil tankers that passed through the Strait of Hormuz on June 17 en route to South Korea have already arrived in the country. The remaining three tankers are expected to arrive within this week.Meanwhile, President Lee Jae-myung addressed the issue of the oil price cap during a cabinet meeting at the Blue House on the morning of July 21, stating, "The situation in the Middle East is worsening again, and there is no clear prospect for an early ceasefire or resolution." He emphasized the need to closely monitor the impact on domestic prices.He added, "According to the original plan, we should have lowered or abolished the price cap by now, but it seems we need to strengthen it instead." This has led to speculation about a potential increase in the price cap.The government had previously adjusted the supply prices of gasoline, diesel, and kerosene through the seventh oil product price cap on June 26, reducing them by 150 won per liter to 1,784 won, 1,773 won, and 1,380 won, respectively. The seventh price cap is set to remain in effect for four weeks, making it likely that the eighth price cap will be determined on July 24.* This article has been translated by AI. 2026-07-21 13:44:00
Park Na-rae's Former Manager Arrested Amid Extortion Allegations Park Na-rae's former manager has been arrested and handed over to prosecutors on charges of extortion. However, Park Na-rae is also facing charges of assault against her former manager. The allegations from both parties are being investigated as separate cases by different police departments. According to police on July 21, the Yongsan Police Station in Seoul has sent Shin, Park Na-rae's former manager, to prosecutors in custody. Shin was arrested on July 16. Shin is accused of demanding a sum equivalent to 10% of the company's revenue for 2024 in exchange for not disclosing claims that Park Na-rae misused company funds for personal expenses related to her ex-boyfriend. Police have also charged Shin with embezzling approximately 30 million won of company funds. Another former manager, who faces similar extortion charges, has been sent to prosecutors without detention. Park Na-rae's side claims that her former managers demanded additional payments after receiving their severance packages last December, with the amount escalating to several hundred million won, leading to their complaint of extortion. They later added charges of embezzlement. The former managers have denied the embezzlement allegations. Previously, Shin's side argued that the disputed expenditures were made with Park Na-rae's agreement and approval, asserting that he did not have the authority to execute them unilaterally. The recent arrest does not imply that the allegations of abuse of power against Park Na-rae are unfounded. Both Park and her former managers have filed complaints against each other, and police are investigating the cases separately. The former managers allege that Park Na-rae assigned them personal errands, verbally abused them, and even threw a drink at one of them, causing injury. The Gangnam Police Station in Seoul forwarded charges of special assault and violations of the Information and Communications Network Act against Park Na-rae to the Seoul Central District Prosecutors' Office on July 10. Park Na-rae has denied the allegations during three police interrogations from February to May. Police concluded that some of the charges were substantiated and forwarded the case to prosecutors. Investigations are ongoing regarding allegations that Park received illegal medical procedures from a so-called 'nurse.'* This article has been translated by AI. 2026-07-21 13:44:00
Is the Lee Administration's Housing Supply Policy Successful in Seoul? While housing supply is nationwide, applicants are flocking to Seoul. The era when the name 'metropolitan area' guaranteed real estate investment appeal is over, especially for regions outside the capital.In the first half of this year, there were 283,619 first-round applicants nationwide, with 128,137 from Seoul, accounting for 45.2% of the total. However, the supply did not keep pace, with less than 4% of the demand being met. The average competition ratio for first-round applications in Seoul reached 63.56 to 1.In contrast, Gyeonggi Province saw more than seven times the general supply compared to Seoul, yet only 29,335 applicants participated, resulting in an average competition ratio of 1.88 to 1. In Incheon, which performed relatively well, 30,978 people applied for 4,436 units, yielding a ratio of 8.11 to 1, but still far behind Seoul.The indicators from the subscription market are straightforward: people are waiting to buy homes they want. More precisely, they are looking for homes they believe will appreciate in value, where they can sell when needed, and that are convenient for raising children or commuting.Thus, the subscription market reflects not just a supply shortage but a mismatch between supply and demand. There is a lack of supply in Seoul, while demand is low in the outskirts of Gyeonggi and other regions. This is why even with increased nationwide supply numbers, subscription accounts remain inactive.In the past, the term 'metropolitan area' served as a sort of guarantee. Areas in Gyeonggi, even if not in Seoul, attracted demand due to their proximity. The promise of future value was conveyed through regional transportation networks, new towns, and land development. However, that is no longer the case. Rising construction costs, high sale prices, lending restrictions, and interest burdens have made applicants more calculative. They prioritize financing possibilities over winning chances and consider whether prices can hold after moving in.The concentration of applications is also evident in the size of units. In the first half of this year, 108,558 people applied for first-round subscriptions for new apartments with a standard size of 84 square meters, known as the 'national standard size.' This indicates that the market still desires medium-sized units suitable for families, but only when they are located in Seoul or key areas.This leads to a dilemma in supply policy. To increase supply in Seoul, redevelopment and reconstruction must be expedited, but these projects progress slowly. Rising construction costs, increased member contributions, and difficulties in securing relocation and project financing complicate matters. Even after obtaining permits, the path to groundbreaking is lengthy. While supply in Seoul is necessary, the pace is lacking.Conversely, increasing supply outside of Seoul can be relatively quicker. By designating new land districts, creating new towns, and prioritizing public land, significant numbers can be achieved. However, without accompanying jobs, transportation, schools, hospitals, and commercial areas, supply loses its appeal in the subscription market. Regions outside Seoul are already grappling with both unsold units and subscription shortfalls.Applicants are acting rationally. If they must bear high sale prices, they prefer to choose locations where prices can be defended. As lending restrictions tighten, options become more limited. Cash-strapped genuine buyers are eliminated, while those with financial capacity gravitate toward safer investments in Seoul. Consequently, subscriptions have shifted from being a means of housing access to a strategy for asset protection.A critical point often overlooked by the government when discussing supply is that while total supply is important, it alone cannot persuade the market. Supply that applicants ignore becomes unsold units, which then burden construction companies and financial institutions. Conversely, when supply in Seoul is insufficient, competition ratios soar, and the scarcity of new constructions increases. This cycle of regional polarization in the subscription market continues.The controversy surrounding the third new towns and advance subscriptions reflects the same issue. The government aimed to showcase future supply, but if the actual move-in timeline extends, waiting becomes costly. If estimated sale prices diverge from confirmed prices, winners are left with uncertainty rather than opportunity. For supply signals to become hopeful for genuine buyers, both timelines and prices must be managed together.Once again, the subscription market is questioning the supply policy: Is it supply to fill numbers, or supply that meets people's needs? 2026-07-21 13:44:00
CJ CheilJedang to Close Bibigo Market in Japan After Two Years CJ CheilJedang's Bibigo Market, which was positioned as a testbed for expanding K-Food in Japan, will close its doors less than two years after opening. The company introduced the experiential store to connect with local consumers, but it has struggled to achieve the expected profitability, prompting a reevaluation of its business strategy.According to industry sources, the Bibigo Market located in Shimbashi, Minato, Tokyo, will cease operations at the end of this month. CJ CheilJedang opened the market in September 2024 on the first floor of a building housing its Japanese subsidiary, CJ Food Japan. This was the first permanent offline store for the Bibigo brand in the global market.The store's launch followed the success of a previous pop-up store. In May 2023, CJ CheilJedang operated a Bibigo pop-up store in Shibuya, Tokyo, selling tteokbokki, kimbap, and hot dogs. The store attracted around 10,000 visitors in a month, leading the company to believe there was demand for K-Food experiential stores in Japan.As a result, CJ CheilJedang designed the Bibigo Market as a 'grocerant,' combining a grocery store with a restaurant. The space featured a showroom for product displays, a food sales area, and dining space, allowing consumers to see and taste Bibigo products before purchasing. During lunch and dinner on weekdays, items like tteokbokki and churros sets, as well as kimbap wraps, were sold for 1,300 to 1,500 yen (approximately $13).However, after the permanent store opened, sales fell short of expectations, revealing limitations in its business model. In particular, it failed to demonstrate a clear competitive edge in terms of cost performance, which is highly valued by Japanese consumers.This decision comes amid declining performance for CJ CheilJedang, suggesting a need for restructuring. Last year, the company reported its first annual net loss since its manufacturing division was spun off in 2007, and in the first quarter of this year, operating profit, excluding CJ Logistics, dropped 26% year-on-year to 148.5 billion won.A CJ CheilJedang official stated, "While additional resources could yield positive effects for the Japan Bibigo Market, we decided to halt operations after considering long-term profitability and the effectiveness of resource allocation. We plan to revamp our K-Food promotion strategy in Japan and expand consumer engagement through other channels." 2026-07-21 13:44:00
Jung Jeom-sik and Lee Jun-seok Meet for Lunch to Discuss Future Cooperation The leadership of the People Power Party and the Reform Party held a lunch meeting on July 21 to discuss future cooperation and collaboration.Jung Jeom-sik, the floor leader of the People Power Party, and Lee Jun-seok, the leader of the Reform Party, met for lunch at a restaurant in Yeouido, Seoul. They were joined by Kim Seung-soo, the deputy floor leader of the People Power Party, and Cheon Ha-ram, the floor leader of the Reform Party.After the meal, Lee told reporters, "We discussed the need to consult on common tasks facing the opposition, such as the issue of supplementary investigative powers, and to collaborate where possible."However, it was reported that specific plans for cooperation between the two conservative parties were not deeply discussed.Kim, the deputy floor leader, stated, "We shared opinions on the general situation in the National Assembly and the Democratic Party's and government's excessive policy initiatives. There were no discussions on party-specific issues, and we enjoyed a pleasant meal together."He added, "This was not a meeting with a specific purpose. There were no concrete discussions regarding cooperation between the two parties."* This article has been translated by AI. 2026-07-21 13:40:00