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Small Businesses Push for 'Consultation Request Rights' Against Large Corporations Small businesses, which have traditionally been in a subordinate position in transactions with large corporations, are pushing for the introduction of 'consultation request rights' through cooperatives. The Ministry of Small and Medium Enterprises and Startups (SME Ministry) is collaborating with the Fair Trade Commission to propose an exception to collusion regulations under the Fair Trade Act, a move that has been welcomed by small business cooperatives on the ground.According to government and small business sources on July 21, the SME Ministry reported the 'Consultation Request Rights for Small and Medium Enterprises Cooperatives' at a Cabinet meeting on July 14 and has begun efforts to improve the system. The core of the proposal is to allow cooperatives, rather than individual small businesses, to request changes in pricing or delivery conditions from large corporations and other trading partners. This issue is expected to be a major topic in the upcoming SME Ministry report next month.The key aspect is the 'exclusion of collusion under the Fair Trade Act.' Under current law, businesses that come together to negotiate prices or trading conditions can be penalized for unfair joint actions (collusion). In response, the SME Ministry has formed a 'Task Force for System Improvement' with the Fair Trade Commission to agree that legitimate negotiations and adjustments through cooperatives will be excluded from collusion regulations. Large corporations that receive consultation requests will be obligated to respond, and if they refuse, small businesses can apply for mediation through the SME Ministry.This initiative has gained momentum since the President's directive during a work report last December, recognizing that individual businesses cannot effectively counter demands for price cuts or unfair trading practices from large corporations.An official from the SME Ministry stated, "Legislation related to consultation request rights has been proposed by lawmakers Oh Se-hee and Kim Won-yi of the Democratic Party, and we are currently working on amending the Small and Medium Enterprises Cooperatives Act based on these proposals."Cooperatives have expressed optimism, noting that Prime Minister Han Seung-sook, who has a strong understanding of the private sector and a commitment to fostering a culture of mutual growth, is leading the effort to resolve inter-departmental challenges, which they believe will lead to tangible legislative outcomes.Shin Bong-ho, executive director of the Korea Corrugated Packaging Industry Cooperative, remarked, "This system is essential for small businesses to voice their concerns against large corporations. Prime Minister Han, who has served as the Minister of Small and Medium Enterprises, understands the need for coexistence between large and small businesses, so we expect the Cabinet's decision to proceed smoothly."Earlier, the Korea Federation of Small and Medium Enterprises held the 'First Cooperative Activation Committee of 2026' on July 10, discussing the progress of the consultation request rights initiative and reinforcing efforts for legal amendments.Seo Jae-yoon, head of the Cooperative Division at the Korea Federation of Small and Medium Enterprises, stated, "The SME Ministry and the Fair Trade Commission have been continuously working on practical drafts since last year, and the Federation has also been indirectly expressing its opinions. Given the strong push for this previously passive issue, we hope to see it finalized within this year."* This article has been translated by AI. 2026-07-21 13:36:00 -
Classical Music Advocate Ha Sung-ho to Connect with Audience Through Pop Songs "This is a song about my life so far," said Ha Sung-ho, the music director of the Seoul Pops Orchestra, on July 21. He noted, "This is my first time writing and composing pop songs, and I am eager to start my journey in this genre." The Seoul Pops Orchestra will celebrate its 38th anniversary with a commemorative concert titled 'Ha Sung-ho and the Seoul Pops Orchestra' on August 12 at the Lotte Concert Hall. This will be the first time the orchestra performs at this venue, having held regular concerts at places like the Arts Center and the Sejong Center for the Performing Arts each year. A key highlight of the concert is that Ha Sung-ho will debut two original songs. Baritone Ko Seong-hyun will perform 'Life,' while the popera group La Classe W will present 'Cold Season.' Ha stated, "While I have written many classical concertos, this is my first serious attempt at writing pop songs. Both pieces are autobiographical." 'Life' is a reflection of his personal experiences. Ha explained, "I wrote the lyrics and composed the music while looking back on my life." The other new song, 'Cold Season,' reminisces about past love. He described it as a song inspired by memories of previous relationships. With this release, Ha plans to delve deeper into pop music composition. He added, "I have already completed a third song. If there are singers who want to perform my songs, I would love to collaborate with them." The Seoul Pops Orchestra is known for breaking the boundaries between classical and popular music in South Korea. It has consistently sought to popularize classical music while encompassing genres such as pop, musicals, jazz, and dance music. Ha recalls the beginning of this endeavor in 1989, stating, "Thirty-seven years ago, tenor Park In-soo and singer Kim Jong-chan performed 'Love is Far Away' together at the Arts Center. It was a groundbreaking attempt for a classical vocalist and a pop singer to share the same stage, and it created a significant impact." He has focused on dismantling the barriers between classical and popular music, and this concert continues that mission. Baritone Ko Seong-hyun will sing 'Si può? Signore! Signori!' from the opera 'Pagliacci' and the new song 'Life,' while La Classe W will perform 'Cold Season' and 'I Believe.' Singer Park Nam-jung will also join the orchestra for a medley including 'Because I Love You' and 'Thinking of You,' creating a genre-blending performance. A representative from the Seoul Pops Orchestra remarked, "It is rare for a dance singer to perform with an orchestra at the Lotte Concert Hall. Our goal for the past 38 years has been to make classical concert halls more accessible to a wider audience."* This article has been translated by AI. 2026-07-21 13:36:00
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Jack Ma Spotted in New York, Attends World Cup Final Jack Ma, the founder of Alibaba, and other Chinese IT leaders were spotted attending the World Cup final, generating buzz in China.On July 20, during the FIFA World Cup final held at MetLife Stadium in New York, Jack Ma was seen enjoying the match, as reported by the Chinese tech media outlet Kuai Ke Ji on July 21. Photos of Ma at the event quickly became a topic of discussion on Chinese social media.Ma watched the final in casual attire, engaging in conversation with friends while enjoying the game. Lenovo Chairman Yang Yuanqing was also present beside him.Ma's visit to New York had already attracted attention days prior, with some netizens sharing images of him dining at a restaurant in the city. Speculation arose that he was in New York to attend the World Cup final.Yang Yuanqing was seen taking a commemorative photo with AMD Chairwoman Lisa Su at the stadium.Additionally, several other prominent figures from Chinese IT companies were reported to have attended the final, including Baidu Chairman Li Yanhong, Didi Chuxing CEO Cheng Wei, TCL Chairman Li Dongsheng, and Midea Group Chairman Fang Hongbo.Meanwhile, three Chinese companies—Lenovo, Hisense, and Mengniu—officially sponsored this North American World Cup.* This article has been translated by AI. 2026-07-21 13:32:00
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KakaoBank to go on full-day strike after wage talks collapse SEOUL, July 21 (AJP) -After mild hours-long log-off protests by workers across South Korea's top mobile platform Kakao group over the last month, the union at KakaoBank will go on a full-day strike on July 31 after wage negotiations collapsed. The KakaoBank union said Tuesday it decided to stage a one-day strike after mediation by the Gyeonggi Regional Labor Relations Commission ended without agreement, clearing the way for industrial action. "Our company did not engage sincerely in negotiations, and the gap between labor and management remains too wide," Seo Seung-wook, head of Kakao's branch of the Korean Chemical and Textile Workers' Federation, said during a picketing rally at Kakao's Pangyo headquarters. The strike will apply only to KakaoBank, while the union has yet to announce whether workers at other Kakao affiliates will follow with similar full-day action. About 300 union members, including those from KakaoBank, took part in Tuesday's lunchtime picketing protest, according to the union. Wearing black shirts and masks, they held placards reading "Negotiate sincerely," "Share our achievements fairly," and "Stop management's monopoly." The protest followed a series of "Logout Days," when union members voluntarily took annual leave or scheduled time off and logged out of internal systems for several hours. That action caused no disruption to KakaoTalk or other major services because it largely relied on voluntary participation and the company's automated operations. KakaoBank's labor and management had entered mediation after failing to reach a wage agreement, but negotiators were unable to narrow differences during talks held Monday. The labor commission subsequently suspended mediation, determining that the two sides remained too far apart to continue discussions. Under South Korean labor law, the decision allows the union to proceed with strike action after completing internal voting procedures, which it has now done. The broader Kakao union also staged a lunchtime picketing campaign Tuesday at the company's Pangyo campus, but no additional industrial action has been announced for Kakao Corp. or other affiliates, including Kakao Pay, Kakao Enterprise, DK Techin and XL Games. Tuesday's protest, held during employees' lunch break without marches or rallies, was designed to minimize disruption to business operations. Kakao's messaging platform, KakaoTalk, which is used by the vast majority of South Koreans, was not affected. The labor dispute centers on compensation. The union has argued that employees deserve a larger share of the company's performance, while management maintains that the union's demands would place an excessive financial burden on the business. Shares of KakaoBank were down 0.67 percent at 22,400 won as of 1:25 p.m. Tuesday. 2026-07-21 13:28:35 -
U.S. Issues Global Safety Alert for Citizens Amid Iran Tensions The U.S. government has issued a warning to its citizens worldwide to exercise heightened caution due to escalating military tensions with Iran. According to reports from Fox News and other outlets, the State Department issued a 'Worldwide Caution' advisory on July 18, stating that 'the security situation in the Middle East has become complex due to rising tensions, and there is a possibility of unexpected developments.' Particularly, Americans currently in the Middle East are urged to remain vigilant. They are advised to prepare for potential flight cancellations, airspace closures, and travel disruptions, and to regularly check security alerts from local U.S. embassies and consulates, as well as announcements from local authorities. The State Department also urged Americans outside the Middle East to reconsider any plans to visit or transit through the region. It warned that 'U.S. diplomatic facilities outside the Middle East have also been targets in the past,' and that there is a possibility of attacks on U.S. facilities and citizens worldwide by Iran and Iran-aligned groups. This advisory comes as tensions between the U.S. and Iran escalate over control of the Strait of Hormuz. U.S. forces continue airstrikes against Iran, while Iran has launched attacks against U.S. troops and allies in the region. Earlier in March, the State Department had issued a similar warning to its citizens globally due to the risk of attacks on U.S. diplomatic facilities in the Middle East amid military confrontations with Iran.* This article has been translated by AI. 2026-07-21 13:28:00
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Homeplus Revives Bankruptcy Proceedings After Securing $200 Million in Financing The Seoul Bankruptcy Court has reinstated the rehabilitation proceedings for Homeplus after the company secured emergency financing (DIP).On July 21, the court canceled its previous decision to terminate the rehabilitation process and extended the deadline for approving the rehabilitation plan to September 4.The court stated, "The initial termination decision was based on a lack of operational funds, which affected the feasibility of the rehabilitation plan. However, since the necessary funds have been secured, the appeal is justified," confirming that the original rehabilitation process will continue.Typically, the deadline for approving a rehabilitation plan is one year from the start of the process, but it can be extended by up to six months for unavoidable reasons. Given that Homeplus entered rehabilitation on March 4, this extension is effectively the last opportunity.The court is expected to schedule a meeting for stakeholders to discuss and vote on the rehabilitation plan, likely to take place between late August and early September.Previously, on July 3, the court had decided to terminate the rehabilitation process, citing Homeplus's failure to secure the minimum operational funds of 200 billion won. Following this, Kim Byung-joo, chairman of MBK Partners, Homeplus's largest shareholder, agreed to provide a joint guarantee for the 200 billion won required for corporate rehabilitation, and Meritz Financial Group, the largest creditor, approved the DIP financing of 200 billion won, securing the necessary funding.In response, the Homeplus labor union expressed its appreciation, stating, "We respect and welcome the significant decisions made by Meritz Financial's Chairman Jo Jung-ho and MBK Partners' Chairman Kim Byung-joo to save Homeplus, which was on the brink of collapse."Homeplus plans to resume operations as soon as the DIP funds are disbursed. The company had suspended operations at 67 stores nationwide since July 13 due to a depletion of operational funds.A Homeplus representative stated, "By securing operational funds, we have overcome a significant hurdle toward normalization. However, without the cooperation and support of all stakeholders, including our partners, recovery will be difficult. We need support to ensure Homeplus can thrive again from a perspective of mutual growth." 2026-07-21 13:20:00
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Mediation Countries Propose 10-Day Ceasefire Between U.S. and Iran, Reopening of Hormuz Strait Mediation countries in the Middle East have proposed a 10-day ceasefire and the reopening of shipping routes in the Hormuz Strait to the United States and Iran. The U.S. government is currently reviewing the proposal, and Iran has confirmed receipt of the mediation offer.According to Axios, Qatar, Egypt, and Pakistan recently delivered this ceasefire proposal to both the U.S. and Iran.The ceasefire plan aims to halt hostilities for 10 days and normalize navigation through the Hormuz Strait, allowing both countries time to revive their faltering memorandum of understanding (MOU) for peace.If an agreement is reached, Iranian attacks on vessels in the southern route through Omani waters would cease, and the U.S. blockade on the northern route through Iranian waters would be lifted.During the ceasefire, the U.S. and Iran are expected to discuss long-term navigation solutions for the Hormuz Strait. One proposal includes Iran receiving a service fee for maritime security, which would be managed by a joint fund involving the International Maritime Organization (IMO).However, neither the U.S. nor Iran has accepted the ceasefire proposal yet. The U.S. is keeping open the possibility of further retaliation following Iranian attacks that resulted in U.S. military casualties, leaving the outcome of the ceasefire uncertain.Esmaeil Baghaei, spokesperson for the Iranian Foreign Ministry, confirmed during a briefing that mediation countries, including Qatar, have conveyed proposals aimed at reducing tensions with the U.S.The U.S. is also preparing for the possibility of negotiations failing. Reports indicate that U.S. forces have recently deployed dozens of fighter jets and refueling aircraft to the Middle East to bolster regional military capabilities.* This article has been translated by AI. 2026-07-21 13:12:00
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Jung Cheong-rae's Vehicle Damaged in Attack; Kim Min-seok Calls for Action Against Anti-Democratic Acts Jung Cheong-rae, a candidate for the leadership of the Democratic Party of Korea, was attacked on October 20 after a joint speech event for the preliminary party convention, resulting in damage to his vehicle. Kim Min-seok, a fellow candidate and former Prime Minister, condemned the incident as an "anti-democratic act" and called for measures to prevent its recurrence.On October 21, Jung's team reported that an incident occurred where the candidate's vehicle was struck with feet and tools, prompting an ongoing police investigation. They expressed deep regret over the threats and violence directed at the candidate while he was inside the vehicle.In response, Kim's team stated, "Any illegal acts, insults, derogatory terms, or violence are anti-democratic actions and merely provide grounds for division and counteractions. These must be eradicated." They emphasized that all forms of verbal abuse, dual party membership, ghost party members, and involvement of Shincheonji must come to an end. They also urged all party members to take on the role of protectors for safety.Meanwhile, the party convention has intensified factional conflicts between the pro-Myeong (Lee Jae-myung) and pro-Cheong (Jung Cheong-rae) camps. They have engaged in disputes over the introduction of a preferential voting system and the failure of the youth supreme committee. 2026-07-21 13:12:00
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K Bank Partners with HashKey Group to Expand Blockchain Remittance Services 케이뱅크가 홍콩 기반 디지털자산 금융그룹 해시키그룹(HashKey)과 손잡고 블록체인 기반 해외송금 사업 확대에 나선다. 케이뱅크와 국내 블록체인 기업 비피엠지(BPMG)는 해시키그룹과 해외송금 및 결제 분야 협력을 위한 업무협약(MOU)을 체결했다고 21일 밝혔다. 3사는 이번 협약을 바탕으로 블록체인을 활용한 해외송금과 디지털자산 관련 사업을 공동 추진한다. 우선 케이뱅크와 비피엠지가 개발 중인 블록체인 기반 해외송금 모델에 해시키그룹의 네트워크를 접목해 한국과 홍콩 간 송금 기술검증(PoC)을 추진할 계획이다. 또 디지털자산 기반 해외송금·결제 인프라 구축과 디지털자산 수탁·변환·정산 기술 협력, 디지털자산 기반 신규 비즈니스 모델 발굴도 함께 추진한다. 해시키그룹이 홍콩과 동남아시아를 중심으로 구축 중인 송금 네트워크와 연계해 아시아 지역으로 서비스 범위를 확대하는 방안도 검토한다. 아울러 관련 서비스 제도화와 금융당국 인가에 대비해 고객확인, 자금세탁방지 등 내부통제 체계를 선제적으로 마련할 방침이다. 케이뱅크 관계자는 "아랍에미리트, 태국과의 업무협약에 이어 홍콩까지 네트워크를 확장하게 됐다"며 "앞으로도 다양한 국가의 금융∙블록체인 기업과 협력을 지속해서 확대해 나갈 것"이라고 밝혔다.* This article has been translated by AI. 2026-07-21 13:08:00
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BOK governor joins Asia-Pacific policymakers amid AI and inflation risks SEOUL, July 21 (AJP) -Bank of Korea Governor Shin Hyun-song will join Asia-Pacific central bankers and financial regulators in Singapore this week for talks on inflation, financial stability and the economic risks posed by intensifying artificial intelligence competition and escalating tensions in the Gulf. Shin will attend the 31st Executives' Meeting of East Asia-Pacific Central Banks (EMEAP) Governors and a separate gathering of central bank governors and financial supervisory chiefs from Wednesday through Friday, the BOK said Tuesday. The discussions come as policymakers assess how the rapid adoption of AI is reshaping economic structures while creating new challenges for financial stability, regulation and monetary policy. Shin and fellow EMEAP governors will exchange views on recent economic developments and examine the implications of AI for regional economies and financial systems. They will also review the work of the group's committees on monetary and financial stability, financial markets, payment and settlement systems, banking supervision, information technology and financial institution resolution. At the separate meeting with financial supervisors, participants will focus on how banks and other financial institutions are deploying AI and the regulatory challenges arising from its broader adoption. Officials will also discuss the macroeconomic and financial implications of supply chain disruptions and possible policy responses. Founded in 1991, EMEAP comprises the central banks and monetary authorities of 11 East Asia-Pacific economies, including South Korea, China, Japan, Australia, Singapore and Hong Kong. Financial regulators from South Korea, China, Japan, Australia and Indonesia will also participate in the joint meeting of central bank governors and supervisory authorities. Shin is scheduled to depart for Singapore on Wednesday and return to South Korea on Saturday. 2026-07-21 13:00:38