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  • Renewed Tensions in the Middle East Disrupt Exports for Small Businesses
    Renewed Tensions in the Middle East Disrupt Exports for Small Businesses As the fragile ceasefire agreement between the United States and Iran falters, anxiety is rising among small businesses in South Korea. The Strait of Hormuz, a critical passage for global oil and shipping, has been blocked again, leading to export disruptions and increased logistics costs, which are rapidly affecting small enterprises.According to foreign reports on July 13, Iran re-blocked the Strait of Hormuz on July 12 local time. The Iranian Revolutionary Guard announced in a statement that "attempts to pass through the strait via illegal routes are recurring," and declared the strait would be closed again. They warned that vessels attempting to use unauthorized routes would face warning shots and stated that the blockade would continue until U.S. intervention ceases.In response, the U.S. conducted airstrikes on over 140 military facilities in Iran, including missile and drone bases, air defense systems, and communication networks, citing violations of the ceasefire agreement. This marked the third military action in a week. Previously, on July 7, after Iran attacked a civilian oil tanker passing through the strait, the U.S. retaliated by striking Iranian military facilities over two days.With both nations returning to military conflict, the ceasefire agreement signed last month has effectively unraveled in less than a month. The U.S. and Iran had signed a memorandum of understanding on June 14 to ensure safe navigation in the Strait of Hormuz, but President Donald Trump notified Iran of the ceasefire's termination earlier this month due to repeated military provocations.The collapse of the ceasefire has deepened concerns for small businesses in South Korea. The Strait of Hormuz is a strategic chokepoint through which approximately 20% of the world's oil maritime traffic passes. With the strait blocked again, disruptions to both oil and container shipping are inevitable, likely leading to a rise in global logistics costs.Small businesses have been grappling with logistics disruptions and export uncertainties since the outbreak of the U.S.-Iran conflict nearly six months ago. According to the Ministry of SMEs and Startups, there have been a total of 997 reports of damage and management difficulties related to the Middle East conflict from February 2 to July 10. The most common issues reported were transportation disruptions and rising logistics costs, each accounting for 296 cases, followed by 242 cases of contract cancellations or delays. Industry insiders expect that damage reports will exceed 1,000 this week.Export companies, particularly those heavily reliant on the Middle Eastern market, are feeling the pressure. The prolonged conflict has exacerbated their financial difficulties, and hopes for improved export conditions following the ceasefire have been dashed. A representative from a small export company stated, "Since the outbreak of the Middle East war, orders from major buyers in Iraq have ceased, and we are currently waiting to resume transactions," adding that "exports to Iraq have dropped by over 70% compared to before the war." The Ministry of SMEs and Startups plans to maintain its emergency response system and is considering measures to address the situation. The ministry is monitoring the status of damages related to the Middle East conflict in real-time through 15 export support centers nationwide and an online damage reporting portal. They plan to provide support measures in areas such as logistics and export financing, led by a task force established immediately after the outbreak of the war.A ministry official stated, "We believe that the burden of logistics costs and other business difficulties will continue for the time being, even after the ceasefire agreement. We have been providing support through logistics vouchers and emergency management stabilization funds for affected businesses," adding, "We will closely monitor the situation while maintaining our existing response system and prepare necessary measures." * This article has been translated by AI. 2026-07-13 17:52:00
  • Yoo Jae-hoon Appointed as Next Head of the Korea Insurance Development Institute
    Yoo Jae-hoon Appointed as Next Head of the Korea Insurance Development Institute 차기 보험개발원장에 유재훈 전 금융위원회 국장이 단독 후보로 내정됐다.13일 보험업계에 따르면 보험개발원 원장후보추천위원회(원추위)는 이날 유 전 국장을 단수 후보로 추천했다.앞서 차기 보험개발원 원장 후보 공모에는 유 전 국장을 비롯해 신현준 전 신용정보원장, 안철경 전 보험연구원장, 박상욱·설인배 전 금융감독원 부원장보 등이 이름을 올린 바 있다.이후 원추위는 지난주 유 전 국장과 신 전 원장, 안 전 원장 3인을 최종 후보군(숏리스트)으로 압축했고, 이날 최종 면접을 거쳐 유 전 원장을 최종 선정했다.1968년생인 유 내정자는 서울 성남고와 성균관대 경제학과를 졸업한 뒤 제39회 행정고시에 합격해 공직에 입문했다. 금융위에서는 혁신기획재정담당관, 자본시장조사단장, 기획조정관 등을 역임해 금융 정책과 금융소비자보호 업무 등에 이해도가 높은 전문가로 평가받는다.유 내정자는 향후 공직자 재취업 심사를 거칠 예정이다. 보험개발원은 심사 결과에 따라 총회를 거쳐 유 내정자의 선임 여부를 확정할 예정이다. 공식 취임은 다음 달 이뤄질 전망이다.* This article has been translated by AI. 2026-07-13 17:48:00
  • Law Firm Ji-eum Welcomes Labor and Criminal Law Expert Seo Hyo-jung as Partner
    Law Firm Ji-eum Welcomes Labor and Criminal Law Expert Seo Hyo-jung as Partner Law Firm Ji-eum, led by attorneys Kim Seol-i, Kim Hyun-jong, and Lee Ho-young, announced on July 13 that Seo Hyo-jung has joined as a partner attorney as of July 1.Seo graduated from Seoul National University with a degree in Korean Language and Literature and completed her legal studies at Hanyang University. She previously worked as an attorney at Law Firm Seojeong and served as the managing attorney at Law Office Yulbut before joining Law Firm Ji-eum.Currently, Seo serves as a public member of the Gyeonggi Provincial Labor Relations Commission, providing advice and handling cases related to labor disputes, personnel matters, disciplinary actions, wrongful termination, and overall labor relations.Additionally, she has worked as a court-appointed defense attorney for criminal cases at the Suwon District Court and has served as a family mediation committee member, handling various family law cases such as divorce and inheritance, thereby building her expertise in labor, family, and criminal law.A representative from Law Firm Ji-eum stated, "Seo is an attorney with expertise and extensive practical experience across labor, family, criminal, and public institution advisory fields. We expect her to enhance Ji-eum's professionalism by providing high-quality legal services to corporations, public institutions, and individual clients alike."Seo also expressed her commitment, stating, "I will do my best to provide trusted legal services at Law Firm Ji-eum based on my experience and expertise."Law Firm Ji-eum specializes in fair trade and corporate advisory services, having recruited experts from the Fair Trade Commission and providing legal support for companies entering the Middle East. The firm is currently located in Sinsa-dong, Gangnam-gu, Seoul.* This article has been translated by AI. 2026-07-13 17:48:00
  • Selection Process Begins for Mokdong and Seongsu Redevelopment Projects
    Selection Process Begins for Mokdong and Seongsu Redevelopment Projects The Mokdong 12 Complex in Yangcheon District and the Seongsu 2 District in Seongdong District, both key redevelopment sites in Seoul, have begun the process of selecting construction firms. The competition among major construction companies for urban redevelopment contracts is expected to intensify in the second half of the year.According to the construction industry on July 13, the Mokdong 12 Complex reconstruction association and the Seongsu 2 redevelopment association issued a bid announcement on July 7. The two associations will hold a site briefing on July 15 and plan to close bid submissions by August 31.Located in the Shinjung-dong area of Yangcheon District, the Mokdong 12 Complex is set to transform into a large-scale development with 2,810 units across 43 floors above ground and four floors below. The estimated construction cost is 1.7888 trillion won, with a cost of approximately 9.8 million won per 3.3 square meters. The bid deposit is set at 80 billion won.The Mokdong 12 Complex is strategically located near Yangcheon-gu Office Station on Subway Line 2. Industry insiders suggest that GS Engineering & Construction is actively pursuing the project, raising the possibility of a sole bid. GS is reportedly focusing on Mokdong 2, 4, 7, 9, and 12 complexes as key targets and plans to establish a 'Xi Lounge' near Mokdong Station to enhance engagement with association members.Other reconstruction projects in the Mokdong area are also accelerating their construction firm selection processes. The largest reconstruction project in Mokdong, the 14 Complex, is expected to issue a bid announcement in September. This project is anticipated to consist of 5,123 units, with construction costs exceeding 3 trillion won. Major firms such as Hyundai Engineering & Construction, Daewoo Engineering & Construction, Lotte Engineering & Construction, DL E&C, and POSCO E&C are reportedly considering participation.The Mokdong 13 Complex is also moving forward with its project. The project implementer, Daeshin Asset Trust, held a site briefing last month for construction firm selection, attracting interest from Samsung C&T, Daewoo E&C, DL E&C, IPARK Hyundai Industrial Development, and Jeil Construction.The Seongsu 2 District has also resumed its construction firm selection process. This redevelopment project aims to build a total of 2,381 units across a maximum of 65 floors in the Seongsu-dong 2 area of Seongdong District. The total project cost is estimated at 2.0137 trillion won, making it the largest among the four districts in the Seongsu strategic redevelopment area. The bid deposit is set at 100 billion won.Last year, the bidding for Seongsu 2 District was canceled due to internal conflicts within the association and a lack of bids from construction firms. Following the establishment of a new executive board, the project has resumed. Industry analysts believe that DL E&C and IPARK Hyundai Industrial Development are likely to form a competitive landscape in this bidding round.Despite ongoing concerns about construction cost burdens and selective bidding trends, prime locations like Mokdong and Seongsu are expected to attract significant brand competition among major construction firms.An industry insider stated, “Seongsu and Mokdong are representative redevelopment sites in Seoul, combining both location and project viability. They will be key indicators of the urban redevelopment bidding market's atmosphere in the second half of the year.”* This article has been translated by AI. 2026-07-13 17:44:00
  • Weather Forecast: Heat Wave Continues with Rain Expected Nationwide
    Weather Forecast: Heat Wave Continues with Rain Expected Nationwide On Tuesday, July 14, a heat wave will persist across the country, with rain beginning in Jeju and spreading nationwide.According to the Korea Meteorological Administration on July 13, the morning low temperatures on July 14 are forecasted to range from 23 to 27 degrees Celsius, while daytime highs will reach between 28 and 36 degrees Celsius. The perceived temperature in most areas will rise to around 33 degrees, leading to continued sweltering heat, with many regions experiencing tropical nights.Rain will start in various parts of Jeju and expand to the Seoul metropolitan area and South Chungcheong Province between 9 a.m. and noon. From the afternoon, rain will spread to other central regions and Jeolla Province, and by night, it is expected to reach the Gyeongsang Province. Some areas along the western coast of Incheon and northern inland regions of Gyeonggi may see light rain of less than 0.1 mm from late night to morning.Over the next two days, the expected rainfall amounts are 30 to 80 mm in the Seoul metropolitan area, inland and mountainous regions of Gangwon, Daejeon, Sejong, South Chungcheong, and North Chungcheong. Jeollabuk-do is expected to receive 20 to 60 mm, while Gwangju, Jeollanam-do, and the Yeongnam region may see 5 to 40 mm. Jeju is also forecasted to receive 20 to 60 mm of rain. There is a possibility of over 100 mm of heavy rain in northern Gyeonggi and northern inland and mountainous areas of Gangwon, raising concerns about landslides and flooding.Strong wind advisories may be issued for the western and southern coasts and the mountainous regions of Gangwon, with high waves expected at sea.The expected wave heights in the near sea are 0.5 to 3.0 meters in the East Sea and South Sea, and 1.0 to 3.5 meters in the West Sea. In the open sea, wave heights are expected to be 0.5 to 3.5 meters in the East Sea, 2.0 to 5.0 meters in the West Sea, and 1.0 to 3.5 meters in the South Sea.Fine dust levels are expected to be 'good' across all regions.* This article has been translated by AI. 2026-07-13 17:44:00
  • President Lee Calls for Adjustment of Household Electricity Rates
    President Lee Calls for Adjustment of Household Electricity Rates President Lee Jae-myung stated on July 13 that the current pricing structure for household electricity, which charges the same rate regardless of the time of day, is not appropriate. During a national fiscal strategy meeting held at the Blue House, he suggested that the electricity pricing system should be revised to offer lower rates during off-peak hours when there is excess power and higher rates during peak times when demand exceeds supply.President Lee also noted that restructuring the electricity pricing system could help address the inefficiencies associated with heat pumps, a technology gaining attention for its eco-friendly energy solutions.However, he acknowledged that discussing changes to electricity rates is challenging at the moment due to inflation concerns. He pointed out that household electricity rates are currently higher than industrial rates and emphasized that if there were no inflationary pressures or income issues for the public, it would be necessary to adjust household electricity rates.He added, “The burden on low-income households could be a concern, and we might consider providing support in the form of vouchers for them. I believe we should have a policy discussion on this matter.”* This article has been translated by AI. 2026-07-13 17:40:00
  • TWICEs sold-out Seoul finale concludes yearlong world tour
    TWICE's sold-out Seoul finale concludes yearlong world tour SEOUL, July 13 (AJP) - K-pop girl group TWICE wrapped up their sixth world tour with three sold-out concerts at KSPO Dome in southern Seoul over the weekend, JYP Entertainment said on Monday. The yearlong tour covered 81 shows across 44 locations around the world, marking one of the group's largest global concert tours so far. The "THIS IS FOR" tour began at Inspire Arena in Incheon in July 2025 before traveling across Asia, Oceania, North America and Europe. Along the way, TWICE became the first overseas act to hold a solo concert at Tokyo's National Stadium and the first K-pop girl group to perform at Hong Kong's Kai Tak Stadium. TWICE attracted about 550,000 fans across their North American shows, the largest audience for a North American tour by a K-pop girl group, according to JYP Entertainment, and about 640,000 fans across their Japanese shows. The Seoul finale used the same 360-degree stage setup featured throughout the tour, placing the main stage at the center of the arena and opening seating on all sides. The concerts featured a live band and a career-spanning set list that moved from recent songs including "THIS IS FOR," "OPTIONS" and "MARS" to earlier hits such as "Like OOH-AHH," "TT," "CHEER UP," "What Is Love?" and "YES or YES." The group also performed solo and unit stages, including the first Korean performances of "TAKEDOWN" by Chaeyoung, Jeongyeon and Jihyo and "Confetti" by Mina, Momo and Sana. The final concert on Sunday was streamed worldwide through Beyond LIVE. At the end of the show, the members thanked "ONCE," the group's official fandom, for supporting the tour and hinted that another tour would follow. "The long journey of the 'THIS IS FOR' tour has come to an end," the members said. "We were able to finish it safely because of ONCE. Thank you sincerely for your support and love." TWICE, which debuted in October 2015, will celebrate their 11th anniversary this fall. 2026-07-13 17:38:42
  • Local College Fair Faces Criticism Over Poor Management Amid Heatwave
    Local College Fair Faces Criticism Over Poor Management Amid Heatwave A local college admission fair, intended to provide accurate information to students and parents, faced significant operational issues, leaving many disappointed. Over 10,000 attendees braved extreme heat, only to find inadequate cooling at the venue, and many students left without receiving any counseling. Additionally, some universities reported being forced to provide eight hours of continuous counseling, leading to discomfort among admissions staff. There were also complaints about discriminatory booth fees based on university recognition, prompting calls for reform.The education office stated, "We will humbly review the shortcomings in event management and actively reflect on them in future operations."On July 11, a college admission information fair hosted by a local education office received a flood of complaints regarding its organization. An official from a metropolitan university, speaking with Aju Economy, said, "Despite a heat warning, over 10,000 people attended, but the indoor cooling was non-existent, making it as hot as outside. Large fans were either not operational or ineffective, and when we complained, the organizers simply said, 'There's nothing we can do.'" The official expressed frustration, stating, "The only refreshments provided to the university representatives were two bottles of water per booth, with no additional supplies available." In response, the education office claimed, "We activated all cooling facilities in the gymnasium and operated additional fans, but the high temperatures and large crowd caused the indoor temperature to rise above normal. We continued to deploy large fans in areas where university booths and students were struggling."Regarding the water supply, the official explained, "We prepared enough water for each admissions officer and teacher, but we could not provide additional supplies due to varying needs." The discomfort experienced by visitors and university representatives continued even after the event concluded. The pre-announced parking fee of 3,000 won was not managed properly, as attendees were required to pay individually at the exit toll booth. The university official criticized the organizers, saying, "Instead of a pre-paid parking system, we had to pay at the exit, causing delays of 30 minutes to over an hour just to leave the parking lot." The education office responded, "The traffic congestion at the exit around 5 p.m. was due to a large number of vehicles leaving simultaneously. We worked hard with university officials to facilitate a smoother exit, but it took considerable time, and we apologize for the inconvenience. We will strive to improve this in the future."Lack of flexibility from the outsourced company harms students.The core operation of the college fair, which is counseling, also revealed some shortcomings. Typically, college fairs allow universities to manage waiting times and counseling sessions flexibly. However, some education offices imposed rigid ticketing systems dictated by the outsourced company. Another official from a metropolitan university noted, "The education office mandated that each counselor could only see 18 students, with 20 minutes allocated per session. By 10:30 a.m., all tickets were gone, leaving latecomers unable to receive any counseling." The official added, "If no-shows were handled more flexibly or if walk-ins were accepted, we could have counseled many more students. Instead, the education office's adherence to the company's rigid system meant that complaints from parents fell squarely on the universities." Even universities that finished counseling early were required to remain until the event's official end at 5 p.m., highlighting further operational inefficiencies.“Free for Seoul universities, fees for struggling local schools” highlights unfair booth fee practices.The practice of charging different booth fees based on university recognition also needs to be addressed. An official from a metropolitan university remarked, "At some regional fairs, preferred universities from Seoul are offered free booths to encourage attendance, while local universities desperate for new students are charged fees. This discrimination is openly practiced." The official recounted, "When we were asked to pay a booth fee after deciding to participate late, I said we wouldn’t attend if we had to pay. Only then did they change their tune and say we could come without paying." He criticized the event, stating, "A public event meant for education has turned into a blatant money-making scheme." The college fair, which should alleviate students' and parents' anxieties by providing accurate information, has instead been marred by the incompetence of the organizers and the commercial interests of the outsourced company, leaving students and universities to bear the brunt of the fallout. Admissions officials from various universities emphasized that local education offices must undertake comprehensive reforms to restore the fair's integrity. The education office stated, "We are committed to providing reliable college admission services to students and parents. We are working closely with admissions officers and lead teachers to offer accurate information and tailored counseling, and we will continue to actively incorporate feedback to improve the counseling environment and operational systems." 2026-07-13 17:28:00
  • SK Networks Implements Voluntary Retirement to Streamline AI Operations
    SK Networks Implements Voluntary Retirement to Streamline AI Operations SK Networks is accelerating its transition into an artificial intelligence (AI)-focused holding company as it evolves its organizational structure for innovation. The company plans to implement voluntary retirement in the first half of the year and conduct a company-wide job redesign.On July 13, SK Networks announced that it has initiated a 'career transition support program' for selected employees and begun workforce reallocation. With the full-scale utilization of AI across the organization, job redesign efforts will commence in the second half of the year.To foster a culture of collaboration with AI, SK Networks has established and operated an AX promotion organization. This initiative aims to redefine roles within the organization and build an AI collaboration system based on specific job functions.In the latter half of the year, the company will focus on maximizing job efficiency for employees under the newly established structure, appropriate for an AI-centered holding company. Customized training support will be provided to employees during this process.Particularly, employees who may feel anxious about job changes due to the evolving AI collaboration environment will be offered career transition opportunities. This includes both senior and junior staff members. Individual notifications were sent to the selected employees, with compensation packages reportedly reaching up to 300 million won.A representative from SK Networks stated, "Creating a proactive culture to respond to the global AX trend is the mission of an AI company and a way to avoid obsolescence. We have identified potential areas for AX through organizational AI camps and employee interviews, and we will establish a system that actively incorporates AI into actual work processes."There have been speculations that the recent return of Honorary Chairman Choi Shin-won to management is linked to cost-cutting measures; however, the company firmly denies these claims. SK Networks clarified, "In April, we appointed former Chairman Choi Shin-won as honorary chairman in an advisory role. He serves as a management mentor for SK Networks but does not participate in the company's decision-making or operations."* This article has been translated by AI. 2026-07-13 17:24:00
  • Skin1004 Opens First Global Flagship Store in New York, Targets North America
    Skin1004 Opens First Global Flagship Store in New York, Targets North America Skin1004, a skincare brand under Craver Corporation, has opened its first global flagship store in New York City, marking a significant step in its strategy to penetrate the North American market. The store, located on Broadway, serves as the brand's first global offline hub, designed to convey its philosophy and product experiences directly to consumers. It will act as a base for expanding into the global market, particularly in the U.S. The store's design is inspired by Madagascar, the brand's origin, incorporating organic curves and restrained materials to reflect the natural formations of the region's canyons. The layout aims to provide a sense of nature's comfort amidst the bustling New York City environment. The product display area is designed like an exhibition space, allowing visitors to engage with the brand's story and products simultaneously. To celebrate the flagship store's opening, Skin1004 hosted a week-long customer engagement event. This included a limited-edition starter kit exclusive to the New York flagship, discounts for purchasing customers, skin type tests, one-on-one skin consultations, and sampling programs to encourage visitor participation. During the event, the store attracted over 7,000 visitors. The design inspired by Madagascar's canyons and the product experience programs received positive feedback, resulting in a Google Maps rating of 4.9 stars from local consumers. The U.S. has recently emerged as a key battleground for K-beauty brands. CJ Olive Young is expanding its online business in the U.S., while major K-beauty brands such as Amorepacific, LG Household & Health Care, A.P.R., Dalba Global, and Chosun Beauty are strengthening their local distribution networks and offline channels to enhance their presence in the North American market. Kwak In-seung, Chief Business Officer of Craver and head of the Skin1004 brand, stated, "We will continue to expand consumer touchpoints in major global markets, including the U.S., and strengthen our brand influence in the K-beauty market through differentiated brand experiences that encompass both online and offline channels."* This article has been translated by AI. 2026-07-13 17:24:00