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  • Hyundai Union to Strike for Two Hours Daily from July 13 to 15
    Hyundai Union to Strike for Two Hours Daily from July 13 to 15 금속노조 현대자동차지부가 다음 주부터 단기 부분 파업에 들어간다. 현대차지부는 8일 연 2차 중앙쟁의대책위원회에서 오는 13~15일 매일 2시간씩 파업하기로 했다고 밝혔다. 노조는 이날 쟁대위에 앞서 회사와 15차 교섭을 벌였으나, 합의에 이르지 못했다. 사측은 교섭에서 월 기본급 8만9000원 인상과 성과금 350%+1000만원, 주식 15주 지급 등을 담은 3차 협상안을 제시했다. 다만 노조는 조합원 기대를 충족하기에 부족하다며 거부했다. 노조는 사측의 추가 제시를 압박하고자 파업을 결정하면서도 사측과 교섭을 이어갈 방침이다. 이에 따라 새로운 협상안이 제시돼 노사가 잠정 합의하면 파업 실행이 유보될 가능성도 있다. 한편 회사는 지난해 영업이익 감소에 이어 올해 상반기 판매 실적도 부진해 여력이 많지 않다는 입장이지만, 노조는 물가 상승을 고려한 실질 임금 인상이 필요하다고 주장하고 있다.* This article has been translated by AI. 2026-07-08 18:20:00
  • Government Moves to Finalize Mega Special Zone and M.AX Legislation
    Government Moves to Finalize Mega Special Zone and M.AX Legislation The government is set to finalize legislation by the end of the year to support key industrial policies, including the three major mega projects and the transition to industrial artificial intelligence (M.AX).On July 8, members of the ruling Democratic Party and government officials, including Minister of Trade, Industry and Energy Kim Jeong-kwan, held a meeting at the National Assembly to discuss the passage of bills in the second half of the year. The meeting focused on reporting the progress of the Ministry of Trade's initiatives and future plans.The Ministry of Trade presented reports on key issues, including region-led growth in five major areas, the three mega projects, and M.AX. Notably, they agreed to complete the mega special zone law and M.AX legislation within the regular National Assembly session.Jang Cheol-min, a member of the National Assembly and the ruling party's secretary for the Trade, Industry, Energy, Small and Medium Enterprises Committee, spoke to reporters after the meeting, stating, "The priority tasks are the mega special zone law and M.AX legislation. We aim to address most of these during the regular session, with the goal of extending discussions into February if necessary."Regarding the mega special zone law, he emphasized the importance of quickly resolving issues between the government and the ruling party, noting, "There are various issues, such as alignment with regional growth engines, which cannot be handled solely by the Trade, Industry, Energy, Small and Medium Enterprises Committee. Therefore, we plan to expedite discussions at the policy committee level."* This article has been translated by AI. 2026-07-08 18:20:00
  • KT Cloud Selected as Preferred Negotiation Partner for Korea Posts DaaS Project
    KT Cloud Selected as Preferred Negotiation Partner for Korea Post's DaaS Project KT Cloud has been selected as the preferred negotiation partner for the Korea Post's cloud-based internet PC (DaaS) project. As the public DaaS market expands, KT Cloud has emerged as the top contender over NHN Cloud, increasing its chances of securing a significant public cloud reference.According to procurement industry sources on July 8, the Korea Post's Information Management Center announced that it had selected KT Cloud as the preferred negotiation partner following a proposal evaluation. Both KT Cloud and NHN Cloud participated in the bidding process.The project is valued at approximately 12.66 billion won, with a contract period of about five years. The selected provider will establish and operate cloud-based internet PC services within the Korea Post's work environment.KT Cloud will now enter negotiations with the Information Management Center regarding technology and pricing. Once negotiations are finalized, a contract will be signed, and the Information Management Center will proceed with transferring related demands, allowing the project to commence.This project is being pursued through a 'negotiated contract' method, which considers both technical and price evaluations in selecting the preferred negotiation partner. Therefore, the selection does not immediately equate to a contract signing; if negotiations conclude successfully, KT Cloud will be confirmed as the final provider.This contract is significant as it adds a major DaaS reference for KT Cloud in the public cloud market. With the expansion of projects transitioning public institutions to cloud-based virtual desktops, KT Cloud is expected to enhance its competitiveness in the public cloud sector through this initiative. 2026-07-08 18:20:00
  • Accelerating Semiconductor Development in the Southwest Region
    Accelerating Semiconductor Development in the Southwest Region The government aims to achieve the completion of the Southwest semiconductor cluster by 2030, but experts are urging a shift from traditional sequential administrative processes to a "one-stop fast track" approach. They warn that without simultaneous efforts in securing factory sites, establishing power and water networks, and creating favorable living conditions for talent, reaching the production goal by 2030 will be nearly impossible.At a policy forum titled "Success of the Southwest Semiconductor Cluster" held on July 8 in the National Assembly building in Yeouido, participants unanimously emphasized the need for speed. They stressed that repeating the administrative and infrastructure bottlenecks experienced during the construction of the existing semiconductor cluster in the capital region must be avoided.Kim Sang-mook, head of the Korea Photonics Technology Institute, noted, "Yongin has been processing site acquisition, compensation, environmental assessments, power, and water sequentially for nearly seven years, yet construction is still ongoing. The Southwest region must adopt a one-stop fast track approach to handle site compensation, environmental impact assessments, power, water networks, roads, and construction procedures in parallel."The Southwest cluster must adhere to an even tighter timeline than previous fab constructions. The integrated special city of Jeonnam and Gwangju plans to begin related procedures in July 2026, aiming to complete four fabs within 3.5 to 4 years and start production by 2030.The government agrees that the existing project methods will not meet this timeline. Kim Sung-yeol, director of the Industrial Growth Division at the Ministry of Trade, Industry and Energy, stated, "With the rapid selection of sites, we plan to expedite subsequent processes such as industrial complex development. Our goal is to simultaneously advance all aspects, including power and workforce, to cut the time previously taken by two to three times."The TSMC factory in Kumamoto, Japan, was cited as a prime example of speed. It was completed just 22 months after construction began, thanks to government subsidies and infrastructure support from both central and local governments. However, issues related to transportation and infrastructure shortages arose during the construction of the Kumamoto 2 plant. The Southwest region must learn from these existing cases and carefully design infrastructure capable of supporting all four fabs from the outset.Power and water supply issues were identified as critical prerequisites. Kim emphasized, "The key is not just the amount of power but building the power grid in line with the fab's operational timeline. We need to expand 345 kV transmission lines and substations, as well as establish a redundant power supply network." Semiconductor fabs operate 24/7, and even brief voltage instabilities can disrupt production, necessitating multiple layers of stability measures.Securing skilled labor is also an essential task that must be addressed alongside construction. Advanced semiconductor fabs require experienced engineers during the initial equipment installation and production line setup, making it difficult to operate without relocating talent from the capital region.Kim noted, "The equipment cost for a fab worth 200 trillion won could reach 150 trillion won, and we cannot rely solely on new hires to operate it. The focus for initial talent acquisition should be on retention rather than training," highlighting the importance of creating favorable living conditions. A support package that includes housing, education, healthcare, and transportation is necessary to attract skilled engineers and their families.There is also a need to establish a local talent development system. The Southwest region currently lacks sufficient educational and research infrastructure to support advanced memory processes. The four fabs are expected to directly employ around 30,000 people, but there is a high likelihood of short-term labor mismatches.Professor Maeng Jong-seon from the Semiconductor Research Institute at Chonnam National University stated, "Universities should collaborate to establish a shared fab and develop field-oriented training tailored to corporate needs. Additionally, expanding semiconductor contract programs, corporate-linked curricula, and incentives to attract top talent, such as military service exemptions, should be considered."Local governments have called for legal and institutional support. Cho Hyun-ho, head of the AI Semiconductor Division in the integrated special city of Jeonnam and Gwangju, said, "We need to establish a dedicated support system for companies through amendments to the integrated special law and semiconductor special law, as well as a permanent secretariat. Furthermore, national support for key infrastructure such as power, water, roads, and wastewater treatment should be strengthened, and incentives for investing companies and their partners should be expanded."Meanwhile, Jeong Cheong-rae, a former leader of the Democratic Party and a candidate for party leadership, stated, "The Southwest semiconductor cluster is a key driver for Korea's future, and it is a project that must succeed with the cooperation of the government, businesses, and citizens, regardless of political affiliation or demographics. The party will actively support this initiative and ensure that there are no delays that could hinder progress, and I will also take an active role in this effort."* This article has been translated by AI. 2026-07-08 18:16:00
  • 5000 Individuals Affected by Data Breach in Everyones Startup Program
    5000 Individuals Affected by Data Breach in 'Everyone's Startup' Program The Ministry of SMEs and Startups is taking steps to address the fallout from a significant data breach affecting its startup audition platform, 'Everyone's Startup.' The ministry plans to gather feedback from the first-round successful applicants whose personal information was compromised and develop specific improvement measures.On July 8, the ministry held a meeting at the Chungbuk Creative Economy Innovation Center for the first-round successful applicants whose data was leaked. During the meeting, mentoring organizations shared their progress and future plans, while the ministry provided updates on the first-round evaluation results and preparations for the second round. The operational organizations also proposed suggestions for improving the program based on challenges faced during implementation, and the first-round selected participants shared their feedback on the program's management.This meeting marks the beginning of a nationwide tour across 17 cities and provinces, where the ministry will continue to engage with operational and mentoring organizations as well as selected participants to gather on-the-ground opinions and enhance 'Everyone's Startup' into a trusted entrepreneurship support platform.Additionally, the ministry announced plans to conduct regional auditions and a national audition for the first-round successful applicants, aiming to select the final winner by the end of the year while committing to complete the remaining program schedule.Deputy Minister Noh Yong-seok urged mentoring organizations to be reliable guides and partners to help entrepreneurs turn their potential into success.However, the incident has raised concerns about security negligence within public institutions. It has been noted that the data breach was not due to external hacking but rather occurred when a partner company involved in the project was hacked or accessed the data improperly. Allegations have surfaced that warnings about technical vulnerabilities had been ignored for a month prior to the incident, leading to criticism directed at the ministry.Last month, a data breach incident resulted in the exposure of personal information of 5,000 first-round successful applicants, effectively halting the second phase of the project. In response to the breach, the ministry has been operating a task force led by the deputy minister since June 21 to ensure a coordinated government response and to develop measures to prevent future occurrences.As of June 25, the number of reports received by the 'Everyone's Startup' data breach support center was confirmed to be 54, with reports continuing to increase. A ministry official stated, 'We are continuously collecting reports without a deadline for submissions and will thoroughly verify the actual damages and specific scale of the reported cases before making them public.'* This article has been translated by AI. 2026-07-08 18:16:00
  • Shipbuilding and Steel Industries Brace for Potential Strikes Amid Labor Disputes
    Shipbuilding and Steel Industries Brace for Potential Strikes Amid Labor Disputes The shipbuilding and steel industries have entered a critical wage and collective bargaining season this year, but a widening gap between labor and management is raising the specter of a summer strike. Ongoing disputes over wages and bonuses, coupled with subcontractor unions' demands for primary negotiations, are intensifying tensions.According to industry sources, the POSCO labor union is conducting a strike vote from July 8 to 9. The outcome of this vote will determine whether a strike will occur. If realized, it would mark the first strike in POSCO's history since its founding in 1968.The POSCO union has prioritized demands for wage increases, bonuses, and the expansion of employee stock ownership plans in this year's negotiations. They argue for a compensation system that allows for long-term sharing of the company's growth, moving beyond a short-term reward structure.Industry analysts believe the union is more likely to use the strike vote as leverage for further negotiations rather than immediately proceeding with a strike. A POSCO union representative stated, "We will consider a strike after assessing the proposals from management, which are expected on July 14."Hyundai Steel is also facing challenges in its negotiations. The two sides have met five times but have yet to find common ground. Reports indicate that the union is demanding bonuses increased by 150% compared to last year.This year, the implementation of the Yellow Envelope Law has intensified subcontractor unions' demands for primary negotiations, suggesting that the summer strike season may be prolonged compared to previous years.The Korean Metal Workers' Union held a press conference in front of the Sejong Center in Seoul, declaring a full-scale struggle to secure primary negotiations. According to the union, 24 primary companies are facing demands from 77 branches and 21,200 members for these negotiations, but the primary companies have yet to respond.Park Sang-man, chairman of the Metal Workers' Union, stated, "The fight for primary negotiations is not just for indirectly employed workers but for all metal workers. If primary companies continue to refuse negotiations, we will escalate our struggle starting with a general strike on July 15."Choi Myung-sik, chairman of the Hyundai Steel Non-Regular Workers' Union in Chungcheongnam-do, emphasized that the primary company, Hyundai Steel, ultimately decides on employment, labor conditions, and safety issues, arguing that negotiations at the subcontractor level alone cannot resolve wage and welfare disparities compared to regular employees.Kang In-seok, chairman of the Metal Workers' Union's Geoje, Tongyeong, and Goseong Shipbuilding Subcontractor Union, announced specific strike plans, indicating that if primary negotiations do not occur, they will escalate their actions. He noted, "On July 2, the Wellive branch and the Geoje, Tongyeong, and Goseong Shipbuilding Subcontractor Union received a decision to cease mediation from the local labor committee. Having secured legal strike rights, we plan to hold a general rally for subcontractor workers on July 23 and 25, and in August, we will initiate strike actions at Hanwha Ocean's site."Meanwhile, there are concerns that this year's wage negotiations could increase uncertainty in production sites. The shipbuilding industry is facing challenges in meeting delivery deadlines due to a surge in orders, while the steel industry is experiencing a downturn, making production stability more critical than ever. Prolonged labor disputes could disrupt production and impact supply chain stability.* This article has been translated by AI. 2026-07-08 18:16:00
  • Weather Alert: Heavy Rain Expected Nationwide with Temperatures Reaching 35°C
    Weather Alert: Heavy Rain Expected Nationwide with Temperatures Reaching 35°C On Thursday, strong monsoon rains are expected across the country, with daytime temperatures soaring to a high of 35 degrees Celsius. The rain, accompanied by gusty winds and thunderstorms, is forecasted to bring 80 to 150 millimeters of precipitation to the Chungcheong region and Jeonbuk, with some areas potentially receiving over 200 millimeters. The capital region and inland Gangwon are also expected to see more than 150 millimeters of rain. Rainfall is also anticipated in the northwestern part of Jeonnam (30-80 mm), Gwangju and Jeonnam (10-40 mm), northern and central North Gyeongsang (50-100 mm), southern Daegu and North Gyeongsang (20-60 mm), western inland South Gyeongsang (5-40 mm), and the five islands in the Yellow Sea (20-60 mm). Morning low temperatures will range from 21 to 25 degrees Celsius, while daytime highs will be between 26 and 35 degrees, indicating that the heat wave will persist for the time being. The sea will see waves reaching up to 3.5 meters in the open waters of the East Sea, raising concerns for safety. In the nearshore waters, wave heights are expected to be 0.5 to 2.0 meters in the East Sea, 0.5 to 1.5 meters in the West Sea, and 0.5 to 1.0 meters in the South Sea. In the offshore waters (approximately 200 kilometers from the coastline), wave heights are forecasted to be 0.5 to 3.5 meters in the East Sea, 1.0 to 2.0 meters in the West Sea, and 0.5 to 2.5 meters in the South Sea.* This article has been translated by AI. 2026-07-08 18:16:00
  • Dignitaries Attend 2026 ABC Grand Launch Ceremony
    Dignitaries Attend 2026 ABC Grand Launch Ceremony <축사/축전>▲Lee Jae-myung, President▲Joo Chung-sik, Speaker of the National Assembly ▲Han Byeong-do, Floor Leader of the Democratic Party ▲Jang Dong-hyuk, Leader of the People Power Party ▲Jeong Jeom-sik, Floor Leader of the People Power Party▲Oh Se-hoon, Mayor of Seoul▲Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance▲Bae Kyung-hoon, Deputy Prime Minister and Minister of Science and ICT ▲Kim Jeong-kwan, Minister of Trade, Industry and Energy▲Yoon Ho-joong, Minister of the Interior and Safety ▲Kim Yoon-deok, Minister of Land, Infrastructure and Transport ▲Kim Seong-hwan, Minister of Climate, Energy and Environment▲Kim Young-hoon, Minister of Employment and Labor▲Song Mi-ryeong, Minister of Agriculture, Food and Rural Affairs▲Choi Hwi-young, Minister of Culture, Sports and Tourism ▲Hwang Jong-woo, Minister of Oceans and Fisheries ▲Kim Jong-cheol, Chairman of the Korea Communications Commission▲Lee Ok-yeon, Chairman of the Financial Services Commission▲Park Hong-geun, Minister of Planning and Budget▲Lee Doo-hee, Deputy Minister of National Defense ▲Shin Hyun-sung, Governor of the Bank of Korea▲Lim Kwang-hyun, Commissioner of the National Tax Service▲Lee Jong-wook, Commissioner of the Korea Customs Service▲Ahn Hyung-jun, Director of the National Data Agency▲Kim Dong-cheol, President of Korea Electric Power Corporation▲Hong Moon-pyo, President of the Korea Agro-Fisheries & Food Trade Corporation (aT)▲Kim In-jung, President of the Korea Rural Community Corporation▲Park Seong-hyeok, President of the Korea Tourism Organization▲Hwang Kyo-ik, Director of the Korea Culture and Tourism InstitutePolitical FiguresFormer Prime Minister Jeong Se-kyun, Kim Woo-chang, National AI Policy Secretary at the Presidential Office, Han Byeong-do, Acting Leader of the Democratic Party, Lee Hak-young, Democratic Party Member, Min Byeong-deok, Democratic Party Member, Kim Geon, People Power Party Member, Lee Jun-seok, Leader of the Reform Party, Cheon Ha-ram, Floor Leader of the Reform Party, Lee Hae-min, Member of the Justice Innovation PartyBusiness LeadersGal Sang-myeon, Executive Director of Hana Securities, Gam Dong-hoon, Executive Director of Lotte Chilsung Beverage, Kang Ho-seong, Executive Director of KT, Gong Jae-hoon, Director of Shinsegae, Kwak Jae-min, Executive Director of CJ Logistics, Koo Eun-kyung, Executive Director of Korean Air, Kwon Gyu-seung, CEO of JSBCom, Kim Kyung-hwan, Executive Director of LG, Kim Kwang-jip, CEO of Studio Metak, Kim Kwang-taek, Director of Nexon, Kim Gi-hong, President of the Digital Convergence Industry Association, Kim Doo-hyun, Chairman of KCT Holdings, Kim Byeong-seok, Executive Director of Smilegate, Kim Bo-ram, Director of Namyang Dairy Products, Kim Bu-seon, Manager at Midicom, Kim Sang-soo, Executive Director of LG Uplus, Kim Sang-taek, Head of NH Nonghyup Financial Group, Kim Seong-su, Executive Director of Hyosung, Kim Seong-hong, Vice President of EcoPro, Kim Se-hun, Executive Director of Samsung SDS, Kim So-young, Manager at Samsung Electronics, Kim Soo-young, Head of Shinhan Investment Corp, Kim Young-seop, President of Tiger Studio, Kim Yong-guk, Head of Kyungdong Navien, Kim Ik-joong, Head of Woori Financial Group, Kim Jeong-hoon, Vice President of Shinhan Bank, Kim Jun-myung, Executive Director of Hyundai Motor Group, Kim Ji-hee, Executive Director of Kolmar Korea, Kim Jin-kyu, CEO of Pacific Pharma, Kim Chang-hyun, Head of Hana Bank, Kim Han-cheol, CEO of James LS, Kim Heon-ha, Advisor at Daesung High-Tech, Kim Hyun-dong, Head of SK Chemical, Kim Hyun-beom, CEO of Eco Clean Platform, Kim Hyun-jun, Vice President of PII Robotics, Kim Hyeong-jun, Executive Director of SK Eco Plant, Kim Hee-seob, Vice President of SK Supex, Nam Yong-woo, Head of LG Household & Health Care, Ryu Gil-sang, Executive Director of Samsung C&T, Ryu Ji-woong (Daniel Ryu), CEO of Y&B Partners, Moon Jong-hoon, Director of Chong Kun Dang, Min Kyung-mo, Executive Director of Korean Air, Park Lucia, CJ Group Representative, Park Sang-seop, Executive Director of Lotte Department Store, Park Seong-soo, Executive Director of LIG, Park Young-chul, Executive Director of Taekwang Group, Park Jong-guk, Executive Director of Hanwha, Park Jong-moon, Executive Director of Samsung Electro-Mechanics, Park Jun-ho, Executive Director of Daesang, Park Jin-young, Vice President of KB Financial Group, Park Jin-wi, Executive Director of Doosan Group, Bang Ji-yeon, Head of LF, Bae Kyun-ho, Executive Director of HD Hyundai Heavy Industries, Bae Ui-chan, Executive Director of Samsung Display, Baek Seung-kyu, Executive Director of KT&G, Baek Jong-deok, CEO of Changhae, Baek Joo-hwan, Director of OB Beer, Baek Chang-hoon, Executive Director of Hana Securities, Seo Gyu-ha, Head of Lotte Construction, Seo Sang-beom, Executive Director of BBQ, Seo Hee-jong, Executive Director of Daewoo Construction, Seon Woo Jeong-taek, Vice President of the Korea Listed Companies Association, Seong Su-ji, Director of The Signature, Song Gi-myeong, Vice President of the Korea Exchange, Song Hee-guk, Director of Nonghyup Bank, Shin Ho-cheol, CEO of Kakao Pay Securities, Shim Chang-seop, Executive Officer at Trinity Airlines, Ahn Guk-heon, Head of the Korea Petroleum Association, Ahn Sang-wook, Executive Director of Sangsangin, Ahn Yong-kyun, Executive Director of NC, Ahn Won-hyung, President of LS Group, Yang Seong-wook, Executive Director of Kiwoom Securities, Eom Hong-seok, Executive Director of Hyundai Engineering, Yeo Cheon-hwan, Executive Director of DL E&C, Oh Kyung-pil, President of SBTL Advanced Materials, Oh Sang-moo, Executive Director of Binggrae, Oh Se-uk, Executive Director of Doosan Construction, Oh Jeong-taek, Vice President of Hana Financial Group, Won Min-ho, Director of the Shipping Association, Won Young-deok, Executive Director of Hyundai Glovis, Yoo Young-jin, Director of Com2us, Yoo Jae-hyeok, Head of SKC, Yoo Jeong-jae, Head of JW Pharmaceutical, Yoon Seong-jun, CEO of Dyn2plus, Yoon Jong-deok, Vice President of Samsung Electronics, Yoon Hyun-sik, Executive Director of Lotte Holdings, Yoon Yong-jin, Director of External Cooperation at Davos Hospital, Lee Kwang-ho, Executive Director of HMM, Lee Dong-young, Executive Director of Coupang, Lee Dong-hoon, Director at Mirae Asset Asset Management, Lee Moon-soo, Executive Director of Active Core, Lee Sun-hee, Executive Director of NVIDIA Korea, Lee Seung-kwan, Executive Director of Samsung SDI, Lee Seung-eun, Vice President of Industrial Bank, Lee Young-taek, CEO of World Entertainment, Lee Young-pyo, Executive Director of CJ CheilJedang, Lee Young-ho, Executive Director of Hyundai Construction, Lee Yong-wook, Head of Hyundai Card, Lee Woo-seung, Head of Daiso, Lee Yoon-hwan, Executive Director of Hanwha Group, Lee Eun-jung, Executive Director of Mercedes-Benz Korea, Lee Jae-dong, Chairman of PTA Private Equity Partners, Lee Jong-seok, Group Leader of POSCO International, Lee Jun-woo, Executive Director of HD Hyundai, Lee Ji-hong, Executive Director of Toss Bank, Lee Jin-myung, Executive Director of Hanwha Aerospace, Lee Cheol-haeng, Executive Director of Iljin Group, Lee Chun-bae, Executive Director of S-Oil, Lee Hyun-seob, Executive Director of Hyundai Mobis, Lim Seong-joo, Head of KOTRA, Lim Won-ki, Vice President of Kakao, Jang Young-sik, Executive Director of Hyundai Steel, Jang Hye-jin, Executive Director of Orion, Jeon Gyeong-jin, Director of Hancom, Jeong Gil-geun, Vice President of CJ Group, Jeong Jeong-wook, Vice President of LG, Jeong Jin-seop, Executive Director of Seoul Semiconductor, Jeong Cham, Head of E-Land, Jeong Hong-wook, Executive Director of Samsung Electronics, Jo Baek-soo, Executive Director of LG Innotek, Jo Jeong-sook, Director of NHN, Joo Seong-won, Vice President of BBQ, Cha Jong-in, Head of the National Agricultural Cooperative Federation Credit Union, Chae Soo-yeon, Executive Director of Samsung Electronics, Choi Doo-hee, Director of KB Securities, Choi Jun-hyuk, Executive Director of LG Electronics, Choi Cheol-wook, Executive Director of BS Hanyang, Han Dong-ryul, Executive Director of BMW, Han Chang-seok, Executive Director of HS Hyosung, Ham Jeong-sik, Director of the National Agricultural Cooperative Federation Credit Union, Heo Jeong-hwan, Vice President of Hyundai Motor Company, Ho Gyeong-eop, Executive Director of LG Chem. 2026-07-08 18:12:00
  • Government Accelerates ESG Disclosure Requirements, Increasing Burden on Large Corporations
    Government Accelerates ESG Disclosure Requirements, Increasing Burden on Large Corporations The South Korean government is expediting the mandatory disclosure of environmental, social, and governance (ESG) information, raising concerns among listed companies. The scope of companies required to disclose has expanded significantly from those with consolidated assets of over 30 trillion won to those with over 10 trillion won. Additionally, the government plans to implement legal disclosures through business reports without going through the exchange disclosure process, increasing legal responsibilities for companies.On July 7, six major economic organizations issued a joint statement acknowledging the necessity of the ESG disclosure system. However, they expressed concern that implementing legal disclosures without a preliminary voluntary disclosure phase would not adequately consider companies' capacity to adapt and comply.One of the primary concerns for businesses is the weight of responsibility associated with legal disclosures. While exchange disclosures allow for corrections through amended filings, legal disclosures included in business reports can lead to liability under the Capital Markets Act for false disclosures. A business representative noted, "If exchange disclosures are like practice exams, legal disclosures are akin to the final exam," emphasizing the shift to legal accountability without prior practice. They added that if false disclosures are recognized, the potential for fines or criminal liability could extend to corporate executives and employees, creating a significantly different burden.Moreover, ESG disclosures often rely on predictive and estimated information, such as future climate risks, carbon emission forecasts, and supply chain data, rather than confirmed figures. The most challenging aspect is Scope 3 emissions, which encompass total emissions across the entire supply chain, including overseas raw material suppliers and partners. Companies face difficulties in obtaining carbon emission data due to varying calculation methods by country and the lack of available data in certain regions.In response, the government plans to grant a three-year grace period for Scope 3 disclosures and introduce a safe harbor that broadly exempts companies from liability under the Capital Markets Act, including damages, administrative sanctions, and criminal penalties during the initial three years of the system's implementation. However, intentional greenwashing will not be exempt from liability. Despite this, the business community argues that the current exemptions are insufficient. A representative from an economic organization stated, "We need broader legal safeguards unless there is intentional false disclosure."Concerns have also been raised about the tight preparation timeline. Disclosures for 2028 must be based on data from the 2027 fiscal year, meaning companies need to start accumulating relevant data as early as next year. However, the government has announced that the Korean climate risk platform, supply chain ESG platform, and industry-specific Scope 3 guidelines will be gradually established by 2028.Additionally, there are calls to consider the evolving global regulatory environment, which is shifting to alleviate corporate burdens. The European Union has not withdrawn its ESG disclosure requirements but is pursuing an "Omnibus Package" in 2026 to adjust the scope, timing, and some obligations to ease the burden on companies. In the United States, while some state governments and global corporations continue to disclose, the federal SEC's climate disclosure rules have effectively stalled.Song Jae-hyung, head of the Sustainable Management Division at the Korea Economic Association, stated, "Building a system for collecting climate and environmental data, training professionals, and establishing internal verification systems will require significant time and resources, so realistic discussions for further adjustments must continue."* This article has been translated by AI. 2026-07-08 18:08:00
  • President Lee Meets Norwegian Prime Minister to Discuss Defense Cooperation
    President Lee Meets Norwegian Prime Minister to Discuss Defense Cooperation President Lee Jae-myung met with Norwegian Prime Minister Jonas Gahr Støre on July 8 in Ankara, Turkey, to discuss defense cooperation.During his visit to Turkey for the NATO summit, President Lee expressed gratitude for Norway's medical support during the Korean War, stating, "The Republic of Korea remembers and appreciates Norway's assistance even before our diplomatic relations were established."He emphasized the importance of international cooperation in light of current global instability, saying, "In times like these, when it is difficult for individual nations to overcome crises, cooperation and exchange between countries are crucial. Our two nations are developing a deep relationship that provides significant support in economic, industrial, cultural, and defense areas."Before the meeting, President Lee brought up the 2026 FIFA World Cup, saying, "I hope Norway reaches the quarterfinals and secures a submarine contract."Prime Minister Støre responded, "It’s a multifaceted achievement, and I’m pleased with the results at the national level. It’s the first time since 1998 that we’ve had such strong World Cup performance, and I’m thrilled about our victory over Brazil. We have a match against England on Saturday, and I believe we will do well with our talented players working as a team."In response, President Lee followed Støre's lead in expressing hope for Norway's success, saying, "After the round of 16, I watched a promotional video for Norway, and it was excellent. I look forward to seeing Norway succeed again."Støre noted, "It’s great to meet again after our last encounter during the G20 summit last year. There have been important decisions in the defense sector, and I believe we are making good progress in developing our strategic partnership."President Lee also requested Norway's assistance in securing additional mackerel import quotas. According to Chief Spokesperson Kang Yu-jung, President Lee urged the Norwegian government to support the South Korean fisheries delegation currently visiting Norway in securing more mackerel imports.He expressed hope for expanding practical cooperation in various fields, including renewable energy, shipbuilding, and defense industries. President Lee stated, "I hope our collaboration in advanced defense technology and the defense industry will strengthen, based on Norway's continued trust in our weapon systems, such as the K9 self-propelled howitzer and Cheonmu multiple rocket launcher."Additionally, President Lee explained South Korea's North Korea policy, including responses to nuclear and missile threats, to which Støre expressed agreement. The two leaders also exchanged views on major international issues, including the situation in Ukraine, and agreed to continue communication to promote peace and stability in the international community.* This article has been translated by AI. 2026-07-08 18:08:00