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  • Seoul City Bus Workers Plan Full Strike on September 16 Amid Wage Dispute
    Seoul City Bus Workers Plan Full Strike on September 16 Amid Wage Dispute Seoul city bus workers and management are at an impasse over the calculation of standard wages and proposed wage increases, raising the likelihood of a full strike scheduled for September 16.According to Yonhap News, the Seoul City Bus Transportation Association announced on September 10 that it is difficult to accept the labor union's demands for a standard wage calculation based on 176 hours and a 7.85% hourly wage increase.The standard wage calculation hours are used to convert monthly standard wages into hourly wages. A shorter calculation period results in a higher hourly standard wage, which also increases various allowances based on that calculation.The union is currently insisting that the calculation period should be set at 176 hours. In contrast, management proposes to restructure the wage system based on 209 hours and settle any differences later according to court rulings.Management estimates that fully meeting the union's demands would incur an additional annual cost of 539.4 billion won. This includes approximately 117.5 billion won for the 7.85% wage increase and about 277.6 billion won for applying the 176-hour calculation.Management stated that during the ninth round of wage negotiations last month, it proposed a restructuring of the wage system based on 209 hours and a 10.32% wage increase. Instead of reflecting regular bonuses in standard wages, this would include them in the annual salary, resulting in an approximate 10.3% increase. The union is demanding further wage increases on top of this.The conflict between the two sides stems from differing interpretations of a court ruling regarding Dong-A Transportation's standard wage case.The Supreme Court overturned parts of the lower court's ruling that calculated standard wages based on 176 hours, leading the union to claim that the 176-hour standard has been confirmed.However, management argues that some issues are still being reviewed in the retrial, meaning the calculation hours have not been definitively established. They maintain that the standard should be based on either 209 or 230 hours.Management has suggested initially applying the 209-hour standard and, if the court later recognizes the 176-hour standard, retroactively paying the difference. Conversely, if the court rules in favor of the 230-hour standard, they would adjust the additional payments accordingly. The union has rejected this proposal.The two sides held their first mediation meeting at the Seoul Regional Labor Relations Commission on September 9 but failed to reach an agreement. A second mediation meeting is scheduled for September 15.The union has stated that if no agreement is reached in the second mediation, they will commence a full strike starting with the first bus on September 16. However, the union has also expressed willingness to negotiate further before the second mediation and has requested an additional mediation meeting.In preparation for the potential strike, the Seoul city government is developing emergency transportation measures and is mediating to help the two sides reach an agreement. Seoul's city buses operate over 7,000 vehicles daily, serving an average of more than 3.79 million passengers, and a strike would likely disrupt commuting for many citizens.* This article has been translated by AI. 2026-09-10 14:20:00
  • Supreme Court Confirms Suspended Sentence for Hyosung Vice Chairman Lee Sang-woon in Tax Evasion Case
    Supreme Court Confirms Suspended Sentence for Hyosung Vice Chairman Lee Sang-woon in Tax Evasion Case Lee Sang-woon, vice chairman of Hyosung Group, has received a suspended prison sentence for tax evasion amounting to 120 billion won.The Supreme Court's second division, led by Justice Eom Sang-pil, upheld the original ruling on September 10, sentencing Lee to two years and six months in prison, suspended for four years. The court also maintained a suspended fine and ordered 200 hours of community service.This ruling concludes a legal battle that began 12 years and eight months ago when Lee and the late Cho Seok-rae, the group's honorary chairman, were indicted in January 2014.Lee and Cho were accused of evading 123.7 billion won in corporate taxes through accounting fraud totaling 501 billion won over a decade starting in 2003, as well as evading over 11 billion won in capital gains tax through trading stocks under false names.They also faced allegations of siphoning off 69.8 billion won from Hyosung's overseas subsidiaries via a shell company established in Hong Kong, and causing a loss of 23.3 billion won to the company by waiving debts owed to the shell company using funds from Hyosung's Singapore branch.Both the first and second trials found Lee guilty of tax evasion related to capital gains tax and corporate tax through accounting manipulation, as well as violations of commercial law due to illegal dividends for the 2007 business year. However, they acquitted him of similar charges for the 2008 business year, resulting in the suspended sentence.In December 2020, the Supreme Court ruled the 2008 corporate tax evasion charge as not guilty while affirming the guilty verdict for the 2007 commercial law violation, sending the case back to the Seoul High Court.In December of last year, the retrial followed the Supreme Court's reasoning but imposed the same sentence as the second trial, prompting both the prosecution and Lee to appeal. Meanwhile, Cho passed away during the retrial, leading to the dismissal of the charges against him.* This article has been translated by AI. 2026-09-10 14:20:00
  • President Lee Returns from State Visit to France, Directs Support for Families of Missing Nepal Flood Victims
    President Lee Returns from State Visit to France, Directs Support for Families of Missing Nepal Flood Victims President Lee Jae-myung returned to South Korea on September 10 after completing his state visit to France. Upon his return, he received reports regarding the difficulties faced by the families of South Koreans missing due to the floods in Nepal and instructed officials to consider necessary measures to reflect the families' wishes as much as possible.President Lee and First Lady Kim Hye-kyung arrived at Seongnam Seoul Airport aboard Air Force One in the afternoon.At the airport, they were welcomed by Minister of the Interior and Safety Yoon Ho-jung, Democratic Party leader Kim Min-seok, Democratic Party floor leader Han Byeong-do, Chief of Staff Kang Hoon-sik, Senior Secretary for Political Affairs Hong Ik-pyo, and Deputy Foreign Minister Kim Jin-ah.The Blue House announced that President Lee had been briefed on the challenges faced by the families of the missing individuals in Nepal. He emphasized the importance of listening to and respecting the families' opinions and directed officials to review necessary actions to ensure their wishes are taken into account.The government plans to continue its efforts to support South Koreans and their families affected by the floods in Nepal.After his return, President Lee is expected to receive reports from relevant ministries on the implementation plans for agreements made during his summit talks, focusing on achieving tangible results in the industrial and cultural sectors.Domestically, several pressing issues await his attention. Amid ongoing political disputes regarding the government's potential deployment to the Hormuz Strait, he will need to assess the situation in the Middle East and measures to protect citizens and businesses. Additionally, the appointment of a successor following the resignation of former policy chief Kim Yong-beom and the reorganization of economic and policy lines, as well as the formulation of real estate and livelihood measures, are also tasks that need to be addressed immediately.* This article has been translated by AI. 2026-09-10 14:16:10
  • TSMC Accelerates 1.4-Nanometer Production, Set to Begin Next Year
    TSMC Accelerates 1.4-Nanometer Production, Set to Begin Next Year The world's largest foundry, Taiwan Semiconductor Manufacturing Company (TSMC), is set to accelerate its 1.4-nanometer production process, with mass production expected to begin as early as the second half of next year.According to the Central Taiwan Science Park Administration, TSMC's construction of its 1.4-nanometer plant in Taichung is progressing rapidly. The first plant (P1) has completed its steel structure work and is slated to begin test operations in April 2027, allowing for mass production to commence shortly thereafter, significantly ahead of the previously scheduled 2028 timeline.TSMC has also applied to establish two temporary offices at the site, which are expected to be completed alongside the plant in April. Initially, around 5,400 employees for operations and outsourcing are anticipated to occupy these offices.Additionally, the second plant (P2) is also ahead of schedule and is expected to be completed by October 2027. The third plant (P3) has already received construction approval, while the fourth plant (P4) is currently in the process of obtaining its permit. The administration plans to construct all four plants approximately six months apart, targeting completion of P3 in the second quarter of 2028 and P4 in the fourth quarter of the same year.According to the administration, once all four plants are operational by 2028, the total workforce is expected to reach between 9,000 and 10,000, with annual revenue projected at around NT$500 billion (approximately US$21.2 billion). However, the administration noted that the actual revenue figures will be determined once production capacity is finalized, suggesting that the NT$500 billion estimate could be conservative based on current production costs and market demand.* This article has been translated by AI. 2026-09-10 14:16:00
  • Yuyu Pharmaceutical Launches Podcast Channel Roberts YUniverse
    Yuyu Pharmaceutical Launches Podcast Channel 'Robert's YUniverse' 유유제약 오너 3세인 유원상 대표이사가 팟캐스트 채널 'Robert’s YUniverse'를 열고 직접 진행에 나섰다. 10일 유유제약에 따르면 유 대표가 직접 진행하는 이 채널은 글로벌 비즈니스 인사이트부터 K-컬처, 한국 음식까지 폭넓은 분야를 아우른다. 특히 수의학 바이오테크와 고양이 웰니스 등 반려동물 건강 분야 최신 동향과 혁신 연구에 대한 심도 있는 통찰을 주요 콘텐츠로 구성했다. 운영 초반 에피소드에는 동물 건강 산업과 학계, 수의학 분야 해외 전문가들이 게스트로 출연한다. 이들과의 대담을 통해 동물 건강의 미래를 이끌 최신 연구 결과와 획기적인 기술, 실용적인 아이디어 등을 중점 논의할 계획이다. 유 대표는 "로버츠 유니버스를 제약·바이오뿐만 아니라 한국과 아시아, 음식, 여행, 반려동물 등 다양한 분야에서 흥미로운 사람들을 만나고, 배운 것을 공유하는 공간으로 운영하겠다"고 말했다. 한편 유유제약이 미국 반려묘 시장에서 새로운 기회를 모색하고 있다. 현지 법인을 통해 고양이 전용 건강기능식품 판매를 확대하는 한편 별도 바이오 법인에서 아토피성 피부염 치료제 개발에 착수하면서 미국 반려묘 시장 공략에 속도를 내는 모습이다. 아울러 미국 반려동물 건강기능식품 법인 머빈스펫케어는 최근 두 번째 반려묘 전용 영양제 '아리스 퍼펙트 오메가+멀티비타민 리커블'(Ari's Purrfect Omega+Multivitamin Lickable)을 아마존에 입점시켰다.* This article has been translated by AI. 2026-09-10 14:16:00
  • Government to Support Garlic and Onion Prices Under New Stabilization Program
    Government to Support Garlic and Onion Prices Under New Stabilization Program The government will implement an Agricultural Price Stabilization System this year for garlic and onions. If the average price during the harvest season falls below 80% of the average wholesale price, the government will provide full or partial support to alleviate the financial burden on farmers.On September 10, the Ministry of Agriculture, Food and Rural Affairs held the first Agricultural Price Stabilization Committee meeting at the aT Center in Yangjae, Seoul, chaired by Vice Minister Kim Jong-gu. The committee reviewed the target items and the method for determining the standard price.The Agricultural Price Stabilization System, which took effect on August 27 under the revised Agricultural and Fishery Product Distribution Stabilization Act, aims to support farmers when the average price of agricultural products falls below the standard price, even with proactive supply management by the government.This year, garlic and onions were prioritized due to their significant price volatility and production levels, which can vary based on crop conditions. The selection of target items will be gradually expanded, considering their impact on the national diet, the establishment of proactive supply management systems, and the availability of objective production cost statistics.During the meeting, some producer representatives suggested increasing the number of items included in this year's program. In response, the government plans to seek additional budget allocations during the National Assembly's review of next year's budget and reconvene the committee later this year to reflect the outcomes.The standard price for determining support will be set at 80% of the average wholesale price, including all production costs and either the full cost of self-labor or a certain percentage. However, for items that have experienced chronic supply instability and price fluctuations, measures such as managing cultivation area and production volume will be implemented to gradually reach the guaranteed level.The standard price will be announced annually after the National Statistical Office or the Rural Development Administration releases production cost statistics for the harvest year, following committee review. The average price used for calculating support will be based on the harvest season prices, reflecting market values by including prices for premium, standard, and substandard products.The new system broadens the scope of price decline guarantees compared to the previous vegetable price stabilization system, which did not cover declines below 60% of the average wholesale price. The new program does not impose such a lower limit and expands eligibility to farmers who meet certain cultivation area and reporting requirements.Eligible participants must cultivate at least 10 ares (1,000㎡) of the same product and be registered as agricultural management entities or have filed cultivation reports. If they have received insurance payouts from the import stabilization insurance, those amounts will be deducted from the support to prevent double funding.Farmers seeking support will also face stricter participation requirements in supply management. They must report their actual cultivation area through registration or changes in their agricultural management entity during the planting and transplanting periods. Reports filed with self-help organizations will also be recognized if necessary.Farmers who do not pay self-help contributions will see their first-year support reduced by 20%, with the deduction rate increasing in subsequent years. Local governments that fail to implement legal supply plans, such as adjusting cultivation areas, will receive differentiated support for stable production and supply projects, and their budget allocations for price stabilization will be reduced.The items reviewed and the payment ratios will be finalized through announcements by the Ministry of Agriculture, Food and Rural Affairs. The ministry plans to hold regional briefings by the end of the year to inform farmers about compliance requirements and program procedures.Vice Minister Kim Jong-gu stated, “The Agricultural Price Stabilization System is a key national policy aimed at reducing farmers' anxiety over price declines and enabling them to engage in stable farming. We will operate the system to ensure farmers participate in proactive supply management, leading to stability in agricultural supply and prices.”* This article has been translated by AI. 2026-09-10 14:12:00
  • August Government Bond Rates Rise Across All Maturities Amid Rate Hikes
    August Government Bond Rates Rise Across All Maturities Amid Rate Hikes Government bond rates in South Korea rose across all maturities last month, influenced by the Bank of Korea's consecutive interest rate hikes and rising long-term rates in major economies.According to the Financial Investment Association's report on the 'Trends in the Over-the-Counter Bond Market for August 2026,' government bond rates at the end of August increased compared to the end of the previous month.The three-year bond rate rose by 8.0 basis points to 3.838%, while the ten-year bond rate increased by 5.2 basis points to 4.313%. The thirty-year bond closed at 4.527%, up 2.0 basis points.Additionally, the one-year bond rate was 3.441% (+7.6 basis points), the two-year bond was 3.696% (+4.6 basis points), the five-year bond was 4.053% (+3.8 basis points), the twenty-year bond was 4.490% (+2.7 basis points), and the fifty-year bond was 4.451% (+4.6 basis points).At the beginning of the month, government bond rates fell due to expectations of easing geopolitical risks in the Middle East, a decline in international oil prices, and increased risk-averse demand following a sharp drop in the KOSPI. The consumer price index rose by 2.8% in July, which was below market expectations, alleviating concerns over further interest rate hikes.However, after mid-August, foreign buying of government bond futures weakened, and the possibility of additional rate hikes by the Bank of Korea became more pronounced, leading to a reversal in the upward trend of rates.Concerns over inflation and the burden of fiscal and government bond supply have caused long-term rates in major countries like the United States and Japan to rise, which in turn has led to a widening increase in domestic ultra-long-term bond rates.The thirty-year government bond rate reached an all-time high of 4.751% during intraday trading on August 18. During the same period, the U.S. thirty-year bond rate also rose to 5.310%.On August 27, the Bank of Korea's Monetary Policy Committee raised the benchmark interest rate from 2.75% to 3.00%, increasing pressure on domestic bond rates. This marked the second consecutive rate hike by the Bank of Korea.The total amount of bond issuance decreased compared to the previous month. Last month, the total bond issuance was 76.54 trillion won, down 8.84 trillion won from 85.384 trillion won in July. Government bond issuance increased by 7.087 trillion won to 23.677 trillion won, but the issuance of special bonds, financial bonds, and corporate bonds decreased.Corporate bond issuance fell to 4.513 trillion won, a decrease of 5.949 trillion won, or 56.9%, from 10.462 trillion won the previous month.Demand forecasts for corporate bonds also weakened. Last month, there were 11 demand forecasts totaling 1.25 trillion won, with a participation amount of 2.63 trillion won, resulting in a participation rate of 210.4%. This is significantly lower than the participation rate of 541.1% in the same month last year.The total trading volume in the over-the-counter bond market last month was 386.991 trillion won, a decrease of 58.411 trillion won from the previous month. The average daily trading volume was recorded at 19.349 trillion won.By investor type, individuals net purchased 3.1891 trillion won in bonds. Individuals net bought 1.3694 trillion won in government bonds, 453.2 billion won in special bonds, 672.6 billion won in bank bonds, 306.9 billion won in other financial bonds, and 386.5 billion won in corporate bonds.Foreign investors turned to net selling in the domestic bond market, with a net sale of 839 billion won. In the previous month, they had net purchased 1.812 trillion won, but in August, they showed a selling preference.The foreign ownership balance of domestic bonds decreased by 6.4 trillion won to 344.7 trillion won compared to the end of the previous month. The Financial Investment Association analyzed that the strengthening of the won and the rise in currency swap (CRS) rates have reduced the incentive for foreign investors to engage in arbitrage with won-denominated bonds.Meanwhile, the yield on certificates of deposit (CD) at the end of August was 3.12%, up 17 basis points from the previous month. The total issuance of CDs last month was 2.5 trillion won, a decrease of 1.6 trillion won from the previous month.* This article has been translated by AI. 2026-09-10 14:08:00
  • Deposit Rates Rise to 3.4% as Major Banks Adjust Interest Rates
    Deposit Rates Rise to 3.4% as Major Banks Adjust Interest Rates Major commercial banks are raising deposit rates in response to rising market interest rates.According to the financial sector on September 10, Hana Bank increased the interest rate on its flagship one-year term deposit product, 'Hana's Time Deposit,' from 3.2% to 3.3%, a 0.1 percentage point rise. This follows a previous increase in July, when the rate was raised from 2.9% to 3.2%.Woori Bank also raised the interest rate on its main deposit product, 'WON Plus Deposit,' from 3.2% to 3.4%, an increase of 0.2 percentage points.Shinhan Bank raised the interest rate on its flagship product, 'Soleunhan Time Deposit,' from 3.2% to 3.4% the day before, also by 0.2 percentage points. KB Kookmin Bank is reportedly considering increasing its deposit rates as well.NH Nonghyup Bank plans to raise the interest rates on its 'NH All-in-One e-Deposit' starting September 11, by 0.2 to 0.3 percentage points depending on the term. For terms of six months to less than 12 months and 12 months to less than 24 months, the rates will increase by 0.2 percentage points, while for terms of 24 months to less than 36 months, the increase will be 0.3 percentage points. Consequently, the interest rate for the 12-month term will rise from 3.25% to 3.45%. An NH Nonghyup Bank official stated, "This reflects changes in market interest rates, including the Bank of Korea's base rate hike."As banks continue to raise deposit rates, the total balance of time deposits at major banks has increased to around 1,000 trillion won since early last month. The Bank of Korea reported that the total deposit balance at domestic banks shifted from a decrease of 30 trillion won in July to an increase of 100 billion won in August, with time deposits rising by 20.3 trillion won, marking a significant increase for the second consecutive month after a 42.3 trillion won rise the previous month.* This article has been translated by AI. 2026-09-10 14:04:10
  • Gwangju City to Commemorate 400 Years of Namhansanseong with Cultural Festival
    Gwangju City to Commemorate 400 Years of Namhansanseong with Cultural Festival The Namhansanseong Cultural Festival, Gwangju City's premier historical and cultural event, will take place from September 18 to 20 at Namhansanseong Provincial Park.According to the city on September 10, this year's festival marks its 31st iteration and commemorates the 400th anniversary of the construction of the Namhansanseong fortress. The event aims to reflect on its historical significance and provide citizens with opportunities to engage with cultural heritage through performances, traditional culture, and experiential programs.Interest among Gwangju residents is growing as the festival is set against the backdrop of a significant cultural heritage site. The event is expected to attract family visitors who can enjoy not only the fortress but also performances, historical experiences, and local cuisine.Local sentiment anticipates that the festival will serve as a chance to highlight the value of the 400-year-old Namhansanseong to both citizens and visitors.The festival will kick off with an opening ceremony on September 18 and continue until September 20. The first day will feature the opening ceremony at the main stage in the South Gate parking lot. The theme performance, 'Memories of 400 Years, Opening Tomorrow's Fortress,' will narrate the history from the fortress's construction to the present through a performance. A fusion of traditional Korean music and popera will follow.On September 19, the festival will showcase traditional performances, including the Daedong-gut, with participation from the Gwangju Arts Council and seven cultural centers in the Namhansanseong area. The creative musical 'Burning the Moon' by the Pabal Theater Company will also be performed, focusing on the history and culture of Namhansanseong.Additionally, singer-songwriter Ahn Yeo-eun and vocalist Lee Seung-hyun are scheduled to perform.The final day, September 20, will center around traditional performances and historical programs, featuring a tightrope performance from Namchang-dong and traditional martial arts demonstrations.In the evening, a 'Traveling Cinema' will screen the film 'Namhansanseong' against the backdrop of the fortress, followed by a program where history instructor Choi Tae-sung compares the film's historical accuracy with actual history, explaining the significance of Namhansanseong.Throughout the festival, various experiential programs will be available at different locations within Namhansanseong. A 'Sanseong Village' themed around the Joseon Dynasty will be set up in the traditional park, featuring traditional games such as tuho, yutnori, and jegichagi, along with activities like rice cake pounding, pumpkin smashing, and photo opportunities.On the final day, a program will allow participants to wear hanbok and take photos against a throne and the Ilwollo Bongdo backdrop.A 'Traveling Library' will be available at the palace, offering books related to Namhansanseong and other reading materials.The South Gate parking lot will host an 'Art Market' where visitors can engage in knot tying, hand sewing, and badge making, alongside works from local artisans and craftspeople.Programs to experience the natural environment of Namhansanseong are also planned. Visitors can participate in 'Sanseong Trekking' to walk around the fortress while exploring its history and natural surroundings, as well as 'Sanseong Ecological Experience' to observe the ecological environment of the provincial park.The Namhansanseong Merchants Association will participate in 'Sanseong Foodies,' showcasing local dishes and specialties. Local merchants will directly engage with visitors to promote the culinary offerings and unique characteristics of the Namhansanseong area.A representative from the Gwangju Cultural Foundation stated, 'In celebrating the 400th anniversary of the fortress's construction, we hope to reflect on the stories of those who have protected Namhansanseong and the value of our cultural heritage. We expect this festival to be an opportunity for citizens to experience history and art together.' 2026-09-10 14:04:10
  • Juyun Techs Market Value Falls Below 10 Billion Won Amid Delisting Concerns
    Juyun Tech's Market Value Falls Below 10 Billion Won Amid Delisting Concerns 주연테크 has seen its stock price decline for five consecutive trading days due to concerns over its failure to meet market capitalization requirements for listing. According to the Korea Exchange, as of 1:50 PM on September 10, Juyun Tech's shares were trading at 697 won, down 86 won (10.98%) from the previous trading day. The stock has dropped 35.76% from 1,085 won over the past five days. The company's market capitalization has fallen to approximately 9.7 billion won based on the closing price. The Korea Exchange had previously issued a warning regarding potential delisting due to Juyun Tech's failure to meet market capitalization requirements after the market closed the day before. Juyun Tech was designated as a management stock on July 21 after failing to meet the minimum market capitalization for 30 consecutive days. If the company does not maintain a market capitalization above the required threshold for at least 45 days within the 90-day period following this designation, it may face delisting. As of September 9, 35 days had passed since the designation, and Juyun Tech has not met the market capitalization requirement for any of those days. If the company remains below the required market capitalization for 46 days, it will not be able to meet the 45-day requirement, leading to delisting procedures. Juyun Tech's stock price rose to 1,115 won on August 31, marking a 20.15% increase in a single day, but it has since fallen on six of the last seven trading days. Notably, the stock has dropped below 1,000 won during the last five consecutive trading days. The minimum market capitalization requirement was 20 billion won until the end of June but was raised to 30 billion won starting July 1. Juyun Tech has not been able to recover its market capitalization since being designated as a management stock, increasing the likelihood of delisting.* This article has been translated by AI. 2026-09-10 14:04:00