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Gwangju's Organizational Restructuring Delayed Amid Council Conflicts Gwangju Mayor Min Hyung-bae has been in office for two months and ten days, but the city's organizational restructuring is delayed. The restructuring plan is currently under review by the city council. However, conflicts among council members raise doubts about when the review will be completed, particularly before the Chuseok holiday. During the review on September 9, council members from the western region strongly opposed the placement of the national deputy mayor at the eastern office. Concerns have emerged that the opinions of the council chair and the chair of the council's operations committee, both from the eastern region, may influence the decision on the deputy mayor's placement, making the passage of the restructuring plan uncertain. The Gwangju City Council's Planning and Finance Committee summoned Deputy Mayor Hwang Gi-yeon and others to discuss the complete revision of the administrative organization installation ordinance and the amendment of the public servant personnel ordinance. The core of the restructuring plan is to reorganize the deputy mayor system into four areas: administrative culture, balanced development, citizen sovereignty, and industrial economy, while expanding the main office's organization from the current four divisions, seven headquarters, and 24 departments to four divisions, seven headquarters, and 28 departments. Council member Kim Moon-soo (Sinan 1) pressed for clarification on why the national deputy mayor, initially expected to be placed at the Jeonnam office in Muan, was instead assigned to the eastern office as the industrial economy deputy mayor. When it was explained that internal discussions had taken place and that the council had been consulted, Kim raised his voice, questioning, "Did you consult because the chair and the operations committee chair are from the eastern region? Are you trying to divide the east and west like this?" Kim added, "Do you want to turn the Jeonnam provincial office into an empty shell? I will not allow this to pass through the committee, even if it means overturning tables." Council member Choi Seon-guk (Mokpo 1) also pointed out, "The theory of neglecting the western region continues to arise. Is the status of the Jeonnam office deserving of such treatment?" He emphasized that the mayor's presence is always perceived to be at the Gwangju office and requested an account of the mayor's office attendance since the city's merger. Council member Shim Cheol-ui (Seo-gu 4) remarked, "We are all working separately. If personnel and budgets are divided, it undermines the meaning of integration." Deputy Mayor Hwang explained, "We have redistributed functions considering the administrative needs and characteristics of each office and the surrounding areas. We also considered where each deputy mayor can best utilize their capabilities and contribute to the development of the office." He added, "The principle of utilizing the three offices in a balanced manner remains unchanged. While this organizational restructuring is not 100% perfect, we will faithfully reflect changes in administrative situations, demands, and citizen needs, and conduct in-depth organizational assessments if necessary." As the first organizational restructuring plan undergoes review, there are growing concerns that strong opposition from council members may hinder its passage through the standing committee. 2026-09-10 09:56:00 -
Inje County Announces National Woodcraft Competition with 5 Million Won Grand Prize Inje County, Gangwon Province, will accept submissions for the '2026 8th Inje Traditional Woodcraft National Competition' from October 1 to 13. According to Inje County on the 10th, the competition is open to traditional wooden crafts that reinterpret Inje's traditional techniques and designs, as well as modern wooden items that exhibit originality, functionality, and aesthetics. Participants, including woodworkers, university students, and the general public, can submit up to two pieces each.The entries will be evaluated by experts based on tradition, artistry, and originality. Results will be announced on October 16 on the Inje County website.A total of 59 awards will be given, with a grand prize of 5 million won and the Governor of Gangwon Special Self-Governing Province Award for one entry. The awards ceremony is scheduled for October 23 at the Inje Woodcraft Gallery.During the same period, a 'Inje County Our Wood Products Demonstration Competition' will also be held, focusing on kitchenware and tea utensils made from domestic wood. Five outstanding entries will receive a total prize of 1.5 million won.The winning entries from both competitions will be exhibited at the Inje Woodcraft Gallery from October 26 to November 13.This competition aims not only to preserve traditional woodcraft techniques but also to discover works that integrate modern design and functionality. Through a national call for entries, expert evaluations, and exhibitions of award-winning works, it is expected to support the creative activities of artists and enhance the recognition and application of Inje's traditional woodcraft.* This article has been translated by AI. 2026-09-10 09:52:00
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Dozens of foreign envoys evade punishment through diplomatic immunity SEOUL, September 10 (AJP) - Some 49 foreign diplomats assigned to South Korea have effectively avoided punishment for their involvement in criminal or other offenses over the past five years due to diplomatic immunity. According to data submitted by the Ministry of Foreign Affairs to a parliamentary committee on Thursday, 10 cases were reported in 2022, followed by 13 in 2023, 10 in 2024, 13 in 2025 and three in the first seven months of this year. These cases ranged from traffic violations and theft to allegations of assault and sexual violence, with some involving their family members. But the figures cover only cases reported to authorities and later shared with the ministry, meaning that the actual number of incidents could be higher. Under the Vienna Convention on Diplomatic Relations adopted in 1961, foreign diplomats generally have immunity from criminal, civil and administrative prosecution in the country where they serve while carrying out their diplomatic duties. Police may investigate with a diplomat's consent, but South Korean authorities cannot prosecute them unless their home country waives diplomatic immunity. AJP Takeaways - Some 49 foreign diplomats assigned to South Korea were involved in reported criminal or other incidents between 2022 and July 2026, with cases ranging from traffic violations and theft to allegations of assault and sexual violence. - Diplomatic immunity has prevented South Korean authorities from prosecuting the diplomats unless their home countries agree to waive their immunity under the Vienna Convention on Diplomatic Relations. - The actual number of incidents could be higher, as the figures include only cases reported to authorities and subsequently shared with the Ministry of Foreign Affairs. 2026-09-10 09:48:20 -
International Oil Prices Surge Past $100 a Barrel, Driving Up Hanjin Oil Shares International oil prices have surged, leading to a strong performance by oil distributor Hanjin Oil.On September 10, the Korea Exchange reported that at 9:30 a.m., Hanjin Oil shares rose by 2,300 won (19.02%) to 12,090 won. Other energy-related stocks, including SK Innovation (up 2.92%), Kido Chemical (up 3.18%), and Korea Shell Oil (up 1.19%), also experienced gains.The rise in energy stocks is attributed to renewed concerns over military conflicts in the Middle East and increasing security fears surrounding major oil-producing countries and transportation routes, which have heightened worries about soaring international oil prices. The U.S. Central Command announced that it had destroyed five Iranian oil tankers, while Iran claimed to have retaliated by attacking a U.S. military base in Jordan with ballistic missiles.As a result, Brent crude futures have surpassed $100 per barrel, reflecting growing concerns over energy supply stability, which has attracted investor interest in related companies.Particularly, fears of disruptions in the Strait of Hormuz, a critical passage for global oil and liquefied natural gas (LNG) transport, have significantly influenced investor sentiment. The Strait of Hormuz is a strategic chokepoint through which one-third of the world's LNG supply passes. Analysts warn that escalating military tensions could severely impact the global natural gas supply chain.* This article has been translated by AI. 2026-09-10 09:48:00
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Daewoo Engineering & Construction Identifies Nine Innovative Technologies for Smart Construction Daewoo Engineering & Construction is enhancing its competitive edge in smart construction technology through collaboration with startups possessing innovative technologies.On September 8, Daewoo Engineering & Construction, in partnership with the Korea Institute of Civil Engineering and Building Technology, held an 'Open Innovation Day' at its headquarters in Euljiro, Seoul.The Open Innovation initiative aims to discover promising startups that can drive innovation in the construction industry and support collaboration between operational departments and technology and business sectors. The Korea Institute of Civil Engineering and Building Technology, a co-host, assists participating companies in technology validation and commercialization through funding for proof of concept (PoC) in the smart construction sector.Since late May, Daewoo Engineering & Construction has been recruiting participating companies. Following a phased evaluation of 164 technologies submitted across five categories, nine innovative technologies were selected, with final evaluations conducted during the event.The nine finalists include: in the smart safety and quality sector, Hylocal and Construction Partner; in artificial intelligence (AI), Edit Collective, Carillon, Two Feet, and Stakium; in robotics and automation, Gole Robotics; in the port and airport sector, Spanner; and in the innovative ideas sector, Robotom.Selected companies presented their innovative technologies and business ideas, showcasing their technologies and services to Daewoo Engineering & Construction employees through promotional booths.The innovative technologies identified through this program will be gradually reviewed for application in Daewoo Engineering & Construction's projects and sites. Plans include utilizing them for major accident prevention, enhancing site safety management, improving work efficiency through AI, and strengthening smart construction technology competitiveness.A representative from Daewoo Engineering & Construction stated, "As the pace of development in construction technology accelerates, it is crucial to effectively connect internal research and development capabilities with external innovative technologies. Through this open innovation, we aim to link the excellent technologies identified with on-site validation and business application to enhance productivity in safety and quality and continuously strengthen our smart construction capabilities."* This article has been translated by AI. 2026-09-10 09:44:00
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Exchange Rate Rises to 1340 Won Amid Soaring Oil Prices The won-dollar exchange rate fluctuated again in the 1340 won range.As of 9:15 a.m. on September 10, the exchange rate in the Seoul foreign exchange market was 1340.0 won against the U.S. dollar. At 6 a.m. that day, the rate was trading at 1340.6 won, up 4.5 won.The escalation of military conflict between the U.S. and Iran has led to a surge in international oil prices and rising U.S. Treasury yields, which has weakened the appetite for riskier assets.Brent crude for November delivery closed at $101.21 per barrel, up $3.29 (3.36%) from the previous session, marking the highest closing price since May 22.October West Texas Intermediate (WTI) futures settled at $96.05 per barrel, an increase of $3.02 (3.25%) from the last session.The New York stock market has fallen for three consecutive days. The Dow Jones Industrial Average closed down 405.41 points (0.77%) at 52,380.66.The Standard & Poor's 500 index fell 37.16 points (0.48%) to close at 7,636.36, while the tech-heavy Nasdaq Composite dropped 168.07 points (0.64%) to finish at 26,253.34.The dollar index, which measures the value of the dollar against six major currencies, decreased by 0.05% to 98.814.Foreign investors are showing a buying preference in the domestic stock market. In the early trading session, foreign investors net purchased 90.7 billion won in the securities market.The exchange rate is expected to rise. Min Kyung-won, an economist at Woori Bank, stated, "With rising oil prices and a weakened risk appetite, we anticipate the exchange rate will fluctuate in the mid-1340 won range. The simultaneous rise in oil prices and interest rates has put pressure on valuations in the New York stock market, which is likely to transfer to the domestic market, leading to a weaker won." He added, "Negotiation volumes centered around semiconductor companies are expected to limit the upper range of the exchange rate, and since the Japanese authorities still have a strong intention to induce yen appreciation, if the yen strengthens, the won may also follow suit." * This article has been translated by AI. 2026-09-10 09:40:00
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Yeongam County Engages Residents to Address Local Issues, Focuses on Fair Pricing for Agricultural Products Yeongam County has sought solutions to local issues, ranging from agricultural distribution and sales to tourism promotion, urban revitalization, and the settlement of foreign residents, in discussions with residents from 11 towns and villages. The county announced on September 10 that it has concluded the '2026 Basic Happiness Dialogue with Residents,' which took place from August 31 to September 7. This year's dialogue moved beyond traditional methods of explaining county policies or addressing individual complaints, instead facilitating direct discussions between residents and the county mayor on local issues. The common agenda for the 11 towns and villages was set as, 'What changes are needed for our agricultural products to receive fair prices?' Rather than solely focusing on increasing agricultural production, the discussions emphasized gathering residents' opinions on the distribution structures and sales methods that would allow farmers to receive appropriate prices for their products. Each town and village addressed different issues based on their unique circumstances. In Yeongam-eup, discussions centered on creating attractive destinations using Dalmaji Park and Yeongam Fortress. In Samho-eup, the focus was on fostering a community where both domestic and foreign residents can live together, centered around the Daebul residential complex. Deokjin-myeon discussed linking the opening of a highway to regional development, while Geumjeong-myeon explored revitalization strategies utilizing Baengbaengi Valley. In Sinbuk-myeon, residents shared ideas on attracting people to the area and enhancing its vibrancy. Utilization of tourism resources was also a key topic. In Sijong-myeon, discussions included developing Mahaan Cultural Park and ancient tombs as tourist attractions, while Gunseo-myeon focused on the Gurim Tourist Site, and Seoho-myeon discussed prehistoric habitation sites. In Dopa-myeon, the conversation revolved around using community centers, while Haksan-myeon discussed the Haksan Nuri Platform, and Mi-am-myeon focused on Mi-am Elementary School and a communication café, aiming to transform existing facilities into practical community spaces. Yeongam County plans to share the residents' feedback from this dialogue with relevant departments and will consider incorporating the discussed issues into policy development. The county will also review any reported inconveniences or individual project proposals through departmental assessments and on-site evaluations to determine their feasibility. Woo Seung-hee, the mayor of Yeongam County, stated, “It is significant that we have moved beyond merely explaining policies and listening to suggestions, engaging residents in discussions about local issues.” He added, “We will continue to discuss the opinions raised in the field to ensure they lead to real changes in the community.” Meanwhile, Yeongam County will have relevant departments review the common proposals for improving agricultural distribution and sales discussed during the dialogue, and will consider incorporating feasible suggestions into future policy and project plans.* This article has been translated by AI. 2026-09-10 09:36:10
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KOSPI Struggles Amid Middle East Tensions and Rising Interest Rates The domestic stock market is showing weakness in early trading due to heightened geopolitical tensions in the Middle East and surging international oil prices and U.S. Treasury yields. As foreign and institutional investors continue to sell, the KOSPI index has fallen to the 7000 level, prompting efforts to defend the index.According to the Korea Exchange, as of 9:13 a.m. on September 10, the KOSPI was trading at 7008.00, down 43.64 points (0.62%) from the previous trading day. The index opened at 7038.85, down 12.79 points (0.18%), and has been fluctuating since then, increasing its losses.By investor type, individuals have made a net purchase of 498.5 billion won, while foreign and institutional investors have sold a net 95.7 billion won and 442.2 billion won, respectively.Among the top market capitalization stocks, SK Hynix (up 0.97%) and KB Financial (up 0.23%) are gaining, while Samsung Electronics (down 0.74%), Samsung Electro-Mechanics (down 1.42%), LG Energy Solution (down 1.89%), Hyundai Motor (down 0.90%), Samsung Biologics (down 1.10%), and Samsung C&T (down 1.20%) are declining.The KOSDAQ index is also on a downward trend. At the same time, the KOSDAQ index is at 817.68, down 12.69 points (1.53%) from the previous trading day, having opened at 825.06, down 5.31 points (0.64%).In the KOSDAQ market, individuals have made a net purchase of 219.5 billion won, helping to mitigate the index's decline. In contrast, foreign and institutional investors have sold a net 171.1 billion won and 39.9 billion won, respectively.Among the top KOSDAQ stocks, Alteogen (down 2.50%), EcoPro (down 1.96%), EcoPro BM (down 0.87%), JUSUNG Engineering (down 3.29%), Wonik IPS (down 2.66%), Rino Technology (down 0.57%), and Simtec (down 3.09%) are experiencing losses, while Rainbow Robotics (up 1.12%), IOTech (up 0.11%), and Roboteers (up 4.84%) are rising.Earlier on September 9, the Dow Jones Industrial Average fell 0.77% on the New York Stock Exchange, while the S&P 500 and Nasdaq Composite dropped 0.48% and 0.64%, respectively.The increase in tensions in the Middle East has heightened risk-averse sentiment. The U.S. Central Command (CENTCOM) reported the destruction of five Iranian oil tankers, while Iran claimed to have retaliated by attacking a U.S. military base in Jordan with ballistic missiles.International oil prices have surged as well. Brent crude for November delivery closed at $101.21 per barrel, up $3.29 (3.36%), marking the first time Brent prices have exceeded $100 since July 23.The rise in oil prices has reignited inflation concerns, increasing scrutiny of the U.S. Federal Reserve's monetary policy. U.S. Treasury yields have also risen, with the 10-year Treasury yield surpassing 4.85% during trading, reaching its highest level since November 2023.In contrast, semiconductor stocks have remained strong. The Philadelphia Semiconductor Index rose 0.37%, marking its fifth consecutive day of gains, while SK Hynix's American Depositary Receipts (ADRs) surged 7.05%.Market analysts predict that the risks stemming from the Middle East and rising oil prices could lead to increased short-term volatility, suggesting that the domestic stock market may give back some of its previous gains. The simultaneous expiration of futures and options, along with concerns ahead of the August Consumer Price Index (CPI), could further threaten the 7000 level.Han Ji-young, a researcher at Kiwoom Securities, stated, "The U.S. stock market's weakness due to rising oil prices and long-term U.S. Treasury yields, combined with volatility in the domestic futures and options market, is likely to result in a partial retraction of yesterday's gains. There is a possibility that the KOSPI could fall below 7000 points again amid heightened volatility from the simultaneous expiration of futures and options and pre-CPI caution." 2026-09-10 09:36:00
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Shinhan Card Partners with SK Telecom to Develop AI Payment Standards Shinhan Card is collaborating with SK Telecom to establish standards for 'AI Payment,' where artificial intelligence (AI) will handle everything from product recommendations to transactions.On September 10, Shinhan Card announced its participation as a financial partner in the SK Telecom consortium for the 'Everyone's AI' project, which is promoted by the Ministry of Science and ICT.The Everyone's AI initiative aims to support citizens in accessing domestic AI models for free. Shinhan Card and SK Telecom will work together to create a standard specification for 'Agent Pay,' where an AI agent will manage everything from product recommendations to purchasing and payment. They plan to develop an integrated payment infrastructure that allows transactions to be completed without leaving the SK Telecom AI agent's chat interface.Additionally, they will establish a compensation and dispute resolution system to address potential issues arising from AI agent errors or system malfunctions.A Shinhan Card representative stated, "In the era of 'agentic commerce,' where AI directly participates in the payment process, the role of card companies in protecting customer assets will become increasingly important. We aim to collaborate with SK Telecom to establish AI payment standards and create a safe next-generation payment environment." 2026-09-10 09:36:00
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DRTec Shares Surge 29% Following Stock Consolidation and Export Expansion Medical and precision equipment company DRTec saw its shares rise by more than 25% on the first day of trading after completing a stock consolidation.As of 9:33 a.m. on September 10, DRTec's stock was trading at 6,170 won, up 29.58% (1,380 won), according to the Korea Exchange.DRTec, listed on the KOSDAQ, manufactures digital X-ray and medical diagnostic imaging equipment, supplying diagnostic and surgical imaging solutions to domestic and international medical institutions and global companies.The company recently received U.S. Food and Drug Administration (FDA) certification for its orthopedic surgical X-ray device, 'Extron6,' which has opened new export opportunities.In the first half of this year, DRTec reported sales of 68.9 billion won, a 17% increase compared to the same period last year, and an operating profit of 1.3 billion won, marking a return to profitability.* This article has been translated by AI. 2026-09-10 09:36:00