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  • Uiwang City Council to Review Livelihood Ordinances and 700 Billion Won Supplementary Budget
    Uiwang City Council to Review Livelihood Ordinances and 700 Billion Won Supplementary Budget The Uiwang City Council in Gyeonggi Province will hold its 322nd extraordinary session from September 8 to 18, focusing on ordinances closely related to citizens' lives and the supplementary budget. According to the council on September 8, this session will review the 2026 third supplementary budget for Uiwang's general and special accounts, along with four budget proposals, a fund management plan amendment, and various ordinance amendments. Notably, the session will consider livelihood-related ordinances proposed by council members themselves. Key agenda items include management and operation of recycling centers, support for small businesses, funding for optional vaccinations, and measures to prevent rental fraud and manage safe rental practices. Given the potential impact on citizens' daily lives, local economy, and housing stability, there is significant interest in whether effective support measures will be established during the ordinance amendment process. The council will also review proposals to amend regulations related to the management of public property and overseas business trips for council staff. Among the proposals submitted by the executive branch are amendments concerning scholarships for children of bank account holders, the establishment of community centers, and support for revitalizing alleyway commercial districts. Additionally, reports will be presented on the results of defect inspections conducted in the first half of the year and the approval of amendments to the Uiwang Urban Corporation's articles of incorporation. The review of the supplementary budget is a key focus of this extraordinary session. The total size of the third supplementary budget for general and special accounts is 700.1 billion won, which includes adjustments for national and provincial subsidy projects and funding for major ongoing initiatives. The council will hold a special committee meeting on September 8 and 9 to review the ordinances, followed by a budget and settlement special committee meeting from September 9 to 17 to assess the supplementary budget. The adjustment of budget figures and the approval of the review results will take place on September 16 and 17. Citizens are particularly interested in how the budget will translate into tangible changes in their daily lives rather than just its size. With key issues such as support for small businesses, prevention of rental fraud, vaccination funding, and revitalization of local commerce on the agenda, there are calls for these measures to yield real benefits. Given the limited financial resources, there are opinions emphasizing the need to carefully evaluate the necessity and effectiveness of projects, with expectations that funding will be prioritized for areas that citizens can directly feel the impact of in their daily lives. Meanwhile, Council Chair Seo Chang-soo stated, "The budget is an important tool for changing citizens' lives," urging thorough examination to ensure that funds are allocated where they are most needed, considering both efficiency and equity in finances.* This article has been translated by AI. 2026-09-08 15:20:10
  • Samsung Electronics Partners with ASML for Next-Gen Semiconductor Process, Innovating DRAM Manufacturing by 2028
    Samsung Electronics Partners with ASML for Next-Gen Semiconductor Process, Innovating DRAM Manufacturing by 2028 Samsung Electronics will join a consortium led by ASML to develop next-generation 12-inch photomasks. By 2028, the company plans to introduce 'High NA EUV' equipment for advanced DRAM manufacturing, marking a significant innovation in the industry. This initiative aims not only to adopt new lithography equipment but also to establish the necessary photomask standards and manufacturing ecosystem.On September 8, Samsung announced its participation in ASML's 'Large Size Mask Consortium,' focusing on joint research and standard development for 12-inch photomasks. The goal is to transition from the currently used 6-inch masks to 12-inch ones.A photomask is a template that contains the semiconductor circuit patterns. As the manufacturing process becomes more intricate, the precision and specifications of the masks become increasingly critical, as the lithography equipment projects light through the mask onto the wafer to create circuits.With High NA EUV, the reduced exposure area may necessitate a process called 'stitching,' where larger chips are printed in segments and then connected. Utilizing 12-inch masks can mitigate these constraints, simplifying the process and enhancing productivity.The 12-inch large mask has been discussed as a solution to reduce stitching issues associated with High NA EUV. However, changing the entire supply chain—from the mask substrate to circuit recording, inspection, transportation, and lithography equipment—requires collaboration among equipment manufacturers, semiconductor producers, and the photomask ecosystem to establish common standards, which is seen as a key challenge for commercialization.Samsung plans to apply High NA EUV technology to advanced DRAM manufacturing starting in 2028. This technology can create finer circuits than existing EUV, potentially delaying the limits of DRAM miniaturization and reducing the need for repetitive patterning processes.Previously, Samsung was the first in the industry to apply EUV technology to mass-produce DRAM, reducing multi-patterning processes and increasing productivity. This time, the company aims to expand the next-generation lithography technology, initially applied in foundry, to memory production, enhancing the competitiveness of high-performance DRAM for AI applications.Jin Young-hyun, Vice Chairman and CEO of Samsung Electronics, stated, "We will continue to lead advanced semiconductor manufacturing, including foundry and memory, and strengthen our collaboration with ASML to establish a technological foundation for 'Next AI.'"* This article has been translated by AI. 2026-09-08 15:20:00
  • Modern Engineerings Plan Bee Garden Wins Special Award for Urban Ecology
    Modern Engineering's 'Plan Bee Garden' Wins Special Award for Urban Ecology Modern Engineering's 'Plan Bee Garden' has been recognized not only for its creation of a garden but also for its contributions to ecological restoration and vocational training for individuals with borderline intellectual functioning.On September 8, Modern Engineering announced that its urban ecological space, 'Plan Bee Garden,' established last year in North Seoul Dream Forest, received the Special Award for Corporate Participation at the 2026 Seoul Special City Garden City Awards.Now in its 14th year, the Seoul Special City Garden City Awards is a public project aimed at discovering and promoting excellent garden examples created in urban spaces through participation from citizens, organizations, and businesses. The awards ceremony was held on September 7 at Seoul City Hall, where a total of 23 projects and teams were honored.Modern Engineering was awarded the Special Award for Corporate Participation for its efforts in expanding urban green spaces and promoting garden culture. The garden's focus on ecological restoration, citizen engagement programs, and vocational training for individuals with borderline intellectual functioning earned it high marks.The Plan Bee Garden aims to create a space for both citizens and bees. It features a variety of plants from spring to fall, providing a stable environment for honeybees. For citizens, it offers a changing landscape throughout the seasons. The garden also runs ecological education programs to help the public understand the importance of biodiversity.Last year, the first Plan Bee Garden was established in North Seoul Dream Forest, and the second opened in May this year at Boramae Park in Dongjak District, where 'Plan Bee Honey' was harvested. All proceeds from the honey sales are used for vocational training and support for individuals with borderline intellectual functioning.Additionally, the initiative supports marginalized youth who are often overlooked. Modern Engineering provides vocational training in urban beekeeping, including habitat management and honey harvesting, to individuals with borderline intellectual functioning, helping them grow as contributing members of society.A representative from Modern Engineering stated, 'The Plan Bee Garden is a public-interest garden that combines urban ecological restoration, support for socially vulnerable individuals, and citizen participation in ecological education. We will continue to develop sustainable social contribution models based on the value of space and energy.'* This article has been translated by AI. 2026-09-08 15:16:20
  • Kyeryong Construction Provides 71 Million Won in Scholarships to Support Students Dreams
    Kyeryong Construction Provides 71 Million Won in Scholarships to Support Students' Dreams The Kyeryong Scholarship Foundation has provided 71 million won in scholarships to support students pursuing their dreams.On September 8, the foundation announced that it awarded scholarships to a total of 53 high school and college students for the second semester of 2026 on September 7.Eligibility for the Kyeryong scholarship includes high school students from underprivileged backgrounds who demonstrate academic excellence. Each student receives 1 million won per semester, awarded in two installments: a scholarship certificate and online transfer for the first semester, and an online transfer (to the school or student account) for the second semester.For college students, the scholarship targets those from low-income families who excel academically but struggle to cover tuition costs. They receive 2 million won per quarter, also disbursed via online transfer (to the school or student account).This recent scholarship distribution is the second installment of the total 142 million won allocated for general scholarships this year. Since its establishment in 1992, the foundation has distributed a total of 7.423 billion won in scholarships.A representative from the Kyeryong Scholarship Foundation stated, "We hope this scholarship helps students move closer to their dreams and will continue to provide support and attention to nurture future talents who can fully realize their potential."* This article has been translated by AI. 2026-09-08 15:16:20
  • European AI Company Mistral Secures €3 Billion Investment Led by Samsung
    European AI Company Mistral Secures €3 Billion Investment Led by Samsung European artificial intelligence (AI) company Mistral announced on September 8 that it has secured €3 billion (approximately $4.68 billion) through a Series D funding round.Mistral was co-founded in 2023 in Paris by Arthur Mensch, Guillaume Lample, and Timothée Lacroix, who previously worked at Google DeepMind and Meta. With this funding round, Mistral's valuation has surpassed €21 billion (about $32.8 billion), setting a record for the largest equity investment raised by a European tech company within three years of its founding.Samsung Electronics led this investment round, with the EQT-managed ScaleUp Europe fund and existing investor PSC Equity also participating as co-lead investors. New investors included Advent, funds and accounts managed by BlackRock, and the Grand Duchy of Luxembourg. Existing investors, including NVIDIA, continued their support.Mistral plans to use the investment to significantly enhance its infrastructure and product development, focusing on strengthening its frontier research capabilities that underpin its Sovereign AI strategy. As companies seek to leverage AI while maintaining control over their data and infrastructure, Mistral aims to target this demand with a full-stack strategy and an open approach.Particularly, Mistral will emphasize its 'Sovereign AI Layer' as a core competitive advantage, leveraging its full-stack capabilities that encompass everything from open-weight models to infrastructure, computing resources, and products applicable in real-world environments.The investment will be utilized for expanding computing resources for cutting-edge AI model research and infrastructure, as well as for business expansion and entry into global markets. Mistral currently operates in 20 countries and supports the AI transformation of over 125 global companies, including Airbus, ASML, and HSBC.Arthur Mensch, co-founder and CEO of Mistral, stated, "The real challenge companies face is implementing AI in complex environments where their own data, operational systems, and compliance requirements are intertwined. With this investment, we will accelerate our investments in R&D, products, and infrastructure, continuously supporting businesses and institutions to operate AI at scale in their respective environments."* This article has been translated by AI. 2026-09-08 15:12:00
  • Eugene Private Equity Sells Stake, Signaling Shift in Woori Financials Shareholder Structure
    Eugene Private Equity Sells Stake, Signaling Shift in Woori Financial's Shareholder Structure Eugene Private Equity (PE), a major shareholder in Woori Financial Group, has sold nearly half of its stake, marking a turning point in the decade-long governance structure dominated by major shareholders. With Woori Financial's stock price significantly higher than at the time of its privatization and consistent dividends, attention is now on whether other major shareholders, including Kiwoom Securities, Korea Investment & Securities, and Fubon Life, will also consider selling their stakes.According to financial industry sources, Eugene PE recently sold 14 million shares of Woori Financial through an off-hours block deal. The sale price was set at 33,189 won per share, totaling approximately 465 billion won. Following this transaction, Eugene PE's stake has decreased from 3.97% to 2.07%.Eugene PE acquired a 4% stake during Woori Financial's full privatization in 2021. Since then, it has recouped a significant portion of its investment through dividends and refinancing, and this block deal has provided a substantial cash influx. Analysts suggest that Eugene PE has entered a phase of actively recovering its investment.Market observers are noting the potential for Eugene PE's sale to trigger exits by other major shareholders. Currently, Fubon Life holds a 3.97% stake, Korea Investment & Securities has 3.77%, and Kiwoom Securities owns 3.73%.Kiwoom Securities and Korea Investment & Securities acquired their shares during Woori Bank's privatization in 2016 and have held them for nearly a decade. The stock price, which was in the low 10,000 won range at that time, has now risen to the 30,000 won range, resulting in significant capital gains. When combined with the dividends received, their actual investment returns are even greater.A key factor is that the sale of shares by major shareholders coincides with a board restructuring scheduled for March next year. The terms of outside directors recommended by major shareholders will expire around the time of the regular shareholders' meeting. Woori Financial is expected to reassess whether to maintain the right to recommend outside directors, considering the current shareholding structure and the long-term intentions of major shareholders. If other major shareholders follow Eugene PE in reducing their stakes, the justification for reappointing existing outside directors may weaken.The major shareholder structure at Woori Financial began in 2016 when the Korea Deposit Insurance Corporation sold its holdings to various investors. This arrangement was designed to ensure management stability and oversight by granting outside director recommendation rights to shareholders with significant long-term holdings in the absence of a specific major shareholder.However, since Woori Financial's full privatization, the composition of its shareholders has changed. Recently, foreign ownership in Woori Financial has surpassed 50% for the first time. While still lower than KB, Shinhan, and Hana Financial, further sales of major shareholder stakes could accelerate the shift toward a more diversified ownership structure dominated by foreign and institutional investors.The weakening of the major shareholder structure does not necessarily imply an improvement in governance. While the influence of specific shareholders on the board may diminish, the oversight function of long-term responsible shareholders could also weaken. The decision on whether to sell additional stakes following Eugene PE's move and the appointment of outside directors next year will likely determine the future of Woori Financial's major shareholder structure, which has persisted for a decade. 2026-09-08 15:12:00
  • Seouls Suburban Rental Market Faces Severe Shortage
    Seoul's Suburban Rental Market Faces Severe Shortage As rental prices in Seoul continue to rise, the increase is particularly pronounced in suburban areas such as Nowon, Dobong, Gangbuk, and Seongbuk. In large complexes with thousands of units, the number of available rental listings for key sizes has dwindled to single digits, raising concerns about increased housing costs for tenants ahead of the fall moving season.According to the Korea Real Estate Agency on September 8, the rental price index for Seoul apartments rose by 0.21% in the fifth week of August (as of the 31st), a slight decrease from the previous week's increase of 0.22%.While Gangnam (-0.13%) and Seocho (-0.10%) districts experienced declines, the outer regions of Seoul maintained their upward trend. Seongbuk (0.38%) saw increases in areas like Donam and Gil-eum, Gangbuk (0.38%) in Mia and Beon-dong, Nowon (0.37%) in Junggye and Sang-gye, and Dobong (0.32%) in Chang and Banghak, all surpassing the average increase for Seoul.A shortage of rental listings is also evident in large complexes in suburban areas. In Nowon, the 'Mimi Sam' complex, which has nearly 4,000 units, had only four available rental listings for a 59 square meter unit as of today.The Dobong district's Bukhan Mountain I-Park, with 2,061 units, had just three listings for an 84 square meter unit, and no listings for other sizes. In Seongbuk, the Jeongneung Poonglim I-One complex, with 1,971 units, had only one listing for a 59 square meter unit. Similarly, the SK Bukhan Mountain City in Gangbuk, which has over 3,800 units, had around four listings for the same size.This means that even in large complexes, tenants have limited options for their desired rental sizes. With demand continuing amid a shortage of listings, landlords may have less incentive to lower prices, making negotiations more challenging for tenants. If the demand coincides with the fall moving season, even suburban areas, which typically have lower rental prices, may face upward pressure on prices.Experts have noted that the government's plans to increase housing supply will take time to address the immediate shortage of rental listings. Kwon Dae-jung, a professor of economics and real estate at Hansung University, stated, "While the government has announced plans to expand housing supply, most are medium- to long-term measures. Without short-term supply solutions, there will be upward pressure on both rental and sales prices in the immediate future."As the shortage of rental listings persists and the burden of monthly rent increases, the difficulties faced by genuine home seekers looking for affordable housing in suburban areas may also intensify.Professor Kwon added, "As demand increases while housing supply remains insufficient, rental prices are bound to face upward pressure. Given the ongoing rise in monthly rent, tenants may experience even greater housing cost burdens this fall."* This article has been translated by AI. 2026-09-08 15:08:00
  • Rising Yen Raises Concerns for Japanese Auto Industry
    Rising Yen Raises Concerns for Japanese Auto Industry The yen's value rose to its highest level in about seven months on September 8, falling to the 152 yen per dollar range during trading. This strengthening of the yen has raised concerns about declining profitability in the Japanese automotive industry. With a significant portion of revenue generated overseas, the conversion of foreign earnings into yen results in lower amounts. Most companies had based their performance forecasts on a weaker yen, increasing the pressure from currency fluctuations.Toyota, the world's largest automaker, is particularly sensitive to exchange rate changes. According to Bloomberg, the company estimates that for every 1 yen drop in the dollar-yen exchange rate, its annual operating profit decreases by approximately 50 billion yen (about $437 million). Toyota has assumed an average exchange rate of 160 yen per dollar for the current fiscal year ending in March 2027, indicating a significant gap from the current rate.Suzuki also projected last month that the yen would weaken further compared to May. Bloomberg reported that all Japanese automakers, except Nissan, have set their exchange rate forecasts for this year's performance higher than the current rate. Nissan has set a lower average exchange rate of 150 yen per dollar for the fiscal year from April 2026 to March 2027.Japanese automakers have historically applied conservative exchange rates when setting performance forecasts to exceed or easily meet expectations in actual results. They have also mitigated currency risk by producing vehicles and parts directly in key overseas markets.In fact, Japanese automakers have benefited from a weaker yen in the past. The depreciation of the yen has helped offset some of the cost burdens from U.S. tariffs, high oil prices, and supply chain disruptions. Notably, at the end of June, the yen's value fell to its lowest level since 1986, prompting the U.S. and Japan to jointly intervene in the foreign exchange market for the first time in 15 years.However, the recent strengthening of the yen has increased uncertainty for Japanese automakers' performance. Masahiro Akita, a senior analyst at U.S. investment bank Bernstein, stated in a recent interview with CNBC that a 1% change in the yen typically impacts the operating profit of Japanese automakers by about 2%.* This article has been translated by AI. 2026-09-08 15:08:00
  • More jobseekers eligible for support as age limit rises to 34
    More jobseekers eligible for support as age limit rises to 34 SEOUL, September 8 (AJP) - More young adults in South Korea will become eligible for job-related support as the government decided to raise the age limit from 29 to 34. According to the Ministry of Employment and Labor, the revisions to the relevant rules, approved at a Cabinet meeting on Tuesday, raise the upper age limit to 34, expanding the range to those aged 15 to 34, from the previous range, which defined young people as those aged 15 to 29. The ministry said the move will provide more support for young people entering the labor market while making youth policies more consistent. Separately, a new government-run labor committee will be created to discuss ways to improve pay and working conditions for non-regular and contract-based workers in the public sector. It will also have smaller groups of 15 to 30 members to handle different issues. AJP Takeaways -South Korea raised the upper age limit for government youth employment policies from 29 to 34 on September 8, 2026, expanding eligibility to people aged 15 to 34. - The Ministry of Employment and Labor said the change is intended to make age standards across youth policies more consistent and strengthen support for young people entering the labor market. - South Korea's Cabinet also approved rules on Sept. 8, 2026, for a government-labor committee that will address pay and working conditions for non-regular public-sector workers, including fixed-term, dispatched and outsourced employees. 2026-09-08 15:07:59
  • Gwangju Mayor Park Kwan-yeol Requests Support for 30,000 Smart City Units and National Industrial Complex
    Gwangju Mayor Park Kwan-yeol Requests Support for 30,000 Smart City Units and National Industrial Complex Park Kwan-yeol, the mayor of Gwangju, is proactively responding to the changes brought by the establishment of the Yongin semiconductor industrial complex and is developing a cooperative strategy to turn this into a new opportunity for regional development. On September 4, Mayor Park visited the Gyeonggi Provincial Office and presented a proposal to Gyeonggi Governor Choo Mi-ae outlining a cooperative plan for Gwangju to ensure the successful establishment of the Yongin semiconductor industrial complex. He requested active support and collaboration from the province to build a foundation for future growth in Gwangju. The core of this proposal is the concept of a 'self-sufficient city Gwangju' linked to the semiconductor industry. With the establishment of the Yongin semiconductor industrial complex, significant changes are expected in Gwangju, including an influx of population and businesses, as well as increased traffic. Mayor Park envisions transforming Gwangju from a simple hinterland into a self-sufficient city with residential, job, industrial, and commercial functions. To achieve this, he has requested Gyeonggi Province to support the creation of a smart city with 30,000 housing units and the establishment of a national industrial complex. In particular, he proposed the introduction of special provisions in the 'Public Housing Special Act' to improve various regulations that hinder the development of smart cities. The strategy aims to create a self-sufficient city that integrates residential, job, industrial, and commercial functions, thereby attracting businesses and revitalizing the local economy in connection with the Yongin semiconductor industrial complex. Additionally, Mayor Park suggested the prompt formation of a 'government-wide cooperation committee' involving the central government, Gyeonggi Province, and relevant agencies to ensure that Gwangju's cooperative plan is reflected in actual policies rather than remaining a mere declaration. Gyeonggi Province has expressed its agreement with Gwangju's direction and indicated its willingness to support the initiative. Governor Choo Mi-ae stated, "I agree on the necessity of developing Gwangju as a self-sufficient city and will actively consider support measures for the creation of 30,000 smart city units and the national industrial complex." She also expressed her intention to actively consult with relevant agencies regarding the formation of the government-wide cooperation committee. Mayor Park Kwan-yeol emphasized, "We must ensure that the national project of establishing the Yongin semiconductor industrial complex becomes a new growth engine for Gwangju." He added, "I will continue to discuss key issues, including the creation of 30,000 smart city units and the national industrial complex, with the central government, Gyeonggi Province, and relevant agencies to connect them to tangible regional development that citizens can feel." Meanwhile, attention is focused on whether Mayor Park can elevate Gwangju from being a simple hinterland of the Yongin semiconductor industrial complex to a self-sufficient city where industry, housing, and jobs grow together. 2026-09-08 15:04:10