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Jang Dong-hyuk Calls for Immediate Resignation of Kim Seung-won Jang Dong-hyuk, leader of the People Power Party, criticized the various allegations surrounding Kim Seung-won, the nominee for Minister of Justice, on September 4, stating, "He should either resign immediately or President Lee Jae-myung should withdraw his nomination."In a post on his Facebook, Jang emphasized, "Kim is not even qualified to go to a confirmation hearing," adding that Kim Seung-won could become a "nuclear bomb that will destroy the Lee Jae-myung administration."Regarding the allegations of soliciting for a new drug, Jang pointed out, "The only person Kim met was broker Yang, not the representatives of any pharmaceutical companies. He did not even meet them or hear an explanation." He further noted, "What Yang told Kim was only about money, such as '300 billion won will come into the company.'"Jang continued, "If Kim was genuinely conveying a 'complaint,' would he have acted that way? A proper lawmaker would have met with company staff to understand the situation and asked the Ministry of Food and Drug Safety about the reasons for the delay in review and checked the issues with the new drug."He added, "No lawmaker handles 'complaints' in this manner. Ultimately, it was not a 'complaint' from a small business but a 'solicitation' from a broker."Additionally, Jang alleged that Kim met with the broker at a bar and discussed, "The donation limit is 5 million won, and if things go well, donations can be made," even sending the broker his bank account number via text. He questioned, "If this is not a promise of 'bribery,' then what is it?"Jang also raised concerns about Kim's involvement in local election nepotism and his history of drunk driving. He stated, "A 24-year-old woman who has never been active in Gyeonggi Province received the first proportional representation spot for the Gyeonggi Provincial Assembly. She is the daughter of Seo Yong-min, a speechwriter at the Blue House, and Seo In-ha, a Gyeonggi Provincial Assembly member. There was backlash during the nomination process, but Kim, who was then the chair of the Democratic Party's Gyeonggi Province chapter, pushed it through."Furthermore, he revealed Kim's past drunk driving record, stating, "He was fined 700,000 won by the Suwon District Court where he worked. Thanks to the 700,000 won fine, he passed the Democratic Party's nomination and was not included in the public notice."* This article has been translated by AI. 2026-09-04 15:00:00 -
Sky Labs doubles on KOSDAQ debut SEOUL, September 04 (AJP) - South Korean digital healthcare company Sky Labs doubled from its initial public offering (IPO) price on its KOSDAQ debut Friday after briefly surging to nearly three times the offering price. As of 2:20 p.m., shares traded at 20,000 won ($14.40), double its 10,000 won offering price. The stock opened at 8,500 won and fell as low as 8,200 won. It later climbed to an intraday high of 28,750 won, 187.5 percent above the IPO price. The sharp reversal made the company one of the most actively traded stocks on the KOSDAQ. Trading volume had reached about 75 million shares, with turnover of roughly 1.43 trillion won by around 2:20 p.m. The strong first-day performance contrasted with relatively weak demand during the offering process. Institutional bookbuilding recorded a competition ratio of 63.41 to 1, while retail subscriptions drew a ratio of about 2.9 to 1. The IPO was priced at 10,000 won, below the initially proposed range of 13,000 won to 16,000 won. The company develops wearable devices that allow users to measure health indicators through a ring worn on the finger. Its flagship product, Cardio Tracker (CART), is an artificial intelligence-powered cuffless blood pressure monitor designed to continuously track blood pressure without a conventional arm cuff. It was founded in 2015. It reported about 7.9 billion won in revenue and a 14.7 billion won operating loss last year, putting the focus on whether the company can translate its technology into sustained sales growth and improved profitability after the strong debut. AJP Takeaways - Sky Labs shares traded at 20,000 won as of 2:20 p.m. on Sept. 4, 2026, double the South Korean digital healthcare company’s 10,000 won initial public offering price on its KOSDAQ debut. - Sky Labs shares swung from an intraday low of 8,200 won to a high of 28,750 won on Sept. 4, 2026, with the peak representing a 187.5 percent gain from the IPO price. - Sky Labs drew relatively weak demand before listing, with institutional bookbuilding at 63.41 to 1 and retail subscriptions at about 2.9 to 1, while the final IPO price was set below the initially proposed range of 13,000 won to 16,000 won. 2026-09-04 14:59:03 -
H&L Advanced Launches as First Result of Petrochemical Industry Restructuring The official launch of H&L Advanced marks the first achievement in the restructuring of South Korea's petrochemical industry.On September 4, H&L Advanced, a joint venture between HD Hyundai Chemical and Lotte Daesan Petrochemical, held its inauguration ceremony at the Daesan Industrial Complex in Seosan, South Chungcheong Province.About 180 executives and employees attended the event, including co-CEOs Cho Nam-soo and Cheon Yang-sik, Lotte Group's chemical division head Lee Young-jun, and HD Hyundai Oilbank CEO Song Myung-jun, who shared the vision for the newly formed company.H&L Advanced was established through the 'Daesan No. 1 Project' aimed at enhancing competitiveness in the domestic petrochemical sector. The name combines the identities of HD Hyundai Chemical (H) and Lotte Chemical (L), along with the term 'Advanced' to signify sustainable growth through change and innovation.The company plans to optimize the entire process from raw material procurement to product production by integrating the strengths of the refining and petrochemical sectors. This strategy aims to maximize operational synergies, improve production efficiency, and enhance cost competitiveness.In the medium to long term, H&L Advanced intends to expand its business portfolio, focusing on specialty materials and eco-friendly products, thereby upgrading its structure centered on general petrochemical products and securing a foundation for future growth.During the launch ceremony, Song Myung-jun expressed optimism, stating, "H&L Advanced is expected to leverage the capabilities and experiences of both companies to become an agile organization with strong competitiveness. I hope it serves as a starting point for new possibilities in South Korea's petrochemical industry."Lee Young-jun added, "Lotte and HD Hyundai chose the path of integration to secure the competitiveness of the Daesan project based on the trust and cooperation built through our joint ventures. I expect the combined strengths of both companies to lead to meaningful results across production and operations."Meanwhile, since the government initiated restructuring in the petrochemical industry last August, Lotte Chemical and Yeocheon NCC have been working on facility integration and reductions in Yeosu. Discussions on restructuring plans are also ongoing among major companies in Ulsan. 2026-09-04 14:56:00
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BNK Gyeongnam Bank Launches Special Premium Time Deposit Offering Up to 3.8% BNK Gyeongnam Bank announced a special sale of its 'BNK Premium Time Deposit' worth 300 billion won on September 4.The deposit terms are available for 12 months and 13 months, offering a base interest rate of 2.3% plus preferential rates, resulting in a maximum annual rate of 3.7% for 12 months and 3.8% for 13 months.The preferential rates include a basic premium rate of 1.1 percentage points, an additional 0.2 percentage points for agreeing to receive marketing and mobile messages, 0.1 percentage points for the 13-month term, and another 0.1 percentage points for new customers. The new customer benefit applies to those without a history of early withdrawal within 15 days of the deposit date.The minimum deposit amount is 1 million won, with a maximum of 10 billion won, and customers can sign up at all BNK Gyeongnam Bank branches or through personal mobile banking.The sales period lasts for six months from the launch date, and the offering will end early if the 300 billion won limit is reached.Choi Myung-hee, head of the personal customer group at BNK Gyeongnam Bank, stated, "We introduced this product to provide customers with high interest rates and premium benefits, hoping it will be a choice for asset growth."* This article has been translated by AI. 2026-09-04 14:44:00
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KOSPI Rises Over 2% Amid Strong Foreign and Institutional Buying; KOSDAQ Gains Over 3% The KOSPI index is continuing its upward trend, rising over 2% thanks to significant net buying from foreign and institutional investors. With U.S. long-term interest rates stabilizing and a strong performance in the New York stock market, buying activity is particularly focused on semiconductor stocks. The KOSDAQ is also showing strength, with foreign and institutional investors both engaging in net buying, leading to a gain of over 3%.As of 2:22 PM, the KOSPI is up 162.30 points (2.47%) at 6,742.21, according to the Korea Exchange.The index started the day at 6,654.36, up 74.88 points (1.14%) from the previous close, and has since expanded its gains. Although the index climbed above the 6,700 mark due to continued buying from foreign and institutional investors, the pace of increase has somewhat slowed in the afternoon.In the securities market, individual investors are net selling 3.95 trillion won, while foreign and institutional investors are net buying 1.1264 trillion won and 1.4299 trillion won, respectively. As individuals engage in large-scale profit-taking, foreign and institutional buying is driving the index higher.Among the top market capitalization stocks, Samsung Electronics (up 3.20%), SK Hynix (up 4.82%), SK Square (up 6.52%), Samsung Electro-Mechanics (up 4.86%), and Hyundai Motor (up 0.39%) are all rising, while LG Energy Solution (down 1.50%), Samsung Biologics (down 2.47%), KB Financial (down 3.71%), Samsung C&T (down 0.67%), and Samsung Life (down 1.65%) are declining.Today, the domestic stock market opened higher, buoyed by the strong performance of the New York stock market and the stabilization of U.S. long-term interest rates. On September 3 (local time), the Dow Jones Industrial Average rose by 1.18%, while the S&P 500 and Nasdaq increased by 1.06% and 1.40%, respectively.Notably, dovish comments from Christopher Waller, a member of the U.S. Federal Reserve, have eased concerns about a rate hike in September, alleviating some market pressure regarding interest rates. The U.S. 10-year Treasury yield is currently around 4.76%, while the 30-year yield is at approximately 5.25%.However, there is also a sense of caution ahead of the U.S. employment report for August, which is set to be released tonight. The results of this employment data could influence the Federal Reserve's future monetary policy and the direction of U.S. long-term interest rates, making it a key variable for the domestic stock market.At the same time, the KOSDAQ index is trading at 816.21, up 26.00 points (3.29%) from the previous day.In the KOSDAQ market, individual investors are net selling 478.8 billion won, while foreign and institutional investors are net buying 363.9 billion won and 131.4 billion won, respectively.Among the top market capitalization stocks, Alteogen (up 2.65%), EcoPro (up 0.49%), EcoPro BM (up 0.28%), Rainbow Robotics (up 6.07%), JUSUNG Engineering (up 6.13%), Wonik IPS (up 9.33%), and IOTech (up 5.86%) are mostly on the rise.* This article has been translated by AI. 2026-09-04 14:40:00
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One Million Expected at Seoul World Fireworks Festival, Retail and Dining Industries Prepare As the Seoul World Fireworks Festival approaches on September 5, the retail and dining sectors are gearing up for a massive influx of visitors. With over one million spectators expected to gather around the Han River Park, major convenience stores are increasing their product stock by up to 100 times, while restaurants and cafes along the river are launching premium packages to attract customers.According to industry sources on September 4, convenience store chains CU, GS25, 7-Eleven, and Emart24 are expanding their product orders and staffing at locations near Yeouido, Ichon, and Yongsan, which are within the festival's influence zone. This year's festival is taking place about three weeks earlier than usual, prompting stores to focus on stocking summer essentials like ice cups, bottled water, and beverages.GS25 plans to secure up to 100 times more products at key locations in Yeouido and Ichon, including beer, bottled water, ready-to-eat meals, and ice cups. They are also preparing additional stock of essential items like picnic mats and portable phone chargers. To ensure smooth operations, they will increase refrigeration equipment and POS systems and deploy additional support staff.CU is proactively stocking summer products such as ice, bottled water, and beverages, while also increasing the inventory of umbrellas, which saw significant sales last year. 7-Eleven has raised its orders for ice cups, pouch drinks, smoothies, and beer to about 20 times the usual amount. They are also preparing up to 50 times more instant noodles and ready-to-eat meals, and over 10 times more rice balls, sushi, and rolls to meet food demand.The convenience store industry's large-scale stocking is a response to the high demand observed during last year's festival. On the festival day last year, the average foot traffic at CU stores near Han River Yeouido Park increased by about 100 times compared to the previous week. Sales of portable batteries surged by 87.5 times, bottled water by 67.8 times, and umbrellas by 58.1 times.GS25 also reported that sales at 10 stores in the Yeouido and Ichon areas increased by up to 850% compared to the same day of the previous week. Sales of ready-to-eat meals like pizza and chicken increased by 119 times, while picnic mats and roasted sweet potatoes saw increases of 75 times each. In some stores, sales during the peak hour from 5 PM exceeded the total sales of the previous week.Dining and cafe brands are employing 'prime location marketing' to generate high profits in a short time by leveraging views of the Han River. They are packaging the best seats for comfortable viewing of the festival and selling them as premium offerings.Starbucks has utilized the Kakao reservation system to sell 52 seats at its Yeouido Han River Park location ahead of the fireworks festival. This package includes not just seat reservations but also beverages and exclusive merchandise. Despite the high prices of 200,000 won for silver seats and 300,000 won for gold seats, all seats sold out within just 30 seconds of reservations opening, demonstrating strong demand.Ashley Queens, operated by E-Land Eats, has also offered around 170 seats at its Yeouido Han River Park location for the fireworks festival. Normally, the restaurant charges 29,900 won per adult on weekends and holidays, but festival packages range from 590,000 to 1.29 million won, depending on the number of guests and seat location. The package includes buffet access, outdoor deck space for viewing the fireworks, and VIP boarding passes for E-Land Cruises. This offering is also fully booked.An industry insider stated, "On the day of the fireworks festival, a large crowd gathers in a short time, significantly increasing the number of visitors and sales at stores near Yeouido and the Han River. With many spectators expected this year, the industry is responding by increasing product stock and creating special offerings that leverage store locations to meet festival demand."* This article has been translated by AI. 2026-09-04 14:40:00
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No Competition Among Consortia in 'Everyone's AI' Project; Budget Allocated Based on Performance The Ministry of Science and ICT has decided not to hold a competitive elimination among consortia in the 'Everyone's AI' project, which aims to provide free artificial intelligence (AI) services to all citizens. However, an annual evaluation in March will assess actual service usage and adjust funding based on performance.Kim Kyung-man, head of the AI Policy Division at the Ministry, stated during a briefing following the launch event for Everyone's AI at the Korea Press Center in Jung-gu, Seoul, on September 4, "We want steady growth through collaboration rather than competition," adding, "We will examine which consortium has the highest actual usage around March next year." He noted that consortia attracting more users and demonstrating higher activity will receive larger budgets.The Ministry has allocated 250 billion won for the Everyone's AI project next year, which will be distributed for service operation and infrastructure and ecosystem expansion. Of this, 170 billion won will be used to support the use of graphics processing units (GPUs) like NVIDIA's B200. Each of the three consortia will receive 10 billion won directly for service operations, while the remaining 50 billion won will be invested in expanding the AI agent ecosystem.Kim emphasized that the goal of the Everyone's AI project is to enable every citizen to have their own AI agent, highlighting the significance of expanding specialized services.The government also plans to use Everyone's AI as an opportunity to validate domestic AI semiconductors. As the number of users increases, so will the demand for AI service inference and token usage, which could enhance the practical application of domestic neural processing units (NPUs) in real service environments.Kim stated, "Using Everyone's AI will naturally increase inference demand," adding, "In some respects, this project opens up opportunities for domestic AI semiconductors to be validated." Baek Jun-ho, CEO of FuriosaAI, remarked, "We will do our best to ensure that citizens can utilize the high performance of domestic NPUs without inconvenience," and pledged that a significant portion of token consumption would be centered around domestic NPUs.Plans for joint marketing under a single 'Everyone's AI' brand among the three consortia are also under discussion. Kim noted, "We have shared opinions on joint branding and marketing with the three consortia, but currently, we are emphasizing the unique characteristics of each platform," and stated that further consultations with the operators will lead to more concrete plans in the future.* This article has been translated by AI. 2026-09-04 14:40:00
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Samsung, SK hynix hold nearly half of global NAND market SEOUL, September 4 (AJP) - South Korea's two major chipmakers Samsung Electronics and SK hynix retained the top two spots in the global NAND flash market in the second quarter, together accounting for nearly half of global sales, according to a report by market researcher Counterpoint Research released on Friday. Samsung led the market with 28 percent, down slightly from 29 percent in the previous quarter, while SK hynix ranked second with 19 percent, giving the two South Korean chipmakers a combined 47 percent of global NAND revenue. Their solid market standing came as NAND flash prices jumped 55 percent from the previous quarter, driven by stronger demand for artificial intelligence (AI)-related infrastructure and storage facilities, pushing global NAND market revenue up 70 percent over the same period. The market already saw a sharp recovery in the first quarter, when revenue increased 90 percent from the previous quarter, marking two consecutive quarters of growth. NAND has historically faced greater oversupply than DRAM, putting pressure on prices and profitability. But things changed as rising investment in AI data centers drives demand for high-capacity storage products, particularly enterprise solid-state drives (eSSDs). The recovery is expected to benefit Samsung and SK hynix, given their large market shares, since price changes directly affect their revenue and profitability. Both companies are also focusing more on higher-value eSSDs to meet growing demand from data centers handling increasingly heavy AI workloads. This could further boost their revenue as AI infrastructure requires massive amounts of data to be stored and processed. But market competition is intensifying, with Micron Technology increasing its market share to 15 percent from 13 percent in the first quarter, while China's Yangtze Memory Technologies Co. (YMTC) quickly gained ground, raising its share to 14 percent, just behind Micron. AJP Takeaways - Samsung Electronics and SK hynix retained the top two positions in the global NAND flash market in the second quarter, with market shares of 28 percent and 19 percent, respectively, giving the two South Korean chipmakers a combined 47 percent of global NAND revenue, according to Counterpoint Research. - AI infrastructure demand is driving a strong recovery in the NAND market. NAND flash prices rose 55 percent quarter-on-quarter, while global NAND market revenue increased 70 percent in the second quarter, following a 90 percent revenue increase in the first quarter. - Samsung Electronics and SK hynix are positioned to benefit from rising demand for enterprise SSDs (eSSDs), but competition is intensifying. Micron Technology increased its market share to 15 percent, while China's Yangtze Memory Technologies Co. (YMTC) reached 14 percent, narrowing the gap with the leading South Korean chipmakers. 2026-09-04 14:39:17 -
Financial Union Launches First Major Strike Amid Government Relocation Plans The National Financial Industry Labor Union has initiated its first major strike, demanding a halt to the relocation of financial institutions, the introduction of a 4.5-day workweek, and an increase in real wages. This strike comes as the government has officially begun its second phase of relocating public institutions from the capital region, revealing the complex political dynamics surrounding the issue.On the morning of September 4, the financial union held a strike rally at Sejong-daero in Gwanghwamun, Seoul. Participants included members from various banks and financial public institutions under the union, with organizers estimating around 30,000 attendees.This strike follows the government's announcement the previous day that it would pursue a policy of minimizing the presence of public institutions in the capital. While the financial union acknowledges the need for regional balanced development, it opposes the blanket relocation of financial institutions.The union stated, "Relocating the addresses of financial institutions is not the same as revitalizing the local economy," arguing that what is needed is not merely a change of signage but genuine economic revitalization in the regions.Yoon Suk-gu, chairman of the financial union, emphasized, "There are policy reasons for financial institutions like the Industrial Bank, the Export-Import Bank, and the Korea Development Bank to remain in Seoul. Our presence in Seoul is not due to politics or a desire to avoid separation from family, but for economic reasons."Among the attendees were lawmakers Lee Hak-young and Lee Yong-woo from the Democratic Party and Kim Hyung-dong from the People Power Party. Their presence at the rally highlights the political tensions as the government and ruling party push for the relocation of public institutions as a key national agenda.However, the focus of their remarks varied. Lawmaker Kim Hyung-dong stated, "The relocation of financial public enterprises and institutions must go through the National Assembly's consent," vowing to prevent unilateral relocation by the government. Lawmaker Lee Yong-woo supported the union's demand for a 4.5-day workweek, noting that the government's national agenda includes reducing working hours.The financial union is also demanding a 6% wage increase alongside the 4.5-day workweek. The management has proposed a 2.5% increase, which the union argues is insufficient compared to the government's announced public sector wage increase of 3.9% for the next year.A third-year employee, referred to as A, expressed, "I am glad to raise our voices together with colleagues on demands we can feel in the workplace. I hope this rally serves as an opportunity for management and labor to communicate and help create a more reasonable working environment."Since April, the financial union has engaged in negotiations with management over 31 times but has yet to reach an agreement. In a strike vote held on August 12, 96.05% of members voted in favor of the strike.* This article has been translated by AI. 2026-09-04 14:32:10
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Toss Files Trademark Application for 'Toss Cloud' Amid IT Infrastructure Enhancements Toss's parent company, Viva Republica, has confirmed that it filed a new trademark application for 'Toss Cloud' last month. This move is seen as an effort to strengthen its IT infrastructure management system amid recent incidents of system failures and data security issues in the financial sector. According to the financial sector and the patent information search service KIPRIS, Viva Republica submitted the Toss Cloud trademark application on August 27. The designated products include cloud and network servers, as well as software related to security, database management, and IT system operations. Toss and its major affiliates operate a hybrid cloud system that combines their private cloud with Amazon Web Services (AWS). A private cloud refers to a dedicated cloud environment built by a company or organization. Industry analysts suggest that Toss's trademark application is part of a strategy to enhance its IT infrastructure management in light of recent technical failures and data security concerns in the financial sector. In June, Toss experienced an error where approximately 21,000 automatic transfers were duplicated, resulting in about 1.4 billion won being withdrawn from around 15,000 accounts. That same month, the payment system 'Toss POS' faced transaction issues at some merchants due to server overload. However, Toss has stated that there are currently no specific plans for commercializing external cloud services related to this trademark application. A Toss representative said, "The trademark application is part of routine business activities aimed at protecting the company's intellectual property rights. There are no confirmed details regarding the specific content or launch timing of any services at this point." * This article has been translated by AI. 2026-09-04 14:32:10