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  • Demand for Dollar Stablecoins May Weaken Local Currencies, Experts Warn
    Demand for Dollar Stablecoins May Weaken Local Currencies, Experts Warn Analysts suggest that the connection between the dollar stablecoin market and traditional foreign exchange markets could be strengthened through global exchanges. They warn that if direct trading between certain fiat currencies and dollar stablecoins becomes possible on these platforms, shocks in stablecoin demand could impact the value of those currencies.On September 3, the Bank of Korea's International Finance Research Team released a report titled 'BOK Issue Note: The Link Between Dollar Stablecoins and the Foreign Exchange Market, Focusing on the Role of Global Exchanges.' The report analyzed data from 2019 to 2025 for 12 currencies, including the euro, Turkish lira, and South African rand.According to the report, if trading between specific fiat currencies and the dollar stablecoin (USDT) becomes available on the global exchange Binance, liquidity providers, market makers, and hedge funds could adjust their fiat currency positions in the foreign exchange market based on developments in the stablecoin market, thereby linking the two markets.Since Binance began supporting trading, the integration between the price of dollar stablecoins and spot exchange rates has increased. The premium on dollar stablecoins has significantly decreased by about 0.33 to 0.38 percentage points.Jo Sang-heum, head of the Bank of Korea's International Finance Research Team, stated, "The reduction in premium does not necessarily indicate stability in the foreign exchange market. It is more accurate to interpret it as a low degree of shock transmission from the cryptocurrency market to the foreign exchange market."Notably, the extent to which shocks from the stablecoin market are transmitted to the foreign exchange market has increased since trading support began. A rise in demand for dollar stablecoins, leading to an increase in premiums, has resulted in a depreciation of the local currency and a rise in the dollar exchange rate.This suggests that increased demand for stablecoins could lead to local currency sell-offs and dollar purchases in the foreign exchange market, potentially weakening the local currency.Conversely, if trading for a particular currency is not supported on Binance, it only raises the stablecoin premium while limiting its impact on exchange rates. The Bank of Korea views the availability of trading on global exchanges as a key pathway linking the stablecoin market and the foreign exchange market.The Bank of Korea anticipates that as domestic cryptocurrency exchanges expand participation from corporations and foreign entities, the linkage between the stablecoin market and the foreign exchange market may strengthen.However, they believe that the internationalization of the won and improvements in the foreign exchange market structure could serve as buffers against such shocks. An expanded base of market participants and increased liquidity in the foreign exchange market could mitigate the impact of shocks originating from the stablecoin market.The Bank of Korea recommends that future reforms in digital asset regulations, the internationalization of the won, and improvements in the foreign exchange market structure be approached as interconnected tasks. Kwon Yong-o, head of the International Finance Research Team, noted, "While the current premium may act as a buffer to prevent significant fluctuations in exchange rates during major shocks in the cryptocurrency market, the emergence of pathways linking to the foreign exchange market could increase the likelihood of shocks affecting exchange rates. Therefore, institutional improvements to enhance the scale and depth of the foreign exchange market should be pursued concurrently."* This article has been translated by AI. 2026-09-03 12:04:20
  • Tax Agency Investigates Forestry Firms for Alleged Fraud in Wildfire Recovery Contracts
    Tax Agency Investigates Forestry Firms for Alleged Fraud in Wildfire Recovery Contracts The National Tax Service (NTS) has launched a tax investigation into forestry companies accused of using ghost firms to secure contracts for wildfire recovery work while underreporting income. The contracts awarded to these companies amount to approximately 23 billion won, with the total amount of tax evasion suspected to reach around 70 billion won.On September 3, the NTS announced it would investigate ten forestry companies identified for engaging in fraudulent activities, including false tax invoice transactions and inflated costs. These companies utilized 41 ghost firms.The investigation follows a directive from President Lee Jae-myung in May, who highlighted the issue of ghost firms in wildfire recovery projects and called for measures to address structural corruption. The NTS began its verification process immediately after the directive, analyzing procurement data from the past six years to identify 5,331 companies, ultimately selecting 138 firms with contract amounts exceeding 1 billion won for further scrutiny.During the investigation period, the targeted companies participated in over 6,500 bids for wildfire recovery projects using ghost firms, winning contracts worth approximately 23 billion won in about 260 instances.Additionally, the investigation revealed a practice known as 'grasshopper bidding,' where companies frequently relocated to evade local bidding restrictions designed to protect small businesses. One company reportedly changed its business location 16 times over five years.Key methods of tax evasion included inflating performance records through fictitious transactions between ghost firms and distributing income. Companies exchanged tax invoices without actual transactions to meet bidding performance criteria or issued false invoices by misrepresenting the service providers involved.There are also allegations that some companies did not hire qualified technicians for forestry work but instead borrowed their certifications, treating rental fees as salaries. Instances of falsely categorizing non-existent expenses as 'miscellaneous' or 'other costs' and fabricating income reports were also included in the investigation.One organization, based in North Gyeongsang Province and operating in South Chungcheong, North Chungcheong, and North Jeolla provinces, mobilized six companies to participate in about 300 bids for recovery work, winning contracts around 20 times. The NTS is investigating claims that this organization funneled approximately 1 billion won in corporate funds to a nominal representative who was not actively employed.This organization allegedly paid millions of won in salary to forestry technicians for certification rentals and inflated costs by duplicating records of temporary workers' employment locations and durations, resulting in about 1 billion won in fabricated costs.Another organization, based in Gangwon Province, is under scrutiny for exchanging around 2 billion won in false tax invoices to meet bidding requirements and inflating costs by about 3 billion won.The owner of this organization has been found to have misused corporate funds for personal purchases, including luxury watches, and his spouse acquired real estate worth approximately 2 billion won without any apparent income, prompting the NTS to investigate the source of these funds.The NTS plans to examine transaction records and the flow of corporate funds through account inquiries, as well as investigate the financial sources of owners' families suspected of forming assets through illicit gains. If the transactions involving false tax invoices meet the criteria for punishment under tax evasion laws, the NTS will take appropriate action. 2026-09-03 12:04:10
  • Discounted Charging Rates for Electric Vehicles to Launch Next Year
    Discounted Charging Rates for Electric Vehicles to Launch Next Year The government aims to implement a seasonal and time-based charging rate system for electric vehicles (EVs) in the first half of next year. In preparation, it plans to discount public EV charging fees by up to 32% this autumn to assess how price changes affect charging demand.The Ministry of Climate, Energy and Environment announced on September 3 that it will offer discounts on EV charging fees during weekends and holidays from September 5 to October 31, specifically from 11 a.m. to 2 p.m. on a total of 21 days.This discount is intended to shift EV charging demand to daytime hours when renewable energy sources, such as solar power, provide a more stable electricity supply.Korea Electric Power Corporation (KEPCO) will offer a 50% discount on electricity rates for home and business charging during this time, with savings ranging from 40.1 to 48.6 won per kilowatt-hour.Discounts will also apply to over 14,000 public fast chargers and approximately 3,400 slow chargers operated by KEPCO. Notably, the 9,600 public fast chargers managed by the ministry will combine the 50% discount on KEPCO's electricity rates with additional discounts, resulting in a total reduction of 22% to 32% for consumers, equating to savings of 85.4 to 97.2 won per kilowatt-hour.Discount rates at KEPCO and Seoul's charging stations will be around 11% to 17%. Nineteen private charging operators will also participate in the discount program through various methods, such as fee reductions or point rewards, with specific discount rates and methods varying by operator.The government has differentiated discount rates by charging station to analyze how price changes influence EV users' charging behavior. This data will be crucial for designing the upcoming seasonal and time-based charging rate system, as it will help determine the necessary price reductions to effectively shift charging demand to times of ample electricity supply.Jung Sun-hwa, the director of green transition policy at the ministry, stated in a briefing, "Understanding how charging demand changes with price fluctuations is essential for accurately designing the seasonal rates. The pricing patterns have been intentionally structured to create a temporary differential at public charging stations this autumn."Previously, the government implemented its first EV charging fee discount from April 18 to May 31 during weekend and holiday daytime hours, reducing electricity rates by 50% and resulting in a maximum 15% discount for consumers.As a result, the average daily usage of charging stations increased by approximately 9.2% compared to before the discount was implemented. The government analyzed that about 20% of charging demand shifted to holidays like Sundays following the spring discount.However, there are limitations in interpreting the effects of the spring discount. The 9.2% increase is based on a comparison of usage just before and after the discount, rather than year-over-year data. The ministry noted that significant differences in the number of EVs and charging infrastructure between last year and this year make it difficult to draw meaningful comparisons based on 2025 data.It remains unclear how much the discounts contributed to stabilizing the power grid. During the spring discount period, charging volume averaged about 0.1 GWh per day, totaling around 17 GWh. The ministry has not yet analyzed the impact on the power grid, as the charging volume is still relatively small.The government plans to use the results from this autumn's discounts to inform the introduction of the seasonal charging rate system next year. A ministry official stated, "We are working to implement it as soon as possible, aiming for the first half of next year."However, as charging rates will continue to vary by time, there are still challenges to address, including reviewing the billing systems of charging operators. The government plans to assess related systems during the spring and autumn discount processes.In the long term, the government is also considering a dynamic pricing system that reflects weather and real-time electricity supply conditions, as well as the potential for vehicle-to-grid (V2G) technology, which allows EV batteries to return power to the grid.Jung emphasized, "Electric vehicles are an excellent means to efficiently utilize surplus electricity. We plan to analyze these results closely to design the seasonal charging rate system in a way that benefits users while contributing to grid stability."* This article has been translated by AI. 2026-09-03 12:04:10
  • Government Accepts Applications for 12,357 Foreign Workers Starting September 14
    Government Accepts Applications for 12,357 Foreign Workers Starting September 14 The government will accept new employment permit applications for 12,357 foreign workers (E-9) needed in manufacturing and agriculture sectors.The Ministry of Employment and Labor announced that it will receive applications for the fourth round of foreign worker (E-9) employment permits from September 14 to 29 through local employment and labor offices nationwide.The total number of permits available is 12,357, with the largest share going to the manufacturing sector at 9,020, followed by agriculture and livestock at 1,906, fisheries at 897, construction at 394, and services at 140.If the number of applicants exceeds the allocated quota for specific sectors, the government plans to actively utilize a flexible allocation of an additional 10,000 permits.Employers wishing to hire foreign workers must first make efforts to recruit local workers for seven days before visiting their local employment and labor office or applying through Employment 24 for the employment permit.Results of the applications will be announced on October 16. The issuance of employment permits will take place from October 19 to 23 for manufacturing and mining, and from October 26 to 30 for agriculture, fisheries, forestry, construction, and services.* This article has been translated by AI. 2026-09-03 12:04:10
  • Investment Product Enrollment Time Reduced to 30-40 Minutes, Signatures Cut by 82%
    Investment Product Enrollment Time Reduced to 30-40 Minutes, Signatures Cut by 82% The financial authorities plan to reduce the time required to enroll in investment products, such as funds and trusts, from about one hour to 30-40 minutes at bank and securities company branches. This will be achieved by streamlining enrollment documents and signatures, as well as simplifying the investor information verification process.On September 3, the Financial Supervisory Service announced a plan for the 'rationalization and simplification of investment product enrollment procedures' in collaboration with the Korea Financial Investment Association and the Korea Banks Association.First, the number of documents required for investment product enrollment will be reduced from approximately 17 to around 10. The basic documents will include the account opening application, investor information verification form, contract, enrollment application, and a confirmation of key details, with similar-purpose documents consolidated.The number of required signatures will also be reduced from about 17 to between 3 and 6. A single signature on the basic documents will suffice for previously verified supplementary documents, and the process of signing the same document multiple times will be minimized.The 'write-in' text that consumers must fill out will be reduced from an average of about 163 characters to around 51 characters. This will focus on key information such as the possibility of principal loss and investment risks, while recommending the elimination of unnecessary documents that are not directly related to contract signing or legal obligations.Investors will be able to verify their information through non-face-to-face channels, such as mobile apps, before visiting the branch. If multiple investment products are enrolled at the same time with similar investment purposes and durations, related information can be submitted only once.The product descriptions will be revised to focus on key factors that influence investment decisions, such as the possibility of principal loss. When enrolling in multiple products simultaneously, repetitive explanations of common aspects will also be omitted.The Financial Supervisory Service aims to reduce the time for enrolling in new investment products from the current one hour to 30-40 minutes, potentially cutting enrollment documents by 41%, signatures by up to 82%, and write-in text by 69%. The improvements are expected to be implemented by financial companies starting in 2027 after necessary system development and internal regulation adjustments.* This article has been translated by AI. 2026-09-03 12:04:00
  • Mandatory Monitoring for Renewable Energy Expanded to Facilities Over 20 kW
    Mandatory Monitoring for Renewable Energy Expanded to Facilities Over 20 kW 정부가 전력망 안정성을 높이기 위해 재생에너지 발전설비의 실시간 모니터링·제어 장비 구축 의무 대상을 현행 90kW 이상에서 20kW 이상으로 확대한다. 기후에너지환경부는 4일 '송·배전용 전기설비 이용규정'을 개정해 내년 1월 1일부터 사업용 및 전력 거래를 위한 20kW 이상 규모의 태양광·풍력·연료전지 설비에 모니터링·제어 장비 구축 의무를 적용한다고 3일 밝혔다. 모니터링·제어 장비는 재생에너지 발전기의 발전량과 운전 상태를 실시간으로 확인하고 필요한 경우 발전량을 원격으로 조정할 수 있는 설비다. 전압 상승이나 계통 고장 등 이상 상황이 발생했을 때 발전설비를 관리·제어해 전력 계통의 안정성을 높이는 역할을 한다. 이번 조치는 2030년까지 재생에너지 설비를 100GW로 확대한다는 정부 계획에 맞춰 안정적인 지능형 전력망 운영체계를 구축하기 위해 마련됐다. 정부는 2020년 10월 제주 지역의 100kW 이상 신규 태양광·풍력·연료전지 설비를 시작으로 모니터링·제어 장비 구축 의무 대상을 단계적으로 확대해왔다. 이번 개정으로 내년부터 적용 기준이 20kW 이상으로 낮아지면서 의무 구축 대상이 한층 확대된다. 정부는 의무 대상 확대에 따른 발전사업자의 비용 부담을 줄이는 방안도 함께 추진한다. 현재 재생에너지 발전기 모니터링·제어 시스템 구축 비용은 발전사업자가 부담한다. 산악·외곽지역 등에 유선 케이블을 설치해야 할 경우 비용이 늘어나는 데다 한국전력공사가 소유한 자가 무선망(e-WSN)을 개통하는 데 평균 3개월이 걸리는 불편이 있었다. 앞으로는 한전의 자가망 대신 일반 이동통신사의 4세대 이동통신(LTE) 상용망을 활용할 수 있도록 한다. 기존 단말 장치보다 구축 비용이 저렴하고 개통 기간도 짧은 LTE 상용망 기반 단말 장치도 도입한다. 이에 따라 설비 구축 비용은 약 460만원에서 200만원으로 57% 줄어들 전망이다. 구축 기간도 약 84일에서 10일로 88% 단축돼 발전사업자의 신속한 상업 운전이 가능해질 것으로 정부는 기대하고 있다. 이재식 기후부 전력망정책관은 "이번 규정 개정을 통해 미래 재생에너지 확대를 위한 전력 계통 안정성 확보 기반이 마련됐다"며 "앞으로도 2030년 재생에너지 100GW 달성을 위한 전력망 안정성 확보를 지속적으로 추진해 나가겠다"고 밝혔다.* This article has been translated by AI. 2026-09-03 12:04:00
  • Humanoid robots trade the racetrack for the packing line
    Humanoid robots trade the racetrack for the packing line SEOUL, September 03 (AJP) - Humanoid robots have spent the year setting speed records and drawing crowds. On Thursday, two of them started stuffing padding into boxes at a warehouse south of Seoul. CJ Logistics said it has put the dual-arm machines to work at an Olive Young fulfillment center in Yangji, Yongin, becoming the first company in South Korea's logistics industry to move humanoids from demonstration into a live operation. The step follows a partnership CJ Logistics sealed last year with domestic robot maker Robotis to develop physical AI, the branch of artificial intelligence that lets machines perceive and act in the physical world rather than only in software. Logistics has long been flagged as one of the earliest proving grounds for humanoids, because carrying and placing objects demands far less precision than assembly work on a factory line. Unlike manufacturing, where standardized goods move through fixed steps, warehouses handle countless items of different shapes, sizes and materials, with conditions shifting by order. "It is meaningful that humanoids have entered a stage where they play a role in actual logistics operations," said Kim Jung-hee, head of CJ Logistics' TES logistics technology research institute. "We will advance them on the basis of the vast operational data accumulated on-site." The deployment lands as Korean firms race to keep pace in a field where China dominates the hardware and the United States supplies much of the AI. LG Group signed a humanoid agreement with Nvidia last month, while Hyundai Motor Group is preparing Boston Dynamics' Atlas robots for its U.S. plants, and the government plans to buy 1,080 domestically made humanoids by 2030. CJ Logistics, which also takes part in the industry ministry's K-Humanoid Alliance, said it will widen the range of tasks the robots handle in phases. AJP Takeaways • CJ Logistics on Sept. 3 became the first South Korean logistics firm to deploy humanoid robots in a live operation, placing two dual-arm machines on a packaging line at an Olive Young center in Yongin. • The robots load cushioning into boxes under a physical-AI partnership with Robotis, part of a phased plan to expand humanoid use across the company's distribution network. • The move reflects logistics emerging as an early commercial frontier for humanoids, as South Korea races China's hardware lead and the U.S. edge in robotics AI ahead of a government plan to buy 1,080 domestic machines by 2030. 2026-09-03 11:59:27
  • Hanmu Convention Welcomes New CEO Kim Beom-jun, Aims to Strengthen Growth and Competitiveness
    Hanmu Convention Welcomes New CEO Kim Beom-jun, Aims to Strengthen Growth and Competitiveness Hanmu Convention, a specialized hotel management company, announced on September 3 that Kim Beom-jun officially began his duties as CEO following his inauguration ceremony on September 1.Kim, a management expert with over 30 years of experience, has held various roles including Chief Financial Officer (CFO) and Chief Executive Officer (CEO) across multiple industries. He studied economics at the University of California, San Diego, and began his career in corporate analysis at Dongseo Securities in 1992. He has also served as the head of investor relations at KTF and as a managing director at KT. His experience includes roles as KT's CFO and as CFO at Hanon Systems, as well as CEO of Yuyoung Industry and Vice President of Management Support at Seegene.Hanmu Convention has expanded its operational capabilities based on its hotel, leasing, and new business sectors. The company currently operates properties such as Oakwood Premier Coex Center, Oakwood Premier Incheon, and Mercure Seoul Magok.With Kim's appointment, Hanmu Convention plans to closely examine its business direction and targets, aiming to enhance operational efficiency and competitiveness across its properties. The company intends to leverage the strengths of each property to create synergies and establish a foundation for long-term growth.Kim emphasized the importance of communication within the organization, stating, "I will ensure that we clearly define the direction and goals for Hanmu Convention and create a foundation for each property to effectively showcase its competitiveness. I will work towards fostering an open culture of communication, where we seek answers together with our members, allowing employees to grow alongside the company and envision a new future together."* This article has been translated by AI. 2026-09-03 11:56:20
  • POSCO Partners with BHP to Accelerate Hydrogen Reduction Steelmaking
    POSCO Partners with BHP to Accelerate Hydrogen Reduction Steelmaking POSCO is strengthening its collaboration with global raw material suppliers to transition to a decarbonized production system.On September 3, POSCO signed a Hydrogen Reduction Steelmaking Collaboration Agreement (HyREX Collaboration Agreement) with Australian mining company BHP at its Cheongsong facility in Pohang. The two companies will work together to validate the commercial technology of POSCO's HyREX hydrogen reduction steelmaking process.BHP has been a supplier of iron ore, coking coal, and nickel to POSCO. Under this agreement, POSCO plans to utilize BHP's iron ore to verify the performance of the HyREX technology in various raw material environments, thereby strengthening the foundation for technology commercialization.HyREX is a technology that produces molten iron using hydrogen as a reducing agent instead of coal. POSCO will verify whether the HyREX technology operates stably under actual raw material conditions and will test the process performance changes based on the characteristics and quality of the iron ore to derive optimal raw material conditions.Through this collaboration, BHP will validate the usability of its iron ore in next-generation low-carbon steel processes. The two companies will share their expertise in hydrogen reduction steelmaking raw materials and explore possibilities for reducing Scope 3 carbon emissions during the raw material supply process.This agreement is a concrete outcome of a memorandum of understanding (MOU) signed last October, attended by Australian Prime Minister Anthony Albanese and POSCO Group Chairman Jeong In-hwa. It signifies an expansion of the partnership between the two countries beyond resource trade into the R&D sector.Um Kyung-geun, head of POSCO's Technology Research Institute, stated at the signing ceremony, "This partnership is significant as it prepares the future of low-carbon steelmaking together with global raw material suppliers. Starting with BHP, we will expand our collaboration with global raw material companies to accelerate the development of low-carbon steel technology."Ben Ellis, Vice President of BHP's Marketing and Sustainability division, remarked, "This project is a continuation of our long-standing innovative collaboration in steelmaking technology with POSCO. We believe BHP can play a crucial role in developing new technologies and pathways to support our customers' decarbonization efforts in steelmaking, contributing to the utilization of Australian iron ore in low-carbon steel technologies."Meanwhile, POSCO Group Chairman Jeong In-hwa is actively working to maintain cooperation with Australia, having attended the 47th Korea-Australia Economic Cooperation Committee annual joint meeting in Adelaide the previous day as the Korean co-chair. 2026-09-03 11:48:10
  • Guangju Biennales Taiwan Pavilion Controversy Leads to Cancellation of Guangzhou Delegation Visit
    Guangju Biennale's Taiwan Pavilion Controversy Leads to Cancellation of Guangzhou Delegation Visit The controversy surrounding the Taiwan Pavilion at the Gwangju Biennale is escalating.On September 3, the city of Gwangju announced that a delegation from the Guangzhou People's Congress in China has abruptly canceled its visit to Gwangju, scheduled for September 6-7.This cancellation appears to be a protest against the Taiwan Pavilion.The delegation, consisting of six members including Li Haizhou, the secretary of the Guangzhou People's Congress, was set to visit Gwangju.Guangzhou's People's Congress has maintained a friendly exchange agreement with the former Gwangju City Council since October 2012.Reports indicate that the cancellation is not merely a schedule change but a boycott in response to the Taiwan Pavilion issue.The delegation was originally scheduled to arrive at Incheon International Airport on September 6, travel to Muan, and attend a welcome dinner hosted by the Gwangju City Council chairman.On September 7, they were to meet with Mayor Min Hyoung-bae for a discussion, tour the Gwangju Global Motors (GGM) and the Gwangju Biennale exhibition hall, and conclude their visit with a farewell dinner hosted by the council chairman before heading to Busan.With the cancellation, all scheduled meetings with the mayor, council chairman, and two official dinners, as well as visits to industrial and cultural facilities, have been called off.As for the Gwangju Biennale, which opens on September 5, the city of Zhoushan in Zhejiang Province, China, had planned to operate a promotional booth but has expressed intentions not to participate, prompting the organizing committee to seek to persuade them otherwise.The controversy began with the exhibition name of the National Taiwan Museum of Fine Arts. Initially titled 'Taiwan Pavilion,' it was changed to 'NTMoFA Pavilion,' but after backlash from the Taiwanese side, it was reverted back to 'Taiwan Pavilion' on August 25.In response, Chinese Ambassador to South Korea, Wu Jianghao, expressed regret and concern to Mayor Min Hyoung-bae, and personnel for the Chinese exhibition halted their installation of artworks and withdrew.As the situation worsened, the city of Gwangju and the Biennale Foundation reaffirmed their respect for the 'One China' principle, apologized for procedural shortcomings, and promised to implement measures to prevent recurrence.Participation from the Chinese side in the Yeosu World Island Expo, set to open on September 5, has also become uncertain.* This article has been translated by AI. 2026-09-03 11:48:00