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  • Hanwha Engine Surges Over 10% Amid Market Activity
    Hanwha Engine Surges Over 10% Amid Market Activity Hanwha Engine has surged more than 10% in after-hours trading. In the KOSDAQ market, Bitsro Tech has hit its upper limit, while Naraspace Technology, Giosoft, and YJ Link have also seen significant gains.As of 5:46 PM, Hanwha Engine was trading at 53,200 won, up 5,150 won (10.72%) from the previous trading day, with a trading volume of 108.9 billion won and an intraday high of 54,200 won.The stock's rise is fueled by expectations for the expansion of its artificial intelligence data center (AIDC) power engine business. SK Securities anticipates that Hanwha Engine will successfully secure a licensing production contract for the 10-megawatt (MW) four-stroke medium-speed gas engine 'MAN 35/44G' from Everllence (formerly MAN Energy Solutions). It is expected to supply power engines to North American data centers managed by Hanwha Energy starting in 2028.During regular trading hours, the market reacted to the hawkish results of the September Federal Open Market Committee (FOMC), leading to limited index movements. As of 2:50 PM, the KOSPI was down 0.01% at 6,717.08, while the KOSDAQ rose 0.68% to 821.55.Lee Kyung-min, a researcher at Daishin Securities, noted, "The domestic stock market has largely priced in the possibility of interest rate hikes, resulting in limited market shock despite the hawkish September FOMC results." He added, "With limited fluctuations across sectors, some cyclical trading has emerged in certain order and export sectors."In the KOSDAQ market, Bitsro Tech recorded an upper limit increase of 2,640 won (30.00%) to 11,440 won. Naraspace Technology surged 29.92% to 13,850 won, while Giosoft rose 23.39% to 12,240 won.YJ Link increased by 22.33% to 3,780 won, and Mitwon rose 19.40% to 4,585 won. Kenkoa Aerospace (13.75%) and Next Chip (11.97%) also showed double-digit gains, along with strong performances from NokSibMS (7.34%), Daemo (5.92%), and H-City (5.12%).* This article has been translated by AI. 2026-09-17 17:52:00
  • South Korea is aging fast. The jobs cant keep up – or live up
    South Korea is aging fast. The jobs can't keep up – or live up SEOUL, September 17 (AJP) - South Korea is a super-aged society, with people 65 and older making up more than 22 percent of the population and the country aging among the fastest in the world. That may partly explain the surprise appeal of a movie about a man in his 70s landing an entry-level office job rather than the cleaning or security work more commonly available to Koreans his age. The Korean remake of the 2015 Hollywood movie of the same title opened Wednesday and immediately topped the box office, knocking Christopher Nolan's "The Odyssey" out of first place after a roughly six-week run. Real life for older Koreans is considerably harsher. South Korea's elderly poverty rate is close to 40 percent, the highest in the OECD and about 2.7 times the organization's average. The aT Center in Seocho-gu, southern Seoul, was packed with gray-haired job seekers Thursday as the Seoul Senior Job Fair 2026 opened its doors. The city had brought together 81 employers offering positions in caregiving, logistics, education, services, transportation and office administration, among other fields. Organizers expected about 3,500 people at the fair, which was open to job seekers age 60 and older. But for many people in their 70s wandering the exhibition hall, the choices were hardly abundant or varied. Security guard. Cleaner. Then another security guard. Yu Joo-chan, 79, had traveled from Guro-gu on the other side of Seoul with only a few possibilities on his checklist. "What kind of work did you do before?" an employment counselor asked him. "What certificates do you have?" "Can you drive?" Then came the polite letdown. "Because of your age, it could take a very long time," she told him. Yu had worked for telecommunications companies when he was younger. Two of them went bankrupt. "Since then, nothing has really gone the way I wanted it to," he said. He later found work managing apartment buildings. The company that employed him recently went bankrupt, too. These days, Yu survives partly through what he calls "security-guard part-time work." "I'm barely getting by," he said. He had hoped to find another building-management job, but came to the fair with a sober understanding that few employers would hire him. Even apartment security, long one of the most visible sources of work for elderly Korean men, is becoming more competitive, he said. "There are a lot of 'young' security guards in their 50s and 60s now," Yu said. "I have to compete with them. Who is going to hire someone who is almost 80?" Koreans live a long time and work to unusually advanced ages. Yet many reach those years with too little income and find that the jobs available to them bear little resemblance to the careers they spent decades building. By August, 11.28 million of South Korea's 51.08 million registered residents were 65 or older, or about 22.1 percent of the population, according to Interior Ministry data. The country crossed the 20 percent threshold associated with a "super-aged" society in 2025. They are also likely to live for years after conventional retirement. South Korea's life expectancy reached 83.7 years in 2024. A Korean who reaches 65 could expect, based on 2023 data, to live another 21.5 years on average. Financing those decades is a different matter. South Korea has the highest old-age relative poverty rate in the OECD. About 40 percent of Koreans over 65 live on incomes below half the national median, compared with an OECD average of about 15 percent, according to the OECD's latest pension comparison. Among Koreans over 75, the rate rises to 54 percent. Older Koreans' disposable income averages just 68 percent of that of the overall population, compared with 87 percent across the OECD. Korea's old-age safety-net benefits were equivalent to only about 7 percent of average earnings in 2024, versus an OECD average of 21 percent. The result is that retirement often doesn't mean retirement. In 2024, 57 percent of Koreans ages 65 to 69 were employed, more than double the OECD average of 26 percent and, alongside Japan, the highest rate in the organization. Post-retirement work has become more necessity than choice. Statistics Korea found that 57.6 percent of people ages 65 to 79 wanted to continue working in 2025. More than half, 51.3 percent, said they needed the money for living expenses. Yu Byung-sun, 69, who spent 24 years running a raw-fish restaurant, was looking for custodial or cleaning work so he could have some extra money to give his grandchildren. "What I felt after coming here and getting counseling today is that finding a job when you're old is difficult," he said. His wish was simple. "If I can get a job, I want to save the money and give some spending money to my grandchildren," Yu said. The fair itself offered a broader spectrum of work. Seoul officials highlighted positions in caregiving, transportation, logistics, education, services and administration, and provided résumé clinics, one-on-one consultations and artificial-intelligence demonstrations. "Digital helpers" were stationed around the venue to assist older visitors with registration, kiosks, smartphones and interview reservations. At a booth operated by Cleaning Lab, a company that dispatches workers to clean homes and offices, an employee said many older visitors liked the idea of cleaning work — until they heard that getting assignments required using a smartphone. The company operates somewhat like Uber, the employee said: Customers who need cleaning are connected through a digital platform with people willing to do the work. The average hourly wage is about 13,500 won ($9.77). "Many elderly people tell us that the jobs available to them are limited to things like cleaning and janitorial work," the employee said. But when staff explained that the work required using a smartphone, another reaction often followed. "A lot of them say, 'I don't think I can do this job.'" Technology is spreading through precisely the kinds of flexible jobs that could otherwise accommodate an aging workforce. Internet use among South Koreans 65 and older reached 76.9 percent in 2024, but comfort with digital tools varies widely, particularly among people well into their 70s and 80s. Not everyone left discouraged. Jeon Sun-ok, 74, had spent much of her working life running a small business and had been out of work for a little over a year. She said the fair had shown her possibilities she had not considered. "This is such a good system," she said. "You can look for jobs at so many booths, and you learn about work you hadn't thought of before." She had trained as a caregiver but had not fully understood how she might turn that qualification into employment. "I learned more concretely today that I could work as a caregiver and help other people," Jeon said. Her experience was the optimistic case Seoul officials hoped to replicate: matching accumulated experience and overlooked skills with a labor market increasingly short of younger workers. For others, the arithmetic of age remained harder to overcome. Outside the aT Center, Kim, a 75-year-old man who asked to be identified only by his surname, smoked one cigarette after another. Until recently, he operated a screen-golf business near COEX, the sprawling convention center in southern Seoul. Business weakened as fewer people came to play, he said, and he eventually handed the operation over to someone else. He came to the fair hoping to find something he could still do responsibly for eight hours a day. No luck. "Jobs for elderly people are all either security or cleaning," Kim said. "I'm not saying I can do extremely hard physical work. But I would like a job where I can work eight hours a day and take responsibility for what I do. I came here and found there really isn't much like that." Security work brought its own problem. Apartment guards often work rotating shifts. Under a two-shift system, Kim said, that can mean 12-hour stretches and regular overnight work. "How are old people physically supposed to do that?" he said. "There should at least be three shifts." Then there is the technology gap. "What do old people know how to do on computers?" he said. "You have to take their physical strength and health into consideration." Policy discussions often bundle everyone above 60 into a single category. Kim said that made little sense from where he stood. "Sixty and 70 are completely different," he said. He had just spoken with another man looking for work at the fair. "He told me he was 64," Kim said. "I thought, 64? At my age, that sounds practically young." Kim gave a short laugh. Then he remembered what the younger man had told him. "He said he couldn't find anywhere to work either." Outside the building where thousands of older Koreans had come looking for their next job, Kim took a long drag from his cigarette. 2026-09-17 17:48:34
  • Samsung and LG Expand Heat Pump Initiatives in Jeju to Develop Korean Model
    Samsung and LG Expand Heat Pump Initiatives in Jeju to Develop Korean Model Samsung Electronics and LG Electronics are expanding their heat pump initiatives in Jeju. The region's relatively stable winter temperatures reduce initial testing burdens, while government support is rapidly increasing demand. Both companies aim to develop heat pump models suited to the domestic housing environment based on data collected in Jeju, preparing for future nationwide market expansion.According to industry sources, Samsung and LG have officially launched their residential heat pump projects in Jeju this year. In June, Samsung installed its 'EHS heat pump boiler' in a single-family home in Aewol-eup, Jeju City. LG has also participated in the 'Heat Pump Supply Project in Daily Life' in Jeju and has recently expanded its testing to include multi-family housing.Jeju's climate conditions have made it the first testing ground for domestic heat pumps. Air-source heat pumps absorb heat from the outside air for heating and hot water. While they can produce significant thermal energy with minimal electricity, maintaining heating performance and efficiency becomes challenging as external temperatures drop.The government selected Jeju as the primary testing area for this year's heat pump supply project. This decision was made to confirm performance and efficiency in a region with relatively stable winter temperatures, thereby reducing testing risks. The southern regions, including Gyeongnam and Jeonnam, which also have milder climates, are included in the initial support targets.There has been substantial actual demand in Jeju. The heat pump supply project requires participation from local governments, as it is funded by both national and local budgets. With high housing demand and active participation from local authorities, the allocation for this year has significantly increased.Industry reports indicate that the initial allocation for the 'Heat Pump Supply Project in Daily Life' in Jeju for this year is a total of 2,460 units. In the first half of the year, LG received 428 out of 1,042 units allocated, accounting for 41.1%. In the second half, LG secured 427 out of 1,418 units. Combined, LG's total allocation for both halves is 855 units, representing 34.8% of the total.In the second half, Samsung secured the largest allocation, with 501 units, followed by LG with 427 units, Daesung Heat Energy with 323 units, and Otek Carrier with 167 units. With nearly 1,300 units secured in Jeju alone, competition between Samsung and LG in the domestic residential heat pump market is intensifying.Another goal of the Jeju testing is to gather data suitable for the domestic housing environment. While heat pumps have become a primary heating method in Europe, South Korea prefers underfloor heating and has a high proportion of multi-family housing. There is a need to establish systems that accommodate heating and hot water performance, as well as limited installation space and centralized supply methods for domestic homes.On September 15, LG began a joint project with Jeju Province, Jeju Development Corporation, and the Korea Institute of Industrial Technology at the Shinhyo Apartment in Seogwipo City to test electrification for cooling, heating, and hot water in multi-family housing. This marks the first instance of applying heat pumps in a residential complex where actual residents live.Heat pumps will be installed in individual units to provide cooling and underfloor heating, while hot water will be supplied centrally through a large-capacity hot water tank and air-source heat pump installed in common areas. LG plans to establish a 'Korean Standard Model for Electrification of Multi-Family Housing' based on the data collected after the project is completed in December.Samsung is also preparing for multi-family housing applications. The company is conducting tests using a centralized supply method in a small multi-family housing unit with about 12 households in Gwangju. This approach aims to gather domestic application data by varying the regions and housing types, including single-family homes in Jeju.A domestic production base has also been established. Samsung has built a new production line for EHS heat pump boilers at its Gwangju facility, covering an area of 2,132 square meters, and has begun domestic production this month. The company is also expanding training for installation and service personnel in preparation for market expansion.Government support is expected to increase significantly starting next year. The government has allocated 85.9 billion won for the heat energy electrification project, which aims to convert fossil fuel heating to electric heating, in its budget for next year. This is approximately 5.5 times larger than this year's allocation of 15.7 billion won. The scope of the project will expand to include multi-family housing testing, in addition to heat pump supply.Next year's support will also be extended nationwide. The Ministry of Climate and Energy has focused on Jeju and southern regions this year but plans to provide support without regional restrictions starting next year. The goal for heat pump supply next year is to exceed 10,000 units.As a result, the importance of the data collected from this year's tests in Jeju is expected to grow. As the supply areas expand to the central inland regions, winter temperatures will drop, and installation conditions will vary based on housing types. Whether Samsung and LG can develop heat pump models suited to the domestic housing environment based on the performance and operational data gathered in Jeju will be crucial for their market expansion.* This article has been translated by AI. 2026-09-17 17:48:00
  • Takaichi Reshuffles Cabinet, Retains Key Economic and Security Officials
    Takaichi Reshuffles Cabinet, Retains Key Economic and Security Officials Japanese Prime Minister Sanae Takaichi conducted her first cabinet reshuffle on September 17, retaining key ministers responsible for economic and foreign security policies, including Finance Minister Satsuki Katayama, Minister of Growth Strategy Minoru Kiuchi, Foreign Minister Toshimitsu Motegi, and Defense Minister Shinjiro Koizumi. This decision reflects a preference for continuity in core policies over a major personnel overhaul, suggesting that Takaichi's administration will maintain its existing course of active fiscal policy and enhanced defense capabilities.According to the Nihon Keizai Shimbun (Nikkei), Chief Cabinet Secretary Minoru Kihara, Minister of Economy, Trade and Industry Ryosei Akazawa, and Minister of Economic Security Kim Onoda also retained their positions. Hiroshi Nakatsuka, former secretary-general of the Japan Innovation Party, was appointed as the Minister of Administrative Reform, marking the party's first cabinet entry since forming a coalition with the Liberal Democratic Party (LDP) last October.The retention of Katayama and Kiuchi is crucial for economic policy. Both have supported Takaichi's administration's commitment to 'responsible active fiscal policy' from their respective roles in finance and growth strategy. Nikkei reported that Kiuchi initially sought a different position but accepted Takaichi's request to stay, citing a lack of suitable alternatives. The decision to keep both ministers amid market concerns about active fiscal policy demonstrates Takaichi's strong commitment to this approach.The new cabinet's first challenge will be the reduction of the food consumption tax. The Japanese government plans to lower the food consumption tax rate from the current 8% to 1% for two years starting in April 2027. While this initiative requires an annual budget of 5 trillion yen, the means to secure this funding have not yet been outlined. Katayama, who will also oversee the related legislation, called it the 'cabinet's top priority,' but passing it in the extraordinary Diet session scheduled for early October remains uncertain. The ruling party lacks a majority in the House of Councillors, and Asahi Shimbun reports that gaining support from the opposition appears unlikely.Maintaining market confidence while continuing active fiscal policy is another challenge. Japan's long-term interest rates have risen to around 3% for the first time in nearly 30 years, and the budget requests for the 2027 fiscal year have ballooned to a total of 143 trillion yen. Kiuchi stated that this does not mean indiscriminate fiscal expansion and pledged to communicate with market participants to alleviate concerns. However, Asahi Shimbun noted that he has previously made comments that seemed to unsettle the bond market regarding the Bank of Japan's interest rate hikes. With further rate increases anticipated, managing the rising burden of government bond interest while securing growth investments remains a key task for him.In the foreign and trade sectors, existing leaders were also retained. Foreign Minister Motegi briefly engaged with the foreign ministers of China and Russia, whose relations with Japan have cooled, during the ASEAN-related foreign ministers' meeting in July. Asahi Shimbun characterized this as leveraging the connections he built during his previous tenure. Akazawa, the Minister of Economy, Trade and Industry, previously served as Japan's chief negotiator in U.S.-Japan tariff talks and led efforts to secure alternative oil and naphtha supplies during the Hormuz Strait crisis, earning praise for building a close relationship with the U.S. Secretary of Commerce.Koizumi continues to lead the revision of three key security documents, including the National Security Strategy, which form the foundation of Japan's foreign and security policy. He has been involved in amending the operational guidelines of Japan's arms export rules, allowing for the full export of lethal weapons. With Koizumi's retention, the trend toward strengthening defense capabilities and expanding arms exports is likely to continue.This cabinet reshuffle also appears to be strategically aimed at the upcoming LDP presidential election in the fall of 2027, which will effectively determine the next prime minister. Asahi Shimbun analyzed that Takaichi's decision to keep Motegi and Koizumi in key positions aims to prevent them from consolidating as a counterforce against her, following their competition in last year's presidential election.In contrast, Yoshimasa Hayashi, the former Minister of Internal Affairs, who received more votes than Takaichi in the first round of last year's LDP presidential election, was excluded from the cabinet. According to Asahi Shimbun, there have been concerns among Takaichi's inner circle that keeping him outside the cabinet could lead him to challenge her authority. Nikkei speculated that Hayashi, who has been cautious about the consumption tax cut and emphasizes dialogue with China, may pursue an independent path outside the cabinet as he prepares for the next presidential election.Meanwhile, there is controversy surrounding the appointments of Kazuo Yana and Yoshihiro Seki, both implicated in the LDP faction slush fund scandal that emerged in 2023. According to Yomiuri Shimbun, these are the first instances of lawmakers involved in the scandal being appointed to cabinet positions after the incident came to light. Opposition parties are expected to pursue this issue in the upcoming extraordinary Diet session in October.* This article has been translated by AI. 2026-09-17 17:44:10
  • Weather Forecast: Rain Expected in Jeju, Southern and Eastern Coasts with Highs of 30°C
    Weather Forecast: Rain Expected in Jeju, Southern and Eastern Coasts with Highs of 30°C On Friday, September 18, rain is forecasted for Jeju, as well as various areas along the southern and eastern coasts, with daytime temperatures reaching up to 30 degrees Celsius. According to the Korea Meteorological Administration on September 17, the rain that began in Jeju will expand to the southern coast of South Jeolla Province, the southern eastern coast of North Gyeongsang Province, and the coastal areas of South Gyeongsang Province. Rain is also expected in the eastern coastal areas of Gangwon Province and mountainous regions starting in the afternoon. Jeju is expected to receive 50 to 60mm of rain over two days, with some mountainous areas possibly seeing more than 80mm. The southern coast of Busan, Ulsan, and South Gyeongsang Province is forecasted to receive 5 to 10mm, while the southern eastern coast of North Gyeongsang Province may see around 5mm. In areas experiencing rain, visibility may be reduced and roads could become slippery, raising concerns for traffic safety. Strong winds, with gusts reaching around 55 km/h, may occur in some inland areas. The morning low temperatures are expected to range from 14 to 21 degrees Celsius, while daytime highs will be between 24 and 30 degrees. The temperature distribution is forecasted to be 19 to 28 degrees in Seoul, 19 to 28 degrees in Incheon, 18 to 27 degrees in Daejeon, 19 to 28 degrees in Gwangju, 20 to 26 degrees in Daegu, 21 to 25 degrees in Busan, and 22 to 26 degrees in Jeju. Seoul and Incheon are expected to be mostly clear, but there is an 80% chance of rain in Gangneung in the afternoon. Both Busan and Ulsan have a 70% chance of rain throughout the day, and Jeju is also expected to see rain all day. Waves in the East and South Seas could reach heights of up to 3.5 meters. In the open sea, wave heights in the East, West, and South Seas are also expected to reach a maximum of 3.5 meters, necessitating caution against maritime safety incidents.* This article has been translated by AI. 2026-09-17 17:44:00
  • KG Mobility Platform Executives Purchase $300,000 in Company Shares
    KG Mobility Platform Executives Purchase $300,000 in Company Shares KG Mobility Platform, which operates South Korea's largest direct-used car platform K Car, has executed a stock buyback worth approximately 4 billion won (about $300,000).The company announced on September 17 that four key executives, including CEO Jeong In-guk, purchased a total of 63,000 shares on the open market.In this stock purchase, CEO Jeong acquired 40,000 shares, while Park Ji-won, head of the rental car division, and Jeon Ho-il, head of marketing, each bought 10,000 shares. Hwang Jae-hyuk, head of the auction division, purchased 3,000 shares. The total investment amounts to about 4 billion won. Previously, CEO Jeong bought 10,000 shares for around 2.5 billion won in 2022.The company stated, "This purchase is intended to strengthen the executives' commitment to responsible management based on their confidence in the company's long-term growth potential and corporate value."KG Mobility Platform was established on August 31 as a family company of KG Group. It plans to enhance synergies with KG Group in key businesses, including used car buying and selling, rental cars, and auctions.CEO Jeong In-guk remarked, "This stock purchase demonstrates the executives' confidence in the company's growth potential and corporate value through action."* This article has been translated by AI. 2026-09-17 17:44:00
  • KOSPI Closes Slightly Lower Despite Hawkish Fed Signals and Foreign Selling
    KOSPI Closes Slightly Lower Despite Hawkish Fed Signals and Foreign Selling Despite the U.S. Federal Reserve raising interest rates for the first time in over three years and hinting at further increases this year, the KOSPI index closed slightly lower. Foreign investors sold off more than 2 trillion won, yet the KOSPI managed to maintain its position above 6,700, showing resilience against the hawkish monetary policy.On September 17, the Korea Exchange reported that the KOSPI fell by 2.56 points (0.04%) to close at 6,715.41. The index opened at 6,779.02, up 61.05 points (0.91%) from the previous session, fluctuating around the 6,770 mark before reversing gains as the trading day ended.In the securities market, individual and institutional investors bought a net 483.3 billion won and 227.2 billion won, respectively. In contrast, foreign investors sold off 2.4153 trillion won.Among the top market capitalization stocks, performances were mixed. Samsung Electronics (-0.39%), SK Hynix (-0.80%), SK Square (-1.18%), Samsung Electro-Mechanics (-3.69%), LG Energy Solution (-0.54%), and Samsung Biologics (-0.92%) all saw declines. Conversely, Hyundai Motor (0.28%), KB Financial (1.41%), and Samsung C&T (0.57%) ended the day in positive territory.Lee Kyung-min, a researcher at Daishin Securities, noted, "The market impact was limited as the possibility of a rate hike had already been largely priced in, and the recent stabilization in international oil prices has contributed to a relatively favorable investment sentiment."The KOSDAQ index rose by 6.20 points (0.76%) to close at 822.18. It started the day at 820.16, up 4.18 points (0.51%), and continued to expand its gains.In the KOSDAQ market, individual and foreign investors sold a net 28.5 billion won and 33.1 billion won, respectively, while institutions were net buyers at 47.1 billion won.Among the top KOSDAQ stocks, Alteogen (-0.59%), EcoPro BM (-1.34%), Wonik IPS (-1.17%), IOTech (-1.18%), and Simtech (-1.91%) declined. In contrast, EcoPro (0.12%), JUSUNG Engineering (0.99%), Rainbow Robotics (1.18%), Rino Technology (0.76%), and Roboteers (0.32%) saw gains.* This article has been translated by AI. 2026-09-17 17:40:20
  • Constitutional Court Upholds Tax on E-Cigarette Liquid Volume
    Constitutional Court Upholds Tax on E-Cigarette Liquid Volume The Constitutional Court has ruled that taxing e-cigarette liquid based on volume, regardless of nicotine content, does not violate the constitution. On September 17, the court unanimously upheld the provisions of the previous excise tax law that set tax rates for e-cigarette liquid, following a constitutional complaint filed by companies such as Haka Korea, which import and sell e-cigarette liquids. Previously, these companies argued that the nicotine used in their products was extracted from stems rather than tobacco leaves, claiming that their products should not be classified as tobacco under the Tobacco Business Act. This argument was based on the law prior to its amendment last year, which defined tobacco as products made from the leaves of the tobacco plant. However, tax authorities determined that the imported products contained nicotine liquid extracted from tobacco leaves, classifying them as tobacco and imposing either an excise tax or a tobacco consumption tax. The companies contended that it was unreasonable to impose taxes solely based on the volume of the liquid without considering nicotine concentration or content. They also argued that uniformly taxing products, even when they could not pass the tax onto consumers, infringed on their property rights, leading them to file a constitutional complaint after their request for a ruling on the constitutionality of the law was dismissed by the court. The Constitutional Court recognized the validity of the current taxation method, siding with tax authorities. The court stated, "The volume of nicotine liquid can be objectively verified and measured," and deemed it a "rational choice to ensure efficiency in tax administration and legal stability." The court further explained that applying tax standards corresponding to the final distribution and sales forms of each type of tobacco aligns with taxation principles and contributes to reducing harmful consumption through price increases, thereby promoting public health. Additionally, the court noted that using subjective factors, such as whether the tax burden is passed on to consumers, as a basis for taxation could undermine the uniformity and predictability of tax assessments, emphasizing that it is the responsibility of importers to verify whether their products fall under taxable items and to report accurately.* This article has been translated by AI. 2026-09-17 17:40:10
  • Ruling Party to Address Farmers Concerns Over Land Survey on September 21
    Ruling Party to Address Farmers' Concerns Over Land Survey on September 21 The Democratic Party has decided to develop supplementary measures in response to growing concerns among farmers regarding the government's land survey before the Chuseok holiday. This move is seen as an effort to soothe public sentiment amid declining approval ratings for the ruling party. The party's Agriculture, Forestry, and Fisheries Policy Coordination Committee announced on September 17 that it will hold a government-party meeting on September 21 at the National Assembly to review the progress of the land survey. Attendees will include Yoon Jun-byeong, the ruling party's secretary for the Agriculture, Food, Rural Affairs, and Fisheries Committee, and Minister of Agriculture, Food and Rural Affairs, Song Mi-ryung, who are expected to discuss the survey results and supplementary measures regarding land disposal and enforcement fines. The land survey was initiated following the passage of a revised land law in the National Assembly, which includes provisions for a comprehensive land survey and stricter land disposal orders. A preliminary survey conducted by the government in May identified 2.84 million parcels of land, or 27% of the total, as potentially violating land laws. Landowners who fail to comply with disposal orders without justifiable reasons will face enforcement fines amounting to 25% of the higher value between the appraised price and the publicly announced price. In this context, Kwon Chil-seung, the party's policy chief, stated during a policy coordination meeting at the National Assembly, "It is true that some farmers are experiencing inconvenience due to the land survey. I urge the government to make every effort to ensure that honest farmers and citizens do not suffer unnecessary harm during this process." Kwon further emphasized that the survey results should only be used to penalize clear cases of land speculation, while minor legal violations related to everyday land use should be addressed through guidance and institutional improvements. He called on the government to quickly establish measures to ensure the land survey is conducted in this manner. Additionally, he pledged that the government and ruling party would do their utmost to stabilize land prices through initiatives like land banks and land purchase programs. Meanwhile, in response to ongoing criticism from the opposition People Power Party regarding the land survey, Kwon described their claims as "distorted facts and absurd arguments." He pointed out that People Power Party leader Jang Dong-hyuk is inciting anxiety among farmers by suggesting that the government is labeling them as speculators and seizing their land. * This article has been translated by AI. 2026-09-17 17:40:00
  • National Growth Fund Expands with Enhanced Management, Approves 18.9 Trillion Won
    National Growth Fund Expands with Enhanced Management, Approves 18.9 Trillion Won The National Growth Fund has approved a total of 18.9 trillion won in funding from January to September this year, as financial authorities establish a Risk Management Committee and a Post-Management Committee to enhance decision-making objectivity and transparency.On September 17, the Financial Services Commission held a meeting of the National Growth Fund's Fund Management Review Committee, where it approved this restructuring of the decision-making system. On the same day, it also approved five funding projects, including the Yawol Offshore Wind Power Project and the AI transformation project of D&Solutions, totaling about 1 trillion won.With this approval, the National Growth Fund has either approved or completed the formation of a total of 18.9 trillion won in funding by the end of September. Considering the indirect investment method scheduled for the fourth quarter, the Financial Services Commission anticipates achieving its goal of 30 trillion won in approvals and formations by the end of the year ahead of schedule.The proportion of regional support based on the approved amount has exceeded the policy target of 40%, reaching 44.7%. In terms of the number of projects, the Chungcheong region had the highest number with nine, followed by the Yeongnam region with eight and the Honam region with six. In terms of funding amount, the Honam region received the largest share at 5.17 trillion won, with 4.56 trillion won allocated to infrastructure projects such as power generation.The Financial Services Commission noted the need for more systematic risk management as the number of investments and the scale of support from the National Growth Fund have increased, leading to the establishment of separate committees.The Risk Management Committee will consist of staff from the National Growth Fund Secretariat and external experts. It will independently review financial risks as well as non-financial risks such as reputation, governance, legal issues, and community acceptance from the project discovery stage until it is presented to the Fund Management Review Committee. The review results will be provided to the Investment Review Committee and the Fund Management Review Committee.The Post-Management Committee will review the recovery methods after funding support, projects with concerns about defaults, and the need for early recovery. It will also advise on whether to execute the funds if project conditions change after approval. Both committees will begin operations in October, with the Post-Management Committee also reviewing projects approved before September.Among the new funding projects approved that day, the Yawol Offshore Wind Power Project will receive 130 billion won in project financing loans. The total project cost is 757 billion won, and it aims to establish a 104 MW offshore wind farm near Yeonggwang County, Jeollanam-do. The project will utilize 13 domestically developed 8 MW offshore wind turbines from Doosan Enerbility.D&Solutions' precision machine tool AX enhancement project will receive a total of 200 billion won in low-interest loans, including 150 billion won from the Advanced Strategic Industry Fund and up to 50 billion won in private funding. D&Solutions plans to establish a research and development center in Bucheon, Gyeonggi Province, to analyze data on vibrations and temperatures of machine tools using AI and enhance smart machine technology for automatic equipment calibration.Additionally, 25 billion won will be allocated for the expansion of Hwaseong's electric vehicle battery pack case production line, 12 billion won for the expansion of PKC's high-purity chlorine gas production facility for semiconductors, and 32 billion won for the establishment of a production line for the humanoid lightweight structural frame by Conex.* This article has been translated by AI. 2026-09-17 17:36:00