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HD Hyundai Provides 20 Excavators and Relief Supplies for Flood-Affected Nepal HD Hyundai is launching emergency support for Nepal, which has suffered significant damage from flooding.On September 1, HD Hyundai announced it will provide 20 medium-sized excavators along with blankets, utensils, hygiene products, and tarps to assist the flood-affected areas in Bagmati Province, located in central-northern Nepal.An HD Hyundai official expressed, "We extend our heartfelt condolences to the people of Nepal who have suffered great losses. We hope this support will provide some relief to the affected residents and wish for their swift return to normalcy."Additionally, HD Hyundai has been actively involved in relief efforts following major natural disasters, including the 2023 earthquake in Turkey, earthquakes in Ecuador, typhoons in the Philippines, and floods in Brazil, providing equipment, personnel, and financial donations.On August 26, severe flooding occurred in northern Nepal, particularly in the border areas of Rasuwa and Nuwakot near Tibet, China. The floods, believed to have been triggered by the collapse of Himalayan glaciers, inundated villages, roads, and hydropower facilities, resulting in over 900 fatalities and thousands reported missing.* This article has been translated by AI. 2026-09-01 09:16:00 -
Changes to Electricity Rate Calculation Begin in September Although the calendar has turned to September, households continuing to use air conditioning during the late summer should review their electricity consumption. This is because the summer electricity rate tiers that applied to residential power usage are ending as of September 1.According to Korea Electric Power Corporation's residential electricity rate system, the summer rate tiers were expanded from July 1 to August 31 to alleviate the financial burden on households during the peak electricity usage season.For low-voltage residential users, the rate structure during July and August was as follows: the first tier applied to usage up to 300kWh, the second tier for usage from 301 to 450kWh, and the third tier for usage exceeding 450kWh.However, starting in September, the rates revert to the standard seasonal structure. The first tier now applies to usage up to 200kWh, the second tier from 201 to 400kWh, and the third tier for usage exceeding 400kWh. This means the upper limit for the first tier has decreased by 100kWh, and the second tier limit has decreased by 50kWh. The standard season is defined as January 1 to June 30 and September 1 to December 31.It is important to note that the electricity rates themselves are not increasing as of September 1. The rates for low-voltage residential users remain the same: 120.0 won per kWh for the first tier, 214.6 won for the second tier, and 307.3 won for the third tier, consistent across both summer and standard seasons. The basic charges are also unchanged at 910 won, 1,600 won, and 7,300 won for each tier, respectively. What changes is the range of usage that each tier applies to.As a result, even if households use the same amount of electricity, they may be subject to higher tier rates in September compared to July and August.For example, if a household uses 350kWh, during the summer, the first 300kWh would be charged at the first tier rate, and the remaining 50kWh at the second tier rate, totaling 48,330 won including the basic charge.In the standard season, the first tier rate would apply only to the first 200kWh, with the remaining 150kWh charged at the second tier rate. Including the basic charge, the total would be 57,790 won, resulting in a difference of 9,460 won for the same 350kWh usage.The difference can become even more pronounced with higher usage. For instance, if calculating based on 450kWh, the household would remain in the second tier during the summer, but in the standard season, the 50kWh exceeding 400kWh would fall into the third tier. The total charges would be 69,790 won and 89,585 won, respectively, showing a difference of 19,795 won.However, these calculations only reflect the basic and electricity usage charges to illustrate the tier differences. Actual bills will also include climate and environmental fees, fuel cost adjustments, value-added tax, and contributions to the electricity industry fund, which can affect the final amount due based on various discounts.* This article has been translated by AI. 2026-09-01 09:12:20
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Gwangjang Law Firm Concludes 2026 Tax Forum Gwangjang Law Firm's tax group announced on September 1 that it successfully concluded the '2026 Gwangjang Tax Forum,' which addressed corporate strategies for responding to tax audits, including the announcement of the tax reform plan by the head of the Tax Policy Division of the Ministry of Finance and Economy.The forum, held on August 28 at the Ferum Hall in the Ferum Tower in Jung-gu, Seoul, was organized to analyze the contents of the 2026 tax reform plan announced on August 3 and to present corporate response strategies.Registration for the event closed early, with over 200 corporate representatives filling the seats at Ferum Hall. The forum provided detailed explanations on key issues of the reform plan, including the restructuring of the taxation system for treasury stock, the evaluation methods for listed stocks in response to so-called 'stock price suppression,' the tax deferral system for qualified divisions of overseas subsidiaries, and the redesign of the tax system for business succession.Before the main sessions, Choi Jin-kyu, head of the Tax Policy Division at the Ministry of Finance and Economy, presented on the topic 'Key Points and Policy Implications of the August 2026 Tax Reform Plan.' Choi, who has held various positions including head of the Tax Analysis Division and the Value-Added Tax Division, is currently overseeing the overall work related to the tax reform plan.In the first session, attorney Lim Han-sol discussed 'Capital Transactions, Stock Valuation, and Domestic Production Tax Credits.' Lim stated, 'This reform represents a fundamental change in regulating treasury stock transactions as capital transactions, regardless of acquisition purpose,' and emphasized the need for careful tax treatment as two different taxation systems will coexist around the implementation date of January 1, 2027.Regarding the newly established evaluation method for listed stocks in response to stock price suppression, he advised, 'It is essential to track and manage the PBR position within the industry on a semi-annual basis and to accumulate management judgment materials to demonstrate that there was no tax avoidance intent.' He also noted that companies should compare the new domestic production tax credit, which has a similar purpose and structure to the U.S. IRA's advanced manufacturing production tax credit, with the integrated investment tax credit once the item-specific standard deduction amounts are confirmed early next year.Next, attorney Kim Min-gu presented on 'Key Amendments in International Taxation and Business Succession.' He explained that the system is being revised to allow tax deferral or non-inclusion of income when overseas subsidiaries undergo qualified restructuring, advising companies considering restructuring to plan their schedules in light of the implementation timing of the revised system.On business succession, he highlighted, 'The newly introduced tax benefits for third-party business succession provide tax advantages for both the major shareholder transferring the business and the third party acquiring it,' stressing that even companies that have not been directly related to the business succession system should pay attention from an acquisition strategy perspective.The final session featured tax accountant Kim Tae-woo, who previously served as the head of the Investigation Division 1 at the Seoul Regional Tax Office, discussing '2026 Tax Audit Trends and Risk Management.' Kim explained the key verification items for large corporate tax audits and changes in audit administration, and proposed ways to utilize attorney-client privilege (ACP) confirmed by recent Supreme Court rulings and revised attorney laws during tax audits.Kim Sang-hoon, co-leader of the Gwangjang tax group, who moderated the entire event, stated, 'This reform plan is not just a simple amendment of provisions but contains significant institutional changes, making it essential to conduct proactive reviews even before the provisions are finalized.' He added, 'The Gwangjang tax group will continue to hold various briefings to help companies effectively respond to changes in the tax environment based on our accumulated experience and expertise.'The Gwangjang tax group consists of over 90 professionals, including attorneys, certified public accountants, and tax accountants, providing integrated services across all areas of tax advisory, tax disputes, tax audit responses, and international taxation.* This article has been translated by AI. 2026-09-01 09:12:00
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2026 Korea Art Festival Kicks Off with 96 Museums Participating The 2026 Korea Art Festival will take place from September 1 to 30 across the country, the Ministry of Culture, Sports and Tourism announced.This year's festival includes four biennials (Gwangju Biennale, Gyeonggi International Ceramic Biennale, Busan Biennale, Jeju Biennale) and two art fairs (KIAF Seoul, Frieze Seoul), with participation from 96 major museums nationwide.The ministry is offering special discounts on exhibition tickets. Since June 15, tickets for the 'Korea Art Festival Special Exhibition' have been available online at a discount of 30% to 70% off the regular price. Tickets for KIAF, Frieze Seoul, Gwangju Biennale, and Busan Biennale are currently sold out, while discounted tickets for the Jeju Biennale can be purchased on Naver for 4,000 won, a 50% discount.Korea Railroad Corporation has collaborated with the Busan Biennale to create a package called 'Busan Festival Special,' which includes a 50% discount on train tickets from Seoul to Busan, a 30% discount on Busan Biennale admission, and a 20,000 won voucher for stores at Busan Station. This package can be purchased through the LetsKorail website and app, and can be exchanged for paper tickets at the Busan Biennale venue.All 96 participating museums (35 public and 61 private) will showcase a variety of exhibitions, from retrospectives of master artists to showcases of emerging talent and regional art. The National Museum of Modern and Contemporary Art in Seoul, Gwacheon, Deoksugung, and Cheongju will offer free admission to all exhibitions from September 1 to 6.Incheon, Gimpo, and Gimhae International Airports will transform into large art galleries, featuring 29 media and installation works by 16 emerging and mid-career Korean artists.Additionally, the festival will host '2026 Dive into Korean Art' for key figures in the international art community visiting Korea. From August 30 to September 6, 15 art curators and editors from around the world will visit the studios of nine emerging Korean artists and major art institutions, as well as the Gwangju and Busan Biennales.Minister of Culture, Sports and Tourism Choi Hwi-young stated, 'The Korea Art Festival is an opportunity for everyone to encounter art in their daily lives and serves as a gateway for the world to discover Korean art. We will strengthen the foundation of the art ecosystem, from creative support to international expansion, so that art can become the next leading force of K-culture.'Meanwhile, Frieze Seoul and KIAF Seoul will open side by side at COEX on September 2.* This article has been translated by AI. 2026-09-01 09:08:20
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Yanolja Wins Gold for Most Innovative Tech Company at IBA 2026 Travel tech company Yanolja announced it won the gold award for 'Most Innovative Technology Company' at the 2026 International Business Awards (IBA) on September 1.Now in its 23rd year, the IBA is a prestigious global business award that evaluates the management performance and innovation of companies and organizations worldwide. This year, over 3,400 entries from 82 countries and regions were submitted, with winners selected by a panel of more than 210 experts.Yanolja was recognized alongside global giants such as Cisco, IBM, and DHL. The award highlighted Yanolja's achievements in driving structural innovation in the travel industry through its global travel data infrastructure and artificial intelligence (AI) technology.Yanolja has transformed the industry by providing hospitality solutions that assist travel operators and transaction solutions that connect travel suppliers with sales channels. Through its Yanolja Cloud Solution (YCS) and its subsidiary, Yanolja Information Technology, the company has integrated fragmented hotel core operational solutions, including Property Management Systems (PMS), Channel Managers (CM), Booking Engines (BE), and Point of Sale (POS) systems into a 'full-stack solution.'In particular, Yanolja focuses on enhancing productivity and operational efficiency in the travel industry by combining its data infrastructure with AI technology. It offers practical AI solutions for travel operators, including demand forecasting, price optimization, and operational automation, while creating a more accessible and convenient travel environment for travelers. Yanolja Group's global subsidiaries plan to concentrate their efforts on advancing 'vertical AI' technology specialized for the travel industry, going beyond mere service enhancement.A Yanolja representative stated, 'This award recognizes our efforts and innovations in addressing various inefficiencies in the global travel industry through data and technology. We will continue to enhance our global travel data infrastructure and AI technology to improve operational efficiency for travel operators and create an environment where anyone can travel more easily and conveniently worldwide.'* This article has been translated by AI. 2026-09-01 09:08:00
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Kim Yong-beom Resigns as Chief Policy Officer Kim Yong-beom, Chief Policy Officer at the Blue House, resigned on September 1.Chief Spokesperson Kang Yu-jeong held a briefing at the Chunchugwan, stating, "He expressed his intention to resign yesterday, and President Lee Jae-myung accepted his resignation today." Kim stepped down after approximately 15 months in the position.His resignation is reportedly linked to the single-stock leveraged ETF issue. 2026-09-01 09:08:00
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Woo Sang-hyun Appointed as New Executive Director of the Korean Bankers Association 은행연합회가 신임 전무이사에 우상현 전 BC카드 부사장을 선임했다. 관료 출신으로 금융권과 카드업계에서 경력을 쌓은 인물이다. 은행연합회는 1일 사원총회 동의를 거쳐 우 전 부사장을 전무이사로 임명했다고 밝혔다. 우 전무이사는 부산 동래고와 서울대 경제학과를 졸업하고 1989년 행정고시 33회로 공직에 입문했다. 옛 기획예산처와 금융위원회 등에서 근무했으며 2015년 금융위 사무처 국장을 끝으로 공직을 떠났다. 이후 현대캐피탈과 현대카드 등을 거쳐 2022년부터 올해까지 BC카드 부사장을 지냈다. 한편 배준석 은행연합회 감사는 지난 7월 3년 임기를 마쳤지만 후임 인선은 아직 이뤄지지 않았다. 한국은행 집행간부 출신 인사 대신 다른 인사를 선임하는 방안이 검토되는 것으로 알려졌다.* This article has been translated by AI. 2026-09-01 09:04:00
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Yuhan Corporation Partners with K-MediHub to Accelerate Open Innovation Strategy Yuhan Corporation announced on September 1 that it has signed a memorandum of understanding (MOU) with the Daegu-Gyeongbuk Medical Innovation Foundation (K-MediHub) to strengthen its innovative drug pipeline. The two parties plan to accelerate their open innovation strategy through joint research on new drug candidates and the exchange of research personnel and equipment. This agreement aims to combine Yuhan's drug development capabilities with K-MediHub's advanced research infrastructure to expand opportunities for discovering promising drug candidates and enhance the competitiveness of the national pharmaceutical and bio industry. Yuhan Corporation invests about 10% of its annual revenue in research and development (R&D) and has pursued both in-house research and external technology acquisition. Following the success of its lung cancer treatment, Lecsuna, the company has continued to prioritize open innovation as a key growth strategy. Through this MOU, the two organizations will identify and conduct joint research projects, exchange talented researchers, and strengthen their R&D capabilities. They will also support each other's research facilities and advanced equipment. Additionally, they plan to establish a collaborative network in the medical industry. In particular, Yuhan Corporation intends to leverage K-MediHub's specialized research personnel and infrastructure to enhance its open innovation strategy and expand into practical joint research and technology collaboration based on specific cooperation needs. Kim Yeol-hong, head of R&D at Yuhan Corporation, stated, "Collaboration that organically links diverse research capabilities and infrastructure is crucial for developing innovative drugs. I hope that effectively combining the strengths of both organizations will lead to the discovery of promising drug development projects and the creation of research and development outcomes." Meanwhile, according to Yuhan Corporation's semi-annual report, the company invested 1.222 trillion won in R&D, which is 10.5% of its revenue of 11.662 trillion won for the first half of the year. This represents a 13.8% increase compared to the same period last year.* This article has been translated by AI. 2026-09-01 09:00:00
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How to Get a $10 Discount for Fall Performances The South Korean government announced that starting September 1, it will distribute 220,000 performance discount coupons worth $10 each through online booking platforms and cultural centers outside the capital region. The Ministry of Culture, Sports and Tourism, the Arts Management Center, and the Korea Arts Council made the announcement on the same day. The coupons will be available from 10 a.m. on September 1 at five online booking sites (Naver Reservations, NOL, Yes24, Time Ticket, and Ticket Link), with each person eligible to receive two coupons on a first-come, first-served basis. Users can register on the booking sites' websites or apps to obtain the coupons, which can be applied at checkout for discounted ticket purchases. Those who received and used the first round of coupons can also apply for the second round. The issued coupons are valid only for performances scheduled to take place by November 30. Eligible categories include theater, musicals, Western music (classical), Korean music (traditional), dance, and mixed genres, while popular music and dance are excluded. Similar to the first distribution, the coupon issuance will operate weekly from September 1 to November 30. Coupons can be obtained from each booking site every Tuesday at 10 a.m. until midnight the following Monday. Any coupons not used within the designated period will automatically expire. To enhance cultural access for local residents and promote regional performances, additional coupons will be issued for events held at venues outside the capital region (excluding Seoul, Gyeonggi, and Incheon) through four online booking platforms (Naver Reservations, Yes24, Time Ticket, and Ticket Link), allowing each person to receive two more coupons. For those who find online booking challenging, assistance is available through phone support at the booking sites. In cultural centers outside the capital, on-site discounts will be offered to help bridge the cultural access gap and assist digitally vulnerable groups unfamiliar with online booking systems. Eligible groups for on-site discounts include seniors (aged 55 and older), people with disabilities, low-income individuals, farmers and fishermen, and groups of middle and high school students. Information on participating cultural centers and performance listings can be found on the Integrated Performing Arts Information Network website.* This article has been translated by AI. 2026-09-01 08:56:20
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Four South Korean Defense Firms Make Global Top 100 List Four major South Korean defense companies have been named in the "2026 Top 100 Defense Companies" list by a U.S. military publication.According to reports from Yonhap News and Defense News, Hanwha ranked 16th with total defense sales of $10.437 billion (approximately 14.288 trillion won) last year, climbing six spots from 22nd place in the previous year.Hanwha's defense sales increased by nearly $4 billion from $6.817 billion in 2024, accounting for 20% of the company's total revenue last year.LIG Nex1 (now LIG D&A) secured the 52nd position, moving up one spot from 53rd. Its total defense sales last year were $3.029 billion (about 4.147 trillion won).Hyundai Rotem rose six places to 61st from last year's 67th, while Korea Aerospace Industries (KAI) fell eight spots to 74th from 62nd. This marks the second consecutive year that these four companies have appeared in the Defense News Top 100.Lockheed Martin maintained its top position with total defense sales of $72.137 billion (approximately 98.748 trillion won) last year. U.S. companies RTX, General Dynamics, and Northrop Grumman ranked second to fourth, respectively.BAE Systems from the UK took fifth place, followed by Boeing from the U.S. in sixth. China's Aviation Industry Corporation (AVIC) ranked seventh.The remaining global top ten included L3 Harris from the U.S. in eighth, Leonardo from Italy in ninth, and Airbus, a European aerospace company, in tenth.* This article has been translated by AI. 2026-09-01 08:56:20