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Samsung, SK hynix tax payments nearly triple on chip boom SEOUL, August 31 (AJP) - Samsung Electronics and SK hynix paid a combined 11.2 trillion won ($8 billion) in corporate taxes in the first half of 2026, nearly triple the amount a year earlier, company filings showed. Samsung paid 3.99 trillion won in corporate taxes during the January-June period, up from 1.12 trillion won a year earlier, according to the company's separate financial statements filed with the Financial Supervisory Service. SK hynix paid 7.22 trillion won, more than double the 3.07 trillion won paid during the same period last year. Together, the two chipmakers paid 11.21 trillion won, up 167.5 percent from 4.19 trillion won a year earlier. The figure was the second-highest first-half total on record, behind 12.66 trillion won in 2019 during the previous memory-chip boom. The surge is particularly notable because much of the tax paid in the first half reflects earnings generated before the full impact of this year's extraordinary semiconductor rally. Korean companies with fiscal years ending in December generally settle corporate taxes on the previous year's earnings in March, while making interim payments in August. Large corporate groups can calculate the August payment based on provisional first-half results. That means the sharp earnings expansion recorded by Samsung and SK hynix this year could translate into substantially larger tax payments later this year and next. Samsung reported a record 146.73 trillion won in operating profit in the first half, compared with 11.36 trillion won a year earlier, according to its consolidated financial statements. SK hynix's first-half operating profit surged to 98.15 trillion won from 16.65 trillion won a year earlier, driven by booming demand for high-bandwidth memory and other AI-related memory products. The two companies generated a combined 244.88 trillion won in operating profit in just six months, highlighting the scale of the earnings windfall created by the global artificial intelligence investment boom. Their previous combined annual corporate tax payment record was 15.64 trillion won in 2019. With first-half payments already exceeding 11 trillion won and earnings accelerating sharply, their tax contributions are widely expected to set a new record. Some estimates have suggested the companies' eventual tax burden could approach 100 trillion won if their combined standalone operating profit reaches 500 trillion to 600 trillion won and a simple effective tax rate of around 20 percent is applied. Such estimates, however, remain highly preliminary. Actual tax payments could be substantially lower after deductions and tax credits for research and development and domestic facility investment are taken into account. AJP Takeaways: Samsung and SK hynix paid a combined 11.21 trillion won in corporate taxes in H1, up 167.5 percent from a year earlier. Samsung's payment jumped to 3.99 trillion won, while SK hynix paid a record 7.22 trillion won on a standalone basis. The bigger fiscal impact may still be ahead as the companies' combined H1 operating profit surged to nearly 245 trillion won. 2026-08-31 13:35:25
Doosan Intensifies Search for Missing Employees in Nepal Floods with Helicopters and Drones Doosan Group and Doosan Enerbility are making concerted efforts to locate six employees who went missing due to severe flooding in Nepal, planning to deploy private helicopters and drones for the search.According to industry sources, Doosan Enerbility submitted a request to Nepalese authorities on August 31 for the operation of two privately chartered helicopters. With ground access to the accident site nearly impossible, the company aims to expand the search area using helicopters.Since August 28, Doosan Enerbility has been actively pursuing the deployment of private helicopters for its search efforts. However, adverse local weather conditions and the Nepalese authorities' refusal to grant flight permissions have prevented the helicopters from being utilized thus far.On the previous day, a joint rapid response team from the government planned to use one helicopter chartered by the government and another chartered by Doosan Enerbility to broaden the search area, but this plan was also thwarted due to a lack of approval from Nepalese authorities.In addition to helicopters, Doosan Enerbility is also looking to employ drones for the search. However, the use of drones will similarly depend on obtaining permission from local authorities, meaning their deployment will be contingent on the situation on the ground.The search team will also see an increase in personnel. Doosan Enerbility has decided to send two additional staff members familiar with local conditions, raising the total number of team members from 14 to 16.Top executives from the group are also on-site to oversee the rescue efforts. Park Jung-won, Chairman of Doosan Group, and Park Ji-won, Vice Chairman of Doosan Group and CEO of Doosan Enerbility, arrived in Nepal on August 29 to directly monitor the search and rescue operations.* This article has been translated by AI. 2026-08-31 13:32:00
Lawyers top list of jobs most exposed to AI in Korea SEOUL, August 31 (AJP) - Legal clerks, lawyers and journalists rank among the South Korean occupations most exposed to artificial intelligence as the technology increasingly encroaches on white-collar work built around reading, writing and analyzing information, a government study showed. The finding came in a report by Yoon Jeong-hye, head of the employment trends analysis team at the Korea Employment Information Service, published in the institute's quarterly journal released Monday. Researchers combined a 2025 survey of Korean workers, employment insurance records and overseas studies to gauge each occupation's exposure. Legal support clerks topped the ranking, followed by patent and legal professionals, with reporters and press professionals placing a striking third. Government administration specialists, telemarketers, accountants and tax appraisers rounded out a high-exposure tier dominated by desk-bound roles centered on interpreting text or crunching quantitative data. At the other end, jobs demanding physical presence such as platers, butchers and other hands-on production, construction and face-to-face service workers clustered in the low- or no-exposure bands, largely insulated from the technology's reach. Of the 15.28 million people enrolled in employment insurance last year, about 2.92 million, or 19.1 percent, worked in highly exposed occupations, the report found. Accountants and bookkeeping clerks in that tier have already seen their ranks shrink steadily in recent months. The exposure skews young as the average age in the high-exposure group was 40.2, below the overall average of 45.7. More than half of insured workers in their 30s, 53.1 percent, held jobs in the medium- or high-exposure categories. "We need to keep a close watch on the employment structure of young people, where the impact of AI's spread is likely to be concentrated, and of customer-guidance and counseling roles where generative AI and large language models are being rapidly adopted," Yoon said. AJP Takeaways • Legal support clerks ranked as the South Korean occupation most exposed to artificial intelligence, followed by lawyers, with reporters and press professionals third, in an analysis by the Korea Employment Information Service published in its quarterly journal in 2026. • About 2.92 million people, or 19.1 percent of South Korea's 15.28 million employment insurance subscribers, worked in highly AI-exposed occupations in 2025, and the average age in that group was 40.2 years, below the overall average of 45.7. • More than half of insured South Korean workers in their 30s, or 53.1 percent, held jobs classified as medium- or high-exposure to AI, concentrating the technology's potential impact on younger cohorts. 2026-08-31 13:26:45
Sonosquare Reports 36% Increase in Summer Sales at Sonoseason Brand Store Sonosquare announced that sales at its Sonoseason brand store increased by 36% this summer compared to the same period last year. This figure is based on cumulative sales from July 1 to August 27.Notably, sales surged by 51% during the second week of August (August 10-16), which included the Liberation Day holiday.This growth is attributed to customers purchasing products they experienced in hotel rooms. Guests were able to try out items in their rooms and then revisit the Sonoseason brand store to make purchases.Sonosquare is gradually supplying mattresses and bedding to guest rooms across Sonointernational hotels and resorts, where products are also sold in brand stores located within the hotels and resorts.The most popular items during the summer were bedding and pillows, which accounted for 70% of total sales at the Sonoseason brand store. Bed mattresses followed with 20%, and frames made up 5%.Sonosquare plans to enhance the product lineup and experiential elements to further develop the Sonoseason brand store as a key sales channel. A company representative stated, "Customers have responded positively to the ability to see and purchase Sonoseason products directly in the hotel brand store after using them in their rooms," adding, "We will continue to strengthen the competitiveness of our brand stores."* This article has been translated by AI. 2026-08-31 13:24:10
Mayor Shin Gye-yong: New Library to Enhance Community Engagement in Gwacheon Mayor Shin Gye-yong stated on August 31 that the Gwacheon Knowledge Information Town Library will serve as a key facility in the southern Gwacheon area, providing residents with access to diverse knowledge and culture while fostering communication among them.Mayor Shin is actively promoting the construction of the 'Gwacheon Knowledge Information Town Library,' which aims to become a hub for information, culture, and lifelong education for the residents.The library is planned to be built in Galhyeon-dong, featuring one basement level and three above-ground floors, with a total area of 7,556 square meters.It is specifically designed to be a 'specialized library' where citizens can enjoy knowledge and culture and communicate freely.The library will include reading areas, spaces dedicated to cultural and artistic activities, and facilities for residents' convenience. An efficient layout will be designed to accommodate users of various age groups comfortably.Design work is expected to be completed by March 2027, with construction slated to begin in July and a target completion date in the first half of 2029.Currently, administrative procedures, including detailed design and various certification processes, are progressing smoothly.In this regard, Mayor Shin recently held a mid-term report meeting on the design project at City Hall, reviewing the current design proposals and gathering feedback on space configuration and plans for different areas.Residents of the Knowledge Information Town have expressed their anticipation for the library's construction. One resident remarked, 'I am excited about having a space close to home where I can read with my children and participate in cultural programs. I hope it becomes a library where residents can use and communicate comfortably.'Another resident noted, 'As the Knowledge Information Town expands, we need more cultural facilities for residents. I expect that the completion of the library will significantly enhance the convenience of life for local residents.'Meanwhile, Mayor Shin Gye-yong added, 'We will actively reflect the diverse opinions from the field to create a beloved library for all citizens.'* This article has been translated by AI. 2026-08-31 13:20:00
Legislative Committee Cancels Meeting Due to Chief Justice's Bereavement The National Assembly's Legislative Committee has canceled its scheduled meeting on August 31 due to the recent bereavement of Chief Justice Cho Hee-dae's father.Committee Chair Seo Young-kyo stated, "The meeting intended for inquiries related to the Supreme Court will not be held today due to Chief Justice Cho's loss. I extend my deepest condolences to the bereaved family."Seo added, "A subcommittee meeting is scheduled for 10 a.m. tomorrow, followed by the National Assembly's opening ceremony at 2 p.m. and a full committee meeting at 4 p.m., where we plan to vote on the subcommittee's agenda items." He also mentioned that they would aim to elect a new committee secretary and chair of the first subcommittee if possible.Previously, on August 30, Democratic Party lawmaker Kim Seung-won, who serves as the committee's secretary and chair of the first subcommittee, was nominated as the Minister of Justice, prompting the party to seek a new successor.Meanwhile, Chief Justice Cho has recently faced scrutiny over allegations regarding the sudden nomination of a Supreme Court justice candidate. Cho had proposed Son Bong-ki as a candidate to succeed former Justice Noh Tae-ack, who retired in March, but the Blue House has requested a re-nomination.In response, Cho stated he would provide his position on the re-nomination within two weeks. The Democratic Party is pressuring for a candidate to be nominated from the existing Supreme Court Justice Recommendation Committee's list.* This article has been translated by AI. 2026-08-31 13:20:00
Busan Tech Park and National Health Insurance Service Collaborate on Smart Nursing Homes Busan Techno Park and the National Health Insurance Service's Busan-Ulsan-Gyeongnam Regional Headquarters have joined forces to establish AI-based smart nursing homes and promote the aging-friendly industry.The two organizations presented a broad cooperation blueprint, ranging from digital care service demonstrations to commercialization for local businesses. However, they are expected to focus primarily on advisory roles based on the long-term care insurance system this year.On August 27, the two organizations signed a memorandum of understanding for the innovation of long-term care services and the activation of the aging-friendly industry at the Busan Techno Park Eco Complex. The signing ceremony was attended by Acting Director Seo Hyung-pil and Hong Yoon-hee, head of the NHIS Busan-Ulsan-Gyeongnam Regional Headquarters, among other officials.The agreement includes extensive cooperation plans such as consulting on smart nursing homes and the efficiency of digital care services, promoting the aging-friendly industry, training for staff and users, and jointly conducting seminars and field demonstrations.The plan aims to combine Busan Techno Park's experience in digital healthcare projects and its network of local businesses with the NHIS's expertise in long-term care insurance systems and nursing facility operations.However, the NHIS's immediate role this year will primarily involve advising to ensure that the demonstration projects led by Busan Techno Park comply with the current long-term care insurance system.NHIS officials clarified that discussions regarding the provision of long-term care data or linking demonstration results to care benefit rates and facility evaluations are not on the agenda at this stage. Given Busan Techno Park's relatively limited experience in the long-term care sector, the focus will be on understanding the system and setting the right direction rather than data sharing.The core project of this collaboration, the establishment of an AI-based smart nursing home platform, will be conducted with a total budget of 900 million won, led by the city of Busan and Busan Techno Park, and is set to be completed by December of this year.Five facilities, including the Busan Senior Health Center, Gijang Silver Home, Muryangsu Senior Nursing Home, Busanjin Senior Nursing Center, and Haeundae Silver Home, will serve as demonstration sites. Six types of demonstrations will be conducted at these locations, including smart waste management, fall management, emergency situation management, digital care logs, notifications for guardians, and digital leisure and video services. The platform will be developed by Smart Big and DKI Tech.Acting Director Seo Hyung-pil stated at the signing ceremony, "We will closely link the expertise of the field, data, and corporate technology centered around healthcare and big data centers to expand service demonstrations and field applications," expressing a commitment to support local business commercialization.Head Hong Yoon-hee also described the agreement in previously distributed materials as a first step in connecting long-term care sites with digital technology.Following the signing of the agreement, the two organizations plan to establish a regular consultative body to gradually promote follow-up projects such as consulting, seminars, and field demonstrations.More in-depth cooperation plans, such as supporting local business commercialization or linking NHIS data, are expected to take shape during discussions for next year's projects after the completion of this year's demonstration projects.* This article has been translated by AI. 2026-08-31 13:12:00
Rapid Response Team Moves to Lamche Area Near Nepal Flood Site The government’s rapid response team is moving to the Lamche area, located 1 to 2 kilometers from the site of a major flood in Nepal, to search for nine missing South Koreans. According to the Ministry of Foreign Affairs on August 31, the joint government rapid response team has formed a ground search team consisting of nine personnel from the National Fire Agency. A ministry official stated, "The ground search team is attempting to reach the Lamche area, which is about 1 to 2 kilometers from the accident site, and plans to set up camp there." The rapid response team gathered at the South Korean Embassy in Kathmandu this morning before departing for Lamche. If they arrive before 3 p.m. local time, they plan to attempt drone searches, contingent on local authorities' approval. The local authorities have restricted drone operations to the hours between 7 a.m. and 3 p.m. The rapid response team had previously surveyed the Batar area, located about 70 kilometers from the accident site, on the previous day, reviewing necessary supplies and equipment for ground movement. The team is also pursuing helicopter searches, focusing on areas such as the Weir Dam and Dunchi, which families of the missing individuals have identified as needing search efforts. However, the Nepalese military has not granted flight permissions due to safety concerns and air traffic congestion, leaving the deployment of helicopters uncertain. Earlier, the rapid response team conducted two helicopter flights on August 29 to search the accident site, nearby camps, mountainous regions, and powerhouses, but did not locate any missing persons. On August 30, they attempted to continue helicopter searches but were unable to take off due to a lack of approval from the Nepalese military. The rapid response team is also verifying the presumed evacuation routes of the missing individuals based on interviews with Nepalese survivors.* This article has been translated by AI. 2026-08-31 13:08:00
Democratic Party Launches TV Channel Amid Factional Tensions The Democratic Party is set to launch Democratic Party TV on September 1, amid escalating factional tensions between the pro-Lee Jae-myung and pro-Jung Cheong-rae camps during the party's convention. Some analysts suggest the new channel may be an attempt to counter the popular YouTube program 'Kim Eo-jun's News Factory,' which enjoys strong support from the pro-Jung faction. However, others believe that a coexistence through competition with 'News Factory' is possible.According to the Democratic Party, Democratic Party TV will begin broadcasting at 7 a.m. on September 1. The channel is a revamped version of the existing YouTube channel 'Deli Minju,' expanding its role as a platform for delivering news and messages produced by the party.Kim Nam-jun, the party's publicity committee chair, stated, "We aim to create an open content platform called 'Open TV' that encompasses both progressive and centrist perspectives. Rather than competing with existing excellent progressive channels, we will collaborate to create a healthy and dignified public discourse ecosystem that incorporates diverse viewpoints." Representative Kim Min-seok emphasized, "Democratic Party TV is like a textbook, while other media are like workbooks. There will be more collaboration than competition."However, some are paying attention to the overlap in broadcasting times with 'News Factory,' which has 2.32 million subscribers and has established itself as a major media platform featuring prominent Democratic politicians.Despite Kim and Representative Kim's explanations of Democratic Party TV's purpose, there remains a perception that the involvement of the former 'Mae Bul Show' production team and expanded collaboration with existing content creators may be a strategy to counter 'News Factory.'During the recent party convention, derogatory terms were exchanged between the pro-Jung and pro-Lee factions, including references to former President Moon Jae-in and other prominent figures.Additionally, factional tensions flared during a two-day internal workshop held from August 27, following the convention. During the workshop, Representative Kim mentioned his rival, Representative Jung, by name multiple times, asserting that his approach had received overwhelming support from party members. In response, Representative Jung expressed regret on Facebook, stating, "I am disappointed that my name was used as a tool for his argument." Some party members also criticized Representative Kim's remarks as inappropriate. In defense, Representative Kim argued, "Debates on policies and directions are desirable. If meetings are being broadcast live, why shouldn't we discuss the use of names? The late Presidents Kim Dae-jung and Roh Moo-hyun were representatives of fierce internal debate and discussion."Political analyst Park Sang-byeong commented in a phone interview with Aju Economy that Democratic Party TV is a strategic move by Representative Kim, expressing hope that it could mitigate the negative aspects of YouTube politics and foster a competitive coexistence with 'News Factory.' He also predicted that it could demonstrate to the People Power Party, which is swayed by YouTube politics, what public discourse through YouTube should look like.* This article has been translated by AI. 2026-08-31 13:08:00
Korea's tax income up 18% on chip, stock and housing boom SEOUL, Aug. 31 (AJP) — Active stock and housing trading bolstered South Korea's tax revenue on top of a chip-led corporate earnings windfall, pushing cumulative tax income to 274 trillion won ($199.4 billion) through July, up 41.4 trillion won, or 17.8 percent, from a year earlier. Stock transaction tax collections more than quadrupled to 8.2 trillion won from 1.8 trillion won over the same period last year, reflecting the extraordinary surge in equity trading as well as the restoration of higher transaction tax rates. The Ministry of Finance and Economy said Monday that national tax revenue totaled 51 trillion won in July alone, up 8.4 trillion won, or 19.7 percent, from a year earlier. Value-added tax, securities transaction tax and income tax led the increase. VAT revenue rose 3.2 trillion won to 24.6 trillion won in July as domestic consumption strengthened and imports increased. South Korea's imports reached $68.57 billion in July, up 26.5 percent from $54.21 billion a year earlier. The stock-market boom delivered an even more dramatic lift. Securities transaction tax revenue jumped 401 percent on year to 1.4 trillion won in July. Trading value in listed shares surged 232.4 percent to 2,087.2 trillion won in June from 627.9 trillion won a year earlier. The government also restored the securities transaction tax rate this year to 0.05 percent for KOSPI shares and 0.20 percent for KOSDAQ shares, after lowering the rates in stages through 2025. Income tax revenue rose 1.8 trillion won to 13.6 trillion won in July, helped by higher wage payments and stronger housing transactions. Home sales increased 6 percent on year to 66,500 in May, lifting capital gains tax collections. Customs revenue rose 200 billion won to 800 billion won as imports expanded, while corporate tax, inheritance and gift tax and individual consumption tax each increased by about 100 billion won. Transport, energy and environment tax revenue fell 300 billion won from a year earlier after the government expanded fuel-tax cuts. For the first seven months, income tax provided the largest increase in absolute terms, rising 12.2 trillion won to 89.3 trillion won as performance bonuses and property transactions increased. Corporate tax revenue climbed 4.4 trillion won to 51.8 trillion won on improved company earnings, while VAT collections rose 8.1 trillion won to 69.4 trillion won on stronger private consumption and imports. The stock market produced some of the fastest gains. Securities transaction tax revenue surged 348.5 percent to 8.2 trillion won from 1.8 trillion won a year earlier. Rural special tax revenue, which is also levied on KOSPI transactions, jumped 182.5 percent to 13.1 trillion won as trading activity soared. The government had collected 66 percent of its revised full-year tax revenue target of 415.4 trillion won by the end of July. That compared with a collection rate of 60.8 percent a year earlier and 56.9 percent in July 2024. The ministry said it will revise its tax revenue estimate in September after incorporating corporate tax interim payments due at the end of August. AJP Takeaways ○ South Korea's tax revenue rose 17.8 percent to 274 trillion won through July, helped by stronger stock and housing trading, imports and corporate earnings. ○ Securities transaction tax collections surged 348.5 percent to 8.2 trillion won as listed-share trading value more than tripled from a year earlier. ○ The government had collected 66 percent of its revised 2026 tax target by July, well ahead of the pace in the previous two years. 2026-08-31 13:04:59