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  • Tway Air set to begin new chapter as Trinity Airways next week
    T'way Air set to begin new chapter as Trinity Airways next week SEOUL, August 31 (AJP) - T'way Air is set to rebrand as Trinity Airways next week, the budget carrier said on Monday. The airline said it has set Sept. 10 as the date for the launch of flights under its new name, with all domestic and international routes featuring new logo. In May, T'way Air received approval from the Ministry of Land, Infrastructure and Transport for the name change and has since completed necessary legal procedures, recently unveiling its new banners and crew uniforms. "Under the new name, we will provide passengers with a more comfortable and reliable travel experience," a T'way Air spokesperson said, adding that the airline "will take a leap forward through differentiated services that combine aviation and hospitality." Since leisure and resort company Sono International became its largest shareholder last year, T'way Air has been working to bring together its aviation, travel and lodging businesses while also expanding its long-haul routes. AJP Takeaways • T'way Air will rebrand as Trinity Airways on Sept. 10, 2026, with the new name and branding applied across its domestic and international routes. • T'way Air has completed the legal procedures for the name change after receiving approval from South Korea's Ministry of Land, Infrastructure and Transport in May 2026. The airline has also unveiled new banners and crew uniforms. • The rebranding is part of T'way Air's broader strategy under Sono International, which became its largest shareholder in 2025. The company is seeking to connect its aviation, travel and lodging businesses while expanding its long-haul network. 2026-08-31 10:11:36
  • Innocean Expands Business in the U.S. with New Clients Including Five Guys
    Innocean Expands Business in the U.S. with New Clients Including Five Guys Innocean is rapidly expanding its business competitiveness in the U.S., the world's largest advertising market, by acquiring notable non-affiliated clients. On August 31, Innocean announced that it has recently secured new clients, including the American burger brand Five Guys, the California Lottery, and the premium beauty tool brand Tweezerman. Innocean's U.S. media subsidiary, Canvas Worldwide, has been selected as the Agency of Record (AOR) for Five Guys. Founded in 1986, Five Guys is a global burger brand with approximately 1,500 locations across the U.S. Canvas will manage Five Guys' integrated media strategy, including media planning and buying, data analysis, and performance measurement, to support the brand's growth. The selection process recognized Canvas's extensive experience in the dining sector through its work with McDonald's. Canvas has also been appointed as the media agency for the California Lottery, which is operated by the state government. Additionally, Innocean's U.S. subsidiary (IUS) has brought on Tweezerman as a new client and will provide Generative Engine Optimization (GEO) services. Tweezerman, known in South Korea as 'Twin Scissors,' is a beauty tool brand under the German premium kitchenware company Zwilling J.A. Henckels Group, and it holds a strong market position in the U.S. for beauty tweezers. Meanwhile, Innocean's U.S. subsidiary is relocating its headquarters from Huntington Beach, California, to a new creative campus in El Segundo, near Los Angeles International Airport. With the new headquarters, Innocean plans to enhance organic collaboration among various specialized capabilities, including creative strategy, media, data, and AI technology. Previously, Canvas, which has offices in New York and Los Angeles, completed its move from Playa Vista to El Segundo in July. With D&G, which is already based in El Segundo, all three core companies of Innocean's U.S. operations are now located in one area, creating significant synergy. El Segundo is home to various IT and AdTech companies. Unlike the existing software-centric Silicon Beach, it is emerging as a hub for robotics, physical AI, and deep tech startups, combining existing defense and aerospace infrastructure. This strategic investment is expected to target a second U.S. market. Jeon Il-soo, Innocean's global business head and vice president of the Americas region, stated, "The recent development of new non-affiliated clients signifies that Innocean's long-accumulated creative and media competitiveness, along with new marketing capabilities in AI and data, are being recognized in the local market. We will continue to strengthen the competitiveness of our existing core businesses while actively exploring new service areas and diverse industry clients to expand our sustainable growth base in the U.S. market."* This article has been translated by AI. 2026-08-31 10:08:20
  • Gwangju City Council Opens First Regular Session of the 10th Assembly
    Gwangju City Council Opens First Regular Session of the 10th Assembly The Gwangju City Council will hold its first regular session of the 10th assembly from September 1 to 10, focusing on budget reviews and current administrative issues.According to the council, a total of 17 agenda items will be reviewed, including the budget for the 2025 fiscal year, approval of contingency expenditures, and various ordinances.This regular session is particularly noteworthy as it marks the first since the establishment of the 10th Gwangju City Council.The council plans to assess the city's financial management and the outcomes of major projects from the past year, while also examining the administration's responses to local issues directly affecting citizens.On the first day, September 1, the inaugural meeting will feature opening remarks from Chair Park Sang-young, followed by free discussions and questions regarding key administrative issues.Specifically, council members intend to address practical solutions for local concerns, including the integrated water pipeline issue for the Yongin semiconductor cluster, local road 325 between Chohwa and Gonjiam, traffic congestion in Gwangnam-dong and Taejae Pass, and the modernization of agricultural facilities and expansion of smart farms.In his opening remarks, Chair Park will emphasize the council's commitment to being an 'active council for a changing Gwangju,' expressing a desire to listen to citizens' voices and find solutions in the field.Earlier in August, council members visited 16 districts to gather residents' opinions.The council aims to actively incorporate the demands of residents into its legislative activities to collaboratively find solutions to local issues.The core focus of this regular session will be the budget review.Each committee will review the budget for the 2025 fiscal year, approval of contingency expenditures, reports on the settlement of public institution entrusted projects, nine ordinances, and a change plan for the management of public property, totaling 17 items.Members will examine whether the budget was executed as intended, checking for unnecessary expenditures or waste, and will also review issues that arose during project implementation along with potential improvements.Importantly, this budget review will serve as foundational data for future administrative audits and next year's budget review, aiming to enhance the efficiency and accountability of financial management.The agenda items for this regular session include one budget for the 2025 fiscal year, one approval of contingency expenditures, one report on the settlement of public institution entrusted projects, nine ordinances, and one change plan for the management of public property, totaling 17 items.The council plans to collaborate with the administration on policies necessary for citizens' lives and regional development while strengthening its oversight and monitoring functions regarding budget waste and administrative issues.Public interest in the first regular session of the 10th Gwangju City Council is high.One resident expressed hope that the council would demonstrate a commitment to listening to residents and incorporating their feedback into actual policies and budgets, particularly regarding daily issues like traffic during rush hours.Another citizen remarked, 'As this is the first regular session, I hope the council will thoroughly review whether the projects and budgets implemented by the city over the past year were executed properly, supporting successful initiatives while clearly identifying areas for improvement.'Meanwhile, Chair Park Sang-young stated, 'The 10th Gwangju City Council will strive to be closer to the lives of citizens, listening to their voices and finding answers in the field.' He added, 'We will do our utmost to ensure that this first regular session thoroughly examines the city's financial management over the past year and considers future administrative directions.'* This article has been translated by AI. 2026-08-31 10:08:00
  • Y-Biologics expands employee share ownership after KOSDAQ listing
    Y-Biologics expands employee share ownership after KOSDAQ listing SEOUL, August 31 (AJP) - South Korean antibody drug developer Y-Biologics has completed its third employee share purchase since its KOSDAQ listing, bringing the shareholding ratio among employees to about 65 percent of its workforce. The company said Monday that employees bought shares on the open market this month through its Employee Stock Ownership Association (ESOA), which enables employees to acquire and hold shares in their employer. The latest round follows two previous purchases since the company listed on the KOSDAQ in December 2023. To encourage participation, the firm has continued to offer employees opportunities to acquire shares after the listing, providing support including low-interest loans and flexible repayment periods. The initiative is intended to give employees a direct a stake in the company's long-term growth and align their interests with its performance. The latest purchases follow open-market buying by CEO Park Young-woo, who has been acquiring shares since June. Shares, however, traded 4.36 percent lower at 8,560 won ($6.21) as of 9:36 a.m. Monday on the KOSDAQ. They opened at 8,740 won and fell as low as 8,440 won in early trading. Y-Biologics develops antibody-based therapeutics through its proprietary drug pipeline and partnerships with other drug developers. The biotech firm aims to broaden its portfolio and strengthen its position in the global antibody therapeutics market. AJP Takeaways • Y-Biologics completed its third employee share purchase since its KOSDAQ listing in December 2023, with about 65 percent of employees now owning company shares. • Y-Biologics supports employee purchases through measures including low-interest loans and flexible repayment periods. • Y-Biologics develops antibody-based drug candidates through its proprietary discovery technologies, internal pipeline and strategic partnerships. 2026-08-31 10:04:41
  • IPARK Hyundai Development Surpasses 100 Billion Won in Quarterly Operating Profit for First Time in Five Years
    IPARK Hyundai Development Surpasses 100 Billion Won in Quarterly Operating Profit for First Time in Five Years IPARK Hyundai Development has improved both profitability and financial stability, continuing its upward performance trend thanks to the ramp-up of revenue from in-house projects and strong site performance.The company reported on August 31 that its consolidated revenue for the second quarter of 2026 reached 914.6 billion won, with an operating profit of 122.7 billion won. This marks a 35.7% increase in revenue and a 53.1% increase in operating profit compared to the previous quarter, and a 52.9% increase in operating profit compared to the second quarter of last year. Net profit for the period was 83.7 billion won, up 69.8% from the previous quarter.The operating profit margin for the second quarter was 13.4%, with a standalone margin of 13.7%. This marks the second consecutive quarter of double-digit operating profit margins, with quarterly operating profit exceeding 100 billion won for the first time since the second quarter of 2021.The improvement in performance was driven by progress in high-quality project sites and increased revenue from in-house projects. The revenue share from large projects, such as Cheonan IPARK City and Paju Unjeong IPARK Forest, has increased, resulting in a rise in the gross profit margin for the external housing sector from 7.9% in the first half of last year to 16.4% in the first half of this year, an increase of 8.5 percentage points.In the in-house housing sector, sales were bolstered by projects such as Seoul IPARK, Cheongju Gagyeong IPARK Complex 6, and Seosan Central IPARK.Financial stability has also improved. The company reduced its net borrowings by 300 billion won compared to the end of last year, bringing the total down to 800 billion won, while PF contingent liabilities decreased by 33.4%, from 1.9339 trillion won to 1.2876 trillion won.Additionally, the company plans to sequentially supply projects in the second half of the year, including Cheonan IPARK City Complexes 3 and 4, Cheongju Gagyeong IPARK Complexes 7 and 8, and Incheon City O.C.L Complex 9. The company aims to supply a total of 13,000 housing units this year.IPARK Hyundai Development is also expanding its urban regeneration project contracts. Following the acquisition of the 585.2 billion won Seongnam Taepyeong District 3 project in July, the company plans to participate in the selection of construction companies for major regeneration projects in the second half of the year.In the medium to long term, the company will begin construction on the Bokjeong Station area development project in the fourth quarter of this year, followed by sequential development of large-scale mixed-use projects in the Gongneung Station area, Yongsan Railway Hospital site, and Jamsil Sports & MICE.Through these efforts, the company is expanding its mixed-use development projects centered around Seoul IPARK while enhancing its development and operational capabilities. However, securing tenants for commercial and hotel facilities and generating operational revenue remain challenges.An IPARK Hyundai Development official stated, "We plan to continuously strengthen our portfolio centered on projects that can secure both profitability and growth. We aim to establish a stable business foundation through the expansion of urban regeneration projects and high-quality site supplies."Meanwhile, Hyundai Development has decided to acquire and retire approximately 1.5 million shares, worth 30 billion won, to enhance shareholder value.* This article has been translated by AI. 2026-08-31 10:04:10
  • SK Innovation Shares Rise 6% Following SK Ons U.S. ESS Supply Contract
    SK Innovation Shares Rise 6% Following SK On's U.S. ESS Supply Contract SK Innovation is experiencing a strong early trading surge of over 6% following news of a large battery supply contract for energy storage systems (ESS) from its subsidiary, SK On.As of 9:43 a.m. on the Korea Exchange, SK Innovation's shares were trading at 124,300 won, up 7,400 won (6.33%) from the previous trading day.The increase in investor sentiment is attributed to SK On, the largest shareholder of SK Innovation, signing a long-term supply contract with a U.S. ESS company, accelerating its entry into the North American ESS market.On August 27, SK On announced it had signed a battery cell supply contract with U.S. ESS manufacturer NeoVolta Power for a total of 9 gigawatt-hours (GWh). NeoVolta Power is a subsidiary of the American energy technology company NeoVolta, with production facilities located in Pendergrass, Georgia.Industry estimates place the contract's value at approximately 1.5 trillion won. SK On will supply lithium iron phosphate (LFP) pouch battery cells to NeoVolta Power over five years, from next year until 2031. The batteries will be produced at SK On's facility in Georgia.Considering SK On's global ESS order target of over 20 GWh for this year, this contract secures nearly half of that goal.There is also potential for additional contracts. SK On plans to pursue a separate agreement to supply an additional 9 GWh of LFP battery cells for ESS to NeoVolta Power within the year.* This article has been translated by AI. 2026-08-31 10:04:00
  • Kim Na-hee Marries Businessman in Ceremony Attended by Celebrities
    Kim Na-hee Marries Businessman in Ceremony Attended by Celebrities Kim Na-hee, a 38-year-old singer and comedian, married a non-celebrity businessman on August 30 at a wedding venue in Jung-gu, Seoul.According to Yonhap News, the ceremony was attended by fellow entertainers, including singers and comedians. Lee Chan-won served as the host for the first part of the ceremony, while Song Ga-in, who appeared with Kim on the show 'Miss Trot,' performed a congratulatory song.The couple began dating just ten days after meeting through a mutual acquaintance, nurturing their relationship since then.In her wedding invitation, Kim Na-hee expressed, "Two people from different stages of life met and began to write their own stories. One conveyed feelings through laughter and song, while the other opened a path with sincerity and reason. Now, we aim to write our story together on one stage, beyond our individual narratives."Kim Na-hee debuted as a comedian with KBS in 2013 and gained recognition by placing fifth in the 2019 TV Chosun trot audition 'Miss Trot.' She has since pursued careers as a singer and musical actress.* This article has been translated by AI. 2026-08-31 10:04:00
  • Chinese President Xi Jinping Welcomed by Kyrgyz President at Airport
    Chinese President Xi Jinping Welcomed by Kyrgyz President at Airport Chinese President Xi Jinping visited Kyrgyzstan, a bordering country in Central Asia. Kyrgyz President Sadyr Japarov personally welcomed him at the airport, demonstrating the highest level of protocol.Xi and his wife, Peng Liyuan, arrived in the capital city of Bishkek on the afternoon of August 30, as reported by China's state-run Xinhua News Agency on August 31. President Japarov, along with his wife, greeted Xi at Manas International Airport, expressing his welcome by stating, "You are family."Upon arrival, Xi issued a written statement, noting that the relationship between the two countries has entered a "golden period" of rapid development. He highlighted the CKU (China-Kyrgyzstan-Uzbekistan) railway as a key achievement of bilateral cooperation. Xi stated that during this visit, he would engage in in-depth discussions with President Japarov on bilateral relations and international and regional issues.Xi and Japarov are scheduled to hold a summit on August 31, with the primary agenda focusing on the construction of the CKU railway. This international railway project spans approximately 533 kilometers, connecting Kashgar in China's Xinjiang region through Kyrgyzstan to Andijan in Uzbekistan. Construction began at the end of 2024, with work currently progressing mainly on the Kyrgyz section. The entire project aims for completion by 2030.Kyrgyzstan seeks to expedite the construction timeline. Additionally, it hopes to enhance border customs and logistics infrastructure and develop mining projects in areas near the railway. Due to its rugged mountainous terrain, Kyrgyzstan's railway infrastructure has not developed sufficiently. Once completed, the CKU railway could position Kyrgyzstan as a key transit country connecting China and Central Asia.China is also actively pursuing the CKU railway project. Currently, the main land railway route connecting China to Europe runs through Russia and Belarus. The CKU railway will extend south from Xinjiang, linking Kyrgyzstan and Uzbekistan. From Uzbekistan, it can connect to Turkmenistan and Iran or cross the Caspian Sea to Azerbaijan, Georgia, and Turkey. Particularly following the Russia-Ukraine war, the geopolitical risks associated with logistics networks passing through Russia have increased, making the CKU railway significant for diversifying China's Eurasian transport routes. The summit is expected to address not only transportation infrastructure but also cooperation in minerals, energy, trade, and investment.Meanwhile, Xi is set to attend the Shanghai Cooperation Organization (SCO) summit in Kyrgyzstan on September 1, which will include leaders from Russia, Iran, and Central Asian countries. Following the summit, Xi plans to visit Egypt.* This article has been translated by AI. 2026-08-31 10:00:20
  • KG Group Celebrates 41st Anniversary, Launches KG Mobility Platform
    KG Group Celebrates 41st Anniversary, Launches KG Mobility Platform KG Group held a commemorative event on August 29 at the KBS Art Hall in Yeongdeungpo, Seoul, attended by over 1,000 employees, family members, scholarship recipients, and partners.As KG Group approaches its 41st anniversary on September 1, the event reflected on the company's expansion into various sectors, including automotive, steel, chemicals, finance, media, education, and culture, while sharing its business direction for the next decade.In his speech, Chairman Kwak Jae-sun expressed gratitude to employees and their families for their dedication, stating, "Let us open a new decade toward becoming a centennial company, based on the trust and history of challenge we have built over the past 41 years."The event featured an official ceremony followed by a concert involving employees and their families. The ceremony showcased videos highlighting KG Group's growth, its environmental, social, and governance (ESG) initiatives, and future vision.KG Group also announced the official launch of the 'KG Mobility Platform.' A ceremony was held to add the nameplate of the KG Mobility Platform to the group’s family nameplate box, symbolizing the initiative.With the launch of the KG Mobility Platform, KG Group plans to integrate its automotive manufacturing capabilities with mobility software and platform sectors, aiming to enhance collaboration among its subsidiaries. This strategy is intended to boost the competitiveness of the group's mobility business and explore new opportunities in international markets.During the awards ceremony, Baek Min-jae, Executive Director of KG Chemical, received the '2026 Proud KG Person Award.' Baek oversees three divisions, six sales teams, and the materials and environmental research and development (R&D) lab.He was recognized for his contributions to expanding the PNS (concrete admixture) business and developing overseas markets. KG Chemical currently exports PNS products to about 50 countries and recorded sales of 27 billion won in its first year of a new product distribution business. Collaboration with subsidiaries like KG Steel and KG Eco Solutions also contributed to his recognition.Additionally, 19 employees from subsidiaries were awarded the '2026 KG Excellent Employee Award.'The Seonhyun Foundation, KG Group's scholarship foundation, presented scholarships and certificates to 10 children of firefighters. Since its establishment in 2007, the foundation has supported over 1,300 students.The second part of the event included performances by the KG Philharmonic Brass Quintet and the 'KGM Choir,' composed of KG Mobility employees. Following a collaboration between KG Chemical employees' children and the KG Philharmonic String Ensemble, the '2026 KG Choir,' consisting of over 40 employees from various subsidiaries, took the stage.KG Group plans to strengthen the competitiveness of its core businesses in automotive, steel, and chemicals while expanding new ventures like the mobility platform, aiming for a total shareholder return rate of 50% over the next five years.* This article has been translated by AI. 2026-08-31 10:00:10
  • Controversy Erupts Over Leftover Food Reuse at Gwangjang Market
    Controversy Erupts Over Leftover Food Reuse at Gwangjang Market Controversy is brewing at Seoul's Gwangjang Market over the reuse of leftover food.On August 29, Channel A's YouTube channel 'Channel A LIVE' released a video highlighting the market's pricing and hygiene practices, which had previously faced scrutiny for overcharging.In the video, reporters posed as foreign tourists visiting a stall at Gwangjang Market, ordering 5,000 won worth of tteokbokki and a bottle of water. After handing over a 10,000 won bill, the vendor returned 3,500 won in change. Although the menu listed the water at 1,000 won, the vendor charged 1,500 won.The following day, when reporters returned to inquire about the water price, the vendor stated it was 1,000 won. When asked why the price had changed, the vendor explained, "It costs me 1,000 won per bottle from the supplier. I need to make a profit of 500 won. If I buy it from Coupang, I charge more." He then reacted defensively, asking, "Are you here to question me about overcharging?"Earlier in April, Gwangjang Market faced backlash for selling water to foreigners for 2,000 won. A foreign YouTuber remarked, "It's my first time paying for water in a Korean restaurant," while the vendor justified the charge by stating that many foreigners visit the market.Some vendors were also observed reusing leftover food. Vegetables that had been served to customers were taken back for refrigeration, and previously served garlic and peppers were returned to the fridge. When reporters asked about the reuse of leftovers, one vendor claimed, "I asked AI, and it said reusing leftovers is fine. I won't do it again next time. I'm sorry."In response to these practices, a representative from Jongno District Office stated, "Reusing lettuce is permissible under the assumption that it is washed, but reusing cut peppers and garlic violates food hygiene laws."In another incident, a vendor was seen brushing their teeth next to food preparation areas.Since June, Gwangjang Market has been penalizing vendors for failing to display prices and hygiene violations, but no vendors have received penalties since the implementation of this system. The Jongno District Office acknowledged a lack of resources for management and supervision, stating, "We will begin on-site management and enforcement this week."* This article has been translated by AI. 2026-08-31 10:00:10