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  • China Faces Record Oil Prices Amid Middle East Turmoil
    China Faces Record Oil Prices Amid Middle East Turmoil As the largest oil importer in the world, China is experiencing a surge in oil prices, reaching record levels due to instability from the ongoing conflict in the Middle East. Analysts suggest that China's strategy of reducing oil imports and tapping into its reserves to stabilize international prices is nearing its limits.Shanghai crude oil futures hit $129, surpassing Brent crudeAccording to the Financial Times, on September 16, Shanghai crude oil futures traded at $129 per barrel, exceeding the previous high of $121.80 recorded at the onset of the Iran conflict. Following an attack on Saudi oil pipelines by Iranian-linked militias that halted operations over the weekend, prices surged by 14%.Shanghai crude oil futures typically trade at levels comparable to Brent crude, which was priced at approximately $108 per barrel on the same day. This means that Shanghai futures are now trading at a premium of $21 over Brent.The rising prices are largely attributed to Chinese refiners actively securing crude oil amid growing concerns over Middle Eastern exports.This year, China has reduced its oil imports and utilized its reserves to mitigate the impact of the Iran conflict, also raising domestic gasoline and diesel prices to curb consumption. These measures have helped prevent a more significant global spike in oil prices.However, as the conflict continues, China's capacity to defend against price increases using its reserves is diminishing, prompting a trend of increasing oil imports once again.Reports indicate that China's daily oil imports, which exceeded 12 million barrels before the conflict, plummeted to 7.1 million barrels in June. They rebounded to 8.9 million barrels in August, with September's imports expected to be around 9 million barrels.The Financial Times noted, "China has ended its 'extreme diet' and is starting to buy oil again." Guy Wolf, global market analyst at Marex, stated, "Shanghai crude oil futures are significantly influenced by Middle Eastern oil, and the defensive measures China has built up are gradually weakening." He predicted that as the war drags on, China's actual oil reserves will continue to dwindle.Saudi pipeline recovery efforts face ongoing supply chain uncertaintiesThe backdrop to China's oil supply concerns is the disruption of Saudi Arabia's oil exports.With the U.S.-Iran conflict effectively blocking oil shipments through the Strait of Hormuz to Asia, Saudi Arabia has been utilizing the East-West pipeline, a crucial transport route that spans approximately 1,200 kilometers, to continue its oil exports. This pipeline transports oil from Saudi Arabia's eastern fields across the Arabian Peninsula to the Red Sea port of Yanbu.However, on September 12, Iranian-backed Iraqi militias attacked this pipeline, halting its operations. Additionally, the Iran-aligned Houthi rebels have rapidly expanded their influence in the Bab el-Mandeb Strait, raising alarms over Saudi oil exports.In response, Saudi Arabia announced on September 16 that it aims to restore the pipeline's transport capacity to half within a few days and to full capacity within six weeks. The country also plans to increase oil supplies to Asia by transferring oil between vessels at the Port of Sohar in Oman. Following this news, international oil prices saw a temporary easing.Nevertheless, volatility in oil prices is expected to persist due to ongoing supply uncertainties in the Middle East. The intensified offensive by the Houthi rebels in Yemen poses additional risks to oil production and transportation in major producing countries, including Saudi Arabia.According to Reuters, on September 16, Saudi forces conducted airstrikes on Houthi targets in Yemen, while the Houthis launched drones and missiles toward major Saudi cities. Saudi Arabia reported intercepting a Houthi drone aimed at the Islamic holy city of Mecca the previous day. The U.S. government has since heightened its travel advisory for Saudi Arabia, urging citizens to reconsider travel to the country. 2026-09-17 14:00:00
  • KOSPI Continues Upward Trend Despite Fed Rate Hike
    KOSPI Continues Upward Trend Despite Fed Rate Hike The U.S. Federal Reserve has raised interest rates and hinted at the possibility of further increases this year, yet the KOSPI continues to rise. Despite a broad decline in the New York stock market overnight, buying interest in major stocks, including semiconductor companies like Samsung Electronics, has kept the index fluctuating around the 6,770 mark.As of 1:41 p.m. on September 17, the KOSPI was up 55.16 points (0.82%) at 6,773.13. The index opened at 6,779.02, up 61.05 points (0.91%) from the previous close, and has been trading around the 6,770 level.In the securities market, individual and institutional investors have made net purchases of 96.1 billion won and 245 billion won, respectively, driving the index higher. Foreign investors, however, have sold a net 37.1 billion won.Among the top market capitalization stocks, movements have been mixed. Samsung Electronics rose by 0.79%, SK Hynix by 0.23%, Hyundai Motor by 0.28%, KB Financial by 1.36%, and Samsung C&T by 0.99%. Conversely, Samsung Electro-Mechanics fell by 1.74%, LG Energy Solution by 0.27%, and Samsung Biologics by 1.06%.The KOSDAQ index also showed an upward trend. At the same time, the KOSDAQ index was up 8.27 points (1.01%) at 824.25. It started at 820.16, up 4.18 points (0.51%) from the previous session, and has since expanded its gains.In the KOSDAQ market, individual and institutional investors have made net purchases of 6.6 billion won and 20.9 billion won, respectively, while foreign investors have sold a net 38.1 billion won.Among the top KOSDAQ stocks, Alteogen fell by 0.39%, EcoPro BM by 0.29%, Wonik IPS by 0.34%, and Simtek by 0.88%. In contrast, EcoPro rose by 0.73%, JUSUNG Engineering by 1.73%, Rainbow Robotics by 1.89%, IOTech by 0.96%, and Rino Technology by 2.12%, while Roboteers increased by 1.29%.* This article has been translated by AI. 2026-09-17 13:56:00
  • Fall Festivals and Train Travel Highlight Autumn in Korea
    Fall Festivals and Train Travel Highlight Autumn in Korea In October, a variety of train travel packages will take travelers deep into the heart of autumn. These packages connect major fall festivals and tourist attractions across the country, including the Andong Mask Dance, Jeongseon Silver Grass, and Yeongwol Red Buckwheat flowers. Korea Railroad Tourism Development announced on September 17 that it will hold a fall promotion for train travel packages departing in October, offering mobile coffee coupons to travelers. This event is organized ahead of the integration of high-speed rail services and the launch of the integrated corporation of Korea Railroad Tourism Development and Korea Railroad Networks. Travelers using the designated train travel packages will receive mobile coffee coupons. Details about the eligible packages and benefits can be found on the promotional page of the Korea Railroad Tourism Development travel mall. In October, numerous fall festivals across the country will be linked with train travel packages. Travelers can visit the Andong International Mask Dance Festival, the Gyeongju Cultural Arts Festival, the Herbal Medicine Festival, the Wine Festa, and the Yeongcheon Joint Festival, which features the Starry Night Hanwoo Grilled Beef Festival, as well as the Geumsan World Ginseng Festival, the Gimje Horizon Festival, and the Buyeo Baekje Cultural Festival through train travel. There are also packages designed to enjoy the autumn scenery, such as the Silver Grass Festival at Jeongseon Mindungsan Mountain and the Yeongwol Donggang Red Buckwheat Flower Festival, known for its stunning views. Additionally, regional tourism train packages like the Daejeon Bread Festival and the DMZ Peace Train will be available. Song Kwang-seok, CEO of Korea Railroad Tourism Development, stated, "We organized this event to express our gratitude to customers who have used train travel as we approach the integration of high-speed rail and the launch of our subsidiary corporation. We will continue to expand customer benefits through a variety of train travel products and services."* This article has been translated by AI. 2026-09-17 13:56:00
  • Government Supports Abolishing North Korean Contact Reporting Refusal
    Government Supports Abolishing North Korean Contact Reporting Refusal The South Korean government has expressed support for a proposal to eliminate the legal basis that allows the Minister of Unification to refuse reports of contact with North Korean residents. According to the National Assembly's Foreign Affairs and Unification Committee on September 17, the Ministry of Unification has provided a 'favorable' opinion on a revision to the Inter-Korean Exchange and Cooperation Act proposed by lawmaker Kim Jun-hyung of the Justice Party. The key aspect of the proposed amendment is the removal of the Minister of Unification's authority to refuse reports of contact with North Korean residents. Under current law, South Korean citizens must report in advance if they wish to contact North Korean residents, and the government can refuse such requests if there are clear concerns about national security or public order. If the amendment passes, the obligation to report in advance will remain, but the government's authority to preemptively block contact based on its purpose and content will be eliminated. Contact between South and North Korean residents has required government 'approval' since the enactment of the Inter-Korean Exchange and Cooperation Act in 1990. This requirement was relaxed to a reporting system in 2005, and in 2009, the criteria for refusal were narrowed to cases with 'clear concerns.' However, the government's authority to block contact in advance has remained intact. If the amendment passes the National Assembly, it will mark the first time in 36 years that such preemptive blocking measures are removed, effectively transitioning the contact system with North Korean residents from a de facto approval system to a true reporting system. The National Intelligence Service and the Ministry of Justice, which have previously taken a cautious stance, are also reported to have agreed to the intent of the amendment during government discussions. The Ministry of Unification explained that this move aims to expand the autonomy of civilian exchanges and operate the reporting system in line with its original purpose. However, even if the amendment is passed, the obligation to report contact with North Korean residents and the penalties for failing to report will remain in place. Opposition parties have raised concerns about the potential for illegal remittances to North Korea or misuse in North Korea's operations against the South, calling for necessary safeguards.* This article has been translated by AI. 2026-09-17 13:52:20
  • Hanseyes24 Expands Business in Uzbekistan, Considering Fashion and Content Ventures
    Hanseyes24 Expands Business in Uzbekistan, Considering Fashion and Content Ventures Hansey24 Group is set to expand its business in Uzbekistan, leveraging the automotive parts operations of Hansemobility. The group is also exploring local entry into fashion and cultural content sectors.On September 15, key executives from Hansey24 Group, including Vice Chairman Kim Seok-hwan, Vice Chairman Kim Ik-hwan of Hanse Industries, and President Sung Nak-gon of Hansemobility, attended the 'Korea-Uzbekistan Business Forum' held at the Shilla Hotel in Seoul.The forum marks a significant step for Hansey24 Group in enhancing investment and localizing operations in Uzbekistan. Hansemobility has been collaborating with Uzbek automotive company Uzavto Motors from the outset and began local production of key components at the end of last year, with mass production starting this month.This year, Hansemobility invested $13 million in Uzbekistan's Fergana region. An additional $12 million is planned for next year, bringing the total investment to $25 million. A factory completion ceremony is scheduled for October 13 in Fergana.Hansey24 Holdings is promoting reading education initiatives through its educational and cultural content subsidiaries, Dong-A Publishing and the content platform Yes24. The group plans to consider further expansion into Uzbekistan, including localizing apparel manufacturing and fashion brands, building on its investments in the mobility sector.Vice Chairman Kim Ik-hwan stated, "We will explore localization in the cultural content and fashion sectors, using our investment in the automotive parts industry as a foundation. We aim to contribute to the economic development and exchange between our two countries by actively hiring talented individuals from Uzbekistan."* This article has been translated by AI. 2026-09-17 13:48:00
  • Majority Support Introduction of Written and Essay Format in College Entrance Exam
    Majority Support Introduction of Written and Essay Format in College Entrance Exam More than half of the public participation committee members support the introduction of written and essay evaluations in the College Scholastic Ability Test (CSAT). However, after a two-day in-depth discussion, the proportion of support slightly decreased, while opposition increased. Concerns about grading fairness and the expansion of private education have been raised, indicating that a concrete roadmap and adequate preparation are necessary for implementing the system.The National Education Commission held its 10th meeting on September 17 at the Government Seoul Building, where it reported the results of the public participation committee's deliberation on college entrance exam systems to prepare for future society. The commission conducted deliberative discussions with 180 participants, including students, parents, educators, and general citizens, from August 29 to 30, and analyzed changes in opinions through surveys conducted before and after the discussions.According to the commission's report, 55.5% of the participants indicated that the introduction of written and essay evaluations is 'necessary' (very necessary + necessary) after the discussions. In contrast, 41.7% responded that it is 'not necessary' (not at all necessary + not necessary).There were notable differences in responses based on age and profession. Support for the introduction increased among high school students and university stakeholders, while the necessity decreased among middle-aged individuals (ages 40-60) and parents of elementary, middle, and high school students. Particularly, the rise in opposition among parents and educators, who are directly affected, is noteworthy.A significant feature of this survey is the change in public opinion before and after the deliberation process. Prior to the discussions, support for the introduction of written and essay evaluations was at 58.3%, but it dropped to 55.5% after intense discussions, a decrease of 2.8 percentage points. Conversely, the percentage of those who deemed it unnecessary rose from 37.8% before the discussions to 41.7% afterward, an increase of 3.9 percentage points.This shift in opinion suggests that while there is agreement on the need for the system, the practical barriers to reliable grading and implementation became more apparent during the discussions.Participants identified 'concerns about grading fairness' (48.3%) as the primary worry regarding the introduction of written and essay evaluations. This was followed by 'concerns about the expansion of private education' (13.9%) and 'concerns that preparation through school education would be difficult' (13.9%).Among the 75 committee members who opposed the introduction, 40 (22.2%) called for a cautious approach, suggesting 'partial introduction,' 'less than 40% of questions in this format,' or 'introduction after the 2037 academic year.'Support for expanding written and essay questions in high school internal assessments (midterm and final exams) also saw a slight decrease after the discussions. The percentage of those who deemed it 'necessary' dropped from 76.1% before the discussions to 72.8% afterward, a decrease of 3.3 percentage points, while those who found it 'unnecessary' increased from 21.7% to 22.8%, an increase of 1.1 percentage points.Committee members identified the most critical preparations needed for the successful implementation of written and essay evaluations in high school internal assessments as 'establishing a response system for appeals to schools and education offices' (4.69 out of 5) and 'providing grading criteria and systematizing the appeal process' (4.65).For the CSAT, they highlighted 'disclosure of grading criteria and establishment of an appeal process' (4.59) and 'developing questions that align with the school curriculum' (4.55) as key tasks, emphasizing that building a fair and transparent evaluation system is a prerequisite.Chairman Cha Jeong-in of the National Education Commission stated, 'We will do our best to listen to the public's opinions through various deliberative processes on the college entrance exam system, which is of great social interest, and to create policies based on social consensus.'Meanwhile, the National Education Commission plans to continue public discussions on specific issues based on these deliberation results and analyze the outcomes of on-site discussions and online feedback to report to the main committee in October.* This article has been translated by AI. 2026-09-17 13:44:00
  • Kim Young-shin Sends Integrity Letter to Small Businesses for Chuseok
    Kim Young-shin Sends Integrity Letter to Small Businesses for Chuseok Kim Young-shin, head of the Small and Medium Business Technology Information Promotion Agency, sent an 'Integrity Letter' to small businesses in light of the Chuseok holiday.The agency announced on September 17 that it will promote the 'Integrity During the Holiday' campaign until the 28th.The campaign includes sending integrity letters, a no-gift exchange initiative, operating a reporting center for improper requests, and ensuring compliance with the code of conduct for employees.In the integrity letter, Kim emphasized the agency's commitment to meeting customer expectations for the highest levels of integrity and fairness.Additionally, the agency was the first domestic R&D institution to obtain the international standard ISO 37001 (Anti-Bribery Management System) certification in 2017 and has maintained this certification over the past decade, demonstrating its commitment to ethical management.* This article has been translated by AI. 2026-09-17 13:44:00
  • South Koreas Foreign Ministry Addresses Discrepancies Over Hormuz Deployment
    South Korea's Foreign Ministry Addresses Discrepancies Over Hormuz Deployment The South Korean Foreign Ministry clarified on September 17 that discrepancies between the government and ruling party regarding the deployment to the Hormuz Strait are due to the absence of a concrete government proposal.During a session of the National Assembly's Foreign Affairs and Unification Committee, Deputy Minister Park Yoon-joo stated, "We will hold consultations with the ruling party and engage in a deliberative process in the future."Park emphasized the need to find a balance by considering various issues, including the safety of navigation in the strait and national interests. He added, "Once we move past this stage, we will communicate with the ruling party and provide thorough reports to the National Assembly to reach a consensus."Amidst this, Minister of Foreign Affairs Park Jin departed for the United States for a diplomatic meeting, prompting questions from lawmaker Kim Dae-sik of the People Power Party about whether the minister left without prior coordination with the ruling party regarding the Hormuz deployment. Park Yoon-joo responded, "Minister Park is going to discuss not only the Hormuz issue but also a wide range of current affairs with U.S. Secretary of State Marco Rubio."Meanwhile, during the committee meeting, lawmakers from the ruling Democratic Party directed criticism at Deputy Minister Park and Second Deputy Minister Kim Jin-ah regarding the Hormuz deployment. 2026-09-17 13:40:00
  • Won emerges as standout Q3 gainer as KOSPI rally takes back seat
    Won emerges as standout Q3 gainer as KOSPI rally takes back seat SEOUL, Sept. 17 (AJP) — The South Korean won emerged as a standout winner against the U.S. dollar in the third quarter to date, reversing its trend and place with the KOSPI that dominated the first half. The dollar stood at 1,359.4 won on Sept. 15, leaving the Korean currency 4.8 percent stronger than the end-July level of 1,424.0 won and 8.6 percent stronger than its first-half average of 1,486.79 won, showed the Bank of Korea (BOK) third-quarter market report Thursday. The dollar shot back up to 1,380.7 won by 1 p.m. Thursday following the Federal Reserve's overnight rate hike, which widened the gap between the U.S. and Korean benchmark rates to 1 percentage point at the upper end. The won's strength through Sept. 15 was notable against a 0.3 percent decline in the dollar index against a basket of six major currencies. The Japanese yen gained 1.9 percent against the dollar, the Taiwan dollar 1.4 percent and the Indonesian rupiah 1.8 percent over the same period. The BOK attributed the won's advance to improved domestic foreign exchange supply and demand, helped by a widening current-account surplus and expectations for solid economic growth despite continued geopolitical uncertainty in the Middle East. Volatility also eased sharply. The won-dollar rate's average daily fluctuation fell to 0.31 percent in August from 0.53 percent in July and 0.50 percent in June. The average daily trading range narrowed to 4.4 won from 8.0 won in July. Foreign investor flows also improved overall in August, although the underlying picture differed sharply between stocks and bonds. Net foreign investment in South Korean securities recorded an outflow of $4.50 billion in August on a settlement basis, narrowing from $21.65 billion in July and $30.72 billion in June. Stock investment swung to a modest $40 million inflow from a $20.70 billion outflow in July, while bond outflows widened to $4.53 billion from $960 million a month earlier. The BOK attributed the heavier bond outflow to rising market rates and worsening incentives for short-term arbitrage trades. On a trading-date basis, meanwhile, foreign stock outflows widened to $8.66 billion in August from $5.46 billion in July. Foreign exchange trading became more active even as day-to-day volatility declined. Average daily interbank foreign exchange trading increased to $57.23 billion in August from $54.55 billion in July, led by stronger spot-market activity. Spot transactions rose to $25.31 billion a day from $21.89 billion, while foreign exchange swaps declined to $25.36 billion from $26.83 billion. The picture for securities also reversed entering the second half, with bond yields rising sharply while the pace of equity gains moderated. South Korea's 10-year government bond yield climbed 34 basis points from end-July to 4.60 percent as of Sept. 15, outpacing increases of 27 basis points in the corresponding U.S. Treasury yield and 23 basis points in Japan's 10-year government bond yield. The KOSPI, which had driven South Korean asset gains in the first half, was up just 0.5 percent from end-July through Sept. 15. By comparison, the U.S. S&P 500 gained 1.3 percent, while Taiwan's TAIEX rose 5.5 percent. South Korean banks' overseas borrowing conditions remained broadly favorable despite some rise in funding spreads. The country's five-year credit default swap premium edged down to 22 basis points in August from 23 basis points in July. Short-term overseas borrowing spreads rose to 26 basis points from 17 basis points, while medium- to long-term spreads increased to 45 basis points from 41 basis points. AJP Takeaways - The won strengthened 4.8 percent against the dollar from end-July through Sept. 15, outpacing gains in the Japanese yen, Taiwan dollar and Indonesian rupiah over the same period. - The dollar-won rate rebounded to 1,380.7 won by 1 p.m. Thursday from 1,359.4 won on Sept. 15 following the Federal Reserve's overnight rate hike. - The KOSPI gained just 0.5 percent from end-July through Sept. 15, compared with the won's 4.8 percent advance, while South Korea's 10-year government bond yield rose 34 basis points. - Foreign securities outflows narrowed to $4.50 billion in August from $21.65 billion in July, while average daily foreign exchange volatility fell and interbank trading volume increased. 2026-09-17 13:36:14
  • Shin Jang-sik: No Negotiations with the Democratic Party Amid Truth Dispute with Kim Min-seok
    Shin Jang-sik: 'No Negotiations with the Democratic Party' Amid Truth Dispute with Kim Min-seok In response to claims by Kim Min-seok, leader of the Democratic Party, that discussions for a progressive alliance are underway, Shin Jang-sik, leader of the Innovation Party, has firmly refuted these assertions. The debate over the so-called 'progressive alliance' has escalated into a dispute over the truth.During a Supreme Council meeting held at the National Assembly, Shin emphasized, "The Democratic Party has not conducted any negotiations aside from a phone call on the afternoon of the 16th with Secretary-General Jeong Chun-sang, asking to meet once."Shin pointed out, "Today (the 17th), Kim claimed on the Democratic Party's official YouTube channel that an agreement was reached to ease the requirements for negotiation groups to 15 seats. Why is he making statements that are not factual? This seems to be interpreted as a strategic card to navigate his own crisis," he stated.Kim Jun-hyung, the floor leader, also remarked, "There was no proposal for discussions, yet the number 15 has emerged. This figure lacks any basis in principle or legitimacy," adding that "the proposal to ease the negotiation group requirement to 10 seats has already been suggested within the Democratic Party."​Conversely, Kim Min-seok stated on the Democratic Party's official YouTube channel that discussions on easing the negotiation group criteria, among other issues, have been ongoing with the Innovation Party. He noted, "We have already met with the Innovation Party. I instructed the members of the grand integration promotion team, which is focused on discussing a progressive alliance, to continue outreach." He also mentioned that discussions are taking place regarding issues raised by progressive parties, including the easing of negotiation group requirements.When proposing to lower the current requirement from 20 seats to 15, Kim indicated that there was a consensus with progressive parties, but the Innovation Party immediately countered, stating, "Our party's position is to ease it to 10 seats."* This article has been translated by AI. 2026-09-17 13:32:00