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BOK delivers back-to-back hike to 3% Aug SEOUL, August 27 (AJP) -The Bank of Korea (BOK) delivered a back-to-back rate hike to bring the benchmark rate to 3.00 percent on Thursday after holding it at 2.50 percent for 14 months through June. The move narrowed the interest-rate gap with the United States to 50 to 75 basis points, with the Federal Reserve's target range at 3.50 percent to 3.75 percent, reducing one source of pressure on the won and capital flows. The BOK said stronger-than-expected growth, persistent inflation pressure and financial-stability risks warranted further tightening despite the stronger won. The decision defied bond-market expectations for a pause in August and quickly rippled through Korean financial markets. South Korea's benchmark rate had remained at 2.50 percent from May last year until the BOK raised it by 25 basis points to 2.75 percent in July, its first increase since January 2023. The July move ended a 14-month pause and marked the start of a new tightening cycle. The central bank also raised its 2026 growth forecast to 3.3 percent from 2.6 percent in May while keeping its inflation forecast unchanged at 2.7 percent. It raised its 2027 growth projection to 2.9 percent from 2.1 percent while maintaining its inflation forecast at 2.3 percent. The KOSPI was up 0.56 percent at 6,840 as of 10 a.m., sharply paring an advance of more than 2 percent earlier in the session after the rate hike was announced. The Korean won strengthened 5.8 won from the previous session to 1,377.6 per dollar at the same time. Gov. Shin Hyun-song is due to explain the policy decision and updated economic outlook at a post-meeting press conference later Thursday. AJP Takeaways BOK raises the rate to 3.00 percent, delivering consecutive hikes in July and August. The Korea-U.S. rate gap narrows to 50 basis points at the lower end of the Fed's target range. The hike defies bond-market expectations for a pause, putting Korean financial markets on alert for further repricing. 2026-08-27 09:50:51 -
Huons Global Shares Surge After Merger Withdrawal of Subsidiaries Huons Global's stock price soared in early trading following the announcement of the withdrawal of the merger with its subsidiaries, Huons and Huons Lab. This surge is attributed to the alleviation of concerns that the absorption of Huons Lab, which has significant future growth potential, could diminish Huons Global's share value.As of 9:20 a.m. on the 27th, Huons Global shares were trading at 30,900 won, up 7,100 won (29.83%) from the previous trading day. In contrast, Huons shares fell by 6.65% at the same time.Huons announced after the market closed the previous day that it had decided to withdraw the merger with Huons Lab. Huons Global is the largest shareholder of Huons, holding a 40.74% stake, and serves as the holding company for the Huons Group.Market analysts had expressed concerns that if Huons Lab were absorbed by Huons, its growth potential would only be indirectly reflected through Huons.Previously, on May 18, Huons' board of directors had decided to merge with its unlisted subsidiary, Huons Lab.The purpose of the merger was to secure Huons Lab's biopharmaceutical pipeline and integrate research and development capabilities to create future growth engines. The merger ratio was set at 1 to 0.4256943 between Huons and Huons Lab.Huons had postponed the merger schedule to communicate with shareholders and establish protective measures, but ultimately determined on the 26th that proceeding with the merger would pose a high risk of damaging existing shareholder value, leading to the decision to withdraw.As a result of the merger withdrawal, Huons Global also canceled its planned in-kind dividend. If the merger had been completed, Huons Global intended to distribute approximately 260,000 new shares from the merger to general shareholders, excluding the largest shareholders and related parties.* This article has been translated by AI. 2026-08-27 09:48:00 -
Com2us Shares Surge 17% on Anticipation of New Game 'Zeus' Com2us is experiencing a surge in stock prices due to high expectations for its new game, 'Zeus: God of Pride.'As of 9:25 a.m. on the 27th, Com2us shares were trading at 38,450 won, up 6,100 won (17.94%) from the previous trading day. Early in the session, the stock even reached 41,100 won, further increasing its gains.The excitement among investors is attributed to reports that 'Zeus: God of Pride' quickly climbed to the top of the popularity rankings in both major app stores shortly after its release.The game began pre-downloads on the 24th and reached the number one spot in the Apple App Store's popular games on the same day. On its official launch day, the 26th, it also topped the Google Play popular games chart. Interest in the game was high even before its release, as three character name reservation events held since the 13th sold out quickly.Analysts believe that the initial success of 'Zeus' could lead to improved financial performance for Com2us.Kim Dong-woo, a researcher at Kyobo Securities, stated, "The success of 'Zeus' will be a key factor in estimating profits for the second half of this year and next year," adding that, "Thanks to the revenue contribution from 'Zeus,' consolidated sales in the second half of this year are expected to increase by 13.4% compared to the same period last year, marking a turnaround from a decline." He also projected that operating profit during the same period would reach 22.5 billion won, a return to profitability compared to the previous year.* This article has been translated by AI. 2026-08-27 09:44:20
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Hong Kong Court Holds PwC International Liable in Evergrande Fraud Case The liquidator of Chinese real estate developer Evergrande has brought a lawsuit against global accounting firm PwC, seeking 57 billion yuan (approximately $8.1 billion) in damages. The Hong Kong High Court has ruled that PwC International, the global headquarters of PwC, will also be held accountable in this case. In May, the liquidator filed the lawsuit against three entities: PwC Hong Kong, PwC China, and PwC International. PwC International had requested to be dismissed from the case, but the Hong Kong High Court rejected this request on August 26. Previously, in January 2024, the Hong Kong High Court issued a liquidation order for Evergrande and appointed global consulting firm A&M as the liquidator. A&M contends that PwC failed to detect Evergrande's financial misstatements, leading investors to trust PwC and invest in the company. The liquidator is seeking 19 billion yuan in damages from PwC Hong Kong and PwC Zhongtian (PwC China), as well as 38 billion yuan from PwC International. The liquidator argues that PwC International has played a crucial role in overseeing audit standards and quality control for its regional firms, thereby establishing and maintaining global credibility. In response, PwC International claims that the firms involved in the audit and contracts with Evergrande are independent member firms in Hong Kong and mainland China, not subsidiaries of PwC International. However, the Hong Kong High Court found that there is a possibility that PwC International has a duty of care towards Evergrande, indicating that the liquidator's claims should not be dismissed without a full trial. PwC has already faced significant penalties in mainland China and Hong Kong related to its audit of Evergrande. According to investigations by Chinese authorities, Evergrande inflated its revenue by approximately 564 billion yuan from 2019 to 2020, a fact that PwC failed to uncover during its audits. The China Securities Regulatory Commission (CSRC) imposed a fine of 297 million yuan on PwC Zhongtian in September 2024 and confiscated 27.7 million yuan in illicit gains related to the Evergrande audit. The CSRC criticized PwC for allegedly concealing or tolerating Evergrande's financial misconduct. Additionally, the Chinese Ministry of Finance imposed a separate fine of 116 million yuan and suspended PwC Zhongtian's operations for six months. In April of this year, the Hong Kong Accounting and Financial Reporting Council (AFRC) fined PwC Hong Kong 300 million Hong Kong dollars and restricted its ability to audit new listings for six months. The Hong Kong Securities and Futures Commission (SFC) also reached an agreement with PwC Hong Kong to set aside 1 billion Hong Kong dollars for compensation to Evergrande's independent minority shareholders. The SFC determined that Evergrande inflated its revenue by approximately 45% in 2019 and about 70% in 2020, concluding that PwC Hong Kong had seriously violated its professional duties. Evergrande defaulted in 2021, with total liabilities exceeding $300 billion. The Hong Kong court issued a liquidation order for Evergrande in January 2024, and the liquidators are working to recover assets from various parties, including PwC, related to Evergrande's financial mismanagement and accounting fraud.* This article has been translated by AI. 2026-08-27 09:44:00
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Han Yu-won Supports K-Beauty Small Businesses at Musinsa's 'Muviewpe' The Korea Small and Medium Enterprises and Startups Agency announced that it operated a special zone for small cosmetics businesses at Musinsa's 'Muviewpe in Seongsu,' held from August 21 to 23 in Seoul.This initiative was part of a project to support small business market expansion, conducted in collaboration with the Small Enterprise and Market Service, Musinsa, and Cosmax.During the Muviewpe event, a special zone themed 'The Secret Lab' showcased products from 20 K-beauty small businesses. The booth was designed to inform visitors about the product development process and allow them to experience the products firsthand, attracting 7,300 visitors over three days.The booth also featured QR codes linking to online stores for the displayed products, enhancing the connection between online and offline sales. Additionally, a special exhibition was held on the Musinsa online mall until August 24.As a result, participating small businesses saw an average sales increase of 790% compared to the same period last year.Han Yu-won, the agency's representative, stated, "This event allowed promising beauty small businesses to meet consumers directly and achieve tangible results. We will continue to plan and operate various support programs in collaboration with private platforms to actively support small businesses."* This article has been translated by AI. 2026-08-27 09:44:00
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LS-LIG Collaborate to Expand Electric Bus Charging Infrastructure LS Group and LIG Group are solidifying their collaboration in the electric bus charging infrastructure sector. LS E-Link, which has experience in commercial vehicle charging operations, and Dong-A Elecom, known for its power conversion technology, are teaming up to target the large electric vehicle charging market.On August 26, the two companies announced they signed a memorandum of understanding at the LS Yongsan Tower in Seoul to establish electric bus charging infrastructure and expand their market presence.The companies plan to initially expand charging infrastructure for transportation operators nationwide and increase the supply of 240kW high-output charging solutions.This collaboration will focus on bus depots. Since electric buses require stable, high-capacity charging in line with their operating schedules, the output of chargers and the stability of power supply are crucial. The two companies agreed to broaden their cooperation to include everything from the construction of charging stations to operations, monitoring, and maintenance.LS E-Link is the largest commercial vehicle charging operator in South Korea, serving over 5,000 buses and taxis. It has extensive experience in charging station design and high-capacity charging service operations.Dong-A Elecom has been providing power solutions in the communications and defense sectors based on 50 years of accumulated power conversion technology. The 240kW dispenser-type charger that the two companies plan to expand will separate the power distribution unit from the charging nozzle, allowing for more efficient use of depot space.This partnership is a follow-up to the business collaboration agreement signed by LS and LIG in March of last year. The merger of Dong-A Elecom, which LIG acquired to secure future growth engines, with LS's electric vehicle charging business marks a significant step in the two groups' collaboration in the eco-friendly mobility sector. 2026-08-27 09:40:00
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Muan Designates 3.47 Million Square Meters for Distributed Energy National Industrial Complex Muan County has designated an area of approximately 3.47 million square meters for the planned 'Muan Distributed Energy Specialized National Industrial Complex' as a land transaction approval zone to prevent speculative real estate transactions and ensure systematic land management. According to Muan County, 3,171 parcels covering 347,1351 square meters in Dong-san-ri and Oe-ban-ri of Hyun-gyeong-myeon and Mok-dong-ri and Pi-seo-ri of Mang-wun-myeon have been designated as a land transaction approval zone under Article 10 of the Real Estate Transaction Reporting Act. The designation will be effective from August 30, 2026, until August 29, 2031. The designated areas include 1.84 square kilometers in Dong-san-ri and Oe-ban-ri of Hyun-gyeong-myeon and 1.63 square kilometers in Mok-dong-ri and Pi-seo-ri of Mang-wun-myeon, totaling 3.47 square kilometers. This measure is seen as a way to systematically manage land transactions in the area surrounding the planned Muan Distributed Energy Specialized National Industrial Complex and to prevent speculative transactions and rapid increases in land prices driven by development expectations. Once designated as a land transaction approval zone, any transaction involving land exceeding a certain size requires approval from the relevant administrative authority before the buyer and seller can finalize the contract. For urban areas, the approval threshold is set at over 60 square meters for areas without designated residential or use zones, and over 200 square meters for green spaces. In areas outside urban zones, land transactions exceeding 500 square meters for agricultural land, 1,000 square meters for forest land, and 250 square meters for other types of land will require approval. Upon receiving a land transaction approval application, Muan County will review the details and decide on the approval within 15 days. Approved land must be used for the designated purpose for a period of 2 to 5 years. Parties wishing to transact land within the approval zone must submit a permit application along with a financing plan and other relevant documents to Muan County after reaching a prior agreement. Once approved, they can proceed with drafting the contract. If an application for approval is denied, the applicant can file an objection within one month from the date of notification, which will then undergo a review process by the urban planning review committee before a final decision is communicated. Muan County has announced the designation of the land transaction approval zone and is making related land records and topographical maps available for public viewing. The viewing period runs from August 26 to September 18, and residents can check the relevant materials at the Muan County Office's Civil Affairs and Land Division, as well as at all local town and township offices and the Namak and Oryong branch offices. Lee Seung-myung, head of the Civil Affairs and Land Division, stated, “This measure aims to prevent speculative land transactions that exploit expectations surrounding the establishment of the national industrial complex and to establish a healthy real estate transaction order centered on genuine demand. We urge residents wishing to transact land within the approval zone to verify the approval requirements and related procedures before finalizing contracts.”* This article has been translated by AI. 2026-08-27 09:36:10
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Yongin City Announces Approval for National Route 57 Improvement Project Yongin City, led by Mayor Lee Sang-il, announced that the improvement project for National Route 57 (from Mapyeong to Wonsam) has passed the preliminary feasibility study conducted by the Ministry of Economy and Finance on August 27.On August 26, the 6th Financial Project Evaluation Committee reviewed and approved the feasibility study, allowing the project to be included in the '6th National and Local Road Construction 5-Year Plan.' The Ministry of Land, Infrastructure and Transport is expected to finalize and announce the '6th National and Local Road Construction Plan' after October.The National Route 57 improvement project aims to enhance the road alignment and traffic facilities over approximately 12.3 kilometers, from the Yongin Arts and Science College intersection in Cheoin-gu to the Yongin Semiconductor Cluster industrial complex in Wonsam-myeon. The total project cost is estimated at 221.9 billion won.This project includes the construction of a tunnel at Gobdeung Pass along Route 57. The city plans to improve the road alignment by creating a new tunnel in the steep and narrow 2.88 km section.Additionally, pedestrian safety measures will be implemented, including the installation of sidewalks and the creation of left-turn lanes for vehicles entering nearby villages.Mayor Lee stated, "National Route 57 is a crucial transportation infrastructure connecting the city center with the Yongin Semiconductor Cluster in Wonsam, home to SK Hynix. The new Gobdeung Pass tunnel will improve a hazardous road section and enhance connectivity with National Route 45, significantly increasing convenience for citizens through the installation of sidewalks and left-turn lanes."During the Financial Project Evaluation Committee meeting, the 'National Route 23 (Anseong Daedeok to Yongin Namsa) Expansion Project' also passed its preliminary feasibility study. This project aims to expand a 1.7 km section from the Jinmok Intersection in Namsa-eup, which has remained a two-lane road, to a four-lane road, addressing the bottleneck issue.The road leading to Wonsam-myeon is being expanded to enhance access to the SK Yongin Semiconductor Cluster, with a 1.88 km section of Bogeawon-Samro having opened in May.* This article has been translated by AI. 2026-08-27 09:36:10
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High School Student Seeks Help for Father's Work Clothes Odor A high school student is gaining attention online for sharing his concerns about the smell of his father's work clothes and shoes, which have become saturated with sweat from summer construction work.Recently, a post by a student identified as A was shared on a thread, stating, "My father, who has recently stopped his business to work at a construction site, has laundry that doesn't seem to lose its smell. I'm worried about it." A continued, "With the summer heat, my clothes, socks, and shoes have a strong odor, and even with extra detergent, it doesn't seem to help. I want to know the laundry tips from those who work in the field to help my dad, even if he doesn't say it, I know he feels bad about it."The heartfelt concern from the young student quickly drew a flood of comments online.One commenter, who introduced himself as a "shoe odor expert," advised, "You need to eliminate the bacteria inside the shoes. Spraying on safety shoes works well too," and offered to provide product support, asking the student to check his direct messages.Another user, who has a husband working in the field, shared, "I completely understand the struggle with summer laundry smells. I've tried sodium percarbonate, but I ultimately settled on sodium bicarbonate. Try washing with three to four tablespoons of sodium bicarbonate and a fabric disinfectant in 60-degree water."In a particularly touching comment, a representative from a safety equipment wholesale company offered to send a pair of brand-name safety shoes, saying, "Let me know your father's shoe size. It won't be a burden since it's at cost. Don't hesitate to accept the help, and when you grow up and have the means, you can give back to others."More than 20 other netizens also offered to provide detergent, socks, and financial support.A expressed gratitude, stating, "There are so many people willing to help, but I can't accept everything. I just want to accept their kind intentions." A's father also reportedly declined additional items or support, saying, "Just be thankful for their kindness and make sure to express your gratitude."After starting a part-time job during the summer break, A shared a follow-up post thanking adults once again.A said, "Working part-time during the break made my legs sore and tired, but I realized my father must have been doing much harder work every day. I felt so proud when I bought meat with my earnings and grilled it with my dad."A added, "I now understand how grateful I should be for the adults who worried about me and offered help, even though they don't know me personally."The story has since spread across various online communities, capturing the attention of netizens.Comments included, "He really grew up well," "Everyone's hearts are beautiful," "The father raised a good son," and "I realized that earning money to help others isn't easy. I hope he studies hard and becomes a doctor. Good luck!"* This article has been translated by AI. 2026-08-27 09:36:00
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Korean Won Rises Slightly Against US Dollar Amid Strong US Inflation Data The won-dollar exchange rate is trading in the 1,380 won range as US inflation and domestic demand remain robust.As of 9:11 a.m. in the Seoul foreign exchange market, the exchange rate for the Korean won against the US dollar is 1,385.1 won. At 6 a.m. that day, the rate was recorded at 1,386.3 won, up 1.5 won from the previous day's closing price.The recent US inflation data, which slightly exceeded market expectations, is believed to have contributed to the dollar's strength. The Personal Consumption Expenditures (PCE) price index for July rose 3.7% compared to the same month last year, slightly above the market forecast of 3.6%.The dollar index, which measures the value of the dollar against six major currencies, rose 0.267% to 99.147.The New York stock market closed slightly lower. The Dow Jones Industrial Average finished down 113.52 points (0.21%) at 53,463.88.The Standard & Poor's (S&P) 500 index fell 1.58 points (0.02%) to close at 7,675.70, while the Nasdaq Composite Index dropped 21.10 points (0.08%) to finish at 26,130.20.International oil prices declined. October futures for Brent crude fell 0.84% to $87.84 per barrel, while West Texas Intermediate (WTI) crude dropped 0.16% to $82.23 per barrel.In the domestic stock market, foreign investors are showing net buying activity. Early in the session, foreign investors purchased 208.8 billion won in the securities market.The exchange rate is expected to rise slightly. Min Kyung-won, an economist at Woori Bank, stated, "With the US PCE inflation exceeding expectations and domestic demand remaining strong, US Treasury yields are rising, leading to a strengthening of the dollar. This is likely to exert downward pressure on the won, contributing to weakness in major Asian currencies such as the yen and yuan."* This article has been translated by AI. 2026-08-27 09:32:00