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  • Korea Electric Power Corp. Shares Surge Over 8% Amid Westinghouse Investment Talks
    Korea Electric Power Corp. Shares Surge Over 8% Amid Westinghouse Investment Talks Korea Electric Power Corp. (KEPCO) shares surged more than 8% during trading on August 26, following reports that the U.S. government proposed a stake investment in Westinghouse Electric Company (WEC) to South Korea.As of 1:46 PM KST, KEPCO's stock was trading at 35,500 won, up 8.56% (2,800 won) from the previous trading day, according to the Korea Exchange.The rise in KEPCO's stock is fueled by optimism surrounding the potential investment in Westinghouse. Industry sources indicate that the Ministry of Trade, Industry and Energy and KEPCO are currently reviewing a proposal from the U.S. regarding a stake investment in Westinghouse, including the specifics of the investment structure and funding methods.This arrangement would allow Korean companies to participate in U.S. nuclear power construction projects while securing a stake in Westinghouse. If the investment materializes, it could enhance KEPCO's negotiating power regarding export controls and intellectual property issues that have arisen during the nuclear export process.Last January, KEPCO and Korea Hydro & Nuclear Power signed a long-term agreement with Westinghouse related to nuclear exports, which reportedly includes provisions for royalties and service purchases, along with certain restrictions on entering some overseas markets.In line with KEPCO's strong performance, other nuclear-related stocks are also rising. At the same time, KEPCO Engineering & Construction was trading at 123,100 won, up 13.35% from the previous day.However, the government has distanced itself from the speculation regarding a joint acquisition of Westinghouse shares. The Ministry of Trade, Industry and Energy stated that the notion of a joint investment by South Korea and the U.S. to acquire Westinghouse shares is “not accurate.”* This article has been translated by AI. 2026-08-26 13:56:00
  • South Korean matchmaker Duo fined $250,000 over false claims
    South Korean matchmaker Duo fined $250,000 over false claims SEOUL, August 26 (AJP) - South Korean regulator has fined matchmaking company Duo 345 million won ($250,000) for misleading claims that it had the industry’s largest pools of professionals and graduates from prestigious universities. The Fair Trade Commission (FTC) said Wednesday the company had used the claims across its website, blog and outdoor advertisements since April 2022. The regulator also ordered the company to correct the practices. Among the slogans were statements that it had “the industry’s largest 5,135 professional members” and “16,479 members from prestigious universities, the most in the industry.” However, the regulator found that the firm created its own definitions of what qualified as a professional occupation or prestigious university and calculated the figures using those standards. It did not compare its membership data with competitors or provide objective evidence. The company also advertised itself as “the industry’s only corporation subject to an external audit” and “the only matchmaking company in Korea disclosed through the Financial Supervisory Service (FSS).” The FTC determined those claims were false because Baroyeon, another matchmaking company, also had external audit reports available on DART, the FSS’s electronic disclosure system. The company also overstated the size of its matchmaking staff. It advertised having as many as 230 professional matchmakers, but only 188 employees were dedicated to arranging matches between members as of October 2023. The advertised total included other employees who were not directly involved in matchmaking. The watchdog said such claims could mislead consumers because information about membership and matchmakers can influence their choices. It therefore classified the statements as false or exaggerated advertising under the country’s advertising law. The FTC said it would continue monitoring advertising in the matchmaking industry to ensure that information affecting consumer decisions is presented accurately. AJP Takeaways • South Korea’s Fair Trade Commission fined matchmaking company Duo 345 million won ($250,000) on August 26, 2026, for misleading advertisements claiming it had the industry’s largest number of professional members and graduates from prestigious universities without objective evidence. • The Fair Trade Commission found that Duo used its own definitions to count professional and elite-university members, while also falsely claiming to be the only matchmaking company subject to an external audit. • Duo also advertised having as many as 230 professional matchmakers, but the Fair Trade Commission found that only 188 employees were dedicated to arranging matches as of October 2023. 2026-08-26 13:52:21
  • Controversy Over Compensation for Descendants of Donghak Peasant Revolution Participants
    Controversy Over Compensation for Descendants of Donghak Peasant Revolution Participants It took over a century to restore the honor of those who participated in the Donghak Peasant Revolution. Recognizing and remembering the sacrifices made against feudal order and foreign powers is a national responsibility. However, a controversy has erupted since the Jeonbuk Special Self-Governing Province began providing an annual stipend of 1.2 million won to the descendants of participants this year. The issue at hand is not just the value of the Donghak Peasant Revolution, but how to appropriately honor historical contributions.Jeonbuk Province is providing 723 eligible descendants who have resided in the province for over a year with monthly payments of 100,000 won. The budget for this year is set at 868 million won, shared between the province and local governments. The stipends are available to registered descendants who have undergone government review as per the relevant special law.The historical significance of the Donghak Peasant Revolution is clear. In 2004, the government enacted a special law aimed at restoring the honor of participants and their descendants, and in 2019, designated May 11, the anniversary of the Hwangtohyeon victory, as a national holiday. This was a measure to correct the long-standing mischaracterization of the event as a 'Donghak Rebellion.'Remembering and honoring those who sacrificed for the nation and community goes beyond mere compensation for the past. It raises questions about which histories we choose to remember and what values we wish to uphold. Therefore, there must be clear principles guiding such honors.The first point to address regarding the stipend is residency. Descendants of the same participants receive the stipend only if they have lived in Jeonbuk for over a year; those living in other regions do not qualify. While it is understandable that the Donghak Peasant Revolution is closely tied to regional identity, it is difficult to justify that recognition of historical contributions should vary based on one’s address.Uncovering and honoring historical figures from the region is different from providing regular cash payments. There needs to be a standard for determining which contributions are recognized, the scope of eligible descendants, and the amount and duration of payments. Online discussions questioning whether descendants of the righteous army from the Imjin War should also receive stipends reflect a broader concern: the lack of consistent criteria linking historical contributions to financial support.Recognition methods are not limited to stipends. It is also important to uncover records and materials related to participants, preserve historical sites, and convey their significance through research and education. The state should take a more proactive role in restoring honor and evaluating history.The question remains whether the history that the state should remember and honor can be left to the cash support of individual local governments. The government must examine the recognition system for historical contributors and their descendants, establishing principles for eligibility, support methods, and funding responsibilities. While it is essential to remember history generously, the historical significance does not justify all forms of support. Recognition for the same contributions should not vary based on where one lives. 2026-08-26 13:48:00
  • Police Reform is Essential for Completing Prosecutorial Reform
    Police Reform is Essential for Completing Prosecutorial Reform As the dismantling of the prosecution office and the abolition of its direct investigative authority approach on October 2, the recent "false conclusion of a missing person case" in Jeju raises questions about the direction of criminal justice reform. Is reducing the powers of the prosecution sufficient for reform? The more pressing question now is who will control the police, which has taken on the vast investigative powers previously held by the prosecution, and how will that control be implemented.On August 25, the Jeju District Court issued an arrest warrant for a police officer, identified as A, from the Jeju West Police Station, on charges of dereliction of duty, forgery and use of public documents, and obstruction of official duties. The court cited "concerns of evidence destruction and flight" as reasons for the warrant. A is accused of falsely claiming to have contacted Jang Mi-ran, who was reported missing in May, and prematurely closing the case, subsequently deleting Jang's information from the police's missing persons profiling system. A similar false conclusion was allegedly made in a missing person case involving a man in his 60s reported in July. Both missing individuals were later found deceased.The police are the closest power institution to the public, involved in nearly every aspect of the criminal justice process, from responding to 112 emergency calls to conducting searches, arrests, and making decisions on case referrals. As the prosecution's investigative authority diminishes, the weight of police investigative decisions inevitably increases.If the excessive concentration of power in the prosecution was problematic, the expansion of police authority must also be scrutinized with the same rigor. The notion that it is dangerous for the prosecution to exercise investigative powers but safe for the police to do so is flawed. In a democracy, the issue lies not with the name of the institution but with the existence of "unchecked power" itself.The police must not limit their response to this incident to identifying the individual criminal responsibility of the officer involved. A comprehensive review of the case closure approval structure, command and supervision systems, authority over changes to missing persons information, management of computer logs, and automatic re-evaluation procedures for re-reported cases is essential. Particularly for cases like missing persons, domestic violence, stalking, and child abuse, where initial judgments can be life-threatening, safeguards must be established to ensure that no single officer can unilaterally decide the outcome.Relying solely on the police's "self-inspection" is insufficient. A structure where the police investigate, close cases, and then inspect themselves when issues arise makes it difficult to secure public trust. As police powers expand, independent oversight mechanisms that can assess the appropriateness of case handling from outside the police organization must be strengthened.This is why the effective implementation of the National Police Commission and the legislative establishment of the Police Investigation Review Committee are crucial. External oversight through the National Police Commission must be designed to fulfill a genuine monitoring function, and the Police Investigation Review Committee should be structured to have real effectiveness beyond being a mere advisory body.This incident poses serious questions for the government and the ruling party. If the focus remains solely on diminishing the power of the prosecution without establishing checks on the police that inherit those powers, the reform will be incomplete. Prosecutorial reform and police reform are not opposing policies; they are part of a single reform effort. If the first step is to decentralize the powers of the prosecution, the second step must be to ensure that the newly distributed powers do not become a new form of authority. It is also essential to apply the same principles to the newly established Serious Crimes Investigation Agency. 2026-08-26 13:48:00
  • Afinit eyes KOSDAQ listing on India growth
    Afinit eyes KOSDAQ listing on India growth SEOUL, August 26 (AJP) - South Korean fintech company Afinit has begun the process of listing on the KOSDAQ, seeking to build on rapid growth in India and expand its financial services into other emerging markets. The company said Wednesday that it submitted a preliminary listing application to the Korea Exchange (KRX), formally kicking off its initial public offering (IPO) process. Mirae Asset Securities is the lead underwriter, with Hana Securities serving as a co-underwriter. Founded in 2014, Afinit operates True Balance, an AI-powered financial platform targeting people in India who have limited access to traditional banking and credit services. A key part of the business is its in-house alternative credit scoring system. Rather than relying only on conventional credit records, the system analyzes more than 90,000 types of alternative data to assess customers, including those with little or no traditional credit history. It reported revenue of 112.3 billion won ($81 million) in the first half of this year, up 45.8 percent from a year earlier. Operating profit jumped 79.4 percent to 29.6 billion won. Annual revenue increased from 24.2 billion won in 2021 to 161.9 billion won in 2025, a roughly 6.7-fold increase over four years. Building on that growth, the company aims to use the planned listing to broaden True Balance beyond small loans and other basic financial products into a wider financial platform. Beyond India, it is also looking to expand into other emerging markets. Earlier this month, it signed memorandums of understanding with Shinhan Vietnam Finance and Lotte Finance Vietnam as part of its planned entry into Vietnam. The company plans to expand from Vietnam into other emerging markets, including Indonesia, where demand for broader access to financial services remains high. AJP Takeaways • Afinit submitted a preliminary application for a KOSDAQ listing on Aug. 26, 2026, with Mirae Asset Securities as lead underwriter. • The company operates True Balance, an AI-powered financial platform in India that uses alternative data to assess customers with limited credit histories. • First-half revenue rose 45.8 percent to 112.3 billion won, while operating profit increased 79.4 percent to 29.6 billion won. • Afinit is broadening its services into insurance and credit cards while preparing to expand into Vietnam and other emerging markets. 2026-08-26 13:46:24
  • KOSPI Rises Over 2% on Institutional Buying; Samsung, SK Hynix Gain
    KOSPI Rises Over 2% on Institutional Buying; Samsung, SK Hynix Gain 코스피가 기관의 순매수에 힘입어 2%대 상승하고 있다. According to the Korea Exchange, as of 1 p.m. on August 26, the KOSPI index rose by 144.40 points (2.14%) to 6,887.18 compared to the previous trading day. Institutional investors led the increase, net buying 616.3 billion won, while individual and foreign investors sold off, with net sales of 1.4779 trillion won and 165.4 billion won, respectively. Among the top market capitalization stocks, Samsung Electronics saw a 3.40% increase, and SK Hynix rose by 2.74%. Other gainers included Samsung Electronics preferred shares (2.47%), SK Square (1.32%), Hyundai Motor (0.36%), LG Energy Solution (0.14%), and Samsung Biologics (0.95%). Notably, Samsung Life surged by 8.77%, and Samsung C&T climbed by 5.59%. In contrast, Samsung Electro-Mechanics fell by 0.84%. The KOSDAQ index, however, lagged behind, showing a slight increase of 0.12 points (0.01%) to 827.27 at the same time. In the KOSDAQ market, individual investors net bought 220.6 billion won, while foreign and institutional investors net sold 125.1 billion won and 97.8 billion won, respectively. On the stock front, Alteogen rose by 2.78%, and Pharma Research surged by 6.88%. EcoPro (0.23%) and Rainbow Robotics (0.11%) also saw gains. Conversely, EcoPro BM (-1.16%), Juseong Engineering (-2.57%), Wonik IPS (-2.14%), Rino Industrial (-2.08%), and HLB (-1.83%) experienced declines. * This article has been translated by AI. 2026-08-26 13:08:00
  • Buhyung Group Awards 400 Million Won in Scholarships to 98 International Students
    Buhyung Group Awards 400 Million Won in Scholarships to 98 International Students Buhyung Group's Woosung Education Foundation has awarded approximately 400 million won in scholarships to 98 international students studying at domestic universities, bringing the total support to 11.6 billion won.On August 26, Buhyung Group announced that it distributed the funds during the '2026 Second Semester International Student Scholarship Award Ceremony' held at the Korea Chamber of Commerce and Industry in Seoul. Including this latest support, the foundation has provided a total of 11.6 billion won in scholarships to 2,945 students from 46 countries since its establishment in 2008.The Woosung Education Foundation was founded by Buhyung Group Chairman Lee Joong-geun, who contributed his personal funds. Since 2010, the foundation has awarded scholarships twice a year to international students at domestic universities, expanding its support in 2013 to increase the scholarship amount to 8 million won per student annually.Chairman Lee Joong-geun stated, "I applaud your passion as you pursue your dreams in a foreign environment, and I hope this scholarship serves as a solid foundation for you." He added, "I hope you will act as a bridge connecting your home countries and South Korea, spreading the goodwill that helped you, just like the United Nations did for us."As the President of the Korean Association for the United Nations, Lee continues to promote the role of the UN and the dedication of UN forces. He has proposed designating October 24, the anniversary of the UN's founding in 1945, as a national holiday and conducted a campaign in July to raise awareness of the relationship between the UN and South Korea's Constitution.In addition to its scholarship program for international students, Buhyung Group is actively engaged in social contribution activities focused on education. According to the company, it has donated dormitories to over 130 elementary, middle, high schools, and universities nationwide, and last year supported 20 billion won for the remodeling of KAIST dormitories.Through the Woosung Educational Foundation, it operates five schools, including Neungju Middle and High School in Jeollanam-do and Deokwon Middle and High School in Seoul. At Changshin University, acquired in 2019, the foundation provided full scholarships for one year to new students, with a total scholarship amounting to 8.9 billion won.Internationally, the group has donated 2,100 buses to countries like Cambodia and Laos and supported 600 schools and over 600,000 educational blackboards and 70,000 digital pianos across 25 countries.Buhyung Group continues its social contribution activities, including scholarships, educational facility support, and childbirth incentives, with a total cumulative donation amount of 1.22 trillion won, while Chairman Lee's personal cumulative donations amount to 268 billion won. 2026-08-26 13:04:00
  • Industrial Electricity Rates to Vary by Region, Southern Areas to See Up to 18 Won Reduction
    Industrial Electricity Rates to Vary by Region, Southern Areas to See Up to 18 Won Reduction The government is moving forward with a plan to implement differentiated industrial electricity rates based on regional power supply conditions. The aim is to lower electricity rates in non-metropolitan areas, where power generation is abundant, to encourage businesses to invest in these regions and alleviate the concentration of power demand in the metropolitan area.◆Regional Differentiation in Industrial Electricity Rates to Encourage Business RelocationOn August 26, the Ministry of Climate Energy and Environment and Korea Electric Power Corporation held a public hearing at the KEPCO Southern Seoul Headquarters in Yeongdeungpo-gu, Seoul, to unveil the design plan for the 'Industrial Regional Electricity Rate System.'This regional electricity rate system is based on the 'Special Act on the Activation of Distributed Energy,' which will take effect in June 2024, approximately two years and two months after its enactment. The government has developed a detailed system design plan following expert research, internal reviews, and consultations with industry and experts.The core of this reform is to introduce regional differences in industrial electricity rates, which have been uniformly applied nationwide. A new 'regional adjustment fee' will be established alongside the current basic and energy charges, allowing for lower electricity rates in areas with abundant power supply.The government aims to create a 'local production, local consumption' electricity system, where consumption increases in regions that generate power. By lowering electricity rates in regions with relatively high power supply capacity, the government believes it can encourage businesses with high electricity consumption to relocate or invest in production facilities outside the metropolitan area.◆Southern Region to Maintain Current Rates, with Reductions of Up to 18 WonThe country will be divided into 11 regions based on power system conditions and balanced development factors.Initially, the country will be categorized into four metropolitan areas: southern metropolitan, northern metropolitan, central, and southern regions, considering power flow, transmission congestion, and consumption structure. The final regions will be determined by combining these four areas with the Ministry of the Interior and Safety's regional preference index and industrial crisis areas, reflecting the economic conditions of each region.Jeju will be excluded from this system due to its geographical characteristics as an island and its unique power supply conditions.Regional electricity rates will be calculated based on transmission network usage costs, power self-sufficiency rates, and balanced development factors. The rates will reflect regional transmission costs and self-sufficiency rates, as well as local economic conditions through the regional preference index.As a result, industrial electricity rates in the southern metropolitan area, where power demand is concentrated, are expected to remain at current levels or be adjusted by around 1 won per kWh. In the northern metropolitan area, which includes Incheon, rates may decrease by about 10 won, while the central region, which includes Gangwon and Chungcheong, could see reductions of about 15 won. The southern region, which has a relatively high concentration of nuclear and renewable energy facilities, is expected to see reductions of up to 18 won.Considering that the average selling price of industrial electricity was 181.9 won per kWh last year, the maximum reduction in the southern region is projected to be about 10% of the average selling price.◆Industrial Electricity Costs to Decrease by 2.8 Trillion Won, Government Aims for Implementation This YearIf implemented, the government estimates that the overall industrial electricity costs for businesses will decrease by approximately 2.8 trillion won. However, the actual reduction may vary depending on the final regional classifications and detailed rate calculations.A key challenge will be how to mitigate KEPCO's financial burden resulting from the significant rate reductions. The government plans to introduce regional pricing in the wholesale electricity market, where power generation companies and KEPCO trade, and to provide financial support to minimize KEPCO's burden.With the introduction of regional pricing in the wholesale market, there will also be differences in electricity trading prices between the metropolitan and non-metropolitan areas. This aims to provide price signals to power generation companies based on regional power supply conditions, encouraging not only the distribution of power demand but also the dispersion of generation facilities.The government expects that the regional electricity rate system will serve as a means to promote business relocation and new investments in non-metropolitan areas. In particular, expanding investments in high-energy-consuming advanced industries outside the metropolitan area is anticipated to contribute to job creation and the strengthening of industrial foundations in those regions.Companies already operating in local areas are also expected to benefit from direct cost savings. If the reduction in electricity rates leads to lower production costs, it could enhance the price competitiveness of export-oriented manufacturing companies.From a power policy perspective, this is expected to alleviate the burden of constructing large-scale transmission networks needed to send electricity to the metropolitan area. Increasing power consumption in regions with concentrated generation facilities could reduce the demand for long-distance transmission.The government and KEPCO plan to finalize the detailed design plan after gathering opinions from the industry, power generation companies, local governments, and experts during the public hearing. Following this, they will proceed with related notifications and amendments to electricity rate terms, aiming for implementation within the year.Minister of Climate Energy and Environment Kim Seong-hwan stated, "The introduction of the industrial regional electricity rate system will attract investments in energy-intensive industries outside the metropolitan area, fundamentally reducing the burden of constructing the national transmission network and enhancing national balanced development and the long-term competitiveness of our industries."* This article has been translated by AI. 2026-08-26 13:04:00
  • Suspect in Murder of Chinese Student Allegedly Disposed of Victims Body
    Suspect in Murder of Chinese Student Allegedly Disposed of Victim's Body A suspect in the murder of a 25-year-old Chinese female student in Gyeongsan, Gyeongbuk, has been arrested and is believed to have dismembered and disposed of parts of the victim's body.According to Yonhap News on August 26, the Gyeongsan police are searching for parts of the victim's body, which they suspect were discarded at a local waste incineration facility.Police confirmed that the suspect, identified as Jeong (in his 30s), was seen entering his residence with the victim around 2 a.m. on August 20, as captured by closed-circuit television (CCTV).There is no evidence that Jeong forcibly dragged the victim into his home at that time.It is understood that the victim last communicated with her family via social media around this time.Later that day, at approximately 10:30 p.m., Jeong was seen leaving his residence alone, wearing women's clothing and concealing his face with a hat.Police stated, "The clothing Jeong wore at that time is believed to belong to the victim, but it was not what she was wearing when she entered his residence."Following this, Jeong traveled to Dongdaegu Station, where he reportedly turned off the victim's mobile phone near the station. He then changed into men's clothing in a nearby restroom and returned to his residence, where he reported the victim missing to the police at 7:05 p.m. on August 21.A police official noted, "Considering that Jeong misled authorities in the early stages of the investigation, we plan to apply charges of obstructing official duties against him."Police began a face-to-face investigation with Jeong at 9 a.m. on the same day and plan to request a warrant for his arrest by 7:30 a.m. on August 27.* This article has been translated by AI. 2026-08-26 13:00:00
  • Jung Kyung-tae Accepts Disciplinary Action, Focuses on Constituents
    Jung Kyung-tae Accepts Disciplinary Action, Focuses on Constituents Jung Kyung-tae, a member of the People Power Party, has announced that he will accept a disciplinary action that suspends his party membership for two years and six months.On August 26, Jung stated on his Facebook page, "I will accept the disciplinary action from the Ethics Committee of the People Power Party," adding, "I will not take the party's issues to court, nor will I request a retrial."He expressed that he believes the disciplinary action is very unfair, but emphasized, "Politics should be resolved through political means. I have always upheld this belief and conviction in my legislative activities."Jung further stated, "The choices that follow are in the hands of the people and the great residents of Saha-gu," promising, "I will do my utmost for my responsibilities to the people and the residents of Saha-gu who have granted me the honor of serving six terms. I will focus solely on the people and the residents of Saha-gu and dedicate myself to legislative activities and people's politics."Jung faced disciplinary action after he requested lawmakers from other parties to support the defeat of his rival, Park Deok-heum, during the internal election for the vice chair of the National Assembly. In response, Jung argued that his actions were to uphold his conscience, beliefs, and democracy as a member of the National Assembly. However, the Ethics Committee determined that the issues raised during the clarification process were not resolved, leading to the decision on August 20 to suspend his party membership for two years and six months.* This article has been translated by AI. 2026-08-26 12:24:00