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  • Hanmi Pharmaceutical Hits Upper Limit After $23 Billion Licensing Deal with Genentech for Obesity Drug
    Hanmi Pharmaceutical Hits Upper Limit After $23 Billion Licensing Deal with Genentech for Obesity Drug Hanmi Pharmaceutical has reached the upper limit on the stock market following news of a licensing agreement worth approximately 23 trillion won with Genentech, a subsidiary of the Roche Group, for an obesity drug candidate.According to the Korea Exchange, as of 1:40 PM on August 24, Hanmi Pharmaceutical's stock rose by 124,500 won (29.96%) to 540,000 won. The surge followed the company's announcement at 11:14 AM that it had signed the licensing agreement.Under this agreement, Hanmi Pharmaceutical grants Genentech exclusive rights for the research, development, manufacturing, and commercialization of HM17321, excluding South Korea.The total value of the contract is $2.305 billion (approximately 31.892 trillion won). The upfront payment is $190 million (about 262.9 billion won), with milestone payments for clinical development, regulatory approval, and commercialization potentially reaching up to $2.115 billion (approximately 29.263 trillion won). Additionally, Hanmi will receive ongoing royalties based on annual net sales after the product is launched.This technology transfer addresses growing concerns in the obesity treatment market regarding muscle loss during weight loss. Current leading obesity drugs in the GLP-1 class are effective for weight loss but have raised concerns about concurrent muscle loss.HM17321 differs from existing treatments as it selectively activates the CRF2 receptor rather than directly stimulating GLP-1 receptors. It aims to reduce weight while preserving muscle mass and function, making it a promising candidate to overcome the limitations of current GLP-1 obesity treatments.However, the agreement will only take effect once administrative procedures under the U.S. Hart-Scott-Rodino Act are completed. The milestone payments will depend on the achievement of specific conditions related to clinical trials, approvals, and commercialization, and royalties will vary based on actual sales performance.* This article has been translated by AI. 2026-08-24 14:04:00
  • Body Believed to Be Missing Woman Found Near Jeju
    Body Believed to Be Missing Woman Found Near Jeju A body believed to be that of 37-year-old Jang Mi-ran, who went missing in May, was discovered on August 24, 104 days after her disappearance. The police are currently investigating to confirm the identity.According to Yonhap News and the Jeju Police Agency, the body was found at approximately 10:46 a.m. near Hallim-eup in Jeju City during a joint search operation.However, the body has significantly decomposed, making identification difficult. The location where the body was found is about 1 kilometer from the lodging where Jang was last seen, a roughly 10-minute walk away. Based on the condition of the body, police do not believe there is a high likelihood of foul play.Jang was last seen leaving her long-term lodging at 10:15 p.m. on May 12, after which she was captured on nearby closed-circuit television before her whereabouts became unknown.Her partner reported her missing to the Jeju Western Police Station at 6:43 p.m. on May 15, stating that Jang had disappeared.Upon receiving the report, police tracked Jang's cellphone and determined that she had moved toward Hallim Port. However, an officer, identified as Officer A, falsely informed Jang's partner that she was safe and had asked not to disclose her location to anyone, leading to the cessation of search efforts.When Jang's partner was unable to contact her again, they attempted to report her missing again on June 17, but Officer A's previous note prevented the report from being filed.Jang's family subsequently reported her missing again on June 19, prompting a renewed search effort.Since early August, police have been conducting searches around Hallim Port, the last known location, but had not located Jang until now.Police have since arrested Officer A and are investigating the motives behind his actions, as well as other cases of false report closures he handled.* This article has been translated by AI. 2026-08-24 14:04:00
  • Concerns Over Cabbage Prices Amid Heat and Heavy Rain; Government Reviews Supply for Chuseok
    Concerns Over Cabbage Prices Amid Heat and Heavy Rain; Government Reviews Supply for Chuseok The government is assessing the production of highland cabbage and taking steps to stabilize supply and prices ahead of the Chuseok holiday.On August 24, the Ministry of Finance and Economy's inter-agency support team for public welfare visited highland cabbage fields in Anbandegi, Gangneung, and the Daegwallyeong Horticultural Cooperative in Pyeongchang to check on the growth conditions and listen to industry concerns.This field visit was organized to evaluate the impact of recent extreme heat and localized heavy rainfall on the production of highland cabbage, which is harvested from summer through the Chuseok peak season. Anbandegi is a major highland cabbage-producing area located at an altitude of 1,000 to 1,200 meters.Jang Do-hwan, head of the public welfare support team, inspected the growth status and pest control measures in the cabbage cultivation areas and assessed how farmers are responding to climate change challenges such as heatwaves and heavy rain.During a meeting at the Daegwallyeong Horticultural Cooperative, he listened to concerns arising from the production, distribution, and processing of highland cabbage. Strategies to reduce supply volatility and encourage stable shipments using facilities for regulating shipments were also discussed.Jang stated, "There are significant concerns about supply instability for agricultural products due to climate change. We will work closely with relevant ministries to ensure stable cabbage supply and price management during the Chuseok peak season."* This article has been translated by AI. 2026-08-24 14:04:00
  • Labor, Management, and Government Discuss Health Protections for Night Workers
    Labor, Management, and Government Discuss Health Protections for Night Workers Labor, management, and government representatives examined the conditions of night work in various sectors, including nursing, caregiving, manufacturing, logistics, and delivery, and discussed protective measures.The Implementation Monitoring Committee for the Roadmap to Reduce Actual Working Hours, composed of labor, management, and government experts, held its ninth meeting on August 24 in Seoul's Jung-gu district. The meeting included discussions with night workers from the medical, caregiving, manufacturing, logistics, and delivery sectors.Previously, labor, management, and government had included the establishment of health protection measures for night workers in their joint declaration on reducing actual working hours at the end of last year. They agreed to conduct a survey on the conditions of night work and develop measures by the second half of this year.Before the meeting, the committee visited the Hanjin Daejeon Mega Hub on July 22 to assess the parcel terminal's operational system and working conditions, gathering feedback from loading and unloading workers and company representatives. The scope of the field inspections was expanded to include the medical, caregiving, and manufacturing sectors.Workers attending the meeting explained that sectors directly related to public life, such as hospitals, caregiving, and logistics, require 24-hour operations, making it difficult to eliminate night work entirely. Instead, they called for the establishment of a healthy working environment for night shifts.There were differences in the challenges faced by various sectors. Hospital and caregiving workers expressed concerns about insufficient rest and sleep time due to staff shortages. In the logistics and delivery sectors, it was noted that accumulated physical fatigue from night work increases the risk of safety accidents.However, reasons for choosing night work included the ability to manage childcare during the day and the potential for higher pay compared to daytime shifts.The committee reached a consensus that 24-hour operations in various fields are essential for maintaining public life. However, they acknowledged that night workers face significant health and safety risks and agreed on the need to establish health protection measures.As a result, the committee plans to discuss protective measures for night workers, who are at high risk for health and safety issues, based on the findings from the survey and field feedback. Co-chair Baek Gyu-sik stated, "We will continue discussions with labor, management, and experts to establish health protection measures for night workers."* This article has been translated by AI. 2026-08-24 14:00:20
  • Hyungji Elite Reports Growth in Revenue and Operating Profit, Returns to Profitability
    Hyungji Elite Reports Growth in Revenue and Operating Profit, Returns to Profitability Hyungji Elite has reported simultaneous growth in revenue and operating profit, driven by strong performance in its sports commercialization business.The company announced on August 24 that its consolidated revenue for the period from July of last year to June of this year reached 177.8 billion won, an increase of approximately 7% compared to the same period last year. During the same timeframe, operating profit rose by about 27% to 8.4 billion won.Company officials attributed the improved performance to growth in key sectors, including sports commercialization, and effective management practices. They also noted that the resolution of one-time losses from the previous year, which were due to temporary accounting evaluations, contributed to a net profit of 7.4 billion won, marking a return to profitability.A representative from Hyungji Elite stated, "The results from our core sectors, such as sports commercialization, are becoming more pronounced, and our focus on sound management practices is yielding positive results across key performance indicators. With simultaneous growth in scale, profitability, and financial stability, we expect to continue this upward trend."In addition, Hyungji Elite is expanding into new business areas. Its robotics subsidiary, Hyungji Robotics, recently signed a technology cooperation and exclusive commercialization agreement with Shanghai Zhongshai Robot Co., Ltd. The two companies had previously entered into a joint research and development agreement in January for a senior-customized wearable robot and are now preparing for domestic distribution and sales.* This article has been translated by AI. 2026-08-24 14:00:10
  • Food Companies Raise Prices Ahead of Chuseok Holiday
    Food Companies Raise Prices Ahead of Chuseok Holiday With just over a month until Chuseok, major food companies are raising product prices. Items commonly purchased by consumers, such as ramen, dumplings, bread, and instant rice, are joining the price hike trend. While it is true that rising raw material costs and currency fluctuations have increased corporate burdens, raising prices on popular products during a peak demand season before the holiday will inevitably add to consumers' financial strain. Even if companies' operational challenges are acknowledged, the timing, items, and extent of the price increases must be scrutinized.Ottogi plans to raise the average ex-factory price of 29 cup noodle products, including Jin Ramen and Yeol Ramen, by 6.7% next month. Paldo will increase the ex-factory prices of some cup noodles and beverages by an average of 5%. Samlip is raising the prices of over 50 types of bread by an average of 9%. Paris Baguette will also increase the prices of 127 items, including bread, cakes, and desserts, by an average of 5%. Already, Nongshim has raised the prices of cup noodles and snacks by an average of 5.8%, while CJ CheilJedang has increased the prices of 27 items, including Hetbahn and dumplings, by an average of 8%. The overlapping price adjustments from individual companies are creating upward pressure on overall food prices.It is important not to overlook the circumstances of the food industry. The instability in the Middle East has caused significant increases in the prices of key raw materials such as sugar, wheat, and palm oil, as well as the cost of naphtha, a packaging material. Currency exchange burdens, rising labor costs, and increased logistics expenses are also factors pressuring profitability. It is unrealistic to expect companies to absorb all cost increases without adjusting prices. When costs exceed a certain level, price adjustments become necessary.The government’s artificial price controls have also led to negative side effects. Some companies initially lowered prices for ramen, snacks, bread, and flour in line with the government's price stabilization efforts at the beginning of the year, only to raise them again a few months later. This reflects a 'price spring' effect, where suppressed prices return to their original levels. However, what matters to consumers is not the circumstances surrounding the price increases but the immediate impact on their wallets. Ultimately, this can lead to increased burdens at the time of price rebounds and erode trust in government policies.A more significant issue is that the criteria for price adjustments are not sufficiently understandable from the consumer's perspective. When lowering prices, companies tend to target less popular products, while they prioritize popular items with high market shares when raising prices. Increasing the prices of dumplings and instant foods, which see higher demand before the holiday, will naturally lead to a greater perceived burden for consumers than what statistics might suggest. It is essential to determine whether the price increases reflect rising costs or are preemptive measures to maintain profitability.Additionally, the practice of announcing price increases on Fridays has drawn criticism. This timing is seen as an attempt to minimize public attention and criticism regarding sensitive price hikes. When multiple companies announce price adjustments in a similar manner, consumers may perceive it as an effort to quietly pass along bad news.Companies have a responsibility to maintain consumer trust. Rather than hastily implementing price increases ahead of the holiday, they should carefully consider the timing and extent of these adjustments. If they give the impression of unilaterally passing cost burdens onto consumers, they may face greater losses in trust than any short-term improvements in performance.Holiday prices are a direct indicator of how households experience economic realities. While reasonable price adjustments by companies should be respected, the process must be transparent and responsible. The government should focus on reducing cost burdens and enhancing market fairness rather than resorting to superficial price controls. 2026-08-24 14:00:10
  • Hyundai and Kia Models Struggle in Vietnams Changing Auto Market
    Hyundai and Kia Models Struggle in Vietnam's Changing Auto Market Hyundai and Kia, once strong contenders in the Vietnamese automotive market, are now facing significant sales declines for their key models. The popularity of Korean cars, which thrived on sedans and compact vehicles, is waning due to shifts in consumer preferences, increased competition, and the rise of electrification.According to local media outlet VietnamNet on August 24, Hyundai and Kia gained traction in Vietnam with appealing designs, extensive features, and competitive pricing. However, recent data shows a sharp drop in sales for several flagship models. The Hyundai Accent, Santa Fe, Grand i10, and Kia K3, which previously led sales, have all experienced notable declines since 2022.The downturn is evident in Hyundai's sales figures. In 2022, the Hyundai Accent sold 22,645 units, ranking among the top sedans in the market. That same year, the Creta sold 12,096 units, the Santa Fe 10,603 units, and the Tucson 8,438 units.However, the sales trajectory changed rapidly. By 2025, Accent sales plummeted to 7,088 units, a nearly 70% decrease from 2022. The Santa Fe also saw a dramatic drop, falling from over 10,600 units to around 2,600, a decline of about 75%. The Grand i10's sales fell to approximately 3,358 units, about one-third of its sales three years prior.In 2026, the recovery of these once-popular models remains limited. From January to July, the Accent sold 2,290 units, the Grand i10 1,381 units, and the Santa Fe 1,179 units. If the current sales trend continues, these models may face another challenging year.In contrast, sales of SUVs and crossovers have remained relatively strong. From January to July 2026, the Hyundai Creta sold 5,391 units, and the Tucson 5,105 units. This indicates a shift in Vietnamese consumer interest toward compact SUVs and crossovers priced below 1 billion VND (approximately $42,000).Kia is experiencing similar challenges. The K3, which sold 11,404 units in 2022, saw its sales drop to 3,205 units the following year. In 2026, K3 sales were not reported separately and were combined with the Morning and Soluto models, totaling just 931 units from January to July.While the Seltos remains a stronghold in Kia's lineup, its sales also declined from 12,398 units in 2022 to 6,577 units in 2025. In the first seven months of 2026, Seltos sales reached 5,271 units. Although the sales volume is stable, it is far from the explosive growth seen at its launch.The decline of the Kia K3 reflects a broader stagnation in the sedan market. This trend has affected not only the K3 but also competitors like the Mazda3, Honda Civic, Hyundai Elantra, and Toyota Corolla Altis. The Seltos faces challenges in a compact SUV and crossover market with over 20 competing models, making it harder to secure sales as easily as before.Changing Market DynamicsThe weakening competitiveness of Korean cars is linked to changes in the market environment. Hyundai and Kia have differentiated themselves from Japanese brands with youthful designs, large displays, sunroofs, power seats, and 360-degree cameras. Unlike Japanese cars, which are often viewed as practical, Korean vehicles have been seen as more stylish and feature-rich.However, the competitive landscape in Vietnam's automotive market has shifted significantly over the past five years. Toyota has consistently improved its offerings and expanded its SUV lineup while leading in fuel-efficient hybrid models. Other brands, including Honda, Mitsubishi, Mazda, Subaru, Suzuki, and Nissan, have also actively engaged in design and technology competition.Additionally, Ford maintains strong demand in the SUV and pickup segments with models like the Ranger, Everest, and Territory. The entry of European and Chinese brands has also increased, and the growth of electric vehicles led by VinFast has broadened consumer choices significantly.Consumer criteria have evolved as well. Vietnamese buyers now consider not only design and features but also fuel efficiency, resale value, durability, maintenance costs, and the trend toward electrification. This shift has made it challenging for Hyundai and Kia to maintain sales based solely on past success.Hyundai and Kia are now seeking a turnaround by focusing on SUVs and hybrids. Hyundai has added hybrid versions of the Santa Fe, Tucson, and Palisade to its lineup, while Kia has expanded its offerings with hybrid and plug-in hybrid models of the Sportage and Sorento.Although the past popularity of Hyundai and Kia's sedan models has diminished, there is optimism that their SUV and hybrid lineups could regain competitiveness if they align with market trends.* This article has been translated by AI. 2026-08-24 14:00:00
  • Ahn Se-young Returns to World No. 1 in Badminton
    Ahn Se-young Returns to World No. 1 in Badminton Badminton women's singles world No. 1 Ahn Se-young has reclaimed her position at the top. Ahn won the women's singles final at the Badminton World Federation (BWF) World Championships in New Delhi on August 23, defeating world No. 2 Akane Yamaguchi 2-0. This victory comes three years after she made history as the first Korean to win a singles title at the World Championships in Copenhagen in 2023. After winning a bronze medal at last year's championships, Ahn did not drop a single game from the round of 64 to the final this time.What makes this victory even more significant is that it comes after overcoming an injury. Ahn experienced pain in her left foot during the round of 32 at the Japan Open last month and withdrew before her round of 16 match. After a month of rehabilitation, she returned to competition at the World Championships, where she defeated world No. 3 Wang Zhi Yi in the semifinals and then took down defending champion Yamaguchi in the final.Ahn, who made history at the 2023 World Championships, also aims for a gold medal in women's singles at the upcoming Paris Olympics. However, shortly after winning the gold medal, she publicly criticized the national team's injury management, training methods, competition participation, and association operations.The fallout was significant. The Ministry of Culture, Sports and Tourism initiated an investigation into the Badminton Association of Korea, and after consulting with 36 national team members, it was revealed that most shared Ahn's concerns. Proposed improvements included ensuring players' rights in injury diagnosis, treatment, and rehabilitation, allowing personal trainers to participate in team training, and guaranteeing players' right to rest.Outdated regulations regarding players' rights were also scrutinized. Rules that restricted non-national team players from participating in international competitions based on age and national team experience, as well as structures that limited players' choices regarding performance-related equipment, were highlighted as issues. Additional problems were identified in the association's operations and subsidy distribution. Ahn's concerns have prompted a broader examination of player management and association operations in Korean badminton.Two years have passed since then. Despite the controversies, Ahn has remained steadfast. Last year, she won 11 out of 15 international tournaments, tying the record for the most titles in a single season, and she has continued her winning streak this year. Her recent victory at the World Championships marks her first title since her injury.While it cannot be definitively stated that this victory is a direct result of reforms since 2024, the sweat and rehabilitation leading to her success are entirely her own. However, if we only applaud her 'fighting spirit' in overcoming injury, nothing has changed since two years ago. It should not be taken for granted that players endure pain, and we must not overlook the issues that arise in the process when they achieve good results.Korean badminton also celebrated another achievement at the World Championships, with Lee So-hee and Baek Ha-na winning the women's doubles title, the first for Korea in 31 years since Gil Young-a and Jang Hye-ok in 1995. This tournament reaffirmed the strength of Korean badminton.Having a player like Ahn Se-young does not automatically mean that the Korean badminton system is among the best in the world. Relying solely on the talent and perseverance of a few outstanding players makes it difficult to sustain success. It is the responsibility of the association and the state to create an environment where players can voice their concerns about their bodies, express their opinions during training and competition, and receive adequate treatment for injuries.Ahn Se-young has once again reached the pinnacle of her sport. Now, it is time to reflect on how deeply the promised changes from two years ago have taken root in the field. A system that only moves when a world No. 1 player raises her voice must not persist. Ahn has returned to the top; now it is time for Korean badminton to respond.* This article has been translated by AI. 2026-08-24 14:00:00
  • Second Comprehensive Special Investigation Team Concludes, Legal Scrutiny Awaits
    Second Comprehensive Special Investigation Team Concludes, Legal Scrutiny Awaits The Second Comprehensive Special Investigation Team, led by Kwon Chang-young, has concluded its 180-day investigation, referring a total of 58 individuals, including former President Yoon Suk Yeol and Kim Geon-hee, to trial. The strategy of focusing on filing charges in the final stages of the investigation, termed 'Heavy Tail,' has been deemed successful. However, while the numbers appear impressive, the substance of the findings raises questions.Notably, many key cases handed over to the Second Comprehensive Special Investigation Team are being transferred back to the National Police Agency. Significant allegations, such as the change of the endpoint for the Seoul-Yangpyeong Expressway, the notebook of Noh Sang-won, and the alleged interference by the Suwon District Prosecutor's Office in the presidential office investigation, remain unresolved. Given that the Second Comprehensive Special Investigation Team spent over six months investigating cases received from previous agencies, criticisms questioning the necessity of the special investigation are unavoidable.More concerning is that some of the cases the special investigation team has charged are expected to face significant legal challenges in court. A prominent example is the indictment of former Major General Cho Sung-hyun, who was the head of the 1st Security Brigade of the Capital Defense Command. He issued orders during a state of emergency that directed troops not to cross the Seogang Bridge while moving to the National Assembly. The previous special investigation team, led by Jo Eun-seok, determined that Cho contributed to the end of the emergency and did not pursue charges against him, even awarding him a medal for his service. In contrast, the Second Comprehensive Special Investigation Team reached the opposite conclusion, asserting that his actions constituted participation in a rebellion.The two special investigation teams have clashed not just over legal interpretations but also in their conclusions. The rebellion investigation team communicated to the Second Comprehensive Special Investigation Team that there were no grounds for indictment against Cho, and both sides publicly debated until just before the indictment. The same incident was investigated by both teams, resulting in one labeling Cho as a 'contributor to the end of the rebellion' while the other deemed him a 'key participant in the rebellion.' This starkly illustrates the institutional flaws within the special investigation system. The law governing the Second Special Investigation Team lists 17 categories of investigation targets but does not clarify whether a different special investigation team can reopen cases already disposed of by another team or what conditions must be met to do so.A senior prosecutor from the Seoul Central District Prosecutor's Office, speaking on condition of anonymity, stated, 'If different special investigation teams reach different conclusions on the same facts, it undermines the predictability of investigations and legal stability,' adding that 'the public's trust in the special investigation itself could decline, making institutional reform urgent.'The evaluation of the Second Comprehensive Special Investigation Team will now take place in court. If key defendants are acquitted or if there are significant issues with maintaining charges, the repercussions could be substantial. This would not merely be a case of 'investigative failure' but could also lead to criticisms that the team overreached in its efforts to overturn the previous special investigation's findings.The question now is straightforward: Is the indictment of 58 individuals a genuine achievement of the Second Comprehensive Special Investigation Team, or was it a rushed effort to produce results in the final two weeks of the investigation? The verdict in the case of former Major General Cho will serve as a litmus test for whether the Second Comprehensive Special Investigation Team's work was a 're-investigation that uncovered truths missed by the first team' or an 'overreaching re-investigation aimed at producing a different conclusion.' While the special investigation has concluded, the scrutiny of its findings is just beginning. 2026-08-24 14:00:00
  • Chinas Foreign Direct Investment Drops 6% to 438.3 Billion Yuan in First Half of 2026
    China's Foreign Direct Investment Drops 6% to 438.3 Billion Yuan in First Half of 2026 The Chinese Ministry of Commerce announced that foreign direct investment (FDI) in China totaled 438.3 billion yuan (approximately 10.36 trillion yen) from January to July 2026, a decrease of 6.2% compared to the same period last year. This decline is 1.2 percentage points larger than the drop recorded from January to June.Investment in the manufacturing sector reached 109.4 billion yuan, while the service sector attracted 319.9 billion yuan. Compared to the previous year, manufacturing investment fell by 9.6%, and service sector investment decreased by 4.8%.In contrast, investment in high-tech industries surged by 32.7% to 182.3 billion yuan, accounting for 41.6% of total FDI, an increase of 12.2 percentage points from the previous year. Notably, research and development (R&D) and design services saw a 72.1% increase, technology transfer services rose by 62.2%, and manufacturing of electronic and telecommunications equipment grew by 39.9%.Regionally, investments from Saudi Arabia increased by 4.4 times, while France's investment rose by 36.1%, and South Korea's investment grew by 15.8%.From January to July, the number of newly established foreign-invested enterprises increased by 4.4% to 37,711.* This article has been translated by AI. 2026-08-24 13:56:00