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  • Quick Commerce Competition Expands Beyond Food Delivery to Household Essentials
    Quick Commerce Competition Expands Beyond Food Delivery to Household Essentials As growth in the food delivery market slows and competition over free delivery makes profitability increasingly difficult, delivery platforms are expanding their business into quick commerce, which includes grocery shopping and household essentials. Moving away from a focus solely on food delivery, these companies are targeting the everyday consumer market with rapid delivery times of around 30 minutes. Faced with growth limits, the delivery industry is positioning quick commerce as a new breakthrough and growth driver, intensifying competition for market dominance.According to industry sources, Coupang Eats has been operating its quick commerce service, Coupang Now, in Jeju since late May. A representative from Coupang Eats stated, "We are temporarily piloting the Coupang Now service in select areas based on the existing Eats Mart model."Eats Mart is a direct purchase-based service that delivers groceries and household items such as meat, fruits, vegetables, and ramen immediately. It began pilot operations in Songpa District, Seoul, in 2021 and expanded to areas including Seocho, Gangnam, and Gangdong, but ceased all operations in August of last year. Instead, various stores have been added to the grocery shopping service within Coupang Eats, expanding the range of products available for quick commerce.Industry analysts cite the growth of the quick commerce market and the expansion of competitors as reasons for Coupang Eats' reentry into this sector. With the food delivery market's growth slowing, the strategy is to secure new consumer demand and broaden business areas through quick commerce, which has relatively higher growth potential.According to the National Data Agency's 'Online Shopping Trends,' the transaction value of online food services in 2025 is projected to reach 41.5889 trillion won, an 11.8% increase from the previous year. However, growth has further slowed this year. From January to June, the total transaction value for online food services was 21.7648 trillion won, only an 8.4% increase compared to 20.768 trillion won during the same period last year. The food delivery market, which saw rapid growth during the COVID-19 pandemic, has entered a maturity phase, resulting in single-digit growth rates.In contrast, the quick commerce market is expected to experience rapid growth. According to global market research firm Mordor Intelligence, the South Korean quick commerce market is projected to grow from $3.16 billion (approximately 4.3 trillion won) in 2025 to $4.51 billion (approximately 6.3 trillion won) by 2031.The increase in single-person households and dual-income families has led to a rise in demand for small, immediate purchases, and consumer expectations for fast delivery have expanded into the food and household goods sectors, driving demand for instant delivery.The growth potential is also evident in the performance of major players. Baedal Minjok's quick commerce service, Baemin B Mart, which operates on a direct purchase model, saw sales surge from 421.7 billion won in 2021 to 781.1 billion won last year, an increase of 85.2% in four years. In the first quarter of this year, the number of orders and transaction value increased by 37% and 36%, respectively, compared to the same period last year. The cumulative number of ordering customers has expanded to 8 million.Experts predict that quick commerce will evolve from a mere supplementary service to a core business for delivery platforms. Professor Kim Dae-jong of Sejong University’s Business Administration Department stated, "Quick commerce is an important new growth driver that can break through the growth limits of the food delivery market. The key will be to expand sales in the short term while securing profitability through logistics efficiency and economies of scale in the medium to long term." 2026-08-23 18:04:10
  • Owners of Major Korean Petrochemical Firms See Pay Cuts Amid Industry Slump
    Owners of Major Korean Petrochemical Firms See Pay Cuts Amid Industry Slump Owners of major domestic petrochemical companies in South Korea have seen their compensation decrease in the first half of this year compared to last year, as the prolonged slump in the petrochemical sector has prompted restructuring and cost-cutting measures.According to an analysis of semi-annual reports released on August 23, Shin Dong-bin, chairman of Lotte Group, received 1.087 billion won from Lotte Chemical in the first half of this year, down 138 million won, or 11.3%, from 1.225 billion won during the same period last year.Notably, the decline in Shin's compensation from Lotte Chemical stands out when compared to his overall earnings from the group. In the first half of this year, he earned a total of 11.227 billion won from six subsidiaries, including Lotte Holdings, Lotte Shopping, and Hotel Lotte, which is an increase of approximately 13.6% from 9.881 billion won in the same period last year. While his total compensation from the group increased, his earnings from Lotte Chemical decreased.At Hanwha Solutions, the compensation for the owner family also saw significant reductions. Kim Seung-yeon, chairman of Hanwha Group, received 1.68 billion won in the first half of this year, a decrease of 841 million won, or about 33.4%, from 2.521 billion won last year.Kim Dong-kwan, vice chairman of Hanwha Group, also received approximately 1.175 billion won during the same period, which includes a salary of 1.162 billion won and other income of 13 million won. This represents a decrease of about 23.8% from 1.542 billion won in the first half of last year.In Kim's case, the decline in compensation from Hanwha Solutions is particularly notable compared to other subsidiaries. He received 2.52 billion won from Hanwha Corporation, Hanwha Aerospace, and Hanwha Systems, maintaining the same level as last year. However, his earnings from Hanwha Solutions dropped from 2.52 billion won to 1.68 billion won, a decrease of 840 million won.Despite the reduction in owner compensation, major petrochemical companies have shown signs of recovery in their performance this year compared to last year. Lotte Chemical reported consolidated sales of 5.6864 trillion won and an operating profit of 110.1 billion won in the second quarter, reversing from an operating loss of 250.5 billion won in the same quarter last year.Hanwha Solutions also recorded sales of 4.5826 trillion won and an operating profit of 306.5 billion won in the second quarter. Key business segments, including renewable energy, chemicals, and advanced materials, have reported profits for two consecutive quarters, improving overall profitability.However, industry experts suggest that the improvement in performance this year is largely due to lagging effects from the Middle East conflict and inventory valuation gains, indicating that it may be more appropriate to view this as a temporary effect rather than a fundamental improvement.Consequently, the compensation reductions in the first half of this year are interpreted as a reflection of the ongoing industry downturn and the compensation policies of each group, rather than the current performance improvements.An industry insider stated, "Compensation for key executives is determined within the limits set by the board of directors, taking into account factors such as position, leadership, expertise, and contributions to the company. While some companies have seen improvements in performance recently, external uncertainties and global supply-demand imbalances have likely impacted the overall business conditions in the industry."* This article has been translated by AI. 2026-08-23 18:04:00
  • Quick Commerce Competition Heats Up in Delivery Industry
    Quick Commerce Competition Heats Up in Delivery Industry The focus of competition in the delivery industry is shifting from '30-minute delivery speed' to who can secure logistics and store networks more densely and at lower costs. Baemin and Coupang Eats are entering the quick commerce infrastructure race with contrasting approaches: Baemin relies on logistics centers, while Coupang Eats connects with local stores.According to industry sources on August 23, Woowa Brothers' Baemin is building its infrastructure around its own logistics network. Baemin B Mart delivers fresh food, processed goods, and daily necessities within 30 minutes to an hour from over 80 urban logistics centers (PPC) across the country. In the first half of this year, Baemin expanded its reach to less densely populated regional cities by establishing new PPCs in Gwangju's Seo-gu and Gwangsan-gu, Mokpo in Jeollanam-do, Gyeongsan in Gyeongbuk, and Yangju in Gyeonggi Province.Additionally, Baemin is partnering with large retailers like Homeplus and convenience stores to enhance the speed of its logistics network while also increasing product variety through existing distribution channels. According to Woowa Brothers, the number of orders for B Mart in the first quarter of this year rose 37% compared to the same period last year. The cumulative number of ordering customers has reached 8 million, and customers shopping through B Mart three times a month or more increased by 54% year-on-year.Coupang Eats, operated by Coupang, shifted its strategy after ending its direct purchase service 'Eats Mart' last August due to the burdens of rent and inventory management. It has since introduced a 'shopping' service that allows local shops, convenience stores, and corporate supermarkets (SSM) to join its app, utilizing existing stores as delivery hubs to reduce initial investment costs.However, Coupang Eats has recently turned its attention back to the direct purchase model. In May, it applied for the trademark 'Coupang Now' and began pilot services in select areas. This model involves purchasing products directly, storing them in urban logistics centers (MFC), and having riders deliver them.The push by delivery platforms into quick commerce is also driven by a strategy to encourage repeat purchases, thereby increasing usage frequency. While food delivery typically involves single-meal transactions, shopping for daily necessities has a shorter repurchase cycle, making it advantageous for boosting platform usage.In a recent report, Samjong KPMG identified the 'lock-in effect' as a reason for the delivery industry's expansion into quick commerce, broadening its scope beyond groceries and essentials to include everyday products and increasing partnerships with retail stores. The lock-in effect refers to the phenomenon where consumers become accustomed to a specific product or service, making it difficult to switch to competitors. Samjong KPMG stated, 'Quick commerce aims to increase users' app engagement time and purchase frequency, thereby strengthening the lock-in effect within its ecosystem.'Amid this backdrop, experts have mixed views on the resumption of direct purchases in the delivery industry. Professor Kim Dae-jong of Sejong University noted, 'The store-based model makes it difficult to standardize services due to varying inventory and product configurations at each location. By incorporating direct purchases, companies can secure high-demand products in advance, enhancing delivery speed and product competitiveness.'Professor Lee Eun-hee of Inha University suggested that Coupang Eats' attempt at direct purchases may also aim to avoid conflicts over commissions with partner stores, stating, 'Direct purchases allow the delivery app to set margins directly, which may help them escape the commission conflict structure.' 2026-08-23 18:04:00
  • People Power Party Criticizes Governments Plan to Transfer Housing Approval Authority
    People Power Party Criticizes Government's Plan to Transfer Housing Approval Authority The People Power Party criticized the ruling Democratic Party and the government on August 23 for announcing plans to grant local government heads the authority to approve redevelopment and reconstruction projects for housing with fewer than 500 units in Seoul. They stated, "This is effectively transferring the Seoul mayor's approval authority to district heads."Choi Bo-yun, the party's chief spokesperson, issued a statement saying, "Instead of reflecting on their actions, the government has resorted to force, bypassing the Seoul city government and unilaterally announcing housing supply policies."Choi emphasized, "Eliminating the consultation process is not an administrative reform; it is essentially a nullification of the Seoul mayor's powers. This means handing over control to district heads who are mostly aligned with the government. This is not about promoting housing supply but rather about placing loyalists in positions to act according to the government's wishes."She further remarked, "By assigning this responsibility to district heads from the same party who will follow orders, they are merely labeling it 'local autonomy' while ultimately declaring that the government will act as it pleases." She also pointed out that tax policies are no different, noting that the comprehensive real estate tax reform proposal announced on August 3 was already faltering less than 20 days later.Choi stated, "There is nothing wrong with gathering opinions to make changes. The issue is that policies, which were emphasized as 'principled,' are once again wavering. How can the public trust policies that can be overturned with each announcement when planning their lives, selling properties, or paying taxes?"She concluded, "The only thing today’s government meeting demonstrated is the question of who the government is truly serving, as it strips away authority and undermines principles."Earlier, the government and ruling party decided during a high-level meeting at the Prime Minister's residence to push for legislation in the National Assembly that would transfer the authority to designate maintenance zones for housing projects with fewer than 500 units in Seoul to local governments.* This article has been translated by AI. 2026-08-23 18:00:00
  • Veterans Affairs and Starbucks Continue Scholarship Program for Descendants of Independence Activists
    Veterans Affairs and Starbucks Continue Scholarship Program for Descendants of Independence Activists The Ministry of Veterans Affairs has decided to continue its scholarship program for the descendants of independence activists in collaboration with Starbucks, despite reviewing the program's status following the 'Tank Day' marketing controversy in May.According to Yonhap News on the 23rd, the ministry has confirmed plans to proceed with the scholarship initiative in the second half of this year. Although the recent marketing controversy involving Starbucks caused some delays, the decision to continue was made in light of the benefits the scholarships provide to the descendants of independence activists.As part of this initiative, the ministry and Starbucks will select 50 descendants facing financial difficulties to receive a total of 100 million won in scholarships this year.The Ministry of Veterans Affairs and Starbucks Korea signed a memorandum of understanding (MOU) in 2021 to support the scholarship program, which has provided 100 million won annually to 50 descendants each year.Starbucks has been sponsoring scholarships for descendants of independence activists since 2015. In 2021, it formalized its commitment by signing an MOU with the ministry, continuing to support 50 descendants annually with a total of 100 million won. Over the past 11 years, 483 descendants have benefited from the scholarships, amounting to a cumulative support of 1 billion won.However, the controversy arose in May when Starbucks used phrases like 'Tank Day' and 'Bang on the Desk!' in its marketing, which were criticized for mocking the May 18 Democratic Movement and the torture and death of activist Park Jong-cheol. Following this, the Ministry of Veterans Affairs reviewed whether to suspend the scholarship program with Starbucks.A Starbucks representative stated, "We will work closely with relevant organizations to ensure that the scholarship program for veterans continues and expands."* This article has been translated by AI. 2026-08-23 18:00:00
  • Seoul Accelerates Construction of Shared Housing, Aiming for 40,000 Units by 2031
    Seoul Accelerates Construction of Shared Housing, Aiming for 40,000 Units by 2031 Seoul is set to accelerate its shared housing and shared town initiatives through a new plan called the 'Rapid Integration Plan for Shared Towns.' The plan aims to expedite construction by improving project management for existing developments and introducing a 'Shared Integration Planning' approach for new projects, allowing for simultaneous planning and establishment of associations to shorten project timelines.On August 23, the city announced that it plans to begin construction on 40,000 shared housing units by 2031 as part of this Rapid Integration Plan.The Shared Integration Planning involves collaboration among the public, experts, and residents from the project's inception, allowing for concurrent management plan development and association establishment. This approach contrasts with traditional sequential procedures, enabling a more efficient project timeline.Seoul will apply the principles of rapid integration, including team planning, concurrent procedures, standard processing times, and project management to the shared housing and shared town initiatives. Notably, the plan incorporates 'subject integration' and 'simultaneous association establishment' involving multiple shared housing residents.The city aims to establish management plans within one year while concurrently forming associations. After the associations are formed, the selected designers and public officials will work together to expedite changes to architectural and management plans, further reducing the time to construction.Through this initiative, Seoul aims to cut the time to construction from approximately six years to about four years and six months, effectively shortening the project duration by one year and six months.Additionally, the city plans to expand the pool of potential sites for Shared Integration Planning, with a goal of selecting a total of 100 new sites by 2030, which will provide a foundation for an additional 120,000 housing units.Selected areas will receive support for management plan development costs, feasibility analysis, and association establishment. Regions that previously prepared proposals for shared towns can also participate in the Shared Integration Planning application using existing consent forms.As large-scale redevelopment projects in downtown Seoul face challenges, shared housing and shared towns are gaining attention as viable alternatives for supplying smaller-scale housing by utilizing aging low-rise residential areas.Myung No-jun, head of the Housing Policy Division at Seoul, stated, 'We will actively support the process from project management to conflict resolution to ensure that planning leads to rapid construction.'* This article has been translated by AI. 2026-08-23 17:40:00
  • Koreas Small and Medium Business Agency Seeks Participants for Startup Support Program
    Korea's Small and Medium Business Agency Seeks Participants for Startup Support Program The Small and Medium Business Agency announced on the 23rd that it will begin accepting applications for the '2026 Restart Support Headquarters Startup Specialized Education and Consulting' program starting on the 24th.This initiative aims to strengthen the capabilities of entrepreneurs who are restarting their businesses and to support their successful re-entry into the market. The program focuses on addressing issues previously raised by restart businesses, such as the lack of external expert consultation and insufficient training support for entrepreneurs.The program is open to 200 individuals who have experienced business closure or are prospective restart entrepreneurs. Applications will be accepted online until September 4.Selected participants will receive three months of common training, along with expert-tailored education and consulting based on an analysis of previous failure causes.All graduates will receive advantages during the Small and Medium Business Agency's in-depth management evaluation, including points for document evaluation and additional principal reductions for those who sign agreements for the New Start Fund. Ten outstanding graduates will also be exempted from document evaluation for the 2027 Restart Success Package.Kim Il-ho, Director of Corporate Finance at the Small and Medium Business Agency, stated, "Through the Restart Support Headquarters, we are working with private, government, and public institutions to improve public perception of restart businesses and to spread a culture of support for re-entering the market. We will do our best to create an environment where failure becomes an asset, centered around the Restart Support Headquarters."* This article has been translated by AI. 2026-08-23 17:40:00
  • Iran-linked hackers disrupt UK power plant operations for four days
    Iran-linked hackers disrupt UK power plant operations for four days Iranian-linked hackers have reportedly disrupted operations at a power plant in the UK for four days through a cyberattack.The Daily Telegraph reported on August 22 that this incident marks the first known case of Iranian hackers successfully targeting a power plant in the UK, leading to an actual shutdown.UK authorities have not disclosed the name or location of the affected power plant for security reasons. However, it is understood that the facility is small and did not impact the overall electricity supply or generation in the UK.The Telegraph described this incident as one of the most significant achievements in Iran's cyberattacks against the UK.This attack coincided with a series of cyberattacks targeting critical infrastructure in 12 US states last month. The FBI labeled the attackers as 'malicious cyber actors,' and subsequent reports indicated a strong likelihood that the attacks originated from Iran.Since the Middle Eastern conflict, Iran has intensified its cyberattacks against Western nations, particularly following US and Israeli airstrikes that began in February. Cyberattacks attributed to Iran have also been reported in Germany, Poland, Finland, Belgium, and Albania.The Telegraph analyzed that the attack likely aimed to demonstrate the capabilities of hackers linked to the Islamic Revolutionary Guard Corps (IRGC) by infiltrating critical infrastructure in the UK and causing operational disruptions, rather than directly harming civilians.In response to the attack, the UK government shared relevant information with CEOs of major power companies and provided guidelines for addressing cyber threats. The incident has also been reported to the National Cyber Security Centre (NCSC), which operates under the Government Communications Headquarters (GCHQ).The NCSC stated that it had responded to over 200 cyberattacks targeting the UK's critical infrastructure in the past year alone.A UK government spokesperson confirmed, 'This incident affected a small power facility, and at no point was the overall energy system at risk.'* This article has been translated by AI. 2026-08-23 17:36:00
  • Seo Kyo-rim Wins KLPGA Championship in Playoff, Secures Fourth Victory of the Season
    Seo Kyo-rim Wins KLPGA Championship in Playoff, Secures Fourth Victory of the Season Seo Kyo-rim clinched her fourth victory of the season on the Korea Ladies Professional Golf Association (KLPGA) Tour after defeating her rival Kim Min-sol in a playoff.On August 23, at the Garden Palace Course of Pocheon Hills Country Club in Gyeonggi Province, Seo shot a 2-over par 74, with two birdies and four bogeys, during the final round of the 48th KLPGA Championship, which has a total prize pool of 1.5 billion won.With a total score of 8-under par 280, Seo tied with Kim Min-sol and secured the championship by making a birdie on the first hole of the playoff, the par-5 18th. The winner's prize is 270 million won.With this victory, Seo's cumulative earnings reached 1.286 billion won, narrowly surpassing Kim Min-sol's 1.286 billion won to take the lead in the prize money standings. She also maintained her lead in wins with four this season, as well as in points (490) and average score.Seo, who won the Rookie of the Year award last year without a victory, has claimed titles at the Celltrion Queens Masters and the Inca Financial The Heaven Masters in June, and she triumphed again at the Mediheal-Korea Ilbo Championship last week. This latest win marks her first major title and comes after two consecutive victories.Seo started the final round with a three-shot lead over Kim Min-sol but made consecutive bogeys on the 3rd hole (par-5) and the 5th hole (par-4), and lost another shot on the 7th hole (par-4) when her second shot went into a penalty area. Her three-shot lead evaporated, and she found herself tied with Kim Min-sol.Seo struggled again on the 10th hole (par-5) and fell two shots behind Kim Min-sol. However, the tide turned on the 16th hole (par-3) when Seo made her first birdie of the day while Kim recorded a bogey, bringing them back to a tie. Both players made birdies on the 18th hole (par-5), finishing the regular round tied.In the playoff on the 18th hole, Seo emerged victorious. Although her tee shot went into the rough, she managed to place her third shot just 60 centimeters from the hole and secured the decisive birdie. Kim Min-sol, on the other hand, could only make par, settling for second place.Park Min-ji finished in third place with a total score of 7-under par 281. Moon Jeong-min and Ko Ji-woo tied for fourth place with scores of 6-under par 282. 2026-08-23 17:36:00
  • Korean Party Faces Internal Strife Over Leadership Changes and Disciplinary Actions
    Korean Party Faces Internal Strife Over Leadership Changes and Disciplinary Actions 국민의힘이 비당권파 현역 의원 4명에 대한 중징계와 당협위원장 재선출 방안을 둘러싸고 내홍을 겪고 있다. 장동혁 대표가 취임 1주년을 앞두고 당권 강화에 나섰지만 당내 반발이 거세지면서 역풍이 불 수 있다는 지적이 나온다. 23일 국민의힘에 따르면 당협위원장 재선출 방안이 오는 24일 최고위원회의에서 결론날 것으로 보인다. 최보윤 수석대변인은 이날 국회에서 기자들과 만나 "내일 있을 최고위에서 논의되고 결론이 나지 않을까 싶다"며 "절차를 거치는 과정에서 충분한 논의가 있었고, (발표를) 계속 미룰 사안은 아니다"고 말했다. 앞서 장 대표는 당협위원장 당원 직선제를 주장했다. 당협위원장 임기를 자동 연장해 온 관례를 깨고 전국 당협위원장의 임기가 끝나면 일괄 사퇴 후 당원 투표를 통해 재선출하자는 입장이다. 그러나 정점식 원내대표를 비롯한 다수 의원들은 이에 반대하며 기존 관행대로 당원협의회 운영위에서 재선출하는 방안에 뜻을 모았다. 전면 재선출이 사실상 총선 공천권을 미리 행사하는 것이고, 당 조직의 안정성을 해칠 수 있다는 주장이다. 이에 따라 결정이 보류됐지만 장 대표를 비롯한 최고위는 당원 직선제에 무게를 싣고 있어 내일 예정된 최고위에서 강행할 것으로 보인다. 다만 이를 추진할 경우 당내 반발이 거세질 것으로 전망된다. 의원총회에서 모인 다수 의견을 전달했음에도 수용하지 않았기 때문이다. 윤상현 의원은 이날 페이스북에 "당원들의 뜻을 더 충실히 반영하고 당 조직에 활력을 불어넣자는 장 대표의 취지는 충분히 이해한다"면서도 "당의 뿌리인 전국 당협위원장 선출 방식을 한꺼번에 바꾸는 문제라면 그만큼 신중해야 한다. 좋은 뜻도 충분한 소통과 공감이 뒷받침되지 않으면 갈등의 씨앗이 될 수 있다"고 지적했다. 아울러 윤리위원회의 현역 의원 무더기 중징계를 겨냥해 "당내의 다른 의견을 지도부를 흔드는 목소리로만 받아들이고, 반대하는 목소리를 배척하는 뺄셈정치로는 당을 강하게 만들 수 없다"며 "뺄셈정치를 멈추고 통합의 정치로 나아가 달라"고 당부했다. 이양수 의원도 당내 통합을 강조하며 윤리위 징계 수위를 낮춰야 한다고 언급했다. 이 의원은 "당 윤리위가 의원들에게 내린 당원권 정지 처분은 과도한 조치"라며 "최고위에서 수위를 낮춰야 한다. 비판과 이견을 품어내야만 건강한 정당의 기강을 세울 수 있다"고 했다. 앞서 윤리위는 비당권파인 조경태·권영진·서범수·진종오 의원에 대해 당원권 정지 처분을 내렸다. 서 의원을 제외한 세 의원은 징계가 확정될 경우 국민의힘 소속으로 2028년 총선에 출마하기 어려워진다. 당협위원장 선출 방안을 두고 당내 의견이 엇갈리는 가운데 윤리위 징계까지 의결할 경우 극한 대치가 예상된다. 신율 명지대 정치외교학과 교수는 최고위에서 당협위원장 선출안 결정이 장동혁 체제의 분수령이 될 것이라고 내다봤다. 신 교수는 아주경제와 통화에서 "장 대표가 강성 당원들의 지지를 받고 있어 밀어붙여도 된다고 생각하는 것"이라며 "의원들의 의사를 무시하고 밀어붙이면 결국 역풍을 맞게 돼있다"고 말했다. 이어 "내일 최고위에서 당협위원장 재선출을 강행한다면 당 지지율은 더 떨어지고 의원들이 장동혁 체제를 흔들 것"이라며 "장 대표 스스로 무덤을 먼저 팠다"고 덧붙였다. 2026-08-23 17:32:00