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  • Uiwang Fire Department Promotes Fire Safety Ahead of Chuseok
    Uiwang Fire Department Promotes Fire Safety Ahead of Chuseok The Uiwang Fire Department on September 16 raised awareness about home fire prevention and the importance of fire safety equipment among citizens visiting traditional markets ahead of the Chuseok holiday. According to the fire department, a campaign promoting the installation of home fire safety equipment was conducted at Uiwang Dokkebi Market, with participation from firefighters and volunteer firefighters. The campaign aimed to increase public interest in fire prevention and inform citizens about safety regulations as the holiday approaches. Since September 9, the fire department has been actively promoting fire prevention and safety regulations through various media and on-site activities for three weeks. At the market, visitors were informed about the installation of home fire safety equipment and the fire insurance program for vulnerable households in Gyeonggi Province. Home fire safety equipment helps detect smoke or fire in the early stages, reducing the risk of fire damage in homes. Alongside the campaign, participants also engaged in community clean-up activities around the market. They collected litter to contribute to a clean and safe market environment. Market visitors expressed a renewed awareness of the need for safety management in their daily lives as they learned about fire prevention regulations and home fire safety equipment ahead of the holiday. In particular, the initiative provided an opportunity to directly convey safety information to citizens frequenting traditional markets, increasing their interest in fire prevention. Fire Chief Lee Jeong-yong stated, "Home fire safety equipment plays a crucial role in protecting lives and property in the event of a fire. I hope citizens adhere to fire prevention regulations and enjoy a safe holiday during Chuseok." 2026-09-16 20:12:00
  • Privacy Breach Reports Surge 2.7 Times in Three Years Amid Staffing Challenges
    Privacy Breach Reports Surge 2.7 Times in Three Years Amid Staffing Challenges As large-scale data breaches involving companies like Coupang, SK Telecom, and KT continue to rise, the workload for the Personal Information Protection Commission (PIPC) has also increased. However, the number of specialized investigators handling these cases remains critically low. There are calls for collaboration with external experts, similar to practices in other countries.According to the PIPC, the number of reported data breaches has escalated from 167 in 2022 to 318 in 2023, 307 in 2024, and 447 in 2025. In the first half of this year alone, 432 reports were received, nearly matching last year's total.In contrast, the number of investigators responsible for these inquiries has only grown from 31 in 2022 to 43 at the end of last year, and 47 as of August this year. Among the newly added staff, 11 are focused on compliance checks and preventive measures, leaving only six specialized investigators. A total of 37 investigators are tasked with examining all hacking incidents that occur domestically.In 2022, each investigator was responsible for an average of 5.4 data breach cases annually. By 2025, this number is expected to rise to 10. This year, investigators have been assigned an average of 9 cases in just the first half, indicating that the limited number of specialized staff are handling more than two cases each month.A PIPC official noted that the complexity of investigations has increased. With the evolving information technology landscape, cases now require not only verification of data breaches but also an examination of breach pathways, data flows, outsourcing relationships, and behavioral data processing. Consequently, the number of investigators and the duration of investigations for each case have lengthened.When a major hacking incident occurs, it inevitably delays the investigation schedule for other cases. For instance, during the SK Telecom incident, the PIPC had to augment its team with personnel from the Korea Internet & Security Agency (KISA) to form a dedicated task force. As resources are concentrated on larger incidents, smaller cases inevitably face longer investigation times.The investigation into the data breach at SK Shieldus, which occurred last September, has yet to yield results. The prioritization of limited investigative resources for major incidents has prolonged the investigation timelines for other cases.Recruiting new specialized personnel is also challenging. Any increase in the number of public servants requires approval from the Ministry of the Interior and Safety, and even once positions are secured, actual hiring takes additional time. Finding and hiring experts who understand both data protection and IT technology is difficult. While the PIPC is striving to enhance the efficiency of its limited workforce, the task remains daunting.In other countries, external experts are utilized to supplement the expertise of regulatory agencies. The European Union's European Data Protection Board (EDPB) operates a pool of technical experts to assist national data protection authorities with investigations and enforcement in areas such as digital forensics, cloud computing, and cryptography.However, the PIPC explains that directly applying foreign systems domestically is not straightforward. A PIPC official stated, “The PIPC is an organization that issues sanctions, so we are cautious about seeking external assistance.” They emphasized that involving external experts in the investigation process raises concerns about information security, potential conflicts of interest, and the independence of sanction decisions. 2026-09-16 19:20:00
  • Financial Commission Takes Action Against Haitai Confectionery for Accounting Violations
    Financial Commission Takes Action Against Haitai Confectionery for Accounting Violations The Securities and Futures Commission, under the Financial Commission, announced on September 16 that it has decided to designate an auditor and impose penalties on Haitai Confectionery for violating accounting standards in its financial statements.According to Yonhap News, the investigation revealed that Haitai Confectionery inflated its sales and cost of goods sold by issuing false tax invoices and omitting accounting for sales discounts and promotional expenses.It was also found that the company used financial statements prepared in violation of accounting standards in its securities registration statement. The investigation uncovered that Haitai obstructed external audits by presenting false transaction evidence and requiring clients to respond falsely to receivable inquiries.As a result, the Commission decided to designate an auditor for Haitai Confectionery for three years and impose fines. The head of the finance department has been recommended for dismissal and suspended from duty for six months, while significant measures equivalent to dismissal have been decided for the former auditor.The head of the finance department and the former auditor have been reported to the prosecution. The final amount of the fines will be determined by the Financial Commission in the future.* This article has been translated by AI. 2026-09-16 19:16:00
  • Rising Costs and Tariffs Challenge South Korean Tire Makers in Second Half of 2026
    Rising Costs and Tariffs Challenge South Korean Tire Makers in Second Half of 2026 South Korea's three major tire manufacturers—Hankook, Kumho, and Nexen—are facing significant challenges in maintaining profitability in the second half of 2026. The impact of the Middle East conflict has led to increased logistics costs, compounded by rising raw material prices and tariffs from the United States and the European Union (EU). How effectively these companies can offset the increased costs will be crucial moving forward.According to industry sources, the pressure on profitability for the tire manufacturers is intensifying in the third quarter of this year. The most significant burden comes from the rising logistics costs stemming from the Middle East. Prolonged geopolitical uncertainties surrounding the Red Sea and the Strait of Hormuz have forced shipping companies to reroute, resulting in increased logistics expenses for manufacturers.Indeed, maritime freight rates have surged compared to pre-war levels. The Shanghai Containerized Freight Index (SCFI), which reflects global container freight rates, recorded 3,662.18 on September 11. This marks an increase of approximately 2.75 times compared to 1,333.11 on February 27, just before the outbreak of the conflict, representing a rise of 174.7%. Tire manufacturers, heavily reliant on maritime transport, are particularly burdened by these costs.Additionally, the rise in raw material prices and tariffs adds further risk. Due to instability in the Middle East, international oil prices remain high, causing the price of synthetic rubber, a key tire material, to rise again. According to the Chinese raw material data firm Sunsirs, the price of butadiene rubber (BR), primarily used in tires, increased by 11.2% to 15,290 yuan per ton as of September 15 compared to a month earlier.The anti-dumping tariffs imposed by the U.S. and EU also pose a challenge to profitability in the second half of the year. The European Commission confirmed anti-dumping tariffs on Chinese-made passenger and light truck tires in July. The U.S. Department of Commerce also announced anti-dumping tariffs on South Korean passenger and light truck tires in July. As a result, the three tire manufacturers now face tariffs on exports to both the EU and the U.S., raising concerns about their performance in the market.Market analysts expect a decline in profitability for the second half of the year. Financial information provider FnGuide estimates that the combined operating profit for the three tire manufacturers in the third quarter will be approximately 729.6 billion won, a decrease of about 1.5% from 741 billion won in the same period last year. Ultimately, how these companies strategize to offset rising costs will be critical for their performance in the latter half of the year.* This article has been translated by AI. 2026-09-16 19:00:20
  • Regulating High-Cost Mobile Plans: Communications Commission to Address Unfair Practices
    Regulating High-Cost Mobile Plans: Communications Commission to Address Unfair Practices The Broadcasting and Media Communications Commission (BMCC) plans to take strict action against unfair practices by mobile phone retailers that encourage high-cost plans or additional services.On September 16, the BMCC held its 35th plenary meeting at the Government Complex in Gwacheon, where it reviewed and approved measures aimed at enhancing user rights and preventing unfair practices in the mobile device distribution environment.These measures were developed in response to the repeal of the Mobile Device Distribution Improvement Act (Device Subsidy Law) in July of last year and the subsequent amendments to the Telecommunications Business Act, which aim to protect users.First, the BMCC will establish a 'Distribution Environment Improvement Council' involving experts, telecommunications companies, and manufacturers. This initiative is based on the recognition that government-led post-regulation has limitations in detecting and penalizing market violations.Market monitoring will also be conducted, including checks on discriminatory subsidy practices between telecommunications subsidiaries and small budget carriers. Additionally, the compliance of budget carrier subscription procedures will be examined to prevent the activation of unauthorized phones.Policies to enhance user convenience will also be implemented. Telecommunications companies will be required to send automatic notification messages to users when the contract period for their subscribed plan expires, allowing them to choose a more suitable plan.In addition to the 'common support fund' information currently disclosed by telecommunications companies, a standard format will be established for retailers to post information about additional support funds.Measures to address user harm have also been developed. Users who suffer damages due to poorly written contracts will be able to report issues directly through a 'user participation reporting system' by submitting relevant documentation.Furthermore, initiatives to promote self-regulation among telecommunications companies and distribution networks will be pursued. To prevent issues such as sales staff leaving without fulfilling promised support during the contract process, a 'sales responsibility system' will be expanded to register and manage retail staff. Oversight of agencies will also be strengthened to curb incomplete sales practices by unauthorized retailers.BMCC Chairman Kim Jong-cheol emphasized, "Through the establishment and implementation of this policy, which centers on user benefits and rights, we will boldly eliminate unfair practices and behaviors in the market."The BMCC plans to form the 'Distribution Environment Improvement Council' based on these measures to implement policy tasks and continuously monitor unfair practices in the mobile device distribution market.* This article has been translated by AI. 2026-09-16 19:00:00
  • Democratic Party Supports Budget Policies in Daejeon, Focuses on Public Institution Relocation and Future Industries
    Democratic Party Supports Budget Policies in Daejeon, Focuses on Public Institution Relocation and Future Industries The Democratic Party held a budget policy council in Daejeon on September 6, pledging support for local projects, including the second phase of public institution relocation and the establishment of Daejeon Medical Center.Kim Min-seok, the party leader, stated at the council meeting held at Daejeon City Hall, "The Democratic Party will work to ensure that Daejeon becomes the center of revitalizing the region and the country in all aspects of budget and policy." He noted, "Daejeon was designated as an innovation city in 2002, and while the relocation of public institutions will proceed, we will strive to ensure that the projects that have not yet been realized are successfully implemented."Floor Leader Han Byeong-do emphasized, "During the previous Yoon Suk-yeol administration, cuts to research and development (R&D) budgets discouraged researchers and caused significant difficulties for the local economy. Now is the time for bold investments and assured budget support for Daejeon, which has led the future of South Korea."He also committed to closely examining key budgets related to the establishment of Daejeon Medical Center, the promotion of essential social overhead capital (SOC) projects, the relocation of Daejeon Prison, and the nurturing of future industries.Lee Kwang-jae, chairman of the National Assembly's Budget and Accounts Committee, remarked, "Daejeon is one of the most promising places to become the second Pangyo. I hope to transform this area, which includes KAIST, Chungnam National University, and Daedeok Special Zone, into a business city covering approximately 20 million pyeong."He added, "If we lift the height restrictions in Daedeok Special Zone, venture companies will not need to move to Seoul; they can live, work, and establish their businesses here. Daejeon will become a hub for ventures, and with the best talents at KAIST, opportunities will open up."Daejeon Mayor Heo Tae-jeong proposed 13 projects to the party leadership, including the establishment of a national semiconductor research institute, the operation of a public children's rehabilitation hospital, and the construction of the CTX railway segment in the Chungcheong region.Kwon Chil-seung, the policy committee chair, stated, "Regarding CTX, I noticed that an additional 1.7235 trillion won was reflected last year, which was not included in the original government plan. I will closely monitor how it is being utilized and ensure that issues related to the national railway network plan are addressed at the central party level."* This article has been translated by AI. 2026-09-16 18:48:10
  • Chojung-sik Advocates for Legislative Improvements Reflecting Voices of SMEs
    Chojung-sik Advocates for Legislative Improvements Reflecting Voices of SMEs Chojung-sik, the Speaker of the National Assembly, met with Kim Ki-moon, President of the Korea Federation of Small and Medium Businesses, on September 16 to discuss key legislative issues affecting small and medium enterprises (SMEs).During the meeting, Speaker Chojung-sik noted, "Despite the challenging economic conditions this year, SME exports reached a record high of $64 billion in the first half of the year," expressing gratitude for the significant contributions of various sectors, including cosmetics and semiconductors, to the country's export growth.He pledged that the National Assembly would work harder to ensure that the voices of SMEs are adequately reflected in legislation and institutional improvements, stating, "We will also strive to enhance the system to establish a fair market order."Chojung-sik emphasized the need for active government support and urged SMEs to turn crises into opportunities, particularly in the context of the transition to artificial intelligence (AI) and the era of carbon neutrality.In response, Kim Ki-moon acknowledged the Speaker's deep commitment to supporting SMEs across various sectors, including legislation. He requested special attention to the serious issue of polarization among SMEs.* This article has been translated by AI. 2026-09-16 18:48:00
  • Semiconductor Stocks Continue to Rise in Aftermarket; KOSDAQ Sees Surge
    Semiconductor Stocks Continue to Rise in Aftermarket; KOSDAQ Sees Surge Semiconductor stocks that showed strength during regular trading hours are continuing their upward trend in the aftermarket. Samsung Electronics and SK Hynix are both up by 1% to 3%, while the KOSDAQ market is seeing significant gains among high-volume stocks.According to the Korea Exchange, as of 6:24 PM, Samsung Electronics is trading at 253,000 won, up 4,500 won (1.81%) from the previous trading day. SK Hynix has risen by 6,400 won (3.79%) to 1,754,000 won. SK Square and Samsung SDI are also trading higher, up 1.80% and 4.10%, respectively, at 18,000 won and 54,000 won.These stocks also closed higher during regular trading. Samsung Electronics rose by 1.61%, while SK Hynix increased by 3.85%. SK Square and Samsung SDI saw gains of 1.80% and 4.33%, respectively.In contrast, major stocks in the KOSDAQ market are experiencing declines. Alteogen is trading at 256,500 won, down 3,500 won (1.35%). EcoPro and EcoPro BM have also fallen by 2.37% and 2.24%, trading at 82,400 won and 104,600 won, respectively.However, several stocks in the KOSDAQ market are seeing significant increases in trading volume. Daehan Optical Communication recorded the highest trading volume at 44.03 million shares, with its stock price rising by 14.43%. Other notable gainers include SRA Semiconductor (8.26 million shares), Seongho Electronics (5.01 million shares), LS Materials (4.21 million shares), and KM W (3.03 million shares), which saw increases of 3.02%, 10.59%, 4.18%, and 13.32%, respectively.On this day, the KOSPI closed at 6,717.97, up 90.71 points (1.37%) from the previous trading day. The index opened at 6,611.24, down 16.02 points (0.24%), but reversed course after fluctuating in early trading. It expanded its gains throughout the session, ultimately closing at 6,717.97.In the securities market, institutions made a net purchase of 1.4351 trillion won, while individuals and foreigners sold a net 1.6794 trillion won and 1.4130 trillion won, respectively. The KOSDAQ index closed at 815.98, up 3.57 points (0.44%) from the previous trading day.* This article has been translated by AI. 2026-09-16 18:40:10
  • Korean National Assembly Speaker Meets with Kazakhstan President to Discuss Energy and AI Cooperation
    Korean National Assembly Speaker Meets with Kazakhstan President to Discuss Energy and AI Cooperation Jong-sik Cho, the Speaker of the National Assembly, met with Kazakhstan President Kassym-Jomart Tokayev on September 16 to discuss strengthening cooperation between the two countries in areas such as energy supply chains and artificial intelligence (AI).During their meeting at the National Assembly, Cho expressed his pleasure that Tokayev's visit to South Korea would elevate the bilateral relationship to a future-oriented, comprehensive strategic partnership.He noted, "Kazakhstan was the first country to welcome ethnic Koreans who migrated to Central Asia, and currently, 120,000 Koreans reside in Kazakhstan." He also thanked the Kazakh government for its support in repatriating the remains of General Hong Beom-do to his homeland.In response, President Tokayev stated, "The Republic of Korea is one of Kazakhstan's most trusted and friendly partners," and expressed his satisfaction with the active cooperation between the two countries' parliaments.He added, "Currently, over 1,000 joint ventures involving Korean capital are operating in Kazakhstan, and our bilateral relations are developing in various fields. Next year marks the 90th anniversary of Koreans settling in Kazakhstan, and I hope we can celebrate this together."Additionally, President Tokayev requested an official visit from Cho to Kazakhstan and expressed his commitment to enhancing exchanges and cooperation between the two countries' parliaments.* This article has been translated by AI. 2026-09-16 18:40:00
  • Financial Authorities File Charges Against Four Companies for Insider Trading
    Financial Authorities File Charges Against Four Companies for Insider Trading Financial authorities have taken legal action against four companies for allegedly profiting from insider information. The authorities also imposed fines on secondary information recipients for disrupting market order.The Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) announced on September 16 that they had filed charges against the employees of a company planning a public offering, executives of a specialized venture capital firm, financial investors involved in acquiring shares and management rights of listed companies, and agents of bulk stock purchasers for violating the Capital Markets and Financial Investment Business Act.According to the FSC, insiders from Company A, which is set for a public offering, and its affiliate Company B, including five individuals, are accused of using non-public information obtained in the course of their duties to trade Company B's shares from June 2024 to June 2025, or passing it on to 11 first-level information recipients, resulting in illicit gains amounting to several hundred million won.During this process, five secondary information recipients also received non-public information and gained a total of 90 million won. Two executives from Company B, after being appointed, allegedly acquired and disposed of Company B's shares through accounts in their names or those of others, failing to report their ownership status as required.The CEO of a specialized venture capital firm has also been reported for allegedly using critical non-public information to avoid losses amounting to several billion won.Another financial investor from a different listed company is accused of passing on information obtained during the investment process to acquaintances for stock trading and avoiding losses upon learning of the impending contract cancellation.A representative from a manufacturing company has also been reported for using non-public information to gain illicit profits for themselves and their relatives through accounts under different names.The Capital Markets Act prohibits trading activities that utilize not only non-public important information but also non-public information regarding public offerings and bulk acquisitions or disposals, under separate regulations.As a result, insiders, including employees of public offering candidates and bulk acquirers or disposers, who use non-public information obtained in the course of their duties for trading or allow others to use it, can face criminal penalties of over one year in prison or fines up to six times the amount of illicit gains, as well as administrative fines of up to double the illicit gains.An FSC official stated, "Insiders and first-level information recipients, as well as those who receive non-public information from first-level recipients and trade based on it, can be subject to fines amounting to 1.5 times the illicit gains. Furthermore, executives and major shareholders of listed companies must report their ownership of company shares to the FSS within five days of becoming an executive or major shareholder, regardless of the name under which the shares are held. Failure to comply can result in criminal penalties of up to one year in prison or fines of up to 30 million won for violating the Capital Markets Act."* This article has been translated by AI. 2026-09-16 18:32:00