AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

&
""
Latest by
  • Jipyung Law Firm Supports Successful 12th South Korea International Arbitration and Corporate Crime Summit
    Jipyung Law Firm Supports Successful 12th South Korea International Arbitration and Corporate Crime Summit Jipyung Law Firm announced on August 21 that it participated as a main sponsor in the 12th South Korea International Arbitration and Corporate Crime Summit, hosted by Legal Plus, a global legal event organization, on August 20.This year’s summit, marking its 12th edition, covered a wide range of pressing issues in international disputes, including interim relief measures in cross-border disputes, M&A and joint venture-related conflicts, construction and energy sector disputes, and technology disputes surrounding digital assets and artificial intelligence (AI). Legal and dispute resolution experts from both domestic and international backgrounds, as well as in-house counsel and representatives from arbitration and mediation institutions, attended to share insights on the latest trends and practical responses in international disputes.The opening remarks were delivered by Kim Jin-hee, a foreign attorney and head of the international dispute team at Jipyung. She addressed the new roles and challenges that the rapidly changing legal environment demands from legal professionals, emphasizing the importance of adapting to these changes.The summit featured six thematic presentations and five panel discussions, with over 20 speakers and discussants participating. Jeon So-min, a foreign attorney from Jipyung’s international dispute team, took part in the first panel discussion, while Kim Jin-hee moderated the second panel.In the first panel discussion on 'Interim Relief Measures in Cross-Border Disputes,' Jeon So-min highlighted various interim relief measures applicable in international arbitration and litigation, discussing key issues to consider during the enforcement process. She stressed the need for strategic responses at the initial stages, taking into account the legal systems and enforceability in different countries, and shared insights on effective rights preservation strategies.The second panel discussion, focused on 'Mediation and Hybrid ADR Models,' was led by Kim Jin-hee. She guided the discussion on the practical challenges faced by mediation in the legal environments of Korea and Asia, the unique value of mediation, and the conditions necessary for successful mediation processes, as well as the competencies required from attorneys.Kim facilitated the exchange of views among panelists on the practical implications of utilizing mediation and concluded the session with a Q&A segment, engaging with attendees.Kim Jin-hee remarked, "As the landscape of international disputes becomes increasingly complex with the emergence of new types of conflicts, this summit was significant in that domestic and international experts shared their experiences and perspectives to seek practical solutions. I hope this summit helps companies proactively assess various dispute possibilities and develop more effective response strategies."* This article has been translated by AI. 2026-08-21 15:00:00
  • Anyang Mayor Choi Dae-ho Calls for Increased Awareness of Unpaid Vehicle Taxes
    Anyang Mayor Choi Dae-ho Calls for Increased Awareness of Unpaid Vehicle Taxes Anyang Mayor Choi Dae-ho emphasized the importance of raising awareness about unpaid vehicle taxes, stating, "I hope this crackdown will foster a culture of voluntary payment among those with outstanding debts." On this day, Mayor Choi announced a joint operation with Gyeonggi Province, designating a day for a comprehensive crackdown on unpaid vehicle license plates. The mayor is launching a rigorous enforcement campaign targeting vehicles with unpaid car-related fines. This operation aims to actively collect overdue payments while ensuring fairness for diligent taxpayers and establishing a just tax system. In particular, Mayor Choi plans to focus on fair administration and citizen-centered field operations, balancing enforcement with consideration for citizens facing economic hardships. He revealed that the crackdown will utilize vehicles equipped with license plate confiscation systems and specialized equipment, concentrating efforts in areas with high vehicle concentrations, such as apartment complexes, large supermarkets, and public parking lots. Targeted vehicles include those with two or more unpaid car taxes or fines, those with overdue amounts exceeding 300,000 won, and vehicles under operation suspension. For other unpaid vehicles, the mayor stated that a notice will be affixed to encourage voluntary payment. Confiscated license plates will be returned after confirming the payment status and whether the vehicle is under an operation suspension order. For vehicles that do not retrieve their license plates within a specified period, the city will pursue active collection measures, including public auction. Citizens have expressed support for the need to ensure fairness between diligent taxpayers and those with unpaid debts, while also calling for careful administration considering the economic downturn and living conditions. In particular, drivers of cargo and delivery vehicles, which are essential for their livelihoods, argue that enforcement should take into account the reasons for unpaid taxes and their economic situations. In response, Mayor Choi plans to encourage payment agreements and installment plans for those in financial distress, balancing collection efforts with the protection of citizens' livelihoods. Citizens also hope that this crackdown will not only identify unpaid taxpayers but also ensure fairness for diligent taxpayers and provide opportunities for those facing economic difficulties to recover. Mayor Choi urged citizens to check their payment status in advance to avoid the disadvantages of license plate confiscation and to voluntarily settle their debts. Additionally, Mayor Choi Dae-ho stated, "We will continue to establish a fair tax system through ongoing crackdowns and collection measures." * This article has been translated by AI. 2026-08-21 15:00:00
  • Lotte Wellfood Apologizes for Ammonia Leak at Yeongdeungpo Plant, Promises Safety Measures
    Lotte Wellfood Apologizes for Ammonia Leak at Yeongdeungpo Plant, Promises Safety Measures Lotte Wellfood officially apologized on August 21 for an ammonia leak incident that occurred at its Yeongdeungpo plant in Seoul and announced plans to implement preventive measures. In a statement, Lotte Wellfood expressed, "We sincerely apologize for causing great concern to nearby residents and customers due to the gas leak incident at the Yeongdeungpo plant." The company added, "We will cooperate sincerely and transparently with the investigation by relevant authorities and will conduct thorough safety inspections of the facility along with preventive measures against recurrence." Earlier that day, at approximately 5:30 a.m., ammonia gas leaked from the Lotte Wellfood Yeongdeungpo plant near Seonyudo Station in Yangpyeong-dong 5-ga, prompting a response from the fire department. About 40 employees present at the plant evacuated safely, and no injuries were reported. The Yeongdeungpo plant, which was completed in 1969, is a major production facility for Lotte Wellfood, currently manufacturing gum, candy, chocolate, and ice cream. Lotte Wellfood stated, "We reported the incident to emergency services immediately, and by 5:52 a.m., the main gas valve was successfully shut off by the responding fire department." The company further noted, "Subsequent measurements of residual gas concentrations in the plant and surrounding areas by fire, district office, and environmental authorities confirmed 'non-detection,' safely concluding the emergency situation." This information was also communicated to local residents through safety alerts from the district office. Lotte Wellfood emphasized, "We prioritize safety as our top value and have been conducting regular safety inspections and emergency response training for our employees. We will thoroughly review our safety management system in light of this incident and promptly implement necessary corrective actions to prevent recurrence."* This article has been translated by AI. 2026-08-21 15:00:00
  • Private Mid-Rate Loans Excluded from Household Loan Limits Starting August
    Private Mid-Rate Loans Excluded from Household Loan Limits Starting August The financial authorities have decided to exclude the increase in private mid-rate loans from the household loan limits of savings banks, credit finance companies, and mutual finance companies starting this month. This measure aims to encourage funding for low- and mid-credit borrowers while alleviating the burden of total loan management for the second financial sector.According to the financial sector on the 21st, the Financial Supervisory Service convened household loan managers from the National Agricultural Cooperative Federation, the National Credit Union Federation, the National Federation of Fisheries Cooperatives, the National Forestry Cooperative Federation, the Korea Savings Bank Association, and the Korea Credit Finance Association to communicate this policy.The financial authorities will manage the household loan increase targets for each financial institution by dividing them into their own loan share, policy finance, and reserves for additional loan demand.Among mid-rate loans, the Saitdol loan falls under the category of policy mid-rate loans. Policy financial products like the Haet-sal Loan and Saitdol loans are managed separately as part of the total policy finance, and thus have already been excluded from the household loan limits for each financial institution.In contrast, privately supplied mid-rate loans were previously included in the household loan limits, with only a portion of the increase excluded from total loan management. Savings banks had 80% of the increase excluded, while credit finance companies had 40%. However, starting this month, the exclusion rate will be expanded to 100% for all second financial sector institutions, including mutual finance.A financial authority official stated, "There has been much concern as the existing incentives did not lead to the expected increase in mid-rate loans."As a result, any increase in private mid-rate loans by the second financial sector from this month onward will not be reflected in the household loan limits for each financial institution. Since the increase in mid-rate loans will be excluded from the total, financial institutions will have more capacity to offer other household loans, such as general credit loans, within their limits.However, even if the capacity for total loan management increases, the actual scale of loan supply is expected to vary based on each financial institution's deposits, funding costs, soundness, and capital conditions.This measure follows the government's comprehensive real estate finance plan announced on August 13, which raised the household loan growth management target for the entire financial sector from 1.5% to 3.0% for this year. It is estimated that an additional loan capacity of about 30 trillion won will be created across the financial sector, but authorities plan to guide this supply towards actual demand and low-income financing rather than distributing it uniformly among financial institutions.The existing management policy will remain in place for general mortgage and credit loans. Additional total loan limits for each financial institution will be allocated based on compliance with household loan targets in the first half of the year and the lending situation by sector. The specific allocation amounts have not yet been determined.Authorities will also apply total loan management incentives to group loans, which are characterized by strong actual demand. From this month onward, the increases in moving expenses, interim payments, and final payments for group loans will be fully excluded from the household loan limits for each financial institution.There will not be a separate limit set for group loans; instead, the increase will be deducted from the total loan management results for each financial institution, meaning the actual supply scale will depend on future demand and the individual conditions of each financial institution.Meanwhile, total loan management incentives for mid-rate loans in the banking sector will be discussed separately from those in the second financial sector. Since the existing methods for reflecting total loans differ between banks and the second financial sector, specific measures regarding the subjects and exclusion rates will be determined after consultations with the banking sector.* This article has been translated by AI. 2026-08-21 14:56:00
  • Renault Korea Reaches Tentative Agreement on Wage Negotiations
    Renault Korea Reaches Tentative Agreement on Wage Negotiations Renault Korea announced on August 21 that it reached a tentative agreement during the 15th round of negotiations for the 2026 wage and collective bargaining agreement with its representative union on August 20.After 16 hours of negotiations, both sides agreed to work together to overcome the company's challenging management situation.Negotiations began on April 27, and over the past four months, a total of 15 rounds of main and practical negotiations have taken place.The tentative labor agreement will be finalized at a general meeting of employees scheduled for August 26, following an explanatory session for union members.If approved at the general meeting, Renault Korea will become the third domestic automaker to finalize a labor agreement, following GM Korea and KGM.* This article has been translated by AI. 2026-08-21 14:56:00
  • Blue House Calls for North Korea to Cease Unnecessary Criticism and Work Towards Peaceful Coexistence
    Blue House Calls for North Korea to Cease Unnecessary Criticism and Work Towards Peaceful Coexistence The Blue House urged North Korea to "stop unnecessary slander against the South and move forward together towards peaceful coexistence on the Korean Peninsula."A Blue House official made this statement on the 21st in response to a speech by Kim Yo-jong, deputy director of the North Korean Workers' Party, who criticized President Lee Jae-myung by name the previous night. The official noted that "derogatory remarks about our government and president do not help build mutual trust."The official emphasized that the government will consistently pursue a policy of peaceful coexistence on the Korean Peninsula based on mutual respect.Furthermore, the official stated, "As a party to peace on the Korean Peninsula, we will continue to maintain close cooperation with the United States and strive to resume dialogue between North Korea and the U.S. as a facilitator."Earlier, on the 20th, Kim criticized the reduction of U.S.-South Korea joint military exercises, stating, "Due to a single remark from President Donald Trump, Seoul finds itself in the unfortunate position of having to withdraw from its favorite 'war games.'"She also accused President Lee of displaying "double standards" in his words and actions, reflecting South Korea's anxious and contradictory mindset.* This article has been translated by AI. 2026-08-21 14:48:10
  • Kakao to split businesses in major AI restructuring
    Kakao to split businesses in major AI restructuring SEOUL, August 21 (AJP) - Kakao will split its key businesses into two entities, KakaoAI and KakaoX, in a major restructuring to strengthen its artificial intelligence (AI) capabilities and creating new growth engines, the South Korean messaging giant said on Friday. The decision was made at its board of directors' meeting the previous day, with the spinoff scheduled to be completed by Jan. 1 next year, after getting shareholder approval at an extraordinary shareholders' meeting slated for Dec. 17. Under the plan, KakaoAI will be created as a new entity in charge of its popular messenger app KakaoTalk and other AI-related services, while the current company will be renamed KakaoX and focus on investment and the development of future businesses. Kakao said the new entity, putting AI at its core, will introduce new AI-powered user experiences and revenue models, including advertising, agentic commerce and subscriptions, under the leadership of its CEO Chung Shin-a. KakaoAI has set a goal of reaching at least 20 million daily active users of its AI-related services by 2030. It also aims to increase the time users spend on KakaoTalk by more than 50 percent and achieve average annual revenue growth of about 20 percent, reaching more than 6 trillion won (US$4.3 billion) in revenue by 2030. KakaoX, meanwhile, will support the growth of major affiliates and seek new investment and business opportunities. It plans to raise about 2.3 trillion won by monetizing its assets and use another 4.1 trillion won in resources held by its subsidiaries. Through 2030, it aims to grow revenue from its major businesses by an average of 13.3 percent a year and lay the groundwork for annual revenue of more than 10 trillion won. Kim Do-young, who currently leads Kakao Investment and the company's investment strategy office, has been named to lead KakaoX. Under the proposed split, Kakao shareholders will receive shares in both companies in proportion to their existing holdings, with the split ratio set at 36 percent for KakaoAI and 64 percent for KakaoX. Kakao plans to relist KakaoAI while making changes to KakaoX's listing status on Jan. 27 next year. After Kakao announced its split plans, its shares were trading at around 35,000 won in the early afternoon, down about 3,000 won or nearly 9 percent from the previous session after falling as low as 33,600 won earlier in the day. AJP Takeaways • Kakao will split its key businesses into KakaoAI and KakaoX, with the spinoff scheduled for completion on Jan. 1, 2027, subject to shareholder approval on Dec. 17, 2026. • KakaoAI will oversee KakaoTalk and AI-related services, with plans for AI-powered advertising, agentic commerce and subscription services under CEO Chung Shin-a. • KakaoAI aims to reach at least 20 million daily active AI users and generate more than 6 trillion won in annual revenue by 2030, while increasing time spent on KakaoTalk by more than 50 percent. • KakaoX will focus on investments and new businesses, planning to raise about 2.3 trillion won through asset monetization and use about 4.1 trillion won in resources held by subsidiaries. • Kakao shares fell nearly 9 percent after the split announcement, trading around 35,000 won in the early afternoon on Aug. 21, 2026, after hitting an intraday low of 33,600 won. 2026-08-21 14:44:22
  • K-Beautys Global Expansion Requires Innovation for Sustainable Growth
    K-Beauty's Global Expansion Requires Innovation for Sustainable Growth K-content is increasingly becoming a part of daily life around the world, and K-Beauty is rapidly expanding its reach. South Korean cosmetics, which have primarily grown in Asia, are now entering major distribution networks and online platforms in the United States and Europe, emerging as a mainstream player in the global market. The interest in Korean culture, which began with dramas, music, and food, has translated into cosmetics consumption, establishing K-Beauty as a leading beneficiary of the Korean Wave and a new export driver.The competitiveness of South Korean cosmetics is evident. The ability to quickly adapt to changing consumer preferences and reflect them in products, while providing high quality at reasonable prices, has garnered high praise in the global market. The combination of the creative planning of small and medium-sized brands with the technological prowess of contract manufacturers is a unique strength of K-Beauty. The spread of organic word-of-mouth through social media has also encouraged a diverse range of small brands to join the export structure, which was previously dominated by large corporations.However, it is difficult to guarantee that the current growth trend will continue without effort. The global cosmetics market is characterized by rapid changes in trends and fierce competition. Relying solely on the popularity of the Korean Wave for sales expansion makes it challenging to maintain long-term consumer loyalty. The past experience of high dependence on the Chinese market, which turned into a burden for the industry amid diplomatic conflicts and changes in the consumer environment, should not be forgotten. A crucial task, as important as expanding market boundaries, is to deepen and solidify the foundation of competitiveness.Above all, continuous investment in research and development (R&D) is essential. As cosmetics increasingly combine dermatological science, biotechnology, and new material technologies, the added value of products and barriers to entry rise. Customized products tailored to skin conditions, scientifically validated functional ingredients, eco-friendly raw materials and packaging, and AI-assisted skin diagnostics are areas that will shape the competitive landscape in the global market. Simply following trends or quickly launching similar products will not suffice to close the gap with global brands.This is why domestic cosmetics companies must focus on R&D investment. Securing unique raw materials, formulations, and patented technologies is necessary to transition from price competition to technological competition. Particularly, overseas consumers meticulously scrutinize the efficacy and safety of products. Strengthening clinical data and quality management systems, as well as proactively responding to country-specific regulations, are as important as R&D investment.The product structure, which is currently focused on skincare, also needs to change. While skincare products are the starting point and core competitiveness of K-Beauty, over-reliance on a specific area can make it vulnerable to market changes. In the global cosmetics market, color cosmetics are a crucial area for expressing brand identity and expanding consumer touchpoints. Developing a wide range of shades that cater to diverse skin tones and characteristics, as well as formulations that align with local aesthetic preferences and lifestyles, is necessary. If brands that have gained trust through skincare expand their product lines to include color cosmetics, hair care, fragrances, and body care, their growth foundation will also broaden.The government should not only celebrate K-Beauty's growth in terms of export performance. It must expand R&D support to enable small and medium-sized enterprises to develop unique materials and technologies, systematically back overseas licensing, safety verification, and intellectual property protection. Providing information on country-specific regulations and establishing a collaborative foundation to support clinical trials and market entry are also necessary. While reforming unreasonable regulations to allow companies to test new products and technologies, strict management of quality and safety in line with global standards is essential.For K-Beauty to avoid being a temporary trend reliant on the popularity of the Korean Wave, it must prepare for the next stage now. It should enhance product depth through technological prowess and broaden its competitiveness beyond skincare into color cosmetics and various fields. The ability to convert the interest gained in the global market into sustained trust ultimately stems from R&D and innovation.* This article has been translated by AI. 2026-08-21 14:44:00
  • Government Aims for 40 Million Foreign Tourists, But Where Will They Stay?
    Government Aims for 40 Million Foreign Tourists, But Where Will They Stay? The government has announced its goal of attracting 40 million foreign tourists, significantly raising its initial target of 30 million. Plans include constructing large arenas and hosting massive festivals to draw more visitors to South Korea. However, as the target for tourist numbers rises, there is little clarity on how to secure accommodations for these visitors.Next December, the Seoul Arena in Changdong and KINTEX in Goyang will host the inaugural K-culture festival, 'FANOMENON.' This event, akin to a Korean version of Coachella, will feature K-pop concerts, award ceremonies, and showcases of film, drama, gaming, webtoons, fashion, and beauty. The Cultural Exchange Committee anticipates that 520,000 attendees, including 200,000 foreign tourists, will generate over 1 trillion won in economic impact. The 18,269-seat Seoul Arena is also set to open next year.Looking at the trend of increasing foreign visitors, the outlook is not merely optimistic. In the first half of this year, 10.71 million foreign tourists visited South Korea, a 21.3% increase compared to the same period last year. In June alone, 1.99 million people traveled to Korea. Following last year's record of 18.94 million visitors, the growth trend continues.The challenge lies in accommodating these tourists.Concerns about the supply of accommodation have emerged. The Board of Audit and Inspection pointed out deficiencies in the accommodation supply analysis conducted by some local governments during a regular audit of the Ministry of Culture, Sports and Tourism last year. The Seoul city government calculated the growth rate of available rooms at 1%, instead of the 4.79% increase in the number of businesses, and the ministry approved this without proper verification, according to the audit.Forecasts from the Seoul city government and the ministry differ. The city predicts that there will be enough accommodation for foreign visitors by 2026, while the ministry believes there will be a shortage. The audit recalculated the figures, indicating that if foreign visitors reach 19.11 million, there will be a shortfall of hotel rooms in Seoul. Given that last year's visitor count was already 18.94 million, the need for expanding accommodation cannot be delayed any longer.In response, the Seoul city government is taking steps to increase hotel supply. It has designated 63 areas, including major hubs like Myeongdong, as tourism accommodation zones and plans to relax floor area ratio regulations for qualifying facilities by up to 1.3 times. In general commercial areas, the floor area ratio could be increased from 800% to a maximum of 1,040%.Policies are also in place to encourage tourists to visit regional areas. The strategy includes expanding international routes from regional airports and creating a 'Golden Route' for inbound tourism. In the first half of this year, the number of foreign visitors arriving at regional airports reached approximately 1.96 million, a 42.1% increase compared to the same period last year, significantly outpacing the 17.3% growth rate at metropolitan airports. The regional visitation rate for foreign tourists in the second quarter also rose to 34.2%, an increase of 2.8 percentage points from the previous year.Distributing tourists to regional areas is essential. Attracting 40 million visitors concentrated in Myeongdong, Hongdae, and Seongsu-dong will not foster a true tourism powerhouse or invigorate local tourism. However, simply dispersing tourists will not resolve Seoul's accommodation issues, as the city remains a key destination for first-time visitors.Many large cultural events, including FANOMENON and K-pop concerts, are also concentrated in the metropolitan area. Yet, building hotels indiscriminately is not a solution. The process of acquiring land, obtaining permits, and constructing hotels can take years, making it difficult to meet the rapidly increasing demand for tourism. This highlights the need to adapt the shared accommodation system to current realities.The current foreign tourist city lodging business allows urban residents to offer accommodation services to foreign tourists in their homes. As of May, there were over 9,800 such establishments nationwide, according to the Ministry of the Interior and Safety. Recently, the government has initiated a plan to require mandatory disaster liability insurance, which compensates up to 150 million won per person for injuries and up to 1 billion won for property damage in the event of fires, explosions, or collapses, to enhance safety measures.This does not mean opening the floodgates without restrictions. Noise, littering, and parking issues in residential areas must be strictly controlled, and establishments that do not meet safety standards for fire and evacuation must be rigorously managed. Fairness with existing hotels, which bear taxes and various regulations, must also be maintained.The key is to manage and utilize accommodations properly within the regulatory framework. Clear standards for business registration, safety facilities, insurance coverage, tax payments, and resident conflict resolution must be established, allowing compliant accommodations to serve as lodging for tourists. Illegal accommodations should be strictly regulated, but there is no need to confine compliant establishments within outdated regulatory frameworks.Attracting tourists is not the entirety of tourism policy. Equally important is where they stay and how comfortably they travel. To turn the goal of 40 million tourists into reality, the necessary accommodation infrastructure must be established to match this target.* This article has been translated by AI. 2026-08-21 14:44:00
  • Bitcoin Surpasses $70,000, Boosting Cryptocurrency Stocks Including Wooree Technology Investment
    Bitcoin Surpasses $70,000, Boosting Cryptocurrency Stocks Including Wooree Technology Investment Bitcoin's price has surpassed $72,000, leading to a surge in cryptocurrency-related stocks, including Wooree Technology Investment.According to the Korea Exchange, as of 2:15 PM, Wooree Technology Investment was trading at 6,020 won, up 1,085 won (21.99%) from the previous trading day. Wooree Technology Investment is a major shareholder, holding approximately 7.20% of Dunamu, which operates South Korea's largest cryptocurrency exchange, Upbit.At the same time, Parataxis Ethereum, which operates a digital asset treasury business based on Ethereum, saw its stock rise by 29.96%, hitting the upper limit. Other stocks also experienced gains, including Galaxia Money Tree (19.56%), Bit Planet (10.64%), WIZIT (5.12%), and Bitmax (4.98%).The sharp increase in Bitcoin's price has sparked optimism about a recovery in the cryptocurrency market, which is reflected in the performance of related stocks.On August 20, according to the U.S. cryptocurrency exchange Coinbase, Bitcoin's price was recorded at $72,812, up approximately 6.2% from 24 hours earlier. Compared to a week ago, it has risen by more than 15%.This rise in Bitcoin's price is believed to be influenced by the macroeconomic environment and expectations regarding U.S. cryptocurrency policy.The U.S. Treasury Department announced the previous day that it would at least double the size of its Treasury buyback program to stabilize financial markets, leading to a decline in long-term bond yields and a drop in the value of the dollar. This has resulted in increased investment in risk assets, including Bitcoin.Additionally, President Donald Trump summoned Coinbase CEO Brian Armstrong and others to the White House to pressure Congress for the passage of the 'Clarity Act,' a bill aimed at structuring the cryptocurrency market, further stimulating investor sentiment.* This article has been translated by AI. 2026-08-21 14:40:00