Gwangju City Council Concludes 325th Extraordinary Session, Approves Budget and Development Plans
Gwangju City Council concluded its 325th extraordinary session on August 6, addressing the supplementary budget and key local issues. According to the council, the second plenary session wrapped up the agenda for the 325th extraordinary session. During this session, the council approved the first supplementary budget for the general and special accounts for 2026, along with a bill for administrative reorganization and other significant matters. Additionally, three resolutions related to loc
Minister Kim Jong-kwan: Semiconductor Industry Needs Rapid Market Capture, Workweek System Must Change
Kim Jong-kwan, the Minister of Trade, Industry and Energy, stated on August 6 that the 52-hour workweek system should be exempted for semiconductor research and development, emphasizing that "the system should not stifle the will of those who want to work."During a discussion at the Korea Press Center in Jung-gu, Seoul, he remarked, "The issue of the 52-hour workweek is not limited to the semiconductor sector. While some basic rules are necessary, the system needs to be revised."Minister Kim str
U.S. Memory Stocks Plunge, Impacting KOSPI Amid Concerns Over Future Gains
Investor sentiment soured following earnings reports from U.S. memory semiconductor companies, leading to a sharp decline in the South Korean stock market. Heavy selling of shares in Samsung Electronics and SK Hynix caused the KOSPI to drop more than 5% at one point.On August 6, the KOSPI opened at 6,478.75, down 1.81% from the previous trading day, and fell as low as 6,238.32, a decline of 5.46%. The rapid drop triggered a sell-off sidecar for the KOSPI.Foreign investors led the decline, net se
CJ ENM Reports 2nd Quarter Operating Profit of 33.4 Billion Won, Up 16.9% Year-on-Year
CJ ENM announced on August 6 that it recorded sales of 1.2033 trillion won and an operating profit of 33.4 billion won in the second quarter of this year. While sales decreased by 8.3% compared to the same period last year, operating profit increased by 16.9%. Specifically, the entertainment segment saw sales drop by 13.7% to 800.5 billion won. However, operating profit in this segment rose by 42.4% to 11.4 billion won, indicating improved profitability. The commerce segment reported sales of 40
Impact of Falling Exchange Rates on Industries: Airlines and Batteries Benefit, Auto Sector Struggles
As exchange rates and international oil prices have recently declined, the industrial sector is experiencing mixed reactions. While the aviation, battery, and steel industries anticipate reduced operational costs and raw material expenses, the export-dependent automotive sector is concerned about declining profitability due to the diminishing effects of the exchange rate.According to industry sources, airlines are smiling for the first time in a while. With jet fuel prices, which account for abo
Critic Kim Do-hoon Deletes Post on Jung Jun-won's Attitude Controversy
Film critic Kim Do-hoon deleted a post criticizing actor Jung Jun-won's attitude on MBC's 'What Do You Do When You Play?' after it sparked controversy.On August 5, Kim shared a screenshot on his social media account showing a post titled "Just don't" with all metrics—posts, following, and followers—displaying zero. This appeared to be his response to the backlash following his evaluation of Jung.Earlier, on August 1, Jung appeared on MBC's variety show 'What Do You Do When You Play?' and faced c
Sports Boost Local Economy: Gangjin Expects 1 Billion Won Impact from Chinese Training Camp
Gangjin County in South Jeolla Province is expanding its sports marketing efforts by attracting overseas training teams, anticipating an economic impact of approximately 1 billion won.The county announced on August 6 that it is hosting the '2026 International Training Camp and Exchange Event' from July 29 to August 8.A total of 848 athletes from 17 teams, including the Youyi Sports Club from China's Puyang City, are participating in the training camp, along with 30 parents of the Chinese athlete
Seoul Housing Prices Rise 0.26% Amid Regulatory Changes
Seoul's apartment prices have seen a notable increase. However, while the rise in the Gangnam area is limited, significant gains are observed in the northern and southwestern regions. With more high-value homeowners needing to consider the implications of tax reforms on ownership, sales, and gifting, a prolonged wait-and-see attitude in Gangnam is anticipated.According to the Korea Real Estate Agency's report on the 'First Week of August 2026 National Weekly Apartment Price Trends' released on A
Japan to Cut Food Consumption Tax from 8% to 1% for First Time
Japan's government has decided to reduce the consumption tax on food from the current 8% to 1%. If the bill passes, it will mark the first tax cut since the consumption tax was introduced in 1989. The move aims to alleviate the burden on households struggling with high prices, but the government has not provided a concrete plan for the necessary funding, estimated at 10 trillion yen (about $90 billion) over two years. Concerns have been raised that worsening fiscal conditions could lead to risin
Samsung Electronics Ends Patent Dispute with Netlist, Forms Strategic Alliance
Samsung Electronics and U.S. semiconductor company Netlist have resolved their ongoing patent litigation and established a strategic alliance that includes technology collaboration and product supply.On August 5, Netlist announced that it had signed a five-year long-term agreement with Samsung Electronics covering patent cross-licensing, memory supply, and technology collaboration.As part of the agreement, both companies have agreed to withdraw all pending legal actions and release each other fr