Global smartphone revenue reached an all-time high in the second quarter, driven by an increase in average selling prices (ASP) despite a decline in shipments. As smartphone manufacturers raise prices due to soaring memory costs in the AI era, the market is rapidly shifting from a focus on volume competition to value competition.Apple and Samsung continued their growth by expanding sales of premium products and maintaining cost competitiveness, while Chinese manufacturers, which rely heavily on

Hyundai Department Store's consolidated operating profit for the second quarter decreased due to poor performance from its subsidiary, Zinus, which specializes in furniture and mattresses. However, the core business segments of department stores and duty-free shops reported strong results, bolstered by an increase in foreign tourists. On August 5, Hyundai Department Store announced that its consolidated operating profit for the second quarter was 79.3 billion won, an 8.7% decrease compared to th

The Small Business Association has initiated a legal challenge against the government's decision to set the minimum wage for 2027 at 10,700 won per hour, after the government rejected their request for a review.On August 5, the association announced that it had filed a lawsuit at the Seoul Administrative Court seeking to annul the minimum wage set by the Ministry of Employment and Labor on July 16.This marks the second time the association has taken legal action since the minimum wage saw a reco

As record-breaking heat continues with temperatures hovering around 104 degrees Fahrenheit, the World Health Organization (WHO) has warned that using fans in high-temperature environments can actually increase the body's heat burden. Fans, typically seen as a go-to cooling device in summer, can circulate hot air when temperatures exceed a certain threshold.Recently, WHO advised in its report on 'Heat and Health' that fans should only be used when the surrounding air temperature is below 104 degr

Recent fluctuations in the domestic stock market (KOSPI) have been attributed to concerns over an artificial intelligence (AI) bubble. Amid fears that the AI boom is overvalued compared to its revenue-generating potential, semiconductor stocks have seen significant declines. Many investors are left wondering, 'Is the AI boom over?'Kim Nam-Ui, head of the ETF strategy division at Timefolio Asset Management, addressed this question in an interview with Aju Economy on August 4. He stated, "If you a

The real estate market is difficult to navigate. President Lee Jae-myung stated during a Cabinet meeting on August 4 that while labor income exceeding 1 billion won is taxed at a maximum rate of 49.5%, including local income tax, capital gains from real estate, even at 10 billion won, result in only a few million won in actual taxes. He noted that while it may be reasonable to reduce taxes on a primary residence that has appreciated in value, it is inequitable for investors who earn tens of bill

President Lee Jae-myung will hold a second closed-door meeting on real estate policy on August 7, following a meeting he convened immediately after returning from a trip to the United States and South America.Chief Presidential Spokesperson Kang Yu-jeong announced on August 5 that "President Lee is scheduled to preside over the second meeting on real estate policy review at 2 p.m. on August 7, as directed during the real estate and stock market review meeting on August 3."Upon his return, Presid

Labor Minister Kim Young-hoon stated on August 5 that discussions regarding the Mega Special Zone Law are still in progress and nothing has been finalized yet. He added that the ministry plans to review the situation based on fact-finding surveys and factual circumstances. The criteria for determining the subjects of negotiations and disputes under the Yellow Envelope Law (revised labor law Articles 2 and 3) will be clarified within this month.During a luncheon meeting with reporters at the Gove

OpenAI announced that Taepyeongyang Law Firm has implemented ChatGPT Enterprise across its entire workforce to enhance business innovation.This marks the first time a major law firm in South Korea has adopted an enterprise AI product for all its members, highlighting the expansion of AI-driven business innovation into the highly specialized and security-sensitive legal industry, which is already prevalent in sectors like IT, manufacturing, and finance.Taepyeongyang plans to create a work environ