The Fair Trade Commission (FTC) will eliminate the cap on reward payments related to violations of the Direct Sales Law. Additionally, the commission will now provide rewards to employees involved in such violations, aiming to facilitate the early detection of concealed infractions.On August 4, the FTC announced that it will prepare a revision of the enforcement decree for the Direct Sales Law, which will be open for public comment until September 14. This revision follows changes made in June t

In preparation for the Chuseok holiday, South Korea's Fair Trade Commission (KFTC) will operate an Unfair Subcontracting Reporting Center to ensure that small and medium-sized subcontractors receive timely payments.The KFTC announced on August 4 that the reporting center will be established and operated from August 5 to September 23, covering a 50-day period leading up to the holiday.As the demand for funds typically surges among small businesses during Chuseok due to bonuses and other expenses,

The penalties for unfair trade practices in subcontracting, franchising, and dealership sectors will be significantly increased. For repeated violations, fines can be raised by up to 100%.The Fair Trade Commission announced on August 4 that it will implement revised penalty guidelines for the Subcontracting Act, Franchise Business Act, and Dealer Act starting today. This revision aims to enhance deterrence against legal violations, reflecting concerns that current penalties are too low for serio

Six out of ten new cars registered this year are eco-friendly vehicles. The number of electric vehicles (EVs) has more than doubled compared to last year, while registrations of internal combustion engine vehicles have declined.The Korea Automobile Mobility Industry Association (KAMA) reported on August 4 that the total number of new vehicle registrations in the first half of 2026 reached 850,636, a 1.3% increase from the same period last year.Despite various challenges, including prolonged high

A new small credit loan product aimed at helping seniors in financial emergencies is being launched.NH Bank announced on August 4 that it has introduced the 'NH All Wonderful Happy Companion Mid-Rate Loan' exclusively for non-face-to-face transactions through NH All One Bank.This product is available to customers aged 65 to 77 who have difficulty providing income verification, allowing them to borrow up to 1 million won through an overdraft account. The loan term is 12 months, with a total sales

Daewoo Engineering has shown significant improvement in profitability, doubling its operating profit despite a decline in revenue during the first half of the year.On August 4, Daewoo Engineering announced that it recorded consolidated revenue of 3.9949 trillion won, operating profit of 487.9 billion won, and net profit of 363 billion won for the first half of 2026.Revenue decreased by 8.2% from 4.35 trillion won in the same period last year. Revenue by business segment included 2.6656 trillion

During a recent debate for the leadership of the Democratic Party, candidates Kim Young-ho and Han Min-soo engaged in a heated exchange regarding a controversial remark made by fellow candidate Choi Min-hee, who referred to a 'bat.'On August 4, Kim appeared on SBS Radio's 'Kim Tae-hyun's Political Show' and expressed his outrage over Choi's comment, stating, "What angered me more was that if I had not heard the bat remark, there would have been no need for an apology, which is an Ilbe-style expr

Cha Ga-won, the CEO of entertainment agency One Hundred Label, has been arrested on charges of fraud exceeding 30 billion won. According to legal sources on August 4, a chief judge at the Seoul Central District Court issued an arrest warrant for Cha after a pre-arrest interrogation on August 3, citing concerns over potential evidence destruction. Cha is accused of receiving an advance payment of 24.2 billion won from Nomore Co. by proposing a business utilizing the intellectual property (IP) o

CEO Cha Ga-won of the entertainment agency One Hundred has been arrested on charges of fraud exceeding 30 billion won.According to legal sources, a chief judge at the Seoul Central District Court issued the arrest warrant after conducting a pre-arrest interrogation on Cha, who is accused of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes, stating there is a risk of evidence destruction.Cha is alleged to have received an advance payment of 24.2 billion won from Nomore