South Korean President Lee: "Korea and Italy to Expand Cooperation in AI, Defense, and Space"
President Lee Jae-myung of South Korea visited Italy on June 11 for a state visit, where he held a summit with President Sergio Mattarella. The two leaders agreed to elevate their countries' relationship to a "special strategic partnership."Following the summit, President Lee expressed his honor at being the first South Korean president to visit Italy in 26 years, since former President Kim Dae-jung's visit in 2000. He stated, "Tomorrow in Rome, a 'Korea-Italy Business Roundtable' will take place with over 30 companies from both nations participating. This will be a valuable opportunity for our businesses to explore growth in various sectors, including semiconductors, AI, defense, aerospace, energy, and biotechnology."
Hanwha Ocean Selected as Preferred Bidder for 7 Trillion KDDX Project
In the competition for the detailed design and construction of South Korea's next-generation destroyer (KDDX), Hanwha Ocean has been effectively chosen as the preferred bidder over HD Hyundai Heavy Industries.On June 11, the Defense Acquisition Program Administration (DAPA) announced the results of its proposal evaluation to both Hanwha Ocean and HD Hyundai Heavy Industries. Reports indicate that Hanwha Ocean received a slightly higher score than its competitor.
A key factor in the decision was a 1.2-point security penalty applied to HD Hyundai Heavy Industries, which was found guilty of leaking military secrets related to the KDDX project.
Toss Bank Partners with Hyundai Capital to Support Second Financial Borrowers
Toss Bank is reportedly preparing a joint loan model with Hyundai Capital. This marks the first collaboration between Toss Bank and a capital company, expanding services to second financial borrowers beyond traditional banking.On June 11, banking sources indicated that Toss Bank and Hyundai Capital have applied for their joint loan product to be recognized as an innovative financial service by the Financial Services Commission (FSC).
If selected as an innovative financial service, the product will undergo a trial period in the market. The financial authorities and government prioritize improving access to finance for underserved communities, making it likely that this joint product will receive approval. The collaboration is expected to facilitate the intermediation of Hyundai Capital's products through Toss Bank's platform.
Minimum Wage Application for Delivery Workers Fails Again, to be Revisited Next Year
The application of minimum wage laws to subcontracted workers, including delivery drivers, has once again failed to pass.On June 11, the Minimum Wage Commission, composed of nine representatives each from workers, employers, and the public interest sector, held its fifth plenary meeting at the Government Sejong Center. They voted on whether to apply minimum wage laws to subcontracted workers, resulting in 11 votes in favor, 15 against, and one invalid vote.
The commission stated, "The vote on whether to apply a separate minimum wage for subcontracted workers for 2027 has concluded, and it has been decided not to apply a separate minimum wage for them."
* This article has been translated by AI.
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