Seoul Economic Daily - Korea Business News, Stock Market, Finance & Economy

Daejeon Auto Parts Factory Explosion Prompts National Fire Mobilization Order

South Korea's National Fire Agency issued a national fire mobilization order on the 20th in response to an explosion and fire at an auto parts manufacturing plant in Munpyeong-dong, Daedeok-gu, Daejeon, activating the Central Emergency Rescue Control Center for an all-out response. Fire authorities are deploying advanced specialized equipment and available firefighting resources from across the country, prioritizing rescue operations. According to the National Fire Agency, an explosion occurred at approximately 1:17 p.m. at Anjeon Industrial Co., Ltd. The blast involved an estimated 200 kilograms of sodium stored inside the facility, which triggered a large-scale fire. Firefighters arrived at the scene within one minute of the initial emergency call. Authorities issued a Level 1 fire re

IEA Urges Remote Work, Speed Limits Amid Energy Crisis

The International Energy Agency (IEA) has issued recommendations to reduce energy demand as oil prices surge following the closure of the Strait of Hormuz, which handles 20% of global crude oil shipments. On the 20th (local time), the IEA presented 10 recommendations that governments, businesses, and households can implement to mitigate the economic impact of oil market disruptions. While supply-side responses through reopening the Strait of Hormuz are important, the agency emphasized that demand-side measures are also necessary during this unprecedented energy crisis. The IEA focused primarily on road transportation, which accounts for approximately 45% of global oil demand. Recommendations include encouraging remote work and public transit use, and reducing highway speed limits by 10 k

BTS Fans Flock to Official Pop-Up Store, Spend Big on Comeback Merchandise

"I'm so happy BTS is back. I bought over 2 million won worth of merchandise today, including requests from friends." On the morning of the 20th, at the fourth floor of Shinsegae Department Store's main branch in Jung-gu, Seoul, a 35-year-old Philippine national identified as A emerged from the newly opened BTS merchandise store carrying five heavy shopping bags. "I had to call a friend because I couldn't carry everything alone," she said with a smile. "Since BTS is back after such a long time, I won't hold back on spending." The pop-up store "BTS POP-UP: ARIRANG," celebrating BTS's first new album in approximately three years and nine months, drew massive crowds with long queues forming from opening day. This marks the retail industry's first exclusive pop-up collaboration between Shinse

Budget Minister Nominee Says Oil Price Cap Losses Hard to Estimate

Park Hong-geun, nominee for Minister of the Office of Planning and Budget, stated ahead of his National Assembly confirmation hearing that "a supplementary budget well-targeted at vulnerable sectors needs to be pursued." In his written response to questions submitted to the National Assembly's Finance and Economy Planning Committee on the 20th, Park emphasized that "major research institutions have also assessed that a supplementary budget targeting vulnerable sectors would contribute to macroeconomic, financial, and foreign exchange market stability." Regarding specific supplementary budget programs, he added that consideration should be given to reducing logistics and fuel cost burdens in response to high oil prices, stabilizing livelihoods for ordinary citizens, small business owners,

Gold Prices Tumble as Fed Holds Rates; Institutions Scoop Up $62M

Gold prices continue their daily decline amid escalating U.S.-Iran tensions. While geopolitical risks typically drive demand toward safe-haven assets like gold, diminished expectations for Federal Reserve rate cuts have reduced its investment appeal. As retail investors nurse losses, institutional investors are quietly accumulating positions. According to Investing.com on the 19th, gold futures (April 2026 contract) on the New York Mercantile Exchange closed at $4,839.15 per troy ounce, down 5.6% from a week earlier. This marks the first time in a month since the 19th of last month that gold futures have fallen from the $5,000 level to the $4,000 range. Domestic gold prices also extended their losing streak to five consecutive trading days, closing at 231,420 won per gram on the KRX Gold

Busan Mayor Demands Government Honor Public Hospital Pledge

Busan Mayor Park Hyung-jun publicly criticized the Lee Jae-myung administration and the Ministry of Health and Welfare, demanding they fulfill their promise to convert Busan Baptist Hospital into a public facility. "Minister Jung Eun-kyung and the Ministry of Health and Welfare must stop blocking the conversion of Baptist Hospital into a public hospital," Park wrote on his social media account on Tuesday. "The Democratic Party has promised to make Baptist Hospital a public institution in every election, but this has yet to be fulfilled," he said. "They must answer why this promise remains unmet." Park escalated pressure by citing past statements from government officials. "President Lee Jae-myung promised support in a Busan broadcast interview when he was party leader, and Prime Ministe

BTS Concert Eve Sparks Shopping Frenzy as Merchandise Sells Out

Retail industry is heating up amid surging demand for BTS merchandise as the K-pop group's Gwanghwamun concert approaches. Global ARMY members—BTS's fan club—are preparing for the show by stocking up on light sticks and various goods, causing shortages at duty-free shops and driving up activity in secondhand markets. Department stores and other retailers are scrambling to capture foreign customers, anticipating the BTS boom will continue for some time. According to retail industry sources on the 20th, sales of BTS-related merchandise at Shinsegae Duty Free's K-pop specialty store "K-Wave Zone" surged 190% from March 11-17 compared to the previous week. Some items, including BTS keyrings and puzzles, sold out the day before. K-Wave Zone is a K-pop merchandise store that Shinsegae Duty Free has operated since January. As the concert date nears, the influx of overseas fans has driven up demand for related products. Rare merchandise unavailable through official channels is trading actively on secondhand platforms. According to local community app Karrot, average transaction volume for BTS light sticks called "ARMY Bombs" jumped 186% over the past three months compared to the previous three-month period. Search volume also rose 161% during the same period, reflecting heightened interest. Photo card transactions and searches increased 40% and 162%, respectively. Secondhand marketplace Bungaejangter also saw BTS merchandise-related searches surge 115% this year compared to the previous month, showing explosive demand growth. Notably, an unreleased Polaroid photo of BTS member Jungkook was listed at 5.3 million won, while a rare photo card of V appeared at around 800,000 won. The spillover effects from the BTS concert are spreading across the retail sector. Lotte Duty Free's Myeongdong flagship store saw foreign individual tourist sales rise 26% from March 11-17 compared to the previous week. The number of purchasing customers also increased 17% during the same period. Hyundai Duty Free's Incheon Airport and Trade Center locations recorded 29% higher sales and 21% more customers. The gains are attributed to overseas ARMY members arriving early before the concert and visiting duty-free shops first. As the Gwanghwamun concert approaches, retailers are ramping up promotional activities to a peak. Lotte Department Store is decorating its main store and Avenuel luxury wing with spectacular "Welcome Light" illuminations on exterior walls from the 20th through the 22nd, transforming the commercial district into a BTS theme zone. With foreign customer sales jumping 75% in the past week compared to the previous week, Lotte Department Store decided to extend the Welcome Light display by one hour on concert day. Hyundai Department Store plans to convert the first-floor pop-up zone at Hyundai Outlets Dongdaemun into a "K-pop Comeback Festa," anticipating an influx of foreign customers. The pop-up store, running until the 26th, will sell various K-pop merchandise including BTS's new album. Some companies are preparing for the long haul through April. After the free Gwanghwamun concert on the 21st, additional performances are scheduled at Goyang Stadium in Gyeonggi Province in April. Shinsegae Department Store is operating a pop-up store at its main store's "Heritage Museum" through April 12 as the only domestic retailer with an official Hybe collaboration. A retail industry official said, "BTS has dramatically increased foreign tourist numbers, creating unprecedented consumption effects. Sales growth is evident across the entire retail industry regardless of format."...

finance | Published 2026.03.20. 07:00:05 | By Lee Yong-sung

Samchundang Pharma Surpasses EcoPro as KOSDAQ's Top Stock

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Samchundang Pharmaceutical (000250) has overtaken EcoPro (086520) to claim the top market capitalization spot on KOSDAQ. This marks the first time Samchundang Pharma has held the number one position on the tech-heavy index. According to the Korea Exchange on the 20th, Samchundang Pharma was trading at 936,500 won, up 141,500 won (17.80%) from the previous trading day. The stock reached as high as 955,000 won during the session before paring some gains. The pharmaceutical company hit a 52-week high as shares surged, with market capitalization exceeding 21 trillion won. In the morning session, the stock surpassed Alteogen (196170) to rank second on KOSDAQ, then overtook EcoPro in the afternoon to become the index's leading stock. Securities analysts continue to give positive assessments of Samchundang Pharma's technology. The company announced the previous day that it had completed submission of an Investigational New Drug (IND) application for Phase 1/2 clinical trials of its oral insulin in Europe. The trial will compare the glucose control efficacy, bioavailability, and food effects of oral insulin (SCD0503) against subcutaneous insulin in Type 1 diabetes patients. Wi Hae-ju, a researcher at Korea Investment & Securities, noted in a report: "Type 1 patients lack endogenous insulin, making it easier to measure the glucose control effects of external insulin, but the absence of internal homeostasis systems creates significant hypoglycemia risk from the drug." Wi added: "The test insulin must have clear pharmacokinetics to complete clinical trials without adverse reactions." "Samchundang Pharma is estimated to have confirmed a certain degree of success potential in patients through separate pilot clinical trials," Wi pointed out. "Clinical results should be available by year-end. If successful, the company would move closer to developing the world's first oral insulin and could gain attention as a market game-changer." Wi further stated: "The U.S. contract for an oral Wegovy generic incorporating S-PASS (a platform technology converting injectables to oral formulations) is proceeding on track." The analyst added: "Interest in Samchundang Pharma remains inevitably high despite external uncertainties, as promised catalysts are being realized without setbacks."...

Published 2026.03.20. 13:29:40

Korea Launches Task Force to Counter US Section 301 Trade Probe

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The Korean government has activated a joint public-private response team to address the United States' initiation of a Section 301 trade investigation. The plan is to prepare in advance should the scope of the US investigation expand to areas such as digital trade. Yeo Han-koo, Minister for Trade at the Ministry of Trade, Industry and Energy, convened the 55th Trade Promotion Committee and the US Section 301 Public-Private Joint Task Force meeting in Seoul on the 20th to discuss response measures. The meeting brought together not only relevant government ministries but also major economic organizations and representatives from key industries including semiconductors, automobiles, machinery, steel, shipbuilding, and chemicals. "This Section 301 investigation appears to be primarily aimed at restoring reciprocal tariffs from existing trade agreements," Minister Yeo said. "However, we cannot rule out the possibility of additional Section 301 investigations in other areas such as digital trade, so relevant ministries must remain vigilant and respond in close coordination." Following the US Supreme Court ruling that reciprocal tariffs based on the International Emergency Economic Powers Act (IEEPA) were unlawful, the Trump administration immediately invoked Section 301 of the Trade Act to launch investigations against Korea and other countries. A government official explained, "Under Section 301 of the Trade Act, the US president has broad authority to impose tariffs after going through certain investigation procedures. This appears to be a tool to restore reciprocal tariffs previously agreed with various countries." Accordingly, the joint public-private task force launched on this day plans to focus its efforts on developing response arguments and establishing public hearing strategies by the July 15 deadline for submitting written comments in response to the US Section 301 investigation. "Going forward, the government will continue its efforts to minimize uncertainty for our economy and businesses under the principles of maintaining a balance of interests under the Korea-US tariff agreement and securing treatment no less favorable than that of major countries," Minister Yeo emphasized. Non-tariff barriers will be addressed through the Korea-US Free Trade Agreement Joint Committee. This follows an agreement reached during last year's Korea-US tariff negotiations to further discuss non-tariff barrier issues at the FTA Joint Committee. According to the Ministry of Trade, Industry and Energy, the timing of the Korea-US FTA Joint Committee meeting is still being coordinated....

Published 2026.03.20. 15:08:44

BTS Concert Eve Sparks Shopping Frenzy as Merchandise Sells Out

finance | Published 2026.03.20. 07:00:05 | By Lee Yong-sung

Samchundang Pharma Surpasses EcoPro as KOSDAQ's Top Stock

finance

Published 2026.03.20. 13:29:40

Korea Launches Task Force to Counter US Section 301 Trade Probe

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Published 2026.03.20. 15:08:44

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BTS Fans Flock to Official Pop-Up Store, Spend Big on Comeback Merchandise

Published 2026.03.20. 16:26:31

Korea Launches Task Force to Counter US Section 301 Trade Probe

Published 2026.03.20. 15:08:44

Korean Mid-Sized Firms Eye Peru for Supply Chain Stability

South Korea's mid-sized enterprises are pursuing economic and industrial cooperation with Peru, a resource-rich nation, amid deepening global supply chain disruptions stemming from the Middle East. The Korea Federation of Mid-Sized Enterprises (KFME) announced that Chairman Choi Jin-sik met with Peruvian Ambassador to South Korea Paulo Fernando Duclos Parodi at the federation's office in Mapo-gu, Seoul, on the 20th to discuss ways to expand bilateral economic and industrial cooperation. "Stabilizing supply chains is essential as global instability grows due to prolonged conflicts in the Middle East," Choi said. "Through strategic cooperation with Peru, the world's second-largest zinc producer and third-largest copper producer, mid-sized companies can secure a stable foundation for raw ma

Published 2026.03.20. 14:50:23

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Budget Minister Nominee Says Oil Price Cap Losses Hard to Estimate

Published 2026.03.20. 16:25:09

Gold Prices Tumble as Fed Holds Rates; Institutions Scoop Up $62M

Published 2026.03.20. 16:22:25

Property

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Korea Transport Ministry Orders Emergency Response Amid Middle East Tensions

First Vice Minister of Land, Infrastructure and Transport Kim Yi-tak has ordered emergency response measures across all sectors under the ministry's jurisdiction in preparation for expanding external variables caused by Middle East instability. The move aims to activate a preemptive response system to minimize public inconvenience and market disruption. According to the Ministry of Land, Infrastructure and Transport on the 20th, Vice Minister Kim held an emergency meeting on the Middle East situation with major affiliated agencies and reviewed the impact of international developments on housing, transportation, aviation and other sectors. Participants included Korea Land and Housing Corporation (LH), Korea Expressway Corporation, Korea Railroad Corporation, Korea Real Estate Board, and Ho

Published 2026.03.20. 16:06:21

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Uber Launches Custom Pick-up Service for BTS Comeback Concert

Uber Taxi announced on the 20th that it will provide various services in preparation for a large influx of domestic and international tourists at the BTS comeback concert on the 21st. From today through the 22nd, Uber Taxi has updated its designated pick-up and drop-off location service to reflect traffic conditions. The service designates locations where taxi boarding and alighting are possible, reducing confusion between customers and taxi drivers while supporting safe and convenient transportation. Considering customer convenience and traffic conditions, the company will operate a total of 16 optimal pick-up and drop-off locations around Gyeongbokgung Station, Gwanghwamun Station, and City Hall Station. Major business hotels in Seoul and hotels popular with foreign visitors are also i

Published 2026.03.20. 15:48:40

Korea Extends Facial Recognition Phone Activation Pilot Through June

Kim Ki-hyuk

Krafton Chairman Chang Buys $7M in Company Stock

Kim Tae-young

KAIST Professor Becomes First Asian Fellow of European Academy of Microbiology

Seo Ji-hye

Kakao Mobility Ramps Up Hiring for Autonomous Driving Engineers

Kim Tae-young

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President Lee Orders Restart of Seoul-Yangpyeong Highway Project

President Lee Jae-myung on Monday ordered the resumption of the Seoul-Yangpyeong highway project, with construction targeted to begin in 2029 and completion expected around 2035. The project had been suspended since July 2023. Shortly after the Yoon Suk-yeol administration took office in May 2023, the highway's terminus was changed from Yangseo-myeon to Gangsan-myeon in Yangpyeong County, Gyeonggi Province, sparking controversy over alleged external pressure. The dispute intensified when it emerged that land and ancestral graves owned by Kim Keon-hee's family were located in the Gangsan-myeon area. "Traffic congestion on National Route 6 and the First Metropolitan Ring Road is worsening by the day," Hong Ik-pyo, Senior Presidential Secretary for Political Affairs, said during a briefing.

Published 2026.03.20. 14:46:39

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Daejeon Auto Parts Factory Explosion Prompts National Fire Mobilization Order

Published 2026.03.20. 16:29:50

Busan Mayor Demands Government Honor Public Hospital Pledge

Published 2026.03.20. 16:16:00

Sports

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Korea Pro Park Golf Association Partners with Five Organizations to Build Industry Ecosystem

The Korea Pro Park Golf Association has launched collaborative efforts for the systematic growth of the park golf industry. The Korea Pro Park Golf Association announced on the 20th that it signed a business agreement on the 18th at Sports Korea Lab in Olympic Park, Songpa-gu, Seoul, to promote park golf industry development and establish a cooperative partnership system. Five organizations and companies participated in the agreement: the Korea E-Park Golf Association, the Korea Park Golf Professional Instructor Association, the Korea Golf Fitting Association, K Park Golf, and Zero Fitter. The agreement was established to expand park golf beyond the scope of recreational sports into an industrial ecosystem where education, technology, equipment, fitting, content, platforms, and tournamen

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Korean Women Golfers Dominate with Eagles at Fortinet Founders Cup

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TaylorMade Names Golf Legend Park Se-ri as Brand Ambassador

Kim Se-young

PBA Dream Tour Final Tips Off Jan. 21 With First Division Berths at Stake

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Oh Hyeon-gyu Scores as Besiktas Extends Winning Streak to Two

Jung Moon-young

Kim Chae-young Defeats Lee Chang-ho for First Mixed-Gender Tournament Title

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Culture

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Why Some Patients See No Weight Loss Despite Spending $700 on Wegovy

"Didn't you start Wegovy?" A graduate school classmate who had boldly declared at the start of the year that she would lose exactly 5 kilograms showed up still sporting a generous belly, prompting comments from everyone. She said she had been taking Wegovy—the weight-loss secret credited to celebrities like Tesla CEO Elon Musk—for about two months. "I burned through nearly 1 million won on medication, but I haven't lost a single kilogram," she said with a deflated sigh. While others say they feel nauseous just smelling food after the injections, she drew a round of laughter when she revealed that eating pork belly made her mild nausea disappear completely. Covering the medical field, I hear these bittersweet stories quite often. Shindong, a member of K-pop group Super Junior, also made h

Published 2026.03.20. 15:51:55

International

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IEA Urges Remote Work, Speed Limits Amid Energy Crisis

Published 2026.03.20. 16:27:14

Iran Executes Three Men Over Anti-Government Protests Amid War

Iran's judiciary abruptly executed three participants in large-scale anti-government protests that erupted earlier this year. According to Reuters and Iranian state media on the 19th (local time), the executed individuals were three men: Mehdi Ghasemi, Saleh Mohammadi, and Saeed Davoudi. They were accused of stabbing two police officers to death at a protest site on January 8. Iranian authorities applied not only murder charges but also "moharebeh (waging war against God)," the most serious offense under Islamic law. The Supreme Court upheld the death sentences after also finding them guilty of espionage for Israel and the United States. The executions were carried out in Qom, Iran's religious holy city. Iranian authorities announced approximately 3,000 deaths from the nationwide protes

Published 2026.03.20. 14:11:19

Ulsan Partners With Police, Fire Services to Find At-Risk Households

Ulsan Metropolitan City is launching an initiative to identify and protect at-risk households following recent tragic incidents in the region. The city announced on the 20th that it held a "Comprehensive Policy Meeting for Discovering and Supporting At-Risk Households" at City Hall on the 19th, attended by approximately 20 officials from Ulsan City, district and county governments, and related agencies. The meeting established a "Comprehensive Plan for Discovering and Supporting At-Risk Households" covering all demographics. The plan targets all citizens facing complex hardships, not limited to specific groups such as children, the elderly, people with disabilities, or women. The initiative focuses on minimizing blind spots by strengthening a response system connecting "discovery–referr

Published 2026.03.20. 15:46:33

IM Biologics Quadruples on KOSDAQ Debut

IM Biologics (493280) closed at four times its initial public offering price on its first day of trading on the KOSDAQ market. The stock surged to 104,000 won immediately after the market opened at 9 a.m. on Tuesday, a 300% gain from its IPO price of 26,000 won, according to the Korea Exchange. Shares briefly dipped to 101,500 won during the session before recovering to close at the daily limit. Founded in 2020 by CEO Ha Kyung-sik, former head of HK inno.N's bioresearch center, IM Biologics develops antibody-based treatments for autoimmune diseases and immuno-oncology. The company's main pipeline includes autoimmune disease treatments IMB-101 and IMB-102. In 2024, the company posted revenue of 27.59 billion won and operating profit of 13.99 billion won. The pre-IPO book-building process

Published 2026.03.20. 15:45:50

Korea's Strategic Oil Reserves Shipped Overseas Without Government Action

As concerns over crude oil supply disruptions intensify, it has emerged that strategic petroleum reserves stored in South Korea were shipped overseas. The Ministry of Trade, Industry and Energy has launched an immediate audit of Korea National Oil Corporation (KNOC), which manages the reserves. The ministry confirmed on the 20th that "a foreign company purchased 900,000 barrels of internationally co-stockpiled crude oil stored at the Ulsan petroleum reserve base and shipped it out of the country." The international joint stockpiling program allows oil-producing countries or private companies to store crude at public reserve facilities, with the government holding preemptive purchase rights to secure supply during emergencies. Following the outbreak of war after the U.S. and Israel bombed

Published 2026.03.20. 15:41:47

Toss Pulls Han River Temperature Feature After Suicide Reference Backlash

"The current Han River water temperature is 11.9℃" Mobile financial platform Toss recently added a feature displaying Han River water temperature in its app, but suspended it after public backlash. Critics accused the financial company of "trivializing death" by incorporating what has become a dark euphemism among investors for suicide after trading losses. According to financial industry sources on the 19th, Toss introduced the "Han River Water" feature through a recent app update, showing real-time water temperatures measured at locations including Jungnangcheon. The feature refreshed the temperature readings at regular intervals. The issue lies in the social context of "Han River water temperature" among stock investors. The phrase has been used as dark humor among traders who suffer

Published 2026.03.20. 15:08:09

Fire at Daejeon Auto Parts Factory Injures 47

A fire broke out at an automobile parts manufacturing plant in Munpyeong-dong, Daedeok-gu, Daejeon at approximately 1:17 p.m. on the 20th. Fire authorities issued a Level 2 response at 1:31 p.m. to prevent the fire from spreading. They have deployed 219 personnel and 90 units of equipment to extinguish the blaze. The fire has so far resulted in 47 casualties, including 25 seriously injured and 22 with minor injuries. Daejeon Metropolitan City and Daedeok-gu Office issued emergency safety alerts notifying residents of the fire. They urged drivers to take alternate routes as traffic is congested around Munpyeong Bridge and Singu Bridge. Prime Minister Kim Min-seok issued an emergency directive ordering authorities to make every effort in rescue operations and fire suppression. "The Mini

Published 2026.03.20. 15:07:27

Fire at Daejeon Auto Parts Factory Injures 50, Triggers National Emergency

A fire broke out at an automobile parts manufacturing plant in Munpyeong-dong, Daedeok-gu, Daejeon, at approximately 1:17 p.m. on the 20th. The National Fire Agency issued a Level 1 response nine minutes after receiving the initial report, followed by a Level 2 response 14 minutes later. As concerns mounted over potential mass casualties, authorities issued a national firefighting mobilization order at 1:53 p.m. Fire authorities have deployed approximately 70 pieces of equipment and 240 personnel to battle the blaze. As of 2:30 p.m., authorities confirmed 50 injuries, including 35 serious and 15 minor. Concerns are growing that the casualty toll may rise, as some individuals may remain missing inside the building. Fire authorities plan to conduct a search of the building's interior aft

Published 2026.03.20. 15:04:23

Shinhan Bank Nominates Lawyer, Professor as New Outside Directors

Shinhan Bank announced that its board of directors held an Executive Candidate Recommendation Committee meeting on the 20th and nominated attorney Yoon Jun and Korea University physics professor Chae Eun-mi as new outside director candidates. The Shinhan Bank board evaluated candidate Yoon, who belongs to Yoon Jun Law Firm, as a legal expert who served as Chief Justice of the Seoul High Court and a specialist in law and internal controls. The board stated, "He possesses extensive experience in consumer protection-related work and will provide a balanced perspective to board decision-making." Professor Chae, who holds a doctorate in physics, is regarded as an authority on quantum mechanics both domestically and internationally. She is evaluated as an expert with technical insight gained t

Published 2026.03.20. 15:02:00

SK Ocean Plant Loses Appeal Against $31,000 Fine for Subcontract Violations

SK Ocean Plant (100090) has lost its court battle to overturn a fine imposed by the Korea Fair Trade Commission for failing to issue written subcontracts in advance. According to legal sources on Monday, the Seoul High Court's Third Administrative Division, presided over by Judge Yoon Gang-yeol, dismissed the company's lawsuit on December 12 seeking to cancel the corrective order and fine. The KFTC imposed a corrective order and a final penalty of 44 million won ($31,000) on SK Ocean Plant in December 2024 for violations of the Subcontracting Act. According to the commission, the company failed to issue written contracts for 421 transactions while outsourcing work including ship parts manufacturing to 44 subcontractors between September 2019 and December 2021. Additionally, for five subc

Published 2026.03.20. 14:58:19

Korean Mid-Sized Firms Eye Peru for Supply Chain Stability

Published 2026.03.20. 14:50:23

Pocheon City Secures Funding for VR Sports Facilities

Pocheon City in Gyeonggi Province is building smart sports facilities using virtual reality technology. The initiative aims to create indoor environments where residents can enjoy sports regardless of weather conditions such as fine dust, extreme heat, or severe cold. According to Pocheon City on the 20th, the city was selected for the "2026 Virtual Reality Sports Room Distribution Project" organized by the Ministry of Culture, Sports and Tourism and the Korea Sports Promotion Foundation, securing 75 million won in national funding. Through this project, the city plans to establish VR sports rooms at two locations: the Pocheon City Sports Association for the Disabled and Naechon-myeon. The facilities will use advanced VR technology to provide realistic experiences of various sports conte

Published 2026.03.20. 14:49:41