Economy
Ministry of Employment and Labor: The minimum wage for next year has been set at 10,030 won per hour, an increase of 170 won (1.7%) from this year.
U.S. Economic Slowdown: Concerns about a U.S. economic recession have spread, causing a sharp intraday drop of over 4% in the KOSPI, breaking the 2600 mark.
Homeplus: Homeplus is introducing unwashed green onions to help alleviate price increases caused by monsoons and heat waves.
Pet Insurance: As the pet market grows, competition for pet insurance products is intensifying in the insurance industry.
Technology and Industry
Google Cloud: Google Cloud supported the construction of Posco Holdings’ generative AI platform with the Gemini 1.5 Pro model.
Return Zero: Voice recognition AI startup Return Zero ranked first in the LogicKor leaderboard for Korean language models.
Samsung Electronics: Samsung Electronics is set to support mobile live broadcasting using the Galaxy S24 Ultra at the 2024 Paris Olympic yacht events.
AI Integration: SKT and SK C&C have established a task force for AI projects, while NHN has centralized its AI organization at headquarters to focus on service optimization.
Finance and Stock Market
Hanyang Securities: Hanyang Securities shares surged following news that KCGI was selected as the preferred bidder for its acquisition.
CJ CGV: CJ CGV is expected to reduce its interest-bearing liabilities through improved cash flow from operations in the second half, with a “buy” investment opinion and a target price of 7,000 won.
Society
Heat and Temperature: Despite the approach of Ipchu (beginning of autumn), tropical nights persist nationwide, with temperatures reaching up to around 40 degrees Celsius.
Drunk Driving Prevention: The National Police Agency announced plans to strengthen activities to prevent drunk and reckless driving during the peak vacation season.
Power Outage: Residents of an apartment in Seoul’s Dongdaemun-gu experienced inconvenience due to a power outage lasting more than 10 hours.
Eco-Friendly Vehicle Collaboration: Startup EV & Solution plans to expand sales through the development of electric vehicles and delivery solutions.
Culture and Sports
2nd Popup Cinema: A romantic popup film festival will be held at Byeonsan Beach, featuring “Hidden Time,” starring Gang Dong-won, as the opening film.
IU: IU is recognized as Korea’s representative singer-songwriter, similar to Taylor Swift, known for writing and composing songs based on personal stories.
2024 Paris Olympics: The Korean national team is expected to compete against world No. 1 Nelly Korda in women’s golf at the 2024 Paris Olympics.
BTS V: The music video for “Love Me Again,” a solo song by BTS member V, has surpassed 100 million views.
Real Estate
- Increase in Property Auctions: There is a rise in real estate foreclosures due to failures to repay loans, with the highest number of apartment and building auctions recorded in 13 years and 8 months.
Miscellaneous
Vacation Spot Issues: There is an increasing trend of people driving after drinking with friends due to difficulty in finding designated drivers in remote areas.
Korea’s Birth Rate: Korea is considered the most expensive country to raise children, which is cited as a major factor contributing to its low birth rate.