Defense committee chair says OPCON agreement stands despite US midterm outcome

The government is considering expanding restrictions on minors’ social media use beyond age limits for account registration to include regulations on recommendation algorithms and platform features to curb excessive use. However, questions remain over how the proposed measures can effectively protect minors from excessive social media use while safeguarding their freedom of expression and access to information. According to the Korea Media and Communications Commission (KMCC), Sunday, it is considering amendments to the Information and Communications Network Act to prohibit children under 14 from creating social media accounts and require platform operators to verify users’ ages. The commission first proposed the measures during a presidential policy briefing in July. The proposed measures also include disabling personalized recommendation algorithms that analyze users’ interests and browsing histories, as well as features such as infinite scrolling that could encourage excessive use, by default for accounts belonging to users aged 14 to 19. It aims to finalize the measures by the

Mirae Asset Financial Group is strengthening its artificial intelligence (AI) and cybersecurity capabilities in its latest executive reshuffle, promoting digital specialists and elevating its information security operations, the company said Sunday. According to the company, 20 percent of executives promoted in Thursday's personnel changes specialize in AI transformation, digital technology and information security. It also elevated its information security division as part of efforts to better protect customer assets and personal data against increasing cyberattack threats. Noh Yong-woo, a vice president, has been nominated as CEO of Digital X. His appointment will be finalized following the Financial Intelligence Unit’s acceptance of the required change notification and a shareholders’ meeting. Digital X, formerly known as Korbit, was renamed after Mirae Asset Consulting, a nonfinancial affiliate of the group, acquired a 97.15 percent stake in the cryptocurrency exchange in July. Noh is expected to draw on his experience in management innovation, risk management and digital asset r

POSCO is facing the prospect of a prolonged labor dispute after union members rejected a tentative wage agreement, leaving the steelmaker struggling to reach a deal following the first strike in its history. The company’s labor union on Sunday said its members had rejected the tentative wage agreement in a vote. Of the 9,177 ballots cast, 4,433 votes, or 48.31 percent, were in favor, while 4,744, or 51.7 percent, were against. The rejection has cast uncertainty over the next round of negotiations, with the union expected to seek better terms than those included in the failed deal. However, it remains unclear how much management will be willing to concede amid a prolonged downturn in the steel industry. The two sides began wage negotiations on June 16 and held around 30 rounds of formal and working-level talks, but failed to narrow their differences over pay increases and other compensation. The union had initially called for a 7.1 percent increase in base pay, a performance bonus worth 600 percent of base pay, 50 shares of company stock for each worker and a holiday bonus worth 200 per

Coupang is facing growing pressure to broaden its lobbying strategy in the United States beyond its Republican allies following the Democrats' sweeping midterm election victory, experts and industry officials said Sunday. The change could be particularly impactful for the e-commerce giant, whose lobbying efforts have helped draw attention in Washington to its dispute with Korean regulators. Republican lawmakers, including members of the House Judiciary Committee, have publicly criticized what they described as discriminatory treatment of the U.S.-headquartered firm in Korea. With Democrats now set to control both chambers of Congress, the institutional backing Coupang has received from Republican lawmakers is expected to weaken, prompting experts and industry watchers to say the company will have to broaden its relationships across both parties to maintain its influence in Washington. “Especially for a digital-focused firm like Coupang, which remains subject to policies under the Republican administration, it is important to balance lobbying efforts between Democrats and Republicans,

More than 9 out of 10 Korean companies operating in Vietnam said they plan to maintain their businesses there despite rising labor costs and regulatory burdens, a survey released Sunday showed. According to the survey conducted by Korea International Trade Association (KITA), 92 percent of Korean companies operating in Vietnam said they had no intention of withdrawing from the Southeast Asian country. Among them, 87.5 percent cited "cost advantage relative to other countries" as the main reason for their stay. The results come despite a sharp rise in wages in Vietnam in recent years, KITA said. The monthly minimum wage of Vietnamese workers increased by more than 4.5 times from $45.4 in 2010 to $205.3 in 2024, according to the association. Monthly wages have risen by an annual average of 11.4 percent during the 14-year period, marking the fastest pace of increase among major economies in Asia. Despite increasing labor costs, companies maintained a positive view on the future outlook of the Vietnamese market. Nearly 60 percent of companies expected their operations in Vietnam to improve ove

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