Seoul Bus Strike Withdrawn on Early Morning 3.2% Wage Deal·Fed Raises Base Rate by 25bp KOSPI Semiconductor Rally·Bitcoin Plunges on CLARITY Act Failure

The Ministry of Health and Welfare officially announced on September 16 a plan to introduce abortion medication domestically. Improved medical accessibility is expected when introduced as an alternative to existing surgical methods, with specific implementation timelines and prescription requirements under further discussion.

Statistics Korea is releasing daily prices through September 23 for 36 items including Chuseok specialty products such as beef and croaker. Oil and dining-out costs are also included in monitoring.

The Seoul City Bus Labor Union and Seoul City Bus Transport Business Association accepted the mediation plan from the Seoul Regional Labor Commission at 1:50 a.m. on September 16, withdrawing the general strike. They agreed to a 3.2% hourly wage increase by driver seniority level, with the issue of the standard time for calculating ordinary wages left to be determined by the courts.

POSCO union entered its 120-hour second partial strike at 7 a.m. on September 16 at the Pohang and Gwangyang hot rolling mills, while HD Hyundai Heavy Industries expanded daily strike hours from 4 to 7 hours the same day. Concurrent strikes in shipbuilding and steel—key strategic industries—have begun in earnest, marking the start of fall labor disputes.

With POSCO and HD Hyundai Heavy Industries simultaneously striking, concerns about delivery delays for $42.6 billion in backlog orders are growing. Financial News reported that if the strikes extend, production disruptions in key industries could intensify.

The U.S. Federal Open Market Committee (FOMC) raised the base rate by 25bp to 3.75-4.00% on September 16 (local time). Sixteen out of 18 members indicated the possibility of further rate increases within the year in the dot plot, and Chairman Warsh emphasized the timely return of inflation to 2%.

On September 17, KOSPI rose as buying interest in semiconductor stocks flowed in following the U.S. Federal Reserve's announcement of rate increase. Samsung Electronics rose 2.01% and SK Hynix 4.08%, leading the index, with trading value reaching 15.8546 trillion won that day.

Brent crude surged to $109.21 on September 15 before reversing to the $108s. Bloomberg reported that the shutdown of Saudi Arabia's east-west pipeline and Libya's oil field closure contributed to supply disruptions.

Seoul's apartment home buying sentiment index rose for four consecutive months from April through July but reversed to decline starting in August. Tighter lending regulations and interest rate burden were identified as primary factors.

Lotte Construction opened a model house on September 17 for a total of 1,077 units with B7 to 32 stories in Yangbeol-dong, Gwangju, Gyeonggi Province, beginning sales. Units include 59, 84, and 114 square meter apartments and penthouses and duplexes.

Seoul Economic Daily editorial pointed out slow progress in government housing supply commitments and the need to resolve permit delays. September's national planned apartment occupancy is approximately 14,000 units, the lowest since April 2021.

The U.S. Senate rejected the Digital Asset Market Clarity Act (CLARITY Act) procedural vote on September 15 (local time) with 49 votes in favor and 50 against. It fell short of the 60-vote threshold for passage, with three Republicans—Collins, Holley, and Moran—voting against it.

Bitcoin fell over 3% to $75,665 (approximately 102.93 million won) as of September 17 KST, and Ethereum also declined to $2,392. The CLARITY Act failure and U.S. Federal Reserve rate hike had a combined impact.

Deutsche Bank announced on September 16 plans to launch European institutional-only digital asset custody services including BTC, ETH, USDC, and EURC stablecoins later this year after obtaining MiCA license (expected October). Hardware-based key protection and separate cold-warm storage operation will be implemented.

Approximately 240 employees from POSCO's Pohang and Gwangyang hot rolling mills participated in the September 16 second partial strike. Reports on September 17 indicated that management-labor conflict intensified after the union decided to pay 300,000 won per diem to strike participants.

HD Hyundai Heavy Industries' union expanded daily strike hours from 4 to 7 hours starting September 16, continuing partial strikes through the 18th. Labor and management are conducting intensive negotiations three times weekly, targeting a settlement before Chuseok.

With POSCO and HD Hyundai Heavy Industries simultaneously striking, Korea's key manufacturing sectors have entered concurrent strike territory. Financial News reported that with $42.6 billion in backlog orders, concerns about delivery delays are growing if strikes extend.

Kia unveiled the E-GMP.S platform-based large PBV 'PV7' at the Hanover IAA Transportation 2026 on September 14-15, making its world premiere. The vehicle offers WLTP-standard range of 460km or more and 10-80% charging in 20 minutes, with planned launch in Korea and Europe in 2027.

Genesis launched the GV80 Hybrid model in the Korean market in September 2026. Following a revision to its electric vehicle-exclusive brand strategy, Genesis is continuing to expand its hybrid lineup, with U.S. dealer availability planned for Q4 2026.

Samsung Electronics participated in Series A funding for Euclyd, a Netherlands-based startup developing inference AI semiconductors. The total investment round was $231 million (approximately 315 billion won), with Somerset Capital Partners, EQT Scaleup Europe Fund, and Innovation Industry, among others, listed as co-investors.

Meta CEO Mark Zuckerberg announced that the launch of the everyday AI assistant 'Muse' has been delayed for months to resolve security and privacy issues. A dedicated virtual machine called 'Muse Secure VM' for complete personal data isolation and a secondary AI monitoring system called 'Sentinel' that pre-screens internet access have been implemented.

Apollo Global Management warned that credit risk for corporate bonds is increasing due to growing AI infrastructure spending by major cloud companies. It analyzed that a debt-driven AI capital expenditure cycle is driving up leverage, negative free cash flow, and uncertainty in asset recovery.

According to an exclusive Seoul Shinmun report on September 17, the ruling party is discussing a third option of providing shipbuilding and plant reconstruction support instead of military personnel in response to the U.S. request for Hormuz deployment. Democratic Party Foreign Affairs and Unification Committee members also mentioned this direction, and Korea-U.S. foreign ministers are scheduled to meet on the 18th.

The 29th Korea-U.S. Integrated Defense Dialogue (KIDD) meeting is being held in Busan from September 16 to 18, entering its second day on the 17th. The agenda includes wartime operational control transition, combined defense posture, shipbuilding cooperation, and the possibility of Hormuz deployment.

Iran signaled its willingness for face-to-face direct talks with the U.S. while maintaining restrictions on passage through the Hormuz Strait. According to MBC reports, Iran indicated its negotiating intent and mentioned the possibility of opening the strait.

According to an exclusive Seoul Shinmun report on September 17, the ruling party is actively discussing shipbuilding and plant reconstruction support as a third option instead of Hormuz deployment. Democratic Party Foreign Affairs and Unification Committee members also mentioned this direction, with Korea-U.S. foreign ministers scheduled to meet on the 18th.

The 29th Korea-U.S. Integrated Defense Dialogue (KIDD) meeting in Busan entered its second day on the 17th. Defense Ministry Policy Director Kim Hong-chul and U.S. Deputy Assistant Secretary of Defense for East Asia George LeMuoir are discussing wartime operational control transfer, combined defense posture, and shipbuilding cooperation.

The Ministry of Health and Welfare officially announced on September 16 a plan to introduce abortion medication domestically. Improved medical accessibility is expected when introduced as an alternative to existing surgical methods. Specific implementation timeline and prescription requirements remain under discussion.

The Korea Disease Control and Prevention Agency issued a flu alert for the 2026-2027 season more than a month earlier than usual. Suspected influenza cases per 1,000 outpatient visits reached 25.3, 3.8 times higher than the 6.6 per 1,000 from the same period last year, and national vaccination for children and pregnant women begins on September 21.

Four astronauts from NASA SpaceX Crew-12 held a press briefing at 2:45 p.m. EDT on September 16 from the International Space Station to announce their return schedule and mission achievements. Splashdown is planned for the Pacific Ocean off the California coast.

SpaceX Crew-13 Dragon capsule's oxidizer leak problem continues into its third week as of September 16. On the same day, Russia's Progress 96 cargo spacecraft successfully docked with the ISS carrying approximately 3 tons of food, fuel, and supplies.

The amendments to the Act on Promotion of Development, Use, and Diffusion of Renewable Energy entered implementation in September 2026. Definitions are being refined to include solar, wind, marine, and geothermal energy. According to the Climate, Energy and Environment Ministry's first Renewable Energy Master Plan, targets include 100GW capacity by 2030 and a generation share of 30% or higher by 2035.

Under the slogan 'Stop the Reckless Burning of Earth,' a climate justice march is scheduled for 3 p.m. on September 19 in the area around Seoul City Hall and Sungnyemun Gate. The Climate Justice Action Team, which toured nationwide sites, will join, along with groups opposing semiconductor industrial complexes, coal power plants, and new airports.

Asia's LNG spot (JKM) price reached $25.908 per MMBtu, marking the highest level since December 2022. This resulted from Middle Eastern conflicts disrupting Qatar and UAE LNG supply, concentrating Asian buyers on the spot market.

With Korea's available crude oil inventory reduced to about 2 months' supply, the government is implementing a swap program lending reserve oil to refiners. Alternative supply sources outside the Middle East are being secured from Africa, Central and South America, and Central Asia.

Brent crude surged to $109.21 on September 15 before reversing to the $108s. The shutdown of Saudi Arabia's east-west pipeline and Libya's oil field closure were identified as supply disruption factors.

On September 15 (local time), Stray Kids took the main stage at Brazil's Rock in Rio 2026 as the first K-pop artist to headline, performing in front of approximately 100,000 attendees. Light sticks were permitted for the first time in the festival's 41-year history, and NEXZ and Hwasa performed on the supporting stage.

The Boyz member Lee Sangyeon was discharged as a sergeant from the Army Cadet Military Academy band in Goesan, North Chungcheong on September 16. After enlisting on March 17, 2025, he completed approximately 18 months of service and expressed gratitude for the opportunity to return to performing on stage.

(G)I-DLE member Yuqi released her solo single first mini-album 'Motivation' on September 16, while EXO member D.O. (Do Kyungsoo) released the digital single 'DUMB' with Phenomenco.

In KBO League play on September 16, the LG Twins routed the NC Dinos 9-2, and the SSG Landers defeated the Lotte Giants 4-1. The Doosan Bears also beat the Samsung Lions 3-1, while the KT Wiz and Hanwha Eagles ended in a 4-4 tie.

Lee Jeong-hoo (St. Louis Cardinals) went 1-for-2 as a pinch hitter on September 15 (local time), maintaining a .277 season batting average. Kim Ha-seong (Atlanta Braves) struggled the same day, going 0-for-2 with a strikeout, remaining at a .126 season average.

Statistics Korea is releasing daily prices through September 23 for 36 items including Chuseok specialty products such as beef and croaker. Oil and dining-out costs are also included in monitoring.

The Ministry of Agriculture, Food and Rural Affairs, in cooperation with the Korean Pork Board, is offering up to 50% discounts on domestic pork including pork belly and neck at major supermarkets and Hanaro Marts nationwide from September 12 through 30.

This year's expected Chuseok spending averaged 728,000 won, with over 60% of respondents saying it's very burdensome. This is an increase from last year's 712,300 won.