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  • Reyna Lees Solo Exhibition JOY BEYOND Opens at Chinas 1892 Art Center
    Reyna Lee's Solo Exhibition 'JOY BEYOND' Opens at China's 1892 Art Center Reyna Lee's solo exhibition, 'JOY BEYOND – Life Passes, Joy Blossoms,' opened on August 17 at the 1892 Art Center within the Jangyu Wine Culture Museum in Yantai, Shandong Province, China.The exhibition, which runs until September 16, features over 20 paintings that highlight Lee's signature vibrant colors and free brushwork.Lee organized the exhibition into five themes: 'Everyday Life, Where Joy Resides,' 'Moments, When Flowers Bloom,' 'My Little Treasures,' 'Contemplation, In the Face of Time's Traces,' and 'JOY, Rising Again.' Through light and color in ordinary landscapes, the fleeting beauty of cherry blossoms, the unique glow of birthstones, and the traces of time etched on old walls, she captures precious moments in life.In her works, joy transcends mere emotion. As different colors collide and overlap to create harmony, they symbolize the strength of existence formed by the accumulation of life's wounds, memories, love, and relationships. The recurring dots in her pieces represent an individual's life, emotions, and connections, with each color contributing to a greater resonance and harmony.This exhibition is particularly noteworthy as it showcases the sensibility and vitality of contemporary Korean art in a historical space rich with over 130 years of industrial heritage and wine culture.The Jangyu Wine Culture Museum is recognized as the starting point of China's modern wine industry, housing the 130-year history of the Jangyu brand. The establishment of the Jangyu Yangjiu Company in 1892 by Chinese entrepreneur Zhang Bishi marked the beginning of industrialized wine production in China.Officially opened in 1992 to commemorate the 100th anniversary of Jangyu, this museum is China's first specialized wine museum and a national first-class museum. It has also been designated as a 4A-level tourist attraction, acknowledging its historical, cultural, and industrial significance.The 1892 Art Center, where the exhibition is held, is a cultural and artistic space utilizing a more than 100-year-old Sino-Western architectural structure known to be Zhang Bishi's former residence. It serves as a representative multi-arts space of the Jangyu Wine Culture Museum, blending the charm of its red-roofed architecture with wine culture and contemporary art.Reyna Lee, whose artistic name 'Johee' means 'to create joy,' has expressed joy, comfort, healing, and vitality found in life through her works.She majored in Western painting at Ewha Womans University and earned her master's degree from Konkuk University, where she received the President's Award. She has won the 2026 Asia Artist Award and the Grand Prize in Western Painting at the 2025 Aju Artist Grand Prix, and has held solo and invited exhibitions in major cities including Seoul, Beijing, Qingdao, and Shanghai.Currently, she serves as the chairperson of the Aju Global Art Fair, cultural and artistic advisor for Aju Economy's China headquarters, and chairperson of the Aju International Art Exchange Exhibition, actively promoting cultural and artistic exchanges between Korea and China.* This article has been translated by AI. 2026-08-19 17:12:00
  • Daewoo Engineering Wins $310 Million Housing Project in Cheongju
    Daewoo Engineering Wins $310 Million Housing Project in Cheongju Daewoo Engineering has secured a contract for a new multi-family housing project worth 310 billion won in the Songjeol 2 district of Cheongju, North Chungcheong Province.On August 19, the Financial Supervisory Service's electronic disclosure system reported that Daewoo Engineering signed a construction contract with Nasun Co., Ltd. for the "Cheongju Songjeol 2 Urban Development Area A1 Block Multi-Family Housing Construction Project" the previous day. The contract amount is 312.65 billion won, which represents approximately 3.88% of the company's consolidated revenue from last year.This project involves the development of multi-family housing and associated facilities in the Songjeol-dong area of Cheongju. The contract is with a corporation related to the project implementation, and the construction period and contract amount may change depending on future permits and project progress.Songjeol 2 district is one of the urban development sites adjacent to the Cheongju Technopolis. The city has previously planned to supply 4,751 multi-family housing units and semi-residential facilities through the Songjeol-dong urban development projects 1 to 4. The Songjeol 2 area was formerly the site of a livestock market, and it is reported that the developer has received consent for relocation and land use from the agricultural cooperative.The Songjeol-dong area is gaining attention as a new residential area due to the expansion of the Technopolis and the demand from the surrounding industrial complex. In particular, Cheongju Technopolis is being developed as a region that combines industrial facilities, such as SK Hynix, with residential and commercial functions, leading to expectations for increased housing demand in the vicinity.A construction industry official stated, "The Cheongju Songjeol district is expected to see residential demand due to its location linked to the Technopolis."* This article has been translated by AI. 2026-08-19 17:12:00
  • Türkiye rejects Israeli claim on troop deployment at Syrian airbase
    Türkiye rejects Israeli claim on troop deployment at Syrian airbase SEOUL, August 19 (AJP) - The justification Israel gave for bombing a Syrian airbase this week, that Turkish soldiers were about to deploy there, was rejected in full by Ankara on Wednesday, which called the allegations untenable and said their purpose was to make unlawful strikes appear legitimate. Eight strikes hit the runway at the Abu al-Duhur airbase in eastern Idlib province early Tuesday, damaging runways and hangars without killing anyone, according to Syria's state broadcaster Ekhbariya, citing a military source. The base lies about 70 kilometers east of the Turkish border and has not operated as a dedicated military airfield since 2013, having changed hands repeatedly during the civil war. Israel said nothing for most of the day, and its military declined to comment, leaving the Turkish foreign ministry and Damascus to condemn an attack nobody had yet claimed. Ankara called on the international community to hold Israel accountable for disregarding international law, while Damascus called the strikes an act of aggression and a violation of the United Nations Charter. Confirmation came instead from Washington, where Tom Barrack, the U.S. special envoy for Syria and Iraq who also serves as ambassador to Türkiye, said Israel had carried out the attack and called it an unnecessary escalation that did not advance regional stability. The Israeli explanation arrived roughly 20 hours after the bombs fell, in an English statement posted on X by the Prime Minister's Office, which said Israel and Syria had agreed to a status quo in security matters that Syria was on the verge of breaching by permitting Turkish troops to deploy at an airbase near Aleppo, and that Damascus had ignored repeated warnings. Turkish forces have been rebuilding Syria's army since Ahmed al-Sharaa toppled Bashar al-Assad in December 2024, ending more than five decades of family rule. The two defense ministers signed a training and consultancy memorandum in Ankara last August, Syrian cadets entered Turkish military academies that October, and Syrian troops joined multinational exercises in western Türkiye in May, all of it at the invitation of the government in Damascus. Israeli forces hold their own ground in Syria without that invitation, occupying positions inside the buffer zone patrolled by the United Nations on the Golan Heights and on Mount Hermon since December 2024, taken after Netanyahu declared the 1974 disengagement agreement void. Damascus wants them gone as a condition for any security arrangement, and Defense Minister Israel Katz has said they will stay. Türkiye's Directorate of Communications answered the following day. "The untenable allegations put forward by the Israeli Prime Minister's Office are intended to legitimise Israel's unlawful airstrikes targeting Syria's sovereignty and territorial integrity," the statement said. Ankara did not stop at denial but tied the accusations to Israeli domestic politics, saying they stem from Netanyahu's intent to pursue expansionist and destabilising policies in the region ahead of the elections in Israel, where voters go to the polls on October 27, the last date the law allows. Barrack, for his part, said the strike reflected a perception, accurate or misplaced, that Türkiye might soon expand its presence at the base, and that Washington is working to build a deconfliction channel linking Israel, Syria and Türkiye. "The sole path to this objective lies in Netanyahu's abandonment of his aggressive and coercive policies and in his respect for international law," Ankara's statement said. 2026-08-19 17:08:41
  • Chinas foreign minister Wang Yi arrives in Korea via Gimpo Airport
    China's foreign minister Wang Yi arrives in Korea via Gimpo Airport Wang Yi, director of the Office of the Central Foreign Affairs Commission of the Communist Party of China and China's foreign minister, arrives in Korea through Seoul Gimpo Business Air Center in Gangseo-gu, Seoul, August 19, 2026. 2026-08-19 17:06:43
  • Chip rout sends KOSPI down nearly 6% amid foreign selloff
    Chip rout sends KOSPI down nearly 6% amid foreign selloff SEOUL, August 19 (AJP) - South Korean stocks plunged nearly 6 percent on Wednesday, falling below 6,500 as a rout in U.S. chip shares hammered semiconductor heavyweights and triggered heavy foreign selling. The benchmark KOSPI closed at 6,471.17, down 5.80 percent from the previous session, after falling as low as 6,400.81 during the day. Losses were widespread, with just three stocks advancing against 703 decliners, while 32 finished unchanged. Foreign investors sold a net 3.49 trillion won of KOSPI shares, while institutions unloaded 1.32 trillion won. Retail investors absorbed much of the selling, purchasing a net 4.64 trillion won. The steep decline followed a broad retreat in U.S. technology and semiconductor stocks overnight, with the Dow Jones Industrial Average falling 0.22 percent, the S&P 500 losing 0.69 percent and the Nasdaq Composite dropping 1.33 percent. The selloff was more pronounced among chipmakers. Micron Technology plunged 7.02 percent and Intel fell 6.58 percent, while SK hynix's U.S.-listed American depositary receipts sank 9.20 percent. The Philadelphia Semiconductor Index slid 4.98 percent. The weakness quickly spilled over into Seoul, where the market's two semiconductor heavyweights suffered some of the steepest losses among large-cap stocks. Samsung Electronics plunged 7.82 percent to 247,500 won, while SK hynix sank 9.75 percent to 1,500,000 won. Foreign selling was heavily concentrated in the pair, with overseas investors unloading a net 1.04 trillion won and 1.83 trillion won of their shares, respectively. Together, they accounted for more than 80 percent of total foreign net selling on the KOSPI. Analysts attributed the decline to profit-taking after the chip sector's recent sharp rebound, with weakness spreading across global memory stocks. Japan's Kioxia Holdings also closed 12.60 percent lower at 49,950 yen. Losses extended beyond the two chip heavyweights. SK Square tumbled 11.54 percent to 1,004,000 won, Samsung Electronics preferred shares fell 7.75 percent to 173,700 won, Hyundai Motor lost 4.83 percent to 414,000 won and Samsung Electro-Mechanics declined 3.68 percent to 1,387,000 won. KB Financial slipped 1.25 percent to 166,400 won. A handful of large caps bucked the selloff. Hanwha Aerospace gained 2.71 percent to 1,177,000 won, LG Energy Solution rose 1.85 percent to 357,500 won and Samsung Biologics added 0.85 percent to 1,544,000 won. Wednesday's plunge deepened a reversal that began in the previous session. The KOSPI had surged as high as 7,216.62 Tuesday before giving up its gains to close 1.55 percent lower at 6,869.83, with the latest drop pushing it further away from the 7,000 mark. The junior KOSDAQ proved more resilient, falling 1.17 percent to close at 824.46. Foreign investors bought a net 14.8 billion won of KOSDAQ shares and institutions purchased 49.9 billion won, while retail investors sold a net 71.6 billion won. Performance among major KOSDAQ stocks was mixed. Biotech firm Alteogen gained 1.85 percent to 303,500 won, while battery materials maker EcoPro BM rose 0.64 percent to 109,800 won. Semiconductor component maker Leeno Industrial edged up 0.15 percent to 67,900 won, while chip equipment maker EO Technics added 0.24 percent to 415,000 won. On the downside, battery materials holding company EcoPro fell 1.03 percent to 86,200 won and robot maker Rainbow Robotics lost 1.60 percent to 462,500 won. Biotech firms HLB and ABL Bio declined 2.43 percent to 42,100 won and 0.13 percent to 79,700 won, respectively, while semiconductor equipment makers Jusung Engineering and Wonik IPS dropped 4.29 percent to 171,600 won and 2.76 percent to 109,300 won. Meanwhile, the Korean won strengthened despite the stock market rout, trading at 1,397.70 won, compared with 1,411.80 won in the previous session. It fell below the 1,400-won mark for the first time in about 10 and a half months, as expectations for a Federal Reserve rate hike next month eased. Across Asia, Japan's Nikkei 225 tumbled 3.16 percent to 65,326.42 as elevated bond yields and a global selloff in technology and semiconductor shares weighed on sentiment. China's Shanghai Composite dropped 2.40 percent to 3,894.42, pressured by losses in semiconductor and robotics shares amid concerns over the economic outlook and corporate earnings. Hong Kong's Hang Seng Index bucked the regional decline, edging up 0.10 percent to 25,497.52. AJP Takeaways • South Korea's benchmark KOSPI fell 5.80 percent to 6,471.17 on Aug. 19, 2026, as a global semiconductor selloff hit major chip stocks. • Samsung Electronics plunged 7.82 percent to 247,500 won and SK hynix fell 9.75 percent to 1.5 million won, with the two stocks accounting for more than 80 percent of foreign net selling on the KOSPI. • South Korea's KOSDAQ declined a milder 1.17 percent to 824.46, while the Korean won strengthened to 1,397.70 per U.S. dollar, breaking below 1,400 for the first time in about 10 and a half months. 2026-08-19 17:05:57
  • Chinas foreign minister Wang Yi arrives in Korea via Gimpo Airport
    China's foreign minister Wang Yi arrives in Korea via Gimpo Airport Wang Yi, director of the Office of the Central Foreign Affairs Commission of the Communist Party of China and China's foreign minister, waves to reporters at Seoul Gimpo Business Center in Seoul, August 19, 2026. 2026-08-19 17:05:32
  • Concerns Rise Over Leadership Gaps Ahead of New Prosecution Agency Launch
    Concerns Rise Over Leadership Gaps Ahead of New Prosecution Agency Launch With the launch of the new Prosecution Agency and Serious Crimes Investigation Agency just 40 days away, concerns are mounting over leadership instability within the Ministry of Justice and the prosecution. As the Ministry faces numerous tasks, including the establishment of the Prosecution Agency's structure, personnel appointments, and the revision of subordinate laws, the Serious Crimes Investigation Agency is expected to struggle with staffing challenges.According to legal sources on the 19th, Justice Minister Jeong Seong-ho submitted his resignation to the Blue House and the Ministry of Personnel Management the previous day, citing health issues and the completion of key legislation related to prosecution reform.Although the Blue House has requested that Jeong continue in his role until a successor is appointed, the uncertainty surrounding the timeline for his replacement has raised concerns about the leadership needed to guide the preparations for the launch of the Prosecution Agency and Serious Crimes Investigation Agency.The prosecution is already in a state of leadership vacuum. Acting Prosecutor General Koo Ja-hyun submitted his resignation on July 31, following the passage of a bill that abolished direct investigative powers and supplementary investigative rights for prosecutors. Currently, Park Gyu-hyung, head of the Planning and Coordination Bureau at the Supreme Prosecutors' Office, is serving in an acting capacity.There are still many tasks to complete before the new criminal justice system is implemented. The Ministry of Justice must revise subordinate laws and related regulations, finalize discussions on organizational structure and budget with relevant agencies, and manage the reassignment of existing prosecutorial personnel, along with organizational restructuring.Within the prosecution, there is growing anxiety about the uncertainty surrounding personnel changes next month and the potential dissolution of current departments. Since August 18, the Supreme Prosecutors' Office has begun pilot operations of a 'Prosecution Agency operational model' at four district prosecutors' offices, including the Northern District Prosecutors' Office in Seoul, which involves interviewing suspects and witnesses before requesting arrest warrants.The Serious Crimes Investigation Agency also faces challenges in staffing. The preparatory committee for the agency is accepting applications for special appointments from prosecutors and investigative officers until the 20th. However, while over 2,200 investigative officers attended an information session earlier this month, only about 260 prosecutors showed interest, raising concerns that the actual number of applicants may fall short of expectations.The Serious Crimes Investigation Agency will be responsible for direct investigations into serious crimes, including financial crimes, fair trade violations, drug offenses, and technology leaks. Securing experienced personnel from the prosecution to ensure a smooth transition is seen as crucial for the agency's establishment.Prosecutors are hesitant to move to the Serious Crimes Investigation Agency due to concerns about rank, treatment, and the uncertainty surrounding the new organization. Prosecutors with less than ten years of experience will be appointed at a level equivalent to Grade 4 if they transfer to the agency. With the first head of the Serious Crimes Investigation Agency and its leadership yet to be determined, there is a prevailing sentiment to observe the agency's character and future operational direction.The government is accelerating institutional preparations for the agency's launch. At a recent Cabinet meeting, three ordinances regarding the organization, operation, and appointment of public officials for the Serious Crimes Investigation Agency were approved. The Ministry of the Interior and Safety has also completed the formation of a candidate recommendation committee for the first head of the agency and will accept public nominations until the 26th.As uncertainty grows within the Ministry of Justice and the prosecution, the selection of the next Justice Minister has become a key variable. The incoming minister will effectively be responsible for ensuring the establishment of the new criminal justice system, including the launch of the Prosecution Agency and Serious Crimes Investigation Agency, as well as the follow-up legislation and revision of subordinate laws.Among the ruling party and legal circles, Park Gyun-taek, a member of the National Assembly and former chief prosecutor, is being mentioned as a potential successor. Park previously served as the chief prosecutor of the Gwangju High Prosecutors' Office and has experience as a legal advisor to President Lee Jae-myung. However, specific details regarding the successor's appointment have yet to emerge.The next minister will also face sensitive issues, including the activities of the Future Committee for Respecting Prosecutorial Human Rights and decisions regarding the prosecution of major cases. Consequently, there are interpretations that the appointment may favor someone who can work closely with the president to finalize the follow-up work on prosecution reform while addressing key issues.* This article has been translated by AI. 2026-08-19 17:04:00
  • Chinese FM Wang Yi arrives in Seoul for two-day visit
    Chinese FM Wang Yi arrives in Seoul for two-day visit SEOUL, August 19 (AJP) - Chinese Foreign Minister Wang Yi arrived in Seoul on Wednesday for talks with his South Korean counterpart Cho Hyun. Wang's two-day visit marks his first trip to South Korea since September 2021 and the first meeting between the two countries' foreign ministers since they met in Beijing last September. During their talks, the two ministers are expected to discuss bilateral ties, the situation on the Korean Peninsula and other regional issues. They will also discuss preparations for the Asia-Pacific Economic Cooperation (APEC) summit in Shenzhen, China in November and discuss future cooperation and high-level exchanges. Wang is also scheduled to meet with President Lee Jae Myung at Cheong Wa Dae on Thursday. AJP Takeaways • Chinese Foreign Minister Wang Yi arrived in Seoul on Aug. 19, 2026, for a two-day visit to hold talks with South Korean Foreign Minister Cho Hyun. • Wang Yi's visit is his first trip to South Korea since September 2021, marking his return after nearly five years. • Wang Yi and Cho Hyun are set to discuss South Korea-China relations, the Korean Peninsula and other regional issues during their meeting. • The two foreign ministers will discuss preparations for the Asia-Pacific Economic Cooperation (APEC) summit in Shenzhen, China, in November 2026, as well as future cooperation and high-level exchanges. • South Korean President Lee Jae Myung is scheduled to meet Wang Yi at Cheong Wa Dae on Aug. 20, 2026, during the Chinese foreign minister's visit. 2026-08-19 17:03:45
  • Timely Support for Small Businesses: In Tae-yeon Inspects Damage in Geoje and Tongyeong
    Timely Support for Small Businesses: In Tae-yeon Inspects Damage in Geoje and Tongyeong The Small Business Market Promotion Agency announced that In Tae-yeon, the agency's head, visited Geoje and Tongyeong on the 19th to assess the damage caused by heavy rainfall and to listen to the concerns of local merchants.According to the Korea Meteorological Administration, from August 15 to 17, during the Liberation Day holiday, Geoje received 928.0 mm of rain, while Tongyeong saw 752.8 mm. This resulted in flooding and landslides affecting all 17 traditional markets in the Gyeongnam region.During his visit to Okpo Market in Geoje, In inspected the flood damage alongside the market's president and spoke with affected merchants.He then visited the Tongyeong Center of the Small Business Agency, which oversees Tongyeong, Geoje, and Goseong, to review the current situation and support efforts for the flood-affected areas. In emphasized the importance of the center's role in facilitating prompt assistance for small business owners impacted by the heavy rains.After concluding his visit to the Tongyeong Center, In met with merchants at Tongyeong Central Market, expressing his commitment to support their swift recovery.In Tae-yeon stated, "I extend my deepest condolences to the merchants affected by this heavy rainfall. We will do our utmost to quickly assess the damage and ensure that necessary support is provided in a timely manner."* This article has been translated by AI. 2026-08-19 16:52:00
  • South Korea to raise FX reporting threshold for foreign banks
    South Korea to raise FX reporting threshold for foreign banks SEOUL, August 19 (AJP) - South Korea will raise the reporting threshold for foreign-currency borrowing by local branches of foreign banks to US$100 million from $50 million, as part of efforts to ease foreign-exchange rules and improve market access, the Ministry of Economy and Finance said on Wednesday. The limit on cash-pooling arrangements will also be raised to at least $100 million from $50 million, Finance Minister and Deputy Prime Minister Koo Yun-cheol said at a meeting with the American Chamber of Commerce in Korea or AMCHAM in central Seoul earlier in the day. Raising the borrowing threshold would allow foreign bank branches to borrow larger amounts of foreign currency before triggering the existing reporting requirement, rather than increasing a ceiling on the amount they are permitted to borrow. The measures follow recommendations from AMCHAM as South Korea works to make its financial and foreign-exchange systems more in line with global standards. The move follows the government's won internationalization roadmap unveiled in July and the shift to round-the-clock foreign-exchange trading, while an offshore won settlement system is scheduled to formally begin operating in January 2027. Koo also pointed to recent capital-market reforms, including an expansion of directors' fiduciary duties to shareholders and South Korea's phased inclusion in the World Government Bond Index, which began in April. Wednesday's meeting at the Grand Hyatt Seoul brought together about 150 participants, including AMCHAM Chairman James Kim, U.S. government officials and executives from Korean and foreign companies. Koo called on U.S. companies to expand investment in South Korea and provide policy feedback based on their experience in the country, saying the government would review proposals raised at the meeting with relevant ministries. 2026-08-19 16:48:27