Latest by
-
An Song-yi Becomes First to Pass 300 Cuts in KLPGA Tour An Song-yi has made history by becoming the first player to pass 300 cuts in the Korean Women's Professional Golf Association (KLPGA) Tour. She also expressed her ambition to challenge for the record of the oldest winner in the tour's history.On August 14, An finished the second round of the KLPGA Tour Mediheal-Korea Ilbo Championship at the Mungyeong Country Club's Myungsung Course (par 72) with a score of 3-under par 141, placing her tied for 19th. She improved her score by two strokes from the previous day to make the cut.An debuted on the regular tour in 2010 and secured her first victory at the ADT Caps Championship in November 2019, during her 237th tournament. She followed that with a win at the Phantom Classic in September 2020, bringing her total to two victories.In June, she became the first player in KLPGA Tour history to compete in 400 tournaments. Just two months later, she set a new record for passing cuts. At the time of reaching 400 tournaments, An had expressed her intention to aim for 500 appearances."I am very honored to achieve this great record," An said. "Rather than being fixated on records, I think focusing on each tournament has led to good results." She added, "With many tournaments still ahead, I will not lose my original intention and will do my best in every event."An attributed her longevity in the sport to physical training and proper nutrition. She noted, "As I get older, I intentionally reduce my practice time and focus on physical training. Setting goals for each tournament according to my pace has also been helpful."She expressed her desire to challenge for the record of the oldest winner in the KLPGA Tour, stating, "I want to leave a meaningful record through consistent body management and maintaining my condition." 2026-08-14 20:44:00 -
President Yoon Reaffirms Commitment to Constitutional Reform President Yoon Suk Yeol reaffirmed his commitment to a constitutional reform plan that includes decentralizing presidential powers and introducing a four-year term limit or re-election. He stated that discussions on constitutional reform should be led by the National Assembly based on bipartisan agreement, and he is open to shortening his term if necessary to facilitate this process.On August 14, President Yoon posted on X (formerly Twitter), stating, "The majority of the public agrees that our constitution, which has been in place for 40 years, is outdated and needs reform. If we are to proceed with constitutional amendments, it is preferable for the specific content to be determined through bipartisan agreement in the National Assembly."He outlined specific directions for the reform, including enshrining the spirit of the May 18 Democratic Movement and the Busan Democratic Uprising in the constitutional preamble, adjusting the powers of the president and the National Assembly, introducing a four-year term limit or re-election for the presidency, and strengthening local autonomy and citizens' basic rights.President Yoon emphasized the need to adjust the powers concentrated in the presidency, suggesting that some powers, such as the authority over the Board of Audit and Inspection, the recommendation of the Prime Minister, and certain personnel rights, should be delegated to the National Assembly. This approach aims to share presidential powers with the legislature.He reiterated, "Changing the presidential term to a four-year limit or re-election will allow for accountability through mid-term evaluations, and strengthening local autonomy and citizens' basic rights is both a promise and a consistent position I have maintained."President Yoon also reiterated his willingness to accept a reduction in his term if necessary for the constitutional reform. He stated, "My official position during the 2022 presidential election was that I would accept a term reduction if it was necessary for this type of constitutional reform, and that view has not changed."However, he clearly expressed his opposition to a dual executive system or a parliamentary-centered cabinet system. He stated, "A dual executive system or a cabinet system is neither desirable nor feasible in light of public opinion, and it is incorrect to interpret the call for distributing some presidential powers to the National Assembly as advocating for a decentralized presidential system or a cabinet system."President Yoon's direct comments on constitutional reform appear to be a response to recent reports suggesting he mentioned the possibility of a term reduction during a private golf meeting. It is reported that he indicated a willingness to pursue constitutional reform even if it meant shortening his term during a meeting with senior lawmakers from both parties earlier last month.The Blue House has stated that it is difficult to confirm the specifics of the private meeting and comments made at that time. Following this, there have been claims in some political circles suggesting a push for a cabinet system reform, prompting President Yoon to reaffirm his existing position publicly.A Blue House official previously stated, "For a constitutional amendment to pass in the National Assembly, a two-thirds majority of the sitting members' approval is required, so it is preferable for discussions and initiatives to take place in the National Assembly. Pursuing constitutional reform through bipartisan agreement is President Yoon's consistent principle."* This article has been translated by AI. 2026-08-14 20:16:00
-
Korea Technology Guarantee Fund Partners with Incheon City and Hana Bank to Support ABC+E Industries The Korea Technology Guarantee Fund announced that it signed a financial support agreement for the 'ABC+E Future Growth Engine' with Incheon City and Hana Bank on August 14 at Incheon City Hall in Namdong-gu.The agreement aims to enhance financial accessibility for technology companies in Incheon’s future strategic industries and to bolster the competitiveness of local industries. The term 'ABC+E' refers to artificial intelligence (AI), biotechnology, content, and energy, which are key future strategies promoted by Incheon Mayor Park Chan-dae.The Korea Technology Guarantee Fund will provide a special guarantee agreement worth up to 50 billion won, funded by Hana Bank's special contribution of 2.5 billion won. The guarantee ratio will increase from 85% to 100% over three years, and the guarantee fee will be reduced by 0.3 percentage points during the same period.Based on Hana Bank's total guarantee fee support of 1.2 billion won, a maximum of 100 billion won in guarantee fee support will also be provided. Hana Bank will support a guarantee fee reduction of 0.6 percentage points for two years.Eligible recipients include AI, biotechnology, cultural content, and energy businesses that meet the Korea Technology Guarantee Fund's technology guarantee requirements and have their headquarters, main business locations, or factories in Incheon or plan to relocate there.The institutions plan to leverage this agreement to connect policy and financial support capabilities, discover promising technology companies in Incheon, and create a stable funding environment to support the sustainable growth of these businesses.Park Joo-sun, Executive Director of the Korea Technology Guarantee Fund, stated, "It is meaningful to sign this agreement at a time when Incheon City is seeking to secure new growth engines based on future strategic industries. The Korea Technology Guarantee Fund will continue to expand cooperation to assist technology companies in securing funding and actively support the competitiveness of local industries."* This article has been translated by AI. 2026-08-14 19:52:00
-
Binance Launches Perpetual Futures with Up to 20x Leverage, Blocks Korean Accounts Global cryptocurrency exchange Binance has launched perpetual futures on August 14, allowing investments with up to 20x leverage on stocks including Naver, LG Electronics, Samsung Electro-Mechanics, and Hanmi Semiconductor. However, accounts verified under Korean names are blocked from accessing these products.According to the cryptocurrency industry, Binance began trading perpetual futures that track domestic stocks such as Naver, LG Electronics, Samsung Electro-Mechanics, Hanmi Semiconductor, and the KODEX 200 exchange-traded fund (ETF) starting today. These products can be traded 24/7 without holidays, offering up to 20x leverage.While these products were previously available to Korean accounts, access has now been restricted. Industry sources indicate that this decision was made independently by Binance and not at the request of Korean financial authorities.The newly launched products track the prices of four domestic listed companies—Naver, LG Electronics, Samsung Electro-Mechanics, and Hanmi Semiconductor—as well as the KODEX 200 ETF. They are structured as derivatives that allow betting on price fluctuations without holding the actual stocks, with settlements made in the stablecoin Tether (USDT).On June 2, Binance had also launched 20x leverage perpetual futures based on Samsung Electronics, SK Hynix, and Hyundai Motor. On June 22, it introduced futures products tracking the KOSPI 3x leverage ETF 'KORU' listed on the U.S. stock market. The products launched in June can currently leverage up to 50x.Meanwhile, discussions continue regarding the applicability of domestic capital market laws. The launch of high-risk derivatives based on the stock prices of major domestic companies on foreign exchanges has raised concerns.Unregistered foreign exchanges MEXC and XT.com have also listed perpetual futures with up to 20x leverage tracking Naver and LG Electronics.* This article has been translated by AI. 2026-08-14 19:44:00
-
Seongnam Mayor Shin Sang-jin Calls for Increased Housing Supply in Bundang Shin Sang-jin, the mayor of Seongnam, urged the government on August 14 to lift restrictions on redevelopment units, stating that "the fast track for housing supply in the metropolitan area is Bundang redevelopment." In a post on his Facebook page, Mayor Shin noted, "The government announced measures for an additional supply of 230,000 units in the metropolitan area along with early construction of public land and financial and tax support for the swift promotion of private redevelopment and redevelopment projects. The core of these measures is not just the quantity of supply but also the speed of supply." He pointed out, "While I agree with the government's direction to expand supply, restricting the redevelopment units in Bundang directly contradicts government policy." Mayor Shin emphasized, "It is contradictory to urge for rapid redevelopment on one hand while limiting the number of redevelopment units on the other. If the government truly wants to expand housing supply in the metropolitan area, it must first lift the restrictions on Bundang, where demand for redevelopment and residents' willingness to proceed with projects are highest." There is strong demand for redevelopment projects in Bundang. For instance, Mayor Shin revealed that in response to a call for resident proposals for special redevelopment zones in 2026, a total of 66,037 units were applied for across 50 zones. This figure is 5.5 times the planned amount of 12,000 units for this year. He believes that this level of applications reflects not just administrative demand but a strong on-the-ground demand from residents willing to bear project costs to push for redevelopment. Notably, Bundang has the potential to supply up to 57,770 additional housing units compared to existing homes once redevelopment is completed. Mayor Shin stated that if the residents' strong willingness to proceed with projects is combined with a reduction in administrative procedures, the expected supply timeline, currently projected for around 2040, could be advanced by more than five years to around 2035. Ultimately, Mayor Shin argues that accelerating the redevelopment process in Bundang, where resident agreement and project demand have already been confirmed, is the most realistic solution for expanding housing supply in the metropolitan area. He concluded, "Empty housing supply measures will not stabilize the real estate market. If the government is serious about expanding supply, it must immediately lift the uniform restrictions on redevelopment units in Bundang." Additionally, Mayor Shin plans to continue advocating for an increase in Bundang's redevelopment units while supporting residents in expediting housing supply through redevelopment projects.* This article has been translated by AI. 2026-08-14 19:20:10
-
Seongnam Mayor Calls for Accelerated Housing Supply in Bundang Shin Sang-jin, the mayor of Seongnam, urged the government on August 14 to lift restrictions on redevelopment units, stating that "the fast track for housing supply in the metropolitan area is Bundang redevelopment." In a post on his Facebook page, Mayor Shin noted, "The government announced measures for an additional supply of 230,000 units in the metropolitan area along with early construction of public land and financial and tax support for the swift promotion of private redevelopment and redevelopment projects. The core of these measures is not just the quantity of supply but also the speed of supply." He pointed out, "While I agree with the government's direction to expand supply, restricting redevelopment units in Bundang directly contradicts government policy." Mayor Shin emphasized, "It is contradictory to push for rapid redevelopment on one hand while limiting redevelopment units on the other. If the government truly wants to expand housing supply in the metropolitan area, it must first lift the restrictions on units in Bundang, where demand for redevelopment and residents' willingness to proceed with projects are highest." There is strong demand for redevelopment projects in Bundang. Mayor Shin revealed that in response to a call for resident proposals for special redevelopment zones in 2026, a total of 66,037 units were requested across 50 zones. This figure is 5.5 times the planned amount of 12,000 units for this year. He believes that this level of applications reflects not just administrative demand but a strong on-the-ground demand from residents willing to bear project costs to push for redevelopment. Notably, Bundang has the potential to supply up to 57,770 additional housing units compared to existing homes once redevelopment is completed. Mayor Shin stated that if the residents' strong willingness to proceed with projects is combined with a reduction in administrative procedures, the expected supply timeline, currently projected for around 2040, could be advanced by more than five years to around 2035. Ultimately, Mayor Shin argues that accelerating the redevelopment process in Bundang, where resident agreement and project demand have already been confirmed, is the most realistic solution for expanding housing supply in the metropolitan area. He concluded, "Supply measures that are merely verbal will not stabilize the real estate market. If the government is serious about expanding supply, it must immediately lift the uniform restrictions on redevelopment units in Bundang." Additionally, Mayor Shin plans to continue advocating for an increase in redevelopment units in Bundang while supporting residents in expediting housing supply through redevelopment projects.* This article has been translated by AI. 2026-08-14 19:20:00
-
Broadcasting and Media Commission Cancels Fact-Check Project Sanctions, Apologizes to Party The Broadcasting and Media Commission has partially revoked sanctions related to a fact-checking project and apologized to the social cooperative Party. This decision came after it was determined that there was no evidence of misuse of labor costs, despite previous penalties being imposed.On August 14, the Broadcasting and Media Commission visited Party to express its apologies for the difficulties encountered during the audit and administrative sanction process related to the fact-checking project.Previously, in 2024, the commission announced audit results indicating that Party, an indirect grant recipient for the fact-checking project, had misused grant funds. Consequently, in 2025, the commission proceeded with the cancellation of grant decisions, return orders, and the imposition of penalties.Party contested these sanctions and filed an objection in July of the same year. Following a review, the commission acknowledged that the regulations regarding the calculation of labor costs for indirect grant recipients were unclear, and that there was no confirmed misuse of funds. In June of this year, the commission canceled the initial audit findings regarding the misuse of labor costs.As a result, the commission nullified the sanctions related to labor costs imposed on Party, including the cancellation of certain grant decisions and return orders.During the visit, the commission explained the circumstances leading to the cancellation of the judgment on labor cost misuse and expressed sympathy and apologies for the difficulties Party faced during the audit and sanction process.Additionally, the commission stated that it would closely examine any unclear aspects of accounting guidelines related to the calculation of labor costs for indirect grant recipients and improve relevant regulations and audit procedures to prevent similar cases in the future.Kim Jong-cheol, chairman of the Broadcasting and Media Commission, expressed regret over the difficulties faced by Party and apologized for the lack of thoroughness in the previous commission's audit and administrative actions. He stated, 'We will ensure that the execution of grants and audit procedures are conducted with greater care to prevent similar cases from recurring.'He also added, 'I hope that Party, which has worked to activate public discourse using digital technology, can overcome these challenges and resume stable operations.'* This article has been translated by AI. 2026-08-14 19:16:10
-
Broadcasting Commission Cancels Fact-Check Project Sanctions, Apologizes to Party The Broadcasting and Media Commission has partially canceled sanctions related to a fact-checking project and apologized to the social cooperative Party. This decision comes after determining that there was no evidence of misuse of labor costs, despite previous penalties imposed.On August 14, the Broadcasting and Media Commission visited Party to express its apologies for the difficulties encountered during the audit and administrative sanction process related to the fact-checking project.Previously, in 2024, the commission announced audit results indicating that Party, an indirect grant recipient for the fact-checking project, had misused funds. Consequently, in 2025, the commission proceeded with the cancellation of grant decisions, return orders, and the imposition of penalties.Party contested these sanctions and filed an objection in July of the same year. Following a review, the commission acknowledged that the regulations regarding the calculation of labor costs for indirect grant recipients were unclear, and that no misuse had been confirmed. In June of this year, the commission canceled the initial audit findings regarding the misuse of labor costs.As a result, the commission nullified the sanctions related to labor costs imposed on Party and canceled part of the grant decisions previously made to the media foundation.During the visit, the commission explained the circumstances leading to the cancellation of the judgment on labor cost misuse and expressed sympathy and apologies for the difficulties Party faced during the audit and sanction process.Additionally, the commission stated that it would closely examine any unclear aspects of the accounting guidelines related to the calculation of labor costs for indirect grant recipients and improve relevant regulations and audit procedures to prevent similar cases in the future.Kim Jong-cheol, chairman of the Broadcasting and Media Commission, expressed regret over the difficulties Party experienced and apologized for the lack of thoroughness in the previous commission's audit and administrative actions. He stated, "We will carefully review the entire process of grant execution and auditing to ensure that similar cases do not recur."He also added, "I hope that Party, which has been working to activate public discourse through digital technology, can overcome these challenges and resume stable operations."* This article has been translated by AI. 2026-08-14 19:16:00
-
Korea Hydro & Nuclear Power Reports 3 Trillion Won Operating Profit Amid Industry Losses Korea Hydro & Nuclear Power (KHNP) and the five major power companies reported mixed results for the first half of the year. KHNP saw its operating profit increase by nearly 30% despite a decline in revenue, while the five power companies collectively faced an operating loss exceeding 180 billion won.According to the Financial Supervisory Service's electronic disclosure system (DART), KHNP's consolidated operating profit for the first half of this year reached 3.0897 trillion won, a 28.8% increase from 2.3982 trillion won during the same period last year. The net profit for the first half also rose by 30.5%, from 1.556 trillion won to 2.031 trillion won. However, revenue decreased by 0.4% to 8.2398 trillion won.The significant increase in profit despite lower revenue is largely attributed to reduced costs. KHNP's cost of sales dropped from 5.735 trillion won in the first half of last year to 5.020 trillion won this year, a decrease of approximately 12.5%. Cumulative electricity sales revenue for the first half was 7.7486 trillion won, with an average sales price of 96.47 won per kWh. The total power generation was 84,473 GWh, accounting for 29.45% of the country's total generation.In contrast, the five major power companies—Namhung, Chungbuk, Seobuk, Nambu, and Dongseo—reported a combined operating loss of 182.8 billion won for the first half. This marks a significant turnaround from an operating profit of 610.6 billion won in the same period last year. Although their combined revenue increased by 3.1% from 13.4388 trillion won to 13.8616 trillion won, this did not translate into improved profitability. The combined net loss also reached 201.8 billion won, a stark contrast to the 513.7 billion won net profit recorded last year.Individual company performances were mostly disappointing. Namhung Power transitioned from an operating profit of 170.6 billion won last year to a loss of 63.6 billion won this year. Seobuk Power also shifted from an operating profit of 76.1 billion won to a loss of 78.1 billion won, while Chungbuk Power fell from a profit of 23.9 billion won to a loss of 139.3 billion won.Even Nambu and Dongseo, which managed to remain profitable, saw significant declines in their earnings. Nambu Power's operating profit for the first half was 12.4 billion won, down 76.8% from 53.4 billion won last year, while Dongseo Power's profit fell by 70.1% from 286.5 billion won to 85.7 billion won. Notably, Nambu Power recorded an operating loss of 114.7 billion won in the second quarter, erasing most of the profits earned in the first quarter.The decline in profitability for the five power companies can be attributed to rising costs and falling electricity sales prices. Dongseo Power's revenue increased by 13.9% compared to last year, but its cost of sales surged by about 27%. Seobuk Power also experienced a 14.7% increase in revenue, while its cost of sales rose by 21.7%. Chungbuk Power's cost of sales increased by 7.8%, resulting in a shift from a gross profit of 108.1 billion won last year to a gross loss of 55.6 billion won this year.Rising fuel prices and declining electricity sales prices have added to the burden. Seobuk Power reported an average purchase price for bituminous coal of 190,201.8 won per ton in the first half of this year, up from an average of 170,892 won per ton in 2025. Nambu Power's average system marginal price (SMP) for the first half was 112.30 won per kWh, down from 118.89 won last year, while the average sales price fell from 175.84 won to 149.65 won.Amid these trends in costs and sales prices, the profitability gap between the five power companies and KHNP has become increasingly evident. The combined operating profit of the six power companies, including KHNP, for the first half was approximately 2.9069 trillion won, a 3.4% decrease from the same period last year. While the operating losses of the five power companies worsened by about 793.5 billion won compared to last year, KHNP's operating profit increased by approximately 691.5 billion won, significantly offsetting the losses.* This article has been translated by AI. 2026-08-14 18:20:00
-
Hyundai Motor Group Chairman Chung Euisun Earns 4.5 Billion Won in First Half of 2026 Chung Euisun, chairman of Hyundai Motor Group, received a total of 4.5 billion won in compensation from Hyundai, Kia, and Hyundai Mobis in the first half of 2026.According to the Financial Supervisory Service's electronic disclosure system on August 14, Chung earned 2.25 billion won from Hyundai, 1.35 billion won from Kia, and 900 million won from Hyundai Mobis. The total compensation remains the same as last year.Chung has been receiving salaries from Hyundai Mobis and Hyundai among the group’s affiliates until 2024, but he began receiving compensation from Kia last year.Among Hyundai Motor's executives, CEO Jose Munoz received 2.456 billion won in the first half, while Kia CEO Song Ho-sung earned a total of 1.151 billion won, including 1,576 shares of free stock. Additionally, Hyundai Mobis CEO Lee Kyu-seok received 516 million won, and Jin Eun-sook, head of ICT at Hyundai Motor Group, earned 631 million won.* This article has been translated by AI. 2026-08-14 18:16:00