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  • Controversy Arises Over Ministers Reference to North Korea as Peoples Republic
    Controversy Arises Over Minister's Reference to North Korea as 'People's Republic' The Ministry of Veterans Affairs has stated that it has no plans to correct or apologize for Minister Kwon Oh-eul's controversial reference to North Korea as the 'People's Republic.' This response has sparked public debate.According to the Chosun Ilbo on August 12, the Ministry responded to inquiries from Shin Dong-wook, a member of the People Power Party in the National Assembly's Political Affairs Committee, stating that there are no plans for correction, clarification, apology, or expression of regret regarding Kwon's remarks.The controversial statement was made in May during a policy meeting with reporters, where Kwon referenced Ahn Jung-geun's Eastern Peace Theory, saying, "The Republic of Korea, the People's Republic, China, and Japan are all included in that."The term 'People's Republic' is derived from North Korea's official name, the Democratic People's Republic of Korea.In a follow-up explanation, the Ministry clarified that Kwon does not typically use this expression as a personal belief. They noted, "Currently, in relation to the excavation of Ahn Jung-geun's remains, the Chinese side is requesting prior consent from North Korea. Kwon mentioned the term once while emphasizing cooperation among North and South Korea, China, and Japan."When asked whether the term 'People's Republic' aligns with the government's official designation for North Korea, the Ministry responded that North Korea uses the name 'Democratic People's Republic of Korea' when joining the United Nations or signing various agreements with South Korea.Despite this clarification, criticism continues in the political arena. There is an ongoing debate about the appropriateness of the terminology used by the head of a ministry responsible for veterans affairs when referring to North Korea.Earlier, President Lee Jae-myung remarked during a report on the Ministry of Unification's second-half work plan on August 5 that when Unification Minister Jeong Dong-young suggested referring to North Korea as 'Democratic People's Republic of Korea' or 'Joseon,' he cautioned, "One expression can embroil us in political strife, so we must be very careful and thoughtful."Online, reactions to Kwon's remarks and the Ministry's subsequent response have been critical. Some users questioned, "Why create controversy by insisting on calling it the People's Republic?" and others commented, "He is just a principled leftist."Other users expressed concerns, stating, "According to the constitution, North Korea is not recognized as a state, so isn't this a blatant disregard for the constitution?" and "Recognizing North Korea as the People's Republic aligns with their two-state theory."Criticism has also been directed at the government's lack of a separate correction or expression of regret. Comments included, "Is it reasonable to use such expressions without any expression of regret?" and "It doesn't seem appropriate for the Minister of Veterans Affairs to use such terminology," along with remarks about ongoing controversies since the change in administration and accusations of infiltration by spies.* This article has been translated by AI. 2026-08-13 09:08:10
  • Government Takes Steps to Mitigate Heatwave Impact on Agricultural Prices
    Government Takes Steps to Mitigate Heatwave Impact on Agricultural Prices The government is taking measures to stabilize prices and supply of agricultural and marine products in response to recent heatwaves and droughts. It plans to offer discounts on agricultural chemicals and nutrients, with up to 50% off on key products until the Chuseok holiday, depending on supply conditions.On August 13, the government held a meeting of economic ministers and a special task force on living costs to discuss strategies for stabilizing prices and supply of agricultural and marine products amid extreme weather.According to the Ministry of Agriculture, Food and Rural Affairs, this summer's heat has caused damage to certain crops, including sweet persimmons and rice, particularly in South Gyeongsang and South Jeolla provinces. The affected areas include 1,125 hectares of sweet persimmons, 573 hectares of rice, and 38 hectares of soybeans. While the damage is not as severe as last year, there are concerns about further impacts on growth, quality, and yield if the heat persists.In response, the government will conduct ongoing monitoring of growth and damage conditions and implement timely measures. It aims to prevent further damage through discounted supplies of chemicals and nutrients, support for shading materials, and emergency water supply.Damage to livestock is reported to be less severe than last year. The heat has resulted in the deaths of 54,299 pigs and 944,234 poultry, a 61% decrease compared to last year. With stable slaughter supply, the impact on prices of key livestock products like pork and eggs has been minimal.Since May, the government has been operating a livestock disaster response team and implementing measures to address the heat, including emergency water supply and support for necessary items. In collaboration with the Fire Agency and local governments, it has focused on providing 'mobile watering support' to 18,978 vulnerable farms and preemptively supplying items to alleviate heat stress.Retail prices for seafood have remained stable. A 'serious' high-temperature warning has been issued for 31 coastal areas, with fish deaths reported at 0.5% (1.83 million fish) of the total. Since 90% of the deceased fish are of low market value, the impact on seafood supply and prices is considered limited.The Ministry of Oceans and Fisheries plans to support fishermen by providing equipment to combat high temperatures, such as liquid oxygen supply devices and shading materials. Additionally, it will invest an extra 30 billion won to extend discount support programs for four more weeks. To prepare for worsening climate conditions, the ministry also plans to expedite the payment of 50% of insurance premiums and expand disaster relief funding to support rapid recovery.* This article has been translated by AI. 2026-08-13 09:08:00
  • Korea Trade Insurance Corporation Provides Financial Support to Samsung C&Ts German Subsidiary Amid EU Carbon Regulations
    Korea Trade Insurance Corporation Provides Financial Support to Samsung C&T's German Subsidiary Amid EU Carbon Regulations The Korea Trade Insurance Corporation (K-Sure) is stepping in to alleviate the financial burden on domestic companies as they restructure their sales operations in response to the European Union's Carbon Border Adjustment Mechanism (CBAM). On August 13, K-Sure announced it will provide approximately 40 billion won in trade insurance to Samsung C&T's German subsidiary.This support will utilize K-Sure's 'Short-Term Global Sales Insurance.' Financial institutions will purchase accounts receivable from Samsung C&T's German subsidiary on a non-recourse basis, allowing the subsidiary to use the cash obtained for working capital.The non-recourse structure means that if the financial institution is unable to collect payment on the purchased accounts receivable, the exporting company will not face additional liability. K-Sure will compensate for the financial institution's risk of non-collection.K-Sure's intervention comes as the CBAM is fully implemented this year, prompting changes in the sales structures of domestic companies in Europe.European companies are shifting the burden of customs and carbon regulation compliance onto sellers, leading to an increase in domestic companies selling products through their overseas subsidiaries. As the role of these subsidiaries expands, securing working capital has emerged as a new financial challenge.K-Sure plans to support local subsidiaries in securing necessary funds early by leveraging accounts receivable, thereby bolstering the local competitiveness of domestic companies in response to carbon regulations.K-Sure President Jang Young-jin stated, "The changes in the global trade environment, such as European carbon regulations, require our companies to adapt their overseas business strategies. We will actively support them to resolve financial difficulties in a timely manner and maintain competitiveness in the global market."* This article has been translated by AI. 2026-08-13 09:08:00
  • Daehan Electric Wire Deploys Skandi Connector for Offshore Wind Projects
    Daehan Electric Wire Deploys Skandi Connector for Offshore Wind Projects Daehan Electric Wire is set to deploy the Skandi Connector, a 11,000-ton cable laying vessel (CLV) acquired in May, for the first time this month at an offshore wind site. The addition of this large vessel alongside the existing CLV Palos enhances the company's turnkey construction capabilities, allowing for simultaneous production, transportation, installation, and burial of underwater cables.On August 12, Daehan Electric Wire held a safety ceremony for the Skandi Connector at the Orient Shipyard in Busan. Executives, including Vice Chairman Song Jong-min and Planning Director Kim Dae-heon of the Hoban Group, attended to inspect the vessel's equipment and operational systems.The Skandi Connector, acquired in May, is designed for offshore wind projects and can transport and install large-capacity underwater cables over long distances. Since its arrival in Korea last month, the vessel has undergone inspections, equipment maintenance, and crew training.The first project for the Skandi Connector will be the Yeonggwang Nakwol offshore wind project, where it will be deployed this month to bury previously laid underwater cables. The vessel is equipped with a remotely operated underwater vehicle (ROV) called a trencher to prevent damage to cables from fishing gear or vessel anchors.The Skandi Connector can carry up to 7,000 tons of underwater cable, approximately 59% more than the Palos, which has a capacity of 4,400 tons.Daehan Electric Wire plans to operate both the Skandi Connector and Palos flexibly based on project size and requirements. The Palos completed the installation of the external network for the Yeonggwang Nakwol project in May and June and is now involved in the internal network's underwater cable installation.With the acquisition of these two CLVs, Daehan Electric Wire is expanding its capacity to respond to large offshore wind and long-distance power grid projects. The Skandi Connector is equipped for both internal and external offshore wind networks, as well as long-distance interconnections and high-voltage direct current (HVDC) underwater cable installations. As the demand for cable laying vessels increases in the underwater cable market, owning these vessels has become crucial for enhancing production capacity and securing contracts.A Daehan Electric Wire official stated, "The operation of the Skandi Connector will elevate our construction competitiveness in the underwater cable market, and we will accelerate our global market penetration based on our enhanced turnkey capabilities."* This article has been translated by AI. 2026-08-13 09:04:00
  • Government to Lift Regulations and Boost Investment in Semiconductor and Bio Sectors
    Government to Lift Regulations and Boost Investment in Semiconductor and Bio Sectors The South Korean government is set to eliminate regulations in advanced industries, including semiconductors, secondary batteries, and biotechnology, to support corporate investment. This initiative aims to address business challenges and accelerate the implementation of three major mega-projects. The government anticipates that support for the Yongin semiconductor cluster will generate an investment effect of approximately 4.2 trillion won.On August 13, Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol chaired a meeting of the Emergency Economic Headquarters and the Economic Relations Ministers' meeting, where the 'Field-Centered Corporate Investment and Innovation Support Plan (Phase 1)' was announced. This plan identifies actionable tasks based on suggestions from businesses, local governments, and industry associations.To begin with, the government will ease industry restrictions to allow battery recycling companies to establish themselves in the Gumi and Pohang national industrial complexes. Currently, while battery manufacturing is permitted, the recycling of key minerals from waste batteries is classified under waste management, making it difficult for these companies to set up operations. The government plans to include the manufacturing of intermediate and final materials from recycled lithium, nickel, cobalt, manganese, and graphite as eligible for establishment, supporting around 100 billion won in new investments from 2026 to 2027.A Ministry of Economy and Finance official stated, "As South Korea begins to see a significant number of waste batteries from electric vehicles, and since lithium, nickel, and cobalt are not mined domestically, there is a need to develop businesses that recycle these key minerals. This will help establish a value chain and resource circulation ecosystem that encompasses how we extract and utilize minerals before battery manufacturing."In the semiconductor sector, the government will address building permit issues arising from factory expansions in the Yongin semiconductor cluster. Under current regulations, any demand for expansion requires changes to existing building permits. Companies have expressed concerns that repeated permit modifications during the expansion process could halt ongoing construction.The government plans to amend building laws to allow new permits for expansion projects in industrial complexes of a certain size, separate from existing building permits. This change is expected to facilitate the early implementation of approximately 25 trillion won in existing investments.Additionally, tax incentives will be established to support the demonstration of semiconductor materials, components, and equipment. The government intends to introduce a tax exemption for property received by non-profit organizations operating test beds for semiconductor-related companies. The investment scale for related demonstration projects is estimated at around 800 billion won, with specific tax relief amounts to be determined at the time of the actual donation.In the Ochang Science Industrial Complex, the government will change the land use of green spaces owned by Cheongju City to support the expansion of bio-manufacturing facilities, facilitating an investment of about 530 billion won. In the Iksan National Food Cluster, the government will expand the beverage manufacturing site, which has a low occupancy rate, to include food and beverage manufacturing, promoting an investment of approximately 350 billion won.Regulations in advanced industries and robotics will also be revised. The government will clarify safety standards to allow collaborative robots to operate in the same space as humans, with detailed guidelines expected to be established in the first half of next year. Current industrial safety regulations generally require fixed robots to be enclosed by barriers at least 1.8 meters high.A Labor Ministry official noted, "There have been ambiguities in the field, and international standards have changed. We aim to clarify these issues and reflect the updated standards in detailed guidelines to reduce on-site inconveniences."For six advanced strategic industries, including semiconductors, secondary batteries, displays, biotechnology, robotics, and defense, the government will introduce fire safety performance-based design using computer simulations. The inspection period for city gas completion at semiconductor factories will be reduced from seven days to three, and some inspection items will be exempted.The government will also ease regulations on industrial complex occupancy. The limit for designating restricted industry zones, where all industries can be allowed, will be expanded from 30% to 50% of industrial land, and the requirement for landowner consent for designating special industry zones will be lowered from two-thirds to a simple majority.Through these measures, the government expects an investment effect of about 4.2 trillion won. However, it is important to note that this includes both new investments and the early implementation of existing investments. Following this first phase of measures, the government plans to identify additional field suggestions and develop a second investment plan focused on ultra-innovative economic leading projects and green industries in the third quarter. 2026-08-13 09:04:00
  • Ruling Party Criticizes Opposition for Real Estate Attacks Amid Supply Issues
    Ruling Party Criticizes Opposition for Real Estate Attacks Amid Supply Issues Members of the Democratic Party from Seoul's National Assembly and city council criticized the People Power Party on August 13 for focusing on attacking the Lee Jae-myung administration over real estate supply issues. They emphasized that the root causes of the supply problems lie with former President Lee Myung-bak and Seoul Mayor Oh Se-hoon.During a meeting held by the Democratic Party's Seoul chapter and its 'Seoul City Policy Reform Task Force' at the Seoul City Council, Representative Kim Young-bae expressed disappointment at Mayor Oh's shameless attitude, stating, "When citizens criticize the lack of supply, he quickly shifts the blame to his predecessor, avoiding responsibility."He added, "Of the 389 redevelopment zones deactivated during the late Park Won-soon administration, more than 280 were voluntarily dissolved by the members. The cause was the New Town frenzy triggered by the People Power Party. The New Town boom initiated during the Lee Myung-bak administration turned South Korea into a tsunami of issues."Kim also noted that Mayor Oh announced plans to proactively deactivate redevelopment zones created during the New Town era just before leaving office in 2011, prior to Park's inauguration.He urged Mayor Oh to engage in serious discussions with the central government and to have productive dialogues with the Democratic Party. "If he does not cooperate, he will face severe public criticism in the city council," Kim warned.Representative Nam In-soon remarked that although Mayor Oh promised various supply policies, there has been little actual supply in the Seoul area over the past three to four years, assuring that the Democratic Party will take care of the situation.* This article has been translated by AI. 2026-08-13 09:00:10
  • Blue House Policy Chief Resumes Social Media Activity After 17 Days
    Blue House Policy Chief Resumes Social Media Activity After 17 Days Kim Yong-beom, the Blue House Policy Chief, resumed his Facebook activity after a 17-day hiatus. His return to social media comes after opposition calls for his resignation following the controversy surrounding a leveraged exchange-traded fund (ETF) focused on a single stock. Kim has now shifted the conversation back to fostering future growth engines.On the night of August 12, Kim posted on Facebook under the title '3 Mega and 7 SEED,' stating, "The capital from industries making money today must flow into industries that will generate profits tomorrow." This marks his first post since July 26.Speculation suggests that Kim's pause in social media engagement was influenced by the backlash over the leveraged ETF, which the opposition claims he was involved in introducing. However, he did not address the ETF controversy in his recent post.In his message, Kim outlined a growth strategy that involves reinvesting the technology and capital accumulated in current key industries, such as semiconductors and artificial intelligence (AI), into next-generation sectors. He emphasized, "Mega nurtures SEED, and SEED grows into new Mega," highlighting the importance of this cycle.The three major mega projects refer to semiconductors, physical AI, and AI data centers. The seven SEED initiatives include: small modular reactors (SMR), nuclear fusion, renewable energy, quantum technology, aerospace, advanced biotechnology, and advanced materials and components supply chains.Kim assessed that current semiconductor competitiveness does not automatically guarantee future industrial dominance. He noted, "The history of technology has shown us that today's success does not ensure tomorrow's advantage," stressing that semiconductors are one of South Korea's most critical industrial assets, prompting the need to consider future directions.He added, "A seed is not a large tree from the start," urging the need to identify which industries among the small seeds will grow to sustain South Korea in 10 or 20 years and to prepare the soil for early rooting.Kim believes that the three mega projects and seven SEED initiatives should be designed as a single industrial ecosystem. He explained that as AI data centers and semiconductor production facilities increase, so will power demand, and securing stable energy will enable the attraction of additional semiconductor factories and data centers.He also proposed leveraging the computational and precision manufacturing technologies gained in the AI and semiconductor sectors for research and development in quantum technology, advanced biotechnology, and aerospace industries. He emphasized the need for a structure that connects the capital of large corporations, the expertise of researchers, and the innovation of startups.Kim concluded, "We cannot simply repeat past success, but we can recreate a structure where the success of one industry leads to the birth of the next. When one or two of the seven seeds planted today grow into new Mega, South Korea's next growth will begin."* This article has been translated by AI. 2026-08-13 09:00:00
  • Hyundai Rotem Partners with KAI to Develop Long-Range Missiles for KF-21
    Hyundai Rotem Partners with KAI to Develop Long-Range Missiles for KF-21 Hyundai Rotem is collaborating with Korea Aerospace Industries (KAI) to develop long-range air-to-air missiles and other aerospace armament technologies for the KF-21 fighter jet.On August 12, Hyundai Rotem announced that it signed a memorandum of understanding (MOU) with KAI at KAI's headquarters in Sacheon, South Gyeongsang Province.The agreement aims to enhance the competitiveness of total solutions by combining Hyundai Rotem's guided weapon and propulsion technology with KAI's aircraft platform technology.Under the MOU, the two companies will pursue technology cooperation in the development and system integration of aircraft platforms, including the KF-21, and long-range air-to-air missiles. They will also explore package export models linking aircraft and onboard weapons and jointly identify domestic and international business opportunities along with global marketing efforts.Hyundai Rotem is expanding its business scope beyond ground weapon systems into the aerospace sector. The company has been conducting research and development on future propulsion systems, including hypersonic propulsion technologies, and accumulating related expertise.Last year, it secured a project to develop methane engine technology for reusable launch vehicles, overseen by the Defense Technology Promotion Agency. Hyundai Rotem is also participating in the development of prototypes for long-range air-to-air guided weapons and the hypersonic vehicle 'HyCore,' led by the Agency for Defense Development, further broadening its aerospace business.A Hyundai Rotem official stated, "This agreement will strengthen the competitiveness of both companies in the future aerospace armament sector. Based on our expertise and business capabilities, we will contribute to enhancing national defense and self-defense capabilities."Meanwhile, last month, the Agency for Defense Development (ADD) held a briefing on the long-range air-to-air missile system development project. The ADD has set the timeline for the domestic production of long-range air-to-air missiles from December 2026 to November 2033.* This article has been translated by AI. 2026-08-13 09:00:00
  • Baek Jong-won Expands Global Reach with TBK Sauce in U.S. Restaurants
    Baek Jong-won Expands Global Reach with TBK Sauce in U.S. Restaurants Baek Jong-won, CEO of DBKorea, is accelerating efforts to penetrate international markets with his 'TBK sauce.' He is directly visiting restaurants in the U.S. to propose menu items and cooking methods that utilize the sauce, thereby broadening connections with local dining establishments.On August 12, DBKorea announced that Baek visited the 'Oshigye' restaurant in Los Angeles, where he discussed menu options and product supply collaborations with chefs using TBK sauce.After assessing the kitchen environment, staff, and menu composition, Baek suggested 11 types of TBK sauce along with Korean recipes and cooking methods tailored to local conditions. This approach expands B2B discussions, traditionally focused on overseas distribution companies, to include local restaurants where actual cooking takes place. The goal is to provide restaurant consulting that addresses staffing, ingredient sourcing, and flavor standardization issues alongside sauce supply.TBK sauce is a B2B product developed to consistently deliver Korean flavors abroad. It includes 11 varieties such as kimchi powder, seasoned chicken, and rib marinade, and offers Korean recipes and cooking methods via QR codes. Baek announced plans last September to introduce the product in overseas markets and suggest menu items and cooking methods using local ingredients.From September to November of last year, Baek visited Thailand, Taiwan, China, the U.S., and Canada to negotiate with local distributors and dining establishments. In Thailand, discussions are ongoing regarding placement in local distribution companies and global distributors' food courts, while in Taiwan, he proposed supplying sauces to rest area food courts.In particular, negotiations are underway with local companies in North America and Thailand regarding product supply scope, distribution methods, and menu applications. DBKorea plans to review the possibility of signing a memorandum of understanding (MOU) later this year after finalizing specific terms.In June, Baek also launched a global Korean cuisine YouTube channel, 'TBK,' utilizing his intellectual property. The channel features Korean recipes and cooking processes using the 11 types of TBK sauce, presented with multilingual subtitles.A DBKorea representative stated, 'Baek Jong-won is personally visiting overseas sites to introduce TBK sauce to local companies and dining establishments, confirming market demand and collaboration possibilities. We plan to solidify cooperation with overseas distributors while expanding connections with individual dining establishments.'* This article has been translated by AI. 2026-08-13 08:56:00
  • Eugene Investment Securities Raises GS Construction Target Price Amid AI Data Center Growth
    Eugene Investment Securities Raises GS Construction Target Price Amid AI Data Center Growth Eugene Investment Securities announced on August 13 that it has raised its target price for GS Construction from 34,000 won to 48,000 won, citing increased visibility in the Donghae AI Data Center (AIDC) project, which is expected to significantly offset the profit gap resulting from the sale of GS Enima. The firm maintained its 'buy' rating.Research analyst Ryu Tae-hwan stated, "GS Group is pushing to build a 1.2GW AI data center in the Donghae Bukpyeong General Industrial Complex in Gangwon Province. We have established GS AI infrastructure for the data center business and plan to develop it gradually according to tenant demand." He added, "We assume a scenario where a 150MW data center will begin construction every six months starting at the end of 2026. With a construction period of 20 months and a construction cost of 1.5 trillion won per 150MW, we estimate that the revenue from the Donghae AIDC will be approximately 1.3 trillion won and operating profit around 100 billion won in 2027." Ryu evaluated that the phased development structure, rather than a one-time construction of 1.2GW, reduces the production capacity burden on GS Construction while securing a stable order backlog over the long term, which is a positive aspect.He also noted, "Upon completion of the GS Enima sale, we estimate that 900 billion won in annual revenue and 120 billion won in operating profit will be excluded from consolidated results. We believe that the 2027 revenue from the Donghae AIDC will replace the revenue gap and significantly offset the decline in operating profit." Ryu projected that if additional phases of construction follow, the profit contribution from the AIDC is expected to gradually increase. He added, "Considering the improvement in financial structure and reduction in financial costs due to the sale of GS Enima, the pre-tax profit gap will be further minimized." However, he cautioned that as data centers emerge as a key growth momentum within the construction sector, the increasing visibility of the Donghae AIDC has led to a reduction in the valuation discount rate. He raised the target price-to-book ratio (PBR) from 0.60 to 0.85, presenting it as a preferred stock within the sector.* This article has been translated by AI. 2026-08-13 08:56:00