AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

&
""
Latest by
  • Financial Services Chief Eo Eok-yeon Cancels Vacation Amid Ongoing Issues
    Financial Services Chief Eo Eok-yeon Cancels Vacation Amid Ongoing Issues Eo Eok-yeon, chairman of the Financial Services Commission, has returned to work after canceling his scheduled vacation for this month, following a similar decision last month. With significant issues such as household debt and the restructuring of financial holding companies at hand, the head of the commission is taking a direct role in managing the agenda.According to the financial sector on August 11, Eo was originally set to take a two-day leave on August 10-11 but ultimately decided to forgo both days and resume his duties.His return has also altered the schedule for the Cabinet meeting, which he will now attend in person instead of having Vice Chairman Kwon Dae-young represent him as previously planned.This is not the first time Eo has reduced his vacation time; he also canceled a planned summer break at the end of July. Consequently, he has now cut back on vacation days twice this summer.The atmosphere within the Financial Services Commission has become increasingly busy. Recent internal appointments at the managerial level, along with simultaneous efforts to address governance reform, household debt management, and productive finance, have intensified the workload.Communication related to work has also become more active. A recently reinstated employee remarked, "I didn't expect Telegram to be so active." The commission has established group chat rooms involving Eo and other executives to discuss key issues regularly. This direct communication between Eo and the staff has reportedly accelerated the sharing of information and decision-making processes.President Yoon Suk-yeol has also recently canceled his summer vacation to continue departmental briefings. However, he has urged ministers to ensure that employees can take their vacations properly.A financial authority official noted, "With so many pressing issues, the overall workload at the Financial Services Commission has increased, and the chairman's direct involvement in key schedules and issues is more noticeable than before." 2026-08-11 15:04:00
  • Samsung SDI to buy out GMs Indiana battery plant
    Samsung SDI to buy out GM's Indiana battery plant SEOUL, August 11 (AJP) - Samsung SDI announced Tuesday it will buy out General Motors' entire 49.99 percent stake in their U.S. battery joint venture, SynergyCells, giving the South Korean cell maker its first wholly owned battery plant in North America. The two companies also signed a joint development agreement to co-develop next-generation prismatic batteries for electric vehicles, drawing on Samsung SDI's high energy density and fast-charging technologies. The resulting cells are expected to power GM's future EV models. SynergyCells was established in 2024 in New Carlisle, Indiana, on the back of a combined investment of about $3.5 billion. The plant, still under construction, is designed for an annual capacity of 27 gigawatt-hours. Financial terms of the stake transfer were not disclosed. Samsung SDI plans to install energy storage system battery lines at the same site, a hedge against sluggish EV demand and a bid to capture the rapidly expanding North American ESS market. "This decision reflects changes in the market while continuing our strategic partnership with GM," said a Samsung SDI official. "At this plant we will sustain our joint efforts for the coming EV era, and at the same time respond aggressively to ESS demand in the United States." The handover extends GM's retreat from battery ventures. The Detroit automaker earlier sold its stake in a Michigan plant to LG Energy Solution, and its Ultium Cells joint venture in Tennessee has shifted toward stationary storage cells, according to Bloomberg, which first reported the Indiana sale. AJP Takeaways • Samsung SDI said on Aug. 11, 2026, that it will acquire General Motors Co.'s entire 49.99 percent stake in SynergyCells, their electric-vehicle battery joint venture in New Carlisle, Indiana, giving the South Korean company its first wholly owned battery plant in North America. • Samsung SDI and General Motors signed a joint development agreement the same day to co-develop next-generation prismatic batteries, which are expected to be fitted in General Motors' future electric vehicle models. • Samsung SDI will add energy storage system battery lines at the Indiana plant, which was launched in 2024 on a combined investment of about $3.5 billion and is designed for an annual capacity of 27 gigawatt-hours. 2026-08-11 15:02:33
  • One Bowl of Mala Tang Contains Up to Five Times Daily Sodium Limit
    One Bowl of Mala Tang Contains Up to Five Times Daily Sodium Limit Mala Tang, a dish popular among youth, contains sodium levels significantly exceeding daily limits. Among the products surveyed, one exceeded the daily sodium limit by more than five times.The Korea Consumer Agency announced on August 11 the results of its investigation into the nutritional content and allergen labeling of products sold by 20 major Mala Tang franchises in South Korea. The survey focused on the top 20 brands based on the number of franchise locations listed in the Fair Trade Commission's disclosure documents. The agency ordered products through delivery apps for testing.The sodium content in a bowl of Mala Tang ranged from 3,231 to 10,192 mg, with an average of 5,380 mg. This is 269% of the average daily sodium limit of 2,000 mg. All 20 products surveyed exceeded the daily sodium limit per serving.The highest sodium content was found in Hyangriwon Mala Tang, which contained 10,192 mg, or 509.6% of the daily limit. Marasunkou followed with 7,888 mg (394.4%), Yohamara21 with 7,590 mg (379.5%), and Lahwa Gongbang with 6,210 mg (310.5%). Even the lowest, Yami Mala Tang, had 3,231 mg, which is 161.6% of the daily limit.Calories and fat content were also substantial. The average calorie count per bowl was 976 kcal, which is 48.8% of the daily limit of 2,000 kcal, while the average fat content was 49 g, reaching 90.7% of the daily limit of 54 g. Some products contained as much as 95 g of fat, exceeding the daily limit by 175.9%. The serving sizes varied significantly, ranging from 842 to 1,945 g, a difference of up to 2.3 times.However, it was found that leaving the broth can significantly reduce sodium intake. In a study of Tanghua Kungfu Mala Tang, sodium content was 4,683 mg when including the broth, but dropped to 1,630 mg when only the solid ingredients were consumed, a reduction of 65.2%. Even in this case, it still represented 81.5% of the daily sodium limit.Consumer safety reports related to Mala Tang have been consistently received. According to the Consumer Injury Surveillance System (CISS), there were 552 reports of related health issues from January 2021 to May this year. Among these, 358 cases (64.9%) involved symptoms like heartburn and abdominal pain, while 76 cases (13.8%) reported diarrhea and vomiting, indicating that gastrointestinal symptoms accounted for 78.7% of the total. Skin-related symptoms such as allergies, itching, hives, and dermatitis accounted for 73 cases (13.2%).By age group, teenagers reported the most cases at 198 (35.9%), followed by those in their twenties with 190 (34.4%). Together, individuals in their teens and twenties made up 70.3% of the total.Information on allergenic substances was also found to be lacking. Among the 20 surveyed stores, eight did not label or provide information on allergens. Four brands were found to use peanut sauce in their cooking without disclosing this information, while another four brands did not include peanut sauce in their basic preparation but could add it upon customer request without any related guidance.Under current law, general food service establishments selling cooked foods, excluding children's favorite foods, are not required to label allergenic substances. The Consumer Agency plans to recommend that relevant authorities establish management measures for allergen labeling and guidance for cooked foods.The agency has advised Mala Tang franchise operators to reduce sodium and fat content and to implement allergen labeling in their stores. In response, 18 operators have submitted plans to reduce sodium and fat, and the eight brands that previously did not provide allergen information have also committed to implementing such labeling.Consumers are encouraged to choose vegetables and tofu instead of processed meats like ham or sausage and to leave the broth when consuming Mala Tang. Those with specific food allergies should verify whether the ingredients are used before placing an order.* This article has been translated by AI. 2026-08-11 15:00:20
  • Regulations Tighten on Cryptocurrency Transfers Under 1 Million Won
    Regulations Tighten on Cryptocurrency Transfers Under 1 Million Won Transferring virtual assets in amounts under 1 million won to evade anti-money laundering regulations will become more difficult. The Financial Services Commission's Financial Intelligence Unit (FIU) announced that the threshold for the 'travel rule' applicable to transactions between virtual asset service providers has been eliminated, requiring the provision of sender and receiver information for all virtual asset transfers. Additionally, scrutiny of the financial health and major shareholders of virtual asset service providers will be intensified.The FIU stated on August 11 that a revision to the Enforcement Decree of the Act on Reporting and Using Specific Financial Transaction Information was approved at a Cabinet meeting.First, the scope of the travel rule for virtual asset transfers between registered domestic service providers will expand from transactions over 1 million won to include all transactions. Recipients will also be obligated to request sender and receiver information or refuse transactions if such information is missing.This measure aims to prevent so-called 'split transfers' that circumvent regulations by repeatedly conducting transactions under 1 million won. According to the FIU, a case of suspected money laundering was identified where approximately 200 million won worth of virtual assets was purchased and then transferred externally in 216 transactions, each under 1 million won, over a three-month period.The obligations for anti-money laundering will also be strengthened for transactions with overseas virtual asset service providers and personal wallets. Service providers must differentiate transaction allowances based on the risk level of the counterparties. Transactions with low-risk overseas exchanges will be permitted, while transactions with other overseas exchanges or personal wallets will only be allowed if the sender and receiver are the same, and high-risk transactions will be prohibited.Furthermore, for transactions exceeding 10 million won with overseas exchanges or personal wallets, service providers must establish and operate their own suspicious transaction management systems. The FIU explained that these regulations have been strengthened due to an increase in suspected money laundering transactions involving personal wallets and overseas exchanges.The evaluation process for registering virtual asset service providers will also become stricter. Major shareholders subject to evaluation will now include shareholders who appoint a majority of the board of directors or the representative director. If the largest shareholder is a corporation, the largest shareholder and representative of that corporation will also be included. Financial health and social credit requirements for service providers and major shareholders have been specified. In principle, virtual asset service providers must maintain a debt ratio of 200% or lower and must not have harmed credit order due to defaults in the past three years. Executives and representatives must meet the qualification requirements under the Financial Company Governance Act. Existing providers will have a one-year grace period for the debt ratio requirement.* This article has been translated by AI. 2026-08-11 15:00:00
  • Gijang County Discusses Community Development Plans for Busan Gijang Film Studio Set to Open in September
    Gijang County Discusses Community Development Plans for Busan Gijang Film Studio Set to Open in September Gijang County is collaborating with the Film Commission to develop the upcoming Busan Gijang Film Studio, set to open at the end of September, into a regional landmark. As the Film Commission will oversee the studio's operations, the county is focusing on discussions regarding support for filming personnel, tourism connections, and community development. On August 10, Gijang County Mayor Woo Seong-bin visited the construction site of the Busan Gijang Film Studio in Jang-an-eup, where he met with Film Commission Chairman Han Sang-jun and other officials to review the project's progress and discuss cooperation for post-opening operations and community benefits. Construction of the Busan Gijang Film Studio began in 2024 and will feature three indoor studios (1,000 pyeong, 650 pyeong, and 450 pyeong) along with an 8,260 pyeong open studio and artwork facilities. The 450 pyeong indoor studio will be the first virtual production (VFX) studio in the Busan, Ulsan, and Gyeongnam regions, equipped with advanced film production infrastructure. Mayor Woo expressed his commitment to developing the Busan Gijang Film Studio as a core future industry for Gijang County, stating, "Once the studio is fully operational, many filming personnel will be able to stay in Gijang for extended periods, so we need to assess the necessary infrastructure for lodging, dining, and transportation in advance. We will consider various ways to develop accommodation and convenience infrastructure, referencing major overseas filming locations and gathering input from local residents." He also expressed hope that the Busan Gijang Film Studio would become a key landmark representing Gijang County, emphasizing the importance of close cooperation with the Film Commission for successful opening and operations, as well as for domestic and international promotion. The Film Commission will be responsible for the studio's management and operations. A county official explained, "The Film Commission will handle operations, while the county will support areas related to residents and tourism." Inquiries related to filming will also be directed to the Film Commission. The county is currently assisting filming crews from outside the area by providing information on local accommodations and restaurants, as well as introducing available transportation resources. As the plans for accommodation and convenience facilities are still in the pre-construction phase, no specific details have been finalized, and discussions are ongoing through meetings with the Film Commission. A county official noted, "Filming teams often consist of dozens of members staying for several days, so we are reviewing the forms of support needed. We plan to keep communication channels open and prepare in advance for any good solutions that arise." Once the outdoor filming studio is established, Gijang County plans to utilize it as a key tourism resource and will continue to collaborate with the Film Commission to link the film and video industry with tourism and the local economy. However, the scope of access will be determined based on the size and nature of the sets to be built in the future. The Film Commission has responded that it will seek various community development cooperation plans with Gijang County and plans to promote the Busan Gijang Film Studio to domestic and international film industry representatives and the public during the Busan International Film Festival (BIFF) in October.* This article has been translated by AI. 2026-08-11 15:00:00
  • POSCO Faces Potential Strike as Labor Relations Strain
    POSCO Faces Potential Strike as Labor Relations Strain POSCO may face its first full-scale strike since its founding in 1968, raising concerns about the disruption of its long-standing tradition of no strikes. The union recorded a high approval rate of 92.17% in a vote on potential strike action last month. With the Central Labor Relations Commission recommending an extension of the mediation period, there remains time for dialogue until the final mediation meeting on the 18th. This week's scheduled negotiations between labor and management are seen as a crucial opportunity for resolution.Finding a compromise will be difficult if both sides only wait for the other to make concessions. The company should not dismiss labor demands solely based on management conditions but should instead propose feasible compensation plans. The union, too, needs to adjust its demands in light of the realities of the steel industry. Both sides must take a step back to create a productive outcome.The business environment for POSCO is more challenging than ever. China's oversupply of steel is putting pressure on global prices and profitability, while worldwide demand for steel has declined. Trade barriers in major countries, including the United States, are increasing, and the costs associated with transitioning to carbon neutrality are significant. If a strike occurs, it could impact industries reliant on steel, such as automotive, shipbuilding, electronics, and construction, leading to increased costs and delays in the domestic manufacturing supply chain.Labor demands should not be dismissed as excessive. It is unacceptable to unilaterally sacrifice wages and welfare issues due to management conditions. The key is to find common ground that ensures both the company's survival and the improvement of worker treatment.This year's conflict also involves the direct employment issue of approximately 7,000 employees from partner companies. Some interpret this in connection with Chairman Jang In-hwa's potential reappointment. However, as political interpretations of management decisions increase, labor disputes become more complex. The question of Chairman Jang's reappointment should be viewed separately from labor relations. The criteria for evaluating his reappointment should focus on POSCO's future competitiveness and the recovery of its core steel business, not on labor disputes.The union should not escalate strike intensity simply because of the high approval rate for strike action. A decline in the competitiveness of the steel industry will also jeopardize job security. In a situation where significant investments are needed for competition with China, carbon neutrality, and the transition to eco-friendly steel, choices that weaken investment capacity will ultimately burden the union in the long run.POSCO has a history of resolving disputes through dialogue without strikes for 58 years. Now is the time to leverage the accumulated trust between labor and management. In this week's negotiations, management should present realistic compensation plans, while the union should propose reasonable demands considering the business environment. The crisis facing POSCO cannot be resolved by the strength of either side alone. A spirit of mutual understanding, recognizing the difficult realities and seeking solutions together, is essential. 2026-08-11 15:00:00
  • Gartner: AI-Optimized IaaS Spending to Surge 96% Next Year
    Gartner: AI-Optimized IaaS Spending to Surge 96% Next Year Global spending on AI-optimized Infrastructure as a Service (IaaS) is projected to increase by 96% by next year, reaching $42 billion. With the spread of agentic AI, the focus of cloud investment is expected to shift towards inference workloads.According to Gartner, the global AI-optimized IaaS market is on a strong growth trajectory, expected to reach $66 billion by 2027. This year, spending is anticipated to hit $21.5 billion, a 180% increase from the previous year, with a further 96.4% rise to $42.2 billion next year, and a 56.5% increase to $66.1 billion by 2027.During the same period, total spending on IaaS is expected to grow from $222.1 billion this year to $287.3 billion in 2026 and $359.9 billion in 2027.Hardip Singh, a senior analyst at Gartner, stated, "The demand for infrastructure to support large language model (LLM) training continues to drive market growth as AI rapidly commercializes across enterprise applications and business processes."However, the growth is shifting from training to inference. As agentic AI becomes more widespread, the computational intensity of multi-stage autonomous processing has increased, leading to a reallocation of resource consumption towards inference. This year, global spending on inference is expected to surpass training-related spending, reaching $23.3 billion compared to $19 billion for training. The share of inference in total AI-optimized IaaS spending is projected to grow from 55% in 2026 to 59% in 2027.Singh noted, "As companies transition from model development to large-scale commercial deployment, fine-tuned models and domain-specific models (DSM) are being rapidly integrated into customer-facing and operational systems. These systems require continuous real-time execution rather than one-time training, accelerating cloud consumption and creating sustained demand for AI-optimized infrastructure."* This article has been translated by AI. 2026-08-11 14:56:00
  • KBO League Resumes After Heat Wave, Ace Matchups Highlighted
    KBO League Resumes After Heat Wave, Ace Matchups Highlighted The KBO League, which was temporarily halted due to record heat, is set to resume.The Korea Baseball Organization (KBO) canceled 25 games scheduled from August 5 to 9 due to the extreme heat. This marks the first time since July 2021, when the COVID-19 pandemic caused a league suspension, that the regular season has been paused for reasons other than international tournament participation.After an unexpected break, the 10 teams will return to the field on August 11, resuming their battle for playoff positions. Games will take place at five stadiums across the country, including Jamsil (Hanwha Eagles vs. Doosan Bears), Incheon (Lotte Giants vs. SSG Landers), Gocheok (LG Twins vs. Kiwoom Heroes), Gwangju (Samsung Lions vs. KIA Tigers), and Changwon (KT Wiz vs. NC Dinos).The most anticipated matchup features LG and Kiwoom at Gocheok Sky Dome. Third-place LG will start Carlos Carrasco, while last-place Kiwoom will send out Ahn Woo-jin. Carrasco, a veteran with 112 career wins in Major League Baseball, made a stellar debut in Korea on August 1, pitching seven perfect innings. Ahn, a homegrown ace, has maintained a 3.60 ERA this season after returning from surgery.At Jamsil, Hanwha's Wang Yan-cheng and Doosan's Kwak Bin, both performing well this season, will face off. Wang, the only Asian quota foreign player, has 10 wins with a 3.34 ERA, tying for the league lead. Kwak has nine wins and a 2.66 ERA, ranking third in wins. Both pitchers are expected to represent their country in the upcoming 2026 Aichi-Nagoya Asian Games in September.In Gwangju, Samsung's Chris Paddack (2 wins, 4.24 ERA) will pitch against KIA's Adam Aller (9 wins, 3.36 ERA). In Changwon, KT's Logan Allen (3 wins, 3.08 ERA) will face NC's Riley Thompson (5 wins, 3.09 ERA), while in Incheon, Lotte's Jeremy Beasley (8 wins, 4.09 ERA) will go up against SSG's Pedro Avila (2 wins, 2.45 ERA).The impact of this break on the teams' standings will be a key point of interest. KT, which surged to first place with a record of 12 wins, 1 draw, and 1 loss in the second half, may feel the interruption in momentum. Meanwhile, second-place Samsung and third-place LG, both struggling recently, have gained valuable time to regroup. The fifth-place KIA and seventh-place NC, who have not played for about ten days due to the heat cancellations, will need to quickly regain their competitive edge.Looking ahead, several factors could influence the remainder of the regular season. A total of 55 games, including 30 canceled due to the heat, have been rescheduled for September, increasing the physical demands on the teams as the season draws to a close.Additionally, the Asian Games, starting on September 21, will be a significant factor. With national team call-ups expected around mid-September, teams with many players selected will need to secure as many wins as possible this month.Under new heat management measures, all games scheduled until October 6 will start at 7 p.m., regardless of the day. There will also be a four-minute 'cooling time' after the third and seventh innings. However, if the heat subsides earlier, game times may revert to the original schedule.* This article has been translated by AI. 2026-08-11 14:56:00
  • KCU NPL Lending Appoints Lee Jong-seong as New CEO, Aiming for Growth in Asset Management
    KCU NPL Lending Appoints Lee Jong-seong as New CEO, Aiming for Growth in Asset Management KCU NPL Lending, a subsidiary of the National Credit Union Federation of Korea, held a CEO inauguration ceremony on August 11, announcing the appointment of Lee Jong-seong as the new CEO. The event was attended by employees from the National Credit Union Federation and its subsidiaries, who expressed their appreciation for the efforts of former CEO Kang Hyung-min and congratulated the new CEO on his appointment. Lee brings extensive experience in asset management, having worked at Morgan Stanley, BNP Paribas, and Umbrella Asset. KCU NPL Lending plans to enhance its capabilities in managing non-performing loans (NPLs) based on Lee's expertise. In his inaugural speech, Lee stated, "We must not remain a company that simply purchases and recovers non-performing loans. We will support the soundness of the credit unions and restore the value of distressed assets, aiming to grow into a specialized asset management platform for credit unions." He also outlined his vision for the company during his term, emphasizing the importance of professionalism and principles, fostering a communicative and growth-oriented organization, and preparing for the future. He aims to establish the company as a trusted entity among the National Credit Union Federation, credit unions, the market, and employees. Recently, the legal basis for establishing an asset management company to manage overdue loans more swiftly and professionally has been established, and the National Credit Union Federation is pushing to set up the credit union asset management company by the end of this year.* This article has been translated by AI. 2026-08-11 14:56:00
  • Jexymix Sponsors Jamsugyo 10K Night Run for Second Consecutive Year, Expanding Running Market Reach
    Jexymix Sponsors 'Jamsugyo 10K Night Run' for Second Consecutive Year, Expanding Running Market Reach Jexymix is accelerating its entry into the running market by increasing sponsorship of running events and on-site experiences. The company will serve as the official sponsor for the 'Jamsugyo 10K Night Run' in Seoul for the second consecutive year, leveraging its running-specific line, 'RX,' as a growth driver. On August 11, Jexymix announced its sponsorship of the 'Jamsugyo 10K Night Run,' which will take place on October 3. The event is expected to attract around 3,000 participants running a 10-kilometer course around Banpo Hangang Park. At this year's event, Jexymix will prominently feature its fall and winter campaign slogan, 'Proven by Movement.' From August 11 to 23, customers who purchase running category products worth over 50,000 won from the official online store will be entered into a draw for a chance to win one of 20 tickets (one per person) to participate in the event. On the day of the race, a hands-on brand booth focused on the RX running line will also be set up. The expansion of Jexymix's sponsorship of running events is driven by the growth of the RX line. Last year, RX running apparel sales reached 19.6 billion won, a 117% increase from the previous year. Jexymix has also strengthened its focus on the professional running market by expanding its running apparel offerings for the spring and summer seasons, incorporating materials like mesh and Air Dot. Earlier, on July 28, Jexymix introduced the 'Jexymix Special Pack,' which combines running gear with event participation opportunities. The company aims to continuously expand its engagement with running consumers through marketing that combines product sales and event participation. A Jexymix representative stated, "We are very honored to be part of the Jamsugyo 10K Night Run again this year, following last year. We will continue to create various brand experiences that connect with runners and promote a healthy running culture."* This article has been translated by AI. 2026-08-11 14:52:20