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Dunamu Wins Contract to Manage Seized Virtual Assets for Police Agency Dunamu has secured a contract with the National Police Agency to manage and store seized virtual assets.On August 7, Dunamu announced that it was selected as the final bidder for the 'Seized Virtual Asset Storage and Management Project' initiated by the police agency.The project aims to establish a secure storage and efficient management system for seized virtual assets. Dunamu received the highest technical evaluation score of 94.14 points in a competitive bidding process conducted by the Public Procurement Service, leading to its selection as the preferred negotiation partner, followed by technical negotiations that culminated in a final contract. The contract is set for one year.Dunamu will manage and store the seized virtual assets through its digital asset custody service, Upbit Custody. The company plans to operate a real-time monitoring system 24/7 and manage assets in a cold wallet environment isolated from external internet access.Upbit Custody will incorporate security technologies such as Multi-Party Computation (MPC), Distributed Key Generation (DKG), and Multi-Signature. It will also offer features to manage wallets separately based on the type and purpose of the assets.This initiative represents a collaboration between the police agency and a private expert institution for the custody and management of digital assets seized by law enforcement. Dunamu intends to leverage its accumulated expertise in digital asset custody and security technologies to execute the project.A Dunamu representative stated, “We participated in this project because we resonate with the purpose of public-private cooperation for the protection of national assets. We aim to contribute to enhancing public security and the stability of digital law enforcement infrastructure based on our accumulated security technologies and control capabilities.”* This article has been translated by AI. 2026-08-07 16:20:00 -
Russia Imports 30,000 Tons of Refined Oil Products from South Korea Amid Ukraine Attacks Amid ongoing attacks from Ukraine, Russia has made an unusual move by importing refined oil products from South Korea, Reuters reported on August 7. According to an analysis of data from shipping information firm Kpler and energy market analysis company Vortexa, at least two short-range tankers departed from Ulsan carrying a total of 30,000 tons of refined oil products bound for Russia's Far East. Sources indicate that one of the tankers was loaded with diesel and jet fuel. One of the vessels has already arrived in Russia but has not yet unloaded its cargo. Reuters noted that it is quite rare for Russia to import refined oil products from South Korea. The last recorded instance was in February 2022, during the COVID-19 pandemic, when Russia imported approximately 22,000 barrels of jet fuel from South Korea. Russia is the world's second-largest oil producer and a major exporter of diesel. However, recent long-range drone attacks by Ukraine on Russian oil facilities have disrupted operations, forcing Russia to seek some refined products from abroad. Earlier, the Russian government announced a ban on diesel and gasoline exports starting August 8, which was extended last week until January 2024. This measure is seen as an effort to stabilize domestic supply and prevent fuel shortages during the recovery period of oil facilities. 2026-08-07 16:12:20
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Lotte Chemical Reports 2nd Quarter Operating Profit of 110.1 Billion Won Lotte Chemical achieved a consolidated operating profit of 110.1 billion won and revenue of 5.6864 trillion won in the second quarter of 2026, marking a successful return to profitability. This improvement comes amid ongoing global supply chain uncertainties due to geopolitical issues in the Middle East, resulting from optimized production operations and a focus on profitability. In terms of business performance, the basic chemicals segment (including Lotte Chemical's basic materials business, LC Titan, LC USA, and Lotte Daesan Petrochemical) reported revenue of 3.9403 trillion won and an operating profit of 2.3 billion won. Profitability declined compared to the previous quarter due to maintenance impacts and raw material price fluctuations. The advanced materials segment recorded revenue of 1.1551 trillion won and an operating profit of 132.5 billion won, benefiting from expanded product spreads and favorable exchange rate effects. Looking ahead to the third quarter, Lotte Chemical plans to continue improving profitability through optimized production operations in both the basic chemicals and advanced materials sectors, despite ongoing external uncertainties. Lotte Fine Chemical saw improved results with revenue of 586.3 billion won and an operating profit of 61.9 billion won, driven by rising international prices of key products and strong exchange rates. The company intends to continue investing in high-value materials, such as semiconductor materials and food and pharmaceutical materials, following the first half of the year. Lotte Energy Materials reported revenue of 194.2 billion won but faced an operating loss of 16.9 billion won. Although sales increased, profitability declined as one-time positive effects from the previous quarter were removed. In the third quarter, an increase in sales is expected due to rising demand for AI and battery materials. Lotte Chemical aims to accelerate its long-term competitiveness through business restructuring and expansion into high-value sectors. The Daesan plant, which completed its split process in June, is set to launch a consolidated entity in September, while discussions are ongoing to establish a unified operational system at the Yeosu plant following the approval of its restructuring plan in July. This restructuring is intended to enhance production efficiency and cost competitiveness while creating a more flexible business structure to respond to market changes. Additionally, the company is strengthening its specialty business focused on functional materials, based on the Yulchon compounding plant, which is set to be completed and operational by the end of the year. Market analysts view this return to profitability as a reflection of the effects of Lotte Chemical's restructuring efforts, noting that the advanced materials segment has significantly offset the underperformance of the basic chemicals sector. If the restructuring efforts at the Daesan and Yeosu plants gain momentum, it could lay the groundwork for long-term profitability improvements. However, challenges remain, including oversupply due to large-scale petrochemical facility expansions in China and uncertainties stemming from a global economic slowdown. Lotte Chemical stated, "Amid uncertainties in the domestic and international management environment surrounding the petrochemical industry, we are steadily pursuing competitiveness enhancement and the advancement of a high-value-focused business portfolio through restructuring. We will continue to build a sustainable growth foundation while responding flexibly to market changes."* This article has been translated by AI. 2026-08-07 16:12:00
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Chinese Stock Market Rises on Strong Exports and 6G Hype The Chinese stock market rebounded on August 7 after a decline the previous day, buoyed by strong export figures. The Shanghai Composite Index closed up 1.02% at 3,940.04, the Shenzhen Component Index rose 1.42% to 14,311.01, and the ChiNext Index increased by 1.35% to 3,563.12.The General Administration of Customs announced that July exports reached $397.8 billion, a 23.9% increase compared to the same month last year. While this figure fell short of June's growth rate of 27%, it exceeded the market forecast of 22.2% compiled by Reuters. China's trade surplus for July was recorded at $112.5 billion.The growth in exports for July was driven by rising global demand for hardware used in AI data centers and advanced technology products. Additionally, Chinese manufacturers accelerated exports to the U.S. ahead of potential new tariffs, contributing to the increase in export growth. The customs agency noted that "a complete supply chain and strong innovation capabilities provide a foundation for the development of Chinese trading companies."In a report released on the same day, Fangzheng Securities stated, "Changes in external liquidity are not the key driver of market direction; rather, China's policy direction and fundamental conditions are the main factors." They added that sectors with global competitive advantages in advanced manufacturing and rising resource prices would drive the Chinese stock market upward.Notably, stocks related to 6G technology surged, with companies like Wuhan Fangu and Tongyu Communication hitting their daily price limits. This uptick was fueled by news that NVIDIA is seeking partnerships with Chinese 6G base station firms. NVIDIA aims to provide GPU chips and a technology ecosystem, enabling Chinese partners to manufacture 6G AI-RAN (AI-based Radio Access Network) base stations for international markets.The biotechnology sector also showed strength, with companies like Baipusais and Ruikang Pharmaceutical reaching their daily price limits. Reports indicated that the overseas sales of candidate substances from Chinese pharmaceutical companies reached $99.7 billion in the first half of the year, doubling the figure for 2024. Additionally, the upward revision of annual performance forecasts by leading biotech firm Baijishenzhou positively impacted the sector.Meanwhile, the People's Bank of China set the yuan's daily reference rate at 6.7904 yuan per dollar, an increase of 0.0009 yuan from the previous day, reflecting a 0.01% decline in the yuan's value.* This article has been translated by AI. 2026-08-07 16:08:20
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Kakao Finalizes Wage Negotiations with 6.3% Salary Increase and 3 Million Won Bonus Kakao has finalized wage negotiations with its labor union, confirming a 6.3% increase in total annual salary and a special bonus of 3 million won. This agreement brings an end to the uncertainty surrounding wage negotiations between management and labor.Kakao announced on the afternoon of August 7 that the wage agreement was finalized following a voting process among union members.The wage agreement includes a 6.3% increase based on total annual salary. The 'Stage Up' fund, which compensates based on job performance, will be managed separately. Additionally, a special bonus of 3 million won will be distributed to employees.Kakao stated that it plans to faithfully implement the agreement reached through these negotiations and will work together with the union to create a sustainable work environment that allows employees to focus more on their tasks.This agreement concludes the wage negotiations for this year, and Kakao aims to enhance organizational stability and strengthen its business competitiveness based on the implementation of the wage agreement.* This article has been translated by AI. 2026-08-07 16:08:00
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Special Courts for Civil Cases Resolve Disputes in Three Months A specialized court dedicated to civil cases directly affecting citizens, such as jeonse fraud and rental disputes, has resolved cases in an average of three months. On August 7, the Supreme Court's Court Administration Office released an analysis of the pilot program for the 'Timely Processing Division for Civil Cases,' which was introduced in February at four locations in the Seoul Central District Court and one in Changwon. This division aims to quickly resolve disputes related to rental deposits and property handovers, alleviating the legal burdens faced by citizens.The analysis revealed that the average time from case filing to final judgment in the Timely Processing Division was just 91 days, significantly shorter than the national average of 223 days for civil cases in district courts. The time taken to reach the first hearing was also reduced to an average of 87 days, compared to 139 days for regular trials, allowing litigants to meet judges more quickly.The quality of the trials and the satisfaction of the parties involved have also improved. The actual mediation and settlement rate stood at 42.2%, surpassing the 25.8% rate for general civil cases, while the appeal rate for first-instance judgments was only 12.3%, about half the usual rate. This indicates a higher likelihood of resolving disputes at the first instance through concessions and compromises between the parties.There have been tangible cases of victim relief as well. One tenant who fell victim to jeonse fraud received a ruling just two months after filing a lawsuit, allowing them to recover their deposit from the landlord's other property distribution process. In another case involving a dispute over a debtor's account being seized after bankruptcy proceedings, a quick mediation recommendation helped clear misunderstandings and facilitated a fresh start. A survey indicated that 77% of parties and lawyers felt the process was helpful in securing their rights.Given the positive feedback regarding the Timely Processing Division's tailored hearings and flexible mediation, the Court Administration Office plans to share the pilot program's results with courts nationwide and consider expanding the division's designation for civil cases. 2026-08-07 16:08:00
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Seoul Experiences Extreme Heat as Temperatures Exceed 40 Degrees Celsius Seoul has recorded temperatures exceeding 40 degrees Celsius for the first time in eight years, with extreme heat affecting various regions across the country.While temperatures are expected to drop slightly over the weekend, many areas are still forecasted to experience daytime highs around 35 degrees Celsius.According to the Korea Meteorological Administration, an automatic weather station in Nowon-gu recorded a temperature of 40.2 degrees Celsius at 3:28 PM on August 7. This marks the first time temperatures in Seoul have surpassed 40 degrees since August 1, 2018, when a reading of 41.8 degrees was noted in Gangbuk-gu.The previous day, an automatic weather station in Yeongdeungpo-gu also recorded 40.0 degrees, but this data is considered less reliable as the station is located on a school rooftop, potentially affected by heat from the building and air conditioning units.The official temperature recorded at the Jongno-gu Seoul Weather Observatory also soared to 38.0 degrees.The surrounding metropolitan area and southern regions also reported extreme heat, with the highest temperature of 40.7 degrees recorded in Deokpung-dong, Hanam, and 40.2 degrees in Gwangyang-eup, Gwangju.Other areas, including Yeongwol in Gangwon Province, Geumsam-myeon in Yeoju, and Miryang in Gyeongnam, recorded temperatures close to 40 degrees, reaching 39.8 degrees.This summer's heatwave and tropical nights have reached unprecedented levels. According to the meteorological agency, from June 1 to August 6, the average number of heatwave days (days with maximum temperatures above 33 degrees) was 14.8, making it the fourth highest since the national weather observation network was established in 1973.The number of tropical nights, defined as nights with minimum temperatures above 25 degrees, averaged 13.0 days, the highest on record for the same period.The meteorological agency predicts that the extreme heat will ease somewhat after today. However, on Saturday, August 8, and Sunday, August 9, morning lows are expected to range from 21 to 26 degrees, with daytime highs between 26 and 35 degrees, indicating that the oppressive heat will continue.The agency urges the public to avoid outdoor activities during the hottest parts of the day and to stay hydrated to prevent heat-related illnesses.* This article has been translated by AI. 2026-08-07 16:04:10
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KOGAS Reports 28% Increase in First Half Operating Profit Amid Lower LNG Prices The Korea Gas Corporation (KOGAS) reported a nearly 30% increase in operating profit for the first half of the year, driven by a decline in liquefied natural gas (LNG) import prices and improved performance in overseas operations. The company's net profit doubled compared to the same period last year, bolstered by increased investment income from related enterprises.On August 7, KOGAS announced its preliminary consolidated results for the second quarter, revealing an operating profit of 675.3 billion won, a 66.9% increase, while revenue decreased by 1.6% to 7.508 trillion won. For the first half of the year, operating profit reached 1.5853 trillion won, up 28.0%, with total revenue at 19.3102 trillion won, down 5.2%.The revenue decline was largely attributed to lower sales prices resulting from falling international oil prices. Although the total natural gas sales volume for the first half was 19.458 million tons, a 3.0% increase from the previous year, the decrease in sales prices led to a revenue drop of 1.0526 trillion won.Despite the revenue decline, profitability improved. The lower LNG import prices reduced the cost of sales by 1.4148 trillion won compared to the same period last year, and profits from subsidiaries, including those in Mozambique, contributed an additional 346.7 billion won to operating profit.Strong performance in overseas operations also supported the overall results. The operating profit from six major overseas projects totaled 330.9 billion won, significantly up from 192.0 billion won during the same period last year. Notably, the Canadian LNG project, which recorded an operating loss of 3.3 billion won in the first half of last year, achieved an operating profit of 143.0 billion won this year.Financial stability showed some improvement as well. As of the end of June, consolidated liabilities stood at 40.5898 trillion won, a decrease of 2.2391 trillion won from the end of last year, while equity increased by 957.3 billion won to 11.7562 trillion won. Consequently, the debt-to-equity ratio fell from 397% to 345%, a reduction of 52 percentage points. However, accounts receivable for raw material costs rose from 13.716 trillion won in the first quarter to 14.1782 trillion won in the second quarter, surpassing the 14 trillion won mark again.* This article has been translated by AI. 2026-08-07 16:04:10
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Heat Wave and Drought Prompt Agriculture Ministry to Elevate Response Unit The Ministry of Agriculture, Food and Rural Affairs is elevating its disaster response unit, previously led by a director-general, to a command center headed by a vice minister in response to the prolonged heat wave and drought. Next week will mark the start of a special management period, during which resources will be concentrated to protect elderly farmers and foreign workers from heat-related illnesses, as well as to prevent damage to livestock and crops.On August 7, Vice Minister Kim Jong-gu chaired a meeting to assess agricultural disaster response measures, discussing sector-specific strategies. Participants included representatives from the Rural Development Administration, the Korea Forest Service, the National Agricultural Cooperative Federation, the Korea Rural Community Corporation, and local governments.According to the Korea Meteorological Administration, a major heat wave warning has been issued for the Seoul metropolitan area, Gangwon, and Jeolla regions. Most of the country is under a heat wave advisory, with forecasts indicating continued hot weather and little to no rain in the coming days.In line with a presidential directive issued on August 6 to strengthen the heat wave response system, the Ministry is transitioning its disaster response unit to a command center led by the vice minister. The Ministry will collaborate with the Ministry of the Interior and Safety, the Ministry of Health and Welfare, and the Ministry of Employment and Labor to implement a system aimed at preventing fatalities from heat-related illnesses.Starting August 7, a special management period for the heat wave and drought will be in effect. The Rural Development Administration will expand the activities of personnel dedicated to preventing heat-related illnesses, while the Korea Forest Service and local governments will enhance field inspections and public announcements using drones and vehicles.Foreign workers will receive text messages in 18 languages detailing heat prevention measures and how to report if their right to rest is not upheld. A campaign will also be launched in collaboration with agricultural organizations to emphasize the importance of adequate rest during heat waves.To mitigate livestock deaths, the National Agricultural Cooperative Federation and local governments will use disinfection vehicles to spray water on livestock barns and surrounding areas, while also identifying vulnerable farms for direct support. Field technical guidance will be strengthened to prevent sunburn damage to crops such as fruit trees. Farmers will be advised on measures to protect their crops, including installing shade nets and operating air circulation fans.Vice Minister Kim stated, “During the special management period next week, all agencies must focus their efforts on minimizing fatalities among farmers,” and instructed related organizations to actively address on-site challenges.* This article has been translated by AI. 2026-08-07 16:04:00
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Investigation Reveals Staff Accompanied Former Election Commission Chair on Overseas Trips The Joint Investigation Team probing misconduct within the National Election Commission has uncovered evidence that Noh Tae-ak, the former chair of the commission, was accompanied on overseas trips by a staff member assigned to assist his spouse.According to legal sources on August 7, the Joint Investigation Team, led by Kim Tae-hoon, deputy chief prosecutor at the Seoul Central District Prosecutors' Office, has obtained documents and testimonies indicating that a dedicated staff member was assigned to accompany Noh's spouse during his overseas trips.While the related travel reports state that this staff member attended official meetings with Noh and local officials, it has been determined that the staff member actually accompanied the spouse on separate activities.During his tenure, Noh traveled abroad three times with his spouse: to Australia and New Zealand in 2022, to Germany and Estonia in 2024, and to Denmark and Sweden last year.The trips to Germany and Estonia cost approximately 71.94 million won, while the Denmark and Sweden trip incurred expenses of about 90.53 million won.Of these costs, over 40 million won was attributed to airfare and accommodation for his wife. However, the National Election Commission did not disclose the fact that his spouse accompanied him in the reports made public, leading to controversy.The Joint Investigation Team has charged Noh with embezzlement and conducted a search of the National Election Commission's office on July 20.They are currently investigating the details of the separate itinerary for Noh's spouse based on work activity records from the trips.* This article has been translated by AI. 2026-08-07 16:04:00