AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

&
""
Latest by
  • Labor Minister Emphasizes Role of Mid-Sized Companies in Job Creation
    Labor Minister Emphasizes Role of Mid-Sized Companies in Job Creation Labor Minister Kim Young-hoon met with representatives from mid-sized companies on August 7, stating, "Mid-sized companies are the backbone of our economy and play a crucial role in regional economies and quality job creation." He added, "We will closely examine the various challenges faced by these companies and strive to provide practical solutions."During a policy meeting at the Korea Mid-sized Enterprises Association in Mapo, Seoul, Kim noted, "Mid-sized companies drive the growth of small businesses and enhance industrial competitiveness." He expressed gratitude for the efforts of mid-sized business leaders in maintaining a robust growth ladder from small to large enterprises.This visit marks Kim's second meeting with the association since September of last year. He aimed to share key policy directions and listen to the voices of mid-sized companies, which play a pivotal role in job creation and production and export activities.At the meeting, Kim outlined the core strategies for employment and labor policy in the second half of the year, which include: establishing safe and fairly compensated workplaces, expanding intergenerational coexistence jobs for youth and middle-aged workers, and addressing disparities to enable collective advancement in industrial transformation.Specifically, he plans to implement intensive management of target companies and industries to eliminate repeated accidents and activate special task forces to prevent heat-related and asphyxiation accidents. Measures to expand the wage differentiation payment system to combat wage arrears and the exploitation of subcontracting processes will also be pursued.For the youth, Kim proposed support for public jobs, new industries, and entrepreneurship in small and mid-sized enterprises, as well as expanding job experiences through the K-New Deal Academy led by large companies and establishing the K-Youth Guarantee program. For middle-aged workers, he suggested expanding re-employment support obligations and early career planning, along with discussions on extending retirement ages for intergenerational coexistence.Regarding industrial transformation, he aims to reduce labor market disparities through measures such as equal pay for equal work, preventing the misuse of comprehensive wage systems, supporting companies that shorten actual working hours, and improving retirement benefit systems. Plans to establish a social safety net for special employment workers and freelancers, along with follow-up measures for basic employment stability in industrial transitions, are also in the works.Kim particularly emphasized the role of mid-sized companies in youth employment, stating, "Mid-sized companies have a high proportion of youth hires and are preferred workplaces for young people. I urge them to actively participate in government support programs to expand hiring so that youth employment policies can be felt on the ground."In response, Choi Jin-sik, president of the Korea Mid-sized Enterprises Association, remarked, "Through innovative employment and labor policy paradigms that align with the changing industrial environment, the development of companies and the fulfillment of labor must create a virtuous cycle. We need to establish a sustainable growth base that encompasses youth and future generations."Kim concluded, "The answers to our policies are always found in the field, and I hope the association will lend its experience and wisdom as a policy partner. The government will also spare no effort in providing policy support to create an environment where companies can invest in their people."* This article has been translated by AI. 2026-08-07 14:04:10
  • U.S. and Russia Face Missile Shortages Amid Military Challenges
    U.S. and Russia Face Missile Shortages Amid Military Challenges Both the United States and Russia, boasting the world's top military powers, are grappling with a common issue: a shortage of missiles. Despite showcasing overwhelming military strength since the Cold War, these two superpowers are now concerned about their ability to conduct warfare due to insufficient missile supplies, highlighting the critical importance of industrial production capacity in modern conflicts.On August 6, U.S. President Donald Trump emphasized that while the country's weapon stockpiles are generally sufficient, he acknowledged that "some weapons are a bit tight" in supply. The U.S. has reportedly significantly depleted its stock of key interceptors, including Tomahawk cruise missiles and Patriot and THAAD missile defense systems, due to extensive use in the wars in Iraq and support for Ukraine. However, the U.S. defense industrial base has shrunk considerably since the Cold War, making it challenging to rapidly increase weapon stockpiles.Russia's situation is similarly dire. The Royal United Services Institute (RUSI) has analyzed that Ukraine's use of inexpensive long-range drones to continuously attack Russian rear positions has led to a significant depletion of Russia's air defense missiles, with production unable to keep pace with consumption. While it takes months to produce interceptors costing millions of dollars, drones can be mass-produced at a fraction of the cost. Despite the advent of advanced weaponry, warfare remains rooted in the age-old concept of attrition.In response to its production shortfalls, Russia has begun to seek external assistance. North Korea has reportedly been supplying short-range ballistic missiles to Russia and has recently sent missile units and operational personnel. Ukraine claims that Russia has received over 150 ballistic missiles from North Korea, indicating that military cooperation between the two countries is evolving beyond mere arms trading to joint operational stages. A military power unable to produce its own missiles is now relying on foreign supply chains.This scenario is not historically unprecedented. The outcome of World War II was determined not by advanced weaponry but by production capacity. The U.S. built over 1,000 ships during the war, which enabled it to secure victory against Japan in the Pacific theater.The Soviet Union's T-34 tank serves as another example. Although Nazi Germany's Panther and Tiger tanks outperformed the T-34 in capability, they could not match its production speed. The Soviet Union simplified the design and reduced processes, significantly lowering production time and costs, ultimately leading to the mass production of tens of thousands of T-34s and securing victory.Today, this principle remains unchanged. In fact, the emergence of drones and precision-guided munitions has amplified the importance of production capacity. In an era where a single inexpensive drone can draw out a multimillion-dollar interceptor, warfare is shifting from a technological competition to an industrial one. Production lines and supply chains are becoming more critical strategic assets than research and development or the announcement of new weapons.This has significant implications for South Korea as well. European countries, including Poland, have chosen South Korean weapons such as the K2 tank, K9 self-propelled howitzer, and Chunmoo multiple rocket launcher not solely for their performance but also for South Korea's high manufacturing capability to produce and supply them in large quantities when needed. The competitiveness of the defense industry is increasingly determined by how quickly production can be ramped up in times of war.As the U.S. worries about missile shortages and Russia turns to North Korean missiles, the current situations of these two military powers underscore that the cornerstone of national security lies not only in the development of cutting-edge weapons but also in maintaining an industrial base and supply chain capable of continuously producing them. 2026-08-07 14:04:10
  • Seoul zoos tiger gets special summer treat
    Seoul zoo's tiger gets special summer treat A tiger eats a special summer meal prepared by zookeepers at Seoul Grand Park in Gwacheon, Gyeonggi Province, on Aug. 7, 2026, as scorching heat continues across the country on Ipchu, which traditionally marks the beginning of autumn on the Korean calendar. 2026-08-07 14:02:50
  • National Education Commission Launches Special Committee on Learning Rights
    National Education Commission Launches Special Committee on Learning Rights The National Education Commission, under the President, has officially begun efforts to establish a framework that guarantees the 'learning rights' of all citizens, ensuring access to necessary education at every stage of life. The initiative aims to address gaps in lifelong learning beyond traditional school education and to develop practical institutional improvements. On August 7, the National Education Commission announced the inauguration ceremony and first meeting of the 'Special Committee on Learning Rights' held at the Government Seoul Building. The formation of this special committee follows a decision made during the Commission's seventh meeting on July 16. Lee Kwang-ho, a standing committee member, has been appointed as the chair, with a total of 16 experts from various fields, including education, law, political and social philosophy, labor economics, and management, participating as members. The special committee will operate for six months, until February 6, 2027. During this period, it will clarify the fundamental concepts and scope of learning rights and explore various policy tasks and institutional improvements to effectively guarantee these rights for citizens throughout their lives. Lee Kwang-ho, chair of the Special Committee on Learning Rights, stated, "Learning rights are not limited to school-age children; they are significant in ensuring that all citizens can access necessary learning and continue their education regardless of their life stage or circumstances." He added, "We will thoroughly discuss practical policy measures from the learner's perspective with the committee members." Cha Jeong-in, chair of the National Education Commission, emphasized, "In the face of rapid social changes, it is crucial for citizens to continuously acquire new knowledge and skills for personal growth and sustainable societal development." He urged the special committee to engage in in-depth discussions on citizens' learning rights and to propose advanced policies to ensure lifelong learning rights.* This article has been translated by AI. 2026-08-07 14:00:20
  • Jeonbuk Bank Holds Second Half Management Strategy Meeting
    Jeonbuk Bank Holds Second Half Management Strategy Meeting Jeonbuk Bank announced that it held its '2026 Second Half Management Strategy Meeting' at the JB Financial Group Aurum Campus on August 7, attended by CEO Park Chun-won, executives, branch managers, and department heads.During the meeting, participants reviewed the management performance from the first half of the year and shared goals and key initiatives for the second half. They also discussed sustainable growth strategies and action plans to respond to changes in the financial environment.CEO Park emphasized the need to secure future competitiveness through innovation and efficiency by utilizing digital technology and artificial intelligence (AI). He urged the continuation of financial support for local businesses and small enterprises while also focusing on sound management.Park stated, "In an environment where uncertainty has become the norm, the organization that can respond to changes the fastest will grow. Let us create an organizational culture that responds swiftly to change while adhering to our fundamentals and principles."* This article has been translated by AI. 2026-08-07 14:00:00
  • Chinas Exports Surge 24% in July
    China's Exports Surge 24% in July China's export growth in July exceeded market expectations.The General Administration of Customs announced on August 7 that July exports reached $397.8 billion, marking a 23.9% increase compared to the same month last year. While this is slightly below June's export growth rate of 27%, it surpasses the market forecast of 22.2% compiled by Reuters.China's imports in July also rose, totaling $285.3 billion, a 27.5% increase year-on-year. This figure is lower than June's import growth rate of 36% and falls short of the market expectation of 27.9%.In July, China recorded a trade surplus of $112.5 billion.Exports to the United States in July amounted to $41.9 billion, a 17.0% increase from the previous year, while imports from the U.S. rose by 15.3% to $13.9 billion.Exports to South Korea reached $18.1 billion, a significant 46.6% increase year-on-year, with imports soaring by 97.7% to $31.0 billion.The growth in China's exports in 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 General Administration of Customs stated, "A well-established supply chain and strong innovation capabilities provide a foundation for the growth of Chinese trading companies."* This article has been translated by AI. 2026-08-07 13:56:20
  • New U.S. envoy meets Seouls national security adviser
    New U.S. envoy meets Seoul's national security adviser SEOUL, August 07 (AJP) -South Korean national security adviser Wi Sung-lac met United States Ambassador Michelle Steel on Aug. 4 in their first encounter since she took up the post in Seoul last month, the presidential office confirmed Friday. The two exchanged greetings and views on ways to advance the alliance, according to the office. Wi heads the National Security Office, the body inside the presidential compound that coordinates foreign policy, defense and intelligence for President Lee Jae Myung. The meeting was arranged as an introductory call rather than a negotiating session. It came the same day Steel submitted a copy of her credentials to the Ministry of Foreign Affairs and paid a courtesy call on Foreign Minister Cho Hyun. An incoming envoy cannot begin official work in South Korea until that copy reaches the ministry's chief of protocol. The original goes to the president in a separate ceremony that completes the accreditation, and no date has been set for Steel's. Wi is a career diplomat, and he is understood to have had dealings with Steel before her posting, when she served on a White House advisory commission for Asian Americans and Pacific Islanders and later in Congress. Neither side has given details of that earlier contact. Steel landed at Incheon International Airport on July 30, ending a vacancy of about 18 months at the top of the American mission. She is the first ambassador to Seoul named by President Donald Trump in his second term and the second Korean American to hold the post, after Sung Kim and was by the Senate on June 17. Born in Seoul in 1955 under the Korean name Park Eun-joo, Steel is the daughter of parents who fled North Korea during the Korean War. She grew up in Japan and moved to the United States in 1975. English, she told her Senate confirmation hearing in May, is her third language. She holds a degree from Pepperdine University and an MBA from the University of Southern California. She entered politics after the 1992 Los Angeles riots, which she has said exposed how little weight the Korean American community carried in mainstream American politics. AJP Takeaways South Korean national security adviser Wi Sung-lac met United States Ambassador Michelle Steel on Aug. 4, 2026, in their first meeting since Steel arrived in Seoul. Michelle Steel arrived in South Korea on July 30, 2026, ending a vacancy of about 18 months at the top of the United States mission in Seoul. Michelle Steel is the second Korean American to serve as United States ambassador to South Korea, after Sung Kim, and the first woman of Korean descent in the post. The United States Senate confirmed Michelle Steel as ambassador to South Korea on June 17, 2026. Michelle Steel served in the United States House of Representatives from 2021 to 2025 for California's 48th and 45th districts, losing her 2024 re-election bid to Democrat Derek Tran by about 600 votes. Michelle Steel told her Senate confirmation hearing in May 2026 that she would press South Korea on market access for American companies, South Korea's $350 billion investment commitment in the United States, and non-tariff barriers on American farm goods. 2026-08-07 13:50:20
  • KOSPI Falls Below 6200 Amid Increased Foreign Selling; KOSDAQ Also Weakens
    KOSPI Falls Below 6200 Amid Increased Foreign Selling; KOSDAQ Also Weakens The KOSPI started strong on August 7, rising over 1% in early trading, but reversed course as foreign selling intensified. The KOSDAQ also showed weakness, dropping more than 2% due to simultaneous selling by foreign and institutional investors.According to the Korea Exchange, as of 1:31 PM, the KOSPI was down 54.45 points (0.86%) at 6241.93. The index opened at 6365.07, up 68.69 points (1.09%) from the previous close, but turned downward during the session, widening its losses.In the securities market, individuals and institutions recorded net purchases of 44.6 billion won and 511.5 billion won, respectively, while foreign investors sold a net 541.9 billion won.Among the top market capitalization stocks in the KOSPI, mixed performance was observed. Samsung Electronics (1.19%), Samsung Electro-Mechanics (4.31%), LG Energy Solution (2.32%), Samsung Biologics (1.19%), KB Financial (1.57%), and Hanwha Aerospace (2.85%) saw gains. Conversely, SK Hynix (-4.68%), SK Square (-3.25%), and Hyundai Motor (-1.69%) experienced declines.At the same time, the KOSDAQ index was down 16.01 points (2.00%) at 785.66. It opened at 807.62, up 5.95 points (0.74%) from the previous session, before turning downward.In the KOSDAQ market, foreign and institutional investors sold a net 226.7 billion won and 153.2 billion won, respectively, while individuals purchased a net 370.5 billion won.Top stocks in the KOSDAQ showed mixed results as well. Alteogen (0.17%), EcoPro BM (0.39%), HLB (2.56%), ABL Bio (0.84%), and Peptron (1.01%) gained, while EcoPro (-0.60%), Rainbow Robotics (-7.56%), JUSUNG Engineering (-4.95%), Rino Technology (-2.09%), and Wonik IPS (-5.08%) fell.* This article has been translated by AI. 2026-08-07 13:44:10
  • Minister Kim Seong-hwan Inspects Water Supply for Semiconductor Complex in Honam Region
    Minister Kim Seong-hwan Inspects Water Supply for Semiconductor Complex in Honam Region Minister of Climate, Energy and Environment Kim Seong-hwan visited the Gwangju No. 1 Wastewater Treatment Plant to assess plans for supplying 300,000 tons of recycled wastewater daily to ensure a stable industrial water supply for the semiconductor complex in the Honam region. This initiative aims to address uncertainties in water supply due to climate change while also improving the water quality of the Yeongsan River.The ministry announced that Minister Kim would visit the Gwangju No. 1 Wastewater Treatment Plant in Jeonnam Gwangju Unified Special City on the afternoon of August 7 to review the installation plans for the recycled wastewater facility and the conditions for supplying industrial water.The Gwangju No. 1 Wastewater Treatment Plant is located about 3 kilometers from the planned site of the Honam semiconductor industrial complex and processes approximately 600,000 tons of wastewater daily. Currently, improvements are underway to enhance the quality of treated water that is discharged into the Yeongsan River.The ministry plans to install a recycled wastewater facility at this site to produce and supply 300,000 tons of industrial water daily. The actual supply volume, timing, and required water quality will be finalized in consultation with local governments and companies, taking into account the schedule for the industrial complex's development and the water demand of incoming businesses.In South Korea, recycled wastewater is utilized as industrial water in various sectors, including steel, electronics, and heavy chemicals. Recently, the supply of recycled water has been expanding, particularly in the semiconductor industry, which has high water demand. Semiconductor companies are increasing their water reuse by treating water used in manufacturing processes for internal recycling, in addition to using externally supplied recycled water.Major semiconductor-producing countries such as Taiwan, the United States, and Singapore are also supplying recycled wastewater for industrial use or expanding reuse within their processes. Taiwanese semiconductor giant TSMC utilizes recycled wastewater in its production processes through a government-established supply system.The ministry aims to expand the reuse of treated wastewater, focusing on large-scale water demand sites like industrial complexes. Under the 'Promotion and Support of Water Reuse Act,' which will take effect on December 10, the government will also actively promote the installation and operation of wastewater treatment and reuse facilities in areas vulnerable to water supply.Minister Kim stated, "The treated wastewater from the Gwangju No. 1 Wastewater Treatment Plant is an important water resource that can be utilized as industrial water for the Honam semiconductor industrial complex. We will establish a supply system of 300,000 tons daily without any issues, ensuring a stable water supply for the nation's advanced industries while simultaneously improving the water quality of the Yeongsan River."* This article has been translated by AI. 2026-08-07 13:32:00
  • Nvidia Considers Reducing Memory Capacity for Rubin Ultra Amid HBM Shortage
    Nvidia Considers Reducing Memory Capacity for 'Rubin Ultra' Amid HBM Shortage Nvidia is exploring options to reduce the memory capacity of its next-generation artificial intelligence (AI) chip, 'Rubin Ultra,' in response to a shortage of high-bandwidth memory (HBM). On August 6, U.S. technology news outlet The Information reported, citing three sources, that Nvidia has tested at least three prototypes of Rubin Ultra with varying memory capacities in recent weeks. Some prototypes are equipped with 192 gigabytes (GB) of HBM per graphics processing unit (GPU), while others feature 256GB. It is also reported that some prototypes are using HBM4, an earlier version, instead of the originally planned next-generation HBM4E. Nvidia's testing of multiple specifications is a precaution against the possibility of not securing enough HBM4E by the time Rubin Ultra is released. The demand for HBM in AI semiconductors has surged, impacting the supply for next-generation GPU designs. Last year, Nvidia announced plans to equip Rubin Ultra with approximately 256GB of HBM4E per GPU, totaling up to 1 terabyte (TB). The 192GB product currently being tested represents a 25% reduction in memory capacity from the original plan. Considering that the currently produced 'Vera Rubin' can accommodate up to 288GB of HBM4 per GPU, the memory capacity of the Rubin Ultra prototypes is 11% to 33% lower than existing products. A reduction in memory capacity could lead to decreased performance when processing large AI models, but it may also lower product prices. Some Nvidia customers have reportedly expressed that lower-capacity products could help reduce costs. EpochAI, an AI technology research organization, has analyzed that HBM can account for more than half of the manufacturing costs of advanced AI chips. Thus, the supply and pricing of HBM have become critical factors influencing both the performance and sales prices of AI chips. Nvidia is also working to secure HBM supplies. Last month, the company announced a large-scale AI collaboration plan with SK Group and is pursuing the development and expansion of next-generation memory, including HBM4 and HBM4E, in partnership with SK Hynix. SK Hynix also plans to double its memory production capacity over the next five years. The final memory capacity and pricing for Rubin Ultra have yet to be determined. Nvidia is expected to adjust specifications based on the supply situation, costs, and customer demand for HBM4E before shipments in the second half of next year.* This article has been translated by AI. 2026-08-07 13:24:00