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  • South Korea to Fund Three International Events, Night Industry Expo Under Review
    South Korea to Fund Three International Events, Night Industry Expo Under Review The South Korean government has approved funding for three international events: the Antarctic Treaty Consultative Meeting, the Yeoncheon World Paleolithic Expo, and the International Agricultural Expo. However, the International Night Industry Expo will undergo a reassessment due to insufficient justification for funding.On August 5, the Ministry of Economy and Finance held the 147th International Event Review Committee meeting, chaired by Deputy Minister Jo Yong-beom, to evaluate the results of the 2026 International Event Policy Rating Survey.The committee reviewed four international events selected for the policy rating survey in March. It recognized the funding eligibility for the 49th Antarctic Treaty Consultative Meeting and the 29th Environmental Protection Committee in 2027, the Yeoncheon World Paleolithic Expo in 2029, and the International Agricultural Expo in 2027.The Antarctic Treaty Consultative Meeting, organized by the Ministry of Foreign Affairs, will take place from May 17 to 27, 2027, at the Songdo Convensia in Incheon. The event will discuss operational measures for the peaceful use and environmental protection of Antarctica, with participation expected from 370 representatives from over 50 countries.This will be the first time South Korea has hosted the meeting since the 19th session in 1995. The agenda includes plenary sessions, chief representative meetings, Environmental Protection Committee meetings, and working group sessions throughout the event.The Yeoncheon World Paleolithic Expo, co-hosted by Gyeonggi Province and Yeoncheon County, is scheduled for April 21 to May 11, 2029, at the Jeongok-ri archaeological site in Yeoncheon. The goal is to attract 1 million attendees, including 970,000 domestic visitors and 30,000 international guests.The Jeongok-ri site is notable for being the first location in Asia where an Acheulean hand axe was discovered. The government hopes the expo will enhance awareness of the site's significance and promote historical and cultural exchanges.The International Agricultural Expo, organized by Jeollanam-do, will be held from October 22 to 31, 2027, in Naju, South Jeolla Province. It aims to showcase agricultural energy technologies and advanced technology demonstrations, with participation expected from 300,000 attendees from 40 countries.In contrast, the 2028 International Night Industry Expo was deemed to lack sufficient justification for government funding. The organizing body will need to revise the project and undergo a reassessment or reapplication process.The committee also confirmed the post-event evaluations for five international events held last year, including World Environment Day, the World Stamp Exhibition, the Busan International Film Festival, the Asia-Pacific Economic Cooperation (APEC) Summit, and the Jecheon International Traditional Korean Medicine Expo.The evaluations revealed some shortcomings in participant numbers and adherence to event duration. The results will be communicated to the organizing bodies and will inform future international event planning and funding assessments.Deputy Minister Jo emphasized, "International events should not be one-time occurrences but serve as a foundation for sustainable regional growth," urging organizing bodies to prepare meticulously and collaborate closely with relevant agencies to ensure the successful execution of the approved international events.* This article has been translated by AI. 2026-08-05 11:00:20
  • Credit Guarantee Fund Partners with Hyundai Motor Group and Eight Banks to Support Auto Parts Companies
    Credit Guarantee Fund Partners with Hyundai Motor Group and Eight Banks to Support Auto Parts Companies The Credit Guarantee Fund is collaborating with Hyundai Motor and Kia, along with eight banks, to support the development of next-generation mobility for auto parts companies.On August 5, the Credit Guarantee Fund announced that it has signed a "cooperative financial support agreement for the development of next-generation mobility and the activation of overseas market entry" with Hyundai Motor, Kia, Kookmin Bank, Nonghyup Bank, Woori Bank, Hana Bank, Shinhan Bank, iM Bank, and Gyeongnam Bank.Under this agreement, Hyundai Motor Group will contribute 8 billion won. The participating financial institutions will also contribute a total of 12 billion won. The Credit Guarantee Fund plans to support a total of 300 billion won in joint project guarantees for second and third-tier suppliers participating in Hyundai Motor Group's export projects.Eligible companies will benefit from a 100% guarantee rate and a fixed guarantee fee rate of 0.8%. Through the support of the guarantee fees from the participating banks, the full guarantee fee will be waived in the first year, and a 0.3 percentage point reduction will be applied in the second and third years to alleviate financial burdens.This support is significant as it represents a cooperative financial model where large corporations and financial institutions jointly raise funds to assist auto parts companies in transitioning to future vehicles.A representative from the Credit Guarantee Fund stated, "We hope this agreement will provide practical assistance in securing funding for auto parts companies preparing to enter the future mobility market, and we will continue to work with large corporations and financial institutions to strengthen global competitiveness and foster a cooperative growth ecosystem."* This article has been translated by AI. 2026-08-05 11:00:00
  • Kakao Games trims losses, eyes recovery with new lineup
    Kakao Games trims losses, eyes recovery with new lineup SEOUL, August 05 (AJP) — Shares of South Korean game developer Kakao Games fell Wednesday morning trading after the company reported lower second-quarter revenue, although its operating loss narrowed from the previous quarter. According to a filing with the Financial Supervisory Service (FSS) Wednesday, the company posted revenue of 75.0 billion won ($54 million), down 35.2 percent from a year earlier, while its operating loss narrowed to 23.0 billion won from 25.5 billion won in the previous quarter. The stock was trading 4.7 percent lower at 7,950 won in the morning trading. Revenue fell as sales from existing games continued to decline and no major new titles were released during the quarter. Although the company remained in the red, ongoing restructuring efforts helped reduce its operating loss from the previous quarter. Mobile game sales totaled 52.7 billion won, while PC online game revenue rose 51 percent from a year earlier to 22.3 billion won, serving as a key support for the quarter. Meanwhile, net loss widened to 57.0 billion won from 39.5 billion won, and pretax loss increased to 64.5 billion won from 45.8 billion won. Looking ahead, the company plans to launch a series of major new titles from the third quarter as it seeks to revive earnings. It will open pre-registration later this month for its Korean fantasy multiplayer online role-playing game (MMORPG) "Dokkaebi's World," inspired by Korea's traditional folklore and mythical goblins known as dokkaebi, ahead of its planned launch in October. The upcoming lineup also includes adventure game "Dungeon Arise" and zombie survival game "God Save Birmingham," both scheduled for release later this year. "Odin Q: Valkyries Call," the latest game in the Odin series, is planned for early next year. The company has also secured global publishing rights for "ArcheAge S: Strait of Freedom" and "Guardian Maiden," a collectible action game, as it expands its future lineup. It is also developing new games based on popular Korean webtoons and comics with The Grimm Entertainment, a South Korean webtoon production company. Separately, Kakao Games is stepping up shareholder returns. Its plans include cancelling 500,000 treasury shares, introducing restricted stock units (RSUs), transferring part of its capital reserve to retained earnings, and encouraging executives to increase their shareholdings. "We will focus on delivering high-quality games with strong global potential while strengthening the foundation for sustainable growth," Chief Executive Officer Lee Si-woo said. "We will continue to roll out new titles while maintaining transparent communication with users and shareholders." AJP Takeaways — Kakao Games reported second-quarter 2026 revenue of 75.0 billion won ($54.3 million), down 35.2% from a year earlier. — Kakao Games’ second-quarter 2026 operating loss narrowed to 23.0 billion won from 25.5 billion won in the first quarter of 2026. — Kakao Games plans to begin pre-registration for the Korean fantasy MMORPG Dokkaebi’s World in August 2026 and target a full launch in October 2026. — The company plans to release Dungeon Arise and God Save Birmingham later in 2026, followed by Odin Q: Valkyries Call in early 2027. — Shareholder-return measures include cancelling 500,000 treasury shares, introducing restricted stock units, reallocating capital reserves to retained earnings and increasing executive share ownership. 2026-08-05 10:58:33
  • Chip rebound lifts KOSPI and Nikkei more than 3%
    Chip rebound lifts KOSPI and Nikkei more than 3% SEOUL, August 05 (AJP) - A 6-percent overnight surge in U.S. semiconductor shares and a looming index-weighting change at SK hynix drove the KOSPI, the main board of the Korea Exchange, up 3.8 percent on Wednesday, with Tokyo running the same trade. The main index in Seoul rose 240.20 points to 6,599.15 in the opening minutes. The specific catalyst is SK hynix's own share count. The company issued 17.79 million new shares in a 45.45 trillion won third-party allotment to Citibank, N.A. to underpin its Nasdaq depositary receipts, and those shares listed in Seoul on July 29. Traders read the enlarged base as an automatic increase in the stock's weight in MSCI benchmarks, forcing passive funds to buy. SK hynix rose 5.9 percent to 1,670,000 won, or 1,169.71 dollars while Samsung Electronics gained 4.6 percent to 251,000 won, or 175.81 dollars. Samsung Electro-Mechanics jumped 11.6 percent to 1,322,000 won, or 925.96 dollars, and SK square, which holds the group's stake in SK hynix, rose 7.8 percent to 1,143,000 won, or 800.59 dollars. Foreign investors bought a net 299.2 billion won, or 209.6 million dollars, of KOSPI shares in early trade. Individuals sold 155.5 billion won and institutions 133.3 billion won. The move extends a recovery from the July selloff that stripped Korean chip names of a large part of their first-half gain and pushed several domestic brokerages to cut second-half KOSPI targets. The KOSDAQ, the secondary board for smaller and technology companies, lagged behind, rising 0.6 percent to 785.32. The Nikkei 225 in Tokyo was up 2.3 percent at 65,443.37, a gain of 1,485.84 points, at the same hour. The composite index in Shanghai closed Tuesday 12.62 points higher at 3,822.28. The won was quoted at 1,427.70 to the dollar, stronger by 3.30 won. 2026-08-05 10:57:25
  • Nongshim Gifts Special Snack Package to Baby After Viral Video
    Nongshim Gifts Special Snack Package to Baby After Viral Video Recently, a 12-month-old baby's adorable attempt to eat Nongshim's Banana Kick went viral on social media, prompting the company to send a special gift to the child.On August 5, industry sources reported that Nongshim created and gifted a package containing Banana Kick, Melon Kick, and Mango Kick specifically for the baby featured in the viral video.Launched in 1978, Banana Kick is one of Nongshim's flagship products, beloved by many fans. In the viral clip, the baby pauses in response to their mother's firm admonition, "No," while trying to reach for the snack. The child's sheepish scratching of their head as they gaze at the snack bag captured the hearts of netizens.The video garnered 25.8 million views, 1.48 million likes, and over 12,000 comments, with viewers commenting on the baby's cute expression, saying things like, "The baby's embarrassed face is so adorable," and, "I think of this baby every time I see Banana Kick."After the video gained popularity, Oh Young-joo, a junior member of Nongshim's snack marketing team, personally planned a special gift for the baby. In addition to Banana Kick, the company produced oversized bags of Melon Kick and Mango Kick, larger than the child's height. Nongshim had previously introduced Melon Kick and Mango Kick in April and May of last year, respectively.The specially designed packaging featured the baby's face and included the phrase 'Banana Kick Baby.' Inside the large bag were 20 regular-sized snack bags.Following this, the baby's family shared a follow-up video on Instagram, noting, "The baby is 80 cm tall, but the snack bag is even bigger," adding, "Two kids could fit in it comfortably." This follow-up video also attracted significant attention, with 2.39 million views and 140,000 likes.A Nongshim representative stated, "This product was specially made for the baby and is not planned for regular sale. We will continue to operate programs that allow us to communicate directly with consumers who enjoy Nongshim products."* This article has been translated by AI. 2026-08-05 10:56:10
  • Police raid Starbucks Korea, questioning internal audit on Tank Day
    Police raid Starbucks Korea, questioning internal audit on Tank Day SEOUL, August 05 (AJP) - Nearly three months after Starbucks Korea's "Tank Day" promotion ignited a national backlash, the controversy continues to haunt the coffee chain and its owner Shinsegae Group, as South Korean police on Wednesday raided the company's headquarters in an escalating criminal investigation. The search, at the Centerfield building in Seoul's Gangnam District, is the first compulsory investigative step since the Seoul Metropolitan Police Agency's Public Crimes Investigation Unit took over the case 76 days ago. Investigators from the unit began searching the headquarters Tuesday morning, seeking documents and digital evidence related to the planning and approval of the promotion. The move follows police concluding that Shinsegae Group's internal probe had failed to determine whether the campaign intentionally insulted victims of the country's pro-democracy movement. Police listed alleged insult charges in the warrant, accusing Starbucks Korea of mocking victims of the May 18 Democratization Movement through the campaign. Investigators are also examining whether the phrase "Tak! on the desk" could constitute defamation of the family of the late student activist Park Jong-chul, whose 1987 torture death became a defining moment in South Korea's democracy movement. The raid follows a review of materials Shinsegae Group submitted as part of its internal investigation. Police said they identified shortcomings in that audit and sought a new search warrant after an earlier request, filed June 8, was rejected by prosecutors. The Seoul Central District Prosecutors' Office had returned that initial request, instructing police to pursue voluntary investigation first on the grounds that Shinsegae was cooperating. In the interim, investigators questioned Yang Jong-hwan, head of Shinsegae Group's audit team, as a witness and concluded that the company's internal review had failed to fully examine the circumstances surrounding the campaign. When Shinsegae disclosed the results of its internal investigation in May, the company said it had found no evidence that employees deliberately coordinated politically sensitive messaging. Executives also acknowledged significant limitations to the probe. The audit covered company emails, work laptops and internal messenger records, along with interviews with employees, but only two of the five key staff members directly involved in the promotion voluntarily submitted their personal mobile phones for forensic examination. Three employees — including an executive — declined to provide their devices, with the company saying it had no legal authority to compel them. Shinsegae nevertheless concluded at the time that it had found no evidence of intentional political messaging or advance collusion, while acknowledging that internal review systems had failed and that historical awareness had been sacrificed for speed and sales performance. Police are now expected to use materials obtained in Tuesday's search to determine whether Starbucks executives intentionally planned or approved content mocking victims of the May 18 Democratization Movement — a key element in deciding whether criminal charges are warranted. The controversy erupted on May 18 after Starbucks Korea launched a promotion for tumblers branded "Tank" under the slogan "Tank Day," accompanied by the phrase "Tak! on the desk." Critics argued the campaign invoked two of South Korea's most painful chapters in modern history. The word "Tank," promoted on the anniversary of the 1980 Gwangju Democratization Movement, was seen as recalling the military crackdown on pro-democracy demonstrators. The phrase "Tak! on the desk" echoed the notorious explanation authorities initially offered to conceal the 1987 torture death of Seoul National University student activist Park Jong-chul — a cover story later exposed as false that helped fuel the nationwide June Democracy Movement. AJP Takeaway: Police searched Starbucks Korea's Seoul headquarters Tuesday, their first compulsory step since taking over the "Tank Day" case 76 days ago. The raid follows a rejected June 8 warrant bid and police concluding that Shinsegae Group's own internal audit — hampered by three staff refusing to hand over phones — fell short of resolving whether the campaign was intentional. At stake is whether Starbucks executives knowingly approved content referencing the 1980 Gwangju crackdown and the 1987 death of Park Jong-chul, which would determine if criminal charges follow. The case has already cost Starbucks Korea its CEO and drawn two public apologies from Shinsegae Chairman Chung Yong-jin amid consumer boycotts. 2026-08-05 10:52:21
  • Lotte Department Store Targets Foreign Tourists with AI Search Optimization
    Lotte Department Store Targets Foreign Tourists with AI Search Optimization Lotte Department Store is targeting foreign tourists by utilizing generative artificial intelligence (AI) like ChatGPT to answer travel itinerary questions instead of relying on traditional search engines. The AI will be programmed to accurately provide information about Lotte Department Store locations and exclusive benefits for foreigners when recommending shopping spots and tourist attractions in Seoul. Additionally, outdoor advertisements will be deployed at Incheon International Airport and key tourist areas to encourage AI searches. On August 5, Lotte Department Store announced plans to expand its generative AI-based marketing, connecting foreign tourists from travel preparation to their stay in Korea and visits to stores. According to a report released in March by the global travel market research firm Focusrite, 56% of global travelers reported having used generative AI at least once when planning their trips, with the figure rising to 72% among Generation Z. Initially, Lotte Department Store will implement 'Generative AI Search Optimization (GEO)' during the travel preparation phase. This involves restructuring content so that when users ask generative AI about 'good shopping places in Seoul' or 'indoor tourist attractions near Jamsil,' information about Lotte Department Store and shopping benefits will be naturally included in the responses. While traditional search engine optimization aimed to rank high in search results, GEO focuses on changing the format of data and content so that generative AI can accurately interpret and utilize brand information in its responses. The strategy is to present Lotte Department Store as an option from the moment foreign tourists book flights or plan their itineraries. The project involves a retail AI solution task force established through Lotte Group's internal venture program, 'Unicorn Valley.' This team has developed a proprietary solution called the 'Golden Note Index' to structure brand information in a way that generative AI can easily understand. Using the Golden Note Index, Lotte Department Store will optimize information about store locations, exclusive benefits for foreigners, and tourist content in four languages: English, Japanese, simplified Chinese, and traditional Chinese. The goal is to organize scattered information on web pages into a format that AI can read, reducing inaccuracies in store hours, locations, and shopping benefits. For foreign tourists currently traveling in Korea, Lotte Department Store will collaborate with Daehong Planning to launch outdoor advertisements. These ads will be placed in high-traffic tourist areas such as Incheon International Airport and Seoul's Seongsu and Hongdae districts to promote AI searches. When tourists see these ads and search for terms like 'shopping benefits in Seoul' or 'places to visit in Seoul on a rainy day,' they will be directed to information about the 'Lotte Tourist Membership,' nearby store details, and tourism and shopping content at Lotte Town Jamsil. The aim is to connect AI searches with actual store visits and purchases. Lotte Department Store is also enhancing the foreign language capabilities of its AI shopping chatbot, 'Dustin.' Since April, it has introduced services in English, Japanese, simplified Chinese, and traditional Chinese, providing guidance on not only department store products but also surrounding tourist attractions in the user's preferred language. QR codes that allow direct access to Dustin have been placed in stores with high foreign visitor traffic. In the future, the plan is to add voice recognition features, enabling tourists to find shopping information without having to type on their smartphones. Park Sang-woo, head of marketing at Lotte Department Store, stated, “We will continue to expand shopping information and customer experiences optimized for the AI era, providing a global shopping experience worthy of being Korea's representative department store.”* This article has been translated by AI. 2026-08-05 10:52:20
  • Padu Unveils First Physical SSD with Gen6 Technology, Doubling Performance
    Padu Unveils First Physical SSD with Gen6 Technology, Doubling Performance Padu has unveiled its roadmap for next-generation AI data center solutions aimed at global clients.During a keynote address on August 4 in Santa Clara, California, Padu CEO Lee Ji-hyo emphasized the importance of NAND controllers in the AI data center market and introduced the company's flagship product, the 'Gen6' controller.CEO Nam Yi-hyun outlined three main goals: leading the SSD market, driving NAND-based innovation, and enhancing customer support.Padu plans to sample its next-generation 'Gen7' controller, optimized for AI inference, to clients in 2028 to capture market share.At the exhibition, Padu showcased the Gen6 controller and its first physical SSD, demonstrating performance improvements of over 200% compared to the previous Gen5 model, which offers total cost of ownership (TCO) savings for data centers. The company will begin supplying products to key clients in the second half of this year.Nam Yi-hyun stated, "We will prove our technological capabilities on the global stage, discover new clients, and strengthen our leadership within the AI data center hyperscaler ecosystem."* This article has been translated by AI. 2026-08-05 10:52:00
  • North Koreas Kim Yo-jong Warns of Military Response to Japans Actions
    North Korea's Kim Yo-jong Warns of Military Response to Japan's Actions Kim Yo-jong, the head of the Workers' Party of Korea's General Department, warned that North Korea would respond militarily to Japan's recent actions, including the test launch of long-range cruise missiles.In a statement released on August 5, titled "Japan's Possession of Preemptive Strike Capability is a Major Threat to International Peace and Stability," Kim criticized Japan's military developments, as reported by the Korean Central News Agency.She referenced the recent test launch of the U.S.-made Tomahawk cruise missile by the Japan Maritime Self-Defense Force and Japan's participation in U.S.-led joint exercises in the Philippines.Kim stated that Japan's military actions demonstrate a shift towards formalizing its preemptive strike capability, which she claimed violates international law and Japan's own constitution prohibiting the right to collective defense and engagement in combat.She specifically mentioned the deployment of anti-ship guided missiles and glide bombs at Self-Defense Forces bases, emphasizing that Japan's military posture is being restructured into a preemptive strike and overseas invasion model across multiple domains, including land, sea, air, and underwater.Kim pointed out that Japan's previous portrayal as a "peace-loving nation" has become increasingly transparent as a cover for its ambitions to militarize.She also highlighted the role of the United States in supporting Japan's military maneuvers, claiming that the U.S. has facilitated the conditions for Japan's recent Tomahawk missile test, which she argued poses a direct threat to North Korea.Kim warned, "We will not overlook Japan's military evolution and will clearly establish additional military options in response to Japan's transformation, as mandated by the Democratic People's Republic of Korea's military and military leadership."Earlier, Japan's Ministry of Defense announced that the Aegis destroyer, the Chokai, conducted a Tomahawk cruise missile test in the Pacific with support from the U.S. Navy on July 28. This marked the first time Japan has actually launched a Tomahawk missile.The Tomahawk is a long-range precision strike cruise missile with a range of 1,600 to 2,500 kilometers, capable of reaching North Korea, Russia, and China.Japan has signed a contract to acquire 400 Tomahawk missiles through the U.S. Foreign Military Sales program, with plans to bring them in between 2025 and 2027, and has sent the Chokai to the U.S. to develop operational capabilities.Yang Moo-jin, a professor at the University of North Korean Studies, noted that while Japan claims its military developments are for defensive deterrence, North Korea interprets these intentions as expansionist. He added that the implications of additional military options mean that Japan's military trends will be recognized as official threats not only to South Korea and the U.S. but also to North Korea.* This article has been translated by AI. 2026-08-05 10:52:00
  • Alteogen Signs $365 Million Licensing Deal for ALT-B4 Technology
    Alteogen Signs $365 Million Licensing Deal for ALT-B4 Technology Alteogen has entered into a licensing agreement worth up to 521.9 billion won ($365 million) with a global pharmaceutical company for its Hybrozyme® platform technology.On August 5, Alteogen announced that it has signed an exclusive license agreement for the development and commercialization of a subcutaneous (SC) formulation of its recombinant human hyaluronidase, ALT-B4, utilizing its Hybrozyme platform technology.Under this agreement, the partner company will gain exclusive rights to develop and commercialize its products using the ALT-B4 subcutaneous formulation.The deal includes an upfront payment and milestone payments for development, approval, and commercialization, totaling up to $365 million. Alteogen will also receive separate sales royalties on net sales generated from the first commercial sale of products incorporating ALT-B4.Chun Tae-yeon, CEO of Alteogen, stated, "We are pleased to have signed this licensing agreement with a partner that has been leading the development of innovative therapies in areas with high unmet medical needs. We will continue to accelerate the growth of our platform business through global partnerships."Meanwhile, Alteogen demonstrated the competitiveness of its platform last year when Merck's (MSD) Keytruda SC, which utilizes its technology, was commercialized. Keytruda SC received a billing code (J-code) in the United States in April.* This article has been translated by AI. 2026-08-05 10:44:00