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  • U.S. Stocks Surge to Record Highs Amid Progress in Hormuz Negotiations
    U.S. Stocks Surge to Record Highs Amid Progress in Hormuz Negotiations U.S. stocks closed sharply higher as news of progress in negotiations between the U.S. and Iran regarding the Strait of Hormuz led to a significant drop in international oil prices.On August 4, the Dow Jones Industrial Average rose by 907.47 points, or 1.71%, to close at 54,085.88. The S&P 500 gained 136.02 points, or 1.79%, finishing at 7,736.52. The tech-heavy Nasdaq Composite also saw a rise of 671.10 points, or 2.59%, ending at 26,584.99.Both the Dow and S&P 500 set new closing records. The S&P 500's new high comes nearly two months after it reached 7,609.78 on June 2.Investor sentiment improved following comments from key officials in the Trump administration, who indicated that an agreement regarding the opening of the Strait of Hormuz could be reached soon.U.S. Secretary of State Marco Rubio stated, "There has been progress in the negotiations, but we have not yet reached a final agreement. I hope a deal can be made very soon."U.S. Treasury Secretary Scott Besant expressed a more optimistic outlook, saying, "I believe an agreement could be reached today or tomorrow to open the strait and bring this dispute to a more normal phase."As expectations for progress in the negotiations grew, international oil prices plummeted. On the ICE Futures Exchange, October Brent crude futures fell by 5.3% to $79.36 per barrel. Meanwhile, September West Texas Intermediate (WTI) crude futures on the New York Mercantile Exchange dropped by 5.7% to $75.77 per barrel.The rise in U.S. stocks was led by technology and semiconductor shares. Investors eased concerns over excessive investment in the artificial intelligence (AI) sector, leading to increased buying in related stocks.Palantir, an AI-based data analytics company, reported second-quarter results that exceeded market expectations and raised its annual revenue forecast, causing its shares to soar by 29.45%. This marked the highest daily increase in about two and a half years since February 2024.Major semiconductor stocks also surged, with Nvidia rising 2.56%, Micron up 7.62%, SanDisk increasing 10.97%, Marvell Technology climbing 12.81%, and Intel gaining 10.84%.SK Hynix's American Depositary Receipts (ADRs) rose by 8.17%, influenced by optimistic reports from Wall Street financial firms recommending increased holdings.* This article has been translated by AI. 2026-08-05 07:16:00
  • Fan Collapses During SSG-LG Game Amid Heatwave, Suspected Heat Illness
    Fan Collapses During SSG-LG Game Amid Heatwave, Suspected Heat Illness During a professional baseball game held in extreme heat, a spectator collapsed.On August 4, according to Yonhap News and the SSG Landers organization, a 25-year-old male fan sitting in the SSG stands at Incheon SSG Landers Field lost consciousness and fell down the stairs after feeling dizzy during the bottom of the eighth inning while SSG was at bat.Emergency responders were alerted by nearby spectators and quickly arrived to provide assistance.The SSG organization stated, "The paramedics suspected cardiac arrest and secured the patient's airway before performing CPR for about 20 seconds. They then delivered one shock using an automated external defibrillator." Fortunately, the patient regained consciousness at the scene and was transported to the hospital on a stretcher with a team representative.On that day, a total of 25 cases of heat-related illness were reported at the SSG and LG Twins game, with two classified as severe.Meanwhile, the Korea Baseball Organization (KBO) canceled games in Seoul between the NC Dinos and Doosan Bears, as well as in Gwangju between the KT Wiz and KIA Tigers, due to a heatwave warning. However, the game in Incheon proceeded as scheduled.On August 4, the KBO announced, "We have released detailed guidelines for operating games during heatwaves. If a heat warning or higher is in effect in the area where the stadium is located, the home team can delay the start of the game by up to one hour based on their discretion."* This article has been translated by AI. 2026-08-05 07:08:00
  • Coupang Faces $560 Million Loss Amid Data Breach Fine
    Coupang Faces $560 Million Loss Amid Data Breach Fine Coupang Inc. reported an operating loss of 835 billion won ($560 million) in the second quarter of this year, largely due to the impact of a fine related to a data breach.According to a quarterly report submitted to the U.S. Securities and Exchange Commission (SEC) on August 5, the operating loss for the second quarter was 835 billion won, a stark contrast to the operating profit of $149 million reported during the same period last year. This follows a first-quarter operating loss of $242 million after the data breach incident last year.Second-quarter revenue reached 13.3 trillion won ($8.86 billion), marking a 4% increase compared to the previous year. When adjusted for currency fluctuations, the revenue growth rate was 10%. The net loss for the quarter was 856 billion won ($570 million), a reversal from a net profit of $31 million during the same period last year.The significant loss in the second quarter was heavily influenced by the fine related to the data breach. Coupang Inc. disclosed that approximately $410 million in fines were included in the operating and net losses for the quarter. The Personal Information Protection Commission announced in June that it would impose a fine of 624.7 billion won and an additional penalty of 1.68 million won on Coupang for the data breach. Coupang Inc. indicated to the SEC that it would account for the estimated fine of about $410 million in its selling, general, and administrative expenses for the second quarter.Excluding the fines, Coupang Inc. estimated its operating loss and net loss for the second quarter to be approximately 219.2 billion won ($146 million) and 240.3 billion won ($160 million), respectively.Coupang's core product commerce segment continued to show growth. Revenue from this segment, which includes Rocket Delivery, Rocket Fresh, Rocket Growth, and Marketplace, reached 11.2 trillion won ($7.43 billion) in the second quarter, reflecting an 8% increase when adjusted for currency.The number of active customers in the product commerce segment rose to 24.7 million, up 3% from 23.9 million in the same period last year. Revenue per customer also increased to 452,060 won, a 5% rise when adjusted for currency.The growth segment, which includes Rocket Delivery in Taiwan, Farfetch, and Coupang Eats, reported revenue of 2.1 trillion won ($1.43 billion), a 20% increase compared to the previous year.However, cash generation has slowed. The cumulative operating cash flow over the past 12 months was $1.4 billion, a decrease of $484 million from the previous year. Free cash flow during the same period was $10.5 million, down $679 million. Free cash flow for the second quarter was $5.1 million, a 79% decline compared to the same period last year.Additionally, Coupang Inc. announced that it repurchased 23.2 million Class A common shares for a total of $459 million during the second quarter. The company had previously approved a $1 billion share buyback program as part of its capital allocation strategy during the first quarter earnings announcement. 2026-08-05 06:44:00
  • U.S. Hints at Agreement on Hormuz Strait with Iran and Oman
    U.S. Hints at Agreement on Hormuz Strait with Iran and Oman The Trump administration indicated on August 4 that an agreement regarding the opening of the Hormuz Strait with Iran could be reached soon.According to Yonhap News, Secretary of State Marco Rubio, who also serves as the National Security Advisor, told reporters, "While we are engaged in long-term negotiations regarding denuclearization, we are involved in discussions and negotiations between Oman and Iran to find ways for more ships to safely transit the Hormuz Strait in the short term."He added, "There has been progress in these negotiations, but we have not yet reached a final agreement," expressing hope that a deal would be reached very soon.Rubio emphasized that while the ultimate goal is Iran's denuclearization, the immediate focus is on the situation in the Strait.Scott Vessen, the Secretary of the Treasury, also appeared on CNBC, stating, "Last week, President Trump threatened actions that could lead to one of the largest military operations against Iran since World War II, and as a result, we are currently negotiating with Iran."He stressed, "I believe an agreement could be reached today or tomorrow to open the Strait and bring this dispute into a more normal phase."* This article has been translated by AI. 2026-08-05 06:32:00
  • Samsung Electronics Unveils AI Memory Innovations at FMS 2026
    Samsung Electronics Unveils AI Memory Innovations at FMS 2026 Samsung Electronics has unveiled a next-generation 3D memory architecture that directly stacks high-bandwidth memory (HBM) on AI accelerators. This new approach moves away from the traditional horizontal layout of HBM, aiming to reduce data transfer distances and power consumption while providing integrated design and packaging for AI semiconductors.At the 'FMS 2026' event held from August 4 to 6 in Santa Clara, California, Samsung introduced its next-generation 3D memory, 'zHBM,' and a mock-up of 'zNAND-O.' The company also showcased its 10th generation V-NAND, 'V10 BV-NAND,' which features over 400 layers.Unlike the previous structure that placed HBM beside AI accelerators, zHBM employs a vertical stacking method above the accelerator. This design focuses on reducing the distance for data transfer between the processing unit and memory, enhancing bandwidth and power efficiency.According to Samsung, systems based on zHBM can achieve up to eight times the performance of HBM5. The power efficiency is expected to improve by up to three times, while thermal resistance is projected to be reduced by more than half.An interlayer that allows for customized functionalities will be implemented between the accelerator and memory. This will enable adjustments to memory capacity, processing capabilities, and data handling structures tailored to the AI processors developed by clients.However, the products unveiled are mock-ups and not yet in mass production. The commercialization schedule will likely be determined after joint design efforts and thermal management technology validation with clients.In NAND flash technology, Samsung has also expanded vertical stacking capabilities. The zNAND-O combines V-NAND technology with silicon through vias, allowing NAND chips to be packaged in 4 or 8 layers. This innovation is expected to enhance data loading speeds and space efficiency in on-device AI environments for smartphones and PCs.Samsung also presented its V10 BV-NAND, which features over 400 layers. This technology utilizes a bonding method that vertically joins wafers after separately creating cells and peripheral circuits, resulting in a 58% increase in data storage capacity within the same area compared to the previous generation. Improvements in read, write, and input/output performance are also planned to meet the demands of high-capacity storage solutions for AI data centers.Kioxia announced its plans for developing 10th generation BiCS flash with over 400 layers in June, indicating that the NAND competition will focus on increasing integration while reducing power consumption and production costs.At the event, Samsung also showcased HBM4E, HBM5, and LPDDR5X-PIM, which performs some computations within the memory. The company aims to address the storage needs for AI training and inference with its enterprise SSDs, PM1763 and high-capacity product BM1773.This technology reveal signifies Samsung's strategy to expand its business scope by designing semiconductor system architectures alongside memory product performance. As the integration of AI accelerators and memory strengthens, the impact of foundry, logic design, and advanced packaging capabilities on competitive bidding is expected to grow.Samsung plans to leverage its integrated structure of memory, system semiconductor design, foundry, and packaging to support clients from the product design phase through to mass production. Successfully applying next-generation 3D memory to customer products will depend on effectively managing yield, heat generation, and packaging costs. 2026-08-05 06:16:00
  • Coupang Reports $556 Million Operating Loss in Q2, First Half Loss Exceeds $1 Billion
    Coupang Reports $556 Million Operating Loss in Q2, First Half Loss Exceeds $1 Billion Coupang Inc. reported an operating loss of 835 billion won ($556 million) for the second quarter of this year, marking a shift to a deficit compared to the same period last year, the company announced on August 5. This follows a return to losses in the first quarter after a data breach incident last year, resulting in consecutive operating losses for the second quarter. The operating loss for Q2 surpassed the annual operating profit of 679 billion won recorded last year, making it the largest quarterly loss since Coupang went public on the New York Stock Exchange in 2021. Revenue reached 13.307 trillion won ($8.856 billion), a 4% increase from the previous year, setting a new record. When adjusted for fixed exchange rates, revenue grew by 10%. The net loss for the second quarter was reported at 856 billion won ($570 million), continuing the trend of consecutive net losses. As a result, the cumulative operating loss and net loss for the first half of the year amounted to 1.1895 trillion won ($798 million) and 1.2457 trillion won ($836 million), respectively. This marks the first time Coupang Inc. has exceeded a 1 trillion won loss in the first half, representing the largest deficit in its history. The first half operating loss is nearly equivalent to the combined operating profit of 1.2813 trillion won from the last two years (2024-2025). The first half net loss also exceeded three times the combined net profit of 397 billion won during the same period.* This article has been translated by AI. 2026-08-05 05:48:00
  • Cuban Migrants Head to Brazil as U.S. Asylum Options Dwindle
    Cuban Migrants Head to Brazil as U.S. Asylum Options Dwindle As the U.S. government largely blocks Cuban migrants from entering the country, more Cubans are heading to Brazil, NPR reported on August 3. Many are fleeing economic sanctions and fuel shortages.The Wall Street Journal (WSJ) cited the Center for Democracy in the Americas (CDA) in Washington, D.C., reporting that Brazil received 44,381 asylum applications from Cubans last year, double the number from the previous year. NPR estimates that thousands of Cubans are arriving in Brazil each month, surpassing the number of Venezuelan refugees in South America.Cuban migrants primarily use the 'Guyana route.' They fly to Guyana, a South American country that allows visa-free entry, and then cross into Brazil through the Amazon rainforest. However, they face significant challenges, including paying smugglers thousands of dollars and traveling nearly 5,000 kilometers by bus through the tropical rainforest.The report also noted that the Brazilian government offers local work permits and access to social services for asylum seekers, making Brazil an attractive destination for Cubans. While they can stay temporarily in Brazil until their asylum applications are processed, they can seek employment and access welfare services during the often lengthy review period. Although they must prove political persecution and face low approval rates, they can appeal if their applications are denied.Communities of Cuban immigrants are forming in several Brazilian cities. In Volta Redonda, located about 290 kilometers northeast of São Paulo, a group has started a Bible study, praying for fellow Cubans still suffering in their homeland. A Cuban immigrant community has also emerged in Curitiba, a southern city with a population of 3 million, which is sometimes referred to as 'New Miami' due to its significant Cuban population.Additionally, the fact that immigrants make up only 1% of Brazil's 200 million population is seen as a strength. Larissa Getirana, an activist with the refugee support organization Caritas, noted that anti-immigrant sentiment has not gained political traction in Brazil, attributing this to the low percentage of immigrants.Meanwhile, life for those remaining in Cuba is becoming increasingly difficult. With energy shortages during the hot summer months, many citizens are reportedly sleeping on the streets. According to the AP, the entire island has been experiencing blackouts due to U.S. oil sanctions, forcing exhausted residents to seek rest in shaded areas along the coast or on the streets. On August 2, Cuba's power grid collapsed, plunging the island into darkness. Additionally, many wells powered by electricity have dried up due to the energy crisis, leading to water shortages.Since 2021, Cuban authorities estimate that about 1 million people have left the country, representing roughly 10% of the population.* This article has been translated by AI. 2026-08-05 05:00:20
  • Interview: What We Need Now is Content Competition, Not Discounts... Korean Tourism Must Charge Its Worth
    Interview: 'What We Need Now is Content Competition, Not Discounts... Korean Tourism Must Charge Its Worth' "30 million."This figure follows Park Sung-hyuk, president of the Korea Tourism Organization (KTO). During his inaugural meeting, he set a target of attracting 30 million foreign tourists by 2028. While some have expressed concerns that this focus on quantity may overshadow quality, Park emphasized the importance of expanding the market size.In an interview on July 28 at the KTO's Seoul Center, Park reiterated, "We need to create a market of 30 million." He explained that a larger market would lead to increased tourism infrastructure, such as airlines and accommodations, and would attract private investment. This surge in tourism demand would subsequently boost local consumption and investment.Since taking office in early January, Park has traveled extensively across the country to observe tourism sites. His 30 years of experience in global marketing at Cheil Worldwide has given him a unique perspective on the tourism industry as a vast ecosystem.Park noted that he has come to appreciate the complexities of the tourism industry. "From the outside, tourism seems like a joyful and happy industry. However, I found it to be a very complex sector intertwined with numerous fields such as aviation, accommodation, content, and services. It might even be more complicated than semiconductors," he said.He emphasized that the growth of one sector alone does not drive the entire industry forward. Collaboration among various stakeholders, including airlines, hotels, travel agencies, content creators, transportation, and local governments, is essential. The concept of an 'ecosystem' was one of the first topics he introduced to KTO employees after his appointment."The KTO must play a central role in the tourism ecosystem. It is rare for a public institution to have a sales mission. The organization must now expand its role beyond promotion to include sales efforts," he stated.Sales, Not Promotion: Growing the Market to Drive InfrastructurePark is applying his private sector marketing experience to KTO's operations. "In the private sector, we do not simply wait for customers after building infrastructure. The most common feedback I received while traveling was that 'we need tourists to expand transportation and build accommodations,'" he said.He likened the goal of attracting 30 million tourists to the center pin in bowling, explaining that a clear central goal is necessary for other achievements to follow.The inbound tourism market is continuing to grow this year. In the first half of the year, 10.71 million foreign tourists visited Korea, a 21.3% increase compared to the same period last year. If this trend continues, it is possible that this year's target of 23 million could be reached, surpassing last year's record of 18.94 million.Park stated, "I believe we will comfortably exceed 22 million, and personally, I think we can reach 23 million." He closely monitors indicators that reflect market changes, including the number of arrivals, the growth rate of regional airport visitors, international flight seat availability, and cruise arrivals.Korean Tourism Must Charge Its WorthHe also addressed the challenges facing Korean tourism amid its growth. The most pressing issues are the concentration of tourists in the capital region and price competitiveness.While Seoul faces concerns of overtourism due to large crowds, regional areas lack sufficient infrastructure for overnight stays. A significant issue is the practice of offsetting low-cost product revenues with shopping itineraries."Korean tourism must now confidently charge its worth. What we need is not a cutthroat discount competition but a competition based on overwhelming content," he asserted.This year, KTO has established a new system for evaluating tourism services with public participation. A group of 50 inspectors, called the Nuri Salpimdan, has been selected to assess the readiness of major tourist sites across the country. The findings will be shared with local governments for on-site improvements.Connecting K-Culture, Medical Tourism, and MICE to Enhance Regional StaysPark emphasized the need to connect K-Culture, medical tourism, and MICE (Meetings, Incentives, Conferences, and Exhibitions) with regional tourism. The goal is to encourage visitors attending performances, medical treatments, or international conferences to experience the surrounding areas and extend their stays."K-Pop is now close to the mainstream. However, countries around the world are learning from K-Pop's production system to develop their own content, so we could face challenges at any time," he noted.His proposed solutions include cross-selling related products to increase consumption and upselling to enhance service quality and customer spending.Visitors should not just attend performances but also enjoy local cuisine, streets, and unique stories. This is why KTO is collaborating with entertainment companies to plan regional tourism content.Medical tourism and MICE are also identified as areas that can increase regional stays and spending. Park stated, "The era when medical tourism was synonymous with plastic surgery is over." The scope has expanded to include serious treatments, health check-ups, and dental care, with medical tourists surpassing 2 million for the first time last year. KTO recently completed a roadshow in Central Asia and is preparing a briefing for Mongolian financial and mining companies in September.Including medical tourism, wellness and beauty tourism is rapidly growing. Last year, spending in this sector reached 2.5662 trillion won, nearly three times the 928.9 billion won recorded in 2023. KTO attributes the increase in individual travelers (FIT) as a key factor driving this growth.He recounted witnessing the impact of the Mobile World Congress (MWC) on the local economy in Barcelona during his time at Cheil Worldwide."I saw firsthand how MICE can revitalize a city. It can be a crucial key to overcoming the crisis of regional extinction," he said.This year, KTO has established a collaborative system with eight regional convention bureaus, including Seoul, Gyeonggi, Incheon, Busan, Daejeon, Daegu, Jeju, and Goyang, and is creating a platform to share information about international conferences discovered abroad with local areas.Expanding Access Through Airports, Ports, Cruises, and FerriesIn the realm of regional tourism, KTO is focusing on utilizing local airports and ports as gateways.The 'Local Airport International Tourism Hub Task Force,' launched in April, is working to attract international flights and develop tourism products, using Cheongju and Daegu airports as pilot models. They have supported the introduction of 11 irregular international routes and 356 flights, with Cheongju Airport seeing a 109% increase in arrivals in the first half of the year, totaling about 62,000, while Daegu Airport recorded approximately 57,000."If tourists arrive at Cheongju Airport and immediately take the SRT to Seoul, nothing remains in the region," he said.To prevent this, KTO is developing 35 ultra-regional tourism courses connecting the Chungcheong and Yeongnam regions and has identified 333 region-specific content pieces to distribute as marketing guides to overseas branches. KTO is also focusing on attracting tourists through cruises and ferries."The gateways to Korea are airports, cruises, and ferries. We are simultaneously enhancing these three channels," he stated.Recently, negotiations were held with representatives of five ferry companies in Qingdao, China, and a new tourism council centered around Yeosu is being established. The regional tourism council that started in Cheongju and Daegu is planned to expand nationwide by the end of the year.The 'Half-Price Travel' initiative, aimed at promoting local tourism, has seen about 200,000 applicants this year, with 81.2% of participants stating they would not have visited the area without the program. The digital tourism resident card also generated approximately 40.9 billion won in local spending last year. However, Park emphasized, "Promotions are merely a trigger for visits; the true power to bring people back lies in the content."Tourism Ventures and AI: The Next StageKTO is assisting domestic tourism companies in expanding overseas through support centers in Singapore, Tokyo, and Bangkok, with plans to extend to Vietnam and Malaysia. "Overseas expansion should not be a one-time achievement. Establishing a sustainable revenue model locally is key," he said.He expressed disappointment that there are currently no global unicorn companies in the domestic tourism industry. He proposed a 'Lifecycle Nurturing Master Plan' as a solution, aiming to integrate previously fragmented support programs into a systematic nurturing process.Park emphasized, "We need a 'lifetime care' approach that connects everything from discovering companies to initial space and funding support, pilot projects through inter-company matching, investment attraction, and finally, support for establishing overseas branches."KTO plans to share a blueprint for nurturing global unicorn companies at the upcoming tourism venture networking event, 'I-eum Week,' in September.Park is also accelerating efforts in artificial intelligence (AI) and data utilization. The goal is to enhance the 'Data Lab' so that when users ask questions in natural language, AI can find and combine relevant data and present it in an easily understandable format. The beta version is expected to be launched by the end of 2027.Additionally, KTO plans to consolidate various membership services under 'Visit Korea.' The integration of 13 B2C sites is set to be completed by the second half of 2027, with a goal of increasing the current membership from approximately 1.6 million to 10 million.Park views the Data Lab and integrated membership information as core assets of Korean tourism. He believes that as data on tourist interests and behaviors accumulates, it will enable more sophisticated tourism marketing and personalized guidance. KTO aims to establish an AI-based next-generation integrated tourism information platform by 2028."As membership data accumulates, Visit Korea and the Data Lab will become indispensable assets of Korean tourism," he concluded.* This article has been translated by AI. 2026-08-05 00:04:00
  • Tourism Industry Pushes Back Against Casino Regulation Changes
    Tourism Industry Pushes Back Against Casino Regulation Changes The tourism industry is expressing growing concerns over proposed regulatory changes to the casino sector. The government's plans to increase the upper limit of tourism development fund contributions and introduce a five-year license renewal system are seen as threats to the survival of the casino industry and could halt significant private investments.On August 4, a policy discussion on improving laws and regulations for the casino industry was held at the Korea Press Center in Jung-gu, Seoul, hosted by the Korea Tourism Association. Attendees from the casino sector unanimously urged that investment stability and industry development policies should take precedence over regulatory tightening.During the meeting, urgent voices were raised, stating, "If the fund contributions increase, investments will inevitably stop." The integrated resort sector, which has already made large-scale investments in the trillions of won, warned that raising the fund contribution limit from the current 10% to 15% would make it virtually impossible to turn a profit and would obstruct future investments.Kim Ho-yeon, a strategy director at Inspire, emphasized, "Inspire is not just a casino operator; we are investing in the K-culture ecosystem by establishing the largest arena in the country with an investment of 400 billion won. Our structure reinvests casino profits into cultural facilities and tourism infrastructure, but an increase in fund contributions will significantly worsen our capacity for private investment."Concerns about financial crises stemming from the 15% contribution rate increase were also significant. Lee Jang-seong, a finance director at Lotte Tour Development, noted, "Despite generating over 470 billion won in casino revenue last year, we paid 51.5 billion won in contributions, resulting in a pre-tax loss of 4.5 billion won. If we are required to pay hundreds of millions more, the impact will be tremendous."He added, "Since the controversy over this policy reform, our lenders have been inquiring negatively about refinancing options. Some investors have sent early repayment demands."Criticism was also directed at the revival of the five-year casino license renewal system, which has not been in place for over 30 years. Concerns were raised that this could disrupt business continuity and significantly undermine job security for employees.Bang Sang-hoon, a human resources director at Lotte Tour Development, stated, "This will lead to various side effects, including job insecurity for employees and uncertainty for operators regarding the continuity of their businesses." The labor union at Paradise SegaSammy Casino also expressed that the increased costs from fund hikes would ultimately be passed down to workers in the form of reduced wages and job security.Despite the industry's strong pushback and expressions of crisis, the Ministry of Culture, Sports and Tourism responded to claims of excessive regulation, stating that many aspects of the industry's assertions are inaccurate.On August 3, the ministry explained the background for the proposed tourism fund contribution system and license renewal system, clarifying that the plan is not to apply a flat 15% rate but to consider a progressive system that would only apply the 15% rate to excess revenue above a newly established high-revenue threshold, suggesting that the actual additional burden would be much lower than industry estimates.In response to criticisms that basing fund contributions on revenue rather than operating profit is unfair, the ministry pointed out that major casino-operating countries like the U.S., Singapore, and Macau also base their contributions on revenue. It noted that a 1999 Constitutional Court ruling found that imposing fees based on total revenue does not violate equal rights.Furthermore, regarding the five-year license renewal system, the ministry clarified that it is not a 're-licensing' process that would start from scratch for existing operators but rather a system that regularly assesses whether they continue to meet licensing conditions. The ministry stated, "Major countries worldwide also conduct periodic reviews of the casino industry. It is rare to find a system that grants licenses without an expiration date for a patented business like casinos."* This article has been translated by AI. 2026-08-05 00:04:00
  • Profile: Marketer Expands South Koreas Tourism Market
    Profile: Marketer Expands South Korea's Tourism Market Park Seong-hyeok, president of the Korea Tourism Organization, is a private sector expert with over 30 years of experience in global brand strategy. He has made a name for himself more in corporate settings than in the tourism industry.He graduated from Hankuk University of Foreign Studies with a degree in journalism and earned a master's degree in media studies from Chung-Ang University. He also completed a doctoral program in media communication at Hankuk University of Foreign Studies. For more than 30 years, he worked at Cheil Worldwide, handling global marketing and leading brand campaigns for major domestic companies. He held various positions, including head of the German branch, European general manager, North American general manager, and vice president of the global division, where he directed brand strategies in overseas markets.When he was appointed president of the Korea Tourism Organization in December last year, many in the tourism sector were intrigued by his background in global marketing. Park believes that his experience is beneficial in his current role.He frequently emphasizes the term 'market' when discussing tourism. Throughout the interview, he stressed that "30 million is not just a number; it represents a market." An increase in foreign tourists leads to expanded flight routes, investments in accommodation facilities, and tourism content, which in turn attracts more visitors to the region. His perspective prioritizes the growth potential of the market over the number of tourists.Interest naturally shifts toward this area. He aims to integrate K-culture, medical tourism, MICE (meetings, incentives, conferences, and exhibitions), and regional tourism content to extend visitors' stay and increase spending. He is focused on creating an environment where tourists return and spend more time in the region.A marketer who has spent over 30 years growing brands in the global market is now tasked with expanding South Korea's tourism market. When asked how he wants to be remembered at the end of the interview, he paused for a moment before responding."I want to be remembered as someone who is genuinely passionate about tourism, who helped expand our country's global tourism territory and fostered a healthy ecosystem."* This article has been translated by AI. 2026-08-05 00:04:00