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Summer visitors flock to Sanasa valley for relief from the heat Summer visitors enjoy water play at Sanasa Valley in Yangpyeong, Gyeonggi Province, August 4, 2026. 2026-08-04 18:38:08 -
Semiwon lotus festival blooms in Yangpyeong A spot-billed duck drinks water at Semiwon in Yangpyeong, Gyeonggi Province, August 4, 2026. 2026-08-04 18:36:18 -
Naver Hires Kim Sun-ho as Senior Management Advisor to Strengthen Defense AI Initiatives Naver has hired Kim Sun-ho as a senior management advisor. This move is seen as a strategy to enhance its public and defense sector artificial intelligence (AI) initiatives and its Sovereign AI strategy by bringing in an expert with experience in defense policy and organizational operations.According to industry sources on August 4, Kim is currently coordinating his start date with Naver.This hiring is viewed as a response to the expanding adoption of AI in government and defense sectors. Given the importance of security and data sovereignty in defense, it appears that Naver recognizes the need for a deep understanding of military organizations and policy environments to successfully expand its business in this area.Kim is regarded as an expert in military capability and planning. He served for over 30 years, graduating from the Army Academy as part of the 43rd class, and held positions such as Director of the Joint Chiefs of Staff's Capability Planning Division and Commander of the Capital Defense Command. He retired as a lieutenant general in 2020 and was appointed Deputy Minister of National Defense in October 2023, serving until June of the following year.Naver has been accelerating its efforts to expand AI initiatives in the defense sector. Naver Cloud is working on establishing a foundation for defense AX and aims to deploy AI agents across all areas of defense by 2030.* This article has been translated by AI. 2026-08-04 18:36:00 -
Semiwon lotus festival blooms in Yangpyeong Visitors take photos of lotus flowers at the Semiwon Lotus Flower Cultural Festival in Yangpyeong, Gyeonggi Province, August 4, 2026. 2026-08-04 18:34:43 -
Semiwon lotus festival blooms in Yangpyeong A visitor takes photos in front of lotus flowers at the Semiwon Lotus Flower Cultural Festival in Yangpyeong, Gyeonggi Province, August 4, 2026. 2026-08-04 18:30:41 -
Semiwon lotus festival blooms in Yangpyeong Visitors take photos in front of lotus flowers at the Semiwon Lotus Flower Cultural Festival in Yangpyeong, Gyeonggi Province, August 4, 2026. 2026-08-04 18:29:12 -
Challenges Ahead for POSCO Chairman Jang In-hwa as Term Expires Jang In-hwa, chairman of POSCO Group, is focusing on improving management performance in the second half of the year as he approaches the end of his term early next year. The market views the recovery of profitability in the steel sector, growth in the lithium business, and safety management outcomes as key factors determining the success of Jang's leadership.According to industry sources, Jang's term lasts until March 2027. Within POSCO, there is uncertainty regarding Jang's reappointment due to the company's decision in 2023 to eliminate the priority review system for the current chairman's reappointment, meaning he must undergo the same evaluation as other candidates.Jang has not officially expressed his intention to seek reappointment. However, analysts suggest that his recent direct involvement in announcing the group's portfolio restructuring and long-term investment strategies may indicate preparations for a potential reappointment.Jang faces several challenges during his term. The most urgent issue is restoring competitiveness in the core steel business. While POSCO Holdings reported increases in both revenue and operating profit in the second quarter of this year, the operating profit in the steel sector fell by 33% year-on-year to 403 billion won.Compared to the previous quarter, there was a recovery due to rising sales prices and increased sales volume. However, structural pressures remain, including oversupply from China, competition from low-cost products, and sluggish domestic construction activity.Frequent safety incidents also pose risks. Since taking office, Jang has worked to strengthen safety management systems by establishing a special task force for safety inspections and launching a safety-focused subsidiary, POSCO Safety Solutions. However, ongoing industrial accidents at POSCO E&C and steel mills have raised concerns about the effectiveness of safety management.The lithium business, which Jang aims to develop as a future growth pillar, is also under scrutiny. POSCO Argentina recorded its first quarterly profit in eight years in the second quarter, signaling potential profitability improvements. However, the market is more focused on sustainability than one-time results.With initial cost burdens from new plant operations and ongoing price volatility in lithium, there is a need to demonstrate a stable profit-generating structure.On a positive note, POSCO Holdings is on the verge of receiving approval from the Argentine government for a large-scale investment attraction system (RIGI), making it the first Korean company to do so. If approved, the company could benefit from various tax incentives, including corporate tax reductions and customs exemptions, which are expected to enhance the profitability of its local lithium operations.One industry insider remarked, "The position of POSCO chairman has far more variables regarding reappointment than that of a typical corporate CEO. Achieving solid performance is essential, but the management must also demonstrate results that are convincing to both the government and the market to strengthen the justification for reappointment."* This article has been translated by AI. 2026-08-04 18:28:00
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Musinsa Provides Relief Supplies to Customers Affected by Kumamoto Earthquake Musinsa has begun providing relief supplies to customers in Japan's Kyushu region affected by a recent earthquake.According to industry sources on August 4, Musinsa is shipping relief supplies along with orders from customers residing in the Kyushu area who shop at the 'Musinsa Global Store.' This initiative follows a magnitude 7.1 earthquake that struck near Uki City in Kumamoto Prefecture on July 28, resulting in 13 fatalities and significant damage.The relief supplies include arm sleeves and a set of three hand towels from Musinsa's private brand, Musinsa Standard, as well as regular towels. A postcard with a message wishing for the swift recovery of affected residents is also included.A Musinsa representative stated, "Starting from the shipments on July 31, we have been packaging relief supplies together with orders. We plan to include relief items with all products shipped to the Kyushu region based on postal codes until mid-August." The representative added, "We extend our deepest condolences to all those affected by the sudden earthquake and hope for a quick return to normalcy."The response from Japan has been positive, with some customers expressing their gratitude on social media platforms like X (formerly Twitter), stating, "It’s amazing and heartwarming to hear that a Korean fashion company is sending relief supplies to earthquake victims in Kumamoto."Meanwhile, Japan is considered a key market for Musinsa's global operations. The company plans to open a pop-up store, 'Musinsa Station in Harajuku,' at the Yodobashi J6 building in Tokyo from August 21 to 30, showcasing approximately 2,700 products from 77 domestic fashion and beauty brands.* This article has been translated by AI. 2026-08-04 18:24:00
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Toyota Raises Profit Outlook Amid Yen Weakness, Shares Decline Japan's Toyota Motor Corporation has raised its profit forecast for the fiscal year 2027 (April 2026 to March 2027) by 250 billion yen (approximately $2.27 billion), now projecting a net profit of 3.25 trillion yen (about $29.5 billion). This increase is attributed to a revised yen-to-dollar exchange rate estimate, which was adjusted from 150 yen to 160 yen per dollar, resulting in a profit boost of 480 billion yen. Toyota also announced a plan to buy back up to 1 trillion yen worth of its own shares.According to the Nihon Keizai Shimbun (Nikkei) on August 4, Toyota reported a 10% increase in first-quarter operating revenue (sales) for fiscal 2027 (April to June 2026), totaling 13.5254 trillion yen, while operating profit fell by 9% to 1.0634 trillion yen. However, net profit surged by 76% to 1.477 trillion yen. Despite accounting for a 60 billion yen loss due to the halt in development of the next-generation electric vehicle (EV) 'LF-ZC', the weak yen supported overall performance.For the entire fiscal year 2027, Toyota forecasts a consolidated net profit of 3.25 trillion yen, a 16% decrease from the previous year. This figure is an increase of 250 billion yen from the earlier estimate of 3 trillion yen. Operating revenue is expected to rise by 7% to 54 trillion yen, while operating profit is projected to decline by 10% to 3.4 trillion yen. Compared to previous forecasts, operating revenue and profit have been adjusted upward by 3 trillion yen and 400 billion yen, respectively.The primary factor behind the improved profit outlook is the weak yen, with the exchange rate estimate for the fiscal year raised by 10 yen to 160 yen per dollar. Toyota estimates that for every 1 yen depreciation against the dollar, operating profit increases by 50 billion yen, and for every 1 yen depreciation against the euro, it rises by 10 billion yen.Additionally, Toyota has revised its expectations for the negative impact of Middle Eastern geopolitical tensions on its performance, reducing the anticipated decline in operating profit from 670 billion yen to 510 billion yen due to production cuts and rising raw material prices. The company has changed its export route for shipments to the Middle East, now transporting them overland before passing through the Strait of Hormuz. The surge in material prices has also subsided compared to the beginning of the fiscal year.On the same day, Toyota announced its share buyback plan, which will run from August 5 to August 4 of next year, with a maximum of 500 million shares, or 4.22% of total issued shares, to be repurchased for up to 1 trillion yen. Excluding the tender offer for Toyota shares, this marks the second-largest buyback in history, following the 1.2 trillion yen buyback in 2024. The company plans to retire 200 million shares from its treasury stock.Stock Prices DeclineDespite the raised profit outlook, Toyota's stock showed weakness. At one point in the afternoon, shares rose by 2.17% to 3,028 yen but later fell to 2,871 yen, ultimately closing down 1.52% at 2,918 yen.The first reason for the decline is that the upgraded profit outlook fell short of market expectations. The operating profit forecast of 3.4 trillion yen is nearly 490 billion yen lower than the market average estimate of 3.8897 trillion yen. The net profit forecast also lags behind the market expectation of 3.633 trillion yen.Exchange rates also played a role in the stock's decline. Following coordinated intervention by U.S. and Japanese authorities on July 31, the yen-dollar exchange rate fell to the 157 yen range, which is far from the 160 yen assumption used by Toyota. This raised concerns that the benefits of the weak yen on profits may be limited, prompting sell-offs.Meanwhile, Toyota is maintaining its production and sales plans as previously outlined. The company aims to produce 10 million vehicles, including Lexus models, and sell 10.5 million vehicles during this fiscal year. It plans to adjust its next-generation EV development while enhancing the competitiveness of its hybrid vehicles. Additionally, from 2027 to 2028, Toyota will gradually transition its hybrid vehicle battery line in Japan from nickel-metal hydride to lithium-ion, targeting a capacity of 600,000 units. This change is expected to reduce costs by tens of thousands of yen per vehicle.Toyota's global hybrid vehicle sales, including Lexus, are projected to exceed 5 million units for the first time this year. Chinese manufacturers are also increasing their investments in hybrid technology. In its announcement, Toyota revealed a long-term plan for China's CATL to produce hybrid batteries for Toyota in Indonesia, with an annual capacity of 200,000 units.* This article has been translated by AI. 2026-08-04 18:20:10
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South Korea and Bangladesh Reach Preliminary Agreement on CEPA, Reducing Tariffs on Cars and K-Food South Korea and Bangladesh have reached a preliminary agreement on a Comprehensive Economic Partnership Agreement (CEPA). This agreement will lower tariff barriers on key exports, including K-food items like ramen and seasoned seaweed, as well as diesel, automobiles, and home appliances, paving the way for access to Bangladesh's market of 170 million people.The Ministry of Trade, Industry and Energy announced that Yeo Han-goo, head of the Trade Negotiation Headquarters, and Khandaker Abdul Muktadir, Bangladesh's Minister of Commerce, jointly declared the preliminary agreement in Dhaka on August 4.The preliminary agreement signifies that the two countries have agreed on the main contents of the accord, effectively concluding negotiations, with only technical details remaining to be finalized through practical discussions. The two nations began negotiations in November 2024 and have held five official rounds of talks along with interim discussions.Bangladesh, the eighth most populous country in the world, has recorded an average economic growth rate of about 6% over the past decade. Last year, trade between the two countries reached $2.37 billion, a nearly 20% increase from the previous year. This agreement marks the second CEPA that South Korea has concluded with a South Asian country, following India.Under the agreement, both countries will open their markets to 81.7% of South Korean goods and 81.4% of Bangladeshi goods. Bangladesh will eliminate the 6% tariff on diesel, South Korea's top export item. Tariffs on completely knocked down (CKD) passenger cars, cargo trucks, and all automotive parts will also be removed. Currently, the tariff rate on CKD vehicles ranges from 53.6% to 220%, while automotive parts face a 28% tariff.Other items included in the tariff elimination are lubricating oils, lithium-ion batteries, air conditioners, and washing machines. For complete vehicles, Bangladesh has agreed to ensure that they will not be treated less favorably than vehicles from other countries in the future.The price competitiveness of K-consumer goods is also expected to improve. Tariffs on ramen, coffee products, and seasoned seaweed, which currently face a 53.6% tariff, will be eliminated, as will the 85.6% tariff on snack foods. For petroleum and chemical products, steel, electrical and electronic devices, machinery, and K-beauty products, a relatively flexible origin criterion will be applied, allowing for some use of non-origin materials and parts to qualify for preferential tariffs.In the services market, the agreement secures a foundation for entry into over 90 sectors, including K-content, e-learning, healthcare, telecommunications, construction, and distribution. It also includes digital trade norms that allow cross-border information transfer and prohibit localizing computer equipment and source code transfer requirements. An investor-state dispute settlement (ISDS) procedure will be introduced to strengthen protections for local investors.There are expectations for expanded exports linked to Bangladesh's high infrastructure demand. Tariffs on steel will be gradually eliminated, and tariffs on construction machinery such as excavators and bulldozers, as well as agricultural and textile machinery, will be removed immediately. The construction and engineering services market will also be opened, broadening opportunities for domestic companies to participate in road, rail, port, and power plant projects.The Ministry plans to proceed with domestic procedures for the formal signing and implementation of the agreement as soon as the remaining technical discussions are completed.Yeo stated, “The Korea-Bangladesh CEPA will connect our businesses with a promising market of 170 million people and serve as a institutional foundation to expand bilateral relations from trade in goods to economic cooperation encompassing infrastructure and industry.”* This article has been translated by AI. 2026-08-04 18:20:00