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  • Kakao Pay Reports Record Q2 Operating Profit of 58.6 Billion Won
    Kakao Pay Reports Record Q2 Operating Profit of 58.6 Billion Won Kakao Pay achieved record revenue and operating profit in the second quarter of this year, driven by balanced growth across its payment, financial, and platform businesses.The company reported consolidated revenue of 335.1 billion won and an operating profit of 58.6 billion won for the second quarter, marking a 40.6% increase in revenue and a staggering 528.2% rise in operating profit compared to the same period last year. Net profit for the quarter reached 49.6 billion won, up 251.3%.The record performance is attributed to several factors, including growth in data-driven payment services, the expansion of the 'Kakao Pay Score' initiative, and rapid growth in its insurance and investment subsidiaries.In the second quarter, the consolidated transaction volume reached 54.2 trillion won, a 20% increase from the previous year. By sector, transaction volume in payment services grew by 25%. Online payments increased by 16% due to the expansion of external merchant payments, while offline payments surged by 58% thanks to benefit programs like 'Good Deal.' International payments also grew by 21%, fueled by demand from inbound travel and strategic merchant promotions.Revenue increased across all sectors: payment services revenue rose by 13% to 141.4 billion won, while financial services revenue jumped 75% to 175.2 billion won, driven by growth in investment and insurance services. For the first time, financial services accounted for over half of total revenue, reaching 52%.Platform services revenue grew by 44% to 18.5 billion won, supported by growth in advertising and communication intermediary services. Monthly users of offline payment services surpassed 6 million, with a cumulative transaction count of 150 million for the quarter, representing increases of 21% and 31%, respectively, compared to the previous year.Subsidiary performance also continued to grow. Kakao Pay Securities saw total entrusted assets increase by 279% year-on-year, with stock and pension assets rising by 391%. Kakao Pay Insurance reported revenue of 25.6 billion won, more than double that of the previous year.Shin Won-geun, CEO of Kakao Pay, stated, “Our profitability-focused business structure has been established through synergies from data-driven customized services, enhanced user retention, and operational efficiency of our subsidiaries. We aim to strengthen our position as a next-generation financial platform based on our unique data and platform capabilities.”* This article has been translated by AI. 2026-08-04 14:56:00
  • Tight Race for Leadership in Democratic Party as Candidates Focus on Honam Region
    Tight Race for Leadership in Democratic Party as Candidates Focus on Honam Region Democratic Party leadership candidates Jung Cheong-rae, Kim Min-seok, and Song Young-gil visited the Honam region on August 4, ramping up their final campaign efforts. With one-third of party members located in Honam, the candidates engaged in a fierce battle ahead of a televised debate scheduled for August 5.Jung focused on garnering support in Honam by visiting local markets in Gwangju and holding policy discussions with organizations such as the Association of the Disabled and firefighters. During a policy meeting with the Disabled Association, he stated, "Just as Honam has faced discrimination, so too have the disabled. I will work to address their grievances and provide solutions for both Honam and socially vulnerable groups."Jung also continued his attacks on Kim, who raised allegations regarding Jung's ties to the Shincheonji cult. On Facebook, Jung demanded, "If you cannot substantiate your claims about Shincheonji, you should apologize. How long will you continue to jeopardize the party and act as if you are uninvolved?"Following his visit to Honam on August 3, Kim targeted party sentiment in North Jeolla Province, visiting cities such as Namwon, Jeongeup, Gimje, and Iksan. He appeared on the YouTube channel 'Seoul's Voice' and reiterated the importance of the 'mega project' being pursued by the Lee Jae-myung administration in Honam, stating, "The most significant task is to ensure the success of the mega project."Kim emphasized the need for seamless cooperation between the party and the government, indirectly criticizing Jung, who faced allegations of conflict during his previous leadership. On Facebook, Kim declared, "I will quickly fill the gaps in party-government cooperation. We are on the brink of a golden era, and we cannot destabilize the president and the government now."Song, hailing from Goheung in Jeonnam, began his campaign in Honam by visiting Hwasun and Naju. At a public discussion in Hwasun, he promised to develop the vaccine bio-industry into a cluster and to work towards making Naju a hub for nuclear fusion energy.Song also expressed concerns about the party's stability due to Jung's faction, stating, "I decided to run in the leadership election to prevent Jung from seeking re-election. I believe it is very dangerous for Jung's supporters to attack the president. I will address this issue in the upcoming leadership election. Uniting Song Young-gil from Honam with President Lee from Gyeongsangbuk-do is essential for national unity."* This article has been translated by AI. 2026-08-04 14:52:00
  • Government Accepts Abolition of Prosecutorial Investigation Rights
    Government Accepts Abolition of Prosecutorial Investigation Rights The amendment to the criminal procedure law, which centers on the separation of investigation and prosecution, passed the Cabinet meeting on August 4. This marks the end of prosecutorial investigation rights that have been in place since the enactment of the law in 1954. Starting October 2, most complaints and reports will be received by the police.The government plans to accept the legislative decision of the National Assembly while initiating follow-up measures to prevent the monopolization and excessive expansion of police investigation powers.President Lee Jae-myung stated during the Cabinet meeting at the Blue House, "It is not a situation serious enough to deny the legislative authority of the National Assembly due to unconstitutionality, inability to enforce, violation of national interests, or infringement on the executive branch's unique powers." This is interpreted as a clear indication that he will not exercise his veto power.President Lee reiterated, "A veto cannot be exercised simply because of differing opinions," emphasizing that he will not invoke the right to request reconsideration. He described the separation of investigation and prosecution as the first step toward normalizing an abnormal criminal justice system, calling it a "necessary measure for the rightful governance of all power institutions under the control of the people."However, he expressed concerns about the potential for police powers to become excessive following the abolition of prosecutorial investigation rights. He urged the need to revise related laws and systems, enhance the fairness and capability of investigations, and strengthen democratic oversight to prevent unjust harm to citizens.Additionally, President Lee addressed the necessity of the real estate tax reform announced by the government the previous day. He pointed out the inequity between taxes imposed on labor income and those on capital gains from real estate.He noted, "While the top labor income tax can reach up to 49.5% with various additions, taxes on capital gains from real estate, even when they amount to hundreds of millions of won, are only a few million won. It is unfair that those who invest and earn tens of millions of won pay almost no taxes compared to labor income earners."President Lee characterized the current tax system as favoring real estate investment and speculation over genuine housing needs, labeling the reform as a "normalization of the tax system." He explained that the phased restoration of the heavy taxation on multiple homeowners is not an extension of a grace period but a temporary measure to encourage the sale of properties.He emphasized, "Consistency in policy is very important. Decisions should be made carefully, but once made, they must be resolute to build trust in government policy." 2026-08-04 14:52:00
  • Gunpo City Corporation Enhances Data Protection Amid Rise of Generative AI
    Gunpo City Corporation Enhances Data Protection Amid Rise of Generative AI Gunpo City Corporation is enhancing its data protection capabilities through training for employees in response to the growing importance of personal data security amid the rise of generative AI.According to the corporation, on July 30, it conducted a "2026 Personal Data Protection and AI Security Training" for personal data managers and handlers.This training was organized as part of mandatory periodic education under the Personal Data Protection Act, focusing on key aspects of the law, protective measures at each stage of data processing, and procedures for responding to data breach incidents.In particular, the training addressed the risks of personal data leaks that may arise during the use of AI, reflecting the rapidly expanding use of generative AI, and aimed to raise employees' awareness of digital security.Attendees expressed that the training helped clarify standards for personal data protection as the use of AI in their work increases, with one participant noting, "The training based on real cases was helpful for immediate application in the field."Citizens also responded positively to the expansion of personal data protection and AI security training.One resident of Gunpo stated, "As public institutions utilize generative AI, training to manage personal data safely is essential. I hope ongoing education will allow citizens to use public services with confidence."Meanwhile, Baek Jae-guk, the corporation's president, remarked, "Protecting personal data is a fundamental responsibility to maintain citizens' trust." He added, "We will actively respond to evaluations of our data protection levels and continuously promote a culture of data protection and safe AI usage in line with the changing digital environment."* This article has been translated by AI. 2026-08-04 14:48:10
  • Oh Se-hoon Criticizes Lee Jae-myungs Real Estate Tax Policy as a Tax Hell
    Oh Se-hoon Criticizes Lee Jae-myung's Real Estate Tax Policy as a 'Tax Hell' Oh Se-hoon, the Mayor of Seoul, sharply criticized the real estate tax reform plan proposed by the Lee Jae-myung administration, calling it a "tax hell policy" where taxes increase whether one buys or sells a home. He argued that the government's reliance on tax increases instead of expanding supply distorts the market, ultimately harming low-income citizens and young people the most. On August 4, Oh stated on his social media, "The government talks about expanding supply, but there are no practical measures to increase supply in this plan. Simply raising taxes will not stabilize housing prices; it will only make the market more unstable." He identified the strengthening of long-term holding tax exemption requirements as a key aspect of the reform. Under the new rules, merely holding a property for a long time will not qualify for tax benefits; actual residency in the property will be required to receive exemptions. He criticized this as effectively sending a message to the market that "if you do not reside in the property, you will pay more capital gains tax." Oh also expressed skepticism about the government's expected market effects. While the government anticipates that increasing tax burdens will lead to more properties being listed for sale, he noted that in reality, many owners may choose to hold onto their properties despite the tax increases, resulting in only a few urgent sales. He asserted, "If there are not enough properties on the market, the effect of stabilizing housing prices will inevitably be limited." Oh raised concerns that middle-class and low-income families would suffer the most. He warned that if homeowners seek to reduce their capital gains tax burden by evicting tenants to live in their properties, it could lead to a decrease in rental supply and an increase in rental prices. He pointed out, "Ultimately, the victims will not be the multiple homeowners but the young people and low-income families who need to secure rental housing." He also highlighted the complexity of the new system as a problem. For single homeowners living in different regions due to work or livelihood, it is unclear what criteria will be used to recognize their residency, and what exceptions will be allowed, which could confuse not only the public but also tax professionals. Oh noted that the market has already begun to identify loopholes in the policy. "The government claims it is targeting high-priced homes, but in reality, there is a movement in the market to seek out relatively lower-priced properties, known as 'less desirable single units.' The market is looking for new tax-saving methods rather than following the path laid out by the policy," he said. He emphasized, "The most certain way to stabilize the real estate market is not through taxes but through supply. The public must have confidence that housing will continue to be supplied steadily for the market to stabilize." He continued, "Expanding supply through redevelopment and reconstruction is the fundamental solution. We must shift away from trying to manipulate the market through taxes and move towards a supply-centered real estate policy." The debate surrounding the government's tax reform continues, with questions about whether a policy that raises tax burdens without expanding supply can stabilize the market. Major economic and real estate publications have consistently pointed out that merely strengthening capital gains and holding taxes could lead to a repeat of transaction stagnation and inventory lock-up. Meanwhile, the government and ruling party maintain that these measures are necessary to establish a market order focused on actual demand and curb speculative demand. As a result, the discussion over the effectiveness of this tax reform is expected to continue for the foreseeable future.* This article has been translated by AI. 2026-08-04 14:48:00
  • Gunpo City Corporation Enhances Data Protection Skills in AI Era
    Gunpo City Corporation Enhances Data Protection Skills in AI Era Gunpo City Corporation is enhancing its data protection capabilities amid the growing importance of safeguarding personal information in the era of generative AI. On July 30, the corporation conducted a training session for data protection managers and personnel handling personal data, titled '2026 Personal Data Protection and AI Security Training.'This training was organized as part of the mandatory periodic education required under the Personal Information Protection Act, focusing on key aspects of the law, protective measures at each stage of data processing, and procedures for responding to data breach incidents.In light of the rapid proliferation of generative AI, the training also addressed the risks of personal data leaks during AI usage and safe practices, aiming to raise employees' awareness of digital security.Attendees expressed their appreciation for the training, stating, 'As the use of AI in our work increases, it was a valuable opportunity to clearly understand the standards for personal data protection,' and 'The training, based on real cases, will help us apply what we learned directly in the field.'Citizens have also responded positively to the expansion of personal data protection and AI security training. One resident of Gunpo remarked, 'As public institutions utilize generative AI, training to manage personal data safely is essential. I hope ongoing education will allow citizens to use public services with confidence.'Meanwhile, Baek Jae-guk, the corporation's president, stated, 'Protecting personal data is a fundamental responsibility to maintain citizens' trust.' He added, 'We will actively respond to evaluations of our data protection levels and continue to promote a culture of data protection and safe AI usage education in line with the changing digital environment.' 2026-08-04 14:48:00
  • Russia Open to Negotiations if West Shows Constructive Attitude; Ukraine Pushes for Peace Before Winter
    Russia Open to Negotiations if West Shows Constructive Attitude; Ukraine Pushes for Peace Before Winter Russia has stated it is prepared to engage in negotiations to end the war in Ukraine if the West adopts a constructive attitude. In response, Ukraine has outlined a strategy to pressure Moscow into choosing peace before winter through a combination of diplomacy, sanctions, and medium- to long-range attacks.On August 3, Mikhail Galuzin, Russia's Deputy Foreign Minister, said at the third Kazakhstan-Russia Media Forum in St. Petersburg, "We are always ready for negotiations and open to solutions through dialogue." He claimed, "The party that has deviated from negotiations is Ukraine," asserting that Ukraine has shown inconsistent behavior by withdrawing from talks and then prohibiting negotiations.Galuzin emphasized that if the Western nations supporting Ukraine recognize the need for honest and constructive dialogue to address the root causes of the conflict, there could be a possibility for negotiations.He criticized the West for not yet showing readiness for dialogue, stating, "So far, we have not heard constructive proposals regarding the Ukraine issue from Western countries. Instead, the West sometimes uses ultimatum-style language." He also accused the West of deluding itself into thinking that a war of attrition or economic measures could succeed, claiming they are using unfair competition to secure economic benefits and abusing their influence over international financial institutions.Galuzin reiterated that military operations would continue if conditions for negotiations are not established. He stated, "If the other side is not prepared and the Kyiv regime shows no willingness to adhere to agreements made between Western sponsors and Russia, we will continue our special military operation," adding, "We will eliminate the root causes of the conflict and protect our interests through military means."He also denied speculation that Russia is indirectly negotiating with the West through Kazakhstan, asserting that they are in direct contact with forces that can influence the Kyiv regime and have not requested Kazakhstan to relay messages to the West.Previously, Kazakhstan President Kassym-Jomart Tokayev mentioned on July 25 that he had received various messages from Europe and the United States regarding the Ukraine war during a meeting with Russian President Vladimir Putin.Ukraine Aims for Peace Before WinterIn contrast, Ukraine is focused on intensifying diplomacy, economic sanctions, and medium- to long-range attacks to draw Russia into negotiations before winter.According to the Kyiv Post, Ukrainian President Volodymyr Zelensky stated during a meeting with heads of diplomatic missions in Kyiv on August 3, "We will do our utmost to end the war in the fall before winter arrives."Zelensky claimed, "Putin is preparing for additional mobilization and new attacks in Russia," asserting, "We see Russia's true intentions and are rallying our partners to pressure the aggressor."He emphasized the need to strengthen diplomatic efforts, Western economic sanctions, and attacks on Russia's military, logistics, and energy facilities to ensure that Russia has no choice but to pursue peace.* This article has been translated by AI. 2026-08-04 14:44:00
  • Daewoo Engineering Surges Over 12% Following Strong Q2 Earnings Report
    Daewoo Engineering Surges Over 12% Following Strong Q2 Earnings Report Daewoo Engineering is experiencing a surge of over 12% after reporting second-quarter results that exceeded market expectations.According to the Korea Exchange, as of 2:34 PM, Daewoo Engineering shares were trading at 14,960 won, up 1,660 won (12.48%) from the previous trading day.The company announced that its consolidated operating profit for the second quarter of this year reached 232.3 billion won, a 182.6% increase compared to the same period last year. This figure surpasses the market forecast of 162.6 billion won by 42.9%.During the same period, sales decreased by 10.1% to 2.0435 trillion won, but net profit turned positive at 167.2 billion won. The company explained that while revenue declined due to a reduction in ongoing projects, the stabilization of cost rates and improved profitability in the construction division significantly boosted operating profit.In the first half of the year, new orders totaled 7.1285 trillion won, a 22.4% increase compared to the same period last year, with a backlog of 53.4019 trillion won. As a result, the annual new order target has been raised from 18 trillion won to 27 trillion won.Jang Mun-jun, a researcher at KB Securities, noted, "The second-quarter operating profit exceeded market consensus by 38.8%, and the cumulative gross profit margin (GPM) for the construction sector reached 21.2%, indicating a significant improvement in profitability."He added, "The visibility of contracts for five projects in the pipeline, including the Dukovany nuclear power plant, a fertilizer plant in Nigeria, Mozambique LNG, Papua New Guinea LNG CPF, and the Gadeokdo new airport, has increased for the second half of the year, prompting us to raise the new order guidance from 18 trillion won to 27 trillion won."Furthermore, he mentioned that the plant sector is expected to see margin normalization starting in the second half, and the business in Vietnam could significantly contribute to both scale and profits after 2027.* This article has been translated by AI. 2026-08-04 14:40:20
  • SK Itecnix Shares Surge Over 20% Amid Domestic Tax Credit Hopes and China Price Regulations
    SK Itecnix Shares Surge Over 20% Amid Domestic Tax Credit Hopes and China Price Regulations SK Itecnix shares have surged over 20% in response to the government's push for a domestic production tax credit, akin to the U.S. Inflation Reduction Act (IRA), and expectations of reduced price competition in China's solar industry.As of 2:19 PM on August 4, SK Itecnix was trading at 57,000 won, up 10,450 won (22.45%) from the previous trading day, according to the Korea Exchange.The government's announcement the day before regarding the introduction of a domestic production tax credit in its 2026 tax reform plan has stimulated investor sentiment. This tax credit is designed to minimize the impact of U.S. tariffs and encourage domestic investment in industries such as semiconductors, solar energy, secondary batteries, artificial intelligence, robotics, and wind power. The tax credit will be applicable to products produced and sold domestically, with additional incentives for local production facilities under consideration.Additionally, movements by the Chinese government to improve order in the solar industry have contributed to the rise in related stocks. The State Administration for Market Regulation in China conducted a price compliance guidance for the solar industry for the first time in about seven months, interpreted as a measure to alleviate excessive price competition and normalize supply order, leading to increased expectations for market improvement.As a result, solar-related stocks such as Tongwei and Xinyi Solar surged in the Chinese stock market the previous day, and polysilicon futures prices also hit their daily limit, reflecting improved investor sentiment across the solar value chain. In South Korea, buying interest has also flowed into renewable energy-related companies, including SK Itecnix.* This article has been translated by AI. 2026-08-04 14:40:00
  • LF OOFOS Sells 150,000 Pairs in Seven Months Since Launch
    LF OOFOS Sells 150,000 Pairs in Seven Months Since Launch LF's American recovery shoe brand OOFOS has surpassed 150,000 pairs sold in just seven months since its launch in South Korea.According to LF, OOFOS's sales in June increased approximately 40 times compared to January, when sales began. By the end of last month, total sales exceeded 150,000 pairs, and the brand ranked first in the monthly rankings on Musinsa.LF attributed OOFOS's growth to the rising popularity of wellness lifestyles that prioritize comfort.The flagship product, the Original Black flip-flop, has achieved a 99% sales rate. The newly introduced 'Plus' line, featuring improved comfort and design, also sold out quickly.OOFOS products utilize a patented material called OOFOAM and are designed with biomechanics in mind. They are known for their shock-absorbing properties, reducing foot strain and providing comfort not only for recovery after exercise but also for daily activities involving prolonged walking or standing.LF has expanded customer engagement by offering collaborative products and strategic items online, while also operating pop-up stores in department stores offline. In the second half of the year, the company plans to broaden its online and offline distribution networks and enhance wellness-related events.An OOFOS representative stated, "We aim to grow into a year-round lifestyle brand that suggests wellness in everyday life by combining recovery features with design and brand experience."Founded in 2010 in Massachusetts, OOFOS has established itself as a leading recovery shoe brand in the North American running and fitness market.* This article has been translated by AI. 2026-08-04 14:40:00