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Justice Minister Jeong Seong-ho Calls for Swift Revisions to Criminal Procedure Law Justice Minister Jeong Seong-ho commented on August 3 that the recent passage of the Criminal Procedure Law amendment through the National Assembly was unprecedentedly swift, stating, "It is the first time that the Criminal Procedure Law has been amended at the speed of light." He emphasized the need for prompt corrections if any adverse effects arise.After attending a ceremony for newly appointed prosecutors at the Government Complex in Gwacheon, Jeong told reporters, "While we designed the new system with good intentions, no one can predict how it will function in practice."He added, "The criminal justice system is crucial for protecting the lives, property, and safety of the public. If adverse effects lead to worsened situations for victims or inadequate protection, we must swiftly amend the law to align with the realities on the ground."However, the Ministry of Justice announced that it would not file a constitutional complaint regarding the amendment or recommend President Lee Jae-myung exercise his right to request reconsideration. Jeong stated, "The Ministry presented a consensus proposal during the legislative review process, and many relevant aspects were reflected in the final bill. It would not be appropriate for the Ministry to file a constitutional complaint."Regarding the right to request reconsideration, he noted, "Since the veto system was introduced, the minister has never been directly involved in such actions. It would not be appropriate for the Minister of Justice to recommend exercising the veto."Earlier, Jeong had indicated his intention to resign, reiterating his concerns about his health due to various issues, including the passage of the Criminal Procedure Law. He explained, "I have serious sleep disorders, which have made it quite burdensome to serve as Minister of Justice, prompting my decision to resign."In response to the resignation of Acting Prosecutor General Koo Ja-hyun, he urged prosecutors to remain steadfast in their responsibilities, stating, "In times like these, it is crucial not to be shaken and to take pride in our role as protectors of the public's lives, property, and safety. While Koo's resignation is unfortunate, I hope that frontline prosecutors will carry out their duties without wavering."* This article has been translated by AI. 2026-08-03 16:24:00 -
IBK Industrial Bank Launches 1 Trillion Won Fixed-Rate Loan for SMEs IBK Industrial Bank has introduced a specialized fixed-rate loan product worth 1 trillion won to alleviate the financial burden on small and medium-sized enterprises (SMEs) with low to moderate credit ratings.On August 3, the bank announced the launch of the 'Hope On Fixed-Rate Loan.'The loan limits are set at a maximum of 1 billion won for operating funds and 4 billion won for facility funds. Borrowers can also benefit from a rate reduction of up to 1 percentage point within the range of fixed and variable rates.To adapt to falling interest rates, the bank has provided an option to convert the fixed-rate loan to a variable rate.An IBK Industrial Bank official stated, "Through this product, we aim to ease the financial burden on SMEs with low to moderate credit ratings and support their growth into strong enterprises. We will continue to expand inclusive financial support as a reliable growth ladder for SMEs."* This article has been translated by AI. 2026-08-03 16:24:00
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Korea's 40C heat sends KOSDAQ-listed cooling appliance stocks soaring SEOUL, August 03 (AJP) — Cooling appliance stocks on South Korea's junior KOSDAQ market rallied Monday as record-breaking heat and prolonged tropical nights fueled demand for air conditioners, fans and dehumidifiers. Winix, which manufactures dehumidifiers and other home appliances, jumped 21.45 percent to close at 5,860 won. Paseco and Shinil Electronics, both known for electric fans and seasonal home appliances, gained 10.44 percent and 3.56 percent, respectively. SPG, a motor manufacturer whose products are widely used in cooling appliances and industrial equipment, rose 14.90 percent. The gains came as the country experienced one of its most severe heat waves on record, with temperatures climbing above 40 degrees Celsius in some areas. Investors piled into shares of cooling appliance makers on expectations that demand would remain strong despite broader market volatility. Early consumer data also suggest that demand is accelerating. According to the Korea Consumer Agency, inquiries about air conditioners in June surged 111 percent from the previous month, while those for electric fans climbed 109 percent. Forecasters expect the heat wave to continue. The Korea Meteorological Administration (KMA) warned on Monday that "parts of the Jeolla and Gyeongsang regions are expected to experience life-threatening levels of extreme heat, with maximum temperatures reaching 39 degrees Celsius." The agency issued its highest-level heat warnings for parts of South Jeolla and South Gyeongsang provinces. The agency urged people to avoid unnecessary outdoor activities, stay in air-conditioned places and remain hydrated. It also advised people to check on family members, neighbors and elderly people living alone, and to call emergency services if anyone shows signs of heat-related illness. 2026-08-03 16:22:20 -
U.S. Military Seeks Creative Strategies for Iran Pressure The U.S. military has reportedly requested ideas from internal analysts to find new ways to pressure Iran. According to CNN on August 2, a senior officer from the U.S. Central Command (CENTCOM) sent an email last week to several military analysts, stating, "We are looking for new, creative, and unconventional ways to pressure and punish Iran." Military officials noted that soliciting operational ideas through email is unusual. One source indicated that CENTCOM is reassessing existing strategies and reviewing all possible options. Timothy Hawkins, a spokesperson for CENTCOM, stated, "Commander Brad Cooper is seeking input from all members, regardless of rank, to enhance operational effectiveness." The idea solicitation comes as President Donald Trump was considering additional airstrikes against Iran. Reports suggest that Trump aimed to launch new attacks over the weekend but canceled them after regional leaders, including Saudi Crown Prince Mohammed bin Salman, urged for de-escalation. The U.S. has conducted airstrikes to weaken Iran's capabilities in the Strait of Hormuz and to bring Iran back to the negotiating table, but has not achieved significant results. The CIA and the Defense Intelligence Agency (DIA) have reportedly assessed that current bombing strategies are unlikely to change Iran's negotiating stance. The U.S. military has also considered additional strikes targeting Iran's underground nuclear facilities. However, these facilities are deeply buried, making them difficult to destroy with conventional weapons, and deploying ground troops could increase the risk of U.S. casualties and prolonged conflict. CENTCOM has developed plans for large-scale airstrikes over one to two weeks to neutralize Iran's missile capabilities. However, Trump has postponed these plans due to concerns over reduced stockpiles of air defense missiles and the potential for significant civilian casualties. There have also been discussions about launching strikes against previously targeted facilities or similar targets to declare a symbolic victory. However, critics argue that such limited airstrikes would not effectively address Iran's nuclear program or control over the Strait of Hormuz. A source involved in recent military planning discussions stated, "President Trump will likely seek to end the conflict through negotiation while maintaining a tough stance. As existing options diminish, new approaches are necessary."* This article has been translated by AI. 2026-08-03 16:20:00
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Samsung's latest foldables head into final hours of preorders SEOUL, August 03 (AJP) - Samsung Electronics' latest foldable smartphones entered the final day of preorders on Monday, with promotional offers set to expire as the company looks to build on expectations that its newest lineup could surpass the previous generation's record launch. Samsung said customers visiting Samsung Stores and other retail outlets on the final day of preorders showed strong interest in the new devices' design and features, while many inquired about purchase benefits and trade-in options. The company has offered a "Double Storage" promotion, upgrading buyers of 256GB models to 512GB versions at no additional cost during the preorder period. Samsung said interest has been particularly strong among consumers in their teens and 20s as well as users switching from rival smartphone brands, citing improved cross-platform compatibility and demand for higher-capacity devices for photo and video use. Industry watchers expect preorder sales of the new foldable lineup could surpass the previous generation's record of 1.04 million units, although Samsung has not disclosed official preorder figures. 2026-08-03 16:19:09 -
Investigation Team Leader Found Dead in Gyeongsan Arson Case The leader of the investigation team handling the arson case at an apartment management office in Gyeongsan, North Gyeongsang Province, was found dead.According to the Gyeongsan Police Station, a police officer identified as A, who was part of the criminal investigation division, was discovered dead around 4:30 p.m. on August 2 in a mountainous area in Changnyeong, South Gyeongsang Province.A had been investigating the arson incident that occurred at an apartment management office in Gyeongsan at 8:29 a.m. on July 23. Family members reported A missing after they were unable to contact him, prompting police to track his cellphone location and initiate a search.No suicide note was found, and there were no indications of foul play.The police are currently investigating the exact circumstances of A's death, but have not confirmed any connection to the arson case.* This article has been translated by AI. 2026-08-03 16:16:10
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BTS Thrills 157,000 Fans at MetLife Stadium with 'Arirang' Concert K-pop group BTS kicked off their North American tour at MetLife Stadium in East Rutherford, New Jersey. The concert, part of the 'BTS World Tour 'ARIRANG'', took place on August 1 and 2. This event came just two weeks after the group co-headlined the halftime show at the 2026 FIFA North America World Cup final at the same venue. It marked their first performance at MetLife Stadium in over seven years, following their 'BTS World Tour 'LOVE YOURSELF: SPEAK YOURSELF'' concert in May 2019.All shows sold out quickly, attracting approximately 157,000 fans over the two days. The stadium, which was filled with soccer fans two weeks prior, was now awash with the glow of BTS's official light sticks, known as ARMY Bombs.Fans of various ages and nationalities gathered around the venue, showcasing a festive atmosphere with outfits inspired by traditional Korean hanbok, red-themed fashion reflecting the key color of their fifth album 'ARIRANG', and tributes to the members' stage costumes.As the concert began, the audience sang along to the Korean lyrics, creating a strong connection with BTS. The excitement peaked when the intro to 'Aliens', a track from 'ARIRANG', played, followed by a massive sing-along during the title track 'SWIM'. The members engaged with the crowd by passing the microphone to fans.A highlight of the tour was the audience's rendition of the traditional Korean folk song 'Arirang'. Toward the end of the concert, fans participated in a coordinated event, raising flower-shaped placards, and a spectacular fireworks display lit up the night sky during the final song, 'Into the Sun'.BTS expressed their enthusiasm, stating, "The start of our second North American tour is off to a great start. We feel energized by this performance and are committed to delivering great shows for the rest of the tour. We will never take your love for granted. Thank you always, and we love you."About 30 major media outlets from South Korea and the U.S. covered the event. Billboard reported that BTS showcased their true talent during the 2.5-hour 'ARIRANG' concert, following their appearance at the World Cup halftime show. American hip-hop artist Nas was also in attendance, and RM shared his excitement on stage, saying, "It feels amazing to perform in front of my teenage idols."In conjunction with the concert, a citywide event titled 'BTS THE CITY ARIRANG - NEW YORK' was held. The Top of the Rock observation deck at Rockefeller Center was decorated with the 'ARIRANG' album logo, and BTS's music played throughout the venue. Special BTS-themed menu items were also offered at the on-site restaurant.Grand Central Terminal featured a DIY T-shirt station, allowing concertgoers and passing citizens to join in the fun.BTS will continue their North American tour, with the next concert scheduled for August 5-6 at Gillette Stadium in Foxborough, Massachusetts. They will become the first Korean artists to hold a solo concert at Gillette Stadium.* This article has been translated by AI. 2026-08-03 16:16:10
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Chinese Stock Market Declines Amid Weak PMI; Nuclear Power Stocks Surge On August 3, the Chinese stock market experienced a decline, attributed to concerns over economic slowdown following weak manufacturing PMI (Purchasing Managers' Index) data. On this day, the Shanghai Composite Index closed down 0.59% at 3,809.66, the Shenzhen Component Index fell 0.96% to 13,448.29, and the ChiNext Index dropped 1.24% to 3,302.55. According to S&P Global, China's July manufacturing PMI was reported at 50.9, a significant drop from 51.7 in June and below the market expectation of 51.5. A PMI above 50 indicates economic expansion, while below 50 signals contraction. The Ratingdog PMI, which focuses on small and export-oriented enterprises, serves as a leading indicator for export performance. This decline raises concerns that exports, which have supported the Chinese economy, may weaken further. The consulting firm Ratingdog noted, "The growth in new orders has slowed, production increases have also decelerated, and the recovery in domestic demand is lagging." Additionally, the National Bureau of Statistics reported that the manufacturing PMI for July was 49.2, marking a five-month low. This figure is down 1.1 points from June's 50.3 and below the market expectation of 50.0. The bureau explained that the PMI fell as some manufacturing sectors entered their traditional off-peak production period. The global AI sector's adjustment also negatively impacted the Chinese stock market, with sectors such as semiconductors, optical communications, AI servers, and data centers showing weakness. In a report, Chinese financial institution Zhongjin stated, "This month, companies will sequentially release interim performance reports, and positive results will strengthen the fundamentals of the stock market. Compared to major overseas markets, the valuation of the Chinese stock market remains attractive, suggesting a gradual upward trend for the market." Notably, the nuclear power sector saw significant gains, with companies like China National Nuclear Corporation, Longfa Nuclear Power, and Libote hitting their upper price limits. This surge followed the news that the State Council approved plans for the construction of eight nuclear power plants during a meeting on July 31. China is accelerating its nuclear power construction, having approved a total of 64 nuclear power projects since 2019. As of the end of April this year, there were 62 operational nuclear reactors in China, with expectations that this number will reach 70 by the end of the year. Power grid companies also performed well, with Jiusheng Electric and Baili Electric reaching their upper price limits. Stocks surged following news that the scale of ultra-high voltage power grid construction in China from 2026 to 2030 will be double that of the previous five-year plan. Key policy initiatives include the construction of ultra-high voltage flexible direct current transmission and offshore renewable energy power grids. Meanwhile, the People's Bank of China set the yuan's central parity rate against the dollar at 6.7898 yuan, a decrease of 0.0004 yuan from the previous trading day, reflecting a 0.01% increase in the yuan's value.* This article has been translated by AI. 2026-08-03 16:16:00
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South Koreans warmer toward Japan than ever SEOUL, August 03 (AJP) - South Koreans have never viewed Japan more favorably, while Japanese attitudes toward South Korea also improved sharply, with public sentiment between the two neighbors reaching its warmest level on record despite unresolved historical disputes, a joint annual survey showed Monday. South Koreans' favorable view of Japan rose to a record 54.3 percent, up from 52.4 percent a year earlier, according to the 13th annual survey jointly conducted by the East Asia Institute (EAI) in Seoul and the International House of Japan (IHJ). The findings were released at a joint press conference in central Seoul. The figure has climbed steadily since bottoming out at 12.3 percent in 2020 and has remained above the 50 percent mark for a second consecutive year — the highest level recorded since the survey began. Unfavorable views stood at 38.5 percent, while 7.2 percent of respondents said they held a neutral view. The results suggest that people-to-people exchanges have become a stronger driver of bilateral perceptions than diplomatic tensions. Among South Koreans with favorable impressions of Japan, 66.9 percent cited the country's orderly society and courteous public culture as the main reason, while 43.9 percent pointed to Japanese food, shopping and tourism. Researchers said the continued surge in two-way travel has played a central role in improving perceptions. Historical issues nevertheless remained the biggest obstacle to warmer ties. Among respondents with unfavorable views of Japan, 74.9 percent cited what they considered Japan's insufficient reflection on its wartime past. Another 46.9 percent pointed to the territorial dispute over the Dokdo islets, while 42.0 percent cited unresolved issues surrounding wartime forced labor and military sexual slavery. The improvement in public sentiment was also reflected in broader assessments of bilateral relations. The share of South Koreans describing current Korea-Japan relations as "good" nearly doubled to 20.6 percent from 10.6 percent a year earlier. A majority, 59.1 percent, described relations as "average," while 20.6 percent said they remained "bad." Japanese respondents also reported significantly warmer attitudes toward South Korea. The proportion holding favorable views rose 10.5 percentage points to 35.3 percent, while unfavorable opinions fell to 44.1 percent from 51.0 percent a year earlier. Researchers attributed the improvement to the sustained popularity of Korean culture, food and tourism in Japan, as well as a more favorable view of President Lee Jae Myung following the resumption of shuttle diplomacy between Seoul and Tokyo. The survey was conducted online between July 17 and 21 among 3,099 adults aged 18 and older, including 1,547 respondents in South Korea and 1,552 in Japan. 2026-08-03 16:14:08 -
HBM war enters new phase as Samsung chases SK hynix SEOUL, August 03 (AJP) - SK hynix remained the clear leader in the game-changing high-bandwidth memory (HBM) market through the first half, but the second half could mark the beginning of a new phase as Samsung Electronics pushes aggressively to close the gap with next-generation HBM4. The rivalry came into sharper focus following the two companies' second-quarter earnings calls on July 29 and July 30, when South Korea's two memory giants used their outlook presentations to lay out competing visions for the next stage of the AI memory race. Samsung said third-quarter HBM4 revenue is expected to more than triple from the previous quarter and projected that its HBM market share would eventually approach its overall DRAM market position. The company also highlighted long-term supply agreements with major hyperscale cloud operators and a diversified customer base, signaling confidence that it can steadily narrow the gap with the market leader. SK hynix countered that leadership in HBM depends on far more than bringing the newest product to market. The company argued that its edge stems from manufacturing know-how accumulated across multiple HBM generations, pointing to production yields, product quality and customer trust as competitive advantages that cannot be replicated overnight. It said it had already begun mass shipments of HBM4 and secured long-term supply agreements with about 10 customers, including leading AI chipmakers. The exchange comes as the world's largest cloud service providers continue to ramp up spending on AI infrastructure, reinforcing expectations that demand for advanced memory will remain robust for years. Amazon, Microsoft, Alphabet and Meta all raised capital expenditure plans following second-quarter earnings, while Amazon warned supply constraints are likely to persist into next year despite record investment. Samsung has separately forecast that the AI-driven memory shortage could extend through 2028. The market data illustrate two distinct competitive landscapes. According to Counterpoint Research, Samsung held a 38 percent share of the global DRAM market by revenue in the first quarter, a modest lead over SK hynix's 29 percent. The picture is markedly different in AI memory. SK hynix commanded a 58 percent share of the HBM market, nearly three times Samsung's 21 percent, underscoring its dominant position in the industry's fastest-growing and most profitable segment. Industry pricing trends suggest the favorable environment is unlikely to fade anytime soon. TrendForce expects PC DRAM contract prices to rise another 15 percent to 20 percent in the third quarter as memory makers shift more production capacity toward higher-margin server chips to meet AI demand from hyperscale cloud providers. NAND flash prices have also continued climbing, indicating that tight supply conditions are extending beyond HBM into the broader memory market. Nvidia's supplier decisions are now doing as much to shape the rivalry as either company's own roadmap. On June 5, Nvidia CEO Jensen Huang confirmed that Samsung, SK hynix, and Micron had all passed certification to supply HBM4 for the Vera Rubin AI accelerator platform, ending months of speculation over which suppliers would qualify. Certification hasn't meant equal allocation: supply-chain analysts estimate SK hynix holds roughly 60–70 percent of Vera Rubin HBM4 volume, with Samsung capturing about 25–30 percent and Micron supplying the remainder. TrendForce separately projects SK hynix will still lead global HBM bit output with a 50 percent share in 2026, down from 59 percent in 2025, while Samsung's share climbs from 20 percent to 28 percent — a trajectory that lines up with the narrowing-gap narrative Samsung pressed in its earnings call. Samsung and SK hynix are also making different capacity bets to back up those claims. SK hynix is aggressively ramping its 1c DRAM node from roughly 20,000 to 160,000–190,000 monthly wafers by the end of 2026, while Samsung is targeting about 50 percent HBM production capacity growth over the same period — though Samsung's binding constraint remains qualification and yield rather than installed capacity. As AI infrastructure investment accelerates, analysts increasingly see the contest between Samsung and SK hynix shifting beyond technology leadership alone. The next battle will be fought over manufacturing execution, production yields, customer qualification and, above all, the ability to lock in multi-year supply agreements with hyperscalers and AI chip designers investing hundreds of billions of dollars in next-generation data centers. Samsung enters the second half as the challenger seeking to convert its leadership in conventional DRAM into gains in premium AI memory. SK hynix, meanwhile, is betting that years of manufacturing experience, execution and customer relationships will prove just as difficult to catch as the technology itself. 2026-08-03 16:12:04