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  • Ruling Party Officials Challenge Jeong Cheong-raes Claims on Voting and Merger
    Ruling Party Officials Challenge Jeong Cheong-rae's Claims on Voting and Merger Officials from the ruling Democratic Party, Hwang Myung-sun and Kang Deuk-gu, pushed back against claims made by candidate Jeong Cheong-rae during a recent primary, asserting that some party leaders opposed the one-person, one-vote system and the merger with the Justice Party.After a Supreme Council meeting on August 3, Hwang told reporters, "Jeong's assertion that there were Supreme Council members who shook and opposed the one-person, one-vote system and the merger issue is not true. I demand a correction."He added, "All Supreme Council members, including myself, did not oppose the one-person, one-vote system or the merger issue," reiterating his call for Jeong to amend his statement.However, Hwang noted that Jeong had not adequately deliberated on these issues, stating, "We did not oppose the one-person, one-vote system or the merger with the Justice Party. We requested discussion and deliberation on these matters."Kang also commented, "Jeong must know whether he lied or not," warning that Jeong, who raised the allegations, should take responsibility. "If he does not, I will detail the entire process," he said.Kang emphasized that Jeong should first clarify his own statements regarding the merger with the Justice Party before he speaks further, indicating that he would share his own position after hearing from Jeong. He criticized Jeong for shifting blame onto others, stating, "It is serious if such a person becomes the party leader again."* This article has been translated by AI. 2026-08-03 10:56:00
  • Luxury apartments in Seoul rising second-fast among 46 citie
    Luxury apartments in Seoul rising second-fast among 46 citie SEOUL, August 03 (AJP) -Luxury apartment prices in Seoul are rising faster than almost anywhere else in the world, deepening South Korea's wealth inequality as homeownership increasingly determines who accumulates assets, a legislative research institute said Monday. A recent report by the National Assembly Futures Institute argues that South Korea's inequality is becoming less about income and increasingly about ownership of residential property, particularly prime homes in Seoul, where years of outsized price gains have concentrated wealth among existing homeowners while making it increasingly difficult for younger generations to enter the market. According to the report, citing Knight Frank's Prime Global Cities Index, Seoul's prime residential property prices climbed 25.2 percent in the third quarter of last year from a year earlier, the second-highest increase among 46 major cities after Tokyo. Over the past five years, prices in Seoul's top 5 percent residential market have jumped 80.9 percent, ranking third globally. The researchers said the figures reveal a concentration of gains in Seoul's most expensive neighborhoods that conventional nationwide housing indices fail to capture, masking an increasingly polarized housing market. That divergence has become increasingly visible across the country. The median apartment price in Seoul stood at 4.29 times that of non-capital regions in 2025, nearly double the 2.22-times gap recorded in 2014 despite some moderation from the 2021 peak, reflecting how housing wealth has become increasingly concentrated in the capital. The report argues that Korea's growing inequality is now driven more by assets than income. While the country's disposable-income Gini coefficient improved to 0.325 in 2024 from 0.387 in 2011, indicating a more even distribution of earnings, the net-wealth Gini coefficient climbed to a record 0.625 in 2025 after reversing course in 2018. The report attributes the divergence largely to rising property values in a country where about 70 percent of household wealth is tied to real estate, well above the OECD average of roughly 50 percent. Rather than widening disparities among homeowners alone, the institute says the more decisive fault line is between households that own homes and those that do not. Homeownership stood at just 6.8 percent among households in the bottom wealth quintile, compared with 44.2 percent in the second quintile and 72.5 percent in the middle quintile. Even among homeowners, wealth became more concentrated, with the value gap between the richest and poorest 10 percent of housing assets widening from 40.5 times in 2023 to 44.7 times in 2024. The report also highlights a rapidly widening generational divide. Housing accounted for only 11.9 percent of total assets held by households headed by people aged 34 or younger in 2024, down from 22.9 percent in 2016. By comparison, housing continued to represent about 57 percent of assets for households aged 50 to 64. Young households held average housing assets worth about 48 million won ($34,600), only 14 percent of the 348 million won owned by households aged 50 to 64. The institute estimates differences in housing assets explain nearly 90 percent of the wealth gap between the two generations. The report also challenges the popular narrative that young Koreans entered the housing market primarily through excessive borrowing. Citing earlier research, it found that only 3.8 percent to 6.9 percent of homebuyers in their 20s and 30s purchasing owner-occupied homes worth more than 300 million won in Seoul between 2020 and 2022 had debt-service ratios above 40 percent. Instead, successful purchases relied largely on accumulated savings or wealth transferred from parents, underscoring the growing role of family assets in determining access to homeownership. The institute said Korea's property tax system has also failed to play a stronger redistributive role despite appearing highly progressive on paper. Although the country employs a dual property tax structure combining local property taxes and a comprehensive real estate holding tax, its effective property tax rate averages just 0.147 percent of asset values, about one-third of Japan's level, while the effective rate on residential housing is only 0.122 percent, roughly one-seventh that of owner-occupied homes in the United States. The report attributes the gap to generous tax credits, temporary tax relief, preferential treatment for some homeowners and property assessments that remain below market values. The institute concluded that property tax reform should focus on addressing structural asset inequality rather than short-term housing market cycles. It recommended gradually phasing out temporary tax breaks, simplifying exemptions and strengthening the role of property taxation as part of a broader strategy to narrow wealth disparities while maintaining policy stability. 2026-08-03 10:54:59
  • ChabioTech Partners with Ewha Womans University to Develop Peritoneal Fibrosis Cell Therapy
    ChabioTech Partners with Ewha Womans University to Develop Peritoneal Fibrosis Cell Therapy ChabioTech is collaborating with Ewha Womans University to develop a cell therapy for peritoneal fibrosis, supported by government funding. The two parties aim to conduct joint research focused on developing an autologous mesenchymal stem cell-based treatment.On August 3, ChabioTech announced that their joint proposal with Ewha Womans University for the project titled 'Development of Autologous Mesenchymal Stem Cell-Based Treatment for Peritoneal Fibrosis' has been selected for the 'Innovative Postdoctoral Researcher Industry-Academic Linkage Project' supported by the Ministry of Science and ICT.This initiative aims to develop innovative technologies with significant industrial impact by linking outstanding early-career researchers with corporate research and development (R&D) infrastructure. Over the next two years, ChabioTech and Ewha Womans University will receive up to 235 million won to conduct joint research from candidate substance identification to non-clinical and commercialization process development.Peritoneal fibrosis, the target of this joint research, is a severe complication that occurs when patients with chronic kidney failure undergo long-term peritoneal dialysis, causing the peritoneum to harden and thicken, ultimately leading to the loss of dialysis membrane function. Currently, there are no treatments available that can fundamentally prevent structural changes and functional decline of the peritoneum, aside from symptomatic relief, making it a condition with a high unmet medical need.The two parties are working on the development of a first-in-class autologous cell therapy targeting peritoneal fibrosis. The research team led by Professor Kang Deok-hee from Ewha Womans University’s Department of Nephrology will enhance the source technology of mesenchymal stem cells derived from peritoneal dialysis fluid and establish standard analytical methods. ChabioTech plans to develop standard culture methods and large-scale production processes based on its cell culture and process development (CMC) capabilities to lay the groundwork for an Investigational New Drug (IND) application.Mesenchymal stem cells are known for their high safety profile and low risk of immune rejection, as they are extracted from the patient's own tissue. They are expected to be utilized in inhibiting peritoneal fibrosis and restoring function, thanks to their ability to migrate to damaged tissues and their anti-inflammatory and tissue regeneration properties.ChabioTech's TPP team executive Kye Min-jeong stated, 'The selection of this government project recognizes the excellence of ChabioTech's accumulated stem cell R&D capabilities and commercialization infrastructure. We will collaborate with Ewha Womans University to establish a foundation for developing cell therapies that will provide new treatment options for patients with peritoneal fibrosis.'Additionally, the company was selected last month for the Ministry of Science and ICT's 'AX (AI Transformation) One-Stop Voucher' support project. They plan to implement an automated regulatory document system for manufacturing and quality control (CMC) based on generative artificial intelligence (AI) to enhance the efficiency of cell therapy development and regulatory approval processes.* This article has been translated by AI. 2026-08-03 10:52:00
  • Naver Reveals AI Factory Contract Structure Amid Controversy
    Naver Reveals AI Factory Contract Structure Amid Controversy Naver has disclosed the contract structure surrounding its artificial intelligence (AI) factory project to address concerns over the so-called 'AI circular investment.' The company clarified that the $1 billion investment from Nvidia is not being used to purchase Nvidia's graphics processing units (GPUs). Instead, Nvidia is participating as a strategic investor, while Brookfield will act as an infrastructure investor for data centers.On August 3, Naver released reference materials for the 'Naver AI Factory Phase 1,' which outlines the contract structure for the initial 200-megawatt (MW) project of its total 1-gigawatt (GW) AI factory plan announced in June.According to the disclosed structure, Nvidia will invest $1 billion to acquire approximately 4.5% equity in Naver as a strategic investor (SI). Meanwhile, Brookfield will become the largest shareholder of a special purpose vehicle (SPV) that will hold infrastructure assets, including GPUs and data centers, with a potential investment of up to $9 billion.Naver will fully own the operating company, which will receive computing resources from the SPV and provide AI computing services to corporate and institutional clients.The SPV will use Brookfield's investment to purchase Nvidia's GPUs and build and maintain data centers. The operating company will then pay for computing resources based on usage and generate revenue by selling these resources to external customers.Naver is also considering acquiring a minority stake in the SPV if necessary.The company emphasized that Nvidia's equity investment is significant for securing a stable supply of GPUs rather than merely serving as a funding source. In the context of increasing competition for global AI data center investments, establishing a shareholding relationship with Nvidia is expected to ensure a reliable supply chain.Naver anticipates that having Nvidia as a major shareholder will facilitate long-term collaboration in negotiating GPU supply prices and quantities. Nvidia, in turn, stands to expand its GPU ecosystem through Naver's growth in the AI computing sector, aligning the interests of both parties.The SPV structure, funded by Brookfield's investment, allows Naver to avoid directly purchasing all data centers and GPUs, thereby reducing initial investment burdens and borrowing needs. The specific accounting treatment will be finalized based on the final contract terms, asset control rights, and usage obligations.* This article has been translated by AI. 2026-08-03 10:52:00
  • Jeju Air to replace aging fleet with more efficient jets
    Jeju Air to replace aging fleet with more efficient jets SEOUL, August 3 (AJP) - Jeju Air has added its 13th Boeing 737-8 aircraft, with plans to purchase two more by the end of this year, the budget airline said on Monday. Jeju Air said it is the only South Korean low-cost carrier that owns its aircraft, and with the latest addition, next-generation aircraft now make up 30.2 percent of its passenger fleet. It is part of the carrier's strategic move to replace its Boeing 737-800NG aircraft with Boeing 737-8 jets to reduce costs, as the newer model requires parts to be replaced less often and has lower maintenance, repair and overhaul costs. "We plan to build a solid foundation for sustainable growth by modernizing our fleet and gradually replacing and retiring older aircraft," a Jeju Air spokesperson said. 2026-08-03 10:44:27
  • LG Electronics pushes deeper into Asia commercial laundry market with Thailand franchise deal
    LG Electronics pushes deeper into Asia commercial laundry market with Thailand franchise deal SEOUL, August 03 (AJP) - LG Electronics is accelerating its push into Asia's commercial laundry market after securing a supply deal with one of Thailand's largest laundromat chains, extending its business-to-business expansion beyond its established North American and European markets. The company said Trendy Wash selected its commercial laundry products based on their durability, energy efficiency and centralized store management capabilities. LG is also expanding its commercial laundry business in the Philippines through distribution partners including ELS, Big Wash and Express Clean, while opening a reference laundromat, Bee Laundry, in Hanoi with local partner WW Vietnam to showcase its commercial products and store management platform to potential customers and investors. The South Korean electronics maker said revenue from its commercial laundry business in Southeast Asia rose about 60 percent last year from a year earlier, with sales more than doubling in Thailand and increasing by more than 50 percent in the Philippines. Beyond Asia, LG is expanding its presence in Europe and North America. The company this month introduced six large-capacity commercial laundry models under its LG Professional brand in Europe, targeting demand for machines with capacities of 20 kilograms or more. The lineup includes washers, dryers and washer-dryer combinations. In North America, LG said it has increased shipments to CSC ServiceWorks, the region's largest commercial laundry solutions provider, while continuing supplies to Wash, another major operator, under an agreement that began in 2024. The company attributed its expansion to proprietary technologies including its inverter direct-drive motor and LaundryCrew, a remote management platform that enables operators to monitor equipment status, control machines remotely and receive maintenance alerts across multiple locations. 2026-08-03 10:44:02
  • Celltrion Expands Listings with Major U.S. PBMs, Anticipates Growth in High-Profit Products
    Celltrion Expands Listings with Major U.S. PBMs, Anticipates Growth in High-Profit Products Celltrion's high-profit product line has been added to the formularies of major U.S. pharmacy benefit managers (PBMs). With the expansion of prescription drug reimbursement for local patients, the company is expected to accelerate its growth in the second half of the year.On August 3, Celltrion announced that its autoimmune disease treatment Aptozumab (ingredient: tocilizumab) has been listed as a preferred drug in the formularies of the three largest PBMs in the U.S.: Express Scripts (ESI), CVS Caremark, and Optum. Reimbursement for patients began with ESI and Optum in the first quarter of this year, while CVS started last month. Aptozumab was added to the public and private insurance formularies of Prime Therapeutics in December last year, and within about seven months, it has secured additional reimbursement coverage from the three largest PBMs in the U.S. It is estimated that the product now has reimbursement coverage from over half of the total insurance market in the U.S.Celltrion's U.S. subsidiary is also negotiating the listing of the subcutaneous (SC) formulation of Aptozumab, which is set to launch this year, with one of the major PBMs. The company expects that the recent listing of the intravenous (IV) formulation will positively influence the negotiations for the SC formulation.The osteoporosis treatment Stoboklo-Osanbelt (ingredient: denosumab) has also been listed as a preferred drug in the public insurance formulary of ESI, one of the three largest PBMs, with patient reimbursement effective from the first quarter of this year. Celltrion plans to strengthen its strategy in the open market, which accounts for about 30% of the U.S. denosumab market, in addition to the PBM reimbursement market. The strategy is to leverage the product credibility gained through PBM listings and its local direct sales capabilities to expand market share.A Celltrion representative stated, "The high-profit product line launched last year has been consecutively listed in the formularies of major U.S. PBMs, securing both brand credibility and reimbursement coverage. With new product launches and other key events expected in the second half of the year, we anticipate continued sales success for our major product lines."Celltrion achieved confirmed sales of 1.3937 trillion won and an operating profit of 451.8 billion won in the second quarter, driven by stable sales of existing core products and increased global sales of high-profit new products.* This article has been translated by AI. 2026-08-03 10:44:00
  • Saemaul Geumgo to Hire 149 New Employees in Second Half of 2026
    Saemaul Geumgo to Hire 149 New Employees in Second Half of 2026 The Saemaul Geumgo Central Association announced it will publicly recruit 149 new employees for the second half of 2026 across the nation on August 3. This recruitment will involve 109 Saemaul Geumgo branches nationwide. Applications can be submitted through the Saemaul Geumgo recruitment website until the 10th. The hiring process will consist of document screening, a written test, and interviews. The written test is scheduled for the 29th at various testing locations across the country, where candidates will be evaluated on their competencies through personality assessments and the National Competency Standards (NCS) basic job competency evaluation. Final results are expected to be announced in September. Interviews will take place at the respective Saemaul Geumgo branches where candidates applied. Evaluations will focus on potential capabilities, job suitability, and enthusiasm for the work. To enhance fairness in the hiring process, at least one external committee member will participate in the interviews. All interviewers must submit a declaration and confirmation stating they have no special relationships with the candidates. Candidates who do not pass the final interview will be automatically registered in a 'new employee talent pool.' If additional hiring occurs at the same or nearby Saemaul Geumgo branches before the public recruitment in the first half of 2027, they will receive separate interview opportunities. A representative from the Saemaul Geumgo Central Association stated, "We will continue to discover capable talent based on fair and transparent hiring practices, and we aim to provide more opportunities for applicants through various recruitment systems, including the new employee talent pool."* This article has been translated by AI. 2026-08-03 10:44:00
  • Odyssey Team Praises Seouls Beauty and Culture
    Odyssey Team Praises Seoul's Beauty and Culture The team behind the film 'Odyssey' shared their experiences in Seoul during a press conference held on August 3 at the Four Seasons Hotel in Jongno-gu. Attending the event were director Christopher Nolan, producer Emma Thomas, and actors Matt Damon and Charlize Theron.The 'Odyssey' team revealed that they arrived in Korea two days prior and explored various parts of Seoul.Christopher Nolan expressed, "I had a little time to explore Seoul. I walked along the Han River, which was truly beautiful. It was very hot, but there were plenty of cool places to enjoy. I also tried the salt bread, which was delicious." He added, "I spoke with fans, and they were so welcoming. It seems like a fantastic city, and I would love to spend more time here."Emma Thomas also shared her satisfaction with their time in Seoul, stating, "I think I have really come to love Korea. As Chris mentioned, I walked along the Han River, and the natural scenery was beautiful. I saw birds and found places to relax."She continued, "I also visited Olive Young. Chris had a bit of a tough time, but I enjoyed it. My son's girlfriend is Korean-American, so she gave me tips on what to do in Korea, including trying the salt bread. I tried to enjoy as much as I could."Matt Damon mentioned his experience watching baseball and touring Seoul. He said, "I had a great time watching the baseball game. The kids were with us, and I had to adjust to the time difference, so I couldn't stay until the end, but I was able to watch the game. Yesterday, we also did a tour. It was nice to have time to see Seoul all day."Charlize Theron shared her previous visit to Korea, saying, "A few months ago, I came to Korea with my daughter. She loves Korean culture and enjoys playing with her friends. I am even happier to return with 'Odyssey.' I met friends in Korea and enjoyed Korean food. I also took care of my skincare. Seoul is beautiful and rich in culture. I felt that as soon as I landed at the airport."'Odyssey' tells the story of Odysseus, the hero who led the victory in the Trojan War, as he battles the wrath of the gods to return home. The film is set to be released in theaters on August 5.* This article has been translated by AI. 2026-08-03 10:40:20
  • Kim Se-hoon Engages with Residents at the Hwacheon Tomato Festival
    Kim Se-hoon Engages with Residents at the Hwacheon Tomato Festival 연일 폭염이 이어진 지난 2일 열린 2026 화천토마토축제장. 무더위 속에서도 김세훈 화천군수의 발걸음은 멈추지 않았다. 군청 업무를 마친 뒤 축제장을 찾은 김 군수는 공연장과 체험장, 판매 부스, 종합상황실을 차례로 돌며 관광객과 주민, 자원봉사자들의 목소리를 들었다. 민선 9기 군정의 최우선 가치로 내세운 ‘주민소득’을 현장에서 직접 확인하기 위한 행보다. 축제 사흘째인 이날 사내체육공원과 사내천 일원은 물놀이를 즐기는 가족 단위 관광객들로 북적였다. 행사 안내요원과 교통관리 인력, 자원봉사자들은 연신 땀을 훔치며 관광객을 맞았고, 그늘막에는 더위를 피하는 방문객들이 자리를 메웠다. 물놀이장에서는 어린이들의 웃음소리가 끊이지 않았다. 김 군수는 대학생 아르바이트생과 사회단체 운영 부스를 일일이 찾아 악수를 나누며 노고를 격려했다. 중앙무대에서는 주민들의 노래와 악기 연주가 이어질 때마다 박수를 보냈고, 공연이 끝난 뒤에는 출연자들과 일일이 손을 맞잡으며 감사의 뜻을 전했다. 관광객들과도 스스럼없이 어울렸다. 한 파라솔 아래에서 관광객이 권한 감자전을 맛본 김 군수는 “맛있네요”라고 말한 뒤 “저는 화천군수 김세훈입니다”라고 자신을 소개했다. 예상치 못한 인사에 관광객들이 웃으며 화답했고, 주변에서도 웃음이 이어졌다. 그는 “화천 농산물은 모두 맛있다”며 “찾아주셔서 감사드린다. 농민들이 더 좋은 농산물을 생산할 수 있도록 더욱 노력하겠다”고 말했다. 이어 관광객들에게 축제의 장점과 불편한 점을 묻고 개선 의견을 들었다. “화천을 자주 찾아주시고 지역에서 많이 소비해 주시면 주민들에게 큰 도움이 된다”며 지역경제 활성화를 위한 관심도 당부했다. 행사장 종합상황실에서는 축제 기간에도 군수를 찾은 주민들의 민원을 직접 들었다. 상담 시간에 구애받지 않고 주민들과 해결 방안을 논의하는 모습도 이어졌다. 축제 현장에서는 주민소득 증가를 체감하는 목소리도 나왔다. 한 사회단체 부스 관계자는 “하루 매출이 350만원을 넘어 지난해 같은 날보다 5배 가까이 늘었다”고 말했다. 인근 다른 부스 관계자들도 비슷한 수준의 매출을 올리고 있다고 전했다. 축제장에서 근무 중인 한 대학생 아르바이트생은 “군수님을 자주 마주치는데 먼저 악수를 청하며 편하게 대해 주신다”고 말했다. 행사장을 찾은 한 주민은 김 군수와 악수를 나눈 뒤 “군수님 파이팅”이라고 외치며 응원을 보내기도 했다. 이동 중 만난 주민들과도 반갑게 인사를 나눈 김 군수는 화천산 호박으로 만든 전을 맛본 뒤 “화천 호박은 정말 맛있다”고 말했고, 주민은 “화천 호박은 전국적으로 유명하다”고 답했다. 김 군수는 군수 출마 전인 올해 1월 산천어축제 때에도 새벽마다 얼음낚시터와 행사장을 찾아 작업자와 봉사자들을 격려한 바 있다. 취임 이후에도 축제장을 주민 소득을 확인하는 현장으로 삼고 관광객과 주민의 목소리를 직접 듣는 행보를 이어가고 있다. 민선 9기 출범과 함께 김 군수가 강조한 “첫째도 소득, 둘째도 소득, 셋째도 소득”이라는 군정 기조는 토마토축제 현장에서도 관광객 소비 확대와 농산물 판매, 주민 의견 청취로 이어지며 지역경제 활성화를 위한 실천으로 나타나고 있었다.* This article has been translated by AI. 2026-08-03 10:40:00