Aju Press - Asia News Hub

Journalist

Latest by

Ruling Party Figures Defend Against Kim Min-seok's Faction Controversy Choi Min-hee and Lee Sung-yoon, candidates from the pro-Cheongrae faction of the Democratic Party, have directly countered the faction controversy raised by Kim Min-seok during the recent party primary.On August 3, Choi appeared on KBS Radio's 'Intensive Current Affairs' and warned that the fallout from Kim's allegations would ultimately return to him like a boomerang. She stated, "I believe that Kim is engaging in factional politics that do not exist within the party," asserting that the controversy would come back to haunt him.Lee also commented on the issue, saying, "There is no faction within the Democratic Party. It is a divisive language that seeks to drive a wedge between the president and the party," expressing disappointment over the situation. He emphasized that all members of the Democratic Party wish for the success of President Lee Jae-myung, adding, "Those who speak of factions are the real factions."Previously, Kim had mentioned the faction controversy during the party's primary campaign, which began on August 1 in the Chungcheong region and continued in the Busan-Ulsan-Gyeongnam area. At a primary event in Chungnam, he criticized the ongoing factional struggle, stating, "The extension of the factional struggle is hell for the Democratic Party. We must close that hell's door," directly targeting Choi.During the primary in Ulsan on August 2, Kim reiterated his stance, saying, "Inconsistency between words and actions is a form of factionalism, and failing to criticize when criticism is warranted is also factionalism," once again pointing out Choi's silence on author Yoo Si-min's 'expansion theory.'* This article has been translated by AI. 2026-08-03 09:28:00
China Responds to U.S. Sanctions on Xinjiang Forced Labor Claims China's cotton industry has strongly opposed the U.S. sanctions imposed on 43 Chinese companies over allegations of forced labor in the Xinjiang Uyghur Autonomous Region.The China Cotton Association stated on August 2 that the U.S. claims of "forced labor" lack factual and legal basis, as reported by the China News Service on August 3. The association emphasized that over 90% of cotton in Xinjiang is now harvested by machines, and the entire production process, from cultivation to processing and weaving, has achieved high levels of automation and scale. They asserted that the U.S. claims of forced labor in Xinjiang are untrue, adding that the rights of cotton farmers and industrial workers are strictly protected under Chinese law, and employment choices are completely free.The association further criticized the U.S. for presuming guilt on Chinese companies while ignoring objective facts, stating that the essence of the sanctions is to politicize and weaponize human rights issues to suppress the development of China's cotton and textile industry. They expressed confidence in their ability to respond adequately to U.S. pressure, highlighting that China possesses the most complete industrial supply chain in the world, a vast domestic market, and diversifying overseas markets.Earlier, on July 31, the U.S. government announced on its website that it had added 43 Chinese companies to the list of entities subject to the Uyghur Forced Labor Prevention Act (UFLPA). This brings the total number of Chinese companies on the UFLPA sanctions list to 187. The newly sanctioned companies produce gold, cotton, clothing, and frozen foods, and their products will be banned from import into the U.S. starting August 3.In response, the Chinese Ministry of Commerce issued a statement on August 1, criticizing the U.S. for continuing unilateral sanctions against Chinese companies under the pretext of human rights and forced labor, calling it a typical act of economic coercion. The ministry reaffirmed its position that no form of forced labor exists in Xinjiang and urged the U.S. to stop its slander against Xinjiang and the unjust oppression of Chinese companies. It also stated that necessary measures would be taken to protect the legitimate rights and interests of Chinese companies.* This article has been translated by AI. 2026-08-03 09:24:00
AstraZeneca and Bristol Myers Squibb Discuss Potential Merger Valued at $400 Billion British pharmaceutical company AstraZeneca (AZ) is reportedly in discussions with U.S.-based Bristol Myers Squibb (BMS) regarding a potential merger. If successful, the combined market capitalization of the two companies would be approximately $400 billion, making it the fourth-largest pharmaceutical company in the world.According to the Financial Times and Reuters on August 2, the two companies have engaged in initial merger talks over the past few months. However, it remains unclear whether negotiations are still ongoing, and there is a possibility that discussions could stall or the merger could fall through.AstraZeneca's market capitalization is around £196 billion, while BMS stands at approximately $133 billion. The $400 billion figure is not a confirmed acquisition price but rather a combined market cap based on current stock prices.If the merger goes through, AZ would enhance its presence and scale in the U.S., the largest pharmaceutical market globally. Meanwhile, BMS is in need of new growth avenues to address the expiration of patents on its key drugs and competition from generics.The most significant variable in this process is the U.S. regulatory review of the merger. Both companies have cancer drugs as their core business, and some treatments directly compete with each other. If their drug development areas overlap, U.S. authorities may require the divestiture of certain products or business units as a condition for merger approval.Concerns may also arise in the U.K. AZ expanded its connection to the U.S. capital markets by directly listing its common stock on the New York Stock Exchange on February 2. While it maintains listings on the London and Stockholm stock exchanges, a merger with BMS could tilt the company's operations and investor base further toward the U.S.AstraZeneca declined to comment on the merger discussions, and BMS did not respond immediately to inquiries.* This article has been translated by AI. 2026-08-03 09:24:00
Seoul unwinds record rebound as foreigners flip to selling SEOUL, August 03 (AJP) - Korean stocks gave back a large piece of Friday's record rebound at Monday's open, as foreign investors flipped from historic buying back to selling in the same chip shares that had driven the surge. The main index in Seoul shed 322.7 points to 6,272.8, a drop of 4.9 percent. Samsung Electronics fell 7.8 percent and SK hynix 7.5 percent, pulling the large-cap KOSPI 200 down 5.3 percent while the KOSDAQ lost only 0.35 percent to 718.18. Tokyo slipped as well, even though Wall Street had closed higher on Friday, marking the retreat as a local unwind of an unsustainable one-day spike rather than an imported selloff. Foreign investors sold a net 795.6 billion won, or about $555.1 million, on the main board, against 801.9 billion won of buying by individuals. That is a mirror image of Friday, when foreigners bought a net 7.22 trillion won on the KOSPI, the largest single-session total on record, and retail investors sold into the rally. The main index closed July 31 at 6,595.45, up 17.91 percent, the steepest one-day gain in its history. Samsung Electronics traded at 242,000 won, or about $168.80, and SK hynix at 1,590,000 won, or about $1,109.20. SK hynix had closed at its daily upper price limit on Friday, its first limit-up in roughly 17 years. Even inside the large-cap chip complex the moves diverged. SK square, which holds the controlling stake in SK hynix, fell 3.6 percent to 1,001,000 won, or about $698.30, while Samsung Electro-Mechanics rose 2.2 percent to 1,167,000 won, or about $814.10. Buying rotated toward sectors with no memory exposure. Airlines led the sector board with a gain of 4.3 percent and wireless telecom services added 3.9 percent. In Tokyo, the Nikkei 225 was down 1,016.2 points, or 1.6 percent, at 63,345.9, also surrendering part of Friday's advance. The won was quoted at 1,433.50 to the dollar in Hana Bank's morning posting, down 6.50 won. 2026-08-03 09:22:02
Shaman Predicts Impeachment of President Lee Jae-myung A shaman who previously predicted the election and impeachment of former President Yoon Suk Yeol is now drawing attention for forecasting the impeachment of President Lee Jae-myung.The shaman, identified as A, recently posted a lengthy message on social media, stating, "I have been saying since before the election that President Lee Jae-myung will not complete his term. It seems that time is running out now."A continued, "When I said that Yoon would become president despite being last among the candidates and would be impeached, I faced criticism, but time has proven me right. I will not delete this post, so watch and see."The post garnered over 14,000 likes, nearly 1,000 comments, and more than 600 shares, indicating significant interest.Commenters expressed hopes that the post would become a prophetic message, with remarks like, "I hope this becomes a sacred text," and concerns about the economy, stating, "Even if he steps down, it will take over 20 years to recover the shattered economy."Previously, A had gained attention in September 2021 for predicting Yoon's election and subsequent impeachment, stating, "Yoon Suk Yeol is 100% likely to win based on his physiognomy, but it will be difficult for him to complete his term."In April of last year, A claimed, "I was the first to know about the president's impeachment in South Korea," explaining that at the time, the presidential candidates were Hong Joon-pyo, Lee Jae-myung, and Yoon Suk Yeol. A believed Yoon would become president and would be impeached, leading to a post on Facebook that resulted in backlash.A noted, "I even faced insults directed at my family," and expressed a desire for those who criticized him at the time to comment again.The recent surge of interest in A's prediction coincides with the recent passage of a complete abolition of the prosecution's supplementary investigation rights (amendment to the Criminal Procedure Act) and the exodus of personnel from the prosecution and police. Criticism of the government's and ruling party's law enforcement and judicial policies has erupted across major online communities, regardless of gender.Male-dominated community users criticized, "The prosecution system that provided free legal services has been dismantled to save one person," and lamented, "The entire country's law and order has been compromised to avoid personal investigation," adding, "It's unfortunate that we have to worry about the gender of patrol car occupants in our current security reality."Female-dominated communities are also expressing strong criticism. Users stated, "I will never vote for the Democratic Party again," and warned, "If we neglect the security vacuum, it will lead to impeachment," while also criticizing the lack of measures accompanying the changes in the system, saying, "If this continues, we will have no choice but to hand over power."Additionally, public sentiment has worsened due to revelations that President Lee used a seller financing method during the sale of his Bundang apartment, where he provided a mortgage to the buyer.Meanwhile, some voices caution against placing excessive significance on the personal predictions or fortune-telling of shamans, noting that such claims have not been scientifically validated. In a climate of heightened political and social anxiety, there are calls for rational reflection on current issues and the pursuit of policy alternatives rather than reliance on uncertain shamanic assertions. 2026-08-03 09:20:10
Heat Wave Safety Tips for Walking Your Dog As a heat wave continues, dog owners must exercise caution when walking their pets. On days when temperatures reach around 35 degrees Celsius (95 degrees Fahrenheit), the ground can become significantly hotter than the air, increasing the risk of paw pad burns and heat stroke.Experts advise avoiding walks during the hottest part of the day and instead opting for early morning or evening strolls.Ground surfaces absorb sunlight, causing them to heat up much more than the air temperature. The American Animal Hospital Association (AAHA) states that when the air temperature is about 30 degrees Celsius (86 degrees Fahrenheit), asphalt can reach around 57 degrees Celsius (135 degrees Fahrenheit), which can burn a dog's paw pads.The British Veterinary Association (BVA) also recommends avoiding midday walks during heat waves and ensuring pets have access to fresh water and shade. Breeds with short snouts, such as bulldogs and pugs, are particularly vulnerable to heat stroke due to their reduced ability to regulate body temperature.Online, the '7-second test' has gained popularity as a way to assess ground temperature. Organizations like The Royal Kennel Club advise that if you cannot hold your hand against the ground for seven seconds due to heat, it may be unsafe for your dog. However, this is an experiential guideline and not an official medical standard.If a dog suddenly refuses to walk, limps, or licks its paws during a walk, it may be experiencing paw pad burns. If the pads appear red or blistered, it is crucial to move the dog away from the hot surface and cool the pads with lukewarm or cool water before seeking veterinary care. Direct application of ice should be avoided as it can worsen tissue damage.Signs of heat stroke should also be monitored. If a dog exhibits excessive panting, drooling, lethargy, staggering, or gums that appear bright red or pale, it should be moved to a shaded or air-conditioned area and given small amounts of water to drink. Veterinary attention should be sought as soon as possible.Experts recommend that during prolonged heat waves, dog owners should walk their pets in the early morning or evening, use grass or dirt paths instead of asphalt, and ensure ample fresh water is available to prevent burns and heat stroke.* This article has been translated by AI. 2026-08-03 09:20:00
U.S. and Japan Confirm Currency Intervention Amid Yen Decline U.S. President Donald Trump, Treasury Secretary Scott Vessen, and Japan's Finance Minister Satsuki Katayama have confirmed a coordinated currency intervention between the U.S. and Japan. They expressed a strong commitment to defend the yen and indicated that further joint interventions are possible.In a statement, Katayama announced that the two countries conducted a yen-buying intervention in the New York foreign exchange market on July 31. He explained, "We responded to the excessive fluctuations and disorderly movements of the yen recently." He added, "We will not hesitate to engage in further coordinated interventions," suggesting the possibility of additional actions. The U.S. and Japan are also coordinating a joint statement.Earlier, on August 2, Trump told reporters that the intervention was conducted because the U.S. has a "good relationship" with Japan. Vessen emphasized on social media platform X (formerly Twitter) that the coordinated action taken on Friday was in response to the yen's disorderly movements, stating, "Economic security is national security, and the U.S.-Japan alliance is built on these two foundations." He further noted, "We will not hesitate to participate in additional joint interventions if necessary."On July 31, Vessen had also expressed on X his anticipation of meeting Bank of Japan Governor Kazuo Ueda at the G20 finance ministers and central bank governors meeting at the end of August. On that day, the yen-dollar exchange rate briefly fell to 157.20 yen per dollar, marking its lowest level in over two and a half months. This marks the first coordinated intervention by the two countries in the foreign exchange market since 2011, and the first yen-buying intervention since the Asian financial crisis in 1998.Previously, the Yomiuri Shimbun reported on August 2 that U.S. and Japanese monetary authorities had engaged in a yen-buying intervention in the New York foreign exchange market on July 31. The Japanese government and the Bank of Japan intervened for two consecutive days following July 30. The U.S. monetary authorities conducted a "rate check" on financial institutions on July 30 to inquire about the exchange rate levels, and on July 31, they notified several banks of the possibility of intervention and requested preparations. According to the Financial Times, the U.S. Treasury's intervention on July 31 was carried out through Goldman Sachs and Morgan Stanley via the New York Federal Reserve.Reuters reported that a note on Vessen's desk during a cabinet meeting indicated a potential purchase of 5 to 10 billion dollars (approximately 7.17 trillion to 14.33 trillion won) in Japanese yen. The Nikkei reported that during the series of interventions on July 30 and 31, U.S. authorities intervened in the market by selling euros to buy yen.Coordinated interventions involve the monetary authorities of two or more countries intervening in the market simultaneously, which is considered to have a greater stabilizing effect on exchange rates than unilateral interventions. Historically, such interventions have been limited to exceptional circumstances like financial crises or major disasters. The U.S. and Japan intervened in 1995 to prevent a surge in the yen following the Great Hanshin Earthquake, and in 1998 during the Asian financial crisis, they conducted yen-buying interventions. The recent coordinated intervention during a period of yen depreciation is seen as unusual.U.S. and Japan Confirm Intervention Principles from Last SeptemberAccording to the Yomiuri, the two countries' finance authorities have been engaged in prolonged behind-the-scenes discussions. The foundation for this was a joint statement by the U.S. and Japan's finance ministers announced last September, which confirmed that foreign exchange market interventions should be limited to addressing excessive fluctuations or disorderly movements.The Nikkei interpreted this statement as effectively permitting Japan's yen-buying interventions. The U.S. Treasury's currency policy report released last month stated that "excessive fluctuations are undesirable" regarding the yen, which analysts believe laid the groundwork for the recent coordinated intervention.According to the Yomiuri, the U.S. conducted a rate check on financial institutions in January to curb speculative selling of the yen. With the U.S. effectively permitting Japan's interventions, the Japanese government and the Bank of Japan conducted a unilateral yen-buying and dollar-selling intervention on April 30 for the first time in one year and nine months, and have continued to intervene intermittently since then. Discussions on coordinated interventions reportedly intensified following a meeting between Katayama and Vessen on May 12. However, the trend of yen selling did not stop, and the yen-dollar exchange rate reached 163.90 yen per dollar in July, marking the lowest level for the yen in 39 years and 8 months.The interests of both countries also aligned. Japan needs to curb rising import prices due to yen depreciation. The Trump administration is wary of the impact of a strong dollar on the competitiveness of U.S. manufacturing exports. A Japanese finance ministry official told the Nikkei, "The U.S. sees that Japan's exports becoming more favorable could harm the U.S. economy." Concerns that yen depreciation could offset the effects of high tariffs, a key policy of the Trump administration, have led the U.S. to engage in yen-buying interventions.Analysts from the Yomiuri suggest that the U.S. also aims to suppress rising long-term interest rates. Japan is the largest foreign holder of U.S. Treasury bonds, and if Japan sells a significant amount of U.S. Treasuries to fund its intervention, it could lead to an increase in U.S. long-term interest rates. The Nikkei reported that the U.S. was aware that a simultaneous decline in the yen and Japanese government bonds could lead to a sell-off of U.S. Treasuries, resulting in rising interest rates. With the midterm elections approaching in November, the Trump administration has reasons to avoid rising long-term rates that could affect mortgage rates.However, it remains uncertain whether this intervention alone will reverse the trend of yen depreciation. With expectations of further interest rate hikes in the U.S. growing, many believe that the interest rate gap between the U.S. and Japan will not narrow. The cautious stance of the Takaiichi administration regarding interest rate hikes, concerns over active fiscal measures such as consumption tax cuts, and structural factors such as Japan's trade deficit and increased investments in overseas equity funds through the new NISA (small investment tax exemption system) are also seen as supporting yen selling pressure. Takahide Kiuchi, an economist at Nomura Research Institute, stated to the Yomiuri, "The effects of the intervention are likely to be temporary, and there is a possibility that we will return to pre-intervention levels within the next few weeks."* This article has been translated by AI. 2026-08-03 09:20:00
BKL Law Firm Strengthens Labor and Employment Expertise with New Hires BKL Law Firm has announced the hiring of attorney Seo Hyun-young, foreign attorney Kang Seung-hyun, and attorneys Kim Kwang-woo and Park Seo-hyun to bolster its labor and employment expertise. This move is aimed at enhancing the firm's advisory capabilities in response to the rapidly changing labor environment and increased industrial safety regulations.As the labor environment and regulatory framework evolve quickly, issues related to labor and employment have become a core risk for businesses. With the implementation of the Yellow Envelope Law and stricter industrial safety regulations under the Serious Accident Punishment Act, companies are now required to comprehensively address labor relations management, labor dispute resolution, compliance in labor and employment, and global employment management, leading to a growing demand for related advisory services.To address these changes, BKL has recruited a number of labor and employment experts, including Seo Hyun-young, who has extensive advisory experience across various aspects of corporate labor and employment, including working hours systems, wage structures, the Yellow Envelope Law, ordinary wages, average wages, collective bargaining, and illegal dispatch. She has provided advisory services to numerous foreign companies and has a strong background in advising European firms, particularly due to her experience at the German law firm Gleiss Lutz.Foreign attorney Kang Seung-hyun brings experience from the global law firm Orrick, Herrington & Sutcliffe LLP, where he provided cross-border labor and employment advisory services for domestic and international companies. Attorney Kim Kwang-woo has worked in labor-focused divisions at the Seoul High Court and the Seoul Central District Court, and is a certified labor consultant, giving him a comprehensive understanding of both litigation practices and corporate labor and employment issues. Attorney Park Seo-hyun studied labor law at Korea University’s Graduate School of Labor and will focus on corporate labor and employment advisory and labor dispute resolution.Kim Sang-min, who oversees BKL's labor and employment group, stated, "Recent corporate labor and employment issues are no longer limited to labor law but have expanded into complex management risks involving industrial safety, labor relations, compliance, and global employment management. We aim to provide comprehensive and practical solutions to the labor and employment risks faced by companies through our expertise and collaborative framework across various fields."BKL Law Firm, established in 1980, is one of South Korea's leading large law firms, offering specialized legal services across various fields, including corporate law, finance, taxation, and international arbitration. It is recognized as a top-tier law firm, providing comprehensive solutions to domestic and international clients with a team of hundreds of attorneys and specialists.* This article has been translated by AI. 2026-08-03 09:16:10
Gunpo Uiwang Enhances School Library Capabilities The Gunpo Uiwang Education Office, in collaboration with the Siheung and Ansan Education Offices, is conducting a virtual summer joint training session for approximately 180 school library staff on August 3, 2026. According to the Gunpo Uiwang Education Office, this training aims to share operational cases of school libraries and the latest trends in reading education, enhancing the practical capabilities of the staff. The program emphasizes the importance of sharing regional operational experiences to expand the educational role of school libraries. The training consists of common courses and grade-specific courses, offering a total of seven classes. Common courses include lessons on picture books that develop emotional literacy, AI book cinema talks, and understanding 2026 publishing trends. The elementary course focuses on lessons utilizing school libraries in connection with the curriculum and operating reading programs, while the middle and high school courses address the 2022 revised curriculum, reading support, and AI digital media-based reading education, reflecting the needs of educational settings at different levels. This joint training serves as a platform for school library staff to share various operational cases and practical experiences from their schools through collaboration among education offices. Participants are actively engaged in the training, exploring the latest reading education and AI utilization cases, sharing work know-how, and generating new ideas for school library operations. Notably, participants expressed high satisfaction with the opportunity to share best practices across regions, viewing the training as practical and applicable to school settings. Meanwhile, Education Director Jeong Suk-kyung stated, "School libraries are important educational spaces that support students' reading and learning. I hope this joint training enhances the expertise of school library staff and helps operate reading education more effectively in schools." 2026-08-03 09:16:00
KG Mobility Partners with Chery Automobile for Strategic Investment KG Mobility (KGM) is partnering with China's Chery Automobile to explore future business opportunities. The collaboration will kick off with the launch of a new vehicle next year, followed by joint efforts in robotics, semiconductors, and other sectors. However, concerns persist regarding cooperation with Chinese companies amid increasing U.S. scrutiny. On August 2, KGM held a press conference at the Grand Hyatt Seoul in Yongsan to announce the completion of a strategic investment agreement with Chery Automobile, valued at $75 million (approximately 110 billion won). The agreement primarily involves securing short-term foreign currency funds to pay technology usage fees to Chery. The two companies initially established their relationship through a platform licensing agreement in 2024, followed by a joint development agreement for mid-size SUVs last year. This latest strategic investment is part of that ongoing collaboration. The first tangible outcome of their partnership will be the mid-size SUV 'SE 10,' with plans to launch both plug-in hybrid (PHEV) and gasoline models in early 2024. Additionally, they aim to develop a strategic vehicle targeting major global markets, including South Korea, China, and Europe, as their second joint project. Beyond automobiles, the two companies plan to collaborate in various future business sectors. KGM Chairman Kwak Jae-sun stated, "We will not only enhance our cooperation in the automotive sector but also explore how we can connect and utilize our respective strengths and technology networks in industries such as robotics, semiconductors, raw materials, and steel. We have decided to form a task force to discuss various possibilities." However, the fact that Chery is a Chinese company raises ongoing concerns. The U.S. has been tightening regulations on the entry of Chinese automotive companies into its market. Recently, the U.S. Senate Commerce Committee passed the '2026 Vehicle Security Act,' which restricts the entry of Chinese vehicles into the U.S. As a result, there are predictions that Mercedes-Benz, which has nearly 20% Chinese ownership, could face a halt in sales within the U.S. This has raised alarms about KGM's expanding cooperation with Chinese automakers. Notably, through this investment agreement, KGM plans to issue convertible bonds (CB), which could allow Chery to convert them into shares, potentially giving it around a 10% stake in KGM. KGM CEO Hwang Gi-young addressed these concerns, stating, "A stake of around 10% will not pose any issues regarding management control. This investment signifies a commitment to closer cooperation between the two companies and will not lead to management participation in the future."* This article has been translated by AI. 2026-08-03 09:12:00