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  • South Korea to set up 20 trillion won strategic fund at KIC
    South Korea to set up 20 trillion won strategic fund at KIC SEOUL, July 31 (AJP) - South Korea will establish a strategic investment account worth more than 20 trillion won ($14 billion) at the Korea Investment Corp. to supply long-term equity capital to artificial intelligence, semiconductors and other industries deemed critical to national competitiveness. The fund’s initial capacity to make new investments, however, is expected to be limited to about 600 billion won because most of its capital will consist of government-held shares rather than readily deployable cash. The Ministry of Economy and Finance unveiled the plan Friday at an emergency economic meeting chaired by Finance Minister Koo Yoon-cheol, detailing the funding, governance and investment structure of what it calls a Korean-style strategic sovereign wealth fund. Rather than creating a separate institution, the government will establish an independently managed account within KIC, which currently invests foreign-exchange reserves and other public assets primarily in overseas markets. The government plans to submit revisions to the Korea Investment Corp. Act in August and seek parliamentary approval by the end of the year, with investment operations scheduled to begin in 2027. The account will initially be capitalized with more than 16 trillion won in government-held shares in state-run financial institutions, including the Korea Development Bank, the Export-Import Bank of Korea and the Industrial Bank of Korea, as well as about 4 trillion won in shares received in lieu of inheritance and gift taxes. The government will transfer the public-sector shares without weakening its control of the institutions or breaching statutory ownership requirements, making immediate sales of most of the holdings unlikely. Dividends from those shares and proceeds from selective sales of tax-in-kind holdings are expected to provide an initial investment pool of about 600 billion won, with additional government contributions, retained returns and other fiscal resources potentially expanding its capacity later. The structure builds on a proposal announced in January, when the government first outlined plans for a 20 trillion won sovereign investment vehicle financed with state-owned and tax-in-kind shares. Officials initially considered creating a separate management body but decided earlier this month to use KIC, citing the institution’s two decades of investment experience and its network of foreign sovereign wealth funds and global asset managers. The account will target AI, semiconductors, robotics, biotechnology, defense, energy, nuclear power, aerospace and other strategic sectors, while also investing in infrastructure such as data centers and energy clusters. It may invest in overseas companies considered important to South Korea’s supply chains and industrial ecosystem and serve as an anchor investor to draw private and foreign capital into major domestic projects. Unlike conventional policy funds that mainly offer loans, guarantees or investments with predetermined exit periods, the strategic account will focus on direct equity investments without a fixed maturity or liquidation deadline. The account may also acquire stakes from the Korea Fund of Funds, the National Growth Fund and other state-backed vehicles as they approach their usual four- to eight-year investment horizons, allowing public capital to remain invested in promising companies for longer. KIC will exercise voting rights in proportion to its holdings and may engage with portfolio companies under stewardship principles, although detailed rules governing such involvement and a target rate of return have yet to be set. Officials have cited Singapore’s Temasek as a reference for the long-term equity investment model, although the Korean vehicle will operate as a separate account within KIC rather than as an independent state holding company. A firewall will separate the strategic account from KIC’s existing foreign-exchange reserve mandates across assets, accounting, personnel and investment decisions, preventing losses or policy-related risks from spilling over into reserve management. The government will determine eligible sectors and broad investment priorities, while KIC’s board and a dedicated strategic investment committee will decide on individual transactions, supported by newly recruited specialists in direct investment, industrial analysis and risk management. Returns generated by the account will be used for reinvestment, dividends to the government or transfers to the Treasury, with the government set to establish detailed investment and risk-management rules before the fund begins operations next year. 2026-07-31 16:16:18
  • Korean Pharmaceutical Industry Accelerates AI Adoption Amid Workforce Shortages
    Korean Pharmaceutical Industry Accelerates AI Adoption Amid Workforce Shortages The South Korean pharmaceutical and biotech industry is eager to adopt artificial intelligence (AI), but a shortage of specialized personnel has emerged as a significant challenge to the expansion of AI in drug development. Approximately 90% of surveyed companies are either utilizing AI or considering its implementation, yet 67.3% reported a lack of AI specialists.The Korea Pharmaceutical and Bio-Pharma Manufacturers Association's AI Drug Research Institute conducted a survey to assess awareness and training needs regarding AI in drug development. The survey involved 44 domestic pharmaceutical and biotech companies, AI firms, academic institutions, and research organizations, with responses from 55 individuals, and the results were announced on July 31.Among the 55 respondents, 26 indicated they are currently using AI in drug development. The methods of utilization included internal use by 10 respondents, outsourcing by 9, and a combination of both by 7. Additionally, 23 respondents are considering or planning to implement AI, while 6 reported no plans for utilization.Respondents using AI identified the most common applications as candidate substance identification and optimization, each cited by 15 individuals. Other areas included compound identification (11), mechanism of action (9), target identification and validation (8), preclinical (6), clinical (4), and drug repurposing (4).Looking ahead, the most desired area for development is synthetic drugs, with 27 respondents (49.1%) indicating interest. This was followed by biopharmaceuticals and antibodies (12 respondents, 21.8%), targeted protein degradation (6, 10.9%), antibody-drug conjugates (5, 9.1%), and drug delivery systems (3, 5.5%).However, the shortage of AI specialists remains a pressing issue. A total of 37 respondents (67.3%) reported having no AI specialists in their drug development departments. The breakdown of personnel included 10 respondents (18.2%) with four or more specialists, 4 (7.3%) with one, 3 (5.5%) with two, and 1 (1.7%) with three.Reasons for the lack of AI specialists included insufficient funding and resources for recruitment (26 respondents), a lack of understanding of AI technology among existing staff (19), and a lack of awareness regarding the necessity of AI in drug development (11).When asked about the support they seek from the government and related organizations, 37 respondents prioritized training for AI specialists. Other requests included the establishment of data-sharing platforms (25), investment and funding support (23), opportunities for validation and verification (22), guidelines for regulatory approval (15), and support for global expansion (9).The need for AI education is also significant, with 91.0% (50 respondents) affirming the necessity of training in AI drug development. Specific training needs included AI algorithms and modeling programming (17), data analysis and visualization (16), bioinformatics and cheminformatics data utilization (13), and software and programming skills (5).Understanding of autonomous laboratories (SDL) remains low, with 38% (21 respondents) having only heard the term and 36% (20) unaware of it entirely. Only 24% (13) claimed to understand the concept. SDL refers to a research system that combines AI with automated laboratory robots to automate the entire process from experimental design to execution, data analysis, and follow-up experiments.Yoon Yeon-hong, president of the Korea Pharmaceutical and Bio-Pharma Manufacturers Association, stated, "AI has become an essential capability in drug development, but domestic companies face the practical limitation of a shortage of specialized personnel. If the industry and government systematically support the training of AI specialists, the establishment of data infrastructure, and the creation of validation environments, South Korea's competitiveness in AI drug development could significantly improve."Meanwhile, drug development is recognized as a high-risk, high-cost industry, typically requiring an average of 10 to 15 years and substantial financial investment, with a clinical failure rate of 90%. Given that a significant portion of drug development costs occurs in late-stage clinical trials, efforts are ongoing to identify candidate substances with a higher likelihood of success in the early stages and to reduce trial and error.* This article has been translated by AI. 2026-07-31 16:12:00
  • Chinese Stock Market Rebounds Amid Easing AI Investment Concerns
    Chinese Stock Market Rebounds Amid Easing AI Investment Concerns After a decline the previous day, the Chinese stock market rebounded on July 31 as concerns over overheating in AI investments eased, leading to a surge in buying activity.On this day, the Shanghai Composite Index closed up 0.72% at 3,832.26, the Shenzhen Component Index rose 2.21% to 13,578.93, and the ChiNext Index increased by 3.06% to 3,343.96.Strong earnings and positive outlooks from major U.S. tech companies like Amazon and Microsoft have alleviated recent concerns regarding the profitability of AI investments, resulting in a significant influx of buying.Additionally, news that the Purchasing Managers' Index (PMI), a key economic indicator, had worsened was perceived positively by the Chinese stock market. The National Bureau of Statistics of China announced that the manufacturing PMI for July was 49.2, marking a five-month low and falling significantly below market expectations. This has led to predictions of further economic slowdown in China.However, the decline in manufacturing PMI is expected to prompt the Chinese government to implement stimulus measures, which the market views as a positive development. Analysts anticipate that China will introduce additional stimulus packages and that the People's Bank of China may lower interest rates in the second half of the year.In a report, Zhao Shang Securities noted that the phrase 'restoring resilience and confidence in the capital market' was mentioned during the Politburo meeting held on July 30, indicating a likely strengthening of market stabilization measures in the second half of the year. The meeting's clear shift towards a more proactive policy direction is also seen as a positive sign.On this day, stocks related to AI applications saw significant gains, with companies like BlueFocus Communication Group, Yidian Tianxia, and Longxin Culture hitting their daily price limits.According to OpenRouter, in June, China's AI models surpassed U.S. models in global market share. As of June 26, Chinese AI models held a 63.5% share compared to just 35.5% for U.S. models over the previous 28 days.Humanoid-related stocks also performed well, with companies like Zhongdali De and Fenglong Guofen reaching their daily price limits.News that Chinese humanoid startup Yushukeji is nearing its IPO has also contributed to positive sentiment. Yushukeji announced that it will conduct a preliminary demand survey for its listing on August 5, with the subscription date set for August 10. There are already expectations of a large number of subscription applications.On this day, the People's Bank of China set the yuan's daily reference rate against the dollar at 6.7894 yuan, an increase of 0.0002 yuan from the previous day, reflecting a 0.003% decline in the yuan's value.* This article has been translated by AI. 2026-07-31 16:08:20
  • Seongnam Mayor Shin Sang-jin Pledges to Enhance Yuldong Park for Residents
    Seongnam Mayor Shin Sang-jin Pledges to Enhance Yuldong Park for Residents Shin Sang-jin, the mayor of Seongnam, reaffirmed on July 31 his commitment to creating a Yuldong Park that is easily accessible for residents. On this day, Mayor Shin held an opening ceremony for the newly established 'Yuldong Park C parking lot' in Bundang-gu, announcing the expansion of infrastructure to alleviate inconveniences for park visitors and stimulate the local economy. Mayor Shin is accelerating the development of infrastructure closely tied to residents' daily lives. The newly opened C parking lot, located on an 8,935 square meter vacant site at 307 Yuldong, Bundang-gu, features 208 parking spaces. Construction began in November of last year and was completed in about seven months at a total cost of 2.341 billion won. The opening ceremony was attended by over 100 people, including Mayor Shin, city and provincial council members, and local residents, who celebrated the new changes to the community's recreational space. Since taking office, Mayor Shin has prioritized improving living infrastructure that residents can feel. The establishment of the C parking lot is seen as a significant achievement in addressing parking difficulties and illegal parking issues around the park due to increased visitor numbers. The new parking facility includes 180 standard spaces, 7 for disabled individuals, 5 for pregnant women, 5 for seniors, and 11 dedicated to electric vehicle charging, catering to a variety of users. With the addition of the C parking lot, the total number of parking spaces in Yuldong Park has increased significantly to 914, including the existing 150 spaces in A parking lot and 556 in B parking lot. Mayor Shin plans to install 11 additional electric vehicle chargers by October. Once completed, the total number of charging facilities in Yuldong Park will rise to 56, including 4 in A parking lot and 41 in B parking lot, further enhancing eco-friendly transportation infrastructure. The C parking lot will operate free of charge until August 31, after which it will transition to a paid system starting September 1. Charges will apply only on weekdays, with the first three hours free. After that, fees will be 300 won for every 30 minutes and an additional 100 won for every 10 minutes thereafter. Yuldong Park is undergoing continuous transformation through Mayor Shin's pledge project, the 'Ecological Cultural Park Development Project.' In September 2023, a 740-meter barefoot clay path was established, and last year, new facilities such as a 96-space auto camping area, a waterfront stage, and a forest playground were introduced, creating a space for residents to enjoy nature and leisure. The park, featuring a 1.8-kilometer walking path centered around a lake and various cultural and recreational facilities, has now become a representative ecological cultural space in Seongnam. Local residents have expressed their support for the opening of the C parking lot. Frequent visitors to Yuldong Park noted, "It was often difficult to find parking on weekends or holidays, which made us hesitate to visit. With the new parking lot, it should be much easier to enjoy the park." Other residents added, "With improvements to facilities like the barefoot clay path, forest playground, and camping area, the parking issue has also been resolved, which should increase family visits. We expect positive changes for local businesses like restaurants and cafes as well." Mayor Shin stated, "The opening of the Yuldong Park C parking lot will help resolve illegal parking issues in the area and enhance convenience for visitors. I will continue to work to create a space where residents can enjoy nature more comfortably and invigorate the local economy."* This article has been translated by AI. 2026-07-31 16:08:00
  • Cause of Everyones Startup Data Breach Identified as Exposed API Key
    Cause of 'Everyone's Startup' Data Breach Identified as Exposed API Key The 'Everyone's Startup' project, a key government initiative, experienced a data breach due to the exposure of an API key necessary for data decryption. Despite the data being encrypted, the key was accessible through external collection methods, compromising sensitive information of 5,000 successful applicants.On July 31, Noh Yong-seok, the acting Minister of SMEs and Startups, held a briefing at the Government Seoul Complex, announcing the findings of an investigation conducted in collaboration with the National Intelligence Service and the Personal Information Protection Commission.According to the government investigation, the breach occurred when non-public information was included in certain APIs within the 'Everyone's Startup' platform. This information was leaked during the API collection process, which involved web crawling by external entities.The core issue was the compromise of the encryption system. Although the leaked data was encrypted, the API collection process also exposed the decryption key, allowing external parties to access the information directly.The leaked information included email addresses, evaluation comments, and summaries of startup ideas within 200 characters for the 5,000 successful applicants.It was confirmed that a total of 39 domestic IP addresses attempted to access the API containing non-public information. Following a police request for investigation on June 22, authorities are examining the detailed IP records, connections to AI solution companies, and the purpose of the leak.In response to the incident, the Ministry of SMEs and Startups activated a task force immediately after the breach, focusing on protecting applicants and enhancing platform security. To alleviate concerns about idea theft, the ministry began accepting applications for idea protection measures on July 1, resulting in support for over 1,000 ideas, including 785 for 'trade secret original certification' and 232 for 'idea custody.'The trade secret original certification includes a three-year extension and a fee waiver (50,000 won), while idea custody offers free support for technology custody (300,000 won) if technology is advanced within three years. The damage reporting center has received a total of 87 reports (50 damage reports and 9 requests for confirmation of leaks), with no additional reports received since July 8.The security system has undergone significant changes. A new encryption solution has been implemented to protect the platform's database, and access to sensitive information has been restricted to a minimal number of top-level personnel. Following these measures, users must now log in after registration to access key information.However, the Ministry of SMEs and Startups has stated that it will not change the platform operator, citing that a change would require a complete system rebuild, delaying preparations for the second phase of the project.Noh Yong-seok indicated that the schedule for the second phase will proceed after security reviews by the National Intelligence Service are completed in mid-August.Noh noted, "We have confirmed strong demand for a quick resumption of the project during meetings with 17 cities and provinces. This project is funded through a supplementary budget, so it cannot be postponed into the next year due to budgetary constraints. We will proceed with the second phase without delay."* This article has been translated by AI. 2026-07-31 16:08:00
  • Court Partially Grants Injunction in Sangdaewon 2 District Redevelopment Dispute, Restores DL E&Cs Contractor Status
    Court Partially Grants Injunction in Sangdaewon 2 District Redevelopment Dispute, Restores DL E&C's Contractor Status In a dispute over the contractor rights for the 1.9 trillion won redevelopment project in the Sangdaewon 2 District of Seongnam, a court has reinstated DL E&C's status as the contractor. The court suspended the effect of the general meeting resolution that selected GS Construction as the new contractor and the notice of contract termination to DL E&C, allowing DL E&C to retain its contractor rights for the time being.On July 31, the 5th Civil Division of the Suwon District Court's Seongnam branch partially granted an injunction filed by DL E&C and some members of the association against the housing redevelopment project association.The court temporarily determined that DL E&C holds the contractor status for the Sangdaewon 2 District redevelopment project. It also suspended the effect of the association's notifications to DL E&C regarding the termination of the construction contract issued on May 31 and June 17.Additionally, the court suspended the effect of the resolution passed at the extraordinary general meeting on May 30, which included the termination of the contract with DL E&C and the selection of GS Construction as the new contractor. This has halted the association's subsequent contract procedures with GS Construction.The court noted that the extraordinary general meeting likely did not meet procedural requirements, such as direct attendance and quorum, which could render the resolutions invalid.The minutes from the association indicated that 1,137 members were present at the meeting when the resolution to select GS Construction was proposed, just two more than the majority threshold of 1,135 out of 2,268 total members.However, the court determined that at least three members who left the meeting and those who were not properly represented should be excluded from the count. This reduced the number of direct attendees to 1,134, falling short of the majority requirement by one.The court stated, "It is unlawful to proceed with the resolution on contractor selection without a majority of members present." It pointed out that many members may have left the venue before the meeting began, and there were indications that proper verification of attendees and DL E&C's participation in the meeting procedures were not adequately conducted.The handling of written resolutions was also problematic. The association recognized only three of the withdrawal letters submitted during the meeting as valid, while DL E&C submitted 51 letters that overlapped with the written resolutions. The court concluded that including these letters would mean the number of members participating directly or via written resolution would also fall below the quorum of 1,135.The association claimed that 38 members who submitted withdrawal letters later reversed their decisions. However, the court rejected this claim, stating that the related documents did not clearly indicate a reversal of intent and that the timing of the submissions was difficult to verify.The court emphasized, "If subsequent procedures proceed on the assumption that the resolutions are valid, there is a significant risk of infringing on DL E&C's status as contractor and supplier." It also noted the potential for escalating internal disputes within the association and the complexity of legal relationships, underscoring the need to suspend the effect of the resolutions.However, the court's partial grant of the injunction did not include a request for the execution officer to publicize the decision. The core requests regarding DL E&C's contractor status and the effects of the contract termination and extraordinary general meeting resolutions were all granted.Previously, the association selected DL E&C as the contractor in 2015 and signed a construction contract in 2021. Following conflicts over the application of the high-end brand 'Acro,' the association voted to terminate the contract with DL E&C in April. When the court accepted DL E&C's injunction request, the association held another extraordinary general meeting on May 30 to terminate the contract with DL E&C and select GS Construction as the new contractor.While this decision reaffirms DL E&C's contractor status, the dispute over contractor rights is not fully resolved. The injunction serves as a temporary measure until a final judgment is made, and the association and GS Construction may appeal or initiate separate litigation.The Sangdaewon 2 District redevelopment project involves the development of a 242,000 square meter area in Sangdaewon-dong, Jungwon-gu, Seongnam, with plans for 12 underground and 29 above-ground floors, 43 buildings, and 4,885 housing units along with community facilities. GS Construction has announced an estimated construction cost of approximately 1.92 trillion won. 2026-07-31 16:08:00
  • Yuhan-Kimberly Plants 13 Million Trees in Mongolia Over 23 Years
    Yuhan-Kimberly Plants 13 Million Trees in Mongolia Over 23 Years Yuhan-Kimberly will showcase its reforestation achievements in Mongolia, where it has planted 13 million trees over the past 23 years, to the international community.The company announced on July 31 that it will participate in the 17th Conference of the Parties to the United Nations Convention to Combat Desertification (UNCCD COP17), taking place in Ulaanbaatar, Mongolia, from August 17 to 28, to share its reforestation results in the Tujinar region.UNCCD COP17 is a global conference aimed at discussing international cooperation to address desertification, land degradation, and drought. The theme of this year's conference, as announced by the Mongolian government, is 'Restoration of Hope through Land Restoration.' Delegations from 197 countries, along with representatives from international organizations, businesses, and civil society, will attend.On August 24, Yuhan-Kimberly will participate as a private stakeholder in the '20th Anniversary Forum of the Korea-Mongolia Green Belt,' where it will present its case study on the establishment of the Yuhan-Kimberly Forest in Mongolia's Tujinar region.Since 2003, Yuhan-Kimberly has collaborated with the Mongolian government, the Peace Forest NGO, and local citizens to plant and nurture over 13 million trees in the Tujinar area, which has been accelerating desertification due to large-scale wildfires. The area transformed into forest spans 3,250 hectares, equivalent to 11 times the size of Yeouido in Seoul.Jeon Yang-sook, head of Yuhan-Kimberly's Sustainability Management Center, will participate as a panelist in the first session of the business forum, titled 'Leading Change, One Hectare at a Time.' This session will share examples of how corporate and government leaders have connected commitments to land restoration and sustainable land management with measurable outcomes.Additionally, Yuhan-Kimberly will operate a permanent promotional booth at the conference in collaboration with the Peace Forest NGO. The Korean Pavilion in the Green Zone will showcase exhibition content highlighting the 42-year heritage of the 'Our Mountains, Green and Green' campaign and the achievements of the Tujinar forest project, while the Blue Zone Changwon Initiative booth will spotlight South Korea's efforts to combat desertification.Previously, Yuhan-Kimberly reported that the Gross Primary Productivity (GPP) of the Yuhan-Kimberly Forest in Mongolia improved from 0.33 kgC/m²/yr in 2003 to 0.70 kgC/m²/yr in 2024, representing an increase of approximately 2.1 times. This key ecological indicator reflects the resilience of the ecosystem, showing how much carbon plants absorb through photosynthesis and how effectively the ecosystem recovers.A Yuhan-Kimberly corporate social responsibility official stated, 'The efforts made over the past 20 years with numerous stakeholders are recognized as a successful model of public-private cooperation to combat desertification. We aim to strengthen global forest restoration networking and enhance our efforts to respond to the climate crisis through our participation in UNCCD COP17.'* This article has been translated by AI. 2026-07-31 16:00:10
  • Kakao Bank Union Strikes for the First Time, Over 700 Members Participate
    Kakao Bank Union Strikes for the First Time, Over 700 Members Participate Kakao Bank's labor union has gone on strike for the first time since its establishment after negotiations with management over performance bonuses and wage increases broke down.According to the financial sector on July 31, more than 700 of the approximately 1,000 corporate union members at Kakao Bank participated in the strike.The strike is being conducted by union members taking annual leave to withdraw from work.The Kakao Bank union is demanding that employee wages and performance bonuses be increased, citing a 3 billion won increase in the annual salary cap for executives this year. While the two sides discussed a salary increase of 5 to 6 percent, they reportedly did not reach a final agreement.Management has proposed a plan to distribute performance bonuses equivalent to 10 percent of operating profit, combining cash and company stock. They emphasize that employee treatment has been steadily improving.The union is continuing internal discussions regarding additional forms of protest and future schedules.However, since Kakao Bank operates as an internet-only bank without physical branches, it appears that customers are experiencing minimal disruption to services.* This article has been translated by AI. 2026-07-31 16:00:00
  • Hanmi Pharmaceuticals Pyeongtaek Bio Plant Achieves Top Safety Rating for Second Consecutive Time
    Hanmi Pharmaceutical's Pyeongtaek Bio Plant Achieves Top Safety Rating for Second Consecutive Time Hanmi Pharmaceutical's Pyeongtaek manufacturing center, a global biopharmaceutical production base, has received the highest rating in the Process Safety Management (PSM) evaluation conducted by the Ministry of Employment and Labor. The Pyeongtaek facility is a key site for producing the obesity treatment drug 'efegleneratide,' which is set to launch in the second half of this year, and has once again been recognized by the government for its safety management system and capabilities.On July 31, Hanmi Pharmaceutical announced that its Pyeongtaek manufacturing center achieved the top rating of 'P grade' in the regular PSM evaluation conducted by the Ministry of Employment and Labor this year.Following its initial P grade in 2022, the Pyeongtaek manufacturing center has maintained this top rating, becoming the first in the pharmaceutical and biopharmaceutical industry to achieve a consecutive P grade.The PSM evaluation is a system that comprehensively assesses the safety management level of workplaces handling hazardous materials and equipment to prevent major industrial accidents. Based on the evaluation results, ratings are assigned as P (excellent), S (good), M+ (average), and M- (poor).The P grade signifies the highest level of safety management recognized by the government. As of 2025, only 26 out of 614 workplaces in the metropolitan area have received this rating, reflecting the strict evaluation criteria that require a stable autonomous safety management system to be in place throughout the facility.The Pyeongtaek manufacturing center has continuously operated its safety management system, focusing on advanced risk assessments, proactive identification of hazardous factors, enhanced on-site safety activities, and the promotion of a safety culture. It received high marks for successfully establishing the PSM system through employee participation in preventive safety management activities.By maintaining the P grade, the Pyeongtaek manufacturing center has been recognized as a facility where an autonomous safety management system, from risk identification to preventive and improvement activities, is firmly established across the organization.Hanmi Pharmaceutical is continuously strengthening its environmental, health, and safety (EHS) management systems, particularly at its key sites, including the Pyeongtaek and Palttan manufacturing centers. The company stated that it is securing a global-level safety management system and production competitiveness through data-driven safety management activities and a preventive-focused operational system.Kim Se-gwon, head of the Pyeongtaek manufacturing center at Hanmi Pharmaceutical, stated, "Achieving the PSM top rating for the second consecutive time is the result of all employees prioritizing 'safety' as the foremost value and consistently practicing it. We will continue to strengthen proactive risk management and systematic safety management activities to create a zero-accident workplace and enhance our global competitiveness based on a safe production environment."Meanwhile, Hanmi Pharmaceutical reported preliminary consolidated results for the second quarter of 2026, with sales of 467.2 billion won and an operating profit of 131.1 billion won.* This article has been translated by AI. 2026-07-31 15:56:10
  • Trump Administration Pressures China on Rare Earth Supply Ahead of Xis Visit
    Trump Administration Pressures China on Rare Earth Supply Ahead of Xi's Visit The Trump administration is pressuring China to fulfill its commitments on rare earth and critical mineral supplies ahead of Chinese President Xi Jinping's visit to the United States in September.The U.S. is demanding that China increase its rare earth supply while also working to prevent critical minerals from used batteries and electronic waste from being exported overseas. This move aims to reduce the U.S. reliance on China for critical mineral procurement.On July 30, U.S. Treasury Secretary Scott Vessen and U.S. Trade Representative Jamieson Greer held a video conference lasting over an hour with Chinese Vice Premier He Lifeng.This meeting was held in anticipation of Xi's visit and a planned summit with President Trump. After the meeting, Vessen emphasized that "China must fully honor its commitments regarding rare earths and U.S. agricultural products."The U.S. believes that China is not supplying the agreed-upon levels of rare earths. China maintains a system requiring government approval for exporting rare earths and has tightened export restrictions on some U.S. companies.A source familiar with U.S.-China negotiations told Reuters, "The U.S. has repeatedly expressed concerns and given China time to change course, but China continues to escalate tensions. Continued escalation will have consequences."China has also expressed dissatisfaction with U.S. trade restrictions. According to the state-run Xinhua News Agency, Vice Premier He conveyed "serious concerns" about recent U.S. trade restrictions against China during the meeting.While pressuring China for rare earth supplies, the U.S. is also accelerating efforts to secure critical minerals domestically. On the same day, President Trump directed the Department of Commerce to develop measures to limit the export of used batteries and electronic waste containing critical minerals.This includes black mass, a powder made from crushed lithium-ion batteries, and expired rare earth magnets. Black mass can be processed to extract lithium, nickel, cobalt, and manganese, which are essential battery materials.In a memorandum, President Trump stated, "The shortage of critical minerals and materials in the U.S. poses an increasing risk to national defense and security," emphasizing the need to reduce dependence on foreign sources.White House officials described the measures as part of a policy to increase domestic recycling of critical minerals and reduce reliance on China.* This article has been translated by AI. 2026-07-31 15:56:00