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  • Ruling Party Election Commission Issues Warning to Jeong Cheong-rae and Supporters
    Ruling Party Election Commission Issues Warning to Jeong Cheong-rae and Supporters The Democratic Party's Election Commission has reportedly issued a warning and corrective order to Jeong Cheong-rae, a candidate for party leader, and candidates from his faction participating in the August 17 convention, citing election misconduct.According to the party on July 31, the commission reported its findings to the Supreme Council, determining that Jeong and Supreme Council candidates Lee Sung-yoon, Choi Min-hee, and Han Min-soo violated party regulations by attending unauthorized meetings.Additionally, the commission has requested the party's ethics committee to impose severe penalties, including suspension of duties, on Lee Jae-young, the head of the Democratic Research Institute, for violating neutrality obligations. Lee had hosted a meeting with Jeong and other candidates from his faction on July 25 in his constituency in Yangsan, Gyeongnam.However, party rules explicitly state that heads of policy research institutes cannot engage in election activities, and that 'central party staff and other individuals required to maintain neutrality must not exert undue influence on the primary or engage in actions that affect the primary results,' raising concerns over the violation of neutrality obligations. 2026-07-31 15:48:00
  • Hanon Systems Reports 61% Increase in Q2 Operating Profit
    Hanon Systems Reports 61% Increase in Q2 Operating Profit Automotive thermal management solutions provider Hanon Systems has reported improved performance in the second quarter, driven by increased sales of electrification components in Europe.On July 31, Hanon Systems announced that its consolidated operating profit for the second quarter reached 103.7 billion won, a 61.2% increase compared to the same period last year. Revenue rose by 0.6% to 2.8752 trillion won, while net profit turned positive at 86.1 billion won.The performance improvement is attributed to a combination of favorable exchange rates, expanded supply of electrification components primarily to European automakers, and operational efficiencies resulting from global restructuring. The electrification segment accounted for 31% of total sales, bolstered by increased volumes in Europe.Lee Soo-il, CEO of Hanon Systems, stated, "Despite global cost pressures, we have laid the groundwork for performance recovery through company-wide operational efficiencies and structural improvements. We will actively pursue various new businesses based on our automotive thermal management technology to ensure sustainable growth."* This article has been translated by AI. 2026-07-31 15:48:00
  • Coupang ordered to compensate consumers for data leak
    Coupang ordered to compensate consumers for data leak SEOUL, July 31 (AJP) - South Korea's consumer watchdog on Friday ordered e-commerce giant Coupang to compensate victims of last year's massive data breach, marking the first decision to recognize the company's liability for damages resulting from the leak. The Consumer Dispute Settlement Commission under the Korea Consumer Agency said Coupang should pay 100,000 won (US$70) in compensation to each of the 50 consumers who filed a collective action in December last year over the breach, which exposed the sensitive personal information of tens of millions of users. They may choose to receive the compensation in cash or as a voucher that can be used on Coupang's website or mobile app. The commission said the breach exposed not only users' personal information including their names, email addresses and home addresses, but also highly sensitive data closely linked to their private lives such as order histories. It added that a hacker had stolen personal data over an extended period and that there was a risk the information could be misused, citing disguised emails sent to some customers in connection with the leak. Coupang argued that it had retrieved the device used in the breach and that there was no risk of further damage. However, the commission said it was difficult to say that the possibility of additional leaks had been completely ruled out. It also found that Coupang should compensate users for emotional distress caused by the breach. The commission said the amount was set at 100,000 won, taking into account the level of compensation courts have typically recognized in large-scale data leak cases and the sensitivity of the leaked information. It also considered the fact that Coupang had not disclosed how many affected users had actually used the 50,000-won shopping vouchers it issued in January as compensation. Coupang must notify the commission within 15 days of receiving the written decision whether it will accept Friday's decision. If it does not respond within the period, it will be considered to have accepted it. The commission will also take follow-up measures including requiring a compensation plan to ensure that the same payments are made to those who did not join the class action. Coupang suffered a massive data breach in November last year, in which about 37.56 million cases of personal information were leaked. The government last month imposed a record fine of 62.47 million won, along with an additional penalty of 16.8 million won. 2026-07-31 15:47:29
  • Celltrion Expands Direct Sales in Italy, Targeting Market with Omniclo
    Celltrion Expands Direct Sales in Italy, Targeting Market with Omniclo Celltrion is strengthening its presence in the European market by expanding the sales of its biosimilars in Italy. The company is accelerating its market share growth with key products, including 'Omniclo' (ingredient name: omalizumab), which was launched last year.On July 31, Celltrion announced that the sales of Omniclo, a treatment for chronic spontaneous urticaria and allergic asthma launched in Italy at the end of last year, are continuing to expand.Celltrion's Italian subsidiary is currently selling Omniclo in 15 regions. Among these, seven regional governments have signed contracts exclusively with Celltrion as a supplier of omalizumab.The company explained that in some areas, the sales volume of Omniclo from January to May this year surpassed the total prescriptions of omalizumab during the same period last year.Celltrion also reported that its autoimmune disease treatments, 'Stekima' (ingredient name: ustekinumab) and 'Aptozma' (ingredient name: tocilizumab), launched in Italy last year, are being sold in several regions.Additionally, the autoimmune treatment 'Uplima' (ingredient name: adalimumab) and the anticancer drug 'Vegzelma' (ingredient name: bevacizumab) recorded market shares of 46% and 66%, respectively, in the Italian market during the first quarter of this year, continuing their growth trend.Celltrion plans to promote its market share expansion in Europe by focusing on Omniclo, Aptozma, and the Remsima product line.Yoo Won-sik, head of Celltrion's Italian subsidiary, stated, "New products, including Omniclo, have achieved significant bidding results in key regions. We will strengthen the presence of new biosimilars through participation in bids and expansion of supply areas in the second half of the year."Meanwhile, Celltrion reported a consolidated revenue of 1.3937 trillion won and an operating profit of 451.8 billion won for the second quarter, driven by the sales expansion of high-margin new products.* This article has been translated by AI. 2026-07-31 15:44:00
  • Chip stock swings push Koreas FX turnover to record on hedging demand
    Chip stock swings push Korea's FX turnover to record on hedging demand SEOUL, July 31 (AJP) - The same forces driving wild swings in South Korea's semiconductor stocks are now reshaping the country's foreign-exchange market. As AI-fueled volatility draws record foreign participation in Seoul's equity market, demand for currency hedging has pushed daily foreign-exchange turnover to an all-time high, a trend highlighted Friday when unprecedented overseas buying of Korean shares generated heavy FX trading but only a muted immediate rally in the won. The average daily value of spot and foreign-exchange derivatives transactions reached a record $121.44 billion in the April-June quarter, up 18.3 percent from $102.65 billion in the previous quarter, according to the Bank of Korea. The figure surpassed the previous record set only three months earlier and marked the highest level since the central bank began compiling the quarterly data in 2008. "The increase reflected a rise in foreign investors' purchases and sales of Korean-listed stocks and bonds, along with increased demand to hedge against fluctuations in the won," a BOK official said. Friday's trading provided a vivid example of that relationship. Foreign investors poured more than 7 trillion won into KOSPI shares — the largest single-day net purchase on record — while buying another 1.7 trillion won on the KOSDAQ as Samsung Electronics and SK hynix staged historic rallies after stronger-than-expected earnings from Microsoft and Amazon revived confidence in global AI infrastructure spending. Despite the record equity inflows, the won's gains were comparatively restrained. As of 3:30 p.m., the dollar traded at 1,425.9 won, strengthening from around 1,434 won earlier in the session but failing to mirror the magnitude of the stock-market surge. Foreign purchases of equities do not immediately translate into demand for won because stock trades settle several days after execution, delaying the accompanying currency conversion, a BOK official said. Dealers also cited importer demand for dollars as the won strengthened earlier in the day, while a modest weakening of the Japanese yen after the Bank of Japan kept interest rates unchanged and a rebound in the U.S. dollar index toward the 100 level also weighed on the Korean currency. The BOK's data suggest that heightened stock-market volatility is increasingly spilling over into currency markets through greater hedging activity. Spot transactions led the increase, climbing 27.7 percent from the previous quarter to a daily average of $54.11 billion. Won-dollar spot trading rose 31.4 percent to $43.74 billion, accounting for most of the increase. Trading involving non-residents jumped 41.1 percent to $17.76 billion, significantly outpacing a 23.6 percent increase in interbank transactions and an 18.3 percent rise in trades with domestic customers. Foreign-exchange derivatives also remained active, with daily turnover rising 11.7 percent to $67.32 billion. Forward transactions climbed 21.6 percent to $23.03 billion, led by non-deliverable forwards (NDFs), whose turnover increased 21.2 percent to $18.84 billion. The rise in NDF trading indicates stronger demand among offshore investors and financial institutions to hedge or adjust exposure to the Korean won without exchanging the underlying currencies at settlement. Foreign-exchange swaps, the largest segment of Korea's derivatives market, increased 7.5 percent to $42.03 billion, while currency swaps edged down 2.1 percent to $1.89 billion. By institution, turnover at domestic banks rose 20.1 percent to $55.51 billion a day, while Korean branches of foreign banks handled $65.93 billion, up 16.8 percent from the previous quarter. The central bank noted that the figures measure the combined value of purchases and sales rather than net capital flows, meaning the record reflects heightened trading activity and hedging demand rather than the direction of cross-border capital movement. 2026-07-31 15:41:53
  • Kang Dong-won, Park Ji-hyun, and Eom Tae-goos Wild Thing Released on Netflix Today
    Kang Dong-won, Park Ji-hyun, and Eom Tae-goo's 'Wild Thing' Released on Netflix Today The film 'Wild Thing' is now available to audiences worldwide through Netflix.Netflix released 'Wild Thing' on July 31. The film is a comedy about a mixed-gender dance group called Triangle, which once dominated the music scene but disbanded overnight due to an unexpected incident. The story follows their reckless challenge to seize a chance at revival 20 years later.'Wild Thing' premiered in theaters in June, featuring a storyline centered around a 2000s mixed-gender dance group, Y2K-inspired music, and comedic performances by the cast.Kang Dong-won, Eom Tae-goo, and Park Ji-hyun star as members of Triangle. Oh Jung-se plays the ill-fated ballad singer Seong-gon. The characters, each with distinct personalities, contribute to the film's comedic elements.The music and performances in the film are also key highlights. Triangle's debut song 'Love is' and Seong-gon's confession song 'I Like You' were produced by a team specializing in K-pop.'Wild Thing' is a collaboration between About Film, the production company behind the hit film 'Extreme Job,' and director Son Jae-gon, known for 'Not a Bad Day.' The film is now streaming on Netflix.* This article has been translated by AI. 2026-07-31 15:40:00
  • Hanwha Aerospace Surpasses 1 Trillion Won in Quarterly Operating Profit
    Hanwha Aerospace Surpasses 1 Trillion Won in Quarterly Operating Profit Hanwha Aerospace has entered a new era with quarterly operating profit surpassing 1 trillion won, driven by major export projects in Poland and other countries. The impact of a fire at its Daejeon factory on its performance has been limited.On July 31, Hanwha Aerospace reported consolidated sales of 9.2929 trillion won and operating profit of 1.3655 trillion won for the second quarter of this year. This marks a 47.2% increase in sales and a 58.5% increase in operating profit compared to the same period last year.Notably, this is the first time the company has exceeded 1 trillion won in quarterly operating profit. The stable growth of its core ground defense sector, along with improved performance from subsidiaries Hanwha Ocean and Hanwha Systems, contributed to this achievement.The ground defense sector recorded sales of 2.0175 trillion won and operating profit of 533 billion won, reflecting increases of 19% and 2%, respectively, from the previous year. In South Korea, major production projects such as the wheeled anti-aircraft gun Cheonho and the Cheonmu multiple rocket launcher are progressing steadily, while exports to Poland, Egypt, and the Middle East are on track to meet expectations.The aerospace sector achieved sales of 760 billion won and operating profit of 37 billion won, with sales increasing by 17% year-on-year due to a rise in military orders, resulting in a return to profitability.A Hanwha Aerospace official stated, "This year, we plan to deliver 30 K9 self-propelled howitzers and over 40 Cheonmu multiple rocket launchers to Poland. We expect to maintain strong performance in the second half of the year with deliveries to Poland, Egypt, and Australia." Concerns regarding the impact of the Daejeon factory fire on performance were found to be limited. The official noted, "The incident at the Daejeon factory did not significantly affect our second-quarter results, but some sales were deferred due to the production halt. We are working to normalize production." The order backlog for ground defense stands at approximately 38.3 trillion won, reflecting additional exports of K9 self-propelled howitzers to Finland in April and a supply contract for Cheonmu multiple rocket launchers to Estonia in May. The new orders for the second quarter are estimated at 1.5 trillion won.Subsidiaries also reported strong performances, supporting the overall results of the group. Hanwha Ocean recorded sales of 5.4432 trillion won and operating profit of 736.1 billion won, driven by high-profit projects such as LNG carriers, marking increases of 65% in sales and 98% in operating profit compared to the previous year. Hanwha Systems achieved record results with sales of 1.1176 trillion won and operating profit of 103.7 billion won, bolstered by increased exports of defense products, including multifunction radars (MFR).On the same day, Hanwha Aerospace reiterated that its recent investment in Korea Aerospace Industries (KAI) is a strategic move to enhance synergies in the defense and aerospace sectors. As of July 24, Hanwha Group's stake in KAI has increased to 14.64%. However, the company clarified that there are no plans for additional share purchases to secure management control.The official stated, "Acquiring approximately 15% of KAI shares with Hanwha Systems is a strategic investment aimed at establishing a collaborative framework in key defense and aerospace sectors. We are not currently in discussions with other shareholders, such as the Export-Import Bank, regarding additional share acquisitions." * This article has been translated by AI. 2026-07-31 15:32:00
  • Rika AI Selected as Supplier for 2026 AI Voucher Support Program
    Rika AI Selected as Supplier for 2026 AI Voucher Support Program Rika AI, a developer of AI-based recruitment solutions, has been selected as a supplier for the 2026 AI Voucher Support Program, aiming to expand AI human resources (HR) services for businesses.The AI Voucher Support Program assists companies wishing to implement artificial intelligence technologies by enabling them to utilize verified AI solutions for business innovation and digital transformation. With this selection, Rika AI has established a foundation to provide a broader range of AI-driven recruitment and talent management services.Rika AI offers a solution that supports the entire recruitment process by integrating generative AI with its proprietary HR-specific technology. The solution includes various features such as job posting creation, applicant analysis, job suitability matching, cover letter analysis, interview support, and recruitment data analysis, all aimed at enhancing the efficiency of corporate hiring operations.The company explained that it is advancing technology that not only utilizes generative AI but also combines HR data analysis techniques with large language models (LLM) to automate repetitive hiring tasks and support decision-making for recruitment personnel.Through this initiative, Rika AI plans to provide customized AI services tailored to individual companies' hiring processes. Key support areas include suitability analysis between applicants and job postings, resume analysis, automation of recruitment personnel tasks, development of company-specific recruitment assistants, and in-house HR agent development.As competition for talent intensifies, the demand for AI-based HR solutions among companies is also on the rise. Rika AI aims to help businesses reduce the burden of initial implementation costs while applying generative AI to recruitment tasks, thereby improving both productivity and the quality of hiring.Shin Hee-jae, CEO of Rika AI, stated, "Generative AI is rapidly evolving from a simple work assistance tool to an AI agent that performs core business functions. With this selection as a supplier for the AI Voucher Program, we will continuously enhance our services so that more companies can experience the tangible benefits AI offers in recruitment."He added, "In the future, we will expand the application of AI beyond recruitment to various business areas such as personnel management and task automation, growing as a partner that supports companies in easily adopting and utilizing AI."* This article has been translated by AI. 2026-07-31 15:32:00
  • HMM Completes Sale of Mombasa to Panstar, Launching Arctic Route Trials
    HMM Completes Sale of Mombasa to Panstar, Launching Arctic Route Trials The final piece of the government's Arctic route trial has fallen into place. HMM has sold its container ship, the Mombasa, to Panstar, paving the way for the Arctic route trials to commence. However, it is reported that HMM faced significant challenges balancing profitability and operational needs during the sale process.According to a report by Aju Economy on July 31, Panstar Group and HMM finalized the sales contract for the 2,758 TEU container ship Mombasa and completed the necessary procedures. The ship is scheduled to be delivered by mid-August.After acquiring the vessel, Panstar plans to conduct necessary modifications for polar navigation and obtain the Polar Ship Certificate, with the aim of deploying the ship for Arctic route trials departing from Busan by the end of August.The Mombasa is an ice-class container ship capable of operating in the Arctic Ocean. Initially, Panstar considered acquiring a new ship from a Chinese shipyard, but due to scheduling issues, the company shifted its focus to securing a vessel from a domestic shipping company, ultimately negotiating the acquisition of the Mombasa from HMM.However, the path to this agreement was reportedly fraught with difficulties. The Mombasa was previously used in HMM's regular operations but was selected for the government's Arctic route trial, leading to its sale.As a result, HMM appears to have felt a significant burden in this transaction, which goes beyond a simple second-hand ship sale. Currently, the international market price for similar 2,700 TEU container ships is around $36 million. However, investment banking sources suggest that the unique nature of the Arctic route trial may have made it difficult to fully reflect market prices in this deal.Reactions within the shipping industry regarding the Arctic route project are mixed. The route, which passes through Russian ports, faces significant uncertainty due to U.S. and European sanctions against Russia, and the viability and profitability of the route have yet to be established.Consequently, major domestic shipping companies have been hesitant to participate in the Arctic route project. In fact, Panstar was the only company to apply for participation in the Arctic route trial project announced in April.One industry insider stated, "Shipping companies are understandably burdened by the uncertainties stemming from sanctions against Russia, especially given that the economic feasibility of the Arctic route has not been sufficiently validated. The results of this trial will serve as a crucial benchmark for future participation by domestic shipping companies."Meanwhile, this contract marks a significant step forward for the government's Arctic route initiative. The trial, scheduled for late August, will assess economic viability, safety, and cargo securing capabilities. The outcomes of this trial are expected to have a considerable impact on the future of the Arctic route project and the involvement of private shipping companies.Han Jong-gil, a professor in the Department of Global Logistics at Seongkyunkwan University, emphasized, "The success of the trial depends not just on the operation of the vessel itself, but on how effectively we can secure stable cargo and mitigate international sanction risks. For the government's Arctic route project to proceed smoothly, consultations with the United States are essential." 2026-07-31 15:28:10
  • Uiwang Mayor Kim Seong-je Announces Plans for Local Economic Growth
    Uiwang Mayor Kim Seong-je Announces Plans for Local Economic Growth Kim Seong-je, the mayor of Uiwang, emphasized on July 31 that the Uiwang Industrial Promotion Agency will serve as a vital hub for driving the growth of local businesses and revitalizing the regional economy. On this day, Mayor Kim announced that from July 31 to August 14, a survey targeting small and venture businesses in the area will be conducted to prepare effective support policies centered on business needs ahead of the agency's planned launch next year. This survey is part of Mayor Kim's initiative to create a business-friendly environment in Uiwang and to enhance local economic policies by incorporating the voices of businesses into administrative decisions, thereby clarifying the agency's role and direction. The survey will include representatives and employees of small and venture businesses located in Uiwang, allowing them to participate easily through an online questionnaire. The questionnaire consists of 24 questions across four areas: general business status, demand for support programs from the Uiwang Industrial Promotion Agency, operational challenges faced by businesses, and policy suggestions, with an estimated completion time of about five minutes. Mayor Kim plans to use the results of this survey to supplement the findings from a feasibility study conducted in 2022 regarding the establishment of the agency and to develop a tailored support system that reflects the changing industrial environment and the realistic needs of businesses. In particular, the survey results will serve as essential foundational data for establishing the agency's medium- to long-term operational direction, identifying support programs, and budgeting. Citizens of Uiwang are expressing optimism about the establishment of the Uiwang Industrial Promotion Agency. Residents have consistently highlighted the need for an organization dedicated to supporting local businesses and fostering startups and ventures, believing that the agency's establishment will inject new vitality into the local economy. Above all, citizens hope that the growth of local businesses will lead to increased job opportunities for young people and stimulate local consumption, expecting tangible economic benefits that go beyond mere business support. One resident stated, "For good businesses to thrive in the area, job creation and urban competitiveness must increase. I hope the Industrial Promotion Agency plays a practical role in connecting businesses with the administration." Mayor Kim added, "We will actively incorporate diverse opinions from the field to ensure that we become a tailored partner organization providing the support businesses truly need." Meanwhile, Mayor Kim plans to develop industry support policies centered on business needs based on this survey and to cultivate the Uiwang Industrial Promotion Agency as a key platform for driving the growth of local businesses and economic development.* This article has been translated by AI. 2026-07-31 15:24:00