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  • Hyosung Reports 133.7% Increase in Q2 Operating Profit to 231.6 Billion Won
    Hyosung Reports 133.7% Increase in Q2 Operating Profit to 231.6 Billion Won Hyosung announced on July 31 that it achieved sales of 733.6 billion won and an operating profit of 231.6 billion won in the second quarter of 2026. These figures represent increases of 21.9% and 133.7%, respectively, compared to the same period last year.Hyosung Heavy Industries recorded sales of 1.687 trillion won and an operating profit of 264.3 billion won in the second quarter, marking the highest quarterly operating profit in its history.The company is also seeing an increase in the proportion of high-margin orders from the United States, suggesting continued improvement in long-term profitability. Additionally, new orders in the second quarter totaled 3.3242 trillion won, bringing the total for the first half of the year to 7.4981 trillion won, prompting an upward revision of the annual new order target to 12 trillion won. The order backlog has increased by 63% year-on-year to 17.5 trillion won.Hyosung TNC achieved sales of 2.4162 trillion won and an operating profit of 188.8 billion won, reflecting increases of 27.9% and 157.5%, respectively, compared to the previous year.The textile division's performance was driven by increased sales of spandex, along with price hikes for nylon and polyester and improved cost management. The trading division also saw profitability improvements due to a surge in chemical sector sales.Hyosung Chemical reported sales of 871.3 billion won and an operating profit of 170.8 billion won in the second quarter.Despite uncertainties in the Middle East leading to global supply constraints and price surges, the company managed to respond flexibly to market changes, resulting in significant performance improvements.Hyosung stated, "The increase in equity method gains from the improved performance of key subsidiaries such as Hyosung TNC, Hyosung Heavy Industries, and Hyosung Chemical, along with the profitability improvement of Hyosung TNS, has driven our overall results."* This article has been translated by AI. 2026-07-31 18:04:00
  • Gwangju, South Korea, Prepares for World Gimbap and Salt Festival
    Gwangju, South Korea, Prepares for World Gimbap and Salt Festival The Gwangju Metropolitan City is ramping up preparations for the '2026 World Gimbap and Salt Festival,' set to take place in Yeosu this October.On July 31, Gwangju officials held a kickoff meeting at the Muan Government Complex to discuss the event's basic direction and detailed plans.Attendees included Gwangju officials, event organizing agencies, and field experts, who collectively reviewed the layout of the venue, core program operations, promotional and marketing strategies, visitor amenities, and safety management measures.This year's festival, themed 'ALL RIGHT!' will run from October 9 to 11 at the Yeosu Expo Convention Center. It aims to create an experiential festival centered around Gwangju's signature foods and solar salt, attracting both domestic and international tourists.The event will feature exhibitions showcasing the history and culture of gimbap and salt, tastings of gimbap made with local specialties, a global gimbap competition, DIY solar salt classes, and storytelling sessions about salt throughout history.The venue will be organized into themed zones, including a Gimbap Zone, Solar Salt Zone, Performance Zone, Market Zone, and Healing Zone, allowing visitors to enjoy food, performances, experiences, and relaxation in one space. The festival is also designed to promote local agricultural and fishery products, contributing to the revitalization of the regional economy.Gwangju officials aim to use this festival to promote the city's clean seafood, solar salt, and local food culture to both domestic and international audiences, establishing it as a key autumn tourism event for Yeosu.Son Yeong-gon, head of the Gwangju Fisheries Distribution and Processing Division, stated, "Gimbap and salt are competitive content that can showcase Gwangju's clean seafood and food culture to the world. We will ensure thorough preparations to make this a world-class festival that combines local flavors, beauty, and stories."Additionally, Gwangju plans to enhance the program's quality by incorporating expert feedback and operational strategies presented during the kickoff meeting, while also developing transportation, safety, and visitor convenience measures as part of the event preparations.* This article has been translated by AI. 2026-07-31 17:56:00
  • SOOP Reports 57.9% Drop in Q2 Operating Profit, Plans Platform Revamp for Recovery
    SOOP Reports 57.9% Drop in Q2 Operating Profit, Plans Platform Revamp for Recovery SOOP reported disappointing results for the second quarter of this year, but there are signs of recovery in donation economy revenue and traffic. The company plans to boost performance in the second half of the year by expanding the influx of new streamers and users, revamping the platform, and diversifying its advertising business.On July 31, SOOP announced that its consolidated revenue for the second quarter of 2026 was 103.8 billion won, with an operating profit of 12.6 billion won and a net profit of 8.7 billion won. These figures represent declines of 11.2%, 57.9%, and 61.1%, respectively, compared to the same period last year. By business segment, platform revenue was 74.1 billion won, while advertising revenue reached 27.2 billion won.For the first half of the year, SOOP reported revenue of 209.9 billion won, an operating profit of 33.9 billion won, and a net profit of 31.2 billion won. Platform and advertising revenues for the first half were 148.2 billion won and 57.7 billion won, respectively.SOOP noted that its donation economy (gift) revenue began to rebound in the second quarter, and traffic has recovered to levels seen in the previous year. However, one-time costs related to a tax audit and strategic investments for growth in the second half contributed to the decline in performance.During a conference call on the second quarter results, SOOP CEO Lee Min-won acknowledged the company's challenging situation, stating, "We recognize the gravity of our current circumstances. It is time to assess the situation critically, not only in terms of short-term performance but also in the growth of the streamer and content ecosystem."He emphasized that SOOP's long-standing competitive edge in live streaming and the foundation of its streamer ecosystem remain strong. The company aims to focus on expanding the influx of new streamers and users while enhancing the activity of existing users, rather than merely cutting costs or seeking short-term performance improvements.In the short term, SOOP plans to increase advertising purchasing power through collaboration among its affiliates and expand the advertising market size on its platform. Its long-term goal is to create an advertising ecosystem where streamers and brands grow together while providing more benefits to users.To improve performance in the second half of the year, SOOP will prioritize revitalizing the streamer ecosystem. The company intends to shift from its previous approach of directly leading streamer growth to creating a self-sustaining structure where streamers and users participate in the ecosystem's growth.To achieve this, SOOP will implement a system where existing streamers directly discover and nurture new streamers. It is also preparing a 'performance certification system' to motivate streamers based on their activities and achievements, with specific details to be announced in the third quarter.SOOP will also enhance its service competitiveness by overhauling the user interface (UI) and user experience (UX) to provide new enjoyment and content experiences, with plans to unveil these changes by the end of the year.Additionally, the company will strengthen features such as AI-based personalized recommendations, subtitles, and chat translation. This strategy aims to improve convenience for streamers and users while lowering language barriers for global users to increase overseas user influx.The advertising business will be restructured around integrated marketing brands. SOOP plans to launch a marketing consulting business that combines the expertise of SOOP and three advertising and marketing affiliates, aiming to be recognized as a single brand in the market by the end of the year.SOOP has also expanded its support programs for equipment, production, and promotion for new streamers. The company is particularly focused on ensuring stable activities and the formation of fan communities across various categories, including virtual streamers.A SOOP representative stated, "We will execute our plans with urgency to drive change and focus on recovering our core competitiveness and returning to growth."* This article has been translated by AI. 2026-07-31 17:56:00
  • SK Siltron Union Transitions to Formal Negotiations Following Doosan Sale Confirmation
    SK Siltron Union Transitions to Formal Negotiations Following Doosan Sale Confirmation SK Siltron's labor union announced it will transition to formal negotiations with management following the confirmation of the company's sale to Doosan Group. This shift indicates a focus on discussions regarding job security and the protection of employee rights, starting from the point of the sale contract.According to a report by Aju Economy on July 31, the SK Siltron union informed its members of the transition from preliminary negotiations to formal talks immediately after Doosan's announcement of its acquisition of SK Siltron.With the sale decision finalized, the union has prioritized job security for its members and aims to address related issues at the official negotiation table with Doosan. Preliminary negotiations involve working-level representatives reaching agreements, while formal negotiations include direct participation from labor and management representatives to discuss key issues.The union stated, "The corporate value of SK Siltron is the result of the sweat, technology, and responsibility of over 3,600 members," adding that the sale is a significant matter that could impact the competitiveness of South Korea's semiconductor industry.It emphasized that Doosan, as the acquiring entity, must take on not only production facilities and assets but also the people, technology, and labor relations. The union stressed the need for Doosan to establish itself as a responsible company through continuous investment and community engagement.Furthermore, the union pledged to continue principled negotiations until job security, the complete succession of working conditions, and fair compensation are clearly guaranteed.The key issues proposed by the union for formal negotiations include: job security guarantees, complete succession of existing working conditions, and the establishment of fair compensation measures for members. The union insists that job security should not be limited to legal employment succession but should also encompass current wages, collective agreements, and benefits.Particularly, the payment of special consolation bonuses is expected to be a major negotiation topic. The union maintains that compensation is necessary due to the prolonged uncertainty faced by members during the sale process.Industry observers view these formal negotiations as a critical test for the integration process following Doosan's acquisition. Once the sale procedure is completed, the ongoing negotiations with SK are likely to expand into a tripartite discussion involving Doosan. Delays in reaching agreements on job security and compensation could lead to increased internal dissent, complicating organizational stabilization post-acquisition.An industry insider noted, "The level of job security and the agreement on compensation will be crucial variables for future organizational stability," adding that Doosan will need to reach a certain level of agreement with the union to ensure a smooth acquisition and organizational stability. 2026-07-31 17:56:00
  • Ulsan City to Resume Tram Line 1 Procedures, Citing Lack of Legal Authority for Suspension
    Ulsan City to Resume Tram Line 1 Procedures, Citing Lack of Legal Authority for Suspension Ulsan City has decided to prioritize the resumption of procedures for the suspended Tram Line 1 project. However, the city plans to continue exploring legal options for a legitimate suspension of the project before the main construction begins next year.Ulsan Mayor Kim Sang-wook stated at a tram response meeting held at city hall, "Since a contract has been signed, we cannot act beyond our legal authority," adding, "It seems difficult to continue making formal requests for project suspension." Since taking office, Mayor Kim has pushed for a review of the tram project due to rising costs, operational deficits, and traffic congestion, requesting a halt to the procedures. Ulsan City has examined the possibility of suspending the project through several meetings and legal consultations but has not found a legal basis to terminate or suspend the contract.Concerns were also raised that unilaterally canceling the contract could lead to significant compensation claims and potential civil and criminal liabilities for the involved public officials.With only 27 days remaining to adjust procedures without incurring additional costs under the contract, Ulsan City has decided to proceed with the project rather than continue the suspension.Mayor Kim remarked, "Wasting the remaining 27 days without a plan could be risky," and emphasized that there is still time to gather opinions on how to legally suspend the project before actual construction begins.Meanwhile, Ulsan City plans to continue legal consultations, public discussions, and negotiations with project operators until the main construction starts in March next year.* This article has been translated by AI. 2026-07-31 17:52:00
  • ETF Trading Halted Ahead of Korean Exchange Aftermarket Launch
    ETF Trading Halted Ahead of Korean Exchange Aftermarket Launch As the Korean Exchange prepares to launch its aftermarket on September 14, the likelihood of exchange-traded funds (ETFs) being included in trading has diminished. Asset management firms are reportedly uniting in their decision not to participate in the application process for trading due to concerns over increased liquidity provider (LP) management burdens amid market volatility.According to the financial investment industry on July 31, executives from asset management firms reached a consensus during a meeting on July 29 at the Korea Financial Investment Association, agreeing to approach aftermarket ETF trading with caution.As a result, it is likely that these firms will not apply for the ETFs designated for aftermarket trading by the Korean Exchange. The exchange plans to conduct the first round of applications by July 7, followed by a second round at the end of this month.This development comes less than two months before the aftermarket is set to open. Initially, the exchange had conducted two rounds of preliminary demand surveys in March and early July, predicting that over 70% of the total ETF market, based on assets under management (AUM), would be included in the aftermarket trading. It was also reported that the related IT systems had been built and tested.However, recent increases in market volatility have shifted the sentiment among asset management firms. Concerns have been raised that LPs may face risks of significant price fluctuations due to liquidity shortages when buying and selling underlying assets to maintain the benchmark prices of ETFs in the aftermarket.One industry insider stated, "If a positive event occurs in an ETF with a high proportion of small and mid-cap stocks, and funds flow in rapidly, the LP would need to buy that stock in the aftermarket. If trading volume is insufficient, prices could soar to the upper limit. There have been recent instances where some stocks surged during rebalancing due to trading difficulties, and the risks could be even greater in the aftermarket."Another industry source noted, "While there is still time left for applications, the overall perception in the industry is that both securities firm LPs and asset managers are facing increased burdens, with little benefit from aftermarket trading. A review of whether sufficient safeguards and protective measures for market stability have been established should precede any decisions."The Korean Exchange has stated that it will proceed with the application process as planned. However, single-stock leveraged products that have recently sparked controversy will be excluded from aftermarket trading. An exchange official commented, "We are reviewing supplementary measures considering market volatility and investor protection, but no final decisions have been made."* This article has been translated by AI. 2026-07-31 17:48:00
  • Hanmi Group Denies Allegations of Misuse of Corporate Credit Card by Chairwoman
    Hanmi Group Denies Allegations of Misuse of Corporate Credit Card by Chairwoman Hanmi Group has refuted media reports alleging that Chairwoman Song Young-sook and her family misused a corporate credit card, stating that the card was used for management and operational purposes. The company also announced plans for legal action against those responsible for what it claims are illegally obtained and distorted materials.In a statement on July 31, Hanmi Group asserted that Song has been executing budgets for management and operational tasks both during and after her tenure as CEO. The company contended that the data used in the reports is incomplete, lacking information on cost reimbursements and payment cancellations.On the same day, a media outlet reported that Song's family and her secretariat spent millions of won at department stores in 2023 and incurred 30 million won in treatment costs at an anti-aging clinic.Hanmi Group clarified that the luxury purchases attributed to Song were actually expenses for holiday gifts for employees and key clients, while the medical expenses were legitimate support under the company's welfare program. The company also disputed claims regarding overseas expenditures, stating these were business travel costs for managing stakeholders and conducting market research.Regarding allegations that Song's family holds numerous golf memberships, the company stated that there have been no instances of personal use of these memberships by her family.The company expressed concern, stating, "We believe that some data has been unlawfully extracted from our system without following proper procedures. It is regrettable that certain factions appear to have a specific agenda to attack the founder and family of Hanmi Group by providing such materials to the media." Hanmi Group noted that amid disagreements among major shareholders, unverified materials are being circulated to defame a specific shareholder, and it called for fact-based reporting. Furthermore, the company reiterated that there were no tax assessments related to the personal use of Song's corporate card during the tax investigations conducted by the National Tax Service last year and the year before regarding Hanmi Science and Hanmi Pharmaceutical.* This article has been translated by AI. 2026-07-31 17:44:10
  • SK Siltron Acquired by Doosan Group for 2.3 Trillion Won
    SK Siltron Acquired by Doosan Group for 2.3 Trillion Won SK Siltron, valued at 5 trillion won, has been acquired by Doosan Group. This acquisition completes the final piece of Doosan Chairman Park Jung-won's strategy for vertical integration in the semiconductor sector, encompassing everything from wafer production to electronic materials and post-processing testing.On July 31, SK held a board meeting and approved the sale of a 70.6% stake in SK Siltron to Doosan for 2.3 trillion won. A stock purchase agreement (SPA) is expected to be signed soon, followed by the necessary regulatory approvals.Investment banks estimate SK Siltron's enterprise value at 5 trillion won. The two parties have agreed to a transaction price of approximately 2.3 trillion won for 70% of the company, excluding 2 trillion won in net debt.The sale includes a 51% stake directly held by SK and an additional 19.6% acquired through a total return swap (TRS) agreement. The remaining 29.4% stake held personally by SK Group Chairman Chey Tae-won is not included in this board decision, but it is likely that Doosan will pursue a separate agreement to acquire it later. If Doosan secures Chey's stake, it will own 100% of SK Siltron, which is valued at approximately 900 billion won.This transaction comes about seven months after Doosan was selected as the preferred bidder for SK Siltron in December 2025. Initially, both parties aimed to finalize the deal in the first half of 2026, but delays occurred as they reassessed SK Siltron's value amid a recovering semiconductor market and increasing demand for AI semiconductors.SK Siltron is the only domestic company specializing in the production of silicon wafers, which serve as the foundation for semiconductor chips. It manufactures 200mm (8-inch) and 300mm (12-inch) silicon wafers, as well as silicon carbide (SiC) wafers used in electric vehicles and renewable energy power semiconductors. Its 300mm silicon wafer single crystal growth technology is designated as a national core technology, and the company ranks among the top three globally.Doosan anticipates that the Siltron wafer business can achieve an average annual growth rate of around 7%, setting a revenue target of approximately 3 trillion won by 2031. A Doosan representative stated, "This acquisition contract secures future growth engines for Doosan while establishing a sustainable revenue base. Siltron will not be listed, and we will focus on enhancing shareholder value based on a stable business portfolio."With the acquisition of SK Siltron, Doosan is strengthening its semiconductor business, which it has identified as a new growth pillar. Chairman Park Jung-won has been expanding the group's portfolio beyond its traditional heavy industry focus to include semiconductors and advanced materials.In 2022, Doosan acquired the semiconductor post-processing testing company Tesna for approximately 460 billion won and renamed it Doosan Tesna. Doosan Tesna is responsible for system semiconductor wafer testing and package testing. Doosan's Electronics BG produces copper-clad laminates (CCL) used in semiconductor packaging, AI accelerators, and data center servers.With the addition of SK Siltron's wafer business, Doosan has established a comprehensive structure that includes wafer production, electronic materials for packaging and substrates, and post-processing testing. Future synergies are expected in research and development, customer collaboration, and investment efficiency among SK Siltron, Doosan Electronics BG, and Doosan Tesna.Securing funding for this large-scale acquisition is a challenge for Doosan. The company is expected to combine its own cash, borrowings from financial institutions such as the Korea Development Bank, and asset liquidations from its affiliates to finance the acquisition. Given that the transaction size is among the largest in Doosan Group's history of mergers and acquisitions, managing financial burdens post-acquisition will be crucial.SK plans to use the substantial cash influx from this sale to improve its financial structure and invest in future growth businesses. The SK Group is undertaking a rebalancing effort to streamline non-core assets and focus on key sectors such as AI, semiconductors, and energy.SK Corp. stated in a disclosure that the purpose of the stake transfer is to secure resources for enhancing financial soundness and future growth drivers.Following the signing of the stock purchase agreement, both parties will proceed with the Fair Trade Commission's review of the merger and the Ministry of Trade, Industry and Energy's approval related to national core technologies. If the transaction concludes as planned, SK Siltron will transition to a Doosan Group affiliate approximately nine years after being integrated into the SK Group in 2017. 2026-07-31 17:44:00
  • Jung Jeom-sik Urges President Lee to Veto Bill Abolishing Prosecutors Investigative Powers
    Jung Jeom-sik Urges President Lee to Veto Bill Abolishing Prosecutors' Investigative Powers 정점식 국민의힘 원내대표는 31일 국회 본회의에서 검사의 보완수사권 폐지를 골자로 한 형사소송법 개정안이 여당 주도로 통과되자 이재명 대통령을 향해 "'이재명 탈옥법'이라는 오명을 받기 싫다면 재의요구권(거부권)을 행사하라"고 촉구했다. 정 원내대표는 이날 국회에서 기자들과 만나 "법안이 본회의를 통과하고 정부로 이송되면 대통령은 15일 이내에 재의요구권을 행사할지 여부를 결정해야 한다"며 "이제 공은 이 대통령에게 넘어갔다"고 말했다. 정 원내대표는 "현재 법안에는 법원이 공소기각 판결의 요건을 완화할 수 있는 조항이 있다"며 "누가 봐도 재판 중지 상태에 있는 이 대통령을 위한 맞춤형 입법"이라고 주장했다. 이어 "지난 2월 더불어민주당 일부 국회의원들은 공소취소 모임을 출범시켰다"며 "지난 4월에는 공소취소 특검을 시도했다. 노골적인 대통령 재판 삭제 시도가 올해로 벌써 세 번째"라고 강조했다. 그는 "내년 6월이면 조희대 대법원장의 임기가 끝난다. 이 대통령은 재임 중에 대법원장을 비롯해 무려 22명의 대법관을 임명할 수 있다"며 "자신의 사법리스크를 제거할 수 있는 법과 판사 모두를 확보하는 것"이라고 했다. 그러면서 "국민의힘은 이 악법을 철폐하기 위해서 헌법심판 청구 등 모든 수단과 방법을 강구하겠다"고 덧붙였다. 또한 민주당이 자당 몫 청와대 특별감찰관 후보자를 추천한 것에 대해 "국회가 총 3명을 추천해야 한다. 국민의힘은 이미 1명을 추천했으니 나머지 1명은 어떻게 추천할지 조속히 협의에 나서자"고 요구했다. 그는 "지난 1년간 청와대는 국회 추천을 요구하고 민주당이 추천에 응하지 않는 이중플레이로 국민을 기만했다"며 "민주당이 이제야 추천에 나선 것은 만시지탄의 느낌이 있고, 보완수사권 폐지에 대한 분노 여론을 잠재우기 위해 관심을 돌리려는 것 아니냐는 의구심도 든다"고 지적했다. 아울러 "이제라도 특별감찰관 추천에 나선 것은 환영한다"며 "특별감찰관이 신속하게 임명될 수 있도록 노력하겠다"고 했다.* This article has been translated by AI. 2026-07-31 17:36:00
  • Three Candidates for Democratic Party Leadership Celebrate Passage of Criminal Procedure Law Amendment
    Three Candidates for Democratic Party Leadership Celebrate Passage of Criminal Procedure Law Amendment On July 31, the three candidates for leadership of the Democratic Party of Korea welcomed the passage of an amendment to the Criminal Procedure Law, which abolishes supplementary investigative authority. However, candidate Song Young-gil stated that this achievement should not be used as a slogan for the party convention.Candidate Kim Min-seok expressed on Facebook, "We have overcome another major hurdle in prosecutorial reform," adding that the strong will and reformative decision of the Lee Jae-myung administration has led to another historical evaluation. He promised to pursue prosecutorial and judicial reforms that protect the public and the vulnerable with unwavering commitment.Candidate Jung Cheong-rae remarked, "Prosecutorial reform is the banner and symbol of our party's reform efforts," asserting, "We will ensure it remains unblemished. We have achieved prosecutorial reform." He also referenced the late former President Roh Moo-hyun, stating that the passage of the reform bill was guided by the principles of prioritizing the public and party members, ensuring that investigations do not harm victims, and strengthening police oversight.Candidate Song noted, "The amendment to the Criminal Procedure Law has passed. With the abolition of supplementary investigative authority, it can no longer be used as a slogan for the party convention," and indicated that he would scrutinize Jung's justification for running for party leader in the next debate.Previously, all three candidates had expressed support for the abolition of supplementary investigative authority. However, Jung and Kim have engaged in a truth battle regarding the internal conflicts surrounding this issue.* This article has been translated by AI. 2026-07-31 17:36:00