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Special Prosecutors Summon Jeong Won-joo in Unification Church Investigation The second special investigation team, led by Special Prosecutor Kwon Chang-young, has summoned Jeong Won-joo, the former chief of staff to Unification Church leader Han Hak-ja, regarding allegations of covering up an investigation into overseas gambling.As of 10 a.m. on July 31, the special investigation team is questioning Jeong in his capacity as a witness. This marks the first time Jeong has been interrogated by the team.The allegations of covering up the Unification Church investigation stem from claims that police were aware of suspicions involving Han and other church executives participating in overseas gambling but failed to pursue the matter, subsequently leaking information to political circles to suppress the investigation.In June 2022, the Chuncheon Police received intelligence indicating that Han and other church executives had engaged in approximately 60 billion won ($50 million) worth of gambling at casinos in Las Vegas, USA, between 2008 and 2011.However, it is alleged that the investigation was derailed due to the involvement of former lawmaker Kwon Seong-dong, with related information leaking to political circles before any police action could be taken.Evidence has emerged suggesting that the Unification Church was aware of the intelligence and prepared for the investigation.Previously, the Kim Geon-hee Special Investigation team, led by Special Prosecutor Min Jung-ki, indicted Kwon and Han for exchanging police intelligence. However, the investigation into the internal police leaks and higher-ups' involvement remains incomplete.The special investigation team is continuing its inquiry, focusing on former police chief Yoon Hee-keun, who was appointed as the first chief of the National Police Agency after President Yoon Suk-yeol's election.In April, the team conducted searches of the National Police Agency, Gangwon Provincial Police Agency, and Chuncheon Police Station, and has completed two rounds of questioning with Yoon as a suspect.Witness interviews are also being conducted with former Unification Church World Headquarters leader Yoon Young-ho and police officers from the Crime Intelligence Division at the time.* This article has been translated by AI. 2026-07-31 10:36:10
Stephen Roach: The Old Hong Kong is Gone, but a New Hong Kong is Emerging Renowned scholar Stephen Roach, a professor at Yale University, recently published a column titled "Yes, the Hong Kong of Old is Over." In the column, Roach downplays Hong Kong's resurgence as the world's top IPO market this year, attributing it solely to support from mainland Chinese companies and the Chinese government. He argues that as the rule of law and press freedom have declined, Hong Kong has transformed from a global financial hub into just another major city in China.However, his claims reveal a failure to fully recognize the competitive reality of present-day Hong Kong and its historical development. Looking back at Hong Kong's history, it has never existed in isolation from China. During the 1950s to 1970s, entrepreneurs and labor from the mainland laid the foundation for its manufacturing sector, and after the economic reforms, Hong Kong capital became a major beneficiary of China's growth by investing in Guangdong Province. Hong Kong's prosperity has always been closely linked to the vast market of China. The current close relationship between Hong Kong and China is not a new phenomenon.Roach dismisses the recovery of Hong Kong's IPO market as merely a result of Chinese companies. However, even in the 2000s, when Hong Kong was vying for the top IPO spot globally, many mainland companies were listed there. During that period, major state-owned enterprises such as Industrial and Commercial Bank of China, Bank of China, China Construction Bank, China Life, and PetroChina went public in Hong Kong, helping the city achieve its status as the world's IPO leader.In the first half of this year, companies like CATL, the world's largest battery manufacturer, AI firm Z.ai, and autonomous driving company Momenta chose to list in Hong Kong, reaffirming the city’s position as the top IPO market. These companies opted for Hong Kong over New York, London, or Singapore, highlighting Hong Kong's unique role in connecting Chinese enterprises with global capital. As more Chinese companies rise to prominence on the global stage and attract international investment, Hong Kong's significance is expected to grow.Roach's mention of the Hong Kong National Security Law also requires a more nuanced evaluation. While many predicted a mass exodus of foreign capital upon its implementation, the reality has been different. The freedom of capital movement and the legal enforceability of contracts in Hong Kong remain intact. Most international banks and global asset management firms continue to maintain Hong Kong as a key hub.The reduction of political freedoms in Hong Kong due to the National Security Law is certainly a topic of debate, but it does not necessarily equate to a weakening of its financial functions or urban competitiveness. In fact, some view the restoration of political and social stability, which was disrupted by the prolonged protests in 2019, as a positive development.Just as present-day Seoul is not the Seoul of the past, and current Beijing is not the Beijing of yesteryear, it is not incorrect to say that the "old Hong Kong" has disappeared. However, this does not mean that Hong Kong is in decline; rather, signs of development are emerging. In the place of the old Hong Kong, a new Hong Kong is taking shape.* This article has been translated by AI. 2026-07-31 10:36:00
Park Doo-soon Appointed as New Spokesperson for the Ministry of Foreign Affairs The Ministry of Foreign Affairs announced the appointment of Park Doo-soon as its new spokesperson on July 31.Park, who joined the ministry after passing the 29th Foreign Service Examination, has held various positions including Minister-Counselor at the Embassy in Bangladesh, Chief of Protocol, Minister-Counselor at the Embassy in Lebanon, and Ambassador to Belarus. He has worked in the ministry for over 30 years, primarily focusing on protocol duties, and returned from his four-year tenure as Ambassador to Belarus in June.His predecessor, Park Il, has been appointed as the Ambassador to Australia. Park Il is an expert in disarmament and non-proliferation, having served as a non-proliferation specialist at the International Atomic Energy Agency (IAEA), Director of Nuclear and Non-Proliferation Diplomacy Planning at the Ministry, and Ambassador to Lebanon, as well as the government representative for the protection of overseas citizens in Cambodia.Additionally, the ministry announced the new appointments of Im Yeon, Ambassador to Vietnam; Kim Yoon-jung, Ambassador to Sri Lanka; Lee Dong-ki, Ambassador to the Philippines; Heo Jeong-ae, Ambassador to Rwanda; Park Tae-young, Consul General in Istanbul; Park Jong-kyung, Consul General in Dubai; and Kim Dae-hwan, Consul General in Jeddah.* This article has been translated by AI. 2026-07-31 10:36:00
South Korean military nearly shot down U.S. drone near border SEOUL, July 31 (AJP) - South Korean forces nearly shot down a U.S. Marine Corps drone flying near the inter-Korean border after front-line units failed to identify it as part of an allied exercise, military sources said Friday. The incident occurred Thursday afternoon in the northern border city of Paju, Gyeonggi Province, where U.S. Marines were conducting training as part of KMEP, a combined exercise between the South Korean and U.S. Marine Corps. As part of the drill, the U.S. Marines launched a fixed-wing reconnaissance drone over the area. But South Korean military authorities said the flight plan had not been properly relayed to relevant front-line units. The Army’s Ground Operations Command reportedly assessed the unidentified drone as a possible aerial threat and activated “Durumi,” an air defense response posture designed to counter North Korean drone infiltrations. The system can involve the deployment of air defense assets, including anti-aircraft guns. No live fire took place. The Joint Chiefs of Staff confirmed at around 3:30 p.m. Thursday that the aircraft was a U.S. military drone, according to military officials. Under military procedures, drone flights near the Military Demarcation Line must be reported in advance to the Army’s Ground Operations Command and receive prior approval. South Korean military officials said the U.S. side had not completed the required procedure. U.S. Forces Korea, however, said the flight plan for the drone, which was participating in the combined exercise, had been shared with the South Korean military in advance. The incident has raised questions over the allies’ reporting and information-sharing systems, as a communication failure nearly led to a serious mishap involving the possible shootdown of an allied aircraft. USFK described the case as an “incident” and said it is assessing what happened while continuing to coordinate with the South Korean Marine Corps and local authorities. 2026-07-31 10:33:26
2026 Hwacheon Tomato Festival Kicks Off for Ten Days The 2026 Hwacheon Tomato Festival, a highlight of the summer in Hwacheon County, is set to begin on July 31. This marks the first festival under the Minseon 9th administration, expanding the duration from three days to a record ten days and relocating the venue to Sain Sports Park, aiming to enhance stay-type tourism and revitalize the local economy.According to Hwacheon County, the 22nd annual festival will kick off at 6 p.m. with a pre-show, followed by a harmony dinner at 6:20 p.m. and an opening ceremony at 7:30 p.m. The festival will continue until the closing ceremony on August 9 at 4 p.m.This year’s festival features significant changes in both duration and location. The event has been extended from three days to ten, and the venue has moved from the cultural village in Sachang-ri to Sain Sports Park.The expanded venue is designed to alleviate parking issues and improve visitor flow, providing a more comfortable environment for attendees.Experience programs have also diversified. The main event, “Find the Golden Ring,” will feature 44 tons of discarded tomatoes, with 36 gold rings offered as prizes.Performances by military bands, local artists, and invited singers will take place. Programs such as “Soldiers’ Night” in collaboration with local military units and a nationwide tomato singing contest will engage tourists, residents, and soldiers alike.A nearby valley has been developed for family-friendly water activities, featuring a fountain and an artificial waterfall to enhance the summer festival atmosphere.On the morning of July 31, final facility checks were underway at Sain Sports Park ahead of the opening. Staff were busy inspecting stages and sound systems, ensuring visitor pathways and safety measures were in place.Hwacheon County plans to invigorate the local economy through a festival that brings together tourists, residents, businesses, and military personnel.On July 30, just a day before the opening, Hwacheon County Council Chair Jo Woong-hee and council members visited the festival site to assess preparations. They received updates on the festival’s status and operational plans from officials and inspected key facilities for safety and overall management.This festival is seen as a crucial test of the Minseon 9th administration’s stay-type tourism policy. The success will depend on how long visitors stay and their spending on accommodations, food, and local products.With the local economy facing challenges due to military downsizing and closures, there is hope that this festival will serve as a turning point for the Sachang-ri commercial area. The extended festival duration is expected to increase visitor stay and spending, potentially revitalizing the struggling local economy.Community interest is high regarding the changes this first large-scale festival under the Minseon 9th administration will bring to the Sachang-ri commercial area and Hwacheon tourism.* This article has been translated by AI. 2026-07-31 10:32:00
LG CNS Reports Second Quarter Operating Profit of 127.9 Billion Won, Down 9.2% LG CNS reported second quarter revenue of 1.52 trillion won and an operating profit of 127.9 billion won. While revenue increased by 4.2% compared to the same period last year, operating profit fell by 9.2%.For the first half of the year, the company recorded revenue of 2.83 trillion won and an operating profit of 222.1 billion won, marking increases of 6.1% and 1.1%, respectively, from the previous year. The company noted a growing share of external business revenue across all sectors.Revenue from LG CNS's core growth drivers, the artificial intelligence (AI) and cloud sectors, reached 1.67 trillion won in the first half, a 5.1% increase year-on-year, accounting for approximately 59% of total revenue.In the cloud sector, external business performance in data centers has been notable. As competition in AI data centers shifts towards design, build, and operate (DBO) capabilities, the company has seen sustained revenue from hyperscale AI data center projects in locations such as Samseong and Jukjeon.During the first half, LG CNS secured over 1 trillion won in large DBO projects and introduced a modular AI data center as a new business model. Recently, it launched the 'XPU Works' platform, allowing subscription access to AI infrastructure, including graphics processing units (GPUs) and neural processing units (NPUs). The company aims to solidify its position as the leading DBO provider in South Korea.In the AI sector, LG CNS is strengthening its manufacturing and logistics AX business with external clients such as Doosan, the Korea Federation of Small and Medium Businesses, Curly, and LX Pantos. The company is also expanding its portfolio into industries such as pharmaceuticals, aviation, defense, and shipbuilding. In its core areas of finance and public sectors, it is generating business innovation cases based on its agent AI platform, 'Agentic Works.' Additionally, it is establishing close partnerships with global AI tech giants like OpenAI, Palantir, and Anthropic to acquire new clients.Revenue from the smart engineering business in the first half increased by 6.2% to 502.4 billion won. The smart factory business is seeing revenue conversion from external projects won in defense, shipbuilding, semiconductor, and pharmaceutical sectors.LG CNS is enhancing the intelligence of manufacturing plants for domestic and international companies through its AI smart factory solution, 'Factoba.' The smart logistics business has seen revenue growth from logistics automation center projects targeting external clients in beauty, food, and fashion.Revenue from the digital business services sector in the first half rose by 8.8% to 662.1 billion won, with growth across all areas of the financial sector, including banking, property insurance, and life insurance. Collaboration with global financial clients is also expanding.In the physical AI sector, LG CNS plans to strengthen its robot learning and operation platform, 'Physical Works,' and enhance humanoid robot learning and field application verification based on industry-specific robot foundation models (RFM).To achieve this, the company will enhance collaboration with group companies under the 'One LG' initiative. Recently, LG CNS signed a contract worth approximately 190 billion won for physical AI infrastructure with LG Electronics, which includes supplying essential AI infrastructure based on GPUs and the Physical Works platform for LG Electronics' humanoid robot proof of concept.LG CNS is also expanding its robot transformation (RX) ecosystem by partnering with promising robotics companies such as Skilled AI, Config, Dexmate, and Genesis AI. The company plans to accelerate the commercialization of robots by optimizing both general-purpose and technically complex 'robot hand' RFMs for industrial applications. Furthermore, discussions are underway for RX collaboration with NVIDIA, Google DeepMind, and AWS to strengthen the global ecosystem.LG CNS aims to continue expanding its global business. It is set to complete its AI data center project in Indonesia, the first overseas contract won by a domestic company, in the second half of the year.Following its participation in a global logistics and manufacturing exhibition in the first half, LG CNS will also take part in the world's largest machine tool exhibition, 'IMTS 2026,' in Chicago later this year to enhance its presence in the North American manufacturing AX market. The company also plans to expand its financial digital transformation (DX) business, focusing on the Asia-Pacific and Japan (APJ) regions.* This article has been translated by AI. 2026-07-31 10:28:00
U.S. Ambassador Michelle Steel Emphasizes Strong U.S.-South Korea Alliance U.S. Ambassador to South Korea Michelle Park Steel emphasized the "unwavering trust" in the U.S.-South Korea alliance, stating, "At this critical time, we must come together to open the next chapter of our alliance, ensuring it remains results-oriented and future-focused." In a guest column titled "U.S.-South Korea Alliance: Strong, Modern, and Results-Oriented," Steel expressed hope for continued cooperation with South Korea to maintain the alliance as a cornerstone for peace and security in the region while meeting the needs of both nations. "Together, we will build an alliance that is safer, stronger, and more prosperous than ever, as envisioned by President Donald Trump," she said. Steel noted that Trump and South Korean President Lee Jae-myung opened a "new chapter" in the alliance during their meeting in Gyeongju last October, adding, "I will do my utmost to faithfully implement the vision presented by President Trump in Gyeongju." She highlighted that under Trump's leadership, the U.S. is modernizing and deepening the U.S.-South Korea alliance in unprecedented ways, urging collaboration to rebuild and expand key industries, respond to strategic threats to the alliance, and uphold shared democratic principles. During the October meeting, the two leaders reached agreements on tariffs and security, which were announced in a joint fact sheet in November. The agreements included a $350 billion investment from South Korea to rebuild and expand key industries in the U.S., U.S. tariff reductions, increased South Korean defense spending, and leadership in joint conventional defense against North Korea, all aimed at modernizing the alliance and coordinating on issues related to the Korean Peninsula and the region. "Since 1953, the U.S.-South Korea alliance has served as a linchpin for peace, security, and prosperity in Northeast Asia, the broader Indo-Pacific region, and beyond," Steel stated. "Our economic ties, combined defense posture, and enduring friendship between our peoples are evidence of a partnership that benefits both nations and maintains regional stability." She acknowledged that many challenges remain, stating, "We must not underestimate these challenges. While we have made excellent progress on many shared priorities, other issues require more attention, candid dialogue, and a willingness from both sides to seek paths to mutual benefit beyond our differences." Born in Seoul in 1955 and immigrating to the U.S. in 1975, Steel described many Korean American families like hers as "living proof of the enduring ties between our two countries." She shared that her mother, who ran a small clothing store, faced unfair treatment from tax authorities, which inspired her to pursue a career in public service. "I am deeply honored and humbled to take on the responsibility of returning to the country where I was born to work for the American people on behalf of President Trump," she said.* This article has been translated by AI. 2026-07-31 10:28:00
Hamyang County Accelerates Disaster Recovery Efforts in Imho District Hamyang County in South Gyeongsang Province is making steady progress on the "Imho District Improvement Project," aimed at preventing future disasters in Imho Village, which suffered damage from heavy rainfall last year.In preparation for the upcoming rainy season, the county is taking proactive measures to ensure that key debris control facilities function effectively, focusing on building a safety net at the site.According to Hamyang County, the project is part of a recovery initiative funded by the Ministry of the Interior and Safety, with a total budget of 31 billion won (50% from the national government, 25% from the provincial government, and 25% from the county). While there were no casualties during the landslide and flooding in July of last year, the county aims to comprehensively link the restoration of the upper forest areas with improvements to the lower village drainage system to fundamentally prevent future natural disasters.Currently, the recovery progress in the upper forest area is about 60%, while general civil engineering work, including the installation of new drainage pipes in the lower village, stands at approximately 30%. Concerns had been raised about potential additional damage during this summer's rainy season due to the disparity in progress rates, but key defensive measures have already been established at the site.A representative from the Hamyang County Forest and Greenery Division stated, "We have proactively completed the installation of debris dams in the upper area. Even if sediment or debris flows down during heavy rainfall, the debris dam will initially filter it, preventing damage to the lower village."The lower construction work, which has a relatively lower progress rate, is also accelerating to meet the October completion target. Relevant departments, including the Construction and Transportation Division, are intensively deploying equipment to synchronize the upper recovery work and complete both simultaneously.Customized measures are also being implemented to prevent inconvenience and safety accidents for residents during the construction period.Imho Village has narrow access roads and a significant number of elderly residents who primarily use electric carts, raising concerns about the risk of falls during construction. In response, the county has secured a bypass road to allow residents to safely navigate around hazardous areas.Hamyang County is committed to thorough post-completion management after the project wraps up in October. Continuous monitoring of the site will be conducted to prepare for sediment or debris accumulation in the debris control facilities, along with regular dredging operations to ensure that disaster prevention functions are maintained at 100% capacity.A county official remarked, "The comprehensive recovery project in the Imho District is our top priority for disaster prevention to protect the lives and property of residents. We will do our utmost to ensure thorough management of the construction process and safety until the very end, allowing residents to live without worry during heavy rainfall."* This article has been translated by AI. 2026-07-31 10:20:00
Korean Stock Market Soars as Samsung and SK Hynix Surge Over 20% The Korean stock market is experiencing an unprecedented surge, with explosive gains across the board.On this day, the KOSPI index recorded a remarkable increase of over 14% in just one day. It opened at 6,385.83, while the KOSDAQ index also rose by more than 6%, reaching 683.64, adding vitality to the overall market.The early gains were primarily driven by major semiconductor stocks related to artificial intelligence (AI). SK Hynix, which saw the highest trading volume, surged 22.69% to open at 1,622,000 won, buoyed by news of Chairman Chey Tae-won's share buyback and expectations of significant benefits from the global AI boom. Samsung Electronics also recorded over 4 trillion won in trading volume, starting at 253,000 won, a 22.22% increase.Companies involved in components and equipment also saw significant gains. Samsung Electro-Mechanics jumped 23.44% to open at 1,085,000 won, while SK Square rose 23.90% to 990,000 won. Leading internet company Naver opened at 204,500 won, up 5.03%. Hanmi Semiconductor, noted for its AI semiconductor equipment, soared 21.72% to start trading at 204,000 won.The reasons for this surge can be summarized in three key points. First, stable economic indicators from the United States have led to a lowered expectation of further interest rate hikes, prompting a significant influx of investment funds into the stock market due to eased loan and interest burdens.Second, earnings reports from major U.S. IT companies like Microsoft and Amazon alleviated concerns about over-investment in the AI sector. Despite substantial expenditures, these companies demonstrated strong cash flow and financial health, leading to increased expectations for Korean semiconductor firms as they announced plans to boost AI investments.Third, foreign investors have shown a strong buying interest, purchasing approximately 3.3 trillion won worth of stocks in the KOSPI market alone from the outset. This concentrated buying of Korea's large-cap stocks contributed to the KOSPI's 14% jump at the market's opening.Experts believe this upward trend is likely to continue for the time being. While the initial surge may lead to some price corrections or a breather, the influx of 3.3 trillion won from foreign investors is expected to provide a solid foundation for the market.As long as major U.S. tech companies continue their AI investments, improvements in the performance of Korean semiconductor firms are inevitable. Therefore, analysts suggest that the upward trajectory is likely to be sustained in the near term.* This article has been translated by AI. 2026-07-31 10:16:20
HS Hwasung Reports 300% Increase in Q2 Operating Profit, Shares Surge 19% HS Hwasung has seen its operating profit for the second quarter increase by over 300% compared to the same period last year, leading to a surge of nearly 19% in its stock price.According to the Korea Exchange, as of 10:07 a.m. on July 31, HS Hwasung's shares were trading at 47,950 won, up 7,900 won (19.43%) from the previous trading day.On the previous day, HS Hwasung announced that its consolidated revenue for the second quarter reached 430.9 billion won, a 24.9% increase from the same period last year. Operating profit rose to 35.8 billion won, up 301.7%, while net profit increased to 27.1 billion won, a 360.6% rise.Market analysts attribute the strong performance to improvements in its key subsidiary, HS Hwasung Advanced Materials. The subsidiary reported second-quarter revenue of 952.7 billion won, a 13.0% increase year-on-year, with operating profit rising to 77.6 billion won, up 32.2%.Notably, the tire reinforcement materials segment recorded its highest revenue since 2022, reaching 549.3 billion won, driven by seasonal demand and price increases for raw materials. The operating profit for this segment was reported at 59.4 billion won.The strong second-quarter results have improved investor sentiment. Initially, the stock price surged to the daily limit but later retraced some gains while maintaining a robust 19% increase.* This article has been translated by AI. 2026-07-31 10:16:00