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  • President Lee and First Lady Visit Korea Street in Santiago
    President Lee and First Lady Visit 'Korea Street' in Santiago President Lee Jae-myung and First Lady Kim Hye-kyung visited the newly designated 'Korea Street' in Santiago, Chile, on July 30, where they engaged with the local Korean community and celebrated their long-standing efforts.Deputy Spokesperson Ahn Gyu-ryeong stated in a written briefing that the presidential couple warmly greeted compatriots and citizens during their visit to Korea Street.Korea Street is a 600-meter stretch located in the Patronato area, known for its concentration of Korean businesses and the Korean Association of Santiago. The designation was made by changing the name of an existing street.The initiative to create Korea Street was driven by the Korean Association of Chile and was realized after obtaining approval from local government and council. The designation process gained momentum during President Lee's visit to Chile.During a dinner meeting with the Korean community the previous day, President Lee congratulated them on the establishment of Korea Street. The couple visited the site as preparations for the installation of new street signs were underway.At the location, compatriots and local residents waved flags and welcomed the presidential couple with shouts of “Welcome!” and “Hello!”The couple first visited the Korean Association of Chile, where they received explanations from President Ha Sang-wook about the association's activities, its security system, and the space used for overseas voting.They then walked through the street lined with Korean businesses, stopping at snack shops and barbecue restaurants. Diners stood up to high-five the couple and take commemorative photos.President Lee engaged with citizens, asking, “Is Korean food delicious?” and inquired about the local business conditions from Korean merchants.At a shop displaying a sign that read 'Pharmacy' in Korean, they looked at Korean cosmetics and discussed the growing popularity of K-beauty in Chile. A pharmacy representative noted that the number of local consumers seeking Korean cosmetics has been steadily increasing.Throughout the street, citizens greeted them with “Welcome to Chile.” Some descendants of Koreans approached, saying, “My grandfather is Korean,” and requested photos. The presidential couple shook hands and took pictures with the citizens.The Patronato area is also home to 'Seoul Street,' established in 2022. With the addition of Korea Street, this area has become a symbolic space showcasing the history of exchanges between Korea and Chile, as well as the settlement of the local Korean community.Deputy Spokesperson Ahn announced that the Korean Association of Chile plans to promote environmental improvement projects and create a Korean-themed street connecting Seoul Street and Korea Street, aiming to develop it as a local hub for introducing Korean culture, including K-food and K-beauty.* This article has been translated by AI. 2026-07-31 07:08:00
  • Bank of England Holds Interest Rate at 3.75% Amid Rising Inflation Concerns
    Bank of England Holds Interest Rate at 3.75% Amid Rising Inflation Concerns The Bank of England (BOE) has decided to keep its benchmark interest rate at 3.75%. Despite concerns that escalating tensions from the war in Iran could lead to rising prices, the central bank believes it is not yet time to raise rates.On July 30, the BOE's Monetary Policy Committee (MPC) voted 6-3 to maintain the interest rate at 3.75%. While the market had anticipated a 7-2 vote to hold rates, the number of members advocating for a rate increase rose from two to three. These members argued for a 0.25 percentage point increase to 4%.The committee members in favor of a rate hike expressed concerns that a prolonged or expanded conflict in Iran could drive up energy prices, which in turn could lead to increases in wages and the prices of goods and services. They also noted that the UK's inflation rate has consistently exceeded the BOE's target of 2%.Conversely, the majority of committee members did not see clear signs that rising energy prices were translating into broader inflation across the UK. They assessed that the slowing growth in employment and wages was diminishing the upward pressure on domestic prices.The UK's consumer price inflation rate for June was recorded at 2.6%, above the BOE's target of 2%. The BOE has projected that inflation could rise to 3.2% by the end of the year due to factors including increased energy prices.Andrew Bailey, the Governor of the BOE, acknowledged the potential for Middle Eastern tensions to drive prices higher but clarified that the bank is not currently leaning toward raising interest rates. He stated, "Please do not think we are heading toward a rate increase."* This article has been translated by AI. 2026-07-31 07:08:00
  • U.S. Imposes Additional Sanctions on Irans Mahan Air and Support Network
    U.S. Imposes Additional Sanctions on Iran's Mahan Air and Support Network The United States has imposed additional sanctions on Iran's Mahan Air and foreign entities and individuals supporting the Islamic Revolutionary Guard Corps (IRGC).On July 30, the U.S. Department of the Treasury and Reuters reported that the Office of Foreign Assets Control (OFAC) added six individuals and entities from China, India, Russia, and Iran to its sanctions list.The sanctions target companies that assisted Mahan Air with overseas sales and cargo transport. A Chinese company was involved in shipping electronics from China to Iran, while Indian and Russian firms reportedly supported Mahan Air's local sales and cargo operations, according to the Treasury Department.The U.S. government has long viewed Mahan Air as a civilian airline that has transported IRGC personnel, weapons, and military equipment abroad. Mahan Air has been under U.S. sanctions since 2011.Iranian companies that have supported the IRGC are also included in the sanctions. The Treasury Department stated, "This company collected information on the locations of U.S. and Israeli military equipment online, aiding the Iranian military in selecting attack targets."As a result of these sanctions, the assets of the targeted individuals and entities in the U.S. will be frozen, and transactions with Americans will be prohibited.U.S. Treasury Secretary Scott B. Smith stated, "We will continue to identify and sanction individuals and companies that provide funding or logistical support to Mahan Air and the IRGC."* This article has been translated by AI. 2026-07-31 07:00:00
  • UEFA and 55 Member Nations Threaten to Boycott FIFA Events Over Business Sale
    UEFA and 55 Member Nations Threaten to Boycott FIFA Events Over Business Sale The European Football Association (UEFA) and its 55 member nations have expressed strong opposition to the FIFA's plan to sell stakes in World Cup-related businesses. They warned that European national teams would not participate in FIFA events, including the World Cup, if the plan is not retracted.According to Reuters on July 30, the UEFA member nations unanimously supported a boycott of FIFA events during an emergency meeting.In a statement, UEFA declared, “We firmly reject the plan to transfer stakes in World Cup and other FIFA-related businesses to private investors,” adding, “If the plan is not completely withdrawn, UEFA teams will not participate in FIFA events.”The controversy stems from FIFA President Gianni Infantino's proposal to establish a new subsidiary. FIFA plans to assign the rights to broadcast major tournaments, sponsorships, and ticket sales to this new company, with plans to sell a portion of its shares to private investors. The subsidiary is estimated to be valued at around $20 billion.UEFA argued that allowing private investors to hold stakes in FIFA-related businesses could prioritize investment returns over the sport itself. They emphasized, “The World Cup is not an investment product and should not be treated as such.”If European nations proceed with the boycott, it could significantly impact FIFA, as Europe represents a key market for global football and contributes a substantial share of revenue from World Cup broadcasting rights and sponsorships.* This article has been translated by AI. 2026-07-31 06:52:00
  • Saudi Arabia Leads 14-Nation Naval Coalition to Protect Red Sea Shipping Routes
    Saudi Arabia Leads 14-Nation Naval Coalition to Protect Red Sea Shipping Routes Saudi Arabia is spearheading the formation of a naval defense coalition involving 14 countries in response to attacks on shipping by the Iran-aligned Houthi forces in Yemen. The coalition aims to protect vessels and oil transport routes threatened by Houthi actions near the Bab el-Mandeb Strait, a critical passage in the Red Sea.On July 30, a joint statement supporting the establishment of the multinational naval coalition was released by Saudi Arabia and the other participating nations.Countries involved include Saudi Arabia, Kuwait, Bahrain, Qatar, Egypt, Turkey, Pakistan, and Jordan. Notably, the United Arab Emirates and Oman, both members of the Gulf Cooperation Council (GCC), are not included in the coalition.Saudi Arabia is taking the lead in forming the coalition and plans to host its headquarters. The coalition's objective is to safeguard shipping and key trade and oil transport routes across the Red Sea, Bab el-Mandeb Strait, and the Gulf of Aden.The immediate impetus for the coalition's formation stems from recent Houthi maritime blockades and attacks on vessels targeting Saudi Arabia.On July 20, the Houthis declared a maritime blockade against Saudi Arabia and subsequently attacked two Saudi oil tankers in the Red Sea on July 23. In retaliation, Saudi forces conducted airstrikes on Houthi military facilities in the Hodeidah region of Yemen on July 24.Tensions in the Red Sea are escalating amid disruptions to shipping routes in the Strait of Hormuz due to the ongoing conflict between the United States and Iran. Both the Strait of Hormuz and Bab el-Mandeb Strait are vital corridors for Middle Eastern oil and international cargo, and simultaneous disruptions in these areas could significantly impact global oil transport and maritime logistics.* This article has been translated by AI. 2026-07-31 06:44:00
  • Russia reportedly uses North Korean missiles in Ukraine attack, killing at least 6
    Russia reportedly uses North Korean missiles in Ukraine attack, killing at least 6 Russia has reportedly used North Korean ballistic missiles in an attack on Ukraine for the first time in nearly a year. If confirmed, this could indicate that Russia has received additional missile supplies from North Korea.According to Reuters, Ukrainian President Volodymyr Zelensky said, "It appears that Russia used North Korean ballistic missiles in its attack on Radushne, near Kryvyi Rih in central Dnipropetrovsk Oblast."President Zelensky noted that while further investigation and verification are needed, the evidence gathered so far suggests the use of North Korean missiles.The attack resulted in fatalities, including children from a single family. Local authorities and Ukrainian media report that at least six people have died.A Ukrainian military source told Reuters that the missile flight path detected by radar matched that of North Korean short-range ballistic missiles KN-23 or KN-24. However, the exact type of missile will need to be confirmed through further analysis of debris collected at the site.Reuters reported that the last confirmed use of North Korean missiles by Russia was in August of the previous year. If this analysis is validated, it would mark the return of North Korean missiles to attacks on Ukraine after nearly a year.Since late 2023, Russia has been using North Korean ballistic missiles in its attacks on Ukraine. Ukrainian military sources suggest that the renewed use of North Korean missiles after a long hiatus indicates that Russia may have received new supplies from North Korea.North Korea and Russia have been expanding military cooperation since signing a "comprehensive strategic partnership treaty" in June 2024. North Korea has sent troops to the Russian front in Kursk, and there are recent discussions about the possibility of additional troop deployments.President Zelensky recently claimed that North Korea might send an additional 30,000 troops to Russia. Neither Russia nor North Korea has issued a separate statement regarding the claims of missile use.* This article has been translated by AI. 2026-07-31 06:36:00
  • Iran Claims Destruction of Three U.S. F-35s; U.S. Denies Damage
    Iran Claims Destruction of Three U.S. F-35s; U.S. Denies Damage The Islamic Revolutionary Guard Corps (IRGC) of Iran announced it attacked U.S. military bases in Jordan and Kuwait in retaliation for U.S. airstrikes. The IRGC claimed to have destroyed three U.S. F-35 fighter jets in Jordan, but U.S. officials denied any damage.On July 30, the IRGC stated in a release that it launched several ballistic missiles targeting the Al-Azraq airbase in Jordan.According to the IRGC, the attack resulted in the complete destruction of three F-35 jets and significant damage to three others. However, U.S. Central Command (CENTCOM) refuted this, stating, "There is no damage to U.S. aircraft."The Jordanian military reported that it intercepted five Iranian missiles aimed at its territory, confirming that there were no casualties.The IRGC also claimed to have targeted the Ali Al-Salem airbase in Kuwait, asserting that the attack destroyed two drone hangars and one fuel storage facility. However, neither U.S. nor Kuwaiti authorities have confirmed these claims.In Kuwait, there was a reported fatality. The Kuwaiti Defense Ministry stated that an Iranian attack struck a building belonging to a Chinese company in the northern region, resulting in one worker's death and significant damage to the structure.This series of attacks follows the resumption of U.S. airstrikes against Iran. CENTCOM reported that it had targeted IRGC command facilities, missile and drone sites, and naval assets in Iran the previous day, in response to earlier Iranian missile launches aimed at U.S. bases in the region.The IRGC warned, "We will continue to attack U.S. facilities until America completely withdraws from the Middle East."* This article has been translated by AI. 2026-07-31 06:28:00
  • U.S. Invests $135.6 Billion in Long-Term Contracts for Patriot Missiles and Nuclear Submarines
    U.S. Invests $135.6 Billion in Long-Term Contracts for Patriot Missiles and Nuclear Submarines The United States is entering into a massive long-term contract worth up to $135.6 billion for the procurement of Patriot interceptor missiles and nuclear submarines. This move comes as demand for weapons surges due to the wars in Ukraine and Iran, prompting the government to secure production increases by guaranteeing orders to defense contractors over several years.According to the Wall Street Journal on July 30, the U.S. Department of Defense has expanded its ongoing contract with Lockheed Martin for the Patriot PAC-3 MSE interceptor missiles to a total of approximately $59 billion.This expansion adds up to $53.9 billion to the initial contract signed in April, which was valued at about $4.7 billion. However, the full $59 billion is not yet finalized, as specific purchase quantities and contract terms will be determined later, and actual spending may vary based on congressional budget approvals.The U.S. Navy has also signed a contract worth $76.6 billion with General Dynamics Electric Boat and HII Newport News Shipbuilding for the construction of nuclear submarines.This includes $42.1 billion for nine Virginia-class submarines, which are designed to attack enemy vessels and land targets, and $29.5 billion for five Columbia-class submarines, which will carry nuclear warheads. The remaining approximately $5 billion will be used to enhance shipyard facilities and parts production capabilities. The 14 submarines are expected to be delivered sequentially by 2038.The U.S. government's decision to pursue these large-scale long-term contracts aims to replenish depleted weapon stockpiles while increasing production capacity. By providing defense contractors with advance knowledge of future orders, they can expand factories and facilities and secure a stable supply of labor and parts.Particularly, the need to ramp up production of the Patriot missiles has grown due to their increased use in the Ukraine war and the Middle East. The U.S. government and Lockheed Martin are working to increase the annual production of the PAC-3 MSE from the current level of about 600 units to around 2,000 units.Separately, the U.S. Department of Defense is also pursuing a multi-year contract worth up to $35 billion with Lockheed Martin for THAAD (Terminal High Altitude Area Defense) interceptor missiles.The Wall Street Journal noted, "Replenishing ammunition stockpiles and expanding submarine production have emerged as key defense priorities for the Trump administration," adding that this contract is a measure to ensure a stable supply of necessary weapons over the long term.* This article has been translated by AI. 2026-07-31 06:20:00
  • Foreign Investors Sell 49 Trillion Won in Korean Stocks in June, Marking Six Consecutive Months of Net Selling
    Foreign Investors Sell 49 Trillion Won in Korean Stocks in June, Marking Six Consecutive Months of Net Selling Foreign investors sold over 49 trillion won in domestic listed stocks in June, continuing a trend of net selling for six consecutive months. In contrast, the bond market saw net inflows for three months in a row.According to the Financial Supervisory Service's report on foreign securities investment trends for June 2026, foreign investors net sold 49.336 trillion won in listed stocks last month. They sold 50.979 trillion won in the main stock market while purchasing 1.643 trillion won in the KOSDAQ market.This marks the sixth month of net selling by foreign investors in domestic stocks this year, with a cumulative net sale of 163.563 trillion won in listed stocks so far.Regionally, there was a notable outflow of European funds, with European investors net selling 30.758 trillion won and North American investors net selling 26.961 trillion won. Conversely, Asian investors net bought 2.552 trillion won.By country, the largest sales came from British and American investors, who net sold 32.2 trillion won and 23.182 trillion won, respectively. In contrast, investors from the Cayman Islands and France net bought 7.269 trillion won and 6.113 trillion won, respectively.Despite the net selling, the total value of foreign ownership in domestic stocks increased due to rising stock prices. As of the end of June, foreign investors held 2,908.639 trillion won in listed stocks, accounting for 36.4% of the total market capitalization. This represents an increase of 56.33 trillion won from the previous month.By country, the United States had the largest share of foreign ownership at 1,222.34 trillion won, making up 42% of the total foreign holdings. This was followed by Europe at 899 trillion won (30.9%), Asia at 411.2 trillion won (14.1%), and the Middle East at 60.6 trillion won (2.1%).In the bond market, foreign capital continued to flow in. Foreign investors net purchased 13.9 trillion won in listed bonds last month and received 9.423 trillion won in maturities, resulting in a total net investment of 4.478 trillion won. This marks three consecutive months of net investment since April.As of the end of June, foreign ownership of listed bonds reached 334.794 trillion won, an increase of 1.2 trillion won from the previous month. The proportion of holdings relative to the total outstanding amount is 11.8%. In terms of bond types, there was a net investment of 4.727 trillion won in government bonds, while there was a net withdrawal of 250 billion won in special bonds. By maturity, 7.858 trillion won was invested in bonds with maturities of less than five years, and 6.515 trillion won in bonds with maturities of five years or more, while 9.896 trillion won was withdrawn from bonds with maturities of less than one year.* This article has been translated by AI. 2026-07-31 06:04:00
  • South Korean Government Approves Business Restructuring for Four Companies, Including Samsung Precision
    South Korean Government Approves Business Restructuring for Four Companies, Including Samsung Precision The South Korean government has approved business restructuring plans for four companies, including Samsung Precision. These firms will transition into new business areas such as future cars, autonomous manufacturing, and eco-friendly ship components.On July 30, the Ministry of Trade, Industry and Energy held the 53rd Business Restructuring Plan Review Committee meeting and approved the restructuring plans for Samsung Precision Co., Ltd., Mt.H Control Valve Co., Ltd., and two other companies. The approved companies plan to invest a total of 75.4 billion won over the next five years and create 99 new jobs. They aim to expand their business scope into future growth sectors based on manufacturing technologies accumulated from their existing core businesses.Samsung Precision, a manufacturer of automotive parts, will leverage its brake manufacturing technology to enter the drum brake market for electric vehicles. Pacific X Korea plans to introduce autonomous manufacturing processes and operational systems to enhance product precision and establish a data-driven quality management system.G-Putech will manufacture integrated servo valves using humidity, temperature, and pressure control technologies. Mt.H Control Valve will produce gas valve trains (GVT) for eco-friendly fuel ships based on its precision processing technology for safety valves used in ships and industrial applications.The government plans to expand policy support, including research and development (R&D) and financial assistance, to ensure that the approved companies can implement their investment plans as intended. Companies with approved restructuring plans will benefit from streamlined procedures under commercial and fair trade laws, as well as support in taxation, finance, and R&D.Kim Joo-hoon, the private committee chair, stated, "I highly appreciate the efforts of companies that are swiftly restructuring their businesses for future growth despite challenging external conditions. It is essential that various supports are in place to ensure that the approved plans lead to tangible results in the market."Moon Shin-hak, the Vice Minister of the Ministry of Trade, Industry and Energy, remarked, "It is more crucial than ever to enhance the efficiency and sophistication of the industrial ecosystem through proactive restructuring of key supply chain companies. We will continue to expand policy support in areas such as R&D and finance to ensure that companies' efforts yield meaningful results."* This article has been translated by AI. 2026-07-31 06:04:00