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U.S. Crude Oil Inventories Hit 43-Year Low Amid Rising Tensions U.S. crude oil inventories are rapidly declining as tensions between the United States and Iran escalate.According to the Financial Times, as of July 24, commercial crude oil stocks in the U.S. fell by 7.2 million barrels, while strategic petroleum reserves (SPR) decreased by 3.8 million barrels. This brings the SPR down to 307 million barrels, the lowest level since March 1983.The increase in refinery production, driven by soaring fuel prices, has contributed to this decline. The U.S. government reported that refinery utilization rates reached 97% this week, with some regions in the Midwest hitting 100%.As tanker operations through the Strait of Hormuz face restrictions, U.S. oil companies are ramping up exports to meet demand in Asia and Europe. This has raised concerns about the U.S.'s ability to continue acting as the 'ultimate supplier' in the global oil market.Matt Smith, an analyst at energy research firm Kpler, noted, "U.S. commercial crude oil and strategic petroleum reserve stocks have decreased by about 20% since early April. Over the past four months, the U.S. has absorbed approximately 70% of the global decline in onshore crude oil stocks."He added, "While the U.S. has shouldered the burden of price suppression through the release of strategic reserves and increased exports, this pace of inventory depletion cannot continue indefinitely."Lori Johnston, founder of Commodity Context, described U.S. crude oil and gasoline inventories as being at a "dangerously low level."The market estimates the operational lower limit for the strategic petroleum reserve to be between 180 million and 200 million barrels. If stocks fall to this level, further releases could damage storage facilities or disrupt pipeline operations.The Financial Times highlighted that the rapid decline in oil inventories is making the U.S. increasingly vulnerable to future supply shocks.* This article has been translated by AI. 2026-07-30 10:52:00 -
Samsung Electronics Rules Out U.S. ADR Listing, Citing Stable Cash Generation Samsung Electronics stated during its second-quarter earnings conference call on July 30 that the consideration of a U.S. ADR listing involves more than just entering overseas capital markets. The company emphasized the need to evaluate funding purposes and the expansion of global investors comprehensively. They noted that the structure of limited shares traded in a separate overseas market raises questions about whether it can provide tangible benefits to long-term investors who have trusted and invested in Samsung Electronics.The company further explained that its overall business is performing well, resulting in stable cash generation, which diminishes the necessity for new funding. Therefore, it currently has no plans to pursue an ADR listing.* This article has been translated by AI. 2026-07-30 10:52:00
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NH Nonghyup Bank Launches Digital Power of Attorney Service for Overseas Koreans NH Nonghyup Bank has introduced a 'Digital Consular Certification Power of Attorney' service to enhance the convenience of domestic financial transactions for overseas Koreans.The bank announced on July 30 that it will implement the digital consular certification power of attorney service for overseas nationals and foreign nationals of Korean descent.The digital consular certification power of attorney allows for the issuance of a power of attorney certified by a consulate as an electronic document, which is then sent to domestic financial institutions. This service can be utilized by overseas Koreans who wish to delegate financial tasks to representatives in South Korea.Previously, certified paper power of attorney documents had to be mailed to South Korea from consulates. Now, the power of attorney will be transmitted to banks in real-time as an electronic document, enabling immediate processing without the need for postal delivery. A blockchain-based verification feature has also been implemented to prevent tampering.In May, NH Nonghyup Bank signed a memorandum of understanding with the Overseas Koreans Agency, the Financial Services Commission, the Korea Financial Telecommunications and Clearings Institute, and eight financial institutions to facilitate this initiative. Following system development and implementation, the service has now been launched.Kim Yong-hwan, head of the Process Innovation Division at NH Nonghyup Bank, stated, "This service will reduce the inconveniences faced by overseas Koreans when handling domestic financial matters. We will continue to expand customer-centric services utilizing digital technology."* This article has been translated by AI. 2026-07-30 10:48:10
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20th Cheorwon Hwagang Snail Festival Completes Safety Inspections Ahead of Opening Cheorwon County conducted safety inspections in collaboration with the Ministry of the Interior and Safety ahead of the 20th Cheorwon Hwagang Snail Festival, which opens on July 30. As a popular summer water festival, the focus was on water safety, crowd management, and emergency response systems to ensure a safe event.On July 29, officials from the Ministry of the Interior and Safety, Gangwon Special Self-Governing Province, Cheorwon County, Cheorwon Police Station, Cheorwon Fire Station, the 3rd Infantry Division, and the Cheorwon County Safety Management Advisory Group participated in a joint safety inspection at Hwagang Shiri Park in Kimhwa-eup.The inspection team reviewed crowd management strategies, the safety of water play and snail-catching facilities, the availability of safety equipment such as life jackets, the deployment of safety personnel, emergency response systems, evacuation routes, and plans for extreme heat and adverse weather conditions.Given the festival's emphasis on snail-catching and water activities, the team specifically checked whether danger zones were properly controlled and if the rescue and emergency response systems would function effectively in real situations.An official from the Ministry of the Interior and Safety stated, “Summer festivals attract large crowds and pose significant risks related to water safety, making pre-event inspections crucial. We will work diligently with relevant agencies to ensure that the festival is safe and enjoyable for all attendees.”Cheorwon County Mayor Kim Dong-il emphasized, “We are fully committed to ensuring that all visitors can enjoy the festival safely through thorough preparations and on-site responses. I urge everyone to actively comply with safety regulations.”The 20th Cheorwon Hwagang Snail Festival will take place from July 30 to August 2 at Hwagang Shiri Park and Kimhwa Sports Park.Starting as an experiential festival where visitors can catch snails and enjoy water activities in the pristine Hwagang area, this year marks the festival's 20th anniversary. Featuring snail-catching, barehanded fish catching, water sports, family activities, and local food markets, it has become a major summer attraction, drawing tens of thousands of tourists each year.During the festival, Cheorwon County plans to continue monitoring safety management in collaboration with relevant agencies to prevent accidents.* This article has been translated by AI. 2026-07-30 10:44:00
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Shen Minjuan Appointed as New Head of Asia Division at China's Foreign Ministry Shen Minjuan has been appointed as the new head of the Asia Division at China's Foreign Ministry.According to the Foreign Ministry on July 30, Shen succeeds Liu Jinsong, who previously held the position.Born in 1972, Shen has served as a counselor at the Chinese Embassy in Indonesia and as deputy director of the Asia Division at the Foreign Ministry. Since October 2023, she has been the Chinese Ambassador to Mongolia. The Chinese Embassy in Mongolia announced that a farewell ceremony for the ambassador was held on July 24.The next assignment for Liu Jinsong has not yet been announced.* This article has been translated by AI. 2026-07-30 10:44:00
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Ruling Party Affirms Commitment to Criminal Procedure Law Reform The Democratic Party reaffirmed its commitment to the upcoming reform of the Criminal Procedure Law, stating on July 30 that it aligns with the demand for the separation of investigation and prosecution, emphasizing that the prosecutor and judicial system exist for the people.Acting Party Leader Han Byeong-do remarked during a policy coordination meeting at the National Assembly, "The Criminal Procedure Law is shedding its outdated framework of 70 years and adopting a new one that guarantees citizens' rights and human rights. This reform will abolish the direct investigative powers of prosecutors while establishing robust mechanisms to oversee police investigations and protect victims."He added, "The Democratic Party will remain steadfast. This reform follows the era's demand for the separation of investigation and prosecution. We will ensure the smooth passage of the Criminal Procedure Law to facilitate the stable launch of the Public Prosecution Service and the Serious Crimes Investigation Agency. We will meet the public's expectations for a new criminal justice system through thorough preparation and legislation."Kim Han-kyu, the party's floor policy chief, indicated that the reform bill is poised for passage in the plenary session, stating, "We will clarify that the prosecutor and judicial system exist for the people, and we will move forward."He also addressed claims of internal disagreements regarding the abolition of supplementary investigative powers, asserting that they are unfounded, saying, "We share a common understanding of the need for prosecutorial reform. I have done my best to gather opinions within the party."Floor spokesperson Jeon Yong-gi explained, "The investigative powers of the prosecution have served as a shield for the powerful rather than for victims. We now aim to return that shield to the people."He further stated, "The Democratic Party will ensure the passage of the Criminal Procedure Law in the plenary session, marking the day when, after 78 years, the people become the true masters of the criminal justice system, not the prosecution."Meanwhile, the Democratic Party announced its intention to prioritize the Criminal Procedure Law reform bill in the plenary session.After the policy coordination meeting, floor spokesperson Kim Seong-hwa told reporters, "If the People Power Party conducts a filibuster against the Criminal Procedure Law, we will proceed with a vote to end the filibuster on the 31st and then handle the bill." 2026-07-30 10:44:00
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Mayor Lee Min-keun: Expanding Daebu Golden Road is Key to Future Competitiveness Lee Min-keun, the mayor of Ansan, emphasized on July 30 that "the expansion and paving of Daebu Golden Road is a key infrastructure project that will enhance the future competitiveness of Daebu Island." The mayor is focusing administrative efforts on the timely advancement of the second phase of the Daebu Golden Road expansion project, one of the island's most pressing issues, to accelerate local transportation innovation and boost tourism competitiveness. On this day, the mayor stated, "We will implement a customized strategy for each section of the Daebu Golden Road expansion project to alleviate chronic traffic congestion in the area and lay the groundwork for revitalizing the local economy." The Daebu Golden Road expansion project is a large-scale transportation infrastructure initiative spanning a total length of 10.6 kilometers. It is considered a core social overhead capital (SOC) project aimed at resolving recurring traffic jams on weekends and holidays, improving residents' mobility, and enhancing access for tourists and logistics efficiency. The mayor plans to enhance the project's completion quality by developing tailored strategies based on the conditions of each section. First, the first section (2.8 km) will prioritize the safety of citizens and workers. Measures will be strengthened to prevent landslides and falling rocks in areas where the land is being excavated, and traffic management plans will be implemented to minimize inconveniences during construction. The second section (6.6 km) will focus on accelerating the project's pace. As soon as the implementation plan is approved, land compensation procedures will be expedited to advance the construction start date, and all administrative processes will be completed without delay to ensure timely progress. The third section (1.2 km) will be implemented gradually after a comprehensive review of site conditions and administrative procedures, ensuring both stability and efficiency of the project. This project is viewed not merely as a road expansion but as a crucial investment in establishing the foundation for Daebu's future growth. Improvements in road conditions are expected to enhance tourist access, invigorate local businesses, reduce logistics costs, and improve living conditions, leading to various economic ripple effects. Local residents have expressed high expectations for the project's advancement. Residents of Daebu Island remarked, "The severe traffic congestion every weekend has disrupted our daily lives, but if the project proceeds as planned, our living environment will greatly improve," and added, "Improved access for tourists is expected to energize the local economy. We hope this long-awaited project is completed safely and opens as soon as possible." Meanwhile, Mayor Lee Min-keun stressed, "We will minimize traffic inconveniences while advancing the project on schedule to achieve noticeable improvements in transportation conditions and stimulate the local economy." 2026-07-30 10:44:00
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WayV builds new EP ahead of Seoul concerts SEOUL, July 30 (AJP) - NCT's China-based unit WayV will return next month with a seven-track EP built around Chinese words that share the same pronunciation but carry different meanings, SM Entertainment said Thursday. The Chinese boy band will release its eighth EP, "Vision Wings," at 6 p.m. (0900 GMT) on Aug. 10, according to SM Entertainment. The album includes Chinese- and English-language versions of the title track, "Vision Wings." Each song is tied to a Chinese word that shares a pronunciation with a different, related term, a device the group is using to link otherwise separate tracks. The keywords include origin, completeness and beginning, which SM said trace the driving force behind the group. "Blue Fever" builds on the keyword for origin, describing two people becoming the source of each other's energy. The retro hip-hop and R&B track draws on 1990s West Coast sounds, comparing that intensity to the blue flame produced at extremely high temperatures. Vintage piano chords and resampled drums drive "Count It," a track built around the keyword for completeness. Its lyrics frame confidence and ambition as part of the group's push toward a larger future. In "Icon," a dance hip-hop track carrying the keyword for beginning, the place where one stands becomes both a starting point and a stage of one's own, reflecting a wish to continue that journey with someone important. WayV has also begun rolling out promotional material for the album. Mood samplers and teaser images released Tuesday and Wednesday depict the members transforming through training into five mythical guardian beasts, a visual concept drawing on the balance between yin and yang. The release will be followed by two Seoul concerts on Sept. 12 and 13 at KBS Arena in western Seoul as part of the group's "BORN THIS Way" tour. Fan-club ticket sales open at 8 p.m. Wednesday, followed by general sales at 7 p.m. Thursday through Ticketlink. 2026-07-30 10:43:42 -
BOK steps up vigilance on Fed uncertainty and Gulf risks SEOUL, July 30 (AJP) -South Korea's central bank said Thursday it would step up monitoring of domestic financial markets, citing mounting uncertainty over U.S. monetary policy and Middle East tensions layered on top of existing investor unease about a possible slowdown in artificial intelligence investment. The Bank of Korea (BOK) convened an emergency market review meeting at 8 a.m. local time, chaired by Deputy Governor Park Jong-woo, to evaluate global market developments following the U.S. Federal Reserve's latest policy decision and their potential spillover into Korea's financial and foreign-exchange markets. The BOK is South Korea's central bank, responsible for setting monetary policy and safeguarding financial stability. "Uncertainty related to the Federal Reserve's monetary policy and the situation in the Middle East has increased at a time when concerns over a slowdown in AI investment have already weakened sentiment in domestic financial markets," Park said. The central bank said it would track how domestic and external risks evolve and assess their effects on Korea's economy and financial markets with what Park called "heightened vigilance." The BOK's meeting followed the Fed's widely expected decision to hold its benchmark federal funds rate steady at a range of 3.50 percent to 3.75 percent. Three regional Fed presidents — Dallas Fed's Lorie Logan, Cleveland Fed's Beth Hammack and Minneapolis Fed's Neel Kashkari — dissented, favoring a quarter-point rate increase instead. Fed Chair Kevin Warsh reaffirmed the central bank's commitment to restoring price stability but gave no concrete signal on the timing or direction of the Fed's next move. Markets read the outcome as adding to uncertainty over the Fed's policy path and the inflation outlook, the BOK said, a reaction that drove a sharp rise in longer-term U.S. Treasury yields. The Korean central bank warned that the combination of U.S. monetary-policy uncertainty, Middle East tensions and worries over the AI investment cycle could continue to weigh on domestic stocks, bond yields and the won — South Korea's currency. As of 10:30 a.m., the won was trading at 1,442.7 per dollar, up 4.0 won, or 0.28 percent, from the previous session's close of 1,446.7. Earlier in the session, the won touched an intraday high of around 1,435 per dollar — its strongest level since Feb. 27, when it reached 1,430.5. The three-year government bond yield edged down 0.1 basis points from the previous close to 3.799 percent, while the 10-year yield rose 2.2 basis points to 4.279 percent. 2026-07-30 10:43:06 -
HD Hyundai to Share Expertise in Building and Operating Shipyards in the U.S. HD Hyundai is set to embark on a significant shipyard modernization project in the United States.HD Korean Shipbuilding & Marine Engineering, a mid-holding company of HD Hyundai's shipbuilding division, announced on July 30 that it has signed a memorandum of understanding (MOU) with Fraser Industries to collaborate on modernizing shipyards as part of the revival of the U.S. shipbuilding industry.The signing ceremony, held in Washington, D.C., was attended by key executives from both companies, including Kim Hyung-kwan, CEO of HD Korean Shipbuilding & Marine Engineering, and Patrick Kelly, CEO of Fraser Industries.This agreement marks the first practical implementation of HD Korean Shipbuilding & Marine Engineering's new business objective, added in March, to develop and supply a digital engineering and manufacturing platform, positioning comprehensive shipyard construction solutions as a future growth driver.Under the MOU, the two companies will collaborate throughout the entire shipyard lifecycle, including: assessing shipyard conditions and deriving solutions, designing yard and factory layouts, introducing robotics and automation equipment, optimizing costs, processes, quality, and productivity, applying AI and data-driven digital solutions, and expanding supply chains and training technical personnel.To achieve this, HD Korean Shipbuilding & Marine Engineering plans to provide a package of essential elements and technologies needed for implementing smart shipyards, sharing its expertise in shipyard design, construction, production, and operational systems.In particular, HD Korean Shipbuilding & Marine Engineering and Fraser Industries plan to sign a contract for a shipyard modernization consulting program within the year, using the Fraser Shipyard, located on the shores of Lake Superior, as a demonstration model for the revival of the U.S. shipbuilding industry.Patrick Kelly, CEO of Fraser Industries, expressed his enthusiasm, stating, "We are very pleased to partner with HD Hyundai, which possesses the world's best technology, to introduce advanced techniques across all aspects of shipyard operations. This collaboration will be an important starting point for the revival of the U.S. shipbuilding industry."Kim Hyung-kwan, CEO of HD Korean Shipbuilding & Marine Engineering, added, "We plan to support the Fraser Shipyard in becoming a cornerstone for the revival of the U.S. shipbuilding industry by providing the know-how needed from design to operation. We will also expand our collaboration into various areas to become a strong partner for the U.S. shipbuilding sector."Meanwhile, HD Korean Shipbuilding & Marine Engineering reported consolidated revenues of 8.927 trillion won and an operating profit of 1.6451 trillion won for the second quarter.* This article has been translated by AI. 2026-07-30 10:40:00