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LG Energy Q2 profit slides 77% on weak EV demand SEOUL, July 30 (AJP) - LG Energy Solution confirmed that its second-quarter operating profit tumbled 77 percent from a year earlier to 113.3 billion won ($78.6 million), as a prolonged slump in North American electric-vehicle demand continued to erode earnings at South Korea's largest battery maker. According to regulatory filings released Thursday, revenue rose 24.8 percent year-on-year to 7.56 trillion won, while the net loss came to 328.6 billion won, swinging back into the red. Still, the quarterly result marked a rebound from a first-quarter operating loss of 207.8 billion won, snapping two straight quarters of losses that stretched back to the final three months of last year. The turnaround leaned heavily on government support. The reported profit included about 241 billion won in tax credits under the Advanced Manufacturing Production Credit of the U.S. Inflation Reduction Act; excluding the subsidy, the company would have booked an operating loss of 127.7 billion won. Rising North American demand for energy-storage systems and firm cylindrical battery sales cushioned the blow, offsetting a demand chasm that has forced the temporary shutdown of the firm's Ultium Cells joint venture with General Motors in Ohio and Tennessee. Shares of LG Energy Solution traded at 320,000 won per stock at 9:53 a.m., 6.49 percent higher than the day before. 2026-07-30 09:56:34 -
People Power Party Warns of Impeachment if Lee Fails to Deny Re-election 국민의힘은 30일 조정식 국회의장이 이재명 대통령의 연임 개헌 가능성을 언급한 것에 대해 "국민들 앞에 '연임은 없다'는 다섯 글자를 말하지 못하면 '이재명 탄핵'이라는 새로운 다섯 글자로 넘어갈 것"이라고 연일 공세를 펼쳤다.장동혁 대표는 이날 국회에서 최고위원회의를 열어 "개헌에 대한 모든 논란을 종식시키자. 음모론이라고 주장하지 말고 대통령 입에서 연임은 없다고 얘기하면 끝날 일"이라며 이같이 말했다.장 대표는 "현직 대통령을 포함한 연임 개헌을 조 의장이 운을 뗐다"며 "이에 대해 비판했더니 청와대와 더불어민주당은 국민의힘을 향해서 음모론이라고 공격하고 있다"고 했다.이어 "누구라도 다 현직 대통령이 포함된 연임 개헌이라고 이해했다"며 "대한민국 국민 모두가 지금 음모론에 빠져 있는 거냐. 늘상 봐왔던 짜고 치는 고스톱 아니냐"고 꼬집었다.그는 "누군가 던져 놓고 문제 생기면 꼬리 자르고, 대통령에게 물으면 대통령은 실실 웃으면서 남의 일 얘기하듯이 한다"며 "애먼 국회의장 이상한 소리 하는 사람 만들지 말고 대통령이 해결하면 된다. '연임은 없다'는 다섯 글자만 말하라"고 요구했다.정점식 원내대표도 "연임 개헌 논란은 단순히 조 의장 개인의 말실수로 보기 어렵다"며 "청와대는 현실적으로 불가능하다, 조 의장은 헌법 제128조 2항의 내용은 존중돼야 한다는 이상한 해명을 내놓아 마치 하고 싶지만 할 수 없다, 할 수 있으면 하고 싶다는 뉘앙스로 들린다"고 지적했다.정 원내대표는 "이미 여권에는 연임 이야기가 파다하게 퍼져 있다"며 "연임이라는 연기가 계속 흘러나오는 것은 이 대통령의 심중에 연임하고 싶은 마음이 굴뚝 같기 때문"이라고 했다. 그러면서 "이 대통령 스스로 연임은 없다고 선언하라. 그것만이 이 논란의 종지부를 찍는 길"이라고 강조했다. * This article has been translated by AI. 2026-07-30 09:56:20 -
Hankook Semiconductor Chairman Kwak Dong-shin Acquires Additional $4.2 Million in Company Shares Hankook Semiconductor Chairman Kwak Dong-shin announced on July 30 that he has acquired an additional 5 billion won (approximately $4.2 million) in company shares. This purchase fulfills a stock buyback plan disclosed on July 2.The acquisition price was set at 170,565 won per share, totaling 5 billion won. Following this transaction, Kwak's ownership stake has increased to 33.62%, or 32,048,145 shares. This marks the third stock buyback this year, following purchases of 3 billion won in April and 8 billion won in June, bringing his total stock buyback for 2023 to 16 billion won (about $13.5 million). Since 2023, his total personal stock acquisitions have reached 69.5 billion won (approximately $58.5 million).Kwak has received cumulative dividends of 64.74 billion won (around $54.5 million) since 2024, which he has reinvested into stock buybacks.Kwak's stock purchases reflect confidence in Hankook Semiconductor's technological capabilities and future growth in the global artificial intelligence (AI) semiconductor equipment market. The decision is also seen as a commitment to enhancing corporate value, given the perceived undervaluation of the company's stock amid strong growth momentum from its entry into the U.S. market and next-generation equipment supply.Hankook Semiconductor continues to grow based on its unique technological prowess. The company reported record second-quarter revenues of 251.1 billion won, the highest quarterly performance since its founding in 1980. Notably, the operating profit margin for the second quarter reached 51.9%, demonstrating exceptional profitability in the global semiconductor equipment market.Hankook Semiconductor holds the top position in the production of TC bonders, essential for high-bandwidth memory (HBM), a key component in AI semiconductors. The company is maintaining its leadership by supplying 'TC Bonder 4' equipment for HBM4 mass production and plans to release a prototype of its second-generation hybrid bonder equipment this year, with a 'wide TC bonder' set to launch in the first half of next year.The company is also intensifying its overseas expansion efforts. By the end of this year, Hankook Semiconductor plans to establish a subsidiary, 'Hankook USA,' in San Jose, California, to target the U.S. semiconductor market. With companies like SpaceX, Tesla, and xAI leading the 'TerraFab' initiative, along with Micron, SK Hynix, Amkor Technology, Intel, and TSMC expanding local manufacturing facilities supported by the U.S. government's CHIPS Act, Hankook Semiconductor aims to provide close technical support through its local subsidiary.A representative from Hankook Semiconductor stated, "Chairman Kwak's additional stock purchases reflect confidence in the company's growth driven by its U.S. expansion and equipment supply, as well as a commitment to responsible management. We will further solidify our leadership in the global AI semiconductor packaging market."* This article has been translated by AI. 2026-07-30 09:56:10
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China Will Not Implement Major Stimulus or Rate Cuts This Year, GDP Target Achievable China's GDP growth rate for the second quarter was 4.3%, falling short of expectations. However, analysts predict that the country will not announce any major stimulus measures or interest rate cuts.Xiong Yuan, chief economist at Guosheng Securities, stated, "It is unlikely that strong economic stimulus measures will be introduced at the Politburo meeting at the end of this month," according to a report by the Jiemian newspaper on July 30.Xiong noted that while the second quarter growth rate of 4.3% is below the government's GDP growth target of 4.5% to 5.0% for the year, the growth rate for the first half of the year stands at 4.7%, which is within the target range. He added, "To achieve the annual GDP growth target of 4.5%, the GDP growth rate in the second half only needs to exceed 4.3%, making it feasible to meet this year's goal." He explained that this is why China is unlikely to implement a large-scale stimulus and will focus on effectively utilizing existing policies.He also pointed out that recent statements from high-ranking officials indicate a distance from major stimulus measures. On July 13, Premier Li Qiang emphasized during a forum that existing policies should be effectively utilized and that any additional stimulus measures should be proactively researched and prepared. Zheng Shanjie, head of the National Development and Reform Commission, also mentioned the need to maximize the synergy of existing policies.Xiong remarked, "Recent high-level officials have all stressed the importance of effectively utilizing and implementing existing policies in a timely manner. Additional large-scale stimulus measures will be announced as needed based on specific circumstances."The likelihood of interest rate cuts in the second half of the year is also considered low. Wen Bin, chief economist at Minsheng Bank, stated, "Unless there is a significant slowdown in exports, which currently support the Chinese economy, or a rapid deterioration in the economy, the chances of a policy rate cut in the second half are slim. In the current situation, the People's Bank of China will maintain sufficient liquidity and focus on using policy tools to support development in key areas."* This article has been translated by AI. 2026-07-30 09:56:00
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LG Household & Health Care Shares Surge Over 18% on Strong Q2 Results and Upgraded Price Targets LG Household & Health Care shares surged more than 18% in early trading following strong second-quarter results and upgraded price targets from analysts.As of 9:41 a.m. on July 30, the company’s stock was trading at 311,000 won, up 48,000 won (18.25%) from the previous trading day, according to the Korea Exchange.On July 29, LG Household & Health Care reported consolidated sales of 1.656 trillion won and an operating profit of 102.8 billion won for the second quarter of 2026. Compared to the same period last year, sales increased by 3.3%, while operating profit rose by 87.5%. Net profit reached 77.6 billion won, marking a 101.2% increase year-on-year.The improvement in performance was driven by the beauty segment, which saw sales rise to 818.4 billion won, a 3.9% increase from the previous year, and an operating profit of 44.4 billion won, marking a return to profitability. The Home Care and Daily Beauty (HDB) segment also reported sales of 377.6 billion won and an operating profit of 22.3 billion won, reflecting increases of 5.5% and 23.1%, respectively.In international markets, North American sales surged by 47.3% year-on-year to 205.8 billion won, surpassing sales in China for the first time, which totaled 176 billion won. Overall overseas sales reached 584.5 billion won, a 12.6% increase.However, it is important to note that this performance includes a one-time gain from U.S. customs refunds. The company stated that even without this factor, profitability improved due to the growth of premium brands and expansion in the North American market.Following the earnings announcement, analysts provided positive assessments. Son Min-young, a researcher at KB Securities, noted, "The cosmetics segment has entered a significant turnaround phase, and the revenue growth centered on the high-growth North American region is leading to improved profits. It is time for a reevaluation of the stock price."* This article has been translated by AI. 2026-07-30 09:56:00
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Jung Cheong-rae Leads in First-Choice Votes Ahead of Democratic Party Convention As the Democratic Party prepares for its convention on August 17, candidate Jung Cheong-rae has emerged with a significant lead in first-choice votes, according to a recent poll. However, analysts caution that the outcome remains uncertain due to the preference voting system that will be used if no candidate secures a majority in the first round.On July 30, Media Tomato released results from a survey conducted from July 27 to 28, which included responses from 1,033 individuals aged 18 and older nationwide. The poll indicated that 36.9% of respondents would choose Jung as their first choice. Kim Min-seok followed with 28.0%, while Song Young-gil garnered 9.2%. Additionally, 21.8% of participants indicated they had no preferred candidate, and 4.1% were unsure.Among supporters of the Democratic Party, Kim Min-seok led with 44.9%, within the margin of error, while Jung received 38.9% and Song 11.2%.The upcoming convention will combine votes from delegates and party members, accounting for 70%, with public opinion polls making up the remaining 30%. The preference voting system is expected to play a crucial role. This system allows voters who selected a third-choice candidate to have their second-choice votes redistributed proportionally to the final two candidates. Some analysts suggest that Kim may benefit from votes that would otherwise go to Song, who is aligned with the same faction.The survey was conducted using an automated response system, achieving a response rate of 1.7%. The margin of error is ±3.0 percentage points at a 95% confidence level. For more details, please refer to the website of the National Election Survey Deliberation Commission.* This article has been translated by AI. 2026-07-30 09:56:00
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U.S. Resumes Airstrikes on Iran in Response to Attacks The U.S. military conducted airstrikes on Iran in response to attacks on U.S. forces stationed in the Middle East.U.S. Central Command (CENTCOM) announced on X (formerly Twitter) that airstrikes against Iran began at 8 p.m. Eastern Time on July 29.CENTCOM described the airstrikes as a strong response to Iran's attempted attack on U.S. forces the previous day, but did not disclose specific locations or targets of the strikes.The Islamic Revolutionary Guard Corps (IRGC) launched several ballistic missiles at U.S. forces in the region the day before. CENTCOM characterized this as a 'surprise attack attempt' and stated that all missiles were intercepted.At that time, CENTCOM did not specify which U.S. facilities were targeted. The IRGC claimed to have attacked the Muwaffaq Salti Air Base in Jordan and facilities associated with CENTCOM.President Donald Trump also warned of strong retaliation against Iran. On July 29, he stated, 'Now it is our turn to strike,' adding, 'We will hit very hard.'* This article has been translated by AI. 2026-07-30 09:52:00
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Zuckerberg: Personal AI Agents Will Become a Revenue Source, Used by Billions in 5 Years Meta anticipates that billions of people will use personal artificial intelligence (AI) agents within the next five years, aiming to establish this technology as a foundation for next-generation products and revenue streams.On July 29, during a quarterly earnings conference call, Mark Zuckerberg, CEO of Meta, stated, "Looking five years ahead, it is highly unlikely that billions of people will not have personal agents that understand their goals and work 24/7 to help them achieve those goals." Zuckerberg explained that personal AI agents could assist users in various areas, including finance, health, relationships, and household management.He noted, "As we move toward a future where people interact with multiple AI agents, the importance of messaging services like WhatsApp and other Meta platforms will increase. WhatsApp is already a leading platform for users to interact with Meta AI." Meta views the market for agent-like AI, which goes beyond simply answering user questions to performing tasks on their behalf, as a key driver of future growth. Zuckerberg emphasized that the personal AI agents currently under development at Meta will serve as the basis for next-generation products and revenue sources in the coming months and years.This quarter, Meta launched enterprise AI agents through WhatsApp and Messenger, which have been adopted by over 1 million businesses worldwide. The company is expected to leverage the technology and user experience gained from its enterprise services to expand into personal AI agents.However, the substantial costs associated with AI investments are a concern. Meta reported a free cash flow of $784 million this quarter, a 91% decrease from $8.55 billion during the same period last year. Investments in AI data centers and computing infrastructure have impacted cash flow.Reality Labs, which oversees augmented reality (AR) glasses and virtual reality (VR) headsets, also reported an operating loss of approximately $4.6 billion this quarter, bringing its cumulative losses since 2021 to about $88 billion. Following the earnings announcement, Meta's stock price fell by about 10%.Meanwhile, Meta is accelerating its AI infrastructure expansion. This week, Meta and BlackRock announced plans to collaborate on building a $14 billion data center in El Paso, Texas.Zuckerberg stated, "I believe the profit margins will be much higher when selling intelligent services compared to directly selling computing resources, although selling computing resources can also present significant opportunities."* This article has been translated by AI. 2026-07-30 09:52:00
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Hyundai Home Shopping Expands K-Beauty Market with Pop-Up Store in Jeju Hyundai Home Shopping is launching a pop-up store for the beauty brand 'Cohasis' in Jeju's Udo Island to expand the market for small K-beauty brands. The pop-up store will operate from August 1 through the end of the month at the café 'Hundertwassertwins' within the cultural and artistic complex 'Hundertwasser Park' in Udo, Jeju, the company announced on July 30. Hundertwasser Park is a major tourist destination in Jeju, featuring accommodations, an art museum, cafés, and walking paths, attracting approximately 150,000 visitors annually. The pop-up will offer 45 products from 22 domestic small beauty brands, focusing on skin soothing, hydration, and sun protection products to cater to the needs of tourists during the vacation season. Featured products include Centellian Madeca Cream, Mama Shu Cactus Sun Stick, and Jasderma PDRN Super Lifting Ampoule. All visitors will receive a collagen gel mask, and customers who spend over 30,000 won will receive a reusable bag featuring Udo-themed designs. Hyundai Home Shopping plans to assess whether the product offerings and competitive pricing of Cohasis resonate with tourists in this popular vacation spot. Cohasis opened its first store at Hyundai Premium Outlet Space One in December last year and has since expanded to Hyundai Department Store in Cheonho and Hyundai Outlet in Garden Five and Dongdaemun. Each location is tailored to its customer base, with Cheonho focusing on high-performance skincare, Garden Five on fragrances, and Dongdaemun targeting foreign tourists. The Space One location, Cohasis's first store, averages over 2,000 visitors daily, significantly exceeding the average foot traffic of existing beauty stores in Hyundai Outlet, according to the company. In addition to domestic sales, Hyundai Home Shopping is also supporting the international expansion of its partner brands. Earlier this month, the company assisted 15 Cohasis brands in participating in a Korean Wave Expo in Hanoi, Vietnam, where they engaged in export consultations worth approximately $7.94 million (about 12.2 billion won) with local buyers. Han Kwang-young, CEO of Hyundai Home Shopping, stated, "We will continue to explore offline distribution models that align with various markets and customer demands to expand Cohasis's customer touchpoints."* This article has been translated by AI. 2026-07-30 09:52:00
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Rep. Jo Kyung-tae Criticizes Party Ethics Committee's Actions Rep. Jo Kyung-tae of the People Power Party criticized the party's Central Ethics Committee on July 30, claiming it is acting like an 'avatar' for party leader Jang Dong-hyuk.During an appearance on MBC Radio's 'Kim Jong-bae's Focus,' Jo stated, "There are claims that the guidelines allowing for discipline against actions that continuously and repeatedly disrupt the party leader or the normal operation of the party seem to be for 'loyalty pledges.'"He raised concerns about the decision to initiate disciplinary procedures against him and two other sitting lawmakers, which was made during a meeting attended by three ethics committee members. Jo emphasized, "If you ask ten people on the street who should leave our party and who is negatively impacting it, you will get an answer."Regarding Jang's emphasis on a 'party-centered party,' Jo remarked, "If that is the case, then the party name should not be the People Power Party, but 'Party Members' Power.' The next general election in two years will not be decided by party members; sovereignty comes from the people."Jo further pointed out, "The goal of a political party is to create a government and to take care of the people through good policies, but it seems that the current leader is more focused on maintaining vested interests." He noted that there are many concerns about the party becoming a personal entity.Additionally, he commented on the recent launch of a task force aimed at evaluating elected officials within the party, saying, "It seems to be presented as a kind of reform plan. However, the best reform for our party is personnel reform, and the first person who needs reform is the party leader himself."* This article has been translated by AI. 2026-07-30 09:48:10