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  • Rep. Jo Kyung-tae Criticizes Party Ethics Committees Actions
    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
  • Daewoong Pharmaceutical Expands Nabota into Kuwait, Leading K-Toxin Presence in Middle East
    Daewoong Pharmaceutical Expands Nabota into Kuwait, Leading K-Toxin Presence in Middle East Daewoong Pharmaceutical is expanding its market presence in the Middle East with its botulinum toxin product, Nabota. With its entry into Kuwait, the company has launched its product in a total of seven countries, setting a record for the most extensive reach among K-toxins.On July 30, Daewoong Pharmaceutical announced that it has begun supplying its premium botulinum toxin Nabota to Kuwait. This expansion brings Nabota to a total of seven countries, including Saudi Arabia, the United Arab Emirates (UAE), Turkey, Qatar, Egypt, and Bahrain.Botulinum toxin is a medication used to temporarily relax muscles for wrinkle reduction and jawline treatments. With this expansion, Nabota has established itself as a leading domestic toxin in the premium aesthetic market in the Middle East, including the Gulf Cooperation Council (GCC) region.The GCC is a coalition of six oil-producing countries: Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, and Oman, where high per capita income and consumer spending power are driving rapid growth in demand for premium aesthetic procedures.Kuwait has a botulinum toxin market valued at approximately 24 billion won and is considered a high-end market with a preference for premium products. The region is also characterized by active online and offline promotion of medical products, leading to intense competition among global aesthetic companies.Daewoong Pharmaceutical plans to officially launch Nabota in October in collaboration with local partners and will hold a launch symposium. About 200 medical professionals, including key opinion leaders from the government and private sectors, are expected to attend, with a Korean dermatologist sharing clinical experiences as a speaker.Additionally, the company aims to enhance local clinical experience and strengthen its medical network through nationwide sales and marketing activities, participation in major conferences, and cadaver courses for medical training.Yoon Jun-soo, head of Daewoong Pharmaceutical's Nabota business division, stated, "The entry into Kuwait is a significant milestone for Nabota's global premium brand advancement. We will focus our efforts on establishing Nabota as a representative toxin of Korea in the Middle East market."Meanwhile, Daewoong Pharmaceutical reported improved performance in the second quarter of this year, driven by increased sales of its flagship product, Nabota, in the United States. The company announced that its second-quarter revenue and operating profit reached 400.1 billion won and 77.1 billion won, respectively, marking increases of 10% and 23.4% compared to the same period last year. In the second quarter of the previous year, the company recorded revenues of 363.9 billion won and an operating profit of 62.5 billion won.* This article has been translated by AI. 2026-07-30 09:48:00
  • U.S. Interest Rate Hold Amid High Inflation and Middle East Tensions; Government to Monitor Market Impact
    U.S. Interest Rate Hold Amid High Inflation and Middle East Tensions; Government to Monitor Market Impact The South Korean government has assessed that the uncertainty surrounding future monetary policy may continue due to high inflation in major countries and instability in the Middle East, despite the U.S. Federal Reserve's decision to hold interest rates in July.Lee Hyung-il, First Deputy Minister of the Ministry of Economy and Finance, convened a joint macroeconomic and financial meeting on July 30 at the Bankers Association building in Seoul to review the financial market impacts following the Federal Open Market Committee's (FOMC) decision to maintain interest rates. The meeting included participants such as Yoo Sang-dae, Deputy Governor of the Bank of Korea, Kwon Dae-young, Vice Chairman of the Financial Services Commission, and Hwang Seon-oh, Director of the Capital Markets Division at the Financial Supervisory Service.Participants noted that while the Federal Reserve has kept interest rates steady, the U.S. economy continues to show solid performance. They highlighted the strong growth in capital investment by U.S. companies, particularly in artificial intelligence (AI) related sectors.However, they also expressed concerns that inflation remains high in both the U.S. and Europe, and ongoing geopolitical tensions due to conflicts in the Middle East could lead to continued uncertainty regarding future policy interest rates.Fluctuations in international oil prices and the flow of global investment funds, influenced by changes in the Middle East, were identified as significant risk factors that could increase volatility in domestic financial and foreign exchange markets.In response, the government and relevant agencies have decided to closely monitor external conditions, including major countries' monetary policies, international oil prices, and global capital flows, while continuously assessing the impact of international financial market trends and external variables on the domestic economy and financial markets.* This article has been translated by AI. 2026-07-30 09:48:00
  • KOSPI continues to slide on chip flight despite record earnings
    KOSPI continues to slide on chip flight despite record earnings SEOUL, July 30 (AJP) -SK hynix continued to skid on Thursday, dragging the benchmark KOSPI lower despite renewed buying by foreign and institutional investors. The Seoul benchmark opened higher after plunging 17 percent over the previous two sessions, but selling in heavyweight chip stocks quickly erased the gains. As of 9:50 a.m., the KOSPI was down 0.74 percent at 5,621.47. Samsung Electronics rose 1.0 percent on record second-quarter operating profit of 89.49 trillion won ($62.2 billion) while SK hynix fell 5.1 percent, with shipbuilders, defense contractors, refiners and banks carrying the recovery. Gainers overwhelmed decliners 673 to 210 with foreigners buying net 214.5 billion won and local institutions 300.6 billion won. Samsung Electronics traded at 210,500 won ($146) after reporting an all-time high in quarterly operating profit, up 1,813.8 percent from a year earlier. Revenue reached 171.5 trillion won and net profit 71.62 trillion won. Operating profit landed above analyst estimates while revenue fell slightly short. Almost all of the profit came from one place. The Device Solutions division, which houses the semiconductor business, accounted for 89.2 trillion won of the total. SK hynix dropped to 1,329,000 won ($923), a day after reporting record operating profit of 60.5 trillion won ($42.0 billion) on revenue that came in below what the market wanted. Its New York listing offers a second read on the same company. SK hynix ADRs closed at $126.79 on Wednesday, down 2.6 percent, with each receipt representing one-tenth of a Seoul share and two-way conversion between the two lines now open. SK square, which holds the group's stake in SK hynix, fell 5.8 percent to 801,000 won ($557), a steeper drop than the chipmaker itself. The KOSPI 200 was little changed, up 0.1 percent against the broader index's 0.4 percent advance, a gap that shows the largest names still lagging the rebound. Individual investors sold a net 518.3 billion won of KOSPI shares in the opening minutes, selling into the recovery rather than buying it. Foreign investors bought a net 190.3 billion won and institutions 314.5 billion won. Retail buyers had already broken pattern. They net sold 1.406 trillion won on Wednesday rather than buying the drop, ending a run of heavy dip-buying that had cushioned earlier selloffs this year. Crude prices climbed overnight on escalating Middle East tensions, and Seoul's cyclicals moved with them. Shipbuilding led sector gains at 6.7 percent, with aerospace and defense up an identical 6.7 percent and refining shares close behind. Hanwha Aerospace jumped 8.5 percent to 879,000 won ($611) and HD Hyundai Heavy Industries gained 4.5 percent to 453,500 won ($315). Banks also drew buyers, with KB Financial up 5.5 percent at 168,900 won ($117). The KOSDAQ, which triggered its own halt on Wednesday, rose 1.2 percent to 670.74, outpacing the main board. In Tokyo, the Nikkei 225 traded at 62,014.53, up 0.9 percent. The won was quoted at 1,439.20 to the dollar, 6.80 won firmer than the previous session. 2026-07-30 09:45:54
  • Krafton Reports Record Half-Year Earnings, Shares Rise 3%
    Krafton Reports Record Half-Year Earnings, Shares Rise 3% Krafton is experiencing a rise in its stock following the announcement of record earnings for the first half of the year. According to the Korea Exchange, as of 9:29 a.m., Krafton shares were trading at 252,000 won, up 8,000 won (3.28%) from the previous trading day. On the previous day, Krafton reported consolidated first-half revenues of 2.66 trillion won and an operating profit of 972.5 billion won. These figures represent increases of 73.3% and 38.3%, respectively, compared to the same period last year. Both revenue and operating profit are the highest recorded for any first half, with the operating profit already reaching 92% of last year's total annual profit. For the second quarter of this year, revenue was reported at 1.29 trillion won, a 94.9% increase year-on-year, while operating profit rose 67% to 410.9 billion won. Both metrics are the highest ever recorded for a second quarter. The strong performance has garnered positive evaluations from analysts. Oh Dong-hwan, a researcher at Samsung Securities, stated, "In the second half, we expect continued revenue growth compared to last year due to the release of two well-made game modes, UGC updates, and various IP collaborations including animation, supercars, and idols. The five new titles set to be unveiled at Gamescom in Germany this August are expected to drive further growth from the fourth quarter of this year through 2027."* This article has been translated by AI. 2026-07-30 09:44:00
  • President Yoon Announces Online Delivery of Financial Power of Attorney for Overseas Koreans
    President Yoon Announces Online Delivery of Financial Power of Attorney for Overseas Koreans President Yoon Suk Yeol announced on July 29 that overseas Koreans will now be able to deliver financial powers of attorney verified by consulates online to domestic banks. During a dinner meeting with the Korean community in Santiago, Chile, President Yoon stated, "There have been many complaints about the difficulties caused by powers of attorney when handling banking tasks." He explained that previously, individuals had to wait several days for documents to be sent by international mail after being verified by consulates. He introduced the new system, which will save time and costs while making banking transactions much more convenient. The service is set to begin on July 31, with the final press release from the Overseas Koreans Agency stating that the 'Digital Consular Certification Financial Power of Attorney Service' started at 9 a.m. Korean time on July 30. This service allows overseas Koreans to electronically send financial powers of attorney needed for banking transactions through domestic representatives. Previously, the original documents had to be sent via international mail after being verified by consulates. Now, overseas Koreans can apply for the financial power of attorney through the 'Overseas Koreans 365 Civil Service Portal' and visit a consulate for verification. The verified documents will be electronically transmitted to designated financial institutions through the Overseas Koreans Agency and the Financial Settlement System. Domestic representatives will no longer need to receive the original documents by mail; they can process banking transactions using a document verification number and the date of birth of the grantor. This change reduces the time from several days or weeks for international mail delivery and minimizes concerns about shipping costs and document loss. Initially, seven financial institutions, including Shinhan Bank, Industrial Bank of Korea, Hana Bank, Kookmin Bank, NongHyup Bank, Busan Bank, and the Korea Post, will participate in the service. The Overseas Koreans Agency plans to expand the list of participating banks based on demand for financial transactions. President Yoon remarked, "I don't understand why we haven't implemented this simple solution until now," emphasizing that the inconveniences faced by overseas Koreans are not just individual issues but challenges that South Korea must address collectively. He added, "The government will carefully consider even the smallest inconveniences faced by our citizens abroad, ensuring that they feel the warmth and changes of their home country, no matter where they are in the world." About 150 attendees, including members of Korean associations, senior citizens' groups, and the Korean Restaurant Association, participated in the meeting. President Yoon noted, "Chile is one of the farthest countries from South Korea on the map, but when we recall the shared history, the distance between our two nations feels much closer." He expressed the significance of starting his visit in Chile with the Korean community. He highlighted that Chile was the first Latin American country to recognize the South Korean government in 1949 and the first to sign a free trade agreement (FTA) with South Korea. "At a time when the world did not know much about South Korea, Chile was the first to recognize our potential and extend a hand of friendship," President Yoon said, adding that the relationship between South Korea and Chile has always been built on trust rather than distance, prioritizing the future over the present. He also expressed gratitude for the establishment of the Korean community in Chile, recounting how six Koreans with floral technology settled in Chile in the early 1970s, founding the Korean Association and establishing a Korean language school and community center in 1978. President Yoon praised the Korean community for their contributions, stating, "Even amidst major earthquakes and social turmoil, our compatriots have raised funds and contributed to the recovery efforts for their Chilean neighbors who suffered greater losses. I am proud of our overseas Koreans who have elevated South Korea's status through their solidarity and dedication over the years." He promised to support the next generation of overseas Koreans in taking pride in their Korean roots and to strengthen consular services for their safety and rights. Hwang Sang-wook, president of the Chilean Korean Association, welcomed the attendees, stating, "There are about 2,300 Koreans living in Chile, making it the fourth-largest Korean community in South America. The second and third generations are thriving as public servants, professors, businesspeople, and professionals in Chile's mainstream society." On July 30, President Yoon is scheduled to hold a summit with Chilean President José Antonio Kast to discuss the modernization of the Korea-Chile FTA, critical mineral supply chains, and infrastructure and investment cooperation. * This article has been translated by AI. 2026-07-30 09:40:00
  • US ambassador Steel to land in Seoul after 18-month vacancy
    US ambassador Steel to land in Seoul after 18-month vacancy SEOUL, July 30 (AJP) - The new United States ambassador to South Korea lands in Seoul on Thursday afternoon, ending a vacancy of about 18 months at the top of the American mission and filling the post for the first time since President Donald Trump returned to office. Michelle Steel is expected to arrive at Incheon International Airport at about 3:20 p.m. She will deliver an arrival statement to reporters at 4 p.m. in the briefing room at the first-floor entrance to the VIP lounge in Terminal 2, according to the United States Embassy in Seoul. The job has had no confirmed occupant since Philip Goldberg left in January 2025. James Heller has run the embassy in the interim as chargé d'affaires, the senior diplomat who leads a mission when no ambassador is in place. Steel's confirmation closed a process that began in the spring. Trump sent the nomination to the Senate on April 13, and it was referred that day to the Foreign Relations Committee. The committee approved her 14 to 8 on June 4, and the full Senate confirmed her on June 17 by a vote of 55 to 39. Her statement to the committee, submitted at her May 20 hearing, set out how she reads the relationship. She described the alliance as the linchpin of peace, security and prosperity in Northeast Asia for more than seven decades, and called the combined defense posture, anchored by the 28,500 members of United States Forces Korea and reinforced by extended nuclear deterrence, the bedrock of the partnership. It "remains ironclad," she wrote. She named three security problems the two governments work on together: North Korea's unlawful weapons programs, its expanding cybercrime operations and its deepening military cooperation with Russia. She pointed to the trilateral partnership with Japan as part of the effort to defend a free and open Indo-Pacific. On the economic side, she cited the strategic trade and investment agreement reached in 2025, under which Seoul committed to invest $350 billion in American strategic industries and to reduce barriers to American exports, and said the joint fact sheet issued after Trump's state visit to Gyeongju set out an upgrade to security cooperation that included a South Korean pledge to expand defense spending. Her own account of how she reached Seoul runs through the war that created the alliance. Her parents fled North Korea during the Korean War and built a life in the South, where she was born. In her statement she noted that more than 36,000 Americans died defending that country. The family later moved to Japan, where she studied at Nippon Joshi Dai, Japan Women's University, and her father encouraged her to continue on to the United States. English, she told the committee, is her third language. Steel won a seat on the California State Board of Equalization, the only elected tax board in the country, where she represented more than nine million constituents, then served as supervisor and chairwoman of the Orange County Board of Supervisors. In the House of Representatives, she served two terms representing California's 48th and 45th districts, sat on the Ways and Means Committee, and worked on the Transportation and Infrastructure and Education and Labor committees, on issues ranging from tax policy to relations with China. She holds a bachelor's degree in business administration from Pepperdine University and an executive master of business administration from the University of Southern California, and the State Department describes her as fluent in Korean and Japanese. The department, in its certificate of competency submitted to the Senate in April, concluded that her record in elected office and her experience abroad make her well qualified for the post. 2026-07-30 09:39:30
  • Netanyahu Discusses Iran Strategy with Trump, Skeptical of Agreement
    Netanyahu Discusses Iran Strategy with Trump, Skeptical of Agreement U.S. President Donald Trump and Israeli Prime Minister Benjamin Netanyahu discussed future strategies regarding Iran, including negotiations, maintaining a maritime blockade, and resuming military action. Netanyahu reportedly expressed skepticism about the likelihood of reaching an agreement with Iran.According to U.S. media outlet Axios, the two leaders met for about 90 minutes at the White House on July 28 to focus on the Iran issue.An Israeli official stated that President Trump is currently considering three options: a deal with Iran, maintaining the maritime blockade while increasing economic pressure, and resuming large-scale military action.Netanyahu viewed the possibility of an agreement with Iran as low. However, the official clarified that Netanyahu did not demand a specific option; instead, the two leaders discussed the potential outcomes of each approach.Trump reportedly expressed concern that a prolonged conflict could lead to rising international oil prices and significant shocks to the global economy. In response, Netanyahu claimed that Iran is using the Strait of Hormuz as a key bargaining chip to extract concessions from the U.S.The two leaders also discussed ways to strengthen economic pressure on Iran through both military and non-military means while maintaining the maritime blockade.Additionally, the meeting addressed reducing Israel's dependence on U.S. military support. Netanyahu explained to Trump a plan to gradually decrease direct U.S. military assistance over the next decade, ultimately aiming for Israel to operate without such support in the long term.The new memorandum of understanding proposed by Israel could include $16 billion in direct military support and $5 billion to $10 billion for missile defense system development over the next ten years.Currently, the U.S. is set to provide Israel with a total of $38 billion from 2019 to 2028, of which $33 billion is direct military support. If the new plan is implemented, direct military assistance would be reduced to less than half of the current level over the next decade.Netanyahu is also preparing for a scenario in which the U.S. halts the supply of advanced fighter jets, such as the F-35. He has reportedly instructed the Israeli defense industry to explore developing its own advanced fighter jets within ten years to reduce reliance on American-made aircraft.* This article has been translated by AI. 2026-07-30 09:36:00
  • Hana Financial Leads $3.4 Billion Project Financing for Jamsil Development
    Hana Financial Leads $3.4 Billion Project Financing for Jamsil Development 하나금융그룹이 서울 잠실종합운동장 일대를 복합시설로 개발하는 민간투자사업의 4조원 규모 프로젝트파이낸싱(PF)을 이끈다. 하나금융은 '잠실 스포츠·마이스(MICE) 복합공간 조성 민간투자사업'의 PF 금융 조달을 추진한다고 30일 밝혔다. 이번 사업은 잠실종합운동장 일대 약 35만㎡ 부지에 전시·컨벤션시설과 돔 야구장, 스포츠콤플렉스, 숙박·상업·업무시설 등을 짓는 사업이다. 하나금융은 한화 건설부문, IPARK현대산업개발 등과 컨소시엄을 구성해 2021년 12월 우선협상대상자로 선정됐다. 이후 약 4년 7개월 만에 실시협약이 체결됐다. 하나증권은 서울스마트마이스파크의 재무적 투자자이자 대표 금융주관사를 맡는다. 하나은행은 공동 금융주관사로 참여한다. 하나금융은 현재 금융조달을 위한 대주단 구성을 완료한 상태다. 사업은 향후 실시계획 승인 등 관련 절차를 거쳐 추진된다. 하나금융은 사업 진행에 따라 단계별 금융지원에 나설 계획이다. 강성묵 하나금융그룹 부회장은 "하나증권과 하나은행이 각자의 전문성을 결합한 협업 사례"라며 "그룹의 투자금융 역량을 연계해 대규모 민간투자사업이 안정적으로 추진될 수 있도록 지원하겠다"고 말했다. 2026-07-30 09:36:00
  • Gwangju City to Provide Tailored Support for 43 Startups This Year
    Gwangju City to Provide Tailored Support for 43 Startups This Year Gwangju City is continuing its tailored support for startups to validate their innovative technologies this year. This initiative, which began in 2023, offers locations and funding to companies that possess innovative technologies and prototypes but face challenges in validation. The city has allocated 2.8 billion won to support 43 companies by January of next year. Over the past three years, a total of 103 companies have received assistance. In 2023, the city held two rounds of applications in May and July, followed by expert evaluations to select the companies to be supported. Selection criteria included the technical feasibility of the validation technology, the contribution to urban innovation, the suitability of the validation institution, the specificity and efficiency of the validation plan, and the potential for commercialization and dissemination of results. Among the selected companies, 12 will validate solutions aimed at addressing public and private sector needs, 28 will autonomously select their validation technologies, and 3 will receive only tailored validation locations. These companies will receive validation costs of up to 60 million won and access to customized validation locations such as university hospitals, urban subway waiting areas, and traditional markets as needed. Gwangju City expects these companies to enhance their technologies by identifying product errors and additional improvements. Post-validation support will include assistance for public procurement, participation in technical tours, support for global expansion, and connections to KOICA projects.* This article has been translated by AI. 2026-07-30 09:32:10