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  • SK hynix dismisses AI slowdown concerns with massive capacity expansion plan
    SK hynix dismisses AI slowdown concerns with massive capacity expansion plan SEOUL, July 29 (AJP) - SK hynix brushed aside growing concerns over a slowdown in artificial intelligence (AI)-related investment on Wednesday, saying demand from major cloud providers would remain strong beyond next year as it reported record quarterly earnings and unveiled plans to spend nearly 50 trillion won (US$35 billion) on capacity expansion. The world's second-largest memory chipmaker reported a record operating profit of 60.54 trillion won for the April-June quarter, up 68 percent from the previous quarter, while revenue rose 36 percent to an all-time high of 79.21 trillion won, driven by strong demand for high-bandwidth memory (HBM) used in AI accelerators. Its operating margin reached a record 76.1 percent. Despite the record earnings, SK hynix shares were down 18.8 percent at 1,258,000 won as of 1:43 p.m. in Seoul, as investors weighed the results against mounting concerns over China's rapidly advancing semiconductor industry and elevated market expectations. During a conference call following the earnings release, SK hynix said concerns over slowing AI infrastructure investment were overstated, arguing that major cloud service providers continue to view AI spending as essential to strengthening their core businesses. "We view these developments not as a slowdown in AI investment, but as a transition toward improving the utilization and monetization of AI infrastructure built over the past several years," the company said. The company said improvements in AI model efficiency should broaden AI adoption rather than reduce memory demand, as wider deployment of AI applications is expected to increase overall memory consumption. "AI infrastructure investment is expected to remain solid beyond next year," it said, adding that temporary delays in some projects due to power supply constraints or slower data-center construction would not alter the long-term growth trajectory. SK hynix also reaffirmed its aggressive investment plans, saying capital expenditure this year is expected to reach the high-40 trillion won range, one of the company's largest annual investment programs, as it expands production capacity to meet structurally growing AI memory demand. "Our capacity expansion is based on demand visibility secured through long-term customer partnerships and will be carried out in stages with investment efficiency in mind," the company said, adding that the phased investment approach would help prevent oversupply. The company said its investment plan reflects confidence in long-term customer demand backed by multi-year supply agreements, while production expansion will remain flexible depending on confirmed customer demand and investment efficiency. SK hynix also said it has begun volume shipments of 12-layer HBM4, completed sample deliveries of HBM4E for next-generation AI chips and remains on track for mass production in 2027, reinforcing its technology leadership in premium AI memory products. Despite the sharp share-price decline, the company maintained that long-term demand from hyperscale cloud providers remains intact and said long-term supply agreements with major customers provide sufficient visibility to support continued investment in next-generation AI memory. 2026-07-29 11:33:00
  • Hanssem Revamps Living Space for Single-Parent Families in Busan
    Hanssem Revamps Living Space for Single-Parent Families in Busan Hanssem has expanded its social contribution activities by renovating the living spaces of single-parent families in Busan.On July 25, Hanssem announced that it improved the facilities at 'Hanna Village,' a living facility for single-parent families located in Saha District, Busan, and held a ceremony attended by employees and resident families.The newly created counseling room is designed to provide psychological and emotional counseling, case management, and family counseling in a more stable environment. The study and playrooms have been equipped with storage space and amenities to ensure that resident mothers can raise their children with peace of mind.Additionally, outdated facilities such as kitchens and bathrooms have been completely replaced. The renovation took into careful consideration the opinions and daily living patterns of the residents to enhance functionality and convenience.The completion event featured quiz activities, a gift-giving ceremony, and a cupcake-making session with carnations, along with family photo opportunities.Last year, Hanssem surpassed 1,000 space improvement projects. This year, it has selected 'improving spaces for women and vulnerable families' as a key social contribution initiative, planning to renovate five living facilities for single-parent families and educational facilities for adult learners. The renovated spaces have been named 'Brilliant Hanssem' to reflect the hope that the lives of beneficiaries will shine even brighter.In addition, on March 8, in celebration of International Women's Day, Hanssem conducted volunteer activities and delivered 'independence support kits' containing living supplies to single-parent families.A Hanssem representative stated, 'We hope the newly renovated spaces will provide hope and stability for mothers and children, and we will continue to engage in activities that bring warmth to society through our spaces.' 2026-07-29 11:27:00
  • Korean Bar Association Revokes Lawyer License of Yoon Suk Yeol Following 7-Year Sentence
    Korean Bar Association Revokes Lawyer License of Yoon Suk Yeol Following 7-Year Sentence The Korean Bar Association has revoked the lawyer license of Yoon Suk Yeol, who was sentenced to seven years in prison by the Supreme Court for obstructing the execution of an arrest warrant by the Corruption Investigation Office for High-Ranking Officials (CIO).On July 29, the Bar Association announced in a statement that "in accordance with Article 5 (disqualifications of lawyers) and Article 18 (cancellation of registration) of the Lawyer Act, Yoon Suk Yeol's lawyer registration was canceled on July 28."Under the current Lawyer Act, if a registered lawyer is sentenced to a term of imprisonment of more than one year, the Minister of Justice can order the Bar Association to revoke their registration. This follows the Supreme Court's confirmation of Yoon's seven-year sentence on July 9 for his obstruction of the arrest warrant.Yoon declared a state of emergency on December 3, 2024, but the National Assembly passed a resolution to lift the emergency declaration about four hours later, leading to its suspension. Subsequently, the Assembly moved to impeach him, resulting in his suspension from duty, and he barricaded himself in his residence in Hannam-dong.The CIO, which had obtained an arrest warrant, attempted to execute it but faced obstruction from Yoon's security detail, leading to charges filed by the special prosecutor's team led by Jo Eun-seok.The special prosecutor's indictment included charges of obstructing the execution of the CIO's arrest warrant, infringing on the deliberative rights of the Cabinet by convening only select ministers for a meeting before the emergency declaration, and creating a false declaration of the emergency based on a document signed after the emergency was lifted, which was later discarded.Yoon was sentenced to five years in prison in the first trial and seven years in the second trial, with the Supreme Court confirming the seven-year sentence.Yoon passed the 33rd Judicial Examination in 1991 and completed the Judicial Research and Training Institute in 1994. He was appointed as a prosecutor and worked at Bae, Kim & Lee LLC for about a year in 2002 before returning to the prosecution, where he served as the Chief Prosecutor of the Seoul Central District Prosecutors' Office and the Prosecutor General.* This article has been translated by AI. 2026-07-29 11:24:00
  • Bank of Korea Governor: Need to Maintain Rate Hike Stance, Future Increases to Depend on Inflation and Economy
    Bank of Korea Governor: Need to Maintain Rate Hike Stance, Future Increases to Depend on Inflation and Economy Bank of Korea Governor Shin Hyun-song stated on July 29 that it is necessary to continue the current trend of interest rate hikes. He reiterated his intention to maintain a tightening stance after raising the benchmark rate by 0.50 percentage points earlier this month.During a report to the National Assembly's Finance and Economy Committee, Governor Shin said, "The timing and pace of any further increases will be determined by assessing inflationary pressures, the trajectory of economic improvement, and financial stability conditions."He projected that the economy would continue to grow steadily, noting, "The expansion of global artificial intelligence (AI) has led to growth primarily in the semiconductor sector. I expect the favorable conditions in the semiconductor market to persist, gradually impacting other sectors and sustaining robust growth."Regarding inflation, Governor Shin anticipated that it would remain above target levels. He explained, "Given the uncertainties surrounding international oil prices due to the situation in the Middle East, the ongoing impact of increased costs and exchange rates, and the growing demand pressures from income improvements, I expect inflation to continue rising above target levels for a considerable period."He assessed that external uncertainties have increased, leading to greater volatility in key price variables in the financial and foreign exchange markets. Despite the high uncertainty in external conditions, he reported that the domestic financial system remains generally stable, supported by the expanding growth of the real economy and the resilience of financial institutions.However, Governor Shin noted that the high volatility in financial and foreign exchange markets, along with the rising housing prices in the metropolitan area, pose potential risks for financial imbalances.Additionally, prior to his report, Governor Shin apologized for the controversy surrounding his children's nationality that arose during the confirmation process. In response to a request from People Power Party lawmaker Im I-ja to officially apologize for allegations of false residency registration due to his eldest daughter not reporting her loss of Korean nationality, he stated, "I apologize to the public for the confirmation process not going smoothly. The nationality issues concerning my children have now been resolved." 2026-07-29 11:24:00
  • Korean Shipbuilding Industry Expands into Marine Equipment Market, KOTRA Targets ASEAN
    Korean Shipbuilding Industry Expands into Marine Equipment Market, KOTRA Targets ASEAN The Korea Trade-Investment Promotion Agency (KOTRA) is expanding the success of K-shipbuilding exports into the marine equipment sector to support entry into the ASEAN market. KOTRA announced that it held the '2026 Korea-ASEAN Maritime Week' from July 28 to 29 in Bali, Indonesia, with participation from over 40 domestic and international shipbuilding and marine equipment companies. The event was organized in collaboration with the Gyeongnam Shipbuilding and Marine Equipment Cooperative to facilitate business consultations and technology exchanges. The ASEAN region is a key shipbuilding market with increasing demand for eco-friendly vessels and high-efficiency marine plants. As it emerges as an alternative production base amid global supply chain restructuring, there is significant potential for collaboration with Korean companies due to the high reliance on local equipment imports. More than 40 Korean companies, along with major shipbuilding and marine plant clients and associations from Indonesia, Malaysia, Vietnam, Singapore, and Australia, participated in the event. Notable attendees included Malaysia Marine and Heavy Engineering (MMHE), Indonesia's state-owned shipyard PT PAL, and Vietnam Ocean Shipping Company (VOSCO). Over the two days, activities included project consultations between the two countries, one-on-one business meetings, a new technology and product exhibition, and a seminar on ASEAN shipbuilding and marine plants. Participants discussed various cooperation opportunities in areas such as eco-friendly energy, AI-based robotic equipment, shipbuilding and marine infrastructure development, and expanding equipment procurement. Korean company Seho Marine Solutions and Indonesian shipyard PT DPL also achieved a milestone by signing a memorandum of understanding (MOU) for technical cooperation in developing eco-friendly fuel-powered small vessels and unmanned surface vehicles. KOTRA Vice President Kim Kwan-mook stated, "ASEAN is an attractive market due to the growing demand for marine infrastructure development and small to medium-sized vessel construction. Given the strong local demand for Korean companies, we will continue to expand support for small and medium-sized enterprises entering the ASEAN market." 2026-07-29 11:20:00
  • Russia Appoints Andrei Podolychev as Ambassador to North Korea After 8-Month Vacancy
    Russia Appoints Andrei Podolychev as Ambassador to North Korea After 8-Month Vacancy Russian President Vladimir Putin has appointed Andrei Podolychev, the former ambassador to Nigeria, as the new ambassador to North Korea, a position that has been vacant for about eight months.According to the Russian news agency TASS on the 28th, President Putin announced through a presidential decree that "Andrei Podolychev is appointed as the Extraordinary and Plenipotentiary Ambassador of the Russian Federation to the Democratic People's Republic of Korea."This appointment comes after the previous ambassador, Alexander Matsegora, passed away in December of last year. Along with Podolychev's appointment, Putin also issued a decree relieving him from his post in Nigeria.Born in 1962, Podolychev began his diplomatic career in 1984 and is fluent in English and Korean. He worked at the Soviet embassy in North Korea from 1984 to 1988 and served at the Soviet and Russian embassy in South Korea from 1991 to 1996.He later held positions at the Russian consulate in San Francisco and served as the Russian consul general in Istanbul, Turkey, from 2015 to 2019. From 2019 to 2024, he was the deputy director of the Consular Department of the Russian Foreign Ministry before taking up his role in Nigeria in December 2024.Matsegora, Podolychev's predecessor, served as the ambassador to North Korea for nearly a decade, from 2014 until his death on December 6, 2025. The exact cause of his death has not been disclosed. 2026-07-29 11:20:00
  • Lotte Chilsung Surpasses 1,000 Electric Vehicles, Achieves 42% Transition Rate
    Lotte Chilsung Surpasses 1,000 Electric Vehicles, Achieves 42% Transition Rate Lotte Chilsung Beverage has surpassed 1,000 electric vehicles in operation across its sales and logistics sectors. The company plans to reduce greenhouse gas emissions by approximately 970 tons this year by replacing older internal combustion engine vehicles with electric ones. As of July, Lotte Chilsung has introduced a total of 1,015 electric vehicles, which accounts for about 42% of its total fleet. The company noted that it has converted more than half of the vehicles eligible for transition, excluding specialized vehicles and large trucks. The largest segment of the fleet consists of 710 electric passenger cars used for sales and operations, followed by around 130 standard passenger cars. In its production and logistics operations, the company has converted approximately 110 forklifts and over 60 one-ton trucks to electric vehicles. Since 2021, Lotte Chilsung has been replacing its aging internal combustion engine vehicles with electric ones. The company has installed charging facilities at major logistics hubs nationwide to enhance vehicle operation efficiency. The transition has expanded beyond passenger cars to include forklifts and small cargo trucks, aiming to reduce carbon emissions in production and delivery processes. The reduction in greenhouse gas emissions from the transition to electric vehicles is also increasing. Last year, the company reduced emissions by about 550 tons, and this year, it expects to achieve a reduction of over 970 tons, representing an increase of more than 75% compared to the previous year. By the end of last year, Lotte Chilsung had introduced approximately 630 electric vehicles. Between January and July of this year, the company added 385 more. Since declaring its commitment to carbon neutrality by 2040 in 2021, Lotte Chilsung has focused on expanding renewable energy, transitioning fuels, and introducing electric vehicles as key measures for emissions reduction. In addition to electric vehicle initiatives, Lotte Chilsung reduced greenhouse gas emissions by about 6,400 tons last year through biogas power generation and landfill gas fuel conversion. This year, the company aims to reduce emissions by over 10,000 tons across all operations. A Lotte Chilsung representative stated, "We will continue to fulfill our social responsibility toward the environment as a leading beverage company and lead authentic ESG management." * This article has been translated by AI. 2026-07-29 11:18:00
  • Kangjin County Takes Emergency Measures After Signs of Instability at Retaining Wall
    Kangjin County Takes Emergency Measures After Signs of Instability at Retaining Wall Kangjin County is taking urgent measures to ensure resident safety after signs of instability, including tilting and cracks, were detected at a retaining wall in front of the Comprehensive Welfare Center for the Disabled in Kangjin-eup.On July 28, officials confirmed dangerous signs at the retaining wall and immediately activated a safety management system and emergency response, according to a statement released on July 29.To prevent additional damage and safety incidents due to heavy rainfall, the county promptly closed the affected road and prioritized the safety of facility users and residents.Additionally, to prevent soil erosion and ground weakening caused by rainwater infiltration, waterproof tarps were installed, and emergency repair work on the cracked sections was completed as part of the damage prevention measures.The county has also strengthened its safety management system to continuously monitor the wall's condition. Sensors capable of detecting tilting and cracking in real-time have been installed, and a 24-hour inspection system is in place to quickly identify any minor changes.Kangjin County is not only focusing on emergency measures but is also pursuing follow-up actions to ensure long-term safety. Currently, urgent design work for the wall's restoration is underway, and once the design is finalized, repair and reinforcement work is set to begin in August to restore the structural safety and functionality of the facility.Kang Jin-won, the county mayor, stated, "Early detection and rapid response to signs of danger are the most effective preventive measures against disasters and safety incidents. We will strengthen on-site inspections and safety management and do our utmost to create a safe environment where residents can live with peace of mind through thorough repairs and reinforcements."Meanwhile, the increasing frequency of heavy rainfall and localized downpours due to climate change has heightened the importance of proactive inspections and rapid responses for aging retaining walls and steep slopes. Kangjin County plans to continuously enhance its safety management system focused on constant monitoring and prevention of hazardous facilities.* This article has been translated by AI. 2026-07-29 11:12:00
  • South Korea and Brazil Strengthen Rare Earth Supply Chain Cooperation
    South Korea and Brazil Strengthen Rare Earth Supply Chain Cooperation The South Korean government is set to resume negotiations for the Korea-Mercosur Trade Agreement (TA), which have been on hold for over five years, coinciding with President Yoon Suk Yeol's state visit to Brazil. This marks a significant step in enhancing supply chain and trade cooperation with Brazil, the largest economy in Latin America.The Ministry of Trade, Industry and Energy announced on July 29 that the TA will be expedited during President Yoon's visit, and a private sector memorandum of understanding (MOU) was signed at the Korea-Brazil Business Roundtable. Additionally, a joint statement on cooperation in key and strategic minerals was issued, along with an MOU on industrial technology cooperation under the presence of the leaders.During the summit, the two leaders agreed to announce the resumption of the Korea-Mercosur TA negotiations at the 69th Mercosur Summit in December. They have been discussing the need to advance negotiations since their first summit in February in Seoul.To facilitate the smooth resumption and acceleration of the TA negotiations, both sides agreed to establish and operate a working-level consultative body. This body aims to explore market entry opportunities for mutual export items and enhance understanding of market sensitivities and key issues.Cooperation on key minerals is also set to intensify. Minister of Trade, Industry and Energy Lee Chang-yang met with Brazil's Minister of Mines and Energy Alexandre Silveira in Brasília on July 27, where they announced a joint statement to strengthen cooperation in key and strategic minerals.This joint statement marks the first instance where both governments have outlined their cooperation direction in the key and strategic minerals sector. It establishes a governmental framework for mineral resource cooperation with Brazil, the world's second-largest rare earth producer.The joint statement identifies rare earths as a primary area of cooperation and outlines plans to expand collaboration across the entire mineral value chain, including local processing and refining, value creation, technology transfer and research and development, responsible mining, workforce training, and investments in midstream and downstream sectors.Private sector cooperation on rare earth supply chains is also being pursued. POSCO International has signed an MOU with Meteoric Resources, which is developing a rare earth mining project in Caldeira, Brazil, to collaborate on rare earth off-take and financial support.A Korea-Brazil Business Roundtable was also held in São Paulo, attended by 43 participants, including government officials and business leaders from both countries. Attendees emphasized the need for cooperation between Brazil, a resource-rich nation and the largest economy in Latin America, and South Korea, known for its advanced manufacturing capabilities.During the event, a total of six MOUs were signed, covering areas such as joint industrial technology research and development, export and investment cooperation, AI-based epilepsy treatment innovation and digital health collaboration, meat supply chain cooperation, and civil aviation and aerospace collaboration.In the industrial technology cooperation MOU, Minister Lee and Brazil's Minister of Science, Technology, and Innovation Luciana Santos shook hands. The Ministry views this MOU as a foundational framework for cooperation that extends beyond traditional trade to encompass supply chains, advanced industries, and biotechnology.Minister Lee also held a separate meeting with Brazil's Minister of Development, Industry, Trade, and Services, Marcio Fernando Elias Rosa, to discuss cooperation between the two countries. He conveyed the challenges faced by South Korean companies, including steel tariffs, import quotas, local administrative and regulatory constraints, and infrastructure deficiencies, while requesting support from the Brazilian government.Minister Lee emphasized, "This has become a valuable opportunity for both countries to create mutually complementary and beneficial growth opportunities based on each other's strengths. If South Korea's advanced technology is combined with Brazil's abundant resources, it will provide new opportunities for both countries' businesses to take a leap forward." 2026-07-29 11:12:00
  • Opposition Lawmakers Condemn Fast-Tracked Criminal Procedure Bill
    Opposition Lawmakers Condemn Fast-Tracked Criminal Procedure Bill Members of the People Power Party's Legislative Judiciary Committee condemned the Democratic Party's attempt to process a bill amending the Criminal Procedure Act on July 29. They argued that the bill, which includes the abolition of supplementary investigation rights, is being rushed through without proper consideration.During a press conference held at the National Assembly, they stated, "The abolition of supplementary investigation rights ignores the protection of citizens' rights and gives up on discovering substantive truth," and called for an immediate halt to the push for the bill. They urged for a public hearing involving both parties to gather opinions from the legal community, academia, and investigative field.Park Hyung-soo, the committee's secretary, criticized the Democratic Party for using the abolition of supplementary investigation rights for personal revenge against the prosecution or for party conventions, stating, "The damage will fall on the citizens, and history will surely record this."The People Power Party emphasized that the abolition of supplementary investigation rights goes against the will of the people and that the Democratic Party's proposed alternatives would not resolve the issues. They pointed out that the establishment of dedicated departments within the Serious Crime Investigation Agency and the transfer of all cases involving seven major crimes against vulnerable groups cannot be implemented immediately.Park added, "Crimes should be distinguished not by social status but by the roles of perpetrator and victim," highlighting that the murder charges in the 'Jang Yoon-ki case' would not be included in the scope of case transfers. He raised concerns about how victims of murder would be treated.Yoon Sang-hyun noted that the amendment to the Criminal Procedure Act is set to pass through the bill review subcommittee, the full Legislative Judiciary Committee, and the plenary session in just two days, labeling it as 'legislative cramming.'He stated, "As seen in the Jang Yoon-ki case and the Busan kickback incident, supplementary investigation rights are a minimal safeguard to protect the vulnerable from hasty and reduced investigations by the police. If this bill passes, Justice Minister Jeong Seung-ho should recommend the exercise of the right to request reconsideration to the President, who should then exercise the veto power."Kim Tae-kyu also remarked that changing the Criminal Procedure Act requires extensive discussions among scholars and experts over several years, questioning whether it is appropriate to sacrifice a law that affects all citizens to appease the emotions and desire for revenge of a specific party's fervent supporters.Meanwhile, the People Power Party plans to submit a request for the formation of an agenda adjustment committee during the scheduled full Legislative Judiciary Committee meeting. Park emphasized the need to establish this committee to ensure effective alternatives for victim protection and to prevent gaps in investigations, advocating for a 90-day review period.* This article has been translated by AI. 2026-07-29 11:12:00