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Market Reacts to China's Semiconductor Developments, Experts Say Response Overblown China's CXMT listing and developments in DUV lithography equipment have contributed to a sharp decline in South Korean semiconductor stocks, but experts say the threat to Samsung Electronics and SK Hynix is not immediate. However, China's aggressive pricing strategy in general memory products is expected to pose a long-term challenge.Jun Byung-seo, director of the China Economic and Financial Research Institute, stated in a phone interview with Aju Economy that the South Korean stock market has reacted excessively to news from China."The stock prices have plummeted, leading to an exaggerated interpretation of CXMT and Chinese semiconductor technology," he said. He noted that while CXMT is expanding its business primarily in general DRAM, Samsung and SK Hynix are rapidly increasing their supply of high-bandwidth memory (HBM) for AI servers, indicating that their main customer bases do not directly overlap.Jun also assessed the short-term impact of Chinese DUV lithography equipment on the domestic semiconductor industry as limited, citing a significant gap between prototype development and establishing a stable production system.Having previously served as an IT analyst at Daewoo Securities (now Mirae Asset Securities), Jun predicted, "China's DUV lithography equipment is still in the prototype stage, and it may take about a year to secure stability and yield in the actual production process before entering full-scale production."He cautioned against simplistic comparisons regarding the technological gap between Chinese memory companies like CXMT and NAND flash producer YMTC and their South Korean counterparts, Samsung and SK Hynix, which he assessed to be around three to four years. "Saying that the technology gap between Chinese and Korean semiconductor companies is a few years is akin to asking who is taller between Americans and Koreans," he remarked, emphasizing that technology levels, yields, and production capacities vary significantly across different product categories such as DRAM, NAND, and HBM.Jun identified the biggest threat to the Chinese semiconductor industry as the low-cost assault on general products. With support from the Chinese government, CXMT's rapid expansion of production capacity could pressure general DRAM prices and the profitability of global memory companies.Regarding South Korea's response, he emphasized that securing corporate technological competitiveness is more crucial than government policy. "The response to China's semiconductor self-sufficiency policy depends more on the competitiveness of individual companies than on our government's strategy," he said, adding that it is vital for Samsung and SK Hynix to develop more advanced technologies and maintain a gap that is difficult for Chinese companies to close.For individual investors exposed to rapid volatility, Jun advised against making abrupt decisions, suggesting a strategy of gradual buying. He stated, "Whether to view the semiconductor stock adjustment as a buying opportunity or to prepare for further declines is up to the investor's judgment," but noted that in a situation of high uncertainty, it is preferable to adhere to principles of gradual buying and selling while observing the market.On July 28, the South Korean stock market saw a significant sell-off, particularly in semiconductor stocks. The KOSPI closed down 732.09 points (10.84%) at 6023.66, while the KOSDAQ index fell 59.01 points (7.72%) to finish at 705.85.Samsung Electronics and SK Hynix led the decline, falling 13.39% and 14.65%, respectively. As the losses accelerated, circuit breakers were triggered in both the KOSDAQ and KOSPI markets, with the KOSPI dipping below the 6000 mark during trading.* This article has been translated by AI. 2026-07-28 16:52:00
Han Duck-soo Refuses to Testify in Yoon Suk Yeol's Appeal Hearing Han Duck-soo, a former Prime Minister, refused to testify as a witness in the appeal hearing of former President Yoon Suk Yeol, who was acquitted of perjury charges in a lower court. The appeal hearing took place on July 28 at the Seoul High Court, which specializes in cases related to insurrection.During the hearing, Han appeared as a witness but stated before the questioning began, "My case is currently pending in the Supreme Court, and I am concerned that answering questions could negatively impact my own trial. Therefore, I will exercise my right to refuse to testify under Article 148 of the Criminal Procedure Act." The court acknowledged Han's legal right to refuse to testify.Following this, Han declined to answer any questions from the special prosecutor's office regarding the insurrection case. The special prosecutor had questions about the authenticity of Han's statements related to the insurrection, the circumstances surrounding the movement of officials on the night of the martial law declaration, whether there was a proposal to summon additional cabinet members, and the distribution process of the martial law declaration. Han consistently responded, "I will not testify." However, he briefly confirmed a factual question about receiving a call from the President on December 3, 2024, at 8:40 PM, stating, "That's correct." The witness questioning concluded just 15 minutes after it began due to Han's refusal to testify.After the witness questioning, Yoon's defense team completely refuted the special prosecutor's allegations. They emphasized that the most critical aspect of declaring martial law was maintaining order and ensuring public safety, which required extreme security measures. They argued that instead of summoning all cabinet members at once, a phased approach was taken, first calling key security and law enforcement officials, followed by economic and civilian officials. They noted that there is no legal obligation to notify all cabinet members individually, placing this decision within the President's discretion.The defense also addressed the location of the meeting on the day of the martial law declaration, clarifying that it was held in the 5th-floor reception room rather than the 7th-floor cabinet meeting room, and explained the omission of certain procedural steps. They stated, "If we had prepared as if it were a regular meeting in the 7th-floor meeting room, maintaining security would have been impossible," and argued that the omission of pre-distribution of agenda items and the use of electronic payment systems were consistent with the nature of an emergency cabinet meeting.The defense criticized the special prosecutor's use of vague language in the indictment, stating that the principle of "proof beyond a reasonable doubt" was not met, and therefore, the appeal should be dismissed.Yoon also spoke up, questioning, "If we were not going to hold a cabinet meeting, why would we call the Prime Minister and cabinet members to the Yongsan Presidential Office during a time of heightened security?" He further clarified that the documents he sought signatures for were merely attendance confirmation forms, not official documents, and asserted that his actions were legitimate, contrasting them with past instances of constitutional violations during the May 1980 Gwangju uprising.After hearing from both sides, the court ordered both the special prosecutor and Yoon's defense team to submit additional opinions regarding discrepancies between Han's statements in other cases and Yoon's previous testimonies. The court decided to conclude the hearing without additional witnesses and scheduled the next session for August 19, where final arguments will be presented, along with Yoon's closing statement.Yoon was indicted last November for allegedly testifying falsely that Han had suggested convening a cabinet meeting before the martial law declaration. During the previous trial, when asked by the special prosecutor if Han had proposed calling a cabinet meeting to create a legal facade, Yoon responded, "Cabinet members are not puppets to create a facade; isn't that a question that reflects too much bias?" However, the lower court acquitted Yoon in May, stating that perjury applies only to statements that contradict one's memory, and subjective evaluations or statements do not constitute perjury. This marked the first acquittal for Yoon in a case related to the martial law declaration.* This article has been translated by AI. 2026-07-28 16:51:00
7.1 Magnitude Earthquake in Japan Shakes Southern Korea A 7.1 magnitude earthquake struck near Kumamoto Prefecture in Japan, causing tremors to be felt in southern regions of South Korea.According to the Korea Meteorological Administration, the earthquake occurred at 4:27 PM on July 28, approximately 23 kilometers south of Kumamoto City.The tremors were detected in several areas of South Korea. The Meteorological Administration reported that the maximum intensity reached level III in Gyeongnam, Busan, Jeonnam, Gwangju, and Jeju, while levels II were recorded in Gangwon, Gyeonggi, Gyeongbuk, Daegu, Ulsan, Jeonbuk, Chungnam, and Chungbuk.Intensity III indicates that several people indoors can feel the shaking, and stationary vehicles may sway slightly. Intensity II means that some individuals in quiet settings or on upper floors of buildings may perceive the tremors.The Meteorological Administration urged residents to remain cautious, noting that some areas in the country may experience aftershocks.This earthquake information was provided based on analysis from the Japan Meteorological Agency (JMA).* This article has been translated by AI. 2026-07-28 16:50:00
Indian Youth Protest Forces Modi Government to Yield, Resulting in Minister's Resignation In India, a youth protest that began as an online satire movement has forced the resignation of a key minister in Prime Minister Narendra Modi's government, creating a political stir.After 12 years of long-standing rule, the Modi administration, which has rarely backed down under pressure from civil society, has made an unusual concession in the face of collective action from Generation Z.On July 27, CNN reported that the newly formed "Cockroach People's Party (CJP)" led large-scale protests against the leak of university entrance exam questions, resulting in the resignation of Education Minister Dharmendra Pradhan.Thousands of protesters occupied central New Delhi for several days, demanding accountability for the exam leak and Pradhan's resignation. They argued that the leak deprived millions of students of a fair opportunity.Following Pradhan's resignation on July 25, celebrations erupted late into the night at Jantar Mantar, the protest site in New Delhi. Participants waved flags, danced, and sang, viewing the resignation as a victory for collective action.Pradhan, a close ally of Prime Minister Modi, had maintained his position despite various civil society protests since the Bharatiya Janata Party (BJP) came to power in 2014. His resignation is seen as an unusual concession from the BJP, which has built a strong image under Modi's leadership.The protests are rooted in the accumulated economic grievances of the youth. India, with a population of over 360 million aged 15 to 29, has seen about 40% of college graduates under 25 unemployed, according to recent reports.Despite being one of the fastest-growing major economies in the world, many young people feel that national growth has not translated into job opportunities or upward mobility for individuals.The CJP originated from a satirical online movement created by Boston University graduate Abhijit Deepke. It quickly evolved into a platform representing the anxieties of youth regarding employment, governance, and social mobility.Protesters notably utilized Instagram Reels, videos, and memes to share real-time updates from the ground, rather than relying on traditional media. The scale of participation grew after police used tear gas and batons against protesters marching toward Parliament on July 20, with some calling for Modi's resignation.After the government promised to consider additional demands, including compensation for families of students who took their own lives due to the exam leak, the protest leadership decided to suspend demonstrations on July 25. However, Deepke remarked as he left the protest site, "This is not the end. We will meet again soon."CNN noted that Modi and the BJP still enjoy high approval ratings and strong electoral organization, with the next general election scheduled for 2029. However, analysts are watching to see if this incident could catalyze long-term political mobilization among the youth.* This article has been translated by AI. 2026-07-28 16:48:00
South Korea's National Soccer Team to Face Venezuela and Uzbekistan in October Friendlies The South Korean national soccer team, currently seeking a new head coach, will play friendly matches against Venezuela and Uzbekistan during the October international window.According to the Korea Football Association, the team will face Venezuela on October 2 and Uzbekistan on October 6. The specific locations and kickoff times for these matches have yet to be determined.This schedule follows changes to the FIFA international match window regulations, which now allow for a four-match format. FIFA has reduced the number of international match weeks from five to four annually to alleviate the physical burden of long-distance travel on players and to ensure adequate training time for tactical development following the 2026 North and Central America World Cup.As a result, the international matches in September and October have been consolidated and expanded into a 16-day window (late September to early October), allowing the national team to play four consecutive matches during a single call-up. The opponents for the two friendlies in September are currently being finalized.Venezuela, ranked 47th by FIFA, finished eighth in the South American qualifiers for the World Cup and did not qualify for the tournament. South Korea last faced Venezuela in September 2014 in Bucheon, where they won 3-1 with a multi-goal performance from Lee Dong-gook.Uzbekistan is ranked 60th by FIFA and made its World Cup debut but lost all three matches in the group stage. South Korea has a strong historical record against Uzbekistan, with 11 wins, 4 draws, and 1 loss. Their most recent encounter was a 4-0 victory in a friendly match in Brisbane, Australia, in November 2018.The head coach position for the national team is currently vacant following Hong Myung-bo's resignation after the team's failure to advance past the group stage in the World Cup. Therefore, the upcoming four-match series in September and October is likely to be managed by an interim coach. The football association plans to announce details regarding the appointment of a new head coach as soon as they are finalized.* This article has been translated by AI. 2026-07-28 16:47:00
South Korea to secure more naphtha supplies despite stable inventories SEOUL, July 28 (AJP) - Naphtha supplies in South Korea are expected to remain stable through August despite renewed tensions in the Middle East, the Ministry of Trade, Industry and Resources said on Tuesday. At an emergency meeting at the Korea Chamber of Commerce and Industry in central Seoul, government officials and industry representatives assessed supplies for naphtha and petrochemical products and discussed contingency measures. The meeting came amid growing concerns that renewed tensions in the Middle East could once again disrupt imports of naphtha, a key feedstock for petrochemicals used to make rubber, plastics, synthetic fibers and packaging materials. The ministry said domestic petrochemical producers have secured enough naphtha to meet demand through August, with supplies at least on par with a year earlier. Inventories of petrochemical products also remain stable, suggesting the latest developments are unlikely to disrupt domestic naphtha supplies in the short term. But it said that it will continue monitoring supply conditions at home and abroad while seeking to secure additional naphtha shipments for the coming months should tensions in the Middle East persist. "Naphtha is a critical raw material for the petrochemical industry, and we will work closely with the industry to prevent any disruption to supplies," Yang Gi-uk, a senior ministry official, said. South Korea relies on imports for about 45 percent of its naphtha demand, with roughly 77 percent of shipments coming from the Middle East. During the initial phase of the conflict, when the U.S. and Israel launched joint strikes on Iran in late February, fears of supply disruptions prompted the government to ban hoarding along with other measures to stabilize supplies. 2026-07-28 16:46:28
Youngpoong's Seokpo Refinery Confirms 'Clean' Water Quality in Nakdong River Youngpoong's Seokpo Refinery has demonstrated the results of its extensive environmental investments over the years, as public water quality data shows. Major heavy metals are virtually undetectable in the Nakdong River system surrounding the refinery, and overall water quality remains at a clean level.According to the Ministry of Climate, Energy, and Environment's water quality information system on July 28, the water quality at the Seokpo 1 to Seokpo 4 monitoring points near the refinery recorded satisfactory levels for both major heavy metals and water quality indicators. Monitoring stations are located upstream at Seokpo 1 and downstream at Seokpo 2, 3, and 4.On May 14, monitoring stations Seokpo 2 to 4 downstream from the refinery reported that cadmium, lead, arsenic, mercury, and copper were all below detection limits. This means the levels are lower than the minimum concentration that measurement equipment can quantitatively confirm.Key indicators of water quality were also favorable. The dissolved oxygen (DO) level at Seokpo 2 was recorded at 10.1 mg/L, indicating a 'very good' status, while the biochemical oxygen demand (BOD) was 2.2 mg/L and the chemical oxygen demand (COD) was 5.5 mg/L, confirming overall clean water quality. Similar results were observed at the Seokpo 3 and 4 monitoring stations downstream.Since establishing its 'Environmental Improvement Innovation Plan' in 2019, Youngpoong has invested approximately 540 billion won in environmental initiatives through the end of 2025. The company has focused on reducing pollutants, improving water quality, and establishing eco-friendly processes with annual investments of around 100 billion won.A notable example is the zero liquid discharge (ZLD) system, introduced in 2021 as the first of its kind in the world for a smelter. The ZLD system, built with an investment of 46 billion won, is an eco-friendly facility that reuses all process wastewater without discharging it externally. Youngpoong has also registered a patent for the ZLD technology.The ZLD system can process up to 4,000 cubic meters of process water daily, currently reusing an average of 2,000 to 2,500 cubic meters, effectively reducing annual river water intake by about 880,000 cubic meters.Additionally, the company has installed large-scale groundwater diffusion prevention facilities around the refinery and has implemented strict management of a separate rainwater storage facility that retains all initial rainfall up to 80 mm, compared to the regulatory standard of 5 mm, for reuse as process water. This effectively prevents any pollutants from being discharged into the Nakdong River system.These environmental improvement efforts have also led to changes in the ecosystem. Recently, the presence of otters, a critically endangered species, has been continuously confirmed in the Nakdong River near the Seokpo Refinery, indicating a stable river ecosystem.A representative from Youngpoong stated, "The results of our environmental investments are being confirmed through objective data and the local ecological environment. We will continue to invest in eco-friendly facilities and enhance environmental management to create a sustainable refinery that coexists with the local community."Youngpoong established the Seokpo Refinery in 1970 in Bonghwa County, Gyeongbuk, as Korea's first modern zinc smelter. For over 50 years, the Seokpo Refinery has been a key production base driving the development of the domestic non-ferrous metal industry. Based on the smelting technology and expertise accumulated here, Youngpoong founded Korea Zinc in 1974 and has supported its growth as the largest shareholder.On July 20, Youngpoong announced the publication of its '2025 Sustainability Management Report,' which summarizes specific achievements and future strategies across the ESG (Environmental, Social, Governance) areas.* This article has been translated by AI. 2026-07-28 16:44:00
K-Cruise Industry Attracts Younger Travelers with Digital Innovations The cruise travel industry is undergoing a transformation. Once considered a luxury for older generations due to long itineraries and high costs, the maritime tourism market is now attracting a significant number of younger travelers aged 20 to 40. Notably, Busan Port is emerging as a global cruise hub, with 430 ship arrivals scheduled for 2026 alone.As of 2024, the global marine tourism market is valued at approximately 12.4 trillion won, growing at an annual rate of 11.5%. The international ferry and cruise operator market in Asia and Korea is also experiencing a sharp increase, with a growth rate of 21.2% per year.Despite the rapid expansion of the market, the digital infrastructure supporting it remains outdated. The airline industry has operated a standardized global distribution system (GDS) for real-time bookings since 2005, exemplified by Korean Air's Amadeus. In contrast, the maritime passenger sector still relies on offline and manual booking processes, which account for over 50% of reservations. Confirming bookings can take between 24 to 48 hours, resulting in a 'digital bottleneck' that hampers the ability to meet rising demand.To address this long-standing issue, MarineBridge Co., led by CEO Lee Hyun-seok, has recently secured investment from BLTN Partners (Personal Investment Association No. 1). MarineBridge is developing a maritime passenger-specific GDS platform that integrates booking, operation, and fare data from shipping companies, ports, and travel agencies using AI and standardized APIs.Recently, the company partnered with SK Telecom's T Membership global travel service, which has around 6 million monthly users. This collaboration has introduced real-time booking services for major routes departing from Busan to Osaka, Tsushima, and Shimonoseki. To enhance accessibility for older users, a barrier-free user interface has been implemented.MarineBridge has completed API integration with leading passenger ferry companies in Busan, including Panstar Line, Busan Ferry, and Duwon Cruise Ferry. Additionally, it is collaborating with the Busan Cruise Tourism Association and the Korea Smart Tourism Association to expand the GDS ecosystem, starting from Busan Port to seven major international passenger terminals nationwide.Attorney Eom Jeong-han, co-GP of BLTN Partners, stated, "The maritime passenger industry has low automation rates, presenting a significant growth potential in this blue ocean market. MarineBridge possesses the capability for data-driven validation, a strong patent portfolio, and partnerships with major distribution channels, indicating promising growth through a combination of technology and IP strategy."MarineBridge aims to leverage this investment to complete the commercialization of the national maritime passenger GDS by 2026, integrate with major online travel agencies in Asia by 2029, and pursue a technology-based special listing by 2030. The company plans to reduce vessel vacancy rates and carbon emissions through optimized operations while promoting local tourism through destination-linked products, thereby contributing to ESG value creation.* This article has been translated by AI. 2026-07-28 16:41:00
National Assembly Speaker Calls for Constitutional Reform Next Year Cho Jung-sik, the Speaker of the National Assembly, stated on July 28 that he plans to establish a special committee for constitutional reform through cooperation between the ruling and opposition parties, aiming to initiate discussions on the matter next year.During his first press conference since taking office, Cho emphasized, "We will pursue constitutional reform calmly and boldly, as I proposed to the public on the last Constitution Day."Earlier, in a speech commemorating the 78th anniversary of Constitution Day on July 17, Cho had suggested preparing a proposal for a people’s sovereignty constitutional amendment by 2027 and concluding the 10th amendment during the current 22nd National Assembly.The key points of the proposed amendment include: incorporating the spirit of the May 18 Democratic Uprising into the preamble of the constitution, limiting the president's power to declare a state of emergency, restructuring the power structure, and reforming election management.Cho announced plans to launch a constitutional advisory committee directly under his office to outline a roadmap and agenda for the reform, stating, "We will establish a digital platform that allows the public to participate directly in the discussion process."He added, "Next year is an opportune time for constitutional reform since there are no elections scheduled. I aim to form the special committee soon to reach an agreement on the reform by the latter half of next year."Regarding the possibility of extending the current president's term, which has been raised by opposition parties, Cho remarked, "It is premature to discuss this matter at this stage," and noted that the issue of the president's re-election in the context of power structure reform ultimately depends on public opinion and the consensus among various political stakeholders.He further elaborated, "If the issue of power structure arises in the discussions on constitutional reform, it could become a significant topic, and opinions will likely be gathered through the advisory committee or the special committee."* This article has been translated by AI. 2026-07-28 16:39:00
National Assembly Speaker Calls for Constitutional Reform Next Year Cho Jung-sik, the Speaker of the National Assembly, stated on July 28 that he aims to establish a special committee for constitutional reform through cooperation between the ruling and opposition parties, with discussions set to begin next year.During his first press conference since taking office, Cho emphasized, "We will pursue constitutional reform calmly and boldly, as I proposed to the public on the last Constitution Day."Earlier, in a speech commemorating the 78th anniversary of Constitution Day on July 17, Cho had suggested preparing a proposal for a people’s sovereignty constitutional amendment by 2027 and concluding the 10th amendment during the current 22nd National Assembly.The key points of the proposed amendment include: incorporating the spirit of the May 18 Democratic Uprising into the preamble of the constitution, limiting the president's power to declare a state of emergency, restructuring the power structure, and reforming election management.Cho announced plans to launch a constitutional advisory committee directly under his office to outline the roadmap and agenda for the reform, stating, "We will establish a digital platform that allows the public to participate directly in the discussion process."He added, "Next year is an opportune time for constitutional reform since there are no elections scheduled. I aim to form the special committee soon to reach an agreement on the reform by the latter half of next year."Regarding the possibility of extending the current president's term, which has been raised by opposition parties, Cho remarked, "It is premature to discuss this matter now. The issue of the current president's term extension ultimately depends on public opinion and the choices of the sovereign people, as well as how various political stakeholders reach an agreement."He further noted, "If the issue of power structure arises in the discussions on constitutional reform, it could become a significant topic, but opinions will likely be gathered through the advisory committee or the special committee."* This article has been translated by AI. 2026-07-28 16:39:00