Latest by
-
Industry Ministry: Sufficient Naphtha Supply Expected Next Month, Additional Quantities to be Secured After September As tensions between the U.S. and Iran reignite, the South Korean government anticipates no issues with naphtha supply through next month. However, it plans to secure additional quantities after September in light of potential long-term instability in the Middle East.The Ministry of Trade, Industry and Energy held an emergency meeting on naphtha and petrochemical product supply at the Korea Chamber of Commerce and Industry on July 28. The meeting was convened to assess the domestic naphtha supply and petrochemical product availability amid rising tensions in the Middle East.In June, the signing of a memorandum of understanding (MOU) between the U.S. and Iran had eased tensions in the region, but recent developments suggest a resurgence of conflict. Notably, Iran has recently attacked vessels in the Strait of Hormuz and declared a blockade of the waterway. Additionally, attacks on Saudi oil tankers in the Red Sea have further escalated tensions.In response, the Ministry is proactively addressing the potential impact of worsening Middle East conditions on domestic naphtha supply by holding urgent meetings with the petrochemical industry to evaluate supply disruptions. Currently, the domestic petrochemical sector has secured naphtha supplies above last year's levels for the upcoming month. Furthermore, petrochemical inventories remain stable, indicating that the short-term impact on domestic naphtha supply is expected to be limited.However, the government is establishing a real-time communication system with the industry to monitor the situation closely and will continue to implement supply stabilization measures. Plans are also in place to secure additional quantities as needed after September.Yang Gi-wook, head of the Ministry's Industrial Resource Security Office, stated, "We will closely monitor the naphtha supply situation to prevent any disruptions in the production of essential goods for public health and safety due to the potential long-term instability in the Middle East. The government will do its utmost to stabilize naphtha supply."* This article has been translated by AI. 2026-07-28 11:25:00 -
Seoul Milk Launches Single-Serve Cup Bingsu Seoul Milk Cooperative announced the launch of its new product, 'Seoul Milk Milk Bingsu (250ml),' on July 28.This new offering is designed to reflect the growing trend of 'solo bingsu' as more single-person households emerge and dessert consumption evolves. Packaged in a convenient cup format, it is easy to enjoy anywhere without hassle.The Seoul Milk Milk Bingsu features a rich flavor derived from high-quality raw milk, enhanced with butter and condensed milk. Consumers can enjoy the taste of milk bingsu without needing to add extra milk, and it can be customized with various toppings such as fruits, cereals, and jelly. The product will initially be available at convenience stores, with plans to expand distribution channels.A representative from Seoul Milk Cooperative stated, "We designed this product to be enjoyed easily without the need to prepare additional milk. We will continue to introduce a variety of dessert products based on the competitive edge of our raw milk."According to the Korea Consumer Agency, the domestic bingsu market has maintained a size of approximately 500 billion won since 2020. Recently, there has been a growing demand for small-sized dessert products, including cup bingsu, in line with the increase in single-person households.* This article has been translated by AI. 2026-07-28 11:25:00
-
KOSPI Plummets Over 9%, Triggers Circuit Breaker Due to a downturn in U.S. tech stocks, the KOSPI index fell more than 9%, dropping below the 6200 mark. Early in the trading session, both the main stock market and the KOSDAQ experienced a series of program sell orders, leading to a significant decline in investor sentiment.According to the Korea Exchange, as of 11:02 a.m., the KOSPI was down 621.83 points (9.20%) at 6133.92. The index opened at 6400.27, down 355.48 points (5.26%) from the previous trading day, and continued to decline.The sharp drop prompted the activation of sell-side circuit breakers at 9:06 a.m. in the main market and at 9:14 a.m. in the KOSDAQ. Subsequently, at 10:13 a.m., the first-level circuit breaker was triggered in the main market for the eighth time this year, marking the 14th occurrence in history.The first-level circuit breaker is activated when the KOSPI index falls more than 8% compared to the previous trading day and remains at that level for one minute. When triggered, all stock trading is halted for 20 minutes.In the main market, foreign and institutional investors sold a net 2.628 trillion won and 532 billion won, respectively. In contrast, individual investors bought a net 2.1071 trillion won, indicating a move towards bargain hunting.Most of the top market capitalization stocks in the KOSPI are experiencing declines. Samsung Electronics fell 10.43%, SK Hynix dropped 12.39%, SK Square decreased by 13.78%, Samsung Electro-Mechanics fell 15.25%, Hyundai Motor dropped 7.94%, LG Energy Solution declined 4.95%, KB Financial fell 2.20%, and Samsung Life Insurance decreased by 9.63%. However, Samsung Biologics saw a rise of 1.04%.At the same time, the KOSDAQ index recorded a decline of 54.54 points (7.13%), standing at 710.32. The index opened at 742.13, down 22.73 points (2.97%) from the previous day, and continued to widen its losses.In the KOSDAQ market, individual investors purchased a net 112.5 billion won, while foreign and institutional investors sold a net 412 billion won and 706 billion won, respectively.Top market capitalization stocks in the KOSDAQ are also showing weakness. Alteogen fell 4.81%, EcoPro dropped 7.32%, EcoPro BM decreased by 7.33%, Rainbow Robotics fell 10.20%, JUSUNG Engineering dropped 11.87%, Rino Technology fell 10.17%, Wonik IPS decreased by 14.34%, HLB dropped 4.45%, ABL Bio fell 4.55%, and Pharma Research decreased by 0.14%.* This article has been translated by AI. 2026-07-28 11:20:00
-
KG Eco Solution Signs Biofuel Supply Contracts with Three Major Refineries KG Eco Solution, a company specializing in eco-friendly energy, has signed supply contracts for high-quality biofuel with three major domestic refineries.The company announced on July 28 that it has secured a contract to deliver hundreds of tons of high-quality biofuel from the end of July through August with its third major domestic refinery.KG Eco Solution stated, "This achievement signifies our establishment as a key supplier in the high-quality marine biofuel market, going beyond merely expanding our sales channels." Biofuels supplied to refineries typically require much higher quality standards and stable supply capabilities compared to conventional biofuels used for power generation.This year, KG Eco Solution has been continuously developing formulation and quality improvement technologies centered around its newly established R&D organization.Starting in August, KG Eco Solution plans to significantly expand its supply of high-quality biofuel to refineries. With increasing requests for larger volumes from major refineries, the company aims to focus its efforts on securing internationally certified raw materials and optimizing its production processes for timely and stable supply.High-value-added biofuels have a high initial entry barrier, but once integrated into the supply chain, they can establish long-term and stable trading relationships. The company expects to continuously increase the proportion of high-value-added products in its sales, leading to improved operational efficiency and stable turnaround.Park Saeng-geun, CEO of KG Eco Solution, remarked, "The supply contracts with three major domestic refineries signify that our quality and technological competitiveness have been recognized in the market. We will further strengthen our R&D and production capabilities to expand the supply of high-quality marine biofuel and solidify our market leadership."KG Eco Solution previously announced in May that it had begun supplying high-quality biofuel to refineries.* This article has been translated by AI. 2026-07-28 11:20:00
-
South Korean Prime Minister Addresses Economic Challenges Amid Global Uncertainty Han Seung-soo, the Prime Minister of South Korea, stated on July 28 that the economic situation remains challenging due to ongoing uncertainties in the Middle East, new U.S. tariff measures, and worsening youth employment conditions. During a Cabinet meeting at the Government Seoul Complex, he emphasized, "Despite the President being on an overseas trip, he has prioritized measures for people's livelihoods, such as the maximum oil price system and fuel tax reductions. Therefore, the Cabinet must remain vigilant and do its utmost to stabilize people's lives and promote economic growth." According to a report released on July 23 by the Bank of Korea and the Ministry of SMEs and Startups, South Korea's real GDP grew by 3.7% in the second quarter compared to the same period last year, and small and medium-sized enterprises achieved a record export figure of $64 billion in the first half of this year. Han noted, "Both exports and domestic consumption have contributed to growth, and the increase in small and medium-sized enterprise exports is particularly significant," while also acknowledging the difficult external and internal circumstances. Regarding the ongoing heatwave, he urged relevant ministries to conduct thorough inspections of vulnerable areas such as goshiwons (small rooms), workplaces, and construction sites. He added, "Some regions are forecasted to approach temperatures of 40 degrees Celsius, making this week a critical turning point." On the topic of President Lee Jae-myung's trip to the U.S. and South America, he expressed hope that South Korea would establish a global AI cooperation network, positioning itself as an indispensable supply chain hub in the global AI ecosystem. He also stated, "Through close cooperation with resource-rich South American countries, we will expand the supply chain for essential resources such as key minerals and energy," and urged relevant ministries to ensure that the outcomes of the trip translate into tangible changes for the public and businesses. In discussing suicide prevention measures, Han requested that policies be closely monitored to ensure they are effectively implemented and to identify any shortcomings that need to be addressed.* This article has been translated by AI. 2026-07-28 11:10:00
-
Joonggonara Revamps App with Enhanced Features and Safety Index Joonggonara is implementing a major overhaul of its app, enhancing features from product search to transaction reliability and sales convenience. According to Joonggonara on July 28, the update will focus on improved personalized recommendation features and a feed-style browsing function, significantly enhancing the user interface (UI). The company is also introducing a safety transaction index and coupon features. Additionally, user benefits will be strengthened with an increase in the limit for sales postings and a rise in the safety compensation limit, along with some adjustments to the safe payment fee policy. The revamped home screen will enhance personalized recommendations and expand product display areas, allowing users to easily and quickly view tailored products based on their interests and activity data. The existing search tabs, categorized by type, will be transformed into a feed-style 'exploration tab.' This new tab will allow users to browse a variety of products seamlessly, from newly listed items to local direct transactions. AI and sellers will also collaborate to provide a separate collection of AI self-inspected products. The new trust index, calculated based on actual transaction data from safe payments, will comprehensively reflect factors such as the number of safe payment transactions, reviews, and the date of the last transaction. Users will be able to check the safety transaction index of their counterparts directly on the product detail page and store information. Joonggonara will also introduce a new coupon system within the app. To celebrate the launch of the coupons, Joonggonara is running a promotional event from July 28 to August 31, offering discount coupons of up to 7,000 won. Coupons will be issued starting August 3 and can be applied as discounts when purchasing through safe payment. Users can view and manage their coupons in the My Page coupon section. In line with the app overhaul, Joonggonara is enhancing both sales convenience and transaction safety. The daily sales posting limit for general members will double from 10 to 20, while the limit for posting rights members will increase from 20 to 40. Additionally, the safety compensation limit will rise from 1 million won to 2 million won, and the safe payment transaction limit will be expanded to a maximum of 100 million won, allowing for safer transactions of high-value items. Furthermore, the fee policy for the safe payment service will see some adjustments. The sales commission for safe payments will change from 1.0% to 2.5%, while the purchase commission of 3.5% and the fee exemption policy for transactions under 20,000 won will remain unchanged. Since July of last year, Joonggonara has been gradually implementing a safety guarantee project focused on basic safe payment application, safety compensation system operation, and the introduction of app safety transitions. Choi In-wook, CEO of Joonggonara, stated, “This overhaul is not just a simple UI change; it focuses on redesigning the entire process for users to discover products, verify trust, and complete transactions more conveniently and safely. In the future, we will continue to enhance the overall transaction experience by strengthening AI-based fraud prevention systems and logistics services, as well as expanding convenience features by category.”* This article has been translated by AI. 2026-07-28 11:10:00
-
Foreign Tourist Credit Card Spending in South Korea Exceeds 10 Trillion Won in First Half of 2026 In the first half of this year, foreign tourists' credit card spending in South Korea surpassed 10 trillion won, contributing to the revitalization of the domestic economy. The inbound tourism market is showing significant growth not only in terms of quantity but also in qualitative aspects such as tourism consumption and regional visitation rates.According to the Ministry of Culture, Sports and Tourism on July 28, the cumulative credit card spending by foreign tourists from January to June reached 10.389 trillion won. This marks a 50.8% increase compared to the same period last year, which recorded 6.6559 trillion won. Notably, this achievement was reached about three months earlier than last year, when the cumulative spending exceeded 10 trillion won in September.In June alone, foreign credit card spending amounted to 2.0544 trillion won, a 66.4% surge compared to the same month last year. This marks the second consecutive month that spending has exceeded 2 trillion won, following May.It is also encouraging to see that the influx of foreign tourists, previously concentrated in the metropolitan area, is now spreading to regional areas. According to the Korea Culture and Tourism Institute's '2026 Q2 Foreign Tourist Survey (preliminary)', the regional visitation rate for foreign tourists reached 34.2%, an increase of 2.8 percentage points from the same period last year (31.4%).The number of foreign visitors entering through regional airports has also seen a significant rise. In June, 395,246 foreigners arrived at regional airports such as Gimhae, Daegu, Jeju, and Cheongju, marking a 42.5% increase from 277,454 in the same month last year. In contrast, the increase rate for arrivals at metropolitan airports during the same period was 18.2%, indicating a sharp growth trend.Meanwhile, the total number of foreign tourists visiting South Korea in June reached 1.99 million, a 23.1% increase compared to the same month last year. This brings the cumulative number of inbound tourists for the first half of the year to 10.71 million.“The rapid growth of the inbound tourism market in the first half of the year is a result of the irresistible appeal of 'K-Culture' combined with the efforts of the government and the tourism industry,” said Kang Jeong-won, head of the Tourism Policy Bureau at the Ministry of Culture, Sports and Tourism. “The increase in visitors and spending through regional airports is also a promising achievement. The Ministry will continue to provide policy support to ensure that all of South Korea becomes a stage for 'K-Tourism.'* This article has been translated by AI. 2026-07-28 11:10:00
-
Korea must become an AI ecosystem power, not just chip power: CSIS SEOUL, July 28 (AJP) - South Korea risks squandering its AI-driven manufacturing advantage unless it evolves from one of the world's biggest exporters into an "ecosystem power" that shapes the technologies, standards and alliances underpinning the global artificial intelligence economy, a leading Washington think tank said. The assessment by the Center for Strategic and International Studies (CSIS) came under spotlight as President Lee Jae Myung seeks to reposition South Korea from a manufacturing powerhouse to a central player in the global AI supply chain. During a visit to Silicon Valley over last weekend, Lee met Nvidia Chief Executive Jensen Huang, OpenAI Chief Executive Sam Altman, Anthropic Chief Executive Dario Amodei and Broadcom Chief Executive Hock Tan, while overseeing new AI partnerships between Korean and U.S. technology companies. Those meetings echoed the central thesis of a CSIS report published earlier this month, Export Nation or Ecosystem Power: South Korea's Choice in the AI Industrial Age. Written by Navin Girishankar, president of the think tank's Economic Security and Technology Department, the report argues that South Korea's next economic leap will depend not on exporting more semiconductors, batteries, ships and automobiles, but on controlling what it calls the "architectural control points" of future industries — standards, platforms, financing mechanisms and industrial partnerships. The report contends that South Korea stands at a strategic crossroads. Its export-led model continues to produce impressive results, with goods exports reaching a record $709.7 billion in 2025 and semiconductor exports climbing 22 percent to an all-time high of $173.4 billion amid booming demand for AI memory chips. Yet those headline figures conceal mounting structural risks, it says. China, once South Korea's largest source of trade surpluses, has rapidly narrowed the technology gap in sectors ranging from electronics and batteries to electric vehicles and petrochemicals. Meanwhile, the United States is increasingly using tariffs and investment incentives to encourage manufacturing on American soil. Combined with demographic decline and intensifying technological competition, those forces mean South Korea can no longer rely solely on export growth or market diversification, according to the report. From supplier to architect CSIS argues that future industrial leadership will belong not to countries producing the most components, but to those controlling the ecosystems in which those components operate. An ecosystem power occupies what the report calls the "architectural control points" of an industry — technical standards, certification systems, software platforms, financing structures and supply-chain relationships that other companies and governments must adopt. South Korea already possesses many of the building blocks. The report identifies four strategic technology pillars: AI, semiconductors and communications; batteries and advanced manufacturing; industrial robotics and machine tools; and energy and critical minerals. The opportunity, it argues, lies not in dominating individual sectors but in integrating them into complete industrial ecosystems. SK hynix's leadership in high-bandwidth memory illustrates the concept. HBM has become indispensable for AI accelerators powering advanced computing systems. Because replacing HBM would require redesigning processors, software, chip packaging and data-center architecture, South Korea's strength extends well beyond selling memory chips, giving it influence over the broader AI ecosystem. Samsung Electronics' foundry business, LG's battery technologies and Hanwha's naval engineering could play similar strategic roles in their respective industries. That importance was echoed during Lee's Silicon Valley meetings. Huang said Nvidia's AI supercomputers would not have been possible without Korean-developed HBM. Altman said today's AI revolution could not have emerged without South Korea's contributions, while Amodei highlighted the country's strengths in semiconductors, AI infrastructure and engineering talent. Yet the report cautions that being indispensable today does not guarantee remaining indispensable tomorrow. Unless South Korea evolves from supporting individual industries to orchestrating complete ecosystems, its competitive advantage could gradually erode. A deeper alliance with the United States CSIS places the United States at the center of South Korea's next stage of industrial development. The report argues that Korean companies need access to frontier research, deep capital markets, large-scale demand and trusted geopolitical partners — advantages that Washington can provide more reliably than Beijing. In return, the United States increasingly depends on South Korea's capabilities in advanced memory, semiconductors, batteries, energy infrastructure and shipbuilding to sustain its own AI ambitions. Rather than focusing narrowly on trade deficits, tariffs or defense burden-sharing, the alliance should evolve toward jointly building trusted AI and advanced-manufacturing ecosystems that reduce dependence on China, the report says. South Korea's growing industrial footprint across Southeast Asia could further strengthen that strategy by creating alternative supply chains spanning Indonesia, Malaysia and the Philippines. The report stresses that international partnerships alone will not be enough. It calls for more predictable regulation, stronger cybersecurity protections and a broader ecosystem of innovative mid-sized companies capable of complementing South Korea's conglomerates. Regulatory certainty is particularly important for long-term AI investment, while cybersecurity has become an alliance issue as attacks on Korean semiconductor facilities could disrupt AI computing worldwide. CSIS also highlights capital as a strategic tool. With public investment institutions such as the National Pension Service and Korea Investment Corporation managing roughly $1.5 trillion, South Korea has the financial capacity to establish co-investment vehicles with the United States supporting semiconductors, AI infrastructure, advanced manufacturing and critical minerals. The report concludes that South Korea's next "Miracle on the Han River" will depend less on exporting more products than on embedding Korean companies into the architecture of allied technology systems. If the first miracle was built by becoming one of the world's leading manufacturers, the second, it argues, will come from becoming one of the architects of the global AI economy. 2026-07-28 11:07:53 -
South Korea to hold tune-up friendlies this fall as search for new coach continues SEOUL, July 28 (AJP) - South Korea will play friendly matches against Venezuela and Uzbekistan in October as the search for a new head coach for the national team continues, the Korea Football Association (KFA) said on Tuesday. After former head coach Hong Myung-bo stepped down following the team's poor World Cup performance earlier this month, South Korea is scheduled to face Venezuela on Oct. 2 and Uzbekistan on Oct. 6, with details including venues to be announced later. Venezuela, currently ranked 47th in the FIFA rankings, failed to qualify for this year's quadrennial football tournament after finishing eighth in the South American qualifiers. Uzbekistan, ranked 60th, made its first-ever World Cup appearance but was eliminated in the group stage. Ahead of those friendlies, South Korea is also scheduled to play two matches in September, although the opponents have yet to be decided. The upcoming friendlies will put the national team footballers to the test as they prepare for the transition to a new coach amid a leadership vacuum. Meanwhile, Uruguayan coach Gus Poyet has publicly expressed his interest in taking charge of the South Korean national team. Poyet, who has managed several European clubs, left Saudi Arabian club Al-Khaleej in May this year after a one-year stint with Jeonbuk Hyundai Motors FC in 2025. Poyet said he had considered various options but after seeing what happened at this year's World Cup, the South Korean national team had become "the only option" for him. Separately, a recently formed committee co-chaired by Korean Sport & Olympic Committee (KSOC) president Ryu Seung-min and former national team captain Park Ji-sung is working on ways to reform the football governing body following a series of controversies involving the appointment of coaches and other irregularities. 2026-07-28 11:07:46 -
KOSPI leads broad Asian selloff with 8% tumble SEOUL, July 28 (AJP) - Korean stocks plunged Tuesday morning, with the benchmark KOSPI falling more than 8 percent to the 6,200 level, as a selloff in U.S. artificial intelligence chip stocks and concerns over China’s growing semiconductor capabilities battered major technology shares. Sell-side sidecars were triggered in both the KOSPI and KOSDAQ markets shortly after the opening bell, followed by a circuit breaker on the main market that halted trading for 20 minutes. As of 10:30 a.m., the KOSPI stood at 6,212.30, down 8.1 percent from the previous session. The index opened at 6,400.27, down 5.26 percent. Retail investors purchased 1.87 trillion won ($1.27 billion) worth of shares, while foreign investors sold 1.72 trillion won and institutions offloaded 148.2 billion won. The Korea Exchange activated a circuit breaker on the KOSPI market at 10:13:43 a.m., suspending trading for 20 minutes. It was the eighth circuit breaker triggered on the main market this year and the first since July 13, 10 trading sessions earlier. Before the trading halt, a sell-side sidecar was triggered at 9:06:02 a.m., suspending program sell orders for five minutes. Semiconductor shares led the decline. SK hynix tumbled 11 percent to 1,616,000 won, while Samsung Electronics sank 9.5 percent to 230,000 won. Samsung Electro-Mechanics fell 13.9 percent to 1,141,000 won, and Hanmi Semiconductor declined 9.34 percent to 185,400 won. Other major stocks also fell. SK Telecom plunged 15.3 percent to 82,950 won, Hanwha Ocean dropped 8 percent to 81,700 won, Samsung SDI lost 7.4 percent to 399,000 won, LG Electronics declined 6.7 percent to 160,800 won and Doosan Enerbility fell 6.6 percent to 66,200 won. Celltrion moved against the broader market, gaining 1.9 percent to 182,100 won. The selloff followed sharp losses in U.S. semiconductor stocks overnight. The Philadelphia Semiconductor Index fell 2.23 percent, while Nvidia dropped 4.99 percent. AMD declined 5.17 percent, Western Digital fell 4.21 percent, Micron Technology lost 2.25 percent and SanDisk plunged 11.02 percent. The Dow Jones Industrial Average rose 0.51 percent to 52,210.08, while the S&P 500 edged up 0.02 percent to 7,413.18. The Nasdaq Composite fell 0.18 percent to 24,932.08. Reports that Chinese companies had developed domestic deep-ultraviolet lithography equipment added to concerns over China’s push for semiconductor self-sufficiency. ChangXin Memory Technologies surged 465 percent in its debut on Shanghai’s STAR Market on Monday. The KOSDAQ stood at 716.00 at 10:30 a.m., down 6.4 percent. The index opened at 742.13, down 2.97 percent. Retail investors bought 98.1 billion won worth of KOSDAQ shares, while foreign investors sold 37.6 billion won and institutions offloaded 57.9 billion won. A sell-side sidecar was triggered on the KOSDAQ market at 9:14:47 a.m., suspending program sell orders for five minutes. Yas hit the daily lower limit, falling 30 percent to 5,210 won, while Kangstem Biotech plunged 23.5 percent to 1,730 won. KNR Systems jumped 16.2 percent to 16,580 won. Remedi dropped 16.1 percent to 8,050 won, TSE lost 15.7 percent to 176,200 won, Simtech fell 14.6 percent to 78,800 won and VM declined 14.3 percent to 64,200 won. Nepes dropped 13.8 percent to 15,490 won, PSK lost 13 percent to 127,100 won and Jusung Engineering fell 12.5 percent to 131,200 won. The Korean won weakened 0.3 percent to 1,470.6 won against the U.S. dollar. Japan’s Nikkei 225 fell 4.1 percent to 62,270.80, while China’s Shanghai Composite was trading 0.6 percent lower at 3,837. Hong Kong’s Hang Seng Index rose 0.4 percent to 25,307.10. West Texas Intermediate crude fell 0.4 percent to $81.70 a barrel, while Brent crude declined 0.6 percent to $87.40. 2026-07-28 11:07:18