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  • Koreas Hankook & Company Considers Acquisition of Lotte Rental
    Korea's Hankook & Company Considers Acquisition of Lotte Rental Hankook & Company, the holding company of the Hankook Tire Group, is reportedly considering the acquisition of Lotte Rental, the leading rental car company in South Korea.According to industry sources on July 27, Hankook Tire has begun internal reviews for the potential acquisition of Lotte Rental, which is currently up for sale.Internally, the company is assessing the business viability based on the growth potential of the rental car sector and the benefits of expanding its business portfolio.This is not the first time Hankook Tire has shown interest in the rental car business. In 2015, during the sale of KT Rental, the predecessor of Lotte Rental, the company participated in the bidding process in a consortium with the Japanese financial services group Orix.Lotte Rental is regarded as a stable cash cow in the domestic rental car market, generating reliable profits. Kiwoom Securities forecasts that Lotte Rental's revenue for the second quarter of this year will reach 771.6 billion won, with an operating profit of 86.5 billion won, marking increases of 3.0% and 12.1%, respectively, compared to the same period last year, aligning with market expectations.Recently, Hankook & Company has been accelerating its efforts to expand its business portfolio. Following its acquisition of a stake in Hanon Systems last year, which made it the largest shareholder, the company is now exploring opportunities in the rental car sector to broaden its mobility business.A representative from Hankook & Company stated, "We are seeking various business opportunities, including in the rental sector." Meanwhile, Lotte Rental announced earlier this month that the U.S.-based private equity firm Texas Pacific Group (TPG) has conducted a solo due diligence. The shares being sold represent 61.18% of Lotte Rental, held by Hotel Lotte and Busan Lotte Hotel, with the acquisition price expected to exceed 1 trillion won. 2026-07-27 17:16:00
  • YK Law Firm Partners with Korean Construction Technicians Association for Legal Support
    YK Law Firm Partners with Korean Construction Technicians Association for Legal Support YK Law Firm has partnered with the Korean Construction Technicians Association, which has one million members, to provide immediate legal support in the event of serious accidents and safety incidents on construction sites.On July 27, YK announced that it had finalized a service contract with the association for on-site reconstruction and initial legal response.Previously, construction technicians, such as site managers, often found themselves in a 'legal blind spot' during investigations following accidents, lacking immediate legal assistance compared to large construction companies or specialized contractors. This contract aims to address that imbalance and ensure that construction technicians can respond appropriately and systematically to investigations from the outset.Under this agreement, YK will establish a 24-hour emergency contact channel. When urgent incidents, such as serious accidents, are reported, the firm will utilize its network of 31 branch offices to assign dedicated attorneys within 30 minutes, connecting them with construction technicians to safeguard the so-called 'golden time.'The dispatched team will perform service tasks for on-site reconstruction and provide close consultation on technical and legal issues that arise during the initial stages of an incident, including initial statement defense and guidance on investigation procedures.Even after the initial response is completed, if further legal actions such as ongoing investigations or trials are necessary, YK plans to offer consistent legal services through formal engagement contracts until the case is resolved. Additionally, the firm intends to gradually introduce customized client management services that will enhance communication with members by transparently sharing updates on case progress.Jo In-sun, head of YK's Labor and Serious Accident Group, stated, "Technical and procedural responses in the early stages of an investigation, when authorities are first involved, are crucial in determining future legal responsibilities. We will do our utmost to support the one million construction technicians who could find themselves in a legal blind spot among specialized construction firms, ensuring they are not wronged and that their rights are protected."Founded in 2012, YK Law Firm has rapidly grown into a major law firm in South Korea, currently employing hundreds of attorneys with expertise in criminal and sexual offenses, corporate law, labor, civil, and family law.* This article has been translated by AI. 2026-07-27 17:08:00
  • CJ CheilJedangs Jari Selected as a Model Case in Agriculture Ministrys Project
    CJ CheilJedang's 'Jari' Selected as a Model Case in Agriculture Ministry's Project CJ CheilJedang's premium K-distilled spirits brand 'Jari' has been selected as a model case in the Agriculture, Food and Rural Affairs Ministry's 'Everyone's Win Project.'On July 27, CJ CheilJedang announced its efforts and achievements in promoting traditional liquor through 'Jari' at the launch ceremony of the 'Everyone's Win Project' held at the Korea Chamber of Commerce and Industry in Seoul. The event was attended by Agriculture Minister Song Mi-ryung and Jo Young-jun, head of the Chamber's Sustainable Management Center, with presentations by Kim Chan-ho, head of CJ CheilJedang's Strategic Support Division, and Oh Sung-jin, team leader of K-Spirits.The 'Everyone's Win Project' is a program introduced this year by the Agriculture Ministry to discover and support cooperative models between agriculture and food companies.'Jari' serves as a K-distilled spirits platform that showcases premium distilled spirits made from high-quality traditional liquor extracts. Before launching the brand, CJ CheilJedang collaborated with a Korean dining establishment in New York to introduce cocktails based on traditional liquor. Since last year, the company has been increasing its engagement with international consumers by offering cocktails made with Munbaeju and Gamuch soju at the PGA Tour's 'The CJ Cup Byron Nelson.'Recently, in collaboration with Munbaeju Brewery and Danong Bio, CJ CheilJedang unveiled 'Jari Munbaeju 24' and 'Jari Gamuch 24,' which underwent aging at a dedicated facility in Nonsan, South Chungcheong Province. 'Jari Munbaeju 24' is a product that captures the unique pear aroma and smooth finish of Munbaeju, a national intangible cultural heritage, aged in an earthenware pot throughout the four seasons. 'Jari Gamuch 24' features the subtle sweetness of traditional rice soju Gamuch, also aged in earthenware, highlighting tropical fruit flavors.Kim Chan-ho, head of CJ CheilJedang's Strategic Support Division, stated, 'Jari is a win-win model that expands agricultural product consumption and provides new growth opportunities for local breweries. We will focus our efforts on ensuring that traditional liquor from local breweries shines on tables around the world.'* This article has been translated by AI. 2026-07-27 17:08:00
  • Shinhan Bank Reports First Half Net Profit of 203.4 Billion Won, Up 3.6% Year-on-Year
    Shinhan Bank Reports First Half Net Profit of 203.4 Billion Won, Up 3.6% Year-on-Year Shinhan Bank announced on July 27 that its preliminary net profit before tax for the first half of the year reached 203.4 billion won, an increase of 7 billion won (approximately 3.6%) compared to the same period last year. Total assets grew to 70 trillion won, up 6.7 trillion won from the end of last year.The bank plans to focus on generating non-interest income and exploring new business opportunities in the second half of the year.On July 24, the bank held its third management strategy meeting at its headquarters in Songpa, Seoul, where it discussed measures to enhance non-interest business and improve loan soundness, as well as incidents in the financial sector and internal control directions for the second half.The meeting also featured the announcement of the top 10 ideas from the internal project 'Show Me the Idea,' which was launched earlier this year. Employees proposed items across all areas of the bank's operations, including products, services, and operational improvements, which will be expedited for commercialization starting in the second half.Shinhan Bank President Shin Hak-kyu stated, "A different perspective and quicker decision-making are more important than ever. We will strive to present a larger and new financial service that meets our customers' expectations."* This article has been translated by AI. 2026-07-27 17:08:00
  • Chinas CXMT armed with $8.6 billion war chest to chase Korean DRAM giants
    China's CXMT armed with $8.6 billion war chest to chase Korean DRAM giants SEOUL, July 27 (AJP) - China's spectacular stock market debut of memory chipmaker CXMT Corp. on Monday handed the country's DRAM champion an $8.6 billion war chest to accelerate its pursuit of South Korea's Samsung Electronics and SK hynix, highlighting Beijing's determination to build a self-sufficient semiconductor industry despite U.S. technology restrictions. Shares of CXMT, China's largest dynamic random-access memory (DRAM) producer, surged 465.9 percent from their initial public offering price of 8.66 yuan to close at 49.01 yuan, valuing the company at roughly 3.28 trillion yuan ($484 billion) after one of the strongest market debuts in mainland history. The company raised 57.9 billion yuan ($8.6 billion) in Asia's largest IPO this year and the biggest-ever listing by a mainland semiconductor company. The proceeds could increase to 66.6 billion yuan if the overallotment option is fully exercised. The blockbuster listing marks another milestone in China's years-long drive to reduce its dependence on foreign chipmakers after successive rounds of U.S. export controls forced Beijing to cultivate domestic alternatives. For South Korea, however, the significance lies less in the first-day share price than in what the IPO finances. Samsung Electronics and SK hynix, together with Micron Technology, have long controlled the global DRAM market. Yet CXMT has steadily expanded from a marginal domestic supplier into China's flagship memory manufacturer. According to its IPO prospectus, CXMT commanded 7.67 percent of the global DRAM market by the end of 2025, rising to around 8 percent by March this year. The fresh capital will be directed toward expanding production of DDR5 memory and eventually high-bandwidth memory (HBM), the premium chips powering artificial intelligence accelerators. The company currently manufactures DDR4, DDR5 and low-power DRAM used in smartphones, personal computers, servers and automobiles. While still absent from the leading edge of AI memory, its growing presence in mainstream DRAM increasingly threatens Korean suppliers in China's domestic market, where local sourcing has become a strategic priority. The rapid rise has also drawn growing scrutiny in Washington. U.S. lawmakers have warned that global electronics manufacturers could increasingly qualify CXMT's memory chips as an alternative supply source amid persistent semiconductor shortages. Congressional committees have urged federal agencies to tighten restrictions on procurement of memory products from heavily state-backed Chinese manufacturers, although the U.S. Commerce Department has so far stopped short of placing CXMT on its Entity List. Financially, the company is expanding at an extraordinary pace. According to its prospectus, CXMT expects first-half revenue to jump more than sevenfold from a year earlier to 110 billion-120 billion yuan, while net profit is forecast at 66 billion-75 billion yuan, reversing a loss a year earlier. The IPO gives CXMT the financial capacity to sustain heavy investment in advanced process technologies despite continued restrictions on access to cutting-edge semiconductor equipment. The technology gap, however, remains wide. Samsung Electronics and SK hynix continue to dominate the lucrative HBM market supplying Nvidia and other AI chipmakers, while export controls continue to limit China's access to the most advanced lithography tools needed for next-generation memory manufacturing. For now, CXMT remains primarily a challenger in conventional DRAM rather than AI memory. But Monday's blockbuster debut suggests China's memory ambitions are entering a new phase. The country's challenge is no longer driven solely by state subsidies and industrial policy. It is increasingly backed by public capital markets capable of funding years of capacity expansion and technology development. With only 6.73 percent of CXMT's enlarged share capital available for trading, the limited free float magnified Monday's share-price surge. The more enduring impact may be the billions of dollars now available to finance China's long-term effort to narrow the technological gap with the world's two dominant Korean memory makers. 2026-07-27 17:04:20
  • Four Major Financial Groups Capital Firms Report 52% Increase in Net Profit
    Four Major Financial Groups' Capital Firms Report 52% Increase in Net Profit 4 major financial group capital firms reported a significant increase in net profit for the first half of the year compared to the same period last year. The easing of concerns over real estate project financing (PF) failures has greatly reduced the burden of setting aside provisions for bad debts. According to the financial sector on July 27, the combined net profit of KB, Shinhan, Hana, and Woori Financial Capital for the first half of the year reached 414.3 billion won, a 52.3% increase from the same period last year. By company, Hana Capital's net profit soared to 104.5 billion won, marking a 599.3% increase year-on-year. Shinhan Capital reported a profit of 94.7 billion won, up 48.1%, while Woori Financial Capital's profit rose 14.9% to 77 billion won. KB Capital also saw an 11.3% increase, reaching 138.1 billion won. The overall improvement in the performance of these capital firms is attributed to a decrease in bad debt expenses related to real estate PF. The amount set aside for provisions is a preemptive measure by financial companies to account for potential future losses. A reduction in these provisions directly increases net profit. In response to concerns about a downturn in the real estate PF market and the risk of bridge loan defaults in 2024-2025, capital firms had previously set aside large provisions. At that time, financial authorities guided firms to fully account for expected losses on bridge loans that did not transition to main PF. Consequently, capital firms significantly increased their provisions in anticipation of deteriorating asset quality related to PF. This year, however, substantial progress has been made in managing risks and resolving concerns over troubled PF projects, leading to a reduction in the burden of provisions. Indeed, Hana Capital's provision for bad debts in the first half of the year was 61.5 billion won, a 59.1% decrease from the same period last year. Shinhan Capital also saw a reduction to 55.3 billion won, down 35.9%. KB Capital's credit loss provisions and Woori Financial Capital's bad debt expenses decreased by 7.6% and 1.4%, respectively. A representative from Hana Capital stated, "As delinquencies are resolved, the amount set aside for bad debt provisions also decreases. The risks associated with PF projects, which have been managed as high-risk, have been significantly alleviated, leading to improved asset quality." A representative from Shinhan Capital explained, "The results reflect the effects of proactive risk management and the resolution of non-performing assets related to real estate." However, interest income for capital firms has slightly decreased due to the burden of funding costs amid prolonged high interest rates. Hana Capital's interest income fell by 3.7% to 134.9 billion won, while Shinhan Capital and Woori Financial Capital reported decreases of 4.0% and 2.9%, respectively. KB Capital's net interest income also dropped by 9.0% to 209.1 billion won. * This article has been translated by AI. 2026-07-27 17:04:00
  • High School Student Receives Impromptu Casting Offer at Psys Wet Show
    High School Student Receives Impromptu Casting Offer at Psy's 'Wet Show' The identity of a high school student who received an impromptu casting offer during Psy's 'Wet Show' has garnered significant attention.On July 26, a video from the 'Wet Show' went viral, amassing over 11 million views within a day of its release on social media and online communities.The video captured a high school student dancing confidently on stage after her image appeared on the big screen during the performance. She captivated the audience with her energetic presence and lack of visible nerves.Psy, noticing her performance, requested that she be shown on screen again and asked his agency, P Nation, to obtain her contact information for an impromptu casting, stating, "We will meet again soon," which heightened expectations.Viewers reacted positively, with comments such as, "She has exceptional talent," "Is she an aspiring entertainer?" and "She is definitely a natural on stage." The attention on the student has increased significantly since the video went viral.The student, identified as Kim Ra-hee, is currently training in vocals and dance with the goal of debuting as an idol. She is reportedly honing her skills at the BNB Idol Lab, a training institution specializing in idol preparation.After the video gained traction, Ra-hee shared on her social media, "I was cast by Psy at the 'Wet Show.' I made eye contact with the camera director, and I was captured on screen again. The agency took my contact information. I was so happy!"BNB Idol Lab also commented through media outlets, stating, "Ra-hee was completely taken by surprise and is still in shock. She has always enjoyed performing on stage, and her ability to showcase her energy in front of a large audience seems to have led to this positive outcome." They added, "This experience has motivated her to take her dreams more seriously, and we hope everyone will continue to support her growth."* This article has been translated by AI. 2026-07-27 17:04:00
  • NH Nonghyup Bank Purchases 5,254 Tons of Carbon Credits from Farmers
    NH Nonghyup Bank Purchases 5,254 Tons of Carbon Credits from Farmers NH Nonghyup Bank announced on July 27 that it has purchased a total of 5,254 tons of carbon credits from 20 farms across the country.These carbon credits are officially certified by the government, reflecting reductions in greenhouse gas emissions achieved through the adoption of low-carbon agricultural technologies. In September 2023, NH Nonghyup Bank established a system to directly purchase these credits from farmers through a partnership with the Ministry of Agriculture, Food and Rural Affairs and the Korea Agricultural Technology Promotion Agency.In its first year of the program, NH Nonghyup Bank purchased 1,419 tons in 2024, followed by 8,245 tons in 2025, and an additional 5,254 tons this year, bringing the total cumulative purchase to 14,918 tons. The recently acquired carbon credits will be used to offset the bank's own greenhouse gas emissions in accordance with relevant guidelines.Additionally, NH Nonghyup Bank is continuing to invest in building eco-friendly, low-carbon infrastructure, including entering into power purchase agreements (PPAs), installing solar power facilities for self-consumption at its branches nationwide, and transitioning its fleet of vehicles to zero-emission electric cars.NH Nonghyup Bank President Kang Tae-young stated, "The climate crisis is a significant challenge threatening the sustainability of our agriculture and rural areas. We will continue to discover and expand win-win models that provide farmers with practical additional income while contributing to carbon reduction."* This article has been translated by AI. 2026-07-27 17:00:00
  • Gopax Appoints Kim Na-young as New CEO
    Gopax Appoints Kim Na-young as New CEO Cryptocurrency exchange Gopax announced on July 27 that it has appointed Kim Na-young, the former head of financial business development at Amazon Web Services (AWS) Korea, as its new CEO.Kim holds an MBA from Harvard Business School and is a certified international financial analyst. She previously served as the country head for Bloomberg in South Korea and most recently was a member of the Korea Investment Corporation's operating committee, where she oversaw risk-related deliberations.With this appointment, Gopax aims to expedite the resolution of the long-standing repayment issues related to its GoFi service. The company also plans to enhance communication with financial authorities to normalize its operations.A Gopax representative stated, "At a time when the integration of the cryptocurrency market into the regulatory framework is accelerating, we believe Kim is the ideal person to lead Gopax's fundamental restructuring, given her expertise in both traditional finance and IT technology."Kim emphasized, "Resolving the GoFi repayment issues and normalizing operations are my top priorities. I will focus all efforts on addressing the outstanding issues faced by GoFi customers first."* This article has been translated by AI. 2026-07-27 17:00:00
  • North Koreas Smartphones Offer Digital Services Amid Tight Control
    North Korea's Smartphones Offer Digital Services Amid Tight Control North Korea is utilizing smartphones for various digital services, including payments, taxi calls, and medicine orders. The Washington Post reported on July 26, with the assistance of North Korean technology expert Martin Williams, that it analyzed two of the latest smartphones from North Korea. The smartphones featured a range of applications, including a 'women's health management program,' an 'economic information system for mobile phones,' and 'transportation fare guidance.' These apps provided functions related to daily life, from banking and electronic payments to health management, transportation information, and medicine orders. Using an electronic wallet app, users can pay for public transportation and recharge their bank accounts. The app's interface also displayed advertisements for stores selling electronics and groceries, as well as state-owned enterprises. Recently, QR code payments have become widespread in Pyongyang, with street vendors reportedly adopting this technology. Steven Chang from the North Korean travel agency Young Pioneer Tours explained, 'North Koreans can pay for public transport, book taxis, and order food delivery or movie tickets using their electronic wallets.' Peter Ward, a researcher at the Sejong Institute, noted that electronic payments help the North Korean authorities strengthen their control over currency circulation, exchange rates, prices, and taxes. Ward stated, 'While all stores are equipped with CCTV and keep records, it is very difficult to monitor cash transactions on a large scale. As online finance expands, authorities can more easily track transaction histories.' The 'Manbang' video streaming app allows users to watch 24-hour TV programs, movies, and content from state media. It includes works from China, the former Soviet Union, and Eastern European socialist countries, as well as Disney animations like 'Aladdin,' 'Pinocchio,' and 'Frozen' for language learning. The Washington Post analyzed that instead of strictly cracking down on illegal foreign content like South Korean dramas and films, North Korean authorities seem to be providing residents with state-approved alternative content. Apps for women offer information on managing menstrual cycles, makeup techniques, skincare, exercise, and diet. There are also apps promoting the ability to order and receive delivery of over 3,000 types of medicines, including cold medicine and hepatitis treatments. Experts cited by the Washington Post indicated that the expansion of smartphone usage in Pyongyang is part of Kim Jong Un's policy to maintain the satisfaction and loyalty of the elite through urban development and improved living conveniences. Since 2008, mobile phones have been widely distributed in North Korea. Currently, it is estimated that there are over 6.35 million mobile phone subscriptions among a population of approximately 26 million. However, the exact number of smartphone users remains unclear. North Korean smartphones cannot access external internet and can only be used on a government-controlled internal network. To use external internet, individuals must obtain a SIM card from the black market and capture signals from Chinese telecom towers near the North Korean-Chinese border. The Washington Post pointed out that while North Koreans can manage banking, learn makeup techniques, and track their menstrual cycles using smartphones, this digital convenience also serves as a means for increased government surveillance and control.* This article has been translated by AI. 2026-07-27 16:56:00