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  • Hanwha Ocean Secures Global Certification for Standard FPSO Targeting South America and West Africa
    Hanwha Ocean Secures Global Certification for Standard FPSO Targeting South America and West Africa Hanwha Ocean has obtained global certification for a standard model of offshore plants aimed at the South American market.According to industry sources, Hanwha Ocean received Basic Design Review (BDR) certification from the American Bureau of Shipping (ABS) for its 'Standard Floating Production, Storage and Offloading (FPSO) Basic Design (FEED).' It also secured Approval in Principle (AIP) from the Norwegian classification society DNV.The certified model is expected to be applied in upcoming large offshore plant projects in South America.Previously, Hanwha Ocean developed a 'Standard FPSO Concept Design (Pre-FEED)' suitable for deep-sea areas in West Africa, obtaining AIP from ABS and the French classification society Bureau Veritas (BV) in 2024.Recently, demand for FPSO orders has been increasing, particularly in deep-sea oil fields in South America and West Africa. By adding this model for South America, Hanwha Ocean has established a standard FPSO portfolio targeting both regions.An FPSO is an offshore plant that extracts oil or gas from subsea drilling rigs, processes and stores it, and then offloads it to transport vessels.Hanwha Ocean is pursuing an 'FPSO standardization strategy' that utilizes verified standard platforms, moving away from the traditional approach of designing each project from scratch.Using standard models can reduce repetitive tasks in design, procurement, and construction processes, thereby lowering project duration and costs, according to the company. Adjustments to specifications can be made based on client requirements, allowing for project-specific responses.During the certification process, key design documents and technical standards across all FPSO areas, including hull and vessel functional systems, topside structures, and mooring systems, were reviewed. Compliance with international regulations and classification society requirements was also verified.Notably, the certification was obtained at the FEED stage, which is more detailed than the concept design phase, laying the groundwork for future project acquisitions and design processes.A Hanwha Ocean official stated, "By leveraging standard platforms, we aim to reduce project duration and costs. The recent certifications from ABS and DNV have globally recognized our FPSO design capabilities and technological competitiveness. We will enhance our competitive edge in the global FPSO market and provide optimized solutions tailored to the characteristics and requirements of regions like South America and West Africa."* This article has been translated by AI. 2026-07-26 10:08:00
  • KAMA Reports Strong Recovery in Domestic Auto Sales Driven by Imported Electric Vehicles
    KAMA Reports Strong Recovery in Domestic Auto Sales Driven by Imported Electric Vehicles The automotive market in South Korea is expected to see domestic sales surpassing 1.7 million units this year, driven by the impact of new car models, despite concerns over a slowdown in exports. This marks the first time since 2023 that domestic sales have exceeded 1.7 million units.According to the Korea Automobile Mobility Industry Association (KAMA) on July 26, the organization analyzed the first half of 2026's performance in domestic sales, exports, and production, along with projections for the second half.In the first half of the year, domestic sales reached 851,000 units, a 1.3% increase compared to the same period last year. The growth in domestic sales was largely driven by imported vehicles.Sales of domestic cars fell by 4.8% to 658,000 units, while imports surged by 30% to 193,000 units, thanks to electric vehicle brands like Tesla and BYD.Notably, electric vehicle sales soared by 113.6% year-on-year, totaling 198,509 units. The share of electric vehicles in the market rose from 11.1% last year to 23.3% this year.When including hybrid electric vehicles (HEVs) and fuel cell electric vehicles (FCEVs), total sales of eco-friendly vehicles reached 491,498 units, marking a 27.1% increase during the same period. The overall share of eco-friendly vehicles rose from 46.1% to 57.8%.KAMA anticipates that the growth in domestic sales will accelerate in the second half of the year, projecting sales to reach 865,000 units, a 2.7% increase from last year, bringing the annual total to 1.71 million units. This would be the first time since 2023 (1.75 million units) that domestic sales have exceeded 1.7 million.The continued growth of eco-friendly vehicles is expected in the second half, with KAMA highlighting the anticipated impact of new models such as the Hyundai Tucson, Avante, Santa Fe, and Genesis hybrid models.In the first half, exports increased by 2.1% to 1.441 million units. The share of eco-friendly vehicle exports rose from 30.0% last year to 37.0%.HEV exports totaled 379,000 units, a 28.5% increase from last year, driven by an expanded lineup including the Staria and Grand Koleos.Electric vehicle exports also grew by 20.6% to 155,000 units, supported by new models such as the Kia EV3, EV4, and EV5, as well as the purpose-built mobility (PBV) PV5.However, for the second half, exports are projected to decline by 0.3% year-on-year to 1.32 million units due to high inflation and interest rate hikes in major countries. The annual forecast for exports is a 0.9% increase to 2.76 million units.Production saw a slight decrease of 0.1% in the first half, but is expected to rebound by 1.5% in the second half due to recovery from production disruptions and the launch of key new models. The annual production forecast is a 0.7% increase to 4.13 million units.* This article has been translated by AI. 2026-07-26 10:04:00
  • SK hynix Reinvents Cheongjus Role in HBM Production
    SK hynix Reinvents Cheongju's Role in HBM Production SK hynix is positioning its Cheongju production site as a key hub for artificial intelligence (AI) memory's front-end and back-end processes. Once primarily focused on NAND production, Cheongju is being transformed into a center for high-bandwidth memory (HBM) with the introduction of M15X and P&T7. This investment marks a clearer strategy for SK hynix's production facilities.According to industry sources on July 23, SK hynix's board of directors approved a facility investment of 7.931 trillion won for the construction of P&T7. This amount represents 5.88% of the company's equity. P&T7 will handle packaging and testing, making it the company's seventh packaging and testing plant, which broke ground in April.Analysts emphasize the timing of the investment rather than its size. The company stated, "This announcement reflects an accelerated investment schedule, leading to an increase in the board's resolution amount. The previously announced total investment of 19 trillion won remains unchanged." The decision to expedite funding is aimed at responding to increased production demands and shortening cleanroom operational timelines.This investment further clarifies SK hynix's production landscape. Icheon is established as the center for DRAM production and technology development, while Yongin will serve as a long-term hub for mass production of next-generation DRAM. Cheongju has emerged as a key AI memory hub, managing both the front-end processes of M15X and the back-end processes of P&T7. Meanwhile, Indiana in the U.S. will focus on responding to North American big tech clients and conducting research and development for next-generation HBM packaging.Historically, Cheongju has been heavily associated with NAND production, housing M11, M12, and M15 facilities. With the addition of M15X, it will expand its capabilities for next-generation DRAM and HBM production. Once P&T7 is operational, Cheongju will transform into a comprehensive production site with both front-end and back-end processes.This restructuring is seen as a response to the evolving nature of HBM competition. While traditional DRAM competition was based on fine processing and wafer production capacity, HBM requires stacking and connecting multiple DRAM chips produced in the front-end process, followed by verification. Industry experts explain that packaging yield and testing capacity directly influence actual supply volumes.The investment in P&T7 is interpreted as targeting this bottleneck. Even if front-end production capacity increases, without corresponding back-end processes, the volume delivered to clients will not rise. To supply HBM in line with AI semiconductor clients' roadmaps, it is essential to secure both packaging and testing capabilities.An industry insider noted, "HBM does not simply increase supply by producing more wafers. The back-end capabilities for stacking, connecting, and verifying must keep pace to enhance the supply capacity perceived by clients."There are observations that SK hynix's focus on Cheongju is driven by this need. With M15X and P&T7 located in the same area, the speed of connection between front-end and back-end processes can be improved. It is also expected that yield improvements and quality verification feedback during mass production will accelerate.SK hynix CEO Kwak No-jung has also formalized the expansion of Cheongju's role. During the announcement of investment plans for the Chungcheong region this month, he stated, "We plan to invest 100 trillion won in Cheongju, including 80 trillion won for M17, which will produce NAND, and 20 trillion won for enhancing advanced packaging with P&T7." He added, "We will reposition Cheongju as a core hub driving the competitiveness of South Korea's memory semiconductor industry."Industry reactions suggest that this decision shifts the competition for HBM leadership from product technology to production system competition. For clients, the performance of HBM and the reliability of timely deliveries are becoming increasingly important.* This article has been translated by AI. 2026-07-26 10:00:00
  • Hyundai Group Chairwoman emphasizes communication and trust at new employee ceremony
    Hyundai Group Chairwoman emphasizes communication and trust at new employee ceremony Hyundai Group Chairwoman Hyun Jeong-eun attended a new employee training completion ceremony, emphasizing the importance of communication and trust among colleagues while encouraging the new managers who will lead the group's future.On July 24, Hyundai Group held the completion ceremony for the '2026 First Half Group New Manager Orientation Training' at the H-Stadium in its headquarters in Yeonji-dong, Seoul, as announced on July 26.The ceremony featured presentations by new managers on their training projects conducted over the two-week program, along with awards for outstanding trainees, encouraging remarks, and the issuance of certificates.During the event, Chairwoman Hyun highlighted the value of 'experience sharing' between colleagues, stating, "Let us open the path for everyone at Hyundai Group to grow together."She added, "In this rapidly changing era, the essence of learning begins with people rather than technology. The driving force for growth lies in gathering each other's thoughts and sharing experiences to find better paths."This orientation program focused on enhancing the 'AI job utilization capabilities' of new managers while facilitating experience sharing with senior employees to help them naturally learn the core values and culture of Hyundai Group.Hyun also remarked, "The beginning and end of everything is determined by trust with people," urging the new managers to add their unique perspectives and challenges on the foundation of trust built by their senior colleagues, and to "dream continuously and act boldly."Hyun has consistently expressed her belief that the core competency of the company in the era of AI transformation lies in the 'insight and judgment of employees.' In her New Year’s address this year, she mentioned 'sense-making'—the ability to connect information to insights—while presenting the creative thinking, proactive decision-making, and active execution that represent Hyundai's DNA.Hyundai Group stated, "The new manager training program, which continues for a year through orientation, buddy systems, mentoring, and global trips (overseas site visits), is being well established," and added that it plans to continue discovering and actively incorporating training that allows for shared experiences among colleagues.Additionally, Hyun previously encouraged new managers at the completion ceremony on July 1, saying, "Act proactively and challenge boldly."* This article has been translated by AI. 2026-07-26 10:00:00
  • HD Hyundai Samho Secures Port Crane Order in Tacoma, USA
    HD Hyundai Samho Secures Port Crane Order in Tacoma, USA HD Hyundai Samho is advancing the Korea-U.S. shipbuilding cooperation project, known as MASGA, through its port crane business in the United States.On July 26, HD Hyundai announced that it has signed a contract to supply four port cranes to Washington United Terminals (WUT).This supply contract is part of a terminal modernization project aimed at replacing aging cranes at WUT, a U.S. subsidiary of South Korea's largest shipping company, HMM, and expanding the capacity for large container ships.Currently, WUT operates a total of eight dock cranes at Tacoma Port in Washington state. Dock cranes are responsible for loading and unloading containers from ships at the port. Among these, four cranes were supplied by HD Hyundai Samho in 1999, and this project will replace two of those aging dock cranes with new equipment.Additionally, the project includes the installation of two new yard cranes to load and unload containers onto vehicles within the terminal. Both companies expect this initiative to enhance port handling competitiveness, increase capacity for large vessels, and improve operational stability.To achieve this, HD Hyundai Samho will undertake the entire process of designing, manufacturing, transporting, installing, and commissioning the two dock cranes and two yard cranes on a turnkey basis, with all equipment scheduled for delivery by 2028.Notably, these cranes will utilize high-quality steel produced by POSCO. The project is expected to consolidate the technological capabilities of key domestic industries, including shipbuilding, ports, and steel, thereby contributing to the strengthening of South Korea's core industrial capabilities.An official from HD Hyundai Samho stated, "The order for port cranes at Tacoma Port is a significant achievement that recognizes our technological expertise and quality competitiveness accumulated through various domestic and international projects. We will support the MASGA project successfully through the development of eco-friendly and efficient port equipment."Meanwhile, on July 14, HD Hyundai Samho announced a partnership with KT and Samsung Electronics to establish a self-operating network that uses artificial intelligence (AI) to analyze and address communication network failures.* This article has been translated by AI. 2026-07-26 10:00:00
  • Government Plans to Increase Property Tax Burden on High-Value Homes
    Government Plans to Increase Property Tax Burden on High-Value Homes The government is moving to increase the property tax burden on high-value single homes. Plans are being considered to shift the comprehensive real estate tax system from a focus on the number of homes to the value of the properties, with a tiered tax burden based on housing prices.According to data from the National Tax Service on July 26, the total amount of tax deductions for individual comprehensive real estate taxes applied to homes valued over 2 billion won for the 2025 tax year increased by approximately 27.9 billion won (153.2%) from the previous year, reaching 46.1 billion won.A property value of 2 billion won is estimated to correspond to an apartment market price of about 6.57 billion won. This means that the tax deductions for high-value home owners have more than doubled in just one year.Those subject to the comprehensive real estate tax for properties valued over 2 billion won include 8,399 individuals and corporations, accounting for only 1.6% of the total 538,439 taxpayers. However, the deductions received by this group represent 22.2% of the total tax deductions of 207.1 billion won.There is a notable concentration of tax deductions by region, with 87.9% of the total deductions concentrated in homes located in Seoul. This has raised concerns that tax benefits are disproportionately favoring high-value single home owners, particularly through long-term and senior citizen deductions.As the amount of deductions has increased, the actual tax burden on high-value home owners has decreased. The average comprehensive real estate tax for individuals owning homes valued over 2 billion won was 55.7 million won last year, a decrease of 23.2% from the previous year. In contrast, the average tax for those owning homes valued under 2 billion won remained stable at 1.59 million won.To address these issues, the government is considering restructuring the comprehensive real estate tax into three tiers: basic deductions, moderate burdens, and high-value properties. Basic deductions would exempt certain properties from taxation, while homes in the mid-price range would maintain or gradually adjust their current tax burdens.For high-value homes, options being discussed include further subdividing the value brackets or increasing tax rates. The threshold for defining high-value homes is reportedly being considered at a market price range of 3 billion to 5 billion won.The current comprehensive real estate tax system aggregates the publicly assessed prices of homes owned by individuals, allowing a deduction of 120 million won for single-home owners and 90 million won for multiple-home owners. The taxable amount is calculated by multiplying the remaining amount by a fair market value ratio of 60%, with higher tax rates applied to those owning three or more homes.This has led to criticism that tax burdens can vary significantly based on the number of homes owned, even if the total value of the properties is the same. Last year, individuals owning properties valued between 3 billion and 5 billion won paid an average of 41.94 million won more in comprehensive real estate tax than single-home owners. The differences were 21.2 million won for properties valued between 2 billion and 3 billion won, and 10.64 million won for those valued between 1.4 billion and 2 billion won.The government is examining a tax rate structure that focuses on the total value of properties and the ability to pay, rather than the number of homes owned. This aims to address the current situation where an individual owning one home valued at 3 billion won pays a lower tax rate than someone owning three homes valued at 1 billion won each.Additionally, the government is considering adding or strengthening residency requirements for long-term and senior citizen tax deductions. Currently, single-home owners can receive deductions of 20-50% based on the length of ownership and 20-40% based on age, allowing for a maximum tax reduction of 80%, without verifying actual residency.The government plans to protect actual residents who own one home while considering reducing tax benefits for those who hold high-value homes for investment purposes over the long term. Specific details regarding adjustments to basic deductions, high-value thresholds, and tax rate structures are expected to be included in a tax reform proposal to be announced in early August.* This article has been translated by AI. 2026-07-26 09:56:00
  • President Yoon Suk Yeol Looks Forward to Meeting with Argentinas President
    President Yoon Suk Yeol Looks Forward to Meeting with Argentina's President President Yoon Suk Yeol expressed hope for a collaborative future with Argentina ahead of his visit to the country. On July 25, local time, he reached out to President Javier Milei, stating, "I hope our two countries can work together toward a new future of shared prosperity."In a post on X (formerly Twitter), Yoon tagged President Milei and noted, "Korea and Argentina have much to do together." The post included a video where Milei discussed the wealth gap between North and South.Yoon added, "I appreciate your interest in Korea, Mr. President, and I look forward to our meeting."Currently in San Francisco, Yoon is scheduled to arrive in Argentina on July 30 after visiting Brazil and Chile, where he will hold a summit with President Milei.* This article has been translated by AI. 2026-07-26 09:56:00
  • KT Secures 22 AI Transformation Projects in Financial Sector
    KT Secures 22 AI Transformation Projects in Financial Sector KT has accelerated its push into artificial intelligence (AI) by securing approximately 22 AI transformation (AX) projects in the financial sector this year. As companies increasingly demonstrate tangible management results from AI adoption, KT is leveraging its experience in financial AX implementation to promote 'AI that delivers financial performance.'On July 23, KT held a 'Financial AX Study' at the Four Seasons Hotel in Gwanghwamun, Seoul, where it presented its AI business strategy and key implementation cases. Park Cheol-woo, Senior Vice President of KT's Enterprise Division, stated, "We have secured about 22 AX projects in the first half of the year," adding that the current focus is on AI contact centers (AICC).He noted that the criteria for AI adoption among companies have shifted from merely implementing the latest large language models (LLMs) to focusing on actual management outcomes. Park emphasized, "In the past, discussions centered on which LLM to use or which model was superior. Now, the key question is how much revenue can be generated and costs reduced from a 10 billion won investment in AX transformation. Only AI that impacts financial statements in the enterprise market will succeed."Park also mentioned that KT avoids projects that only yield qualitative benefits. He stated, "Instead of saying productivity has improved, we propose quantifying how much operating costs have decreased and how much revenue has increased."He identified the rapid spread of AX in the financial sector as being due to several factors: well-organized data, standardized work processes, and an industry structure that makes it easy to quantify performance. Park remarked, "The financial sector is one of the industries that has the best-organized data, making it easier to apply AI agents and verify cost savings numerically."Based on this foundation, KT is expanding its references in the financial sector. According to the company, four out of the five major commercial banks in South Korea are currently building and operating AICCs. Additionally, KT is working on an integrated AI platform project that connects IT infrastructure, data platforms, and AI agents for credit card companies. Park noted, "This related business will be a key keyword in the corporate AX market in the second half of the year," explaining that they secured a leading project in February, aiming for completion by this fall.KT is also expanding its collaboration with global company Palantir. The partnership includes consulting to assess clients' AI adoption potential, free workshops to identify applicable tasks, pilot projects, and support programs for actual operational stages. Park stated, "While Palantir offers excellent solutions, it can be challenging for clients to determine which tasks to apply them to. KT's role is to help identify applicable areas and connect them through pilots to actual production stages."He concluded, "AX is not just about building systems; it is a process of collaborating with clients from strategy formulation to implementation, operation, and internal capability development. The AX domain also includes discarding systems that yield low performance post-implementation and rebuilding them."* This article has been translated by AI. 2026-07-26 09:52:00
  • KB Kookmin Card Reports Double-Digit Profit Growth Amid Operational Improvements
    KB Kookmin Card Reports Double-Digit Profit Growth Amid Operational Improvements KB Kookmin Card has reported a double-digit increase in net profit for the first half of the year, driven by improvements in financial health. The company has strengthened both profitability and future growth through risk management focused on high-quality assets and operational innovations based on artificial intelligence (AI).According to the card industry on July 26, KB Kookmin Card's net profit for the first half of the year reached 218.9 billion won, a 20.7% increase compared to the same period last year. In the second quarter, net profit also rose by 14.6 billion won to 111.4 billion won compared to the previous year.Total assets increased by 1.92 trillion won from a year ago to 31.285 trillion won. Despite a challenging business environment marked by slowing growth in financial assets and rising funding costs, the company managed to enhance both asset size and profitability.The improvement in performance was driven by strengthened financial health management and cost efficiency. Non-interest income expanded due to increased card usage, while the provision for credit losses decreased by 25.3 billion won compared to the same period last year. Efforts to reduce interest costs through diversified funding sources, including the issuance of kimchi bonds and overseas asset-backed securities (ABS), also continued.To ensure future growth, KB Kookmin Card is enhancing operational efficiency through an AI-based operational model, co-pilot systems, and data restructuring. The company is also pursuing IT investments that consider investment efficiency and optimizing cloud resources. In the next-generation payment sector, KB Kookmin Card is expanding collaborations with global blockchain companies, focusing on stablecoins, AI agent payments, and digital asset-linked payment technologies to build a future payment ecosystem.A representative from KB Kookmin Card stated, "In the first half, profitability, financial health, cost efficiency, and future growth strategies have balanced out to yield positive results. We plan to continue stable growth in the second half through AI-based operational innovations, strengthening core competitiveness, monetizing platforms, and expanding next-generation payment businesses." 2026-07-26 09:52:00
  • UNESCO Center Director Assures Japan Will Implement Sado Mine Decision
    UNESCO Center Director Assures Japan Will Implement Sado Mine Decision On July 24, Lazar Eloundou Assomo, Director of the UNESCO World Heritage Centre, expressed confidence that Japan will effectively implement the World Heritage Committee's decision to comprehensively present the entire history of the Sado Mine. This statement was made during an interview with reporters at the 48th World Heritage Committee meeting in Busan.The committee previously recommended that Japan address the entire history of the Sado Mine's development and improve its interpretation, exhibition strategies, and facilities through close consultation with stakeholders.In this context, Assomo stated, "I believe Japan will implement this well," adding that the committee's role is to continuously monitor whether such decisions are actually carried out.Addressing concerns about the lack of enforcement power, he explained, "The World Heritage Committee continuously checks through its system," noting that advisory bodies review reports submitted by the countries to assess compliance and preservation status.He also emphasized the importance of cooperation between South Korea and Japan, stating, "Both Korea and Japan are important partners of the World Heritage Centre," and that the centre will continue to facilitate dialogue and collaboration between the two nations.Regarding the ongoing controversy over redevelopment around Jongmyo, Assomo referred to Jongmyo as a 'treasure' and stressed that "preservation is very important, as it is a highly valuable heritage." He pointed out that world heritage sites within urban areas, including Jongmyo, face development pressures and emphasized the necessity of conducting prior assessments of the impact of development on heritage.He reiterated the significance of heritage impact assessments, stating, "While dialogue and consultation among parties are important, it is crucial to adhere to established procedures and guidelines." He added, "Preserving Jongmyo is our collective responsibility," highlighting the need to protect cultural identity.Assomo mentioned, "I have heard a lot about Jongmyo recently," expressing a desire to visit it when in Seoul.On the Busan Declaration, he described it as "a very important declaration" and a message from the 48th World Heritage Committee to the world. He noted that the declaration addresses the crises facing world heritage and includes considerations for solutions, community participation, and enhanced education, reiterating that cooperation is key.He also conveyed a positive message regarding Busan's efforts to pursue World Heritage status for the 'Refugee Capital Busan Heritage' by 2030, stating, "The fact that Busan hosted the World Heritage Committee signifies that it is ready to share its heritage with the world." He added that the World Heritage Centre is discussing necessary measures for the inscription of the Refugee Capital Busan Heritage with the Cultural Heritage Administration.Assomo, a Cameroonian national, is an expert in both cultural and natural heritage. He joined UNESCO in 2003 as head of the Africa section of the World Heritage Centre and has held various positions, including Chief Representative of UNESCO in Mali and Deputy Director of the World Heritage Centre, before being appointed Director in December 2021.* This article has been translated by AI. 2026-07-26 09:04:00