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  • Calls Grow for City Buses to Be Designated as Essential Public Services During Strikes
    Calls Grow for City Buses to Be Designated as Essential Public Services During Strikes As city bus strikes lead to near-total service shutdowns, there is increasing demand for buses to be designated as 'essential public services' to protect citizens' mobility rights. Labor groups have pushed back against this designation, arguing it would restrict workers' rights to collective action. However, experts emphasize the need for a system that balances the right to strike with citizens' mobility rights. According to the Seoul city government, during a bus strike in March of last year, the operation rate was only 4.4%, and during a two-day strike in January this year, it was just 6.8%. In Busan, Ulsan, and Changwon in 2025, bus operation rates dropped to 0% on strike days. When bus services halt, citizens face significant disruptions in their daily lives, including commuting to work, attending school, and visiting hospitals. This is especially problematic in areas without subway access, where alternative transportation options are limited. What Are Essential Public Services? Minimum Service During StrikesEssential public services refer to public services that significantly impact citizens' lives, safety, and daily activities. Currently, railways, urban subways, air traffic control, hospitals, and utilities like electricity and water are designated as essential public services under labor laws. Being designated as an essential public service does not prohibit strikes. Employers and unions negotiate essential maintenance agreements to determine the minimum services and personnel required during strikes, ensuring that critical services continue. In contrast, city buses in Seoul are not yet classified as essential public services, leading to repeated service shutdowns during strikes. "Protecting Citizens' Mobility Rights Is Important Alongside Labor Rights"Labor unions oppose the designation of buses as essential public services.The Korean Public Service and Transport Workers' Union recently held a press conference, stating, "If designated as essential public services, workers' rights to collective action could be severely restricted," and called on the government to halt its push for this designation. The union argues that improving safety staffing, working conditions, and addressing structural issues in the semi-public system should take precedence. Conversely, citizens argue that buses are as essential for daily life as subways, and therefore, a minimum level of service should be guaranteed. A worker residing in Gangbuk District stated, "While subways maintain some level of service during strikes, buses come to a near-complete halt, which is hard to understand. We should respect the right to strike, but it shouldn't impede citizens' commutes." Need for Minimum Service Guarantees in Expanded Semi-Public SystemExperts explain that the shift of city buses from a primarily private system to a semi-public system supported by local governments is a key factor in the discussion about designating them as essential public services. The semi-public system allows private bus companies to operate vehicles while local governments manage routes and fares, covering deficits with public funds. This system is implemented in Seoul and 11 other local governments nationwide, with support amounting to approximately 2.4 trillion won last year. According to the Seoul Bus Transportation Association, the standard daily operating cost for city buses in Seoul has nearly doubled from about 440,000 won in 2004 to 860,000 won in 2023, with labor costs now accounting for 75% of total expenses. Given that the semi-public system is funded by taxpayer money, there is growing support for maintaining at least minimal public services during strikes. Currently, a bill to include semi-public city buses as essential public services has been introduced in the National Assembly. Seoul Mayor Oh Se-hoon has emphasized that designating essential public services is not about eliminating the right to strike but is a necessary measure to protect citizens' fundamental mobility rights. Experts suggest that maintaining 20-30% of normal service levels during peak commuting hours, especially in areas lacking alternative transportation, should be considered. However, they also caution that the scope of essential maintenance work and minimum service levels should be defined reasonably to avoid excessively restricting workers' rights. Additionally, enhancing financial transparency in the semi-public system and improving management of bus companies are also necessary. Transportation experts agree that reforming the semi-public system and ensuring citizens' mobility rights are not mutually exclusive issues but should be pursued together. 2026-07-26 09:04:00
  • President Lee Proposes U.S.-Korea Startup Alliance, Signs MOU with Six VCs
    President Lee Proposes U.S.-Korea Startup Alliance, Signs MOU with Six VCs President Lee Jae-myung proposed on July 25 that South Korea and the United States expand their cooperation beyond security to include technology, innovation, and startups during a meeting with leading venture capitalists in San Francisco. The National Pension Service signed a memorandum of understanding (MOU) with six major Silicon Valley VCs to establish a framework for supporting domestic startups in attracting overseas investment.At the 'Silicon Valley Venture Investment Meetup' held at a hotel in San Francisco, President Lee stated, "Korea and the U.S. should broaden our cooperation from a long-standing security alliance to a technology alliance, an innovation alliance, and a startup alliance."The MOU includes participation from Andreessen Horowitz, Sequoia Capital, General Catalyst, New Enterprise Associates, Lightspeed Venture Partners, and Khosla Ventures. The total assets under management of these firms amount to approximately $313 billion.These VCs have been instrumental in discovering and nurturing global innovators such as OpenAI, Anthropic, Apple, Google, Airbnb, Uber, Coinbase, and Databricks. The National Pension Service and the six VCs aim to build a long-term partnership to enhance opportunities for domestic startups to attract foreign investment and enter the U.S. market.During a subsequent roundtable, participants shared insights on global venture investment trends and investment cases involving Korean companies, discussing the investment environment in Korea, areas for improvement, and collaboration strategies for the U.S.-Korea venture ecosystem.President Lee emphasized Korea's technological prowess, manufacturing competitiveness, digital infrastructure, and cultural strengths. He remarked, "When the promising startups of Korea meet your global investment capabilities, investors will gain new growth opportunities, and our startups will have a platform to leap into the global market. This is the most successful innovation model where investors and companies grow together."He further noted, "The U.S. possesses world-class venture investment capabilities and a global network, while Korea has outstanding technology, manufacturing competitiveness, and a dynamic startup ecosystem. If we combine our strengths, we can create the next generation of leading innovative companies like Samsung, Hyundai, SK, and Naver that will lead the world."The government plans to improve visa regulations that hinder the entry of overseas entrepreneurial talent and expand collaborative foundations connecting domestic and international companies, research institutions, and investment organizations. The government will also integrate the Fund of Funds, the National Growth Fund, pension funds, and private capital to comprehensively support promising startups in their growth into global enterprises.President Lee stated, "Venture capitalists are not just providers of funds; they are partners in innovation who discover technological potential and connect strategies and networks to help startups leap into the global market." He urged, "Let the world's talent, technology, and capital gather in Korea to create growth opportunities for the next 30 years, and be a strong partner for 'Irreplaceable Korea.'"* This article has been translated by AI. 2026-07-26 08:12:00
  • Russia preparing to receive 30,000 more North Korean troops, Zelensky says
    Russia preparing to receive 30,000 more North Korean troops, Zelensky says SEOUL, July 26 (AJP) -Ukrainian President Volodymyr Zelensky said Saturday that Russia is preparing to deploy another 30,000 North Korean troops to support its war in Ukraine, warning that the deepening military partnership poses a growing security threat beyond Europe. In his nightly address posted on X, Zelensky said Moscow had been preparing since June to receive the additional North Korean forces in Russia's Voronezh region, which borders northeastern Ukraine. "Russia wants to receive another 30,000 troops from North Korea," Zelensky wrote. "Since June, preparations have been underway in Russia's Voronezh region to receive them." He also alleged that Pyongyang is preparing to transfer additional launchers for ballistic missiles to Russia. "This is a threat not only to Ukraine," Zelensky said. "Russia is helping North Korea learn how to wage war, improve its weapons and gain real combat experience in using them. All of this poses a threat to every country in Asia within range of North Korean missiles." The remarks come as military cooperation between Moscow and Pyongyang continues to deepen under a mutual defense treaty signed by Russian President Vladimir Putin and North Korean leader Kim Jong Un during their summit in Pyongyang in June 2024. North Korea is estimated to have dispatched about 14,000 troops to Russia's Kursk region beginning in late 2024 to help repel a major Ukrainian incursion, according to Ukrainian and Western intelligence assessments. Kyiv has since warned that Pyongyang could expand its military contribution as Russia seeks to sustain its battlefield offensive. South Korean and U.S. intelligence agencies have previously assessed that North Korea has rotated forces into Russia in several waves, with the deployments including combat troops as well as engineering units. NK News, citing Ukrainian intelligence, reported that roughly 14,000 North Korean personnel remained stationed in Russia earlier this year after an estimated four deployments totaling about 20,000 troops. The latest allegation follows North Korean Foreign Minister Choe Son Hui's visit to Russia earlier this month. Kremlin spokesman Dmitry Peskov said President Putin thanked the North Korean leadership for its assistance in what Moscow calls its "special military operation" in Ukraine. Neither Russia nor North Korea immediately commented on Zelensky's latest claim. The reported plan to deploy an additional 30,000 troops could not be independently verified. If confirmed, the reinforcement would represent the largest single expansion of North Korea's military involvement in the conflict and underscore the increasingly strategic nature of the Moscow-Pyongyang partnership as the war enters its fifth year. 2026-07-26 07:32:35
  • Section 301 cases offer room for negotiation as Korea: KITA
    Section 301 cases offer room for negotiation as Korea: KITA SEOUL, July 26 (AJP) -About half of the U.S. trade investigations launched under Section 301 over the past decade ultimately ended with tariffs being suspended or withdrawn through negotiations rather than fully enforced, offering South Korea a potential playbook as it seeks to avoid additional duties from Washington's ongoing excess-capacity probe. The finding comes from an analysis by the Korea International Trade Association (KITA), which argues Seoul should capitalize on that track record after the United States imposed a 12.5 percent Section 301 tariff on Korean goods over forced-labor concerns this week. According to KITA's Institute for International Trade, the Office of the U.S. Trade Representative (USTR) has launched 14 Section 301 investigations since President Donald Trump's first administration began in 2017. Four cases, including the investigation into industrial overcapacity affecting South Korea, remain under review, while 10 have been completed. Of those completed cases, only five resulted in tariffs being implemented, while the other five ended with duties suspended or abandoned following bilateral negotiations or broader international agreements. Section 301 of the U.S. Trade Act of 1974 authorizes Washington to impose retaliatory trade measures against countries deemed to engage in unfair or discriminatory trade practices. One of the clearest precedents cited by KITA is the U.S. investigation into China's shipbuilding, maritime and logistics sectors. Although Washington decided to impose port fees on Chinese-built vessels, implementation was postponed until November 2026 after the United States and China agreed to a one-year trade truce. Vietnam likewise avoided tariffs following Section 301 investigations into its currency policy and illegal timber imports, with both disputes settled through negotiated commitments and monitoring mechanisms rather than punitive duties. Similar outcomes were reached in disputes over digital services taxes imposed by France, India, Italy and other countries, as well as the long-running Airbus subsidy case involving the European Union and the United Kingdom. The report argues those cases demonstrate that Section 301 investigations have often functioned as negotiating leverage rather than automatic tariff actions, particularly for countries with strategic economic relationships with the United States. The latest forced-labor case, however, followed a different path. After opening simultaneous Section 301 investigations into forced labor and industrial overcapacity in March, the USTR finalized tariffs of 10 to 12.5 percent on 60 economies this week, replacing the temporary global tariff imposed under Section 122, which expired on July 24. South Korea, Japan and Switzerland were assigned an effective tariff ceiling of 12.5 percent. KITA said the forced-labor investigation moved unusually quickly, reaching a final decision in just four months compared with the roughly one year typically required for Section 301 cases. The institute attributed the speed to Washington's need to replace the expiring Section 122 tariff regime after legal challenges to the International Emergency Economic Powers Act (IEEPA) tariffs. The trade group nevertheless believes the still-pending excess-capacity investigation may leave more room for negotiation because it does not face the same policy urgency. South Korea is among 16 economies under investigation for alleged structural overcapacity. KITA warned that additional tariffs could still be imposed, potentially pushing Korea's overall tariff burden above the 15 percent ceiling agreed during last year's bilateral tariff negotiations unless Seoul secures exemptions or preferential treatment. The report recommends that Seoul use its previous trade agreement with Washington, pledged U.S. investment projects and the Korea-U.S. shipbuilding partnership under the MASGA initiative as bargaining chips in any forthcoming negotiations. It also urges the government to continue outreach even if new tariffs are announced, arguing that past Section 301 cases show implementation can still be delayed or modified through sustained engagement. "The forced-labor tariffs have now been finalized, and the results of the excess-capacity investigation are expected to follow soon," KITA senior researcher Jeon Yoon-sik said in the report. "Even during the first Trump administration, many Section 301 investigations ended with tariff suspensions or monitoring arrangements rather than immediate enforcement. Active negotiations could still secure a postponement or relief even after the investigation concludes." KITA will hold a briefing for businesses on July 29 at COEX in Seoul to explain the new U.S. Section 301 measures, developments surrounding Section 122 refund litigation and practical customs responses to Section 232 tariffs. The seminar will also cover IEEPA tariff refunds and the outlook for the ongoing excess-capacity investigation, reflecting growing concern among Korean exporters over the next phase of U.S. trade actions. 2026-07-26 07:20:13
  • President Lee: South Korea Will Care for Its Overseas Citizens
    President Lee: South Korea Will Care for Its Overseas Citizens 이재명 대통령은 25일(현지시간) “이제 동포 여러분이 조국을 걱정하는 것이 아니라 조국이 동포 여러분을 걱정하는 대한민국을 만들겠다”고 밝혔다. 이 대통령과 김혜경 여사는 이날 미국 샌프란시스코를 비롯한 서부지역 동포 200명을 초청해 오찬 간담회를 열고 동포사회의 건의 사항을 청취했다. 강유정 청와대 수석대변인의 서면 브리핑에 따르면 행사에는 샌프란시스코·베이 지역 한인회와 실리콘밸리한인회 등 주요 동포단체 관계자, 민주평화통일자문회의 자문위원, 종교·예술·교육계 인사들이 참석했다. 이 대통령은 격려사에서 “대한민국은 어려움 속에서도 새로운 도구를 유용하게 활용해 새로운 길을 찾는 장점이 있다”며 “과거에는 우리가 다른 나라의 기술을 따라가는 입장이었다면 이제는 많은 나라가 대한민국의 첨단 기술을 배우고 싶어 하는 상황”이라고 평가했다. 이어 “대한민국이 1년이라는 짧은 기간 동안 첨단기술과 인공지능(AI) 분야에 집중하기로 결정한 데 대해 전 세계가 관심을 갖고 있다”며 “동포 여러분도 최근 우리나라의 달라진 위상을 체감하는 것처럼 대한민국 없이는 아무것도 할 수 없는 ‘대체불가 대한민국’을 만들겠다”고 강조했다. 김한일 샌프란시스코한인회장은 환영사에서 “독립운동의 성지이자 한인 이민 역사의 중심지인 샌프란시스코에는 도산 안창호 선생과 이대위 목사를 비롯한 선구자들의 숭고한 헌신이 있었다”고 소개했다. 그러면서 “대한민국이 세계의 존경과 신뢰를 받는 선진국으로 발전하는 길에 재외동포도 함께하겠다”고 말했다. 간담회에서는 한인 기업과 자본의 글로벌 진출, 동포사회와 정부 간 소통채널 구축, 해외 과학기술인 지원 확대 등에 대한 건의가 이어졌다. 김동신 센드버드 대표는 인구 감소에 따른 내수시장 축소를 언급하며 “한국 경제의 유일한 돌파구는 사업과 자본의 글로벌 진출”이라고 말했다. 이어 “한인 기업가와 자본이 뻗어나갈 ‘고속도로’를 깔고 해외 자본과 인재가 다시 돌아올 수 있는 ‘유입로’를 뚫어달라”고 요청했다. 민유선 미주한인위원회 의장은 동포들이 미국 사회에서 구축한 인적 네트워크를 활용할 수 있도록 재미 한인 지도자와 한국 정책 책임자 사이에 정기적인 소통채널을 마련해 달라고 제안했다. 김지현 재미한인과학기술자협회 실리콘밸리지부장은 연구비와 장기적인 연구 지원, 창업·투자 환경 차이로 인해 우수한 해외 한인 과학기술인들이 한국행을 망설이고 있다며 젊은 과학기술인을 위한 안정적인 연구과제와 지원체계 확대를 건의했다. 참석자들은 K콘텐츠의 글로벌 경쟁력 강화와 전통주의 체계적인 해외 마케팅·수출 지원도 요청했다. 한 참석자는 일본의 사케 세계화 사례를 언급하며 우리 전통주 역시 세계 시장에서 경쟁력을 높일 수 있도록 정부가 지원해야 한다고 말했다. 이 대통령은 “동포 여러분의 문제는 개인의 문제일 수도 있지만 모두의 문제이자 대한민국의 문제”라며 동포사회의 어려움을 정책에 반영하겠다는 뜻을 밝혔다. 이 대통령은 세계 각지에서 동포들을 만날 때마다 비슷한 어려움을 듣고 있다며 “오늘 못다 한 이야기는 대사관을 통해 남겨달라”고 당부했다. 한편 문화공연에서는 한인 청소년 연주 봉사단체인 ‘뮤즈앙상블’이 모차르트의 ‘아이네 클라이네 나흐트무지크’와 ‘그리운 금강산’을 연주했다.* This article has been translated by AI. 2026-07-26 07:04:00
  • Koreas Chimaek diplomacy gets a Silicon Valley AI makeover
    Korea's Chimaek diplomacy gets a Silicon Valley AI makeover SEOUL, July 26 (AJP) - South Korea's signature chimaek culture — fried chicken and beer — found a Silicon Valley twist on Friday as President Lee Jae Myung clinked Budweiser bottles over burgers and fish and chips with Nvidia CEO Jensen Huang, Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Chung Euisun and other AI leaders on San Francisco's waterfront. The informal dinner at a marina restaurant, following a day of high-level meetings and an AI summit, was designed to mirror the relaxed "chimaek diplomacy" Huang enjoyed during his visit to Seoul last year, when the Nvidia chief famously bonded with Korean business leaders over fried chicken and barbecue. This time, California seafood and beer replaced Korean fare, but the objective remained the same: forging personal ties behind one of the world's fastest-growing AI partnerships. Earlier in the day, Lee held separate meetings with OpenAI CEO Sam Altman, Nvidia CEO Jensen Huang, Broadcom CEO Hock Tan and Anthropic CEO Dario Amodei, urging each company to deepen participation in South Korea's AI ambitions. Lee introduced his administration's three mega AI projects and said South Korea was transforming itself into an AI-native economy spanning industry and society. Huang praised Seoul's vision, saying South Korea's ambition to become an "AI-native nation" was inspiring and that the country possessed the talent and industrial foundation to build sovereign AI if it secured sufficient access to graphics processing units. He also highlighted Nvidia's expanding cooperation with Samsung Electronics, SK hynix, Naver, Hyundai Motor and a planned joint AI research institute with KAIST. Altman described South Korea as one of OpenAI's most important partners and praised Lee's AI leadership. He said equity-based wealth-sharing models could prove more effective than simple cash transfers in the AI era and called Korea's investments in physical AI, energy infrastructure and its three mega projects globally exemplary. OpenAI also expressed interest in using South Korea as a test bed for its next-generation AI devices scheduled for release early next year. Meeting Hock Tan, Lee emphasized that governments and companies must jointly build AI ecosystems rather than compete independently. Tan praised South Korea's AI strategy and highlighted Broadcom's partnerships with Samsung Electronics, SK hynix and Korean AI startup FuriosaAI, predicting AI infrastructure demand would continue expanding through at least 2029. Amodei said Anthropic would expand cooperation with South Korea in data centers, AI security and cybersecurity after signing a memorandum of understanding with Seoul's science ministry. The meetings culminated in the San Francisco AI Summit, where Lee unveiled the San Francisco AI Declaration, pledging to make South Korea an "irreplaceable" pillar of the global AI supply chain by leveraging its leadership in memory semiconductors, advanced manufacturing and AI infrastructure. The summit also produced a series of commercial commitments between Korean conglomerates and global technology companies. According to the presidential office, SK Group agreed to pursue long-term AI infrastructure cooperation with global technology firms, Samsung Electronics expanded strategic cooperation with Broadcom, while Naver announced plans to develop global AI factories with Nvidia and Brookfield. Together with planned investments in AI data centers and computing infrastructure, the announced projects represent commitments valued at roughly $950 billion. Ending the day around a waterfront dinner table rather than a conference stage, Lee sought to reinforce a broader message that South Korea intends to pair its manufacturing strengths with America's AI software leadership — not only through investment pledges and semiconductor deals, but also through the personal relationships increasingly shaping the global AI race. After concluding his AI-focused visit to San Francisco, Lee headed to South America, where he pledged to deepen cooperation on critical minerals and revive trade talks with the Mercosur bloc. 2026-07-26 07:01:35
  • President Yoon Calls for Stronger Korea-South America Ties in Key Minerals and Manufacturing
    President Yoon Calls for Stronger Korea-South America Ties in Key Minerals and Manufacturing President Yoon Suk Yeol stated on July 25 that the relationship between South Korea and South America is entering a "new phase," emphasizing the need to resume trade agreement negotiations with Mercosur and strengthen cooperation in key minerals for the AI era.During his visit to the United States and three South American countries (Brazil, Chile, and Argentina), Yoon made these remarks in a written interview with Spain's EFE news agency, aimed at informing South American citizens about the purpose of his visit. He noted, "The cooperation between the two sides should not merely be an exchange of natural resources for manufactured goods, but rather a relationship that creates value together through innovation, investment, technology, and talent."Yoon assessed that "Mercosur member countries are global leaders in agriculture, food production, energy, and key minerals, while South Korea excels in advanced manufacturing, digital technology, shipbuilding, batteries, and innovation." He highlighted that South America possesses essential resources for future industries, and South Korea has the advanced technology, industrial know-how, and investment capabilities to match.He explained, "By combining these strengths, we can build resilient value chains that benefit both regions, fostering resilient supply chains, nurturing new industries, and creating quality jobs that benefit both areas."Yoon also pointed out that as concerns grow over the spread of protectionism, geopolitical tensions, supply chain disruptions, and energy security, countries need reliable partners and trade based on clear norms and mutual trust.In this context, he identified modernizing the Korea-Chile Free Trade Agreement, South Korea's first free trade agreement signed and enacted in 2004, as a key objective of his visit to enhance economic cooperation with South America.Yoon stated, "Now, more than 20 years after the agreement was signed, we have the opportunity to modernize it to reflect new areas such as digital trade, environmental cooperation, labor standards, gender equality, and innovation."He concluded, "Our goal is clear: to build deep relationships not only in economic success but also in social exchanges and cooperation between future generations between South Korea and South America."* This article has been translated by AI. 2026-07-26 06:52:00
  • Netanyahu Visits U.S. Amid Rising U.S.-Iran Tensions
    Netanyahu Visits U.S. Amid Rising U.S.-Iran Tensions As military tensions escalate between the U.S. and Iran over the Strait of Hormuz, Israeli Prime Minister Benjamin Netanyahu is set to visit the United States for talks with President Donald Trump. The discussions are particularly noteworthy given Trump's previous push for peace negotiations with Iran and Netanyahu's hardline stance.According to Axios, Trump is scheduled to meet with Netanyahu on July 28. Netanyahu's trip to the U.S. will last from July 27 to July 29. The Times of Israel reported that Netanyahu announced his visit to attend the memorial service for former Republican Senator Lindsey Graham, who passed away on July 11, after which the meeting with Trump was arranged.Since the beginning of Trump's second term, Netanyahu has visited the White House six times, making him the most frequently visiting world leader. However, there are concerns that Netanyahu may not receive a warm welcome from the pro-Trump faction within the Republican Party. Axios noted, "Netanyahu is unpopular among both Democrats and even some pro-Trump figures in Washington today."Nevertheless, with Trump considering a resumption of large-scale military operations against Iran, there is a possibility that Netanyahu could be welcomed back. Axios reported that U.S. military operations may likely include joint military actions with Israel, similar to the "Operation Grand Fury" that began on February 28. The meeting between the two leaders is expected to be significant for Trump's decision-making regarding military actions and cooperation between the two countries.Netanyahu's visit has also sparked a verbal exchange between New York City Mayor Zoran Mamdani and Trump. According to The Hill, Mayor Mamdani stated that Netanyahu should be arrested during his visit to the U.S. for alleged war crimes related to the Israel-Hamas conflict. However, Trump refuted this claim, leading to a situation where Mamdani ultimately acknowledged he did not have the authority to arrest Netanyahu.There is also speculation that the meeting between Trump and Netanyahu may address the normalization of diplomatic relations between Saudi Arabia and Israel. Recently, the U.S. reached an agreement with Saudi Arabia regarding the reprocessing of nuclear fuel. However, Trump emphasized that for Saudi Arabia to enter into a civilian nuclear agreement, it must join the "Abraham Accords" that Israel has signed with Arab nations, as reported by Fox News. The Abraham Accords, signed in September 2020 by the U.S., Bahrain, the United Arab Emirates, and Israel, led to the establishment of diplomatic relations between the UAE, Bahrain, and Israel, with Sudan, Morocco, and Kazakhstan joining later.The New York Times noted that the meeting comes at a critical time as the conflict with Iran approaches the five-month mark. The Iranian government has rejected the ceasefire proposal put forth by the U.S., and recent exchanges of fire have continued for 13 consecutive days.* This article has been translated by AI. 2026-07-26 05:04:00
  • President Lee Welcomes EU Exemption on Russian LNG Exports to South Korea
    President Lee Welcomes EU Exemption on Russian LNG Exports to South Korea President Lee Jae-myung expressed optimism on July 25 regarding the European Union's decision to exempt South Korea from sanctions related to the import of liquefied natural gas (LNG) from Russia's Sakhalin-2 project. He stated, "In a situation where energy supply uncertainty is increasing, I expect this will greatly help the daily lives of our citizens and our economy."While on a tour of the United States and South America, President Lee shared the news on X (formerly Twitter), saying, "I was pleased to hear that our companies have been recognized as exceptions to the EU's sanctions on Russian LNG."He added, "During my meeting with EU leaders in June, I explained the need for exceptional allowances for our energy security and urged their active interest in this matter."President Lee promised to continue to do his utmost to protect the lives of citizens and national interests through thorough responses.The EU adopted its 21st package of sanctions against Russia on July 23, which includes an exemption allowing South Korea to import LNG produced from the Sakhalin-2 project until March 2028.The South Korean government explained that this development is a result of significant progress made during the Korea-EU summit held in Brussels on June 10, where the issue of importing Russian LNG was a key economic and trade concern.The government has been requesting the EU to apply the exemption to ensure that the Korea Gas Corporation can import 1.5 million tons of LNG annually from the Sakhalin-2 project under a long-term contract from April 2008 to March 2028, preventing any disruptions in LNG supply. 2026-07-26 02:40:00
  • Hanwha Life Vietnam Reports Growth Amid Recovery in Vietnamese Insurance Market
    Hanwha Life Vietnam Reports Growth Amid Recovery in Vietnamese Insurance Market As the Vietnamese insurance market shows signs of recovery, Hanwha Life Vietnam has reported simultaneous growth in assets and profits for the first half of the year. While the life insurance sector continues to experience a decline, the rate of decrease has slowed. Hanwha Life Vietnam is expanding its presence in the local long-term financial planning market by leveraging its financial stability, sales network, and digital consulting system.According to local media reports, including VnExpress, Hanwha Life Vietnam recorded total assets of approximately 24 trillion VND (about 1.33 trillion KRW) in the first half of this year, marking a 10% increase compared to the same period last year. The company stated that it has maintained its asset growth trend since 2023, strengthening its financial foundation despite a volatile market environment.Profitability indicators also improved in the first half. Hanwha Life Vietnam's financial activity revenue exceeded 8250 billion VND (approximately 459.5 billion KRW), a 26% increase from the previous year. Pre-tax profit reached about 5500 billion VND (approximately 306.35 billion KRW), up 67% year-on-year. The solvency ratio stood at 461%, exceeding current regulatory requirements. The company explained that these indicators reflect its operational efficiency, financial management capabilities, and ability to fulfill long-term contracts.The scale of customer benefit payments was also highlighted as a key aspect of the first half's performance. Hanwha Life Vietnam paid out over 7940 billion VND in insurance claims and benefits from January to June this year. The company emphasized that its commitment to supporting customers throughout the insurance contract period has been validated through actual payments, particularly highlighting its protective role during challenging times for customers.A representative from Hanwha Life Vietnam commented on the first half's results, stating, "The growth outcomes demonstrate the management's consistent operational direction focused on sustainable development rather than short-term expansion." The company is strengthening its financial foundation and improving governance efficiency while continuing to invest in core competencies in preparation for the next stage of growth.Vietnam's Life Insurance Market Shows Reduced Decline Amid RecoveryThis performance aligns with the recovery signals in the Vietnamese insurance market. According to a regular press conference held by the Ministry of Finance on June 17, the Vietnamese insurance market is showing signs of recovery following a crisis of confidence in the life insurance sector from 2022 to 2023. Pham Tu Phuong, Deputy Director of the Insurance Management and Supervision Department, stated, "The Vietnamese insurance market is particularly showing signs of recovery following the crisis of confidence in the life insurance sector."The overall revenue of Vietnam's insurance market is estimated to have increased moderately in the first half of this year. The Ministry of Finance reported that total insurance market revenue is projected to have grown by about 2% in the first half of 2026. Among these, the non-life insurance sector is expected to increase by over 12%. In contrast, the life insurance sector is projected to decline by about 4%, although the pace of decline has significantly slowed.The authorities are also accelerating improvements to the management system to support the recovery of the insurance market. The Ministry of Finance and regulatory authorities are speeding up digital transformation and enhancing inspections and supervision. They are also engaging in dialogue with insurance companies to address industry challenges and improve management efficiency, promoting sustainable market development.Expectations for market recovery are linked to policy goals. With support measures from the Vietnamese government and the Ministry of Finance coinciding with a target of double-digit economic growth, the insurance market is expected to continue its recovery trend. Authorities believe that the gap between the target of increasing insurance premium income to 3.3% to 3.8% of GDP by 2030 will gradually narrow.In terms of market evaluation, Hanwha Life Vietnam maintains a stable position. It has been listed in the "Top 10 Reputable Life Insurance Companies" for ten consecutive years, as reported by Vietnam Report this year. Given that life insurance contracts and coverage periods can extend for decades, maintaining a long-term ranking reflects operational stability, management capabilities, and service quality.The sales network and consulting personnel are also becoming a core foundation of local operations. Currently, Hanwha Life Vietnam has over 41,300 financial planners and 135 customer service centers nationwide. The company is focusing on enhancing planner training, standardizing capabilities, and supporting consulting systems to help customers establish suitable coverage plans at different life stages.Investment in digital technology is also being pursued as a key component of enhancing consulting competitiveness. In early May, Hanwha Life Vietnam launched the H-Planner application for financial planners. This app applies artificial intelligence to the insurance consulting process, connecting customers' coverage needs and financial planning from a life stage perspective into a single framework. It visualizes financial planning and risk scenarios, making the consulting process more transparent and understandable, and supports customers in making decisions aligned with their long-term goals.The product portfolio is also expanding to meet changing customer demands. Hanwha Life Vietnam offers a variety of options, from health risk, accident, and critical illness coverage to products that combine protection and accumulation features. The "Prosperity Partner" product launched in April exemplifies this strategy, allowing customers to maintain coverage benefits until age 80 after paying premiums for just five years. Coverage benefits can reach up to 175% of the insured amount, and the cash value can equal the total premiums paid immediately after the payment period ends.Hanwha Life Vietnam views its first-half performance as a stepping stone to strengthen its position in the local market. The company explained that improvements in financial capabilities, qualitative enhancements in the planner organization, product innovation, technological advancement, and enhanced customer experience have all been achieved together. As the entire insurance market is positioned within a trend of recovering trust and strengthened supervision, securing a foundation for sustainable growth is emerging as a key aspect of future competitiveness.Meanwhile, Hanwha Life Vietnam, a subsidiary of Hanwha Group, has established its business foundation in Vietnam for 18 years. The company aims to provide protection and peace of mind at key life stages for customers, based on Hanwha Group's financial foundation, international management experience, and sustainable management philosophy.* This article has been translated by AI. 2026-07-25 23:12:00