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  • Kias profit falls 5% despite record sales in Q2
    Kia's profit falls 5% despite record sales in Q2 SEOUL, July 24 (AJP)-Kia mirrored bigger sibling Hyundai Motor in posting record quarterly revenue but weaker profitability, as rising costs eroded margins despite robust sales. South Korea's second-largest automaker said Friday that consolidated revenue rose 12.6 percent from a year earlier to a record 33.04 trillion won ($23.8 billion) in the April-June period. Operating profit declined 4.9 percent to 2.63 trillion won, despite the record sales, while net profit stood at 2.33 trillion won, according to a regulatory filing. The operating result fell short of market expectations. The results underscore the challenge facing global automakers as tariffs, intensifying competition and higher costs continue to squeeze margins even as revenue remains resilient through strong demand for higher-value models. The company is expected to provide further details on the earnings drivers and its outlook for the second half during its earnings conference call later Friday. Shares fell 11 percent to 133,000 won. 2026-07-24 14:32:11
  • First Chinese Mathematicians Awarded Fields Medal, Often Referred to as the Nobel Prize of Mathematics
    First Chinese Mathematicians Awarded Fields Medal, Often Referred to as the Nobel Prize of Mathematics For the first time, Chinese mathematicians have been awarded the Fields Medal, often referred to as the Nobel Prize of Mathematics.The International Mathematical Union (IMU) announced the winners of the Fields Medal on July 23 during the International Congress of Mathematicians (ICM) held in Philadelphia, USA. The recipients include Deng Yu, Wang Hong, John Pardon, and Jacob Zimmerman, with Deng and Wang being Chinese.The IMU holds the ICM every four years and can award a maximum of four Fields Medals at each event. The award is given exclusively to mathematicians under the age of 40.Deng Yu, born in 1989, won a gold medal at the International Mathematical Olympiad (IMO) in 2006. He entered the mathematics department at Peking University in 2007 without an entrance exam, later transferring to MIT and earning his Ph.D. from Princeton University. He is currently a professor at the University of Chicago. Professor Deng received the Fields Medal for his contributions to the field of partial differential equations related to statistical mechanics and quantum mechanics.Wang Hong, born in 1991, enrolled in the School of Earth and Space Sciences at Peking University at the age of 16 in 2007, later transferring to the School of Mathematical Sciences the following year. Wang is a classmate of Deng at Peking University. He obtained his master's degree from Paris-Saclay University and his Ph.D. from MIT. He is currently a tenured professor at the Institute of Higher Scientific Studies (IHES) in France. Professor Wang has made significant achievements in harmonic analysis and geometric measure theory, notably solving the challenging Kakeya conjecture in three dimensions.The Observer Network noted, "The simultaneous awarding of the Fields Medal to two Chinese mathematicians is a groundbreaking event in the history of Chinese mathematics."* This article has been translated by AI. 2026-07-24 14:28:00
  • Police Conduct Search of Suspects Home and Vehicle in Arson Case
    Police Conduct Search of Suspect's Home and Vehicle in Arson Case The Gyeongbuk Provincial Police Agency has conducted a search of the home and vehicle of a 71-year-old suspect, identified as Yoo, in connection with an arson incident at an apartment management office in Gyeongsan.According to Yonhap News Agency, police began executing a search warrant at 1:30 p.m. on July 24, deploying investigators to gather evidence related to the case from the suspect's residence and vehicle.Authorities plan to analyze the materials obtained during the search quickly to determine the circumstances of the incident, the motive behind the crime, and whether it was premeditated.Yoo is accused of setting fire to the management office of an apartment complex at 8:29 a.m. on July 23, resulting in injuries to eight individuals, including himself.As a result of the fire, a 50-year-old female resident, referred to as B, was pronounced dead at a hospital at 11:10 a.m. on the same day. The police have since upgraded Yoo's charges from arson causing injury to arson causing death.B was initially treated at a specialized burn hospital in Daegu but was later transferred to Seoul for further treatment as her condition worsened, ultimately leading to her death.Reports indicate that Yoo was attempting to check the management office's closed-circuit television system when the incident occurred.The police stated, "It is difficult to disclose specific details related to the investigation."* This article has been translated by AI. 2026-07-24 14:28:00
  • Trump Loses Patience in Ongoing Iran Conflict, Shifts Focus to Military Pressure
    Trump Loses Patience in Ongoing Iran Conflict, Shifts Focus to Military Pressure President Donald Trump is reportedly losing patience with the ongoing conflict in Iran, which has now entered its fifth month, and is shifting his focus from diplomatic solutions to military pressure. As the war continues to escalate, concerns are growing within the White House and the Republican Party about the potential negative impact on the upcoming midterm elections in November due to rising U.S. military casualties and economic burdens.The Wall Street Journal reported on July 23, citing U.S. administration officials and Trump’s close aides, that "President Trump has recently expressed strong anger towards the Iranian leadership."One senior administration official stated, "The President has entered 'retaliation mode' against Iran," believing that Iran only responds to military pressure and seeing no viable options other than continuing airstrikes.Initially, Trump expected the conflict with Iran to conclude within weeks, but it has now persisted for five months. In April, he announced a ceasefire and in June, a memorandum of understanding (MOU) was signed to resume navigation in the Strait of Hormuz. However, the lull did not last long.Trump has recently expressed skepticism about the possibility of negotiations leading to sustainable peace. He has reportedly voiced frustration to his aides over the lack of a clear representative for the Iranian leadership in negotiations and the fact that Iran resumes attacks whenever progress is made.Trump's son-in-law Jared Kushner and special envoy Steve Witkoff still believe a deal with Iran is possible. However, other aides emphasize that the likelihood of a peace agreement is low, leaning towards the continuation of military operations.In recent weeks, the U.S. and Iran have escalated their conflict, exchanging airstrikes and missile and drone attacks. The Iranian-aligned Houthi militia in Yemen attacked two Saudi oil tankers, causing a spike in international oil prices. Trump warned that if Houthi attacks continue, Iran would face "massive military retaliation."The U.S. is bolstering its military presence in the Middle East with additional troops, fighter jets, medical personnel, and weapons in preparation for potential escalation. However, concerns are being raised that if the conflict drags on, the strain on U.S. ammunition stockpiles and domestic public opinion could increase, especially as Iran maintains its military capabilities despite multiple airstrikes.White House Press Secretary Caroline Levitt stated, "The U.S. signed an MOU with Iran, but Iran violated it by attacking commercial vessels and killing U.S. troops. President Trump will ensure that Iran pays a price until they come to the negotiating table in a meaningful way."As the war continues, political pressures are mounting in the U.S. Energy prices and the cost of living are rising, and with over ten U.S. military personnel killed, some aides are increasingly concerned that the conflict in Iran is damaging Trump's approval ratings and the Republican Party's prospects in the midterm elections.Trump maintains his stance on preventing Iran from acquiring nuclear weapons, believing that sustained bombing will break Iran's will to resist.Republican Congressman Michael McCaul remarked, "It seems that President Trump believes he has given peace a chance, but now he is returning to the original plan of military operations."* This article has been translated by AI. 2026-07-24 14:24:00
  • Court largely upholds landmark SK divorce ruling, cuts payout to 944 billion won
    Court largely upholds landmark SK divorce ruling, cuts payout to 944 billion won SEOUL, July 24 (AJP) — A South Korean appeals court on Friday largely reaffirmed its landmark ruling in the country's "divorce of the century," ordering SK Group Chairman Chey Tae-won to pay 944 billion won ($642 million) to his former wife, Roh Soh-yeong, after the Supreme Court sent the property division case back for retrial. The Seoul High Court's Family Division 1 reduced the property settlement from its previous 1.38 trillion won ruling but maintained that Roh is entitled to one of the largest divorce awards ever ordered in South Korea. The court did not explain its reasoning in open court. The decision follows the Supreme Court's ruling last October, which upheld the couple's divorce but ordered the Seoul High Court to reconsider only the property division after finding legal flaws in its earlier judgment. The top court left intact the previous 2 billion won alimony award. The long-running dispute has centered on whether Chey's stake in SK Inc., the holding company of South Korea's second-largest conglomerate, should be treated as marital property and how it should be valued. The case has attracted nationwide attention as the value of SK Inc.'s stake in AI memory chip leader SK hynix has soared during the years-long litigation. Chey, 65, and Roh, 65, have been embroiled in one of South Korea's most closely watched divorce battles since Roh sought a divorce and a share of the group's wealth after Chey publicly acknowledged an extramarital relationship. Following Friday's ruling, Chey's legal team said it was "sorry for causing public concern" and would decide whether to appeal again after reviewing the written judgment. The case is expected to return to the Supreme Court if Chey files a further appeal, extending a legal battle that has become a closely watched test of how South Korean courts treat inherited corporate wealth in divorce proceedings. 2026-07-24 14:23:31
  • Kia Reports Record Sales of 33 Trillion Won in Q2 Amid Tariff Challenges
    Kia Reports Record Sales of 33 Trillion Won in Q2 Amid Tariff Challenges Kia achieved record sales and the highest quarterly sales figures in its history in the second quarter of this year, driven by increased sales of electric vehicles (EVs) and hybrid vehicles (HEVs). However, operating profit saw a slight decline due to U.S. automotive tariffs and expanded sales incentives.On July 24, Kia announced in a regulatory filing that its consolidated revenue for the second quarter reached 33.037 trillion won, with an operating profit of 2.6285 trillion won. This represents a 12.6% decrease in revenue and a 4.9% drop in operating profit compared to the same period last year. The operating profit margin fell to 8%, down 1.4 percentage points from the previous year, although it has shown improvement for three consecutive quarters since hitting a low of 5.1% in the third quarter of last year.Sales figures also set a new record. Global wholesale sales in the second quarter totaled 851,639 units, a 4.5% increase from the same period last year. Domestic sales accounted for 154,816 units, while overseas sales reached 696,823 units. Global retail sales also rose to 839,000 units, up 5.8% year-on-year.Kia explained that despite a decline in global automotive market demand due to geopolitical instability in the Middle East and reduced demand in the Chinese market, it was able to increase sales by expanding its electrified model lineup and benefiting from new vehicle launches.In South Korea, sales of electric vehicles such as the EV3, EV5, and PV5 increased by 8.6% compared to the previous year. In the U.S., strong sales of SUVs like the Telluride, Sportage, and Sorento contributed to a 2.8% increase. In Western Europe, new models like the EV2, EV4, EV5, and PV5 led to a 12.9% increase, significantly outpacing the market growth rate of 4.8%.Thanks to strong sales, Kia's global market share expanded to 4.0% in the second quarter, up from 3.7% in the same period last year. The first half of the year also recorded the highest market share to date.The increase in revenue was largely driven by expanded sales of HEVs and EVs in the U.S. and Europe, which improved the average selling price (ASP). However, operating profit was pressured by increased sales incentives to compete with Chinese electric vehicle manufacturers in the domestic and Western European markets, as well as rising provisions for sales guarantees due to the depreciation of the won. The cost of sales ratio rose to 81.7%, an increase of 1.7 percentage points from the previous year, while the selling and administrative expense ratio improved by 0.3 percentage points to 10.3%.Sales of electrified vehicles also saw significant growth. In the second quarter, sales of electrified vehicles reached 296,000 units, a 60% increase compared to the previous year, accounting for 35.3% of total sales, an increase of 11.9 percentage points.Sales of EVs surged to 110,000 units, an 88.4% increase, driven by strong sales of the EV2, EV4, EV5, and the first purpose-built vehicle (PBV), the PV5. Domestic EV sales rose by 123.4%, while sales in Western Europe increased by 101.5%.Sales of hybrids also increased by 61% to 178,000 units. In particular, in the U.S., the launch of the Telluride hybrid and the Seltos hybrid contributed to a 151.6% increase in HEV sales, which accounted for 29.6% of total sales.Kia anticipates that it can achieve its annual performance goals in the second half of the year, supported by the effects of new vehicle launches and growing demand for electrification. In South Korea, it plans to expand sales of the EV3, EV5, and PV5.In the U.S. market, the flagship SUV Telluride (including hybrid models) will see an increase in annual production capacity to enhance profitability. The Sportage hybrid, the first Kia model produced at the Hyundai Motor Group Metaplant America (HMGMA), will begin deliveries in the second half of the year. Additionally, the Mexico-made EV3 is set to launch in the U.S. later this year.In Europe, local production of the EV2 and EV4 will maximize the price competitiveness of new mass-market EVs. Kia plans to strengthen its brand competitiveness in the commercial vehicle market through the PV5. The Seltos hybrid and K4 hybrid will be launched locally as HEVs. In emerging markets, including India and Latin America, Kia will continue to implement locally tailored strategic models and expand supply volumes.Jung Seong-guk, Executive Vice President of Kia's IR and Strategic Investment Division, stated, "We will maintain robust profit resilience through improvements in our sales mix focused on high-value vehicles and various cost reduction efforts." 2026-07-24 14:20:00
  • Choi Cheol-hong of Boram Group Wins 2026 Koreas Best CEO Award for Fifth Consecutive Year
    Choi Cheol-hong of Boram Group Wins 2026 Korea's Best CEO Award for Fifth Consecutive Year Choi Cheol-hong, chairman of Boram Group, has been recognized for his contributions to building trust and innovating services in the funeral industry.On July 24, Boram Group announced that Choi Cheol-hong received the Leadership Award at the '2026 Korea's Best CEO Awards.' This honor acknowledges his management achievements over the past 30 years in enhancing trust in the funeral industry and expanding service areas, marking his fifth consecutive win.Since founding Boram Funeral Services in 1991, Choi has led the modernization and systematization of funeral services in South Korea. He was the first in the industry to implement a price transparency system, increasing the clarity of funeral service costs and establishing reliable service standards for consumers.Additionally, he operates 14 directly managed funeral homes across the country, creating a standardized funeral service system, and has consistently invested in training professionals through the Cheonan Funeral Director Training Institute.Building on this competitive edge in funeral services, Boram Group has recently expanded its business portfolio to encompass a broader range of customer life stages.The company has diversified its offerings to include wedding and convention services, travel and leisure activities such as cruises and overseas trips, healthcare services linked to health check-ups and medical appointments, as well as pet services including pet funerals and jewelry.Earlier, on July 16, Choi was awarded for the tenth consecutive year in the social responsibility management category at the '2026 Korea's Most Influential CEOs' awards.A Boram Group representative stated, 'This award recognizes our leadership in enhancing the trust and quality of funeral services while expanding our business areas to align with changing customer lifestyles. We aim to grow as a life curation company that connects necessary services and experiences for our customers through collaboration with various industries.' 2026-07-24 14:16:00
  • FM holds talks with UK, ASEAN counterparts on sidelines of ASEAN meeting in Manila
    FM holds talks with UK, ASEAN counterparts on sidelines of ASEAN meeting in Manila SEOUL, July 24 (AJP) - South Korean Foreign Minister Cho Hyun held a series of bilateral meetings in Manila this week on the sidelines of the ASEAN Foreign Ministers' Meeting (AMM) including talks with newly appointed British Foreign Secretary Ed Miliband, the Ministry of Foreign Affairs here said on Friday. According to the ministry, Cho congratulated Miliband on his appointment and the launch of the new U.K. government led by Prime Minister Andrew Burnham. Miliband reaffirmed the importance of South Korea-U.K. relations and agreed to further strengthen bilateral ties. He also proposed expanding cooperation in multilateral frameworks such as the ASEAN Regional Forum (ARF), noting that the U.K. had secured ARF membership. The two sides reaffirmed the importance of South Korea-U.K. relations and agreed to further strengthen bilateral ties. Miliband also proposed expanding cooperation in multilateral frameworks such as the ASEAN Regional Forum (ARF), saying the U.K. has secured ARF membership. Cho also held separate meetings with his counterparts from six ASEAN countries including Brunei, Cambodia, Indonesia, the Philippines, Thailand and Viet Nam, as part of Seoul's efforts to expand practical cooperation with countries in the region. ASEAN is a key economic partner for South Korea and a central pillar of its Indo-Pacific strategy, with Seoul pursuing what it calls pragmatic diplomacy by strengthening both economic and security cooperation with the region. Cho also met with European Commission vice president Kaja Kallas to discuss regional developments including the situations in the Middle East and Ukraine. 2026-07-24 14:15:28
  • Prosecutors Seek Heavy Sentences for Military Leaders Involved in Emergency Martial Law
    Prosecutors Seek Heavy Sentences for Military Leaders Involved in Emergency Martial Law Prosecutors have requested severe sentences for military leaders charged with participating in the emergency martial law declared by former President Yoon Suk Yeol on December 3. The Special Investigation Team for Insurrection, led by Special Prosecutor Cho Eun-seok, asked the Seoul Central District Court's 26th Criminal Division, presided over by Judge Lee Hyun-kyung, to impose 30-year prison terms on former Army Counterintelligence Command Chief Yeon Hyung and former Capital Defense Command Chief Lee Jin-woo.Former Army Chief of Staff Park An-soo, who was the martial law commander at the time, faces a 25-year sentence, while former Army Special Warfare Command Chief Kwak Jong-geun and former Military Intelligence Command Chief Moon Sang-ho are each facing 20 years in prison.In their closing arguments, prosecutors emphasized that the defendants' actions disregarded constitutional procedures and aimed to incapacitate the functions of state institutions, including the National Assembly, through violent means. They stated, "This fundamentally undermined the core values of democracy," asserting that holding them accountable is a minimal measure for upholding constitutional order and ensuring trust and justice in the criminal justice process.The prosecutors particularly criticized the involvement of high-ranking officers representing the South Korean military in the emergency martial law, noting that these individuals were well aware of the consequences such actions would have on the nation, the military, and the public. They stated, "They left a significant scar on the mission and pride of the Republic of Korea's armed forces by involving the military in insurrection."The prosecution believes that Yeon, Lee, Kwak, and Moon actively participated in the planning and preparation for the emergency martial law for an extended period.Prosecutors described Yeon as having played a crucial role, stating, "He moved in tandem with his high school seniors Yoon Suk Yeol and Kim Yong-hyun from the conspiracy to execution stages, forming a united front with fellow Army Academy alumni Lee Jin-woo and Kwak Jong-geun, effectively serving as the brain behind the insurrection preparations."Regarding Lee, they noted, "When many citizens gathered at the National Assembly, making it difficult to contain the situation, he actively commanded military police to issue arrest orders or to forcibly remove lawmakers from the assembly."The afternoon session of the trial is expected to include the defendants' final arguments and statements.* This article has been translated by AI. 2026-07-24 14:04:00
  • Integrated Career Certification Service Launching on July 29 for Job Seekers
    Integrated Career Certification Service Launching on July 29 for Job Seekers Job seekers, small business employees, and freelancers will soon be able to verify and certify their career, qualifications, and training history all in one place through Employment 24. This integrated career certification service aims to reduce the burden of obtaining documents from multiple institutions and will support automatic resume completion and employer verification of experience.The Ministry of Employment and Labor announced on July 24 that the Employment 24 integrated career certification service will launch on July 29. The service is designed for young job seekers, current and former employees of small businesses, and freelancers to certify their scattered career information in one location.While large corporations and public institutions often have their own systems for issuing career certificates, employees and former employees of small businesses, as well as freelancers, have had to gather documents such as health insurance eligibility certificates, contracts, and bank statements on their own. Young job seekers also had to obtain various documents from different institutions to prove internships, certifications, education, vocational training, and language proficiency.Once the service is launched, users will be able to access government-verified career information through the Employment 24 website and app and obtain an integrated career certification issued in the name of the Minister of Labor. At the start, 24 types of career, qualification, training, and education information will be available, including employment insurance history, national technical qualifications, and vocational training completion information.The government plans to gradually link additional information, including freelance and overseas employment experience, certified private qualifications, university education information, Korean history proficiency, and language test scores, expanding the total to 31 types by 2027.Resume writing will also become easier. When creating a resume on Employment 24, users can click on their desired experiences from their entire career, which will be automatically filled in. Starting in November, with the consent of job seekers, career information will also be provided to private employment platforms to support the development of automatic resume completion services.The verification process for company HR personnel will be simplified. Previously, they had to verify each certificate submitted by applicants individually, but in the future, they will be able to check multiple applicants' experiences at once by scanning a QR code or entering an issuance number from the integrated career certification.This service originated from a policy proposal by young people. It is one of six policy initiatives suggested by the Youth Future Advisory Group of the Presidential Office, including the establishment of a 'freelancer career certification system.' Before the service launch, the Ministry of Labor held a 'Youth Career Certification Talk Concert' on the same day in Seongdong-gu, Seoul, where young people, company HR personnel, career counselors, and youth policy researchers participated to explain and demonstrate the service.Minister of Labor Kim Young-hoon stated, "The youth know their realities best, so the government will consider them as partners in policy rather than just subjects of policy. We will continue to innovate digital employment services so that young job seekers can spend more time developing their skills instead of running around to various institutions to prove their experience."* This article has been translated by AI. 2026-07-24 14:04:00