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  • Dongyang Life Insurance Moves Closer to Full Subsidiary Status Under Woori Financial
    Dongyang Life Insurance Moves Closer to Full Subsidiary Status Under Woori Financial Dongyang Life Insurance's plan to become a full subsidiary of Woori Financial Group has passed a shareholder meeting.On July 24, the company held an extraordinary general meeting where shareholders approved the comprehensive stock exchange agreement with Woori Financial Group by a majority vote.Previously, some minority shareholders expressed concerns over the stock exchange ratio and the method of determining the exchange price. In response, Dongyang Life held two shareholder meetings to explain the basis and procedures for the valuation.To minimize the exit of dissenting shareholders, Woori Financial Group raised the stock buyback price from 8,505 won to 9,356 won, a 10% increase, earlier this month.The stock exchange ratio is set at 0.2521056 shares of Woori Financial Group for each common share of Dongyang Life Insurance. The exchange prices have been established at 34,589 won for Woori Financial Group and 8,720 won for Dongyang Life.The securities registration statement submitted by Woori Financial Group became effective on July 16 after passing the Financial Supervisory Service's review, approximately two months after the FSS requested a corrected filing on May 26.Woori Financial Group is also expected to hold a board meeting today to approve matters related to the comprehensive stock exchange. Dongyang Life shareholders can exercise their stock buyback rights until August 3. Following this, all shares issued by Dongyang Life will be transferred to Woori Financial Group on August 11, with new shares of Woori Financial Group expected to be listed by the end of the month.Once the related procedures are completed and Dongyang Life is delisted from the securities market, it will officially become a full subsidiary of Woori Financial Group.* This article has been translated by AI. 2026-07-24 13:28:00
  • Editorial: Super-weak yen is Koreas problem too
    Editorial: Super-weak yen is Korea's problem too The yen has just done something it hasn't done in 40 years: it broke past 163 to the dollar, a level not seen since 1986. In Tokyo, that's being read as bad news for Japanese households, who now face pricier imports and a shrinking real income. But Seoul shouldn't be watching this from the sidelines. A weaker yen doesn't just weaken Japan's currency — it chips away at Korean export competitiveness and drags the won down with it. The won has been softening against the dollar too, but the yen is falling faster. That's the awkward part. Even as the won loses value, Korean goods are somehow becoming less price-competitive relative to Japanese ones. Korean firms are stuck importing oil, gas and raw materials in expensive dollars, while fighting for market share abroad against Japanese rivals who get a built-in discount from their own currency's collapse. It's a cost squeeze and a competitiveness squeeze at the same time. This isn't confined to a couple of legacy industries. Korea and Japan go head-to-head across autos, steel, machinery and petrochemicals, but also in semiconductor equipment, batteries, robotics and defense manufacturing — precisely the sectors both countries are betting their industrial futures on. A prolonged weak yen lets Japanese firms either cut export prices or plow their currency-driven windfall into R&D and capital investment. Korean firms, facing the same global buyers, are left choosing between defending market share by cutting margins or protecting margins by ceding orders. Smaller exporters, with the least room to absorb either option, take the hardest hit. Some argue Korean firms have closed the technology gap enough that yen weakness doesn't sting the way it once did. That may be true in segments where design and quality dominate. But in auto parts, machinery and materials — industries won on price as much as performance — an exchange-rate gap translates directly into lost orders. If a Japanese supplier can offer a comparable part for less, the incentive for a buyer to choose Korea shrinks accordingly. There's a second-order effect, too. Won and yen tend to move together as "Asian currencies" in the eyes of global investors. When the yen keeps sliding, foreign capital is more inclined to treat the won as part of the same weak-currency basket and sell accordingly — a dynamic that only intensifies if global financial markets turn volatile. A weaker won might sound like a small silver lining for exporters, but the costs outweigh the benefit. Import prices for oil, gas and grain rise, corporate foreign-currency funding gets more expensive, and a fragile consumption recovery gets harder still as living costs climb. This also complicates the Bank of Korea's job considerably. Domestic conditions argue for lower rates, but a weakening won and rising import prices argue against moving too quickly. Hold rates too high for too long to defend the currency, and households, the self-employed and small businesses absorb the interest burden instead. Super yen weakness is narrowing Korea's monetary policy options from both directions at once. The government's response can't stop at currency intervention. Smoothing out disorderly swings in the foreign exchange market is a stopgap, not a fix — it does nothing to close the underlying competitiveness gap. What's needed is a sector-by-sector look at where the yen shock is hitting hardest, along with expanded exchange-rate insurance and policy financing, particularly for smaller exporters heavily exposed to raw material imports. More fundamentally, Korean industry needs to build a structure that isn't so easily rattled by currency swings in the first place. While Japanese companies redirect their yen-driven profits into technology and capacity, Korean firms shouldn't be left boxed in by high interest rates, regulation and a sluggish domestic market. Without gains in core technology and productivity, the competitiveness gap will outlast the currency cycle that exposed it. A won that's weak, paired with a yen that's weaker still, is about the worst combination Korea could face right now — rising import costs, falling export competitiveness, and a monetary policy squeezed by currency instability on both sides. Super yen weakness shouldn't be filed away as a Japanese problem. It's a compound risk to the Korean economy, and it calls for action now, not after the fact. 2026-07-24 13:25:43
  • U.S. Airstrikes on Iran Continue for 13th Day, 4 Dead
    U.S. Airstrikes on Iran Continue for 13th Day, 4 Dead On July 23, the United States conducted airstrikes against Iran for the 13th consecutive night. Attacks targeted military facilities around the Strait of Hormuz and extended into southwestern Iran, resulting in casualties.The U.S. Central Command announced that the strikes began at 6:45 p.m. Eastern Time and concluded around 9 p.m., lasting approximately 2 hours and 15 minutes.Targets included Iranian military command centers, drone storage facilities, communication networks, and coastal surveillance bases. The Central Command described the operation as aimed at reducing threats posed by Iran to civilian mariners and commercial vessels transiting the Strait of Hormuz.The Central Command asserted that the Strait of Hormuz remains open and that commercial shipping continues. It also stated that more than 50,000 U.S. troops are currently deployed across the Middle East.Following the airstrikes, a series of explosions were reported in southern Iran, particularly around Hormozgan Province. Iranian state broadcaster IRIB reported that power lines were damaged in the major port city of Bandar Abbas, causing outages in some areas, and that two people were injured.Explosions, believed to be from missile attacks, were also reported on Qeshm Island, a key energy and logistics hub at the entrance to the Strait of Hormuz.According to Iranian state news agency IRNA, four people were killed and five injured in missile strikes on the outskirts of Ahvaz in Khuzestan Province. Explosions were also reported in nearby Andimeshk and Omidiyeh. The extent of the damage and specific locations of the strikes have not been independently verified.This round of airstrikes comes as President Donald Trump indicated he is considering a larger-scale attack against Iran. In an interview with Axios, Trump stated, "I am considering a larger-scale attack than ever before," adding that a decision is imminent and military preparations are complete. However, U.S. officials noted that no final decision has been made or new operational orders issued.Trump warned that if the Iran-backed Houthi militia attacks commercial vessels again, both the Houthis and Iran will be held accountable.* This article has been translated by AI. 2026-07-24 13:24:00
  • The quiet weapon: Why Korea doesnt need to beg at the tariff table
    The quiet weapon: Why Korea doesn't need to beg at the tariff table There is a war raging in the Middle East, oil is creeping back into the headlines, and an American midterm election is closing in fast enough that every policy in Washington now wears a campaign button. Into this crowded battlefield, Donald Trump has opened a second front — not with missiles, but with tariff schedules. Section 301, Section 122, Section 338, a Depression-era statute nobody in Congress remembered still existed: the instruments keep changing, but the intent doesn't. Trump wants leverage, and he has decided that tariffs are the lever he trusts most. Seoul has spent the past year absorbing blow after blow from that lever — a 25 percent reciprocal tariff talked down to 15, a forced-labor tariff of 12.5 percent it fought and lost, and the looming shadow of a second Section 301 investigation into "structural overproduction" that could push the total right up against the ceiling Korea thought it had already negotiated. On paper, this looks like a country perpetually on the back foot, absorbing terms rather than setting them. But look past the tariff schedule and a different picture appears. Korea isn't just a defendant in this trade war. It may be one of the few countries holding a card the United States actually needs. The Card Nobody Talks About America's tariff strategy is built for leverage over goods — cars, steel, semiconductors made somewhere else. It is not built for leverage over capacity. And capacity is exactly what the United States has run short of. Take shipbuilding. The U.S. Navy wants more ships. It doesn't have the yards, the welders, or the supply chains to build them at the pace a rising China demands. Korea does. Hanwha's yard in Philadelphia — modest by Korean standards, but sitting on one of the largest graving docks in the country — is already building missile-tracking vessels for the Missile Defense Agency's Golden Dome program. Hanwha Ocean's home base in Geoje dwarfs anything America has: the world's largest dry dock, a crane rated at nearly a thousand tons, and a production line capable of turning out everything from LNG carriers to destroyers. When Trump asked Korea's president at the G7 whether Seoul could simply build ten warships for the United States, it wasn't a rhetorical question. It was an admission of dependency dressed up as a favor. Semiconductors tell a similar story, just one rung further up the value chain. Washington can write all the export-control rules it likes, but it cannot manufacture its way out of a shortage of advanced logic and memory chips overnight — the fabs, the yield curves, the decades of process knowledge sit in Korea (and Taiwan), not in Ohio or Arizona. Every AI ambition the U.S. has, from data-center buildouts to defense applications, runs through chips that Korea's foundries help supply. Then there's the piece that rarely makes the tariff headlines but may matter most in the next decade: power. The AI race is no longer just a software race — it is an energy race. Training and running frontier models at scale requires electricity in quantities the American grid is not currently built to deliver. Korea's nuclear expertise, its small modular reactor programs, and its manufacturing base for reactor components position it as a supplier not just of ships and chips, but of the physical infrastructure that keeps AI's engines running. Add in Korea's growing footprint in "physical AI" — robotics, automation, the hardware layer where artificial intelligence meets the real world — and a pattern emerges: America has the algorithms, Korea increasingly has the machines that let those algorithms do anything in the physical world at all. Software Power Meets Manufacturing Power This is the trade that nobody is writing into the tariff schedules, but it's the one that actually matters. The United States has extraordinary strength in software, in model architectures, in the frontier of AI research. What it lacks — and increasingly cannot build fast enough on its own — is the industrial substrate underneath that software: the ships, the chips, the reactors, the physical hardware that turns intelligence into capability. Korea has spent decades building precisely that substrate, quietly, without much of the swagger that attends Silicon Valley product launches. That asymmetry is the leverage Seoul has been sitting on all along. Every dollar of the $350 billion in U.S. investment Korea has already pledged, every new shipyard cooperation center opened in Washington, every joint research project on AI-assisted ship design — these aren't just concessions extracted by American pressure. They are also Korea buying itself a seat at a table where its manufacturing base becomes indispensable rather than optional. Commerce Secretary Howard Lutnick can talk about judging the partnership by ships actually built rather than meetings held, and he's right to — but that standard cuts both ways. If the ships get built, they get built because Korea can build them and the U.S., for now, largely cannot. The Real Negotiation None of this means Korea can simply shrug off a 12.5 percent tariff or wave away the threat of a steeper one on overproduction. Trade wars fought with real tariffs cost real money, and Korean exporters will feel every percentage point. But there's a difference between a country negotiating from need and a country negotiating from utility. Korea is doing the latter, whether or not Washington's tariff announcements make that obvious. Fair play, as the old bargaining maxim goes, has never been the currency of negotiation — leverage is. Trump understands this instinctively, which is why he keeps reaching for new legal tools to manufacture leverage where none existed before. What his administration may be slower to recognize is that leverage runs in both directions. The country that can build the ships, fab the chips, and power the reactors that America's AI ambitions depend on is not simply a tariff target. It is a supplier the United States cannot easily replace — and in the arithmetic of bargaining, that fact is worth more than any concession wrung out of a Section 301 hearing. *The author is the managing editor of AJP. 2026-07-24 13:16:58
  • Prosecutors Seek 5-Year Sentence for Yoon Suk Yeol in Diplomatic Escape Case
    Prosecutors Seek 5-Year Sentence for Yoon Suk Yeol in Diplomatic Escape Case The Special Prosecutor's Office, led by Lee Myung-hyun, has requested a five-year prison sentence for Yoon Suk Yeol, the former president, who is accused of facilitating the escape of former Defense Minister Lee Jong-seop abroad.During a hearing on July 24 at the Seoul Central District Court, presided over by Judge Jo Hyung-woo, the prosecution made its sentencing request regarding Yoon's charges of aiding a fugitive and obstructing the exercise of rights. The prosecution also sought three years in prison for former National Security Office chief Cho Tae-yong and former Justice Minister Park Sung-jae. Additionally, they requested two years for former Civil Service Ethics Secretary Lee Si-won, former First Vice Minister of Foreign Affairs Jang Ho-jin, and former Deputy Minister of Justice Shim Woo-jung.The Special Prosecutor's Office stated that the defendants "turned a blind eye to the truth and remained silent, conducting a formal review to send Lee Jong-seop as ambassador and mechanically processing the procedure to lift his travel ban." They characterized this as an "organized act of concealing the truth" rather than a series of individual coincidences.Regarding Yoon, the prosecution argued that he "mobilized state power for personal and political purposes ahead of the general election, not only obstructing but also undermining the criminal justice process," asserting that he "completely violated the state's investigative authority." They added, "It is evident that appointing Lee Jong-seop as ambassador to facilitate his escape would disrupt the investigation by the High-ranking Officials Crime Investigation Agency, based on common sense."Yoon was indicted for allegedly directing the appointment of Lee, a key suspect in the pressure on the investigation into the death of Sergeant Chae Sang-byeong, to the position of ambassador to Australia, intending to facilitate Lee's escape just four months after Chae's death in November 2023.Cho is accused of being systematically involved in the appointment and departure process of Lee under Yoon's orders, while Park and Shim are charged with involvement in the process of lifting Lee's travel ban after his appointment as ambassador.* This article has been translated by AI. 2026-07-24 13:04:00
  • Labor Ministry Begins Overhaul of Chemical Substance Management System
    Labor Ministry Begins Overhaul of Chemical Substance Management System The government is set to reform the management system for chemical substances in workplaces. This initiative aims to create a practical exposure risk management system centered on chemical substance risk assessments, following a review of the limitations of the current system, which focuses on workplace environment measurements and special health examinations.On July 24, the Ministry of Employment and Labor, along with the Korea Occupational Safety and Health Agency and the Korean Society of Industrial Health, held the '2026 Industrial Health-Chemical Substance Policy Forum Seminar.' This seminar was designed for stakeholders, including academics, field experts, labor representatives, and business leaders, to share their insights on innovating chemical substance management in workplaces.Discussions at the seminar included topics such as the transition from formal compliance to practical risk management, legislative tasks for chemical substance risk assessments, a new paradigm for managing exposure risks, future directions for chemical substance policies, and plans for the 2026 Industrial Health and Chemical Substance Policy Forum.During the comprehensive discussion, representatives from labor, business, and private accident prevention organizations provided feedback on the practical operability of chemical substance risk assessments. The Ministry of Labor plans to incorporate the insights and discussions from this forum into future improvements for worker health protection.This forum is significant as it seeks to shift the focus of chemical substance management from mere regulatory compliance to actual exposure reduction. Concerns have been raised that the current system, which primarily involves measurement and examination procedures, fails to adequately reflect changes in processes or the risks of combined exposures at individual workplaces.Ryu Hyun-cheol, head of the Ministry of Labor's Industrial Safety and Health Agency, stated, 'We must move beyond mere regulatory compliance to a practical risk management system that identifies the harmfulness and risks of chemical substances through the capabilities of the workplaces themselves and implements exposure reduction measures. We will do our utmost to support discussions and insights from stakeholders to ensure they lead to necessary improvements for worker health protection.'* This article has been translated by AI. 2026-07-24 13:04:00
  • Ministry of SMEs Launches $100 Million Fund to Support Overseas Korean Entrepreneurs
    Ministry of SMEs Launches $100 Million Fund to Support Overseas Korean Entrepreneurs The Ministry of SMEs and Startups announced on July 24 that it will host the 'K-Founders Connect in Silicon Valley' event in Silicon Valley, USA, to promote exchanges among overseas Korean entrepreneurs and strengthen connections within the global startup ecosystem.On this day, the ministry will officially unveil the 'Global Project for Everyone's Entrepreneurship,' aimed at supporting the entrepreneurial efforts of overseas Koreans and international students.The ministry plans to select 80 prospective and current entrepreneurs from four regions: Silicon Valley, New York, Singapore, and India. These individuals will receive online and offline mentoring, tailored incubation, and support for startup activity expenses to nurture them into global entrepreneurs.The mentoring team will include prominent Korean entrepreneurs such as Lee Jeong-hee, CEO of Primer USA; Oh Seon-ho, co-founder of Osteogen Tech; Kim Joo-yoon, CEO of Dot; and Lee Seung-hoon, CEO of Ringle, who will share their overseas startup experiences and expertise. Additionally, a launch ceremony for the 'K-Founders Fund' will be held, which aims to support the discovery and growth of junior entrepreneurs by senior entrepreneurs.This fund, amounting to 100 billion won, is the first overseas Korean fund created through collaboration between successful senior entrepreneurs and investors abroad, facilitated by the government’s fund of funds.On the same day, the ministry will also hold a meeting to gather feedback from venture startups operating in the U.S. and explore policy support measures, listening to the challenges faced on the ground and discussing inter-agency cooperation.Meanwhile, the national entrepreneurship project, 'Everyone's Entrepreneurship,' is currently ongoing. The ministry has been conducting 'Founders Circle' events for participants in the 'Everyone's Entrepreneurship' project, starting from Busan on July 22.Deputy Minister Noh Yong-seok stated, 'We will support citizens in boldly challenging entrepreneurship both domestically and abroad,' adding, 'We will create a virtuous cycle that connects the capital and experience of Korean entrepreneurs and investors to the challenges faced by entrepreneurs.'* This article has been translated by AI. 2026-07-24 13:00:00
  • Kim Young-shin Visits Lion Robotics to Review Deep Tech Investment Success
    Kim Young-shin Visits Lion Robotics to Review Deep Tech Investment Success Kim Young-shin, head of the Small and Medium Business Technology Innovation Agency, visited Lion Robotics, a deep tech company specializing in quadrupedal robots, to review the outcomes of its R&D advancements and investment achievements.According to the agency, the visit aimed to confirm successful cases where government R&D support policies have led to significant business outcomes, including securing cutting-edge technology and attracting large-scale private investments, while also listening to feedback from the field.Lion Robotics, founded by a professor from KAIST, possesses unique control algorithms and hardware design technology in the field of special-purpose robots for surveillance, reconnaissance, and hazardous material handling.In July 2024, Lion Robotics was selected for the TIPS deep tech track, receiving up to 1.5 billion won in support over three years to establish a foundation for technological advancement.The company focused on technology enhancement and won the top prize at the Army AI Dronebot Challenge. Following its selection for the deep tech TIPS program, Lion Robotics achieved a series A investment of 23 billion won in 2025.During the visit, Kim inspected Lion Robotics' research facilities and observed demonstrations of advanced quadrupedal robots overcoming obstacles and navigating rough terrain. A subsequent meeting addressed challenges faced in the development of deep tech and discussed follow-up support measures for global growth.Earlier, in April, the agency held a 'Scale-Up TIPS Investment Consultation Meeting' to expand investment opportunities for promising small and venture businesses, with participation from 40 investment firms and 80 small enterprises.Kim Young-shin stated, "We will further enhance the deep tech support system so that domestic robotics companies can lead the public and global markets based on irreplaceable core technologies."* This article has been translated by AI. 2026-07-24 12:44:00
  • Government Extends Special Management Task Force for Saemaul Geumgo Until Year-End
    Government Extends Special Management Task Force for Saemaul Geumgo Until Year-End The government has extended the 'Special Management Task Force for Saemaul Geumgo' until the end of the year, originally scheduled to operate only through the first half of 2026. Following the merger of 21 credit unions in the first half of the year, further restructuring and joint inspections are planned for the second half.On July 24, the Ministry of the Interior and Safety, along with the Financial Services Commission, the Financial Supervisory Service, the Korea Deposit Insurance Corporation, and the Bank of Korea, announced that the task force will continue its operations until the end of this year.The task force has been conducting weekly video conferences to continuously monitor management indicators, share information, and discuss joint inspections, restructuring, and regulatory improvements. The Bank of Korea has been participating in the task force since February.According to the government's ongoing monitoring, the management indicators of Saemaul Geumgo have shown an improving trend compared to the same period last year. Restructuring efforts are also accelerating, with 21 credit unions merging in the first half of this year, three times the number from the same period last year (seven). The number of merged credit unions is expected to rise sharply, with five in the second half of 2023, 12 in 2024, and 25 in 2025.Since the end of March, Saemaul Geumgo has been submitting data through the Financial Supervisory Service's 'CPC Support System.' To enable real-time monitoring of deposit trends, the financial authorities are also working on a computer system that will be operational in August.Since May, the Ministry of the Interior and Safety, the Korea Deposit Insurance Corporation, and the Saemaul Geumgo Central Association have been operating a 'Restructuring Promotion Task Force.' The Korea Deposit Insurance Corporation will continue to support investigations into the causes of insolvency and provide management consulting even after the mergers.The government completed inspections of 35 credit unions in the first half of the year. In the second half, an additional 22 credit unions will be inspected, bringing the total to 57 for the year. If any intentional misconduct or serious negligence by employees is identified during inspections, strict penalties will be imposed.The government has extended the special management due to increasing volatility in the financial markets, including interest rates and exchange rates, as well as capital movements resulting from a booming stock market, which may lead to a challenging management environment in the second half of the year. The government plans to continue soundness management through cooperation among related agencies while discussing long-term soundness maintenance and sustainable development strategies for Saemaul Geumgo.* This article has been translated by AI. 2026-07-24 12:00:00
  • People Power Party Holds Debate on Real Estate Policies, Calls for Change
    People Power Party Holds Debate on Real Estate Policies, Calls for Change The People Power Party held a debate on July 24 aimed at normalizing the real estate market, stating, "We need to increase housing supply and revitalize redevelopment and reconstruction projects." This event was seen as a counter to President Lee Jae-myung's 'National Debate on Real Estate Policy' held the previous day.Jang Dong-hyuk, the party's leader, remarked during the debate at the National Assembly, "It seems that President Lee has no intention of changing his real estate policies."He criticized the government's national debate on real estate policy, saying, "It was exactly as expected; the president was surrounded by supporters cheering for the administration's policies, making it merely a platform for him to say what he wanted."Jang continued, "While experts presented thoughtful opinions, they were dismissed as theoretically sound but practically unfeasible. Meanwhile, the president continued to list unrealistic real estate policies."He pointed out, "The president's plan to significantly raise property taxes and abolish the long-term holding tax exemption effectively reveals a lack of supply measures. He also clearly indicated a desire to strengthen loan regulations, which he identified as a primary cause of skyrocketing housing prices."Jang asserted, "This ultimately means going against the will of the people and market demands. If the administration has no intention of changing its policies, the only option left is to change the government."Additionally, he criticized President Lee for selling his apartment under a mortgage, stating, "He was simply trying to avoid a tax burden. After deciding to raise taxes, he quickly sold his house to escape the tax hit. How is this different from insider trading in the stock market?"Yoo Yi-dong, chair of the National Assembly's Land, Infrastructure and Transport Committee, stated, "Real estate should not be a means to realize ideological goals. While President Lee talks about normalizing the market, he continues to impose supply restrictions, increase tax burdens, and tighten loan regulations, effectively repeating the failures of the Moon Jae-in administration."Regarding President Lee's apartment sale, he questioned, "How will the public perceive a president who acts as a private lender while citizens struggle to meet the government's loan regulations? If the president considered the buyer's circumstances, the government should also take into account the needs of young people desperate for home ownership and those without homes."Representative Lee Jong-wook expressed frustration, saying, "No matter how reasonable our arguments are, the government does not listen and instead seeks to strengthen regulations. It seems futile to say the direction is wrong; it might be more beneficial to predict the consequences of continuing on this path and communicate that to the public."Professor Shim Kyo-eon, who moderated the debate, noted, "The government's real estate discussion should include a diagnosis of the situation and an explanation of the effects of past policies, which were notably absent. Are we not moving towards a situation where the principles of tax law and freedom of residence are disregarded, leading to a tyranny of the majority?"* This article has been translated by AI. 2026-07-24 11:48:00