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  • KOSPI opens lower as US announces new tariffs amid oil market jitters
    KOSPI opens lower as US announces new tariffs amid oil market jitters SEOUL, July 24 (AJP) - Seoul stocks opened sharply lower on Friday after Washington announced a 12.5 percent tariff on South Korean and Japanese exports over "dubious" forced labor concerns, hitting a market already unsettled by a Middle East supply shock that pushed Brent crude back above US$100 a barrel. The benchmark KOSPI dropped 2.2 percent in early trade to 6,939.11, giving up the 7,000 line it had reclaimed only days earlier, while the Nikkei 225 fell 2.5 percent in Tokyo, the two markets named together in the U.S. action. Chipmakers and automakers, the shares carrying the export exposure, led the decline, with Hyundai Motor down 6.1 percent and Samsung Electronics down 3.5 percent, while defense and pharmaceutical names ran the other way. The index shed 157.78 points. Samsung Electronics fell to 260,500 won, or $177.56. SK hynix lost 3.4 percent to 1,854,000 won, or $1,263.72. SK square dropped 6.3 percent to 1,144,000 won, or $779.77. Hyundai Motor traded at 405,500 won, or $276.40, and Kia lost 5.1 percent. The U.S. Trade Representative announced the findings of its investigation under the Section 301 of the Trade Act the previous day, imposing 12.5 percent tariffs on South Korea, Japan and dozens of other economies, while applying a lower 10 percent rate to a smaller group including Britain, Canada, and Mexico. The main index in Seoul was also carrying the previous session's Wall Street losses, where the Nasdaq fell 2.2 percent to 25,137.69. Oil supplied the second blow. Brent settled above $100 for the first time since May after Houthi forces said they struck two Saudi tankers in the Red Sea, opening a route risk beyond the Strait of Hormuz. Defense and shipbuilding names ran against the tape. Hanwha Aerospace gained 5.2 percent to 1,008,000 won, or $687.07, and HD Hyundai Heavy Industries added 1.2 percent. Samsung Biologics jumped 7.7 percent to 1,485,000 won, or $1,012.20, in the day's strongest sector. The Nikkei traded at 64,755.96, down 1,666.64 points. The junior KOSDAQ fell 2.3 percent to 772.19. Foreigners sold a net 117.9 billion won on the main board in early trade and institutions sold 122.2 billion won, while individuals bought 247.5 billion won. The won traded at 1,467.10 per dollar, stronger than the previous session. 2026-07-24 10:32:42
  • Hyundai Rotem, Hanwha vie for military robot dog project
    Hyundai Rotem, Hanwha vie for military robot dog project SEOUL, July 24 (AJP) - South Korea’s military is moving to acquire quadruped robots, setting the stage for another competition between Hyundai Rotem and Hanwha Aerospace in the country’s growing military robotics market. According to the Defense Acquisition Program Administration and industry sources Friday, the military is preparing to draw up a purchase plan in September for the quadruped robot project, with a contractor expected to be selected through open bidding early next year. DAPA plans to issue a public tender in January for the project, which will be conducted as a domestic purchase program. The robots, often called “robot dogs,” are designed to conduct reconnaissance, surveillance and search missions in areas that conventional unmanned ground vehicles have difficulty reaching, including stairs, rough terrain and the interiors of buildings. The planned acquisition comes as militaries around the world are expanding the use of unmanned systems, with the war in Ukraine highlighting the operational value of drones and robotic platforms. For South Korea, the systems are also seen as a way to cope with a shrinking pool of military personnel caused by demographic decline. The initial project is expected to cost about 50 billion won ($36 million) and involve the purchase of 60 to 70 quadruped robots. DAPA is also expected to pursue a separate program to acquire more than 400 additional robot dogs in the future. The robots acquired under the projects are expected to be deployed mainly to Army frontline divisions. The program will be conducted through open competition rather than being assigned to a specific company. Hyundai Rotem and Hanwha Aerospace, which previously competed in the military’s first multipurpose unmanned ground vehicle project, are expected to face off again. That earlier project was awarded to Hanwha Aerospace’s Arion-SMET platform, giving the company an early lead in the Army’s unmanned ground vehicle sector. Hyundai Rotem, seeking to regain ground in the unmanned systems market, is preparing to join the new quadruped robot project in cooperation with Rainbow Robotics, according to industry officials. Under a likely arrangement, Rainbow Robotics would provide the four-legged robot platform, while Hyundai Rotem would adapt it for military use by adding command, control and mission systems. Hanwha Aerospace is also expected to enter the bidding with its own consortium, leveraging its track record in defense systems integration and unmanned ground vehicle development. 2026-07-24 10:32:10
  • Han Byeong-do: Legislative Action on Criminal Procedure Reform to be Finalized
    Han Byeong-do: Legislative Action on Criminal Procedure Reform to be Finalized Han Byeong-do, the acting leader of the Democratic Party and floor leader, stated that the party will gather consensus in a general meeting of lawmakers to swiftly finalize legislation aimed at abolishing the prosecution's supplementary investigation rights. He emphasized the party's responsibility as the ruling party to shoulder the weight of national governance.During a Supreme Council meeting held on July 24 at the National Assembly, Han remarked, "The complete separation of investigation and prosecution is a key task of the Lee Jae-myung administration and a steadfast principle of the Democratic Party." He noted that the party has consistently maintained this principle from the abolition of the prosecution office last September to the discussions on the amendment of the Criminal Procedure Act this March. Despite internal disagreements, the Democratic Party has confirmed its stance to fully abolish supplementary investigation rights, believing that further delays in prosecutorial reform legislation are unacceptable. However, there are ongoing concerns regarding potential gaps in investigations and the need for enhanced victim protection measures.As a result, the Democratic Party plans to revisit the amendment to the Criminal Procedure Act in the afternoon general meeting. Han reiterated, "The amendment to the Criminal Procedure Act is the final piece of the puzzle for prosecutorial reform. Establishing a new criminal justice system requires thorough deliberation and discussion. The discussions have matured, and it is time to yield results."In response to criticism from the People Power Party regarding the real estate policy forum hosted by President Lee Jae-myung the previous day, Han strongly criticized them as a "party that has predetermined answers and repeats them." He stated, "Immediately after the forum, they were quick to dismiss it as a 'show for public opinion manipulation.' I am concerned that the real estate forum the People Power Party intends to hold may also become a platform for disparaging government policies."Han specifically pointed out the People Power Party's plans for a real estate forum and policy discussions with Seoul Mayor Oh Se-hoon, stating, "The idea of discussing housing stability with a mayor who has been sentenced to lose his position is difficult to accept and undermines the trust of 10 million Seoul citizens." He urged the opposition party to stop the cycle of criticism and to responsibly cooperate in legislation aimed at expanding housing supply and formulating policies for the stability of actual housing demand. 2026-07-24 10:32:00
  • Koreas Fair Trade Commission Signs Cooperation Agreement with 30 Mid-Sized Construction Firms
    Korea's Fair Trade Commission Signs Cooperation Agreement with 30 Mid-Sized Construction Firms The Fair Trade Commission has signed a cooperation agreement with mid-sized construction companies to improve unfair practices in the construction industry.On July 24, the Fair Trade Commission held a "Construction Industry Cooperation and Fair Trade Agreement Ceremony" at the Specialized Construction Hall in Dongjak-gu, Seoul. This agreement aims to promote a culture of cooperation among 30 mid-sized construction firms, which are pivotal to the industry. The agreement was signed by representatives from comprehensive construction companies ranked 21st to 50th in construction capability evaluation and the Korea Specialty Contractors Association.Unfair practices in the construction industry have included delayed payments, retention funds, unjust special provisions, and shifting responsibility in defect lawsuits. The Fair Trade Commission has enforced the subcontracting law to impose penalties but has now decided to sign agreements with mid-sized construction firms following similar agreements with large construction companies to expedite and effectively improve market order.The key points of the agreement include: sharing responsibility for defect lawsuits, prompt payment and elimination of retention funds, correction of unjust special provisions, establishment of a linkage system for subcontracting payments, rapid adjustment of delivery prices in emergencies, creation of a subcontracting dispute resolution body, and formation of a public-private consultative body.Among these, the sharing of responsibility for defect lawsuits was not included in the initial agreement with large construction companies in May. Previously, when lawsuits related to defects in construction projects such as apartment buildings were filed against comprehensive construction companies, the main contractor often proceeded with the lawsuit without informing the subcontractor, leading to excessive liability for damages imposed on the subcontractor after losing the case.Going forward, comprehensive construction companies will promptly notify subcontractors when a defect lawsuit is filed and will share the damages determined by the lawsuit according to the responsibility involved.The practice of retaining funds will also be abolished. In some construction sites, only about 90% of the progress payment was made to subcontractors, with the remaining balance delayed until after project completion. Under the agreement, the construction industry will pay subcontracting fees in cash within the legal deadline unless there are special reasons and will eliminate unjust retention fund practices.Unjust special provisions that shift costs for industrial safety and waste disposal to subcontractors will also be removed through self-inspection. If there are changes in supply costs, the parties will sincerely engage in negotiations to adjust subcontracting fees, and if delays occur in project execution, they will negotiate adjustments to contract terms, including extensions and waivers of penalties.To enhance the effectiveness of the agreement, a public-private consultative body will be established. The Fair Trade Commission, comprehensive construction companies, and the specialty construction industry will share information on the implementation of the agreement, trends in enforcing the subcontracting law, and best practices for cooperation. Meetings of the consultative body are scheduled for September with 19 large construction companies and in November with 30 mid-sized construction companies.The Fair Trade Commission stated that this agreement will encompass 19.89% of the total number of subcontracting transactions and 59.53% of the transaction value in the construction industry by 2025. Last year, the total value of subcontracting contracts in the construction industry was 54 trillion 131.6 billion won (approximately 54.1 billion USD) across 61,673 cases.Chairman Joo Byeong-ki of the Fair Trade Commission remarked, "The participation of mid-sized construction companies in cooperation following large construction companies signifies that our construction industry is moving to a new stage. I hope this cooperation agreement serves as a catalyst for eradicating unfair practices across the construction industry and establishing a culture of cooperation."* This article has been translated by AI. 2026-07-24 10:32:00
  • NVIDIA and KAIST Establish Joint AI Research Lab in South Korea
    NVIDIA and KAIST Establish Joint AI Research Lab in South Korea NVIDIA and the Korea Advanced Institute of Science and Technology (KAIST) are set to establish a joint artificial intelligence research lab in Seoul. The lab will focus on developing agentic AI models tailored to the Korean language and domestic industrial environments, creating a collaborative research framework that connects academic findings with applications in the private and public sectors.NVIDIA announced on July 24 that it will partner with KAIST to establish the AI research lab at the Kim Jae-cheol Graduate School of AI. The lab will concentrate on developing systems where agentic AI models and various AI agents collaborate.The collaboration is expected to involve a total investment of $300 million, including a plan to provide $50 million worth of computing resources annually for the first five years. Researchers will utilize the latest AI computing environments through infrastructure operated by NVIDIA's cloud partners in South Korea.The total computing support over five years is projected to reach $250 million, accounting for approximately 83% of the overall collaboration, highlighting the emphasis on securing research infrastructure.NVIDIA's Nemotron open model will be utilized in the research. The team aims to enhance Korean language processing capabilities and develop AI models and agent systems suited for various domestic industries, including manufacturing, semiconductors, and robotics.The research outcomes will not be limited to academic papers and prototypes; a pathway for technology transfer and commercialization will be established to facilitate the adoption of AI at both corporate and national levels. Reducing the gap between academic research and practical service application is a key role of the joint lab.Talent support will also be part of the initiative. The joint lab will provide research funding to at least 10 KAIST researchers annually. Selected researchers will have the opportunity for NVIDIA internships, and outstanding candidates may be offered full-time positions at NVIDIA.The joint lab will be led by Kim Hyun-woo, a new professor at KAIST's Kim Jae-cheol Graduate School of AI. Professor Kim will coordinate collaborative research between KAIST researchers and NVIDIA's global research organization, connecting AI researchers both domestically and internationally.Bill Daley, NVIDIA's chief scientist and senior vice president of research, stated, "The joint lab will serve as a research foundation to accelerate the development of AI models and agent systems for Korea's industry, language, and future."* This article has been translated by AI. 2026-07-24 10:32:00
  • Dynamic Duo and Triple S Highlight Ocean World’s 20th Anniversary Summer Festival
    Dynamic Duo and Triple S Highlight Ocean World’s 20th Anniversary Summer Festival Ocean World is celebrating its 20th anniversary with a large summer festival running for three weeks. The event will feature K-pop performances, interactive events, and children's programs to attract visitors during the peak season.Sonno International announced on July 24 that the '2026 Ocean World Birthday Blue Splash Festival' will take place from July 25 to August 15 at Ocean World in Hongcheon, Gangwon Province.This year's festival will commemorate the park's 20th anniversary with a mix of performances, experiential programs, and customer participation events.Ocean World, which spans approximately 12.66 hectares—about 14 times the size of a soccer field—operates various zones including Aqua Zone, Extreme Zone, Dynamic Zone, and Mega Slide Zone. All indoor and outdoor areas are currently open, allowing access to major attractions.The festival's signature event, the 'Blue Wave Concert,' will be held every Saturday and Sunday at 4 p.m. on a special stage at Surfing Mount. Performers will include Dynamic Duo, Triple S, Daybreak, HYNN (Park Hye-won), Nowz, and Giriboy. On weekdays, magic shows, dance performances, and indie vocal performances will take place at the same time.Daily performances and interactive programs are also planned. Except for Wednesdays, starting at 1:30 p.m., Surfing Mount will host a lifeguard diving show, Ocean Girls K-pop performances, and a customer story introduction event. At 2 p.m., the Extreme River Square will feature 'Ocean Karaoke' and a 'Random Play Dance Challenge.' Various experiential events, such as dart games and water balloon shooting, will be available throughout the park.Programs for families are also in place. The indoor kids' pool will offer a robotic fish experience, while the outdoor kids' pool will host a bubble party, allowing children to enjoy water activities together.In celebration of the 20th anniversary, a '20th Anniversary Timing Challenge' event will provide various prizes, and a large 3.5-meter cake balloon photo zone will be set up.To make the festival more accessible, a package deal will be offered, including admission tickets, outdoor locker access, and slushy exchange vouchers, with discounts of up to 38%. The package will be available for purchase until August 15, with the option to reserve usage until August 16.A representative from Sonno International stated, 'We have prepared a rich lineup of performances and events to express our gratitude to the customers who visit Ocean World. We hope everyone creates special memories at Ocean World this summer.'* This article has been translated by AI. 2026-07-24 10:32:00
  • EU Fines Google €8.9 Billion for Violating Digital Markets Act
    EU Fines Google €8.9 Billion for Violating Digital Markets Act The European Union (EU) has imposed a hefty fine on Google for violating the Digital Markets Act (DMA), raising concerns about renewed trade tensions between the U.S. and Europe.On July 23, the EU Commission announced that Google had breached the DMA by prioritizing its own services in search results and restricting access to cheaper app purchase channels for consumers on Google Play. The total fine amounts to €890 million, with €460 million for the search result issue and €430 million for the app distribution violation.The EU Commission stated that as a designated gatekeeper under the DMA, Google is prohibited from favoring its own services over those of third parties. It noted that Google had provided its own services, such as hotel, transportation, and sports results, preferentially in search results, using enhanced visual elements and filters to make them more prominent than similar third-party services.Additionally, app developers distributing their apps through Google Play should be able to inform customers that they can purchase the same apps through other channels at lower prices. However, the EU Commission found that Google had not complied with this DMA regulation.The EU Commission ordered Google to treat third-party services fairly in search results and to allow app developers to communicate freely with users regarding promotions and contracts. Google has 60 days to comply with this decision, or it may face periodic fines of up to 5% of its global revenue.EU Commissioner for Competition, Margrethe Vestager, described the action as a strong measure, sending a significant message to Google.Google recently lost an appeal at the European Court of Justice regarding a €4.125 billion fine for abusing its dominant market position, marking another setback for the company in Europe.Concerns have been raised that this action could reignite trade tensions between the U.S. and Europe. The Financial Times reported that former President Donald Trump has criticized EU digital market fines as 'extortion' or 'essentially a tax,' suggesting that the U.S., home to many major tech companies, might retaliate.* This article has been translated by AI. 2026-07-24 10:28:00
  • U.S. Ambassador Michelle Steel Prioritizes Strengthening U.S.-South Korea Alliance
    U.S. Ambassador Michelle Steel Prioritizes Strengthening U.S.-South Korea Alliance Michelle Steel, the U.S. Ambassador to South Korea, delivered her first public speech following her Senate confirmation, emphasizing the importance of strengthening the U.S.-South Korea alliance. On July 23, Steel attended the opening ceremony of the U.S.-South Korea Cooperation Center in Washington, D.C. "The United States and South Korea have been allies bound by shared values and sacrifices for a long time," Steel said. "Through our cooperation, the alliance is expanding into new and important areas." Regarding South Korea's investments in the U.S., she stated, "This will benefit both countries." She added that investments by South Korean companies in U.S. manufacturing and shipbuilding will contribute to building a fair, reciprocal, and stable trade relationship between the two nations. Steel noted, "It is very meaningful that this event marks my first public speech since being confirmed as ambassador," and reiterated that strengthening the U.S.-South Korea alliance will be her "top priority" during her tenure. After the event, when asked by a Yonhap News reporter about her departure for South Korea, Steel replied, "Next week." Confirmed by the U.S. Senate last month, she is expected to begin her official duties in South Korea soon. During her Senate confirmation hearing, Steel had previously expressed that American companies operating in South Korea should receive equal treatment as South Korean firms.* This article has been translated by AI. 2026-07-24 10:28:00
  • NH Investment & Securities Reports Record Half-Year Profit of 965.2 Billion Won
    NH Investment & Securities Reports Record Half-Year Profit of 965.2 Billion Won NH Investment & Securities has achieved its highest-ever half-year performance, driven by balanced growth in its brokerage, financial products, and investment banking (IB) sectors.On July 24, NH Investment & Securities announced that its consolidated net profit attributable to shareholders for the first half of the year reached 965.2 billion won, a 107.6% increase compared to the same period last year. This marks the largest half-year profit in the company's history.During the same period, net operating revenue rose to 2.26 trillion won, up 89.0%, while operating profit reached 1.32 trillion won. The annualized return on equity (ROE) stood at 19.0%.In the second quarter, net profit attributable to shareholders was 489.6 billion won, reflecting a 90.7% increase year-on-year. The company attributed its strong performance to increased trading in domestic and international markets, an expanded customer base, and enhanced competitiveness in digital and global trading infrastructure.Brokerage commission revenue for the first half totaled 795 billion won, a 211.7% increase from the same period last year. In the second quarter, commission revenue was 445.6 billion won, up 27.5% from the previous quarter.Domestic stock commission revenue reached 390.9 billion won, a 26.2% increase from the previous quarter, as the average daily trading volume in domestic stocks expanded to 90.2 trillion won, with market share rising by 0.7 percentage points. Commission revenue from overseas stocks increased by 55.1% to 85.8 billion won, driven by higher average trading volumes and expanded agreements.The financial products sales sector also showed growth, with commission revenue for the first half reaching 125.9 billion won, a 127.2% increase year-on-year. In the second quarter, this figure was 76.8 billion won, up 56.3% from the previous quarter. The expansion of target conversion wrap sales led to a 171.8% increase in asset management fees compared to the previous quarter.Total customer assets grew to 612 trillion won, with the number of customers holding assets over 100 million won reaching 455,000, and those with over 10 billion won exceeding 33,000.The IB sector recorded commission revenue of 205.5 billion won for the first half. In the second quarter, this figure was 108.3 billion won, an 11.3% increase from the previous quarter, driven by an increase in fees related to debt guarantees.In the equity capital markets (ECM), the company led the IPO league table in the first half by managing initial public offerings for companies such as Piece Piece Studio and Cosmo Robotics. In the debt capital markets (DCM), it managed bond issuances for Hanon Systems and SK Networks, maintaining its top position in the specialty finance bond sector.The asset management sector reported earnings of 831.5 billion won for the first half, a 62.5% increase year-on-year. In the second quarter, asset management earnings were 407.3 billion won, attributed to stable performance through conservative risk management despite increased market interest rate volatility.Shin Jae-wook, CEO of NH Investment & Securities, stated, "What is more significant than achieving the highest-ever performance is the qualitative change in our revenue structure. Not only did brokerage revenue increase significantly, but we also maintained market leadership in our traditionally strong IB sector."* This article has been translated by AI. 2026-07-24 10:28:00
  • Lotte Hi-Mart Launches Pre-Order for Galaxy Z8 with Up to 1.4 Million Won in Benefits
    Lotte Hi-Mart Launches Pre-Order for Galaxy Z8 with Up to 1.4 Million Won in Benefits Lotte Hi-Mart is launching a pre-order promotion for Samsung's new foldable phone, the Galaxy Z8 series (Fold 8, Fold 8 Ultra, Flip 8), offering benefits worth up to 1.4 million won. The promotion will run until August 3 at offline stores and the official online shopping mall, Lotte Hi-Mart announced on July 24. This pre-order combines a 'partner card discount' and 'cash compensation for used phones' to significantly reduce the burden of the device's retail price. Customers purchasing both unlocked and carrier models will receive a basic reward of 10,000 L.POINTS. By paying with partner cards such as the Lotte Partner Class Card or Lotte Partner Mobile Card, customers can receive additional cashback based on the purchase amount, totaling discounts worth up to 640,000 won and interest-free installment plans (up to 5-24 months). Utilizing the 'cash compensation for used phones' program can further enhance the benefits. Compensation amounts vary based on the model and condition of the returned device, with up to 780,000 won available for returning a Galaxy Fold 6 (256GB). Additionally, for older Galaxy Z and S series models, Lotte Hi-Mart offers a 'highest price buyback guarantee' that compensates the difference in case the compensation amount is lower than that offered by competitors, with combined card discounts and used phone compensation potentially reaching up to 1.4 million won in actual purchase benefits. As the premium foldable phone market matures and device prices rise due to the integration of artificial intelligence (AI) features, electronics retailers and distribution channels are emphasizing 'used phone compensation' and 'long-term care services' to capture initial demand. This strategy aims to lower the barriers for existing customers to upgrade their devices while bundling after-sales support to enhance customer retention. Lotte Hi-Mart has also significantly strengthened its after-sales service competitiveness. Starting July 28, the company will introduce an upgraded 'Mobile Care Service' that expands coverage from the previous two-year limited damage protection. Customers who enroll in this service when purchasing the Galaxy Z8 series will receive comprehensive protection for up to three years against damage, loss, theft, battery replacement, and financial fraud. The service will also support enrollment in Samsung's 'New Galaxy AI Subscription Club.' Lee Eon-seok, head of Lotte Hi-Mart's smart appliance division, stated, "We have prepared various discount benefits available only at Lotte Hi-Mart for those who have been waiting for the new Galaxy products. We hope customers take advantage of the pre-order to experience the new Galaxy products with great benefits as soon as possible." * This article has been translated by AI. 2026-07-24 10:24:00