AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

&
""
Latest by
  • Nasdaq Drops 2.15% as Alphabet and Tesla Shares Plunge; Oil Prices Exceed $100
    Nasdaq Drops 2.15% as Alphabet and Tesla Shares Plunge; Oil Prices Exceed $100 The three major U.S. stock indices fell sharply, led by significant declines in shares of Alphabet and Tesla, as rising international oil prices and U.S. Treasury yields dampened investor sentiment in the tech sector.On July 23, the Dow Jones Industrial Average closed down 506.93 points (0.97%) at 51,711.65. The S&P 500 dropped 90.66 points (1.21%) to finish at 7,408.30, while the tech-heavy Nasdaq Composite plummeted 553.21 points (2.15%) to close at 25,137.69.Alphabet and Tesla were the primary drivers of the market decline.Alphabet, Google's parent company, reported second-quarter earnings that exceeded market expectations. However, concerns over the financial burden of its substantial investments in artificial intelligence (AI) led to a 7% drop in its stock price. The company also raised its capital expenditure forecast to as much as $200 billion, increasing investor caution.Tesla's stock fell 14.5% after its second-quarter results fell short of market expectations, coupled with worries about cash flow deterioration due to expanded investments in AI and robotics.The sharp declines in these two stocks contributed to a 5.20% drop in the S&P 500's communication services sector and a 5.12% decline in consumer discretionary stocks. On the New York Stock Exchange, the number of declining stocks outnumbered advancing stocks by nearly three to one.Rising international oil prices also added pressure to the stock market. Amid escalating military tensions in the Middle East, Brent crude oil surged 7% to close at $100.69 a barrel, surpassing the $100 mark for the first time since May. West Texas Intermediate (WTI) crude also jumped 6.2% to $92.19 a barrel.Concerns over potential disruptions to oil supply grew after Yemen's Iran-aligned Houthi rebels attacked a Saudi oil tanker in the Red Sea, and ongoing military clashes between the U.S. and Iran continued.The rise in oil prices raised fears of renewed inflation, leading to a spike in U.S. Treasury yields. The yield on the 10-year Treasury note reached as high as 4.7% during trading, marking its highest level since January 2025. Rising interest rates tend to lower the present value of future earnings, placing a heavier burden on growth and tech stocks.In contrast, defense stocks performed well. Lockheed Martin raised its earnings outlook for the year, resulting in a 10.5% increase in its stock price, while RTX rose 7.3%. Consequently, the S&P 500 industrials sector gained 1.77%, the highest increase among the 11 sectors.Semiconductor stocks experienced relatively limited declines, with the Philadelphia Semiconductor Index falling 0.5%. Texas Instruments provided a revenue forecast that exceeded market expectations, yet its stock fell 3%.After the market closed, Intel reported second-quarter earnings that surpassed expectations, along with a positive outlook for the third quarter. The company posted a 25.4% year-over-year increase in revenue to $16.13 billion, with adjusted earnings per share (EPS) of 42 cents. Following the earnings announcement, Intel's stock rose in after-hours trading.* This article has been translated by AI. 2026-07-24 07:36:00
  • Hanwha Eagles Hah Joo-seok traded to KIA Tigers; Lee Hyung-beom joins Hanwha
    Hanwha Eagles' Hah Joo-seok traded to KIA Tigers; Lee Hyung-beom joins Hanwha Hanwha Eagles infielder Hah Joo-seok will don the KIA Tigers uniform. According to a report from Yonhap News on July 23, the two teams announced in a press release that they have completed a player trade. KIA stated, "Hah Joo-seok is a versatile player capable of playing second base and shortstop, and we expect his extensive first-team experience will contribute to our team's strength." KIA highly values Hah's offensive capabilities, which led to the agreement on the trade. Hah, a franchise player for Hanwha, recorded a batting average of .297 in 95 games during the 2025 season. This season, he has struggled with a .256 average in 27 first-team games but has performed well in the Futures League, hitting .327 in 32 games. Meanwhile, Hanwha selected Lee Hyung-beom to bolster their pitching staff. The Eagles explained, "This trade was conducted to strengthen our bullpen and address redundancy in the infield positions." Hanwha General Manager Son Hyuk stated, "Lee Hyung-beom is a veteran pitcher with closing experience, and recent data shows that his velocity and the movement of his two-seam fastball are impressive." Lee, who joined KIA in 2024 after stints with the NC Dinos and Doosan Bears, has posted a 3.00 ERA in 19 games this year without a win or loss.* This article has been translated by AI. 2026-07-24 07:32:00
  • Korea and U.S. launch shipbuilding center to drive MASGA
    Korea and U.S. launch shipbuilding center to drive MASGA SEOUL, July 24 (AJP) -South Korea and the United States on Thursday launched a shipbuilding cooperation center in Washington to facilitate the planned US$150 billion investment in the U.S. shipbuilding sector that Seoul committed to under last year's bilateral trade and investment agreement. Senior government officials, lawmakers and industry executives from both countries attended the opening of the Korea-U.S. Shipbuilding Partnership Center (KUSPC), which will serve as the operational hub for the "Make American Shipbuilding Great Again" (MASGA) initiative aimed at rebuilding America's shipbuilding industry. The launch came just two months after Seoul and Washington signed a memorandum of understanding in May to establish the center as part of a broader bilateral shipbuilding partnership. Industry Minister Kim Jung-kwan called the center a symbol of South Korea's "strong" commitment to supporting the revival of the U.S. shipbuilding industry. "Korea strongly supports President Trump's maritime action plan. We are ready to work side by side with the U.S. Today is the beginning of a new chapter -- a new chapter for our shipbuilding industry, a new chapter for our maritime partnership and a new chapter for our alliance," he said. At the heart of that new chapter is the MASGA initiative, which Kim described as a "bold" vision to strengthen America's shipbuilding capabilities, maritime power and regional economies. "Korea is ready to be America's strongest partner in making this vision real," he said. "Together with (Commerce) Secretary (Howard) Lutnick and our U.S. colleagues, we will deliver results. We will build naval vessels. We will build LNG carriers and we will build them here in America." Kim said Korean companies are already developing projects to acquire, expand and modernize shipyards across the United States, while Korean financial institutions will work together to support the investment initiative. He also called on Washington to provide sustained ship orders, investment incentives and regulatory support to ensure the successful execution of the $150 billion shipbuilding cooperation program. Commerce Secretary Howard Lutnick stressed that the partnership would ultimately be judged by tangible industrial output rather than diplomatic symbolism. "The center is not an outcome. It is the most important work that produces the outcome of how many ships that are built," he said. "Talking is not a thing. It sets the stage, but the reality is (that) it is vital for America to produce ships in America. Not talk about producing ships in America, not having meetings about ships in America, but actually building ships in America." Lutnick said the Trump administration would evaluate the center by the amount of capital deployed, facilities modernized, workers trained, supply chains established and, ultimately, the number of ships built in the United States through bilateral cooperation. He also pledged Washington's support in removing regulatory obstacles facing Korean companies investing in the United States. "We are committed to removing barriers to production," he said. "If, when you are building and bumping into roadblocks, or you are feeling that the environment is not completely embracing of you, call the Department of Commerce. We will clear the regulatory roadblocks for you to build in America." Among the prominent attendees was newly confirmed U.S. Ambassador to South Korea Michelle Steel, who described the initiative as evidence that the alliance is expanding into a "new" and "important" area of industrial cooperation. "What we have discussed today is proof that our alliance is expanding into a new, incredibly important territory: the vitalization of the American industry, including in shipbuilding," she said. "This undertaking is part of a much larger vision -- one in which Korea's investment in American manufacturing, shipbuilding and strategic sectors works (for) a fair, reciprocal and resilient trade relationship between our two nations." South Korea's Ambassador to the United States Kang Kyung-wha called the launch of the KUSPC "a major milestone" and the starting point for building "a safe, resilient and trusted joint maritime industrial ecosystem." "To this day and into the future, ship production, maintenance and repair remain critically important for national security, global trade and economic stability," she said. "That is why the opening of the KUSPC is such a uniquely important milestone." The Defense Acquisition Program Administration (DAPA) said it will seek new opportunities for bilateral cooperation in naval shipbuilding and support Korean companies seeking to join U.S. shipbuilding and defense supply chains. During the ceremony, the two countries signed 15 memorandums of understanding covering four areas: establishing "Team Korea" to promote joint growth of the two countries' shipbuilding industries, strengthening supply-chain cooperation, expanding workforce training and pursuing joint technology development. Team Korea brings together KUSPC, HD Hyundai Heavy Industries, Hanwha Ocean, Samsung Heavy Industries, the Korea Offshore & Shipbuilding Association (KOSHIPA) and the Korea Research Institute of Ships & Ocean Engineering (KRISO). The Industry Ministry also announced a five-year joint research and development program worth 120 billion won (about $80 million), under which Korean and U.S. companies and research institutions will collaborate on eight projects including AI-assisted ship design, autonomous welding, shipyard automation, intelligent heavy-block transport, smart manufacturing and autonomous navigation technologies. Based in Washington, the KUSPC will serve as the local command center for the MASGA initiative, coordinating productivity consulting for U.S. shipyards, workforce training, technology cooperation and investment projects while helping Korean companies work with U.S. federal and state authorities, shipyards and industry partners as the two countries seek to translate their shipbuilding partnership into commercial production. 2026-07-24 07:23:11
  • Financial Commission Expands Audit Opportunities for Mid-Sized Firms
    Financial Commission Expands Audit Opportunities for Mid-Sized Firms The Financial Commission is set to expand audit opportunities for mid-sized accounting firms with strong audit quality, while mandating major firms to establish external expert-led audit quality oversight bodies as part of a reform of the accounting and auditing system.On July 24, the Financial Commission announced a proposed amendment to the 'Regulations on External Audits and Accounting.' This amendment follows the 'Measures to Enhance Accounting and Audit Quality' announced in February, aiming to provide incentives for high-quality accounting firms and strengthen internal quality control systems at large firms.First, the compensation system for firms with excellent audit quality will be enhanced. Previously, accounting firms were categorized into groups A to C based on the number of certified public accountants and their liability capacity, allowing only group A firms to conduct audits for large listed companies. This structure has drawn criticism for making it difficult for mid-sized firms with strong audit quality to audit large companies.In response, the Financial Commission plans to double the liability capacity requirements and introduce a new 'group elevation exception.' Mid-sized firms that achieve top-tier scores in audit quality evaluations will be allowed to audit companies with asset sizes permitted for higher groups. However, to audit these higher-tier companies, they must secure liability capacity of at least 150% of the standard for that group.For example, if a group B firm scores 95% or higher compared to the average score of group A and ranks within the top 20% of group B while maintaining liability capacity above 150% of group B standards, it will be designated as an exception group A firm and can audit companies with assets ranging from 2 trillion to 5 trillion won.The method for calculating auditor scores will also be improved. The current system, which only allows for a maximum 10% bonus based on quality evaluation results, will be revised to include a potential 10% penalty and introduce relative evaluations by group to widen the score differences based on audit quality.For major accounting firms, the Financial Commission will establish an external expert-led audit quality oversight system. It will require group A firms auditing large listed companies to set up an independent 'Audit Quality Oversight Committee.'This committee must consist of a majority of independent external experts, including the chairperson. Their role will be to monitor whether the management of accounting firms is neglecting audit quality for profitability reasons and to oversee key related decisions in advance. The Financial Commission is also considering expanding this oversight system to all registered auditors for listed companies in the medium to long term after evaluating its operational performance.Additionally, the requirements for the CEO and the director responsible for quality control of registered auditors will be revised. Going forward, the CEO must have at least seven years of experience in external audits, while the quality control director must have at least five years. Previously, the CEO only needed to meet a 10-year experience requirement in accounting or external audits, which allowed individuals without external audit experience to qualify based solely on accounting advisory experience.The Financial Commission will announce the proposed changes for public comment from today until September 2, after which it will be finalized and implemented following approval from the Securities and Futures Commission and the Financial Commission.* This article has been translated by AI. 2026-07-24 07:00:00
  • Intel Reports Strong Q2 Earnings Driven by AI Server Demand
    Intel Reports Strong Q2 Earnings Driven by AI Server Demand Intel, the American semiconductor company, reported second-quarter earnings that significantly exceeded market expectations, driven by increased demand for central processing units (CPUs) for artificial intelligence (AI) data centers. The company also provided a positive outlook for its third-quarter performance, leading to a nearly 10% surge in its stock price in after-hours trading.On July 23, Intel announced that its revenue for the second quarter reached $16.128 billion, a 25.4% increase from the same period last year, far surpassing the market forecast of $14.42 billion.Excluding one-time costs, the adjusted earnings per share (EPS) stood at 42 cents, double the market expectation of 21 cents. The adjusted net income was $2.197 billion, a turnaround from a loss in the same quarter last year.The adjusted gross margin, which is revenue minus production costs, was 41.8%, exceeding the market estimate of 38.8%.However, under Generally Accepted Accounting Principles (GAAP), Intel reported a net loss of $11.033 billion. This was influenced by a $12.529 billion accounting loss related to the value of Intel shares held under a contract with the U.S. government. This loss reflects changes in stock value and does not represent actual cash outflow. The operating income, which reflects the company's core performance, was $1.796 billion, a recovery from a loss in the same quarter last year.The improvement in performance was driven by the data center and AI business, which generated $6.262 billion in revenue, a 59% increase year-over-year. Operating income for this segment rose nearly fourfold to $2.474 billion, attributed to the growing demand for server CPUs as AI services expand.Revenue from semiconductors for PCs and internal data processing increased by 13% to $8.877 billion. Although product sales volume declined, the overall revenue grew due to a higher proportion of sales from premium products.Intel's foundry business revenue rose 31% to $5.765 billion, with operating losses reduced by over $1 billion to $2.089 billion compared to the same period last year. This foundry revenue includes internal transactions from other Intel divisions.Looking ahead, Intel forecasts third-quarter revenue between $15.8 billion and $16.8 billion. The midpoint of $16 billion significantly exceeds the market estimate of $15.1 billion. The adjusted EPS forecast is also higher at 38 cents, compared to the market expectation of 27 cents.To meet the rising demand for AI semiconductors, Intel plans to increase its capital investment for the year from $18 billion to $20 billion, focusing on expanding production equipment, factory facilities, and semiconductor substrate production capacity.Intel CEO Pat Gelsinger stated, “AI is driving unprecedented demand for computing. We will secure growth opportunities in CPUs, custom semiconductors, semiconductor assembly technology, and our foundry business.”* This article has been translated by AI. 2026-07-24 06:56:00
  • U.S. Imposes 12.5% Tariff on South Korea for Forced Labor Violations
    U.S. Imposes 12.5% Tariff on South Korea for Forced Labor Violations The Trump administration is imposing additional tariffs of 10% to 12.5% on 60 trading partners, including South Korea, due to inadequate measures to prevent the import of products made with forced labor. South Korea will face a 12.5% tariff.According to the U.S. Trade Representative (USTR) and the Associated Press, the tariffs will take effect at 12:01 a.m. Eastern Time on July 24.The USTR has established a system to ban the import of forced labor products but decided to apply a 10% tariff to countries with insufficient enforcement and a 12.5% tariff to those lacking adequate regulations.South Korea, along with Japan, has been included in the 12.5% tariff category. The USTR determined that South Korea has not implemented sufficient systems and enforcement to effectively block imports of products made with forced labor.This 12.5% tariff is an additional charge on top of existing tariffs. However, it will not apply to products subject to separate tariffs, such as automobiles and steel, as well as certain exempt items. Not all South Korean products will incur a uniform 12.5% increase.This action effectively replaces the 10% global tariff that is set to expire on the same day.In February, the U.S. Supreme Court ruled that the tariffs imposed by the Trump administration under the International Emergency Economic Powers Act (IEEPA) were illegal. In response, the Trump administration implemented a temporary 10% tariff on all imports under Section 122 of the Trade Act.Tariffs under Section 122 can only be maintained for a maximum of 150 days without congressional approval for an extension. As the expiration of the previous tariffs approached, the Trump administration invoked Section 301 of the Trade Act, which allows for retaliation against unfair or discriminatory trade practices.In March, the USTR launched an investigation into the implementation and enforcement of systems to block imports of forced labor products in South Korea and 59 other trading partners. After announcing the proposed tariffs of 10% to 12.5% last month, the USTR finalized this action after gathering feedback from various countries.* This article has been translated by AI. 2026-07-24 06:48:00
  • Trump: U.S. to Maintain Edge Over China in AI Ahead of September Summit
    Trump: U.S. to Maintain Edge Over China in AI Ahead of September Summit The upcoming U.S.-China summit in September is expected to focus on the competition in artificial intelligence (AI) technology. On July 23, President Trump stated at an event in Washington, D.C., that "Chinese President Xi Jinping is scheduled to visit the U.S. on September 24," adding, "We discussed AI in Beijing, and we will talk about it again this time." AI was also a topic during Trump's state visit to China in May, where both countries agreed to promote government-level discussions on AI. However, specific details of those discussions were not disclosed. Trump claimed that the U.S. is ahead of China in the AI race, stating, "The side that wins the AI competition will ultimately be the victor. We are ahead of China, and we want to maintain that status." Recent allegations regarding unauthorized use of U.S. technology by Chinese AI companies have also emerged as a contentious issue between the two nations. However, there has been no official confirmation that this issue will be on the agenda for the September summit. White House Press Secretary Caroline Levitt commented on the possibility of discussing the allegations at the summit, saying, "A wide range of topics are always covered at summits, and we are closely examining this matter." The U.S. is investigating whether Chinese AI companies have utilized American technology through a process known as "distillation." This technique involves training other models using responses from high-performing AI models. While distillation itself is not illegal, collecting commercial model responses in bulk against terms of service could lead to intellectual property infringement issues. The U.S. is looking into whether the Chinese startup Moonshot AI improperly used models from American companies like OpenAI and Anthropic in developing its latest model, "Kimi K3." U.S. Treasury Secretary Janet Yellen stated, "If it is confirmed that Chinese companies have infringed on U.S. intellectual property through unauthorized distillation across various industries, we will consider sanctions and adding them to the export control list." Trump did not directly address the allegations of unauthorized use of technology by Chinese firms.* This article has been translated by AI. 2026-07-24 06:40:00
  • Iran Allegedly Sent IRGC Personnel and Missile Equipment to Houthis
    Iran Allegedly Sent IRGC Personnel and Missile Equipment to Houthis Iran is accused of secretly sending Islamic Revolutionary Guard Corps (IRGC) commanders and missile-related equipment to the Iran-aligned Houthi movement in Yemen. This military support reportedly occurred just before the Houthis declared a maritime blockade against Saudi Arabia.According to sources from Iran and Yemeni government officials cited by Reuters on July 23, Iran delivered IRGC personnel and military equipment via a Mahan Air passenger flight that departed Tehran for Yemen on July 13.Sources indicated that between 10 and 21 IRGC members, including high-ranking commanders, were on board the flight. They were reportedly dispatched to support Houthi military operations and to train on the operation of new missile systems.The flight was initially intended for Sana'a, the Houthi-controlled capital of Yemen. However, after Saudi-backed Yemeni government forces conducted airstrikes on Sana'a airport, the destination was changed to Hodeidah, a port city on the Red Sea.It is also reported that the flight carried short- and medium-range missile and drone parts. One source claimed that gold bars were included for funding Houthi activities.The Yemeni government has accused Iran of strengthening Houthi military capabilities to enhance their maritime attack capabilities in the Red Sea and the Bab el-Mandeb Strait. The Houthis declared a maritime blockade against Saudi Arabia just a week after the flight's arrival on July 20.The Houthis have blamed Saudi Arabia for the airstrikes on Sana'a airport and warned of attacks on Saudi oil tankers. They later claimed to have conducted military operations targeting two Saudi oil tankers.Both Iran and the Houthis have denied the allegations of transporting military personnel and equipment.Esmaeil Baghaei, spokesperson for the Iranian Foreign Ministry, stated, "The flight was intended to return a Houthi delegation that attended the funeral of Iran's Supreme Leader and Yemeni civilians receiving treatment in Iran." A Houthi official who claimed to be on the flight also refuted the assertion that Iranian military experts were on board, calling it a "fabrication" and insisting that all passengers were civilians.Reuters noted that it could not independently verify whether IRGC personnel and military equipment were actually transported.* This article has been translated by AI. 2026-07-24 06:28:00
  • U.S. Imposes 10-12.5% Forced Labor Tariffs on 60 Countries, Including South Korea at 12.5%
    U.S. Imposes 10-12.5% Forced Labor Tariffs on 60 Countries, Including South Korea at 12.5% On July 23, the Trump administration announced the imposition of forced labor tariffs ranging from 10% to 12.5% on 60 countries, based on Section 301 of the Trade Act.According to Yonhap News, South Korea is effectively facing a 12.5% tariff, which comes just before the expiration of the 10% global tariff introduced following a Supreme Court ruling in February that invalidated reciprocal tariffs.The Office of the United States Trade Representative (USTR) confirmed the tariffs, citing concerns over imports of products produced through forced labor.Along with Japan, South Korea is subject to the effective 12.5% tariff.The USTR had previously announced plans for these tariffs in early June and finalized them after gathering feedback from the affected countries.Earlier in March, the USTR initiated investigations into the impact of imports produced through structural overproduction and forced labor on U.S. trade.In response, the Trump administration imposed a global tariff of 10% under Section 122 of the Trade Act, which was only valid for a maximum of 150 days, expiring at midnight on July 24.The global tariff, which filled the gap left by the invalidated reciprocal tariffs, is now being replaced by the Section 301 tariffs as the deadline approaches. 2026-07-24 06:28:00
  • Trump Links Saudi-Israel Relations to Nuclear Agreement
    Trump Links Saudi-Israel Relations to Nuclear Agreement President Donald Trump has stated that the normalization of relations between Saudi Arabia and Israel is a condition for pursuing a civilian nuclear agreement with Saudi Arabia. While he has ruled out allowing uranium enrichment, reports suggest that the possibility of future enrichment remains a contentious issue.On July 23, local time, Trump announced via social media platform Truth Social that the U.S.-Saudi nuclear agreement is contingent upon Saudi Arabia joining the Abraham Accords.White House spokesperson Caroline Levitt also stated, "If Saudi Arabia does not join the Abraham Accords, the nuclear agreement will be nullified."The Abraham Accords are a series of agreements brokered by Trump during his first term, which established diplomatic relations between Israel and several Arab nations, including the United Arab Emirates (UAE), Bahrain, and Morocco.However, Saudi Arabia maintains that it will not normalize relations with Israel without tangible progress toward establishing a Palestinian state. Currently, the Israeli government opposes the creation of a Palestinian state, making it uncertain whether the conditions set by Trump will be met.The controversy surrounding uranium enrichment continues. Trump emphasized that the agreement is intended for civilian nuclear power, asserting, "There will be no uranium enrichment."Nevertheless, reports indicate that the agreement does not permanently prohibit Saudi Arabia from uranium enrichment or the reprocessing of spent nuclear fuel. There is a possibility that after two years of economic assessments, the U.S. may allow Saudi Arabia to produce nuclear fuel.Uranium enrichment is the process of creating nuclear fuel for reactors, while spent fuel reprocessing involves separating usable materials from fuel that has been used in reactors. Both technologies can be utilized for civilian nuclear power but could also be used to develop nuclear weapons if high-enriched uranium or plutonium is produced.It is also reported that the agreement does not include the so-called "Gold Standard" accepted by the UAE when it signed a nuclear agreement with the U.S. in 2009. The Gold Standard requires that the partner country commits not to enrich uranium or reprocess spent nuclear fuel.Additionally, the agreement reportedly does not include obligations to join an additional protocol that would enhance the International Atomic Energy Agency's (IAEA) inspection authority. Joining this protocol would allow the IAEA to conduct broader inspections of sites suspected of nuclear development, including undeclared facilities.Earlier, on July 22, U.S. Secretary of Energy Chris Wright and Saudi Minister of Energy Abdulaziz bin Salman signed a separate safety measures agreement alongside the "123 Agreement" for peaceful nuclear cooperation.The 123 Agreement is necessary for U.S. companies to export nuclear technology, equipment, and materials to other countries. The U.S. Department of Energy stated that the agreement meets high standards for nuclear safety and non-proliferation, but specific details of the agreement have not been disclosed.For the agreement to take effect, it must undergo review by the U.S. Congress.* This article has been translated by AI. 2026-07-24 06:20:00