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  • Government to Hold Real Estate Policy Forum Led by Prime Minister on July 27
    Government to Hold Real Estate Policy Forum Led by Prime Minister on July 27 The government will hold another national forum on real estate policy next week.The Prime Minister's Office announced on July 23 that a 'National Real Estate Policy Forum' will take place on July 27 at 4 PM at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul, chaired by Prime Minister Han Seung-sook.A representative from the Prime Minister's Office explained that this forum aims to gather additional insights on topics that were not fully addressed in the previous discussions.During a previous forum held at KBS's Yeouido branch, President Lee Jae-myung requested Prime Minister Han to facilitate further discussions, stating, "The tax system has a legal deadline, and if we don't cover everything today, I hope you can discuss it again in the meantime."The upcoming forum will follow a format that includes opening remarks from the Prime Minister, expert presentations, and subsequent open discussions.* This article has been translated by AI. 2026-07-23 18:08:00
  • US Expands Regulations Targeting China Across Multiple Sectors
    US Expands Regulations Targeting China Across Multiple Sectors The United States is intensifying its technology and industry regulations targeting China, expanding its focus to include automobiles, artificial intelligence (AI) semiconductors, and electronic device components.On July 22, the Senate Commerce Committee passed the "2026 Connected Vehicle Security Act," which restricts the import, manufacture, and sale of connected vehicles linked to hostile nations such as China, Russia, Iran, and North Korea.The legislation prohibits the sale of vehicles from companies where entities established in hostile nations hold 15% or more of the company's shares, voting rights, or board seats. If enacted, this will primarily affect electric vehicle manufacturer Polestar, owned by China's Geely Automobile Group.Concerns have also been raised that Mercedes-Benz, which has about 20% ownership from Chinese investors, could fall under these regulations. Senator Bernie Moreno, the bill's sponsor, noted that Mercedes-Benz would receive a grace period until 2030, with the possibility of exemptions if necessary.Additionally, the U.S. government is reportedly investigating whether Chinese AI companies are circumventing advanced semiconductor export controls. The Department of Commerce's Bureau of Industry and Security is looking into whether companies like Moonshot AI have used NVIDIA's latest AI semiconductors, which are restricted for sale to China, through overseas subsidiaries or third-party data centers.Moonshot AI is under scrutiny for allegedly using NVIDIA's Blackwell-based GB300 system in the development of its recently unveiled AI model, Kimi K3. Michael Kratios, the White House Office of Science and Technology Policy director, claimed that Moonshot AI secured GB300 servers and utilized the equipment in Thailand.There are also allegations that Moonshot AI extracted large amounts of responses from Anthropic's AI model, Claude, to train its own model. If violations of export regulations are confirmed, the companies could be added to the Department of Commerce's blacklist, and separate sanctions could be imposed for intellectual property infringements.Regulations targeting Chinese telecommunications and electronic device components are also being strengthened. The Federal Communications Commission (FCC) has decided to ban the sale of devices that use key hardware components from Chinese companies like Huawei and ZTE, which are on the national security threat list. Previously, only new approvals for complete products manufactured by these companies were restricted, but now products containing semiconductors and communication-related components made by Huawei and others will also be regulated.Brendan Carr, an FCC commissioner, stated, "We will completely close loopholes related to components." Chris McGuire, a former National Security Council official, pointed out that components with security issues, such as semiconductors or communication equipment, could be exploited to threaten entire devices.The Trump administration has also broadened the scope of regulations on Chinese technology equipment. The FCC recently added more Chinese manufacturers' equipment to its ban list and is pursuing restrictions on the import of foreign drones and routers, as well as measures to block network connections between U.S. and Chinese telecommunications companies.* This article has been translated by AI. 2026-07-23 18:08:00
  • Delivery App Ecosystem Solidifies into Two Major Players Amidst Stagnation
    Delivery App Ecosystem Solidifies into Two Major Players Amidst Stagnation The delivery platform market is entering a new phase as the competition intensifies between two dominant players amid stagnation. Facing limits to growth, companies are focusing on keeping existing users engaged on their platforms for longer periods. As a result, competition is heating up over strategies to increase user retention through subscription services and quick commerce.According to a report from IGAWorks' Mobile Index on July 23, the monthly active users (MAU) of delivery platforms have remained around 29 million in the first half of this year. Although June saw a peak of 29.65 million, the figure has not surpassed the 30 million mark. Analysts suggest that the market has effectively reached saturation as the influx of new users has slowed.An IGAWorks representative stated, "The total user base for delivery platforms has been hovering around 29 million since March, indicating that competition for market share among delivery applications is intensifying rather than new user acquisition in the delivery market itself."The two-player structure has become more pronounced. According to WiseApp and Retail, Baedal Minjok maintained its position as the industry leader with 22.69 million MAU in June. However, its growth rate was only 1.4% compared to January's 22.38 million. Coupang Eats, which has expanded its free delivery and discount offerings, saw its user base grow from 12.65 million to 12.99 million, a 2.7% increase, intensifying its competition with Baemin.In contrast, the once-dominant delivery apps Yogiyo and Dangaeyo have seen their user numbers decline. Yogiyo's users dropped from 4.31 million in January to 3.89 million in June, a decrease of 9.7% (420,000 users). Dangaeyo experienced a significant decline from 3 million to 2.18 million, a 27.3% drop, the largest among major delivery apps. The rapid exit of users followed the end of a government-supported consumer coupon initiative aimed at boosting public delivery apps. The MAU, which peaked at 3.45 million in October and November last year, has seen a continuous decline for seven months from December to June.As the delivery app market approaches saturation and the two-player structure strengthens, operational strategies are evolving. The focus has shifted from acquiring new users to attracting customers from competitors and increasing the frequency of orders and customer loyalty.Coupang, which operates Coupang Eats, is taking the most aggressive approach. The company is maximizing the 'lock-in' effect by linking its subscription service, Wow Membership, with shopping, online video services (OTT), and food and convenience store delivery services to keep customers engaged on its platform.The subscription strategy is proving effective not only in attracting new users but also in increasing repeat orders from existing customers. According to WiseApp and Retail, the average monthly payers across major retail platforms have generally increased since the introduction of subscription services, with Coupang Eats showing the highest growth rate at 46.1%.Baemin is focusing on enhancing customer loyalty through its quick commerce service, Baemin B Mart. By rapidly delivering groceries and daily necessities, Baemin aims to increase users' time spent on its platform and create a virtuous cycle that leads to more delivery orders.Jeon Seong-min, a professor at Gachon University, stated, "The competition among delivery platforms has now transcended simple food order mediation. The key competitive advantage lies in connecting various services such as shopping and content to keep customers engaged on the platform for extended periods." He added, "If an infrastructure for 'last-mile' delivery encompassing various products is established, it will open up greater growth opportunities in terms of service expansion and profitability." 2026-07-23 18:08:00
  • Korean Botulinum Toxin Companies Anticipate Growth Amid High Exchange Rates and U.S. Market Expansion
    Korean Botulinum Toxin Companies Anticipate Growth Amid High Exchange Rates and U.S. Market Expansion The combination of high exchange rates and expansion into the U.S. market is boosting expectations for the second-half performance of South Korean botulinum toxin companies. As demand for cosmetic and aesthetic procedures increases in the latter half of the year, seasonal trends are expected to accelerate export growth.According to industry sources on July 23, the export value of South Korea's botulinum toxin from January to May this year reached $233.88 million (approximately 340 billion won), marking a 24.2% increase compared to the same period last year. With a strong start in the first half, there are projections that the seasonal peak in the second half could lead to the first-ever annual export surpassing 1 trillion won.A significant positive factor is the intensified focus on the U.S. market, the largest for these products. Hugel received approval from the U.S. Food and Drug Administration (FDA) for its botulinum toxin product, LetibotulinumtoxinA (known as Botulax in South Korea), in 2024 and began sales through its local distribution partner, Benev, last year. Starting in July, Hugel has implemented a hybrid sales strategy that includes direct sales, aiming to increase its market share.Carrie Strom, Global CEO, stated at the JP Morgan Healthcare Conference earlier this year, "We aim to increase our market share in the U.S. from the current 3% to 10% by 2028 and 14% by 2030. This will allow us to generate over 30% of our total revenue from the U.S. market by 2028," with a total revenue target of 900 billion won by that year.Daewoong Pharmaceutical, which has already established a direct sales network in the U.S., is also beginning to reap the benefits of expanded exports. Shipments are increasing in key markets such as Brazil, Thailand, and Canada, leading to a steady rise in export proportions. Additionally, its partner, Evolus, is proactively securing some of next year's supply in anticipation of U.S. drug tariffs set to take effect in September, which is expected to drive up shipment volumes.Analysts are optimistic about the potential for improved performance centered around the botulinum toxin business. Hugel's second-quarter toxin sales are estimated to reach 73.7 billion won, a 21.4% increase from the same period last year, with exports expected to lead this growth at 53.5 billion won, up 26.8%.Daewoong Pharmaceutical is also expected to see improved second-quarter results due to increased exports of Nabota. Analysts project Nabota sales for the second quarter to reach 102.1 billion won, a 46.4% increase year-on-year, with export sales estimated at 92.5 billion won, also reflecting a 46.4% rise.Furthermore, the rising won-dollar exchange rate is creating a favorable environment for toxin companies that rely on exports. As dollar-denominated sales expand during the conversion to won, profitability is simultaneously improving. Shin Min-soo, a researcher at Kiwoom Securities, noted, "The atmosphere surrounding toxins and fillers has improved compared to the second half of 2025, and this will be reflected in the results. Despite the overall pattern of lower first-half and higher second-half performance, Hugel's unique sales growth will continue."* This article has been translated by AI. 2026-07-23 18:04:00
  • Hyundai Reports Record Revenue Amid Declining Operating Profit Due to U.S. Tariffs
    Hyundai Reports Record Revenue Amid Declining Operating Profit Due to U.S. Tariffs Hyundai Motor Company reported record revenue for the second quarter of this year, yet its operating profit plummeted by over 20% compared to the previous year. Factors contributing to this decline include the ongoing conflict in the Middle East, U.S. tariffs, and a slowdown in global automotive demand. The company plans to rebound in the second half of the year through aggressive new vehicle launches and sales of high-value models such as electric vehicles (EVs) and hybrids (HEVs), although challenges like strikes loom ahead.On July 23, during an earnings conference call, Hyundai announced that it achieved a revenue of 49.2153 trillion won, an operating profit of 2.8509 trillion won, and a net profit of 2.8880 trillion won for the second quarter. While revenue increased by 1.9% year-on-year, both operating profit and net profit saw declines of 20.8% and 11.2%, respectively.Despite strong sales of HEVs, the operating profit margin fell by 1.7 percentage points to 5.8%, impacted by rising raw material costs and production disruptions due to fires at parts suppliers.A Hyundai representative stated, "The global automotive industry is facing unprecedented challenges, with demand down 3.8% year-on-year due to geopolitical issues and intensified competition. We will work to improve our performance through cost-cutting efforts, stabilization of raw material prices, and proactive new vehicle launches in the second half of the year."The mismatch between revenue and profit has accelerated since the U.S. tariff policy took effect in the third quarter of last year. The Trump administration imposed a 25% tariff on imported vehicles starting in April 2022, resulting in Hyundai incurring approximately 3.3 trillion won in tariff costs last year. In the second quarter of this year, tariff costs continued to rise, totaling 1.8 trillion won for the first and second quarters combined.As a result, while quarterly revenue reached a new high since the second quarter of last year (48.2867 trillion won), operating profit dropped by about 21%, indicating a continuous decline in profitability. The cost of goods sold ratio also increased by 1.1 percentage points year-on-year to 82.2%. The ratio of selling and administrative expenses to revenue remained similar to last year at 11.9%.Global sales are also on a downward trend. In the second quarter, global sales totaled 991,885 units, a 6.9% decrease from the same period last year.In South Korea, sales fell by 16.4% year-on-year to 157,647 units due to supply disruptions from parts supplier fires, while overseas sales decreased by 4.9% to 834,238 units. In the U.S. market, however, Hyundai managed to sell 264,587 units, a 0.9% increase compared to the same period last year, but overall sales are slowing due to deteriorating global automotive market demand, including the impact of the Middle East conflict.Nonetheless, in the second quarter, global sales of electrified vehicles reached a record high, driven by increased demand for HEVs. Sales of EVs totaled 69,366 units, and HEVs reached 187,661 units, resulting in a total of 266,627 electrified vehicles sold, a 1.7% increase year-on-year. The share of electrified vehicles and HEVs in total global sales also reached record highs of 26.9% and 18.9%, respectively.A Hyundai representative noted, "In the second quarter, we faced a challenging business environment due to geopolitical uncertainties and temporary supply chain issues, but in the second half, we will respond more flexibly to market demand based on a diverse powertrain lineup and region-specific portfolio."* This article has been translated by AI. 2026-07-23 18:04:00
  • Korean Oil Companies Report Strong Q2 Earnings Amid Price-Fixing Controversy
    Korean Oil Companies Report Strong Q2 Earnings Amid Price-Fixing Controversy South Korea's four major oil companies are expected to report solid earnings for the second quarter of this year, despite ongoing controversies surrounding price-fixing in petroleum products.According to FnGuide on July 23, SK Innovation's operating profit for Q2 is projected to reach 1.8 trillion won, while S-Oil is expected to exceed 1.2 trillion won. Unlisted companies GS Caltex and HD Hyundai Oilbank are also anticipated to perform well, particularly in their refining sectors.The strong performance of the oil companies in Q2 is attributed to some lagging effects and robust refining margins. However, industry experts believe that the increase in refining margins has played a more significant role in improving earnings than the lagging effects.In Q1, a surge in international oil prices following the outbreak of conflict in the Middle East led to a substantial increase in the value of crude oil and petroleum product inventories held by the oil companies, resulting in large inventory valuation gains. As oil prices stabilized somewhat in Q2, these valuation gains decreased, but the relatively low-priced crude oil secured earlier was gradually introduced into the refining process, contributing to some lagging effects.High refining margins helped offset the decline in inventory valuation gains. While crude oil prices have risen since the Middle East conflict, prices for petroleum products such as gasoline and diesel have shown a stronger upward trend, widening the gap between crude oil import prices and product sales prices. Steady demand for jet fuel and diesel, along with disruptions to some refining facilities in the Middle East due to attacks, have also influenced the rise in refining margins.However, alongside the positive earnings, legal and policy risks surrounding the oil industry are increasing. On July 6, the Seoul Central District Prosecutors' Office indicted SK Energy, GS Caltex, S-Oil, and HD Hyundai Oilbank, along with related executives, on charges of violating fair trade laws.The prosecution alleges that the oil companies exchanged price information and collectively raised domestic petroleum product prices following the Middle East conflict. The estimated direct collusion amount is 14.2 trillion won, and when considering the competitive restrictions due to price-following by other oil companies, the total is projected to reach 26 trillion won.As penalties or fines related to the collusion allegations have not yet been finalized, the direct impact on Q2 earnings is expected to be limited. However, additional costs such as fines, penalties, and civil damages may arise depending on the outcomes of future trials.There are also unresolved issues regarding the government's implementation of a price control system for petroleum products. The government has allocated 4.2 trillion won in contingency funds to compensate for losses incurred by oil companies due to the price control system, but there are reported disagreements between the government and the industry regarding the criteria for loss assessment.An industry insider stated, "While we cannot expect large-scale inventory valuation gains in Q2 as we did in Q1, refining margins and some lagging effects have supported earnings. The collusion trial and the settlement of losses from the price control system have not yet impacted this quarter's results but may affect the second half of the year." 2026-07-23 18:04:00
  • Dong-A Socio Holdings to Absorb Dong-A Pharmaceutical, Transition to Holding Company Structure
    Dong-A Socio Holdings to Absorb Dong-A Pharmaceutical, Transition to Holding Company Structure Dong-A Socio Holdings will absorb its wholly-owned subsidiary, Dong-A Pharmaceutical, transitioning to a holding company structure. On July 23, Dong-A Socio Holdings announced that its board of directors has resolved to proceed with the merger, which is set to take place on October 1. The merger will be conducted as a small-scale absorption without issuing new shares, and there will be no changes to the existing shareholder composition or ownership ratios. This decision is seen as a strategic move to shift to a structure that balances business operations and investments, building on over a decade of achievements since the introduction of the holding company system. Since transitioning to a holding company in 2013, Dong-A Socio Holdings has focused on enhancing the expertise of its subsidiaries. Dong-A Pharmaceutical has established a stable revenue base in over-the-counter drugs, healthcare, and dermocosmetics, primarily centered around its flagship product, Bacchus. The company stated, "In light of intensifying competition in the global and domestic healthcare markets, we have decided to transition to a holding company structure to internalize the cash-generating capabilities of our core subsidiary, Dong-A Pharmaceutical, and to strengthen our group-wide investment and new business development capabilities." Changes in governance are also anticipated. Dong-A Socio Holdings plans to centralize decision-making authority within its board and management to establish a more agile and accountable management system. Additionally, the merger is expected to alleviate concerns over dual listings, potentially reducing the so-called 'holding company discount' and leading to a reassessment of corporate value. The integrated entity plans to accelerate its overseas market penetration based on Dong-A Pharmaceutical's brand competitiveness and distribution infrastructure. The strategy includes expanding e-commerce channels, entering global retail chains, and pursuing brand collaborations to increase the share of overseas sales and elevate its status as a global consumer healthcare company. A representative from Dong-A Socio Holdings remarked, "This merger is a decision aimed at enhancing our competitiveness in the global healthcare market while inheriting the achievements made since the transition to a holding company. We will leverage our integrated resources to expand investments in new growth drivers, thereby increasing corporate and shareholder value." Meanwhile, Dong-A Socio Holdings has been recognized as one of the 'ESG Best Companies' for three consecutive years by Sustainalytics in its 2026 mid-year ESG comprehensive evaluation, which assesses the environmental, social, and governance (ESG) management levels of domestic companies twice a year. Dong-A Socio Holdings, Dong-A ST, and ST Pharm have been acknowledged for their sustainable management achievements since their first selection in 2024.* This article has been translated by AI. 2026-07-23 18:00:00
  • Rising Direct Real Estate Transactions Save Buyers Thousands in Fees
    Rising Direct Real Estate Transactions Save Buyers Thousands in Fees Yuri Lee, a 30-something office worker, recently decided to transition from renting to buying a home. While using a licensed real estate agent is considered safer, she opted for a direct transaction recommended by friends. Lee found a suitable listing on a real estate platform: a 13-square-meter, one-bedroom apartment in the outskirts of Seoul. She quickly negotiated the sale price directly with the owner via chat, finalizing the deal at 330 million won. Since it was a direct transaction, there were no so-called 'brokerage fees.' If she had gone through an agent, she would have had to pay up to 1.45 million won (based on a maximum rate of 0.4%, which includes 1.32 million won in commission plus value-added tax), a saving that left her very satisfied.Anyone who has bought or sold real estate knows how challenging the process can be until the final signature is affixed. As a result, most people choose to work with licensed agents. Despite the burden of brokerage fees, buying or selling a home worth millions cannot be treated like a simple grocery purchase.However, trends are changing. Direct transactions in the real estate market are rapidly gaining traction. Listings for apartments frequently appear on the online trading platform Danggeun Market. What are the advantages of direct transactions compared to traditional real estate dealings that involve agents?Rapid Growth of Direct Real Estate TransactionsAccording to statistics from the Ministry of Land, Infrastructure and Transport, there were 72,442 apartment transactions in Seoul from July of last year to June of this year, with 3,404 of those being direct transactions, accounting for 4.7% of the total. For multi-family and multi-unit dwellings, 6,004 out of 38,824 transactions (15.5%) were direct, while 458 out of 4,151 single-family and multi-family transactions (11.0%) were also direct. Although most apartment transactions still involve licensed agents, direct transactions are rapidly expanding, particularly in the multi-family and multi-unit sectors.The demand for direct transactions is also evident on platforms. Data obtained from Danggeun Real Estate shows that the number of direct transaction listings in the first half of this year increased by 8.4% compared to the same period last year. Notably, the growth rate in the second quarter (April to June) reached 17.1%, indicating a significant upward trend.The variety of direct listings is also increasing. Previously, direct transactions primarily involved small-scale deals like studio apartments or villas, but they are now expanding to include apartments and commercial properties. Reports indicate that the method of buyers and sellers directly contacting each other through real estate platforms is becoming more established.The Allure of Zero Brokerage FeesThe most significant advantage of direct real estate transactions is the absence of brokerage fees. According to current regulations from the Ministry of Land, Infrastructure and Transport and Seoul city ordinances, the maximum brokerage fee rates for home sales vary based on the transaction amount. For transactions under 50 million won, the rate is 0.6%; for amounts between 50 million and 200 million won, it is 0.5%; and for amounts between 200 million and 900 million won, it is 0.4%. For transactions above 900 million won, the rates are tiered, with a maximum of 0.7% for amounts exceeding 1.5 billion won. For example, a 500 million won lease incurs about 1.5 million won in brokerage fees, while a 1 billion won sale incurs about 5 million won.Thus, the larger the transaction amount, the greater the savings from avoiding brokerage fees. The highest recorded direct transaction on Danggeun Real Estate involved a hotel in Seogwipo, Jeju, sold for 5 billion won. If this transaction had gone through a licensed agent, the brokerage fee would have been approximately 45 million won, but in a direct transaction, the fee is zero.Danggeun Real Estate, a leading platform for direct transactions, has been operating a community-based direct transaction service since establishing its real estate category in 2015. Since February of last year, it has also allowed local licensed agents to register listings, creating a structure that supports both direct and agent-assisted transactions. A representative from Danggeun stated, "Direct transactions are actively utilized by genuine buyers looking to save on brokerage fees and put in the effort themselves. At the same time, local licensed agents are using this as a channel to inform neighborhood residents about listings, leading to growth in both direct and agent-assisted transactions."Which Platform to Use?As the direct transaction market grows, competition among platforms is intensifying. Services are emerging that support the entire transaction process, from contracts to rights analysis, beyond merely providing direct listings.The direct real estate platform 'Bokdeokbang' does not accept listings from brokerage firms and instead offers expert connection services for direct users. Bokdeokbang connects users with experts for various transaction stages, including home visits, rights analysis, contract drafting and review, registration tasks, and final payment processing, allowing users to selectively utilize necessary services. This structure enables direct transaction parties to connect directly with licensed agents, legal professionals, and rights analysis experts, allowing them to receive support for necessary procedures instead of paying brokerage fees.Platforms like Naver Real Estate, Zigbang, and Dabang allow homeowners to register their listings directly. However, Zigbang shares the information of homeowner-registered listings with nearby brokerage offices, and licensed agents connect buyers or tenants, meaning that while homeowners do not need to visit multiple agencies, brokerage fees still apply as contracts are processed through agents.Particularly, during the listing verification stage, experts accompany users to inspect for defects or review rights relationships, and during the contract stage, they assist with contract reviews and registration and final payment processing, focusing on addressing potential information gaps in the direct transaction process.These platforms are also enhancing safety measures to minimize concerns that direct transactions are risky. Danggeun Real Estate mandates owner verification for personal direct listings and marks them as 'owner-verified' after cross-referencing with property registration documents. If someone other than the owner registers a listing, they must go through a verification process or submit a lease contract.Services aimed at reducing risks during the contract process are also expanding. Danggeun Real Estate offers a secure payment service for deposits and a direct transaction checklist, and recently revamped its 'Easy-to-Read Property Registration' service to make property registration documents more understandable. A representative from Danggeun stated, "We plan to continuously enhance features that increase the reliability of listings and the safety of transactions to create a secure trading environment."However, direct transactions require caution, as parties must handle rights verification and contract procedures that licensed agents typically manage. It is essential to thoroughly check property registration documents, building records, priority rights, and special contract clauses, and to manage the final payment process independently. Industry experts advise that even when utilizing the certification services and checklists provided by platforms, it is crucial to carefully review rights relationships and transaction conditions before finalizing contracts.* This article has been translated by AI. 2026-07-23 17:56:00
  • Kia Drives Growth as Hyundai and Kia See 6.5% Increase in June European Sales
    Kia Drives Growth as Hyundai and Kia See 6.5% Increase in June European Sales Hyundai Motor and Kia sold nearly 100,000 vehicles in the European market last month. While Hyundai struggled, Kia's growth was notable. However, the expansion of the European automotive market slightly impacted their brand market share.According to the European Automobile Manufacturers Association (ACEA) on July 23, Hyundai and Kia's sales in Europe last month totaled 99,523 units, a 6.5% increase compared to the same period last year. By brand, Hyundai sold 46,482 units, a 2.4% decrease, while Kia's sales rose by 15.8% to 53,041 units.Hyundai and Kia's market share in Europe for June was 7.1%, down 0.4 percentage points from the previous year. Hyundai accounted for 3.3%, while Kia held 3.8%. This decline occurred despite the overall European automotive market growing by 13.1% to 1,407,332 units during the same period.For the first half of the year, Hyundai and Kia's cumulative sales in the European market reached 534,525 units, a 0.8% decrease from the previous year. Hyundai's sales fell by 8.7% to 243,828 units, while Kia's sales increased by 6.9% to 290,697 units.Their market share for the first half of the year was 7.4%, down 0.5 percentage points from last year. Hyundai's share decreased by 0.5 percentage points to 3.4%, while Kia maintained its share at 4.0%. The overall European market grew by 6.1% to 7,232,066 units.The best-selling models for Hyundai in Europe were the Tucson and Kona. Last month, Tucson sales reached 11,784 units, while Kona sold 8,387 units, and the i20 had 5,360 units sold. Sales of eco-friendly vehicles also remained strong, with 8,007 units of the Tucson hybrid and plug-in hybrid (PHEV) sold, along with 6,730 units of the Kona hybrid and electric vehicle (EV). The Casper electric model sold 3,170 units.For the first half of the year, the Tucson was the top seller with 67,665 units, followed by the Kona (43,524 units), i20 (29,270 units), and Casper (16,594 units). Meanwhile, Kia's sales performance by model is expected to be released between the end of this month and early next month.* This article has been translated by AI. 2026-07-23 17:56:00
  • One ordinary workday, one task at a time
    One ordinary workday, one task at a time SEOUL, July 23 (AJP) - At 10 a.m., an hour before the first customers arrive, the lights flick on inside a modest Kimchi stew restaurant tucked into Hyehwa neighborhood, southwestern district on Seoul. Three aprons are tied almost simultaneously. One employee wipes tables. Another arranges bowls into neat stacks. In the kitchen, vegetables are trimmed and ingredients portioned for the lunchtime rush. Before opening, everyone gathers around one table to eat together — breakfast and lunch folded into a single quiet meal. There is little conversation. Everyone already knows what comes next. By 11 a.m., silence gives way to routine. "Welcome." The greeting repeats each time the entrance door swings open. One worker patiently guides first-time customers through the self-order kiosk. Another clears dishes before new diners sit down. Behind the counter, Kimchi stew bubbles while bowls of rice disappear almost as quickly as they are prepared. No one waits to be told. Each task naturally leads to another. Nothing about the restaurant immediately sets it apart from thousands of neighborhood eateries across Seoul. Only after spending time here does the difference emerge. The staff are young adults with borderline intellectual functioning, employed through Youth Mungan's "Slow Store" program. People with borderline intellectual functioning generally score between 71 and 84 on IQ tests. Though estimated to make up more than one in ten South Koreans, they fall outside the legal definition of intellectual disability and often receive little structured support after leaving school. Inside this restaurant, however, labels matter less than routines. Every movement has been practiced. Opening the store. Preparing vegetables. Serving customers. Cleaning tables. Closing the register. The work has been broken into small steps, repeated until they become familiar. The manuals remain nearby. Most days, they are no longer needed. Youth Mungan did not begin with employment. Catholic priest Lee Moon-soo opened the restaurant years ago after learning that a young man had died alone from hunger in a tiny rented room. His answer was simple: affordable Kimchi stew for struggling young people. Later came another request. Parents asked whether their children—young adults with borderline intellectual functioning—might simply be given a chance to work. Today there are five Youth Mungan restaurants across Seoul. Four operate as Slow Stores. The lunch rush eventually fades. Steam no longer rises from the kitchen. The dining room grows quiet again. Several kilometers away at another Slow Store in Nakseongdae, 27-year-old Kim Ji-woo begins preparing for closing. Portable gas burners are disinfected one by one. Tables are wiped. The self-service station is cleaned. Nearby, Kim Min-seong washes dishes while Jang Min-gyu organizes ingredients for tomorrow. Ji-woo checks each item on the closing list. Turn off the kiosk. Portion the rice. Clean the coffee machine. The checklist sits beside him, though his hands rarely need to look at it anymore. At 4 p.m., the aprons come off. They are folded carefully. Quiet goodbyes are exchanged. The workers leave for home. Customers stop noticing them long before that moment. Perhaps that is the point. Nothing about the day feels extraordinary. The restaurant simply opens, serves lunch and closes again. The story of Youth Mungan's Slow Stores is not about overcoming disability. It is about what happens when enough time is given to learn. Patience replaces urgency. Repetition becomes confidence. A checklist becomes memory. And another ordinary working day comes to an end—one task, one customer and one shift at a time. 2026-07-23 17:54:52