AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

&
""
Latest by
  • Hyundai Motor Reports 20.8% Drop in Q2 Operating Profit
    Hyundai Motor Reports 20.8% Drop in Q2 Operating Profit Hyundai Motor announced on July 23 that it recorded a revenue of 49.2153 trillion won and an operating profit of 2.8509 trillion won for the second quarter of this year.While revenue increased by 1.9% compared to the same period last year, operating profit fell by 20.8%. The operating profit margin dropped by 1.7 percentage points to 5.8%, despite strong sales of hybrid vehicles, due to rising raw material costs and production disruptions caused by fires at parts suppliers.A Hyundai official 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 strive to demonstrate our fundamentals in the global market through new vehicle launches in the second half of the year."In the second quarter, global sales reached 991,885 units, a decrease of 6.9% from the previous year.In South Korea, sales fell by 16.4% year-on-year to 157,647 units due to supply chain disruptions from parts supplier fires. Internationally, sales also declined by 4.9% during the same period, totaling 834,238 units.Meanwhile, Hyundai will maintain its quarterly dividend at 2,500 won, consistent with the previous year, as part of its value-up program announced in 2024.The Hyundai official added, "Despite changes in the macroeconomic environment, we will faithfully implement our shareholder return policy as promised to maximize shareholder value."* This article has been translated by AI. 2026-07-23 14:12:00
  • Lotte Chilsungs Soonhari Jin Surpasses Last Years Sales in Just Six Months
    Lotte Chilsung's Soonhari Jin Surpasses Last Year's Sales in Just Six Months Lotte Chilsung Beverage's ready-to-drink (RTD) alcohol brand, Soonhari Jin, has surpassed last year's total sales in just the first half of this year.On July 23, Lotte Chilsung Beverage announced that Soonhari Jin recorded sales of 17 billion won in the first half of the year, exceeding last year's annual sales of 16.2 billion won within just six months.If the current trend continues, the company anticipates that Soonhari Jin's annual sales will more than double compared to the previous year. Since its launch in May 2021, cumulative sales are expected to exceed 120 million cans (based on 355ml).Since the introduction of Soonhari Lemon Jin in 2021, the product line has expanded to include four varieties: Lemon Jin, Grapefruit Jin, Yuzu Jin, and Sangria Jin. Among these, Lemon Jin accounts for the largest share of sales at 58%, followed by Grapefruit Jin at 22%, Sangria Jin at 11%, and Yuzu Jin at 9%.A representative from Lotte Chilsung Beverage attributed the growth of Soonhari Jin to its inherent product competitiveness and the development of products that reflect consumer demand.Soonhari Jin utilizes a 'freeze extraction method' that freezes whole fruits at ultra-low temperatures to maximize their rich flavors. Based on consumer research, the product has been improved to meet the demand for zero sugar and a clean drinking experience, offering a variety of alcohol levels and flavors, including 4.5%, 7%, and 9% options.The representative stated, "We have enhanced our brand competitiveness through product development that reflects consumer trends and offers differentiated taste and aroma. We plan to continue strengthening our product competitiveness in the future."Meanwhile, the global RTD alcohol market continues to grow steadily. According to market research firm Euromonitor, the global RTD alcohol market is projected to reach $24.5 billion by 2024, with an average annual growth rate of 7.8%, expected to reach $35.6 billion by 2029. The domestic RTD alcohol market is estimated to be around $50 million. 2026-07-23 14:12:00
  • Apartment Prices Continue to Rise in Seoul Amid Loan Regulations
    Apartment Prices Continue to Rise in Seoul Amid Loan Regulations Apartment sales and rental prices in Seoul are continuing to rise. Despite a localized wait-and-see attitude, demand is flowing into key complexes and areas with development potential, leading to ongoing upward transactions. The increase in apartment prices that began in core areas is now spreading to mid-priced regions on the outskirts and to areas with strong market fundamentals in the metropolitan area.According to the Korea Real Estate Agency's report on nationwide weekly apartment price trends for the third week of July 2026, released on July 23, apartment sales prices in Seoul rose by 0.27% compared to the previous week. Although the increase was slightly lower than the previous week's rise of 0.30%, the upward trend remains robust.In the 14 districts of northern Seoul, prices increased by 0.33%, with Seongbuk District (0.47%) seeing significant gains primarily in large complexes in the Gileum and Hawol-dong areas. Nowon District (0.43%) also experienced a notable rise, particularly in smaller units in Sangye and Junggye-dong. Other districts such as Jung-gu (0.42%), Jongno-gu (0.40%), and Jungnang-gu (0.40%) also saw increases, driven by major complexes and areas with redevelopment prospects.In the 11 districts of southern Seoul, prices rose by 0.23%. Guro District (0.38%) saw increases in smaller complexes in the Gaebong and Sindorim-dong areas, while Yeongdeungpo District (0.35%) rose mainly in the Singil and Daerim-dong areas. Geumcheon District (0.32%), Gangseo District (0.29%), and Songpa District (0.29%) also continued to rise, particularly around transportation hubs and major complexes.Overall, apartment sales prices in the metropolitan area increased by 0.18%. Gyeonggi Province recorded a smaller increase of 0.17%, down from 0.21% the previous week. Bundang District in Seongnam (0.58%) showed a high increase in areas with good living conditions, such as Seohyeon and Gumi-dong, while Suji District in Yongin (0.50%) and Jungwon District in Seongnam (0.49%) also contributed to the upward trend. However, some areas, such as Icheon (-0.12%) and Paju (-0.10%), experienced declines.In Incheon, the increase was minimal at 0.01%. While Seohae District (0.11%) and Michuhol District (0.07%) saw rises, areas like Namdong District (-0.14%) and Yeongjong District (-0.07%) limited the overall increase.In regional markets, apartment sales prices remained stable at 0.00%. While Ulsan (0.07%), Jeonbuk (0.05%), Chungbuk (0.03%), and Jeonnam-Gwangju (0.04%) saw increases, areas like Jeju (-0.07%), Chungnam (-0.04%), Daegu (-0.03%), and Sejong (-0.04%) experienced declines. Nationwide, weekly apartment sales prices rose by 0.09%.Weekly apartment rental prices nationwide also rose by 0.11%, the same as the previous week. In Seoul, rental prices increased by 0.27%, indicating sustained demand from tenants. Contracts were signed for major complexes in preferred areas, such as transportation hubs and school districts.In northern Seoul, Nowon District (0.43%), Seongbuk District (0.42%), Gangbuk District (0.39%), and Jungnang District (0.38%) led the increase in rental prices. In southern Seoul, Songpa District (0.39%) saw rises primarily in Jamsil and Sincheon-dong, while Geumcheon District (0.38%) and Gangdong District (0.32%) increased due to demand in school districts and major complexes.Rental prices in the metropolitan area rose by 0.19%. Gyeonggi Province recorded a 0.17% increase, with significant rises in Giheung District in Yongin (0.60%), Gwangmyeong City (0.52%), and Dongtan District in Hwaseong (0.47%). In Incheon, prices rose by 0.09%, driven by increases in Yeongjong District (0.15%) and Bupyeong District (0.12%).In regional markets, rental prices increased by 0.04%. Ulsan (0.12%), Jeonbuk (0.09%), Busan (0.06%), and Sejong (0.04%) saw upward trends, while Jeju (-0.04%) and Gyeongbuk (-0.02%) experienced declines.Nam Hyuk-woo, a real estate researcher at Woori Bank, noted, "Due to the impact of reduced loan limits in the financial sector, there is a continued influx of actual demand for mid-priced apartments around 600 million won in northeastern Seoul, while the transition to mid-range areas appears somewhat limited. In southern Gyeonggi Province, sellers benefiting from the rising prices in Dongtan and Suwon are attempting to transition to preferred locations like Bundang and Suji, driving price strength."* This article has been translated by AI. 2026-07-23 14:04:00
  • NH Union Warns Headquarters Relocation Will Undermine Agricultural Support and Competitiveness
    NH Union Warns Headquarters Relocation Will Undermine Agricultural Support and Competitiveness "NH is neither a government agency nor a public institution. Therefore, the government cannot forcibly relocate the cooperative NH to a regional area. A hasty headquarters move will lead to reduced support for farmers and ultimately weaken our agricultural competitiveness," said Lee Hyun-in, acting chairman of the NH Financial Industry Labor Union, during a rally in front of the Ministry of Land, Infrastructure and Transport at the Government Sejong Center around noon on July 23.Lee expressed concern that "politicians are pushing for amendments to the NH Act," warning that if the law changes, the headquarters could move from Seoul to a regional area.The union gathered for a rally titled 'Stop the Relocation of NH Headquarters' to criticize the government's second phase of relocating public institutions. Currently, the Agricultural Cooperatives Act mandates that the main office of the National Agricultural Cooperative Federation be located in Seoul. However, some argue that the headquarters should be moved to Naju or Sejong for balanced national development.In response, Lee stated, "The National Agricultural Cooperative Federation is a key organization responsible for the sale of agricultural products. The capital region is not only the largest consumer market in the country but also a critical area for price formation and distribution of agricultural products, making it the optimal location for market analysis, expanding sales channels, and distribution cooperation."He also raised concerns about potential conflicts among local cooperatives. Since NH consists of 1,110 agricultural cooperatives across the country, a regional relocation could lead to disputes. Relocating to a specific area may create physical limitations, resulting in conflicts based on regional advantages and disadvantages in future business operations.The union highlighted the significant social costs associated with the headquarters relocation. They estimate that fewer than 500 employees, excluding essential personnel, could be relocated. However, the cost of moving the headquarters alone is projected to exceed 252 billion won, not including land acquisition costs.Notably, 73% of the 70,000 employees across the NH system are already working in regional areas. The union argues that while astronomical costs will be incurred, the economic impact on local economies may be minimal.Concerns were also raised about the potential weakening of agricultural competitiveness due to unnecessary expenses. Lee emphasized, "The relocation costs, which could reach hundreds of billions of won, will ultimately erode the funding available for supporting farmers. If the government insists on this unilateral relocation policy, it must take full responsibility for the consequences."There are also worries about the autonomy of cooperatives. Decision-making in cooperatives should reflect the will of the members, and there are criticisms that this cannot be enforced.The NH union has announced further actions, including a rally scheduled for July 29 in Gwanghwamun, and is considering a general strike depending on future developments.* This article has been translated by AI. 2026-07-23 14:04:00
  • President Lee Discusses Property Tax and Rental Loan Reforms at National Forum
    President Lee Discusses Property Tax and Rental Loan Reforms at National Forum President Lee Jae-myung chaired a national forum on real estate policy, concluding with three main issues: property tax, rental loans, and supply regulations. While specific tax rates, loan criteria, and supply targets have not been finalized, the government is increasingly likely to focus on taxing high-value single-home owners, managing rental loans, and easing regulations on private redevelopment projects in future measures.On July 23, the President led the forum at the KBS annex in Yeouido, Seoul. The government had previously held listening sessions from July 14 to 16, covering housing supply, housing finance, and real estate taxation. The discussions and online public suggestions were compiled for this presidential forum. The government plans to incorporate feedback from the forum into tax reform proposals and subsequent real estate policies, which are expected to be announced by the end of this month or early next month.The forum leaned heavily towards taxation issues. President Lee remarked on the real estate market, stating, "It will burst someday," and emphasized the need to prepare, even at the cost of political repercussions. He noted that raising property taxes is something that should have been done in the past, indicating a desire to alleviate excessive investment pressure on real estate through taxation and finance rather than artificially lowering housing prices.A key point of discussion was how to differentiate between types of homeowners, including primary residents, non-residents, and high-value properties. The President mentioned various categories, such as owner-occupied single homes, non-resident single homes, multiple homeowners, and high-value single homes, suggesting that tax burdens should be based on typical single-home ownership while providing relief for actual residents. He also proposed using the term 'residential' instead of 'actual residence' to clarify that homes temporarily vacated for reasons like job relocation or children's education should not be considered speculative.The necessity for property tax reform emerged as a significant issue among experts. Professor Kang Seong-hoon from Hanyang University suggested that tax rates should be based on the total value of owned properties rather than the number of homes owned, arguing for fairness in taxation. Opinions varied on taxing high-value single-home owners, with some advocating for limiting excessive benefits while others cautioned against taxing unrealized gains. Various thresholds for high-value properties were proposed, ranging from 3 billion to 5 billion won.In the housing finance sector, the management of rental loans was a focal point. President Lee stated, "It seems time to make adjustments" regarding rental loans, noting that while they are intended to support housing stability for low-income families, they can also contribute to rising housing prices. Expert presentations at the forum argued for stricter requirements on rental loans for actual users and maintaining regulatory pressure on multiple homeowners and non-resident landlords.However, the extent of tightening loan regulations remains contentious. Among the 5,004 online public suggestions released by the government as of 8 p.m. on July 22, housing finance accounted for the largest share with 2,197 submissions, followed by housing supply with 1,530 and real estate taxation with 1,277. Opinions were divided on whether to ease loan regulations for first-time buyers and newlyweds or to maintain them due to concerns over rising housing prices.In the supply sector, the challenge remains how to address existing bottlenecks rather than finding clear solutions. President Lee remarked that there are clear limitations on housing supply, stating, "It is unclear where and how to proceed with supply." The forum suggested increasing floor area ratios to stimulate private redevelopment and reconstruction, rationalizing public contribution obligations, and easing loan regulations to expand non-apartment supply.Non-apartment and private rental supply also emerged as separate issues. Chae Sang-wook, CEO of Connected Ground, pointed out that the government's supply plan lacks a roadmap for how much private rental housing will be supplied during its term, arguing that the financial support for private rentals has not been institutionalized, effectively undermining the existing supply system. He emphasized that relying solely on supply focused on sales cannot adequately address instability in the rental market.Overall, this forum was more about identifying issues than reaching conclusions. Even if property taxes are strengthened, questions remain about which price ranges will be affected, what tax rates will apply, and how to protect actual residents. Similarly, adjustments to rental loans will require a clear line between protecting actual users and managing household debt. The effectiveness of supply measures will depend on whether regulatory easing translates into actual construction and occupancy. 2026-07-23 14:04:00
  • President Lee Calls for Tripling Property Tax Amid Housing Crisis
    President Lee Calls for Tripling Property Tax Amid Housing Crisis President Lee Jae-myung stated that if property taxes had been normalized in the past, home prices would not have risen to their current levels. He made these remarks during a national discussion on real estate policy held at KBS in Yeouido, Seoul.President Lee emphasized the need for preparation, even at the cost of political backlash, saying, "It is difficult to take on too much responsibility, but we must be ready for the consequences." He noted that to align with typical levels in developed countries, property taxes would need to be increased by at least three times. However, he cautioned that such an increase could lead to unrest.Regarding implementation, he suggested establishing a reasonable tax burden based on ownership of a single home, with potential reductions for primary residences. He also mentioned the importance of considering regional factors and providing support for local areas.President Lee identified the rental system as a significant factor contributing to the surge in apartment prices. He pointed out that providing nearly unlimited loans for rental support to low-income families has inadvertently driven up home prices, leading to situations where individuals can secure loans or guarantees for 100% of the home price, which can result in fraud.He stated, "While rental loans serve as a support policy for housing stability for the underprivileged, they have also become a primary cause of soaring home prices. It seems time to adjust this system. However, we must ensure that necessary support is provided to young people, newlyweds, and first-time renters with valid needs."Additionally, President Lee expressed skepticism about the effectiveness of redevelopment and reconstruction in significantly increasing housing supply. He noted that while these projects improve living conditions and housing quality, they may not lead to a net increase in the number of households.He remarked, "In the case of redevelopment, it seems that the total number of households often decreases. While living conditions improve and higher-quality housing is provided, many existing residents must relocate, which can lead to a reduction in the total number of households." This comment reflects a cautious stance on viewing redevelopment and reconstruction solely as means to increase housing supply.* This article has been translated by AI. 2026-07-23 14:00:00
  • Uber Cuts 10% of Customer Service Staff as AI Usage Expands
    Uber Cuts 10% of Customer Service Staff as AI Usage Expands Uber has reduced its customer service workforce by 10% as it expands its use of artificial intelligence (AI). This marks the first time the company has cited AI as a reason for layoffs.On July 22, Bloomberg reported that Uber has cut 10% of its 'Community Operations' team, which handles customer service.Uber explained that the layoffs are part of an effort to simplify its complex organizational structure and enhance AI utilization. Some employees who were working remotely have been asked to relocate to major office hubs.In a memo to staff, Meggan Yoon, Uber's Vice President of Global Community Operations, noted that the organization had become overly complex and that inter-departmental collaboration was lacking. She emphasized that to effectively leverage AI, it is essential to streamline processes and organizational structures.This round of layoffs is the second restructuring in the past two months. In June, Uber reduced its 'People' division by 23%, which accounted for less than 1% of its total workforce of approximately 34,000 employees.* This article has been translated by AI. 2026-07-23 14:00:00
  • Shinhan Financial Group Reports Record 3.4 Trillion Won Net Profit in First Half of 2026
    Shinhan Financial Group Reports Record 3.4 Trillion Won Net Profit in First Half of 2026 Shinhan Financial Group reported a record net profit exceeding 3.4 trillion won for the first half of 2026, driven by significant growth in non-interest income despite a slowdown in household loan growth.On July 23, Shinhan Financial announced that its net profit for the first half of the year reached 3.4427 trillion won, a 13.3% increase compared to the same period last year. This figure surpasses market expectations of 3.3087 trillion won. The net profit for the second quarter was 1.8201 trillion won, up 12.2% from the previous quarter.A Shinhan Financial representative stated, "We generated stable earnings based on balanced growth in interest and non-interest income, while effectively managing credit costs to maintain solid profit growth."Interest income for the first half of the year totaled 6.1585 trillion won, a 7.7% increase from the same period last year. In the second quarter, interest income rose 3.6% from the first quarter to 3.1344 trillion won. The net interest margin (NIM), a key profitability indicator, increased to 1.93% for the first half, up from 1.90% last year.Non-interest income also saw robust growth, reaching 2.6381 trillion won, a 19.7% increase year-on-year, driven by gains from fees and securities. In the second quarter, non-interest income was 1.4499 trillion won, a 22.0% increase from the previous quarter.Other income for the first half was recorded at 106.6 billion won, reflecting a decrease of 12.6 billion won compared to the same period last year, influenced by the reversal of provisions for equity-linked trusts (ELT).Provisions for credit losses in the first half amounted to 949.8 billion won, a 10.8% decrease from the previous year. In the second quarter, provisions also fell to 437.3 billion won, down 14.7% from the first quarter.As of the end of June, the group's provisional BIS capital adequacy ratio stood at 15.74%, with a common equity tier 1 (CET1) ratio of 13.43%, indicating stable capital levels.By subsidiary, Shinhan Bank reported a net profit of 2.4585 trillion won for the first half, an 8.5% increase from the previous year. Although non-interest income decreased due to reduced gains from securities amid rising market interest rates, stable interest income from loan growth helped defend profits. In the second quarter alone, the bank earned 1.3014 trillion won, a 12.5% increase from the first quarter.Shinhan Card's net profit for the first half was 254.3 billion won, up 2.8% year-on-year, benefiting from increased credit card sales and a reduction in provisions for credit losses, despite rising interest expenses and selling, general, and administrative costs. Shinhan Investment Corp. reported a net profit of 577.7 billion won for the first half, a 123.1% increase from the previous year, driven by a surge in commission and product sales revenue amid a booming stock market. Shinhan Capital also saw a net profit of 94.7 billion won, up 48.1% year-on-year.In contrast, Shinhan Life reported a net profit of 290.6 billion won for the first half, a 15.6% decrease from the same period last year, influenced by increased financial gains from securities evaluations.Additionally, Shinhan Financial's board of directors approved a dividend of 740 won per share for the second quarter. The company also plans to repurchase and retire 700 billion won worth of shares by October, bringing the total share buyback and retirement for the year to 1.4 trillion won.* This article has been translated by AI. 2026-07-23 13:56:00
  • Kumho Construction Shares Rise After Winning Project in Songpa District
    Kumho Construction Shares Rise After Winning Project in Songpa District Kumho Construction is experiencing a surge in its stock price following the announcement that it has secured the Jangji Parking Lot redevelopment project in the Songpa District of Seoul.As of 1:40 PM on July 23, the Korea Exchange reported that Kumho Construction's shares rose by 550 won (5.28%) to 10,979 won. Earlier in the day, the stock had jumped as much as 17.08% to 12,210 won.The increase in share price is attributed to Kumho Construction being selected as the qualified bidder for the 'Jangji Parking Lot Redevelopment Project' commissioned by the Seoul Housing and Communities Corporation (SH).Kumho Construction will carry out the project in a consortium with Dongbu Construction and Goduk General Construction, holding a 50% stake. Of the total project cost of 350.6 billion won, Kumho's expected share is approximately 175.3 billion won, which represents 8.68% of the company's revenue based on last year's consolidated figures.This project involves the redevelopment of the Jangji Public Parking Lot in Songpa District, with plans to construct two 25-story buildings on a site between the Jangji Stream and the Gyeongin Expressway, covering a total floor area of 139,975 square meters. The development will include a new bus terminal, 658 residential units, sports facilities, and commercial spaces.Notably, the existing outdoor bus terminal will be converted into an indoor facility to reduce environmental impacts such as noise and dust, and a park for the community will be developed on top of the parking structure.* This article has been translated by AI. 2026-07-23 13:52:00
  • Public Employees Using Hate Speech Face Dismissal Under New Rules
    Public Employees Using Hate Speech Face Dismissal Under New Rules Public employees who use hate speech against individuals or specific groups will be dismissed from their positions. Those who delay or fail to perform their duties without just cause will face disciplinary actions of at least a salary reduction.The Ministry of Personnel Management announced on July 23 that it will propose a revision to the 'Disciplinary Regulations for Public Employees.' This revision is part of efforts to create a trustworthy public service and will take effect in October.The proposed changes will establish disciplinary standards for hate speech. Previously, there were no specific guidelines for punishing public officials who used hate speech, making it difficult to determine appropriate penalties.The Ministry plans to implement separate disciplinary standards, allowing for dismissals of up to 'termination' for public officials who seriously undermine their dignity through hate speech. Even public officials who receive rewards will face strict management, limiting any reduction in penalties.Additionally, public employees who do not process tasks without justifiable reasons or who neglect their duties will receive at least a 'salary reduction' as a penalty. Previously, neglect of duty was grouped with other misconduct related to accounting irregularities. The Ministry has now separated neglect of duty into its own category and raised the minimum disciplinary standard from 'censure' to 'salary reduction.'Neglect of duty will also have a minimum disciplinary standard of 'salary reduction.' This includes behaviors that cause inconvenience to the public or infringe on their rights, as well as actions that result in financial losses to the state.The Ministry will also clarify supervisory responsibilities regarding neglect of duty. If a manager is found to have been negligent in their supervisory duties, they too can face disciplinary actions for neglect of duty.Choi Dong-seok, head of the Ministry, stated, 'We will apply strict standards to public officials who evade responsibility through neglect of duty,' adding, 'We will actively work to establish a public service culture that aligns with the expectations of the public and the current era by strengthening the disciplinary standards for neglect of duty and hate speech.'* This article has been translated by AI. 2026-07-23 13:52:00