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  • Remaining Public Holidays in 2026: Four Long Weekends Including Chuseok
    Remaining Public Holidays in 2026: Four Long Weekends Including Chuseok In the second half of 2026, there are five holidays lasting three days or more, from Gwangbokjeol to Christmas. Chuseok offers a four-day break, while Gwangbokjeol, Gaecheonjeol, Hangeul Day, and Christmas each provide three-day weekends, including weekends.As of July 22, the next upcoming holiday is Gwangbokjeol on August 15, which falls on a Saturday. A substitute holiday has been designated for Monday, August 17, allowing for a three-day weekend from Saturday to Monday.The longest holiday will be Chuseok, which runs from Thursday, September 24, to Saturday, September 26. The following day, September 27, is a Sunday, enabling those who work a five-day week to enjoy a four-day break from Thursday to Sunday.However, Monday, September 28, will not be a substitute holiday. According to current regulations, substitute holidays for Seollal and Chuseok apply only when they coincide with a Sunday or another public holiday. A substitute holiday will not be granted simply because the last day of the holiday falls on a Saturday.In October, there will be two three-day holidays. Gaecheonjeol on October 3 is a Saturday, with a substitute holiday on Monday, October 5. Hangeul Day on October 9 is a Friday, allowing for another three-day break until Sunday, October 11.The last public holiday of the year, Christmas, also falls on a Friday, creating a three-day weekend from December 25 to 27.For those working a five-day week, the remaining holidays are as follows: Gwangbokjeol from August 15 to 17, Chuseok from September 24 to 27, Gaecheonjeol from October 3 to 5, Hangeul Day from October 9 to 11, and Christmas from December 25 to 27. Excluding Saturdays and Sundays, there are a total of six additional weekdays off.In total, there are 70 public holidays for government offices in 2026, and the effective total days off for five-day workers is 118 days. This year, there have been eight instances of holidays lasting three days or more, with five remaining as of July.* This article has been translated by AI. 2026-07-22 09:52:00
  • North Korean FM returns from Russia amid growing bilateral ties
    North Korean FM returns from Russia amid growing bilateral ties SEOUL, July 22 (AJP) - North Korean Foreign Minister Choe Son-hui has returned home from Russia, state media reported on Wednesday. After wrapping up her four-day trip to Moscow, Choe arrived in Pyongyang the previous day and was greeted by Vladimir Topekha, charge d'affaires ad interim of the Russian Embassy in Pyongyang, according to North Korea's state-run Korean Central News Agency (KCNA). During the trip, Choe held talks with her Russian counterpart Sergey Lavrov and met with Russian President Vladimir Putin at the Kremlin. The two sides reportedly agreed to further strengthen bilateral cooperation amid their deepening military ties in recent years, with discussions covering high-level exchanges and broader cooperation on international affairs. Choe's visit drew attention as it came without any major scheduled diplomatic events or anniversaries, prompting speculation that the trip could have included preparations for a possible visit to Russia by North Korean leader Kim Jong-un. Putin invited Kim to Moscow for talks when the two leaders met in Pyongyang in June 2024. Pundits have been closely watching growing ties between Pyongyang and Moscow as the two countries seek to deepen cooperation amid international isolation. Choe's latest trip is seen as another step toward strengthening their partnership, with attention now focused on whether it could lead to further talks between Kim and Putin. 2026-07-22 09:48:48
  • Yoon Dan-bis Film First World Invited to Toronto International Film Festival
    Yoon Dan-bi's Film 'First World' Invited to Toronto International Film Festival Yoon Dan-bi's new film 'First World' has been invited to the 51st Toronto International Film Festival.Distributor Etnine Film announced that 'First World' has officially been selected for the Platform section of the competition at the festival, which will take place from September 10 to 20. The film will have its world premiere at this event.'First World' is Yoon Dan-bi's second feature film, following her acclaimed debut 'Summer Night of Siblings.' Yoon received praise at both domestic and international film festivals, including the Busan International Film Festival and the Rotterdam International Film Festival, for her 2020 debut. 'First World' marks her return after a five-year hiatus.The Platform section of the Toronto International Film Festival highlights directors with distinct visions and original works. 'First World' is the second Korean film to be officially invited to this section, following last year's 'Master of the World.'The film tells the story of Jin, a seventeen-year-old girl who returns to her island home for her grandmother's funeral, where she encounters Do-jae and confronts unfamiliar desires awakening within her for the first time that summer.Yoon Dan-bi expressed her directorial intent, stating, "First love is the moment when one world ends and another begins. I hope this film reminds each viewer of their own 'first world.'"The role of Jin is played by actress Shim Soo-bin, who has built her filmography through works such as 'On the Way to Forgetting' and dramas like 'Secret Appreciation,' 'Giri,' and 'True Education.' In this film, she portrays the complex emotions of a seventeen-year-old girl becoming aware of her desires.Kim Eo-jin, a model-turned-actor, has been cast as Do-jae, the character who disrupts Jin's world. Kim Eo-jin makes her screen debut in 'First World' after appearing in web dramas like 'Sweet Guy' and the series 'Fragile.'Yoon Dan-bi's 'First World' is set to meet global audiences at the 51st Toronto International Film Festival before its domestic release in 2027.* This article has been translated by AI. 2026-07-22 09:48:00
  • HMM Q2 profit seen jumping 80% on higher container freight rates: report
    HMM Q2 profit seen jumping 80% on higher container freight rates: report SEOUL, July 22 (AJP) - HMM is expected to report a sharp improvement in second-quarter earnings as stronger container freight rates offset higher fuel costs, Shinhan Investment & Securities said Wednesday. The brokerage estimated HMM’s second-quarter revenue at 3.28 trillion won ($2.21 billion), up 25 percent from a year earlier, and operating profit at 420.6 billion won, up 80.4 percent. The estimate is also higher than the market consensus of 346.3 billion won in operating profit. “Container freight rates rose more than expected in the second quarter,” Shinhan analyst Choi Min-ki said in the report. Shinhan said the average Shanghai Containerized Freight Index reached 2,337 points in the quarter, up 42 percent from a year earlier, while the China Containerized Freight Index rose 16 percent to 1,350 points. The increase was driven largely by stronger cargo demand ahead of U.S. tariff changes in July, as companies rushed to ship inventories before the new measures took effect. Improved market conditions on routes to the Americas, which account for about one-third of HMM’s cargo volume, also supported earnings, the report said. Shinhan said HMM’s bulk business also remained solid, with both dry bulk and tanker markets showing firm conditions. Although average bunker fuel prices rose 44 percent, the brokerage said higher freight rates likely offset the added fuel burden. The brokerage raised its 2026 earnings forecast for HMM, projecting annual revenue of 12.81 trillion won, up 17.6 percent from a year earlier, and operating profit of 1.75 trillion won, up 19.8 percent. The new operating profit estimate is 75.9 percent higher than Shinhan’s previous forecast. Shinhan said the impact of higher container shipping rates could be reflected more strongly in the third quarter than in the second quarter, given the usual one- to one-and-a-half-month lag between market freight rates and revenue recognition. However, the report said spot freight rates are likely to show a “high first half, low second half” pattern, as peak-season cargo demand was pulled forward earlier than usual. Some European shipping companies have shown signs of resuming services through the Suez Canal, but Shinhan said a full-scale return to the route could be delayed following renewed blockade threats by Yemen’s Houthi rebels. Despite the improved earnings outlook, Shinhan maintained its Neutral rating on HMM without presenting a target price. The brokerage said the stock has remained sluggish due to concerns over excess container ship supply from accumulated new vessel orders. The report said HMM is focusing its cash holdings on fleet investment rather than one-off shareholder returns, while seeking to improve earnings stability by expanding the share of long-term contracts. 2026-07-22 09:44:40
  • AI-theme stocks turbocharge KOSPI above 7,100 mark
    AI-theme stocks turbocharge KOSPI above 7,100 mark SEOUL, July 22 (AJP) - AI-theme turbocharged South Korean chip and robotics stocks on Wednesday, sending both the main and secondary market indices well above 5 percent as big-tech earnings reaffirmed AI demand and investment. A buy-side sidecar was triggered on the KOSPI at 9:06:02 a.m., halting program buying for five minutes after the KOSPI 200 futures index surged 5.40 percent. As of 9:06 a.m., the KOSPI was up more than 6.1 percent at 7,155.5, while the tech-heavy KOSDAQ had climbed 4.2 percent to 784.8. The KOSPI reclaimed the 7,000 mark for the first time in a week. SK hynix jumped 8 percent to 1,986,000 won, while Samsung Electronics gained 5.4 percent to 273,000 won. Foreign investors returned in full force, buying a net 1.2 trillion won ($866 million) worth of shares, triggering retail profit-taking with net sales of 708.6 billion won. The rally was broad-based, with gainers outnumbering decliners 740 to 139 on the KOSPI. The AI supply chain advanced almost across the board. Electronics and equipment stocks surged an average 10.5 percent, while electronics shares gained 8.2 percent on mounting expectations that the AI boom will extend into robotics. The rally followed another strong overnight advance in U.S. semiconductor shares. The Philadelphia Semiconductor Index jumped 5.21 percent, extending gains for a second straight session as investors bought back beaten-down chip stocks on expectations of sustained AI investment and robust South Korean semiconductor exports. Micron Technology soared 12.17 percent, while SanDisk gained 14.27 percent, Western Digital 12.51 percent and Seagate Technology 11.14 percent. SK hynix's American depositary receipts also jumped 13.75 percent to close at $171.94. Nvidia added 1.97 percent after reports that mass production of its next-generation Vera Rubin AI server platform had begun, fueling expectations for another round of AI infrastructure investment. Investor sentiment was also buoyed by UBS's view that the recent correction in AI chip stocks reflected hedge-fund position unwinding rather than deteriorating fundamentals. The recovery in risk appetite extended beyond semiconductors. The MSCI Korea ETF rose 6.16 percent overnight, while the MSCI Emerging Markets ETF gained 2.80 percent. 2026-07-22 09:44:05
  • Small Business Agency Seeks 1,600 Participants for Overseas Online Sales Support
    Small Business Agency Seeks 1,600 Participants for Overseas Online Sales Support The Ministry of SMEs and Startups and the Small Business Agency announced on July 22 that they are recruiting small businesses to participate in the "2026 Overseas Online Platform Sales Support" program until August 4.This initiative is part of the ministry's efforts to support small businesses in expanding their online sales channels. Selected companies will receive tailored promotional and marketing assistance.This year, the program aims to recruit 1,600 businesses. Any small business already registered on overseas online platforms such as Amazon, Shopee, and Qoo10 Japan is eligible to apply.For small businesses with online platform sales below $15,000 last year, the program will provide consulting on platform operations, keyword and banner advertising, discount coupons, and management of review groups. Businesses exceeding that sales threshold will receive indirect promotional support, focusing on influencer marketing and social media marketing.Based on the increase in sales before and after support, top-performing companies will be selected for opportunities to participate in local online-to-offline (O2O) pop-up store events.In Tae-yeon, director of the Small Business Agency, stated, "To be competitive in the overseas online market, it is essential not only to have excellent products but also to effectively market them to consumers. We look forward to the active participation of small businesses seeking to expand their overseas sales channels." 2026-07-22 09:44:00
  • South Korean Football Faces Fallout from World Cup Disaster Amid Declining FIFA Ranking
    South Korean Football Faces Fallout from World Cup Disaster Amid Declining FIFA Ranking South Korean football is reeling from the fallout of its disastrous exit from the group stage of the 2026 FIFA World Cup. Following the team's poor performance, head coach Hong Myung-bo resigned, and a National Assembly hearing will investigate the administrative issues within the Korea Football Association (KFA). Additionally, South Korea's FIFA ranking has plummeted outside the top 30, significantly shaking the country's football status.Previously, the South Korean national team finished the group stage with one win and two losses, failing to advance to the knockout round. This marked the first group stage exit since the 2018 Russia World Cup, and the team received its lowest-ever ranking of 34th in the expanded tournament featuring 48 teams.As a result, Hong stepped down on June 29, taking responsibility for the World Cup failure. His resignation came 717 days after he was officially appointed as head coach in July 2024. He did not complete his contract, which was set to last until the 2027 AFC Asian Cup. During a press conference, Hong stated, "I could not deliver the results that the public expected. The responsibility lies entirely with me as the coach."Following Hong's resignation, calls for accountability within the KFA intensified. Concerns about procedural integrity and allegations of opaque administration resurfaced, particularly regarding the KFA's coach selection process, which was found to be dysfunctional. The committee responsible for evaluating candidates lost its effectiveness, as former committee head Jeong Hae-sung recommended Hong as the top candidate without a proper interview process. Furthermore, Lee Im-sang, the former technical director, conducted a solo interview with Hong late at night without any oversight or pre-prepared questions, leading to criticism of the KFA's disregard for its internal regulations.In response, the National Assembly's Culture, Sports, and Tourism Committee will hold hearings to scrutinize the KFA's operations and the coach selection process. On July 21, the committee decided to postpone the originally scheduled hearing from July 22 to July 30, aiming for full participation from both ruling and opposition members to address public concerns.Fifteen witnesses, including former KFA president Jeong Mong-kyu, former coach Hong, and former technical director Lee, are expected to face intense questioning regarding the selection process. Hong has expressed his willingness to attend the hearing, stating, "If there is a hearing, I must explain the World Cup results to the public, and I am the one who should be there. I will speak the truth and will not evade any questions."In contrast, former KFA vice president Park Hang-seo, now coaching in Thailand's second division, will provide written responses due to scheduling conflicts. Additionally, other witnesses, including Park Ji-sung, co-chair of the K-Football Innovation Committee, and committee members Park Joo-ho and Lee Young-pyo, are also expected to be absent.The chaos surrounding the leadership and administration during the World Cup has directly impacted South Korea's international football standing. According to FIFA's world rankings released on July 21, South Korea has dropped to 32nd place with 1,558.72 ranking points, a significant fall from 25th before the tournament.FIFA rankings are calculated based on match results, with weight given to different tournaments. The World Cup carries the highest weight, and South Korea lost substantial ranking points after consecutive defeats to Mexico and South Africa in the group stage.This marks the first time South Korea has fallen outside the FIFA top 30 since December 2021 (33rd). Among Asian countries, South Korea now ranks fourth, behind Japan (17th), Iran (22nd), and Australia (28th).* This article has been translated by AI. 2026-07-22 09:40:00
  • Yosu Begins Major Restructuring in Petrochemical Industry with Ethylene Production Cuts
    Yosu Begins Major Restructuring in Petrochemical Industry with Ethylene Production Cuts The Yosu petrochemical complex, the largest in South Korea, is set to undergo significant restructuring to address supply overcapacity. Yeocheon NCC and Lotte Chemical will merge their operations to form a new entity, halting the operation of ethylene production facilities with an annual capacity of 1.39 million tons. In this process, companies will invest approximately 800 billion won in self-rescue efforts, while the government will provide over 700 billion won in financial, tax, and research and development support.The Ministry of Trade, Industry and Energy approved the "Yosu No. 1 Petrochemical Business Restructuring Project" submitted by Yeocheon NCC, Lotte Chemical, Hanwha Solutions, and DL Chemical on July 20, and reported it to the Ministerial Meeting on Industrial Competitiveness on July 22. This marks the second approved petrochemical restructuring case following the Daesan No. 1 project involving HD Hyundai Oilbank, HD Hyundai Chemical, and Lotte Chemical in February.The core of this restructuring is to consolidate the scattered basic materials and downstream businesses in the Yosu area into a single entity. Lotte Chemical will physically separate its naphtha cracking facility (NCC) and basic materials businesses, including polyethylene (PE) and polypropylene (PP), at the Yosu plant. Hanwha Solutions and DL Chemical will contribute their respective downstream businesses, including PE and adhesives and coatings resins, to the new entity formed by merging with Yeocheon NCC.During the three-year restructuring period, Yeocheon NCC will suspend operations at two ethylene production facilities, reducing production capacity by 1.39 million tons annually. The production facilities for low-value general products will also be shut down, while the operational efficiency and profitability of the remaining facilities will be improved.Companies will undertake self-rescue efforts and investments totaling around 800 billion won. Shareholders of Yeocheon NCC, Hanwha Solutions, and DL Chemical, will conduct a capital increase of 272.5 billion won each, totaling 545 billion won, to repay existing debts of Yeocheon NCC. An additional 253.2 billion won will be invested to stabilize the supply chain and implement the restructuring, including building infrastructure and transitioning to high-value products.The government will activate a support package of over 700 billion won through a joint effort of relevant ministries. Bond financial institutions will provide 450 billion won in new funding and defer repayment obligations to support facility integration and the transition to high-value products. The Korea Trade Insurance Corporation will expand import insurance support worth 200 billion won, offering discounts of up to 30% on import insurance premiums and doubling guarantee limits.Tax burdens from corporate splits, mergers, and asset transfers will also be reduced. The tax deferral period for asset sales will be extended, and the limit for carrying forward losses will be increased, while acquisition and registration taxes will be reduced by up to 100%. Tariffs on imported naphtha and crude oil for naphtha production will remain exempt until the end of this year. The government will also support the simplification of licensing procedures and relax requirements for employment retention subsidies and retraining for current employees.Among the R&D projects submitted by approved restructuring companies, three essential long-term promising projects will receive support starting this year. Additionally, large-scale R&D projects aimed at transitioning to high-value and eco-friendly products will be promoted, encouraging new investments in these areas.The government anticipates that the restructuring will alleviate supply overcapacity and enhance production efficiency and profitability. The new entity plans to shift its business structure towards high-value and eco-friendly products, such as low-density polyethylene (LDPE) for medical use and polyolefin elastomers (POE) used in medical, food, and hygiene adhesive applications.Furthermore, the Ministry of Trade, Industry and Energy expects that once the integrated operations and self-rescue efforts are implemented, the operating profit, which has been in the red, will turn to black after the restructuring period, significantly reducing the debt ratio.The government plans to swiftly advance discussions on restructuring in the Ulsan region, following Daesan and Yosu. A comprehensive plan for the chemical industry, focusing on stabilizing the petrochemical supply chain, transitioning to high-value and eco-friendly products, and supporting local economies and employment, will be developed in the second half of this year.Moon Shin-hak, Deputy Minister of the Ministry of Trade, Industry and Energy, stated, "The proactive and voluntary restructuring, which is a path never taken before, will serve as an important milestone in industrial policy. I express my gratitude to all companies that have pushed forward with the restructuring project despite challenging domestic and international conditions. The government will support the implementation of the restructuring plan with a sense of responsibility." He added, "For the restructuring of the petrochemical industry to succeed, it is necessary for all industrial complexes to participate without free-riding. We will do our best to ensure that our petrochemical industry can regain competitiveness and make a comeback by swiftly advancing discussions on restructuring in the Ulsan region, following Daesan and Yosu."* This article has been translated by AI. 2026-07-22 09:36:00
  • Iran Warns of Retaliation Against U.S. and Allies Over Nuclear Facility Attacks
    Iran Warns of Retaliation Against U.S. and Allies Over Nuclear Facility Attacks The Central Military Command of Iran, which oversees the armed forces, has warned that if the United States attacks its nuclear facilities, it will target U.S. and allied assets.On July 22, the semi-official Tasnim news agency reported that the Central Military Command issued a statement saying, "The United States is threatening to attack Iran's nuclear facilities and key sensitive sites." It added, "If the U.S. aggressive and terrorist military actually reaches that stage, we will consider it an escalation of regional war," emphasizing that all assets of the U.S. and its allies will become targets of the Iranian military's strong response.This warning suggests that if the U.S. attacks nuclear facilities, the scope of retaliation could extend beyond U.S. military installations in the Middle East to include assets related to U.S. allies and support forces.President Donald Trump mentioned the so-called 'Mount of Pickaxes,' believed to house underground nuclear facilities in central Iran, stating, "We will strike that area very powerfully soon." Trump also said, "If they have any place they are thinking about regarding nuclear matters, we will strike it very, very powerfully." * This article has been translated by AI. 2026-07-22 09:36:00
  • South Korea Maintains Second Place in Global Passport Power Ranking
    South Korea Maintains Second Place in Global Passport Power Ranking South Korea has retained its position as the second most powerful passport in the world, according to the Henley Passport Index.On July 21, local time, Yonhap News reported that the global citizenship and residence advisory firm Henley & Partners released its 20th anniversary report on the Henley Passport Index, revealing that South Koreans can enter 188 countries without a visa or with a visa on arrival, placing it behind Singapore, which ranks first with access to 192 countries.Japan and the United Arab Emirates also share the second spot with South Korea, while Afghanistan ranks last with access to only 22 countries.The United States is ranked 10th, with visa-free access to 180 countries. After holding the top position in 2006, the U.S. has seen its ranking decline, effectively placing it at 37th when considering that 36 countries are ranked higher, including those tied for the top spots.Factors contributing to the U.S. decline include its inability to enter China without a visa, unlike other leading Western nations.CNN noted, "This index tracks the freedom of travel offered by passports based on the number of destinations accessible without a visa or with a visa on arrival, indicating that the U.S. passport is no longer among the most powerful in the world."Meanwhile, North Korea remains in the lower tier, ranked 97th with access to 35 countries, alongside Nepal, Somalia, Yemen, Pakistan, Iraq, and Syria.* This article has been translated by AI. 2026-07-22 09:36:00