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Lotte Duty Free Revamps Food Zone at Busan Store to Attract Global Tourists Lotte Duty Free announced on July 21 that it has opened a Food Zone at its Busan store, featuring popular domestic and international food products to strengthen its food category.On July 20, Lotte Duty Free established a food-focused area centered around the BTS collaboration brand ARIH, offering popular Japanese desserts, duty-free exclusive products, and global dessert brands.The company aims to meet the growing demand for duty-free food among foreign tourists visiting South Korea and to attract customers looking for both souvenirs and food shopping.The Food Zone showcases popular Japanese items such as Tokyo Banana cake, Hokkaido milk cake, Pudding Club tart cookies, and Yubari melon cake. Additionally, a special edition of K-Ramen, developed in collaboration with Nongshim and Samyang, is also available exclusively at Lotte Duty Free.The exclusive product lineup has been expanded, introducing 7-Eleven exclusive items for the first time in the duty-free channel, along with the 'Tokushima Ramen' jointly launched by Harim, 7-Eleven, and Eastar Jet.A Lotte Duty Free official stated, "The Busan store's Food Zone was designed to reflect the increasing demand for duty-free food among foreign tourists and current food trends. We will continue to enhance food content tailored to the diverse tastes of our global customers."Meanwhile, Lotte Duty Free held a 100-day celebration event for its Incheon International Airport store on July 16. The company returned to Incheon Airport in April after nearly three years, starting operations in the DF1 area, with a business period of up to 10 years from the opening date.* This article has been translated by AI. 2026-07-21 10:56:00 -
Korean Agency Discovers Eight Illegal Importers of Foreign Snacks The Food and Drug Administration (FDA) has identified eight discount stores illegally distributing imported snacks under the guise of overseas direct purchases. While personal purchases for individual use are legal, items brought in for resale must undergo registration, import declaration, and safety inspections.On July 21, the FDA announced that, in collaboration with the Customs Service, it analyzed data on overseas direct purchases and conducted on-site inspections, resulting in the discovery of eight discount stores selling unreported imported snacks.The inspections were conducted based on information provided by the Customs Service regarding businesses suspected of illegal sales disguised as personal consumption. This represents a successful inter-agency effort to prevent the domestic distribution of illegal imported food products.The inspection targeted 15 locations, including the eight discount stores with excessive overseas purchase histories and seven nearby establishments. The inspections confirmed that eight stores violated food-related laws by selling snacks without import declarations or displaying imported products without Korean labeling.Specifically, four of the discount stores were found to be selling food items purchased through overseas direct purchases from countries such as Japan, Germany, and the United States without the necessary import registration. The other four stores were caught selling imported products that lacked Korean labeling.The FDA emphasized, "Food purchased through overseas direct purchases for personal use cannot be sold or used for business purposes. To import food for sale, businesses must complete the import registration and declaration processes, ensuring that only products confirmed to be safe are distributed and sold."Consumers are urged to check for Korean labeling on imported food products before purchasing. If they encounter illegal imported food or related violations, they are encouraged to report them via the food safety hotline at 1399 or through the 'My Hand' food safety information app.* This article has been translated by AI. 2026-07-21 10:56:00
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KakaoBank Introduces Digital Finance Innovations to UAE Leaders KakaoBank has introduced South Korea's digital finance innovations to leaders from the United Arab Emirates (UAE).On July 20, approximately 30 participants from the UAE Prime Minister's Office's NAFIS Leadership Program visited KakaoBank's office in Pangyo, Seongnam, the company announced on July 21.The visiting delegation included officials from the UAE Prime Minister's Office, ETCC, and the National University of Singapore, as well as executives from major local financial institutions.KakaoBank showcased its mobile-centric digital banking innovations and customer-focused service design to the delegation. The group also toured the Pangyo office, engaging in a Q&A session about user experience (UX) in digital banking and the technology-driven planning and development of services.Notably, the delegation expressed significant interest in KakaoBank's mobile financial service operations, its agile organizational culture that enables swift decision-making, and its distinctive UI and UX.A KakaoBank representative stated, "Interest in the digital finance innovations that KakaoBank has developed continues from foreign governments, institutions, and financial companies. We will strive to enhance the KakaoBank brand's influence in the global market while promoting the technological capabilities of South Korea's finance sector."* This article has been translated by AI. 2026-07-21 10:52:00
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Venture Pioneer Critiques Policy Against Dual Listings Nam Min-woo, chairman of Dasan Group and a representative figure of Korea's first-generation venture entrepreneurs, has criticized the policy prohibiting dual listings. He warned that a broad ban on dual listings could lead to unintended consequences, urging a reevaluation of the related policies.Nam made his remarks on social media shortly after Dasan DTS, a subsidiary of Dasan Networks, passed its listing review on July 21. The Korea Exchange had granted approval for the dual listings of Duksan Highmetals' subsidiary Duksan Neppcore and Dasan Networks' subsidiary Dasan DTS the previous day. Dasan DTS is a manufacturer of air-cooled condensers. The Dasan Group acquired the struggling Dongyang T&S, a subsidiary of the Dongyang Group, in 2013 and successfully turned it around.Nam stated, "Thanks to the support of many, Dasan DTS has passed the KOSDAQ listing review. We acquired the DTS Gunsan factory, which was part of the failed Dongyang Group, for just 2.3 billion won and transformed it into a strong company with 150 billion won in sales and 25 billion won in operating profit." He added, "Such a feat would have been impossible without the group's substantial investment of over 50 billion won and comprehensive support."He expressed concerns about the prohibition on dual listings, questioning whether it is appropriate to view group management critically in Korea's challenging financial environment. Nam emphasized that the voices of those who demonize the management practices of large corporate groups should be moderated. He argued that the efforts invested in nurturing struggling companies should not be disregarded by blanket regulations stating that "dual listings are not allowed."Nam noted that while Dasan and Duksan have managed to navigate the dual listing prohibition, the overarching policy against dual listings still needs reconsideration. He stressed that discussions regarding the restructuring of the KOSDAQ market should pay more attention to the voices of the companies involved and relevant associations. He cautioned against the potential pitfalls of overregulation, stating, "We must carefully examine whether we are committing the error of killing the cow to correct the horn."Quoting a passage from the Dao De Jing, Nam continued his critique of the dual listing prohibition policy, stating, "Governing a large nation is like cooking a small fish." He explained that this proverb suggests that larger nations and organizations should be allowed to operate with autonomy rather than being micromanaged. He concluded, "While these policies may stem from a good intention to protect investors, the current regulations seem to undermine the entrepreneurial spirit that has fostered growth and development in our society, and they need to be reconsidered." 2026-07-21 10:52:00
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President Lee Calls Real Estate the Most Serious Issue Facing Society President Lee Jae-myung stated that the government will implement swift supply measures along with support plans for genuine buyers regarding comprehensive real estate policies.During a Cabinet meeting held at the Blue House, President Lee described real estate as "the most serious issue facing our society."He also promised that the tax system would be reformed to be fair and reasonable, based on the common sense and expectations of the public.President Lee emphasized that stabilizing the real estate market is a crucial prerequisite for alleviating polarization, noting that the current real estate market is a major cause of asset inequality, household debt, and the suffering and alienation of young people.He pointed out that "extreme speculative demand and anxiety are intertwining, tying up a significant amount of social capital in unproductive real estate."Furthermore, he stated, "Above all, illegal and improper real estate windfalls have become the biggest culprits in destroying fairness and common sense in our society, hindering national unity. Normalizing the real estate issue is essential for the productive reinvestment of resources, restoring social dynamism, and finding solutions to conflicts arising from polarization."President Lee announced that a national forum on real estate will take place on the 23rd, expressing a humble request for the public's voice to move away from a detrimental real estate republic towards ensuring housing stability and productive economic development, while also aiming to create feasible alternatives and measures from that dialogue.* This article has been translated by AI. 2026-07-21 10:48:00
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Sonogong Shares Surge Amid National Pride Buying Trend and AI Business Expansion Shares of Sonogong are experiencing a significant rise as investors rally around so-called 'patriotic stocks' in response to stricter market capitalization requirements for KOSDAQ-listed companies. The company's expansion into artificial intelligence (AI) wellness is also believed to be boosting investor sentiment.As of 10:39 a.m. on July 21, Sonogong's stock was trading at 3,365 won, up 13.30% from the previous trading day, according to the Korea Exchange.This surge is attributed to discussions in online communities highlighting Sonogong as a domestic toy brand and a long-standing company, categorizing it as a 'patriotic theme stock.'Concerns over stricter delisting criteria for KOSDAQ companies have further fueled buying activity. Under revised regulations effective July 1, companies with a market capitalization below 20 billion won will be designated as management items, and failure to meet related requirements could lead to delisting. Starting next year, the threshold will increase to 30 billion won.As buying efforts to prevent delisting continue, Sonogong's market capitalization has rapidly increased. It rose from approximately 23.1 billion won on July 14 to 23.5 billion won on July 15, 30.6 billion won on July 16, and 39.8 billion won on July 20.The announcement of Sonogong's expansion into the AI wellness sector has also contributed to the stock's rise. On July 17, the company announced it had signed an exclusive distribution agreement for the AI massage robot 'R2E' with EaseFuture, a healthcare startup owned by Chinese internet company NetEase.Through this agreement, Sonogong plans to secure not only product rights but also branding rights, allowing it to implement a market strategy tailored to the domestic audience.However, investors are advised to exercise caution due to the recent rapid increase in stock prices. Sonogong has been designated as an 'investment caution item' by the Korea Exchange due to the surge in its stock price and trading volume.Founded in 1996, Sonogong primarily engages in the production of character toys, figures, merchandise, and the distribution of Nintendo gaming consoles and software. It also operates as an official dealer for Volkswagen through its subsidiary, Classe Auto.* This article has been translated by AI. 2026-07-21 10:44:00
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Mediation Efforts for 10-Day Ceasefire Between U.S. and Iran Amid Ongoing Tensions As military clashes continue between the United States and Iran, mediating countries such as Qatar and Pakistan are engaging in diplomatic efforts to restore a ceasefire. A proposal for a 10-day temporary ceasefire has been presented to both sides, but significant differences regarding the Strait of Hormuz remain, leaving the prospects for renewed negotiations uncertain.According to reports from Reuters on July 21, mediators have suggested a halt to hostilities for 10 days. Qatar has also proposed easing navigation restrictions in the Strait of Hormuz alongside the ceasefire.Pakistan is also involved in mediation efforts. A senior Iranian official visited Pakistan for talks with local officials, and both the U.S. and Iran have confirmed ongoing communications through the mediating countries.However, military confrontations persist. U.S. forces continue to conduct airstrikes against Iran, while Iran retaliates with attacks targeting U.S. military personnel and allies in the region. Recently, U.S. casualties have increased calls for strong retaliation within the United States.The main obstacle to negotiations is the Strait of Hormuz. Iran claims the right to manage shipping traffic in the strait based on a memorandum of understanding (MOU) signed with the U.S. last month. In contrast, the U.S. demands freedom of navigation and does not recognize Iran's control.The differing positions have led to attacks on vessels and retaliatory strikes. After Iran attacked vessels without its permission, the U.S. responded militarily. This cycle of retaliation has effectively nullified the previous MOU.It remains uncertain whether the new ceasefire proposal will lead to actual negotiations. The U.S. continues airstrikes aimed at weakening Iran's military capabilities. Reports indicate that hardline factions within Iran are gaining influence. The Islamic Revolutionary Guard Corps (IRGC) has yet to respond clearly to the mediators' ceasefire proposal.There are also signs that the conflict could spread to the Red Sea. The Iran-aligned Houthi movement in Yemen has declared a maritime blockade against Saudi Arabia, threatening the Bab-el-Mandeb Strait, which connects the Red Sea and the Gulf of Aden.If instability spreads from the Strait of Hormuz to the Bab-el-Mandeb Strait, major energy transport routes in the Middle East could be simultaneously threatened. As U.S.-Iran ceasefire negotiations face challenges, the risk of escalation in the region increases with the involvement of surrounding forces.* This article has been translated by AI. 2026-07-21 10:36:00
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President Lee Calls for Focus on Summer Disaster Preparedness President Lee Jae-myung urged local leaders on July 21 to concentrate all available resources on summer disaster preparedness. Speaking at a Cabinet meeting held at the Blue House, he emphasized, "Above all, resident safety is paramount." President Lee noted, "So far, the response to the monsoon has been very effective. Thanks to the efforts of public officials and various departments, casualties have been minimized, and responses appear to be swift." He added, "Please continue to maintain vigilance in your responses." He also warned that extreme heat would follow the monsoon, stating, "Vulnerable populations who struggle to access cooling facilities will suffer greatly due to tropical nights." He instructed officials to consider extending the operating hours of cooling centers, which are currently limited to daytime hours, during the heatwave. Furthermore, he stressed the need for comprehensive safety management in vulnerable areas, mentioning regions such as Andong and Uiseong in North Gyeongsang Province, Seocheon in South Chungcheong Province, and Goyang in Gyeonggi Province, which have experienced flooding again this year. He urged for expedited recovery efforts in these areas. President Lee highlighted that statistics show this year has seen the highest completion rate of disaster recovery projects before the monsoon in the past decade, with 93.7% completed before the onset of the rains. He suggested that public officials who contributed to this record-breaking achievement should be recognized and rewarded.* This article has been translated by AI. 2026-07-21 10:36:00
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NH Bank Launches 'Hidden Asset Discovery' Service NH Bank is introducing a comprehensive service that allows customers to check and reclaim forgotten financial assets all at once. The bank announced on July 21 that it has launched the 'Hidden Asset Discovery' integrated inquiry and refund service. This service expands the existing features for dormant deposit inquiries and refunds. Customers can now check and reclaim not only dormant deposits but also foreign currency deposits, trust accounts, unclaimed retirement pension contributions, and expiring NH points. The service is available through NH All-One Bank, NH Smart Banking, and NH Internet Banking. In mobile banking, users can link their MyData to check hidden financial assets held by other financial institutions. NH Bank has been working to reduce unclaimed assets by improving related systems. It has introduced a service to convert NH points into local currency and operates a refund notification system tailored to individual customers using big data analysis. The bank is also continuously pursuing improvements by reflecting hidden financial asset refund performance in departmental evaluations. Park Jang-soon, Deputy Head of NH Bank's Financial Consumer Protection Division, stated, "We hope customers can easily and conveniently find and reclaim financial assets they have long forgotten. We will continue to expand customer-centric services to enhance the rights of financial consumers."* This article has been translated by AI. 2026-07-21 10:36:00
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Seoul braces for more monsoon rain after heavy downpours overnight SEOUL, July 21 (AJP) - All major streams across Seoul were closed on Tuesday after heavy overnight downpours prompted the Korea Meteorological Administration (KMA) to issue a heavy rain advisory for parts of the capital. Such an advisory is issued when rainfall of 60 millimeters or more is expected within three hours, or 110 millimeters or more within 12 hours. Eunpyeong district in northwestern Seoul recorded the highest rainfall so far this season, with accumulated precipitation reaching 71.5 millimeters overnight and hourly rainfall peaking at 53.5 millimeters. The KMA forecast up to 100 millimeters of additional rainfall in Seoul by Wednesday, with monsoon rain expected to continue across the central region throughout this week, while a heat wave gripped the southern part of the country. In response to the heavy rain, the Seoul Metropolitan Government restricted access to all 29 major streams and waterways including Cheonggyecheon, Jungnangcheon and Yangjaecheon. The city government also deployed more than 3,000 district officials to monitor weather conditions and conduct safety inspections in vulnerable areas including low-lying neighborhoods and landslide-prone zones. 2026-07-21 10:33:15