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  • Coupang warehouse fire in Incheon contained after three-day battle
    Coupang warehouse fire in Incheon contained after three-day battle SEOUL, July 21 (AJP) - A massive fire at e-commerce giant Coupang's logistics center in Incheon was brought under control on Monday night after burning for about 61 hours, with firefighters continuing efforts to extinguish the remaining flames. According to fire authorities and emergency officials in Incheon, the fire, which broke out at around 6:50 a.m. last Saturday on the sixth floor of the eight-story logistics center in Seoknam-dong, was largely contained at around 8 p.m. on Monday. An emergency evacuation order issued the previous day for residents within a 116-meter radius of the logistics center over concerns about a possible structural collapse was also lifted. Around 200 residents in nearby areas reportedly moved to temporary shelters due to concerns over smoke and falling ash, although their neighborhoods were not included in the evacuation zone. About a dozen daycare centers and an elementary school nearby were also closed for the day. Despite the deployment of more than 800 emergency personnel and over 200 pieces of firefighting equipment to the site, the warehouse's complex structure and the large amounts of combustible materials stored inside hampered firefighting efforts, although rainfall helped firefighters make some progress in containing the blaze. A total of 121 people including warehouse workers were safely evacuated shortly after the fire broke out, while two firefighters were taken to a hospital after inhaling smoke and suffering exhaustion. With the blaze brought under initial control, fire authorities are expected to launch a full investigation into the cause of the fire and assess the extent of the damage. The latest incident marks one of the longest fires at a logistics facility in recent years, breaking the previous record also held by Coupang for a fire at its warehouse in Icheon, Gyeonggi Province in June 2021, which took 55 hours to bring under control. Some critics argue that little improvement has been made since then, saying that large-scale warehouses storing vast quantities of materials and other flammable goods should strengthen safety measures and emergency preparedness. 2026-07-21 09:23:44
  • July Exports Surge 52.3% to Record High, Driven by Semiconductor Growth
    July Exports Surge 52.3% to Record High, Driven by Semiconductor Growth Exports in mid-July increased by more than 50% compared to the previous year, reaching the highest level ever recorded for July. The growth was largely driven by strong semiconductor exports, along with increases in petroleum products and computer peripherals. Due to the impact of the Middle East conflict, imports of crude oil, gas, and coal rose by over 20%.According to the Customs Office, the export figures for July 1-20, released on July 21, 2026, show a preliminary total of $54.933 billion, marking a 52.3% increase from the same period last year. This figure represents the highest amount recorded for the period and brings the cumulative annual export total to $551.281 billion, a 48.7% increase.Considering the number of working days, the average daily export amount was $3.79 billion. Although the number of working days decreased by one to 14.5 days compared to the previous year, the daily exports surged by 62.9% year-on-year.Monthly exports have shown a positive trend since June of last year. Notably, last month, exports surpassed $100 billion for the first time in history.As of mid-July, exports were led by semiconductors and computer peripherals. Semiconductor exports reached $22.113 billion, a remarkable 180.6% increase from a year earlier. The share of semiconductor exports in total exports rose to 40.3%, an increase of 18.4 percentage points from the previous year.Increased prices due to high oil prices also contributed to a 33.4% rise in petroleum product exports. Other sectors showing growth included steel products (11.1%), ships (70.8%), computer peripherals (231.9%), and wireless communication devices (65.9%).Conversely, passenger car exports fell by 10.6% to $3.241 billion, and exports of automotive parts decreased by 9.6%.By country, exports to the top ten nations, including China (94.1%), the United States (39.6%), Vietnam (82.4%), the European Union (30.3%), and Taiwan (41.8%), all showed increases. The combined export share of the top three countries—China, the United States, and Vietnam—accounted for 51.9%.Imports also rose, increasing by 20.0% to $42.715 billion. The cumulative annual import total, including figures from last month, reached $401.374 billion, a 17.1% increase. Notably, semiconductor imports surged by 54.9% to $6.530 billion, while imports of semiconductor manufacturing equipment rose by 56.9% to $2.151 billion.The rise in international oil prices due to the Middle East conflict also led to increased imports of crude oil, gas, and coal. Crude oil imports amounted to $6.007 billion, gas imports reached $2.022 billion, and coal imports totaled $970 million, reflecting increases of 27.5%, 27.9%, and 25.7%, respectively. However, imports of petroleum products (-8.9%) and passenger cars (-28.1%) declined.By country, imports from the top ten nations, including China (21.8%), the United States (17.1%), the EU (9.7%), Japan (14.6%), and Taiwan (45.7%), all showed increases.With exports exceeding imports, the trade balance recorded a surplus of $12.219 billion, bringing the cumulative annual trade surplus to $149.980 billion.* This article has been translated by AI. 2026-07-21 09:20:00
  • Woori Bank and Taekwang Industry to Provide 20 Billion Won in Financial Support
    Woori Bank and Taekwang Industry to Provide 20 Billion Won in Financial Support Woori Bank is set to provide 20 billion won in financial support to alleviate the funding burden of partner companies associated with Taekwang Industry. On July 20, Woori Bank announced that it signed a memorandum of understanding for cooperative growth with Taekwang Industry at the company's headquarters in Jung-gu, Seoul. Under the agreement, Woori Bank will supply cooperative loans to partner companies using a 20 billion won cooperative deposit made by Taekwang Industry. Partner companies utilizing the loans will receive interest rate discounts of up to 3.5 percentage points to reduce their interest burden. In addition to financial support, Woori Bank will offer non-financial services to help stabilize the management of partner companies. This includes succession consulting to support stable generational transitions and customized asset management services for employees. Both companies aim to enhance financial accessibility for partner companies and support investment and business expansion. They also expect to strengthen the cooperative framework between large corporations and partner companies, thereby increasing competitiveness across the supply chain. Noh Yong-pil, head of Woori Bank's Corporate Sales Strategy Division, stated, "We will provide tailored financial services so that partner companies can focus on investment and business expansion based on stable financial support," adding, "We will strengthen our role as a financial partner that underpins the competitiveness of the corporate ecosystem and the sustainable growth of the industry."* This article has been translated by AI. 2026-07-21 09:20:00
  • KOSPI Falls Below 6,500 Amid Geopolitical Tensions
    KOSPI Falls Below 6,500 Amid Geopolitical Tensions The KOSPI index dropped significantly in early trading, falling below the 6,500 mark. Ongoing geopolitical uncertainties surrounding the military conflict between the U.S. and Iran, coupled with heavy selling by institutional investors, are weighing on the index. The KOSDAQ also experienced a decline of over 2%.As of 9:11 a.m. on July 21, the KOSPI was down 63.26 points (0.97%) at 6,453.01 compared to the previous trading day.In the securities market, individual investors have made a net purchase of 189 billion won. Foreign investors are also net buyers, with 7.6 billion won, while institutions have sold a net 203.1 billion won, contributing to the index's decline.Most of the top market capitalization stocks are showing weakness. Samsung Electronics is trading at 245,500 won, up 1,500 won from the previous day. In contrast, SK Hynix has dropped 16,000 won to 1,748,000 won, and Hyundai Motor is down 15,500 won at 383,500 won. Samsung Biologics is down 17,000 won at 2,220,000 won, while Samsung Electro-Mechanics has fallen 20,000 won to 1,255,000 won.At the same time, the KOSDAQ index is down 17.16 points (2.29%) at 732.48. In the KOSDAQ market, individual investors have made a net purchase of 28.2 billion won, while foreign and institutional investors have sold a net 23.6 billion won and 6.1 billion won, respectively.Overnight, U.S. stock markets fell amid concerns over the military conflict between the U.S. and Iran and rising international oil prices. On July 20, the Dow Jones Industrial Average closed down 307.16 points (0.59%) at 51,839.26. The S&P 500 index fell 14.41 points (0.19%) to 7,443.28, and the Nasdaq Composite dropped 12.17 points (0.05%) to 25,508.07.U.S. markets started the day on a positive note but turned lower as concerns about the situation in the Middle East grew. President Donald Trump warned of further retaliation against Iran in connection with U.S. military casualties, increasing geopolitical uncertainty and pressuring investor sentiment.However, recent significant corrections in semiconductor and artificial intelligence (AI) stocks have attracted bargain-hunting, which has limited the extent of the index's decline. Micron Technology rose 1.94%, while AMD and Astera Labs increased by 1.58% and 1.80%, respectively.The geopolitical tensions surrounding the Middle East are considered a major variable for the domestic stock market. President Trump has indicated a tough stance, suggesting that Iran will face severe consequences for each U.S. soldier's death.Lee Kyung-min, a researcher at Daishin Securities, stated, "With President Trump's announcement of a strong response to U.S. casualties, the situation is escalating regarding U.S. military responses."Additionally, the announcement by Yemen's Iran-aligned Houthi rebels of a maritime blockade against Saudi Arabia adds to the pressure. The researcher noted, "If the Houthi rebels proceed with the maritime blockade against Saudi Arabia, there is a high possibility of obstructing traffic through the Bab el-Mandeb Strait, which is the entrance to the Red Sea. Such restrictions could reduce global oil supply by about 7%."* This article has been translated by AI. 2026-07-21 09:16:00
  • Expert Calls for Standardization of Fees for Professional Guardianship in South Korea
    Expert Calls for Standardization of Fees for Professional Guardianship in South Korea As South Korea enters an aging society, interest in the adult guardianship system is growing. This system allows courts to appoint guardians for adults who are unable to manage their affairs due to illness, disability, or old age, and demand for professional guardians is expected to rise.In response to this trend, the Korea Guardianship Association, led by President Park Eun-soo, recently established the Decision Support Research Institute, appointing Kim Yoon-jung, a partner at YK Law Firm and a former family and juvenile court judge, as its first director. The institute aims to propose legislation and policies that effectively guarantee the self-determination rights of individuals with decision-making difficulties, such as those with developmental disabilities or dementia.In an interview with Aju Economic Daily, Kim, who has over 20 years of experience as a judge and lawyer, shared insights on the current state and future of South Korea's guardianship system, as well as recent trends in family and divorce litigation. Below are excerpts from the interview.- You identified the standardization of fees for professional guardians as a key task for the Decision Support Research Institute. What do you see as the main confusion arising from the current fee assessment methods?The biggest confusion in the current adult guardianship practice is that the fee standards do not correlate with the complexity of the case, the scope of work, or the duration of service, leading to significant variations between courts and cases. This makes it difficult for professional guardians to secure predictable fees relative to their work, and conversely, wards may find themselves without adequate explanations of the cost structure when guardianship begins.The issue is compounded by the fact that fees are primarily calculated based on simple management tasks, failing to adequately reflect the responsibilities involved in decision-making support, medical and welfare coordination, and asset management. Through this research, we aim to establish standardized fee criteria based on the scope and complexity of work, ensuring predictability and sustainability for professional guardians, which will ultimately enhance the quality of guardianship services. Clear fee standards will enable qualified professionals to participate reliably in guardianship work, benefiting the wards in the end.- Having previously worked as a family and juvenile court judge and a research fellow at the Judicial Policy Research Institute, how do you view the limitations of the guardianship system from both perspectives?From the perspective of the court and research institutions, the core task of the guardianship system was to refine its design and principles, focusing on the necessity of guardianship, the principle of minimal intrusion, and the protective structure for wards.In contrast, the biggest challenge I face in practice today is the feasibility of implementing these principles. While the courts focus on creating and interpreting the system, the challenge in the field is ensuring that the system operates effectively in people's lives. Actual cases often involve diverse ward conditions, family conflicts, property disputes, and medical decision-making, which cannot be resolved solely through legal principles.The decision-making support model ideally maximizes self-determination rights, but in reality, practical judgment burdens arise in cases where the boundaries of decision-making capacity are unclear. This highlights the gap between the ideal standards set by the courts and the practical feasibility in the field.- With the aging society, the importance of voluntary guardianship is being emphasized. However, there are concerns about its underutilization in practice. What institutional improvements do you think are necessary to activate voluntary guardianship?In the context of super-aged society, nuclear family structures, and the rapid increase in single-person households, voluntary guardianship must become an essential tool for life planning rather than an option. Everyone will inevitably face aging and cognitive decline during their lifetime. We have entered an era where everyone must prepare for the possibility of diminished cognitive abilities. Voluntary guardianship allows individuals to set their own standards for managing and disposing of their assets while designating trusted individuals when they are still healthy and cognitively intact.Unlike adult guardianship, which involves posthumous intervention by the state or courts, voluntary guardianship is most faithful to the ultimate principle of the adult guardianship system: respecting self-determination rights. However, despite its innovative and necessary nature, the main reason for its lack of activation in practice is the insufficient promotion at the government level and the absence of public awareness.Many people still do not know about this system or mistakenly believe it is only for the wealthy. Therefore, to promote voluntary guardianship, it is urgent to shift public perception through active national promotion, recognizing it as a fundamental right and essential preparation for aging. Additionally, simplifying notarization procedures and distributing standard contract models linked to medical and financial institutions are necessary institutional improvements to help citizens confidently protect themselves from the anxieties of an aging society.- Traditionally, family guardians have been central to the adult guardianship system, but the role and necessity of corporate guardians are increasingly emphasized. What advantages and social significance do corporate guardians hold, and how do you see the future development of the guardianship system?It is true that the adult guardianship system has historically operated on a family-centered structure. However, as aging, the increase in single-person households, the weakening of family ties, and the complexity of asset structures progress simultaneously, areas that cannot be managed solely by family guardians are expanding.In this context, corporate guardians can function as a key pillar in securing the professionalism and sustainability of the guardianship system, rather than merely serving as a substitute. While family guardians have the advantage of emotional bonds, they also face structural limitations, such as conflicts of interest, emotional involvement, and issues with long-term management sustainability.In contrast, corporate guardianship operates through organizational systems rather than individual decision-making, providing a stable structure in terms of objectivity, professionalism, and continuity. In modern guardianship structures, where asset management and medical and welfare decisions are intertwined, a corporate-based decision-making structure that allows for multidisciplinary review is becoming increasingly important. However, it is essential that corporate guardianship also has a framework for accountability and oversight. In the future, it is likely that family and corporate guardianship will evolve in a way that differentiates their respective roles rather than competing with each other.Nonetheless, in the medium to long term, there is a strong possibility that the system will gradually shift towards a greater emphasis on corporate guardianship, driven by changes in social structures. Ultimately, the key issue is not who is better, but designing the optimal decision-making support structure that fits the circumstances of the ward, and the role of corporate guardians will likely become more significant in that process.- Last year, the Constitutional Court's ruling on the reserved portion clause caused a seismic shift in the field of family inheritance. What limitations did you observe in the previous reserved portion rulings during your time as a presiding judge, and what are the most significant changes you are experiencing in actual inheritance litigation following this decision?The limitations of previous reserved portion rulings were characterized by a rigid judgment structure overly focused on formal equality. The contributions and the actual diversity of family relationships were not adequately reflected, leading to prolonged disputes. Following the Constitutional Court's ruling, the most significant change is that inheritance disputes are shifting from a results-oriented focus to a process-oriented one. It is no longer just about restoring legal shares but also actively contesting contributions made during the deceased's lifetime, the realities of family relationships, and the processes of asset formation. Practically, there is a noticeable increase in attempts to resolve disputes through negotiation and mediation, and the courts are also moving away from mechanical assessments towards more precise fact-finding inquiries.* This article has been translated by AI. 2026-07-21 09:16:00
  • Trumps 10% Global Tariff Set to Expire on July 24, Replacement Tariffs Expected
    Trump's 10% Global Tariff Set to Expire on July 24, Replacement Tariffs Expected The 10% 'global tariff' introduced by the Trump administration will expire on July 24, following a U.S. Supreme Court ruling that deemed extensive reciprocal tariffs illegal. A replacement under Section 301 of the Trade Act is expected to be announced soon, raising questions about whether the tariff rate applied to South Korea will exceed the 15% agreed upon in the U.S.-Korea trade deal.According to reports from Yahoo Finance and others on July 20, the Trump administration imposed the 10% global tariff in February after the Supreme Court ruled that broad reciprocal tariffs based on the International Emergency Economic Powers Act (IEEPA) were unlawful. Tariffs under Section 122 of the Trade Act can only be imposed for a maximum of 150 days without congressional approval. Therefore, unless Congress acts to extend it, the 10% global tariff will end on July 24.The Trump administration is expected to replace it with tariffs under Section 301 of the Trade Act, which allows for retaliatory measures if foreign government policies or practices are deemed unfair or discriminatory and infringe on U.S. trade interests.In a recent report, U.S. investment bank Raymond James analyzed that the White House is likely to develop a new tariff system based on the existing global reciprocal tariff levels.Since March, the Office of the U.S. Trade Representative (USTR) has been conducting investigations under Section 301 regarding 'forced labor' and 'structural overproduction' in various countries. A total of 16 entities have been identified for overproduction, while 60 entities are linked to forced labor, with South Korea included in both categories.For forced labor, a proposal has been made to impose a 12.5% tariff on certain countries, including South Korea. With public hearings already concluded, the USTR may announce the final tariff as early as this week, coinciding with the expiration of the global tariff.In contrast, there are no specific plans yet for tariffs related to overproduction. Given the procedures for announcing tariff proposals and gathering public comments, it seems unlikely that a decision will be finalized before July 24.The concern is that the overproduction tariff could be added to the forced labor tariff in the future. The proposed forced labor tariff for South Korea is 12.5%, and if the overproduction tariff exceeds 2.5%, it could surpass the 15% cap established in the U.S.-Korea trade agreement.Last July, the U.S. and South Korea agreed to lower tariffs on South Korean products from 25% to 15% in exchange for South Korea's $350 billion investment in the U.S.USTR representative Jamieson Greer stated last month that the administration would respect the tariff cap outlined in the U.S.-Korea trade agreement. However, it remains unclear how the final rates will be adjusted after imposing the overproduction tariff, whether they will be set at 15% or if additional conditions will be applied to reduce tariffs.* This article has been translated by AI. 2026-07-21 09:16:00
  • HLB Innovation Secures Target for CLDN6, Accelerates CAR-T Expansion for Solid Tumors
    HLB Innovation Secures Target for CLDN6, Accelerates CAR-T Expansion for Solid Tumors HLB Innovation's U.S. subsidiary, Verismo Therapeutics, has secured an additional next-generation target for solid tumors, advancing its CAR-T therapy pipeline. The company plans to accelerate the development of next-generation cell therapies that improve treatment durability in solid tumors based on its platform. Verismo announced on July 21 that it has initiated preclinical development of a new target binder that recognizes the cancer cell surface antigen 'Claudin 6 (CLDN6)' through a research collaboration with the University of Pennsylvania (UPenn). The CLDN6 binder was discovered by a research team led by Dr. Donald Siegel at UPenn's Perelman School of Medicine, marking the second proprietary binder secured by Verismo through its collaboration with UPenn. Previously, the company obtained the DS191 binder, which is applied to its hematologic cancer CAR-T candidate 'SynKIR-310'. CLDN6 is an antigen that is minimally expressed in normal adult tissues but is found in various solid tumors, making it a promising target for next-generation immuno-oncology therapies. Recent studies have confirmed its antitumor activity across various therapeutic approaches, including CAR-T, antibody-drug conjugates (ADCs), and bispecific antibodies, highlighting its clinical potential. Verismo aims to combine its proprietary CLDN6 binder with its multi-chain KIR-CAR platform to enhance the durability of effects, which has been a limitation of existing CLDN6-targeted therapies, and to induce a more stable anti-tumor immune response in solid tumors. Brian Kim, CEO of Verismo, stated, "Applying the KIR-CAR platform to the promising solid tumor target CLDN6 is a strategic choice to overcome the limitations of existing treatments. We will expand the application of the platform to various solid tumors." Meanwhile, Verismo is conducting Phase 1 clinical trials for its solid tumor CAR-T 'SynKIR-110' and hematologic cancer CAR-T 'SynKIR-310' at major cancer centers in the U.S. Notably, SynKIR-110 garnered attention for confirming safety and tumor reduction signals in early dose cohorts, as reported in interim data presented at the American Association for Cancer Research (AACR) in April.* This article has been translated by AI. 2026-07-21 09:12:00
  • Nearly 100 U.S. Troops Injured in Ongoing Iran Attacks, Most with Concussions
    Nearly 100 U.S. Troops Injured in Ongoing Iran Attacks, Most with Concussions As the military conflict between the United States and Iran continues, U.S. troop casualties are rising.CBS News reported on July 20, citing U.S. officials, that approximately 100 U.S. service members have been injured in the Middle East since July 7.Sean Parnell, the chief spokesperson for the U.S. Department of Defense, stated, "96% of the injured have already returned, and most suffered mild concussions." While the U.S. has been conducting airstrikes on Iranian military facilities, Iran has also been targeting U.S. troops and allied nations in the region with missile and drone attacks.The death toll is also increasing. Recently, two U.S. service members were killed and one went missing following an Iranian attack on a U.S. base in Jordan. Subsequently, unidentified remains were found at the location where the service member went missing.In Iraq, one U.S. service member died while handling unexploded ordnance from a downed Iranian attack drone. To date, 17 U.S. service members have been killed in the conflict with Iran.The Department of Defense has not previously disclosed the exact number of injuries resulting from recent Iranian attacks. The confirmed figure of about 100 represents only those injuries that occurred since July 7.* This article has been translated by AI. 2026-07-21 09:08:00
  • BLACKPINKs Jennie to summer-seasoned single
    BLACKPINK's Jennie to summer-seasoned single SEOUL, July 21 (AJP) - K-pop girl group BLACKPINK's Jennie will officially release her new solo single "Less than a Lover" on July 24 after previewing the song at a string of major international music festivals, her agency OA Entertainment (ODD ATELIER) said Tuesday. Jennie gave audiences an early listen to the track during headlining appearances at the Governors Ball Music Festival in New York, Denmark's Roskilde Festival, Poland's Open'er Festival and Spain's Mad Cool Festival in Madrid, ahead of its official release. The song marks a stylistic shift from the performance-driven pop that has defined much of Jennie's solo catalog. Built around lo-fi guitar and vintage keyboard sounds, "Less than a Lover" leans toward a more restrained, intimate sound while showcasing a softer vocal approach. Jennie co-wrote the lyrics and participated in directing the music video, according to OA Entertainment, an independent label she founded in late 2023 after ending her individual contract with YG Entertainment, while remaining signed to the label for BLACKPINK's group activities. The singer is expected to continue performing the track on the international festival circuit next month with appearances at Lollapalooza Chicago and Japan's Summer Sonic 2026. Jennie has increasingly focused on solo projects in recent years while continuing activities as a member of BLACKPINK, whose members have each pursued individual careers alongside the group's global promotions. 2026-07-21 09:04:02
  • Heavy Rain Warning in Western Seoul Leads to Closure of 29 Rivers
    Heavy Rain Warning in Western Seoul Leads to Closure of 29 Rivers A heavy rain warning has been issued for the western region of Seoul, resulting in the closure of several rivers throughout the city.According to Yonhap News on July 21, the Seoul city government announced that due to the influence of a stagnant front, heavy rain fell at a rate of up to 53.5 mm per hour early in the morning, leading to the closure of all 29 rivers in the city, including Jungnangcheon, Cheonggyecheon, and Yangjaecheon.At one point, the underpass at Jeungsan Bridge was also temporarily closed, but the restriction was lifted around 5:17 a.m.In anticipation of the heavy rainfall, the city issued a Level 1 work order at 11 p.m. the previous day, deploying a total of 3,206 personnel from the city and district offices to monitor the situation.Additionally, all departments and affiliated organizations were requested to ensure thorough safety management in vulnerable areas such as rivers and low-lying regions in preparation for the heavy rain.Efforts included inspecting stormwater drains and patrolling areas at risk of landslides, while personnel were stationed at underground passages to enhance monitoring.Meanwhile, the Korea Meteorological Administration issued a heavy rain advisory for the southwestern and northwestern parts of Seoul at 3:20 a.m. on the same day.A heavy rain advisory is issued when rainfall is expected to exceed 60 mm in three hours or 110 mm in 12 hours.As of that day, Eunpyeong District recorded a maximum accumulated rainfall of 71.5 mm since the previous day, with heavy rain falling at a rate of 53.5 mm per hour.Rain in Seoul is forecasted to continue until the morning of July 22, with expected precipitation ranging from 30 to 100 mm.* This article has been translated by AI. 2026-07-21 09:04:00