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  • IU Files for Identity Verification Against Online Trolls
    IU Files for Identity Verification Against Online Trolls South Korean singer and actress IU has reportedly applied for identity verification in a U.S. court against online trolls who have made shocking malicious comments about her.On July 20, a social media account surfaced online, repeatedly raising various allegations against IU.The author of the posted content, referred to as A, claimed that IU has plagiarized over 50 songs, leading to someone making an extreme choice, and suggested a connection between her and the death of a specific individual. The post also alleged that IU is linked to the Illuminati and mentioned that people around her have died, while another artist has been prescribed tranquilizers, among other unverified claims.In another post, the author questioned whether IU is of Chinese descent, linking her to major fires in Korea and various social incidents, as well as drama plots, to support conspiracy theories. The author stated, "Song plagiarism, costume plagiarism, album design plagiarism, concept plagiarism, and even drama plagiarism—IU's identity is plagiarism."As the posts spread, netizens reacted, stating, "This is not just a troll; this person seriously claims IU has killed someone," and "They have written baseless conspiracy theories as if they were facts." Others noted that many of the posts from the Threads account appear to have been deleted, and mentioned that similar cases have legal precedents, suggesting that the individual could face consequences if identified.Earlier, Dispatch reported that IU filed a discovery request against Meta in the U.S. Northern District Court of California on July 15.According to the report, IU's team identified a specific Threads account that had posted a total of 52 false posts from March to October of last year, damaging IU's reputation and honor.The U.S. court is currently in the process of the discovery procedure.* This article has been translated by AI. 2026-07-20 15:48:00
  • Hanwha Philly Shipyard takes shape as first MASGA milestone
    Hanwha Philly Shipyard takes shape as first MASGA milestone SEOUL, July 20 (AJP) - Hanwha Philly Shipyard, the centerpiece of the South Korea-U.S. shipbuilding partnership under MASGA (Make American Shipbuilding Great Again), is taking shape as a milestone contract from the U.S. Missile Defense Agency transforms the once-overlooked yard into a test bed for deeper defense-industrial cooperation between the two allies. The Philadelphia-based shipyard, acquired by Hanwha Group for about $100 million in 2024, has been selected to build Missile Range Instrumentation Vessels (MRIVs) for the U.S. Missile Defense Agency. The specialized ships will track missile tests and collect flight and telemetry data, supporting Washington's expanding missile defense network and President Donald Trump's Golden Dome missile defense initiative. The award represents far more than a shipbuilding contract. It is the clearest sign yet that Washington is beginning to integrate South Korea's globally competitive shipbuilding expertise into efforts to rebuild America's strained maritime industrial base while remaining within U.S. domestic production rules. The project also illustrates the contrasting strengths Hanwha brings to the partnership. In South Korea, Hanwha Ocean operates one of the world's largest and most advanced shipbuilding complexes in Geoje. Spanning roughly 4.9 million square meters, the yard houses the world's largest one-million-ton dry dock and a 900-ton Goliath crane, enabling construction of everything from LNG carriers and 23,000-TEU container ships to offshore platforms, destroyers and submarines. It is also the world's largest builder of very large crude carriers (VLCCs). Hanwha Philly Shipyard is considerably smaller. Located within Philadelphia's historic Navy Yard, the 47.8-hectare (110-acre) facility has traditionally focused on commercial shipbuilding and maintenance, repair and overhaul (MRO). It nevertheless possesses one of the largest graving docks in the United States, measuring 332.8 meters long and 45.7 meters wide, supported by a 660-ton gantry crane capable of assembling ultra-large vessel blocks. Despite its relatively modest size, the yard has built roughly half of all large oceangoing Jones Act commercial vessels delivered in the United States since 2000, giving Hanwha an established American manufacturing platform that few foreign shipbuilders can match. The timing is significant as shipbuilding has rapidly emerged as one of the fastest-moving areas of defense-industrial cooperation between Seoul and Washington. The United States faces mounting pressure to expand naval production as prolonged military commitments, rising competition with China and growing missile defense requirements expose the limits of its shipbuilding capacity. The issue has reached the highest political level. During last month's G7 summit, President Donald Trump asked President Lee Jae Myung whether South Korea could quickly build 10 warships for the United States. The subject surfaced again when the two leaders met on the sidelines of the NATO summit earlier this month. Trump has also publicly identified South Korean shipbuilders as potential partners in revitalizing U.S. naval production. "We're going to probably look at some of these companies that are coming in from South Korea and other places," Trump said during a recent defense event in Pennsylvania. The Pentagon has already begun laying the groundwork. Earlier this month, the U.S. Navy sent requests for information to South Korea's leading shipbuilders covering combat ships and medium replenishment oilers. HD Hyundai Heavy Industries and Hanwha Ocean received requests related to combat vessels, while Samsung Heavy Industries joined the two companies in responding to a separate inquiry involving replenishment oilers. Against that backdrop, Hanwha's MRIV contract is widely viewed as an early test case for how South Korean shipbuilders could participate in future U.S. naval programs without directly building warships overseas. U.S. law generally requires Navy warships and critical hull components to be built domestically, limiting the role of foreign shipyards. Hanwha Philly Shipyard, however, operates with American workers, suppliers and production facilities, allowing projects there to satisfy domestic-content requirements while drawing on Korean engineering expertise and management. Philadelphia itself is also becoming an increasingly important defense manufacturing hub. According to The Wall Street Journal, JPMorgan Chase will provide $24 million through investments, loans and grants to support submarine manufacturing and workforce development in Philadelphia. Part of the funding will help Rhoads Industries, a supplier to General Dynamics Electric Boat, build a new submarine manufacturing facility. Local media report that Rhoads Industries and General Dynamics Electric Boat have secured a 10-year, $2.5 billion agreement supporting U.S. Navy submarine construction and approximately 1,350 jobs through 2035. Separately, Hanwha Philly Shipyard has received about $1.5 billion in National Security Multi-Mission Vessel orders, supporting more than 2,000 jobs and reinforcing the Navy Yard's emergence as one of Washington's priority maritime industrial centers. According to U.S. naval industry media, the missile-tracking vessels will use the existing hull design and production line developed for the National Security Multi-Mission Vessel program, allowing the Missile Defense Agency to accelerate production without developing an entirely new platform. U.S. Office of Management and Budget Director Russell Vought described the Philadelphia yard as a "hot production line," saying the project would leverage Hanwha Philly Shipyard's experienced workforce to support both the Missile Defense Agency and Trump's Golden Dome initiative. Industry officials believe the award could help Hanwha establish a critical track record in U.S. defense shipbuilding as it seeks to expand the Philadelphia yard's role beyond commercial ships and government support vessels. The company has already expressed interest in future U.S. Navy programs involving auxiliary vessels and, eventually, combat ships. It has also announced plans to expand production capacity at the Philadelphia facility. Analysts caution, however, against viewing the MRIV award as a direct step toward building the 10 warships mentioned by Trump. The missile-tracking vessels are specialized support ships rather than destroyers, frigates or other frontline combatants. The Philadelphia yard would also require substantial investment in facilities, equipment and workforce before it could undertake large-scale naval ship construction. Congress could prove another obstacle. According to Defense News, the Senate Armed Services Committee's version of the fiscal 2027 defense authorization bill would limit presidential authority to approve construction of U.S. Navy vessels at foreign shipyards. The proposal would permit no more than two vessels per class to be built at allied shipyards and only for limited categories of auxiliary vessels, including fuel tankers and roll-on/roll-off ships. Even so, the Philadelphia project offers perhaps the strongest example yet of a model Washington increasingly appears willing to embrace: combining South Korea's shipbuilding technology, engineering know-how and capital with American production facilities, suppliers and workers. Ryu Yeon-seung, director of the Institute for Defense Industrial Security, said Korean companies should pursue a broader role beyond hull construction. "If a ship designed by Korea is adopted, Korean-made components should be included as much as possible," Ryu said. "That can naturally lead to maintenance, repair and overhaul because MRO also involves replacing those components." For South Korea, the project strengthens its position in broader defense-industrial negotiations while opening opportunities for Korean equipment suppliers throughout the naval supply chain. For the United States, it provides a practical way to reinforce an overstretched shipbuilding base without relying exclusively on existing domestic defense contractors. The project also aligns with broader bilateral investment commitments. According to the White House, Hanwha Ocean has invested $70 million in U.S. maritime manufacturing. Under the joint fact sheet released after the Trump-Lee summit in November 2025, South Korea pledged $150 billion in U.S. shipbuilding investments and an additional $200 billion in other strategic sectors, making maritime cooperation one of the largest pillars of the allies' expanding economic and security partnership. 2026-07-20 15:47:49
  • Govt to provide additional disaster relief for flood-hit regions
    Gov't to provide additional disaster relief for flood-hit regions SEOUL, July 20 (AJP) - An additional 1.6 billion won (US$1.07 million) in emergency disaster relief funds will be provided to regions hit by last weekend's torrential rains, the Ministry of the Interior and Safety said on Monday. The affected areas include Gyeonggi, Gangwon and North Gyeongsang provinces, where heavy downpours between last Friday and Sunday washed out roads, triggered mudslides and flooded homes, forcing some residents to evacuate. The funds will be used for emergency repairs to damaged facilities and assistance for displaced households to help them recover quickly. "We will use all available administrative and financial resources to help residents affected by the heavy rains return to their normal lives as quickly as possible," said Minister Yun Ho-jung. The latest support comes after the ministry provided 2.1 billion won to six cities and provinces - Daejeon, Sejong, Gyeonggi Province, North Chungcheong Province, South Chungcheong Province and North Gyeongsang Province - that were hit by monsoon rains earlier last week. Separately, the ministry will also provide 120 million won to Daegu and North Gyeongsang Province to support cooling shelters and provide heat-relief supplies for vulnerable residents, as heat advisories remain in effect. 2026-07-20 15:46:29
  • Jaseng Hospital Hosts Internship Program for International Medical Students
    Jaseng Hospital Hosts Internship Program for International Medical Students Jaseng Hospital has conducted an internship program for international medical students to experience integrative medicine based on traditional Korean medicine. Participants enhanced their understanding of traditional Korean medicine by directly experiencing non-surgical treatment methods such as Dongjak acupuncture and Chuna therapy.The program, titled '2026 Jaseng Medical Academy Summer Internship Program,' was held from July 6 to 17, inviting international medical students and pre-med students, the hospital announced on July 20.This initiative aimed to deepen participants' understanding of traditional Korean medicine and share the clinical value and international applicability of integrative medicine.Thirteen students from prestigious medical schools, including UCLA, Charles University in the Czech Republic, and Mohammed Bin Rashid University of Medicine and Health Sciences in the UAE, participated in the internship. The trainees experienced Jaseng Hospital's treatment systems and methods, broadening their knowledge of traditional Korean medicine and integrative medicine.The program included clinical observation at Jaseng Hospital, lectures on acupuncture, herbal acupuncture, Chuna therapy, and Dongjak acupuncture, as well as tours of key facilities like the Jaseng Medi-Bio Center. Participants engaged in Q&A sessions with medical staff and took part in a one-day experience as traditional Korean medicine practitioners.The area of greatest interest for the trainees was Jaseng Hospital's non-surgical spinal and joint treatment methods, including Dongjak acupuncture and Chuna therapy.Dongjak acupuncture involves placing needles at key acupoints while inducing passive or active movements, helping to relieve muscle tension and promote joint fluid secretion to reduce pain. Chuna therapy is a method where practitioners use their hands or body parts to realign misaligned spines and joints, aiding in muscle relaxation and restoring body balance.Jin Ho Lee, the director of Jaseng Hospital, stated, "This internship provided a meaningful opportunity for international medical talents to directly experience and understand the clinical value of integrative medicine based on traditional Korean medicine. We will continue to expand international education and academic exchanges to promote the excellence of traditional Korean medicine and strengthen global medical cooperation."Meanwhile, Jaseng Medical Foundation and Jaseng Hospital signed a memorandum of understanding with Korea Polytechnic University last year to collaborate on nurturing talent in the bioindustry. Recently, they also established a partnership with the Korean Sports Council, being designated as an official hospital to support traditional Korean medicine treatment for national athletes, further expanding their collaborations in various fields. 2026-07-20 15:36:00
  • Ruling Party Pushes for Extension of Special Investigation, Opposition Launches Filibuster
    Ruling Party Pushes for Extension of Special Investigation, Opposition Launches Filibuster The ruling Democratic Party on July 20 introduced a bill in the National Assembly to extend the investigation period for the so-called 'second comprehensive special investigation.' In response, the People Power Party gathered outside the assembly to condemn the Democratic Party's unilateral handling of the bill. They also initiated a filibuster against the special investigation law amendment.The Democratic Party presented the 'Partial Amendment to the Act on the Appointment of Special Prosecutors for Investigating the Insurrection, Foreign Exchange, and State Affairs Manipulation by Yoon Suk Yeol and Kim Geon-hee' during the plenary session. The amendment allows for a 30-day extension of the investigation period for the second comprehensive special investigation. Additionally, it includes provisions to add interference with audits by public officials as a subject of investigation, specifies 'obstruction of justice' in the scope of related cases, increases the limit on dispatched public officials from 130 to 150, allows for the designation of up to 10 prosecutors to maintain charges, and mandates the provision of investigation records from the three major special prosecutors to the comprehensive special investigation.Before the plenary session, Han Byeong-do, the Democratic Party's floor leader, held a meeting with party members and stated, "The second comprehensive special investigation has been doing its utmost to root out insurrection under difficult conditions. We cannot stop the investigation due to the abundance of suspicions and time constraints." He urged the People Power Party to cease its short-sighted political struggle that defends insurrection for immediate political gain and to cooperate in normalizing the National Assembly. He also mentioned plans to improve the system by strengthening filibuster requirements and shortening the fast-track processing period to create a more functional National Assembly.In response to the introduced bill, the People Power Party launched a filibuster. Yoon Sang-hyun, the first speaker in the unlimited debate, criticized, "What is the special investigation if the period keeps getting extended? It essentially becomes a permanent investigative agency. It is a violation of the rule of law in South Korea for a law meant to control exceptions to be used as a means to allow exceptions."He added, "I do not oppose the investigation itself, but it is being conducted excessively. I oppose the use of a temporary and exceptional special investigation as a tool for political revenge under the guise of fact-finding."In addition to the filibuster, a protest rally against the Democratic Party's unilateral operation of the National Assembly was also held. Jung Jeom-sik, the floor leader of the People Power Party, criticized, "The Democratic Party is trampling on the fundamental principles of dialogue and compromise, operating a 'legislative runaway' like a runaway train. We strongly condemn the ruling party's arrogance in pushing through legislation with force in a National Assembly that has not even completed its formation, extending a state of public security for the purpose of suppressing the opposition."Representative Shin Dong-wook stated, "We have unleashed the hunting dog of political revenge in the form of a comprehensive special investigation, yet there have been no results. We may have to face this monster of a special investigation throughout the Lee Jae-myung administration. With national tasks piling up in all areas of politics and society, we must stop the special investigation politics that incites insurrection."Meanwhile, shortly after the unlimited debate began, the Democratic Party submitted a motion to conclude the debate. According to National Assembly law, a vote will be held anonymously 24 hours after the submission of the motion to conclude the unlimited debate, and if more than two-thirds of the members present agree, the filibuster will be forcibly terminated.* This article has been translated by AI. 2026-07-20 15:36:00
  • Banks Intensify Competition for Deposits Amid Rising Interest Rates
    Banks Intensify Competition for Deposits Amid Rising Interest Rates Banks are ramping up their efforts to attract deposits as the Bank of Korea has raised the benchmark interest rate for the first time in three and a half years, coupled with increased volatility in the stock market. The possibility of the central bank raising rates again sooner than expected has intensified competition among banks for securing deposits in the second half of the year. According to the Korea Federation of Banks, the highest interest rate for 12-month time deposits among 19 banks is currently between 2.40% and 3.85%, nearing 4%. The top five banks—KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup—are offering rates ranging from 2.55% to 3.30%, with Shinhan Bank's 'Shinhan My Plus Time Deposit' providing the highest rate at 3.30%. Woori Bank's 'WON Plus Deposit' follows closely with a rate of 3.20%. This marks a significant increase in deposit rates, especially considering that just last month, finding time deposit products with rates above 3% was challenging. The issuance of bank bonds has also surged significantly. According to the Korea Financial Investment Association, the total amount of bank bonds issued this year has reached 146.39 trillion won, a 45% increase compared to 101.32 trillion won during the same period last year. This trend among banks reflects the rising market interest rates as they enter a period of significant rate hikes, and it is seen as a measure to prepare for future loan demand. As of July 16, the benchmark rate for one-year bank bonds (AAA) was recorded at 3.737%, up approximately 0.8 percentage points from 2.941% at the end of January. Financial analysts suggest that as the Bank of Korea keeps the door open for further rate hikes, competition among banks for deposits is expected to intensify in the latter half of the year. Banks utilize customer deposits as a key source of lending and a stable funding method. When the benchmark interest rate rises, market interest rates also increase, necessitating higher deposit rates to secure funds. Currently, there are discussions in the market about the possibility of the Monetary Policy Committee raising the benchmark rate by an additional 0.25 percentage points in August or October following the increase in July. However, the rise in deposit rates could lead to higher loan rates. If banks pay more interest and issue bonds at higher rates, their funding costs will increase. These costs are likely to be reflected in loan rates after a certain lag. Loan rates have already been rising sharply as the market anticipates the possibility of further rate hikes. As of now, the upper limit for fixed-rate mortgage loans at the top five banks is 7.52%, an increase of 0.42 percentage points from 7.10% at the end of May. A financial industry official stated, "If the benchmark interest rate continues to rise, both market interest rates and deposit rates will increase, adding to the funding burden for banks. While depositors will benefit from higher rates, borrowers are likely to face increased loan interest burdens." 2026-07-20 15:32:00
  • South Korea Establishes $7 Billion Long-Term Technology Investment Fund
    South Korea Establishes $7 Billion Long-Term Technology Investment Fund The Financial Services Commission of South Korea is launching a long-term technology investment fund worth 8.8 trillion won (approximately $7 billion) to support advanced technology sectors requiring extended investment, such as next-generation semiconductors, advanced pharmaceuticals, and aerospace.The fund will have a lifespan of 15 years, longer than existing policy funds, and will increase the proportion of public funds to 77%, reducing the fundraising burden on private management firms.On July 20, the Financial Services Commission held a public hearing at the Korea Development Bank's IR Center in Yeouido, Seoul, where it unveiled the operational plan for the long-term technology investment fund.The fund will be established as an indirect investment fund for institutional investors within the National Growth Fund, specifically designed to support advanced technology sectors that require long-term patient capital. The commission plans to finalize the operational plan based on feedback from the public hearing and announce the selection of management firms for the 8.8 trillion won fund in the third quarter.The fund will be composed of 6 trillion won from the Advanced Strategic Industry Fund, 800 billion won from the government, and over 2 trillion won from private capital. Approximately 77% of the total funding will come from public sources, significantly lowering the private investment burden compared to typical policy funds.The fund's lifespan is set at a maximum of 15 years, exceeding the 8 to 10 years typical for standard policy funds, and allows for an actual investment period of up to 7 years, enabling long-term investments in technology companies.Key investment targets will include leading technology firms in advanced strategic industries such as next-generation semiconductors and advanced biopharmaceuticals. The fund also plans to expand its investment focus to future core technology sectors, including aerospace. The commission will prioritize management firms that can evaluate not only financial performance but also technological capabilities, and will support the development of specialized management firms (KSTP) focused on future foundational and core technologies.During the public hearing, Financial Services Commission Chairman Lee Ok-won stated, "In the context of intensifying global investment competition, securing foundational technologies that can change the future and internalizing core technologies in key industries are essential tasks. The National Growth Fund must also actively invest in technologies that require long timeframes."He added, "We will consider rewarding management firms that grow alongside companies through additional investments, while imposing penalties for early withdrawals that do not align with the fund's purpose. The technological expertise of key management personnel is also crucial, so we will take into account whether firms have excellent management talent and whether they have implemented substantial and adequate compensation systems during the selection process."Industry experts attending the hearing emphasized the need for long-term venture capital, noting that commercialization and investment recovery in areas like quantum computing, aerospace, and advanced biotechnology typically take at least 10 years. They agreed on the necessity of the long-term technology investment fund, pointing out that technology companies often face funding shortages when follow-up investments cease at critical performance milestones.The Financial Services Commission plans to finalize the detailed operational plan based on the feedback received during the public hearing, select management firms, and proceed with the private capital fundraising process. Investment execution is expected to begin as early as the end of the year.* This article has been translated by AI. 2026-07-20 15:32:00
  • Hyundai Motor Partners with Jeonbuk National University for AI Talent Development
    Hyundai Motor Partners with Jeonbuk National University for AI Talent Development Hyundai Motor Company is collaborating with Jeonbuk Special Self-Governing Province and Jeonbuk National University to establish a contract department aimed at training professionals in physical AI, robotics, and hydrogen energy.This initiative is part of a larger effort to secure key talent locally for the 9 trillion won Saemangeum AI Valley project and to expand joint research in future industries.On July 20, Hyundai Motor signed a memorandum of understanding (MOU) at the Jeonbuk Provincial Office with Jeonbuk Special Self-Governing Province and Jeonbuk National University. The signing ceremony was attended by Jeonbuk Governor Lee Won-taek, Jeonbuk National University President Yang O-bong, and Shin Seung-kyu, Vice President of Hyundai Motor Group's RH PMO.The agreement focuses on establishing contract departments at Jeonbuk National University in fields such as physical AI, robotics, and hydrogen energy. The three institutions plan to develop curricula that reflect industry needs to train professionals equipped for the field. The specifics regarding the hiring of students who successfully complete the contract department curriculum will be determined through future discussions.A Hyundai official stated, "Although we are still in the early stages of the project, the significance lies in prioritizing local talent in connection with the Saemangeum AI Valley."According to the MOU, Hyundai will support the curriculum development, practical training, and joint research for the contract department at Jeonbuk National University. Employees will participate as guest professors, special lecturers, and project mentors. Jeonbuk Special Self-Governing Province will provide administrative and financial support, while Jeonbuk National University will handle the operation of the contract department, curriculum development, and technology cooperation forums.The establishment of this contract department is seen as a strategic move to cultivate the talent needed for the Saemangeum AI Valley locally. Similar to how SK Hynix supported the establishment of a semiconductor high school in Cheongju while expanding its semiconductor plant, Hyundai aims to create a collaborative structure involving industry, academia, and research based on local talent.Hyundai Motor Group is investing approximately 9 trillion won in Saemangeum to build an AI data center, a robotics manufacturing cluster, an electrolysis plant, solar power facilities, and an AI hydrogen city. Construction of the AI data center is set to begin next year, with a target completion date of 2029. The electrolysis plant and solar power facilities are also scheduled to start construction in the same year, aiming for the first phase of completion by 2029. The robotics manufacturing cluster is expected to begin construction in 2028, with mass production starting in 2029.Hyundai plans to establish a sustainable education and research system that continuously produces skilled professionals in the region, contributing to the long-term development of a high-tech industrial ecosystem in Jeonbuk.A Hyundai official remarked, "To secure competitiveness in advanced industries, collaboration between companies, universities, and local communities is essential. We will actively support the local talent nurtured through this collaboration to grow into key figures in future business."* This article has been translated by AI. 2026-07-20 15:32:00
  • Culley Strengthens Fashion Curation Beyond Food and Beauty
    Culley Strengthens Fashion Curation Beyond Food and Beauty Culley announced that its fashion content "Style Note," which suggests outfits suitable for time, place, and occasion (TPO), has received positive customer feedback.Launched in April, Style Note positions Culley as a "personal shopper" for customers, offering outfit suggestions for various situations. So far, four episodes have been released, covering everyday looks, workout attire, parent observation outfits, and vacation styles.The most popular content is the parent observation looks episode, which was released last month and recorded an average of 16,000 views per day until July 2. This episode features influencer Kang Young-joo's styling, showcasing practical outfits for parent events.In line with the vacation season, the "Summer Vacation Looks with Kids" episode highlighted hotel vacation looks by jewelry brand representative and influencer Kim Mi-hee. The matching white-tone outfits of a mother and daughter received particular attention.Culley is enhancing its fashion curation by launching various fashion content, including Style Note, Trend Pick, and Brand Finder. Trend Pick introduces seasonal fashion keywords and related products, while Brand Finder features content from experts like stylists and fashion editors, sharing brand philosophies and styling methods.A Culley representative stated, "Fashion suggestions tailored to the TPO of 30s and 40s lifestyles resonate strongly with customers. We aim to leverage our curation expertise from food and cosmetics to provide a differentiated shopping experience in fashion."Additionally, Culley is strengthening its fashion business by hiring Choi Hang-seok, a former team leader at Hanseong, who led the online fashion platform EQL, to oversee fashion operations, expanding its related organization and talent.* This article has been translated by AI. 2026-07-20 15:32:00
  • Blue House Postpones Meeting on Corporate Excess Profits
    Blue House Postpones Meeting on Corporate Excess Profits The Blue House unexpectedly postponed a meeting of President Lee's chief secretaries that was scheduled for 2 p.m. on July 20.Typically held every Thursday, this week's meeting was moved up to accommodate a real estate policy forum on July 23, which President Lee is set to attend.In a media announcement, the Blue House stated, "The major chief secretary meeting scheduled for today will not take place due to changes in the topic and schedule." This meeting was expected to focus on the social distribution of corporate excess profits, with reports from the economic and social secretariats.However, it appears the agenda was postponed due to the need for further discussion on the topic.Some analysts suggest that the recent decline in the domestic stock market, triggered by semiconductor leveraged exchange-traded funds (ETFs), may also be a factor in the meeting's cancellation.Choi Tae-won, chairman of the Korea Chamber of Commerce and Industry, commented on the Ministry of Employment and Labor's proposal regarding AI (artificial intelligence) excess profit distribution, saying, "We have no reason to object to the government managing it with the taxes we pay, but while we need to do something to make stakeholders happy, I’m not sure if this (excess profit distribution) aligns with our thinking. I still don’t fully understand the concept." During a press briefing at the Jeju Forum on July 18, Choi addressed the controversy over performance bonuses at SK Hynix, stating, "If everyone dislikes it, that’s a real problem, but I don’t see it that way. Let’s observe it a bit longer." He emphasized, "Our country needs to operate under a political system of democracy and an economic system of capitalism, but if we can’t grow and one wheel isn’t turning, democracy will face issues as well. To ensure both wheels operate smoothly like in the past, we must return to growth policies. Only with growth can we have the leeway to address distribution issues." Choi added, "I want to provide as much happiness as possible to our members, but there is a caveat: we must also ensure that stakeholders are happy. If the happiness of our members infringes on that of stakeholders, we need to address that issue for sustainable happiness." * This article has been translated by AI. 2026-07-20 15:28:00