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Gabia Shares Surge Amid Macquarie's Tender Offer and Delisting Plans Gabia's shares have surged to the upper limit following news of a tender offer from Macquarie Asset Management and plans for voluntary delisting.According to the Korea Exchange, as of 10:42 a.m., Gabia's stock was trading at 44,050 won, up 10,150 won (29.94%) from the previous trading day.On the same day, the Financial Supervisory Service's electronic disclosure system revealed that DCK Investment, a special purpose company established by Macquarie Asset Management, announced a tender offer for 9,805,505 common shares of Gabia, representing 73.1% of the total issued shares.DCK Investment stated, "The purpose of the tender offer is to acquire management rights through mergers and acquisitions (M&A) and to facilitate delisting. We aim to expedite Gabia's voluntary delisting to make it a wholly-owned subsidiary of the tender offeror."This transaction involves both the acquisition of management rights and the tender offer. On July 17, Macquarie signed a stock purchase agreement (SPA) to acquire 3,270,248 common shares (24.4% stake) held by Kim Hong-guk, Gabia's largest shareholder and co-CEO, for a total transaction value of 157 billion won.The tender offer price is set at 48,000 won per share, which is 41.6% higher than the closing price of 33,900 won on the last trading day before the announcement. The tender offer period runs from today until September 17, with the settlement date scheduled for September 21.* This article has been translated by AI. 2026-07-20 10:48:00 -
China Launches Five Attack Submarines in First Half of 2026, Totaling 14 in Service China is accelerating the construction of attack submarines, narrowing the gap with the United States.The Chinese Navy launched five attack submarines in the first half of this year, according to a report by the French media outlet Le Figaro on July 20. This estimate is based on satellite imagery analysis rather than an official announcement from China.Among the five submarines, two are of the 093B class. Once these two are commissioned, the Chinese Navy will operate a total of eight 093B nuclear submarines. One of the five is a 095 class submarine, while the remaining two are believed to be a new, undisclosed model known as the 095A class.China had six attack submarines in operation at the beginning of 2020. As the country enhances its submarine construction capabilities, it is rapidly increasing its fleet size. If all five submarines are commissioned, China will have a total of 14 attack submarines. The report predicts that this number could rise to 17 within the next one to two years.The United States currently operates about 49 attack submarines, followed by Russia with 17. This positions China as the third-largest operator of attack submarines in the world, ahead of the United Kingdom and France, each with six.While China is quickly closing the gap with the U.S. in terms of the number of attack submarines, analysts suggest that the U.S. still maintains a significant advantage, particularly in areas such as stealth, crew proficiency, and combat experience. Consequently, it is believed that China will deploy its attack submarines in the South China Sea, the Taiwan Strait, and the Second Island Chain rather than in distant waters.Meanwhile, the Chinese People's Liberation Army announced that on July 6, a strategic nuclear submarine successfully launched a submarine-launched strategic missile equipped with a simulated warhead in international waters of the Pacific, hitting its designated target. Although the Chinese military did not disclose the specifications of the missile, The New York Times speculated that it was likely the JL-3 submarine-launched ballistic missile (SLBM). 2026-07-20 10:48:00
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Siemens Energy Appoints Seo Yong-hwan as New CEO of Siemens Energy Korea Siemens Energy announced on July 20 that it has appointed Seo Yong-hwan as the new CEO of Siemens Energy Korea.Seo brings over 30 years of leadership experience in the energy and power sectors. A graduate of Kyungpook National University with a degree in mechanical engineering, he has held senior executive positions at GE Aerospace, GE Energy, and Doosan Heavy Industries, gaining extensive experience in engineering, power generation, business development, and operational leadership while collaborating with major energy companies in South Korea.Before joining Siemens Energy, Seo served as the president and CEO of GE Aerospace's Korean aviation services division, successfully leading the organization for over a decade. During his tenure, the division achieved significant growth by enhancing operational capabilities, safety culture, and customer partnerships.As CEO of Siemens Energy Korea, Seo will oversee the company's operations and lead its growth strategy. He plans to strengthen collaboration with customers, government officials, and industry leaders to meet the evolving energy demands in the Korean market and support decarbonization goals.Seo Yong-hwan stated, "I am honored to join Siemens Energy Korea at a crucial time when South Korea is actively pursuing energy transition. I aim to contribute to providing reliable and resilient sustainable energy solutions that support the future growth of Korea."Siemens Energy Korea is the South Korean subsidiary of Siemens Energy, a global energy technology company headquartered in Munich, Germany. The company currently operates in gas and power grids, renewable energy, and decarbonization solutions.* This article has been translated by AI. 2026-07-20 10:44:00
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Trump Vows Strong Strikes Against Iran to Honor Fallen U.S. Troops President Donald Trump has stated that he will continue to carry out strong strikes against Iran to honor recently fallen U.S. service members.On July 19, during a return trip to Washington after watching the World Cup final, Trump told reporters, "Tonight, we hit Iran very hard again," adding, "I did it to honor three great patriots."Trump expressed deep sorrow over the U.S. casualties, emphasizing that they were fighting to prevent Iran from acquiring nuclear weapons.His comments came amid reports of U.S. military fatalities resulting from Iranian attacks and unexploded ordnance. The U.S. Central Command (CENTCOM) reported on the same day via social media that one U.S. service member was killed and another injured in northern Iraq. The incident occurred while they were attempting to detonate unexploded ordnance from an Iranian drone that was shot down on July 18.Additionally, on July 17, two U.S. service members were killed and one went missing while responding to Iranian ballistic missile and drone attacks in Jordan. CENTCOM also reported that unidentified remains were found at the attack site and are undergoing identification procedures. While there is a possibility that the remains belong to the missing service member, CENTCOM has withheld official confirmation until identification is complete.As a result, the confirmed U.S. military fatalities since the onset of hostilities with Iran on February 28 have risen to 17. If the remains currently being analyzed are confirmed to belong to the missing service member, the total death toll would increase to 18.Meanwhile, CENTCOM announced via social media that new airstrikes against Iran began on July 19 at 7 p.m. Eastern Time (8 a.m. July 20, Korean time).* This article has been translated by AI. 2026-07-20 10:44:00
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Democratic Party Warns People Power Party Against Involving President Lee in Political Disputes The Democratic Party has warned the People Power Party against dragging President Lee Jae-myung into what it calls "absurd political disputes" regarding his comments on party deposit fees.Han Byung-do, the party's acting leader and floor leader, stated during a Supreme Council meeting on July 20 that "President Lee expressed his opinion on the deposit fees as an individual party member." He added, "Have they forgotten that the People Power Party was reduced to a mere satellite office of the presidential office during Yoon Suk-yeol's administration?"He emphasized, "While they were unable to act independently under Yoon, they now try to drag the opposition into political disputes by twisting words. President Lee's public comments on social media cannot be considered interference in party affairs."Supreme Council member Hwang Myung-sun criticized, "Is the People Power Party unable to distinguish between party leadership elections and public office elections? Are they trying to interfere in our party's affairs?"Hwang also stated, "We must restore the intent of the public election system for party leadership that President Lee advocates, and the party's election management committee must revert to previous standards to open doors wide for all candidates, including the youth."Meanwhile, the election commission is set to hold a full meeting on July 21 to revisit the issue of deposit fees. Previously, the commission decided on deposit fees of 100 million won for party leader candidates and 50 million won for Supreme Council candidates, with a 50% reduction for candidates from outside the National Assembly. It is reported that during President Lee's tenure, the fees were 40 million won for party leader candidates and 15 million won for Supreme Council candidates.* This article has been translated by AI. 2026-07-20 10:40:00
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Four in 10 Korean listed firms face weaker Q2 SEOUL, July 20 (AJP) —Nearly four out of 10 South Korean listed companies are expected to post weaker second-quarter earnings than previously anticipated as the economic fallout from the prolonged Middle East conflict spread across much of corporate Korea, with the windfall from the semiconductor and stock market rally largely confined to a handful of industries. According to financial data provider FnGuide, operating profit forecasts for the April-June quarter were revised lower for 94 of 233 listed companies covered by at least three brokerages over the past three months. Steelmakers, utilities, retailers, travel operators and entertainment companies recorded the steepest downward revisions as soaring oil and energy prices drove up raw material and transportation costs, while sluggish domestic demand continued to squeeze margins. Among major companies, Hyundai Steel suffered the largest downgrade, with its second-quarter operating profit forecast slashed 48.1 percent over the past three months. Higher iron ore prices, rising freight costs and a prolonged slump in the domestic construction sector eroded profitability, while lower steel prices supplied to automakers added further pressure. Korea Electric Power Corp. followed with a 30.7 percent reduction in its earnings forecast as higher crude oil, liquefied natural gas and coal prices sharply increased fuel costs. Other companies facing sizeable earnings downgrades included CJ ENM and E-Mart. Hyundai Motor's second-quarter operating profit estimate was lowered 12.1 percent as weaker vehicle sales in China and the Middle East, together with production disruptions caused by factory fires, weighed on earnings. Consumer-serving businesses saw substantial downward revisions on inflation and higher interest rates. Hana Tour posted the steepest cut in the sector, with its operating profit forecast reduced 52.0 percent as weak currency and high oil prices dampened overseas travel demand. CJ Freshway's earnings estimate fell 17.4 percent after the food distributor stepped up investment in its online business amid a prolonged downturn in the restaurant industry. E-Mart's operating profit outlook was lowered 25.8 percent as its Starbucks Korea unit, SCK Company, is expected to swing to an operating loss following weaker sales tied to its controversial Tank Day promotion. Entertainment companies also came under pressure as rising production costs met softer consumer demand. YG Entertainment's operating profit estimate dropped 36.1 percent after the agency increased spending ahead of comeback promotions for BABYMONSTER and TREASURE. Game and media companies including Netmarble, Neowiz, SOOP and CJ ENM also saw earnings forecasts trimmed as weaker household spending weighed on game sales and television advertising. CJ ENM is expected to narrow losses on the back of strong original content on TVING and the popularity of Korea Baseball Organization broadcasts. However, sluggish television advertising and fewer productions at its U.S. subsidiary Fifth Season are expected to limit the recovery. Banks benefited from wider lending margins, lifting second-quarter operating profit forecasts for KB Financial Group, Shinhan Financial Group and Hana Financial Group by between 100 billion won and 300 billion won compared with estimates three months ago. Brokerages also emerged as major beneficiaries of the stock market rally. Mirae Asset Securities' second-quarter operating profit estimate more than doubled to about 1.9 trillion won from roughly 800 billion won three months earlier as trading volumes surged. 2026-07-20 10:39:13 -
Nvidia unveils Jetson Thor modules to broaden robotics, edge AI reach SEOUL, July 20 (AJP) - Nvidia has unveiled two new modules, the T3000 and T2000, built on its Jetson Thor architecture, in a bid to accelerate the large-scale deployment of robotics and edge artificial intelligence applications aimed at the mass market. The launch responds to rising demand for compact, power-efficient AI supercomputers capable of running foundation models directly at the edge, as general-purpose robots and autonomous machines move out of research labs and into commercial use across industries. The Jetson T3000 delivers 865 FP4 teraflops of AI computing performance in a form factor about half the size and power consumption of the higher-end T5000, pairing an Nvidia Blackwell GPU with an eight-core Neoverse Arm CPU and 32GB of memory. Nvidia said the module offers inference performance comparable to the T5000 on multimodal workloads while helping developers cut costs amid elevated memory prices. The T2000, offering 400 FP4 teraflops and 16GB of memory, extends the Thor architecture to a wider range of systems, serving as an entry point for developers building visual AI agents, autonomous mobile robots and industrial manipulators. Leading firms including 1X, Amazon Robotics, Boston Dynamics, Fanuc and Hitachi are already building systems on the Jetson AGX Thor platform, according to the company. Nvidia said newly released Jetson agent skills allow developers to automate memory optimization, achieving in days savings that once took weeks, with early adopters such as Ubtech and Connect Tech trimming memory use by as much as 15GB. The company also added Cosmos 3 Edge, a four-billion-parameter world foundation model, to its Thor lineup, enabling embodied systems to perceive their surroundings and predict actions in real time through on-device inference. 2026-07-20 10:38:40 -
Geopolitical Tensions in the Middle East Drive Won-Dollar Exchange Rate Fluctuations The won-dollar exchange rate is fluctuating in the upper 1480s as geopolitical risks in the Middle East resurface.In the Seoul foreign exchange market on July 20, the won-dollar exchange rate was trading at 1486.4 won, up from the previous trading day.The exchange rate closed at 1478.5 won on July 17, marking its lowest level in nearly two months since May 11, when it was at 1472.4 won. On that day, it rebounded by more than 10 won early in the session, reaching 1490.6 won by 9:02 a.m.Over the weekend, tensions in the Middle East escalated after Iran attacked a U.S. military base in Jordan, resulting in casualties. The dollar has strengthened, with the dollar index hovering around 100.80.However, the rise in both the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI) fell short of market expectations, which may limit further increases in the exchange rate as expectations for additional interest rate hikes by the Federal Reserve weaken. Additionally, the reduced intensity of foreign selling in the domestic stock market and the inflow of funds from SK Hynix American Depositary Receipts (ADRs) are expected to support the won.Min Kyung-won, an economist at Woori Bank, stated, "The continued net buying of domestic stocks by foreign investors is a key factor supporting the strength of the won. The combination of newly inflowed foreign funds leading to custody selling and the dollar sales from exporters will likely exert downward pressure on the exchange rate."* This article has been translated by AI. 2026-07-20 10:36:00
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Hana Bank Provides $42 Million in Financial Support for Import Companies Hana Bank is set to provide 50 billion won (approximately $42 million) in financial support to domestic import companies facing challenges in securing funding due to high interest rates and exchange rates. On July 20, Hana Bank announced that it has signed a financial support agreement with the Korea Importers Association and the Korea Technology Finance Corporation (KIBO) to assist in stabilizing and growing import businesses. This agreement aims to alleviate the financial burden on companies that have seen increased costs for importing raw materials and components due to global supply chain uncertainties and the depreciation of the Korean won. Initially, Hana Bank will contribute 700 million won to KIBO, which will use these funds to provide a total of 50 billion won in guarantee support. The beneficiaries will be regular members of the Korea Importers Association that meet KIBO's technology guarantee requirements. The Korea Importers Association will recommend eligible companies, which will then undergo KIBO's evaluation process for guarantee support. Eligible companies will receive a 0.7 percentage point reduction in guarantee fees for up to two years. Additional benefits will include preferential loan rates and reduced foreign exchange fees to help lower financial costs. Lee Jeong-hyun, Executive Director of Hana Bank's Foreign Exchange Business Division, stated, "Import companies play a crucial role in supplying raw materials and components to domestic industries, contributing to the stability of the global supply chain. We will continue to expand support programs that can reduce the financial burden on import and export companies." 2026-07-20 10:32:00
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LS Group Receives 'A0' Credit Rating from Japan's JCR, Domestic Outlook Upgraded LS Group's holding company, LS Corp., announced that it has received an 'A0 (stable)' credit rating from Japan's leading credit rating agency, JCR, on July 20.According to industry sources, a domestic company receiving an A0 rating from JCR is typically assessed at a level equivalent to AA- in the domestic credit rating system. LS Corp.'s current domestic credit rating is A+, indicating an improvement with this JCR evaluation.In its report, JCR stated, "LS Corp. possesses key subsidiaries such as LS Cable, LS Electric, and LS MnM, which enhance its resilience against economic fluctuations and enable stable consolidated earnings through effective risk management and portfolio diversification."Domestic credit rating agencies have also adjusted their outlooks. Korea Ratings, Korea Credit Ratings, and NICE Investors Service upgraded LS Corp.'s unsecured bond credit rating outlook from 'stable' to 'positive' at the end of June.The credit rating agencies cited improvements in subsidiary performance due to the expansion of artificial intelligence (AI) data centers and increased investments in power networks as key factors. They noted LS Cable's market position in the high-voltage cable sector, LS Electric's profitability in power equipment, and the company's substantial cash generation capacity relative to its net debt, which stood at 4.3 times as of the end of 2025.With this new rating, LS Corp. anticipates expanding loan agreements with Japanese banks and improving financial conditions, aiming to diversify overseas funding and optimize costs. 2026-07-20 10:32:00