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KOSPI avoids Asian rout on foreign buying SEOUL, July 20 (AJP) -South Korea's main stock market, home to Samsung Electronics and SK hynix, received a marginal hit Monday as it returned from a holiday, after a broad AI-led selloff Friday across global markets after Chinese startup Moonshot AI unveiled its open-source Kimi K3 model, a release many investors likened to a new "DeepSeek moment." Returning from a one-day holiday on Friday for Constitution Day, Seoul's market opened less panicky than regional peers as renewed foreign buying helped cushion losses in heavyweight semiconductor stocks. The benchmark KOSPI, which briefly fell below the 6,750 mark at the open amid the broader Asian retreat, was off 0.5 percent from Thursday's close at 6,786.36. Foreign investors bought a net 414 billion won ($226 million) worth of shares, while institutions added a net 124 billion won. Retail investors sold a net 547.3 billion won, taking profits after recent gains. Samsung Electronics was flat at 255,000 won ($169.50), while SK hynix outperformed the broader market, rising 1.2 percent to 1,858,000 won ($1,242.30). The resilience of the two semiconductor bellwethers, which together account for roughly half of the KOSPI's semiconductor market capitalization, helped prevent a steeper decline in the benchmark index. The tech-heavy KOSDAQ underperformed, falling 2.21 percent to 774.94 as investors trimmed positions in smaller AI- and growth-related stocks. Elsewhere on the main board, Hyundai Motor fell 4.0 percent to 408,000 won, LG Energy Solution lost 2.5 percent to 325,500 won and Hanwha Aerospace dropped 5.5 percent to 891,000 won. The won gained further grounds, trading at 1,487.60 per U.S. dollar from Thursday's close of 1,480.40. 2026-07-20 09:46:32 -
Residents near Coupang warehouse ordered to evacuate as blaze continues SEOUL, July 20 (AJP) - Authorities ordered residents living near e-commerce giant Coupang's logistics center in Incheon there to evacuate late Sunday amid concerns that the fire-damaged building could partially collapse, as firefighters continue to battle a massive blaze that has raged for more than two days. 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, Incheon, spread to the seventh floor and remained uncontained through Monday morning despite more than 48 hours of firefighting efforts. An evacuation order was issued around midnight for residents within a 116-meter radius of the logistics center after authorities warned of a possible structural collapse. Thick smoke from the blaze blanketed nearby areas, with residents as far as two kilometers away reporting smoky air and a strong burning odor. Local authorities in the western port city also advised around 30 nearby daycare centers to close on Monday, while at least one elementary school canceled classes due to safety concerns. More than 700 firefighters and emergency personnel from nearby fire stations have been deployed along with over 200 vehicles and firefighting equipment including helicopters, ladder trucks and high-capacity water cannon systems. However, they have struggled to contain the blaze due to the storage's internal structure and the large volume of flammable materials stored inside. "The logistics center is a huge warehouse with densely packed storage racks containing massive amounts of combustible materials," an official from an Incheon fire station said during a media briefing. "Extreme heat, thick smoke and poor visibility have made it difficult for firefighters to enter the building." Instead of entering the building, firefighters have focused on cooling the structure from outside while using excavators to tear down part of the sixth-floor exterior wall to vent smoke and create openings through which water can be directed into the warehouse. 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. The cause of the fire has yet to be determined, with investigators planning to examine the site after the blaze has been fully extinguished. Coupang issued an apology over the incident and pledged to fully cooperate with authorities. 2026-07-20 09:44:04 -
Composer Kang Seung-sik, husband of singer Yang Mi-kyung, passes away Kang Seung-sik, a singer-songwriter and the husband of singer Yang Mi-kyung, has passed away at the age of 72.According to the music industry, Kang died around 1 a.m. on July 19 at a hospital in Jeonju, North Jeolla Province, where he was being treated for sepsis.Born in Seoul in 1954, Kang began his career as a folk singer in 1973 at a music appreciation hall called Shelbur. He made his official debut in 1974 with the song 'Haru Ittel Sarang' and later released hits such as 'Don't Forget My Heart' and 'Twilight.'Kang gained recognition for composing the popular songs 'Let's Dance' and 'Your First Love' for singer Jang Eun-sook, both released in 1978. In the mid-1980s, he established Mono Planning and worked as a producer, producing albums for artists like Park Sang-kyu and Kang Young-sook.In the 1990s, he moved to the United States, where he hosted music programs on Korean broadcasting networks. After being diagnosed with stomach cancer and undergoing surgery, he returned to Korea in 2003 and continued to battle his illness while residing in the Jeonju and Wanju areas.Kang served as the president of the Jeonbuk branch of the Korean Singer Association and was involved in establishing the Jeonbuk Singer Association and the Yeonghonam Cultural Exchange Association, contributing to the development of the local music scene. His sister, Sunwoo Sung, is known for the cover song 'Champs-Élysées.'He is survived by his wife, Yang Mi-kyung, and their three sons and one daughter. The funeral is set to take place at 9 a.m. on July 21 at the Jeonju Geumsung Funeral Home, VIP Room 402.* This article has been translated by AI. 2026-07-20 09:44:00 -
Why Are Shareholders Missing? Discussion on Semiconductor Excess Profits Economic YouTuber Shuka (Shuka World) criticized the government's recent discussion on "semiconductor excess profits," questioning, "Why is there no mention of shareholders?"In a live broadcast on July 19, Shuka shared insights from a recent forum hosted by the Ministry of Employment and Labor titled "A New Path for Social Innovation in Line with AI Technological Innovation."The forum featured labor and management representatives along with various experts discussing the potential for new social contracts in the age of AI and the distribution of excess profits in the semiconductor industry.During the event, Minister of Employment and Labor Kim Young-hoon stated, "The AI transition is a civilizational shift," and posed the question of how to define the total benefits generated by this transition. He argued that the existing labor-management relations framework is inadequate for distributing these collective benefits and called for social reforms suitable for the new era.In contrast, Minister of Trade, Industry and Energy Kim Jeong-kwan emphasized that corporate profits should lead to investments for future growth, asserting that labor relations and labor systems rooted in the industrial age must evolve to meet the demands of the AI era.Experts attending the discussion expressed caution regarding the distribution of excess profits. They noted that excess profits are difficult to measure objectively and that arbitrary criteria could undermine corporate innovation and exacerbate social unrest.They also pointed out that the semiconductor industry requires significant capital investment and research and development, and that profits should be used to fund future investments due to the high risks involved.Shuka highlighted the absence of shareholders as a major issue in the discussion. He remarked, "In my opinion, why are shareholders not included in this conversation? Shouldn't the discussion about profits start with shareholders?"He further questioned, "Whether a company invests or provides bonuses, shouldn't it be done with the consent and understanding of shareholders? Why are discussions about dividends and share buybacks sidelined?"Shuka referenced the recently amended Commercial Act, stating, "The amendment requires directors to faithfully perform their duties for the company and its shareholders, protecting the interests of all shareholders. Therefore, it is impossible to discuss corporate profits without including shareholders."He acknowledged that companies must consider stakeholders such as employees, partners, and local communities but argued that the notion that corporate profits do not belong to shareholders is untenable. "If that were the case, who would take the risk and invest?" he asked.Shuka pointed out that Samsung Electronics' stock price has fallen nearly 33% from its peak. He questioned, "If corporate profits do not belong to shareholders, was I mistaken in thinking I owned a part of the company? If so, I should get my lost money back."He also cited Apple as an example, stating, "Apple is at least honest with its shareholders," as it returns approximately $110 billion annually through share buybacks and dividends while maintaining a steady total shareholder return (TSR).Shuka concluded by questioning the origins of the "Korea Discount," suggesting it stems from neglecting shareholders. He warned that if companies continue to push shareholders aside after making profits, efforts to resolve the Korea Discount will be hindered.As Shuka's comments spread online, discussions and criticisms regarding government policies emerged in various forums. One user remarked, "Even if corporate performance improves, shareholder returns through dividends and buybacks must increase for stock prices to rise. If companies signal they will take profits in other ways, the significance of the Commercial Act amendment may diminish."Another user added, "It's not enough for performance to improve; those profits must return to shareholders to create an incentive to invest. If shareholders remain marginalized, the factors contributing to the discount on the Korean stock market will persist, and the government may be sending the wrong signals to the market."* This article has been translated by AI. 2026-07-20 09:40:00
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South Korea Promotes AI Technology Globally Through ODA Initiatives The South Korean government is increasing the use of concessional Official Development Assistance (ODA) to promote the overseas expansion of its artificial intelligence (AI) companies and technologies. This initiative includes support for AI solutions, data centers, and power supply facilities, as well as training personnel in recipient countries.On July 20, the Ministry of Finance announced the 'K-AI Package Promotion Strategy' during the 271st Ministerial Meeting on External Economic Cooperation, chaired by Deputy Prime Minister and Minister of Finance Koo Yun-cheol.The K-AI Package is an ODA project that utilizes the Economic Development Cooperation Fund (EDCF) to support infrastructure with AI solutions and data centers.Initially, the government will implement an urgent advisory program under the Knowledge Sharing Program (KSP) to provide tailored assessments of AI strategies in developing countries and plan follow-up investment projects. This approach is expected to reduce the time required for typical KSP projects by about a year.In addition to projects proposed by partner countries, the government aims to identify new project demands based on strategic planning initiatives and private sector proposals from South Korea.The strategy also includes using trust funds to assess the conditions for AI adoption in recipient countries and conduct demand surveys. Items for AI expansion, such as innovations in AI-based industries and public services, will be selected as themes for joint events with multilateral development banks (MDBs) to convey South Korea's commitment to AI ODA and encourage MDBs to actively identify projects.Local offices of the Export-Import Bank of Korea will meet with implementing agencies and finance ministries in recipient countries to gauge demand for AI projects and facilitate discussions. For projects with a high likelihood of success, the bank will send private experts to assess feasibility on-site.The government plans to support AI solutions and the necessary infrastructure, including AI data centers and power supply facilities. Initially, small AI solutions will be offered as a basic menu, integrated into EDCF infrastructure to maximize efficiency and productivity. The government will also provide AI solutions applicable to various infrastructure sectors.Building AI data centers to support the operation of AI solutions is included in the basic menu, with options for various configurations based on location and structure. Considering the power conditions in recipient countries, options such as renewable energy and battery energy storage systems (BESS) will also be added. If there are concerns about the commercial viability of connecting smart grids to existing power networks, the government will consider providing development finance.The Ministry of Finance will continuously assess project demand through EDCF local offices and propose the K-AI Package menu to recipient countries and MDBs to promote project commercialization.* This article has been translated by AI. 2026-07-20 09:40:00
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Gigarein Shares Surge After Contract with Korea Aerospace Research Institute Gigarein is experiencing a surge of over 10% in early trading following its contract with the Korea Aerospace Research Institute (KARI) for the development of space components.As of 9:10 a.m. on July 20, Gigarein's shares were trading at 12,920 won, up 1,630 won (14.44%) from the previous trading day, according to the Korea Exchange.The increase in stock price is attributed to the contract for the development of space-grade RF connectors and cable components.On July 16, Gigarein announced that it had signed a contract with KARI for the development and production of prototypes of space-grade RF connectors and cable components as part of the 'Domestic Development Project for Space Components.' Gigarein was selected as the preferred bidder for this project on July 8.Through this project, Gigarein plans to develop and localize space-grade RF connectors, RF cables, and RF cable assemblies that have previously relied on foreign products using purely domestic technology. The components being developed are intended for use in satellites and space systems.These components are critical for transmitting high-frequency signals reliably and without loss within satellite payloads, and once launched, they cannot be repaired or replaced. Therefore, they must maintain performance over extended periods in extreme space environments. This necessitates a much higher level of reliability in material selection, design, manufacturing, process management, and verification testing compared to standard industrial components.The contract is valued at approximately 2.7 billion won, which represents 6.71% of the company's consolidated revenue for the previous year. The contract period runs from July 16 until December 15, 2029.Following the contract signing, the company will receive an advance payment and will be compensated based on the submission of reports at various development stages and the final delivery of prototypes. The project will be conducted using in-house production methods.* This article has been translated by AI. 2026-07-20 09:36:00
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U.S. Continues Airstrikes Against Iran for Ninth Consecutive Day The United States has intensified military tensions surrounding the Strait of Hormuz by continuing airstrikes against Iran for the ninth consecutive day.According to reports from international media outlets such as Deutsche Welle, U.S. Central Command (CENTCOM) announced via social media platform X (formerly Twitter) that new airstrikes against Iran began on July 19 at 7 p.m. Eastern Time (8 a.m. July 20 in South Korea).CENTCOM stated, "These airstrikes aim to continuously weaken Iran's military capabilities used to attack commercial vessels and civilian sailors transiting the Strait of Hormuz."Previously, Iranian state media reported that the northwestern city of Tabriz had been targeted by U.S. airstrikes. Unlike earlier strikes that primarily focused on facilities along Iran's southern Persian Gulf coast, this latest round of attacks has expanded to include the northwestern region, indicating a broader scope of U.S. military operations.* This article has been translated by AI. 2026-07-20 09:36:00
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KB Kookmin Bank Enhances Total Care for Seniors with Health and Financial Services KB Kookmin Bank is strengthening its asset and health management services for senior customers in collaboration with Gangbuk Samsung Hospital.On July 20, KB Kookmin Bank announced that it has signed a memorandum of understanding (MOU) with Gangbuk Samsung Hospital to promote senior health and expand a culture of giving. The signing ceremony was attended by Lee Yoon-seok, Executive Director of KB Kookmin Bank's Wealth Management Division, and Jeon Won-sang, Vice President of Gangbuk Samsung Hospital, along with other officials from both sides.The agreement aims to integrate financial and medical services to provide senior customers with both asset management and health care.Initially, the two parties plan to develop customized asset management and recognition programs for donors and promote joint initiatives to encourage legacy donations. They will also operate health promotion programs targeted at senior customers.Additionally, KB Kookmin Bank will offer retirement planning and asset management services centered around its senior-focused brand, 'KB Golden Life,' while Gangbuk Samsung Hospital will support health management programs and donor recognition services.Recently, KB Kookmin Bank expanded its KB Golden Life Centers to 19 locations nationwide and is hosting seminars for senior customers, providing a total care service that encompasses both financial and non-financial aspects.A representative from KB Kookmin Bank stated, "We have been able to enhance our senior services by linking finance and healthcare, and we will expand our collaboration with specialized institutions to support our customers' stable and healthy retirement."* This article has been translated by AI. 2026-07-20 09:32:00
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Vietnam Faces Growing Mental Health Crisis Affecting 15 Million Citizens Mental health issues are becoming a significant social burden in Vietnam. As anxiety, depression, and chronic stress spread, the medical community emphasizes the need for early detection and preventive measures, particularly among youth and the elderly.On July 18, the Ho Chi Minh City Medical Association held its annual conference themed 'Mental Health: A Multidisciplinary Approach,' discussing the rising mental health issues in Vietnam and potential responses. Estimates presented at the conference indicated that approximately 15% of the Vietnamese population, or about 15 million people, experience at least one of ten major mental disorders.Nguyen Thi Ngoc Yung, president of the Ho Chi Minh City Medical Association, diagnosed that changes in modern society are exacerbating mental health burdens. He noted that social changes, work-life pressures, and accelerated lifestyles have led to increased prevalence of anxiety disorders, depression, and chronic stress, with the onset age decreasing. He stated, "If we do not recognize, diagnose, and intervene in a timely manner, these disorders will burden not only the quality of life of patients but also the healthcare system and society as a whole."There was also a call for a shift from treatment-focused approaches to prevention-oriented strategies. Nguyen emphasized that mental health is no longer solely a psychiatric issue, as it can manifest in various physical symptoms in clinical settings. He stressed that all healthcare professionals, including doctors, nurses, dentists, and pharmacists, should be able to recognize early warning signs.The increase in mental disorders is not limited to specific age groups. Chu Thi Yung, head of the psychology department at the Ho Chi Minh City Psychiatric Hospital, explained that according to World Health Organization (WHO) standards, about one in four people will experience a mental health issue at least once in their lifetime. The COVID-19 pandemic has significantly increased anxiety disorders, depression, and stress-related disorders, also affecting children and adolescents.Key indicators in Vietnam show a notable prevalence of depression and anxiety. Based on the estimates presented, the rates of depression were 2.8%, anxiety disorders 2.6%, schizophrenia 0.4%, and substance abuse was reported at 4-5%. Chu identified common mental disorders currently observed as generalized anxiety disorder, depressive disorder, attention-deficit hyperactivity disorder (ADHD), adjustment disorder, and bipolar disorder.Adolescents have been identified as a particularly vulnerable group. A 2022 survey revealed that 21.7% of Vietnamese youth experienced at least one mental health issue, with anxiety at 18.6% and depression at 4.3%. Chu attributed these issues to academic pressure, family expectations, work stress, fast-paced lifestyles, and insufficient rest.Among the elderly, issues of depression, anxiety, and dementia have been raised. Approximately 14% of the population aged 70 and older experience mental disorders centered around depression and anxiety, while about 8.8% live with dementia. Chu explained that the aging population is contributing to the rise in depression and dementia among older adults.Mental health risks are also linked to social vulnerabilities. Chu noted that women, the elderly, low-income individuals, those with lower education levels, substance abusers, and victims of domestic violence are relatively at higher risk. Notably, women have higher rates of anxiety and depression than men, with about 10% of pregnant and postpartum women showing symptoms of mental disorders.Changes in living environments are also cited as risk factors. Economic crises, infectious diseases, and natural disasters can lead to long-term anxiety and stress. Increased interactions through social media, rather than face-to-face conversations, can foster comparison, leading to decreased self-esteem, anxiety, depression, insomnia, and loneliness. Factors such as poverty, substance abuse, domestic violence, lack of social support, and accessibility to drugs and prohibited substances are also identified as risk enhancers.Mental disorders affect not only emotions but also overall daily functioning. Symptoms may include sleep disturbances, decreased concentration, and social withdrawal, making it difficult to maintain academic and work performance and interpersonal relationships. Additionally, Chu stated, "Current treatments should not only focus on symptom relief but also aim for holistic care that combines medication, psychotherapy, and support from family and the community."The conference included experts from various institutions, such as the Ho Chi Minh City Health Department, Ho Chi Minh City Psychiatric Hospital, and Ho Chi Minh City University of Medicine and Pharmacy. The meeting aimed to address mental health as a collective issue that requires attention from multiple medical disciplines, sharing trends in diagnosis, treatment, and care approaches.* This article has been translated by AI. 2026-07-20 09:28:00
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Pearl Abyss Introduces Cross-Save Feature for 'Crimson Desert' Pearl Abyss has introduced a cross-save feature for its open-world action-adventure game 'Crimson Desert'.The company announced on July 20 that the cross-save functionality allows players to share save data across multiple platforms. Users can continue their game progress and character development seamlessly on PlayStation 5, Xbox Series X|S, Steam, and Epic Games.To activate the cross-save feature, players need to enable it in the game's 'Save' menu and link their platform accounts as instructed. It is also possible to connect accounts from PS5, Xbox Series X|S, Steam, and Epic Games for use.Additionally, Pearl Abyss revealed its roadmap for the third quarter updates for 'Crimson Desert' in June, focusing on new content, expansion of existing features, and improvements to gameplay experience. Related updates are expected to be rolled out sequentially by September.* This article has been translated by AI. 2026-07-20 09:24:00