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  • Kim Si-woo Finishes Tied for 6th at The Open, His Best Major Finish
    Kim Si-woo Finishes Tied for 6th at The Open, His Best Major Finish Kim Si-woo finished tied for sixth at the 154th British Open, the final major of the men's golf season, after a competitive final round.On July 20, during the final round at Royal Birkdale Golf Club in Southport, England, Kim shot a 2-over par 72, with two birdies and four bogeys.With a total score of 6-under par 274, Kim concluded the tournament in a tie for sixth place, surpassing his previous best major finish of tied for eighth at the 2025 PGA Championship.This marks Kim's tenth top-10 finish of the season, earning him a prize of $550,883 (approximately 820 million won).Starting the day tied for second, two strokes behind the leader, Kim showcased his sharp shot-making skills on the front nine. He made his first birdie on the par-4 fifth hole with an impressive wedge shot and followed it up with a successful 5.5-meter birdie putt on the sixth hole, briefly taking the solo lead.However, his performance faltered on the back nine, where he lost strokes. After hitting his tee shot into a bunker on the par-4 eleventh hole, he recorded his first bogey. He then missed a par putt on the par-3 twelfth hole, resulting in consecutive bogeys that cost him the lead. Despite attempts to recover, he dropped another stroke on both the par-4 sixteenth and eighteenth holes, leaving him disappointed.The coveted Claret Jug was awarded to Ryan Fox of New Zealand, ranked 56th in the world, who finished with a total score of 10-under par 270, edging out Cameron Young of the United States by one stroke to claim his first major title at age 39.This victory marks only the third time a New Zealand player has won a major championship. Fox received a winner's prize of $3.2 million (approximately 470 million won).Sam Burns of the United States, who led after three rounds, fell to third place after losing two strokes in the final round, finishing with a total of 8-under par 272.Defending champion Scottie Scheffler, ranked first in the world, ended the tournament tied for fourth with a total score of 7-under par 273, marking a season without a major victory.Sungjae Im finished tied for fourteenth with a total score of 4-under par 276, alongside Bryson DeChambeau of the United States.* This article has been translated by AI. 2026-07-20 09:24:00
  • Daewoo Engineering Selected for $1.4 Billion Redevelopment Project in Seoul
    Daewoo Engineering Selected for $1.4 Billion Redevelopment Project in Seoul Daewoo Engineering has been selected as the construction company for the redevelopment project in the Sangdo 15 District of Dongjak-gu, Seoul, valued at 1.4367 trillion won.On July 16, Daewoo was chosen during the general meeting for the 'Sangdo 15 District Housing Maintenance Redevelopment Project,' the company announced on July 20.The Sangdo 15 District redevelopment project will involve the construction of 30 residential buildings, ranging from 8 underground floors to 35 above-ground floors, totaling 3,207 housing units, along with community facilities and commercial spaces in the area of 279 Sangdo-dong, Dongjak-gu. The construction cost is approximately 1.4367 trillion won, excluding value-added tax.Daewoo Engineering proposed the 'Sangdo Summit,' a high-end brand for the Sangdo 15 District. Considering it is the largest integrated redevelopment complex in Dongjak-gu, the company plans to collaborate with world-class design firm SMDP and showcase an exterior design inspired by the natural environment of Guksabong, a local landmark.The design will feature wide-view windows that offer views of the Han River, the city, and Guksabong, as well as internal views within the complex. Daewoo aims to create a landmark development representing the Sangdo area.The landscaping design is also distinctive. The project will minimize elevation differences to create a central plaza of approximately 4,600 pyeong, ensuring a pedestrian-friendly environment. Additionally, a covered park and an 8-kilometer circular walking path will connect the entire complex.Proposed community facilities include three sky communities with a sky bridge, a 50-meter swimming pool with three lanes, an indoor park golf course, and a 50-meter track utilizing two floors, among other large sports facilities.To expedite the project, Daewoo Engineering will provide a commitment to responsible completion and will finance the project. They have proposed a 100% loan-to-value ratio for smooth relocation, with the condition that contributions are paid in full upon moving in. The company also presented a strategy to maximize profits from general sales using the Summit premium.As the burden of construction costs and competition for redevelopment projects increases, major construction firms are focusing on securing key redevelopment sites by emphasizing not only project viability but also brand value and financial conditions.A representative from Daewoo Engineering stated, “As a leading construction company that has supplied the most housing in the country, we will leverage our accumulated expertise in redevelopment projects to execute this project swiftly and reliably, rewarding the support of the members.”He added, “We will concentrate our efforts to ensure that the Sangdo 15 District, the first Summit complex in the area, becomes a landmark representing the region and a source of pride for the members.”Meanwhile, Daewoo Engineering plans to focus on securing major redevelopment projects in the second half of the year, including the Mokdong New Town reconstruction, Shinwol City reconstruction, and Yeouido Hwarang Apartment reconstruction.* This article has been translated by AI. 2026-07-20 09:20:00
  • KOSPI Falls Below 6740 Amid Weak Semiconductor Stocks and Foreign Selling
    KOSPI Falls Below 6740 Amid Weak Semiconductor Stocks and Foreign Selling The KOSPI index dropped over 1% in early trading, falling below the 6740 mark due to foreign selling. Concerns over AI demand and weak semiconductor stocks in the U.S. market during the holiday period have also impacted major domestic semiconductor companies like Samsung Electronics and SK Hynix, which are experiencing declines.As of 9:09 a.m. on July 20, the KOSPI was down 75.34 points (1.10%) at 6745.26 compared to the previous trading day.In the securities market, foreign investors have net sold 27.3 billion won. Meanwhile, individual and institutional investors have net bought 9.7 billion won and 12.7 billion won, respectively.Among the top market capitalization stocks, semiconductor giants are struggling. Samsung Electronics is trading at 252,000 won, down 3,000 won (1.18%) from the previous day. SK Hynix has also fallen by 11,000 won (0.60%) to 1,831,000 won. Additionally, Hanwha Ocean is down 3,650 won (4.21%) at 83,050 won, while Hyundai Motor has decreased by 18,000 won (4.24%) to 407,000 won.At the same time, the KOSDAQ index is trading at 783.69, down 8.15 points (1.03%) from the previous day. In the KOSDAQ market, individual investors have net sold 4.4 billion won, while foreign and institutional investors have net bought 3.3 billion won and 1.7 billion won, respectively.The domestic stock market is believed to be influenced by the weak performance of U.S. stocks and global semiconductor stocks during the holiday period. From July 15 to 16, while the domestic market was closed, U.S. stocks faced pressure from concerns over AI demand, intensified competition with Chinese AI companies, and uncertainties surrounding the Strait of Hormuz, despite TSMC's strong performance.During that period, major U.S. indices fell, with the Dow Jones Industrial Average down 0.2%, the S&P 500 down 0.5%, and the Nasdaq down 1.5%. The Philadelphia Semiconductor Index saw a significant drop of 4.3%.This week, earnings reports from major U.S. tech companies and key domestic firms are expected to be significant factors influencing market direction. Companies such as Alphabet, Intel, and Tesla in the U.S., along with Hyundai Motor, Doosan Enerbility, and KB Financial in South Korea, are set to announce their earnings.Han Ji-young, a researcher at Kiwoom Securities, stated, "The desire for profit-taking following the surge in the first half of the year, negative outlooks surrounding semiconductors, and supply disruptions due to leverage have led to a chain reaction of declines, weakening the market's fundamentals. Currently, the recovery of semiconductor fundamentals is more critical than leverage-related supply issues, so it is essential to focus on corporate earnings events."She added, "The KOSPI's 12-month forward price-to-earnings ratio (PER) has fallen to 5.8 times, the lowest level in 20 years, including the lows during the 2008 financial crisis, indicating an excessive decline. It is expected to find support in the mid-6000s."* This article has been translated by AI. 2026-07-20 09:16:00
  • Trump: UK Could Become Wealthiest Nation by Opening North Sea Oil Fields
    Trump: UK Could Become Wealthiest Nation by Opening North Sea Oil Fields President Donald Trump expressed strong optimism about the development of North Sea oil fields ahead of Andy Burnham's expected appointment as Prime Minister of the United Kingdom.On July 19, Trump claimed on social media platform Truth Social, "The new Prime Minister of the UK, Andy Burnham, has announced he will fully open the highly valuable North Sea oil fields, and the citizens of Aberdeen are dancing in the streets."Aberdeen is considered a hub for the North Sea oil and gas industry. However, according to reports from UK media outlets like The Guardian, Burnham's proposed plan is expected to focus on expanding drilling in existing development areas, and it is not yet confirmed whether new oil field developments will be fully permitted.Trump stated, "The North Sea oil fields are among the world's top sources of high-quality crude oil, with reserves that can last for hundreds of years and many undiscovered resources still available." He emphasized, "The North Sea oil could transform the UK from a poverty-stricken disaster of a country into one of the wealthiest nations in the world."He also noted, "The UK pays billions of dollars each year to purchase oil from Norway, which produces oil from less valuable areas in the North Sea. How ridiculous is that?" He added, "The UK has tremendous potential, but it all starts with opening the North Sea oil fields."Trump mentioned the wind power facilities near Aberdeen, saying, "I have heard that the UK will remove the old, unsightly wind turbines that mar the skyline above Aberdeen. That day will be very significant for the UK, and everyone will welcome it greatly."* This article has been translated by AI. 2026-07-20 09:12:00
  • Hyundai Glovis Achieves Milestone with 2 Million Used Cars Auctioned
    Hyundai Glovis Achieves Milestone with 2 Million Used Cars Auctioned Hyundai Glovis has surpassed 2 million cumulative vehicles auctioned in the domestic used car auction market, marking a significant milestone after 25 years in the business. This achievement is attributed to the expansion of auction hubs, the establishment of an online non-face-to-face auction system, and the growth of the used car export market.The company announced on July 20 that it reached the 2 million vehicle milestone based on used car transaction statistics. Hyundai Glovis began its used car auction business in 2001 and surpassed 1 million vehicles in cumulative auctions in 2018. The company continued its rapid growth, reaching 1.5 million vehicles in 2023 and 2 million by June 2026.A company representative explained that the growth was driven by a combination of factors, including the expansion of auction hubs, the establishment of an online non-face-to-face auction system, increased demand for used car exports, and the direct purchase of vehicles from consumers through 'Autobell Sell Your Car.'Hyundai Glovis operates four auction centers across the country, including Incheon, Bundang, Siheung, and Yangsan. Leveraging a network of over 2,800 auction member companies, approximately 150,000 vehicles are auctioned annually.The online auction platform is also considered a competitive advantage. In 2020, Hyundai Glovis introduced 'Autobell Smart Auction,' the first non-face-to-face auction system exclusively for used car auction members in South Korea. This system allows the entire process—from bidding to winning, settlement, and delivery requests—to be handled online via smartphones or PCs.The expansion of the used car export market has also supported the increase in auction volumes. Hyundai Glovis has consistently expanded the participation of export companies in auctions by connecting domestic used car transactions with overseas demand.A Hyundai Glovis official stated, "Through the expansion of hubs and continuous system improvements, we have set a new milestone of 2 million vehicles in the domestic used car auction market."Meanwhile, Hyundai Glovis reported a revenue of 7.8127 trillion won for the first quarter of 2026, an 8.2% increase compared to the same period last year. During the same period, operating profit rose to 521.5 billion won, up 3.9%, with an operating profit margin of 6.7%.* This article has been translated by AI. 2026-07-20 09:12:00
  • Labor Department Expands Wage Oversight to Financial Sector
    Labor Department Expands Wage Oversight to Financial Sector The government is expanding its oversight of wage abuse to include financial companies and related service industries in Seoul. This move follows previous monitoring in the information technology and manufacturing sectors, targeting areas where work hour management may be lax.Starting July 20, the Ministry of Employment and Labor will conduct the fourth phase of its "Relay Monitoring of Wage Abuse by Region" in financial firms and call centers located in Jung-gu and Yeongdeungpo-gu, Seoul.This monitoring is part of an initiative that began on May 14, with previous inspections conducted in Guro and Gasan Digital Complex in May, Seongnam's Pangyo Techno Valley in June, and Changwon National Industrial Complex in July. This fourth inspection marks the second monitoring effort in Seoul following the Guro and Gasan Digital Complex.After the first inspection, the ministry decided to conduct additional monitoring due to ongoing anonymous reports from the Seoul area. This time, the focus will be on financial and related service industries in Jung-gu and Yeongdeungpo-gu, where reports have been frequent.Reports to the anonymous tip line indicated that managers are not managing work hours like regular employees and are not providing separate night work allowances. There were also concerns that night and holiday work allowances are not clearly distinguished, making it difficult to determine if wages are being paid correctly.This monitoring highlights that wage abuse is not limited to certain development or production jobs with long working hours. In the financial sector and call centers, issues such as unmonitored work hours for managers, undisclosed allowance calculations, and the lack of distinction between base pay and allowances can lead to discrepancies between actual work hours and wage payments. Particularly in the financial sector, the occurrence of overtime and holiday work can obscure the legitimacy of allowance payments due to their ties to performance bonuses or fixed allowances.In the first phase of monitoring conducted in May at the Guro and Gasan Digital Complex, violations of labor laws were found at all seven inspected workplaces. These violations included unpaid overtime allowances and breaches of overtime limits under the guise of comprehensive wage and fixed overtime policies.The ministry plans to conduct repeated inspections in areas where anonymous reports continue to emerge.Minister of Employment and Labor Kim Young-hoon stated, "If reports to the anonymous tip line persist, we will conduct repeated inspections to eradicate illegal labor practices. We will closely examine the calculation and payment of allowances in the financial hub of Jung-gu and Yeongdeungpo-gu in Seoul until a fair workplace culture is established where employees are compensated justly for their work."* This article has been translated by AI. 2026-07-20 09:04:00
  • Rescuing Local Art Museums from the Quagmire of Regional Art
    Rescuing Local Art Museums from the Quagmire of Regional Art Are Art Museums Colorless? The enthusiasm for building art museums among local and regional governments across the country is palpable. However, the purpose of these museums and the collection policies needed to fulfill that purpose are often either nonexistent or merely formalities. Each newly constructed museum touts slogans like 'an open museum that shares the diverse values of art and connects with citizens' lives' and 'a cultural exchange hub where everyday life becomes art.' These phrases, which anyone can use and apply anywhere, ultimately define nothing, leading to the proliferation of indistinct museums lacking unique characteristics. For instance, the Chungnam Provincial Art Museum, set to open in 2027, aims to enhance the cultural enjoyment rights of residents and improve their quality of life, while the Gyeongbuk Provincial Art Museum, targeting a 2029 opening, envisions itself as 'a museum that connects tradition to the future and is open to all.' The Hwaseong City Art Museum declares its goal to transform a rapidly growing industrial and residential city into a global cultural city with an artistic foundation, aiming to create a complex cultural platform that encompasses the local arts ecosystem. Despite the different wording, these goals share a common purpose: to promote tradition, global connections, openness, and the cultural enjoyment rights of citizens while maintaining and developing the local arts ecosystem. However, in striving to create 'a museum that does everything and can do anything,' they fail to clarify which era, which groups of artists, or which media they will focus on, resulting in a lack of clear targets. This issue is not limited to just a few locations. When comparing the data from newly established museums across the country, one can see that they are so similar that simply swapping out the regional names and a few symbols would make them interchangeable in different cities. Terms like 'open,' 'connect,' 'hub,' and 'art in everyday life' are almost universally repeated, with the common thread being 'local.' This reflects a desire for museums that resemble others rather than those with distinctive characteristics that set them apart from other regions. The language used is not derived from considerations of historical significance or collection direction but rather from the need for local government public relations departments to provide vague, broadly agreeable statements to civil society. The problem is that these vague founding purposes and vision statements lead to a lack of collection policies after the museums open. Without answers to 'what, why, and based on what criteria will works be collected?' curatorial staff often resort to purchasing whatever is available to exhaust their annual budgets or collecting works from local artists, which is administratively convenient and politically least contentious. Thus, a museum without a clear goal cannot have a policy, and a museum without a policy cannot develop a unique character. The Trap of Local Art for Regional Artists A more fundamental issue is that local museums tend to listen more to the demands of local artists than to the wishes and needs of the local residents, who are the primary consumers. In essence, museums should serve as intermediaries between artists and audiences. However, if they prioritize the requests of suppliers, the consumers will be neglected. Therefore, museums must become thoroughly consumer-oriented. Yet, local governments preparing to establish 'local art museums' often promote vague concepts of local art. Moreover, the practice of interpreting local art as 'regionalism'—where administrative boundaries replace art history—has become a trap. The concept of 'local art' cannot simply be defined as landscape paintings by artists living in a specific area or as works created by local artists. It carries a much more complex and critical meaning. Traditionally, local art refers to 'cultural products' that reflect the unique historical context, climate, geography, and indigenous culture of a specific region through the aesthetic perspectives of artists. However, since the advent of local autonomy, it has been defined by institutional criteria such as administrative affiliation and membership in associations, losing its aesthetic originality. To escape the 'trap of local art under local autonomy,' we must shift from administrative and political criteria based on birthplace, residence, or association membership to an artistic context and aesthetics. Today's local art is defined by its relationship with the history, ecology, industry, and community memory of a specific place, regardless of the artist's address. It has evolved into a glocal aesthetic that uncovers narratives of spaces obscured by metropolitan centrism and institutional power, testifying to global issues such as regional extinction, climate crisis, and migration in the most concrete local voices. True local art today is not merely about 'local representation' but rather avant-garde practices where contemporary artists resonate with social fractures and regional scars through artistic language. In the 21st century, as transportation and communication have advanced, and the world is interconnected in real-time through satellites and social media, the concept of local art, which is centered on physical boundaries and lines, has become increasingly untenable. Contemporary artists now possess a nomadic identity that does not belong to a specific region, moving along international stages such as global residencies and biennales. Furthermore, we have entered an era of glocalism, where the most local subjects are immediately globalized, continuously dismantling the binary boundaries between local and global. With the development of online platforms, distribution networks have become unified, allowing collectors worldwide to focus on the artistic quality of works rather than the artist's place of origin. Therefore, adhering to regionally confined policies that are trapped within administrative boundaries only serves to isolate local artists, who could otherwise compete on the global stage, into the narrow category of 'local artists.' Today's local art museums need to redefine 'locality' not as a geographical limitation but as an 'original perspective' that communicates with the world. In fact, the reason local art museums are floundering in the quagmire of local art is that the 'locality' they claim has become a superficial marketing tool devoid of essence. Museums established for the achievements of local government leaders or to compete culturally with other regions often declare their identity as 'museums centered on local art' without in-depth art historical research, leading to their downfall as ghost museums. Additionally, in the face of competition from large, comprehensive museums run by national or regional governments, some have used the justification of 'local' as a defensive mechanism to marginalize themselves and distract attention. Furthermore, after opening, the increase in budgets and personnel has become almost stagnant, making 'support for local artists' an easy justification for political cover and managing voter bases. Administrative convenience in allocating budgets to avoid backlash from local artist groups has isolated museums into 'their own leagues.' The drawbacks of this administrative convenience lead to market distortions and budget waste. Local governments pour budgets into hosting 'government-sponsored art fairs' that cost dozens of times the sales revenue and operate region-specific galleries in Seoul, providing subsidies for local artists to hold exhibitions without bearing venue fees. Public institutions in the region are also trapped in a patronizing approach that restricts even the purchase of art for environmental beautification to the artist's residence. The Collection Criteria is 'Administrative District' In fact, under the criteria of many local art museums, if an artist's birthplace or residence falls within the jurisdiction of the local government, they are automatically classified as a 'local artist.' Their works, regardless of artistic achievement, are automatically elevated to the status of 'local art.' Conversely, works by artists outside the administrative district, even if they are masterpieces of great artistic and historical value, are excluded from the collection. This bizarre form of lineage-based thinking views art not in its own right or within its historical context but rather through the lens of an address on a residency registration. An even greater problem is that the museums themselves often do not know what they should be collecting. Most local art museums only boast about vague founding purposes like 'local cultural development' and complex collection review procedures, while lacking a concrete 'collection policy' and 'medium- to long-term collection plan' that define the museum's identity. In fact, a collection policy is the standard by which institutions like museums acquire and preserve works of artistic and historical value. Without such standards, even when attempting to propose the donation of works that have undergone internal review and evaluation by experts, one must painstakingly determine which museum to approach for the donation. This policy vacuum is filled by the local government's exclusive patriotism and administrative convenience. While museums are cultural assets and properties of local governments, they are also public spaces for preserving and sharing humanity's cultural heritage. Museums that squander opportunities to secure high-quality collections for free have lost their reason for existence. Local governments must now unlock their closed doors and establish clear and professional medium- to long-term collection policies in collaboration with those who have expertise in museum studies and curating. Unless they end the outdated practice of ignoring masterpieces due to narrow administrative frameworks, the future of local art museums in South Korea is bleak. The reason local art, defined solely by regional ties without any distinctive features, fails to reveal artistic, aesthetic, and historical value is that 'administration' is masquerading as 'art.' It is time to boldly shed the shell of 'local art' rooted in agricultural, kinship-based society and instead arm ourselves with a 'post-local aesthetic' that witnesses and testifies to contemporary political and cultural issues such as climate change, extinction, alienation, race and gender, discrimination, economic inequality, and globalization. Only then can local art possess its own sharp edge. The origins of confining Korean art to geographical limits date back to the Japanese colonial period. In the 1930s, the Japanese justified their colonial rule and sought to numb the historical and political consciousness of Koreans by asserting that Korean art must reflect 'the unique climate and atmosphere of Korea.' Today's local art is a continuation of that legacy. This product of colonialism and its closed art policies, akin to 'cultural isolationism,' must be discarded. Such practices only serve to isolate local artists into the narrow framework of 'local' and lead museums to decline into 'their own leagues.' It is foolish to think that by closing off local artists from other regions, they can advance into other areas or larger regions or even other countries. To revitalize local art, it is time to break down the walls of administrative districts and realize a true 'locality' that communicates with the world. In Conclusion Ultimately, the greatest crisis facing local art museums today stems from administrative convenience and the colorless founding purposes disguised as 'locality.' Collection policies trapped in narrow criteria of birthplace and residence ignore the essence of art, effectively imprisoning museums within their own closed communities. As a result, local art museums are becoming facilities that consume money and time without identity or content, each claiming to be a 'small National Museum of Modern Art.' The logic of art historical research and collection has vanished, replaced by the demands of local artist groups and political safety nets. The biggest victims are the citizens. Museums, which should mediate between local artists and citizens, are instead swayed by the voices of suppliers while excluding the public, turning into tools for administrative achievements rather than cultural assets. Therefore, what is needed now is not the construction of yet another new museum but the establishment of at least a minimal concept and policy that can answer the question, 'What is local art?' Museums built without clear founding purposes and professional collection policies will inevitably remain identity-less exhibition spaces from the moment they open. Local art museums must break down the walls of administrative districts and implement a 'post-local aesthetic' that communicates with the world. Only then can museums be recognized as true cultural assets where artworks come to life and citizens can engage with them.* This article has been translated by AI. 2026-07-20 09:04:00
  • South Koreas Industry Minister Promotes AI Transition for SMEs in Banwol-Sihwa
    South Korea's Industry Minister Promotes AI Transition for SMEs in Banwol-Sihwa On July 20, Kim Jeong-kwan, South Korea's Minister of Trade, Industry and Energy, visited the Banwol-Sihwa Industrial Complex and stated, "Advanced countries like the United States and China are aggressively increasing investments to win the AI competition, marking the arrival of an era of significant change." He emphasized the need to support numerous small and medium-sized enterprises (SMEs) in creating data and utilizing AI models, aiming to realize a 'miracle of SMEs' in Banwol-Sihwa and expand it across the nation’s industrial complexes and manufacturing sectors.During a meeting at the Siheung Business Center with companies located in the industrial complex, academic and research institutions, and local governments, Minister Kim discussed the 'Banwol-Sihwa Materials and Parts MINI Alliance.' He noted, "Securing competitiveness through the industrial AI transition (M.AX) in the materials, parts, and equipment sectors, which are the foundation of South Korea's manufacturing industry, is essential for winning the AI revolution on a national level. Today, M.AX is no longer a choice but a matter of survival."The Banwol-Sihwa Industrial Complex is the largest in the metropolitan area, housing over 22,000 companies across various sectors, including machinery, electronics, petrochemicals, and steel. With 96.8% of its manufacturing firms employing fewer than 50 people, it is considered an optimal site for demonstrating and expanding the SME-focused M.AX.The Ministry of Trade, Industry and Energy believes that AI models tested in Banwol-Sihwa, which features a diverse range of industries and processes, can be disseminated throughout the nation’s industrial complexes and manufacturing supply chains.At the meeting, participants discussed strategies for establishing an M.AX cluster within the Banwol-Sihwa MINI Alliance. They agreed to pursue a horizontal M.AX diffusion model that accumulates and shares equipment, process, and operational data, rather than relying solely on a few anchor companies. This approach aims to help SMEs overcome limitations related to investment resources, specialized personnel, and data availability.Additionally, leveraging the diverse and multi-process characteristics of Banwol-Sihwa, plans are underway to convert the tacit knowledge of skilled workers—such as their intuition, expertise, judgment, and ability to handle exceptions—into data. The ministry plans to develop AI models tailored to the actual needs of SMEs in areas like quality control, process optimization, and equipment management.Instead of fully automated, unmanned factories, a 'Banwol-Sihwa AI Factory' will be established, applicable to individual SME processes. This initiative aims to develop small yet complete AI success models that can be validated and expanded to similar processes and industries, allowing SMEs to experience M.AX outcomes at a lower cost.As part of the AX demonstration industrial complex project, the 'AX Hub for AI Manufacturing Innovation Demonstration in Banwol-Sihwa' will be promoted, with a total investment of 28.05 billion won by 2028, including 14 billion won from the national budget. The plan includes establishing leading AX factories in the automotive parts and printed circuit board (PCB) sectors, as well as supporting AI model development and dissemination through an AI open lab and comprehensive AX support center.Minister Kim remarked, "The Banwol-Sihwa Industrial Complex is a miniature version of South Korea's manufacturing industry, with over 20,000 SMEs and the accumulated experience of numerous skilled workers. If we can standardize the data generated during the manufacturing processes and the non-standardized tacit knowledge, it can serve as a foundation for developing universal models applicable across South Korea's manufacturing sectors."He added, "In a situation where anchor companies are lacking, it is essential for businesses, innovation institutions, and local governments to collaborate and unite in promoting M.AX. I hope the MINI Alliance will lead this effort, evolving into a regional industrial innovation model driven by the overwhelming number of SMEs working together."Furthermore, he stated, "To establish an M.AX cluster based on materials and parts, we will spare no effort in supporting local governments with initiatives such as 5G specialized networks, edge AIDC, M.AX academies, and dark factory strategy development."* This article has been translated by AI. 2026-07-20 09:04:00
  • Ryu Jin: No Plans to Sell Poongsan Defense Division
    Ryu Jin: No Plans to Sell Poongsan Defense Division Ryu Jin, chairman of Poongsan Group, has dismissed rumors regarding the potential sale of the company's defense division. During a press conference held on July 17 in Seogwipo, Jeju, as part of the Korea Economic Association's summer forum, Ryu stated, "We considered it, but we have decided not to sell at this time."Ryu is planning to expand the revenue generated from the defense sector into service areas such as golf courses, hotels, and senior living communities.He is also pursuing a plan to relocate the Poongsan Busan facility from Haeundae District to Gijang County. He noted, "With the local elections changing the mayor, we need to discuss this again," adding, "A blueprint will likely emerge soon."As the president of the Korea Economic Association, Ryu emphasized the need for regulatory innovation to secure future industrial competitiveness. He advocates for the active introduction of American-style negative regulation in the fields of new technology and new industries to promote corporate innovation.Using examples from the U.S., he explained, "Global innovative companies like Google, Apple, Meta, NVIDIA, Tesla, Netflix, and OpenAI have grown under a system where 'everything is allowed except what is prohibited.'"Ryu acknowledged that fully adopting American-style negative regulation may be challenging, but he believes it is feasible if limited to new technologies, new industries, and special zones. He stressed, "We must redesign the regulatory system before it is too late to avoid restricting future industries with outdated standards."On the same day, Ryu introduced the 'New K-Industry' strategy, which aims to fundamentally change industrial structures and growth methods through AI transformation, service innovation, and institutional and infrastructure reform.Regarding the recent controversy over high bonuses at SK Hynix and Samsung Electronics, he expressed, "While I agree with the concept of performance bonuses, it is advisable to discuss them thoroughly before distribution," adding, "This could have a domino effect on small and medium-sized enterprises, so it is better to consult adequately before payment."As Ryu approaches the end of his second term in February next year, he has left the door open for a possible third term as president of the Korea Economic Association. He remarked, "It would be better not to seek a third term, but I don't know if that will be possible," and added, "I hope to step down while things are good at the top, but it will depend on the situation."* This article has been translated by AI. 2026-07-20 08:56:00
  • Dev Sisters Launches K-Heritage with Cookie Run Campaign at UNESCO World Heritage Committee
    Dev Sisters Launches 'K-Heritage with Cookie Run' Campaign at UNESCO World Heritage Committee Dev Sisters is promoting Korean heritage and the Cookie Run intellectual property (IP) through the 'K-Heritage with Cookie Run' campaign at the 48th UNESCO World Heritage Committee meeting in Busan.From July 20 to 29, Dev Sisters will showcase various content, including 'Cookie Run World Heritage Posters,' at the Korea Pavilion (K-Heritage House) in the first exhibition hall of BEXCO.As part of the exhibition, a conceptual artwork titled 'Cookie Run K-Heritage Theme Park,' which reimagines Korea's world heritage as a massive amusement park, will also be unveiled.At Haeundae Beach's event plaza, a 'K-Heritage with Cookie Run' photo zone and pop-up store have been operating since last weekend. A 7-meter tall sculpture of 'Brave Cookie' has been installed in front of the Haeundae sign, along with a photo zone featuring Cookie Run world heritage posters themed around Korea's tidal flats, Seokguram Grotto, and Bulguksa Temple. A large media facade displaying a video of the 'Cookie Run K-Heritage Theme Park' is also attracting visitors at the Grand Josun Busan.Additionally, a 'Brave Cookie Tour in Busan' program, featuring a Cookie Run-themed city tour bus, will operate until August 16, allowing participants to explore major tourist attractions.For global users unable to attend in person, an online campaign is underway. Since July 3, Dev Sisters has been running a digital exhibition titled 'UNESCO World Heritage Committee × Cookie Run, Digital Exhibition of Korea's World Heritage' on its official X and Instagram accounts. Seventeen Cookie Run world heritage posters and accompanying explanations in Korean and English are being released sequentially, garnering approximately 8 million views across social media platforms.In-game promotions are also available for players. In 'Cookie Run: OvenBreak,' an event to complete missions and build the 'Cookie Run K-Heritage Theme Park' will run until July 29. Meanwhile, 'Cookie Run: Kingdom' is hosting a puzzle event where players can obtain Cookie Run world heritage poster decoration items until July 30.* This article has been translated by AI. 2026-07-20 08:56:00