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  • South Korea Reviews Power Supply Plans for Semiconductor Complex in Honam Region
    South Korea Reviews Power Supply Plans for Semiconductor Complex in Honam Region The South Korean government is reviewing power supply plans for the semiconductor complex in the Honam region. The aim is to utilize nearby transmission lines to provide initial power by June 2030 and discuss detailed measures to enhance community acceptance.The Ministry of Climate, Energy, and Environment announced that Minister Kim Seong-hwan will visit the power supply route areas for the Honam semiconductor complex and the Gwangju Metropolitan City Hall on the afternoon of July 16 to discuss early power supply solutions. This visit comes about two weeks after a site visit to the construction of the Sinjangseong substation on June 30.The ministry and Korea Electric Power Corporation (KEPCO) plan to supply initial power to the Honam semiconductor complex from the nearby 345kV Sinjangseong-Shingwangju transmission line. The expected route for the power supply includes a mix of mountainous and flat terrain, as well as residential areas, prompting discussions on expanding underground lines to improve community acceptance.Minister Kim will first inspect the areas along the supply route from KEPCO's public network to assess the power supply plan and construction conditions for early implementation. He will then chair a meeting at Gwangju Metropolitan City Hall with Mayor Min Hyung-bae and KEPCO President Kim Dong-cheol to review the power supply for the Honam semiconductor complex.The ministry and KEPCO aim to quickly finalize the optimal power supply plan that enhances community acceptance through consultations with related companies, local governments, and relevant ministries. In particular, to shorten construction timelines, KEPCO and local governments will activate a cooperative system to support the early establishment of power infrastructure on-site.The semiconductor complex requires not only factory sites and water resources but also a stable power supply to avoid delays in construction and operation schedules. Advanced semiconductor manufacturing facilities require large amounts of stable power, making the speed of building transmission lines and substations a key factor in the complex's competitiveness.Minister Kim Seong-hwan stated, "The key prerequisite for establishing the Honam semiconductor complex is the rapid expansion of power infrastructure. We will concentrate all administrative capabilities to expedite the permitting process and construction timelines to ensure early establishment of power supply facilities."* This article has been translated by AI. 2026-07-16 12:04:00
  • Bank of Korea Governor Signals Continued Tightening Amid Inflation Concerns
    Bank of Korea Governor Signals Continued Tightening Amid Inflation Concerns Bank of Korea Governor Shin Hyun-song indicated on July 16 that the central bank will maintain its tightening stance while keeping the possibility of further interest rate hikes open. He emphasized that the bank will respond until there is confidence that inflation rates stabilize at target levels.During a press conference following the Monetary Policy Committee meeting, Shin responded to a question about the timing of future rate increases, stating, "Monetary policy paths are not predetermined. The data that comes in will be crucial, so we cannot make definitive statements in either direction."Shin assessed that it is necessary to maintain a tightening policy considering inflation and growth conditions. He said, "We will respond until we are confident that inflation rates stabilize at target levels, and the extent of our response will depend on the data we receive going forward."He particularly noted the potential for increased demand-side inflation pressure due to the semiconductor boom. "With strong semiconductor exports improving trade conditions, domestic gross income (GDI) is growing much faster than gross domestic product (GDP)," he said. "We must not overlook the inflationary pressures that may arise from this income improvement."Shin recalled that in 2021, major central banks underestimated demand-side inflation pressures, leading to high inflation, a lesson that the Monetary Policy Committee members are aware of. Looking ahead, he identified the second quarter's growth rate and inflation indicators as key variables for monetary policy. He stated, "We will closely monitor whether the upcoming second quarter GDP and GDI continue the strong trend from the first quarter and whether the export boom persists. The consumer price index for July, as well as core and living costs, will also be important criteria for our decisions."Financial stability was also highlighted as a significant factor in future rate decisions. Shin noted, "While the exchange rate has stabilized somewhat, it remains at a high level, and import prices are still elevated compared to last year. We will continue to closely observe the housing market in the metropolitan area and the rising household debt levels." 2026-07-16 11:52:00
  • Korean Privacy Commission Proposes Rewards for Data Breach Reports
    Korean Privacy Commission Proposes Rewards for Data Breach Reports The Personal Information Protection Commission (PIPC) is set to introduce a reward system for reporting data breaches, establish an integrated fund for victim compensation, and promote the use of original personal data for public interest artificial intelligence (AI) development.Song Kyung-hee, chair of the PIPC, presented these initiatives in the '2026 Second Half Work Plan' during a briefing at the Blue House on July 16.The PIPC aims to strengthen its response system for data breaches. Companies that promptly report breaches will receive incentives, while those that delay reporting or intentionally neglect incidents will face increased fines.A new reward system will be established to compensate whistleblowers who contribute to the detection of illegal activities. Additionally, the commission plans to implement penalties for those who knowingly purchase or distribute leaked personal data. The PIPC will also collaborate with relevant ministries to create an integrated fund that utilizes fine revenues for victim compensation and rights restoration.Support measures for the AI industry are also included. The PIPC will introduce special provisions allowing the use of original personal data for AI development aimed at public and social benefits, provided that safety measures are in place. Furthermore, the commission will establish an 'AX Safe Support System' to alleviate legal uncertainties faced by companies in the data utilization process.In line with the punitive fine system set to take effect in September, which allows fines of up to 10% of a company's maximum revenue, the PIPC will also revise its sanctioning framework. For large-scale breaches involving over one million records, a dedicated investigation team will be formed to conduct swift inquiries and impose penalties. The commission plans to clarify corporate liability for damages as well.* This article has been translated by AI. 2026-07-16 11:40:00
  • Trump again signals role for Korean shipbuilders in US naval buildup
    Trump again signals role for Korean shipbuilders in US naval buildup SEOUL, July 16 (AJP) - U.S. President Donald Trump has again raised the prospect of working with South Korean shipbuilders as Washington seeks to rapidly expand and modernize its aging naval fleet. Speaking Wednesday at the Pennsylvania Defense and Innovation Summit at the U.S. Army War College in Carlisle, Trump said his administration would consider South Korean and other foreign companies as part of its shipbuilding efforts. “We’re going to probably look at some of these companies that are coming in from South Korea and other places,” Trump said, adding that the companies were already working with the United States on ships. “We’re going to also buy some ships that are made outside of the area,” he said. “We need a lot of ships for our Navy.” Trump said the United States still had the world’s most powerful Navy but warned that many of its vessels were aging after the country had largely withdrawn from the shipbuilding business. It was not immediately clear whether Trump’s reference to ships made “outside of the area” meant vessels constructed outside the United States. Still, the remarks are likely to fuel speculation that his administration is considering a larger role for allied shipyards, including those in South Korea, in rebuilding the U.S. fleet. Michael Coulter, president and CEO of Hanwha Defense USA, highlighted South Korea’s shipbuilding capacity in remarks delivered before Trump took the stage. “Our shipyard in Korea puts out about one ship a week. We have a plan to bring that capability to Philadelphia,” Coulter said. He added that Hanwha intended to help make Philadelphia a center of the Trump administration’s “Make American Shipbuilding Great Again” initiative. Hanwha Group acquired the Philadelphia shipyard in 2024 and has been investing in automation, workforce expansion and production facilities as it seeks to transfer South Korean shipbuilding techniques to the United States. Trump has repeatedly emphasized cooperation with South Korea since the two countries began negotiations over trade and investment last year. A joint fact sheet released following a summit between Trump and South Korean President Lee Jae Myung said their economic agreement included $150 billion in approved South Korean investment in the U.S. shipbuilding sector, as part of a broader $350 billion investment package. Lee said last month that Trump had asked him during the G7 summit in France whether South Korea could quickly build 10 warships for the United States. The Pentagon and the U.S. Navy recently sent requests for information to major South Korean shipbuilders regarding combat vessels and medium-sized replenishment oilers. HD Hyundai Heavy Industries and Hanwha Ocean submitted information on their warship design capabilities and production capacity, while the two companies and Samsung Heavy Industries responded to a separate request involving naval oilers. The requests are an initial market-research step and do not guarantee that the United States will proceed with purchases. Significant legal barriers would also have to be addressed before U.S. warships could be built in South Korea. Under Section 8679 of Title 10 of the U.S. Code, vessels for the U.S. armed forces — as well as major components of their hulls or superstructures — generally cannot be constructed in foreign shipyards. The president may grant an exception when it is deemed necessary for U.S. national security, but the administration must notify Congress and wait 30 days before entering into a contract under the waiver. A broader shift toward routinely building naval vessels overseas would likely require action by Congress rather than an executive order alone. 2026-07-16 11:37:33
  • Bank of Korea Governor Advocates Continued Interest Rate Increases
    Bank of Korea Governor Advocates Continued Interest Rate Increases Bank of Korea Governor Shin Hyun-song stated on July 16 that it is necessary to maintain the trend of increasing the benchmark interest rate. This comment follows the central bank's shift to a tightening monetary policy for the first time in three and a half years, indicating potential further rate hikes.During a press conference after the Monetary Policy Committee decided to raise the benchmark interest rate by 0.25 percentage points, Governor Shin noted, "The domestic economy is showing signs of improvement, and inflation is expected to exceed the target level for a considerable period." He added that the timing and pace of any additional increases would be determined based on incoming data.The Monetary Policy Committee raised the benchmark interest rate from 2.50% to 2.75%. Governor Shin explained that the unanimous decision to increase rates is supported by the need for higher rates in terms of growth, inflation, and financial stability.He remarked, "In terms of growth, the positive impact of the semiconductor market is expected to lead to robust trends in both exports and domestic consumption, resulting in a significant increase in growth rates compared to the forecasts made in May." He also mentioned that South Korea is likely to benefit as a key player in the artificial intelligence (AI) value chain, with high growth in exports and investments anticipated, while soaring semiconductor prices could lead to unprecedented nominal GDP growth, supporting domestic demand.Regarding inflation, he stated, "We expect consumer prices to exceed the target level for a considerable period." He noted that while international oil prices have decreased, the impact of rising costs and exchange rates continues, and the semiconductor boom is likely to increase demand-side inflationary pressures.Governor Shin also addressed risks related to financial stability, saying, "In the metropolitan area, expectations for rising housing prices persist, and improvements in income and asset conditions may lead to increased domestic capacity, raising concerns about significant price increases." He warned that there could be ongoing pressure from rising household debt in the financial sector and that the foreign exchange market is experiencing significant fluctuations, necessitating risk management. 2026-07-16 11:36:00
  • Red Velvet ready for full-group return with sold-out concerts
    Red Velvet ready for full-group return with sold-out concerts SEOUL, July 16 (AJP) - K-pop girl group Red Velvet's upcoming concerts have all sold out, SM Entertainment said on Thursday. The now-five-member group, which originally debuted as a quartet, will hold three concerts from July 31 to Aug. 2 in Seoul. The group initially planned to hold shows only on Aug. 1 and 2, but both sold out during presales opened for their fans, prompting SM Entertainment to add another show on July 31 which also quickly sold out. The concerts will be their first performance together as a complete five-member lineup in about two years. After the concerts, Red Velvet will continue their momentum with their new EP, "Velvet Summer," which is slated for release on Aug. 3 and contains five songs including the title track "Surfin' Boy." The members are also scheduled to return with a new season of their reality series "Level Up Project," which began in 2017 and follows the members on one-day getaways featuring various team missions. The three-episode series is slated for release on Aug. 14, airing weekly on Fridays at 8 p.m. on Mnet and Wavve. It will also be available on Red Velvet's YouTube channel one week after each broadcast. 2026-07-16 11:34:13
  • Jamsil Sports and MICE Complex and Cheongju Myeongam Resort Projects Approved
    Jamsil Sports and MICE Complex and Cheongju Myeongam Resort Projects Approved The project to develop the Jamsil Sports and MICE complex and the initiative to create tourism and cultural facilities at Cheongju Myeongam Resort have passed the private investment project review.The Ministry of Economy and Finance announced on July 16 that it held the 4th Private Investment Project Review Committee of 2026, where it approved two items: the Jamsil Sports and MICE complex project and the public-private investment project for Cheongju Myeongam Resort.The Jamsil Sports and MICE complex project will be developed on a 358,000 square meter site around the Jamsil Sports Complex in Seoul, featuring a dome baseball stadium, exhibition and convention facilities, as well as accommodations, commercial, and office spaces.The total project cost is estimated at 2.6955 trillion won. The project will be implemented under a Build-Transfer-Operate (BTO) model, where the private sector will construct the facilities, transfer ownership to the government or local authorities, and operate them for a set period to recoup their investment.The construction period is set for 62 months, with an operational period of 40 years. All project costs will be borne by the private sector, and a portion of the revenue from recovery funds and excess profits will be reinvested into the Seoul city fund for balanced development.The government anticipates that transforming the aging Jamsil Sports Complex into a sports and cultural complex will stimulate the exhibition and convention industry, create jobs, and enhance the national brand, leading to significant economic impacts.The Cheongju Myeongam Resort project has been recognized as a private investment target for the development of a complex tourism and cultural facility within the resort area through this review. Facilities not specified in the basic private investment plan were included as investment targets after a separate review.Cheongju City plans to develop a 64,000 square meter area around Myeongam Reservoir, featuring a Ferris wheel, performance hall, exhibition center, musical fountain, and robot experience center. The estimated project cost is around 17 billion won, with a goal of 24 months for construction and 20 years for operation under the BTO model.The plan aims to transform Myeongam Resort, which has primarily been a daytime destination, into a tourism hub that encourages overnight stays and strengthens the local tourism and cultural infrastructure by linking it with nearby attractions.The Ministry of Economy and Finance plans to expedite the progress of private investment projects by aiming to complete eligibility assessments within nine months in consultation with relevant ministries and expert organizations. The target completion time for railway projects is set at one year, while environmental projects aim for seven months.Funding support will also be expanded. A special infrastructure fund, co-invested by the Industrial Base Credit Guarantee Fund and the Korea Development Bank, will provide 200 billion won for BTO projects and 100 billion won for lease-type private investment projects (BTL). The guarantee amount from the Industrial Base Credit Guarantee Fund is planned to increase from 2.3 trillion won in 2023 to 3 trillion won this year.* This article has been translated by AI. 2026-07-16 11:32:00
  • Hyundai Motor Group Pursues Full Ownership of Boston Dynamics
    Hyundai Motor Group Pursues Full Ownership of Boston Dynamics Hyundai Motor Group is moving to acquire the 9.9% stake in Boston Dynamics held by SoftBank. The plan is to secure full ownership of Boston Dynamics, transforming it into a wholly-owned subsidiary to bolster its robotics business.On July 16, Hyundai Motor Group announced that SoftBank recently exercised a put option on its Boston Dynamics shares, as per a contract established in 2020.As a result, Hyundai Motor Group's affiliated shareholders are now reviewing acquisition options following the obligation to purchase the shares.Currently, the ownership of Boston Dynamics is divided as follows: HMG Global (Hyundai Motor, Kia, Hyundai Mobis) holds 56.3%, Euisun Chung, chairman of Hyundai Motor Group, owns 22.5%, Hyundai Glovis has 11.3%, and SoftBank retains 9.9%. Once Hyundai Motor Group completes the acquisition of SoftBank's stake, it will achieve 100% ownership.Hyundai Motor Group stated, "This acquisition initiative will further strengthen our collaboration with Boston Dynamics and is expected to enhance decision-making and business execution speed significantly."In 2021, Hyundai Motor Group entered the robotics sector by acquiring 80% of Boston Dynamics, which was valued at $1.1 billion at the time. Since then, the company has focused on expanding its physical artificial intelligence (AI) business, leveraging the four-legged robot 'Spot' and the humanoid robot 'Atlas' in manufacturing settings.Hyundai Motor Group plans to deploy Atlas at its Meta Plant America (HMGMA) in the U.S. to conduct process validation. Starting in 2028, Atlas will be used for sorting parts, verifying operational reliability, and will expand its application to the assembly process by 2030.* This article has been translated by AI. 2026-07-16 11:32:00
  • Korean Lawmaker Kwon Seong-dong Sentenced to Two Years in Prison
    Korean Lawmaker Kwon Seong-dong Sentenced to Two Years in Prison Jung Jeom-sik, the floor leader of the People Power Party, expressed his sorrow on July 16 after the Supreme Court confirmed a two-year prison sentence for lawmaker Kwon Seong-dong, who was convicted of receiving illegal political funds amounting to 100 million won from the Unification Church. He stated, "While I humbly accept the Supreme Court's ruling, the biased investigation that punishes opposition while exonerating the ruling party will ultimately face historical judgment."Speaking to reporters at the National Assembly following the announcement of Kwon's sentence, Jung said, "Hearing the news of the Supreme Court's ruling on Kwon has deeply saddened me."He criticized the special prosecutor Min Jung-ki, stating, "The allegations of bribery involving the Unification Church and Busan Mayor Jeon Jae-soo have been overlooked, allowing the statute of limitations to expire, while investigations were only initiated based on testimonies from opposition politicians."Jung also directed his remarks at the Supreme Court, saying, "If trials involving opposition politicians are expedited while those against the highest authorities are endlessly prolonged, it will not earn the trust of the public." He urged the Supreme Court to expedite the five ongoing trials against President Lee Jae-myung.Earlier, Jung visited Kwon in prison for a private meeting, where they discussed concerns about the likelihood of the Supreme Court overturning the guilty verdicts from the first and second trials.The Supreme Court's second division, led by Justice Eom Sang-pil, upheld the original ruling, sentencing Kwon to two years in prison and ordering the forfeiture of 100 million won. As a result, Kwon has lost his position as a lawmaker under the National Assembly Act and the Public Election Act.* This article has been translated by AI. 2026-07-16 11:32:00
  • Supreme Court Confirms Two-Year Sentence for Kwon Seong-dong Over Unification Church Political Funds
    Supreme Court Confirms Two-Year Sentence for Kwon Seong-dong Over Unification Church Political Funds The Supreme Court has upheld a two-year prison sentence for Kwon Seong-dong, a member of the People Power Party, who was convicted of receiving illegal political funds from the Unification Church. As a result, Kwon has immediately lost his parliamentary seat under the National Assembly Act and the Public Official Election Act.On July 16, the Supreme Court's second division, led by Justice Eom Sang-pil, confirmed the lower court's ruling, which sentenced Kwon to two years in prison and ordered him to forfeit 100 million won. This final decision comes nine months after Special Prosecutor Min Jung-ki indicted Kwon. Consequently, Kwon has lost his parliamentary position as mandated by law.Kwon was charged with receiving 100 million won in cash from Yoon Young-ho, a former head of the Unification Church's world headquarters, on January 5, 2022, ahead of the 20th presidential election. The funds were allegedly solicited in exchange for support for the church following the inauguration of the Yoon Suk-yeol administration.During the trial, Kwon acknowledged meeting Yoon for a meal but denied receiving any money. He claimed that Yoon was fabricating evidence to deflect attention from his own embezzlement allegations.However, both the first and second trial courts found Kwon guilty based on various objective pieces of evidence presented by the special prosecutor's team. Key evidence included Yoon's diary and mobile message records.Yoon's diary contained a clear entry from the day of the incident stating, "Kwon Seong-dong lunch - support of a large amount." Additionally, a message sent to Kwon immediately after the meal read, "What I gave today is small, but I hope you can use it effectively for the presidential candidate." These messages were deemed strong evidence supporting the conviction.Kwon's legal team argued that the investigation did not fall under the jurisdiction of the Kim Geon-hee special prosecutor law and claimed that the key evidence was obtained illegally, thus lacking evidentiary value. However, the court rejected all of Kwon's arguments.The Supreme Court stated, "There was no misunderstanding of the law regarding the relevance of the search warrant, the exclusionary rule for illegally obtained evidence, or the right to cross-examine that affected the ruling," ultimately dismissing Kwon's appeal. Yoon, who provided the funds to Kwon, was already sentenced to prison after his conviction was confirmed by the Supreme Court on July 9.Following the Supreme Court's ruling, Kwon issued a statement on his Facebook account, saying, "With today's Supreme Court ruling, all judicial procedures against me have concluded." He expressed disappointment over the factual determinations and legal applications but stated he would humbly accept the court's final judgment.However, Kwon characterized the incident as political retaliation by the current government, expressing a desire for the political vendetta to end with him.With Kwon losing his parliamentary seat, a by-election will be held in his constituency of Gangneung, Gangwon Province.Meanwhile, the ruling on the appeal concerning Kim Geon-hee's alleged stock manipulation and receipt of funds from the Unification Church, which was initially scheduled for today, has been postponed to July 24. This delay follows the special prosecutor's request to review the guilty verdict against former President Yoon Suk-yeol, who is implicated as a co-conspirator in the polling fraud case.* This article has been translated by AI. 2026-07-16 11:24:00