AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

&
""
Latest by
  • International Cultural Figures Visit South Korea to Promote K-Culture
    International Cultural Figures Visit South Korea to Promote K-Culture The Ministry of Culture, Sports and Tourism and the Korea International Cultural Exchange Agency announced on July 16 that they are launching the 'Invitation of International Figures' program.Now in its 18th year, this initiative aims to allow prominent international cultural figures to explore South Korea's cultural and artistic landscape while engaging with local stakeholders to expand the foundation for international cooperation. This year, ten key figures from the fields of visual arts and literature and publishing will visit South Korea in succession.The first invited guest is Ezequiel Martinez, the director of the Buenos Aires International Book Fair. From June 22 to 28, he visited the Seoul International Book Fair, the Literature Translation Institute of Korea, and the Korea Publishing Industry Promotion Agency to examine the operations of the Korean publishing industry and its cultural content.During his visit, he met with representatives from the domestic publishing sector to discuss strategies for expanding Korean literature into Latin America and the possibility of South Korea being the guest country at the 2028 Buenos Aires International Book Fair. This collaboration is expected to enhance opportunities for Korean literature to reach Spanish-speaking readers and strengthen ties with the Latin American publishing market. The Buenos Aires International Book Fair is a leading international book fair in Latin America, and Martinez's visit is anticipated to explore the potential for Korean literature and publishing content in the region.In the second half of the year, additional visits from key figures in visual arts and literature and publishing are expected. Notable guests include Tobias Berger, exhibition director at Hong Kong's Serakai Studio; Daniela Burkhardt, head of cooperation at the Karlsruhe office designated as a UNESCO Creative City in media arts; Solveig Oevsteboe, director of the Astrup Fearnley Museum of Modern Art in Norway; and Amit Gupta, founder and editor of the architecture, design, and art content platform Sturworld.Other notable visitors include the deputy editor of the British literary magazine Granta, a co-founder of the research and media platform New Models, an associate professor of contemporary art theory and history at Paris 1 Panthéon-Sorbonne University, and the program director of the German non-profit art organization, the Lars Art Foundation.Kim Jae-hyun, director of the Cultural Media Industry Division at the Ministry of Culture, stated, "The 'Invitation of International Figures' program serves as a foundation for international cooperation connecting prominent cultural figures with the Korean cultural scene. The Ministry will continue to foster exchanges with top figures across various fields to achieve tangible collaborative outcomes."* This article has been translated by AI. 2026-07-16 09:40:00
  • U.S. Considers Extending Jones Act Waiver Amid Renewed Tensions with Iran
    U.S. Considers Extending Jones Act Waiver Amid Renewed Tensions with Iran Amid concerns of a logistics crisis due to renewed tensions between the U.S. and Iran, the White House is reportedly considering an extension of the Jones Act waiver, according to two sources cited by Reuters on July 15.Reports indicate that since last week, as tensions between the U.S. and Iran have escalated and oil prices surged, worries about rising transportation costs and logistical disruptions have increased, prompting the review of the Jones Act waiver.One source stated, "Thanks to the decisive action by President Trump to waive the Jones Act, we were able to prevent a nationwide supply chain crisis. The current administration is continuously monitoring how this waiver is being utilized." However, the source noted that the existing waiver remains in effect until August 16, and no additional waiver has been confirmed yet.The Jones Act, enacted in 1920 to strengthen U.S. naval power and protect the shipbuilding industry, mandates that vessels transporting goods between U.S. ports must be built in the United States. It also requires that at least 75% of the vessel's ownership be American and that 75% of the crew be U.S. citizens.However, due to a decline in the U.S. shipbuilding industry, there are limited vessels that meet these requirements, leading to criticism that the Jones Act acts as a barrier to domestic freight transport and contributes to rising transportation costs. The Trump administration initially waived the Jones Act for 60 days starting March 18, following the outbreak of conflict with Iran, and subsequently extended the waiver for an additional 90 days beginning May 18.With the recent surge in oil prices due to renewed U.S.-Iran tensions, the Trump administration is now considering a third extension of the Jones Act waiver, which is set to expire on August 16. On that day, Brent crude futures closed at $84.95 per barrel, marking an 18.7% increase over the past two weeks.However, some Republican lawmakers, including House Speaker Mike Johnson, have expressed opposition to extending the Jones Act waiver, arguing that it could weaken the U.S. shipbuilding and maritime industries. 2026-07-16 09:32:00
  • Construction Begins on Shinan Uido Offshore Wind Farm with 3.4 Trillion Won Investment
    Construction Begins on Shinan Uido Offshore Wind Farm with 3.4 Trillion Won Investment The Shinan Uido offshore wind farm, a large-scale project funded entirely by domestic capital, is officially underway.The Ministry of Climate, Energy and Environment held a groundbreaking ceremony on July 16 at the Shinan National Sports Center in Gwangju, Jeollanam-do. The project aims to establish a 390MW offshore wind power complex southeast of Uido in Shinan County, with a total investment of approximately 3.4 trillion won, targeting commercial operation by January 2029.This initiative marks the first large-scale offshore wind project in South Korea to be developed solely with domestic capital. It will also be the first project in the country to install 15MW turbines. The complex will consist of 26 turbines, expected to generate about 1,062 GWh of electricity annually, enough to power approximately 300,000 households.Key participants in the project include Hanwha Ocean, Korea Midland Power, SK Eteronics, and Hyundai Engineering & Construction. The ownership structure comprises 26% for Hanwha Ocean, 19% for Korea Midland Power, 10% for SK Eteronics, 5% for Hyundai Engineering & Construction, and 40% for the Future Energy Fund.The Shinan Uido offshore wind farm has been selected as the first investment project of the National Growth Fund, securing a substantial financing base. Of the total project cost of 3.4 trillion won, approximately 40%, or 1.3 trillion won, will be funded through the National Growth Fund and the Future Energy Fund.Domestic supply chain participation is also a notable feature. Domestic companies will be involved in key components such as substructures, underwater cables, installation vessels, and offshore substations, excluding the turbines. Hanwha Ocean will participate in the installation vessel and offshore substation, Hyundai Steel Industry will handle the substructures, and LS Cable will manage the underwater cables. Hanwha Ocean will also construct a turbine installation vessel worth 800 billion won for the project.Community involvement is being promoted as well. The project will allow residents to participate and share in the benefits through community funds. The government expects this approach to foster the domestic offshore wind industry ecosystem and promote regional coexistence.The Shinan Uido offshore wind farm signifies a shift in South Korea's offshore wind industry from pilot projects to large-scale initiatives. Given the high initial investment and risks associated with permits, financing, and community acceptance, this project, combining policy financing and domestic supply chain participation, could set a precedent for future large-scale projects.Minister of Climate, Energy and Environment Kim Sung-hwan stated, "The Shinan Uido offshore wind farm is the first large-scale offshore wind project in South Korea funded entirely by domestic capital, and it is a key initiative that will drive the supply of clean energy necessary for the era of electric power and strengthen the domestic industrial ecosystem. We will actively support this project to ensure it proceeds as planned and contributes to achieving the 10.5GW construction target by 2030, as well as providing stable power supply for the three mega-projects in the Honam region, including AI data centers and semiconductors."* This article has been translated by AI. 2026-07-16 09:32:00
  • Baemin B Mart Starts Selling Imported Fresh Eggs for 4,990 Won
    Baemin B Mart Starts Selling Imported Fresh Eggs for 4,990 Won Baedal Minjok announced on July 16 that Baemin B Mart will begin selling imported fresh eggs.This move aligns with the government's policy to stabilize prices of agricultural and livestock products during the summer. The government is importing fresh eggs from Brazil and the United States to reduce consumer costs.Baemin B Mart will offer white eggs from Brazil and plans to introduce U.S. eggs in the future. Starting today, Brazilian eggs will be available, with U.S. eggs to follow.All imported eggs have passed hygiene certifications from their respective governments, as well as thorough inspections by South Korea's Animal and Plant Quarantine Agency. The Ministry of Food and Drug Safety has also conducted detailed inspections to ensure compliance with food safety standards.The Brazilian eggs brought in by Baemin are certified A-grade extra-large white eggs by the Brazilian Ministry of Agriculture (MAPA), weighing at least 61.42 grams each, which meets the domestic XL (extra-large) standard. The upcoming U.S. eggs will be A-grade large size products from the U.S. Department of Agriculture (USDA), weighing at least 56.7 grams each.The price is set at 4,990 won for a pack of 30 eggs, with an initial supply of approximately 23,000 cartons.A Baemin representative stated, "We hope that the sale of these imported eggs will help alleviate the burden of food prices for consumers." They added, "We will continue to expand the supply of imported eggs and strive to provide customers with a variety of fresh products at reasonable prices quickly and conveniently."* This article has been translated by AI. 2026-07-16 09:32:00
  • Na Hong-jins sci-fi thriller off to good box-office start
    Na Hong-jin's sci-fi thriller off to good box-office start SEOUL, July 16 (AJP) - Director Na Hong-jin's return to the big screen got off to a strong start, as his sci-fi thriller "Hope" topped the South Korean box office, attracting more than 330,000 moviegoers on its opening day. According to ticket sales data released by the Korean Film Council on Thursday, "Hope" drew about 333,000 moviegoers the previous day, marking the strongest opening of any Korean film released this year. The impressive start surpassed director Yeon Sang-ho's "Colony," which had previously held this year's best opening-day record with nearly 200,000 admissions when it opened in late May. The 160-minute film starring veteran actor Hwang Jung-min along with Zo In-sung and Jung Ho-yeon revolves around a story set in a demilitarized border village where unidentified objects suddenly appear. The film also features Hollywood stars such as Alicia Vikander, Michael Fassbender and Taylor Russell. It already generated much hype following its world premiere at this year's Cannes Film Festival in May, marking Na's first feature-length film in nearly a decade since his 2016 hit "The Wailing." The film's box-office momentum is expected to continue, with Hollywood animated film "Minions & Monsters" trailing far behind in second place with roughly 31,000 moviegoers, followed by Disney's musical adventure film "Moana" with 13,000. With no immediate major contender in sight, "Hope" is likely to maintain its dominance at the early summer box office until Hollywood's highly anticipated "Spider-Man: Brand New Day" arrives later this month. 2026-07-16 09:31:33
  • Yoo Si-min Criticizes President Lee Jae-myungs Expansion Strategy
    Yoo Si-min Criticizes President Lee Jae-myung's Expansion Strategy Yoo Si-min, a prominent writer, has reiterated his criticism of President Lee Jae-myung's strategy for expanding the party's base, stating that the president's approach is highly risky and likely to fail.During an appearance on the YouTube channel 'Mae-bul Show' on July 15, Yoo said, "I respect the direction President Lee wants to take. However, that direction is a very dangerous choice. He is acting in a way that is not good for himself or the country. It will be difficult to succeed with the methods he has employed so far."Yoo specifically targeted Lee's appointment of Chung Jin-suk as a political advisor during the recent National Assembly Speaker election and his public mention of former Seongdong District Mayor Jeong Won-oh.He argued, "While there are no legal issues, politically, such actions should not be taken. The president, as the head of the executive branch, should work to benefit the party and the government, not appoint individuals to the party and the National Assembly based on personal preference. He is undermining his own authority. I do not understand why he is so determined to appoint people he wants to key positions."Yoo added, "Regardless of whether these actions are right or wrong, they are inevitably leading to failure. The team supporting the president's plans for reconstruction and redevelopment, which he has yet to announce, is of poor quality," directing criticism at the president's close aides within the party.Following Yoo's remarks, members of the pro-Lee faction responded strongly.Representative Lee Geon-tae stated on the same day, "It is shocking that Yoo, who speaks of the failure of the Lee Jae-myung government, is the one making such comments. The only thing that is bound to fail is Yoo Si-min's politics."Representatives Jang Cheol-min and Song Jae-bong also expressed their discontent, with Jang stating, "Ultimately, Yoo has crossed the line. How can someone who once called us comrades spew such curses?" and Song questioning, "What is the reason for going to such lengths to ensure the Lee Jae-myung government fails?"* This article has been translated by AI. 2026-07-16 09:28:00
  • KOSPI Plummets Over 4% Amid Weak Semiconductor Stocks, Falls Below 6960
    KOSPI Plummets Over 4% Amid Weak Semiconductor Stocks, Falls Below 6960 The KOSPI index dropped more than 4% in early trading, falling to below 6960. While U.S. markets closed higher due to a decline in the Producer Price Index (PPI) and strong performances from major tech stocks, the decline in the Philadelphia Semiconductor Index and a sharp drop in SK Hynix's American Depositary Receipts (ADRs) weighed heavily on domestic semiconductor stocks, dragging the index down.As of 9:11 a.m. on July 16, the KOSPI was down 322.62 points (4.43%) at 6961.79. The index opened at 6960.50, down 323.91 points (4.45%), and continued to show weakness around the 6960 mark.On the previous night, the New York Stock Exchange saw the U.S. PPI for June fall by 0.3% compared to the previous month, which was below expectations, while major financial firms reported strong earnings, contributing to a positive close. However, the Philadelphia Semiconductor Index fell by 2.08%, and SK Hynix's ADR plummeted by 9%, adding pressure to the domestic market.In the securities market, individual investors have made a net purchase of 724.6 billion won. In contrast, foreign and institutional investors sold a net 240 billion won and 518.4 billion won, respectively, contributing to the index's decline.Among the top market capitalization stocks, LG Energy Solution (up 1.49%) and KB Financial (up 0.83%) saw gains. However, Samsung Electronics (down 5.72%), SK Hynix (down 8.65%), SK Square (down 10.27%), Samsung Electro-Mechanics (down 8.70%), Hyundai Motor (down 3.11%), Samsung Life Insurance (down 2.37%), Samsung Biologics (down 0.87%), and Samsung C&T (down 4.09%) all experienced declines.At the same time, the KOSDAQ index recorded a drop of 20.52 points (2.47%), standing at 808.91. The index opened at 813.32, down 16.11 points (1.94%), and continued to widen its losses.In the KOSDAQ market, individual investors have made a net purchase of 25.8 billion won, while foreign and institutional investors sold a net 32.9 billion won and 4.7 billion won, respectively.Among the top market capitalization stocks, Kolon TissueGene (down 0.26%) showed slight weakness. Other stocks such as Alteogen (down 3.12%), EcoPro BM (down 2.23%), EcoPro (down 2.31%), JUSUNG Engineering (down 6.21%), Rainbow Robotics (down 4.88%), Wonik IPS (down 7.22%), and Rino Technology (down 3.34%) also displayed declines.Han Ji-young, a researcher at Kiwoom Securities, stated, "The decline in the U.S. Consumer Price Index (CPI) for June, the rise in the Philadelphia Semiconductor Index, and the surge in SK Hynix's ADR are positive signs. However, uncertainties remain with the upcoming earnings announcements from ASML and TSMC, as well as leverage supply variables, which may lead to continued volatility during the trading session."He added, "Given that the domestic market has adjusted to levels seen during the financial crisis, the potential for further declines is limited. While there may be short-term supply volatility, the overall trajectory of the market is likely to lean towards recovery, particularly in sectors like semiconductors and AI infrastructure that have seen excessive declines."* This article has been translated by AI. 2026-07-16 09:24:00
  • Financial Chief Promises Quick Action on Single-Stock Leverage Products
    Financial Chief Promises Quick Action on Single-Stock Leverage Products Lee Ok-yeon, the chairman of the Financial Services Commission, stated that he will swiftly prepare and announce measures regarding single-stock leverage products, which have recently been at the center of market volatility discussions. His comments come after the Blue House highlighted the need for regulatory improvements, marking the first time a financial authority head has officially confirmed the timing for such measures.On July 16, during an appearance on the YouTube program 'Kim Eo-jun's Humble News Factory,' Lee said, "We are examining the extent to which single-stock leverage affects volatility and will soon announce supplementary measures. We are comprehensively reviewing what actions can be taken to protect investors and ensure market stability."President Lee Jae-myung had instructed financial authorities the previous day to quickly devise supplementary measures for single-stock leverage during a joint report meeting at the Blue House.Recently, the domestic stock market has experienced significant fluctuations, raising concerns that the single-stock leverage products, launched on May 27, may be exacerbating volatility. On July 13, the KOSPI index plummeted by more than 8% during trading, triggering the seventh circuit breaker of the year. This year alone has seen over half of the 13 total circuit breaker activations in history.However, Lee clarified that the fundamental cause of the recent volatility lies in the semiconductor industry. He explained, "The global semiconductor industry's volatility has increased, with repeated expectations and concerns about a supercycle, causing fluctuations in semiconductor stocks worldwide. Given that Samsung Electronics and SK Hynix have a significant presence in the domestic market, the impact of foreign semiconductor stock volatility on the KOSPI has also grown."The financial authorities have taken a cautious stance regarding proposals for temporary trading halts. Lee stated, "While there are various methods, a temporary trading halt could have greater side effects due to the nature of the market, so we are examining this comprehensively. We will reach a conclusion quickly."He also explained the background for introducing single-stock leverage products, noting, "There was a demand to resolve regulatory asymmetry that allowed such products overseas but not domestically. The intention was to absorb domestic investors into a regulated framework for transparent management and enhanced investor protection."Market observers expect that the upcoming meeting on July 16, involving the Ministry of Economy and Finance, the Bank of Korea, the Financial Services Commission, and the Financial Supervisory Service, will discuss measures related to single-stock leverage as a key agenda item. Kim Yong-beom, the Blue House policy chief, had previously stated on July 10, "We will closely examine the market impact of leverage products at the F4 meeting and decide on necessary regulatory improvements there."Earlier, on July 14, the Financial Services Commission held an informal meeting with relevant agencies, including the Ministry of Economy and Finance, the Financial Supervisory Service, and the Korea Exchange, to discuss response strategies. On the same day, the Korea Financial Investment Association also convened a meeting with securities firm executives to discuss investor protection measures. 2026-07-16 09:20:00
  • Naver Expands Fulfillment Support with New N Delivery Services
    Naver Expands Fulfillment Support with New N Delivery Services Naver has introduced a new fulfillment solution aimed at easing the logistics burden for smart store sellers while expanding its N Delivery services, including early morning and Sunday deliveries.On July 16, Naver announced the launch of the open beta for its new fulfillment solution, 'N Delivery by Naver' (FBN·Fulfillment by Naver). This expansion will broaden the existing N Delivery services, which previously focused on same-day and next-day deliveries, to include early morning and Sunday options, with a wider range of available products expected.Sellers using 'N Delivery FBN' will not need to contract with separate logistics companies or integrate systems, as they can access fulfillment services directly through Naver. This allows for streamlined management of the entire logistics process, from inventory management to shipping and returns, all within a single system, enhancing operational efficiency.Naver anticipates that this will lower logistics operating costs and management burdens for sellers, particularly benefiting small-scale vendors who may lack logistics experience or expertise.The range of products available for N Delivery will also increase. Consumers will be able to order a variety of items from smart stores, including daily necessities, fresh foods, health products, and children's goods. Products from sellers utilizing 'N Delivery FBN' will support early morning and Sunday deliveries as well.The return process will also be simplified. Starting in August, items from 'N Delivery FBN' will be automatically collected by dedicated courier services, with inspections and return processing handled at a dedicated integrated return center. This will reduce the need for users to select collection methods or return addresses as required in the past.Naver plans to combine its logistics platform operating experience, data analysis capabilities, and the expertise of its Naver Fulfillment Alliance (NFA) logistics partners to provide more accurate and reliable delivery services in the future.* This article has been translated by AI. 2026-07-16 09:16:00
  • Bank of Korea Governor Signals Possible Rate Hike Amid Market Speculation
    Bank of Korea Governor Signals Possible Rate Hike Amid Market Speculation As speculation grows regarding a potential interest rate hike by the Bank of Korea, Governor Shin Hyun-sung made his second appearance at the Monetary Policy Committee (MPC) meeting on July 16 since taking office. Attendees were keenly observing the governor's expressions, attire, and remarks, anticipating whether the bank would resume tightening for the first time in three and a half years.Governor Shin entered the MPC meeting room at the Bank of Korea headquarters in Jung-gu, Seoul, at around 8:59 a.m., dressed in a dark navy jacket and a patterned maroon tie. He then asked, "Shall we strike the gavel once?" before tapping the gavel three times and requesting the press to leave.Traditionally, the color of the governor's tie has been interpreted as a signal regarding the direction of interest rate decisions. In the past, red ties have been associated with interest rate hikes, while blue ties have suggested cuts or freezes. Some analysts interpreted Shin's choice of a red tie as an indication of expectations for a rate increase.MPC members began arriving early, with member Kim Jin-il being the first to appear at 8:49 a.m., followed by members Jang Yong-seong, Yoo Sang-dae, Kim Jong-hwa, Lee Soo-hyung, and Hwang Geon-il. Most committee members were seen wearing blue ties.Market expectations suggest that the Bank of Korea will raise the current interest rate from 2.50% to 2.75%, an increase of 0.25 percentage points. A survey conducted by Aju Economy among nine domestic macroeconomic and bond experts indicated that all respondents anticipated a rate hike. If this forecast is realized, it would mark the first tightening since January 2023.Earlier, Governor Shin stated at a press conference following the May MPC meeting that "the path ahead is relatively clear" and emphasized the need to raise the interest rate at an appropriate time. At that time, a dot plot indicating MPC members' projections for the interest rate six months ahead showed that 19 out of 21 dots were above the then-current rate of 2.50%, suggesting the possibility of further increases.In May, the won-dollar exchange rate fluctuated in the 1,500 range, but it has recently dropped to the 1,480 range due to expectations surrounding SK Hynix's American Depositary Receipts (ADRs) and a reduction in foreign stock selling pressure.However, the impact of the ongoing conflict in the Middle East has kept consumer price inflation rates elevated, with the last two months recording rates above 3%. Strong exports, particularly in semiconductors, have raised the possibility of the Bank of Korea revising its annual GDP growth forecast of 2.6% upward. The government also presented a growth forecast of 3.0% in its economic growth strategy for the second half of the year, announced on July 14.The rising household debt levels also support the case for a rate hike. As of the end of last month, the balance of household loans from deposit banks, including policy mortgage loans, increased by 7.6 trillion won compared to the previous month, marking the largest increase in nearly 22 months since August 2024.The Bank of Korea is expected to announce its interest rate decision around 10 a.m. The monetary policy direction briefing scheduled for 11:10 a.m. will provide insights into the MPC's assessment of recent economic conditions and future monetary policy direction.* This article has been translated by AI. 2026-07-16 09:16:00