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  • BOK delivers its first hike since January 2023
    BOK delivers its first hike since January 2023 SEOUL, July 16 (AJP) - As widely expected, the Bank of Korea (BOK) on Thursday bumped up its benchmark interest rate by 25 basis points to 2.75 percent for the first time in three and a half years to contain imported price pressure and feverish leveraged investment. A combination of factors shifted the central bank toward a tightening bias after it had kept the policy rate unchanged since cutting it to 2.50 percent in May last year. Consumer prices rose 3.2 percent from a year earlier in June, remaining above 3 percent for the second consecutive month and drifting further away from the central bank's 2 percent target. The BOK has warned inflation will remain elevated throughout the second half of the year. The government, in its revised economic outlook, raised its growth forecast for this year to 3.0 percent from 2.0 percent on stronger-than-expected expansion driven by an unexpected boom in semiconductor demand. Korea's economy grew 1.8 percent quarter on quarter and 3.8 percent year on year in the first quarter. Outstanding personal credit loans at Korea's five largest banks rose from 108.67 trillion won at the end of June to 110.06 trillion won as of July 14, an increase of 1.39 trillion won despite tighter lending rules as the stock market turned red-hot. The hike marked the BOK's first rate increase since January 2023, when it raised the policy rate from 3.25 percent to 3.50 percent amid post-pandemic inflationary pressure. All 10 economists surveyed by AJP had forecast a quarter-point increase at the July meeting, with nine expecting the policy rate to rise once more to 3.00 percent by the end of the year. 2026-07-16 09:52:07
  • Dongyang Life Insurance Clears Final Hurdle for Integration with Woori Financial
    Dongyang Life Insurance Clears Final Hurdle for Integration with Woori Financial Dongyang Life Insurance has resolved the last uncertainty surrounding its complete integration into Woori Financial Group. Despite conflicts arising from minority shareholders regarding the stock exchange ratio and buyout price, the Financial Supervisory Service (FSS) has recognized the validity of the amended securities registration statement, allowing the stock exchange process to proceed as scheduled next month.According to the FSS electronic disclosure system on July 16, the amended securities registration statement related to the comprehensive stock exchange submitted by Woori Financial Holdings on July 6 has taken effect. The FSS did not request any further amendments, resulting in the statement becoming effective just ten days after its resubmission.Previously, on June 26, the FSS had required Woori Financial to submit an amended registration statement, citing omissions or unclear information in the initial filing. Consequently, the effectiveness of the original statement was suspended, prompting Woori Financial to supplement the relevant details and resubmit on July 6.During the amendment process, the fairness of the exchange conditions raised by minority shareholders became a central issue. Shareholders argued that the exchange ratio of 0.2521056 shares of Woori Financial for each share of Dongyang Life did not adequately reflect the company's value. They contended that the exchange price applied to general shareholders was lower than the price for major shareholders, and the impact of Woori Financial's share buyback was not considered in the exchange ratio calculation.Woori Financial maintained that the stock exchange ratio was determined in accordance with relevant laws and was deemed appropriate by external accounting firms. However, in response to minority shareholder concerns, the buyout price was increased from 8,505 won to 9,356 won, reflecting a nearly 10% rise in the amended securities registration statement.During the review of the amended registration statement, the FSS examined whether sufficient explanations were provided regarding the basis for the exchange ratio and the revised buyout price, as raised in meetings with minority shareholders.Dongyang Life is set to hold an extraordinary general meeting on July 24 to vote on the comprehensive stock exchange proposal. Woori Financial, which has opted for a small-scale stock exchange method, plans to approve the related agenda at a board meeting on the same day.The period for Dongyang Life shareholders to exercise their buyout rights will be from July 24 to August 3. The stock exchange is scheduled for August 11, and once completed, Dongyang Life will become a wholly-owned subsidiary of Woori Financial. Following this, Woori Financial will proceed with the issuance of new shares and the delisting process for Dongyang Life.* This article has been translated by AI. 2026-07-16 09:52:00
  • U.S. Inflation Eases, Dollar Weakens as Exchange Rate Drops to 1480 Won
    U.S. Inflation Eases, Dollar Weakens as Exchange Rate Drops to 1480 Won The exchange rate between the South Korean won and the U.S. dollar has fallen to the low 1480s as concerns over U.S. inflation ease and upward pressure on the dollar diminishes.On July 16, the exchange rate in the Seoul foreign exchange market was 1484.0 won per dollar. As of 6 a.m. that day, the rate had decreased by 6.00 won from the previous day's closing price of 1487.00 won.The decline in the dollar is attributed to a lower-than-expected increase in the U.S. Consumer Price Index (CPI) and a drop in the Producer Price Index (PPI), which has alleviated inflation concerns.The U.S. Department of Labor reported that the PPI fell by 0.3% in June, falling short of the expert forecast of a 6.2% increase. This marks the first month-on-month decline since August of last year, when it dropped by 0.2%.As a result, U.S. stock markets also saw gains. The Dow Jones Industrial Average closed up 150.37 points (0.29%) at 52,658.64. The S&P 500 rose by 28.81 points (0.38%) to finish at 7,572.40, while the Nasdaq Composite increased by 162.22 points (0.62%) to close at 26,269.23.The dollar index, which measures the dollar's value against six major currencies, fell by 0.415% to 100.515.International oil prices continued to rise amid tensions over shipping rights in the Strait of Hormuz between the U.S. and Iran. September Brent crude futures increased by 0.26% to $84.95 per barrel, while August West Texas Intermediate (WTI) crude futures rose by 0.33% to $79.60.In the domestic stock market, foreign investors are showing a selling trend. After recording net purchases the previous day, foreign investors sold a net 546.1 billion won in the early trading session of the securities market.The exchange rate is expected to decline further due to the dollar's weakness. Min Kyung-won, an economist at Woori Bank, stated, "We anticipate a drop in the exchange rate amid the dollar's weakening trend due to expectations of peaking inflation."He added, "Expectations for additional interest rate hikes by the U.S. Federal Reserve have weakened, and the pressure from a strong dollar has also eased. A more significant factor is the alleviation of regional supply and demand imbalances, which, combined with foreign capital outflows and export companies' negotiations, will likely exert downward pressure on the exchange rate."* This article has been translated by AI. 2026-07-16 09:48:00
  • Genesis Extends Marilyn Monroe Exhibition in New York Until September
    Genesis Extends Marilyn Monroe Exhibition in New York Until September Genesis has announced that its special exhibition on Marilyn Monroe in New York will be extended until September due to positive responses from local visitors and the arts community.On July 16, Genesis revealed that the 'Manifesting Marilyn' exhibition at Genesis House New York in Manhattan will run for an additional month.This exhibition was organized to commemorate the 100th anniversary of Marilyn Monroe's birth. It reinterprets Monroe not just as a Hollywood star but as a figure of challenge, innovation, and self-realization. The exhibition was planned in collaboration with Authentic Brands Group, which holds the Marilyn Monroe estate.Local cultural and marketing media have also given positive reviews of the exhibition. DesignRush, a U.S. brand and marketing publication, stated, "It accomplished what previous retrospectives could not," and convincingly showcased that Monroe was someone who designed her own image.The exhibition has attracted significant visitor engagement. According to Genesis House New York, areas such as 'Marilyn's Office,' which introduces Monroe's personal library and reading habits, and 'New Beginnings Hall,' where visitors can leave their own messages, have garnered considerable interest.In particular, over 10,000 visitors participated in 'New Beginnings Hall' by leaving messages on an interactive screen. Social media content related to the exhibition recorded over 15 million impressions in June, the first month of its opening, indicating continued online interest.Genesis emphasizes that this special exhibition goes beyond a mere display, aiming to convey its brand philosophy through cultural content. The exhibition is designed to allow visitors to experience Monroe's life from a new perspective through storytelling and immersive content, rather than overtly showcasing the brand.Joe McHugh, head of Genesis House New York, stated, "Genesis House has built trust by focusing on culture rather than the brand itself, and our goal is to develop into a space where the cultural community can participate and interact."A Genesis representative added, "We will continue to expand brand experiences that provide global customers with new perspectives and inspiration through various cultural and artistic content."Genesis House New York, which opened in 2021, is a brand cultural complex that showcases a variety of cultural content, including exhibitions, performances, and culinary experiences, establishing itself as a prominent cultural space in New York. The 'Manifesting Marilyn' exhibition is free for anyone to visit without prior reservation or admission fees.* This article has been translated by AI. 2026-07-16 09:44:00
  • Daegu Department Store Shares Surge on Major Shareholder Change
    Daegu Department Store Shares Surge on Major Shareholder Change Daegu Department Store shares have surged following news of a change in its major shareholder and management rights sale. As of 9:36 a.m. on July 16, the Korea Exchange reported that Daegu Department Store's stock rose by 320 won (5.78%) to 5,860 won. The stock price initially climbed to 6,720 won, marking a 21.30% increase early in the trading session. The announcement of the sale of the major shareholder's stake has reportedly boosted investor sentiment. The anticipated changes in management and expectations for business restructuring and enhanced corporate value appear to be reflected in the stock price. In a pre-opening disclosure, Daegu Department Store announced that its largest shareholder, Chairman Gu Jeong-mo, along with six related parties, has signed a stock purchase agreement (SPA) to transfer 2,795,743 common shares (25.82% stake) to SeGyeong Invest and Aram Korea. The total sale price is approximately 22.4 billion won, with a per-share sale price of 8,000 won. This reflects a management premium of about 44.4% compared to the previous day's closing price of 5,540 won. The buyers have paid a deposit of 1 billion won and are expected to make subsequent payments on July 24 and August 14. Once the final payment is made, the remaining shares will be transferred. The expected transaction completion date is August 25, with a special shareholders' meeting scheduled for August 26 to finalize the change in major shareholders.* This article has been translated by AI. 2026-07-16 09:44:00
  • 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