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HMM Dominates California Orange Imports for Fourth Consecutive Year HMM has been the leading transporter of California oranges to South Korea for the fourth consecutive year.On July 15, HMM announced that it transported 3,060 TEUs of California oranges, accounting for 42% of the total imports to Korea this year, according to data from the U.S. shipping research firm JOC's Pierce Data.After first achieving the top position in 2023 with 2,380 TEUs, representing a 25% market share, HMM has maintained its lead. The company attributed its steady market share growth to reliable container supply and efficient vessel scheduling, even as overall orange import volumes have declined.Fresh cargo like oranges is transported using reefer containers, which have refrigeration and freezing capabilities. These high-value goods require careful management to maintain freshness during long sea transport.HMM is also focusing on expanding into new markets by leveraging its competitive edge in reefer container transport. The company is now safely transporting high-value goods, such as cherries from Washington, which were previously imported mainly by air, to meet domestic demand.Additionally, HMM is shipping K-food and K-cosmetics products, which have seen increased exports due to the K-culture wave, using reefer containers to various international destinations.Recently, HMM has utilized its newly established West Africa feeder network, based on a Hub & Spoke strategy, to transport domestic small mackerel exports.An HMM official stated, "As reefer container transport technology advances, the variety of handled items is increasing, and the pace of market changes is accelerating. We aim to expand into new high-value markets to enhance profitability."* This article has been translated by AI. 2026-07-15 09:24:00 -
Ecopro BM Shares Rise Over 7% Following Financial Supervisory Service's Correction Request Ecopro BM shares surged more than 7% in early trading following a request from the Financial Supervisory Service (FSS) to correct its securities registration statement related to a capital increase.As of 9:07 a.m. on July 15, Ecopro BM was trading at 121,200 won, up 8,600 won (7.64%) from the previous trading day, according to the Korea Exchange.The rise in share price is attributed to the FSS's request made after the market closed the previous day, citing that the registration statement for the 1.2 trillion won capital increase lacked sufficient details and clarity, potentially hindering investors' ability to make informed decisions.Following the announcement of the capital increase plan on June 30, Ecopro BM's stock price had previously experienced significant declines, dropping 7.77% and 6.88% on the announcement day and the following day, respectively, marking eight consecutive days of losses.The correction request has suspended the effectiveness of the securities registration statement. If Ecopro BM does not submit a corrected statement within three months, the original statement will be considered withdrawn. This raises the possibility of changes to the subscription schedule originally set for October.Ecopro BM plans to use the funds raised through the capital increase, which will be conducted through a rights offering followed by a public offering of any unsubscribed shares, for acquiring securities of other companies (915 billion won), facility investments (150 billion won), and operational funds (135 billion won).* This article has been translated by AI. 2026-07-15 09:24:00
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HLB Resolves Key Issues for U.S. Approval of Liver Cancer Drug HLB announced that it has addressed many of the key issues that led to the U.S. approval delay of its liver cancer drug.On July 14, HLB reported that its U.S. subsidiary, Elevate Therapeutics, received a letter from its partner, Anhui Zhifei Longcom Biopharmaceutical, confirming the completion of the FDA's cGMP inspection of the raw material manufacturing facility for riboceranib. According to HLB, the FDA classified the inspection results as a Voluntary Action Indicated (VAI).The letter reportedly stated that the VAI classification does not affect the FDA's evaluation of the ongoing approval application associated with the manufacturing facility.Previously, the FDA had cited the results of the cGMP inspection at the Anhui Zhifei Longcom site as a reason for issuing a Complete Response Letter (CRL) regarding the liver cancer drug. Elevate plans to conduct a more expedited official inquiry with the FDA, in addition to a Type A meeting.It is also reported that Form 483 for the finished drug manufacturing facility included similar issues as those found at the raw material manufacturing facility. Anhui Zhifei Longcom is expected to submit a response and corrective and preventive action (CAPA) plan to the FDA by July 24 (U.S. time).A company official stated, "The FDA has concluded its review of the supplemental requirements related to camrelizumab without any special issues in the last CRL. With the cGMP inspection of the raw material manufacturing facility now classified as VAI, we believe that most of the key issues that affected the approval process have been resolved." The official added, "We will work quickly with the FDA to resume the new drug approval process as soon as possible." In 2023, HLB applied for FDA approval of riboceranib in combination with Anhui Zhifei Longcom's immuno-oncology drug, camrelizumab, as a first-line treatment for liver cancer. However, in 2024, Anhui Zhifei Longcom received a CRL from the FDA, leading to the denial of approval. A second application was also rejected last year due to issues related to sterilization procedures.* This article has been translated by AI. 2026-07-15 09:20:00
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Free Flights for Kids with Adult Ticket Purchase This Summer This summer, families planning overseas trips with children have some good news. Amid rising costs due to inflation, a remarkable airfare promotion is being offered for budget-friendly vacations.On July 15, the Hong Kong Tourism Board announced a family travel promotion in collaboration with Cathay Pacific Airlines, targeting the peak summer vacation season. This initiative aims to alleviate the financial burden on households caused by recent increases in airfare and accommodation rates, while also boosting tourism to the popular short-haul destination of Hong Kong.◆ Free Airfare for One Child with Purchase of Two Adult TicketsThe promotion runs from July 15 to August 31 and applies to flights to Hong Kong departing before September 15.During this period, customers who purchase two round-trip adult tickets on Cathay Pacific's official website will receive the airfare for one accompanying child aged 12 or younger (valued at approximately 250,000 won) completely free of charge. This offer is available to the first 300 customers, with taxes and fuel surcharges applied separately.Even if the free tickets run out, additional benefits will still be available. The next 700 customers will receive a 50,000 won discount on children's tickets, along with a complimentary Airport Express (AEL) transport pass. This event, limited to 1,000 participants, may close early due to limited availability.◆ Competitive Airfares in August with Abundant Local FestivalsRecently, flights to Hong Kong have maintained relatively stable prices, making it an attractive short-haul travel destination once again. According to airfare comparison platform Skyscanner, as of August 10, fares for Cathay Pacific start at around 400,000 won, while Hong Kong Express offers tickets from approximately 300,000 won. The Hong Kong Tourism Board aims to maximize the appeal to family travelers by combining these competitive prices with the free child airfare promotion.Additionally, there are plenty of summer perks to enjoy in Hong Kong. The Hong Kong Tourism Board is hosting a large-scale shopping and tourism festival called 'Hong Kong Summer Fun' in collaboration with 9,000 stores across the city, running until August 31.During the festival, travelers can take advantage of various summer-exclusive benefits across major tourist attractions, dining, transportation, and shopping. Furthermore, in partnership with Alipay Plus, scanning QR codes in major shopping malls will randomly reward customers with up to 500 Hong Kong dollars, while over 150 stores will offer individual discounts and gifts.A representative from the Hong Kong Tourism Board stated, "We have prepared practical discount benefits that connect the ticket purchase stage to local travel itineraries. We hope families can enjoy a reasonable and fulfilling trip to Hong Kong this summer without financial burdens."Details regarding the promotion conditions and booking methods can be found on the official Cathay Pacific website.* This article has been translated by AI. 2026-07-15 09:16:00
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SK Hynix Shares Surge Over 9% Amid Supply Shortage and AI Investment Boost SK Hynix shares surged more than 9% in early trading. This increase follows a more than 27% jump in the company's American Depositary Receipts (ADRs) on the U.S. stock market, driven by heightened investment in artificial intelligence and expectations of a memory supply shortage, which have boosted investor sentiment. As of 9:08 a.m. on July 15, SK Hynix was trading at 2,089,000 won, up 176,000 won (9.20%) from the previous trading day. U.S. markets rose overnight as concerns over interest rate hikes eased due to slowing inflation. The Dow Jones Industrial Average gained 0.02%, the S&P 500 rose 0.38%, and the Nasdaq Composite increased by 0.90%. The Consumer Price Index (CPI) for June in the U.S. rose 3.5% year-over-year, falling short of market expectations of 3.8%. Month-over-month, it dropped by 0.4%, marking the largest decline since April 2020. This alleviated inflation concerns, leading to a decrease in the probability of a rate hike by the Federal Open Market Committee (FOMC) this month from 42% to 17%. Semiconductor stocks led the market rally, with the Philadelphia Semiconductor Index rising 2.54%. SK Hynix ADRs soared by 27.29%. Micron and SanDisk also saw increases of 4.9% and 5.0%, respectively, boosting overall investor sentiment in the memory sector. In South Korea, positive forecasts from the securities industry continued. KB Securities maintained a target price of 4.2 million won and a 'buy' rating for SK Hynix. Analyst Kim Dong-won projected that the memory supply shortage would persist at least until 2028, driven by increased investment in AI data centers, stating, "The recent drop in stock prices is a correction due to weakened investor sentiment, presenting a buying opportunity."* This article has been translated by AI. 2026-07-15 09:16:00
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June Employment Rises by 63,000, Manufacturing and Youth Job Market Remain Weak Last month, the number of employed individuals increased for the first time in two months, but it still fell short of the 100,000 mark. Weakness in the manufacturing sector and among young job seekers continues, indicating that the employment market remains under pressure.According to the National Data Agency's 'June 2026 Employment Trends' report released on July 15, the number of employed individuals rose by 63,000 compared to the same month last year, reaching 29,154,000, marking a rebound after two months of decline.However, the increase in employment has not returned to the levels seen earlier this year. Previously, employment numbers showed increases of 100,000 to 200,000 in the first quarter, but the growth slowed to 74,000 in April and then shifted to a decrease of 40,000 in May.The employment rate for those aged 15 to 64, as defined by the Organization for Economic Cooperation and Development (OECD), stands at 70.2%, a 0.1% decrease from the same month last year, while the unemployment rate remains unchanged at 2.8% compared to June of last year.Despite the increase in employment, the overall employment rate has declined. Bin Hyun-jun, head of the Social Statistics Bureau at the National Data Agency, noted, "While the number of employed individuals has turned upward, the increase is not significant compared to the overall population growth for those aged 15 and older, leading to a drop in the employment rate."He added, "In June, the signing of a memorandum of understanding (MOU) for peace between the U.S. and Iran alleviated some uncertainties, which likely contributed to job growth in certain sectors. However, it is difficult to predict whether this trend will continue in the future."By industry, the manufacturing, agriculture, forestry, and construction sectors showed notable declines. Employment in manufacturing decreased by 97,000 (-2.2%) compared to the same period last year, marking the 26th consecutive month of decline. Agriculture and forestry saw a drop of 95,000 (-6.4%), while construction employment fell by 67,000 (-3.4%).Bin stated, "Although exports are strong, they are primarily driven by semiconductors, which tend to have a lower job creation effect compared to other manufacturing sectors, resulting in a relatively minor impact on overall employment."The youth job market remains challenging. Employment figures for those aged 15 to 29 show a decrease of 197,000 compared to the same month last year. In contrast, employment for those aged 60 and older increased by 211,000, and those in their 30s saw an increase of 65,000.The youth employment rate has dropped by 1.7 percentage points to 43.9%, continuing a downward trend for 26 consecutive months. The unemployment rate for this age group is now at 7.0%, an increase of 0.9 percentage points over the past year, marking the largest rise since March of last year.Additionally, the number of self-employed individuals without employees, referred to as 'solo entrepreneurs,' has also increased, with 72,000 more such workers reported, continuing a trend that has persisted for three months.The total number of unemployed individuals has risen by 10,000 compared to the same month last year, reaching 834,000. The economically inactive population has increased by 181,000 to 16,009,000, with the number of individuals who are resting also rising by 5,000.* This article has been translated by AI. 2026-07-15 09:12:00
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South Korean Company in Trade Dispute Pays $2 Million to Trump Organization A South Korean company embroiled in a trade dispute with the U.S. government has reportedly paid $2 million to the Trump Organization, a family business of President Donald Trump.According to a report by The New York Times on July 14, recent disclosures from Trump's financial filings indicate that the Base Group made the payment to the Trump Organization last year. The Trump Organization classified the payment as part of a 'letter of intent' and 'non-refundable development fees,' though specific details about the business arrangement were not disclosed.The Times noted that the Base Group has built a relationship with the Trump family over the past decade. In February, Eric Trump, the president's second son and executive vice president of the Trump Organization, was invited to the company's headquarters in Seoul. Additionally, a subsidiary of the Base Group, Geumyang International, imports and sells wines from Trump Winery in South Korea.Another subsidiary, KAMU E&C, appears to have established ties with the Trump Organization through real estate development projects. During his visit to South Korea last year, Eric Trump also toured a golf course site that was being considered for a hotel and entertainment complex.Notably, the Base Group's affiliate is currently involved in a trade dispute with the U.S. government. Korea Aluminum, a subsidiary of KAMU E&C, sells aluminum foil products used in prescription drug packaging and ice cream cone containers to the U.S. The company is under investigation by the U.S. Department of Commerce for allegedly processing and rerouting Chinese aluminum for export to the U.S.The domestic industry, including Korea Aluminum, has pushed back against the allegations, and a final determination from the Commerce Department has yet to be made.The Base Group stated that the $2 million payment to the Trump Organization is related to undisclosed golf course business expenses and is unrelated to the aluminum export dispute.Alan Garten, the Trump Organization's chief legal officer, also refuted claims that the transaction was made for reasons other than legitimate business considerations, calling such assertions 'completely false.'* This article has been translated by AI. 2026-07-15 09:08:00
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KOSPI Recovers Above 7000 Mark Driven by Semiconductor Stocks; SK Hynix Surges 10% The KOSPI opened higher, recovering above the 7000 mark, buoyed by strong performance in large-cap semiconductor stocks. The index is showing a rebound as buying pressure increases following recent sharp declines.As of 9:02 a.m. on July 15, the KOSPI was up 238.09 points (3.47%) at 7094.92 compared to the previous trading day. In the securities market, individuals sold a net 95.6 billion won, while foreign investors purchased a net 133.6 billion won. Institutions were net sellers of 37 billion won.Most of the top stocks by market capitalization on the KOSPI are rising. The strength in semiconductor stocks is particularly notable, with Samsung Electronics up 6.65%, SK Hynix soaring 10.04%, SK Square rising 11.85%, Samsung Electronics preferred shares increasing 6.70%, and Samsung Electro-Mechanics climbing 9.76%. Other gainers include Hyundai Motor (up 2.36%), LG Energy Solution (up 2.95%), Samsung Life Insurance (up 6.62%), KB Financial Group (up 2.33%), and Samsung Biologics (up 1.75%).The KOSDAQ index is also experiencing a rebound. It recorded an increase of 26.57 points (3.39%) to reach 810.55 compared to the previous trading day. In the KOSDAQ market, individuals bought a net 43.9 billion won, while foreign and institutional investors sold a net 32.6 billion won and 11.7 billion won, respectively.Most of the top stocks by market capitalization on the KOSDAQ are also showing strength. Notable gainers include Alteogen (up 3.94%), EcoPro BM (up 6.22%), EcoPro (up 6.32%), JUSUNG Engineering (up 4.10%), Rainbow Robotics (up 3.37%), Kolon TissueGene (up 4.39%), Wonik IPS (up 3.15%), and Rino Technology (up 3.15%). However, PSK is down 2.75%.Han Ji-young, a researcher at Kiwoom Securities, stated, “Given that the domestic stock market has faced unprecedented adjustments beyond the financial crisis, there is little room for further declines in stock prices or valuations. It is essential to align the market's direction with a recovery path rather than additional adjustments.” 2026-07-15 09:08:00
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Minimum wage set at 10,700 won for next year SEOUL, July 15 (AJP) - Next year's minimum wage in South Korea has been set at 10,700 South Korean won (about US$7) per hour after monthlong negotiations between workers and employers. A 27-member committee, with nine representatives each from workers, employers and government-appointed independent members, held a meeting in the administrative city of Sejong on Tuesday and decided to raise the minimum hourly wage by 3.7 percent from the current 10,320 won to 10,700 won next year. After both sides failed to reach an agreement despite a series of negotiations in recent weeks, the final proposals were put to a vote. The employers' proposal of 10,700 won per hour passed with 15 votes, while the labor side’s proposal of 10,730 won received 11 votes, with one vote invalid. The monthly wage based on the newly set minimum wage will be 2.24 million won for a 40-hour workweek, up 79,420 won from this year. The hike is expected to affect around 2.98 million workers. But both sides remained unsatisfied with the final decision. Labor groups said, "The increase does not even keep pace with rising prices and feels more like a freeze than a raise." The Federation of Korean Trade Unions (FKTU) also called the decision "deeply disappointing," saying it failed to reflect the struggles of low-wage workers and the rising cost of living. The FKTU also expressed regret that its efforts to extend minimum wage coverage to platform workers including delivery workers and riders, had fallen through. It vowed to continue fighting to protect low-wage workers' right to a livelihood. But business groups said the increase would put even more strain on small business owners. The Korea Enterprises Federation (KEF) said in a statement that the minimum wage should have been frozen, citing difficult conditions faced by small and midsized companies and self-employed business owners who can barely afford higher labor costs. 2026-07-15 09:04:39 -
Erdoğan calls July 15 resistance unparalleled in democratic history SEOUL, July 15 (AJP) - Turkish President Recep Tayyip Erdoğan said the popular resistance that defeated the July 15, 2016 coup attempt stands unmatched in the history of world democracy, crediting the nation's willingness to die for its independence with powering Türkiye's rise as a global actor over the past decade. "The Turkish nation's prudence, courage, and foresight on the night of 15 July are also unprecedented in the history of world democracy," Erdoğan said in a written statement marking the 10th anniversary of the failed coup, released Wednesday. The statement comes as Türkiye holds commemorations in all 81 provinces and at its diplomatic missions abroad for Democracy and National Unity Day, the national observance established after the events of 2016. On the night of July 15 that year, a faction within the Turkish military attempted to seize power, bombing the parliament in Ankara and deploying tanks onto the Bosphorus bridge in Istanbul. Erdoğan, speaking by video call on a news anchor's phone, urged citizens into the streets. Crowds surrounded military units and climbed onto tanks, and the coup collapsed before dawn. At least 251 people were killed and more than 2,000 wounded; official commemorations now honor 253 victims, a figure Erdoğan cited in his statement. Ankara attributes the attempt to the network of Fethullah Gülen, a cleric who lived in self-imposed exile in Pennsylvania from 1999 until his death in October 2024 and who denied involvement until the end. The Turkish government designates the network a terrorist organization, calling it the Fethullahist Terrorist Organization, or FETÖ. The years after the coup attempt saw tens of thousands of soldiers, judges, prosecutors, teachers, and civil servants dismissed or detained in one of the largest purges in the republic's history, a crackdown Western governments criticized for its scale. In his statement, Erdoğan described the attempt as "far more than a conventional coup attempt" and called it "an all-out act of invasion directed against our country's independence." He said the resistance of that night underpins Türkiye's current international standing. "If Türkiye is now regarded as a country whose contribution is sought, whose word carries weight, and who is consulted on regional and global matters, behind this success lies the will of our august nation, who stood up for their independence and future at the cost of their lives on the night of 15 July," he said. The president pointed to the decade's gains in the defense, aviation, and space industries under the National Technology Move, naming the TOGG electric car, the KAAN fighter jet, national corvettes, and Turkish drones among the country's globally recognized products. Erdoğan also warned that FETÖ remains active despite what he described as an accelerating internal disintegration of its overseas network over the past two years, and accused unnamed countries of covertly supporting the organization and harboring its members. "Our primary expectation from the global community is to support Türkiye's legitimate struggle," he said. "Global peace, security, and prosperity can only be achieved through a resolute and uncompromising fight against terrorist organisations without any distinction and through sincere cooperation." The full text of the statement follows. "Resistance of 15 July is unparalleled in the history of world democracy" One of the most brutal coup attempts in Türkiye's political history took place exactly ten years ago, on 15 July 2016. Orchestrated by a terrorist network that had insidiously infiltrated the institutions of our state, this coup attempt sought to plunge Türkiye into years of chaos and subjugate the future of our nation. By standing up for their independence and future to confront the coup plotters, our august nation asserted to the entire world through their heroic resistance that the will of the people can never be subjugated on these lands. Undoubtedly, the Turkish nation's prudence, courage, and foresight on the night of 15 July are also unprecedented in the history of world democracy. This treacherous insurrection by the Fetullahist Terrorist Organisation (FETO) was far more than a conventional coup attempt; it was an all-out act of invasion directed against our country's independence. The primary targets of the putschists were the emblematic institutions that embody the national will and our nation's independence, namely the Presidential Complex and the Grand National Assembly of Türkiye. On the night of 15 July, I underlined in my public statement that I had never recognised any power greater than that of the people. I made that statement in full confidence that the Turkish nation would stand firm in defence of its own will. Indeed, that very night, our people took to the streets with unwavering faith and determination, refusing to submit to the domination of this terrorist organisation. Risking their lives to defend the independence of their country, its democratic achievements, and its free will, our nation repelled the putschists and inscribed an epic of national will that shall be remembered with pride for generations to come. Inspired by the brave stance of our nation, we acted swiftly to eliminate any negative consequences of this treacherous insurrection. We promptly introduced comprehensive structural reforms to eliminate from all state institutions any anti-democratic formations that could threaten democratic governance through extra-political means. We subsequently attained critical achievements through operations conducted both at home and abroad as part of our strategy to eliminate the other terrorist organisations we have been combating. Ultimately, we launched the Terror-Free Türkiye initiative, marking a new chapter in our nation's story of unity and solidarity. This process, one of the essential cornerstones of our 'Century of Türkiye' vision, is, praise be to Allah, advancing firmly towards its destination with an all-encompassing and inclusive approach through the diligence of our security forces and the support of the political establishment. I believe the success of the 'Terror-free Türkiye' process will contribute not only to the peace and tranquillity of our country but also to that of our region. As a result of our struggle against those who attempted this coup and also targeted our country's economic prosperity and development, we have taken significant steps towards a more prosperous future through the projects we have launched in sectors such as energy, transport, healthcare, agriculture, technology, and defence. With the National Technology Move, we have made significant strides in the defence, aviation, and space industries over the past decade. We have developed electric and smart transport systems, and through substantial investment in the health and agriculture sectors, we have strived to live up to the sacrifices of our people. During this process, we have also developed our brand products, which have gained worldwide recognition. Among these, our electric automobile, the TOGG; our national fighter aircraft, the KAAN; our national corvettes; and our unmanned aerial vehicles are the first that spring to mind. On the other hand, over the past 10 years, Türkiye has emerged as an effective actor in the resolution of crises and conflicts at both regional and global levels, guided by an enterprising foreign policy approach. In all crisis regions, we have not hesitated to assume responsibility for maintaining peace and tranquillity by supporting the oppressed and the righteous, rather than the powerful. Wherever there is oppression or injustice, we have been the voice of international law, justice, and conscience. If Türkiye is now regarded as a country whose contribution is sought, whose word carries weight, and who is consulted on regional and global matters, behind this success lies the will of our august nation, who stood up for their independence and future at the cost of their lives on the night of 15 July. The fight against terrorism, in which international cooperation is essential, retains its prominent place on our foreign policy agenda. As is well known, the process of internal disintegration within FETO's overseas network has accelerated over the past two years. That said, we are aware that some countries are covertly providing support to this organisation and are harbouring its members. I would like to take this opportunity to underscore the necessity of maintaining vigilance against FETO, which considers all means permissible to achieve its ambitions, adopts every possible guise, and does not hesitate to exploit every concept, including democracy, freedom, and human rights. As a nation that saw 253 of its sons and daughters martyred by the putschists on the night of 15 July, our primary expectation from the global community is to support Türkiye's legitimate struggle. Global peace, security, and prosperity can only be achieved through a resolute and uncompromising fight against terrorist organisations without any distinction and through sincere cooperation. Recep Tayyip ERDOĞAN President of the Republic of Türkiye 2026-07-15 09:00:00