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  • Hanmi Semiconductor Surges 26% After Strong Q2 Earnings Driven by HBM Demand
    Hanmi Semiconductor Surges 26% After Strong Q2 Earnings Driven by HBM Demand Hanmi Semiconductor's stock surged over 26% in early trading after the company reported second-quarter earnings that exceeded market expectations. The firm achieved its highest quarterly revenue to date, with an operating profit margin surpassing 50% for the first time, boosting investor sentiment.As of 10:29 a.m. on July 15, Hanmi Semiconductor shares were trading at 263,000 won, up 55,500 won (26.75%) from the previous day, according to the Korea Exchange.The company's strong performance, announced the previous day, is credited with driving the stock's rise. Hanmi Semiconductor reported consolidated revenue of 251.1 billion won for the second quarter, a 39.5% increase from the same period last year, marking its highest quarterly performance since its establishment. Operating profit reached 130.3 billion won, a 51.0% increase, surpassing market consensus of 121.0 billion won by about 8%, with an operating profit margin of 51.9%, exceeding 50% for the first time on a quarterly basis.The company attributed its improved performance to increased sales of TC bonders and micro-vision placement (MSVP) equipment for high-bandwidth memory (HBM), driven by expanded investments in artificial intelligence (AI) and ongoing capital expenditures by global semiconductor manufacturers.Additionally, positive sentiment from the U.S. market contributed to the recovery in investor confidence. The U.S. Consumer Price Index (CPI) for June, released on July 14 (local time), came in below market expectations, easing interest rate concerns. This led to increased buying activity in AI and semiconductor-related stocks on the New York Stock Exchange, which in turn boosted sentiment for domestic semiconductor equipment stocks, including Hanmi Semiconductor.* This article has been translated by AI. 2026-07-15 10:36:00
  • Korean National Tax Service Launches 10,000-Strong Delinquency Management Team to Track 130 Trillion Won
    Korean National Tax Service Launches 10,000-Strong Delinquency Management Team to Track 130 Trillion Won The National Tax Service (NTS) is mobilizing a 10,000-member delinquency management team to verify the status of 130 trillion won in tax delinquencies. The agency aims to enhance the efficiency of national revenue management by establishing an integrated collection system for non-tax revenue, thereby preventing financial leaks.On July 15, during a departmental report meeting hosted by President Lee Jae-myung at the Blue House, the NTS presented its key initiatives for the second half of the year.The five main initiatives include: integrated collection of non-tax revenue, innovation in delinquency management, establishment of tax justice, inclusive support for livelihoods, and a major transition to artificial intelligence (AI) in tax administration.To evolve from a tax collection agency to an integrated revenue management institution, the NTS is pushing for the consolidation of non-tax revenue delinquency collection systems. Currently, non-tax revenue delinquencies are managed separately by various ministries under over 300 laws. The NTS plans to centralize this management to improve efficiency in revenue oversight.To achieve this, the NTS aims to implement the integrated collection of non-tax revenue by 2027, accelerating the establishment of a solid operational foundation. The agency has signed memorandums of understanding with 17 ministries, including the National Police Agency and the Fair Trade Commission, to build a database of delinquent taxpayers based on the information gathered.An integrated management system will also be launched to link delinquency notifications and information from all ministries in real-time with the tax administration system. The NTS plans to expand dedicated organizations and personnel to consolidate non-tax revenue collection and prevent financial leaks.The delinquency management team will see significant expansion. In addition to the 500 members launched in March, the NTS will hire an additional 9,500 members for the tax and non-tax revenue delinquency management teams, deploying them across 133 tax offices nationwide. This initiative aims to establish a verification system for the 130 trillion won in delinquencies.Through the operation of the delinquency management team, the NTS expects to achieve tax justice, secure finances, create productive jobs, streamline delinquency management, and identify welfare beneficiaries. Among the 5,500 new hires from the first recruitment round, 41.8% are in their 20s and 30s.These personnel will conduct tailored verification based on the type and scale of delinquency, utilizing methods such as phone consultations or on-site checks with tax officials. Malicious high-value delinquents will be referred for investigation, while those facing financial difficulties will be connected to welfare support.The NTS will also strengthen its response to tax evasion to establish tax justice. The agency plans to focus on investigating tax evasion that exacerbates price instability, such as price collusion and hoarding, as well as unfair tax evasion that disrupts capital market order, including stock manipulation and tunneling, and offshore tax evasion that leads to national wealth outflow.Actions will be taken against corporate misuse of funds, such as using corporate-owned luxury homes or supercars as personal assets. The NTS will analyze reports submitted to the real estate tax evasion reporting center to address issues like circumventing loan regulations for property acquisition, irregular transactions following the reintroduction of multi-home taxation, and misuse of business loans.To support livelihoods, the NTS will provide liquidity assistance to struggling businesses and small enterprises affected by high exchange rates and fuel prices, including extending payment deadlines and expediting refunds. Additionally, the suspension of tax audits for small businesses with sales under 1 billion won will be extended until the end of the year.The NTS will expand AI integration across all areas of tax administration. Future plans include developing services where AI can automatically prepare tax returns based on inputs like financial statements and basic corporate information, as well as an AI system to automatically detect tax evasion.Im Kwang-hyun, Commissioner of the NTS, stated, “In the past six months, the changes initiated by removing unfair practices and privileges, starting from the voices of the people, have led to results in various fields. In the second half of the year, we will strive to exceed public expectations and support a leap forward for ‘irreplaceable Korea’ through the NTS.”* This article has been translated by AI. 2026-07-15 10:32:00
  • Iran Attacks Oil Shuttle Vessels, Triggering Supply Chain Alarm
    Iran Attacks Oil Shuttle Vessels, Triggering Supply Chain Alarm The shuttle vessels transporting oil through the Strait of Hormuz have become targets of Iranian attacks, raising alarms in the global oil supply chain.According to the Wall Street Journal (WSJ) on July 14, Iran attacked three supertankers operating in the Strait of Hormuz early that morning. Two of these vessels were identified as part of a shuttle fleet that repeatedly travels between Gulf ports and those outside the strait.The WSJ noted that the attack has undermined trust in shuttle operations, which were previously considered relatively safe compared to long-distance voyages.Shuttle vessels load oil from Gulf-producing countries, pass through the Strait of Hormuz, and then unload at ports outside the strait, such as Fujairah in the UAE or Sohar in Oman. From there, tankers from around the world transport the oil to refineries in countries like China and South Korea.Since Iran restricted access to the Strait of Hormuz, only a few shipowners have been willing to risk entering the strait, making shuttle vessels crucial for oil transportation. Their shorter routes reduce turnaround times and maximize the volume of oil exported outside the strait.According to S&P Global Energy, approximately 3.5 million barrels of oil have been transported outside the Strait of Hormuz daily this month through shuttle operations and ship-to-ship transfers. This accounts for about one-third of the daily oil volume exported through the strait.Shuttle operations, which began on a minimal scale in April, have gradually expanded into a large-scale transportation system, helping to mitigate shocks in the energy market. Many vessels have been escorted by the U.S. Navy, and U.S. fighter jets have responded to threats from fast boats.However, concerns are growing that safety cannot be guaranteed even with U.S. protection. Industry sources reported that anxiety among crew members has significantly increased following the death of an Indian sailor.Among the attacked vessels, the 'Mombasa B' was contracted by the UAE's state-owned oil company, Abu Dhabi National Oil Company (ADNOC), and had completed four shuttle operations. The deceased Indian sailor was also aboard this vessel.The 'Mombasa B' is part of a tanker fleet operated by Sinokor, the English name of the South Korean shipping company, Jangkum Shipping. Last year, Jangkum Shipping acquired dozens of tankers with funding from MSC, a global shipping giant, and has since collaborated with ADNOC for operations in the Gulf region.Sources familiar with the situation indicate that executives from Jangkum Shipping and MSC are concerned that the Iranian Revolutionary Guard may continue to target related vessels to disrupt shuttle operations. Reports suggest that at least two captains have recently refused to transit the Strait of Hormuz.Particularly, the use of cruise missiles, which are faster and more destructive than drones, has heightened the risks associated with operations. Cruise missiles provide crew members with relatively little time to respond.There are also concerns that the scope of Iran's attacks is expanding beyond the vicinity of the Strait of Hormuz. The 'Stolt Magnesium,' one of the attacked vessels, was struck about 500 kilometers from the strait in the waters off Oman while carrying Omani chemical products to Malaysia without passing through the Strait of Hormuz.Richard Matthews, head of research at ship brokerage E.A. Gibson, stated, "Both regular strait transits and shuttle operations are now under threat, which is a very serious issue for both the oil and shipping markets."* This article has been translated by AI. 2026-07-15 10:32:00
  • BNK Financial Group Announces Organizational Restructuring for Second Half of 2026
    BNK Financial Group Announces Organizational Restructuring for Second Half of 2026 BNK Financial Group announced on July 15 that it has implemented an organizational restructuring for the second half of 2026.The restructuring focuses on three main areas: strengthening responses to the local economy, localizing environmental, social, and governance (ESG) strategies, and preparing for future finance. The aim is to systematically execute a specialized strategy for the Busan-Ulsan-Gyeongnam (Buul-Gyeong) region and expand productive financial support for key local industries.As part of this effort, the group will establish a 'Buul-Gyeong Economic Research Team' under the BNK Management Research Institute. This team will enhance the group's management strategy by providing in-depth analysis of the region's industrial and economic trends, serving as a think tank.Additionally, a 'Buul-Gyeong ESG Strategy Team' will be created to strengthen the connection between ESG strategies and the local community. The team plans to identify ESG tasks related to local issues and expand ESG activities in collaboration with the community, further solidifying its role as a financial group that promotes regional coexistence.The group will also establish a new system to respond to future finance. An 'AX Task Force' will be created to oversee the implementation of artificial intelligence (AI) initiatives, focusing on AI-driven business innovation and digital transformation. Through a 'Digital Asset Task Force,' the group aims to proactively respond to changes in the financial environment, including payment systems and digital assets, to secure future growth drivers.The bank subsidiaries will also enhance their support for key local industries. Busan Bank and Gyeongnam Bank will each establish an 'Industrial Finance Strategy Team.' This move is significant as it aims to strengthen the financial role in nurturing the local industrial ecosystem beyond simple loan provision. Busan Bank plans to build a financial support system based on regional value chains, focusing on strategic industries such as small modular reactors, defense, aerospace, and eco-friendly shipbuilding.Busan Bank will also create a 'Marine Finance Task Force' to secure specialized personnel in marine finance and expand financing for shipbuilding and marine infrastructure projects. The function of technology evaluation will be transferred to the Innovative Growth Finance Division to enhance investment support for ventures and startups.Gyeongnam Bank will establish a 'Business Succession Support Team' to address the generational transition needs of small and medium-sized enterprises.A BNK Financial Group official stated, "This organizational restructuring aims to concretize the management strategy for the second half of the year and strengthen the core competitiveness of the regional financial group. We will enhance our research capabilities centered on the Buul-Gyeong region, advance our ESG and AX/digital asset response systems, and expand productive finance for regional strategic industries to realize future finance that grows together with the community."* This article has been translated by AI. 2026-07-15 10:32:00
  • Hyundai-SK battery venture starts output at Georgia plant
    Hyundai-SK battery venture starts output at Georgia plant SEOUL, July 15 (AJP) - SK On and Hyundai Motor Group's battery joint venture has begun production at its northwest Georgia plant and started shipping electric-vehicle batteries to the automaker's flagship U.S. factory, local newspaper The Atlanta Journal-Constitution (AJC) reported on Tuesday (local time). The venture, known as Hyundai-SK Battery Manufacturing America (HSBMA), was established in 2023 with a combined $5 billion investment split evenly between the two companies. The plant in Bartow County is said to have entered mass production last month and has begun supplying cells to Hyundai Motor Group Metaplant America in Savannah. Sprawling across about 3 million square meters, the facility currently employs 3,500 workers and is designed for an annual capacity of 35 gigawatt-hours, enough to power roughly 300,000 electric vehicles a year. "HSBMA is in the early stages of production and plans to gradually scale up operations," a company spokesperson told AJC. Georgia extended $641 million in tax breaks and incentives to lure the project. Cells produced at the plant will be assembled into packs by Hyundai Mobis and supplied exclusively to Hyundai, Kia and Genesis EVs built in the United States, the group said when it unveiled the venture in April 2023. SK On already runs a separate battery plant, SK Battery America, elsewhere in the state. A rival joint venture between Hyundai and LG Energy Solution is also under construction near the Metaplant, though work stalled last year after a sweeping U.S. immigration raid led to the mass detention of Korean workers. 2026-07-15 10:26:47
  • South Koreas Finance Ministry Unveils Economic Growth Strategy for Second Half of 2026
    South Korea's Finance Ministry Unveils Economic Growth Strategy for Second Half of 2026 The Ministry of Finance is gearing up to support economic stability, enhance growth momentum, address inequality, and strengthen global competitiveness as it rolls out its economic growth strategy for the second half of 2026. The plan aims to manage inflation within an annual rate of 3% while responding to industrial structural changes driven by artificial intelligence (AI) and green transition (GX), alongside promoting regional balanced development and public finance reforms.During a work report held at the Blue House on July 14, chaired by President Lee Jae-myung, the ministry outlined key initiatives for the second half of the year, including stabilizing the economy, enhancing potential growth rates, addressing inequality, and elevating South Korea's global economic standing. Heo Jang, the Second Vice Minister of Finance, stated, "We will actively support the economic growth strategy for the second half of 2026 to enhance potential growth rates while simultaneously promoting structural innovation and revitalizing the economy for the public."To manage consumer price inflation within 3% for the second half of the year, the government plans to launch the largest-ever discount events for agricultural, livestock, and fishery products, along with emergency imports of fresh eggs and increased supply of seafood to stabilize food prices.Considering international oil prices and supply-demand conditions, the government is also reviewing whether to extend fuel tax reductions and plans to freeze public utility rates, including electricity and gas, for the second half of the year. Additional energy vouchers for low-income households and fuel subsidies for truck drivers and farmers will continue. Furthermore, the government is pushing for amendments to the price stabilization law to introduce penalties for hoarding practices.In the employment sector, the government will develop tailored workforce training and job creation strategies in response to industrial structural changes due to AI transition (AX) and GX. It plans to analyze the causes of employment stagnation in sectors like manufacturing and construction and will sequentially announce sector-specific measures in collaboration with relevant ministries.Policies aimed at enhancing potential growth rates will also be actively pursued. The government will expedite the use of state-owned land and public feasibility studies to support the successful implementation of three mega-projects and will provide regional tax incentives for businesses and workers. Tax benefits for research and development (R&D), investment, and employment will be expanded, particularly in non-capital regions, and tax exemptions will be offered for relocation support payments made by companies to their employees.The nurturing of strategic industries such as AI, quantum technology, and defense will be prioritized. The Ministry of Finance plans to establish a strategic economic advisory group to identify leading projects in these sectors and expand budget and financial support. Initiatives to create an ultra-innovation economy fund, pilot projects for advanced technology insurance, and the establishment of a strategic export finance fund are also in the works to strengthen the commercialization and investment foundation for new industries. A separate green transition strategy will be developed to promote tax incentives and investment in future energy industries, including renewable energy, nuclear power, and next-generation power semiconductors.Policies addressing inequality will focus on supporting youth. The government aims to train over 200,000 AI specialists by 2030 and create more than 300,000 youth jobs and entrepreneurial opportunities through public and private initiatives. Plans also include expanding public rental housing for young people, introducing youth ISAs, and supporting asset formation for young workers in small and medium-sized enterprises. Additionally, the government will work on growth support for small businesses and improve the earned income tax credit (EITC) criteria for low-income working families.Tax, finance, and public sector reforms were also included in the work report. The government plans to reassess all tax expenditures from scratch to streamline inefficient tax relief systems and will establish a treasury management system utilizing AI and blockchain technology. The management of state-owned assets will shift from simple preservation and sale to value-creating operations, and public institutions will enhance functionality, expand AI utilization, and strengthen safety management. The government also intends to reform the innovative procurement system to enhance public procurement's role in generating initial demand for new technologies.Regional growth strategies have been identified as a key focus. The government plans to discover new growth engines in local areas and establish innovative ecosystems tailored to regional industrial characteristics. To this end, it will prepare a support package encompassing finance, taxation, regulation, technology, talent, and infrastructure, while expanding tax incentives for businesses and workers outside the capital region. Improvements will also be made to public procurement and public institution management evaluations to encourage regional economic revitalization and the hiring of local talent.* This article has been translated by AI. 2026-07-15 10:16:00
  • Celltrion Receives Approval for Phase 1 Clinical Trial of Tremfya Biosimilar
    Celltrion Receives Approval for Phase 1 Clinical Trial of Tremfya Biosimilar Celltrion is set to begin a Phase 1 clinical trial for its biosimilar of the autoimmune disease treatment Tremfya (active ingredient: guselkumab). This move is part of the company's strategy to expand its biosimilar development and strengthen its portfolio in autoimmune disease treatments.On July 15, Celltrion announced that it has received approval from the Ministry of Food and Drug Safety for the investigational new drug (IND) application for its Tremfya biosimilar, designated CT-P68.Tremfya is a treatment that selectively inhibits the interleukin (IL)-23 protein involved in inflammation, and it is used for conditions such as plaque psoriasis, psoriatic arthritis, Crohn's disease, and ulcerative colitis.In this clinical trial, Celltrion plans to evaluate the safety and pharmacokinetic equivalence of CT-P68 compared to Tremfya in 258 healthy adults. Last year, global sales of Tremfya were reported to be approximately $5.155 billion (about 7.7 trillion won).Celltrion is also accelerating the expansion of its autoimmune disease treatment portfolio. The biosimilar of Entyvio (active ingredient: vedolizumab), CT-P45, has received approval for Phase 1 clinical trials in both the U.S. and South Korea. This treatment is an integrin inhibitor that selectively suppresses specific immune cells that migrate to the intestinal mucosa.Additionally, this year, Celltrion launched the autoimmune disease treatment Aptozma (active ingredient: tocilizumab) in Japan and has applied for product approval for the biosimilar of Cosentyx (secukinumab), CT-P55, in Canada, further expanding its global market reach. The company is also developing biosimilars for the cancer treatments Keytruda and Darzalex.A Celltrion representative stated, "We will accelerate the development of subsequent biosimilars to secure growth momentum and strengthen our dominance in the global autoimmune disease treatment market."Meanwhile, Celltrion announced on July 3 that it recorded consolidated sales of 1.3 trillion won and an operating profit of 430 billion won for the second quarter of 2026.* This article has been translated by AI. 2026-07-15 10:16:00
  • KB Financial Group Accelerates AI and Data-Driven Business Innovation
    KB Financial Group Accelerates AI and Data-Driven Business Innovation KB Financial Group is enhancing its AX strategy by focusing on business innovation and talent development through AI. The group is expanding the use of AI across its operations and has launched a new AI talent development program centered on practical projects to strengthen employees' AI capabilities.On July 14, KB Financial held the '2026 First Half Group AI & Data Innovation Seminar' at the KB Kookmin Bank headquarters in Yeouido, Seoul, where it introduced the 'KB AI Lab,' a program aimed at cultivating practical AI talent. The group plans to hold this seminar biannually to share real-world applications and the latest technologies, accelerating the spread of AX.During the seminar, key innovations based on KB Financial's AI strategy, 'KB With AI,' were presented, showcasing how AI agents and data are applied in actual work scenarios.The newly launched 'KB AI Lab' is a project-based talent development program for employees who have completed the advanced course of the group's AI education system, 'KB AI Academy.' Participants will identify real-world tasks and implement AI services that can be applied in their work.Based on the results of this initiative, KB Financial plans to gradually expand the 'KB AI Lab' across all its subsidiaries to continuously enhance AI execution capabilities centered on practical applications.Yang Jong-hee, Chairman of KB Financial, stated, "In the age of AI, every experience becomes data, and those who can effectively utilize that data will be competitive. We will spare no effort in education and talent development to make KB Financial a hub for AI talent cultivation." 2026-07-15 10:16:00
  • Experts in Modern Architectural Heritage from Korea, China, Japan, and Taiwan to Gather in Busan
    Experts in Modern Architectural Heritage from Korea, China, Japan, and Taiwan to Gather in Busan The Cultural Heritage Administration announced that it will host an international conference titled 'Rediscovering the Value of Modern Architectural Heritage in East Asian Metropolises and Multilateral Cooperation' in Busan from July 24 to July 25, in conjunction with the 48th World Heritage Committee.Organized by the Cultural Heritage Administration and hosted by Docomomo Korea, the conference will bring together experts in modern architectural heritage from Korea, Japan, China, and Taiwan to discuss preservation and utilization strategies amid rapid urban development and explore ways to establish a collaborative network.On July 24, the conference will kick off at BEXCO's second exhibition hall with a keynote speech by Professor Yoon In-seok, an emeritus professor at Sungkyunkwan University, addressing 'Current Status and Challenges of Modern Architectural Preservation in East Asia.' A total of ten presentations will follow under three main themes.On July 25, participants will take part in a field trip to explore the heritage of Busan as the temporary capital, including the Temporary Capital Memorial Hall, the Temporary Government Office, Busan Port's No. 1 Wharf, and the industrial heritage in the Yeongdo area.The event is open to the public, and further details can be found on the Docomomo Korea website.Docomomo Korea is a non-profit organization dedicated to the documentation, preservation, and utilization of modern architectural structures.* This article has been translated by AI. 2026-07-15 10:12:00
  • U.S. Senate Proposes Up to 100% Tariffs on Countries Importing Russian Oil and Gas
    U.S. Senate Proposes Up to 100% Tariffs on Countries Importing Russian Oil and Gas The U.S. Senate is advancing a bill that would impose tariffs of up to 100% on countries importing Russian oil and natural gas.On July 14, U.S. Senators from both the Democratic and Republican parties unveiled an amendment to the sanctions bill led by the late Senator Lindsey Graham.The amendment grants President Donald Trump the authority to impose tariffs of up to 100% on the top five countries purchasing Russian oil and natural gas. The final tariff rate will be determined by the U.S. Trade Representative (USTR) to effectively discourage purchases of Russian energy.This amendment reduces the scope and level of tariffs compared to the original proposal introduced by Senators Graham and Richard Blumenthal last April, which allowed for tariffs of up to 500% on all third countries buying Russian energy.Additionally, the amendment includes a provision allowing President Trump to waive sanctions if deemed in the national interest. Countries importing less than 15% of their natural gas from Russia and taking substantial steps to reduce imports may qualify for exemptions.According to Reuters, the top five importers of Russian oil are China, India, Slovakia, Hungary, and Azerbaijan. Major importers of Russian natural gas include China, France, Japan, Hungary, and Belgium.However, if exemptions are applied, countries like Japan, France, Hungary, and Belgium could avoid sanctions, making China and India the primary targets of this legislation.The bill also includes measures to sanction so-called 'shadow fleets' transporting Russian oil without using Western shipping services, as well as financial institutions, including the Russian central bank, and key state-owned energy companies like Yamal LNG. Provisions targeting countries aiding in the evasion of Russian oil sanctions and Chinese companies supporting Russia's defense industry are also included.The Senate hopes that passing this bill will pressure Russia's key revenue source, energy exports, and help bring an end to the ongoing war in Ukraine, which has lasted over four years.Concerns Over U.S. Relations with China and IndiaHowever, Bloomberg notes that the actual imposition of tariffs could disrupt trade relations between the U.S. and China and India. Particularly, imposing high tariffs on China could reignite tensions over export controls on critical minerals, especially as the two nations are currently in a trade truce.Even if the bill passes, tariffs would not be imposed immediately. The broad discretion granted to the president regarding the imposition and level of tariffs means actual enforcement will depend on President Trump's judgment.No schedule has been set for a vote in the full Senate. However, with Trump’s support secured and calls for action on the bill increasing following Graham's death, the likelihood of Senate passage appears to be rising.On the same day, President Trump stated, "This bill honors Lindsey. It is something he wanted more than anything, and it has a good chance of passing."* This article has been translated by AI. 2026-07-15 10:08:00