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  • Shareholders Have No Rights to Corporate Profits, Controversial Statement at Excess Profit Forum
    Shareholders Have No Rights to Corporate Profits, Controversial Statement at Excess Profit Forum Controversial remarks made during a government-hosted forum discussing the distribution of excess profits in the semiconductor industry have quickly sparked debate.On July 14, a forum titled "A New Path for Social Innovation in Line with AI Technological Innovation" was held at Peace and Park in Yongsan, Seoul.This forum was organized to expand discussions on excess profit distribution, initially triggered by the controversy surrounding Samsung Electronics' performance bonuses. The government explained that the purpose was to discuss how to share the excess profits generated during the transition of the semiconductor and AI industries with workers, partner companies, and society as a whole. Topics included the concept of excess profits, an N% performance bonus system, wage disparities between primary and subcontractors, and methods for sharing social benefits.During the forum, a representative from the Korean Confederation of Trade Unions stated, "I believe shareholders do not have ownership rights to corporate profits," adding that "dividends are merely a procedurally defined right." This statement shocked many and emerged during discussions about shareholder rights and profit distribution structures.Viewers watching the forum live immediately criticized the remarks. Comments included, "If you want to eat profits, buy stocks," "Are you going to interfere with jobs too?" and "Why is there only notification without opposing opinions?" Others expressed disbelief, stating, "Jobs depend on individual abilities; this is absurd," and "You should distribute your salaries too."The statement quickly spread across various online communities. In conservative forums frequented by those in their 20s and 30s, reactions included, "The most shocking part was the claim that shareholders have no rights to profits," and "Why call it a discussion forum when it’s just a scripted presentation?" Many noted the lack of opposing views, with officials and judges seated right in front.Progressive forums also echoed criticism. Posts capturing the union representative's statement quickly gained traction, with reactions like, "Shareholders have no rights to profits?" Users questioned, "Do they not understand the meaning of a joint-stock company?" and "Is everyone receiving basic education?" Some even compared the remarks to those of the Chinese Communist Party, stating, "This is worse than communism; it’s almost at the level of North Korea's Kim Jong-un."Other users suggested, "It seems we need to disband the Korean Confederation of Trade Unions," and called for the president and lawmakers' salaries to be subject to excess profit recovery based on minimum wage standards. Comments included, "It feels like they are just repeating 'do it' without understanding economic principles," and "Why should profits be shared with someone who isn’t even a shareholder?" Many expressed their disillusionment with the Democratic Party, stating, "I will not support the Democratic Party in my future," and urged, "Ministers and professors should also share their salaries and bonuses with students and staff."However, it remains uncertain whether the remarks made during the forum will lead to actual policy changes. The government plans to gather opinions from labor, academia, and experts following this forum to consider potential institutional improvements.* This article has been translated by AI. 2026-07-14 16:40:00
  • Government Seeks Public Input on Real Estate Policy Reform
    Government Seeks Public Input on Real Estate Policy Reform The government is initiating a public consultation process ahead of reforms to its real estate policy. It will hold discussions on housing supply, regulations, finance, and taxation, along with an online feedback platform.On July 14, the government announced that it will host a series of discussions from July 14 to July 16 focused on housing supply, housing finance, and the real estate tax system to develop a policy that resonates with the public.The Ministry of Economy and Finance, the Ministry of Land, Infrastructure and Transport, and the Financial Services Commission will jointly kick off the discussions on July 14 with a session on housing supply and regulations, followed by a session on housing finance on July 15, and a discussion on the real estate tax system on July 16.Ministers from each department and experts will participate in the discussions. After expert presentations, attendees will be encouraged to share their experiences, challenges, suggestions for system improvements, and opinions for or against policies. The entire process will be broadcast live.To accommodate those unable to attend in person, the government has set up an online feedback platform. Starting July 14, 'realestatediscussion.kr' will be available for the public to submit their opinions on the three areas: housing supply and regulations, housing finance, and the real estate tax system.Key topics for discussion will include the rationalization of regulations on private redevelopment and reconstruction, the utilization of idle urban land such as the Yongsan International Business District, adjustments to financial and tax regulations for non-apartment new construction, modifications to loan regulations for first-time buyers and young people, and the expansion of policy loans.In the tax area, discussions will cover appropriate levels of property tax, criteria for comprehensive real estate tax assessment, differential taxation for actual residents, non-residents, and multiple homeowners, strengthening taxation on high-value properties, reforming long-term holding special deductions, and restructuring the multiple homeowner tax system.The government plans to compile the main opinions raised during the discussions and online feedback for a major real estate forum chaired by the President on July 23.* This article has been translated by AI. 2026-07-14 16:36:00
  • Woori Bank Reappointed as Foreign Currency Custodian for National Pension Service
    Woori Bank Reappointed as Foreign Currency Custodian for National Pension Service Woori Bank has successfully been reappointed as the foreign currency custodian for the National Pension Service (NPS), reaffirming its competitiveness in the domestic foreign exchange market.On July 14, Woori Bank announced that it signed a 'Foreign Currency Custodian Service Agreement and Service Level Agreement (SLA)' with the NPS. This contract was finalized after Woori Bank was selected as the final contractor in the foreign currency custodian bidding conducted by the NPS in March.Woori Bank was initially appointed as the foreign currency custodian in August 2021 and has maintained its partnership with the NPS through this reappointment.Under this contract, Woori Bank will handle key foreign currency custodian tasks for the NPS from August until July 2029, including foreign currency disbursement, foreign currency account management, foreign exchange transaction support, fund settlement, and foreign currency fund management. Following performance evaluations, the contract may be extended for up to two additional years on an annual basis.As of the end of April this year, the NPS's fund reserves amounted to approximately 1,670 trillion won, with 55.7% of that invested overseas. Woori Bank aims to enhance the NPS's overseas investment competitiveness through its extensive foreign exchange experience and global network.Woori Bank CEO Jeong Jin-wan stated, "This is a meaningful outcome based on the long-standing trust and cooperation between the NPS and Woori Bank. We will serve as a reliable financial partner supporting the NPS's global asset management, ensuring the safety and growth of the public's valuable retirement funds."* This article has been translated by AI. 2026-07-14 16:36:00
  • Reconstruction Projects in Seoul Solidify Major Construction Firms Dominance
    Reconstruction Projects in Seoul Solidify Major Construction Firms' Dominance In the second half of the year, the selection of construction companies for key reconstruction projects in Seoul's Apyeomokseong area (Apgujeong, Yeouido, Mokdong, Seongsu) is gaining momentum. Major construction firms are beginning to reveal their bidding strategies as significant projects like the Seongsu 2 District, Yeouido Shibum Apartments, and Mokdong 12 and 14 complexes enter the bidding process.According to the construction industry on the 14th, recent single bids for major projects such as the Yeouido Gwangjang Apartments 38-1 reconstruction (Hyundai Engineering & Construction), Mokhwa Apartments reconstruction (Samsung C&T), Mokdong 6 complex reconstruction (DL E&C), and Seongsu 3 District redevelopment (Samsung C&T) have resulted in repeated failures.With instances of only one major construction firm participating in the bidding process leading to negotiated contracts on the rise, industry experts suggest that leading construction companies are effectively establishing their dominance in specific project sites.In Yeouido, Samsung C&T and Hyundai Engineering & Construction are essentially dividing the key projects between them. Samsung C&T secured the construction rights for the Daegyo Apartments reconstruction, while Hyundai Engineering & Construction won the contract for the Hanyang Apartments.Currently, the Yeouido Gwangjang Apartments 38-1 reconstruction is expected to be automatically rejected as Hyundai Engineering & Construction is the only firm attending the second site briefing. The association plans to convert to a negotiated contract and select Hyundai Engineering & Construction as the preferred bidder, with a general meeting for construction company selection scheduled for September.Conversely, the Mokhwa Apartments faced a failed bid on the 9th, with only Samsung C&T participating. There are discussions about a potential re-bid leading to a negotiated contract.At the largest project site in Yeouido, the Shibum Apartments, both Samsung C&T and Hyundai Engineering & Construction are reportedly the most actively considering the project, solidifying a competitive landscape between the two companies.In the Seongsu Strategic Maintenance Zone, more than half of the outcomes have been determined. GS Engineering & Construction has been selected as the contractor for District 1, adopting the 'Xi' brand, while Lotte Engineering & Construction secured the construction rights for District 4 after competing with Daewoo Engineering & Construction, applying the 'Leel' brand.The remaining project sites are Districts 2 and 3. District 3 is currently undergoing re-bid procedures after Samsung C&T participated alone in the first bid. The only real competition appears to be in District 2, where DL E&C and IPARK Hyundai Industrial Development are expected to compete. DL E&C has expressed a strong willingness to secure contracts, and IPARK Hyundai Industrial Development is also reportedly evaluating the project's viability.In Mokdong, while the pace varies by complex, the competitive landscape among construction firms is gradually becoming clearer. Earlier, DL E&C secured the construction rights for Mokdong 6 complex in June, marking its entry as the first contractor in Mokdong.GS Engineering & Construction is considered the most likely candidate for Mokdong 12 complex, which will hold a site briefing on the 15th. It is highly probable that this will lead to a negotiated contract following a single bid.Mokdong 14 complex is one of the few sites where competition between DL E&C and Daewoo Engineering & Construction is anticipated. Additionally, Samsung C&T is reportedly continuing discussions with the association regarding Mokdong 13 complex.Among the major project sites in Apyeomokseong, the only areas expected to see actual competition are Seongsu 2 District and Mokdong 14 complex. The remaining projects have either been effectively resolved with single candidates or are dominated by specific construction firms. Industry experts suggest that as major construction firms establish their foothold first, it becomes increasingly difficult for latecomers to enter, leading to a restructuring of the bidding landscape centered around top-tier construction companies.Song Seung-hyun, CEO of Urban and Economic Research, stated, "A selective bidding strategy focused on high-profit core projects is being strengthened." He added, "Whereas previously, the competition involved ten major construction firms, it is now effectively being restructured around five or even three leading firms, reducing opportunities for other construction companies to participate."However, he noted that not only brand competitiveness but also trust with the association plays a crucial role in determining the success of bids. Song emphasized, "In maintenance projects, construction firms that have built long-term trust with association members and executives are likely to have an advantage. Firms that have consistently established relationships from the early stages of the project often gain a strategic edge in bidding competitions." 2026-07-14 16:36:00
  • Masayoshi Son: Fusion Energy Will Power AI Data Centers in 15 Years
    Masayoshi Son: Fusion Energy Will Power AI Data Centers in 15 Years Masayoshi Son, chairman of SoftBank Group, proposed fusion energy as a long-term solution to meet the growing power demands of artificial intelligence (AI) data centers.On July 14, during the annual SoftBank World event in Tokyo, Son stated, "Fusion will become a primary source of new energy that is cheaper, cleaner, and safer on Earth." He questioned the sustainability of continued reliance on gas power, predicting that fusion would replace gas generation within 15 years.Son projected that by 2040, the global power capacity required for data centers could reach 3 terawatts (TW). To put this in perspective, 1 TW equals 1,000 gigawatts (GW), while the largest data centers currently operate at about 1 GW.He estimated that building a 1 TW data center would require approximately $5 trillion (about 7,479 trillion won), anticipating a significant increase in computing demand over the next decade due to the expansion of AI.Son expressed confidence that the revenue generated from AI services would sufficiently cover the costs of building data center infrastructure, dismissing market concerns about whether the hundreds of billions invested in AI hardware would translate into actual profits. He remarked, "Asking if AI is a bubble is a very foolish question posed by those who do not understand or properly utilize AI."Currently, Son believes that a substantial portion of data center power demand will still be met by natural gas, which accounts for over one-fifth of global electricity generation and emits less carbon than oil or coal, though it still produces greenhouse gases during combustion.Fusion technology harnesses the principles of energy production found in the sun and stars. Theoretically, it produces less carbon emissions and generates less long-lived radioactive waste compared to traditional nuclear fission methods. It is also considered to have a lower risk of accidents due to chain reactions.However, experts note that significant technical and financial challenges remain before fusion can become a commercially viable energy source. Bloomberg New Energy Finance (NEF) points out that only a few countries have successfully implemented the fundamental technologies required for fusion.* This article has been translated by AI. 2026-07-14 16:32:00
  • South Korea launches AI network to power industrial robots
    South Korea launches AI network to power industrial robots SEOUL, July 14 (AJP) - South Korea has begun building a next-generation communication network designed to run physical artificial intelligence on factory and shipyard floors. The Ministry of Science and ICT and the National Information Society Agency (NIA) held a kickoff meeting for the "Hyper-AI Network" project on Tuesday, which fuses standalone 5G with an AI-based radio access network, known as AI-RAN. The pilot network aims to prove out physical AI services such as welding, painting and patrol robots in industrial settings, with the government planning to widen the scope to humanoids from 2027. The state will pour about 17.2 billion won ($11.4 million) into the effort, selecting two consortia led by SK Telecom and KT as lead operators. SK Telecom's consortium will build an AI-RAN pilot network at SK Incheon Petrochem and KG Mobility sites, testing services including a four-legged patrol robot, unmanned autonomous transport and a low-power mode for humanoids. The project adopts a multi-vendor approach, simultaneously deploying AI-RAN equipment from Samsung Electronics, Ericsson, Nokia and HFR to gauge performance gains against conventional networks. KT's consortium will develop an "AI core orchestrator" that analyses network data in real time and fixes faults automatically, verifying a stable communication environment for swarms of robots at shipyards. Working with HD Hyundai Samho, KT will trial three services — AI welding robots, AI painting robots and autonomous robots that run telecom facilities — to measure gains in productivity and safety. "For physical AI to be realised safely and reliably at industrial sites, a hyper-AI network supporting ultra-low-latency, high-reliability communication and high-capacity uplink is essential," NIA President Kim Hyung-chul said. 2026-07-14 16:28:41
  • Homeplus Suspends Operations, Card Issuers Respond Differently
    Homeplus Suspends Operations, Card Issuers Respond Differently Homeplus has temporarily closed all its stores, prompting varied responses from the card issuers associated with its affinity cards. KB Kookmin Card has halted new issuances, while Shinhan Card has restricted online applications. In contrast, Samsung Card continues to operate without any special measures. According to the card industry on July 14, the companies managing Homeplus affinity cards include KB Kookmin Card, Shinhan Card, and Samsung Card. KB Kookmin Card suspended the issuance of new, additional, and replacement Homeplus affinity cards, as well as family card applications, last week. However, existing members can still renew their cards and request replacements for lost or damaged cards. Shinhan Card has not fully suspended operations but has deactivated the online application feature. Product information remains available on its website, and customers can still apply through phone channels. A Shinhan Card representative stated, "This measure is to prevent customers from applying for cards without knowing they cannot utilize Homeplus benefits. We are keeping the product available to reopen online applications based on court decisions and business conditions." Samsung Card is maintaining normal operations for card applications and usage. A Samsung Card representative noted, "No decision has been made regarding a suspension of issuance. Currently, all applications and usage are possible, and we will wait for the court's final judgment." However, since the primary benefits of Homeplus affinity cards are discounts and rewards associated with shopping at large stores, questions arise about the appropriateness of continuing new applications while all stores are temporarily closed. If consumers join without fully understanding the current operational status and potential limitations on benefits, it could lead to complaints regarding annual fees or service provision in the future. An industry insider remarked, "Halting new issuances is not the only solution, but it would be a more proactive response in terms of consumer protection to clearly inform new customers about the current situation and limit applications if necessary, regardless of waiting for the court's decision." Addressing the situation for existing members remains a challenge. While card companies maintain the usage and agreed-upon benefits, the closure of Homeplus stores significantly limits the scope of discounts and rewards. Currently, there are no separate measures for annual fee refunds or additional compensation, and if a card is canceled, the remaining annual fee will be refunded based on relevant criteria. Accumulated Homeplus points can be used at the still-operating Homeplus Express stores. On July 3, the Seoul Rehabilitation Court decided to terminate the rehabilitation process for Homeplus. If the company fails to secure necessary operating funds or a new buyer by July 20, it faces a high likelihood of entering bankruptcy proceedings. Should bankruptcy occur, card issuers will need to prepare follow-up measures regarding alternative benefits and the handling of existing points. 2026-07-14 16:24:00
  • Netmarble MNB Expands Kongya Restaurants IP into New Territories
    Netmarble MNB Expands 'Kongya Restaurants' IP into New Territories Netmarble MNB's intellectual property (IP) character 'Kongya Restaurants' is demonstrating its potential for expansion into various business areas. After focusing on digital content and merchandise sales to build brand recognition, the company is now venturing into offline festivals, local government marketing, and global markets. The fanbase for Kongya Restaurants has grown to 160,000, largely through social media meme content.According to industry sources, Kongya Restaurants is recently broadening its offline activities in venues such as baseball stadiums and convenience stores. Last month, it held a collaborative pop-up event with the Doosan Bears at Jamsil Baseball Stadium and subsequently launched a Doosan Bears-themed convenience meal in partnership with CU.Netmarble MNB anticipates that the success achieved by Kongya Restaurants online will translate into successful offline expansion. The company reported that a pop-up store held in Yeongdeungpo last May, titled '2025 Vegetable Star Athletics Championship,' attracted a cumulative total of 150,000 visitors during the event. Merchandise sold out quickly, and messenger emojis reached the top spot in popularity among the 20-30 age group.In the second half of the year, the brand plans to engage in offline activities at university festivals and outdoor rock festivals, aiming to enhance brand affinity by interacting directly with audiences in these settings.Netmarble MNB is also pursuing brand partnerships and public projects. Recently, Kongya Restaurants was appointed as a promotional ambassador for the 'Promotion of Our Agricultural Products' campaign by the National Agricultural Cooperative Federation. The marketing strategy, which leverages the character's vegetable motif, has received positive feedback. Additionally, the company plans to conduct relay collaborations with industries such as beauty and dining in the latter half of the year.Furthermore, the company is developing public (B2G) marketing solutions in collaboration with local governments. Since last year, Kongya Restaurants has participated in local festivals in cities such as Gumi, Busan, and Gyeongju.Netmarble MNB is accelerating its plans for Kongya Restaurants' entry into international markets. Last month, Kongya Restaurants participated in 'Content Tokyo 2026,' the largest expo in Japan, as a representative of K-content selected by the Korea Creative Content Agency. The company expects the character's unique B-grade sensibility and relatability to resonate positively in overseas markets, particularly in Japan, known for its strong character culture.A Netmarble MNB representative stated, 'We are revitalizing local promotions by utilizing a character that is familiar and witty to the public, establishing ourselves as a versatile partner sought by both businesses and public institutions. We will continue to maintain business momentum through activities tailored to each brand's characteristics and limited-edition merchandise.'* This article has been translated by AI. 2026-07-14 16:24:00
  • Housing Supply Discussion: Jin Mi-yun Calls for Addressing Bottlenecks in Implementation
    Housing Supply Discussion: Jin Mi-yun Calls for Addressing Bottlenecks in Implementation The government held a listening discussion on expanding housing supply, where experts emphasized the need to identify the reasons for slow housing supply and enhance implementation.Jin Mi-yun, a professor at Myongji University, presented on the topic of expanding housing supply at the 'Listening Discussion on Housing Supply Expansion for National Housing Stability' held at the Jeongdong 1928 Art Center in Jung-gu, Seoul.Her presentation focused on what bottlenecks need to be addressed to connect the government's already proposed supply targets to actual construction and occupancy.She noted, "The process should flow in a cycle from permits to construction to sales to occupancy, but we are currently experiencing significant bottlenecks in the construction phase."As of May this year, the number of housing permits in the metropolitan area stood at 57,765, a decrease of about 14% compared to the recent five-year average of 67,100. Concerns have been raised that a slowdown in the supply flow from the permitting stage could lead to future shortages in construction and occupancy.Jin emphasized, "Financial and tax support is crucial for restoring the pipeline, and we need to carefully consider how to design this to avoid distorting excessive market expectations."The recovery of private redevelopment projects and housing supply has emerged as a key issue in supply measures. While redevelopment and reconstruction are major means to increase housing supply in urban areas, the pace of these projects has slowed due to regulations on relocation loans, rising construction costs, and decreased project viability.Additionally, the third new towns and public land supply are also under scrutiny. The third new towns, announced in 2018, have faced criticism for not meeting expectations in construction speed due to delays in land compensation, infrastructure development, and administrative procedures. Projects utilizing urban idle land, such as the Seoripul District, Taereung Country Club, Gwacheon Racecourse, and Yongsan International Business District, are also progressing slowly due to opposition from local governments and residents, as well as relocation issues.To stabilize the rental market, there are calls to discuss the roles of non-apartment housing and registered rental businesses. Villas, officetels, and urban-type housing can be supplied more quickly than apartments and can absorb rental demand from young and low-income households. However, the supply base has been significantly weakened due to the aftermath of rental fraud and financial and tax regulations.Jin stated, "The issue of supply is not just a problem for the construction industry; we need to diversify the housing supply ecosystem. In particular, more than half of the houses in our country are over 20 years old, making the revitalization of redevelopment projects necessary."Meanwhile, the government plans to continue public discussions on real estate-related topics, including housing finance and taxation, starting with this discussion. 2026-07-14 16:24:00
  • Tycoons stock wealth falls 6 trln won without Samsung, SK chiefs
    Tycoons' stock wealth falls 6 trln won without Samsung, SK chiefs SEOUL, July 14 (AJP) - The combined stock wealth of South Korea’s major business group chiefs jumped by more than 29 trillion won ($19.6 billion) in the second quarter, but the headline increase masked losses across most of the group as gains were overwhelmingly concentrated in Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won. Excluding Lee and Chey, the value of shares held by the remaining 44 group leaders fell by 5.97 trillion won, or 8.6 percent, between the end of March and the end of June, according to corporate tracker Korea CXO Institute. Twenty-eight of the 46 business leaders surveyed, or 60.9 percent, saw their stock wealth decline during the quarter. Including Lee and Chey, the group’s combined stock holdings rose 28 percent to 133.62 trillion won at the end of June from 104.43 trillion won three months earlier. The two chairmen recorded a combined increase of 35.16 trillion won, more than offsetting the losses posted by the other group chiefs. Lee accounted for most of the overall gain, with the value of his stock holdings surging by 28.25 trillion won to 59.19 trillion won from 30.94 trillion won. His stock wealth alone represented more than 44 percent of the combined holdings of all 46 business leaders at the end of June. The value of Lee’s Samsung Electronics shares nearly doubled to 32.54 trillion won from 16.29 trillion won, while his Samsung C&T holdings rose to 16.72 trillion won from 9.05 trillion won. His total stock wealth crossed 60 trillion won for the first time in early June and reached 64.33 trillion won on June 25 before retreating by the end of the month. Chey posted the fastest growth rate, with his holdings soaring 176.9 percent to 10.83 trillion won from 3.91 trillion won. Chey does not directly hold shares in chipmaker SK hynix but owns about 12.98 million common shares in SK Inc., the group’s holding company. SK Inc. shares climbed to 834,000 won at the end of June from 301,000 won at the end of March, driving the sharp increase in Chey’s stock wealth. Other group leaders posted comparatively modest gains. Hyosung Group Chairman Cho Hyun-joon saw his holdings increase by 971.3 billion won, followed by LG Group Chairman Koo Kwang-mo with a gain of 386.2 billion won and Doosan Group Chairman Park Jeong-won with 279.9 billion won. Hyundai Department Store Group Chairman Chung Ji-sun and Hyundai Motor Group Executive Chair Euisun Chung recorded increases of 260.1 billion won and 235 billion won, respectively. By contrast, Celltrion Group Chairman Seo Jung-jin suffered the largest decline in absolute terms, with the value of his holdings falling by 1.64 trillion won. HYBE Chairman Bang Si-hyuk recorded the steepest percentage drop, losing 35.8 percent of his stock wealth as the value of his holdings declined to 2.53 trillion won from 3.93 trillion won. Kakao founder Kim Beom-su’s holdings also fell by 1.19 trillion won to 3.64 trillion won. As of the end of June, 16 group leaders held shares valued at more than 1 trillion won. Lee topped the ranking with 59.19 trillion won, followed by Seo with 11.89 trillion won, Chey with 10.83 trillion won and Euisun Chung with 7.76 trillion won. The survey covered leaders of large business groups designated by the Fair Trade Commission whose stock holdings were worth at least 100 billion won as of the end of June. The valuations were based on closing prices on March 31 and June 30 and included both directly owned listed shares and indirect stakes held through majority-owned unlisted companies. Korea CXO Institute said roughly two-thirds of about 150 stocks held by the business leaders declined during the second quarter, underscoring the narrow concentration behind the increase in their combined wealth. The institute warned that volatility could intensify in the third quarter as investors take profits from stocks that have risen faster than their earnings, while interest rates, exchange rates and geopolitical developments remain key risks. 2026-07-14 16:18:42