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British Princess Anne tours HD Hyundai Heavy shipyard in Ulsan SEOUL, July 14 (AJP) - Britain's Princess Anne visited HD Hyundai Heavy Industries' shipyard in Ulsan and toured its facilities, the shipbuilder said on Tuesday. Her visit, accompanied by her husband Sir Timothy Laurence and Colin Crooks, the British ambassador to South Korea, came as part of her trip to South Korea. The princess was welcomed by the shipbuilder's chairman Chung Ki-sun, and other executives, who briefed her on the company's shipbuilding technology and competitiveness while discussing cooperation in the shipbuilding and marine industries with British defense and engineering companies including Rolls-Royce and Beaufort. Her visit came as the British government is seeking to foster its shipbuilding and marine industries, some 43 years after she first formed ties with the shipbuilder’s late founder Chung Ju-yung. Rolls-Royce has worked with HD Hyundai Heavy Industries since 2012, providing its MT30 gas turbine for naval vessels. HD Hyundai integrates the turbine into propulsion packages, which are used in the South Korean Navy's next-generation frigates. Beaufort has worked with HD Hyundai Heavy Industries since 2013, supplying survival equipment for naval crews including life-saving equipment for submarines. Chung said the U.K. has been a "special partner" of HD Hyundai since the beginning, adding that the company will help develop the U.K.'s shipbuilding and marine industries by sharing its technology and expertise. Anne, who turned 75 in August last year, is the only daughter of the late Queen Elizabeth II and Prince Philip and the younger sister of King Charles III. She has held the title of Princess Royal since 1987. She is scheduled to attend several events including a courtesy visit to President Lee Jae Myung at Cheong Wa Dae in Seoul later in the day, before leaving for Thailand the following day as part of her Asia trip. 2026-07-14 15:01:44 -
Samsung wins eight Red Dot Design Awards, including two top honors SEOUL, July 14 (AJP) - Samsung Electronics said Monday it received eight awards, including two "Best of the Best" honors, in the Design Concept category at the Red Dot Design Award 2026, one of the world's major international design competitions. The company's top-winning entries were Samsung Home Appliances Accessories, a concept that uses color coding to help users identify how appliance consumables should be reused, recycled or disposed of, and Dremo & Minimo, an AI-powered children's robot concept designed to provide personalized interactions based on a child's interests and stage of development. The home appliance accessories concept has also received top honors at the iF Design Award 2026 and the IDEA Design Award 2024, making it a winner across the three major international design competitions. Samsung also received six Winner awards for AI-based design concepts, including Beauty Mirror, Panorama UX, AI Kitchen, Spatial Tab, PUCO and Fluid AI Design System. The concepts span personalized beauty care, adaptive user interfaces, AI-assisted home services, conversational 3D platforms and generative AI-powered interface design. Established in Germany in 1955, the Red Dot Design Award recognizes excellence in product design, design concepts, and brand and communication design. 2026-07-14 15:01:33 -
International Oil Prices Surge Past $80 Amid U.S.-Iran Tensions International oil prices have surged to their highest level in four weeks as tensions between the United States and Iran escalate over shipping routes in the Strait of Hormuz. West Texas Intermediate (WTI) crude approached $80 per barrel, while Brent crude neared $85.According to Bloomberg, as of 2:37 PM Korean time on July 14, Brent crude for September delivery rose by $0.92 (1.10%) to $84.22 per barrel. At the same time, WTI for August delivery traded at $79.08, up $0.94 (1.20%). WTI briefly surpassed $80 during the trading session but later retreated below that mark.This increase in oil prices marks the highest level since the U.S. and Iran reached a preliminary agreement to end hostilities on June 17. The previous day, Brent crude had surged by 9.6%, closing at $83.30 per barrel, the largest single-day increase since May 2020. WTI also saw a 9.4% rise, finishing at $78.14.The recent spike in oil prices is attributed to escalating airstrikes and retaliatory attacks between the U.S. and Iran over vessels transiting the Strait of Hormuz, raising concerns about potential disruptions to oil supply. The U.S. Central Command (CENTCOM) reported on July 13 that it had targeted multiple sites in Iran, including Bushehr, Chabahar, Jask, Konarak, Abu Musa, and Bandar Abbas. In response, the Iranian Revolutionary Guard Corps (IRGC) claimed to have attacked two UAE oil tankers passing through the Strait, alleging they were operating on an 'illegal route' under U.S. guidance.Additionally, the U.S. military announced it would resume maritime blockades against Iran starting at 5 AM Korean time on July 15. President Donald Trump also stated that a fee equivalent to 20% of the cargo value would be imposed for ensuring the safety of vessels passing through the Strait.The Strait of Hormuz is a critical maritime chokepoint, with approximately 20% of the world's energy supply passing through it. Market analysts warn that prolonged disruptions in the Strait could lead to further increases in international oil prices and inflationary pressures.* This article has been translated by AI. 2026-07-14 15:00:00 -
Homeplus Union Meeting with MBK Partners Canceled Amid Store Closures Homeplus's union and its major shareholder, MBK Partners, had a scheduled meeting canceled on the same day.According to the Homeplus branch of the Korean Confederation of Trade Unions, a meeting with MBK Partners Vice Chairman Kim Kwang-il, set for 3 p.m. at Homeplus's headquarters in Gangseo-gu, Seoul, was called off. MBK informed the union by phone on the morning of July 14 that the meeting would be postponed and that a new date would be arranged.Previously, the union had secured a meeting with Vice Chairman Kim after staging a sit-in protest at MBK's headquarters on July 10. The union intended to demand the procurement of 200 billion won in emergency operating funds and an immediate appeal against the decision to terminate the rehabilitation process.The union has sent a formal inquiry to MBK regarding the cancellation and plans to hold a press conference.Meanwhile, Homeplus has temporarily suspended operations at its stores nationwide since July 13 due to a lack of operating funds. This decision follows the failure to secure emergency operating funds after the termination of the rehabilitation process, making normal operations unfeasible.* This article has been translated by AI. 2026-07-14 15:00:00
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Homeplus Faces Chaos Amid Sudden Temporary Closures On July 14, the entrance to the Homeplus store in Gangdong was eerily quiet. Normally bustling with customers shopping and employees scanning items at the checkout, the entrance was blocked by dozens of shopping carts and a notice announcing a "temporary closure." On the second day of Homeplus's temporary closure across all its stores, customers continued to arrive unaware of the shutdown. In just over a minute, about ten customers approached the entrance only to turn back after reading the notice. A housewife who arrived at the store at 10 a.m. said, "I didn’t expect the Gangdong store to close since it was still operating when some stores shut down two months ago," expressing her surprise. The confusion caused by the sudden closure affected not only customers but also employees. Reports indicate that staff were not properly informed about the shutdown until just before their shifts. One employee stated, "We were unable to enter the store from 7 a.m. the previous day, and the notice about the temporary closure was posted on the company bulletin board around 9 a.m. Only a few staff members remained while others packed up and left." The employee added, "There has been no separate notice regarding future work schedules, so we are checking with each other about our shifts." The closure of the store also affected the cultural center, where students flocked to request refunds. Before 10 a.m., a line formed at the cultural center's information desk as students filled out cancellation forms. Amid the incessant ringing of phones, the staff was busy explaining refund policies to the students. One customer enrolled in a children's art class said, "I only received a text saying that the summer semester classes were temporarily suspended," adding, "I came in person to request a refund since there’s no set period for the suspension." On July 13, Homeplus announced the temporary closure of 67 large stores due to a lack of operating funds. The company plans to decide whether to resume operations after monitoring its financial situation and the court's ruling on the deadline for an immediate appeal against the decision to terminate its rehabilitation process, which is set for July 20. However, there is growing concern in the industry that the company may be heading toward bankruptcy, as major shareholder MBK Partners and the largest creditor, Meritz Financial Group, have yet to reach an agreement on securing 200 billion won in operating funds. Some speculate that the court may expedite the bankruptcy process before the appeal period ends, a procedure known as "related bankruptcy," which occurs when the court determines that there is no possibility of rehabilitation and seeks to protect public creditors. Ryu Geun-rim, secretary of the Homeplus General Labor Union, stated, "Currently, only 8 to 10 staff members remain at each store for customer service and safety management," adding, "In some regional stores in Gangwon, Daegu, and Jeonnam, there are even warnings of power outages after July 20." He further noted, "The company has only paid 40% of June salaries and has not announced when the remaining salaries and severance payments will be made," urging the company to take responsible action. Meanwhile, the Homeplus union plans to hold protests in front of Meritz Financial in Yeouido on July 15 and in front of MBK Partners in Gwanghwamun on July 16. A meeting scheduled for the afternoon of July 14 with Kim Kwang-il, vice chairman of MBK Partners, at the Homeplus headquarters in Gangseo was canceled after MBK notified the union of a postponement. The union intended to demand the urgent provision of 200 billion won in operating funds and an immediate appeal against the decision to terminate the rehabilitation process during the meeting. 2026-07-14 15:00:00
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Special Prosecutor Seeks 3-Year Sentence for Park Jong-jun in Evidence Tampering Case The special prosecutor's team investigating the insurrection case has requested a three-year prison sentence for Park Jong-jun, the former head of the Presidential Security Service, who was previously acquitted of charges related to deleting information from a secure phone used by former President Yoon Suk Yeol during a state of emergency on December 3.On July 14, the Seoul High Court's Criminal Division 12-2 held the first hearing in Park's appeal regarding the evidence tampering charges. The special prosecutor's office urged the court to overturn the lower court's ruling and impose a three-year sentence.The prosecution argued that Park was aware that the secure phone contained crucial evidence related to the insurrection and impeachment cases and that he intentionally destroyed it.They explained, "After the declaration of a state of emergency, there were reports of accusations against former President Yoon, and the National Assembly was discussing impeachment proposals, all of which were covered extensively by the media."The prosecution emphasized that the information stored on the secure phone was essential for investigators, stating, "As the highest security official for the president, Park had more investigative experience and information-gathering capabilities than an average citizen, making it clear that he recognized the phone records as key evidence in Yoon's criminal case and impeachment proceedings."In response, Park's defense attorney argued, "The secure phone screen of former National Intelligence Service Deputy Director Hong Jang-won was made public, leading to a security breach regarding the president's secure phone ID, device structure, and model. Park requested security measures from the Security Service and instructed his staff to take appropriate actions."The defense also contested the prosecution's claims of intentional evidence destruction, asserting, "This is not valid. The actions taken were part of fulfilling the duty to maintain security assigned to the head of the Presidential Security Service."Park Jong-jun, speaking in his defense, stated, "Throughout my 30 years in public service, I have always prioritized the law and principles, respecting the opinions of field personnel. In this case, while there may have been haste or short-sightedness in our judgment, I never intended to protect the president unlawfully."The court plans to hold another hearing on August 11 to conduct evidence examination and witness questioning before concluding the arguments.Park is facing trial for allegedly deleting call logs from secure phones used by Yoon, Hong, and former Seoul Police Chief Kim Bong-sik on December 6, 2024, using a remote logout method.Previously, the first trial court ruled, "It is difficult to acknowledge the intent to destroy evidence simply because the actions taken were insufficient or could have been handled better in hindsight," resulting in an acquittal.Additionally, Park was sentenced to four years in prison in a separate case for obstructing the execution of an arrest warrant against former President Yoon, and he was taken into custody following the ruling on July 9.* This article has been translated by AI. 2026-07-14 14:44:00
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Naver, Kakao, telecoms and startups line up for Korea's free AI project SEOUL, July 14 (AJP) - South Korea's biggest technology names are jostling to join the government's "AI for All" project, a state drive to build a homegrown artificial intelligence service that every citizen can use free of charge, as the contest for a slice of the initiative gathers pace. Kakao and LG Uplus have confirmed their bids, while Naver, SK Telecom and KT are weighing entry, industry sources said on Tuesday. AI startups and mid-sized firms are also sounding out consortium tie-ups, sharpening a fast-forming rivalry. The Ministry of Science and ICT opened the public tender on Sunday, running it through Aug. 11, and plans to pick two to three operators. Winners must launch a nationwide general-purpose AI chatbot within the year, alongside public-service AI agents and specialized offerings. Bidders must build their services on domestic models, using homegrown AI that meets independent foundation-model standards for at least half of the system. Even firms with their own models must draw on rival Korean models for a further 30 percent, while foreign models are permitted only sparingly and excluded from state support. To ease the burden, the government will supply up to 512 of Nvidia's DGX B200 GPUs this year and, from 2027, cover operating costs from the state budget. In return, participants must forge their own revenue streams from the prompt data they accumulate. The lure is clear: low upfront costs, a vast pool of user data that doubles as fuel for model training, and a nationwide reference case prized in future public and corporate markets. Startups such as Upstage, which owns the Solar model, and NC AI, game maker NC's AI arm, are among those circling. Yet the risks run alongside the rewards. The domestic-model quota complicates consortium-building, and GPU support beyond this year, covering 2027 to 2030, hinges on talks between ministries and the National Assembly, leaving medium-term funding uncertain. The ministry aims to select operators next month and roll out the service by year-end after a September beta. 2026-07-14 14:43:50 -
Han Byeong-do Criticizes Jang Dong-hyuk's Call for Special Investigation and By-Election Han Byeong-do, the acting leader of the Democratic Party, criticized Jang Dong-hyuk of the People Power Party on July 14, stating that he is "fostering distrust in the election results by calling for a by-election."During a meeting of lawmakers at the National Assembly, Han remarked, "Denying the entire election outcome without concrete evidence is nothing more than an irresponsible provocation that shakes the foundations of democracy."He added, "The People Power Party's insistence on a special investigation recommended solely by the opposition is merely a shallow ploy to politically exploit the public's right to participate in governance."Han urged the People Power Party to cease its irresponsible claims and cooperate with the third-party recommended special investigation if it truly has any intention to protect the public's right to participate and reform the Election Commission.He emphasized, "The Democratic Party will ensure that the precious votes of the public are never again compromised by incompetence and negligence, and we will fundamentally rectify the election management system."Han also described the recent shortage of ballots as a serious issue that undermined the public's right to participate in elections.Meanwhile, the Democratic Party and the People Power Party are engaged in a tense standoff over the introduction of a special investigation into the Election Commission. The Democratic Party advocates for a third-party recommended special investigation to eliminate political considerations, while the People Power Party insists on launching a special investigation solely recommended by the opposition to thoroughly uncover any collusion between the Democratic Party and the Election Commission.* This article has been translated by AI. 2026-07-14 14:40:00
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Align Partners Proposes Merger Review Between JB Financial and BNK Financial Align Partners Asset Management, a domestic activist fund, has publicly proposed that JB Financial Group and BNK Financial Group officially review the possibility of a merger. The firm sent a shareholder letter to both companies, requesting the establishment of a special committee composed of independent directors to assess the strategic and financial feasibility of the merger, and to respond by August 7 regarding whether they will initiate the review.On July 14, at a press conference in Seoul's Yeouido IFC Hall, Align Partners CEO Lee Chang-hwan stated, "This proposal is not about pushing for an immediate merger, but rather asking both boards to conduct an independent and professional review and transparently disclose the results to all shareholders."Align Partners is urging both companies to form a special committee made up solely of independent outside directors and to appoint global investment banks and strategic consulting firms as advisors to evaluate the merger's feasibility. If they proceed with the review, the firm requested that the results and implementation plans be made public by the time of the third-quarter earnings announcement.Lee cited the structural crisis facing regional banks as the backdrop for the merger proposal. He noted that the ongoing population decline and aging in the Yeongnam and Honam regions, along with the concentration of economic activity in the capital area, have weakened the operational foundations of regional banks. Despite the emergence of internet banks and the transition of iM Bank to a commercial bank, the oligopolistic structure centered on major banks has not significantly changed. He emphasized, "Only the integration of two regional financial groups with complementary business portfolios can ensure the long-term survival of regional banks through a market-driven solution."Lee also pointed out that the proposed merger is not a new concept. He explained, "Just as the banking industry in Korea has evolved through mergers and the transition to financial holding companies following the foreign exchange crisis, this merger represents a growth path that the industry has already taken. It is a solution to address national challenges facing local economies, beyond merely enhancing shareholder value."Align Partners anticipates that if the merger is successful, it would create the largest regional financial holding company in South Korea, with total assets of 234 trillion won. JB Financial Group has a strong presence in the Honam region, while BNK Financial Group operates primarily in the Yeongnam area, resulting in minimal overlap in branches and customers. The combined market capitalization is projected to reach approximately 10.3 trillion won, comparable to that of Kakao Bank. If business synergies are realized, the market capitalization could increase to about 14.5 trillion won, and applying the average valuation of the top four financial holding companies could push it above 20 trillion won.Furthermore, the return on risk-weighted assets (RoRWA) could improve to JB Financial's level of 1.83%, and if selling and administrative expenses, excluding labor costs, are reduced by 10%, the return on equity (ROE) could rise from 9.1% to 12.8%, while the cost-to-income ratio (CIR) could decrease from 45.5% to 38.7%. The proposed 'merger holding company' structure would allow for the maintenance of regional brands while achieving economies of scale. This could lead to reduced funding costs and improved profitability, as well as enhanced investment capabilities in artificial intelligence, expanded research coverage, and inclusion in the MSCI Korea index.Lee also referenced Japan's experience with regional financial group mergers, such as Chiba Bank and Chiba Kogyo Bank, which have undergone similar integrations. He noted, "Japan has faced population decline and aging before us and has policy-supported regional bank mergers. Recently, there have been cases where proposals from activist investors have led to actual management integrations. We must proactively consider merger possibilities before the foundation of our local economies weakens further."He concluded by stating, "Both companies have recently appointed a number of shareholder-nominated outside directors, enhancing the independence and expertise of their boards. Now is the most appropriate time to conduct an objective review through an independent special committee and global advisory firms." 2026-07-14 14:36:00
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Jang Dong-hyuk Criticizes President Lee for Silence on Key Issues Jang Dong-hyuk, leader of the People Power Party, criticized President Lee Jae-myung on July 14 for his silence on pressing issues, including the disappearance of naval personnel and the Jang Yoon-ki case.In a post on his Facebook page, Jang stated, "Politics is about providing answers. As president, one must do their utmost to respond to the public's questions."He specifically called out President Lee, saying, "When the navy was searching for missing personnel, the president did not answer a simple question about whether he was playing golf. If golf took precedence over the lives of soldiers, he is unfit to be the commander-in-chief. He cannot admit, deny, or even respond to this question."Jang also noted, "Despite the fact that citizens were unable to vote due to a lack of ballots, the president has yet to offer a proper apology. He insists on a special investigation to cancel his trial, yet he ignores the public's demand for a special investigation to restore voting rights."Furthermore, he remarked, "When the stock market rises, he boasts about his achievements, but when it crashes, there are no apologies or measures taken. He claimed that real estate was easier than valley maintenance, yet he remains silent amid unprecedented real estate price surges. He promoted the sale of apartments in Bundang but has not provided any updates on whether they sold or not."Jang added, "He made a fuss about sending pizza to the police for catching fake news he disliked, yet he has gone silent on the Jang Yoon-ki case. It’s all about maximum volume when it’s favorable and mute when it’s not. This is the characteristic of Lee Jae-myung and his administration."He concluded, "If a TV breaks down, at least it gets repaired, but the faulty politics of a broken president cannot be fixed. The public's frustration is only rising in this heat."* This article has been translated by AI. 2026-07-14 14:28:00