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Jang Dong-hyuk: President Lee Has No Plans to Change Real Estate Policy 장동혁 국민의힘 대표는 14일 이재명 대통령 주재로 열린 국무회의와 관련해 "이재명은 하나도 변하지 않았다"며 "부동산 정책 바꿀 생각은 하나도 하지 않는다"고 주장했다. 장 대표는 이날 자신의 페이스북에 "오늘 국무회의는 소위 '부동산 대토론회'의 예고편이었다"며 이같이 적었다. 그는 "(이 대통령이) 부동산 세금 올리는 게 '조세 정상화'라고 우겼다"며 "집값 올려놓고 '부동산 정상화'라더니 본인이 '비정상'인 건 아무리 말해줘도 모른다"고 꼬집었다. 이어 이 대통령이 국무회의 생중계 도중 시청자들에게 초고가 1주택에 대한 보유세 부담 인상 의견을 물은 것에 대해 "즉석 설문 조사랍시고 고가 주택 보유자를 공격했다. 주특기인 국민 갈라치기"라며 "오세훈 서울시장의 부동산 발언은 원천봉쇄했다. 서울시장 말도 안 듣는데 국민 목소리를 제대로 듣겠느냐"고 비판했다. 그는 "토론회 한 번 해 놓고 더 세게 밀어붙일 것"이라며 '세금 폭탄'에 '규제 올가미'로 국민의 집을 강탈할 것이다. '민심의 핵폭탄'을 떨어뜨릴 수밖에 (없다)"라고 덧붙였다.* This article has been translated by AI. 2026-07-14 16:56:00 -
140 Years of Friendship Celebrated at France's Bastille Day Event In celebration of France's largest national holiday, Bastille Day, a gathering reaffirming the strong ties between South Korea and France took place.The French Embassy in Korea hosted the "2026 French National Day and 140th Anniversary of Korea-France Diplomatic Relations" event on July 14 at the Grand Hyatt Seoul in Yongsan.Bastille Day, celebrated annually on July 14, marks the storming of the Bastille prison in Paris in 1789, which signaled the start of the French Revolution. In France, this day is commemorated with large parades on the Champs-Élysées and other national festivities.This year's Bastille Day celebration in Korea was particularly significant as it coincided with the 140th anniversary of diplomatic relations between the two countries. Special logos commemorating the anniversary and the slogan "Creativity, Opportunity, Solidarity" were displayed throughout the venue, symbolizing the forward-looking partnership between South Korea and France.Among the attendees were French Ambassador Philippe Bertu and South Korea's Deputy Minister of Foreign Affairs Kim Jin-ah, who both contributed to the event's significance.In his welcoming remarks, Ambassador Bertu stated, "This year is unprecedented for our political relations," highlighting the recent state visit of President Emmanuel Macron in April and the G7 summit held in Évian in June. He noted that three high-level exchanges would occur within six months, including an international conference on film and animation scheduled for September in Saint-Paul-de-Vence.Bertu emphasized that "2026 will be a year of doubling and tripling our relations," urging both nations to move forward together with passion and trust based on their 140 years of solid friendship.Deputy Minister Kim reflected on the long-standing relationship between the two countries, stating, "140 years is not just a measure of time but a special friendship built on the sacrifices of over 3,000 young French individuals who dedicated themselves to the freedom and peace of Korea during the Korean War."He also outlined a vision for the future, noting that France has been a steadfast partner in South Korea's industrial development, including the construction of the Hanul Nuclear Power Plant and the introduction of KTX high-speed trains. He expressed hope that the two countries would lead in future strategic industries based on their recently elevated "global strategic partnership." Kim also expressed optimism about the cultural and linguistic ties between the youth of both nations, citing a threefold increase in the number of candidates for the Korean language proficiency test in France over the past decade, marking the highest level in Europe. He stated, "Through exchanges among youth and citizens, the future of our relationship is deepening further." Emphasizing the global solidarity inspired by the French Revolution, Kim remarked, "The spirit of liberty, equality, and fraternity is not just a French value but a universal promise to uphold democracy and human dignity." He expressed hope that South Korea and France would continue to advance as strong partners.Various events celebrating the 140th anniversary of Korea-France diplomatic relations are taking place across the country this year. Since the opening concert in Bucheon in March, over 140 events spanning culture and the arts have been organized. The two countries aim to strengthen cooperation in key future industries such as artificial intelligence, space, and quantum technology, while also enhancing exchanges among the youth, breathing life into the meaning of their 140-year strong alliance.* This article has been translated by AI. 2026-07-14 16:56:00
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Fujairah cargo hub may offer Korea a Hormuz escape route SEOUL, July 14 (AJP) - With U.S. President Donald Trump moving to charge 20 percent on cargo vessels transiting the Strait of Hormuz amid renewed conflict in the Middle East, the United Arab Emirates is accelerating plans to develop Fujairah into a major logistics gateway outside the strategic chokepoint and offer a potential alternative route for South Korean traders. The proposal would extend the UAE's existing strategy of bypassing Hormuz beyond crude oil to containerized and general cargo, allowing trade to continue even if traffic through the narrow waterway is disrupted. Fujairah occupies a unique position on the UAE's eastern coast facing the Gulf of Oman, outside the Strait of Hormuz. Unlike Dubai's Jebel Ali Port—the region's largest container hub located inside the Persian Gulf—ships calling at Fujairah can avoid passing through one of the world's most strategically vulnerable maritime corridors. The importance of that distinction has grown rapidly. Trump, renewing military operations against Iran, said the United States would charge a 20 percent fee on commercial vessels using the Strait of Hormuz, adding another layer of cost to a route already threatened by escalating regional conflict. The security risks were highlighted Tuesday when the UAE said two state-owned tankers were struck by Iranian cruise missiles while navigating the southern shipping lane in Omani waters. One Indian crew member aboard the Mombasa was killed, while eight sailors—six Indians and two Ukrainians—were injured, four of them seriously. Both the Mombasa and the Al Bahiya caught fire following the attack, according to the UAE Ministry of Defense. Although Fujairah already serves as the export terminal for Abu Dhabi's 406-kilometer crude oil pipeline, capable of transporting roughly 1.8 million barrels per day without passing through Hormuz, the latest proposal would expand that bypass concept to commercial cargo. Rather than routing containers through Jebel Ali inside the Gulf, cargo could be discharged at Fujairah before continuing inland by road or rail, allowing trade to continue even during disruptions inside Hormuz. For South Korea, whose exports to the UAE reached $5.66 billion in 2025, such a hub could become an important contingency gateway. Machinery and mechanical equipment accounted for the largest share of exports at $1.36 billion, followed by automobiles and auto parts worth $968 million and electrical and electronic products totaling $695 million. Cosmetics, medical devices, plastics and steel products also represented significant export categories. While finished automobiles are transported primarily on dedicated vehicle carriers, most Korean manufactured goods—including machinery components, electronics, cosmetics and medical equipment—move in containers. Those shipments currently depend heavily on Jebel Ali. HMM does not disclose what proportion of its Middle East cargo passes through Dubai, but its second-quarter service network illustrates the port's strategic role. Both its Korea Middle East Express (KMP) and Gulf Asia Liner Express (GLX) services connect Busan directly with Jebel Ali in approximately 24 to 25 days. The company also uses Dubai as a transshipment hub for cargo bound for the Red Sea and the Horn of Africa. A container terminal at Fujairah would therefore provide HMM and Korean exporters with a potential alternative should access to Jebel Ali become restricted. The company has not announced plans to add Fujairah to its liner network. The proposal also aligns with broader efforts by the UAE to diversify trade infrastructure as geopolitical tensions reshape global shipping routes. The South Korea-UAE Comprehensive Economic Partnership Agreement, which entered into force on May 1, is expected to increase bilateral trade, making resilient logistics links increasingly important. DP World, the UAE port operator expected to play a central role in any Fujairah expansion, already maintains a growing presence in South Korea through a $50 million logistics center under development at Busan New Port. Although the company has not announced a direct operational link between Busan and Fujairah, the investment provides a foundation for closer integration should the bypass project proceed. Industry analysts say the significance of Fujairah extends beyond the current conflict. For decades, Gulf shipping has relied overwhelmingly on ports inside the Persian Gulf, assuming uninterrupted access through Hormuz. The combination of military conflict, higher insurance costs, possible U.S. transit charges and repeated attacks on commercial shipping is now prompting governments and logistics operators to rethink that assumption. If Fujairah succeeds in evolving from an oil export terminal into a regional container gateway, it could fundamentally alter cargo flows across the Middle East, offering Asian exporters—including South Korea—a maritime route that bypasses one of the world's most vulnerable strategic chokepoints. 2026-07-14 16:49:00 -
Ruling Party Approves Preference Voting System Changes The Democratic Party of Korea held a party committee meeting on July 14 and approved amendments to party rules to implement a preference voting system as decided in the supreme council meeting.After the party committee concluded, Representative Choi Gi-sang spoke with reporters, stating that the amendments would be applied at the upcoming convention in August."The main content clearly defines the methods for conducting runoff voting and preference voting," Choi said, adding that the rule regarding the non-disclosure of interim vote counts during preference voting would be revised to clarify the intermediate calculation process.Choi explained that with the approval of the amendments, the preparation committee and the supreme council would proceed sequentially to finalize the method for electing the next leadership."Since the amendments have been approved, we will hold a meeting of the election preparation committee this afternoon to finalize the method for electing the leadership," Choi said. "Once we pass through the supreme council and party committee decisions on the 15th, that part will be completed."He added, "Once the method for electing the leadership is determined, the election management committee plans to announce the candidate registration notice. This will allow candidate registration for the convention to proceed as scheduled on the 16th and 17th."However, Choi noted that there were some opinions among party committee members regarding the introduction of a youth committee, which was rejected in the supreme council.Choi stated, "While the party committee approved the amendments, some members requested the election of a youth committee member, and we plan to discuss the preference voting system comprehensively at the upcoming election preparation committee."* This article has been translated by AI. 2026-07-14 16:48:00
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KIC China Launches 'K-Maker Day' to Foster AI and Startup Talent The Global Innovation Center (KIC China) and the Korean Association of Scientists and Engineers in China have jointly launched the 2026 Summer Startup Intensive Program, 'K-Maker Day,' which began on July 14 and will run for four days.This program aims to enhance entrepreneurial skills in future industries such as artificial intelligence (AI), advanced manufacturing, and new energy by providing participants with direct experience in China's science and technology innovation ecosystem. A total of 20 Korean students from major Chinese universities, including Peking University, Tsinghua University, Fudan University, and Renmin University, were selected to participate.The training combines expert lectures with company visits. On the first day, KIC China Center Director Kim Jong-moon delivered a keynote speech on the current status and prospects of Korea-China scientific and technological cooperation, followed by a sharing session where local Korean entrepreneurs discussed their startup experiences and experts presented strategies for the development of China's AI and robotics industries.On July 15, participants will visit the Zhongguancun National Independent Innovation Demonstration Zone, AI company SenseTime, the China New Energy Vehicle Technology Innovation Center, and JD Group to examine China's advanced industrial policies and technological innovations.On July 16, they will engage in discussions with local startups at the Zhongguancun International Incubator, visit a bio-industrial complex, and tour the autonomous logistics company Neolix to gain firsthand experience of the startup ecosystem and industry landscape. The final day will feature a presentation by a Tencent AI expert on the development of AI technology in China and its industrial applications.KIC China emphasized that this training is not merely an industrial tour but a program focused on enhancing capabilities for entering the Chinese market and fostering technological entrepreneurship. Experts in key industries such as AI, new energy, smart logistics, and biotechnology will share insights on startup policies, localization strategies, and practical investment attraction methods to strengthen practical entrepreneurial skills.Kim Jong-moon stated, 'K-Maker Day is designed to cultivate key talent in the fields of advanced science and technology startups and Korea-China scientific and technological cooperation.' He added, 'We will continue to discover startups with competitive advantages in the Chinese market and expand our collaborative platform to support joint research and development (R&D) and technology exchange between Korea and China.'* This article has been translated by AI. 2026-07-14 16:48:00
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President Lee's Apartment Sale in Bundang Nears Completion President Lee Jae-myung and his wife are in the final stages of selling their apartment in Bundang, Seongnam, Gyeonggi Province. A key official from the Blue House stated on July 14, "I understand that the sale contract for the apartment will be completed soon," adding that all legal procedures, including land transaction approval, have already been finalized. President Lee listed the 164-square-meter apartment in the Kumho 1 Complex in Yangji Village, Bundang, for sale in February. During a Cabinet meeting on the same day, while discussing opinions on real estate tax policy, he remarked, "I no longer have a house," directly referencing the sale. Previously, President Lee had stated on X (formerly Twitter), "As the person responsible for real estate policy, I chose to sell the house to fulfill my duties as a public official rather than allow it to become a political target." He expressed that it was the home where he raised his children and spent his youth, describing it as a place of deep affection, but emphasized the importance of setting an example as a responsible public servant by selling it.* This article has been translated by AI. 2026-07-14 16:48:00
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Ho Chi Minh City Financial Center Positions South Korea as Key Partner in Green Finance and Fintech Vietnam and South Korea are expanding their cooperation from manufacturing and trade to finance, digital technology, and green finance. The Ho Chi Minh City International Financial Center (VIFC-HCMC) has identified South Korean financial institutions and tech companies as key partners, with capital procurement, payment network integration, fintech, workforce training, and green project investment emerging as major agenda items.On July 13, local media, including Saigon Liberation Newspaper, reported that the VIFC-HCMC and the Consulate General of the Republic of Korea in Ho Chi Minh City held a Vietnam-South Korea Financial Cooperation Forum to discuss long-term collaboration. The forum emphasized that the relationship between the two countries is evolving beyond manufacturing and trade to encompass finance, technology, workforce, and supply chain connections.Kwon Tae-han, Deputy Consul General of the Republic of Korea in Ho Chi Minh City, noted the significance of discussing cooperation directions among experts at the official launch of the VIFC-HCMC. He highlighted the notable economic achievements between Vietnam and South Korea since the establishment of diplomatic relations in 1992 and explained that they are advancing to a deeper level of financial cooperation based on their comprehensive strategic partnership.Nguyen Huu Huan, Deputy Director of VIFC-HCMC, stated, "VIFC-HCMC is not just a space for gathering financial institutions; it aims to connect international capital, technology, and talent while testing new financial models in a controlled manner and directly supporting businesses and real economy projects."The VIFC-HCMC focuses on asset management, investment funds, international capital markets, bond markets, green finance, digital finance, fintech, cross-border payments, aviation finance, and maritime finance. It also plans to develop support services such as credit rating, accounting, legal consulting, arbitration, education, and research to establish Ho Chi Minh City as a major financial hub in ASEAN.Huan added, "The goal is to create a gateway that more effectively connects international capital with Vietnam's development needs while making Ho Chi Minh City an important financial intermediary in ASEAN." He described South Korea as a crucial partner with a developed capital market, modern banking system, high technological capabilities, and experience in establishing financial centers in Seoul, Busan, and Incheon.South Korea-Vietnam Financial CooperationThe financial cooperation tasks proposed by VIFC-HCMC are organized into five areas. The center first suggested expanding participation from South Korean banks, securities firms, asset management companies, and institutional investors. It also identified the development of international currency-based funding channels for Vietnamese companies and infrastructure projects as a key area of collaboration.Additionally, both sides discussed connecting payment systems and expanding cross-border QR payments, remittances, trade finance, and corporate cash flow management. The scope of cooperation also includes fintech, artificial intelligence in finance, big data, digital identity verification, anti-money laundering, and sandbox model development. Workforce training was addressed as a separate task, with VIFC-HCMC aiming to cultivate advanced financial talent through educational programs, expert exchanges, and joint research by connecting universities, research institutions, and professional organizations in Vietnam and South Korea.In the green finance sector, the synergy between South Korea's technological capabilities and Vietnam's funding needs was highlighted. South Korea excels in clean technology, renewable energy, batteries, smart transportation, and digital infrastructure, while Vietnam requires substantial capital to implement energy transition and achieve net-zero emissions goals.VIFC-HCMC sees itself as a platform that can support the structuring, evaluation, acquisition, distribution, and trading of green finance products. This approach aims to connect South Korean capital with high-quality projects in Vietnam and utilize green bonds, sustainable bonds, investment funds, and project finance structures as collaboration tools.Lee Yong-jik, head of the Korea-ASEAN Financial Cooperation Center, stated, "Vietnam's recent development speed is closely linked to the timely execution of fiscal policies," adding that South Korean investors are deeply impressed by Vietnam's continuous economic growth, strong export base, and stable ability to attract foreign direct investment. He noted that Vietnam is emerging as a strategic platform in the global supply chain, particularly in semiconductors and digital transformation, beyond being a manufacturing base for investment relocation. He anticipates that more South Korean companies will invest in Vietnam, and Vietnamese firms will engage more deeply in the global supply chain.Deputy Consul General Kwon remarked, "Vietnam is a dynamically growing economy with a very high capacity for adopting digital technologies," emphasizing that finance is a key foundation for corporate growth and that the combination of finance and digital technology will create strong synergies that provide convenient services to the public.Furthermore, the South Korean side expressed its commitment to continue working with Vietnamese authorities and businesses to translate policy commitments into concrete cooperation projects. VIFC-HCMC also stated it is ready to serve as a central hub connecting relevant institutions, receiving product proposals, coordinating pilot projects, and supporting investors.Meanwhile, discussions on financial cooperation between Vietnam and South Korea are expanding from existing investment and trade relations to include digital finance, green finance, international capital procurement, and workforce training. VIFC-HCMC is expected to play a prominent role in connecting South Korean financial institutions and tech companies with Vietnam's development needs in this process.* This article has been translated by AI. 2026-07-14 16:48:00
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Stricter delisting rules rattle KOSDAQ-listed companies SEOUL, July 14 (AJP) - South Korea's tougher delisting rules are starting to shake up the stock market sooner than expected. Less than two weeks after the new delisting regulations took effect on the South Korean bourse earlier this month, several companies listed on the junior KOSDAQ have already been flagged as at risk of being placed on the Korea Exchange's watchlist. Under the regulations, which took effect July 1, companies whose market capitalization remains below 20 billion won (US$14.5 million) for 30 consecutive trading days must first issue a warning disclosure before they can be placed on the watchlist. As of Monday, nine companies had issued such warnings, with five of them already placed on the watchlist. To remain listed, those companies must keep their market capitalization above the threshold for at least 45 consecutive sessions within a window of 90 trading days. The regulations also strengthen monitoring of so-called "penny stocks," with companies whose shares close below 1,000 won for 30 consecutive sessions being placed on the watchlist. Many smaller companies are scrambling to remain listed under the tougher measures, with some turning to share buybacks, private placements and stake sales to boost their market values. Those efforts, however, have only fueled heightened volatility. Shares of KOSDAQ-listed electronics company Wellkeeps Hitech surged 71 percent over the past three sessions after it disclosed the risk of being placed on the watchlist, briefly pushing its market capitalization above 20 billion won last Friday. Its short-lived gains faded, with shares down 9.8 percent at 1,191 won as of early Tuesday afternoon. Anxiety has also spread to online forums for investors. On one online board on Naver, the country's largest portal, dedicated to the company, one user questioned whether the company had much of a business at all, leaving a post that read, "What does this company even do?" Another urged it to "learn from Hansung Enterprise," referring to the seafood company whose shares previously surged after retail investors piled in to help lift its market capitalization and save it from delisting. Gold&S, an education services company, also showed a similar pattern. After an initial rally following its disclosure, the stock fell for five straight trading sessions and was trading down 14.4 percent at 1,239 won as of early Tuesday afternoon. The sharp swings reflect a split between investors betting on a recovery and those avoiding stocks at risk of delisting. As delisting fears grow, shareholders of smaller listed companies are increasingly seeking advice from major law firms on measures such as reverse stock splits, capital reductions, potential lawsuits and ways to avoid legal disputes during delisting. Frustration among retail investors is also growing. Some blame companies for deteriorating to the brink of delisting, while others argue regulators introduced the stricter regulations too abruptly, leaving companies with little time to adjust. Debates have now moved beyond stock markets and online forums, with retail investors turning to the National Assembly’s petition platform to voice opposition to recent capital market reforms. A petition opposing tougher delisting rules had drawn nearly 3,000 signatures as of Tuesday, while another criticizing single-stock leveraged exchange-traded funds had gathered more than 31,000 signatures. They argue that shrinking liquidity and the abrupt implementation of stricter regulatory measures, which are intended to improve market health by weeding out vulnerable companies, are putting excessive pressure on smaller firms. 2026-07-14 16:41:01 -
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
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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