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Lotte Home Shopping Renovates Hope Kitchen in Yeongdeungpo, Donates 80 Million Won Lotte Home Shopping has revamped the Hope Kitchen, a food-sharing hub for vulnerable community members, and is expanding its meal support program. On July 13, Lotte Home Shopping held an opening ceremony for the renovated Hope Kitchen located in the annex of the Yeongdeungpo District Office and announced an 80 million won donation to the Yeongdeungpo Social Welfare Council for operational support. The event was attended by Kim Jae-gyeom, CEO of Lotte Home Shopping, Jo Yu-jin, head of the Yeongdeungpo District Office, and Park Young-jun, president of the Yeongdeungpo Social Welfare Council, who participated in the ceremony and toured the newly established cooking facilities. The donated funds will be used to support meal programs for vulnerable groups in the Yeongdeungpo area. The renovation took approximately three months and focused on enhancing safety and efficiency in the cooking environment based on feedback from volunteers who work on-site. The outdated cooking facilities were replaced, and the interior was improved, with new tables, chairs, and kitchen equipment added. The cooking space and workflow were also restructured to ensure that volunteer activities can be conducted more safely and conveniently. In addition to facility improvements, Lotte Home Shopping plans to expand its operational programs. A support group of 15 university students majoring in food and nutrition will develop tailored healthy recipes for elderly individuals living alone, and employee volunteer activities will be increased seasonally to continue the food-sharing efforts. Since 2015, the Hope Kitchen initiative has regularly provided meals to elderly residents living alone in Yeongdeungpo. The program has supported over 75,000 meals, offering customized assistance aligned with seasonal and holiday needs. Kim Jae-gyeom, CEO of Lotte Home Shopping, stated, “We will continue to support healthy eating for our neighbors based on the values of our 12 years of social contribution and maintain our commitment to community sharing.” * This article has been translated by AI. 2026-07-14 09:12:00 -
Brent Crude Could Rise to $125 if U.S.-Iran Conflict Escalates As tensions between the United States and Iran show signs of escalating into full-scale conflict, a forecast suggests that international oil prices could soar to $125 per barrel if the U.S. reinstates its blockade on Iranian oil.On July 13, financial information platform Seeking Alpha reported that Robin J. Brooks, an economist at the Brookings Institution, predicted that Brent crude prices could rise by approximately 50% from the September futures closing price of $83.30 per barrel if military clashes between the U.S. and Iran escalate into a full-blown war.Brooks based his oil price projections on the assumption that the U.S. would again block Iranian oil exports. He estimated that disruptions in shipping through the Strait of Hormuz and alternative export routes could reduce oil exports from the Persian Gulf region from about 20 million barrels per day to 8 million barrels.He applied a price elasticity of demand for oil of about 0.15, suggesting that Brent crude prices would need to rise by about 80% from the pre-escalation level of $70 per barrel to reach around $125.However, Brooks noted that the likelihood of prices exceeding this level is low. His estimates do not account for the effects of strategic petroleum reserves (SPR) releases from the U.S. and other countries. In previous escalations of U.S.-Iran tensions, the release of strategic reserves helped mitigate supply shocks, preventing oil prices from reaching anticipated peaks.Brooks assessed that the current oil market has more capacity to respond to supply shocks than it did earlier this year. Countries have adjusted their oil import sources and utilized reserves, and alternative supply chains have been established, suggesting that any renewed conflict may result in less market disruption than in the initial escalation.He also argued that while the resumption of U.S. sanctions would significantly impact the Iranian economy, the shock to the global oil market would remain manageable. He contended that it is preferable to limit Iranian oil exports to increase economic pressure rather than allowing Iran to exert influence over shipping operations in the Strait of Hormuz.Meanwhile, President Donald Trump announced plans to reinstate maritime blockades against Iran, with U.S. Central Command (CENTCOM) stating via social media that the blockade would commence at 4 p.m. EDT on July 14 (5 a.m. KST on July 15). 2026-07-14 09:12:00 -
Global Investors Cashing Out on Samsung, SK Hynix Amid AI Boom Global investors have raised concerns about excessive capital concentration in Samsung Electronics, SK Hynix, and Taiwan's TSMC. Following a surge in stock prices driven by the artificial intelligence (AI) boom, major asset management firms are realizing profits and shifting their focus to relatively underperforming stocks.The Financial Times reported on July 13 that global asset managers are reducing their investment stakes in major Asian semiconductor companies. This move is not due to a downturn in the semiconductor market, but rather a risk management strategy as the weight of certain companies in indices has become disproportionately large.In the past six months, the combined market capitalization of Samsung Electronics, SK Hynix, and TSMC has increased by approximately $1.8 trillion. The three companies now account for about 29% of the Morgan Stanley Capital International (MSCI) Emerging Markets Index.As the weight of specific companies increases, global funds find it challenging to continue expanding their holdings, even if they maintain a positive outlook on those companies. This is due to the need to adhere to predetermined investment guidelines that prevent excessive concentration in particular stocks or countries.BlackRock, the world's largest asset manager, has also recently taken profits from the rapidly rising semiconductor stocks. Wei Li, BlackRock's global chief investment strategist, noted that expectations for improved performance from semiconductor and memory companies have already been largely reflected in their stock prices.While BlackRock maintains a positive outlook on emerging market equities, it is reallocating funds from the heavily appreciated semiconductor stocks to other emerging market stocks with more potential for further gains.Fidelity International has identified the concentration of funds in a few semiconductor companies as a risk factor. With leveraged investments in the South Korean stock market increasing significantly, there are concerns that a decline in stock prices could lead to increased selling pressure and volatility.Despite these concerns, the semiconductor market is still viewed as robust. Increased investments in AI data centers are driving demand for high-bandwidth memory (HBM) and advanced semiconductors. Additionally, a supply shortage in memory is supporting the performance of Samsung Electronics and SK Hynix.However, if semiconductor companies expand their production facilities, the supply shortage may ease, potentially slowing price increases. The expansion plans of Chinese DRAM manufacturer Changxin Memory Technologies (CXMT) and NAND flash producer Yangtze Memory Technologies (YMTC) are also seen as a burden.There are concerns that the diversification effect of investments in emerging markets has weakened. As the U.S. stock market is influenced by major tech stocks like Nvidia, the emerging market index has become heavily reliant on Asian semiconductor companies, exposing both markets to similar risks.The Financial Times stated that while the performance of Asian semiconductor companies and AI demand remain strong, the expectations for improved performance have already been largely priced in, leading global investors to reduce their stakes in semiconductor stocks.* This article has been translated by AI. 2026-07-14 09:08:00 -
30,000 Visitors Attend Incheon Airport Exhibition Showcasing K-Heritage with AI The Ministry of Culture, Sports and Tourism and the Korea Creative Content Agency announced that the exhibition 'Tech-Driven Heritage: Evolving Great Heritage with New Technologies and Content' will run at the 'K-Culture Museum' in Incheon International Airport's Terminal 1 until July 28. The 'K-Culture Museum' is an exhibition space that showcases South Korea's attractive cultural resources through new technology-integrated content. The media facade on the exterior features 'From Nature,' which utilizes advanced artificial intelligence (AI) technology to reinterpret the beautiful landscapes of world heritage and natural heritage from a new perspective. The process of creating beautiful traditional crafts, such as ceramics, wooden furniture, hanbok, and metal crafts, is vividly expressed through particle effects, capturing the attention of visitors. In Hall 1, 'Heritage in Bloom' captures the noble value of national heritage and the beauty of traditional culture, inspired by traditional Korean decorative painting and Gwanghwamun. Hall 2 showcases the first 'Digital Najeon Chilgi,' which digitally restores the unique black-and-white contrast and the shimmering reflections of mother-of-pearl that were difficult to express using traditional methods. Halls 3 to 5 are filled with immersive content that allows visitors to experience historical moments of the Joseon royal family. Hall 3 features 'Joseon Royal Procession,' which recreates a scene from the 1795 royal procession of King Jeongjo, depicted in the eight-panel folding screen 'Hwaseong Haenghaengdo' through media art. Halls 4 and 5, 'Immersive Uigwe: Royal Banquet' and 'Immersive Uigwe: Royal Wedding,' are based on the cultural heritage of Uigwe, a record of royal ceremonies from the Joseon era, presented as immersive content. This exhibition will run until July 28 and is free for all domestic and international travelers using the airport. The 'K-Culture Museum' is located on the east side of the basement level 1 of the Transportation Center at Incheon International Airport. Meanwhile, K-Heritage is a brand and policy concept used to promote the value and appeal of South Korea's national heritage and traditional culture to the world. 2026-07-14 09:08:00 -
Hyundai Rotem Achieves NATO Quality Certification, Expanding K2 Tank Exports to Europe Hyundai Rotem's K2 tank has become the first in South Korea to receive NATO's quality assurance certification. On July 13, Hyundai Rotem held a certification ceremony at its headquarters in Uiwang with the Defense Technology Quality Agency (DTQA), announcing on July 14 that it is the first company in the country to obtain this certification. The AQAP-2110 certification is a quality assurance standard used for defense procurement among NATO member countries, similar to South Korea's defense quality management system. It specifies quality requirements at various stages, including design, development, and manufacturing, and is considered a key prerequisite for expanding exports to NATO and partner countries. The certification covers Hyundai Rotem's entire tank lineup, including the K2 tank, recovery vehicles, bridge-laying tanks, and obstacle-clearing tanks. The company plans to expand AQAP-2110 certified products based on market demand beyond just tanks. With this certification, the K2 tank can now proactively meet the bidding qualifications for defense materials within NATO territories. It is also expected to secure a competitive edge in bidding evaluations and negotiations. A Hyundai Rotem official stated, "Based on this certification, we will accelerate our efforts to penetrate the global market in collaboration with our partners and strengthen the industrial ecosystem. We will do our utmost to enhance the status of K-defense." Meanwhile, Hyundai Rotem has been accelerating localization efforts in Europe, having signed a second implementation contract for K2 tanks with Poland in August last year, followed by a local production and maintenance cooperation contract for the Polish version of the K2 tank (K2PL) and recovery vehicles in April this year.* This article has been translated by AI. 2026-07-14 09:00:00 -
Trump Informs Congress of Resumed Hostilities with Iran, Claims New 60-Day Deadline President Donald Trump has officially notified Congress that hostilities with Iran resumed on July 7. The White House claims this marks the beginning of a new 60-day period during which military operations can continue without congressional approval.Reuters reported on July 13 that Trump sent a related letter to Congress on July 10.In the letter, Trump stated that Iran violated the ceasefire agreement signed on June 17 by attacking commercial vessels in the Strait of Hormuz, prompting the resumption of airstrikes.This notification is in accordance with the U.S. War Powers Act, which requires the president to report to Congress within 48 hours of initiating military action without approval. If Congress does not grant approval, operations must generally conclude within 60 days.The White House argues that since the conflict restarted on July 7, the 60-day countdown should be recalculated from that date. The U.S. began its attacks on Iran in coordination with Israel on February 28, and the initial 60-day period expired on May 1.Trump maintains that the previous hostilities ended with a ceasefire in April, rendering the initial deadline no longer applicable. However, some Democratic and Republican lawmakers counter that military actions, including the blockade of Iranian ports, continued during the ceasefire.Last month, both the House and Senate passed resolutions urging Trump to withdraw U.S. troops from hostilities with Iran. The resolutions passed despite the Republican majority in both chambers, reflecting growing congressional concern over the protracted conflict in Iran.* This article has been translated by AI. 2026-07-14 09:00:00 -
Korbit Introduces Shinhan Certificate for Account Linking, Streamlining Verification Process Korbit has announced that users can now link their accounts using the Shinhan Certificate, a new verification method aimed at improving convenience.Previously, account verification was only possible through ARS (Automated Response System) authentication. With this update, users can choose between ARS and the Shinhan Certificate for account linking.The Shinhan Certificate is an electronic signature-based identity verification service widely used in the financial sector for various financial service authentications. Korbit expects that this new method will allow customers to complete account linking more quickly without waiting for ARS connections.Korbit aims to diversify its authentication methods to enhance user convenience while leveraging Shinhan Bank's authentication infrastructure to strengthen the stability and reliability of the account linking process. The company plans to continuously improve the verification process to ensure users can access services easily and securely.Lee Jung-woo, Chief Technology Officer and Chief Product Officer of Korbit, stated, "With the introduction of the Shinhan Certificate, customers can now choose a verification method that suits their usage environment. We will continue to prioritize customer experience and enhance our services to provide more convenient and secure options."* This article has been translated by AI. 2026-07-14 09:00:00 -
Barun Law Firm Welcomes New Attorneys Shin Hyun-sik, Tae Ji-young, and Park Chan-woo Barun Law Firm (led by attorneys Lee Dong-hoon, Lee Young-hee, and Kim Do-hyung) announced on July 14 that it has recruited attorneys Shin Hyun-sik (27th Judicial Research and Training Institute), Tae Ji-young (28th), Park Chan-woo (42nd), criminal attorney Shin Eun-cheol (12th Bar Exam), foreign attorney Kim Jeong-gyeom, and industry safety expert Yang Yong-gu (Ph.D. in Safety Engineering).Shin is a corporate transaction expert with over 25 years of experience in domestic and international mergers and acquisitions (M&A), private equity (PE), corporate restructuring, real estate and infrastructure investment, and corporate governance and compliance. He spent nearly 18 years at Sejong, advising major domestic and international companies and global institutional investors on various large transactions. He later joined DL Group, where he served as Chief Risk Officer (CRO), General Counsel, and head of compliance management, overseeing the group’s investment decisions, global cross-border M&A, and business portfolio restructuring before joining Barun.Shin has managed significant transactions, including the acquisition of Kraton Corporation, a U.S. NYSE-listed company (approximately 3 trillion won), the global carve-out acquisition of the Cariflex business unit, and the transition to a holding company structure for DL Group. He has also advised global institutional investors such as GIC, Blackstone, LaSalle, and Macquarie Asset Management on investments in office, logistics, and infrastructure assets. With his diverse practical experience as an external counsel and in-house legal counsel for large corporations, he aims to provide effective solutions throughout the corporate transaction process.Tae specializes in corporate criminal law, employee investigation responses, labor criminal law, and human resources and labor advisory. From 1999 to 2004, he served as a prosecutor, handling investigations and prosecutions in general criminal, fair trade, election, and labor criminal cases. He has since built his advisory capabilities on corporate criminal risks and human resources and labor issues through his work at law firms such as Chungjeong, Dongin, and Kwangjang.Notably, Tae has handled numerous cases involving police and prosecutor investigations of corporate employees, workplace harassment investigations and disciplinary advice, internal corporate investigations, compliance advisory, and responses to labor department investigations and special labor inspections related to the Serious Accidents Punishment Act and the Occupational Safety and Health Act.Recognized for his expertise in human resources and labor, particularly in disciplinary matters, Tae has served on various committees, including the Personnel Innovation Office’s Appeals Committee, the Central Disciplinary Committee, the Seoul City Appeals Committee, the Korean Bar Association’s Disciplinary Committee, and the KBS Special Disciplinary Committee. He is currently appointed as an external member of the Ministry of Employment and Labor’s General Disciplinary Committee and the Labor Attorney Qualification Review and Disciplinary Committee, as well as the Seoul City’s First Personnel Committee.Additionally, he has been active in various fields as a legal advisor for the Ministry of Employment and Labor and the Ministry of Gender Equality and Family, a member of the Legislative Affairs Office’s Legal Interpretation Review Committee, a member of the Ministry of Justice’s Bar Exam Question and Grading Committee, and the Vice President of the Korean Women Lawyers Association.Park is an expert in intellectual property and technology, specializing in patents, trademarks, trade secrets, and copyright disputes. He is also a licensed patent attorney. A graduate of Seoul National University’s Department of Computer Engineering, Park has experience as an engineer at an IT company and as a patent attorney in the electrical and electronics field. After completing the 42nd Judicial Research and Training Institute in 2013, he joined Barun after working at Kwangjang.Park has handled key disputes in technology-intensive industries, including a patent infringement lawsuit against a U.S. company representing the largest domestic smartphone manufacturer, a patent infringement lawsuit related to game services representing a comprehensive internet portal company, and patent and trade secret infringement cases involving directional electrical steel plate manufacturing technology for a global steel company (in the U.S., Japan, and Korea). With his background as an engineer, patent attorney, and lawyer, Park is expected to leverage his deep understanding of technology and practical experience to excel in intellectual property dispute resolution and related advisory.Foreign attorney Kim Jeong-gyeom has over 25 years of experience in insurance and reinsurance disputes, regulatory responses, M&A, and public affairs, including advising on compensation scope for excess reinsurers under package insurance related to the explosion at Lotte Chemical and LG Chem’s Daesan plant, in collaboration with a Singapore firm. He has led the insurance and reinsurance sector at Kim & Chang, Kwangjang, and Sejong, and before joining Barun, he served as the head of the insurance and reinsurance team at Dentons Lee. His expertise has been recognized externally through rankings by Chambers and Partners in the insurance sector and selection as one of the 'Top 100 Lawyers in Korea' by ABLJ.Yang Yong-gu is a practical expert in serious accident risk response with over 30 years of experience in the industrial safety field. Since 1994, he has held various positions at the Korea Occupational Safety and Health Agency (KOSHA), including Director of the Management Education Center, Head of the Specialized Accident Investigation Center, and Head of the Construction Health Department. As a Ph.D. in Safety Engineering and a certified industrial safety consultant (construction safety), Yang has diagnosed legal risks for employers related to the Serious Accidents Punishment Act and the Occupational Safety and Health Act, providing preventive solutions. He has also participated in audits of safety and health management systems for construction companies and public institutions as a KOSHA-MS and ISO 45001 auditor and has been involved in serious accident investigations. At Barun’s Serious Accident Response Center, he will provide practical technical defense strategies for CEOs in the event of serious accidents.Shin Eun-cheol is a criminal defense attorney specializing in general and corporate criminal law, police investigation responses, and anti-corruption and financial economic crimes. After graduating from the Police University with a degree in Public Administration, he gained practical experience in frontline investigations, including in the Economic Crime Investigation Team, before joining Barun after working at Dongin.Kim Do-hyung, the representative attorney of Barun, stated, “With this recruitment, we have significantly strengthened our advisory capabilities in M&A, corporate transactions, intellectual property, corporate criminal law, and corporate compliance. Additionally, by adding top experts in the industrial safety field, we can provide differentiated solutions that encompass both legal and technical aspects in response to increasingly important serious accidents. Barun will continue to recruit verified experts in each specialized area to offer professional and differentiated advisory services to our clients.”Founded in 1998, Barun Law Firm is one of South Korea's top eight large law firms, renowned for its strength in litigation. It currently employs approximately 300 attorneys and provides comprehensive legal services across various fields, including corporate advisory, fair trade, governance risk, M&A, inheritance, and asset management (Barun EP Center).* This article has been translated by AI. 2026-07-14 08:56:00 -
KOTRA Halts $210 Million AI Trade Investment Platform Project Due to Lack of Major Corporate Participation KOTRA's $210 million project to establish an AI trade investment platform has been halted just one day before the proposal deadline. Despite efforts to open the project to major corporations, the initiative has reverted to square one due to rising semiconductor prices. According to the IT industry on July 13, KOTRA announced the suspension of the 'KOTRA Intelligent Trade Investment Platform' project on July 6, just a day before the proposal submission deadline on July 7. The project aimed to integrate seven systems currently operating separately, including Trade Investment 24, Buy Korea, and Invest Korea, and to implement a customer data platform (CDP) based on generative AI, large language models (LLM), and retrieval-augmented generation (RAG). The total project cost was set at 210 billion won, with a duration of 30 months, and the request for proposals (RFP) was published on May 15. The project faced controversy from the outset. Under Article 48 of the Software Promotion Act, companies belonging to conglomerates like Samsung SDS are generally prohibited from bidding on public software projects. However, KOTRA designated this project as an 'other security' initiative unsuitable for private service, allowing major corporations to participate. Concerns were raised in the industry that this could signal a shift toward a conglomerate-centric public software procurement market. KOTRA stated, "We are not canceling the project, but due to the recent rise in semiconductor prices, the cloud usage fees necessary for system operation have increased beyond initial expectations, creating a situation where the project contractor could incur losses. We plan to realistically adjust the project costs and tasks and reissue the proposal." According to market research firm DRAM Exchange, the fixed transaction price for 8-gigabit (Gb) DDR4 DRAM for PCs rose from $20 in May to $21 in June, with spot market prices reaching $36.10 on July 1. Server DRAM prices are estimated to have increased by about 20% in the second quarter. However, industry insiders cite the withdrawal of Samsung SDS from the bidding as the primary reason for the project's cancellation. Other major companies, including LG CNS, also reportedly declined to participate early on. For large corporations, the profitability of a 210 billion won project was not substantial, and the rising costs due to semiconductor price surges, coupled with the potential public backlash over 'disrupting the small and medium enterprise market,' added to the reluctance. In response, KOTRA emphasized, "The decision to lift the restrictions on major corporations was made through proper procedures for other security reasons, and it was not intended to favor any specific company. This action was taken to prevent harm to both the issuing agency and the contractor." Nevertheless, the impact has fallen on small and medium enterprises that were preparing proposals up until the day before the deadline. Typically, public software projects of this scale require significant investment in pre-consulting and proposal preparation, often costing companies tens of millions of won. Those who had nearly completed their proposals now face the loss of their invested costs. The rationale for the project has also lost its significance. KOTRA had cited the complexity of the current system and the difficulty of integrating AI as the purpose of the consolidation project. With the project indefinitely postponed, the transition of the trade investment platform to AI has also come to a standstill. A representative from a mid-sized company that was preparing to bid stated, "Many small and medium enterprises formed a consortium to bid on the 210 billion won budget and spent significant amounts on proposal preparation. If the project budget is an issue, KOTRA could have held another briefing to adjust the budget realistically. This unilateral cancellation notice without discussion is unacceptable." 2026-07-14 08:56:00 -
Public Outcry Over National Pension Fund Amid Premium Increases Starting this month, the National Pension Service (NPS) will increase its insurance premiums, leading to growing dissatisfaction online amid ongoing controversies regarding its domestic stock investments.According to the NPS on July 13, the maximum monthly income standard will rise from 6.37 million won to 6.59 million won, while the minimum will increase from 400,000 won to 410,000 won, effective until June of next year.This adjustment reflects a 3.4% increase in the average income of all subscribers over the past three years, which is used to calculate both the NPS premiums and future pension payouts.The most affected will be subscribers earning over 6.37 million won per month. With the increase in the maximum limit and a rise in the premium rate from 9% to 9.5% due to pension reform, the monthly premium will increase from 605,150 won to 626,050 won, an increase of 20,900 won.However, for employees, the company covers half of the premium, resulting in an actual personal burden of about 10,450 won per month.As news of the increased premium burden spread, online communities began to voice criticism regarding the NPS's management of domestic stocks.Comments included, "Isn't it time to announce how much the National Pension has lost?" and "They said it would be extended for decades, but did they lose all that money?" Others questioned, "Who prevented the National Pension from selling stocks?" and "Did the National Pension manipulate stock prices?" Many expressed frustration, stating, "Losses are reported as losses, yet premiums are still being collected."Particularly, some investors noted, "In the past, many individual investors followed the pension funds' strategy of buying low and selling high, but that pattern has completely collapsed recently. Now, it's hard to trust and follow the pension funds anymore."This backlash has intensified following the NPS's decision to increase its domestic stock allocation. Earlier, on January 30, Maeil Business Newspaper reported that the NPS Fund Management Committee decided to lower its target allocation for overseas stocks from 38.9% to 37.2% while increasing the target for domestic stocks from 14.4% to 14.9%.At that time, the committee also decided to allow a maximum six-month delay in rebalancing, even if it exceeded the strategic asset allocation (SAA) limits. This led to speculation that the NPS would not sell its holdings mechanically as it had in the past.Additionally, it was revealed that the minutes from that meeting would remain confidential until 2030 due to concerns about their potential impact on financial market stability, further fueling investor criticism.As the domestic stock market has experienced significant volatility, some individual investors have begun to offer various interpretations regarding the NPS's management strategies and investment performance. However, claims that the NPS was prevented from selling high-priced stocks to stimulate the domestic market, resulting in actual losses, have not been officially confirmed.* This article has been translated by AI. 2026-07-14 08:52:00


