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  • President Lee Calls for Adjustment of Household Electricity Rates
    President Lee Calls for Adjustment of Household Electricity Rates President Lee Jae-myung stated on July 13 that the current pricing structure for household electricity, which charges the same rate regardless of the time of day, is not appropriate. During a national fiscal strategy meeting held at the Blue House, he suggested that the electricity pricing system should be revised to offer lower rates during off-peak hours when there is excess power and higher rates during peak times when demand exceeds supply.President Lee also noted that restructuring the electricity pricing system could help address the inefficiencies associated with heat pumps, a technology gaining attention for its eco-friendly energy solutions.However, he acknowledged that discussing changes to electricity rates is challenging at the moment due to inflation concerns. He pointed out that household electricity rates are currently higher than industrial rates and emphasized that if there were no inflationary pressures or income issues for the public, it would be necessary to adjust household electricity rates.He added, “The burden on low-income households could be a concern, and we might consider providing support in the form of vouchers for them. I believe we should have a policy discussion on this matter.”* This article has been translated by AI. 2026-07-13 17:40:00
  • TWICEs sold-out Seoul finale concludes yearlong world tour
    TWICE's sold-out Seoul finale concludes yearlong world tour SEOUL, July 13 (AJP) - K-pop girl group TWICE wrapped up their sixth world tour with three sold-out concerts at KSPO Dome in southern Seoul over the weekend, JYP Entertainment said on Monday. The yearlong tour covered 81 shows across 44 locations around the world, marking one of the group's largest global concert tours so far. The "THIS IS FOR" tour began at Inspire Arena in Incheon in July 2025 before traveling across Asia, Oceania, North America and Europe. Along the way, TWICE became the first overseas act to hold a solo concert at Tokyo's National Stadium and the first K-pop girl group to perform at Hong Kong's Kai Tak Stadium. TWICE attracted about 550,000 fans across their North American shows, the largest audience for a North American tour by a K-pop girl group, according to JYP Entertainment, and about 640,000 fans across their Japanese shows. The Seoul finale used the same 360-degree stage setup featured throughout the tour, placing the main stage at the center of the arena and opening seating on all sides. The concerts featured a live band and a career-spanning set list that moved from recent songs including "THIS IS FOR," "OPTIONS" and "MARS" to earlier hits such as "Like OOH-AHH," "TT," "CHEER UP," "What Is Love?" and "YES or YES." The group also performed solo and unit stages, including the first Korean performances of "TAKEDOWN" by Chaeyoung, Jeongyeon and Jihyo and "Confetti" by Mina, Momo and Sana. The final concert on Sunday was streamed worldwide through Beyond LIVE. At the end of the show, the members thanked "ONCE," the group's official fandom, for supporting the tour and hinted that another tour would follow. "The long journey of the 'THIS IS FOR' tour has come to an end," the members said. "We were able to finish it safely because of ONCE. Thank you sincerely for your support and love." TWICE, which debuted in October 2015, will celebrate their 11th anniversary this fall. 2026-07-13 17:38:42
  • Local College Fair Faces Criticism Over Poor Management Amid Heatwave
    Local College Fair Faces Criticism Over Poor Management Amid Heatwave A local college admission fair, intended to provide accurate information to students and parents, faced significant operational issues, leaving many disappointed. Over 10,000 attendees braved extreme heat, only to find inadequate cooling at the venue, and many students left without receiving any counseling. Additionally, some universities reported being forced to provide eight hours of continuous counseling, leading to discomfort among admissions staff. There were also complaints about discriminatory booth fees based on university recognition, prompting calls for reform.The education office stated, "We will humbly review the shortcomings in event management and actively reflect on them in future operations."On July 11, a college admission information fair hosted by a local education office received a flood of complaints regarding its organization. An official from a metropolitan university, speaking with Aju Economy, said, "Despite a heat warning, over 10,000 people attended, but the indoor cooling was non-existent, making it as hot as outside. Large fans were either not operational or ineffective, and when we complained, the organizers simply said, 'There's nothing we can do.'" The official expressed frustration, stating, "The only refreshments provided to the university representatives were two bottles of water per booth, with no additional supplies available." In response, the education office claimed, "We activated all cooling facilities in the gymnasium and operated additional fans, but the high temperatures and large crowd caused the indoor temperature to rise above normal. We continued to deploy large fans in areas where university booths and students were struggling."Regarding the water supply, the official explained, "We prepared enough water for each admissions officer and teacher, but we could not provide additional supplies due to varying needs." The discomfort experienced by visitors and university representatives continued even after the event concluded. The pre-announced parking fee of 3,000 won was not managed properly, as attendees were required to pay individually at the exit toll booth. The university official criticized the organizers, saying, "Instead of a pre-paid parking system, we had to pay at the exit, causing delays of 30 minutes to over an hour just to leave the parking lot." The education office responded, "The traffic congestion at the exit around 5 p.m. was due to a large number of vehicles leaving simultaneously. We worked hard with university officials to facilitate a smoother exit, but it took considerable time, and we apologize for the inconvenience. We will strive to improve this in the future."Lack of flexibility from the outsourced company harms students.The core operation of the college fair, which is counseling, also revealed some shortcomings. Typically, college fairs allow universities to manage waiting times and counseling sessions flexibly. However, some education offices imposed rigid ticketing systems dictated by the outsourced company. Another official from a metropolitan university noted, "The education office mandated that each counselor could only see 18 students, with 20 minutes allocated per session. By 10:30 a.m., all tickets were gone, leaving latecomers unable to receive any counseling." The official added, "If no-shows were handled more flexibly or if walk-ins were accepted, we could have counseled many more students. Instead, the education office's adherence to the company's rigid system meant that complaints from parents fell squarely on the universities." Even universities that finished counseling early were required to remain until the event's official end at 5 p.m., highlighting further operational inefficiencies.“Free for Seoul universities, fees for struggling local schools” highlights unfair booth fee practices.The practice of charging different booth fees based on university recognition also needs to be addressed. An official from a metropolitan university remarked, "At some regional fairs, preferred universities from Seoul are offered free booths to encourage attendance, while local universities desperate for new students are charged fees. This discrimination is openly practiced." The official recounted, "When we were asked to pay a booth fee after deciding to participate late, I said we wouldn’t attend if we had to pay. Only then did they change their tune and say we could come without paying." He criticized the event, stating, "A public event meant for education has turned into a blatant money-making scheme." The college fair, which should alleviate students' and parents' anxieties by providing accurate information, has instead been marred by the incompetence of the organizers and the commercial interests of the outsourced company, leaving students and universities to bear the brunt of the fallout. Admissions officials from various universities emphasized that local education offices must undertake comprehensive reforms to restore the fair's integrity. The education office stated, "We are committed to providing reliable college admission services to students and parents. We are working closely with admissions officers and lead teachers to offer accurate information and tailored counseling, and we will continue to actively incorporate feedback to improve the counseling environment and operational systems." 2026-07-13 17:28:00
  • SK Networks Implements Voluntary Retirement to Streamline AI Operations
    SK Networks Implements Voluntary Retirement to Streamline AI Operations SK Networks is accelerating its transition into an artificial intelligence (AI)-focused holding company as it evolves its organizational structure for innovation. The company plans to implement voluntary retirement in the first half of the year and conduct a company-wide job redesign.On July 13, SK Networks announced that it has initiated a 'career transition support program' for selected employees and begun workforce reallocation. With the full-scale utilization of AI across the organization, job redesign efforts will commence in the second half of the year.To foster a culture of collaboration with AI, SK Networks has established and operated an AX promotion organization. This initiative aims to redefine roles within the organization and build an AI collaboration system based on specific job functions.In the latter half of the year, the company will focus on maximizing job efficiency for employees under the newly established structure, appropriate for an AI-centered holding company. Customized training support will be provided to employees during this process.Particularly, employees who may feel anxious about job changes due to the evolving AI collaboration environment will be offered career transition opportunities. This includes both senior and junior staff members. Individual notifications were sent to the selected employees, with compensation packages reportedly reaching up to 300 million won.A representative from SK Networks stated, "Creating a proactive culture to respond to the global AX trend is the mission of an AI company and a way to avoid obsolescence. We have identified potential areas for AX through organizational AI camps and employee interviews, and we will establish a system that actively incorporates AI into actual work processes."There have been speculations that the recent return of Honorary Chairman Choi Shin-won to management is linked to cost-cutting measures; however, the company firmly denies these claims. SK Networks clarified, "In April, we appointed former Chairman Choi Shin-won as honorary chairman in an advisory role. He serves as a management mentor for SK Networks but does not participate in the company's decision-making or operations."* This article has been translated by AI. 2026-07-13 17:24:00
  • Skin1004 Opens First Global Flagship Store in New York, Targets North America
    Skin1004 Opens First Global Flagship Store in New York, Targets North America Skin1004, a skincare brand under Craver Corporation, has opened its first global flagship store in New York City, marking a significant step in its strategy to penetrate the North American market. The store, located on Broadway, serves as the brand's first global offline hub, designed to convey its philosophy and product experiences directly to consumers. It will act as a base for expanding into the global market, particularly in the U.S. The store's design is inspired by Madagascar, the brand's origin, incorporating organic curves and restrained materials to reflect the natural formations of the region's canyons. The layout aims to provide a sense of nature's comfort amidst the bustling New York City environment. The product display area is designed like an exhibition space, allowing visitors to engage with the brand's story and products simultaneously. To celebrate the flagship store's opening, Skin1004 hosted a week-long customer engagement event. This included a limited-edition starter kit exclusive to the New York flagship, discounts for purchasing customers, skin type tests, one-on-one skin consultations, and sampling programs to encourage visitor participation. During the event, the store attracted over 7,000 visitors. The design inspired by Madagascar's canyons and the product experience programs received positive feedback, resulting in a Google Maps rating of 4.9 stars from local consumers. The U.S. has recently emerged as a key battleground for K-beauty brands. CJ Olive Young is expanding its online business in the U.S., while major K-beauty brands such as Amorepacific, LG Household & Health Care, A.P.R., Dalba Global, and Chosun Beauty are strengthening their local distribution networks and offline channels to enhance their presence in the North American market. Kwak In-seung, Chief Business Officer of Craver and head of the Skin1004 brand, stated, "We will continue to expand consumer touchpoints in major global markets, including the U.S., and strengthen our brand influence in the K-beauty market through differentiated brand experiences that encompass both online and offline channels."* This article has been translated by AI. 2026-07-13 17:24:00
  • Xi Jinping to Deliver Keynote at World AI Conference on July 17
    Xi Jinping to Deliver Keynote at World AI Conference on July 17 China will host the World Artificial Intelligence Conference (WAIC) in Shanghai from July 17 to 20. President Xi Jinping is expected to outline China's policy direction on artificial intelligence (AI) development and global governance during his keynote address.According to Lin Jian, a spokesperson for the Chinese Foreign Ministry, the '2026 World AI Conference and High-Level Meeting on AI Global Governance' will take place from July 17 to 20 in Shanghai.Lin stated that President Xi will present a comprehensive and systematic overview of China's policy stance and plans regarding AI development and governance during the opening ceremony.The event, themed 'Intelligent Partners, Creating the Future Together,' will feature attendees from various governments, industry, academia, research institutions, and international organizations.Lin noted, 'AI technology innovation is entering an unprecedentedly active phase, providing breakthroughs across multiple fields. As opportunities and challenges arise in the international community, AI governance has become a significant issue that the world must address collectively.'He added, 'China has actively worked to ensure that AI develops in a way that benefits humanity and is inclusive, earning high praise from the international community for supporting the capacity building of Global South countries.'Lin expressed hope that the conference would serve as a platform for countries to enhance mutual trust, build consensus, and deepen cooperation, emphasizing the desire to promote healthy, safe, and orderly AI development, making this conference a milestone in the history of AI advancement.The WAIC has been a prominent AI event held annually in Shanghai since 2018, with the Chinese government utilizing it as a key platform to foster its domestic AI industry and lead discussions on global AI governance.* This article has been translated by AI. 2026-07-13 17:24:00
  • Seoul Housing Prices Rise Sharply as June Transactions Exceed 57%
    Seoul Housing Prices Rise Sharply as June Transactions Exceed 57% The proportion of 'rising transactions'—sales at higher prices than previous deals—in the Seoul apartment market has significantly increased. In June, the share of rising transactions in Seoul surpassed 57%, leading the national trend. However, analysts caution that the decline in transaction volume and potential regulatory changes necessitate further observation.On July 13, Zigbang reported that, according to data from the Ministry of Land, Infrastructure and Transport, the share of rising transactions in nationwide apartment sales rose to 47.3% in June, up from 45.7% in May.In the metropolitan area, Seoul's increase in rising transactions was particularly notable, jumping from 47.7% in May to 57.1% in June—a 9.4 percentage point rise in just one month. In May, only five districts had rising transaction shares exceeding 50%, but this number expanded to 23 districts in June, excluding Gangnam and Gwangjin.By district, the largest increases in rising transaction shares were seen in Yongsan (17.7 percentage points), Mapo (15.8 percentage points), Jungnang (15.5 percentage points), Seocho (14.6 percentage points), Gwanak (13.3 percentage points), Yeongdeungpo (13.0 percentage points), Geumcheon (12.4 percentage points), and Seongdong (12.2 percentage points).Notably, areas with relatively lower-priced apartments, such as Jungnang, Gwanak, Yeongdeungpo, and Geumcheon, also saw an increase in rising transaction shares, indicating a shift in trading patterns in regions that had previously experienced limited price increases.However, Seoul's transaction volume decreased from 7,681 in May to 3,105 in June. As transaction reports are still being processed, there is potential for changes in the rising transaction share depending on fluctuations in transaction volume and composition.In Gyeonggi Province, the share of rising transactions increased from 46.4% to 49.4%, a 3.0 percentage point rise. Areas leading this increase included Gwacheon (22.7 percentage points), Seongnam's Sujeong District (20.1 percentage points), Gwangmyeong (13.7 percentage points), Seongnam's Bundang District (10.7 percentage points), Suwon's Yeongtong District (8.8 percentage points), and Hwaseong's Dongtan District (8.6 percentage points).While Seongnam, Gwacheon, and Gwangmyeong saw an increase in rising transaction shares despite a decrease in transaction volume, Dongtan experienced a 41% increase in transaction volume compared to the previous month, leading to a rise in its share of rising transactions as well. Zigbang attributed this trend to expectations of improved transportation conditions due to expanded semiconductor industry investments and the opening of the GTX-A line.In Incheon, the share of rising transactions in June remained stable at 44.1%, slightly down from 44.2% the previous month. While there was a slight increase in rising transactions centered around Yeongjong, overall changes were minimal.In the provinces, trends varied by region. The overall share of rising transactions in the provinces decreased by 0.2 percentage points to 44.3%. While regions such as Gangwon (3.5 percentage points), Chungnam (3.3 percentage points), Ulsan (2.7 percentage points), and Gyeongbuk (1.6 percentage points) saw increases, Jeju (-5.6 percentage points), Jeonbuk (-4.6 percentage points), and Daegu (-3.3 percentage points) experienced more significant declines.Zigbang noted, "The increase in rising transaction shares in June reflects distinct regional differences rather than a uniform national trend. As June's transactions were influenced by market conditions prior to the government's additional regulatory area designations and tax reform discussions, it is essential to monitor how future policy changes will impact transaction flows."Meanwhile, according to Zigbang, as of June 6, the gap in deposits between new lease contracts and renewals has widened, particularly in Seoul, due to rising rental prices. In Seoul, the deposit for new contracts for 84 square meters has been found to be up to 80 million won higher than for renewals.* This article has been translated by AI. 2026-07-13 17:20:00
  • Govt unveils over 800 trillion won budget plan with push for AI and chips
    Gov't unveils over 800 trillion won budget plan with push for AI and chips SEOUL, July 13 (AJP) - South Korea plans to increase next year's government spending to more than 800 trillion won (US$533 billion) and set up a fund to use extra tax revenue for investment in artificial intelligence (AI), semiconductors, regional development and younger generations. The fiscal plans were unveiled at a meeting on Monday chaired by President Lee Jae Myung at Cheong Wa Dae, with key Cabinet members and other officials in attendance. Minister of Planning and Budget Park Hong-keun said national tax revenue is expected to exceed 500 trillion won in 2027, compared with an earlier projection of 412 trillion won, while total expenditure would rise more than 10 percent from this year's original budget. At the center of the plans are a proposed fund that would accumulate tax revenue exceeding its long-term trend and deploy the money over several years in four areas: younger generations, growth engines, regional development and talent. The expansion will be paired with what the government described as its largest-ever expenditure restructuring, including reviews targeting reductions of 15 percent in discretionary spending and 10 percent in mandatory spending to free resources for higher-priority programs. The government said heavier investment in 2027 would raise potential growth and strengthen the revenue base, allowing expenditure growth, the fiscal balance and the government debt ratio to be managed more steadily over the medium term rather than relying solely on future tax gains. Semiconductors, AI data centers and physical AI were designated as three megaprojects that will receive priority in budget allocation, infrastructure construction, regulatory support and coordination with private investment. For AI data centers, the government will form an interministerial task force to support 8.4 gigawatts of private investment planned through 2029, while promoting core technologies, large-scale test beds, industry clusters and an alliance of domestic companies. In physical AI, Seoul aims to build a domestic full-stack platform covering foundation models, devices, AI chips, networks and security by 2030, with public procurement supporting early demand as applications expand from manufacturing into defense, care services, agriculture and policing. The semiconductor plan will support a projected 957 trillion won ($638 billion) in private fab investment by strengthening domestic suppliers of materials, components and equipment, packaging and foundry businesses, along with next-generation chips for on-device AI, power systems and defense. The government will also expand electricity, water, transportation and housing infrastructure, develop a semiconductor-focused advanced city at a military air base in Gwangju, and begin preparations for a first-of-its-kind fab in Yongin, Gyeonggi Province, by 2031. Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol said the investment drive would be paired with plans to train more than 200,000 young specialists and create more than 300,000 jobs through private hiring, public employment and entrepreneurship. Koo also proposed additional public rental housing, a youth-oriented individual savings account and temporarily eased income requirements for housing loans for newlyweds, while extending employment insurance, training and retirement support to platform workers and freelancers. The fiscal push reflects a broader assessment by the Ministry of Economy and Finance, the Ministry of Planning and Budget, the Bank of Korea and the Financial Services Commission that stronger semiconductor-led growth and tax revenue should be converted into productive investment. At an expanded macro-fiscal-financial meeting in June, the four authorities cited a 17.1 percent year-on-year rise in first-quarter nominal gross domestic product and a 53.2 percent increase in May exports, while agreeing that additional fiscal room should support potential growth and ease polarization and living-cost pressures. They nevertheless warned that higher interest rates and volatility in foreign-exchange and equity markets could weigh disproportionately on vulnerable borrowers, small-business owners, import-dependent companies and leveraged investors, while the BOK’s June review highlighted housing, household debt and nonbank risks despite broadly stable financial conditions. The FSC's 150 trillion won fund will separately channel public and private financing into advanced industries, leaving the proposed Future Response Fund to manage above-trend revenue as a long-term fiscal resource, although detailed contribution rules and the division of responsibilities remain undecided. 2026-07-13 17:19:07
  • All Top 4 FIFA Rankings Reach World Cup Semifinals, Creating Dream Matchups
    All Top 4 FIFA Rankings Reach World Cup Semifinals, Creating Dream Matchups The semifinals for the 2026 FIFA North America World Cup have been finalized, featuring all four top-ranked teams in a historic "dream matchup."As of July 12, the quarterfinals concluded with France (FIFA rank 1), Argentina (2), Spain (3), and England (4) securing their spots in the semifinals.This marks the first time in World Cup history that the top four ranked teams have reached the semifinals together. All four nations have a rich history of World Cup victories.According to soccer statistics provider Opta, France has the highest chance of winning at approximately 34%. Spain follows with about 24%, England at 22%, and Argentina at 20%.The highly anticipated match between France and Spain, dubbed a "preview of the final," will take place on July 15 at 4 a.m. at the Dallas Stadium in Texas. Opta predicts a 57.44% chance of victory for France and a 42.56% chance for Spain, indicating a favorable outlook for the French team.France, aiming for its third consecutive final appearance, has dominated the tournament with six wins, scoring 16 goals and conceding only 2. Key player Kylian Mbappé leads the tournament with 8 goals, while Michael Olise has provided 5 assists, and Ousmane Dembélé has contributed 7 points (5 goals, 2 assists).On the other hand, Spain, seeking to reclaim the title for the first time since the 2010 South Africa tournament, boasts a strong defense, allowing only 1 goal in 6 matches. Players like Lamine Yamal, Mikel Oyarzabal, and Mikel Merino, who scored decisive goals in the Round of 16 against Portugal (1-0) and the quarterfinal against Belgium (2-1), have been instrumental in their success.On July 16 at 4 a.m. at the Atlanta Stadium in Georgia, historic rivals England and Argentina will face off. This will be their first World Cup meeting since the 2002 Korea-Japan tournament. Their encounters have always been significant, from the Falklands War in 1982 to Diego Maradona's "Hand of God" incident in 1986 and David Beckham's red card in 1998.Opta forecasts a closely contested match, with England having a 51.27% chance of winning and Argentina at 48.73%.England, aiming for its first title in 60 years since hosting the tournament in 1966, will rely on the performances of Harry Kane and Jude Bellingham, both of whom have scored 6 goals in the tournament. Bellingham notably scored twice in the quarterfinal against Norway (2-1), helping his team in a critical moment.Argentina, seeking its fourth title and second consecutive win, will be led by soccer legend Lionel Messi. Although he did not score in the quarterfinal against Switzerland (3-1), he provided an assist, making history as the first player to achieve a total of 20 goals and 10 assists in World Cup history. He has accumulated 8 goals and 2 assists throughout the tournament.* This article has been translated by AI. 2026-07-13 17:16:00
  • Aribio Receives $60 Million from Chinas Puxing Pharmaceutical to Accelerate AR1001 Commercialization
    Aribio Receives $60 Million from China's Puxing Pharmaceutical to Accelerate AR1001 Commercialization Aribio has received a $60 million advance payment from China's Puxing Pharmaceutical as part of a global licensing agreement for the Alzheimer's treatment candidate AR1001, signaling an acceleration in commercialization efforts. The company plans to use the funds to finalize global Phase 3 trials, analyze data, establish global approval strategies, and prepare for production and quality control.On July 13, Aribio announced that it had received an additional $50 million (approximately 75.2 billion won) from Puxing Pharmaceutical, bringing the total option payment to $60 million, which includes an initial $10 million received in May.This advance payment is part of the exclusive global licensing agreement for AR1001 signed by both companies in May, which has a total contract value of $4.7 billion (approximately 7 trillion won). If Puxing exercises its option for global rights, Aribio will receive additional contract payments, development, approval, and sales milestone payments, as well as royalties on sales.Recently, the company completed dosing of the last patient in the global Phase 3 trial, POLARIS-AD. This trial involved 1,535 early Alzheimer's patients across 230 institutions in 13 countries, including South Korea, the United States, Canada, Europe, and China. The company is currently in the process of locking the database and conducting statistical analyses, with top-line results expected to be released this fall.The collaboration between the two companies is expanding beyond technology transfer into a strategic partnership. Puxing has also signed a separate strategic equity investment agreement worth $27.5 million (approximately 42.5 billion won).Jae-jun Jeong, CEO of Aribio, stated, "The full execution of the advance payment according to the planned procedures demonstrates Puxing's confidence in the clinical success potential and global commercial value of AR1001. As we approach the Phase 3 top-line announcement, we will continue to collaborate to provide new treatment opportunities for Alzheimer's patients worldwide."Market analysts believe that Aribio's decision on whether to apply for New Drug Application (NDA) approval from the U.S. Food and Drug Administration (FDA) in early 2027, following the Phase 3 results expected in September, will be a critical turning point for the company's value.Meanwhile, the cumulative contract value of technology exports from domestic pharmaceutical and biotech companies in the first half of the year has reached 13 trillion won, raising expectations that it will surpass last year's record high. Notably, Aribio has achieved results exceeding half of the domestic biotech industry's technology export volume in just the first half of this year.* This article has been translated by AI. 2026-07-13 17:16:00