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Park Ji-won Criticizes Cho Kuk's Recent Comments as Foolish Park Ji-won, a member of the Democratic Party, criticized former Cho Kuk Innovation Party leader Cho Kuk on July 13 for his recent comments, calling them "foolish."During an appearance on SBS Radio's "Kim Tae-hyun's Political Show," Park stated, "In just a week, Cho posted about 30 times. This behavior will only distance him further from the public." He added, "Since Cho has failed, it would be better for him to reflect and remain quiet before making another attempt."Park also mentioned that members of the Innovation Party advised Cho to take a short trip abroad, but he reportedly ignored their suggestions. "If he continues to be stubborn, there will be no future for him," Park said.Furthermore, Park noted, "There are times in life and politics when things get tough. We should use these moments as opportunities for growth. Acting out of anger will only hurt oneself."Meanwhile, on July 5, Cho Kuk posted on Facebook, defending the use of the term "no" by the online community Ilbe in a mocking context regarding the late President Roh Moo-hyun. This led to speculation that his comments were aimed at Won-i, a member of the girl group Lisenne, who used the phrase "scary." In response to the controversy, Cho stated the following day, "I never said Lisenne is associated with Ilbe. I regret that my words have been used to hurt Lisenne and her fans. Lisenne, yay!"* This article has been translated by AI. 2026-07-13 14:40:00 -
President Lee to Launch 'Light Commission' on Constitution Day President Lee Jae-myung will host a citizen invitation event at the Blue House on July 17 to mark the launch of the 'Light Commission' on Constitution Day.The Blue House announced on July 13 that President Lee will attend the 'Light Commission Launch Commemoration Citizen Invitation Event.'The Light Commission, established by the Lee Jae-myung administration in March, is a presidential committee that will honor the contributions of citizens who opposed armed soldiers during the 12.3 martial law period, with a mandate lasting until March 2028.On June 26, President Lee appointed Park Mi-kyung, chairperson of the Gwangju Environmental Movement Union, as the chair of the Light Commission.The event will also include First Lady Kim Hye-kyung, Chairperson Park, and other members of the Light Commission, including ex-officio government members.Additionally, around 100 citizens and civil society figures who participated in protests against the 12.3 martial law and the subsequent impeachment rally of former President Yoon Suk-yeol will be invited to the Blue House.During the event, President Lee will express gratitude for the dedication of citizens who resisted the 12.3 martial law and will present certificates of appreciation to citizen representatives.After his opening remarks, President Lee plans to watch the documentary film 'Ran 12.3,' which addresses the events surrounding the 12.3 martial law, and share his impressions with the attendees.* This article has been translated by AI. 2026-07-13 14:40:00
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New Book Explores Financial Education Through 'Monopoly' and Wealth Building 부자 아빠의 리치 패밀리=로버트 기요사키 지음, 오웅석 옮김, 민음인Robert Kiyosaki's new book, Rich Dad's Rich Family, emphasizes that financial education for children should start at home. Similar to his bestseller Rich Dad Poor Dad, the book contrasts the differing economic perspectives learned from his biological father, referred to as 'Poor Dad,' and his friend's father, known as 'Rich Dad.' Kiyosaki states, "The earlier a child accepts investing as part of their money management plan, the sooner that plan becomes a reality."A key example is the board game Monopoly. When Kiyosaki played the game as a child, his Poor Dad would say, "Stop playing the game." In contrast, Rich Dad utilized the game as an educational tool for teaching investment, assets, and cash flow. This is why Kiyosaki continues to encourage parents and children to play cash flow games together.Rich Dad taught children financial literacy by acquiring small homes and expanding wealth through hotels and buildings in the game. He advised starting with small investments to avoid big risks, emphasizing that wealth is created not by salary but by assets, and that how one utilizes their salary distinguishes the wealthy from the middle class and the poor.The perspectives on money also differ. While Poor Dad would say, "Money doesn't come from digging in the ground," Rich Dad emphasized that "money grows like a tree," advocating for creating a structure where money earns more money. He argued that one should not just climb the ladder of success but own the ladder itself. To achieve this, he instills in children the importance of diversifying investments across various assets, including real estate, bonds, and stocks.Additionally, the book presents eight financial literacy strategies aimed at changing mindsets about money, including distinguishing between income and expenses, assets and liabilities, and the importance of learning economic language. It also suggests a habit of allocating 30% of total income—10% for savings, 10% for investments, and the remaining 10% for new asset activities or donations."Parents who fail to educate their children properly may find themselves in a situation where their children desperately wish for their parents' death to start a new life. As my Rich Dad said, many parents write in their wills, 'The children will receive this money when they turn 25 or older,' expecting that wisdom about money will come with age. However, time alone does not guarantee this. Parents also do not teach their children how to use inherited money. This is why wealth does not last beyond three generations." (p. 115)부의 갈림길=오건영 지음, 포레스트북스Macroeconomic expert Oh Geon-young presents five major crossroads that could shake the global economy in his new book. These include geopolitical conflicts, the K-shaped economy, the new Federal Reserve Chair Kevin Warsh, the AI revolution, and the future of dollar hegemony. In an era where traditional formulas no longer apply, he examines how these variables will impact asset markets and how to realign investment strategies amid changing tides.Oh explains complex macroeconomic issues in an accessible manner. He analyzes how global trade and supply chains will be reshaped after conflicts, using historical examples and data, while offering effective portfolio strategies amid uncertainty. In the K-shaped economy, he distinguishes between the rising upper segment and the collapsing lower segment. He also summarizes the monetary policy stance of incoming Federal Reserve Chair Kevin Warsh, while suggesting that the Trump administration may find it difficult to ignore rising prices ahead of the midterm elections.Regarding the AI revolution, he explores whether AI can create an ideal economic environment of high growth and low inflation through productivity improvements, analyzing various scenarios."What if, as Federal Reserve officials worry, lowering interest rates leads to entrenched inflation? I previously mentioned that affordability has become a crucial term in the U.S. economy, related to the prices of essential goods. If already high prices in the U.S. rise further, and expectations for price stability diminish, leading to heightened inflation expectations, wouldn't the Trump administration also feel the pressure?" (p. 217)* This article has been translated by AI. 2026-07-13 14:36:00
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Noroo Paint Releases 2025 Sustainability Report Highlighting ESG Achievements Noroo Paint has published its sixth '2025 Sustainability Report,' detailing its ESG (Environmental, Social, and Governance) management achievements and future vision.According to Noroo Paint on July 13, the report reveals progress and outcomes on key ESG issues, including climate change response and greenhouse gas reduction, energy efficiency management, hazardous substance management, development and expansion of eco-friendly products, enhancement of employee health and safety, and the establishment of a sustainable supply chain.In the environmental sector, the company has participated in the Carbon Disclosure Project (CDP) assessment to strengthen its capabilities in responding to climate change, which has become increasingly important. It is also conducting Life Cycle Assessment (LCA) to quantitatively analyze the environmental impact throughout the product lifecycle. Based on this, Noroo Paint is advancing eco-friendly product development and enhancing its environmental management system, while continuously expanding activities to reduce carbon emissions, improve energy efficiency, and develop green technologies, accelerating the realization of its long-term environmental management strategy, 'Green 2035.'In the social sector, the company prioritizes the health and safety of its employees and is actively promoting safety and health initiatives. It has also strengthened its management system for building a sustainable supply chain. Noroo Paint has established a supply chain sustainability management policy and is implementing ESG assessments, due diligence, and improvement support activities to prevent and manage ESG risks among its partners. Additionally, it operates a system for receiving and addressing grievances from partners, systematically managing ESG risks across the supply chain.In the governance sector, the company has enhanced value and ethics training and conducted ethics management workshops for key department personnel, including sales and purchasing. It is also participating in an ethics management compliance program organized by the Anti-Corruption and Civil Rights Commission, continuously strengthening its ethical and legal management system.Earlier, on June 10, Noroo Paint conducted a climate crisis response community service activity by applying 'cool roof waterproof paint' on the rooftop of the Banpo Comprehensive Social Welfare Center in Seoul, in collaboration with the environmental organization 'People Who Care About the Environment.'A representative from Noroo Paint stated, 'This report is structured around the achievements and cases accumulated through the practical implementation of ESG management, enhancing its reliability and completeness. We will continue to strengthen our sustainable management system in line with global standards, focusing on climate change response, ethical management, and supply chain ESG, while expanding transparent communication with stakeholders.'* This article has been translated by AI. 2026-07-13 14:36:00
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Telecom Companies Show Mixed Results for Q2 2026 South Korea's major telecom companies—SK Telecom, KT, and LG Uplus—are set to report their second-quarter results next month, with expectations of mixed outcomes. While SKT and LG Uplus are anticipated to show improved performance due to the expansion of their artificial intelligence (AI) businesses and recovery in wireless services, KT is expected to face unavoidable decline due to the base effect from one-time gains recorded last year.According to financial information provider FnGuide on July 13, the combined operating profit of the three telecom companies is projected to be 1.445 trillion won, reflecting a 12.83% decrease compared to the same period last year.The decline in combined operating profit is primarily attributed to KT's base effect. In the second quarter of last year, KT recorded a one-time gain of approximately 386 billion won from the sale of real estate, significantly boosting its operating profit. As a result of this high base effect, KT is expected to be the only company among the three to report a decline in Q2.Due to KT's revenue drop, the combined revenue of the three telecom companies is also expected to decrease. The projected combined revenue for Q2 is 15.186 trillion won, down 2.72% year-on-year. SKT is expected to report revenue of 4.4057 trillion won, a 1.54% increase from the previous year, while LG Uplus is projected to see a 1.6% rise to 3.9057 trillion won. In contrast, KT's revenue is anticipated to decline by 7.45% to 6.8744 trillion won.In addition to the base effect, KT is expected to see a 1.4% decrease in wireless revenue compared to the same period last year, likely still feeling the impact of a hacking incident. Shin Eun-jung, a researcher at DB Financial Investment, noted, "While MNO subscribers have returned to net growth, the impact of providing data as part of a customer reward program has led some high-tier plan subscribers to downgrade their plans."Kim Ah-ram, a researcher at Shinhan Investment Corp, also commented, "The implementation of a customer appreciation package offering 100GB of free data has temporarily lowered the average revenue per user (ARPU), and the sluggish performance in wireless revenue is expected to continue."On the other hand, SKT is expected to continue its performance improvement, reflecting the base effect from last year's hacking incident. According to FnGuide, SKT's operating profit for Q2 is projected to increase by about 57% year-on-year to 530.7 billion won. Kim Hong-sik, a researcher at Hana Financial Investment, stated, "If the performance trend continues as expected, the consolidated operating profit for this year could reach around 2 trillion won."LG Uplus is also expected to report a 0.56% increase in operating profit to 306.2 billion won. The growth in wireless services and the expansion of corporate infrastructure projects are expected to support this performance improvement. Lee Seung-woong, a researcher at Yuanta Securities, remarked, "The growth in wireless subscribers and the expansion of corporate infrastructure projects will continue, with increased revenue from AI data centers (AIDC) and data center construction and operation driving growth in the corporate sector."* This article has been translated by AI. 2026-07-13 14:28:00
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Daewoong Pharmaceutical's Nabota Surpasses 1 Trillion Won in Cumulative Sales Daewoong Pharmaceutical's botulinum toxin product, Nabota, has surpassed 1 trillion won in cumulative sales after 12 years since its launch. The company plans to accelerate its global market expansion by enhancing production capacity and expanding its aesthetic portfolio.Daewoong Pharmaceutical announced on July 13 that Nabota's cumulative sales exceeded 1 trillion won as of June 30. This milestone was achieved 12 years after its domestic launch in 2014.Nabota became the first Asian botulinum toxin to receive approval from the U.S. Food and Drug Administration (FDA) in 2019, and since then, it has recorded an average annual sales growth rate of 57% from 2019 to 2025. Last year, it surpassed 200 billion won in annual sales as a single product.Daewoong's botulinum toxin has received approvals from major regulatory agencies, including the U.S. FDA, the European Medicines Agency (EMA), and Health Canada. It is marketed under the brand names Nabota in South Korea, Jeuveau in the United States, and Nuciva in Europe.The company is expanding its global market presence based on tailored strategies for each country. In the U.S., it collaborates with partner Evolus to sell Jeuveau, while in Latin America and Southeast Asia, it continues to grow through new market development and premium strategies. Daewoong has also entered multiple countries in the Middle East and North Africa, broadening its global market base. Since the U.S., Europe, and China account for about 80% of the global toxin market, expanding its overseas market share is crucial for long-term growth.The company is establishing a new factory dedicated to toxin production to meet global demand, having formed partnerships with approximately 80 countries and obtained approvals in 69 countries. The new facility aims to increase production capacity from the current 5 million vials per year to a total of 16 million vials, with operations expected to begin next year. The new plant will incorporate aseptic filling processes, automated packaging equipment, and digital quality control systems to comply with global regulatory standards.Daewoong plans to expand its aesthetic portfolio centered around Nabota, including cosmetics, skin boosters, fillers, and next-generation toxins, aiming to become a comprehensive global aesthetic company. The company is also developing new products in skin boosters, medical cosmetics, and fillers, along with next-generation toxins based on recombinant DNA technology.Yoon Jun-soo, head of Daewoong Pharmaceutical's Nabota business division, stated, "Achieving cumulative sales of 1 trillion won after over a decade reflects Nabota's quality competitiveness and global market strategy. We aim to grow Nabota into a global blockbuster brand with annual sales of 500 billion won by 2030 through global market expansion and the establishment of a next-generation aesthetic portfolio."* This article has been translated by AI. 2026-07-13 14:20:00
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U.S. and Iran Cannot Change Situation Through Military Action, Compromise Needed The United States and Iran continue to engage in military clashes over the Strait of Hormuz, but analysts suggest that neither side can fundamentally change the current situation through military action.According to a report on July 13 by the prominent Arab media outlet Al Jazeera, Trita Parsi, a deputy director at the Quincy Institute, stated that the current tensions stem from differing interpretations of the management plan for the Strait of Hormuz outlined in a memorandum of understanding (MOU) signed on June 16.Parsi noted, "There were clearly ambiguous parts in the MOU, which was necessary to reach an agreement quickly, but the fact that both sides interpreted some provisions entirely differently became a critical issue."However, he believes that military action will not change the balance of power. Parsi remarked, "This engagement appears much more intense than before, but at best, both sides will return to the negotiating table after the clashes end. They may realize that neither can change the status quo and will need to find some form of compromise." He added, "As with previous wars, military actions from either side are unlikely to alter the fundamental situation."Parsi also pointed out that while both sides have low trust in diplomacy, the perception that they cannot afford another prolonged conflict is stronger. He suggested that this reality could prevent the clashes from escalating to an uncontrollable level.In particular, he assessed that the global oil inventory has not sufficiently recovered, which increases the burden of a prolonged conflict. Parsi stated, "Global oil inventories have not been replenished adequately, and the U.S. strategic petroleum reserve is also at a much lower level. Iran has also reduced its maritime oil holdings compared to February." He explained that the time available to endure a serious oil crisis has become much shorter than it was in February, making a prolonged war a burdensome choice for both sides.Furthermore, Parsi believes that the U.S. could weaken Iran's ability to disrupt shipping in the Strait of Hormuz over time. However, he cautioned, "The question is how long that process will take and how much damage the oil market will suffer, which could be a political disaster and nightmare for the Trump administration."* This article has been translated by AI. 2026-07-13 14:20:00
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Increase in Dark Shipping Through Hormuz Amid U.S.-Iran Tensions As tensions escalate between the United States and Iran, vessels transiting the Hormuz Strait are increasingly navigating without broadcasting their location signals. While external tracking shows a significant drop in traffic, actual operations continue.On July 12, Bloomberg analyzed preliminary data from shipping information firm Kpler, revealing that all six cargo ships that passed through the strait the previous day had their Automatic Identification System (AIS) turned off. AIS is a device that communicates a ship's location and movement to external observers.In the past three days, instances of 'dark shipping'—where vessels do not disclose their location—outnumbered those that did. Some ships were detected again in different waters after losing their signals in the Persian Gulf or Gulf of Oman, suggesting they crossed the strait while concealing their positions.The decision to avoid tracking stems from conflicting standards set by the U.S. and Iran regarding passage through the strait. Iran maintains that vessels must obtain permission from its authorities to transit, while the U.S. Central Command asserts that routes remain open for free navigation.The southern route along the Oman coast, supported by the U.S., has effectively come to a standstill, with the last publicly confirmed transit occurring on July 8. In contrast, some vessels continued to use the northern route designated by Iran until July 11.Recent attacks on ships using the southern route have deterred operations. In the past week, four vessels struck by Iranian forces were located in the northeastern waters near Oman’s Musandam Peninsula, suggesting they likely utilized the U.S.-supported route. Some of these ships had turned off their AIS but were still unable to avoid being hit.However, opting for the northern route designated by Iran is not without challenges. Ships may face additional costs imposed by Iran and the risk of being targeted by U.S. sanctions.The trend of dark shipping in the Hormuz Strait intensified in mid-April when the United Arab Emirates transported oil outside the Persian Gulf using tankers that had turned off their location signals. This covert operation is considered a factor in why disruptions to oil supply have been less severe than initially anticipated at the onset of the conflict.* This article has been translated by AI. 2026-07-13 14:20:00
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Concerns Grow Over Strikes Amid Global Automotive Survival Competition The global automotive industry has entered a fierce survival competition. With a slowdown in electric vehicle market growth, U.S. tariff policies, aggressive pricing from Chinese manufacturers, rising raw material costs, and geopolitical risks, the industry faces significant challenges. Automakers are under pressure to maintain profitability while continuing to invest in future vehicles. Global companies have already tightened their belts. Germany's Volkswagen is implementing large-scale cost-cutting measures and organizational restructuring in response to poor performance and declining electric vehicle demand. Japan is no different; Nissan is reducing global production capacity due to weak sales and is pursuing workforce reductions and factory consolidations affecting tens of thousands. Honda is also adjusting its electric vehicle investment plans, shifting towards a profitability-focused management approach. Even companies that once dominated the global market are enduring painful restructuring to survive. In contrast, the domestic automotive industry is experiencing a different scenario. The Hyundai Motor and GM Korea unions began partial strikes and other labor actions on July 13. As production disruptions become a reality, concerns within the industry are growing. While the right to collective action is constitutionally guaranteed, both labor and management must seriously consider the repercussions of halting production lines during a time of intense global competition. The Hyundai union is facing criticism for its demands, which include a 30% performance bonus based on net profit, extending retirement age, and reinstating members dismissed for illegal activities. Particularly concerning is the demand for a fixed percentage of net profit as a performance bonus, which could significantly limit the company's future investment capacity. Hyundai's operating conditions are also challenging, with U.S. tariff burdens, currency fluctuations, rising raw material costs, and instability in the Middle East contributing to declining profitability. The company's operating profit in the first quarter fell by more than 30% compared to the same period last year. The impact of halted production extends beyond automakers. The automotive industry is a representative manufacturing ecosystem closely linked with thousands of suppliers, as well as the steel, chemical, electronics, and logistics sectors. If assembly plants stop operating, the production of suppliers will also be affected, disrupting export schedules and international supply chains. It takes a long time to restore trust in the supply chain once it has been shaken. As the global automotive industry grapples with survival, South Korea cannot remain stuck in outdated labor-management paradigms. Automakers in the U.S., Germany, Japan, and China are enduring the pain of reducing factories and workforce while continuing to invest in future technologies. It is crucial to reflect on the self-destructive cycle of strikes and production disruptions that erode competitiveness. The government should respect labor-management autonomy but must actively mediate to prevent prolonged stalemates in negotiations. It is also essential to support expanded capital investment and research and development, as well as policies that enhance supply chain competitiveness. Companies, in turn, must strive to create a safe working environment and offer reasonable compensation. The automotive sector, alongside semiconductors, is a key industry responsible for hundreds of thousands of jobs and exports. Prolonged labor disputes will harm the entire national economy. To ensure that the South Korean automotive industry does not fall behind in the survival competition, it must prioritize collaboration over divisive confrontations. What is needed now is not a power struggle but a shared solution for the future. 2026-07-13 14:16:00
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Homeplus Faces Closure Amid Financial Crisis and Management Scrutiny Homeplus, once a leading player in South Korea's retail industry, is at a critical juncture. Facing a deadline on July 20 for an immediate appeal against the court's decision to terminate its rehabilitation process, Homeplus has decided to temporarily suspend operations at all its stores starting July 13 due to a depletion of operating funds. The company cited its inability to cover product payments, electricity bills, and maintenance costs as reasons for the closure, raising questions about corporate governance and the role of private equity in the retail sector. With the court's decision to end the rehabilitation process, Homeplus faces a significant risk of liquidation if it cannot secure 200 billion won in operating funds by July 20.The crisis at Homeplus is not merely a corporate failure; it poses a social issue affecting tens of thousands of employees, partner companies, suppliers, and small businesses reliant on its operations. The closure of a major supermarket can have a ripple effect on local economies and surrounding businesses. Therefore, this situation requires all stakeholders to adopt a responsible approach in seeking solutions.Critics point to the management style of MBK Partners, the majority shareholder, as central to Homeplus's troubles. MBK acquired Homeplus in 2015 for over 7 trillion won, largely relying on a leveraged buyout (LBO) strategy that used the company's assets as collateral for financing. Subsequently, it sold off stores and logistics centers, some of which were leased back, providing short-term cash but undermining the long-term revenue base.Compounding the issue, the retail landscape has dramatically changed during this period. E-commerce companies like Coupang and Naver Shopping have aggressively invested in logistics and digital transformation, reshaping the market. Competing retailers have also poured significant funds into enhancing their online capabilities. However, Homeplus has been hampered by heavy interest and rental burdens, preventing it from making necessary investments for future growth. The focus on immediate financial improvement has come at a steep cost to its long-term viability.In response to the blame directed at MBK, the firm claims it has provided billions of won in support through the purchase of subordinated bonds. However, market sentiment remains skeptical, as much of this support appears to be in the form of loans or collateral, which differs from responsible capital investment aimed at securing a company's future.It is important to note that not all responsibility lies with MBK. The rapid changes in the retail environment and shifts in consumer behavior have also contributed to Homeplus's difficulties. Nevertheless, investors who acquire companies must also be accountable for their growth and sustainability, as this is a fundamental principle of market economics. Expecting profits during acquisition while deflecting responsibility in times of crisis is far from the ideals of responsible capitalism.The government and financial institutions must not view this situation as merely the failure of an individual company. If Homeplus goes into liquidation, numerous partner companies and small businesses will suffer cascading effects. Emergency measures must be put in place to protect supplier payments, safeguard small businesses, and ensure job stability for workers. While principles are vital in a market economy, minimizing social shocks is also a responsibility of the state.The Homeplus situation raises significant questions for society. While private equity firms have the freedom to acquire companies, they must also bear corresponding responsibilities. If financial tactics aimed at short-term profits undermine a company's future competitiveness and harm numerous stakeholders, market trust will inevitably erode. Companies are social assets intertwined with people, industries, and local economies.Time is running out. The majority shareholder, MBK, and creditors must cease their blame game and present practical solutions. Ignoring the last chance to save Homeplus could lead to this situation being remembered not just as a corporate rehabilitation failure, but as a significant blow to the credibility of South Korea's private equity industry. 2026-07-13 14:16:00