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  • Government to Compensate Fishermen for Scallop Price Drops Due to FTA
    Government to Compensate Fishermen for Scallop Price Drops Due to FTA The government will provide compensation of up to 35 million won per fisherman affected by price drops due to the implementation of free trade agreements (FTAs).The Ministry of Oceans and Fisheries announced on July 13 that scallops have been selected as a compensation item for this year, with applications for direct payment to be accepted from July 14 to August 13.The ministry has been implementing the direct payment system based on the Special Act on Support for Farmers and Fishermen Affected by FTAs. The support targets fishermen and fishing companies that have suffered price drops due to increased imports resulting from FTAs, covering a portion of the price decline.This year's eligible items were finalized after review and approval by the support committee for fishermen affected by the implementation of FTAs. Eligible applicants include fishermen who have been producing scallops since before the Regional Comprehensive Economic Partnership (RCEP) came into effect.Those wishing to apply must submit an application form along with proof of production and sales to their local government during the application period. Local governments will then conduct on-site investigations and finalize the list of recipients by September. The maximum compensation limit is 35 million won for individual fishermen and 50 million won for fishing companies. Payments are expected to be distributed between September and December.Minister of Oceans and Fisheries Hwang Jong-woo stated, "We will work with local governments to ensure that all scallop producers receive support through the direct payment system. The ministry will also strive to enhance the competitiveness of the fishing industry beyond just compensating for direct damages caused by FTAs."* This article has been translated by AI. 2026-07-13 11:04:00
  • Pyongyang pledges full expansion of China friendship
    Pyongyang pledges full expansion of China friendship SEOUL, July 13 (AJP) - North Korean Premier Pak Thae-song has pledged to work with China to expand bilateral relations across all fronts, sending a message of thanks to Chinese Premier Li Qiang after wrapping up a three-day official visit to Beijing, the North's state media reported Monday. The visit, timed to the 65th anniversary of the treaty that binds the two countries in a mutual defense pact, capped a month of unusually rapid diplomatic traffic between Pyongyang and Beijing following Chinese President Xi Jinping's summit with North Korean leader Kim Jong-un last month. In the message, sent as he departed China on Sunday, Pak thanked Li for the hospitality extended to his delegation and said he was satisfied with the results of the trip, according to the Korean Central News Agency (KCNA). He expressed a willingness to "work together with Chinese comrades to comprehensively expand and develop the traditional DPRK-China relations of friendship and cooperation in line with the demands of the new era," the agency said. Pak led a party and government delegation to China from July 10 to 12 to attend events marking the anniversary of the Treaty of Friendship, Cooperation and Mutual Assistance. The pact, signed in Beijing on July 11, 1961 by North Korean founder Kim Il-sung and Chinese Premier Zhou Enlai, obliges each side to provide military support if the other comes under armed attack, a clause that has made it the bedrock of the relationship for more than six decades. The reception Pak received signaled how much weight Beijing placed on the occasion. He paid a courtesy call on Xi on July 10, held talks with Li the following day, and met Zhao Leji, chairman of the National People's Congress Standing Committee and the party's third-ranking official, as well as Cai Qi, a Politburo Standing Committee member ranked fifth in the hierarchy. South Korea's unification ministry said the trip marked the first time in seven years that Pyongyang had dispatched a government delegation to Beijing for a treaty anniversary, and noted that the North raised the rank of its chief delegate to premier from the parliamentary vice chairman it sent in 2019. On the final day of the visit, the delegation toured the Museum of the Communist Party of China and a subway control center in Beijing, after inspecting a green low-carbon circular economy demonstration site run by China Resources Recycling Group in the port city of Tianjin. In the museum's guest book, Pak wrote that he hoped the Chinese people would "continue to achieve new successes in building a modern socialist country under the leadership of the Communist Party of China," KCNA reported. The delegation flew home Sunday, seen off at the airport by Chinese officials including State Council Secretary-General Wu Zhenglong and Wang Yajun, China's ambassador to North Korea. First Vice Premier Kim Tok-hun greeted the delegation on arrival in Pyongyang. The trip built on momentum from Xi's visit to Pyongyang last month, his first since 2019, where the two leaders reaffirmed their commitment to strengthening strategic communication and expanding cooperation in a summit and joint statement. At those talks, Xi proposed that the two countries grandly commemorate the treaty's 65th anniversary, according to Chinese state media. 2026-07-13 11:02:15
  • Global EV separator installations rise 21% in Jan-May as China tightens grip
    Global EV separator installations rise 21% in Jan-May as China tightens grip SEOUL, July 13 (AJP) - Global installations of battery separators for electric vehicles climbed more than 20 percent in the first five months of the year, with Chinese suppliers extending their dominance over the market. According to market researcher SNE Research on Monday, separator installations in pure-electric, plug-in hybrid and hybrid vehicles registered worldwide reached about 7.49 billion square meters in the January to May period, a 20.7 percent increase from a year earlier. Excluding China, installations rose a steeper 38.7 percent to about 2.61 billion square meters, pointing to a recovery in demand outside the world's largest EV market. A critical component that governs the safety, output and lifespan of lithium-ion cells, the separator has seen demand swell as EV adoption widens and automakers pack higher-energy-density cells into their vehicles. China's Semcorp held onto the top spot with about 2.21 billion square meters, up 15 percent on the year, while compatriots Senior and Sinoma grew 19 percent and 15 percent respectively. Fourth-ranked Gellec surged 72 percent, whereas Korea's SKIET slid 13 percent. Chinese firms commanded 89.6 percent of the market in the first quarter, up three percentage points from a year earlier, as Japanese suppliers slipped to 6.7 percent and Korean players to 3.7 percent. 2026-07-13 11:01:38
  • Man Admits to Murdering High School Girl for Rape Purpose
    Man Admits to Murdering High School Girl for Rape Purpose Jang Yoon-ki, 23, admitted in court to murdering a high school girl with the intent to rape her.On July 13, the 13th Criminal Division of the Gwangju District Court, presided over by Judge Lee Jeong-ho, held the second hearing for Jang, who has been indicted on charges of violating the Special Act on the Punishment of Sexual Violence Crimes (murder for the purpose of rape) and attempted murder.Jang is accused of killing 17-year-old Lee Chae-won on May 5 in the Wollye-dong area of Gwangju. He allegedly chased her for about 15 minutes before committing the crime. He also reportedly attacked a 16-year-old high school student, identified as A, who rushed to help Lee, inflicting serious injuries, indicating his intent to kill.Additionally, two days prior to the murder, Jang is accused of kidnapping a foreign woman in her 20s, identified as B, for 13 hours, during which he allegedly raped and stalked her. He is also charged with secretly filming parts of women's bodies while serving as a social service worker between June and July of last year.Initially, police charged Jang with murder, attempted murder, and conspiracy to commit murder, but prosecutors later upgraded the charges to murder for the purpose of rape after further investigation.Prosecutors presented evidence found in Jang's apartment, including a sex doll and a DNA analysis report that was submitted late by the police, as well as a cable tie found in the passenger seat of his vehicle, which they deemed tools prepared for the purpose of rape.Meanwhile, the police special investigation team and the prosecution are investigating allegations that Jang's father, a serving police officer, attempted to destroy evidence related to the sex doll and cable tie.Additionally, a police officer from the Gwangju Gwangsan Police Station who was involved in Jang's investigation has been arrested on charges of evidence destruction, and the investigation is expanding to include higher-ranking officials at the station.* This article has been translated by AI. 2026-07-13 10:56:00
  • Haalands Hair Tie: The Korean Origin of KKNEKKI
    Haaland's Hair Tie: The Korean Origin of KKNEKKI Norwegian striker Erling Haaland has been making headlines at the 2026 North and Central America World Cup. His explosive scoring ability and unique style of tying his long blonde hair have captured the attention of soccer fans worldwide, leading to increased interest in the hair tie he uses.Major domestic media outlets have been highlighting the hair tie known as KKNEKKI, which Haaland wears. However, a lesser-known fact is that this globally popular hair tie originated from the South Korean company Dooji.Dooji is the original developer of KKNEKKI, having first created it in 1987. The company continues to exclusively produce KKNEKKI hair ties that are supplied worldwide. While the brand rights were transferred to local partners during its expansion into the European market, the core technology for developing and manufacturing the product remains with Dooji.Dooji has opted to collaborate with local specialized partners rather than directly operate in overseas markets, allowing KKNEKKI to grow into a global hair accessory brand beyond Europe.The product worn by Haaland is also based on technology and production capabilities developed in South Korea. Notably, the hair tie he wears during matches is the 354th model (KHR-354) out of over 2,600 designs developed by Dooji.This product, born from extensive research and development, features functionality that meets the needs of world-class athletes.The hair ties produced by Dooji minimize hair damage, reduce headaches even when tied tightly, and leave minimal marks on the hair after prolonged wear.This functionality stems from decades of accumulated material research and production know-how. Importantly, this product was not merely created in a lab. Chairman Jo Hyun-tae has personally grown his hair and repeatedly tested numerous prototypes to develop the most comfortable and aesthetically pleasing hair tie.Chairman Jo expressed his delight at the global attention Haaland's hair tie has received during the World Cup, stating, "While many people are aware of KKNEKKI, I hope they also learn that the company behind its initial development and ongoing production is South Korea's Dooji." He added, "The product Haaland uses is the result of decades of accumulated technology and research and development, and it is a source of great pride that technology originating in South Korea is being chosen by global sports stars and consumers."With nearly 40 years of expertise, Dooji has established a global production system centered in South Korea, China, and Vietnam, ensuring stable product supply to the world market and leading the global hair tie industry.Dooji's challenges do not stop here. After developing over 2,600 types of hair ties in the past 40 years, the company is preparing to launch its next-generation premium hair tie, ZOLLAME.Named ZOLLAME, which means "to tighten the hair tie," this product aims to be the culmination of Dooji's accumulated research and development.The newly introduced model KHR-888 incorporates more strands than the KKNEKKI model KHR-354 worn by Haaland, with more intricate patterns and color expressions, enhancing its design and quality, according to the company.Chairman Jo stated, "For 40 years, we have continued our research with the goal of creating the most comfortable hair tie. If KKNEKKI has been recognized in the global market, we aim to establish ZOLLAME as a global hair tie brand representing K-beauty and K-technology."With Haaland's hair tie drawing renewed attention to Korean technology, Dooji plans to prove the competitiveness of South Korean manufacturing technology in the global hair tie market, extending beyond KKNEKKI to ZOLLAME, through continuous research and development. 2026-07-13 10:48:00
  • SK Hynix Shares Drop Below 2 Million Won After Successful ADR Launch
    SK Hynix Shares Drop Below 2 Million Won After Successful ADR Launch SK Hynix's shares fell below 2 million won during trading on July 13, just a day after the successful launch of its American Depositary Receipts (ADR) on the NASDAQ. Despite the initial excitement surrounding the ADR, the stock experienced a decline of over 8% due to profit-taking and geopolitical risks.According to the Korea Exchange, as of 10:38 a.m., SK Hynix shares were trading at 1,996,000 won, down 184,000 won (8.44%) from the previous trading day.On July 10, SK Hynix listed its ADR on the NASDAQ, which closed at $168.49, a 13.08% increase from the offering price of $149. This translates to a domestic share price approximately 15.8% higher than the closing price of 2.18 million won on July 11, indicating strong interest from global investors.However, analysts noted that much of the positive sentiment had already been priced in, leading to a wave of profit-taking. Additionally, concerns arose about foreign investors potentially engaging in arbitrage by buying ADRs while short-selling domestic shares, which dampened investor sentiment.External factors also contributed to the market's decline. Over the weekend, U.S. President Donald Trump officially announced the end of a ceasefire with Iran, escalating geopolitical tensions in the Middle East and triggering a sell-off in risk assets, including semiconductors.Market observers believe that the combination of profit-taking following the ADR launch and external uncertainties has increased volatility. Nonetheless, there are no significant changes to SK Hynix's long-term performance outlook, driven by demand for AI memory and high-bandwidth memory (HBM). Investors are now focused on whether the influx of long-term foreign capital will lead to a reassessment of the company's stock value.* This article has been translated by AI. 2026-07-13 10:44:00
  • Typhoon Babi Strikes China, Displacing 2.2 Million in Zhejiang
    Typhoon 'Babi' Strikes China, Displacing 2.2 Million in Zhejiang Typhoon Babi made landfall in eastern China, displacing over 2.2 million residents in Zhejiang Province and causing widespread disruption to land, sea, and air transportation.The China Meteorological Administration issued a red alert for heavy rain, the highest level, for the first time in nearly two years. Although Babi weakened to a tropical storm as it moved inland, additional heavy rain is forecast for Anhui, Jiangsu, and Shandong, indicating that damage may continue.According to reports from China Central Television (CCTV), Typhoon Babi made landfall at 11:20 p.m. on July 11 in Yuhuan, Taizhou City, before briefly moving back out to sea and making landfall again in Wenzhou City about an hour later.The maximum wind speed of Babi reached 38 m/s (approximately 137 km/h), classified as a level 13 wind on China's 17-level wind scale. This level of wind can uproot trees and topple utility poles, as well as damage building roofs.The typhoon's impact was particularly severe in Zhejiang, a key economic and technological hub in China, home to Alibaba's headquarters in Hangzhou and the world's largest cargo port, Ningbo-Zhoushan. According to Reuters, over 2.8 million people nationwide were urgently evacuated, with approximately 2.2 million of them from Zhejiang Province. As of 9 a.m. local time on July 13, the number of casualties and injuries in Zhejiang had not yet been officially reported.In Yuhuan, direct economic losses were estimated at about 840 million yuan (approximately $186.6 million). In Wenzhou, more than 700 trees were uprooted, with over 1,300 trees reported down. CCTV showed landslides covering roads with rocks and floodwaters submerging riverside trees. Rescue teams were deployed with excavators and chainsaws to clear fallen trees.Air, train, and ferry services were halted across the region. According to the Fengpai newspaper, 327 flights were canceled at Hangzhou International Airport, while 684 flights and 1,620 train services were suspended in nearby Shanghai. High-speed train services connecting Beijing and Hong Kong were also temporarily halted.The National Disaster Reduction and Emergency Management Commission of China issued a national-level four-tier emergency response (the lowest level) and provided 70,000 relief items, including foldable beds and blankets.The China Meteorological Administration forecasted that Typhoon Babi would move to eastern Anhui on the afternoon of July 12 and turn northeast to enter the northern Yellow Sea on July 14.As a result, heavy rain is expected from July 13 in Jilin, Liaoning, Hebei, Shandong, Jiangsu, and Anhui, raising concerns about potential flooding and landslides. 2026-07-13 10:44:00
  • BOK dismisses peak concerns over chip cycle as AI demand still outpaces supply
    BOK dismisses peak concerns over chip cycle as AI demand still outpaces supply SEOUL, July 13 (AJP) - The Bank of Korea has dismissed concerns that the global semiconductor cycle has already peaked, saying investment in artificial intelligence (AI) infrastructure is driving demand faster than manufacturers can expand supply. According to a report submitted to People Power Party (PPP) lawmaker Park Seong-hoon and released on Monday, the Bank of Korea (BOK) said the current semiconductor upcycle differs from previous ones because it is being driven by intense investment as companies race to gain an early edge in the artificial intelligence (AI)-led transformation of the technology industry. On the supply side, the technological complexity of advanced chips means that it takes considerable time to increase mass-production capacity, while the growing importance of customized products such as high-bandwidth memory, or HBM, further limits manufacturers' ability to respond quickly. Given the imbalance between rapidly growing demand and constrained supply, the central bank said the global semiconductor industry is likely to remain in an expansionary phase for a considerable period. The current cycle has been supported by strong investment in data centers and other AI infrastructure, producing growth far stronger than during previous semiconductor upturns, according to the BOK. The expansion began in March 2023 and had continued for 40 months as of June, already exceeding the average of 29 months recorded during five upcycles between 2000 and 2020. Although the unusually long cycle has fueled concerns that the industry may be approaching a turning point, the BOK said its duration alone was insufficient to signal a peak, given structural AI demand and limited production capacity. JPMorgan, Goldman Sachs and Morgan Stanley generally expect the global semiconductor industry to remain strong through at least 2027, despite uncertainty over the speed, scope and profitability of AI adoption, the central bank said. The outlook represents an extension of the BOK's previous assessment that the semiconductor upcycle would continue at least through 2026. South Korea's customs-cleared semiconductor exports increased 171.4 percent from a year earlier in April and 167.7 percent in May, underscoring the continued strength of overseas demand. Chip exports surged 199.5 percent in June to a record $44.82 billion, surpassing $40 billion for the first time and helping the country's overall monthly exports exceed $100 billion for the first time. Samsung Electronics also estimated second-quarter revenue at a record 171 trillion won and operating profit at 89.4 trillion won, both the highest quarterly figures in the company's history. The operating profit exceeded the market consensus of roughly 84 trillion to 85 trillion won, although it came slightly below some of the more bullish forecasts of around 90 trillion won issued shortly before the announcement. Samsung shares nevertheless fell about 7 percent on the day of the announcement, as investors took profits following a sharp rally and weighed whether the AI-driven surge in memory earnings could be sustained. The BOK acknowledged that uncertainty remains over how quickly and widely AI technology will spread and whether related services can generate sufficient returns. Still, the central bank's assessment suggests that the recent correction in chip shares does not by itself indicate that the underlying industry cycle has peaked, as manufacturers remain unable to increase advanced-chip supply rapidly while data center investment continues. BOK governor Shin Hyun-song is expected to address the semiconductor outlook and broader economic conditions following the Monetary Policy Board's rate-setting meeting on Thursday. 2026-07-13 10:43:22
  • KB Kookmin Bank Launches VAT Reporting Support Service for Sole Proprietors
    KB Kookmin Bank Launches VAT Reporting Support Service for Sole Proprietors KB Kookmin Bank announced on July 13 that it is offering a value-added tax (VAT) estimation and self-reporting service to enhance convenience for sole proprietors during the VAT reporting period. This service was developed in partnership with the tax platform 'Easy Shop.' Sole proprietors using KB Star Business Banking can estimate their VAT in advance through the application, automatically organize the necessary documentation for reporting, and proceed with the submission via the Home Tax system. Kookmin Bank has strengthened its tax services for sole proprietors by adding VAT reporting support to its existing tax refund and comprehensive income tax estimation comparison services. The bank previously introduced the tax refund service in March and the comprehensive income tax estimation comparison service in May. To celebrate the launch of this service, the bank is holding an event until July 24. Customers who complete the VAT estimation after entering the event through KB Star Business Banking will receive a 3,000 won CU mobile gift card, while those who complete the self-reporting will receive a 10,000 won CU mobile gift card. A Kookmin Bank official stated, “We will continue to introduce practical, lifestyle-oriented services for the convenience of sole proprietors.” * This article has been translated by AI. 2026-07-13 10:40:00
  • First Permanent Labor-Management-Employer Council Established in Shipbuilding Industry
    First Permanent Labor-Management-Employer Council Established in Shipbuilding Industry A permanent dialogue body for labor, management, and government in the shipbuilding industry has been established to discuss sustainable growth strategies. Despite expectations for a long-term boom, structural challenges such as a shortage of skilled workers, disparities between primary and subcontractors, and employment instability remain. The council aims to find solutions through ongoing discussions.On July 13, the Ministry of Employment and Labor and the Ministry of Trade, Industry and Energy held the inaugural ceremony for the 'Shipbuilding Labor-Management-Employer Council' at the Seoul Press Center, followed by the first meetings of the operational and working committees. The event was attended by representatives from the Korean Confederation of Trade Unions, the Federation of Korean Trade Unions, the Shipbuilding Workers' Alliance, as well as management representatives from the Korea Shipbuilding and Offshore Engineering Association, HD Hyundai Heavy Industries, Samsung Heavy Industries, and Hanwha Ocean. Experts in the shipbuilding sector recommended by the government and labor-management-employer council also participated.This is the first time a permanent dialogue body involving labor, management, and government has been created in the shipbuilding industry. The participation of both major labor unions and key shipbuilding companies has been seen as a significant step toward establishing social dialogue within the sector.Recently, the domestic shipbuilding industry has seen a resurgence due to increased demand for eco-friendly, high-value vessels and the U.S.-Korea shipbuilding cooperation project 'Muskah.' However, challenges such as a shortage of skilled workers, disparities between primary and subcontractors, and recurring employment instability amid fluctuating economic cycles continue to pose problems. The insufficient influx of young workers is also cited as a threat to the industry's sustainability.To address these issues, the council will be divided into an operational committee, which will discuss the overall direction of the council, and a working committee, which will share specific discussion topics. The working committee will focus on building a sustainable growth ecosystem for the shipbuilding industry, supporting early employment and long-term retention of young workers, and establishing AI-based safety systems through labor-management discussions.The council is designed to be a permanent dialogue body rather than a one-time event. It aims to ensure that even small issues raised by labor-management-employer discussions can lead to tangible outcomes, and it plans to collaborate with the National Assembly on matters requiring legislation or budgetary support.The establishment of this council highlights the critical task of how to distribute the benefits of the shipbuilding industry's boom to frontline workers, partner companies, and local communities. Simply recovering orders will not guarantee the influx of young workers or the retention of skilled labor. Therefore, there is a recognition that issues such as wage and welfare disparities, safety, training, and employment stability must be addressed collectively.Particularly, the shipbuilding industry has a structure where large primary contractors and subcontractors share production responsibilities, making the disparity between primary and subcontractors a recurring core issue in labor relations. For the sector-specific council to achieve substantial results, it is crucial to derive workforce, safety, and coexistence solutions at the level of the industrial ecosystem, beyond individual company negotiations.Kim Young-hoon, Minister of Employment and Labor, stated, "The competitiveness of the shipbuilding industry ultimately comes from the hands of those working on the ground. The goal of this council is to ensure that the current boom leads to a structure where young people are drawn to the industry, and where safe workplaces and local communities thrive together."He added, "As labor, management, and government raise the anchor of coexistence, we will work together to solidify the shipbuilding industry as a national strategic industry and ensure that its benefits reach young people, local communities, and partner companies evenly, paving the way for sustainable growth."* This article has been translated by AI. 2026-07-13 10:32:00