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  • Prepaid Balances for Naver Pay, Kakao Pay, and Toss Rise 11% Year-on-Year
    Prepaid Balances for Naver Pay, Kakao Pay, and Toss Rise 11% Year-on-Year Prepaid balances for South Korea's major fintech companies, including Naver Pay, Kakao Pay, and Toss, surpassed 980 billion won as of the end of June. This figure represents an increase of over 10% compared to the same period last year, indicating that mobile payments have become a common method of transaction. However, the total has slightly decreased from the previous quarter, as the companies prepare to cross the 1 trillion won mark.According to reports from the companies on July 12, Kakao Pay's prepaid balance stood at 594.128 billion won at the end of Q2, reflecting a 0.5% increase year-on-year. Toss reported a balance of 207.865 billion won, marking a significant 54.7% rise, the highest among the three. Naver Pay also saw an increase of 11.8%, reaching 180.930 billion won.As a result, the combined prepaid balance of the three companies totaled 982.897 billion won, up 10.8% from 887.2 billion won a year earlier. The combined balance has steadily grown from 887.2 billion won in Q2 of last year to 931.8 billion won in Q3 and 964.8 billion won in Q4.However, this figure represents a decrease of about 7.3 billion won compared to Q1 of this year, when the total was 990.2 billion won, primarily due to a drop of approximately 8 billion won in Kakao Pay's prepaid balance.Prepaid balances are funds that users load onto platforms for payments or transfers. They enhance user convenience while encouraging spending within the platform, making them a key indicator of growth in the mobile payment sector.Recently, competition for securing prepaid balances has intensified as companies accelerate their efforts in the offline mobile payment market. Naver Pay is expanding its presence in both online and offline payment markets with its 'Naver Pay Connect' service, which features facial recognition payment technology called 'Face Sign.'Toss is attracting users by promoting its remittance service and devices equipped with 'Face Pay' technology. It is also broadening the use of prepaid balances through its shopping platform. Kakao Pay maintains the largest prepaid balance among the three, thanks to its integration of everyday services like remittance, shopping, and gifting through the KakaoTalk platform.Industry experts anticipate that competition in the mobile payment market will become even more intense. This is fueled by the announcement from Coupang, the country's largest e-commerce company, that it will expand its 'Coupang Pay' service, previously limited to its platform, into a universal mobile payment service called 'Rocket Pay.' As of the end of Q2, Coupang Pay's prepaid balance was 114.981 billion won, already exceeding 100 billion won with its existing service. Once Rocket Pay is officially launched, it is expected to compete directly with Naver Pay, Kakao Pay, and Toss.* This article has been translated by AI. 2026-07-12 15:04:00
  • KB Financial Leads in Inclusive Finance Supply; Shinhan Tops in Debt Management
    KB Financial Leads in Inclusive Finance Supply; Shinhan Tops in Debt Management KB Financial has ranked first among the top five financial groups in inclusive finance supply for the first half of this year. Shinhan Financial led in managing delinquent loans, accounting for about 40% of the total performance in debt restructuring and loan write-offs.According to the Financial Services Commission on July 12, the top five financial groups—KB, Shinhan, Hana, Woori, and NH Nonghyup—supplied a total of 11.2912 trillion won in inclusive finance during the first half of the year. The target for supply from 2026 to 2030 is set at 70.7672 trillion won.KB Financial topped the supply figures with 2.4883 trillion won, followed closely by Shinhan Financial with 2.42 trillion won. NH Nonghyup, Hana, and Woori Financial also each supplied over 2 trillion won.Shinhan Financial's impact was particularly notable in managing delinquent loans. The company restructured 813.6 billion won in delinquent loans and wrote off or completed the statute of limitations on 719.4 billion won in loans. Combined, this totals 1.533 trillion won, representing over 40% of the total delinquent loan management performance among the top five financial groups.Shinhan Financial has expanded its approach beyond merely recovering delinquent loans, focusing on supporting vulnerable borrowers, including the elderly and low-income individuals. The company has shifted its review process to assess all loans that have been overdue for a certain period, rather than only those nearing the statute of limitations.KB Financial is also concentrating on helping borrowers achieve actual recovery. Through a dedicated non-face-to-face debt restructuring team, the company enables borrowers who cannot visit in person to handle consultations and execution in one go. Additionally, it collaborates with the Credit Recovery Committee to provide counseling for borrowers experiencing psychological distress due to financial difficulties.The inclusive finance strategies vary among the financial groups. Hana Financial has introduced a mid-interest loan with a fixed rate of 5.5% for those in the bottom 50% of credit scores, while Woori Financial is promoting a refinancing product that allows borrowers to switch from secondary financial institution loans to bank loans. NH Nonghyup is expanding products aimed at specific regional and demographic needs, targeting farmers, young residents, and diligent repayers of debt restructuring.Although Woori Financial had the lowest absolute supply amount at 2.1 trillion won, it achieved the highest progress rate against its five-year target of 7.4 trillion won, reaching 28.4% in the first half.The competition in inclusive finance among financial institutions is expected to broaden, focusing not only on new fund supply but also on debt restructuring, loan write-offs, refinancing, and credit recovery support. The Financial Services Commission plans to move away from performance management based solely on supply amounts and introduce a comprehensive evaluation system for inclusive finance, designating dedicated chief officers for each financial group. 2026-07-12 15:04:00
  • Delivery Apps Thrive as Foreign Tourist Numbers Surge
    Delivery Apps Thrive as Foreign Tourist Numbers Surge Foreign delivery applications are experiencing a boom, fueled by a rise in foreign tourists and an increase in individual travel (FIT) rather than group tours.According to the Ministry of Culture, Sports and Tourism and industry sources, the number of foreign tourists visiting South Korea surpassed 10 million in the first half of this year. This milestone was reached about a month earlier than last year, when the 10 million mark was crossed in mid-July. In May, 1.95 million foreign tourists visited South Korea, a 19.4% increase compared to the same period last year. The cumulative number of visitors from January to May reached 8.72 million, up 21% from the previous year.Spending by foreign tourists has also seen significant growth. As of May, the total domestic card spending by foreign tourists, including online purchases, reached approximately 2.1 trillion won, marking the first time monthly spending exceeded 2 trillion won since tracking began in January 2018.Domestic delivery apps have benefited from this trend. The number and value of foreign orders on Baemin, operated by Woowa Brothers, have more than quadrupled over the past year. In the first half of this year, the number of food delivery orders made through overseas-issued credit cards and global payment services like WeChat Pay, Alipay, and Apple Pay increased by 331%, while the order value rose by 308% compared to the same period last year.The most ordered item was chicken, which saw a 281% increase compared to the previous year. The late-night snack category experienced the highest growth rate at 520%.The increase in delivery platform orders from foreign tourists is attributed to the growing popularity of individual travel. According to the Korea Tourism Organization's survey of foreign tourists, the proportion of individual travelers who freely plan their accommodations and itineraries reached 80.1% last year, while group tours, which follow a guide, accounted for only 11.5%.Eased visa regulations have also contributed to the rise in orders. In April, as the peak spring tourism season began and measures to issue multiple-entry visas for Chinese tourists were implemented, Baemin reported a 22% increase in foreign orders compared to the previous month.* This article has been translated by AI. 2026-07-12 14:56:00
  • Korean navy searches for missing sailor near NLL in East Sea
    Korean navy searches for missing sailor near NLL in East Sea SEOUL, July 12 (AJP) -South Korea's Navy is searching for a missing sailor who disappeared while serving aboard a frigate conducting a patrol mission near the Northern Limit Line (NLL) in the East Sea, military officials said Sunday. The missing sailor, a private first class, was reported missing after failing to report for duty at around 8 a.m., according to the Navy. He was last seen between midnight and 2 a.m. by a watchstander conducting an internal security patrol through one of the ship's passageways while the frigate was operating about 50 kilometers east of Geojin, Goseong County, near the maritime border with North Korea. The Navy has launched a joint search operation with the Korea Coast Guard, deploying around 10 naval and coast guard vessels along with multiple aircraft to scour the area. Authorities have also requested assistance from nearby fishing boats and commercial vessels operating in the vicinity. The Navy said it notified North Korea of the incident through international maritime communication channels that are accessible to the North, in line with maritime safety procedures. Defense Minister Ahn Gyu-back was briefed on the incident Sunday morning and instructed the military to make every effort to locate and rescue the missing sailor as quickly and safely as possible. He also ordered close coordination with the Coast Guard and other relevant agencies throughout the search operation. 2026-07-12 14:55:35
  • AI Revolution in Defense: South Korea Aims to Become a Global Leader
    AI Revolution in Defense: South Korea Aims to Become a Global Leader The calculus of warfare is changing. In the age of AI, the speed at which artificial intelligence can analyze the battlefield and support decision-making is becoming the decisive factor, rather than the size of troops or firepower. Drones are conducting surveillance, unmanned systems are carrying out missions, and AI is assisting commanders in their decisions, marking the dawn of the physical AI era. South Korea boasts a strong semiconductor and manufacturing sector, along with a globally recognized K-defense industry. The question now is whether AI can be integrated into this framework. At the forefront of this challenge is the Defense Acquisition Program Administration (DAPA) and its head, Lee Yong-cheol. The history of warfare is evolving. In the past, the number of troops and weapons determined victory, while the industrial revolution shifted the focus to tanks, ships, fighter jets, and missiles. However, the AI era is different. Drones monitor the battlefield, AI analyzes data from satellites, radars, and various sensors, while unmanned vehicles and robots perform tasks in place of humans. Fighter jets and drones operate together, with AI supporting commanders' judgments. We have entered an era where artificial intelligence is integrated with real-world machines and weapons. The global defense industry landscape is also shifting. The competition is moving from who can create the most powerful weapons to who can more rapidly integrate AI, semiconductors, drones, and robots into weapon systems. South Korea is well-positioned to capitalize on this trend, with its semiconductor industry, automotive, shipbuilding, and battery sectors, as well as its robotics and information communication technologies. Additionally, South Korea has recognized K-defense products such as the K9 self-propelled howitzer, K2 tank, FA-50 light attack aircraft, and Cheongung-II, which are acknowledged in the global market. The next challenge is to combine K-defense with AI, with DAPA at the center of this effort. DAPA is not just a research institution for AI; it is an organization that transforms AI technology into actual weapons. Its role includes discovering technologies from the private sector and research institutions, developing them into weapon systems, testing and evaluating them for military deployment, and nurturing companies for export to the global market. The ongoing war in Ukraine and conflicts in the Middle East demonstrate that expensive tanks and fighter jets alone do not guarantee victory. Drones are monitoring the battlefield, AI is analyzing reconnaissance data, and AI-based command and control systems are processing vast amounts of information to support operational decisions. Data and AI are now at the heart of warfare. The South Korean military must also establish AI-based surveillance and reconnaissance systems, unmanned aerial vehicles, unmanned combat vehicles, and AI command and control systems, as well as integrated combat systems that include both manned and unmanned elements. However, mere technological research is insufficient. These technologies must be developed into actual weapon systems that can be deployed in the field. This is DAPA's role, and countries that can rapidly transform good technologies into weapon systems are more likely to possess strong militaries and defense industries. South Korea has a wealth of excellent AI technologies developed by universities, government-funded research institutions, large corporations, and startups. The challenge is that it often takes a long time for these technologies to be connected to actual weapon systems. The traditional process of determining military requirements, conducting research and development, testing and evaluation, mass production, and deployment can take over a decade. Given that AI technology can advance in months rather than years, relying solely on this method makes it difficult to compete. The task assigned to Lee Yong-cheol is clear. He must quickly identify outstanding private sector technologies, allow the military to use them, and rapidly iterate the process of improving and reusing these technologies. In the defense industry of the AI era, competitiveness will stem from speed. South Korea is a global manufacturing powerhouse, producing semiconductors, automobiles, ships, fighter jets, tanks, self-propelled howitzers, robots, and batteries. This industrial base can become a significant competitive advantage in the AI defense era, as AI weapon systems require not only AI but also semiconductors, sensors, communication technologies, batteries, and precision manufacturing capabilities. By integrating AI into tanks, ships, and fighter jets, and connecting drones and robots, South Korea can evolve from a country that excels at producing individual weapons to one that creates intelligent weapon systems connected by AI. The next competitive edge for K-defense lies in AI and semiconductors. National defense is one of the fields where physical AI can spread the fastest. Examples include unmanned combat vehicles, AI drones, autonomous military vehicles, unmanned surface vessels, and unmanned submarines, as well as AI-integrated surveillance and reconnaissance systems. Merely having good AI models is not enough to become a physical AI powerhouse; there must be physical entities—vehicles, robots, ships, and aircraft—for AI to operate. South Korea already has this manufacturing base, making the combination of AI, manufacturing, and K-defense a potential new engine for national growth. While creating perfect weapons is important, speed is equally crucial in the AI era. If a weapon takes ten years to develop, it may be outdated by the time it is completed. This is why rapid acquisition systems are essential. There is a need for a process that quickly identifies private sector technologies, creates prototypes for military use, improves performance, and rapidly scales up once effectiveness is proven. In the AI era, the competitiveness of weapon development depends more on how quickly one can develop, validate, and improve than on how perfect the initial plan is. South Korea's excellent AI technologies are not limited to large corporations. Many startups possess capabilities in video analysis, autonomous driving, robotics, drones, cybersecurity, and quantum technology. However, the defense market has high entry barriers, making it difficult for small companies to enter independently. This structure must change in the AI era. A growth ladder is needed that allows good technologies to be discovered, used and validated by the military, and then applied to weapon systems for entry into the global market, fostering an open ecosystem where established defense giants collaborate with AI startups. If the manufacturing capabilities of major defense companies like Hanwha Aerospace, Hyundai Rotem, Korea Aerospace Industries, and LIG Nex1 are combined with the technological innovation of startups, competitiveness can be significantly enhanced. DAPA must evolve from merely managing companies to becoming a platform that connects businesses, technologies, the military, and the market. AI weapon systems are perfected through field use. The entire South Korean military can become a vast proving ground for AI defense technologies, from the Army's AI drones and the Navy's unmanned surface vessels to the Air Force's integrated combat systems and the Marine Corps' AI surveillance systems, as well as AI applications in logistics and maintenance. Successful technologies will be expanded within the military, and defense companies will commercialize them for export to the global market. This will create a seamless connection between defense demand, industrial development, and defense exports. The competitiveness of K-defense 1.0, symbolized by the K9 self-propelled howitzer, K2 tank, FA-50, and Cheongung-II, was based on price, quality, delivery time, and customization capabilities. However, the global defense market is changing again. AI drones, unmanned combat systems, AI command and control systems, autonomous military vehicles, and AI surveillance and reconnaissance systems are the future export products. K-defense 2.0 must evolve from selling individual weapons to exporting integrated combat systems connected by AI and data. AI can also transform the defense acquisition process itself. By analyzing the vast data accumulated at DAPA, AI can enhance productivity in cost analysis, risk detection, contract and regulation review, and schedule management. Creating AI weapons is just as important as establishing an AI-driven DAPA. Protecting technology must also be a priority. As K-defense exports and international collaborations increase, the risks of technology leakage and cyberattacks grow. Data protection, algorithm security, and supply chain management are essential. Additionally, ethical and legal issues must be addressed, such as accountability when AI misidentifies targets, the decision-making scope of autonomous weapon systems, and the validation of AI decision processes. It is crucial to uphold the principle that while AI supports human judgment, the ultimate responsibility for life and safety lies with humans. The integration of AI into the defense sector can also create new opportunities for regional economies in areas like Changwon, Sacheon, Gumi, Daejeon, and Nonsan-Gyeongju, leading to youth employment and the development of local industries. The task assigned to Lee Yong-cheol goes beyond developing and procuring good weapons; it involves designing a new defense industry for South Korea that aligns with the AI era. This includes transitioning AI from the laboratory to the battlefield, integrating civilian technologies into weapon systems, bringing startups into the defense market, and positioning K-defense in the global AI defense market. This is the path to making South Korea the world's leading AI defense powerhouse. :Lee Yong-cheol, Head of DAPA: He has experience in both administrative and defense sectors. He has accumulated policy coordination and administrative experience in key government positions and is leading innovations in the defense industry, improvements in weapon acquisition systems, and enhancements in K-defense competitiveness as the head of DAPA amid rapidly changing security environments. His task is to swiftly apply AI, semiconductors, drones, and unmanned systems to weapon systems, combining civilian technology and manufacturing competitiveness with K-defense to create a growth ladder that exports AI weapon systems validated in South Korea to the global market.* This article has been translated by AI. 2026-07-12 14:48:00
  • Supreme Court Calls for Safeguards Amid Proposed Abolition of Prosecutorial Investigative Powers
    Supreme Court Calls for Safeguards Amid Proposed Abolition of Prosecutorial Investigative Powers The ruling Democratic Party of Korea has proposed a complete abolition of the prosecutorial investigative powers, prompting the Supreme Court to issue its first official stance, stating that "safeguards must be established to prevent adverse effects."On July 12, according to Shin Dong-wook, a member of the National Assembly's Legislation and Judiciary Committee from the People Power Party, the Supreme Court's Administrative Office recently submitted a review opinion on the proposed amendments to the criminal procedure law, introduced by Democratic Party lawmaker Kim Yong-min and Park Eun-jung of the Justice Party.The proposed amendments by the Democratic Party aim to entirely eliminate the direct investigative powers and supplementary investigative powers of prosecutors, leaving only the 'request for supplementary investigation' intact. The amendments also seek to abolish the prosecutorial authority over special judicial police and significantly limit the scope of prosecutors' direct warrant requests.In its opinion, the Administrative Office stated, "The National Assembly must closely examine the pros and cons of institutional changes regarding the adjustment of powers among investigative agencies, as well as the diverse opinions of the public and experts," adding that it is a matter that requires careful deliberation and legislative policy decisions. It emphasized the need for sufficient safeguards to prevent potential adverse effects arising from institutional changes.Conversely, the proposal to establish prosecution review committees in local courts to decide on the appropriateness of indictments raised clear concerns. The Administrative Office noted, "The appropriateness of indictments can be controlled through trials after charges are filed, and decisions not to prosecute can be challenged through retrials," warning that if courts operate prosecution review committees, it may hinder judges from making independent decisions in future rulings.However, the Administrative Office expressed strong support for the introduction of 'conditional release and bail systems' and 'preliminary hearings for search and seizure warrants' included in the amendments.Regarding the conditional release system, the Administrative Office stated, "It can correct the societal misconception that 'detention equals punishment' and practically implement the principles of non-custodial investigation and presumption of innocence." By imposing conditions such as electronic monitoring or residence restrictions, it believes that it can maintain investigative efficiency while enabling practices seen in advanced countries.On the preliminary hearing for search and seizure warrants, it remarked, "Previous written hearings did not provide a way to resolve questions about the requirements or scope of warrants," predicting that the introduction of preliminary hearings would prevent 'exploratory searches' conducted without specific allegations and encourage more careful investigations. It countered concerns about hindering the confidentiality of investigations by stating that closed hearings could actually reduce the time spent on dismissals or reapplications for investigations.However, it urged caution regarding the proposal to allow defendants to request retrials for deferred prosecution, citing potential inefficiencies in the distribution of judicial resources and the possibility of prolonged rights protection procedures.Additionally, it pointed out that expanding the current retrial requests, which are only available to complainants, to include informants could lead to prolonged instability for the accused due to indiscriminate challenges from complainants, increasing social dispute costs.Nonetheless, it suggested that a more refined legislative alternative is needed to selectively allow retrial requests from informants in specific crimes such as child abuse, domestic violence, and abuse of the disabled, where mandatory reporting is required.Recently, the ruling Democratic Party has been actively pursuing amendments to the criminal procedure law aimed at abolishing the supplementary investigative powers of prosecutors. Initially, there was conflict with the government over the necessity of retaining these powers, but on June 25, the government decided to support the abolition, and the National Assembly's Legislation and Judiciary Committee is currently reviewing the proposals.However, following the recent case of the murder of a high school girl in Gwangju, which raised concerns about police mishandling of the investigation and evidence destruction, public opinion, particularly from the opposition, has shifted towards the necessity of maintaining supplementary investigative powers, leading to ongoing disagreements between the ruling and opposition parties over this issue.* This article has been translated by AI. 2026-07-12 14:36:00
  • Irans Negotiator Warns U.S. of Consequences for Non-Compliance
    Iran's Negotiator Warns U.S. of Consequences for Non-Compliance As tensions escalate over control of the Strait of Hormuz, Iran's chief negotiator, Mohammad Bagher Ghalibaf, has intensified warnings to the United States regarding compliance with agreements. On July 12, Ghalibaf posted on social media platform X (formerly Twitter), stating, "The era of unilateral agreements is over. We have told you, 'If you do not keep your promises, you will face consequences.' Reality is knocking at the door." Along with his statement, Ghalibaf shared a screenshot of a section from the memorandum of understanding (MOU) signed by the U.S. and Iran on June 17, which outlines navigation and future management plans for the Strait of Hormuz. He particularly emphasized the phrase, "The Islamic Republic of Iran will take necessary measures," reaffirming Iran's position as the primary authority responsible for ensuring safe passage through the strait.On the same day, Iran announced it would block the Strait of Hormuz until U.S. military intervention in the region ceases, following warning shots fired at a commercial vessel passing through the strait. In response, the U.S. conducted airstrikes on approximately 140 Iranian military targets in the south, while Iran retaliated by attacking U.S. facilities in the Middle East, including those in Jordan, Kuwait, Bahrain, and Qatar, using ballistic missiles and drones.* This article has been translated by AI. 2026-07-12 14:36:00
  • Navy Crew Member Missing During Patrol in East Sea
    Navy Crew Member Missing During Patrol in East Sea On July 12, a crew member from a naval vessel on patrol in the northern East Sea went missing, prompting military authorities to initiate a search operation.The Navy reported that a soldier was last seen around 50 kilometers east of Gojin while performing security duties. In response, Defense Minister An Gyu-baek directed that all efforts be made to locate the missing individual as quickly and safely as possible.The missing soldier, identified as a private first class, was reportedly last seen by a duty officer patrolling the interior of the ship between midnight and 2 a.m. When the soldier did not report for duty at 8 a.m., the situation was recognized as a missing person case.The incident has also been communicated to North Korea through international maritime communication channels accessible to both sides.The Navy stated, "We are currently conducting a joint search with the coast guard, deploying ships and aircraft to locate the missing person. We are also coordinating with fishing boats and nearby commercial vessels to assist in the search efforts."* This article has been translated by AI. 2026-07-12 14:32:00
  • Inverse and Leverage ETFs Dominate Trading Amid KOSPI Volatility
    Inverse and Leverage ETFs Dominate Trading Amid KOSPI Volatility As the KOSPI continues its rollercoaster performance, the exchange-traded fund (ETF) market has emerged as a battleground for 'dual betting.' With a surge in trading of inverse products betting on declines and leverage products aiming for rebounds, single-stock ETFs for Samsung Electronics and SK Hynix have dominated trading volumes, raising concerns about increased market volatility due to short-term trading.According to the Korea Exchange, from June 1 to July 10, all of the top 10 ETFs by trading volume were leverage and inverse products. Among these, five were single-stock leverage and inverse ETFs based on Samsung Electronics and SK Hynix.The top traded product was 'KODEX 200 Futures Inverse 2X,' with a trading volume of 314.6 billion shares during this period. It was followed by 'KODEX Inverse' (30.4 billion shares) and 'SOL SK Hynix Futures Single Stock Inverse 2X' (5 billion shares). The top 10 also included leverage ETFs for KOSDAQ 150 and secondary batteries, alongside the single-stock ETFs for Samsung and SK Hynix.Since the listing of single-stock leverage and inverse ETFs for Samsung Electronics and SK Hynix at the end of May, these products have quickly entered the top trading ranks. Analysts attribute this to increased demand for betting on declines and short-term rebounds following the KOSPI's significant fluctuations, including a breach of the 9,000 mark last month.The leverage ETF market is also expanding rapidly. According to Mirae Asset Securities, the net assets of domestic leverage ETFs increased from 9 trillion won last year to 41 trillion won last month, with an average daily trading volume of 13 trillion won recorded since mid-June.Individual investors have focused their funds on semiconductor leverage ETFs. From July 1 to 10, individuals net purchased 1.66 trillion won in seven types of SK Hynix single-stock leverage ETFs and 599.1 billion won in seven types of Samsung Electronics single-stock leverage ETFs. The total net inflow into the 14 related leverage ETFs reached 2.26 trillion won.Lee Sang-hyun, a researcher at Meritz Securities, stated, "The daily rebalancing of leverage and inverse ETFs exhibits trading characteristics similar to 'short gamma,' where exposure increases when stock prices rise and decreases when they fall. This raises concerns about amplifying market volatility and price fluctuations."However, the actual rebalancing scale is limited, accounting for 4.1% for Samsung Electronics and 5.5% for SK Hynix relative to trading volumes, suggesting a restricted impact on the overall market. The researcher added, "If rebalancing is concentrated before market close, there is a possibility of abnormal trading due to mechanical trading." 2026-07-12 14:28:00
  • U.S.-Iran Tensions Escalate Over Hormuz Strait with Airstrikes and Retaliation
    U.S.-Iran Tensions Escalate Over Hormuz Strait with Airstrikes and Retaliation The conflict between the United States and Iran over control of the Hormuz Strait has sharply escalated. Following Iran's warning shots at a commercial vessel, the country declared a full blockade of the strait, prompting the U.S. to conduct airstrikes on approximately 140 military targets in Iran. Iran, in turn, has launched attacks on U.S. targets across the Middle East.On July 12, the Iranian semi-official Tasnim news agency reported that the Islamic Revolutionary Guard Corps (IRGC) announced the closure of the Hormuz Strait, claiming that vessels attempted to navigate illegally.The IRGC stated that it fired warning shots at a vessel that had turned off its navigation system and posed a threat to maritime security. They declared, "The Hormuz Strait will remain closed until further notice and until U.S. intervention in the region ceases," prohibiting all vessel traffic.In response, U.S. Central Command (CENTCOM) stated on social media platform X (formerly Twitter) that at 7:15 p.m. Eastern Time on July 11, the IRGC openly attacked the Cypriot-flagged container ship 'M/V GFS Galaxy' as it passed through the Hormuz Strait, marking the beginning of the third wave of airstrikes against Iran this week.CENTCOM reported that one civilian crew member is missing following the attack, which caused a fire on board and significant damage to the engine room, rendering the ship unable to navigate.The command asserted that Iran had an opportunity to adhere to a previous memorandum of understanding (MOU) following the earlier attack on the commercial vessel but failed to do so. They emphasized that the U.S. is continuing to degrade Iran's capability to attack civilian vessels and crew, stating that the operation was conducted under the direction of President Donald Trump.After the airstrikes commenced, explosions and flames were reported in various locations across southern Iran. Russian state news agency TASS cited local Iranian media reporting explosions heard on Qeshm Island and in southern Asaluyeh and Bushehr. Asaluyeh is home to many of Iran's major oil facilities, while Bushehr hosts the only operational commercial nuclear power plant in the country.Reuters also reported, citing Iranian state broadcaster IRIB, that three explosions occurred in the southern port city of Bandar Abbas and two in Sirik. Explosions were also reported in southeastern Chabahar.CENTCOM later issued a separate announcement stating that the airstrikes had concluded, confirming that they targeted about 140 military sites in Iran using aircraft, drones, and precision-guided munitions. The targets included missile and drone bases, naval facilities, ammunition depots, communication networks, and coastal surveillance installations. CENTCOM noted that over 300 targets in Iran had been struck in just this week.Following the U.S. airstrikes, Iran reportedly retaliated by targeting U.S. facilities in the Middle East. Iranian state media reported that regular forces and the IRGC struck U.S. military installations in Jordan, Kuwait, Bahrain, and Qatar with ballistic missiles and drones.The IRGC claimed to have attacked the U.S. command and control center at Prince Hassan Air Base in Jordan, an MQ-9 drone hangar, Patriot missile defense systems, ammunition depots, and radar facilities in Kuwait, as well as communication and radar facilities at the U.S. Navy's Fifth Fleet headquarters in Bahrain.Iranian forces also targeted U.S. refueling and logistics facilities in Oman’s Duqm, warning that stronger retaliation would follow if the U.S. took further action. However, the extent of the damage has not been confirmed.Iranian military spokesman Akrami Nia stated, "The U.S. must adhere to the provisions of the previous MOU," asserting that Iran will firmly uphold its sovereignty over the Hormuz Strait. He added, "Our target list is continuously being updated." Despite signing a previous MOU last month, the U.S. and Iran continue to engage in military confrontations over the routes and control of the Hormuz Strait.Just nine days after signing the MOU, both countries exchanged airstrikes and retaliatory attacks from June 26 to 27. The U.S. conducted airstrikes in southern Iran on July 8, while Iran responded with missile and drone strikes targeting key U.S. facilities in Kuwait, Qatar, and Bahrain.* This article has been translated by AI. 2026-07-12 14:16:00