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  • Amid Reconstruction Boom, 5,000 Units to Be Remodeled in Uguksin Project
    Amid Reconstruction Boom, 5,000 Units to Be Remodeled in 'Uguksin' Project As the reconstruction boom continues in aging apartment complexes in Seoul, a large-scale project focusing on remodeling is gaining attention. The 'Uguksin' complex, which includes the Wuseong 2nd and 3rd complexes, the Geukdong complex, and the Shindong-A 4th complex in the Dongjak district near Isu Station, has opted for remodeling to improve living conditions and enhance property value, given the high existing floor area ratio that complicates expansion through reconstruction.According to the construction industry, the Shindong-A 4th remodeling association held a site briefing on July 2 to select a construction company, but only POSCO E&C attended, resulting in a failed bid. Industry insiders believe that after a re-bid, there is a high likelihood of signing a contract with POSCO E&C.While reconstruction is the preferred method in Seoul's maintenance project market, complexes with high existing floor area ratios struggle to secure sufficient units for general sale, making the projects less viable. This challenge is part of the reason why Uguksin has chosen remodeling over uncertain reconstruction.POSCO E&C was previously selected as the construction company for the Wuseong 2nd and 3rd complexes and the Geukdong complex. If POSCO E&C is also awarded the Shindong-A 4th project, it could lead to the development of a 'The Sharp' brand town with around 5,000 units in the Sadang-dong area.The Uguksin remodeling project gained momentum in 2020 with the push for integrated remodeling. The Wuseong 2nd and 3rd complexes and the Geukdong complex, built in 1993, have existing floor area ratios of 248% to 252%. This is close to the upper limit of 250% for general residential areas, making it difficult to significantly increase units through reconstruction.Remodeling involves maintaining the existing structure while expanding horizontally and vertically, which allows for a slight increase in the number of units and improvements to the living environment. Although it may not enhance project viability as much as reconstruction, it can serve as a practical alternative for aging complexes with high floor area ratios, reducing the long-term duration of projects.The scale of the project is substantial. The Wuseong 2nd and 3rd complexes and the Geukdong complex are expected to increase from 3,485 units to around 3,987 units after remodeling. The Shindong-A 4th complex is projected to grow from 912 units to approximately 1,048 units. Including the Shindong-A 5th complex, a large-scale remodeling project with over 5,000 units will be formed in the Sadang-dong area.Improving parking conditions is also highlighted as a key benefit of the project. The existing parking facilities for the Wuseong 2nd and 3rd complexes and the Geukdong complex have 2,233 spaces, averaging 0.64 spaces per household. POSCO E&C plans to expand this to 5,584 spaces, increasing the average to about 1.4 spaces per household, nearly 2.5 times the current capacity.The location also offers competitive advantages. The area provides access to subway lines 4 and 7 at Isu Station and has excellent connectivity to Gangnam. Vehicle access via Dongjak-daero and Sadang-ro is also convenient. According to the Ministry of Land, Infrastructure and Transport's real transaction disclosure system, a 60-square-meter unit in the Wuseong 2nd and 3rd complexes recently sold for around 1.3 billion won, while an 84-square-meter unit in the Geukdong complex was sold for around 1.6 billion won.A representative from POSCO E&C stated, "The Isu Geukdong and Wuseong 2nd and 3rd complexes represent the largest remodeling project in Seoul, showcasing our remodeling capabilities. We anticipate steady demand for remodeling due to the increasing number of aging multi-family housing units, especially in complexes where high floor area ratios limit the viability of reconstruction projects, making remodeling a realistic alternative."However, some experts caution against viewing the Uguksin case as a broad recovery signal for the remodeling market. While remodeling utilizes existing structures, the costs associated with structural reinforcement, the addition of underground parking, community facility improvements, and construction of extensions can be significant. The volume of units available for general sale is also limited compared to reconstruction, which poses challenges in reducing member contributions.Professor Ko Jun-seok from Yonsei University's Sangnam Business School noted, "Construction costs are not significantly different from those of reconstruction, yet many projects do not yield viable returns. Under similar conditions, many complexes will prefer reconstruction over remodeling."Lee Eun-hyung, a researcher at the Korea Construction Policy Institute, added, "For complexes with high existing floor area ratios that struggle to secure sufficient viability through reconstruction, remodeling can be a practical alternative. In the future, there may be an increase in demand for so-called 'cost-effective remodeling' that improves aging facilities without significantly altering the structure." 2026-07-12 14:12:00
  • SK Hynixs Nasdaq Listing Provides Unexpected Relief for Foreign Exchange Market
    SK Hynix's Nasdaq Listing Provides Unexpected Relief for Foreign Exchange Market SK Hynix raised $26.5 billion through its listing on the Nasdaq, unexpectedly easing pressures in the foreign exchange market. As large amounts of dollars are expected to flow in around the payment date on the 14th, this influx is anticipated to help alleviate upward pressure on the won-dollar exchange rate. With global funds exceeding seven times the amount raised, and additional purchases by foreign institutional investors following the listing, SK Hynix's American Depositary Receipts (ADRs) could become a new channel for foreign currency inflow.The $26.5 billion is a significant sum. During the COVID-19 shock in 2020, the currency swap limit agreed upon by South Korea and the United States was $60 billion, but the actual amount supplied domestically fell short of $20 billion. The mere announcement of the currency swap at that time caused the won-dollar exchange rate to drop by about 40 won in a single day. This is why the current influx of funds is being viewed as 'currency swap-level' by the market. If combined with the recent dollar selling by exporters, the short-term stabilizing effect on the exchange rate could be even greater.However, interpreting this as a signal for a stronger won would be premature. The foreign exchange market does not change structure solely due to large-scale fundraising by a specific company. Factors such as U.S. tariff policies, instability in the Middle East, international oil prices, the interest rate differential between South Korea and the U.S., and domestic investors' overseas securities investments continue to exert upward pressure on the exchange rate. Most importantly, it remains uncertain whether the dollars coming in will stay in the domestic market for an extended period.The U.S. is publicly pressuring Samsung Electronics and SK Hynix to expand local memory production. If SK Hynix uses the funds for building factories, acquiring equipment, and covering operational costs in the U.S., the dollars could quickly flow back overseas. In fact, SK Hynix is pushing to establish an advanced packaging production base in Indiana. Regardless of how large the total amount entering the country is, if it is re-exported as investment in the U.S., the net supply of dollars in the foreign exchange market will inevitably be limited. Thus, both short-term benefits and long-term burdens coexist.The government’s foreign exchange management must now closely monitor the flow of such funds. Relying solely on verbal interventions and expanding the National Pension Service and currency swaps when the exchange rate rises has clear limitations. It is essential to manage the impacts of corporate overseas fundraising, direct investments, institutional investors' overseas securities investments, and exporters' dollar holdings in an integrated manner.To mitigate market shocks when large amounts of dollars flow in or out, there is a need to enhance information sharing among the government, the Bank of Korea, financial institutions, and major companies. A system for ongoing monitoring of foreign exchange supply and demand should be established to analyze the potential market impacts of corporate foreign currency procurement and overseas investment plans. The 24-hour foreign exchange market should not be limited to extended trading hours. The depth of the market must be increased, and participation from foreign financial institutions should be expanded to change the structure that causes significant fluctuations in the exchange rate for specific transactions.It is not feasible to completely block corporate overseas investments. Local production in the U.S. may be an unavoidable choice to reduce tariff risks and secure a foothold in a key market. However, policy financing and tax support should focus more on expanding domestic advanced production facilities to prevent the hollowing out of domestic investment and employment. Mechanisms are also needed to encourage that a portion of the funds procured overseas leads to domestic research and development and production capacity expansion.Even if there is a current account surplus, if more dollars flow out through overseas securities investments and direct investments, stabilizing the exchange rate will be difficult. It is crucial to ensure that the foreign currency earned from increasing exports is smoothly supplied to the domestic financial market. This is why it is necessary to manage not only the size of foreign exchange reserves but also the foreign currency assets and liabilities of the private sector, as well as their maturity structure and liquidity.SK Hynix's debut on Nasdaq has demonstrated how highly Korean companies can be valued in the global capital market. At the same time, it has revealed the vulnerability of our foreign exchange market's supply and demand base, as a single company's dollar procurement can influence national exchange rates. What is needed now is not to be complacent with a temporary drop in the exchange rate. It is essential to build a structure that can stockpile foreign exchange strength when dollars flow in and absorb shocks when they flow out. Foreign exchange management should be viewed not as an event but as a fundamental aspect of national economic resilience. 2026-07-12 14:08:00
  • Last Years Comprehensive Real Estate Tax Concentrated in Gangnam Districts at 33%, Highest in Five Years
    Last Year's Comprehensive Real Estate Tax Concentrated in Gangnam Districts at 33%, Highest in Five Years Last year, nearly one-third of the nationwide housing comprehensive real estate tax was concentrated in the three districts of Gangnam, Seocho, and Songpa in Seoul. As housing prices surged in high-end areas, the share of the comprehensive real estate tax from these districts reached its highest level in five years. With discussions on reforming real estate taxation intensifying, the debate over property taxes is expected to reignite.According to the National Tax Service's tax statistics portal, the total comprehensive real estate tax for residential properties nationwide was 13.089 trillion won last year. Of this, the three Gangnam districts contributed 4.3 trillion won, accounting for 32.9% of the total.The concentration of tax burden in the Gangnam districts has expanded for three consecutive years. Their share of the nationwide housing comprehensive real estate tax decreased from 39.5% in 2020 to 27.8% in 2021 and 25.6% in 2022. However, it rebounded to 27.6% in 2023 and 29.2% in 2024, marking the highest proportion in five years since 2020.The increase in tax burden in these districts outpaced the national average. The comprehensive real estate tax for residential properties in the Gangnam districts rose by 35.2%, from 3.181 trillion won in 2024 to 4.3 trillion won last year. In comparison, the nationwide increase was 20.4%. The total comprehensive real estate tax for all residential properties in Seoul also grew from 5.698 trillion won to 7.411 trillion won, a 30.1% increase, but still fell short of the growth rate in the Gangnam districts.By district, Gangnam had the highest tax burden, with 2.336 trillion won, making it the top contributor among Seoul's districts. Seocho followed with 1.429 trillion won, Yongsan with 750 billion won, and Songpa with 534 billion won. Together, Gangnam and Seocho accounted for more than half of Seoul's total comprehensive real estate tax.The increase in the tax burden in the Gangnam districts is closely linked to rising prices of high-end properties. Recently, the housing market in Seoul has shown clear regional polarization. Despite loan regulations and high-interest burdens, key complexes in the Gangnam area have continued to see price increases due to limited new constructions, strong educational, transportation, and living infrastructure, and expectations for redevelopment. In contrast, outer regions and provincial areas have faced sluggish transactions and unsold inventory, leading to a widening gap.The growing tax burden is likely to serve as a key argument in future discussions on property taxes. The government is set to hold a national public debate on real estate on the 23rd, with open discussions planned across various sectors, including supply, finance, and taxation. As the possibility of reforming the overall real estate tax system, including property and transaction taxes, is being discussed, the statistics on the concentration of comprehensive real estate tax in the Gangnam districts could bolster arguments for increased taxation on high-end properties.The Gangnam area remains a market with significant alternative demand. Analysts suggest that the combination of educational, proximity to workplaces, and asset preservation needs makes it difficult for tax burdens alone to significantly increase the supply of properties. There is also a possibility that discussions on strengthening property taxes could lead to concerns about the burden on actual homeowners, particularly elderly single-homeowners or long-term holders in the Gangnam area, prompting discussions on tax deductions and deferrals.An industry insider stated, “The fact that the share of comprehensive real estate tax from the Gangnam districts has risen back to the 30% range indicates that the concentration of high-end property assets remains strong. While discussions on reforming property taxes are inevitable, it will be challenging to control housing prices in the Gangnam area solely through taxation, so we must also consider measures for supply, loans, and rental stability.”* This article has been translated by AI. 2026-07-12 14:08:00
  • Real Estate Debate Heats Up Ahead of National Forum
    Real Estate Debate Heats Up Ahead of National Forum As the national forum on real estate, chaired by President Lee Jae-myung, approaches, a battle over the direction of real estate policy is intensifying. Discussions within the government and the real estate sector are focusing on potential reforms to property and capital gains taxes for high-value, multiple, and non-residential properties, while the Seoul city government emphasizes the need for increased supply and rental stability.According to government and real estate industry sources on July 12, the government plans to hold public discussions on supply, finance, and tax policy from July 14 to 16, followed by a national forum on real estate on July 23, which President Lee will attend. The government aims to discuss various opinions presented thus far and explore future directions for real estate policy.This forum is seen as more than just a platform for gathering opinions; it is viewed as a gauge for the direction of real estate measures in the second half of the year. Following the loan regulations introduced on June 27, the buying momentum has somewhat stabilized, but concerns over housing prices and rental markets in Seoul remain. The market is keenly interested in whether additional measures will focus on tax increases or on enhancing supply and stabilizing rentals.The most sensitive issue is taxation. Key discussions are expected to revolve around how to set the property tax threshold for high-value single-home owners, whether to differentiate between taxes for primary residences and non-residential or multiple properties, and whether to reduce capital gains tax benefits for non-residential properties. In particular, the potential reform of the long-term holding tax exemption and adjustments to tax benefits for registered rental businesses are drawing significant attention.The rationale for advocating tax increases is to curb speculative demand. By raising the tax burden on high-value and multiple property holdings, the government aims to increase the holding costs, thereby encouraging more listings and reducing investment demand that lacks genuine residential intent. There is also a belief that merely tightening loan regulations will not be sufficient to dampen market expectations amid ongoing price increases.However, simultaneously increasing property and transaction taxes could lead to significant side effects. While raising property taxes may exert selling pressure, if capital gains taxes also rise, homeowners might withdraw listings, leading to a phenomenon known as 'inventory lock-up.' A decrease in transactions could weaken the market's price discovery function and reduce options for genuine buyers.The Seoul city government is emphasizing supply and rental stability over taxation. Mayor Oh Se-hoon welcomed the national forum but stated that the core agenda should focus on expanding supply and stabilizing the rental market, addressing the simultaneous rise in housing prices and rents.The emphasis on supply stems from the instability in housing supply in Seoul. With limited new land available, redevelopment and reconstruction projects are crucial for increasing supply. However, rising construction costs, burdens from association fees, delays in permits, and increased financing costs are slowing down these projects. There are concerns that merely tightening tax and loan regulations could further weaken the momentum for these redevelopment efforts.The rental market is also likely to emerge as a key agenda item in this forum. The combination of reduced new housing supply, demand from relocation due to redevelopment projects, and a trend toward renting is increasing instability in the rental market. Even if buying demand is suppressed, a lack of supply in the rental market makes it difficult to alleviate tenants' housing cost burdens. This is why there is a growing call to address rental market stability as a separate agenda.An industry insider noted, “It is challenging to address both housing prices and rental instability through loan regulations alone. If the forum focuses solely on tax increases, we may see repeated concerns over inventory lock-up and transaction declines, making it necessary to take a comprehensive approach that considers supply, taxation, and rental measures.”* This article has been translated by AI. 2026-07-12 14:04:00
  • BGF Retail Provides Emergency Relief Supplies Amid Record Heat Wave
    BGF Retail Provides Emergency Relief Supplies Amid Record Heat Wave As a record heat wave continues, BGF Retail, which operates CU convenience stores, has initiated emergency support for vulnerable populations.On July 12, BGF Retail announced that it provided emergency relief supplies to residents of the Dongja-dong shantytown near Seoul Station, in response to concerns about heat-related damage.Following a request for urgent assistance from the National Disaster Relief Association, BGF Retail activated its national disaster emergency relief initiative, 'BGF Bridge,' in collaboration with the Ministry of the Interior and Safety, the Korean Red Cross, and the Korea Central Volunteer Center. On July 10, emergency supplies were delivered from the BGF Logistics Center in Geomdan to the Seoul Station shantytown consultation center. The supplies included over 3,000 items, such as beverages and snacks, sufficient for about 400 people.The shantytown, characterized by cramped living conditions and a lack of cooling facilities, is particularly vulnerable to climate-related disasters. With a high proportion of elderly residents and those receiving basic living assistance, proactive support is crucial to prevent health issues related to extreme heat.The Korea Meteorological Administration has forecasted the possibility of prolonged nationwide heat waves and tropical nights this year, prompting the government to enhance protections for vulnerable populations through a heat wave warning system. Consequently, private sector support for heat wave responses is also on the rise.BGF Retail has been active in emergency relief efforts not only during heat waves but also in response to various disasters, including wildfires, heavy rainfall, typhoons, fires, and droughts, utilizing its nationwide logistics centers and CU store network.In 2024, the company conducted seven rounds of emergency support for areas affected by heavy rainfall, and this year, it has provided relief supplies to regions impacted by major wildfires, heavy rains in Chungcheongnam-do, and droughts in Gangneung.In May, BGF Retail delivered over 10,000 emergency relief items, including cup noodles and beverages, to residents affected by an apartment fire in Sejong City.Since signing a disaster prevention and emergency relief memorandum of understanding with the Ministry of the Interior and Safety and the National Disaster Relief Association in 2015, BGF Retail has established a disaster response system based on its network of over 30 logistics centers and nearly 18,800 CU stores.Park Chae-young, head of BGF Retail's ESG (Environmental, Social, and Governance) team, stated, 'BGF Retail will continue to act as a living platform that delivers help first to those in need, embodying our corporate spirit of being a 'good friend to our society.'* This article has been translated by AI. 2026-07-12 14:00:00
  • Lotte Expands in Vietnam, Targeting Local Markets
    Lotte Expands in Vietnam, Targeting Local Markets Shin Dong-bin, chairman of Lotte Group, is accelerating the company's strategy in Vietnam, which he has identified as a key overseas market. Lotte Mart has opened a new store in Tay Ninh, expanding its operations into regional cities for the first time in three years, while the group is also enhancing its retail competitiveness to support growth in Southeast Asia.According to industry sources, Lotte Mart opened its Tay Ninh store on July 9, marking its 16th location in Vietnam and its first new store since the Westlake Hanoi location in 2023. The move is significant as it shifts focus from major cities like Ho Chi Minh City and Hanoi to regional areas with high growth potential.This opening follows Shin's directive earlier this year to expand Lotte's business in Vietnam. In April, he visited the Lotte Mall Westlake Hanoi and emphasized that "Vietnam is a core country for the group's global operations," urging for strengthened competitiveness in the food and retail sectors. The Tay Ninh store features a proven grocery store model, with approximately 88% of its 2,165 square meters dedicated to food, enhancing its offerings in fresh and ready-to-eat products.The store's signature section, "Cooking Kitchen," offers over 300 deli items, including K-food such as kimbap, tteokbokki, and chicken gangjeong, as well as sushi and local dishes. A dedicated "K-Food Zone" showcases Korean noodles and processed foods, targeting the growing demand for Korean cultural products. Lotte Mart is also expanding its direct sourcing of fresh products through its own brand, Fresh 365, to differentiate itself from local competitors.Lotte is developing Vietnam as a key overseas hub, with various subsidiaries including Lotte Mart, Lotteria, Lotte Department Store, hotels, and shopping malls operating locally to create synergies between retail and service sectors. The Lotte Mall Westlake Hanoi, a mixed-use complex combining shopping, hotels, and offices, has become a symbolic base for Lotte's operations in Vietnam. Lotte Mart Vietnam is reportedly considering the opening of its first supermarket in Ho Chi Minh City, covering 300 pyeong, in the second half of the year.Performance has been steadily improving, with Lotte Mart Vietnam reporting sales of 426.6 billion won and an operating profit of 40.5 billion won last year. In the first quarter of this year, sales reached 134.3 billion won, with an operating profit of 16.9 billion won, marking increases of 15.3% and 34.8%, respectively, compared to the same period last year. Since turning a profit in 2022, the company has consistently improved its profitability, driving growth in its overseas operations.Industry analysts suggest that as the domestic retail market matures, Vietnam is becoming a central growth pillar for Lotte, driven by high economic growth rates, a young population, and increased consumer spending linked to the spread of K-content.Shin Joo-baek, CEO of Lotte Mart Vietnam, stated, "The Tay Ninh store is a small-to-medium-sized model that consolidates Lotte Mart's K-food and grocery capabilities in the Vietnamese retail market. We will accelerate our territorial expansion across Vietnam, including the opening of the Park Jang store in the second half of the year." 2026-07-12 13:56:00
  • LG Uplus to Establish International Standards for Quantum Security Communication Quality
    LG Uplus to Establish International Standards for Quantum Security Communication Quality LG Uplus is set to create international standards for service quality management in communication environments utilizing next-generation security technologies such as Post-Quantum Cryptography (PQC) and Quantum Key Distribution (QKD). The aim is to systematically manage the increased latency during the encryption process while maintaining the quality level of existing communication services.On July 12, LG Uplus announced that it recently proposed the development direction of next-generation security communication quality management technology, co-developed with IoT Communication Tech, at the International Telecommunication Union's Telecommunication Standardization Sector (ITU-T) SG13 meeting held in Geneva, Switzerland.The ITU-T is an international organization that establishes global communication technology standards, and SG13 is a group that researches future networks and service quality. This technology was adopted as an ITU-T international standardization project in February and will be developed into an international standard after consultations among member countries and companies.PQC is a mathematics-based encryption technology that is difficult to decrypt even under attacks from quantum computers, while QKD is a technology that securely transmits encryption keys using principles of quantum mechanics. Both technologies are considered essential for implementing next-generation secure communications. However, applying them to communication networks may increase latency due to the additional processes of encryption, decryption, key generation, distribution, and management. This has been identified as a challenge for the telecommunications industry, which aims to enhance security while maintaining the quality of existing communication services.In light of this, LG Uplus proposed latency-related quality management standards that can maintain the quality level of existing services even in encrypted communication environments. For latency-sensitive services like voice calls, the target standard is set at approximately 0.15 seconds (150 ms), a level at which users do not experience discomfort.They also presented a plan to manage transmission delays in the communication network alongside delays arising from encryption processing. This comprehensive management of various delay factors during communication aims to maintain the perceived call quality and service stability for customers while applying next-generation security technologies.If this technology is confirmed as an international standard, global telecommunications operators, equipment manufacturers, and security companies will use it as a basis for applying next-generation security technologies to communication networks and managing encryption service quality. LG Uplus plans to accelerate the establishment of next-generation secure communication environments through the development of international standards.Kim Jong-cheol, head of wired technology at LG Uplus, stated, 'In the next-generation secure communication environment, not only security but also the quality perceived by customers is important,' adding, 'We will strengthen our technological competitiveness in the global telecommunications market through the development of international standards.'* This article has been translated by AI. 2026-07-12 13:56:00
  • Lotte Chilsung Accelerates ESG Management to Reduce Carbon Footprint and Enhance Sustainability
    Lotte Chilsung Accelerates ESG Management to Reduce Carbon Footprint and Enhance Sustainability Lotte Chilsung Beverage is making strides in environmental, social, and governance (ESG) performance, focusing on reducing plastic and greenhouse gas emissions.On July 12, Lotte Chilsung announced that it reduced plastic emissions by approximately 3,000 tons and greenhouse gas emissions by about 6,400 tons last year through innovations in packaging technology and process improvements.In 2024, Lotte Chilsung established a '2030 Plastic Reduction Roadmap' with a goal to cut the use of petroleum-based new plastics by 20% compared to 2023 by 2030. Key strategies include lightweighting plastic containers and increasing the use of recycled materials.Last year, the company introduced the 'ET-CAP' with a lower height for water bottle openings, lightweighted PET preforms, and transitioned to aseptic PET, resulting in a reduction of about 2,700 tons of plastic. The ET-CAP application made water bottles up to 12% lighter, achieving a reduction of approximately 810 tons, while the weight of PET preforms for beverages and soju was decreased by up to 5 grams per container, saving around 1,650 tons.In terms of expanding the use of recycled materials, Lotte Chilsung launched the 'Chilsung Cider 500ml' made from 100% recycled plastic last year, and this year, it has extended this to products like 'Isis', 'Pepsi Zero Sugar Lime', and alcoholic beverage 'Saro 640ml'. The company plans to produce about 300 million 100% recycled PET bottles this year, using over 6,000 tons of recycled materials and achieving a cumulative recycled material introduction rate of 15%.Process innovations aimed at reducing greenhouse gases are also yielding results. In line with its '2040 Carbon Neutral' declaration, Lotte Chilsung reduced its greenhouse gas emissions by approximately 7% last year compared to the previous year. The biogas power generation facility at its Gunsan plant contributed to a reduction of about 5,000 tons, while solar power generation at five major sites across the country accounted for approximately 460 tons. At the Daejeon plant, the company replaced liquefied natural gas (LNG) with landfill gas (LFG), saving about 380 tons. The transition of company vehicles to electric has resulted in a reduction of about 550 tons of greenhouse gases, with a total of 630 vehicles converted. This year, the target is to reduce emissions by over 10,000 tons.A Lotte Chilsung representative stated, "We will continue to integrate these efforts into our business strategy to benefit the environment and society to the best of our ability."* This article has been translated by AI. 2026-07-12 13:52:00
  • LS Electric Reaches Non-Negotiated Labor Agreement for Second Consecutive Year
    LS Electric Reaches Non-Negotiated Labor Agreement for Second Consecutive Year LS Electric has successfully concluded its labor and management agreement (LMA) without negotiations for the second consecutive year. The company aims to focus on enhancing future investments and business competitiveness instead of labor disputes during a period of market growth driven by increased global investment in power infrastructure. On July 10, LS Electric held a ceremony at the LS Yongsan Tower in Seoul, attended by Chairman Koo Ja-kyun, CEO Chae Dae-seok, and Union Chairman Lee Ho-jung, among others, to commemorate the delegation of the LMA and the achievement of $1.2 billion in exports. With this delegation, LS Electric has completed its LMA for the second year in a row without negotiations, following its first non-negotiated agreement last year. The company explained that the increase in demand for electrical equipment, driven by the global power industry supercycle and expanded investments in artificial intelligence (AI) data centers, has led both labor and management to align on future growth strategies. Chairman Koo expressed gratitude to the labor union and employees for their decisive actions, stating, "I appreciate the labor union and employees for making a significant decision again this year. We will continue to strengthen our competitive edge and invest in future strategic businesses such as direct current (DC) to lead the global power market." LS Group has emphasized a partnership approach, using the term 'labor-management' instead of the traditional 'labor' terminology, and has formalized the use of 'workers and management' to reflect a culture that respects workers as partners in management. Union Chairman Lee noted, "The result is based on the genuine communication from management and the trust in a culture that respects workers, allowing us to consider the company's future together." CEO Chae also stated, "We will work together under the same goals to leverage the booming global power market as a growth opportunity and secure competitiveness in key future industries."* This article has been translated by AI. 2026-07-12 13:40:00
  • China, North Korea celebrate 65th anniversary of mutual defense treaty
    China, North Korea celebrate 65th anniversary of mutual defense treaty SEOUL, July 12 (AJP) -China and North Korea pledged to deepen strategic coordination and expand practical cooperation as the two countries marked the 65th anniversary of their mutual defense treaty, according to China's state-run Xinhua News Agency. Chinese Premier Li Qiang made the remarks during talks in Beijing on Saturday with North Korean Premier Pak Thae Song, who is leading a three-day delegation to China commemorating the signing of the 1961 Treaty of Friendship, Cooperation and Mutual Assistance. The treaty remains Beijing's only formal military alliance and obliges both countries to provide military assistance if either comes under attack. Li said China is prepared to uphold the treaty by maintaining high-level exchanges, strengthening political mutual trust and expanding practical cooperation across trade, healthcare, education and connectivity, Xinhua reported. He also called for closer strategic coordination to safeguard the two countries' common interests amid what he described as a rapidly changing international environment. Pak reaffirmed Pyongyang's support for China on its core interests and expressed North Korea's willingness to broaden cooperation in trade, science and technology, culture and people-to-people exchanges, while calling for closer coordination on international affairs, according to Xinhua. North Korea's state-run Korean Central News Agency separately said the two premiers discussed implementing agreements reached by Chinese President Xi Jinping and North Korean leader Kim Jong Un to expand exchanges and cooperation across multiple sectors. KCNA quoted Pak as saying the increasingly complex international environment requires the two socialist neighbors to further strengthen unity and cooperation under the spirit of the treaty. The meeting followed Xi's talks with Pak on Friday, during which the Chinese leader urged both countries to carry forward what he described as the "friendship forged in blood" and strengthen strategic coordination. The talks came only weeks after Xi's state visit to Pyongyang, his first trip to North Korea in seven years, which signaled a renewed momentum in bilateral ties. The renewed diplomatic exchanges come as China seeks to reinforce its traditional relationship with North Korea while Pyongyang simultaneously expands military and economic cooperation with Russia. Beijing remains North Korea's largest trading partner and principal economic lifeline despite international sanctions imposed over Pyongyang's nuclear weapons program. 2026-07-12 13:30:03