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  • KB Financial Group Workshop: Chairman Yang Jong-hee Sees Money Move as Opportunity
    KB Financial Group Workshop: Chairman Yang Jong-hee Sees Money Move as Opportunity KB Financial Group is accelerating its focus on AI transformation as a core strategy to enhance future competitiveness. The group aims to improve its asset management (WM), corporate finance, and AI capabilities through collaboration at the group level.On July 10-11, KB Financial held its '2026 Second Half Group Executive Workshop' at the KB Injaenium Training Center in Sacheon, South Gyeongsang Province, with over 270 executives in attendance.This year's workshop focused on discussions regarding the long-term management strategy being developed for 2027-2029. The executives examined structural changes in the financial industry, including capital market growth, money moves, the spread of AI technology, changes in the digital financial ecosystem, and productive finance, while identifying key tasks for KB to lead the market.The five key agendas of the group's long-term management strategy include: redesigning the WM and pension business model, securing competitive advantages for small and medium-sized enterprises, strengthening collaboration in group corporate investment banking (CIB) and capital markets, advancing insurance business and investment management capabilities, and establishing a roadmap for accelerating the group's AI transformation.Yang Jong-hee, chairman of KB Financial Group, stated, "The reason for the existence of a financial group and its greatest competitive advantage is the ability to provide comprehensive financial solutions to customers. Money moves will not be a crisis but an opportunity to enhance the competitiveness of WM and asset management." 2026-07-12 10:32:00
  • North Koreas Pak Tae-sung Meets Chinas Li Qiang to Discuss Cooperation
    North Korea's Pak Tae-sung Meets China's Li Qiang to Discuss Cooperation 북한은 북·중 우호협력 및 상호원조조약 체결 65주년을 맞아 중국을 방문 중인 박태성 내각총리가 전날 리창 중국 국무원 총리와 회담했다고 12일 밝혔다. 노동신문은 지난 11일 중국 베이징 인민대회당에서 열린 회담에서 “조·중(북·중) 최고 수뇌분들께서 역사적인 평양 상봉에서 이룩하신 합의에 따라 각 분야에서의 교류와 협력을 확대 발전 시켜나가기 위한 문제들이 토의”했다고 전했다. 북한과 중국은 시진핑 중국 국가주석이 지난달 북한을 국빈 방문했을 때 정상회담을 열고 전략적 소통 강화와 협력 확대 의지를 재확인한 바 있다. 시 주석 방북은 7년 만이었다. 박 총리는 “복잡다단한 국제정치 정세는 조·중 두 당, 두 나라가 사회주의 위업의 승리적 전진을 위해 단결과 협조, 공동의 이익 수호를 핵으로 하는 조약의 정신을 계속 높이 발양해 나갈 것을 요구하고 있다”고 강조했다. 또 시 주석과 김정은 북한 국무위원장에 의해 “오늘 조·중 친선 관계는 새로운 높이에 올라섰다”며 “두 당, 두 나라 최고 수뇌분들의 숭고한 의도를 받들어 조·중 친선 단결을 끊임없이 강화발전 시켜나가기 위해 적극 노력할 것”이라고 말했다. 리 총리는 “중국과 조선(북한)은 운명을 함께 하고 서로 지켜주고 도와주는 린방(이웃나라)”이라고 화답했다. 신문은 “중·조 우호, 협조 및 상호원조에 관한 조약의 정신을 계속 견지하여 고위급 왕래를 긴밀히 하며 정치적 상호 신뢰와 실용적인 협조를 확대·발전 시킴으로써 두 나라 인민의 복리를 증진시키고 지역과 세계의 평화적 발전에 적극 기여할 용의를 표명했다”고 전했다. 회담 전 박 총리를 단장으로 하는 북한 당 및 정부를 환영하는 행사도 열렸다. 북한 측에서 김성남 국제부장을 비롯한 대표단 일원들이 참석했다. 환영식에서는 양국 국가가 연주됐으며 박 총리는 리 총리와 함께 중국군 명예위병대를 사열했다. 북한 대표단은 북·중 우호조약 체결 65주년 기념행사 참석차 10~12일 일정으로 중국을 방문하고 있다. 박 총리는 10일 시 주석을 예방하고 자오러지 전국인민대표대회(전인대) 상무위원회 위원장, 차이치 공산당 정치국 상무위원 등 중국 최고위급 인사들을 두루 만났다. 북·중이 1961년 7월 11일 체결한 우호조약은 체결국 가운데 한쪽이 침략받으면 즉시 군사 원조를 제공한다는 내용을 명시하고 있으며, 북·중 관계 근간으로 여겨진다.* This article has been translated by AI. 2026-07-12 10:28:00
  • U.S. Resumes Airstrikes Against Iran Following Attack on Commercial Vessel
    U.S. Resumes Airstrikes Against Iran Following Attack on Commercial Vessel The United States has resumed airstrikes against Iran after a commercial vessel was attacked in the Strait of Hormuz.On July 11, U.S. Central Command announced via social media platform X (formerly Twitter) that at 7:15 p.m. Eastern Time, the Islamic Revolutionary Guard Corps (IRGC) attacked the Cypriot-flagged container ship M/V GFS Galaxy while it was transiting the Strait of Hormuz. In response, U.S. forces initiated their third round of airstrikes against Iran this week.According to Central Command, one civilian crew member is missing following the attack, which also caused a fire on board and significant damage to the engine room, rendering the vessel unable to navigate.Central Command asserted that Iran had been given an opportunity to adhere to a previous memorandum of understanding (MOU) following earlier attacks on commercial vessels but violated it again. The command emphasized, “The U.S. continues to degrade Iran’s ability to attack civilian vessels and crews transiting the Strait of Hormuz, and Iran is paying a significant price for this.” They also noted that the operation was conducted under the orders of President Donald Trump.Following the commencement of the airstrikes, multiple explosions were reported in several southern regions of Iran. Russian state news agency TASS cited local Iranian media reporting sounds of explosions in Asaluyeh and Bushehr. Reuters also reported that Iran’s state broadcaster IRIB confirmed three explosions in the southern port city of Bandar Abbas and two in Sirik.The airstrikes were carried out shortly after the IRGC officially announced a blockade of the Strait of Hormuz, claiming that some vessels attempted to enter unauthorized routes and stating that transit through the strait would be prohibited until further notice.Despite signing a previous MOU last month, tensions between the U.S. and Iran continue over the routes and control of the Strait of Hormuz, leading to ongoing military confrontations.* This article has been translated by AI. 2026-07-12 10:16:00
  • Kim Yong-beom: In the AI Era, Production Capacity Equals National Power
    Kim Yong-beom: In the AI Era, 'Production Capacity Equals National Power' Kim Yong-beom, head of the Presidential Policy Office, stated on July 12, "In the competition for production capacity in the AI (artificial intelligence) era, the most critical resource that the state must provide is time."In a post on his Facebook page the night before, Kim emphasized, "The role of the state is to timely eliminate bottlenecks that companies cannot resolve on their own, enabling them to continue long-term strategic investments."He noted, "The AI revolution is changing the standards of national competition," adding that in the semiconductor industry during the AI era, companies and nations that secure production capacity first will dominate the market and supply chains.Kim stressed, "Production capacity is the new national power." He explained that a three-year delay in securing production capacity means a three-year delay in factory completion, which does not merely stop there. "Recovering customers and supply chains once lost incurs significantly higher costs and time," he said.He further pointed out that while companies can build fabs and invest in production facilities, they cannot resolve issues related to power grids, water supply, transmission networks, national industrial complexes, transportation networks, and complex permitting processes on their own. "These infrastructures and systems are the production bases that only the state can establish and coordinate," he emphasized.Additionally, he remarked, "Time cannot be created simply by declaring regulatory relaxation or institutional improvements; it is only created when the real bottlenecks of power, water supply, transmission networks, and permitting are actually removed."* This article has been translated by AI. 2026-07-12 10:12:00
  • Iran Closes Strait of Hormuz, Bans All Shipping Until Further Notice
    Iran Closes Strait of Hormuz, Bans All Shipping Until Further Notice The Islamic Revolutionary Guard Corps (IRGC) of Iran announced the closure of the Strait of Hormuz, citing attempts by foreign-backed vessels to navigate unauthorized routes.On July 12, the semi-official Tasnim news agency reported that the IRGC stated in a release, "We have previously announced our firm response to foreign intervention and the illegal designation of shipping routes in the Strait of Hormuz, and we will disrupt the increasing flow of traffic in the strait."Despite these warnings, the IRGC claimed that several vessels, encouraged by foreign powers, attempted to move through unauthorized routes and ignored calls to adjust their courses to approved paths.The IRGC reported that it fired warning shots at one vessel that had turned off its navigation system and posed a threat to maritime security.It further declared, "Due to the instability caused by illegal foreign intervention, the Strait of Hormuz will remain closed until further notice and until U.S. involvement in the region ends. No vessels will be allowed to transit."The IRGC also warned, "If the aggressor enemy miscalculates or launches new attacks under the pretext of this incident, we will respond strongly, and new bases of regional adversaries will also become targets."It added, "The responsibility for the consequences of such interventions lies with the United States, the Zionist regime, and the countries that have provided their territory as bases for these threats."* This article has been translated by AI. 2026-07-12 10:08:00
  • Woori Bank Expands Collaboration with Police to Combat Voice Phishing
    Woori Bank Expands Collaboration with Police to Combat Voice Phishing Woori Bank is expanding its collaboration with police to enhance its financial fraud prevention system. The bank plans to focus on sharing information about financial fraud and establishing an immediate cooperation system to prevent voice phishing incidents.On July 12, Woori Bank announced that it has signed a memorandum of understanding (MOU) with the Gangbuk Police Station to prevent telecommunications financial fraud, including voice phishing.This agreement follows the establishment of a cooperation system with the Jungbu Police Station earlier this year. The bank aims to gradually expand its regional cooperation model with police across the country to build a comprehensive financial fraud prevention network.The two organizations will collaborate in various areas, including sharing the latest financial fraud methods and victim cases, conducting joint prevention activities, and operating tailored educational programs. This partnership aims to strengthen the financial fraud prevention network and focus on protecting customers from potential losses.In particular, a dedicated communication system will be established to ensure immediate communication and initial response when financial fraud, such as voice phishing, is suspected. This close cooperation is expected to help block the withdrawal of fraudulent funds and minimize additional damage, allowing for swift protection of victims.This MOU is the first external cooperation project led by Jeon Jae-hong, Woori Bank's Chief Financial Fraud Prevention Officer, who is the first police officer to be recruited in the banking sector.Jeon stated, "The speed of initial response determines the scale of damage in financial fraud, making an organic cooperation system between police and financial institutions crucial. We will strive to establish a nationwide cooperation system to protect our customers' valuable assets." 2026-07-12 10:08:00
  • Samsung to Accelerate Operation of First Semiconductor Plant in Yongin to 2029
    Samsung to Accelerate Operation of First Semiconductor Plant in Yongin to 2029 Samsung Electronics is pushing to accelerate the operation of its first semiconductor manufacturing facility in the Yongin National Industrial Complex to 2029. With the government speeding up the early development of the Yongin industrial complex, the mass production schedule, initially projected for 2030-2031, is expected to be advanced by 1-2 years.According to industry sources on July 12, Samsung has set a target for the operation of the first fab among six being constructed in the Yongin complex for 2029 and is coordinating the project schedule. This plan was reportedly discussed at a recent public-private joint review meeting on mega projects chaired by the President.For this timeline to materialize, site preparation work must begin in the second half of this year, and construction of the fab should commence in 2027. Typically, building a state-of-the-art semiconductor plant takes about two years, so subsequent procedures such as land compensation, resettlement re-evaluation, and contractor selection must proceed without delays.In line with the government's early development policy for the national industrial complex, the timelines for power and water supply are also expected to be expedited. If the government successfully advances the construction of a 3-gigawatt (GW) liquefied natural gas (LNG) power plant and the establishment of the power supply network, along with phased water supply plans, the possibility of operation by 2029 will increase significantly.The Yongin National Industrial Complex is a strategic site for Samsung's next-generation semiconductor production and a national strategic project. If the operation of the first fab is advanced, it will enable a quicker response to the demand for AI semiconductors and is expected to accelerate the development of the domestic materials, parts, and equipment ecosystem, as well as subsequent investments.Previously, Samsung outlined a blueprint to invest 300 trillion won in the Pyeongtaek and Yongin semiconductor cluster and 40 trillion won in the Honam region as part of its mega project plan. An industry insider stated, "The early operation of the first fab in Yongin will serve as a catalyst for expanding production capacity and enhancing the competitiveness of the domestic semiconductor supply chain."* This article has been translated by AI. 2026-07-12 09:56:00
  • Oh Se-hoon: Key Issues for Real Estate Forum Should Focus on Supply and Rent Stability
    Oh Se-hoon: Key Issues for Real Estate Forum Should Focus on Supply and Rent Stability Oh Se-hoon, the Mayor of Seoul, stated that the key issues for the upcoming national real estate forum should focus on expanding supply and stabilizing the rental market, rather than on taxes. In a Facebook post on July 12, Mayor Oh welcomed the government's initiative to hold a public forum to hear citizens' voices on real estate issues. However, he expressed concern that the discussion might again focus on 'who will bear more tax burdens,' as suggested by the President on social media. He emphasized that the forum should concentrate on resolving the housing problems that citizens are currently facing. Mayor Oh characterized the current housing market in Seoul and the surrounding metropolitan area as experiencing a 'triple rise,' where sales prices, jeonse (long-term lease), and monthly rents are all increasing simultaneously. In the Seoul apartment market, rising sales prices have led to a shortage of jeonse properties, causing jeonse prices to rise as well. Additionally, tenants struggling with jeonse costs are shifting to the monthly rental market, further driving up monthly rents. Young people, newlyweds, and early-career individuals are finding it increasingly difficult to secure jeonse, leading to a significant increase in housing cost burdens. To address these realities, Mayor Oh proposed that the forum's primary agenda should include: 1) rapid supply expansion, 2) revitalization of redevelopment and reconstruction projects, and 3) normalization of the rental market. He stated, 'What citizens want is not just numerical supply plans but effective policies that can assure the market of expanded supply.' He added that trust in supply is essential for market stability. Furthermore, he noted that 'redevelopment and reconstruction are the most reliable supply measures,' warning that delays in these projects could hinder new housing supply and exacerbate price increases as demand concentrates in the existing housing market. Mayor Oh stressed that the most urgent issue for young people, newlyweds, and low-income families is finding stable housing. He insisted that how to resolve the decrease in jeonse listings and the increase in monthly rent burdens must also be a core agenda item. 'What the public is suffering from is the simultaneous rise in housing prices and rental costs,' he said. 'If discussions focus on other topics while ignoring the public's pain, it will be hard to consider it a genuine forum for listening to citizens.' This statement comes as the government is promoting a public forum to discuss overall real estate policies, reiterating Seoul's consistent stance on prioritizing supply expansion for market stability. There has been ongoing debate in the real estate market about the inadequacy of tax-focused policies to stabilize the market, with calls for simultaneous supply expansion. Generally, when transaction taxes or holding taxes increase, property owners may be incentivized to pass these costs onto sales prices or rents. If transactions decline, the number of properties available on the market may decrease, weakening the price adjustment mechanism. However, the effects of such policies can vary based on market conditions and tax design, and experts have differing views on the impact of tax policies. As a result, whether the upcoming national forum will emphasize discussions on tax burdens or broadly address market structural improvements, including supply expansion and rental stability, is expected to be a significant turning point for future real estate policies.* This article has been translated by AI. 2026-07-12 09:52:00
  • Bellinghams Two Goals Lead England Past Norway to World Cup Semifinals
    Bellingham's Two Goals Lead England Past Norway to World Cup Semifinals England advanced to the semifinals of the 2026 FIFA North America World Cup, defeating Norway 2-1 with a standout performance from Jude Bellingham.On July 12, in a quarterfinal match held at Miami Stadium in Florida, England overcame Norway after extra time. This marks England's return to the World Cup semifinals for the first time since the 2018 tournament in Russia.Norway opened the scoring in the 36th minute when Patrick Berg intercepted a pass from Harry Kane in England's half. Andreas Schjelderup received the ball on the left flank and sent a shot that found the back of the net.England equalized just before halftime. In the second minute of stoppage time, Bellingham received a pass from Anthony Gordon, cut into the penalty area from the left, and scored with a low right-footed shot.Norway had a chance to regain the lead in the 56th minute when Torbjørn Heggem scored from a corner kick, but the goal was disallowed after a video review confirmed a foul by Erling Haaland in the buildup. Later, in the 76th minute, Kristoffer Ajer's header struck the crossbar.After a 1-1 draw at the end of regulation, the match went into extra time. The decisive goal came in the third minute of the first extra period. Norway goalkeeper Ørjan Nilsen failed to handle a long-range shot from Morgan Rogers, and Bellingham was quick to pounce on the loose ball, scoring the winner.England held off Norway's attempts to equalize in the remaining time, securing a narrow victory. Haaland, who had scored seven goals in the tournament, was unable to find the net against England, marking the first time he did not score in a match during this World Cup.Bellingham's two goals brought his tournament total to six, tying him with teammate Kane for the most goals by an English player. Kylian Mbappé and Lionel Messi lead the scoring chart with eight goals each.Norway, making its first appearance in a World Cup quarterfinal, performed admirably against England but could not contain Bellingham.England will face the winner of the quarterfinal match between Argentina and Switzerland in the semifinals, scheduled for 4 a.m. on July 16 at Atlanta Stadium.* This article has been translated by AI. 2026-07-12 09:36:00
  • Hyundai to Provide 50 Vehicles for ASEAN Summit in the Philippines
    Hyundai to Provide 50 Vehicles for ASEAN Summit in the Philippines Hyundai Motor Company will provide security vehicles for the ASEAN Summit taking place in the Philippines this November. On July 12, Hyundai announced that it signed a memorandum of agreement (MOA) with the ASEAN National Organizing Committee (NOC) at the Philippine International Convention Center to support the 2026 ASEAN Summit. As part of this agreement, the local subsidiary will supply a total of 50 Santa Fe vehicles. The 49th ASEAN Summit will be held from November 10 to 12 in Manila, bringing together leaders and representatives from major Southeast Asian countries. Discussions are expected to focus on cooperation in various fields, including economics, diplomacy, and trade. Hyundai plans to leverage this opportunity to showcase its product quality and competitiveness. The company has previously supported official and operational vehicles at major international events, including the 2025 APEC Summit, the 2025 G20 Summit in Johannesburg, and the 2024 Korea-Africa Summit. A Hyundai official stated, "We are pleased to contribute to the summit that aims to shape the future of the ASEAN community by providing vehicles. We will work together to ensure the success of the 2026 ASEAN Summit." Meanwhile, Hyundai is strengthening its local production and sales base in ASEAN, particularly in Indonesia and Vietnam. The company is expanding its electrification competitiveness and brand presence in the ASEAN market by establishing local production systems for electric vehicles and batteries in Indonesia.* This article has been translated by AI. 2026-07-12 09:32:00