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  • Rebellions targets Seoul IPO next year, weighs US listing
    Rebellions targets Seoul IPO next year, weighs US listing SEOUL, July 09 (AJP) - South Korea's Rebellions, a Samsung-backed artificial intelligence chip startup, plans to list on the main KOSPI exchange in the first half of next year, seeking to ride surging investor appetite for AI hardware. The company aims to debut in the first or second quarter of 2027 and will complete all filing paperwork by year-end, though the final timing hinges on market conditions, CEO Park Sung-hyun said in an interview on Wednesday (local time). JP Morgan and Samsung Securities are lead underwriters. "Real revenue is now being generated," Park said, adding that investors favored the KOSPI because the firm is tightly bound to the Korean government's sprawling AI infrastructure drive, one of the world's largest such commitments. Rebellions is leaning toward the blue-chip KOSPI over the tech-heavy KOSDAQ, a choice that signals it sees itself among the country's established heavyweights rather than a speculative growth bet. It is also weighing a US listing, holding talks with both the New York Stock Exchange and Nasdaq, though it flagged American Depositary Receipts — the route taken by SK Hynix — as a likely vehicle. Founded in 2020, Rebellions designs neural processing units (NPUs) tuned for AI inference, the task of running trained models efficiently with an emphasis on speed and power savings. Demand for such chips has climbed sharply as AI agents proliferate, pitting the firm against a market where Nvidia towers over rivals. The startup vaulted to become the country's biggest AI chip player last year after merging with Sapeon Korea, the semiconductor unit of SK Telecom. Its backers now include Samsung Electronics, SK hynix and SK Telecom, alongside Wa'ed Ventures, the venture arm of Saudi state oil giant Aramco.\ In March, Rebellions closed a pre-IPO round of about 640 billion won ($425.4 million) — including 250 billion won from the state-run National Growth Fund — at a valuation of about 3.4 trillion won, part of Seoul's push to build a homegrown answer to Nvidia. 2026-07-09 15:03:02
  • Coway Achieves Four Awards in National Customer Satisfaction Index
    Coway Achieves Four Awards in National Customer Satisfaction Index Coway has achieved four awards in the 2026 National Customer Satisfaction Index (NCSI) survey, ranking first in water purifiers, mattress beds, healthcare massage appliances, and rental care services.Coway announced that it received the highest scores in four categories in the NCSI survey conducted by the Korea Productivity Center. The NCSI is an index that evaluates customer satisfaction based on actual use of products and services.In the water purifier category, Coway secured the top position for the third consecutive year, led by its Icon Ice Water Purifier series. The company operates a lineup of five ice water purifiers, including Mini, Standard, Max, Original, and RO, expanding its product range to meet diverse consumer preferences and usage environments.In the mattress and healthcare massage appliance categories, the Sleep & Healing Care brand Birex received high marks. The introduction of sleep tech products that combine sleep and relaxation, such as massage mattress beds, stretching motion beds, and the furniture-style massage chair Pebble Chair 2, contributed to customer satisfaction.The rental care services category was positively evaluated for enhanced hygiene management and customer convenience services. Coway offers free coordinator visits for self-management customers and a service manager arrival notification service.Recently, Coway has focused on expanding its product range beyond water purifiers to include Birex's sleep and healing care and environmental appliances, aiming to broaden customer engagement.Seo Jang-won, CEO of Coway, stated, "The four awards from NCSI reflect the recognition of our customer-centric values and innovative technology. We will continue to introduce products and services that create a healthy and convenient daily life."* This article has been translated by AI. 2026-07-09 15:00:00
  • Song Young-gil Declares Candidacy for Democratic Party Leadership in Gwangju
    Song Young-gil Declares Candidacy for Democratic Party Leadership in Gwangju Song Young-gil, a member of the Democratic Party, declared his candidacy for party leadership on July 9, stating, "Without Honam, there is no country and no Democratic Party." The announcement came a day after he made his initial declaration at the party's headquarters in Yeouido, and he held a separate press conference in Gwangju to appeal to the sentiments of voters in Honam ahead of the party convention scheduled for August 17 in Daejeon.During the press conference at the Gwangju City Hall, Song emphasized, "Whenever the party has been on the brink, it has always been Honam that saved it."He added, "When President Lee Jae-myung and the government accelerate development in Honam, the party must provide strong support." He particularly highlighted the importance of connecting Gwangju's semiconductor industry, Jeonnam's AI and data centers, and Jeonbuk's Saemangeum and future energy sectors to complete South Korea's industrial map.Song also promised four key pledges to Honam voters: ensuring fairness in the selection of public office candidates, holding regular town hall meetings, providing full support for the development of Gwangju, and establishing Honam as a core hub for semiconductors and AI.Furthermore, he stated, "I will unite the wavering Democratic Party again," and pledged to create a party that delivers results and supports the success of the Lee Jae-myung administration, aiming for victory in the upcoming general elections and the restoration of the party's power.In addition to Song, other candidates for the party leadership include former Prime Minister Kim Min-seok, lawmaker Ko Min-jeong, and former Gangjin County Council Chair Kim Bo-mi. Former party leader Jeong Cheong-rae is also expected to announce his candidacy soon. 2026-07-09 15:00:00
  • Yoon Suk Yeol Receives 7-Year Prison Sentence in First Conviction
    Yoon Suk Yeol Receives 7-Year Prison Sentence in First Conviction Yoon Suk Yeol has received his first confirmed prison sentence 583 days after the declaration of martial law on December 3.On July 9, the Supreme Court's third division, led by Justice Lee Suk-yeon, upheld a lower court's ruling that sentenced the former president to seven years in prison for charges including obstruction of official duties and abuse of power.The ruling was broadcast live, with the Supreme Court stating, "The investigation by the Corruption Investigation Office for High-ranking Officials (CIO) into Yoon's alleged role as the leader of a rebellion is not problematic," adding that even if a president has immunity from prosecution, investigations can proceed as long as they do not interfere with the performance of their duties or the authority of the head of state.Yoon was indicted last July for allegedly mobilizing personnel from the Presidential Security Service to obstruct the execution of a CIO arrest warrant during the early stages of the martial law investigation.Additionally, he faces charges for infringing on the deliberative rights of nine cabinet members by convening a cabinet meeting before the declaration of martial law on December 3, 2024, which excluded those members.After the martial law was lifted, he was also accused of creating a false declaration document that suggested the martial law was enacted based on a document signed by former Prime Minister Han Duck-soo and former Defense Minister Kim Yong-hyun, and later disposing of it. He is also charged with directing the dissemination of false information to foreign media, claiming there was no intention to undermine the constitutional order.In the first trial, held in January, the court found him guilty of obstructing the execution of the CIO arrest warrant, infringing on the deliberative rights of seven cabinet members, creating and disposing of a false martial law declaration, and ordering the deletion of communication records from a secure phone. He was sentenced to five years in prison.The appeals court, in April, increased the sentence to seven years, affirming that Yoon was guilty of obstructing the execution of the CIO arrest warrant and infringing on the deliberative rights of the nine cabinet members by only convening some members for the cabinet meeting.While the appeals court also upheld the guilty verdict for creating and disposing of a false declaration document, it maintained a not guilty verdict regarding the charge of using a false public document.Furthermore, the court found him guilty of instructing his deputy, Kim Sung-hoon, to restrict access to communication records of former National Defense Security Command Chief Lee In-hyung and others in preparation for the rebellion investigation.Both Yoon and the special prosecution team appealed the second trial's ruling, but the Supreme Court dismissed all appeals.Following the confirmation of Yoon's prison sentence for obstructing the arrest, he still faces seven ongoing criminal trials.The rebellion leader case resulted in a life sentence in the first trial on February 19 and is currently under appeal at the Seoul High Court. In a separate case, he was sentenced to 30 years in prison on June 12 for directing a 'Pyongyang drone operation' to justify the declaration of martial law.Additionally, he was acquitted on May 28 in a first trial for perjury after testifying as a witness in the rebellion case involving former Prime Minister Han Duck-soo, but the special prosecution team has appealed, and the case is now in the second trial.Moreover, he faces a first trial ruling on July 13 regarding allegations of accepting bribes for public opinion polls and another case set for July 27 related to disseminating false information during the 20th presidential election involving Jeon Seong-bae and others.Furthermore, first trials are ongoing regarding allegations of exerting pressure on the investigation into the death of a soldier and suspicions surrounding former Defense Minister Lee Jong-seop's overseas escape.* This article has been translated by AI. 2026-07-09 14:56:00
  • Kim Min-seok Criticizes Jeong Cheong-rae Amid Declining Party Support
    Kim Min-seok Criticizes Jeong Cheong-rae Amid Declining Party Support Kim Min-seok, a candidate for the leadership of the Democratic Party, criticized former party leader Jeong Cheong-rae on July 9, stating, "What good is it to just call them a rebellious faction? Aren't we falling behind in party support?"Continuing his campaign in Honam, Kim visited the Suncheon-gap district office, which is represented by lawmaker Kim Moon-soo, and expressed his dismay over the reversal in party support compared to the People Power Party, saying, "How embarrassing is this?"He emphasized that winning the upcoming general election in 2028 is crucial, arguing, "What’s more important than criticizing them as a rebellious faction is securing more seats than them to win the election."Kim stated, "I will not be a party leader who merely criticizes the rebellious faction. I will be a leader who defeats them," adding, "If you make me the party leader, I will widen the gap in support with the People Power Party within three months."He also pointed out that over the past year, the party's support has significantly declined compared to President Lee Jae-myung's approval ratings, which contributed to the results of the June 3 local elections. This seemed to be a critique of Jeong's leadership.Kim remarked, "It’s not about assigning blame, but the difference in party support compared to presidential approval ratings over the past year is evident. The election results reflect the party's failure to meet public expectations in terms of candidate nominations and election management."* This article has been translated by AI. 2026-07-09 14:56:00
  • Democratic Party to Assign 5% Weight to Votes from Daegu, Gyeongbuk, and Gyeongnam in Upcoming Convention
    Democratic Party to Assign 5% Weight to Votes from Daegu, Gyeongbuk, and Gyeongnam in Upcoming Convention The Democratic Party's preparatory committee announced on October 9 that it will assign a 5% weight to the valid voting results from Daegu, Gyeongbuk, and Gyeongnam in the upcoming convention. This measure aims to mitigate the drawbacks of the one-person, one-vote system, which, while reflecting majority opinions, has raised concerns about neglecting the views of specific regions and generations.Lee Yeon-hee, the committee's secretary, spoke with reporters at the National Assembly, stating, "This regulation will only be effective for this convention."The committee also decided to introduce a youth supreme committee member system. Lee explained, "The decision was made unanimously by the committee members. One of the five elected supreme committee members will be selected separately. The composition of the electoral group will follow the same rules as those for selecting the party leader and supreme committee members."Additionally, she elaborated that if there are four or more candidates for the youth supreme committee member, a preliminary election will be held to select three candidates, with the winner determined by a one-person, one-vote method.Furthermore, the number of preliminary election winners was set at three for the party leader and eight for the supreme committee members, with the order of the preliminary election remaining confidential.However, the committee expressed that there is a prevailing opinion that implementing the preference voting system does not constitute a violation of party rules. The preference voting system is currently under consideration by the supreme committee.The preference voting system allows voters to list their top three preferred candidates on the ballot. If a candidate receives a majority of first-choice votes in the first round, they are declared the winner. If no candidate achieves a majority, the votes are counted including the next choices. Some analysts suggest this method may favor certain factions within the party.Meanwhile, ahead of the upcoming convention, former Prime Minister Kim Min-seok, lawmaker Song Young-gil, lawmaker Ko Min-jeong, and former Gangjin County Council Chair Kim Bo-mi have declared their candidacies. Speculation is also rising regarding former leader Jeong Cheong-rae's imminent announcement to run. 2026-07-09 14:56:00
  • Nexen Chairman Kang Byung-jung Donates 10 Billion Won to Support Local Youth
    Nexen Chairman Kang Byung-jung Donates 10 Billion Won to Support Local Youth "I hope young people can dream big and take on challenges even in local areas," said Kang Byung-jung, chairman of Nexen Group, who donated 10 billion won despite challenging economic conditions, including global recession and protectionist regulations. With this donation, Kang has contributed a total of 600 billion won to society over the past 50 years. His consistent philanthropic efforts have established him as a model of nobless oblige in South Korea.According to industry sources on July 9, Nexen Tire announced on July 7 that Chairman Kang would donate 1,445,087 shares of Nexen Tire to the Busan National University Development Foundation. The shares are valued at approximately 10 billion won, and the funds will be used for future mobility research and scholarships to nurture local talent.A representative from Busan National University stated, "This is the second-largest personal donation in the university's history," adding that the funds will be allocated for future mobility research, scholarships, and the long-awaited improvement of the university's main entrance.Kang, born in 1939 in Jinju, Gyeongnam, graduated from Masan High School and earned a law degree from Dong-A University, later completing an MBA at Busan National University's Graduate School of Business. He donated 500 million won to his alma mater after receiving an honorary doctorate in business administration in 1995. The 'Path of Thought' at Busan National University, funded by his donation, has become a beloved campus landmark. In 2018, he contributed 15 billion won to Dong-A University to help develop infrastructure for local talent.Kang is known for his genuine commitment to 'hometown love' and building infrastructure for local talent development. Regarding his recent donation, he expressed, "I am pleased to support Busan National University at a time when the university plays a crucial role in the co-prosperity of the local community and businesses, contributing to balanced national development. I hope more opportunities arise for young people to dream and take on challenges in their local areas."His philanthropic journey spans over half a century. Since the mid-1970s, Kang has served as the chairman of Ibanseong Middle School in his hometown, initiating educational and scholarship programs. He has continued to support talent development, aid for underprivileged youth, and cultural and academic sponsorship for over 50 years.According to the group, the total amount donated through personal contributions and three cultural scholarship foundations, including KNN Cultural Foundation and Nexen Wolsuk Cultural Foundation, is approximately 500 billion won. Including the donation to Busan National University, the total rises to 600 billion won. It is estimated that over 10,000 local talents have benefited from Kang's scholarships.Kang's contributions extend beyond monetary donations; he actively addresses practical issues in the community. He served as chairman of the Busan Chamber of Commerce for nine years starting in 1994, promoting local economic development, and from 2013 to 2017, he was the chairman of the Busan National University Hospital Development Committee, dedicating himself to the advancement of local economy and healthcare.He is particularly recognized for addressing long-standing issues in the Yeongnam region, such as the 'Namak River water supply problem,' embodying the social responsibility of business leaders. He donated 3 billion won of his personal funds to support the bid for the 2030 Busan World Expo. His late wife, Kim Yang-ja, who passed away three years ago, also donated 10 billion won in stocks and bonds to a public foundation.* This article has been translated by AI. 2026-07-09 14:52:00
  • Local Food Competition Heats Up Among Retailers, Featuring Korean Beef and Seasonal Produce
    Local Food Competition Heats Up Among Retailers, Featuring Korean Beef and Seasonal Produce The competition for local food sales among retailers is intensifying. In the past, fresh produce was primarily differentiated by grade, price, and quantity. Recently, however, the focus has shifted to the region, the producers, and the methods used in cultivation and farming as key differentiators. There is a growing trend to reinterpret local ingredients not just as products but as stories that reflect the philosophy of the producers.According to industry sources, Shinsegae Department Store is expanding its 'Local is Shinsegae' project to include Korean beef. From July 10 to 16, the food halls at its main store, Gangnam branch, Centum City branch, and Daegu branch will feature Cheongbori Korean beef from Yeonggwang and Yeomul Korean beef from Gangjin. The Cheongbori beef is raised on fermented barley feed in a pasture environment, while the Yeomul beef is raised using a traditional method that involves boiling sesame, oats, and barley bran.Lotte Department Store is branding not just the regions but the producers themselves in its produce section. At the Nowon branch, the premium grocery store 'Repisserie' is showcasing a 'With Farmer' initiative that highlights the agricultural products of outstanding producers. Featured items include 'Kim Seong-hoon Cherry Tomatoes,' 'Seok Hong-soo Melons,' and 'Ye Gwan-ki Raspberries,' among 12 representative products.Large supermarkets and e-commerce platforms are emphasizing direct shipping from farms. E-Mart is running a promotion through its 'Order to Home' app, delivering summer fresh produce such as plums, sweet corn, freshwater eel, and pork shoulder directly from farms until July 15. Since its launch in April last year, the Order to Home service has seen a growth trend, with the average monthly customer count in the first half of this year increasing by about 34% compared to the average from April to December last year. Similarly, 11th Street is selling seasonal agricultural and marine products through its fresh food specialty section 'Fresh Table,' featuring high-demand summer items like Iksan honey melons, Yeongcheon peaches, new onions, new potatoes, semi-dried croaker, and freshwater eel.Convenience stores are also reprocessing local ingredients into ready-to-eat meals. GS25 has launched 'Nutritional Chives Duck Gimbap' using chives from Yangju, Gyeonggi Province, purchasing about 10 tons of chives for this product. Seven Eleven has introduced 'Ulleungdo Spicy Hangover Soup Ramen' made with island thistle from Ulleungdo, showcasing a local dish in a convenient cup noodle format.Consumer interest in local foods is also growing. According to a survey by market research firm Embrain, 82% of respondents reported having purchased local economy (loconomics) foods, and 88% expressed an intention to buy such products in the future.An industry insider noted, 'It has become difficult to differentiate fresh produce solely based on price. To expand into premium products or direct shipping services, we need to explain the region, the producers, the delivery methods, and the quality control systems to consumers.'* This article has been translated by AI. 2026-07-09 14:52:00
  • South Korean Prime Minister Announces AI Transition in Public Sector
    South Korean Prime Minister Announces AI Transition in Public Sector Han Seung-soo, the Prime Minister of South Korea, stated on July 9 that "artificial intelligence (AI) is no longer just a technology or industry; it demands changes in how we work and live." He announced plans to expand the AI-based administrative internal work system, 'OnAI,' to 47 central administrative agencies by the end of the year, marking a significant transition to AI in the public sector. During the 11th National Policy Coordination Meeting held at the Government Seoul Building, he emphasized, "The AI democratic government we aspire to is one where the people are the masters, creating a competent and friendly government together with the citizens in the AI era." To achieve this, he pledged to continuously open up 100 key public data sets that are in high demand and easy to utilize. The government plans to make administrative information more AI-friendly to enhance public participation in governance and reduce unnecessary labor in the public sector. Additionally, it aims to incorporate diverse public opinions into policies through AI-based communication channels. The government intends to expand AI-based public services that proactively guide individuals on benefits and welfare, aiming to create a warm and inclusive administration without blind spots. More specific initiatives based on this discussion will be confirmed and announced in the near future. The meeting also addressed the government's 'Basic Plan for Employment Stability in Industrial Transition.' Prime Minister Han stressed, "The transition to AI and the implementation of carbon neutrality are paths we must take," adding that this journey should enhance everyone's potential and open new opportunities. He further stated, "To proactively respond to signals of industrial and job transitions, we will develop a Korean-style AI exposure index and establish a continuous monitoring system," and promised to expand vocational training support, including the 'Tomorrow Learning Card.' Prime Minister Han also noted that South Korea will undergo an 'International Aviation Safety Assessment' by the end of this year, calling it an important opportunity to reassess the current state of the country's aviation safety system against international standards. He urged relevant agencies, including the Ministry of Land, Infrastructure and Transport, the Ministry of National Defense, the National Fire Agency, and the Coast Guard, to thoroughly review the entire safety management system, from regulatory improvements to accident prevention and on-site management, to ensure a safe aviation environment for all. Regarding the recent onset of heavy rains, he mentioned, "Heavy rainfall is occurring across the country," and reported that there have been no casualties reported so far. He added, "More rain is forecasted today," urging the Ministry of the Interior and Safety and local governments to verify the response systems and facilities in areas at high risk of damage. 2026-07-09 14:48:00
  • South Korea sees fewer foreign workers as Viet Nam overtakes China in arrivals
    South Korea sees fewer foreign workers as Viet Nam overtakes China in arrivals SEOUL, July 9 (AJP) - A slowdown in the construction and manufacturing sectors reduced the number of foreign workers, particularly E-9 visa holders, for the second consecutive year, while arrivals from Viet Nam surpassed those from China for the first time. According to data released by the Ministry of Data and Statistics on Wednesday, about 428,000 foreigners entered South Korea for long-term stays of more than 90 days last year, down 23,000 from a year earlier, while about 378,000 left the country, up 25,000. Those from Viet Nam, China and the United States accounted for 50.2 percent of all foreign arrivals. Vietnamese arrivals surpassed those from China for the first time since relevant data began to be compiled in 2000, totaling 98,000, 4,000 more than China's 94,000, and about four times the 23,000 arrivals from the U.S. Employment was the most common reason foreigners moved to or from South Korea, accounting for 37.4 percent, followed by study or training at 25.2 percent and permanent residency and marriage-related migration at 13.1 percent. But employment-related arrivals fell as the E-9 visa quota was set at 130,000 last year, 35,000 fewer than the previous year, amid a slowdown in the construction and manufacturing sectors, according to the ministry. Yoo Su-deok at the ministry said arrivals from China have continued to decline among overseas ethnic Koreans and those entering on H-2 visiting employment visas. He added that more Vietnamese have been arriving for study and training, and that they also make up a large share of seasonal workers. Among South Koreans, both arrivals and departures declined, with arrivals falling by 19,000 to 257,000 and departures dropping by 16,000 to 233,000. 2026-07-09 14:45:41