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  • Lee Je-hoon Appointed Head of National Institute for Peace and Democracy
    Lee Je-hoon Appointed Head of National Institute for Peace and Democracy The Ministry of Unification announced on July 9 that Lee Je-hoon, former editor-in-chief of The Hankyoreh, has been appointed as the head of the National Institute for Peace and Democracy.The new director is a seasoned journalist and expert in unification and diplomacy, having reported on inter-Korean relations and issues concerning the Korean Peninsula since 1998.Lee served as a senior reporter on the unification and diplomacy team at The Hankyoreh and became editor-in-chief in March 2017, but later stepped down to return to field reporting. He has also held a position as an adjunct professor at the Graduate School of North Korean Studies.Until April of this year, Lee worked as a reporter covering the Ministry of Unification before applying for the director position at the National Institute for Peace and Democracy.The head of the National Institute for Peace and Democracy is a senior civil servant position that can be held for a minimum of two years, with the possibility of extension up to five years.* This article has been translated by AI. 2026-07-09 11:24:00
  • Unionized workers at Hyundai Motor to stage three-day partial strike next week
    Unionized workers at Hyundai Motor to stage three-day partial strike next week SEOUL, July 9 (AJP) - Unionized workers at Hyundai Motor are expected to stage a three-day partial strike next week unless they reach a deal in ongoing wage negotiations. The union on Wednesday voted to hold a two-hour strike each day from next Monday through Wednesday before joining a nationwide general strike led by the Korean Metal Workers' Union on the final day. The move came after the collapse of their 15th round of talks earlier in the day, during which the company presented a revised proposal that included an 89,000-won increase in base pay, a bonus worth 350 percent of monthly pay plus 10 million won, and 15 shares of company stock. But the union turned down the offer as insufficient. Both sides, however, said they would continue negotiations, leaving open the possibility that the strike could be called off if further talks lead to a deal. In a statement, the union said, "Management has failed to make a responsible decision on our core demands, and its revised wage offer also fell short of our expectations," vowing to proceed with the planned strike. Hyundai expressed regret over the union's decision and called for continued negotiations to "reach a reasonable outcome that allows labor and management to coexist." Key sticking points in the talks are the size of wage increases and expanded compensation including bonuses. Hyundai says it is difficult to take on additional costs given last year's decline in operating profit and weak sales in the first half of this year. The union argues that real wages must rise to reflect inflation, seeking a 149,600-won increase in base pay, performance pay equivalent to 30 percent of the previous year's net profit, and bonuses worth 800 percent of monthly pay. It is also calling for the retirement age to be extended and for workers fired over past labor disputes to be reinstated. But the two sides have made some progress on several other issues, agreeing to work together to ensure job security in the rapidly changing era of artificial intelligence and improve working conditions. They also agreed to set up a joint task force to continue discussions on reducing working hours. If the strike goes ahead as planned, Hyundai would face labor action for a second consecutive year. Whether the two sides can narrow their differences over wage increases and bonuses will be the key factor in reaching an agreement. 2026-07-09 11:21:36
  • Xi Emphasizes Efficiency in Science and Technology Innovation
    Xi Emphasizes Efficiency in Science and Technology Innovation Chinese President Xi Jinping reiterated the importance of building a science and technology powerhouse by 2035, calling for the development of advanced industries such as artificial intelligence (AI), semiconductors, and quantum technology. He emphasized the need for efficiency in scientific and technological innovation, expressing a commitment to enhancing the quality of innovation amid the US-China tech competition.According to the People's Daily, the official newspaper of the Communist Party of China, Xi made these remarks during a significant speech at the National Science and Technology Awards ceremony, the Chinese Academy of Sciences and Chinese Academy of Engineering conference, and the 11th National Congress of the China Association for Science and Technology held in Beijing on July 8. He stated, "Technological strength and innovation capabilities are increasingly becoming the core competitiveness of a nation," and noted that the 15th Five-Year Plan (2026-2030) is a critical period for achieving the goal of becoming a science and technology powerhouse by 2035.Xi stressed the need to accelerate high-level self-reliance in science and technology and to support Chinese-style modernization through scientific and technological innovation.He identified AI as a key technology that will determine national competitiveness, highlighting its rapid development based on innovations in data, computing power, algorithms, neuroscience, and mathematics. He remarked, "This is urgent and significant. We must seize this historic opportunity." He called for concentrated research and development in advanced fields such as AI, quantum technology, and life sciences, as well as core areas like integrated circuits and advanced manufacturing, and strategic fields including deep-sea, deep-space, and deep-earth exploration.A notable aspect of his speech was the emphasis on 'efficiency.' Despite significant investments in strategic industries like AI, there have been concerns about the slow pace at which research outcomes translate into industrial competitiveness. Xi mentioned 'efficiency' six times, stating, "We must enhance the efficiency of investment in scientific and technological innovation and strike a balance between expanding investment scale and improving efficiency."He pointed out issues in China's scientific and technological development, including a lack of original innovation capabilities, an imbalanced talent structure, and low efficiency in scientific and technological investment. He noted that there are institutional bottlenecks hindering innovative development and called for improving the overall efficiency of the national innovation system. He urged for deeper integration of scientific and technological innovation with industrial innovation, ensuring that research outcomes quickly convert into productive forces.Xi highlighted the low commercialization rate of research and development (R&D) outcomes as a deep-rooted issue in China. To address this, he called for strengthening the national technology transfer system and establishing concept verification centers and pilot testing platforms to alleviate bottlenecks in the commercialization of early research outcomes. He also suggested creating various application scenarios and advanced industrial clusters, and utilizing financial, monetary, scientific, technological, and industrial policies comprehensively to encourage long-term investment from financial capital in early-stage and small core technology companies.Additionally, Xi emphasized the importance of attracting outstanding overseas talent. He stated, "We must actively leverage opportunities for global talent mobility," urging the recruitment of young researchers and research teams from abroad while maintaining a balance between scientific and technological development and ethics.During the National Science and Technology Awards ceremony, Xi personally awarded the top prize to Chen Liquian, known as the 'Father of China's Lithium Battery,' and to Fan De, an authority in military aviation radar.The National Science and Technology Award is the highest honor given by the Chinese government to scientists who have made significant contributions to the advancement of science and technology, established in 2000. To date, 39 individuals have received the award, which is seen as a 'barometer' of China's strategic technology development direction.This year's recipient, Fan De, is recognized as the founder of China's airborne pulse Doppler radar technology and a pioneer in phased array radar technology. He led the development of China's first airborne pulse Doppler fire control radar and large long-range phased array early warning radar, laying the foundation for the development of China's land, sea, air, and space-based early warning systems.Military expert Song Zhongping commented to the Global Times that this year's awardees reflect China's policy direction, which emphasizes independent innovation in key technologies directly related to national security. Notably, recent awardees have increasingly included researchers in strategic technologies linked to defense and security, such as Cheng Kaijia, who led nuclear weapon development, and Yu Min, known as the 'Father of Explosives,' among others. 2026-07-09 11:20:00
  • KFTC Approves Mirae Assets Acquisition of Korbit, Marking First Case of Financial Group Buying Crypto Exchange
    KFTC Approves Mirae Asset's Acquisition of Korbit, Marking First Case of Financial Group Buying Crypto Exchange The Korea Fair Trade Commission (KFTC) has approved Mirae Asset Consulting's acquisition of Korbit, marking the first instance of a financial group subsidiary purchasing a cryptocurrency exchange. This move is expected to contribute to improving the monopolistic structure of the cryptocurrency exchange market, where the top two companies hold a 97% market share.On July 9, the KFTC determined that the acquisition would not significantly restrict competition in the relevant market and granted approval for the merger. The review focused on Mirae Asset Consulting's acquisition of a 92.06% stake in Korbit for 133.4 billion won. Mirae Asset Consulting primarily generates revenue from its non-financial subsidiary, which operates hotels, while Korbit is the operator of the cryptocurrency exchange of the same name.The KFTC assessed that the acquisition would result in two mixed mergers and examined whether the integration of Mirae Asset Securities' stock investment platform with Korbit's cryptocurrency exchange could potentially exclude other competitors. The commission also considered whether the launch of an exchange-traded fund (ETF) based on cryptocurrencies might lead to the exclusion of competing businesses.The KFTC concluded that both mixed mergers posed minimal competition concerns, as Korbit's market share is only 0.5%, making it unlikely to create monopolistic effects. In fact, last year, the market share based on domestic cryptocurrency trading volume showed a duopoly structure, with Upbit holding approximately 69% and Bithumb at 28%.The lack of liquidity in Korbit was also a factor in the merger approval review. The KFTC noted that Korbit's limited liquidity would not generate significant anti-competitive effects.The characteristics of the domestic cryptocurrency market were also taken into account. Individual investors in South Korea tend to gravitate toward larger exchanges with narrower bid-ask spreads, making it difficult for Korbit to disrupt the market. Instead, the analysis suggests that the acquisition could aid in improving the monopolistic structure.This merger is expected to be a significant milestone that could reshape the domestic cryptocurrency market, as one of the five major exchanges has now been integrated into a large financial group.A KFTC official stated, "This merger is expected to promote the restructuring of the digital financial market and service innovation, ultimately contributing to improving the monopolistic structure of the cryptocurrency exchange market and enhancing competition. We will continue to closely monitor the development of the digital asset market through the convergence of different industries."* This article has been translated by AI. 2026-07-09 11:20:00
  • K Banks Cumulative Loans to Individual Business Owners Exceed 5.19 Trillion Won
    K Bank's Cumulative Loans to Individual Business Owners Exceed 5.19 Trillion Won 케이뱅크의 개인사업자 대출 누적 공급액이 올해 6월말 기준 5조1900억원을 기록했다고 9일 밝혔다.2022년 관련 상품 출시 이후 연도별 공급액은 2022년 2600억원에서 지난해 1조8400억원으로 확대됐으며 올해 상반기에만 1조5200억원이 공급됐다. 이는 지난해 연간 공급액의 약 82% 수준으로 반 년 만에 작년 연간 공급액에 육박하는 실적을 기록한 것이다.부동산담보대출과 보증서대출 확대에 힘입어 개인사업자 여신 잔액 중 보증·담보대출 비중은 올 6월말 기준 45% 수준까지 높아졌다. 부동산담보대출은 은행연합회 공시 기준 올해 5월말 잔액 평균 금리가 연 3.49%로 은행권 최저 수준을 기록했다.이 같은 흐름에 힘입어 케이뱅크 전체 원화대출금 중 기업대출 비중은 2024년말 7%에서 올해 6월말 17%로 두 배 이상 확대됐다. 케이뱅크는 개인사업자 금융 지원을 더욱 강화해 나간다는 계획이다. 오는 14일부터는 보증서대출 건당 한도를 기존 1억원에서 최대 2억원으로 두 배 상향한다.올해 3분기 중에는 담보 대상을 기존 아파트에서 연립·다세대주택·오피스텔·상가까지 넓히고 지원 용도도 운전자금에서 시설자금까지 확대할 예정이다. 내년에는 중소법인 대상 대출 서비스를 출시하며 기업금융 영역을 본격화할 계획이다. 케이뱅크는 최근 중소법인 여신 시스템 구축 사업에 착수하며 고도화에도 속도를 내고 있다.* This article has been translated by AI. 2026-07-09 11:20:00
  • NATO Announces $50 Billion New Weapons Procurement to Boost Defense
    NATO Announces $50 Billion New Weapons Procurement to Boost Defense NATO member countries have announced a new weapons procurement plan worth $50 billion, approximately 75.4 trillion won, to accelerate their defense capabilities. They reaffirmed their commitment to continue military support for Ukraine while taking on greater responsibility to move away from a security structure reliant on the United States. According to Yonhap News, NATO leaders adopted the 'Ankara Summit Declaration' during a summit held in Ankara, Turkey, on July 8 (local time), agreeing to pursue the new procurement plan exceeding $50 billion. The leaders decided to accelerate innovation in the defense industry through expanded joint production capabilities and cooperation within the defense sector, while also continuously lowering trade barriers among member countries. This declaration reflects a determination to strengthen Europe's defense capabilities amid the prolonged military threat from Russia. The leaders stated, "Russia poses a long-term threat to European and transatlantic security and stability," and pledged to implement the defense spending increase plan agreed upon at last year's summit in The Hague without delay. At the previous summit in The Hague, NATO agreed to increase defense spending to 5% of GDP by 2035, reflecting a request from then-President Donald Trump. The leaders emphasized in the declaration, "We reaffirm our unwavering commitment to collective defense and the Atlantic alliance," stating that European allies and Canada are taking on greater responsibility for alliance defense in cooperation with the United States. This highlights the growing role of European self-defense as the U.S. reduces its security burden in Europe and focuses on its Indo-Pacific strategy. NATO also proposed measures to enhance advanced capabilities for future battlefields. The leaders agreed to combine nuclear and conventional forces, missile defense systems, and space and cyber capabilities, while expanding the introduction of combat cloud and artificial intelligence (AI) technologies that can be operated across the Atlantic. Support for Ukraine will continue. According to Yonhap News, NATO reaffirmed its commitment to provide approximately €70 billion (about 120.4 trillion won) in military equipment, training, and various support this year, and to maintain at least the same level of support through 2027. The declaration noted, "Ukraine contributes to transatlantic security." Regarding the situation in the Middle East, NATO reaffirmed its position that Iran should not possess nuclear weapons and called for respect for freedom of navigation in the Strait of Hormuz, a key route for global energy transport. NATO Secretary General Jens Stoltenberg stated at a press conference after the summit, "The message from this summit is that NATO is delivering results," adding, "We are recalibrating the security balance for the better, and this is the essence of 'NATO 3.0.'" Additionally, Stoltenberg unveiled the 'NATO Drone Edge' initiative, a drone response system, and announced a €27 billion (about 46.5 trillion won) modernization project for fuel infrastructure, including pipelines connecting to NATO's eastern region. This project is linked to initiatives prioritized by Turkey, the host of the summit, according to Yonhap News.* This article has been translated by AI. 2026-07-09 11:16:00
  • Harim Maxican Launches Low-Sugar Chicken Snack with Less Than 1g of Sugar
    Harim Maxican Launches Low-Sugar Chicken Snack with Less Than 1g of Sugar Harim's frozen chicken convenience food brand, Maxican, announced the launch of its new product, 'Low-Sugar Chicken Snack,' on July 9.This new offering reflects the growing consumer trend towards health consciousness. It is based on the recipe of the 40-year-old franchise Maxican Chicken's seasoned chicken, using alternative sweeteners like allulose and erythritol to reduce the sugar content to less than 1 gram per 100 grams. The product also incorporates tomato paste and domestically sourced garlic to enhance its rich, sweet-and-sour flavor.The chicken is made from 100% domestic whole chicken breast, unground. According to the brand, Harim's brining technology and raw meat management expertise have been applied to reduce the dryness typically associated with chicken breast, resulting in a tender texture and rich juiciness. Additionally, a larger size was chosen to maximize the eating experience.The batter is a blend of dry and wet breadcrumbs in a golden ratio, designed to maintain crispiness even when coated with sauce. The chicken is fried at a high temperature of 180°C, then excess oil is removed using a vibration method, followed by a second baking in the oven. The sauce is packaged separately for consumers to enjoy according to their preference.A representative from Harim Maxican stated, "This product is designed for consumers who want to enjoy delicious chicken snacks but are concerned about sugar content, maintaining a taste comparable to that of specialty stores while reducing sugar burden. We plan to expand our low-sugar lineup to strengthen our competitiveness in the frozen chicken convenience food market."Since its brand launch in May of last year, Maxican has established itself in the market, surpassing cumulative sales of 5 million packages within a year. With the addition of this new product, the lineup now includes 13 types of frozen chicken convenience food, expanding from the previous 12 varieties, which included crispy boneless chicken and seasoned boneless chicken.* This article has been translated by AI. 2026-07-09 11:16:00
  • Iran Strikes Back with Missile and Drone Attacks on Gulf Nations Following U.S. Airstrikes
    Iran Strikes Back with Missile and Drone Attacks on Gulf Nations Following U.S. Airstrikes As tensions escalate between the United States and Iran, reports indicate that Iran launched missile and drone attacks targeting Bahrain, Kuwait, and Qatar on July 9.According to the Associated Press, the U.S. conducted additional airstrikes against Iran early that morning. In response, Iran initiated retaliatory strikes against the three Gulf nations.Iranian military officials had warned the day before that they would hold the U.S. accountable as American airstrikes continued for a second day.Details on the extent of damage in Bahrain, Kuwait, and Qatar have not yet been reported. The Bahraini Foreign Ministry urged citizens and residents via social media platform X (formerly Twitter) to remain calm and seek safety in nearby secure locations. The Kuwaiti Defense Ministry also stated that its air defense systems intercepted the missile and drone attacks.Previously, the U.S. struck Iranian military and port facilities in southern Iran on July 7 after Iran attacked several commercial vessels near the coast of Oman. Iran retaliated by targeting U.S. military bases in Bahrain and Kuwait.President Donald Trump commented on Iran's attacks on vessels, indicating that the fragile ceasefire was effectively over and warning of a strong response.U.S. airstrikes continued on July 8. Following the second day of strikes, Iranian military officials reiterated their intent to retaliate, targeting U.S. facilities in the Persian Gulf.President Trump later posted videos on Truth Social, claiming they showed explosions in Iran, stating, "This is retaliation for the bombing of Iranian vessels yesterday." He added, "If this happens again, the situation will become much worse."* This article has been translated by AI. 2026-07-09 11:16:00
  • SK to Establish Global Standards for Measuring Social Value in the AI Era
    SK to Establish Global Standards for Measuring Social Value in the AI Era SK is taking steps to establish global standards for objectively measuring the social value of companies in the age of artificial intelligence (AI). The initiative aims to enhance the social value measurement system, built on Chairman Chey Tae-won's 'Double Bottom Line' management philosophy, and expand it as a global standard.On July 9, the Social Value Research Institute, established by SK, signed a memorandum of understanding (MOU) at the SKT Tower in Seoul with SK Telecom and Japan's SoftBank Corp. to strengthen cooperation in measuring social value in the AI and ICT sectors.This agreement builds on the collaborative research outcomes from the first MOU signed in 2024, aiming to further enhance cooperation in measuring social value in the AI and ICT fields and jointly develop measurement methodologies suitable for the AI era.The three organizations plan to develop methodologies that reflect the new economic, environmental, and social impacts arising from the spread of AI technology. They will work together on joint research, case studies, research reports, and international forums to create internationally applicable standards for measuring social value.This agreement marks a significant turning point in expanding the experience gained from measuring social value over the past two years to align with the AI era and develop it into a global standard.The Social Value Research Institute's efforts align with Chairman Chey Tae-won's DBL management philosophy. The institute has continuously researched and developed monetization measurement methodologies, applying them in corporate settings and promoting them domestically and internationally.Building on these research achievements, the three organizations signed their first MOU in 2024 and launched a joint project to apply the DBL-based social value measurement system to SoftBank.Additionally, the organizations have shared examples of social value measurement at domestic and international events, such as the 2025 Korea Social Value Festival and the Beijing Forum, highlighting the necessity and application of these measures. This demonstrates that measuring social value can transcend internal management metrics and serve as a new management language for communicating with global stakeholders, as well as a core management system for sustainable management.Na Seok-gwon, head of the Social Value Research Institute, stated, "In the AI era, it will be increasingly important to objectively measure the value that corporate activities utilizing AI create for society, rather than the technology itself. We will work to establish social value measurement standards that can be utilized in the international community."* This article has been translated by AI. 2026-07-09 11:12:00
  • KB Financial Group Invests 200 Million Won to Discover Young Social Innovators
    KB Financial Group Invests 200 Million Won to Discover Young Social Innovators KB Financial Group announced on July 9 that it is partnering with Hope Maker to launch the '2026 Social Designer Project.' The initiative aims to discover young social innovators. KB Financial is investing a total of 200 million won to support the entire process, from identifying cases to citizen validation, content creation, and spreading results. Applications will be accepted until September 30, and any young social innovator operating a model to solve local issues can apply, regardless of their organizational form. The selected innovators will participate in a social impact investment (SIR) competition, where approximately 200 citizen judges will determine the distribution of a total investment of 40 million won. KB Financial believes this project will enhance the effectiveness of its environmental, social, and governance (ESG) activities while expanding connections with the local youth ecosystem. A representative from KB Financial stated, "This aligns with our goal of transforming local issues into sustainable services and businesses, and we will actively support the activities of young social innovators to reach more citizens and communities."* This article has been translated by AI. 2026-07-09 11:12:00