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President Lee: Stock Manipulation Will Be Caught by Regulatory Agencies President Lee Jae-myung stated on July 8 that "stock manipulation will inevitably be caught in the triple net of the Financial Supervisory Service, police, and prosecutors."While visiting Turkey for the NATO summit, President Lee posted on X (formerly Twitter) that "the fairness of capital markets is a value we cannot give up."In his post, he shared an article stating that the Financial Supervisory Service's special judicial police had detected front-running allegations involving employees of Maeil Business TV and had initiated a search and seizure operation.He also included the hashtag #StockManipulation_Bankruptcy.On the same day, the Financial Supervisory Service's special judicial police conducted a search of Maeil Business TV in connection with allegations of front-running by securities broadcasting personnel.Reports indicate that the special judicial police have identified three individuals—producers, hosts, and guests of Maeil Business TV's securities programs—who allegedly engaged in front-running by purchasing specific stocks before recommending them on air earlier this year.The special judicial police believe these individuals gained illicit profits amounting to hundreds of millions of won and plan to analyze the seized materials and consider summoning them for questioning after the search.* This article has been translated by AI. 2026-07-08 17:56:00 -
Korean Beef Association Suggests Low-Fat Summer Diets Featuring Hanwoo As interest in weight management rises during the summer, the Korean Beef Association proposed low-fat, high-protein cuts of Hanwoo beef and meal ideas on July 8.The recommended cuts include round, flank, and shank. Round is low in fat and has a firm texture, making it suitable for dishes like braised beef or tartare. Flank, being a well-exercised cut, has a dense texture and is ideal for ground meat or stir-fry dishes.Shank is among the higher-protein cuts of Hanwoo, known for its chewy texture. It can be enhanced by long cooking or stir-frying, and briefly soaking it in broth after boiling helps retain moisture for a more tender experience.Recipes utilizing seasonal summer ingredients were also suggested. The 'Hanwoo Melon Salad' features boiled and shredded round beef served with melon, red onion, and chives, designed for a light summer meal using seasonal melon.The 'Hanwoo Tofu Fried Rice' substitutes rice with tofu to reduce carbohydrate intake. It combines stir-fried tofu with minced flank beef and vegetables, providing protein while enhancing satiety.For consumers who prefer spicy dishes, 'Hanwoo Konjac Stir-Fry' is available. This dish includes blanched konjac and stir-fried shank with bell peppers and green chili, allowing for a delightful combination of konjac's texture and the shank's flavor.Cooking researcher Noh Go-eun, director of the Korea Food Service Industry Association, stated, "Hanwoo offers a variety of cuts with different fat and protein ratios, allowing for tailored meal planning. Cuts like tenderloin or round can be enjoyed in a flavorful and tender way depending on the cooking method, making them a viable protein source for consumers managing their weight."* This article has been translated by AI. 2026-07-08 17:56:00
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NATO Secretary General Defends U.S. Strikes on Iran as 'Absolutely Necessary' Mark Rutte, the Secretary General of NATO, defended the recent U.S. airstrikes on Iran, calling them "absolutely necessary."During a press conference on the second day of the NATO summit in Ankara, Turkey, on July 8, Rutte stated that Iran had effectively violated a ceasefire and that the U.S. response was vital after observing attacks on vessels the previous day.Regarding negotiations over Iran's nuclear program, Rutte emphasized that NATO allies would reaffirm that Iran must never possess nuclear capabilities. He also highlighted the importance of "freedom of navigation" in the Strait of Hormuz.On the topic of defense spending, Rutte praised President Donald Trump for addressing the disparity in defense expenditures between Europe and the U.S., a challenge that has persisted since President Eisenhower's administration. He reiterated that NATO countries aim to increase defense spending to 5% of their GDP, with Canada and European nations planning to raise their defense budgets to 4% within a year.When asked about Russia's ongoing war in Ukraine, Rutte warned that the alliance, comprising one billion people across Europe, Canada, and the U.S., would protect its territory without exception, stating, "You will never take this away from us."* This article has been translated by AI. 2026-07-08 17:52:00
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Samsung's Device Experience Faces Profitability Challenges Despite Record Sales Samsung Electronics achieved its highest quarterly performance ever in the second quarter of this year, but the Device Experience (DX) division, which oversees TVs, home appliances, and smartphones, is facing significant challenges.Despite generating approximately 2 trillion won in sales effects from the 'National Audit Program' that ended on July 5, analysts suggest that large-scale discounts and cost pressures have made it difficult to maintain profitability.According to industry sources on July 7, Samsung reported preliminary sales of 171 trillion won and an operating profit of 89.4 trillion won for the second quarter, both record highs. However, the performance of individual divisions will be disclosed in the final report, leading to heightened interest in the DX division's actual profitability, overshadowed by the semiconductor (DS) sector.Many in the industry attribute this record performance primarily to the booming memory semiconductor market. With increased investments in AI servers, the profitability of DRAM, NAND, and high-bandwidth memory (HBM) has surged, while DX's aggressive sales strategies may have led to relatively lower profit margins.A prime example is the National Audit Program, during which Samsung conducted large-scale discount promotions on key products such as TVs, refrigerators, washing machines, and smartphones. The company reported sales of about 2 trillion won during this period. While it succeeded in boosting sales volume, the increase in discount sales and marketing costs has reportedly sacrificed profitability.Market analysts also anticipate a decline in DX profitability. The TV market continues to face aggressive pricing from Chinese competitors, and the home appliance sector has not fully resolved the burdens of raw material and logistics costs. In the smartphone segment, despite the expansion of premium products with enhanced AI features, rising marketing expenses have become a significant burden.Particularly in the home appliance and TV sectors, while the proportion of premium products featuring AI capabilities is increasing, a slowdown in consumer sentiment necessitates continued aggressive promotions. Coupled with ongoing price competition from Chinese manufacturers, this could limit the potential for profitability improvements, leading industry experts to identify the recovery of operating profit margins as the primary challenge for DX in the second half of the year.Moreover, Samsung's simultaneous pursuit of an AI premium strategy and large-scale discount policies presents a dilemma. Premium products featuring AI capabilities are based on high prices and profitability, but in a climate of weakened consumer sentiment, the company is compelled to engage in discount sales. Consequently, while sales volumes may increase, operating profit margins may not meet expectations.In the securities industry, there are predictions that if the confirmed results for the DX division, to be announced at the end of this month, fall short of market expectations, there will be a stronger emphasis on a profitability recovery strategy centered on premium products rather than discount sales in the second half of the year.The recently confirmed payment rates for the first half of the year also reflect disparities among divisions. The memory division will receive 100% of the base salary, while the MX division and Visual Display (VD) will receive 50%, and the home appliance (DA) division will receive 25%. This variance in profitability among divisions is directly reflected in performance bonuses.An industry insider stated, "For DX, the focus has shifted from how much AI functionality can be integrated to how much profit can be retained. While semiconductors have driven performance, home appliances and mobile are now faced with the new challenge of recovering profitability."* This article has been translated by AI. 2026-07-08 17:48:00
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Defense Official Lee Doo-hee Hopes ABC Channel Contributes to Korea's Development "I hope ABC (AI Business Channel), as a specialized media outlet connecting AI technology, industry, and policy, will contribute significantly to the development of South Korea," said Lee Doo-hee, Deputy Minister of Defense.In a written congratulatory message at the launch event of ABC held on July 8 at The Plaza Hotel in Seoul, Lee emphasized the importance of ABC as a starting point for establishing a new industrial media model in response to the AI era.He noted, "In the world of the Fourth Industrial Revolution we live in today, AI has become an indispensable presence in all fields, including science and technology, economy, and society."Lee further stated, "The significance of AI is being deeply recognized not only in society but also within our military. The Defense Ministry is working to establish a military-civilian cooperation system centered on defense AX hubs and is making efforts to build a defense data center to promote an AI transformation applied across all areas."In closing, he expressed his congratulations on the launch of ABC by AJU News Corporation, stating, "I find it very meaningful that ABC will become a center for building an AI ecosystem in the South Korean media landscape."* This article has been translated by AI. 2026-07-08 17:48:00
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Korea's first AI-dedicated channel ABC kicks off ...with the help of robot SEOUL, July 08 (AJP) -Artificial intelligence was not just the subject. It was the host. A humanoid robot shared the stage with an ABC news anchor Wedneday as Aju Media Group officially launched ABC (AI Business Channel), South Korea's first television network dedicated to artificial intelligence. The robot co-hosted the ceremony, exchanged remarks with its human counterpart and capped its appearance with a kung fu demonstration, turning the launch into a showcase of how AI is moving from concept to everyday media. An AI-generated video of Aju Media Group Chairman Kwak Young-gil delivered the opening keynote, while Kim Woo-chang, Senior Presidential Secretary for National AI Policy, read a congratulatory message on behalf of President Lee Jae Myung. The ceremony ended with a symbolic launch performance as guests jointly activated the opening of the new channel, followed by a promotional video and a commemorative group photograph. Studio Meta K CEO Kim Kwang-jip later presented how artificial intelligence is expected to reshape broadcasting, content creation and the media industry. With ABC, Aju Media Group expands beyond newspapers, newswire services and digital platforms into television, positioning itself as a multimedia company focused on the AI era. The launch is followed by the AI Ecosystem Innovation Forum on July 9 under the theme "The Birth of a New Media: Industrial Transformation Powered by the AI Ecosystem," and a policy breakfast with lawmakers and government officials at the National Assembly on July 10. 2026-07-08 17:47:21 -
Luxury Goods and Foreign Tourists Drive Department Store Growth The department store industry is expected to continue its strong performance in the second half of the year. After recording five consecutive months of double-digit growth this year, sales in June are projected to increase by the high double digits. The recovery in domestic consumption, the influx of foreign tourists, rising demand for luxury goods, and the weaker won have combined to make department stores the standout performers among offline retailers.According to the Ministry of Trade, Industry and Energy, department store sales growth has remained in double digits compared to the same period last year through May. Sales grew by 13.4% in January, followed by 25.6% in February, 14.7% in March, and 21.7% in April, before soaring to 24.5% in May. In contrast, large discount stores and super supermarkets saw declines of 5.1% and 8.0%, respectively, in May, highlighting that department stores were the main drivers of the overall offline retail sales growth of 9.3%.While the final sales figures for June will be released at the end of the month, analysts expect the positive trend to continue. Lee Jin-hyup, a researcher at Hanwha Investment & Securities, stated, "The growth rate for the department store industry in June is expected to be in the high double digits compared to the same month last year." He added, "Although June had two fewer holidays than the previous year, the actual slowdown in sales growth is projected to be around 7 percentage points, rather than the anticipated 10 percentage points."A key factor behind the department store boom is the increased spending by foreign tourists. The continued weakness of the won has made South Korea an attractive shopping destination, leading to a rise in demand for luxury goods, cosmetics, and fashion items among international visitors. According to Lotte Department Store, sales in the fashion category at its flagship store increased by 130% over the past year, with foreign sales surging by 440%. Notably, 70% of the annual sales from the K-Fashion specialty section, "Kinetic Ground," came from foreign customers.Demand for luxury goods has also contributed to the rise in department store sales. In May, the luxury sales growth rate at Lotte, Hyundai, and Shinsegae department stores was recorded at 37.3%. With the number of foreign tourists visiting South Korea surpassing 10 million for the first time last month, it is likely that the growth in luxury sales continued in June.Industry experts believe that the growth trend for department stores will persist in the second half of the year. If the weak won and inbound tourism continue, the share of foreign sales could increase further. Additionally, the summer sales, vacation season, and demand for Chuseok gifts are expected to contribute to sustained strong sales.A retail industry official noted, "Department stores are well-equipped to meet the shopping needs of foreign tourists, offering K-beauty and fashion all in one place. Considering that the heat will drive foreign visitors to indoor shopping complexes, the upward trend in department store sales is likely to continue for the foreseeable future."* This article has been translated by AI. 2026-07-08 17:36:00
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Korean won falls below 1,500 vs USD first time since late May SEOUL, July 8 (AJP) - The South Korean won strengthened below 1,500 to the dollar on Wednesday for the first time in some 27 trading days, supported by dollar-selling linked to SK hynix's planned American Depositary Receipts (ADRs) listing. The won stood at 1,498 per dollar as of 3:30 p.m., moving into the 1,400 range for the first time since May 29. The move marked a sharp reversal in just three days of trading since South Korea launched 24-hour onshore dollar-won spot trading on Monday. Compared with the mid-1,500 level seen on the first day of the new trading system, the exchange rate was down by nearly 40 won as of Wednesday afternoon. Foreign exchange dealers said dollar-selling linked to SK hynix's ADR offering emerged in the dollar-won forwards market, adding to expectations of fresh dollar supply. SK hynix recently launched a U.S. share sale to raise about 43 trillion won or $28.7 billion, drawing strong investor interest as global demand for artificial intelligence (AI)--related chips continued to support appetite for the chipmaker's shares. The company is expected to bring more dollars into the country in the coming week and convert part of the proceeds into won, creating expectations of additional dollar supply in the domestic foreign exchange market. The move comes after the won had remained under pressure near crisis-era levels despite strong exports and gains in South Korean equities. Market participants have pointed to foreign equity outflows, South Korea's interest-rate gap with the U.S. and rising domestic demand for dollar assets as factors weighing on the currency. A senior finance ministry official said supply-demand conditions in the dollar-won market could shift in the second half, citing won demand from SK hynix's planned U.S. share sale. Bond yields moved in opposite directions, indicating that the currency rally did not translate into a broad-based bid for government debt. The three-year government bond yield edged down 0.5 basis point to 3.775 percent, while the 10-year yield rose 3.2 basis points to 4.245 percent. The short end was little changed as the sharp recovery in the won eased some near-term concerns over imported inflation and currency-driven policy pressure. Longer maturities came under pressure amid curve-steepening flows and broader market volatility. 2026-07-08 17:31:48 -
AI peak fears hammer Asia, KOSPI for second straight session SEOUL, July 08 (AJP) - A wave of panic selling triggered by fears that the AI chip boom may have peaked swept through Asia's technology-heavy markets on Wednesday, sending the KOSPI sharply lower for a second straight session and triggering sell-side sidecars on both the KOSPI and KOSDAQ as escalating Middle East tensions compounded the rout. The benchmark KOSPI tumbled 5.35 percent to 7,246.79, while the tech-heavy KOSDAQ slumped 5.56 percent to 785.00. The KOSPI opened 2.7 percent lower, briefly rebounded nearly 2 percent in early trading, then reversed course and fell more than 6 percent intraday before closing at its lowest level in seven weeks. The slide pushed the market's capitalization below 6,000 trillion won for the first time since May 20. As stock index futures extended their losses, the Korea Exchange activated sell-side sidecars on the KOSPI at 1:31 p.m. and on the KOSDAQ two minutes later. The two chip heavyweights remained at the center of the rout. Samsung Electronics fell 6.25 percent to 277,500 won, its lowest close since May 20, while SK hynix dropped 5.68 percent to 2,076,000 won, its weakest finish since June 5. The selloff extended into a second day after Samsung Electronics reported record operating profit but weaker-than-expected revenue, reinforcing concerns that the semiconductor cycle may be nearing its peak. Those worries intensified after Morgan Stanley warned in a recent report that the memory market was approaching its peak growth rate. Rebalancing by single-stock leveraged exchange-traded funds appeared to amplify the decline. Leveraged ETFs tied to Samsung Electronics and SK hynix fell between 10 percent and 13 percent, with all 14 funds trading below their 20,000-won listing price. The weakness quickly spread across the broader market. SK Square fell 6.34 percent to 1.27 million won, Samsung Electronics preferred shares lost 6.22 percent to 186,900 won and Samsung Electro-Mechanics plunged 10.25 percent to 147,900 won, making it one of the day's worst-performing blue chips. Most other large-cap stocks also retreated. Hyundai Motor fell 3.55 percent to 462,500 won, LG Energy Solution lost 4.97 percent to 315,500 won, Samsung Life Insurance slid 7.73 percent to 346,000 won, Samsung C&T dropped 6.95 percent to 395,000 won, Samsung Biologics declined 4.15 percent to 1.363 million won, HD Hyundai Heavy Industries fell 6.34 percent to 517,000 won, Hanwha Aerospace lost 7.22 percent to 1.041 million won, KB Financial eased 1.27 percent to 171,000 won and Shinhan Financial slipped 1.20 percent to 107,300 won. Kia stood out as the lone major gainer, rising 2.02 percent to 156,800 won on expectations of stronger earnings supported by growing sales of eco-friendly vehicles. Investor sentiment deteriorated further after military tensions between the United States and Iran intensified following attacks on commercial vessels near the Strait of Hormuz, adding geopolitical uncertainty to already fragile market confidence. The Korean won strengthened sharply to 1,503.40 per dollar from 1,528.20 in the previous session on foreign return to the KOSPI. 2026-07-08 17:29:08 -
Asian soccer officials face 'fallout' after poor World Cup performance SEOUL, July 8 (AJP) - Disappointing results by Asian teams at this year's World Cup in North America have sparked criticism and calls for accountability across the region's soccer community, including in South Korea and Saudi Arabia, the Associated Press (AP) reported on Monday. "The fallout in Asian football continues as the continent comes to terms with an underwhelming World Cup performance," the AP said, adding that the criticism has gone beyond the results on the field and has expanded into demands for responsibility from soccer officials. AP reported that the fallout has reached South Korea as the Korea Football Association's president Chung Mong-gyu stepped down amid "harsh criticism" and head coach Hong Myung-bo also resigned last week after the country's group-stage exit after a 1-0 defeat to South Africa. Likewise, Saudi Arabia's football federation president Yasser Al-Misehal resigned after the team's group-stage exit, while Jordan, making its World Cup debut, parted ways with coach Jamal Sellami. The futures of coaching staffs for Qatar and Iraq remain uncertain, while Uzbekistan, which finished the tournament without a point, is expected to keep Italian coach Fabio Cannavaro. AP said the tournament exposed Asia's weak standing on the global stage as "teams from within the Asian Football Confederation managed just three wins in 29 matches at the expanded 48-team World Cup." Only Japan and Australia advanced from the group stage, although both were eliminated in the round of 32. Iran went unbeaten but drew all three of its matches and failed to reach the knockout stage. AP pointed out that South Korea's run to the semifinals at the 2002 World Cup, co-hosted with Japan, remains Asia's best-ever finish, adding that the gap with the world's top teams has not narrowed much, while Japan was the "best performer" among Asian teams after a 4-0 win over Tunisia and draws with the Netherlands and Sweden helped it finish second in its group. Quoting AFC President Sheikh Salman bin Ibrahim Al Khalifa, it said Asian teams have "a lot of work to do" to "catch up." 2026-07-08 17:18:40