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Counterfeit banknotes hit near-record low in 1st half SEOUL, July 08 (AJP) - The number of counterfeit Korean won banknotes found in circulation fell by more than 30 percent in the first half from a year earlier, the Bank of Korea said Wednesday. A total of 41 counterfeit banknotes were detected during the first six months of this year, down 21 from 62 a year earlier, marking a 33.9 percent decline. The tally includes counterfeit notes discovered by the central bank while handling currency in circulation, as well as those reported to the BOK by financial institutions after being found in cash deposits or at teller windows. The combined face value of the counterfeit notes came to 473,000 won, down 570,000 won from a year earlier. The decline was largely due to a drop in counterfeit 50,000-won notes, which fell to five from 15. By denomination, 5,000-won notes accounted for the largest share with 22 bills. They were followed by 11 10,000-won notes, five 50,000-won notes and three 1,000-won notes. Of the counterfeit 5,000-won notes, 17 were old-series bills with the serial number pattern "77246," which were produced by a large-scale counterfeiter arrested in June 2013. The figure was down from 20 a year earlier. The BOK said 12 newly detected counterfeit serial numbers were found in the first half, with higher-denomination bills accounting for most of them, suggesting that new counterfeiting attempts were concentrated in larger bills. The ratio of counterfeit notes to banknotes in circulation remained very low. The BOK said Korea had 0.6 counterfeit notes detected per 100 million banknotes in circulation. That compares with 4,229 in the U.K., 1,461 in Europe, 1,411 in Canada and 8.6 in Japan. The BOK said the country's counterfeit-note ratio has continued a gradual decline after falling sharply through 2019. Separately, the central bank gave a BOK governor's award to Icheon Police Station in Gyeonggi Province for its role in preventing counterfeit currency from spreading. The police station was recognized for arresting two suspects accused of counterfeiting 20 50,000-won notes and three others accused of passing 12 counterfeit notes at 11 locations, including convenience stores, after launching an investigation from a 112 emergency call last November. The BOK said most of the seized counterfeit notes had mismatched serial numbers on the upper left and lower right of the front side. The lower-right serial number was identical on the seized notes, reading "FC2902733H." The central bank advised people to report suspicious notes to police immediately. 2026-07-08 16:29:46 -
Aju Media launches AI-focused business channel as Korea pushes AI ambitions SEOUL, July 08 (AJP) - South Korean media company Aju Media Group launched what it described as the country's first television channel dedicated exclusively to artificial intelligence on Wednesday, seeking to establish a platform covering AI policy, business, investment and technology as competition in the sector intensifies. The company officially launched ABC (AI Business Channel) at an opening ceremony in Seoul, kicking off a two-day series of events bringing together government officials, business leaders, investors and academics to discuss the future of South Korea's AI ecosystem. The launch comes as South Korea steps up efforts to strengthen its competitiveness in artificial intelligence, which the government has identified as a strategic growth engine and a key driver of future industrial development. Aju Media said the new channel will provide specialized coverage of AI-related policies, technological advances, investment trends and industry developments. Wednesday's opening ceremony featured a joint presentation by a human anchor and an AI-powered robotic anchor, followed by opening remarks from Aju Media Group Chairman Kwak Young-gil and a congratulatory video message from President Lee Jae Myung. Guests also participated in a ceremonial launch marking the start of the channel's broadcasts. On Thursday, the company is scheduled to host an AI Innovation Forum under the theme, "A New Media Era: Industrial Transformation Driven by the AI Ecosystem." The forum will bring together policymakers, technology executives, investors and researchers to discuss South Korea's AI competitiveness and industrial strategy. Vice Minister of Science and ICT Ryu Je-myung is scheduled to deliver a keynote address outlining the government's ambition to make South Korea one of the world's three leading AI powers. Former professional Go player Lee Sedol, whose 2016 matches against Google's AlphaGo drew global attention, is also expected to speak about the impact of artificial intelligence a decade after the landmark contest. NVIDIA Korea Country Manager Jeong So-young is scheduled to present her outlook on AI-driven industrial transformation. Aju Media said it plans to expand its operations beyond newspapers, newswire services and digital platforms into television broadcasting through the new AI-focused channel. 2026-07-08 16:28:35 -
Panic Selling Continues as KOSPI Struggles Below 7,000 and KOSDAQ Falls Below 800 Low-priced buying could not prevent panic selling. After initially rising in early trading, the KOSPI fell back into a sell-off, dropping below 7,200 in the afternoon. The KOSDAQ also fell below 800 for the first time since September of last year, prompting simultaneous sell-side circuit breakers in both markets.On July 8, the Korea Exchange reported that the KOSPI closed at 7,246.79, down 409.52 points (5.35%) from the previous trading day. The index started the day at 7,452.48 and briefly rose to 7,791.66 due to low-priced buying, but selling pressure increased in the afternoon, causing it to drop to 7,186.21, reflecting extreme volatility.The KOSDAQ also closed down 46.23 points (5.56%) at 785.00. This marks the first time the KOSDAQ has closed below 800 since September 3 of last year.As volatility increased during the trading session, both markets triggered sell-side circuit breakers. The Korea Exchange activated the sell-side circuit breaker for the KOSPI at 1:31 PM, followed by the KOSDAQ at 1:33 PM.Recently, the stock market has been experiencing a rollercoaster effect. The KOSPI plummeted 7.89% on July 2, rebounded 5.76% on July 3, but then fell again by 4.91% and 5.35% on July 7 and 8, respectively. Compared to the closing price on July 1 (8,303.41), the index has dropped 1,056.62 points (12.73%) in just five trading days.Market dynamics showed a different pattern compared to the previous day. In the KOSPI market, foreign investors net bought 474.2 billion won, while individuals and institutions sold 394.1 billion won and 135.7 billion won, respectively. In the KOSDAQ market, foreign investors net bought 337 billion won, while individuals and institutions sold 197 billion won and 137.5 billion won, respectively. The previous day, foreign and institutional investors had sold 2.9 trillion won and 308.8 billion won in the KOSPI market, leading to the index's sharp decline.Analysts attribute the recent market turmoil to deteriorating investor sentiment in the semiconductor sector and escalating geopolitical risks in the Middle East. Following Samsung Electronics' preliminary earnings announcement, concerns about the memory market persisted, while military tensions between Iran and the United States intensified, leading to rising international oil prices and U.S. Treasury yields, which heightened risk-averse sentiment.Lee Kyung-min, a researcher at Daishin Securities, stated, "Investor sentiment in the semiconductor sector has weakened following Samsung Electronics' earnings announcement, and the military conflict in the Middle East has led to rising international oil prices and Treasury yields, significantly reducing the preference for risk assets. Concerns about the semiconductor market and geopolitical risks are simultaneously increasing market volatility."Most of the top market capitalization stocks saw significant declines. Samsung Electronics fell 6.25%, while SK Hynix dropped 5.68%, SK Square 6.34%, Samsung Electro-Mechanics 10.25%, LG Energy Solution 4.97%, Hyundai Motor 3.55%, Samsung Life Insurance 7.73%, Samsung C&T 6.95%, and Samsung Biologics 4.15% all showed weakness.Kang Jin-hyuk, a researcher at Shinhan Investment Corp., noted, "The current market is in a phase where fundamentals and investor sentiment are at odds. Recent extreme volatility has led to a mindset where even good news is interpreted as bad news, but the KOSPI's valuation has dropped to its lowest level since the financial crisis, making the recovery of investor sentiment crucial going forward."* This article has been translated by AI. 2026-07-08 16:28:00 -
Factors Influencing Agriculture Policy in the Second Half of 2026 The agricultural sector faces a challenging environment in the second half of 2026. Key factors include a comprehensive land survey set to begin in August, the potential accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and rice prices during the harvest season. According to the Ministry of Agriculture, Food and Rural Affairs, the government is focusing its policy efforts on stabilizing farm incomes and achieving medium- to long-term agricultural policy goals. This is part of a broader initiative to strengthen national responsibility in agricultural policy among the 123 national tasks. Given that farm incomes significantly increased last year, there is keen interest in whether this trend can continue. A major variable in agricultural policy for the second half of the year is the "in-depth land survey" starting in August. The government plans to conduct intensive field investigations, particularly in areas requiring land transaction permits, to verify actual land cultivation and contract compliance. The outcomes of the land survey could lead to significant adjustments in various policies. The budget execution and efficiency of agricultural subsidy programs, such as the public benefit direct payment system, may vary greatly depending on the survey results. If ineligible recipients are identified and excluded during the survey, it could reduce financial burdens on the government and impact policy direction. Concerns have also been raised about an increase in fallow land. Traditionally, land leasing has relied on verbal agreements, but the in-depth survey may necessitate a shift to written contracts. This transition could lead some farmers to abandon their crops due to the perceived burden of written agreements, potentially leaving land fallow or causing tenant farmers to lose their cultivation rights. In trade discussions, the potential accession to the CPTPP is expected to be a major topic for the agricultural sector in the second half of the year. The CPTPP is a multilateral free trade agreement that demands a higher level of market openness than existing free trade agreements (FTAs). The agreement's high tariff elimination rates for agricultural products and the difficulty of establishing exceptions suggest that joining the CPTPP could adversely affect rice and apple farmers. As a result, voices of concern are growing among agricultural organizations and farmers. Norman Ho, the permanent representative of the Korean Federation of Agricultural Cooperatives, stated, "The CPTPP is not just a trade agreement; it directly impacts the foundation of domestic agriculture and food security. The government should halt its accession efforts and develop effective measures to stabilize agricultural prices and alleviate production costs." The prices of rice during the harvest season are also expected to have significant repercussions. There are approximately 800,000 rice farming households in South Korea, accounting for more than half of all farms. Given that rice prices directly affect the income of these farmers, fluctuations in rice prices are likely to influence overall agricultural income. Rice prices also serve as an indicator of changes in rice cultivation area. If rice prices are too high, farmers may lack the incentive to switch to other crops. Conversely, if rice prices fall too low, it could lead to a sharp decline in farm incomes. An agricultural sector representative noted, "The second half of the year presents significant issues such as the CPTPP and harvest rice prices. The government's policy capabilities appear more crucial than ever." * This article has been translated by AI. 2026-07-08 16:28:00
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President Lee Expects Norway to Row Again in World Cup 이재명 대통령은 8일(현지시간) 요나스 가르 스퇴레 노르웨이 총리와 정상회담을 하고 국방 분야에 대한 협력 방안을 논의했다. 나토(NATO·북대서양조약기구) 정상회의 참석차 튀르키예를 방문 중인 이 대통령은 이날 앙카라 시내의 한 호텔에서 스퇴레 총리와 만나 "대한민국은 노르웨이가 대한민국과 외교 관계를 맺기도 전에 6.25 당시 의료지원을 해 준 점에 대해 잊지 않고 기억하면서 감사하게 생각한다"고 말했다. 이 대통령은 "지금 현재 국제 정세가 매우 불안정한 상태여서 국가 단위에서 이 위기를 극복하기에는 제한적일 수밖에 없는 이럴 때일수록 국가간 협력과 교류가 중요하다고 생각한다"며 "양국은 경제, 산업, 문화 또는 국방 영역에서 큰 도움 받는 깊은 관계로 발전하고 있다"고 강조했다. 이 대통령은 회담에 앞서 2026 국제축구연맹(FIFA) 북중미 월드컵을 화두로 꺼냈다. 이 대통령은 "(노르웨이가) 월드컵 8강에도 가시고, 잠수함 선정도 되시고"라며 운을 뗐다. 스퇴레 총리는 "다방면 성과인데 국가 차원에서 성과를 내고 기쁘고, 1998년 이후에 높은 월드컵 성적을 낸 것은 처음인데 브라질에 승리한 것 또한 매우 기쁘다"며 "토요일에 영국과 경기가 있는데 어떻게 될지 지켜봐야 하는데 잘 될 것이라고 생각한다. 좋은 선수들이 많지만, 팀으로 잘 선전하고 있다"고 화답했다. 이에 이 대통령은 노르웨이의 노를 젓는 응원을 따라하며 "16강전을 하고 나서 노르웨이 홍보 영상을 봤는데 아주 좋았다"며 "한 번 더 (노를) 젓길 기대한다"고 말했다. 스퇴레 총리는 "작년 G20(주요 20개국) 계기 뵙고 다시 만나게 됐다"며 "국방 분야에 있어서 중요한 결정이 있었고 전략 파트너십으로 발전해 나가는데 좋은 결정이었다고 생각한다"고 강조했다. * This article has been translated by AI. 2026-07-08 16:28:00
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Naver Pay Launches Venture Capital Platform, Challenging KOSDAQ and KONEX A strong alternative has emerged for the KONEX market, which has served as a stepping stone for venture companies to go public. The Naver Pay (Npay) startup venture capital investment platform, jointly developed by the Financial Supervisory Service (FSS) and Naver Pay, officially launched on July 7, signaling a potential paradigm shift in the funding landscape for the over-the-counter venture investment market.According to financial investment industry sources on July 8, the FSS and Naver Pay held a launch ceremony for the Npay startup at Naver1784, attended by officials from the finance and venture sectors, and began pilot operations. This platform is a public-private collaboration project supported by the FSS to build an infrastructure for sharing venture investment information, with Naver Pay responsible for its development and operation.Market participants view this platform as a formidable competitor that could effectively complement or replace the functions of the KONEX market.Traditionally, the capital market structure required early-stage venture companies to first list on KONEX to secure funding and enhance visibility before moving on to KOSDAQ. However, with the Npay startup, companies can now attract continuous investment from institutional investors such as securities firms and venture capitalists in the over-the-counter market, reducing the necessity to undergo the KONEX listing process.As the over-the-counter market becomes more active, the demand for listings in the regular market is likely to be diluted, presenting a potential competitive challenge for KONEX.Conversely, some analysts suggest that this development could actually benefit the KOSDAQ market. In the past, the venture investment market has struggled with the lack of active secondary funds, leading companies to pursue KOSDAQ listings prematurely, often before they had fully developed. This has been criticized for causing a decline in the overall quality of the KOSDAQ market and distorting valuations.An investment banking industry source stated, "The platform provides an opportunity for startups to mature further by receiving continuous investment in the over-the-counter market. If startups can strengthen their foundations and transition to KOSDAQ in a more refined state, the health of the KOSDAQ market will actually be enhanced." This reflects the divergent interests and calculations between KONEX and KOSDAQ regarding the platform's launch.However, the platform will operate strictly as an institution-focused league. According to the FSS, only institutional investors with their own investment review capabilities, such as securities firms and venture capitalists, will have access to the platform, excluding individual investors.In response to the rapid rise of the over-the-counter platform, the Korea Exchange emphasized its distinctiveness as a regular market. A representative from the Korea Exchange stated, "KONEX provides comprehensive incubating programs, including internal control improvements, prior listing, and accounting consulting, for companies ultimately aiming for KOSDAQ listing. If a company’s final goal is to enter KOSDAQ, it will choose the KONEX platform based on its desired approach."* This article has been translated by AI. 2026-07-08 16:28:00
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Lebanon's President to Meet Trump on July 21 to Discuss Regional Security and Hezbollah Lebanese President Joseph Aoun is set to visit the United States on July 21 for a meeting with President Donald Trump.According to a White House official, Aoun will be visiting at the invitation of the White House. The Lebanese embassy in Washington also confirmed Aoun's travel plans. In a statement, the embassy noted, "This invitation reflects the ongoing partnership between Lebanon and the United States," adding that the two leaders will discuss mutual interests, including bilateral relations, regional security, and the U.S. support for Lebanon's sovereignty, stability, territorial integrity, and institutions.The talks between the U.S. and Lebanon are expected to focus on issues such as the conflict between Israel and Hezbollah, the situation in southern Lebanon, and U.S. assistance to Lebanon.Hezbollah, which operates from southern Lebanon, has been a key variable in the ongoing war and ceasefire negotiations between Israel and Iran. Iran has asserted that Israel should not attack Hezbollah's military assets or targets within Lebanon, while the U.S. acknowledges Israel's right to self-defense but continues diplomatic efforts to prevent escalation in Lebanon.Last month, the U.S. and Iran signed a memorandum of understanding (MOU) that included a commitment to cease hostilities on all fronts, including Lebanon. However, Israel has maintained that it is not a direct party to this agreement and continues military pressure on southern Lebanon under the pretext of countering the Hezbollah threat.Meanwhile, Israeli Foreign Minister Gideon Sa'ar announced that the next talks with Lebanon are scheduled to take place in Rome, Italy. The two sides plan to continue discussions based on a preliminary agreement reached with U.S. support.* This article has been translated by AI. 2026-07-08 16:24:00
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Firefighters undergo training to respond to summer emergencies SEOUL, July 8 (AJP) - Firefighters underwent intensive water survival training at a facility in Yongin, Gyeonggi Province, on Wednesday to enhance their rescue capabilities as more people head to beaches during the hot summer months. They practiced escaping from a submerged helicopter simulator by unbuckling their safety belts and exiting the cabin safely. The training was intended to help firefighters respond effectively in case of an emergency water landing. 2026-07-08 16:15:36 -
Musinsa establishes Taiwan unit to expand direct presence overseas SEOUL, July 08 (AJP) - Musinsa has established a Taiwan subsidiary to spearhead its expansion in the local market, marking the company's latest overseas growth initiative, the company said Tuesday. The Taiwan unit was established on July 7 and will oversee the company's local operations and market expansion efforts. Musinsa said it plans to build a dedicated local team and expand its offline presence with a focus on its private-label casual apparel brand, Musinsa Standard. The company aims to open around 15 Musinsa Standard stores in Taiwan over the next five years as part of its expansion strategy. Musinsa cited growing consumer demand for Korean fashion in Taiwan. According to the company, sales from Taiwan through its global online store more than doubled on average each year between 2023 and 2025. Taiwanese visitors also ranked among the three largest groups of overseas shoppers at Musinsa Store and Musinsa Standard locations in South Korea last year. The move marks Musinsa's latest overseas expansion following the establishment of operations in Japan and China. The company operates fashion platforms including Musinsa, 29CM, Musinsa Empty and Soldout, while also managing its Musinsa Standard apparel brand. 2026-07-08 16:08:32 -
BTS-themed exhibition showcases Korean heritage at British Museum SEOUL, July 8 (AJP) - An exhibition featuring K-pop supergroup BTS and their fifth studio album "ARIRANG" opened in London this week in collaboration with The British Museum, their management agency HYBE said on Wednesday. The exhibition, which runs from Monday through July 23 at the museum's Korea Foundation Gallery, also offers a self-guided trail that takes roughly 20 minutes to complete. It is part of "BTS THE CITY ARIRANG-LONDON," a citywide program related to the group's two "ARIRANG" tour concerts at Tottenham Hotspur Stadium on July 6 and 7. The album's link to the museum's holdings starts with something many listeners might miss: track No. 29, which consists of the sound of the Bell of King Seongdeok being struck, followed by more than a minute of silence. The bell, a National Treasure and the largest surviving bell of its kind in Korea, is not part of the museum's collection, but the gallery holds other objects from the Silla Kingdom, the era in which it was cast. Two of those objects, a gold earring and roof tiles, anchor the Silla side of the trail. The earring, dated to the fifth century, was made using filigree and granulation techniques that show the sophistication of Korean goldsmithing at the time. The roof tiles once topped palaces, government offices and Buddhist temples in the Silla capital. None of those buildings survive intact, but the tiles, decorated with lotus flowers and grapevine patterns, remain as traces of the kingdom's architecture and visual culture. The route also includes a full-scale reconstruction of a sarangbang or scholar's study, from the Joseon dynasty. Built by Korean craftsmen in 2000, it represents the reception room of a 19th-century noble household. A white porcelain moon jar from the same period is another stop on the trail. The jar was assembled from two separately thrown halves, a form the museum describes as one of Korea's best-known ceramic traditions and a continuing source of inspiration for artists. Sang-ah Kim, a curator of the museum's Korea exhibition, selected the five objects for the trail, which was developed alongside the exhibition's survey of 2,000 years of creativity on the Korean Peninsula. Visitors can scan a QR code at the gallery entrance to follow the route. They are also invited to choose one object that resonates with their own life under the prompt "What is Your Arirang?" and share it on social media. 2026-07-08 16:00:18