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Park Hong-geun: Education Grant Reform Will Involve Communication with Education Sector Park Hong-geun, the Minister of the Office for Government Policy Coordination, stated that the goal of reforming education grants is to "ensure the stability of education finance and promote balanced growth in South Korean education," adding that he will seek solutions through communication with the education sector.On July 8, Minister Park made these remarks during a discussion on the reform of local education finance grants for future generations held at the Government Seoul Building.The discussion was organized by the Office for Government Policy Coordination and the Ministry of Education to assess the current state of the local education finance grant system and discuss the need for reform.Kim Hak-soo, a senior researcher at the Korea Development Institute (KDI), emphasized the need to restructure the current education finance calculation method to allow for rational and flexible resource allocation based on policy environments and goals.Lee Seon-ho, head of the Korea Educational Development Institute, suggested that the education system's goals in an era of population decline should be clearly defined, and that sustainable education finance reform should support the resulting educational demands.Minister Park stated, "We will communicate with the education sector and relevant ministries to find answers based on principles such as the continuous expansion of total grants and per-student grants in response to future educational demands, alleviating financial instability due to fluctuations in domestic tax revenue, balanced investment in early childhood, higher education, and lifelong education, and reflecting changes in the school-age population."The Office for Government Policy Coordination and the Ministry of Education plan to continue discussions with the education field based on the outcomes of this meeting to prepare a reform plan for local education finance grants.* This article has been translated by AI. 2026-07-08 11:32:00 -
Yulchon Law Firm Hires Former Police Chief to Strengthen Criminal Defense Yulchon LLC (Managing Partner Kang Seok-hoon) announced on July 8 that it has hired Han Won-hyung, a former chief of the Gyeonggi Southern Provincial Police Agency's Special Investigation Unit. This move aims to enhance the firm's capabilities in handling increasingly sophisticated corporate criminal cases and investigations. Han graduated from Korea University with a degree in law and obtained a master's degree in tax law from the same university's law school. After completing the Judicial Research and Training Institute in 2005, he was appointed as a police officer with the rank of inspector and began his career in investigative work as the head of the investigation division at the Northern Busan Police Agency. He subsequently held key investigative positions, including in the Investigation Structure Reform Team at the National Police Agency, head of the investigation division at the Guro Police Station in Seoul, and head of the Criminal Investigation Division at the Yeongdeungpo Police Station. After being promoted to superintendent in 2015, he served as the head of the Investigation Division 1 at the Jeonnam and Incheon Police Agencies, and as the chief of the Ansan Danwon Police Station, broadening his expertise in policy and management. Notably, Han has held critical investigative roles, including head of the Criminal Investigation Division and Cyber Investigation Division at the Seoul Metropolitan Police Agency, and head of the Special Investigation Unit at the Gyeonggi Southern Provincial Police Agency. With over 20 years of unique practical experience, he has led investigations into serious crimes, major industrial accidents, and sophisticated cybercrimes. Yulchon has noted the increasing intensity of investigations targeting corporations, particularly by the Special Investigation Units of provincial police agencies. The firm expects Han's expertise in corporate investigations and criminal risk management to play a pivotal role in responding to investigations related to major industrial accidents and workplace safety. A Yulchon representative stated, "Based on Han's extensive field command experience, we will strengthen our comprehensive legal services, from establishing preventive compliance systems for corporations to initial investigation responses in the event of unexpected incidents, and through to criminal trials." Previously, Yulchon has been operating a Tax and Financial Criminal Response Center in line with the trend of increasing regulations and investigations related to tax evasion crimes, including tax and customs evasion and the formation of illegal overseas assets. In tax criminal cases, expertise in various fields, including tax, foreign exchange transactions, and money laundering investigations, is essential, making the organic collaboration of specialists in each area crucial. The team consists of investigative experts with rich experience in tax criminal matters and collaborates with attorneys knowledgeable in tax, foreign exchange transactions, and money laundering investigations as needed, providing comprehensive services from police or prosecution investigations to court trial stages.* This article has been translated by AI. 2026-07-08 11:28:00
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GS Retail Accelerates AI Transformation with Focus on Field Operations GS Retail is accelerating its field-centered AI transformation (AX).On July 6, GS Retail held an 'AX Field Case Sharing Conference' at the GS Tower in Yeoksam, Seoul. Approximately 150 executives and key department leaders attended the event both online and in person.During the conference, GS Retail shared various AX case studies that have been implemented in the field. The first part of the event showcased examples of AX in action, including a 'Store Diagnosis Site' that uses AI to enhance sales at individual locations, a 'Store Impact Analysis System' that analyzes specific market information and environments for each store, and a 'Quick Commerce Delivery Quality Dashboard' that identifies delivery areas for each store.The second part introduced the execution framework to expand field-centered AX into organizational capabilities. GS Retail explained that it is preparing a sandbox for safely validating and sharing individual results, a data village for accumulating AI-utilized data, and common technical standards to enhance system consistency and stability.The company is also focusing on developing field-oriented talent. GS Retail is launching a training program for FDEs (Field-Driven Engineers) who can identify and implement AX projects within their organizations.With this conference, GS Retail plans to broaden the direction of AX initiatives to the stage of institutionalizing organizational assets. This means accumulating data and talent development systems so that individual success experiences can be reused by other organizations and members.Kim Hak-min, head of GS Retail's AI Data Division, stated, "GS Retail's AX has entered a phase of transforming individual success experiences into organizational assets and competitive advantages. We will continue to build and actively support the necessary environment, including data, systems, and training, to enable faster execution of AX in the field."Meanwhile, GS Retail's home shopping division, GS Shop, recently launched an integrated portal called 'Xhub+' that consolidates digital and AI work tools. Xhub+ serves as a work portal that brings together the digital tools and AI agents developed by GS Shop.* This article has been translated by AI. 2026-07-08 11:28:00
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LG Chem Partners with China's OTR to Expand Cancer Drug Pipeline LG Chem is collaborating with Chinese biotech OTR Therapeutics to discover and develop cancer drug candidates. This partnership aims to leverage China's rapid drug development capabilities alongside LG Chem's global clinical and commercialization experience to proactively secure a follow-up cancer pipeline. On July 8, LG Chem announced it has signed a strategic collaboration agreement with OTR Therapeutics for the discovery and development of cancer drug candidates. Through this collaboration, LG Chem plans to jointly explore and evaluate promising cancer drug candidates in China and expand opportunities for licensing superior compounds. OTR, based in Shanghai, is a biotech firm with research and development capabilities in oncology, immunology, inflammatory diseases, and metabolic disorders. LG Chem will utilize OTR's network and development experience in China to conduct preclinical and early clinical trials locally, while later-stage clinical trials and commercialization will adhere to global standards. Son Ji-woong, head of LG Chem's Life Sciences Division, stated, "We have strengthened the foundation to systematically discover and validate promising candidates, and through proactive acquisition, we aim to enhance global competitiveness and patient accessibility." Meanwhile, LG Chem is currently conducting a global Phase 3 clinical trial for its head and neck cancer treatment candidate, 'Pyclatuzumab.' This monoclonal antibody-based targeted therapy inhibits the action of hepatocyte growth factor (HGF), which is involved in tumor growth and metastasis. Additionally, the company has initiated Phase 1 and 2 clinical trials for 'LG00313112,' a solid tumor treatment targeting the TP53 Y220C mutation. LG00313112 was introduced through a contract with Frontier Medicines in April, granting LG Chem global exclusive development and commercialization rights, excluding Greater China (mainland China, Hong Kong, Macau, Taiwan). LG00313112 targets the 'TP53 Y220C' mutation, which is found in 1-3% of all cancer patients. The drug works by stabilizing the structurally unstable p53 protein caused by this mutation, restoring its original tumor-suppressing function. 2026-07-08 11:28:00
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Public Maintenance Faces Challenges Amid Supply Concerns The government has expanded candidate sites for public maintenance projects, promising faster implementation than the private sector. However, experts warn that even with public leadership, a focus on project viability and execution design is essential.Experts emphasize that the key issue is not the number of candidate sites but the 'conversion rate.' It is more important to create a structure that leads to project approval, management, and construction than to simply designate numerous sites. Even with public participation, if issues such as resident consent, project viability, construction costs, and shared expenses are not resolved, the supply effect will be limited.Establishing a foundation for effective policy execution is also seen as an urgent task. Even if the government pushes for expanded direct implementation, without proper organization and legal frameworks, it will be difficult to accelerate project progress. Additionally, mechanisms to encourage resident participation need to be strengthened.Shim Hyung-seok, a senior expert at the law firm Jooyul and a professor at IAU in the U.S., stated, "We need to first organize the entities responsible for direct implementation and finalize related legal amendments. This preparatory process alone will take considerable time."Shim added, "In urban public housing complex projects, relying solely on floor area ratio incentives has its limits. Instead of pursuing projects centered on land acquisition, we should establish a structure where resident opinions are reflected in key decisions like pricing and contractor selection through resident committees, similar to private trust redevelopment projects."There is also a need to enhance project viability. With recent significant increases in construction and financing costs, maintaining resident consent becomes challenging if the profit structure does not align. If public contributions and donation burdens become excessive, public maintenance projects will struggle to gain momentum, similar to private redevelopment projects.Kim Deok-rye, head of the Housing Policy Research Division at the Korea Housing Industry Institute, remarked, "LH cannot continue projects at a loss just because it is a public entity. Even when pursuing public-led projects in urban areas, it is crucial to ensure that public contributions and donations are not excessive to maintain an appropriate level of profitability."Analysts also suggest that expanding public supply must go hand in hand with restoring the private supply base. Even if the public supplements certain projects, if the private supply and demand markets do not normalize together, the stabilizing effect on the market may be diminished.Kim emphasized, "For the effects of LH's supply expansion to materialize, both the private supply and demand markets must normalize. While loan and tax regulations may suppress demand in the short term, it is essential to restore the foundation for private supply in the long term."There are calls to enhance public-private collaboration. The public should ensure public interest and procedural stability, while the private sector should complement funding and construction management capabilities to maximize supply expansion effects.Song Seung-hyun, head of Song Seung-hyun Real Estate Research Institute, noted, "Given the growing public resentment towards government initiatives, it is crucial to emphasize collaboration between public and private sectors rather than solely focusing on public-led efforts. Since there is a perception that public involvement diminishes project viability, securing incentives to offset this is vital."Song added, "To encourage private participation, it is essential to determine how actively we can support loans and how flexibly we can adjust floor area ratios to secure construction costs. Policy-wise, flexibility tailored to project conditions is necessary."* This article has been translated by AI. 2026-07-08 11:24:00
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Lotte Scholarship Foundation Supports Families of Fallen and Injured Soldiers with 260 Million Won The Lotte Scholarship Foundation is providing a total of 260 million won in scholarships to 65 children of fallen and injured service members. This initiative aims to support the education of families who have dedicated themselves to the safety of the nation and its citizens. On July 7, the Lotte Scholarship Foundation held the '2026 Shin Kyuk-ho Lotte Love for Country Scholarship Ceremony for Service Members' at the Seosomun Historical Museum in Jung-gu, Seoul. Each of the 65 children of service members, including elementary, middle, high school, and university students, will receive 4 million won. The scholarship is available to children of service members who have died or been injured within the last 15 years. The foundation collaborated with the Ministry of National Defense and the National Defense Scholarship Foundation to select the recipients. Criteria were established to ensure that even children who were infants at the time of their parent's service could receive scholarships when they reach the appropriate educational stage. The 'Shin Kyuk-ho Lotte Love for Country Scholarship' supports the children of service members, police officers, coast guard officers, and firefighters who have dedicated their lives to national safety. Starting this year, the foundation plans to sequentially provide scholarships to the children of police officers, coast guard officers, and firefighters, following the support for service members' children. Since 2021, the Lotte Scholarship Foundation has provided a total of 1.768 billion won to 560 children of service members. In June of last year, the foundation awarded a total of 380 million won in scholarships to 95 children of fallen or injured service members. The recent ceremony was attended by Jang Hye-sun, chairperson of the Lotte Scholarship Foundation, officials from the Ministry of National Defense, and families of the scholarship recipients. During the ceremony, Chairperson Jang expressed her gratitude and pride in meeting the families of those who have dedicated themselves to the nation, stating, "Every time I meet the families of those who have served the country, I feel immense gratitude and pride. It weighs heavily on my heart to think of the time their children have had to endure." She added, "I believe there is no more honorable sacrifice than that made for the country, so I hope you cherish that precious dedication with pride in your hearts."* This article has been translated by AI. 2026-07-08 11:20:00
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U.S. Central Command: Iran Airstrikes Target Over 80 Locations The U.S. military has reported that it struck more than 80 targets in Iran in response to attacks on commercial vessels in the Strait of Hormuz.On July 7, U.S. Central Command (CENTCOM) announced via social media that its forces completed a new offensive strike against Iran. The attack was described as an immediate response to recent Iranian assaults on commercial ships passing through the Strait of Hormuz, utilizing precision-guided munitions to hit over 80 targets.CENTCOM stated, "U.S. forces targeted Iran's air defense systems, command and control networks, coastal radar stations, anti-ship missile capabilities, and more than 60 small fast boats belonging to the Islamic Revolutionary Guard Corps (IRGC). This action aims to weaken Iran's ability to launch further attacks on international vessels transiting this critical trade route." Earlier that day, CENTCOM reported that Iran had attacked three commercial vessels navigating the Strait of Hormuz. The affected ships included the Marshall Islands-flagged tanker M/T Al Rekayyat, the Saudi Arabia-flagged tanker M/T Wedyan, and the Liberia-flagged M/T Cyprus Prosperity.CENTCOM emphasized that Iran's unprovoked attacks constitute a clear and dangerous violation of ceasefire agreements and undermine freedom of navigation. The U.S. military remains prepared to hold Iran accountable should agreements not be upheld, stating, "We are ready to respond at any time." According to reports from outlets like CNN, U.S. airstrikes targeted key military facilities in Iran, including the port city of Bandar Abbas, which serves as a naval base, and the major oil export terminal on Kharg Island, as well as military installations in Sirik and Qeshm Island. 2026-07-08 11:16:00
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Chinese Artisan Literature Connects with Korean Readers, Paving New Path for Literary Exchange Chinese artisan literature has opened new possibilities for literary and publishing exchanges between Korea and China through its engagement with Korean readers.On June 26, a sharing event titled 'Intangible Cultural Heritage in Literature' was held at Hankuk University of Foreign Studies. During the event, Chinese authors Nan Xiang and Chen Kangtai introduced their representative works, 'The Years Etched in the Fingertips' (《手上春秋》) and 'The Soul of Art Shaped by Hand' (《手上风华》), discussing the creative backgrounds that intertwine traditional Chinese artisan culture with modern craftsmanship.About 30 participants, including researchers from domestic universities and graduate students majoring in Chinese literature, attended the event. The program featured not only the introduction of the works and academic discussions but also the signing of a Korean rights contract and the donation of books, marking a significant achievement in publishing collaboration.'The Years Etched in the Fingertips' is a nonfiction work based on three years of field research by Nan Xiang, capturing the lives and skills of 15 traditional Chinese artisans. It has been recognized with awards such as the Excellent Publication Award and 'Good Books in China.''The Soul of Art Shaped by Hand' was created to commemorate the 100th anniversary of the All-China Federation of Trade Unions, highlighting artisans in advanced industries such as nuclear power, precision manufacturing, and digital content, reflecting the coexistence of tradition and innovation in Chinese craftsmanship.Nan Xiang stated, 'The lives of artisans who have preserved their skills are worth documenting,' adding that 'nonfiction captures truth and the warmth of humanity, an area that artificial intelligence cannot replace.'Chen Kangtai remarked, 'The story of one artisan reflects the broader trends in China's industrial and cultural development.'During the event, a rights contract for the Korean edition of 'The Soul of Art Shaped by Hand' was signed with Korea Folk Village Publishing, and Nan Xiang donated his works to the library of Hankuk University of Foreign Studies.Participants expressed hope that this exchange would enhance understanding of Chinese intangible cultural heritage and artisan culture while advancing literary and publishing cooperation between Korea and China.* This article has been translated by AI. 2026-07-08 11:16:00
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Top 100 Companies Contribute 1,731 Trillion Won to Economy; Samsung Electronics Leads in Contributions and Shareholder Returns The top 100 companies in South Korea contributed over 1,731 trillion won to the economy last year. In line with the government's value-up policy, the scale of shareholder returns, including share buybacks, has surged, driving up corporate value.On July 8, corporate data research firm CEO Score reported that the total economic contribution of these companies, which submitted business reports among the top 500 firms (excluding financial institutions and public enterprises), amounted to 1,731.6 trillion won last year, marking a 7.4% increase from the previous year’s 1,612.5 trillion won.Economic contribution refers to the total economic value created by companies through their business activities and distributed to various stakeholders, including partners, employees, shareholders, and the government.Last year, the total revenue of the top 100 companies reached 2,290.8 trillion won, an 8.3% growth compared to the previous year. However, the proportion of economic contribution relative to revenue slightly decreased to 75.6%, down 0.6 percentage points from 76.2% the previous year.In the company-specific analysis, Samsung Electronics showed the highest contribution, with an economic contribution of 177.2 trillion won, a 12.5% increase from the previous year, solidifying its top position.Hyundai Motor ranked second with 122.2 trillion won, followed by Kia (92.1 trillion won), LG Electronics (77.1 trillion won), and Hyundai Mobis (56.2 trillion won).Battery manufacturer SK On ranked sixth with 52.3 trillion won, while Hanwha (44.9 trillion won), SK Hynix (43.6 trillion won), GS Caltex (42.8 trillion won), and SK Energy (37.3 trillion won) also made the top ten.Examining the distribution of economic contributions, the category of 'partner sales and support' accounted for 1,405.7 trillion won, or 81.2% of the total. This was followed by employee salaries (226.6 trillion won), shareholder returns (41.9 trillion won), government taxes (30.6 trillion won), creditor interest (24.9 trillion won), and social contribution donations (1.4 trillion won).Notably, the shareholder return segment saw significant growth. This surge is attributed to the government's focus on boosting stock prices and enhancing shareholder value.In the shareholder return category, dividend payments increased by 12.1% to 30.7 trillion won from 27.3 trillion won the previous year. Particularly, the scale of share buybacks, which directly impacts stock prices, skyrocketed by 160.5% to 11.2 trillion won from 4.3 trillion won the previous year.Samsung Electronics stood out in shareholder returns as well, allocating a total of 14.2 trillion won to shareholder returns, including 11.1 trillion won in dividends and 3.5 trillion won in share buybacks.Among the companies surveyed, Samsung Electronics was the only firm to spend over 10 trillion won solely on shareholder returns.* This article has been translated by AI. 2026-07-08 11:08:00
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Public Redevelopment Projects Fail to Address Housing Shortage in Seoul As Seoul faces a significant housing shortage, it has been revealed that none of the public redevelopment projects proposed by the government have actually begun construction. Despite the introduction of this initiative six years ago to expedite stagnant redevelopment efforts, the designation of candidate sites has not translated into actual construction or occupancy.According to a report from Zigbang on July 8, the number of apartments scheduled for move-in in Seoul this year is projected to be 16,412, a 48% decrease compared to the previous year. Of this total, 87% are tied to redevelopment and reconstruction projects. With most of the anticipated apartment supply relying on these redevelopment efforts, the failure of public redevelopment to progress to construction could exacerbate future housing shortages and instability in the rental market.The public redevelopment initiative was introduced with the aim of quickly revitalizing aging urban areas, involving the Korea Land and Housing Corporation (LH) and the Seoul Housing and Communities Corporation (SH) as implementing agencies. The program promised various incentives, such as increased floor area ratios, exemptions from price caps, integrated reviews, and project financing, with the goal of reducing the typical 10-year redevelopment timeline to around five years.However, the results have fallen short of expectations. According to the Seoul City redevelopment project database, none of the 35 selected public redevelopment sites have commenced construction. Furthermore, there are currently no sites that have reached the management approval stage, and only three have received project approval: Sinseol 1, Yangpyeong 13, and Geoyeong Saemaul.The bottleneck is evident not just at the construction stage but also in the preceding phases. Among the 35 public redevelopment sites, 14 remain stuck at the stage of establishing resident associations. In the public implementation model, the formation of resident representative councils and the designation of LH and SH as implementing agencies occur simultaneously, but many areas have failed to progress to project approval. This highlights the challenge that simply designating candidate sites and appointing implementing agencies does not guarantee actual supply.The first pilot projects, selected in 2021, have also struggled to gain momentum. More than five years have passed since their selection, yet none have begun construction. The fastest among them, the Sinseol 1 area, is expected to receive project approval in 2025, with construction slated to start in 2027 and completion aimed for 2029. According to government plans, this year should have marked a point where move-ins were becoming visible, but the reality is that projects remain stalled before construction.The government maintains that public redevelopment is not significantly slower than private redevelopment. They argue that both processes require considerable time from the decision of redevelopment plans to project approval. However, critics assert that since public redevelopment has been promoted as a supply solution, it should be evaluated based on the actual conversion rate to construction rather than the number of candidate sites.Factors contributing to the stagnation include issues with consent and project viability. While public redevelopment has lowered the entry threshold for candidate sites with low initial consent rates, if opposition rates exceed a certain level, it can lead to project reassessment or cancellation, jeopardizing project stability. The Geumho 23 area, for instance, was removed from public redevelopment due to opposition rates exceeding 30%, transitioning to a private rapid integration planning model.Additionally, rising construction costs, labor expenses, and financing costs in recent years have added to the burden. Coupled with additional requirements for public contributions, donations, and securing public interest, the viability of public redevelopment projects is further compromised. Even with public agencies involved, if the burden on residents does not decrease and project viability is not assured, maintaining resident consent becomes challenging. The presence of public agencies does not automatically resolve conflicts or viability issues.Public reconstruction efforts are also facing limitations in expansion. While some areas among the five leading projects have progressed to project approval or redevelopment planning stages, none have yet begun construction. Profitable reconstruction sites tend to favor private methods, while public reconstruction often involves structural limitations, such as road penetration, excessive floor area ratios, and long-term disputes, making self-initiated efforts difficult.Ultimately, the issue with public redevelopment lies not in a lack of candidate site discovery but rather in the failure to transition to construction. Even with public participation in redevelopment projects that could not be resolved through private methods, if issues related to consent, project viability, resident contributions, and construction costs remain unaddressed, actual supply will be difficult to achieve.Yang Ji-young, a specialist at Shinhan Premier Pathfinder, stated, “The conversion rate to actual construction is more important than the designation of candidate sites. Without securing project viability, it will be difficult for public agencies to accelerate the process.” 2026-07-08 11:08:00