AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

&
""
Latest by
  • KOTRA sees UAE defense openings for Korean firms after Middle East war
    KOTRA sees UAE defense openings for Korean firms after Middle East war SEOUL, July 08 (AJP) - The Korea Trade-Investment Promotion Agency has published a new guide for Korean defense companies seeking to enter the United Arab Emirates market, as demand in the Middle East shifts from arms purchases to broader defense-industrial cooperation. The report, titled “From Arms Exports to Full-Cycle Cooperation: Strategy for Entering the UAE Defense Market,” is aimed at helping Korean firms expand in the UAE after the recent U.S.-Iran war. The UAE is the world’s 15th-largest defense spender, and its defense spending is expected to account for 5.5 percent of gross domestic product in 2026, according to KOTRA, citing Fitch Solutions. KOTRA said the war has highlighted the UAE’s need for additional troops and interceptor missiles, likely increasing defense demand further. The UAE’s defense procurement system is centered on three main players: the Ministry of Defense; Tawazun Council, which oversees procurement and offset programs; and EDGE Group, the state-owned defense conglomerate. EDGE, ranked 37th among global arms-producing and military services companies, has 35 subsidiaries in six areas, including drones, missiles and electronic warfare. Its 2025 revenue reached about $5 billion, according to the report. The group has also pursued joint ventures with foreign defense firms such as Anduril of the United States, Leonardo of Italy and Indra of Spain. The report said drones became a major threat during the war, driving demand for drone detection and counter-drone systems in the UAE. In air defense, KOTRA said the UAE’s multilayered defense system had been tested in combat, creating demand for additional interceptors, early delivery of the remaining seven Cheongung-II batteries and a possible package involving South Korea’s L-SAM long-range interceptor system. The report also said aerospace and naval cooperation could focus on the KF-21 project and partnerships in combat systems, sensors and propulsion equipment. KOTRA said defense cooperation between South Korea and the UAE has gained momentum, citing a memorandum of understanding signed by the two countries in February, the combat-proven performance of Cheongung-II interceptors and cooperation agreements between EDGE and Korean companies such as Korea Aerospace Industries and Hanwha Aerospace. “UAE defense demand is shifting from finished weapons sales to building a defense ecosystem with local firms,” said Kim Joon-kyu, head of KOTRA’s Middle East regional headquarters. “KOTRA will support Korean companies in responding to urgent demand and entering the region’s defense supply chain through local investment and technology cooperation.” 2026-07-08 10:32:53
  • KOSPI Rebounds as Foreign and Institutional Investors Buy In, Recovering Above 7700
    KOSPI Rebounds as Foreign and Institutional Investors Buy In, Recovering Above 7700 The KOSPI index rebounded after a sharp decline in early trading, supported by simultaneous buying from foreign and institutional investors. Despite starting over 2% lower due to weakness in U.S. semiconductor stocks and geopolitical risks in the Middle East, the index managed to recover above the 7700 mark as bargain hunters entered the market.As of 10:03 a.m. on July 8, the KOSPI was up 66.34 points (0.87%) at 7722.65, recovering from an initial drop of 203.83 points (2.66%) to 7452.48. After starting weakly, the index turned around thanks to the buying momentum from foreign and institutional investors.In the securities market, foreign and institutional investors recorded net purchases of 90.2 billion won and 917.4 billion won, respectively, while individual investors sold off a net 1.023 trillion won.Among the top market capitalization stocks, SK Hynix rose by 5.54%, Samsung Electronics by 1.10%, SK Square by 1.25%, Samsung Electro-Mechanics by 0.30%, and Hyundai Motor by 0.83%. Conversely, LG Energy Solution fell by 1.96%, Samsung Life Insurance by 2.67%, Samsung C&T by 1.06%, and Samsung Biologics by 1.20%.At the same time, the KOSDAQ index recorded a decline of 10.87 points (1.31%), standing at 830.36. It opened at 816.39, down 14.84 points (1.79%), but narrowed its losses.In the KOSDAQ market, individual and institutional investors made net purchases of 25.3 billion won and 35.9 billion won, respectively, while foreign investors sold off a net 62.7 billion won.Among the top KOSDAQ stocks, most showed declines, with the exception of JUSUNG Engineering, which rose by 1.03%. Alteogen fell by 4.00%, EcoPro BM by 1.25%, EcoPro by 1.54%, Rainbow Robotics by 1.85%, Kolon TissueGene by 2.65%, and HLB by 1.16%.* This article has been translated by AI. 2026-07-08 10:32:00
  • To Control Housing Prices, Tax Policies Must Be Precise
    To Control Housing Prices, Tax Policies Must Be Precise Finance Minister and Deputy Prime Minister Ku Yun-cheol announced plans to unveil a reform proposal for the real estate tax system by the end of July. He indicated that both holding taxes and transaction taxes would be examined. This approach is appropriate, as the current real estate market cannot be stabilized with piecemeal solutions. Despite tightening loans, discussing supply, and increasing regulations, housing prices in key areas of Seoul and the surrounding metropolitan region remain stubbornly high. In fact, some areas continue to see record-high transactions, exacerbating market anxiety.Since the new government took office, various real estate measures have been introduced. However, the market has not responded as the government intended. Genuine homebuyers have become more anxious, while multiple homeowners and investors have exploited loopholes in the policies. Although regulations have increased, prices have risen, and while the tax burden has grown, speculative sentiment has not been sufficiently curbed. This is the dilemma facing current real estate policy.The real estate tax system is not merely about increasing tax revenue. It should not penalize homeowners indiscriminately, nor should it freeze the market by hindering transactions. The key is the direction of the tax. If excessive burdens are placed on genuine single-homeowners while failing to address speculative demand seeking short-term profits, the policy will fail. Conversely, if holding burdens are increased while maintaining high transaction taxes, inventory will be locked up, further distorting the market.Therefore, both holding taxes and transaction taxes must be adjusted together. Relief measures should be established for long-term single-homeowners and those with limited income, while clear tax burdens should be imposed on those holding multiple high-value properties or seeking short-term gains. Transaction taxes should be lowered to allow sellers to enter the market, while a reasonable holding cost structure should be established for those expecting capital gains merely from holding properties.In particular, the tax system for multiple homeowners needs to be more refined. Treating all multiple homeowners as speculative forces will only provoke backlash from the market. Long-term holders who contribute to rental supply should be distinguished from those seeking short-term profits. The tax system must reflect this difference. Depending on whether the goal is to encourage properties to be listed on the market, maintain rental supply, or curb speculative holding, the tax rates, deductions, and exemptions should vary.The capital gains tax follows the same principle. Excessively high capital gains taxes can lock up inventory. If taxes are raised to control housing prices, a paradox may arise where reduced inventory leads to further price increases. Therefore, it is necessary to provide temporary incentives for sales over a certain period, followed by increased burdens on speculative holdings. A tax system that does not open up avenues for market movement will ultimately make the market more rigid.The objectives of real estate taxation must be clear. Homes should be places to live, not speculative instruments for generating windfall profits. However, realizing this principle requires careful design rather than mere slogans. Genuine demand must be protected, speculative demand must be blocked, and inventory must be made available in the market. This is why holding taxes, transaction taxes, capital gains taxes, and deduction systems need to be designed as a cohesive package.The real estate market is driven by sentiment. If the government sends unclear signals, the market will respond immediately. The fear of a tax bomb is problematic, but the expectation that policies will ultimately fizzle out is also concerning. The government must present clear principles and detailed criteria in the tax reform at the end of July. Real estate taxation should be strong but not harsh. It must be precise to endure over time.Controlling housing prices is not a one-time solution. Supply, finance, taxation, and regional balance policies must work in tandem. Among these, taxation is a key tool for changing market expectations. If this reform becomes just another temporary measure, the market will no longer fear the government. What is needed now is not a showy tax increase, but a precise tax reform that changes market behavior.* This article has been translated by AI. 2026-07-08 10:32:00
  • Yoon Ho-jung Issues Urgent Directives Ahead of Heavy Rainfall
    Yoon Ho-jung Issues Urgent Directives Ahead of Heavy Rainfall As heavy monsoon rains are forecasted nationwide, Yoon Ho-jung, the Minister of the Interior and Safety, directed on July 8 the dispatch of situation managers to seven provinces and cities to proactively control flood-prone areas.Considering the weakened ground conditions due to preceding rainfall, Minister Yoon ordered the deployment of senior-level situation managers to Gyeonggi, South Chungcheong, North Jeolla, and North Gyeongsang provinces, among others.The dispatched situation managers are tasked with checking the operation of local government evacuation support systems and ensuring that precautionary measures against risks are in place. They are also instructed to maintain thorough on-site responses until the heavy rain subsides.With strong rainfall expected during the night and early morning hours, Yoon urged relevant agencies to take measures to prevent loss of life and property due to the impending heavy rains.He emphasized the need to strengthen emergency response systems in collaboration with local governments and to closely monitor weather conditions.Particularly, he called for thorough preemptive inspections in areas vulnerable to landslides and steep slopes, and urged the proactive closure of areas at risk of flooding, such as underground tunnels.Additionally, he requested real-time sharing of risk information among relevant agencies and swift evacuation of residents in the event of dangerous situations.* This article has been translated by AI. 2026-07-08 10:32:00
  • KAIST builds stretchable display that expands without image distortion
    KAIST builds stretchable display that expands without image distortion SEOUL, July 08 (AJP) - South Korean researchers have developed a stretchable display platform that expands evenly in every direction when pulled, keeping text and images in their original proportions instead of squashing them, a problem that has held back screens designed to stretch like rubber. The Korea Advanced Institute of Science and Technology (KAIST) said Wednesday that a team led by Yoo Seung-hyup, a professor in its School of Electrical Engineering, developed the platform jointly with Moon Han-ul's team at Dong-A University in Busan. The work was published in the journal Nature Communications on June 10. Display makers have already moved screens from flat panels to foldable and rollable forms, and stretchable displays are widely seen as the next step. Samsung Display and LG Display have both shown stretchable prototypes in recent years. The obstacle is physical. The rubbery substrates that give a screen its stretch behave like any elastic sheet, narrowing in one direction when pulled in the other, so a stretched map or photograph ends up flattened and distorted. Engineers have tried to fix this with auxetic structures, mechanical frameworks that do the opposite of ordinary materials by growing wider as they are pulled longer. But bonding an auxetic frame across the entire surface of an elastic substrate created a new problem. The frame's individual cells rotate as they expand, and that twisting is transferred directly into the substrate, so while the screen's overall proportions are held, the letters and pictures inside it still warp. KAIST and Dong-A team's answer was to stop gluing the two layers together everywhere. Instead, the researchers calculated the specific points where the auxetic frame should connect to the substrate and bonded only there. With the connection sites chosen correctly, every region of the screen moves outward evenly from its own position, so the display expands uniformly from the smallest patch of pixels to the full panel. The team also introduced a way to measure the problem it was solving. Stretchable displays have typically been judged on how far they stretch and whether their circuits survive, not on how faithfully the image holds its shape. The researchers defined a statistical metric, the isotropic expansion factor, that scores how closely a stretched screen matches ideal uniform expansion, and used it to compare designs and find the least distorting configuration. To test the platform, the researchers printed text and images on substrates and stretched them repeatedly in both directions. Patterns on conventional substrates deformed in places, while those on the new platform held their shape. The team then built a working display by mounting an array of LEDs on the platform. The screen stretched 15 percent in each direction while current kept flowing and brightness held steady, and after repeated stretching cycles, brightness dropped by less than 2 percent. "For stretchable displays to be used as actual information display devices, they must not only stretch well but also preserve on-screen information accurately during stretching," Yoo said. "This platform enables uniform expansion from small areas of the screen to the entire display, and will serve as a key foundational technology for accelerating the commercialization of high-quality stretchable displays." The researchers said the design could eventually reach wearable devices, electronic skin, medical biosensor patches, soft robots and curved displays for cars and aircraft, applications where a screen must deform without garbling the information it shows. Commercialization will depend less on the display elements themselves than on manufacturing, they said, including processes for producing large auxetic frames uniformly, aligning and bonding them precisely to elastic substrates, and proving the connection points survive repeated pulling and touching. KAIST researchers Kim Su-bon and Kim Jun-ho led the study as co-first authors, with Yoo and Moon serving as co-corresponding authors. (Reference Information) Journal/Source: Nature Communications Title: Hybrid auxetic metamaterial platforms enabling multiscale isotropic expansion for distortion-free stretchable displays Link/DOI: https://bit.ly/4pbo4jB 2026-07-08 10:31:56
  • Korean titles crowd Netflix charts as Agent Kim Reactivated joins
    Korean titles crowd Netflix charts as 'Agent Kim Reactivated' joins SEOUL, July 08 (AJP) - Korean titles filled several top spots on Netflix's global charts last week, led by action drama "Mr. Kim," which climbed to No. 1 on the platform's non-English TV chart in its second week of release. "Agent Kim Reactivated" logged 10.5 million views for the week of June 29 to July 5, according to Netflix's official Top 10 data. Netflix calculates views by dividing total viewing hours by a title's running time. The series, which premiered June 26, debuted at No. 3 before moving to the top spot the following week. It ranked No. 1 in 11 countries, including South Korea, Singapore, Thailand and Peru, and reached the Top 10 in 79 countries. Starring So Ji-sub and based on a webtoon of the same name, "Agent Kim Reactivated (Manajer Kim)" follows a former special agent who has spent years hiding his past, only to reveal his skills after his daughter disappears. The show airs first on SBS before streaming on Netflix. Its domestic ratings have climbed as well, reaching 21.6 percent by its fourth episode. That is the highest rating for any Korean drama aired this year and the third-highest rating for an SBS Friday-Saturday drama, after "The Penthouse 2" and "The Fiery Priest." "Agent Kim Reactivated" rise pushed "Teach You a Lesson," the previous four-week No. 1 title on the non-English TV chart, down to No. 2. The Kim Moo-yul-led series still drew 4.7 million views and entered the Top 10 in 54 countries. Two other titles also placed high on the same chart. "Notes from the Last Row," starring Choi Min-sik and Choi Hyun-wook, climbed from No. 8 to No. 5 with 2.6 million views. The series entered the Top 10 in 21 countries. Adapted from a Spanish play, the drama follows a failed writer turned literature professor who becomes fixated on a student's writing talent after discovering it in the back row of his classroom. "Human Vapor," a Japanese Netflix original written and executive-produced by "Train to Busan" director Yeon Sang-ho, ranked No. 7 with 2 million views. The series expands Ishiro Honda's 1960 tokusatsu film "The Human Vapor" into a story about a man who can turn his body into gas to commit crimes and the people chasing him. Korean films also had a strong week. "Husbands in Action," starring Gong Myoung and Jin Sun-kyu, ranked No. 2 on the non-English film chart with 1.7 million views and reached the Top 10 in 10 countries. Meanwhile, "K-Pop Demon Hunters" remained in the Top 10 on the English-language film chart for a 55th week, ranking No. 6 with 3.5 million views. 2026-07-08 10:31:16
  • KOSPI extends slide as chip conviction cracks
    KOSPI extends slide as chip conviction cracks SEOUL, July 08 (AJP) - South Korean stocks fell for a third straight session Wednesday morning as foreign investors kept unwinding the semiconductor trade, a retreat that record earnings from Samsung Electronics have failed to arrest and that has now circled through Wall Street and back to Seoul. The KOSPI opened at 7,443.8, down 212.5 points, or 2.8 percent. The drop follows Tuesday's 4.9 percent plunge, which triggered the main board's sixth circuit breaker of the year, and an overnight session in New York where the selloff Seoul started came home: the Nasdaq lost 1.2 percent as Micron fell 4.7 percent and the Philadelphia semiconductor index shed 4.7 percent. Foreigners sold a net 179.6 billion won of KOSPI shares in the first 42 minutes, on course to stretch their selling streak to a 14th consecutive session. Foreigners had kept up record selling spree throughout the year as the KOSPI made record climb. Current-account data showed outflow from foreign stock selling amounted to $74.67 billion as of May this year. Institutions bought a net 194.4 billion won and individuals sold a net 7.7 billion won, the same standoff that has defined the past two weeks, with domestic money absorbing what foreign funds are shedding and losing ground anyway. The selling is a positioning story, not an earnings one. Samsung's record second-quarter results beat forecasts on Monday and the stock was sold regardless, which traders read as a sign that expectations had climbed past even the best printable numbers. Samsung Electronics fell 2.9 percent to 287,500 won ($189.18). SK hynix lost 2.1 percent to 2,154,000 won ($1,417.38), a milder decline than its holding company SK square, which dropped 6.9 percent to 1,263,000 won ($831.08). The supply chain took the deepest cuts. Samsung Electro-Mechanics slid 8.1 percent to 1,515,000 won ($996.91), the worst performer among the top caps. Kia was the rare large-cap gainer, rising 1.3 percent to 155,700 won ($102.45). The scale of the unwind explains the market's sensitivity. Foreign net selling on the KOSPI reached a record 150.26 trillion won in the first half, with roughly 90 percent concentrated in Samsung Electronics and SK hynix, according to Korea Exchange data, meaning the two stocks that carried the index to its early July peak above 8,300 are the same two through which the exit runs. The KOSDAQ fell 20.5 points, or 2.5 percent, to 810.7, holding up slightly better than the main board as foreign selling stayed concentrated in large caps. The won weakened to 1,519.70 per dollar, up 2.50 won from Tuesday, according to Hana Bank rates as of 9:07 a.m. The next test comes Friday, when SK hynix's American depositary receipts begin trading on the Nasdaq. A strong debut would give the global memory trade a new anchor; a weak one would hand foreign sellers a fresh price signal, and there is little in the first two hours of Wednesday to suggest they need one. 2026-07-08 10:30:33
  • NH Bank Strengthens Independence of Audit Organization, Supports Farmers with $220 Million
    NH Bank Strengthens Independence of Audit Organization, Supports Farmers with $220 Million NH Nonghyup is enhancing the independence of its audit organization to improve governance transparency. Additionally, it is launching a management stability project worth 220 billion won to transform into a cooperative owned by farmers. On July 8, NH Nonghyup announced the implementation of its "Nonghyup Transformation" plan, which focuses on comprehensive organizational reform. This initiative aims to expedite the recommendations of the Nonghyup Reform Committee, emphasizing the revitalization of central operations and strengthening support for farmers. The organization will significantly enhance transparency in its operations. It plans to ensure the independence of its audit organization to improve governance and implement personnel reforms, including restrictions on reemployment of retirees. Furthermore, it intends to establish a compliance monitoring committee led by external members to promote ethical management. To bolster support for farmers, NH Nonghyup will launch the "Cheer Up Our Agriculture" project, valued at 220 billion won. This initiative aims to alleviate production, distribution, and financial burdens, thereby increasing the actual income of farmers. Additionally, as part of its inclusive finance efforts, NH Nonghyup will implement the cancellation and reduction of long-term overdue debts amounting to 887.6 billion won. In the third quarter, it plans to establish an NH Financial Hub in the Jeonbuk region in line with its "5 Extremes and 3 Specialties" strategy. NH Nonghyup stated, "This 'Nonghyup Transformation' is a practical strategy to proactively respond to societal demands for change and innovation, as well as to expedite the early implementation of the Nonghyup Reform Committee's recommendations. We will swiftly advance 16 practical tasks to become a reliable support for farmers and members, leading the development of agriculture and rural areas."* This article has been translated by AI. 2026-07-08 10:28:00
  • 2026 FIFA North America World Cup Quarterfinal Matchups Announced
    2026 FIFA North America World Cup Quarterfinal Matchups Announced The quarterfinals of the World Cup have gathered high-value teams.According to the quarterfinal matchups confirmed on July 8 for the 2026 FIFA North America World Cup, France will face Morocco, Spain will take on Belgium, Norway will compete against England, and Argentina will meet Switzerland for a chance to advance to the semifinals.In this World Cup, top-ranked teams such as Argentina (1st), Spain (2nd), France (3rd), and England (4th) have all made it through. Morocco and Belgium are ranked 7th and 9th, respectively.Norway, ranked 31st, has the lowest FIFA ranking among the quarterfinalists, but its market value stands at €589.9 million, placing it 9th overall. Led by Erling Haaland, Norway has emerged as one of the biggest surprises of the tournament after defeating Brazil.The highest-valued team is France, with a market value of €1.52 billion, according to the transfer market analysis site Transfermarkt. England follows with €1.36 billion, and Spain is valued at €1.22 billion. All three teams boast market values exceeding €1 billion.Switzerland and Morocco have relatively lower market values, with Switzerland at €332.5 million and Morocco at €447.7 million. Switzerland reached the quarterfinals for the first time in 72 years after defeating Colombia in a penalty shootout. Morocco also advanced to the quarterfinals for the second consecutive time by beating Canada, continuing the strength of African football.The matches are scheduled to take place from July 10 to 12, Korean time. France and Morocco will kick off the quarterfinals on July 10 at 5 a.m., followed by Spain and Belgium on July 11 at 4 a.m. On July 12, Norway will face England at 6 a.m., and Argentina will play Switzerland at 10 a.m.The matchup between France and Morocco is a rematch of the 2022 Qatar World Cup semifinals, where France won 2-0 to advance to the final. This time, Morocco seeks revenge.The Spain-Belgium match features a clash of European powerhouses. Spain advanced by defeating Portugal 1-0, while Belgium triumphed over the United States 4-1. This marks Belgium's third quarterfinal appearance in the last four World Cups.The Norway-England match presents a compelling contrast. England, ranked 4th with a market value of €1.36 billion, is a favorite to win, while Norway, after defeating Brazil 2-1, has reached the quarterfinals for the first time in history. Haaland scored twice in the match against Brazil, leading his team to the quarterfinals.In the Argentina-Switzerland match, defending champion Argentina faces another test. Argentina came back from a 0-2 deficit against Egypt to win 3-2, while Switzerland advanced after a goalless draw with Colombia, winning 4-3 in penalties.* This article has been translated by AI. 2026-07-08 10:28:00
  • Trump Criticizes Italys Meloni for Refusing Cooperation on Iran War
    Trump Criticizes Italy's Meloni for Refusing Cooperation on Iran War Donald Trump publicly criticized Italian Prime Minister Giorgia Meloni for not assisting the United States during the Iran war. On July 7, during a NATO summit in Turkey, Trump told reporters, "Our relationship has soured a bit because Meloni refused to help us on the Iran issue." He added, "He refused to get involved, and that’s why my relationship with him has become a bit strained. I like him; he’s a good guy, but I think he made a mistake." Italy did not allow U.S. military aircraft to land at a Sicilian airbase in March before heading to the Middle East, citing that the U.S. had not requested prior approval for base usage. The two leaders were once seen as close political allies. However, their relationship has been shaken not only by the issue of cooperation on the Iran war but also by Trump's mocking remarks. Recently, Trump stirred controversy by posting a photo on social media of Meloni looking up at him, captioned with the phrase, "A restraining order is needed." The Italian government has refrained from retaliating. Italian Foreign Minister Antonio Tajani stated, "We decided not to escalate the controversy, and we are friends with the United States and will continue to be."* This article has been translated by AI. 2026-07-08 10:28:00