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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 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 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
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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
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National Natural Heritage Center to Open in Busan by 2032 The National Natural Heritage Center, dedicated to the research and preservation of South Korea's unique natural monuments and scenic sites, is set to open in Busan by 2032.The Cultural Heritage Administration announced on July 8 that the construction project for the National Natural Heritage Center has successfully passed the preliminary feasibility study conducted by the Ministry of Economy and Finance.The center will be built on a 50,000 square meter site in Eulsukdo, Saha District, Busan, with a total floor area of 22,969 square meters, comprising three above-ground floors and one basement level. Basic design work will begin in 2027, with completion expected in 2031 and an official opening planned for 2032. The total project cost is estimated at 119.3 billion won, making it the largest construction project undertaken by the Cultural Heritage Administration to date.The National Natural Heritage Center will focus on various initiatives, including academic research and technical development related to natural heritage, management of habitats and disaster response for preservation, collection and management of natural heritage specimens, and educational and international exchange programs aimed at training professionals and promoting the inscription of world natural heritage.Additionally, the center will enhance its functions in natural heritage preservation and public enjoyment by collaborating with cultural and tourism infrastructure in Eulsukdo, such as the Nakdong River Estuary Eco-Center, the National Youth Ecology Center, and the Busan Museum of Modern Art. This synergy is expected to drive regional growth.Heo Min, the head of the Cultural Heritage Administration, stated, “The establishment of the National Natural Heritage Center will be a significant turning point in building a preservation system for our country’s natural heritage. We will strive for a successful construction that fully researches, preserves, and utilizes Korea's precious natural heritage, sharing it with current and future generations.”* This article has been translated by AI. 2026-07-08 10:24:00
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Daewoo Engineering Completes Final Construction of Al-Faw Connection Road in Iraq Daewoo Engineering has completed the construction of the connection road linking the Al-Faw New Port in southern Iraq to Umm Qasr.On July 8, Daewoo Engineering announced that it has finalized the 62-kilometer highway project connecting the Al-Faw New Port and Umm Qasr, receiving the final completion approval from the Iraqi Ports Authority.This project, valued at $440 million, was a design and construction package executed solely by Daewoo Engineering, with construction taking place over 45 months from August 2021 to May 2025, followed by a one-year defect liability period leading to final completion.The Al-Faw connection road consists of a four-lane highway, two bridges, one interchange, and three roundabouts. It serves as a key logistics route and is the first segment of the Iraqi government's national strategic project, 'Development Road.'In the future, this road is expected to be a critical infrastructure for an international logistics network extending to Europe via Turkey, positioning Iraq as a logistics hub connecting the Middle East and Europe.Daewoo Engineering has established itself as a leading partner in the Al-Faw New Port development project, successfully completing this connection road following the world's longest breakwater and submerged tunnel.The project faced significant challenges, as most of the route was built on soft ground with an average thickness of 20 meters, making differential settlement management a key issue. Daewoo Engineering ensured stability by applying construction methods suited to the soft ground characteristics, along with precision measurement systems and data-driven reverse analysis techniques.For the major bridge sections crossing railways and highways, 50-meter long-span PSC girders were used. The road surface was constructed with a high-performance pavement structure system designed to withstand the repeated loads of heavy cargo vehicles.During the project, Daewoo Engineering encountered difficulties due to global supply chain disruptions caused by the COVID-19 pandemic, logistics delays from armed conflicts in neighboring countries, and border movement restrictions. The company proactively secured key materials and expanded storage areas while deploying skilled overseas personnel and its own equipment to minimize delays.Additionally, most core processes were managed directly to ensure quality and adherence to the schedule. Even during the defect liability period, the company continued site maintenance and risk management, ultimately obtaining the final completion approval.As Middle Eastern countries accelerate the expansion of logistics networks and port infrastructure, Daewoo Engineering's extensive experience in large-scale overseas infrastructure projects may enhance the competitive edge of domestic construction firms in future bids.Since starting the world's longest breakwater project in Iraq in 2014, Daewoo Engineering has undertaken a total of nine projects worth approximately $3.78 billion in the Al-Faw New Port development, including container terminal quay and dredging works, the connection road, and the submerged tunnel.A representative from Daewoo Engineering stated, “Despite the challenges posed by the COVID-19 pandemic and geopolitical risks in the Middle East, this project is a successful example of overseas infrastructure that meets timelines, quality, and safety standards. We will continue to expand business opportunities in Iraq and the larger Middle Eastern infrastructure market based on our accumulated technological expertise.”* This article has been translated by AI. 2026-07-08 10:24:00
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South Korea and UAE Strengthen Oil Supply Chain Cooperation South Korea and the United Arab Emirates (UAE) are enhancing strategic cooperation to stabilize their oil supply chain. Amid ongoing uncertainties in the Middle East, the two countries aim to build a collaborative framework with the UAE, a major oil-producing nation, to broaden their energy security base.The Ministry of Trade, Industry and Energy announced that Minister Kim Jung-kwan met with Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology and CEO of the Abu Dhabi National Oil Company (ADNOC), on the morning of July 8 to discuss measures for stabilizing key resource supply chains and expanding industrial cooperation.During the meeting, the two sides signed a 'Strategic Cooperation Agreement on Oil Supply Chain' between the Ministry and ADNOC. The agreement includes provisions for stable oil supply, emergency supply response measures, and joint stockpiling. This aims to establish a reliable oil security cooperation system that can function effectively even in crisis situations such as conflicts in the Middle East.In addition to key resource supply chains, discussions also covered topics of mutual interest, including artificial intelligence (AI) and energy infrastructure. The two parties exchanged ideas on cooperation for the application and expansion of AI in the refining and petrochemical industries. Minister Kim introduced the AI transformation project for the petrochemical industry being pursued in the Ulsan and Mipo industrial complexes, as well as examples of AI applications by domestic refining and petrochemical companies.He also proposed the discovery of practical cooperation projects between companies and institutions from both countries, noting the similarities between ADNOC's AI application strategy across all oil-related business areas and South Korea's M.AX policy for AI transformation in manufacturing and industry.This collaboration signifies that the partnership between the two countries can extend beyond mere oil supply stability to encompass the digital transformation and productivity enhancement of the refining and petrochemical industries. As the downturn in the petrochemical market persists, optimizing processes and improving energy efficiency through AI have become critical challenges for the domestic industry.Discussions also included energy infrastructure projects, such as the expansion of oil and gas storage and transportation facilities to bypass the Strait of Hormuz. Minister Kim expressed that South Korean companies are seeking to participate in various ways, including design, procurement, and construction (EPC) contracts for key UAE projects, and requested the UAE's interest and support.The Strait of Hormuz is a vital route for oil transportation in the Middle East, but it carries geopolitical risks. Therefore, enhancing bypass storage and transportation infrastructure holds significant strategic importance for energy security. Participation by South Korean companies in related projects could secure both the stability of the energy supply chain and opportunities for overseas plant contracts.Minister Kim Jung-kwan stated, "Recent changes in the Middle East situation have entered a new phase, but securing the stability of key resource supply chains remains the most important task for our economic security. We will further strengthen our strategic partnership with the UAE, a major energy supplier."He added, "It is necessary to explore various possibilities and opportunities for cooperation beyond key resource supply chains, including advanced industries like AI, and we will work closely with the UAE to ensure concrete outcomes in the future."* This article has been translated by AI. 2026-07-08 10:16:00
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Iran President Rushes Home After U.S. Airstrikes Amid Khamenei Funeral Iranian President Masoud Pezeshkian returned home abruptly after news of U.S. airstrikes while attending the funeral of former Supreme Leader Ayatollah Seyyed Ali Khamenei in Iraq. On July 8, prominent Arab media outlets, including Al Jazeera, reported, citing Iran's state broadcaster IRIB, that Pezeshkian, who was in Najaf, Iraq, for the funeral, quickly began his journey back to Iran following the airstrike news. Pezeshkian had been in Najaf for Khamenei's funeral, which was in its fourth day when Khamenei's remains were transferred to the Shiite holy site. The U.S. conducted airstrikes on July 7 in response to Iran's attacks on three commercial vessels in the Strait of Hormuz. The strikes targeted key Iranian port cities, including Bandar Abbas, a naval base, and Kharg Island, a major oil export terminal, as well as Sirik and Qeshm Island. U.S. President Donald Trump, who was attending a NATO summit in Turkey, approved the strikes as a response to the attacks on commercial vessels, according to Axios, citing a U.S. official. Additionally, the U.S. Treasury Department revoked temporary sanctions exemptions that had allowed Iranian oil sales, resuming economic pressure on Iran. In response, Iranian Deputy Foreign Minister Kazem Gharibabadi stated, "The U.S. action to revoke the waiver for Iranian oil sales constitutes a clear violation of Article 10 of the Islamabad Memorandum of Understanding (MOU), and subsequent military operations against Iran also represent significant violations of Articles 1 and 2 of the Islamabad MOU," suggesting a potential collapse of the previous agreements. Iran has maintained that it cannot engage in further negotiations unless the U.S. halts its sanctions and threats. Consequently, the recent attacks by Iran and the U.S. response have cast doubt on the prospects for peace negotiations between the two sides. 2026-07-08 10:12:00
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Samsung starts mass production of enterprise SSD expected for Nvidia's Vera Rubin AI platform SEOUL, July 08 (AJP) - Samsung Electronics has begun mass production of its PCIe 6.0-based enterprise solid-state drive, the PM1763, designed for artificial intelligence servers, the company said Wednesday. The product is expected to be used in Nvidia’s next-generation Vera Rubin AI platform, according to officials. The new enterprise SSD combines Samsung’s ninth-generation V-NAND with a 4-nanometer controller and will be available in 4-terabyte, 8TB and 16TB capacities, according to the company. The 16TB model delivers sequential read speeds of up to 28,400 megabytes per second and sequential write speeds of up to 21,900 MB/s, roughly doubling the performance of its predecessor, the PM1753. Samsung said the drive is designed for AI servers using direct-to-chip (D2C) liquid cooling, in which a cold plate is attached directly to components to dissipate heat under high workloads. The PM1763 improves power efficiency by more than 1.8 times compared with the previous generation. The new model also incorporates post-quantum cryptography (PQC) and the TEE Device Interface Security Protocol (TDISP), a PCI-SIG standard intended to protect data paths in virtualized computing environments. Enterprise SSDs are gaining importance in AI data centers as faster storage is needed to reduce bottlenecks between processors, accelerators and memory. Samsung said the PM1763 has completed customer validation for next-generation AI platforms. 2026-07-08 10:11:25 -
Samsung's PM1763 SSD Poised to Be Key Solution for Next-Gen Enterprise AI Infrastructure As artificial intelligence (AI) servers transition from being GPU-centric to storage-focused in the enterprise AI era, Samsung Electronics has identified the growing role of solid-state drives (SSDs) as a core component of AI infrastructure.On July 8, Samsung introduced its enterprise SSD (eSSD) PM1763 through its newsroom, detailing the product's future role in data centers and the direction of next-generation technology.According to Samsung, as generative AI and AI agent services proliferate, AI servers are entering a phase where relying solely on GPU performance is no longer sufficient for competitiveness. The rapid increase in the volume of data utilized by AI models has made the input/output speed and data supply capacity of storage devices critical factors influencing overall system performance.In enterprise AI environments, the emphasis is shifting from training large language models (LLMs) to inference. During the inference process, it is crucial for GPUs to receive data without delay, making the processing speed and latency of SSDs key variables that determine the response time of AI services.Samsung explained that next-generation enterprise SSDs must not only transmit large volumes of data at ultra-high speeds but also possess high parallelism and stability to handle multiple AI computation requests simultaneously. This capability can reduce GPU wait times and enhance resource utilization in AI servers.Industry experts believe that as competition in AI semiconductors expands from a GPU focus to include high-bandwidth memory (HBM), CXL, and enterprise SSDs, the importance of storage technology will continue to grow.Looking ahead, Samsung plans to continuously advance its enterprise SSD technology in line with the expansion of AI data centers and strengthen the development of solutions that enhance the performance and energy efficiency of AI infrastructure. 2026-07-08 10:08:00