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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 -
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
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Graphene, the 'Dream Material,' Accelerates Heat Dissipation Applications in Advanced Industries The government is establishing a collaborative framework among industry, academia, and research institutions to commercialize graphene, often referred to as the 'dream material.' As heat dissipation issues have emerged as a critical bottleneck in advanced industries such as semiconductors, electric vehicle batteries, and data centers, this initiative aims to create an initial market based on these challenges.On July 8, the Ministry of Trade, Industry and Energy held a kickoff meeting for the 'Graphene Industrialization Network' at KINTEX in Ilsan, Gyeonggi Province, with experts from industry, academia, and research institutions. This meeting was organized as part of a project to lead a hyper-innovative economy, focusing on building a collaborative hub involving demand companies, supply companies, and research institutions to address the challenges of graphene commercialization.Graphene is a two-dimensional nanomaterial consisting of a single layer of carbon atoms arranged in a hexagonal lattice. It is recognized as a key foundational material for advanced industries due to its exceptional thermal conductivity, electrical conductivity, strength, surface area, flexibility, and transparency. Graphene's thermal conductivity is over 13 times greater than that of copper, its electrical conductivity is more than 1.6 times superior to silver, and its strength exceeds that of steel by more than 200 times.Prior to the meeting, the ministry unveiled a 'Graphene Commercialization Technology Roadmap' developed after gathering industry feedback since October of last year. The roadmap outlines a strategy that begins with leveraging graphene's outstanding conductivity to solve heat issues in advanced industries and aims to expand its application across various sectors in the long term.Specifically, the plan is to start addressing heat management issues in 2026, develop materials to respond to AI bottlenecks in 2027, and broaden industrial applications from 2028. Additionally, the goal is to secure over five key heat dissipation products for advanced industries by 2030 and achieve commercialization results exceeding 100 billion won based on industrial demand.The initial application area for graphene commercialization is heat dissipation, aligning with the technological changes in advanced industries. Effective heat management is crucial for ensuring performance and reliability amid the increasing power consumption in semiconductor high integration, high-output electric vehicle batteries, and data centers.Participants in the meeting agreed on the need to continuously identify new demands and applications in the industry, given graphene's diverse properties. Therefore, the Graphene Industrialization Network will focus on understanding the material and quality standards required by demand companies, discovering demonstration projects, and addressing commercialization challenges.The Graphene Industrialization Network will operate with an emphasis on joint demonstrations, demand linkage, and problem-solving. It will identify joint demonstration projects based on the material and quality standards required by demand companies and support matching between demand and supply companies, as well as the discovery of new applications. The network also plans to address commercialization challenges related to standards, certification, and regulations that arise during the demonstration process.Choi Woo-hyuk, Director of Advanced Industry Policy at the Ministry of Trade, Industry and Energy, stated, 'Graphene is a material with the potential to innovate advanced industries. We will closely support the roadmap and industrialization network as a starting point to translate this potential into practical applications and initial demand creation.'* This article has been translated by AI. 2026-07-08 11:04:00
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15th Information Security Day Held as Government Promotes AI Security Industry The government is accelerating efforts to enhance information security capabilities and foster the AI security industry in the era of artificial intelligence (AI).The Ministry of Science and ICT, along with the National Intelligence Service and the Ministry of the Interior and Safety, held the 15th Information Security Day ceremony on July 8 at the Shilla Hotel in Seoul. This year's event, themed 'A Safe AI Era, South Korea Leads the Way,' aimed to emphasize the importance of information security in the AI age and share policy directions and visions for creating a secure AI society.In a speech delivered on his behalf, President Lee Jae-myung stated, "As AI rapidly spreads throughout our society, the importance of information security has never been greater. We will expand inter-agency cooperation to respond swiftly to new threats and actively foster AI-based security technology and industry ecosystems."During the ceremony, the government awarded 35 individuals for their contributions to the advancement of information security.Lee Dong-beom, CEO of Genieus, received the National Medal of Merit for his contributions to enhancing security at key national facilities through domestic security technology. Kim Yong-dae, a professor at the Korea Advanced Institute of Science and Technology, was awarded the National Citation for his contributions to research in telecommunications and cyber-physical security, as well as improvements in domestic and international standards, industry, and policy. Hah Jae-cheol, a professor at Hoseo University, received the Order of Service Merit for his contributions to securing core source technologies through research and development in cryptographic hardware.Additionally, President's Commendations were awarded to Lee Cheol-ho, CEO of Nplus Lab; Lim Chae-sik, an official from Sejong Special Autonomous City; and Hwang Jeong-hyeon, CEO of Inix, for their contributions to the development of information security. The Prime Minister also presented five commendations to individuals recognized for their contributions to the field.The government has designated July as 'Information Security Month' again this year, continuing various events involving academia, industry, and research. Following the Information Security Day ceremony, a symposium on AI security red teams and the reporting, response, and disclosure system for security vulnerabilities will be held on July 8, along with the annual meeting of the International Cybersecurity Cooperation Network (CAMP) from July 7 to 10, the 2026 Hackathon Sejong on July 9-10, a workshop on protecting critical information and communication infrastructure on July 15-16, an Information Security Rookie Meetup Day on July 21, and the Codegate Hacking Defense Competition on July 23-24.* This article has been translated by AI. 2026-07-08 11:04:00
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Ministry of Agriculture Launches Organic Produce Package Program for Pregnant Women The government is officially launching its 'Organic Produce for Pregnant Women' program. Pregnant women who have given birth since January 1 of last year or are currently pregnant can order organic produce packages online starting on the 20th.The Ministry of Agriculture, Food and Rural Affairs announced on the 8th that the 'Organic Produce for Pregnant Women' program will begin this month. This initiative is part of a government policy aimed at alleviating the burden of childbirth and childcare while ensuring demand for organic produce. Given the high response during the pilot program from 2020 to 2022, it is being fully reintroduced this year.Eligible participants include mothers who have given birth since January of last year or those who are currently pregnant. Applications can be submitted online through the dedicated site 'Eco-Emall' starting on the 20th. For those who find online applications challenging, they can apply in person at their local administrative welfare center.Participants will receive an organic produce package valued at 240,000 won by paying a personal contribution of 48,000 won. The government will cover 80% of the order amount, while the remaining 20% will be the individual's responsibility.Lee Si-hye, Director of Agricultural Innovation Policy at the Ministry, expressed, "We are very pleased to be able to restart a program that has garnered significant interest and support from pregnant women. We will strive to ensure that the Organic Produce for Pregnant Women program becomes beneficial for future generations and organic farmers alike."* This article has been translated by AI. 2026-07-08 11:04:00
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Telecom Companies Increase Investment in AI Security, KT Leads with $107 Million The three major telecom companies in South Korea—SK Telecom, KT, and LG Uplus—are accelerating their investments in information security. Last year, KT invested 127.6 billion won (approximately $107 million), the highest among the three companies, while LG Uplus also recorded its largest investment ever at 96.6 billion won. SK Telecom has published a white paper on information security and plans to invest 700 billion won over the next five years to enhance its security capabilities in the AI era.According to the telecom industry on July 8, SK Telecom released its information security white paper on July 1, outlining a long-term roadmap that includes governance, security architecture, and personal data protection systems. The company plans to invest approximately 700 billion won over the next five years to establish a zero trust-based security system and an AI-driven threat detection and analysis system, while also strengthening customer protection measures. A governance structure will be established where the Chief Information Security Officer (CISO) reports directly to the board of directors, and the company will gradually enhance AI-based security operations, supply chain security, and personal data protection systems.KT maintained its annual investment in information security above 100 billion won for four consecutive years, with a total investment of 127.6 billion won last year, making it the largest investment among telecom companies and the third largest for a single company in South Korea. The company employs 317 dedicated information security personnel, with more than half being internal experts.KT is also developing a long-term training system for security professionals. It operates a security academy for IT and network developers and is working with Seoul National University to establish a contract program in information security. Additionally, KT is advancing a zero trust-based continuous prevention system and enhancing AI-based security technologies. Recently, the company announced plans to invest approximately 12 trillion won in information security and IT over the next three years, with 4 trillion won allocated specifically for information security and IT innovation.LG Uplus is strengthening its AI-based security system through a dedicated information security center reporting directly to the CEO. Last year, the company’s investment in information security reached 96.6 billion won, a 16.7% increase from the previous year, and its investment over the past five years has more than tripled from 29.2 billion won to 96.6 billion won. The number of dedicated information security personnel has also expanded from 91 to 351 during the same period.LG Uplus is gradually establishing an AI-based integrated security monitoring system and a zero trust-based authentication and access control system. By 2027, the company plans to automate anomaly detection and access control using AI, while also enhancing its 'Customer Damage Prevention Analysis System' to detect voice phishing and smishing, thereby improving its proactive response capabilities.* This article has been translated by AI. 2026-07-08 11:00:00