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Hyosung Establishes AI Convergence Research Institute to Drive AI Transformation Hyosung announced on July 8 that it has established an 'AI Convergence Research Institute' to drive a company-wide transformation towards artificial intelligence (AI).The AI Convergence Research Institute aims to integrate the latest AI technologies into Hyosung's core manufacturing businesses, which have been stable for over 60 years in sectors such as heavy industry, textiles, and chemicals. The organization will focus on applied and convergent research and development to enhance synergy.Hyosung plans to leverage AI not just for improving operational efficiency or reducing costs, but as a key driver for developing high-value new products and planning and executing future business initiatives across its main subsidiaries, including Hyosung Heavy Industries, Hyosung TNC, and Hyosung Chemical.Additionally, the company intends to elevate the sophistication of its smart factories by combining its manufacturing expertise with AI, fostering an innovative culture throughout its production sites, and strengthening its position as a global 'first mover.'Hyosung has appointed Myeong Seong-hyun, a distinguished professor emeritus at KAIST, as the first director of the AI Convergence Research Institute.Professor Myeong has previously served as a faculty member at Syracuse University and KAIST's Department of Computer Science. He is an AI technology expert with over 30 years of research experience in areas such as semantic-based information retrieval, text mining, natural language processing, and language modeling. For the past eight months, he has been advising Hyosung on its digital transformation and has conducted special lectures to enhance the AI capabilities of its employees.Hyosung plans to accelerate the recruitment of next-generation talent who possess both core technical skills necessary for the AI transformation and expertise in industrial applications.A Hyosung representative stated, 'Through the AI Convergence Research Institute, we aim to merge the manufacturing expertise accumulated by the group with AI technology, actively pursuing new product development and business discovery based on this foundation.'* This article has been translated by AI. 2026-07-08 11:40:00 -
Samsung Heavy Industries Secures $284.9 Million Contract for Two Oil Tankers Samsung Heavy Industries has secured a contract for two oil tankers, surpassing $10 billion in annual orders for the first time in five years since 2021.On July 8, Samsung Heavy Industries announced that it signed a construction contract with a Bermuda-based shipping company for the two oil tankers. The total contract value is approximately 284.9 billion won, with the vessels scheduled for delivery by May 2029.Including this contract, Samsung Heavy Industries' cumulative orders for this year have reached $10 billion, comprising 32 merchant ships and two floating liquefied natural gas (FLNG) production units. This figure represents 72% of its annual order target of $13.9 billion.This marks the first time since 2021 that Samsung Heavy Industries has exceeded $10 billion in annual orders, driven by a significant increase in merchant ship orders amid a global economic recovery. The company has also secured large-scale offshore projects, including FLNG units, enhancing its prospects for achieving this year's order target.A representative from Samsung Heavy Industries stated, "The achievement of surpassing $10 billion in annual orders after five years is attributed to the stable order flow in the merchant ship sector and the acquisition of large offshore projects like the two FLNG units. We will strengthen our two-track growth foundation encompassing both merchant ships and offshore projects to enhance our resilience against market volatility and establish a stable management base."Additionally, Samsung Heavy Industries announced on July 2 that it signed a strategic cooperation agreement with Singapore's Kuok Group to collaborate on future business ventures, including shipbuilding, marine logistics, and digital infrastructure.* This article has been translated by AI. 2026-07-08 11:40:00
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Song Young-gil Announces Candidacy for Democratic Party Leadership, Aiming to Win Over Youth Voters Song Young-gil, the longest-serving member of the Democratic Party with six terms, announced his candidacy for party leader on July 8, stating, "Without the support of the 2030 generation, there will be no victory in the 2030 presidential election." His announcement follows the candidacies of former Prime Minister Kim Min-seok and lawmaker Ko Min-jeong, with former leader Jeong Cheong-rae also expected to run.During a press conference at the party headquarters, Song remarked, "The recent local elections were a defeat dressed in the guise of victory," emphasizing that "the crisis began within us, and the solution lies within as well." He has previously criticized Jeong's leadership following the local elections.To address youth concerns, he outlined key pledges including the normalization of real estate, solutions for job and housing issues, and the removal of obstacles in the stock market.He promised, "If elected as party leader, I will appoint two members of the Supreme Council from the 2030 generation," and added, "I will create a special committee and platform for the 2030 generation to directly participate in major party decisions and make their own choices."Song stated, "I will be a leader who embraces the hearts of young people and moderate swing voters, strengthening the value alliance of democratic reform forces."As a member of the pro-Lee faction, Song emphasized the need for a united front with the Lee Jae-myung government. He declared, "I will not miss the golden opportunity of the next four years under this government, aiming to create an irreplaceable South Korea and Democratic Party."He added, "The President is doing everything he can at this moment. We must not let him walk the thorny path alone. It is the duty of the ruling party to walk this path together with him."Regarding the government's three major mega-projects aimed at achieving local-led growth, he stressed, "Since the President is personally chairing the semiconductor task force, we will establish a dedicated organization within the party to firmly support the government's rapid progress."Additionally, there is speculation that he may ally with Kim Min-seok, who shares his pro-Lee stance, to counter Jeong Cheong-rae in the upcoming convention. Given that a preference voting system will be used instead of a runoff, a decision may be made soon.The preference voting system allows voters to list their top three preferred candidates on the ballot. If a candidate receives a majority of first-choice votes in the first round, they are declared the winner. If no candidate achieves a majority, subsequent choices are counted. Some analysts suggest this system may favor the pro-Lee faction. 2026-07-08 11:36:00
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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
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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