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  • Fire in Paju Apartment Leads to Smoke Inhalation for 11 Residents, Firefighter Exhausted
    Fire in Paju Apartment Leads to Smoke Inhalation for 11 Residents, Firefighter Exhausted On the morning of July 7, a fire broke out in an apartment in Paju, Gyeonggi Province, prompting residents to evacuate and the fire department to issue a first-level response.According to Yonhap News, the fire was reported at 10:46 a.m. from the 11th floor of a 20-story apartment building in Wadong-dong, with witnesses describing black smoke and flames visible outside the windows.At the time of the fire, the affected unit was unoccupied, and 21 residents evacuated on their own. During the evacuation, 11 residents exhibited symptoms of smoke inhalation and received treatment on-site or were transported to a hospital. Additionally, one male firefighter in his 20s became exhausted while battling the blaze and was also taken to the hospital.Due to concerns about potential casualties, the fire department issued a first-level response at 11:08 a.m., deploying over 31 pieces of equipment and more than 90 personnel to combat the fire.The fire primarily consumed the 11th-floor unit and spread to part of the 12th floor. The fire was fully extinguished by 1:18 p.m., at which point the first-level response was lifted.Authorities, including police and fire officials, are investigating the exact cause of the fire and assessing the extent of property damage.* This article has been translated by AI. 2026-07-07 14:04:00
  • Hanwha Aerospace Aims for 85% Domestic Production in New Engine Development
    Hanwha Aerospace Aims for 85% Domestic Production in New Engine Development "The development of the engine is not completely finished. We are currently working on material development simultaneously. However, our goal is to fully localize key materials by the time we begin mass production, aiming for an 85% localization rate," said Kim Jong-ho, head of the Advanced Engine Business Team at Hanwha Aerospace, during a visit to the Changwon Plant on July 6. This statement reflects Hanwha's commitment to localizing the materials for two types of unmanned aerial vehicle engines developed with the Defense Science Research Institute using domestic technology.Upon entering the Changwon Plant, the first thing that catches the eye is the orange engine manufacturing facility contrasting with the green mountains. The phrase on the exterior, "Pioneering the future with new technology and creating sustainable value for tomorrow," evokes the newly unveiled long-life aircraft engine, highlighting the company's growth in independent development capabilities beyond just assembling and producing engines.The aircraft engines introduced for the first time include a 5,500-pound turbofan engine for low-observable unmanned aerial vehicles and a 1,400-horsepower turboprop engine for medium-altitude drones. While short-life engines have been developed and mass-produced using domestic technology, this marks the first time long-life engines capable of thousands of hours of use have been completed with local technology. These engines have been undergoing ground testing since last month after assembly.The Changwon Plant is recognized as a hub for domestic aircraft engine development. Hanwha Aerospace is the only specialized aircraft engine company in South Korea and has established the Changwon Plant as a key production base for aircraft engines. Over the past 47 years, Hanwha Aerospace has produced more than 10,000 engines, with 12 types developed or currently under development using proprietary technology.Looking ahead, Hanwha Aerospace plans to develop larger aircraft engines. Kim Jong-ho emphasized, "We plan to scale up the 5,500-pound engine to develop a 10,000-pound turbofan engine capable of long-duration flight at high altitudes. The advanced 24,000-pound aircraft engine is set to undergo project review from August this year to early next year."Additionally, in the testing room where the final performance and safety of the engines are evaluated, the 'F404' engine was prominently displayed, ready for testing. The engine features an air intake at the front and an exhaust at the back. It has a maximum output of 18,000 pounds and consumes 300 liters of fuel per minute at peak output. Development engines undergo testing for up to eight hours a day for about two weeks to a month.Kim Seung-soo, head of the production technology team at Hanwha Aerospace's Changwon Plant, explained, "During testing, the air drawn in is compressed in the engine, and the gases that expand and combust are expelled from the back. The temperature can rise to 1,500°C, so additional air is drawn in at the exhaust side to cool it down."* This article has been translated by AI. 2026-07-07 14:04:00
  • Minbyun Calls for Human Rights Focus in Criminal Procedure Law Revisions
    Minbyun Calls for Human Rights Focus in Criminal Procedure Law Revisions As discussions intensify over revisions to the Criminal Procedure Law ahead of the October dissolution of the prosecution office and the launch of the Public Prosecution Service and Serious Crimes Investigation Agency, the Lawyers for a Democratic Society (Minbyun) emphasized the need to focus on human rights and the realization of victims' rights rather than power struggles among institutions.On July 7, Minbyun expressed support for the ongoing discussions in the National Assembly regarding the Criminal Procedure Law revisions, while also releasing the results of a survey conducted from June 30 to July 3, in which 403 members participated, to contribute to the legislative discussions.Notably, Minbyun chose not to present a unified agreement on specific issues such as supplementary investigation rights or the transfer of cases, opting instead to reflect the diverse opinions of its members. This decision breaks from the tradition of seeking a single proposal in reform legislation and aims to encourage social deliberation.Minbyun stated, "For the new judicial institutions to settle without trial and error, a sophisticated system design is essential," urging the National Assembly to remember that this process should not be a power struggle among institutions. It called for a framework that allows the Public Prosecution Service, Serious Crimes Investigation Agency, police, and the Corruption Investigation Office for High-ranking Officials to maintain checks and balances. It clarified that the task of controlling prosecutorial power and concerns about victim protection due to delays in investigations are not opposing values.The organization emphasized the importance of guaranteeing the rights of crime victims. Minbyun acknowledged that while past prosecutorial reforms have succeeded in curbing the abuse of power by investigative agencies, they have fallen short in addressing the alienation and suffering victims experience in judicial processes. It pointed out that the constitutional right of victims to make statements in court remains at a level akin to that of mere witnesses.To address these issues, Minbyun proposed four specific measures to the National Assembly. First, it called for mandatory notifications regarding the progress of investigations to enhance victims' right to know and to ensure access to records. It also suggested allowing victims to attend court hearings to express their opinions on both the extent of their suffering and the charges against the accused, with a requirement for these statements to be reflected in sentencing.Furthermore, Minbyun advocated for the universal expansion of appeal procedures to grant complainants the right to challenge inadequate investigations and arbitrary decisions not to prosecute. It also proposed establishing a 'victim participation system,' similar to that in France, to grant victims the status of parties in court proceedings, thereby enhancing oversight of prosecutorial actions and restoring trust in the judiciary.Minbyun asserted, "Revising the Criminal Procedure Law is a historic opportunity to elevate the level of human rights in South Korea, regardless of political advantages or disadvantages," and strongly urged the National Assembly and government to listen to voices from the field to build a just judicial system that ensures the coexistence of defendants' rights and the restoration of victims' rights.Meanwhile, discussions on the Criminal Procedure Law revisions are actively underway in the National Assembly ahead of the October launch of the Public Prosecution Service and Serious Crimes Investigation Agency. The ruling Democratic Party and the Justice Innovation Party are leading the proposed amendments, which are being discussed primarily in the Legislation and Judiciary Committee.The proposed amendments focus on abolishing the supplementary investigation rights of the prosecution, with final discussions ongoing regarding whether to fully or partially abolish these rights. Discussions are also taking place regarding the timing of the amendments, with the Justice Innovation Party urging the ruling party to expedite the process before the Constitution Day on July 17.* This article has been translated by AI. 2026-07-07 14:00:00
  • Seragem Celebrates 20 Years of Partnership with Child Welfare Organization
    Seragem Celebrates 20 Years of Partnership with Child Welfare Organization Seragem has announced a ceremony to commemorate its 20-year partnership with the child welfare organization Green Umbrella. The event took place on July 6 at Seragem Seoul Town in the Gangnam district of Seoul, attended by Seragem CEO Lee Kyung-soo and Green Umbrella Secretary General Yeo Seung-soo, among other officials. Following the ceremony, Seragem donated the spinal care medical device 'Master V7' to support health management for vulnerable populations.Since 2006, Seragem has contributed over 1.2 billion won to Green Umbrella, aiding the healthy growth and independence of children and families in need.Among its key initiatives, Seragem has provided financial support to 56 underprivileged children in the Cheonan area through its child sponsorship program, which has been active since 2006. The company has also implemented tailored welfare projects in areas such as childcare, education, healthcare, and housing.Additionally, Seragem has actively supported material donations, delivering over 100 healthcare products, including the Master V Collection and Pause M Collection, to families featured in the KBS public interest program 'Together,' including grandparent-headed households, single-parent families, and those with severe illnesses.Since 2024, Seragem has participated in Green Umbrella's 'Sharing Company Campaign,' regularly donating a portion of the profits generated from experience stores like Well Cafe and Well Lounge.In June of this year, Seragem donated healthcare products, including the spinal care medical device Master V7, to the Dongbu Hope Care Center in Namyangju, Gyeonggi Province.A Seragem representative stated, 'We will continue to expand our social contribution activities that provide practical help so that children can grow up healthy and families in need can lead healthier lives.'* This article has been translated by AI. 2026-07-07 14:00:00
  • Canadas Submarine Bid: A Learning Experience, Not a Failure
    Canada's Submarine Bid: A Learning Experience, Not a Failure The outcome of the $60 billion Canadian submarine bid is disappointing. Given the all-out efforts from both the government and companies, there is a sense of frustration. Hanwha Ocean and HD Hyundai Heavy Industries challenged the Canadian Patrol Submarine Project (CPSP) with their world-class submarine technology, but the preferred bidder was ultimately decided to be Germany's TKMS. The fierce competition that lasted for several months did not yield the desired results.However, this result should not be viewed solely as a failure. Just over 30 years ago, South Korea was a country that could not properly construct submarines. With the commissioning of the Changbogo-class submarine in 1993, it became the 43rd nation to operate submarines, and now it is recognized for its competitiveness, having competed closely with Germany, a global submarine powerhouse. The transformation demonstrated through this process is more significant than the outcome itself.President Yoon Suk Yeol also commented on Facebook on July 7, stating, "Challenges come with both successes and disappointments," adding that "today's experience will serve as a valuable foundation for further enhancing our technology and competitiveness." His message emphasized the essence of accumulating industrial competitiveness over emotional disappointment.President Yoon stressed that South Korea will continue to boldly take on challenges. However, the lessons from this bidding process are worth reflecting on. Notably, the formula for defense exports has changed. In the past, weapon performance and price were the decisive factors. Recently, defense exports have shifted from business-to-business (B2B) transactions to strategic competition between governments (B2G). Factors such as diplomatic relations, security cooperation, supply chains, industrial investment, financial support, maintenance and repair systems, and technology transfer are all evaluated as part of a single package.In the Canadian submarine bid, the government dispatched Strategic Economic Cooperation Special Envoy Kang Hoon-sik multiple times, and companies also provided comprehensive support. Even Hyundai Motor Group, which is not directly related to defense, proposed collaboration plans with Canada, demonstrating that defense exports reflect the totality of national capabilities.What comes next is crucial. The global defense market is likely to undergo significant restructuring over the next several decades. Europe is rearming, security demands are increasing in the Indo-Pacific region, and military enhancements are occurring in the Middle East simultaneously. New markets are opening not only for submarines but also for surface ships, unmanned systems, and AI-based command systems.Our strategy must evolve as well. Simply excelling in weapon manufacturing is not enough. There is a need to meticulously establish a national-level export model that combines diplomacy, finance, industrial cooperation, energy, and supply chains. We should be able to propose long-term partnerships that encompass maintenance and repair (MRO), crew training, and local production collaboration after exports. This will be the new competitive edge for K-defense.At the same time, we must be wary of excessive 'export omnipotence.' Demanding excessive burdens or sacrifices from companies unrelated to the project under the guise of national strategic projects is not sustainable. Public-private cooperation is most effective when based on voluntary participation and mutual benefits.The Canadian submarine bid confirmed that K-defense can compete at the highest levels in the global market. The key takeaway is not a single result but the accumulated experiences. Using failures as a stepping stone to promote changes in technology and strategy, and having the courage to challenge again in the next opportunity, is the true strength.* This article has been translated by AI. 2026-07-07 14:00:00
  • Hills State Tops Apartment Brand Big Data Rankings, Followed by Prugio and Xi
    Hills State Tops Apartment Brand Big Data Rankings, Followed by Prugio and Xi In a recent analysis of apartment brand big data, Hyundai Engineering & Construction's 'Hills State' secured the top position.The Asia Brand Research Institute announced on July 7 that Hills State ranked first in the apartment brand category of the 'K-Brand Index.'This survey focused on the top-performing brands based on sales results from 2025. The Asia Brand Research Institute analyzed over 10.7 million online big data entries from June 1 to June 30.In the K-Brand Index for apartment brands, Hills State took first place, followed by Prugio in second, Xi in third, I-Park in fourth, and Lotte Castle in fifth.Raimian ranked sixth, The Shop seventh, e-Pyeonhansesang eighth, Woomirin ninth, and Hoban Summit tenth.The K-Brand Index is a big data system developed by the Asia Brand Research Institute in collaboration with domestic and international researchers. It is calculated through a verification process involving advisory committees for sample extraction and index selection.The evaluation of apartment brands reflects online index figures that incorporate trends, media, social factors, positive and negative sentiments, activation, community engagement, and AI indices.Brand preference in the housing market can be interpreted as a comprehensive indicator that includes not only sales performance but also post-occupancy living experiences and community quality.Han Jeong-geun, the head of the Asia Brand Research Institute, stated, “The criteria for choosing an apartment are rapidly expanding beyond construction capability and sales performance to include living experiences, product completeness, and digital communication.”He added, “The retention of Hills State's first place and Prugio's rise to second can be interpreted as a positive reflection of product competitiveness, along with ongoing communication and awareness-raising activities. In the future, not only sales performance but also systematic integrated marketing communication and consistent brand management capabilities will be key competitive advantages that determine long-term market dominance.”* This article has been translated by AI. 2026-07-07 13:48:00
  • Song Young-gil to Announce Candidacy for Party Leadership on July 8
    Song Young-gil to Announce Candidacy for Party Leadership on July 8 Song Young-gil, a member of the Democratic Party, will announce his candidacy for party leadership on July 8 at the party headquarters. After winning a seat in the June 3 by-elections, Song has become the longest-serving member of the party and is focusing on garnering support from the pro-Lee Jae-myung faction.On July 7, Song's camp confirmed the announcement, intensifying his challenge for the party leadership. Speculation about his candidacy grew after he was seen holding a declaration of candidacy during a National Assembly Defense Committee meeting on July 6. With Song's announcement, he is expected to compete against Kim Min-seok, the former Prime Minister, who has also expressed his intention to run.Additionally, the possibility of Jeong Cheong-rae, a former party leader, entering the race has been mentioned. Since the June 3 local elections, Song has criticized Jeong's leadership, indicating a desire to counter him.Within the party, there are concerns about factional conflicts between the pro-Lee and pro-Jeong camps. Analysts suggest that Song and Kim may form an alliance before the final vote to counter Jeong.Meanwhile, the upcoming party convention will introduce a one-person, one-vote system, weighted voting, and a runoff voting process, which are seen as potential variables in the election. The convention's itinerary begins in the Chungcheong region, Jeong's hometown, raising questions about fairness.* This article has been translated by AI. 2026-07-07 13:48:00
  • Bethlehem to name road Korea Street after aid
    Bethlehem to name road Korea Street after aid SEOUL, July 07 (AJP) - A road in Bethlehem will be named Korea Street this week, a symbolic gesture of appreciation for South Korea’s development and humanitarian support for Palestinians as the West Bank city struggles with the economic fallout from the prolonged Gaza war. The Palestinian Authority and Bethlehem Municipality will hold a ceremony Wednesday with the Representative Office of the Republic of Korea to Palestine and the Korea International Cooperation Agency, or KOICA, to sign an agreement on a new startup hub development project, officials said. The road across from the project site will be named Korea Street, officials said. It marks a rare honor for a foreign donor in Bethlehem, one of the best-known Christian pilgrimage destinations in the world. The project comes as Bethlehem’s economy, heavily dependent on tourism and religious pilgrimages, has been battered by the war in Gaza that began in October 2023. Foreign pilgrims and tourists have sharply declined, forcing hotels, restaurants, souvenir shops and travel agencies to scale back or close. Local officials say unemployment has risen above 30 percent. South Korea plans to provide $11 million for the startup hub project through 2032. The program is designed to support young Palestinian entrepreneurs, foster small businesses and create sustainable jobs in Bethlehem, where tourism has long accounted for more than 70 percent of the local economy. A Korean representative office official said the startup hub project is the largest development project carried out in Bethlehem over the past two decades. The official said goodwill toward South Korea has remained strong in the city, partly because Korean pilgrims were among the first organized tourist groups received by the local community in earlier years. Bethlehem, home to the Church of the Nativity, has long hosted development projects backed by countries including France, Spain, Italy, the United States, Britain and Japan. But officials said naming a street after a donor country is unusual in the city. The ceremony will also feature Korean cultural performances, including a traditional sogeum flute performance and taekwondo poomsae demonstration. Officials said a King Sejong Institute, which promotes Korean language and culture overseas, is also set to open at Bethlehem University. The Korea Street designation comes as South Korea has expanded assistance to Palestinians through development and humanitarian programs. South Korea and Palestine established official relations in 2005, and Seoul opened its representative office in Ramallah in 2014. South Korea has not formally recognized Palestinian statehood, but it says it supports a two-state solution and has pledged to consider recognition when it would help advance that goal. KOICA’s work in Palestine predates the formal relationship. UNICEF said in 2021 that KOICA had supported Palestine since 1994, providing about $73 million in assistance focused on education, job creation, public-sector capacity and health care. South Korea has also increased humanitarian support since the Gaza war began. The Foreign Ministry said in late 2024 that Seoul had provided $40 million for Gaza-related humanitarian needs since the start of the Israel-Hamas conflict. In 2025, South Korea announced $30 million in assistance through UNDP, UNICEF and the World Food Programme to support food aid, shelter, health care, education and water services in Gaza, as well as food vouchers for economically distressed Palestinians in the West Bank. More recently, South Korea launched a $10 million support program for Palestinian refugees and displaced people in Gaza and Egypt through the Korean Red Cross and the Egyptian Red Crescent. For Bethlehem, officials say the startup hub is intended to move beyond emergency relief by helping build a more self-sustaining local economy. The road naming, they said, is meant to reflect not only gratitude for South Korean aid but also confidence in a broader partnership at a time when Palestinians face deepening economic and humanitarian pressures. 2026-07-07 13:47:57
  • Hormuz oil shock splits Asian industry in two
    Hormuz oil shock splits Asian industry in two SEOUL, July 07 (AJP) - South Korea's factories just lived through the most violent oil shock in history, and the strange part is that the country posted record exports while it happened. The war in Iran and the closure of the Strait of Hormuz, the narrow waterway carrying about a fifth of the world's oil, did not hit Asian industry evenly in the first half of 2026. It split it. Semiconductors sailed through on artificial intelligence demand, automobiles took a glancing blow, and petrochemicals, the industry most directly chained to crude oil, came close to breaking. The numbers tell the story of a two-track economy. South Korea's exports hit a record $87.75 billion in May, up 53.2 percent from a year earlier, driven almost entirely by semiconductor shipments that soared 169.4 percent to $37.16 billion, according to trade data. In the same month, auto exports fell 5.9 percent, and the country's petrochemical crackers were running at minimum rates after a wave of force majeure declarations, the legal notices companies issue when events beyond their control make it impossible to honor contracts. How the same shock produced such different outcomes comes down to what each industry actually consumes, and the first half of this year amounted to a live experiment nobody wanted to run. The largest disruption in history The experiment began on Feb. 28, when the United States and Israel launched an air war against Iran. Tehran retaliated by effectively sealing the Strait of Hormuz with missile attacks, ship boardings, and sea mines. Tanker traffic collapsed. Brent crude rose about 65 percent in March alone, roughly $46 a barrel, the largest monthly gain ever recorded, before peaking above $188 in late April. Fatih Birol, who heads the International Energy Agency, called it the "largest supply disruption in the history of the global oil market." Global oil supply plummeted by 10.1 million barrels per day in March to 97 million, according to the International Energy Agency (IEA). For Asia, which took delivery of nearly 70 percent of the crude passing through the strait before the war, the pipeline to its industrial base had been cut. Petrochemicals take the direct hit Nowhere did that cut land harder than on petrochemicals, the industry that turns oil into the plastics, fibers, and chemicals inside nearly everything manufactured. Asian crackers, the giant plants that break down oil-derived feedstock into building blocks like ethylene, depend on the Middle East for 70 to 80 percent of their naphtha, and roughly 80 percent of Asia's seaborne naphtha imports came from the Gulf in 2025, according to data from the price reporting agency Independent Commodity Intelligence Services. When the strait closed, naphtha prices jumped from $776 per metric ton on March 6 to more than $1,000 within a week, according to Masanori Kawakami, a petrochemical industry expert based in Japan who spoke to Chemical and Engineering News. By mid-March, Independent Commodity Intelligence Services (ICIS) had counted 31 force majeure or sales allocation announcements across Asia and the Middle East. Roughly half of global polyethylene capacity was either offline or constrained by feedstock shortages at the peak and polyethylene prices surged 50 to 80 percent in some markets within three weeks, according to assessments cited by BIC Advisory Group. South Korea, which imports around 70 percent of its crude oil and half of its naphtha through the strait, watched its chemical sector buckle plant by plant. Yeochun NCC declared force majeure. LG Chem shut its No. 2 cracker at Yeosu and cut all of its naphtha-fed crackers to 60 percent minimum operating rates. The government responded by restricting naphtha exports and temporarily designating the feedstock a supply-chain security item, while officials discussed importing Russian crude and naphtha to stabilize supply, according to Reuters. The damage was regional, not just Korean. Mitsubishi Chemical cut ethylene output at its Kashima and Mizushima plants in Japan, a country that imports more than 60 percent of its naphtha, about 70 percent of it from the Middle East. A Shell joint venture cracker in Huizhou, China, shut down and suspended polyethylene shipments indefinitely. Formosa Petrochemical declared force majeure in Taiwan and ran its Mailiao crackers at around 70 percent. The IEA's April Oil Market Report found that petrochemical feedstocks showed the most immediate effects of the war of any product category, with LPG and naphtha demand falling 8 and 9 percent year on year in April, against declines of about one percent for transport fuels. The pain mattered more because South Korea's petrochemical industry entered the war already wounded, squeezed for years by Chinese overcapacity and thin margins. The feedstock shock did not create the crisis. It accelerated one that was already underway. Chips sail through on AI demand Semiconductors lived in a different world entirely. Chips are made from silicon, not oil, and the AI investment boom proved far stronger than any energy headwind. South Korean semiconductor exports reached $31.9 billion in April, up 173.5 percent from a year earlier and the highest figure ever recorded for that month, before setting the all-time record in May. The IEA itself noted that South Korea's economy remained resilient through the turmoil, buoyed by chip shipments that exceeded $30 billion for the first time in March. That is not to say chips were untouched. Fabs consume enormous amounts of electricity, and energy costs rose across the board. Statistics Korea reported that semiconductor production fell 10 percent month on month in May, but officials attributed the drop to production capacity reaching its limits and to shipment timing, not to the oil shock, and forecast a recovery in the second half as new fabs come online. The distinction matters: the one industry that stumbled statistically did so because it was running too hot, not because the war starved it. Autos caught in the crossfire Automobiles landed in between, hit hard enough to hurt but through so many channels at once that the oil shock is difficult to isolate. South Korean auto exports fell 5.5 percent in April and 5.9 percent in May, declines that trade data attributed partly to wartime shipping disruptions and partly to Korean carmakers shifting production to the United States in response to Washington's tariff policy. Hyundai Motor temporarily halted production of its Ray and Morning models in late March, though the immediate trigger was a fire at a parts factory in Daejeon that collided with the broader supply chain chaos, according to the Seoul Economic Daily. Domestic passenger car sales fell 3.4 percent in May as fuel prices climbed. There was also a quieter, second-order threat to the auto industry's future. Synthetic graphite, the material used in electric vehicle battery anodes, is made from petroleum coke, a byproduct of oil refining, and the World Economic Forum warned in April that refiners chasing high-value fuels during the price rally could tighten the supply on which battery production depends. The stress spread well beyond the three sectors. GS Caltex cut its daily crude refining volume from 800,000 barrels to 675,000, according to the Seoul Economic Daily. Airlines including Air Premia and Aero K suspended routes as jet fuel costs soared. The government rolled out a 26.2 trillion won extra budget, about $17 billion, to cushion the shock, and President Lee Jae-myung launched a public energy-saving campaign. A market that will not go back The acute phase has now passed. A fragile ceasefire between the U.S. and Iran took hold in April, and after weeks of contradictory claims about whether the strait was open, tanker traffic has partially resumed. Brent crude was trading at $72.45 per barrel on June 29, near pre-war levels and down from the wartime high above $188. The World Bank expects Brent to average $86 this year, assuming Middle East exports recover to near pre-war levels by the fourth quarter. But the market that South Korean industry now buys from is not the one it knew in January. Global inventories were drawn down sharply during the crisis, and importers across Asia are expected to rebuild stocks at a higher cost. Insurance premiums for Gulf transits remain elevated, mine risk lingers, and Tehran is pressing to convert its demonstrated leverage over the strait into lasting control over who passes through it, including a possible toll system. According to CNBC's report citing Nikos Petrakakos, managing director of investments at the shipping investor Tufton Investment Management, on June 29, shipping traffic through the strait remains nowhere near pre-war levels, and Iran's new position is unlikely to be surrendered. "I don't see Iran going back to where it was before," he said. 2026-07-07 13:44:22
  • High Demand for 84㎡ Apartments in First Half of 2026
    High Demand for 84㎡ Apartments in First Half of 2026 In the first half of 2026, the largest number of first-choice applicants in the national subscription market was for 84㎡ apartments.According to an analysis by real estate research firm Real Today, 108,558 people applied for first-choice subscriptions for new apartments with a standard area of 84㎡ across the country. This data is based on the subscription application date and excludes public offerings.A total of 30,342 units of 84㎡ apartments were supplied nationwide in the first half of the year. Following this, 10,1940 people applied for 5,723 units of 59㎡ apartments, while 43,561 people applied for 11,896 units exceeding 84㎡.Among the top 10 complexes by area for first-choice applicants, 7 were for 59㎡ apartments and 2 for 84㎡ apartments. Notably, all 7 of the top complexes for 59㎡ were located in Seoul, attracting 55,441 first-choice applicants.Compared to the first half of last year, the number of applicants for 59㎡ apartments increased from 37,092 to 101,940, a rise of 2.7 times. In contrast, the number of applicants for 84㎡ apartments decreased from 144,917 to 108,558, and those for apartments exceeding 84㎡ dropped from 64,604 to 43,561.Real Today attributes the continued popularity of the 'national standard size' to the demand from families of three to four members. The 84㎡ size is widely regarded as suitable for family living, and its active trading enhances its liquidity.Recently, the demand has also been supported by specialized designs that provide usable space comparable to larger units, including balcony extensions, dress rooms, alpha rooms, and pantries.As the burden of sales prices increases, buyers are likely to increasingly consider both spacious usable areas and future liquidity, leading them to favor 84㎡ and practical small to medium-sized units.In line with this trend, interest in new complexes focused on the national standard size is expected to continue. IPARK Hyundai Industrial Development plans to launch 'Chuncheon Riverview IPARK' this month in Dongmyeon, Chuncheon, Gangwon Province. The complex will consist of 262 units across two buildings, with 59 and 84㎡ layouts, spanning from two basement levels to 27 stories above ground.Doosan Construction is set to offer 'Doosan We’ve the Zenith Daeyeon' in Daeyeon-dong, Nam-gu, Busan. This complex will feature 258 units across two buildings, from five basement levels to 42 stories above ground, with 176 units of 59 to 84㎡ available for general sale.Lotte Construction will introduce 'Sangdong Station Lotte Castle Signature' in Sangdong, Wonmi-gu, Bucheon, Gyeonggi Province. This project will consist of 1,859 units across seven buildings, ranging from eight basement levels to 49 stories above ground, with sizes from 84 to 192㎡.Hoban Construction will also launch 'Hoban Summit Pungmu III' in the B4 block of the Pungmu Station area in Gimpo, Gyeonggi Province. This complex will comprise 660 units across eight buildings, with 59 and 84㎡ layouts, spanning from two basement levels to 29 stories above ground. 2026-07-07 13:44:00