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Clash in Sri Lanka Prison Leaves 25 Dead, Over 100 Injured A clash among inmates linked to drug trafficking in a Sri Lankan prison escalated into a riot, resulting in at least 25 deaths and over 100 injuries.According to reports from AP, AFP, and Reuters, the incident occurred on the evening of July 5 at the Negombo prison, located about 35 kilometers north of the capital Colombo. The situation continued into the following day, leading to a riot as guards attempted to restore order.Sri Lankan authorities confirmed that at least 25 individuals, including inmates and prison staff, lost their lives, with seven of the deceased being prison employees.The clash reportedly began between rival gangs involved in illegal drug trade. Some inmates attempted to escape by rushing toward the main gate but were thwarted. Hospital officials reported that among the injured were individuals with gunshot wounds and stab injuries.As the riot intensified, Sri Lankan authorities deployed military personnel, helicopters, and drones to secure the area around the prison. Harshana Nanayakkara, Sri Lanka's Minister of Justice, stated, “We have regained control of the prison and transferred the ringleaders to other facilities.”This incident has highlighted the ongoing issue of overcrowding in Sri Lankan correctional facilities, which have been operating well beyond their capacity. Previous riots in 2020 and 2012 also resulted in significant casualties.* This article has been translated by AI. 2026-07-07 13:24:00 -
Investigators Target Kim Geon-hee in Ongoing Corruption Probe The second special investigation team, led by Kwon Chang-young, is intensively examining allegations related to Kim Geon-hee, the wife of former President Yoon Suk-yeol. The team has summoned Yu Kyung-ok, a former administrative officer at the presidential office, and Lee Won-mo, a former personnel secretary, in connection with the residence relocation allegations.Starting at 10 a.m. on July 7, investigators are questioning Yu, who is under suspicion of aiding and abetting bribery under the Specific Crimes Aggravation Act, at the special investigation office in Gwacheon, Gyeonggi Province. Yu is known to be a close associate of Kim Geon-hee, having previously worked at Kobana Contents, the company run by Kim, and served as a secretary in the presidential office after Yoon's election.The investigation has recently focused on allegations that 21Gram, a construction company without a general contractor license, improperly secured contracts to provide luxury items, including Dior clothing, to Kim Geon-hee. Investigators are looking into whether Yu had any direct or indirect involvement in this process.There is a strong possibility that the investigation will lead to Kim Geon-hee, as the timeline suggests that 21Gram began construction on the residence relocation project around the same time Kim allegedly received gifts.In April, during a search and seizure operation, the special investigation team indicated that they were gathering evidence to substantiate claims of Kim Geon-hee's undue involvement. As a result, they are expected to press Yu for details regarding Kim's role in the contract process with 21Gram.Additionally, the team is investigating allegations of preferential treatment regarding Kim Geon-hee's inquiry, summoning Lee Won-mo as a witness. This preferential treatment reportedly began when prosecutors investigating the Deutsche Motors stock manipulation case provided Kim with special accommodations, such as questioning her at a location outside the prosecutor's office.Lee is said to have informed Kim's side of the investigation date in advance. The special investigation team plans to explore whether the presidential office was involved in coordinating the handling of Kim's case or the scheduling of her inquiry.* This article has been translated by AI. 2026-07-07 13:20:00
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Bipartisan Support for Recount at Olympic Park; Election Commission Estimates 9-Hour Process As protests continue at Olympic Park over a ballot shortage during the June 3 local elections, both ruling and opposition parties, along with the Election Commission, have expressed support for a public recount.Ok Mi-sun, head of the Planning and Coordination Office at the Election Commission, stated on July 7 during a meeting of the National Assembly's Special Committee on the National Investigation that "ballot verification could be considered as a precautionary measure for ballot transport."She explained that the purpose of the verification is to prove the integrity of the ballots stored at Olympic Park, ensuring they are the same as those used on election day.Ok emphasized that the verification scope includes the condition of election-related documents and materials, such as ballots and voting records, as well as the consistency of the vote counts for each candidate.She further detailed that the verification process would involve visually rechecking the ballots and counting the votes for each party candidate using a counting machine to create a verification report. Members of the special committee and party-appointed observers will participate in this process, and media coverage will be allowed.Additionally, Ok noted that verifying all 2.47 million ballots stored at Olympic Park would require approximately 440 personnel and take about nine hours, with an additional four hours needed for verification equipment setup and dismantling.Meanwhile, Yoon Sang-hyun, a member of the National Assembly's Special Committee from the People Power Party, stated on July 5 that while the cost of renting the venue until July 10 is estimated at about 200 million won, mobilizing personnel for the recount would likely cost around 50 million won.In response, Han Byeong-do, acting leader of the Democratic Party and floor leader, announced during a meeting that the party would actively consider pushing for a recount and verification of the remaining 2.47 million ballots at the Olympic Park handball venue.* This article has been translated by AI. 2026-07-07 13:20:00
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Morgan Stanley: Next Focus After Nvidia is Cloud Computing As the momentum in the semiconductor sector, which has driven the U.S. stock market this year, weakens, there are predictions that funds may shift towards large cloud companies and other sectors. Analysts suggest that rather than a cooling of interest in artificial intelligence (AI) investments, attention is broadening to areas that have not seen as much growth compared to chip manufacturers.On July 6, local time, Morgan Stanley's strategy team, led by Chief U.S. Equity Strategist Michael Wilson, stated in a recent report that "the weakness in U.S. semiconductor stocks could signal a shift in market leadership."Morgan Stanley believes that investors may refocus on major cloud companies such as Amazon, Microsoft, Alphabet, and Meta, which are known as hyperscalers operating large data centers and cloud infrastructure.The report highlighted that these companies play a crucial role in the AI ecosystem while maintaining strong foundations in advertising, e-commerce, and cloud services.In contrast, it was noted that chip-related stocks have already surged in anticipation of AI infrastructure investments, suggesting that further short-term gains may be limited.The Philadelphia Semiconductor Index rose 11% in June but has since dropped more than 11% in the past two weeks. Morgan Stanley analyzed that "easing concerns over interest rate hikes and falling international oil prices have also encouraged a rotation into other sectors."Beneficiary sectors mentioned include consumer discretionary, transportation, and biotech. JP Morgan also commented that "the upward trend in the stock market in the second half could extend beyond tech stocks," adding that "AI will not be the only narrative."However, Morgan Stanley does not believe that AI investment itself has come to an end. While big tech companies like Alphabet and Amazon have invested heavily in AI infrastructure, there may be a growing emphasis on efficiency and profitability over the scale of investment moving forward.In an interview with Bloomberg TV, Wilson stated, "Large cloud companies are now expected to stabilize," while predicting that semiconductor stocks will undergo corrections. He set a year-end target of 8,000 for the S&P 500, indicating that there is still room for further gains in the U.S. stock market.* This article has been translated by AI. 2026-07-07 13:16:00
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Prosecutors Seek 1.5-Year Prison Sentence for Police Officer Charged with DUI A police officer who served as the model for the character Ma Seok-do in the action film 'Crime City' has been charged with driving under the influence, and prosecutors are seeking a prison sentence.On July 7, the Seoul Central District Court held the first hearing for Officer Yoon, who is facing charges of DUI under the Road Traffic Act. Prosecutors requested a sentence of 1 year and 6 months for the defendant.Officer Yoon, who was working at the Suseo Police Station, was indicted without detention in April after being involved in a collision while driving under the influence near Gangnam Severance Hospital in Seoul on November 24 of last year. His blood alcohol concentration was above the legal limit for license suspension (0.08% or higher), but no injuries were reported. Following the incident, Officer Yoon was relieved of his duties.During the hearing, Yoon's attorney stated, "We acknowledge all the charges against him," adding, "As a police officer, he should adhere to the law more than anyone else, yet he committed a grave mistake." The attorney appealed for leniency, saying, "Please allow him to contribute to society as a police officer in the future, so he does not end his career in disgrace due to a momentary lapse in judgment."According to the Police Service Act, individuals who receive a sentence of suspension of qualifications or higher, or a suspended sentence, cannot be appointed as police officers.In his final statement, Officer Yoon expressed, "I live each day with regret and self-reproach," and pleaded, "If the judge could show me leniency just this once, I will ensure that such an incident does not happen again."The court concluded the first hearing and set the sentencing date for July 21.Officer Yoon has been with the police force since 1997 and has primarily handled serious crime investigations. His work is known to have inspired the character Ma Seok-do, portrayed by actor Ma Dong-seok, who researched police experiences to create the film.* This article has been translated by AI. 2026-07-07 13:12:00
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Won extends gains on second day of 24-hr FX trading SEOUL, July 07 (AJP) - The Korean won strengthened further Tuesday, the second day of round-the-clock trading in the domestic foreign exchange market, even as foreign investors sold local stocks. As of 12:30 p.m. (0300 GMT), the won was hovering around 1,521 per dollar, up more than nine won from the previous daytime closing level. South Korea shifted its dollar-won spot market to a 24-hour trading system on Monday, allowing continuous trading from 6 a.m. Monday to 6 a.m. Saturday. The won's move was notable because it came despite foreign selling in the KOSPI market, which would normally add some pressure on the currency. The intraday gain suggested that dollar-supply expectations and position adjustments may have outweighed equity outflow pressure, at least in early trading. Market participants were watching expectations for corporate dollar inflows, possible position adjustments after the start of 24-hour trading and caution over official smoothing operations. The decline in the exchange rate also revived market talk of possible smoothing operations by foreign exchange authorities. Authorities do not confirm intervention, and there was no official indication that they had entered the market. The move was still moderate compared with the won's recent range, but the currency's advance toward the low-1,520 level suggested that the opening phase of the new trading system has not triggered additional FX stress so far. Bond-market reaction remained limited. The three-year Korean government bond yield fell 1.3 basis points to 3.763 percent in morning trading. The 10-year yield slipped 0.3 basis point to 4.200 percent, staying effectively flat. The muted bond-market response suggests that the absence of sharp FX volatility after the 24-hour market opening was mildly supportive for bonds, while concerns over long-end supply, inflation and the Bank of Korea's policy-rate path continued to cap the move. The 10-year yield's reluctance to move far below the 4.2 percent level indicates that investors are still pricing in heavy long-term bond supply and uncertainty over future rate decisions. 2026-07-07 13:04:57 -
South Korea Fails to Secure Canadian Submarine Deal Amid Industry Cooperation Concerns South Korea has faced a setback in its bid to acquire Canadian submarines, valued at up to 60 trillion won, raising concerns about the future of industrial cooperation between the two nations. The government had been working on a joint industrial cooperation package with the private sector, but the failure to secure the submarine deal has cast doubt on future initiatives.According to relevant government departments, Canada has selected Germany's ThyssenKrupp Marine Systems (TKMS) as the preferred bidder for its next-generation submarine acquisition project, the Canadian Patrol Submarine Project (CPSP). Hanwha Ocean's proposal for a 3,600-ton submarine was ultimately unsuccessful.The CPSP aims to replace the aging Victoria-class submarines with up to 12 conventional submarines, with a total project cost estimated at around 60 trillion won. Hanwha Ocean's submarine was already in operation with the South Korean Navy and was considered advantageous in terms of delivery timelines. However, the final decision was influenced by factors such as Arctic sovereignty and integration into NATO operational frameworks.Canada sought submarines capable of long-term operations in the Atlantic, Pacific, and Arctic Oceans. TKMS's interoperability with NATO member countries like Germany and Norway, along with its alignment with European security cooperation, likely contributed to its selection.The South Korean government is understandably disappointed. Over the past months, the Ministry of Trade, Industry and Energy, along with major companies like Hanwha Ocean, Hyundai Motor Group, and POSCO Group, had invested significant effort into developing a joint industrial cooperation package with Canada. There were speculations that Hanwha Ocean and TKMS could split the contract for the 12 submarines, but ultimately, South Korea fell short in the bidding process.In the wake of this setback, the future of economic cooperation between South Korea and Canada appears uncertain. The two countries had been discussing not only submarine construction but also localizing maintenance, repair, and operations (MRO), as well as collaboration in steel, artificial intelligence (AI), satellite, and sensor technologies, energy and resource cooperation involving hydrogen, liquefied natural gas (LNG), and critical minerals, and R&D cooperation in icebreaker and industrial technologies.Analysts suggest that projects directly linked to the submarine deal may lose momentum. Initiatives such as utilizing Canadian steel for South Korean submarine construction or establishing submarine MRO infrastructure in Canada were designed with Hanwha Ocean's contract in mind, making their continuation challenging.However, it may be premature to conclude that all cooperation projects will be halted. There is potential for collaboration based on the industrial structures of both countries to continue on separate tracks. South Korea needs to diversify its energy imports and critical mineral supply chains, while Canada serves as a stable resource supplier and partner in advanced industries, aligning interests with South Korea.As a result, there is a strong possibility that energy and resource cooperation, as well as industrial R&D collaboration, will persist. A Ministry official stated, "It is difficult to definitively say that all cooperation projects will be suspended. Projects based on the complementary industrial structures of both countries are expected to proceed regardless of the bidding outcome."Additionally, the official noted, "Cooperation in energy and resources, as well as advanced industrial collaboration, is likely to continue expanding. While there is disappointment over the bidding process, we will do our utmost to leverage the experience and know-how gained to support K-defense bidding efforts."* This article has been translated by AI. 2026-07-07 13:04:00
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BBQ Launches New Menu Item 'Feel Crunch' in Collaboration with Felix Genesis BBQ Group announced the launch of its new menu item, 'Feel Crunch,' which emphasizes a sweet and savory flavor along with a crispy texture. The campaign features global model Felix, who appears in the accompanying advertisement.The Feel Crunch was designed with international consumers in mind, launching simultaneously in South Korea and the United States, with plans for a phased rollout in other countries worldwide. The product features a caramelized onion sauce that adds sweetness and umami, complemented by roasted glutinous brown rice flakes and breadcrumb toppings for a crunchy texture.To coincide with the new menu launch, the first advertisement featuring Felix will also be released. The ad showcases the product's creation process, including scenes of Felix biting into the chicken and the accompanying crunch sound, conveying the message of 'a sweet and savory crispy chicken like no other.' The video will be released across various channels, including TV, YouTube, and social media.A BBQ representative stated, "Feel Crunch offers a unique taste experience with a sweet and savory sauce and fun toppings, setting it apart from existing menu items. We expect that our collaboration with global model Felix will help convey the appeal of premium K-chicken to consumers both domestically and internationally."Currently, BBQ operates over 800 stores in 58 countries, including the United States.* This article has been translated by AI. 2026-07-07 13:04:00
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Government Promotes Sharing of Best Practices in Risk Assessment for Workplace Safety The government is set to promote the sharing of best practices in risk assessment, a key tool for preventing workplace accidents. By learning from incidents at other workplaces, the aim is to eliminate hazards proactively and involve workers in the entire process from planning to halting operations.The Ministry of Employment and Labor and the Korea Occupational Safety and Health Agency will hold the '2026 Risk Assessment Best Practices Presentation Conference' on July 7 at KINTEX in Goyang, Gyeonggi Province. Risk assessment is a procedure where employers work with employees to identify and improve hazardous and risky factors.If risk assessments are merely formal paperwork, they are unlikely to prevent actual accidents. It is crucial to reveal the risks felt by workers on-site and to lead to improvements in equipment and work methods. Since 2013, the Ministry has been holding presentation conferences to discover and disseminate effective risk assessment practices.This year, 545 workplaces participated, including 363 from manufacturing and other sectors and 182 from construction. After a four-stage evaluation process, including regional presentations and on-site assessments, 16 companies advanced to the final presentation stage.For instance, Samyang Foods introduced a 'Proactive Response Task Force.' When a serious accident occurs at a similar workplace, the task force is activated under the supervision of the Chief Safety and Health Officer. They assess the similarities between the accident and their operations, conduct special inspections, and incorporate identified risks into their risk assessments for improvements. Since 2023, they have identified and improved 292 cases of entrapment, 194 fire hazards, and 185 fall risks.In the construction sector, the 'POWI' model from Zai C&A was presented. POWI involves creating detailed pre-safety work plans using photos and diagrams (Pre-Safety), ensuring adherence to the plan from start to finish (One-Cycle), allowing anyone to stop work if issues arise (Work-Stop), and gathering on-site feedback to improve work methods (Interview).Viewing accidents at other companies as relevant to their own operations is effective in reducing repeated workplace injuries. This approach allows for the identification and elimination of similar risks immediately after an incident occurs, rather than waiting for accidents to happen. Notably, this year's conference saw a significant increase in cases utilizing artificial intelligence (AI) and mobile platforms.Companies that win awards will receive certificates and cash prizes, and they will be exempt from regular safety and health inspections next year. Representatives from award-winning companies may also serve as instructors for risk assessment training in their industry. The Ministry plans to produce video training materials based on the presented cases for future risk assessment education.Ryu Hyun-cheol, head of the Ministry's Occupational Safety and Health Bureau, stated, "For risk assessments to function effectively on-site, it is important to expand the participation of workers and to reveal and improve not only managed risks but also actual risks. We will continue to provide field-centered guidance and support to ensure that risk assessments become a practical means of preventing workplace accidents."* This article has been translated by AI. 2026-07-07 13:04:00
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LG Electronics Reports Record Q2 Revenue and Operating Profit LG Electronics achieved its highest-ever second-quarter performance, driven by strong fundamentals in its core businesses, including home appliances and TVs, as well as tangible results from new ventures. The company’s proactive accounting for voluntary retirement costs, which had raised market concerns, has been viewed as a sign of its long-term growth trajectory.On July 7, LG Electronics announced its preliminary consolidated revenue for the second quarter at 23.8297 trillion won and an operating profit of 1.5788 trillion won. These figures represent increases of 14.9% and 146.9%, respectively, compared to the same period last year, marking the highest revenue and operating profit for any second quarter in the company's history.The operating profit exceeded the initial market consensus of 1.074 trillion won by 47%, continuing a trend of surpassing 1 trillion won in operating profit for two consecutive quarters.For the first half of the year, combined revenue reached 47.5569 trillion won, with an operating profit of 3.2525 trillion won, surpassing last year's total annual operating profit of 2.4784 trillion won in just six months.Despite the inclusion of costs related to voluntary retirement aimed at workforce optimization, LG Electronics achieved results that exceeded expectations. In April, the company implemented a voluntary retirement program targeting senior employees and some in their 40s for the second consecutive year. Given that last year’s costs amounted to approximately 400 billion won, it is estimated that a similar one-time expense was accounted for this year.LG Electronics stated, "Despite the costs associated with the voluntary retirement program conducted in April, we minimized the impact on profitability through improvements in cost competitiveness across all business areas and proactive management measures."Additionally, the company benefited from refunds on tariffs paid during exports to the U.S. last year, following a ruling by the U.S. Supreme Court that recognized some illegality in the tariff policies implemented during the Donald Trump administration.Industry analysts believe that LG Electronics has ultimately expanded its business profitability. The growth in sales of home appliances (HS) and subscription-based products, along with increased high-margin sales in the automotive (VS) division, have collectively driven overall profitability.The home appliances (HS) division reportedly achieved a high operating profit margin of over 10% due to the successful launch of subscription-based products. In particular, the premium product sales in the TV sector, including OLED models, and the rollout of the proprietary platform 'webOS' have contributed to improved margins.The automotive (VS) division has also expanded its premium infotainment sales based on a strong order backlog, effectively serving as a key cash cow in the business-to-business (B2B) sector. After ten years since its establishment, the division's order backlog has surpassed 100 trillion won, solidifying its role as a core growth driver for the company.Notably, the future growth areas of heating and cooling (ES) and robotics are also showing promising results. The quality testing for the 'AI cooling system for data centers' aimed at North American hyperscale customers, where power demand has surged, is currently nearing completion. Once orders are finalized, tangible contributions to performance are expected within the next six months.In the robotics sector, in collaboration with NVIDIA, LG Electronics is enhancing algorithms through 'physical AI,' moving beyond simple hardware supply to develop platform capabilities.LG Electronics concluded, "We will continue to build a sustainable profit structure through the advancement of our high-profit business model and proactive risk management." 2026-07-07 12:52:00