Latest by
-
Ministry of Culture to Ensure Safe Viewing Environment at KBO Baseball Games Amid Summer Heat The Ministry of Culture, Sports and Tourism is taking steps to ensure that fans can safely enjoy KBO League baseball games during the summer heat.On July 7, the ministry announced that Deputy Minister Kim Dae-hyun will visit Hanwha Life Eagles Park in Daejeon at 5:30 p.m. to inspect safety and convenience facilities at the stadium.Accompanying him will be Park Jong-tae, CEO of the Hanwha Eagles; Park Jang-soon, chairman of the Sports Safety Foundation; Park Cheol-ho, CEO of Dong-A Otsuka; and Park Geun-chan, secretary general of the Korea Baseball Organization (KBO), who will listen to feedback from the field.During the inspection, Deputy Minister Kim will conduct a thorough review of the stadium's interior and exterior, focusing on the readiness of facilities for heat-related issues, the operation of heat illness prevention campaign booths, and accessibility features for disabled spectators. He will also examine preparations for the revised National Sports Promotion Act aimed at eradicating ticket scalping and waste management strategies to create a pleasant viewing environment.As the summer heat intensifies, the ministry is collaborating with the Sports Safety Foundation and Dong-A Otsuka to launch a nationwide campaign to prevent heat-related illnesses. Public service advertisements highlighting the importance of heat illness prevention during sports activities will be broadcast on 47 private electronic billboards across the country, as well as on stadium screens.On-site training and support will also be enhanced. The ministry plans to conduct heat illness prevention training for 1,500 event organizers over 20 sessions and provide 7,000 prevention checklists. Additionally, safety education booths will be set up at large sports events for over 30,000 participants, offering guidance on proper hydration and safety experiences. The campaign will also utilize social media for online events and distribute card news to maximize its impact.Deputy Minister Kim stated, "Summer poses a heightened risk of safety incidents during sports activities and viewing due to extreme heat. We will meticulously address even the smallest risks at the venues and work closely with relevant agencies to establish a proactive safety management system to ensure the public can enjoy sports with peace of mind."Meanwhile, the KBO League is on track to surpass 10 million spectators for the third consecutive year, continuing its strong performance this season. According to the KBO, as of June 30, the league recorded a cumulative attendance of 7,013,844, surpassing the 7 million mark.The KBO League achieved this milestone in just 388 games, setting a record for the fewest games to reach 7 million spectators, beating last year's record of 405 games by 17 games. Notably, this is the first time that professional baseball has exceeded 7 million spectators before 400 games in a season that has already attracted over 10 million fans in 2024 and 2025.* This article has been translated by AI. 2026-07-07 10:36:00 -
Korean Finance Minister to Announce Real Estate Tax Reforms by End of July Finance Minister and Deputy Prime Minister Ku Yun-cheol announced plans to unveil reforms to the real estate tax system by the end of July. He stated that adjustments to property and transaction taxes will be considered in balance with each other.In a phone interview on MBC Radio's 'Kim Jong-bae's Focus,' Ku said, "We are preparing to announce around the end of July."He explained the basic direction of the real estate tax reform, stating, "The principle is that homes should be for 'living' rather than 'buying,' focusing on establishing a housing market centered on actual residents."Ku added, "The government will not make unilateral decisions; I will soon listen to public opinions and voices from the field before finalizing the government's stance."He refrained from commenting on specific reform measures, such as adjustments to the fair market value ratio or reductions in benefits for long-term non-resident holders. In response to questions about related reports, he said, "That aspect will also be considered as part of public opinion."However, he left open the possibility of adjusting both property and transaction taxes. When asked if it was correct to adjust both, Ku replied, "We are looking at them together in terms of achieving balance between the two."There is keen interest in whether the tax reform plan to be announced at the end of the month will include measures to establish a housing market focused on actual residents. Given Ku's mention of balancing property and transaction taxes, it is suggested that the government may consider the overall structure of real estate tax burdens rather than addressing specific taxes in isolation.Regarding the government's ongoing 'three mega projects,' Ku emphasized the importance of a major industrial transformation centered on artificial intelligence (AI) semiconductors.He stated, "The AI semiconductor revolution has far greater civilizational significance than the construction of the Gyeongbu Expressway during President Park Chung-hee's era or the IT revolution during President Kim Dae-jung's time. Fortunately, South Korea is well-prepared, and if we respond with a full-scale and rapid effort, it will present tremendous opportunities."Addressing concerns about regional disparities, Ku proposed a plan to build a nationwide industrial ecosystem. He said, "We plan to utilize playgrounds across the country evenly. For example, Honam will serve as the second semiconductor production base after the capital region, Chungcheong will handle packaging, and Yeongnam will specialize in materials, parts, and equipment needed for AI, creating an AI semiconductor ecosystem across the Korean Peninsula."* This article has been translated by AI. 2026-07-07 10:32:00
-
Korea-India Future Society to host economic cooperation forum on July 21 SEOUL, July 07 (AJP) -The action plans and business opportunities emerging from the upgraded Korea-India economic partnership following President Lee Jae Myung's state visit to India will be outlined at a special forum hosted by the Korea-India Future Society on July 21. The forum will feature Ambassador Lee Seong-ho, South Korea's ambassador to India, and Cho Choong-jae, head of the Delhi Office of the Korea Institute for International Economic Policy (KIEP), according to the society president and former Korean ambassador to India Shin Bong-kil. The event will review key economic cooperation initiatives agreed by the two governments during the summit and examine their implementation. Participants will also hear directly from senior officials and experts on South Korean companies' investment in India and emerging business opportunities. Ambassador Lee will speak on "India's Political and Economic Landscape and Korea-India Economic Cooperation," outlining recent political and economic developments in India and prospects for expanding bilateral cooperation. Cho will deliver a presentation titled "South Korean Companies' Investment in India: Current Status and Outlook," covering India's investment climate, sector-specific opportunities and market entry strategies for Korean businesses. Lee previously served as deputy minister for economic affairs at South Korea's Ministry of Foreign Affairs and as ambassador to Italy. He assumed his post as South Korea's ambassador to India after presenting his credentials to Indian President Droupadi Murmu in November 2024. The Korea-India Future Society said the forum would provide a valuable opportunity to discuss practical measures for deepening bilateral economic cooperation and expanding business engagement following the summit. The event is open to society members as well as business executives, investors, entrepreneurs, researchers, students and anyone interested in the Indian market and investment opportunities. The forum will be held from 2 p.m. to 4:30 p.m. on July 21 at Hallasan Hall, Seoul Club, in Jangchung-dong, Seoul. 2026-07-07 10:30:02 -
Gus Poyet Expresses Interest in South Korea National Team Coaching Position A football fan recently made headlines after sending an Instagram direct message to coach Gus Poyet regarding the South Korea national team coaching position, receiving a personal reply in return. Poyet expressed his desire to be considered for the role, stating, "When the new coaching selection process begins, I will put my name forward."In an online community, a post titled 'Gus Poyet: I Want to Be the National Team Coach' was shared, along with a screenshot of the Instagram direct message exchange. In the message, Poyet thanked the fan, saying, "I truly hope to coach the South Korean national team. When the new selection process starts, I will have my name as a candidate, and I will see how the football association evaluates my profile. Time will tell. Thank you."The fan revealed that he received the reply on July 2. He noted, "Poyet has a strong desire to take on the role of head coach for the national team. If he is not selected this time, it will be significant evidence that the Korea Football Association did not choose him. Let's wait and see, as Poyet suggested."Poyet has been consistently mentioned as a candidate for the South Korean national team coach in the past, praised for his aggressive tactics and ability to manage players, earning support among domestic football fans.However, recent reports indicate that former coach Paulo Bento has shown a positive attitude toward a potential return to the national team, leading to divided opinions online about whether to choose Poyet or Bento.Online commenters expressed various views, stating, "Whoever it is, it seems better than the current situation," "It's surprising that Poyet personally replied," "Both Bento and Poyet are good options; they are both proven coaches," and "Let's see what choice the football association makes. It's rare for a coach to respond so sincerely to a fan's DM."It is important to note that the direct message shared in the post has not been officially confirmed by Poyet's camp or the Korea Football Association. Therefore, the authenticity of the message and Poyet's actual interest in the coaching position will need to be verified through official channels in the future.* This article has been translated by AI. 2026-07-07 10:28:00
-
Hot Stock: Hanwha Ocean nosedives 23% upon losing Canadian sub bid SEOUL, July 07 (AJP) — Shares of Hanwha Ocean plunged Tuesday after the South Korean shipbuilder failed to secure preferred bidder status for Canada's next-generation submarine procurement program, dashing investor hopes of winning one of the world's largest submarine export deals. The stock was trading at 89,900 won as of 9:50 a.m., down 22.57 percent from the previous session after triggering a volatility curb shortly after the market opened. Shares of HD Hyundai Heavy Industries, which partnered with Hanwha Ocean in the bid, also fell 3.95 percent to 560,000 won. Canadian Prime Minister Mark Carney announced Monday (local time) that Germany's Thyssenkrupp Marine Systems (TKMS) had been selected as the preferred bidder for the Canadian Patrol Submarine Project (CPSP), a program valued at about 60 trillion won ($43.6 billion) including procurement and 30 years of maintenance, repair and overhaul (MRO) services. Under the project, Canada plans to replace its four aging submarines with up to 12 new diesel-electric submarines by the mid-2030s. The Korean shipbuilder had promoted its 3,000-ton KSS-III submarine by highlighting its ability to deliver vessels on a relatively short timeline while offering long-term industrial cooperation and local MRO infrastructure in Canada. TKMS, however, strengthened its competing proposal by offering to prioritize Canadian deliveries ahead of submarines already scheduled for Germany and Norway. The South Korean shipbuilder had pitched its 3,000-ton KSS-III submarine, highlighting faster delivery, local MRO capabilities and broader industrial cooperation with Canada. TKMS, meanwhile, offered to prioritize Canadian deliveries ahead of submarines already scheduled for Germany and Norway. Industry analysts said the two finalists had been viewed as broadly comparable on technology and delivery capability, with geopolitical considerations ultimately tipping the balance. In a statement, Hanwha Ocean said it was disappointed by the outcome despite making every effort, adding that it had been unable to overcome "the NATO alliance barrier." The company said it accepts the result as its own shortcoming and remains committed to pursuing opportunities in the global naval defense market. "We will closely examine the challenges revealed through this competition, come up with clear solutions, and find a way for Korea's naval defense industry to make a greater leap in the global market," the company said. HD Hyundai Heavy Industries also struck an optimistic tone. "Although we are disappointed that our efforts did not result in success, the experience of competing as one Team Korea will serve as a solid stepping stone for K-defense to make a significant leap forward," the company said. Hanwha Ocean stands as the "reserve" supplier should negotiations between Ottawa and the German team that could take "six to 18 months" falter. 2026-07-07 10:23:10 -
Korea-India Future Association to Host Economic Cooperation Forum on July 21 Follow-up to President Lee Jae-myung's visit to India; discussion on cooperation and investment strategiesOpen to all interested in Indian business, investors, and the general publicThe Korea-India Future Association, led by Shin Bong-gil, will hold a special lecture on July 21 at the Seoul Club, featuring Lee Seong-ho, the South Korean Ambassador to India, and Cho Chung-jae, head of the Korea Institute for International Economic Policy (KIEP) Delhi office. The topic will be 'Korea-India Economic Cooperation and Investment Prospects.'This event follows President Lee Jae-myung's state visit to India in April and his summit with Indian Prime Minister Narendra Modi, during which the two countries reaffirmed their 'special strategic partnership' for the next decade. They also agreed to resume negotiations on the Comprehensive Economic Partnership Agreement (CEPA) and expand cooperation in strategic industries such as shipbuilding, AI, defense, and arms.Ambassador Lee Seong-ho will discuss 'The Current Situation in India and Korea-India Economic Cooperation,' providing insights into India's political and economic environment and the direction for expanding bilateral cooperation.Ambassador Lee, a seasoned diplomat with experience as the Economic Diplomacy Coordinator and head of the Economic Security Task Force at the Ministry of Foreign Affairs, was appointed as the South Korean Ambassador to India in October 2024 after serving as Ambassador to Italy in 2022.Following this, Cho Chung-jae will present on 'The Current Status and Outlook of Korean Investment in India,' covering the local investment environment, opportunities in key industries, and strategies for corporate entry.The Korea-India Future Association stated, "This will be a meaningful opportunity to hear directly about practical economic cooperation and ways to expand corporate entry following the summit. We welcome not only our members but also entrepreneurs, startups, researchers, and students interested in the Indian market and business to attend."The event will take place on July 21 from 2:00 PM to 4:30 PM at the Hall of Hallasan, Seoul Club in Jangchung-dong. 2026-07-07 10:20:00
-
Naver, KAI join forces on Korean defense AI platform SEOUL, July 07 (AJP) - Naver and cloud affiliate Naver Cloud, collectively known as Team Naver, have agreed to build a domestically developed defense artificial intelligence platform in partnership with Korea Aerospace Industries (KAI), the companies said. The three firms signed a strategic memorandum of understanding on aerospace and defense AI cooperation on Monday at KAI's headquarters in Sacheon, South Gyeongsang Province. Naver chief executive Choi Soo-yeon, Naver Cloud chief executive Kim Yu-won and KAI president and chief executive Kim Jong-chool attended the signing ceremony. Under the pact, the companies plan to jointly develop a foundation AI model tailored to the defense sector, drawing on Team Naver's AI and cloud capabilities alongside KAI's systems-integration expertise. The effort is aimed at securing sovereign defense AI, reducing reliance on foreign technology and expanding Korea's homegrown defense AI ecosystem. Priority areas include autonomous drone flight, unmanned mission execution and an integrated AI platform for future combat systems, to be developed in tandem with KAI's Next-generation Air Combat System, which links manned and unmanned fighter jets with satellites and other battlefield assets. The companies also intend to jointly pursue government-led national research and development projects and block-funding programs, and to embed AI into manned-unmanned teaming and other future aerospace platforms to raise autonomy levels. "We will do our utmost to combine Team Naver's advanced AI capabilities with KAI's defense infrastructure to strengthen South Korea's technological sovereignty in national defense," Choi said. 2026-07-07 10:19:09 -
Lee heads to Ankara to attend NATO summit SEOUL, July 7 (AJP) - President Lee Jae Myung left for Türkiye on Tuesday as part of a weeklong overseas trip that will also include a visit to Mongolia. Lee is scheduled to attend the North Atlantic Treaty Organization (NATO) summit in Ankara, which begins its two-day gathering on Tuesday. South Korea is not a NATO member, but it has been invited to the summit as one of the Indo-Pacific Four (IP4) partners — along with Australia, Japan and New Zealand — as the western military alliance deepens its cooperation with the group. Lee is set to make his NATO debut in Ankara with a meeting with NATO Secretary-General Mark Rutte, followed by talks with leaders and representatives from the IP4 countries. He will then attend a forum, where he will deliver a keynote address and participate in a discussion, during which he is expected to emphasize cooperation in the defense industry. Later in the day, Lee will attend a welcome dinner hosted by Turkish President Recep Tayyip Erdoğan. After holding a series of bilateral meetings with major defense buyers to promote South Korea's defense exports, Lee will head to Ulaanbaatar for a summit with Mongolian President Ukhnaagiin Khürelsükh slated for Thursday. The two leaders are expected to discuss economic cooperation as well as peace on the Korean Peninsula. Mongolia, a resource-rich country known for key minerals, is one of North Korea's diplomatic partners. Lee will also attend a business forum later in the day, where government and business officials from both countries will discuss ways to strengthen economic cooperation. His itinerary in Mongolia also includes a visit to a memorial hall honoring independence activist Lee Tae-jun who practiced medicine there and a luncheon meeting with South Korean residents in the country. Lee will also attend the opening ceremony of Naadam, Mongolia's largest traditional festival, as the guest of honor before wrapping up his trip and returning home on Saturday. 2026-07-07 10:16:43 -
Shinhan Bank Celebrates 44th Anniversary with Customer-Centric Focus Jung Sang-hyuk, CEO of Shinhan Bank, emphasized on July 7 the importance of remembering the customers who have made the bank's success possible, stating that the company must always keep its original intentions and dedication in mind.Shinhan Bank held its 44th anniversary ceremony at its headquarters in Jung-gu, Seoul, attended by over 100 employees and executives.In his speech, Jung urged employees to remember the bank's founding aspiration to bring a new wave to South Korea's financial sector, prioritizing customer satisfaction as the core value and focusing the bank's efforts on this goal.To celebrate its 44th anniversary, Shinhan Bank is also hosting events for customers. A special discount coupon event called 'Super SOL X SOL LINK' is being held on the mobile platform 'Shinhan Super SOL.' Additionally, the bank is offering opportunities to earn My Shinhan Points and participate in a digital cognitive function test program called 'Memory Check' through health-related events like 'Shinhan 20+ Run' and 'Shinhan 50+ Walk.'Programs for employees and their families have also been organized. On this day, Chef Yoon Nam-no, who appeared on the Netflix show 'Black and White Chef,' presented a special menu, while the music group 'Shinhan SOL Remio,' composed of musicians with developmental disabilities, performed in the bank's lobby during commuting, lunch, and closing hours. Throughout the anniversary week, various programs, including a campus tour of Seoul National University for employees' children, will be available for staff and their families.Furthermore, in line with its founding principles, Shinhan Bank plans to raise a total of 100 million won through an employee-participation untact learning and plogging event called 'Shinhan Seed RUN,' which will be donated to seven charities. The number 7B refers to the founding philosophy proposed by the late Lee Hee-gun, the bank's founder, when he established a bank with two branches.A Shinhan Bank official stated, 'To mark our 44th anniversary, we have prepared various programs to express our gratitude to the customers and employees who have contributed to the bank's growth and development. We will continue to strive to be a more trusted bank that prioritizes our customers.' 2026-07-07 10:16:00
-
LG Energy Solution Reports Disappointing Q2 Earnings, Shares Drop Over 6% LG Energy Solution's stock has dropped more than 6% after the company reported second-quarter earnings that fell short of market expectations.As of 10:04 a.m. on July 7, LG Energy Solution shares were trading at 333,000 won, down 21,500 won (6.06%) from the previous trading day. During the session, the stock fell as low as 325,500 won, marking a decline of over 8%.The disappointing results have dampened investor sentiment. The company announced that its consolidated revenue for the second quarter of this year was 7.56 trillion won, with an operating profit of 113.3 billion won. While revenue increased by 24.8% compared to the same period last year and rose 15.3% from the previous quarter, operating profit saw a significant decline of 77.0% year-on-year. However, it did return to profitability after a loss in the previous quarter.The gap between actual results and market expectations was substantial. According to financial information provider FnGuide, the consensus forecast for operating profit from securities firms was 205.2 billion won, which the actual results did not meet.The reported figures include 241 billion won from the Advanced Manufacturing Production Credit (AMPC) under the U.S. Inflation Reduction Act (IRA). Excluding this amount, the company would have recorded an operating loss of 127.7 billion won for the second quarter. LG Energy Solution has changed its accounting treatment for North American production subsidies starting in the first quarter of this year, reflecting AMPC in revenue and other income.LG Energy Solution stated, "These preliminary results are provided for investor convenience before the completion of the external auditor's review, and there may be differences in the final results."* This article has been translated by AI. 2026-07-07 10:12:00