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Korea's Fair Trade Commission Launches Investigation into Starch Price Collusion The Fair Trade Commission has initiated a review process regarding collusion in the bidding for starch products, including syrup and oligo, as well as price collusion for byproducts such as protein feed.On July 7, the Fair Trade Commission announced that it has sent a report detailing the findings of its investigation to four starch manufacturing and sales companies—Daesang, Samyang Foods, CJ CheilJedang, and Saejoong CPK—marking the start of the review process. All four companies are implicated in the bidding collusion, while the price collusion for byproducts involves only Daesang, Saejoong CPK, and Samyang Foods, excluding CJ CheilJedang.The Commission found that from September 2016 to June 2025, the four companies participated in bids for starch and syrup purchases from seven major end-users, agreeing in advance on the winning bidder, bid rankings, bid prices, and quantities. The Commission also believes these companies engaged in collusion regarding the distribution of quantities, estimating the related sales at 940 billion won.Separately, Daesang, Saejoong CPK, and Samyang Foods are accused of regularly colluding on the sales prices of byproducts such as protein feed, gluten, and germ from August 2017 to October 2025. Protein feed and gluten are primarily used in livestock feed, while germ is used as a raw material for cooking oil, imposing direct cost burdens on livestock farms and the feed industry. The sales related to the byproduct price collusion amount to approximately 1.55 trillion won.The investigators determined that these actions constitute a 'very serious violation' of regulations prohibiting price, quantity, and bidding collusion under the Fair Trade Act. Consequently, the fines for the implicated companies are expected to reach several hundred billion won. The Commission explained that it can impose fines of up to 20% of the affected sales related to the collusion.The final results are expected to be announced within the year. The Commission plans to hold a meeting for a final decision once the eight-week period for submitting written opinions and reviewing evidence to ensure the defendants' right to defense is completed.A Commission official stated, "We will focus on monitoring and strictly enforcing the law against collusion that threatens public welfare to effectively eliminate the incentives for such collusion."* This article has been translated by AI. 2026-07-07 13:36:00 -
Ildong Foodis Expands 'Hymun Amino Potent' Product Line with New Immune Vita Ildong Foodis has introduced a new health supplement that combines amino acids with vitamins and minerals, expanding its 'Hymun Amino Potent' product line. On July 7, Ildong Foodis announced the launch of its new product, 'Hymun Amino Potent Immune Vita.' The new product features a dual-chamber design, with tablets in the upper section and liquid in the lower section. The company stated that this design allows for convenient consumption of both forms without the need for water. Each bottle contains 2,550 mg of amino acids and 20 types of vitamins and minerals. The product includes 400 mg of BCAAs, which contribute to fatigue recovery, along with four types of B vitamins: B1, B2, B6, and B12. Ildong Foodis noted that some B vitamin levels are formulated to be as high as 2,000% of the daily nutritional value. Additionally, the product incorporates liposomal vitamin C, which enhances absorption without causing stomach discomfort. It is designed to be caffeine-free, sugar-free, and fat-free. An Ildong Foodis representative stated, "Through this differentiated formula that allows consumers to take 23 essential and non-essential amino acids along with 20 types of vitamins and minerals at once, we aim to add new vitality to their healthy daily lives." Recently, the food industry has seen a trend toward health supplements that combine multiple nutrients or diversify consumption forms as health management goals become more specialized. Hy is expanding its probiotic product line from liquid to powder and capsules, while CJ Wellcare is targeting younger consumers with products that combine characters and flavors, reflecting a growing emphasis on functionality and convenience in consumption.* This article has been translated by AI. 2026-07-07 13:36:00
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HYBE Shares Rise Over 6% Amid Bottom Fishing Interest HYBE shares have surged more than 6% during trading, buoyed by analysts' recommendations for bottom fishing.According to the Korea Exchange, as of 12:58 PM on July 7, HYBE's stock was trading at 228,000 won, up 13,000 won (6.05%) from the previous trading day. The stock opened at 213,000 won and peaked at 236,500 won during the session, before retracting some gains.The increase in stock price is attributed to analysts suggesting that the shares, which have underperformed in the recent market rally, are undervalued, thus stimulating investor sentiment.Lee Hwa-jung, a researcher at NH Investment & Securities, stated in a report that "second-quarter earnings are expected to exceed consensus estimates," lowering the target price to 330,000 won but maintaining a 'buy' rating.Lee noted, "The high growth of Cortis is becoming evident, and we are focusing on the long-term growth potential from the success of Western music centered around BTS and Cat's Eye. The increase in artist distribution rates can be offset by economies of scale, which will alleviate concerns about profitability as confirmed in the second-quarter results."Additionally, she mentioned, "The likelihood of NewJeans making a comeback has increased following their reorganization, indicating that this is a valid period for bottom fishing due to the abundance of re-evaluation factors."* This article has been translated by AI. 2026-07-07 13:32:00
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Dongkuk Steel Group Marks 72nd Anniversary, Calls for Corporate Refounding in AI Era Dongkuk Steel Group has declared a 'Corporate Refounding' to align with the era of artificial intelligence (AI) as it celebrates its 72nd anniversary. This initiative goes beyond merely integrating AI into operations; it aims to redesign the very purpose of the organization and its business.The company held its 72nd anniversary ceremony on July 7 at its headquarters in Ferum Tower, Seoul, along with various locations nationwide. Dongkuk Holdings, Dongkuk Steel, and Dongkuk CM all commemorate July 7 as their joint founding anniversary, inheriting the founding spirit of Dongkuk Steel (now Dongkuk Holdings).In his commemorative speech, Vice Chairman Jang Se-wook emphasized 'Corporate Refounding' as a key theme. He stated, 'The AI era requires us to approach it from a perspective of redesign rather than mere adoption. We must ask ourselves if we would create the same organization if we were to start over today.'He further urged the company to reflect on its 72-year history, questioning whether anything has been overlooked or if it has fallen behind. 'We must be wary of complacency and become leaders of change at this critical juncture,' he stressed.This year also marks the 30th anniversary of Jang Se-wook's entry into Dongkuk Steel Group. A graduate of the Army Academy, he joined the company in 1996 after serving as a major in the army. During the ceremony, long-serving employees were recognized, with a plaque presented by a new employee born in 1996, the same year Jang joined.Meanwhile, CEO Choi Sam-young stated, 'We must enhance process efficiency and eliminate waste through smart factories to secure cost competitiveness,' adding that communication is central to this effort. Park Sang-hoon, president of Dongkuk CM, noted, 'We live in an era where yesterday's plans must be revised today and changed again tomorrow. We need to respond swiftly based on fundamentals and execution.'* This article has been translated by AI. 2026-07-07 13:24:00
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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
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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