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  • South Korea Fails to Secure Canadian Submarine Deal Amid Industry Cooperation Concerns
    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
  • BBQ Launches New Menu Item Feel Crunch in Collaboration with Felix
    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
  • Government Promotes Sharing of Best Practices in Risk Assessment for Workplace Safety
    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
  • LG Electronics Reports Record Q2 Revenue and Operating Profit
    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
  • Namyang Dairy to Include Rain Safety Tips on 1.4 Million Milk Cartons
    Namyang Dairy to Include Rain Safety Tips on 1.4 Million Milk Cartons Namyang Dairy announced on July 7 that it will conduct the "We Lend You Milk Cartons" campaign in collaboration with the Ministry of the Interior and Safety until August. Starting this month, 1.4 million cartons of its 900ml "Premium Morning Milk" will be released sequentially, featuring safety guidelines for heavy rain preparedness.This initiative is part of the Ministry's efforts to prevent natural disasters during the summer. By utilizing the sides of milk cartons, the campaign aims to inform consumers about essential safety measures, such as cleaning rainwater drains, regularly checking weather updates, and confirming evacuation sites, thereby promoting a culture of safety during the monsoon season. According to the Korea Meteorological Administration, this year's monsoon began on June 30 in Jeju and the southern regions, and on July 1 in the central region.Namyang Dairy has been running the "We Lend You Milk Cartons" campaign since 2019, using product packaging as a public communication platform. The company has collaborated with various organizations, including the Ministry of the Interior and Safety, the National Police Agency, the Ministry of Health and Welfare, and the Korean Epilepsy Association, to convey messages on crime prevention, deepfake sexual crime prevention, support for young caregivers, and raising awareness about epilepsy.Shin Il-cheol, director of the Natural Disaster Response Division at the Ministry of the Interior and Safety, expressed hope that this campaign will help the public familiarize themselves with safety guidelines for the monsoon season and foster a culture of safety.Jang Jong-jin, head of the brand team at Namyang Dairy, stated, "We will continue to collaborate with public institutions through the 'We Lend You Milk Cartons' campaign to engage in public interest activities that benefit consumers."Meanwhile, Namyang Dairy has adopted the slogan "Healthy Companionship for All Generations" for its corporate social responsibility initiatives, supporting vulnerable groups such as infants, single-parent families, young caregivers, and the elderly. Recently, the company launched a workplace campaign to support pregnant employees in collaboration with the Population Health and Welfare Association, and it has expanded its social contribution activities, including the production of special formula for children with rare diseases and the implementation of notched milk cartons for visually impaired individuals.* This article has been translated by AI. 2026-07-07 12:48:00
  • Kiturami Ranks First in National Customer Satisfaction for Gas Boilers
    Kiturami Ranks First in National Customer Satisfaction for Gas Boilers Kiturami has been recognized for its product and service competitiveness as it announced on July 7 that it ranked first in the gas boiler category of the 2026 National Customer Satisfaction Index (NCSI) survey conducted by the Korea Productivity Center (KPC).The NCSI, developed jointly by the KPC and the University of Michigan in 1998, is a customer satisfaction evaluation metric. It quantifies overall satisfaction based on customer evaluations of expectations and experiences with products and services across 353 companies in 94 industries.Kiturami achieved the highest score in the gas boiler industry with an NCSI overall score of 79 points, receiving top marks from customers in key evaluation categories such as product and service quality, complaint rates, and loyalty.The company enhances customer convenience through its home boiler rental service, 'Ddasum Care,' which systematically manages the entire process from purchase and installation to regular inspections and after-sales service.Additionally, to ensure that online customers can confidently select products, Kiturami operates an 'official online certified sales outlet' system. The 'Kiturami Boiler KakaoTalk Channel,' with 780,000 subscribers, handles about 30% of the total annual call center service requests.Kiturami's home boilers were also ranked first for ten consecutive years in the '2026 Brand Customer Loyalty Awards' announced in April by Brand Key, a leading U.S. brand evaluation agency, in collaboration with the Korea Consumer Forum.A Kiturami representative stated, 'Our achievement of being ranked first in national customer satisfaction is the result of our continuous efforts to improve not only product performance but also the quality of service that customers actually experience.'* This article has been translated by AI. 2026-07-07 12:44:00
  • Korean households stock and fund buying nears $40 bn in Q1, nearly matching foreign sales
    Korean households' stock and fund buying nears $40 bn in Q1, nearly matching foreign sales SEOUL, July 07 (AJP) - South Korean households’ purchases of equity securities and investment fund shares nearly doubled to 61.4 trillion won ($40 billion) from 34 trillion won in the first quarter, the latest data underscoring the stock craze that gripped the country as investors watched the benchmark KOSPI surge in the first half. Foreign investors sold nearly the same amount, offloading a net 62.1 trillion won worth of Korean equities and investment funds, more than seven times the 8.5 trillion won sold in the previous quarter, Bank of Korea data showed Tuesday. The BOK said the domestic sector posted net lending of 84.3 trillion won ($55.1 billion) in the January-March period, up from 51.9 trillion won in the previous quarter. Households and nonprofit institutions serving households remained the largest net-lending sector, with net lending rising to 79.2 trillion won from 67 trillion won. Their financial asset transactions climbed to 96.3 trillion won from 84.3 trillion won, driven by the surge in purchases of equity securities and investment fund shares. The central bank said much of the increase in household deposits came from investor cash parked at securities firms rather than ordinary bank deposits. Deposits at financial institutions rose to 29.4 trillion won from 12.8 trillion won even as bank deposits declined, suggesting households shifted money into brokerage accounts, stocks and funds. Households continued to sell bonds, with net disposals of 7.4 trillion won in the first quarter after selling a net 10.4 trillion won in the previous quarter. Equity securities and investment fund shares accounted for 28.8 percent of household financial assets at the end of March. The overseas sector moved in the opposite direction. Its net borrowing widened to 84.3 trillion won from 51.9 trillion won as nonresidents stepped up sales of Korean equities. Financial asset transactions by the overseas sector swung to a net disposal of 20.9 trillion won from a net acquisition of 46.4 trillion won. Nonresidents sold a net 62.1 trillion won of Korean stocks and investment funds, compared with net sales of 8.5 trillion won in the fourth quarter. Appetite for foreign equities remained strong. Koreans' overseas stock investment totaled 40.3 trillion won, down from 61.5 trillion won in the previous quarter but still large, while overseas direct investment increased to 28.9 trillion won from 18.1 trillion won. The pattern helps explain the unusual combination of a soaring KOSPI and a weak won. Household money moved toward stocks, funds and brokerage accounts, while foreign selling and residents' overseas investment sustained demand for dollars. Nonfinancial corporations also shifted into a larger net lending position. Their net lending rose to 20.8 trillion won from just 100 billion won in the fourth quarter as financial asset transactions increased to 137 trillion won from 58.4 trillion won. Corporate borrowing from financial institutions rose to 32.2 trillion won from 10.6 trillion won. Direct financing, however, swung to a net repayment of 7.9 trillion won from net borrowing of 21.4 trillion won, while corporate bond financing shifted to a net repayment of 11.8 trillion won from net issuance of 15.9 trillion won. The general government's net borrowing widened to 23.3 trillion won from 19 trillion won. Government bond issuance surged to 49.7 trillion won from 3 trillion won, helping explain recent upward pressure on long-term Korean bond yields amid concerns over heavy debt supply. At the end of the first quarter, the domestic nonfinancial sector held financial assets of 14.77 quadrillion won against financial liabilities of 8.335 quadrillion won, leaving net financial assets of 6.435 quadrillion won. The ratio of financial assets to financial liabilities for households and nonprofit institutions rose to 2.60 from 2.54 at the end of the previous quarter. Separately, the BOK said the household debt-to-GDP ratio fell to 85.3 percent in the first quarter as nominal GDP grew 4 percent while household debt increased 0.6 percent. The central bank cautioned, however, that the decline should be assessed together with the continued rise in household debt and the renewed pickup in borrowing seen in the second quarter. 2026-07-07 12:37:59
  • Paiks DABANG Rebrands as It Prepares for International Expansion
    Paik's DABANG Rebrands as It Prepares for International Expansion Dabong Korea's coffee brand Paik's DABANG has revamped its brand identity (BI) and is set to expand into international markets, starting with Japan.On July 7, Paik's DABANG announced the launch of its new BI, which replaces the previous Korean-centric logo with the English brand name 'Paik's DABANG.' The new design emphasizes the English name to help overseas consumers and local partners recognize the brand more intuitively while retaining the term 'DABANG' to reflect its Korean coffee culture identity.The logo features a 'P' design inspired by coffee beans, utilizing a curved font and bright colors to maintain the friendly image of the original Paik's DABANG.Alongside the BI overhaul, Paik's DABANG is also expanding into international markets. The first store will open in Tokyo in August, with plans to add a second location in Japan later this year. The brand is also considering entry into major markets such as China, Taiwan, and the United States.A representative from Paik's DABANG stated, "In preparing for international expansion, we aimed to establish a unified brand image in the global market through the BI revamp. We have been reviewing various options with a professional design firm since last year and finalized the plan by incorporating feedback from employees and franchise owners."The new BI will be gradually implemented across all franchise locations with support from the headquarters, aiming to minimize the cost burden on franchise owners during the sign replacement process. This year marks the 20th anniversary of the brand's launch, and Paik's DABANG will also introduce new menu items and customer engagement events.A spokesperson for Dabong Korea remarked, "This BI revamp is part of our brand refinement for global market entry, and we are preparing to showcase the Paik's DABANG brand in various markets, starting with Japan, followed by China, Taiwan, and the U.S."Currently, Dabong Korea operates over 150 stores across 16 countries worldwide.* This article has been translated by AI. 2026-07-07 12:32:00
  • South Korean Prime Minister: New Cybersecurity Law Aims to Minimize Illegal Activities
    South Korean Prime Minister: New Cybersecurity Law Aims to Minimize Illegal Activities South Korean Prime Minister Han Seung-soo stated on July 7 that the government will ensure freedom of expression for legitimate criticism and diverse opinions while firmly addressing clear false information and illegal activities under the newly implemented Cybersecurity Law. Han made these remarks during a State Council meeting held at the Government Seoul Complex. He noted that online platforms serve as spaces for communication and public discourse, playing a crucial role in the advancement of democracy. However, he acknowledged that as the online realm expands, the negative effects of illegal activities, such as the spread of false and manipulated information, are also increasing. He explained that the purpose of the recent amendment is to minimize these adverse effects. Han urged relevant agencies, including the Ministry of Science and ICT, to ensure the smooth implementation of the amendment and requested that they clearly explain the specific changes to the public with relatable examples. Additionally, he emphasized the need for the government to remain vigilant to minimize damage from heavy rain, stating that the primary goal of disaster response is the safety and lives of citizens. He stressed that no citizen should lose their life due to such disasters and urged relevant departments, including the Ministry of the Interior and Safety and the Ministry of Environment, to work closely with local governments to thoroughly inspect and reinforce areas vulnerable to flooding, such as underground roads, semi-basement homes, and landslide-prone regions. Han also mentioned that reports on the progress and challenges related to the eradication of technology theft from small and medium-sized enterprises (SMEs) will be presented. He noted that addressing technology theft is a critical task he received as the Minister of SMEs and Startups during a State Council meeting with the President. He described technology theft as a serious crime that undermines the innovative spirit of SMEs. According to investigation results, there were 474 cases of technology theft in 2024, with an average loss of 2.3 billion won per case. He explained that the government plans to strengthen penalties for theft and restrictions on public bidding, as well as establish guidelines for assessing damages to ensure that affected companies receive adequate compensation.* This article has been translated by AI. 2026-07-07 12:12:00
  • South Korea to Invest $1.4 Billion in Physical AI Development in Gyeongnam and Jeonbuk
    South Korea to Invest $1.4 Billion in Physical AI Development in Gyeongnam and Jeonbuk The Ministry of Science and ICT will invest 1.4 trillion won (approximately $1.4 billion) over five years to secure leadership in next-generation physical artificial intelligence (AI) technology. The plan includes developing AI models for precise control of manufacturing processes and a platform for autonomous factory operations in Gyeongnam and Jeonbuk, respectively, to establish domestic physical AI technology. The Ministry and the National IT Industry Promotion Agency (NIPA) announced on July 7 that they are soliciting participation in the '2026 Gyeongnam and Jeonbuk AX (AI Transformation) Research and Development Project' until July 28. A total of 1.4131 trillion won will be invested in the project from 2026 to 2030, with 676.3 billion won allocated to Gyeongnam and 736.8 billion won to Jeonbuk. This initiative focuses on securing core physical AI technologies centered around manufacturing sites. Physical AI refers to technology that perceives and makes judgments about the real world, directly controlling robots and equipment. Since AI models developed in laboratories have limitations in real-world industrial applications, the plan includes collecting data directly from manufacturing sites and conducting demonstrations. The Ministry will promote the project with two main pillars: 'ultra-precise control' of manufacturing processes and 'integrated operation' that intelligently connects and operates the entire factory. Utilizing the industrial bases of Gyeongnam and Jeonbuk, specialized research and development and demonstrations will be conducted, linking them into a single physical AI platform. In Gyeongnam, a project will be launched to develop a 'human-AI collaborative physical intelligence action model (LAM) for global demonstration.' The goal is to secure ultra-precise control technology for manufacturing processes. The project will develop physics-informed neural network (PINN) technology that reflects physical laws such as thermodynamics and fluid dynamics in AI models, and will establish high-reliability fusion data and LAM based on actual manufacturing data to demonstrate a collaborative manufacturing model between humans and AI. In Jeonbuk, a project will be conducted to create a 'collaborative intelligence physical AI-based software platform ecosystem.' This includes developing an autonomous intelligent factory platform that integrates factory and logistics systems, as well as promoting standardization of AI autonomous factory operating systems and software. Additionally, a testbed and a joint research cluster involving industry, academia, and research will be established near the Jeonbuk Innovation City to provide a foundation for technology validation. The Ministry plans to link the two projects to implement a single physical AI platform that encompasses precise control of manufacturing processes and factory operations. This aims to reduce reliance on foreign manufacturing solutions and establish an 'intelligent advanced K-AI factory package' that integrates AI models, software, and equipment and robot control technologies, facilitating entry into the global market. Park Tae-wan, Director of the Information and Communication Industry Policy Bureau at the Ministry, stated, "This project marks the first step in concretizing physical AI, one of the three mega-projects promoted by the government. We aim to establish a K-physical AI-based manufacturing innovation model led by AI, from manufacturing processes to factory operations, to foster new export competitiveness." The government announced on June 29 that it would cultivate semiconductors, physical AI, and AI data centers as national strategic industries under the 'Korea's Great Leap 3 Mega Projects.' 2026-07-07 12:08:00