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Funeral of Ayatollah Ali Khamenei Draws Regional Militant Leaders The funeral for Ayatollah Ali Khamenei, the former Supreme Leader of Iran, has been taking place in Tehran since July 5, drawing large crowds during the mourning period. Iranian authorities welcomed delegations from various countries. The New York Times reported from Tehran for the first time since the war began.Among those attending Khamenei's funeral were representatives from Hezbollah, Hamas, and the Houthis, militant groups that have formed an anti-U.S. front alongside Iran, according to France 24. The Iranian government has reportedly supported these groups for years, all of which have been designated as terrorist organizations by the U.S. and other Western nations.On July 4, leaders from Hezbollah, Hamas, and the Houthis gathered at the Grand Mosalla Mosque in Tehran to pay their respects to the late Supreme Leader. They also met with Iranian Foreign Minister Abbas Araghchi, according to Iranian state media.The Hezbollah delegation was led by senior official Mohammed Fneish, a former minister, and included family members of fallen and injured fighters.Hamas sent a delegation led by its political bureau chief, Mohammed Darwish, which included other members of the political bureau, such as Bassem Naeem. In July 2024, Hamas's then-political leader Ismail Haniyeh had attended the inauguration of Iranian President Masoud Fazekian, only to die in an Israeli airstrike at his Tehran hotel. The Islamic Jihad, another militant group allied with Hamas, was represented by its leader Ziyad al-Nakhalah, while the Houthis were represented by Daif Allah al-Shami.Delegations from Russia, Qatar, Oman, Iraq, Kyrgyzstan, Uzbekistan, Egypt, Bangladesh, and Nicaragua also attended the funeral, according to Iran Wire.During the funeral, Iranian authorities recited verses from the Quran in front of the delegations. However, the verses varied for each group. Al Jazeera reported that the verses recited for pro-Iran militant groups like Hamas and Hezbollah, as well as for delegations from Pakistan, which mediated U.S.-Iran negotiations, contained positive messages about loyalty to promises and firm devotion to God. In contrast, the verses for the pro-U.S. Saudi delegation included, 'The believers saw their enemies doubled, but the Lord grants victory as He wills. This serves as a lesson for those with insight.' Analysts noted that this has led to various interpretations among observers.Khamenei's funeral is set to last for seven days. An official event for foreign delegations took place on July 3, followed by the official funeral ceremonies at the Grand Mosalla Mosque on July 4 and 5. The ceremonies continued in Tehran on July 6, and on July 7, the funeral will move to Qom, a Shiite holy site. Iranian authorities plan to hold memorial services in Najaf and Karbala on July 8, with the final burial ceremony scheduled for July 9 at the Imam Reza shrine in Mashhad, Khamenei's birthplace.* This article has been translated by AI. 2026-07-07 05:04:00 -
Government Imposes Restrictions on Dual Listings to Protect Parent Company Shareholders Restrictions on Dual Listings Tightened to Protect Parent Company ShareholdersThe government has effectively halted 'asymmetric dual listings' that infringe on the rights of common shareholders in parent companies. To list subsidiaries, companies must now navigate stringent procedures to ensure the protection of parent company shareholders. Notably, subsidiaries formed through physical division will be required to obtain shareholder consent under the '3% rule,' which limits the voting rights of major shareholders. As a result, the threshold for initial public offerings (IPOs) for large corporate affiliates is expected to rise significantly.On July 6, the Financial Services Commission and the Korea Exchange released detailed guidelines on the 'principle prohibition of dual listings and exceptional allowances.' This follows the government's capital market reform measures announced in March, aimed at curbing dual listings and spinoff listings, which have been cited as factors contributing to the Korea Discount.According to the guidelines, parent company boards pursuing dual listings must fulfill five obligations: assessing shareholder impact, establishing shareholder protection measures, communicating with shareholders and confirming their consent, voting on the listing proposal, and disclosing relevant information. Additionally, to ensure compliance, an 'independent special committee' comprising at least three directors or external experts must be formed for prior review and decision-making.The criteria for shareholder consent, which garnered significant attention, will apply the '3% rule' rather than a minority shareholder majority vote. This means that the voting rights of the largest shareholder and related parties will be capped at 3%, and a majority of attending shareholders (at least one-quarter of voting rights) must agree for a dual listing to proceed.The criteria for shareholder consent will vary by subsidiary type. Subsidiaries formed through physical division must obtain consent from parent company shareholders. For general subsidiaries (acquisitions or newly established), obtaining shareholder consent will be considered sufficient for investor protection, but those that do not will face strict scrutiny. However, 'low-weight subsidiaries,' which account for less than 10% of the parent company's revenue, operating profit, or assets, will not require shareholder consent.The market anticipates that the implementation of these guidelines will improve practices that have previously harmed parent company shareholders through spinoff listings. As of the end of last year, the dual listing rate in South Korea stood at 11.2%, significantly higher than in major countries like the United States (0.05%) and Japan (4.0%). However, concerns remain that the increased difficulty of dual listings through physical division may dampen the IPO market, with voices in the venture capital and private equity sectors expressing worries about the challenges of recouping investments through IPOs.New Semiconductor Cluster to Be Established at Gwangju Military AirportThe government has selected Gwangju Military Airport as the site for a new semiconductor cluster in the southwestern region. This decision is part of the government's 'Three Mega Projects for South Korea's Great Leap Forward,' with a focus on resolving site issues before making significant investments.On July 6, Kang Hoon-sik, Chief of Staff to the President, held a briefing at the Cheong Wa Dae press center regarding the joint public-private review meeting for the mega projects. He stated, "During today's meeting, we decided to establish a semiconductor industrial complex at Gwangju Military Airport, as companies indicated it was the most suitable site among candidates in the Honam region."The meeting prioritized discussions on the semiconductor sector, which has the largest investment scale among the mega projects. President Yoon Suk Yeol chaired the meeting and emphasized the need for swift progress. He plans to hold related meetings monthly to monitor the progress of the semiconductor cluster and other key tasks within the three mega projects by region.The main advantage of the Gwangju Military Airport site is its potential for a large area of approximately 2.5 million pyeong, and the airport's existing flat terrain will significantly reduce the construction time needed for site development.During the meeting, companies also raised concerns about securing essential infrastructure such as power and water, as well as improving living conditions related to housing, transportation, and education.Given the nature of the semiconductor industry, which requires rapid advancement, government support is deemed essential for a project that aims to transform the entire regional industrial ecosystem. The government plans to actively support the establishment of the industrial complex, permitting processes, infrastructure, and living conditions.Canada Selects German TKMS for Next-Generation Submarine Project, Hanwha Ocean DisappointedThe Canadian government has chosen Germany's ThyssenKrupp Marine Systems (TKMS) as the preferred bidder for its next-generation submarine construction project (CSPS), according to multiple government sources cited by the Globe and Mail on July 6.Prime Minister Mark Carney is expected to officially announce the selection of the preferred bidder for the Canadian Patrol Submarine Project (CPSP) at 5:10 PM local time (6:10 AM KST) on July 7 in Halifax, Nova Scotia.This project aims to replace the Royal Canadian Navy's four 2,400-ton Victoria-class submarines with up to 12 new diesel submarines of up to 3,000 tons by the mid-2030s. The total project cost, including construction, operation, maintenance, and performance upgrades, is estimated to reach up to CAD 60 billion.The Canadian government evaluated both Hanwha Ocean's KSS-III model and TKMS's 212CD as meeting the navy's performance requirements. The final selection reportedly considered investment in the Canadian economy and the industrial ripple effects as key criteria.Hanwha Ocean proposed over CAD 70 billion in investments and trade expansion, along with the creation of more than 25,000 jobs annually until 2044. TKMS, in partnership with Norway, claimed it could contribute CAD 86 billion to Canada's GDP and create over 650,000 jobs during the project period.Hanwha Ocean and HD Hyundai Heavy Industries were shortlisted candidates competing against TKMS.New Penalties for Distributing Fake News to Be EnforcedThe responsibility for online false information is set to be significantly strengthened. Content creators and platforms distributing such information will now face punitive damages.On July 6, the government took its first step toward eradicating 'fake news.' With the implementation of revised laws and enforcement regulations, the accountability for online false information has been greatly enhanced.The government has amended laws to address the growing harm caused by illegal and misleading information disseminated through information networks, which infringe on individual rights and create social chaos. The revisions aim to strengthen the economic responsibility of those distributing false information while expanding the means for victims to seek redress.One notable change is the introduction of a fine system of up to 1 billion won. Information publishers who profit from disseminating false or misleading information by posting three or more articles in the three months prior to distribution will face fines if they repeat the distribution of information deemed illegal or misleading by the court more than twice. The fines will be determined based on the severity of the violations through a process of aggravation or mitigation.Victims will also have enhanced avenues for redress. Individuals harmed by false information can file for damages, and if a publisher of a certain scale intentionally or maliciously distributes false information causing harm, the court may award up to five times the amount of damages.In cases where harm has occurred but the exact amount cannot be proven, the court may recognize damages up to 50 million won.The application of aggravated damages will be limited to information publishers of a certain scale. This includes those who have posted three or more articles in the three months prior to distribution while profiting from advertisements and have at least 100,000 subscribers or an average monthly view count of over 100,000 during the same period.* This article has been translated by AI. 2026-07-06 22:04:00
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Canada Selects Germany's TKMS for Next-Generation Submarine Project The Canadian government has chosen Germany's ThyssenKrupp Marine Systems (TKMS) as the preferred bidder for its next-generation submarine construction project, according to multiple government sources cited by the Globe and Mail on July 6.Prime Minister Mark Carney is set to officially announce the selection of the preferred bidder for the Canadian Submarine Project (CPSP) at 5:10 p.m. local time in Halifax, Nova Scotia.This project aims to replace the Royal Canadian Navy's four 2,400-ton Victoria-class submarines with up to 12 new diesel submarines, each weighing up to 3,000 tons, by the mid-2030s. The total project cost, including construction, operation, maintenance, and performance upgrades, is estimated to reach up to CAD 60 billion.The Canadian government evaluated both Hanwha Ocean's KSS-III model and TKMS's 212CD model as meeting the navy's performance requirements. The final selection reportedly considered factors such as investment in the Canadian economy and industrial impact.Hanwha Ocean proposed over USD 70 billion in investments and trade expansion, along with the creation of more than 25,000 jobs annually until 2044. In contrast, TKMS, in partnership with Norway, projected a contribution of USD 86 billion to Canada's GDP and the creation of over 650,000 jobs during the project period.Hanwha Ocean and HD Hyundai Heavy Industries were shortlisted as finalists, competing against TKMS for the contract. 2026-07-06 21:36:00
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Vietnam National Football Team Dominates Siheung FC 6-0 in Training Match The Vietnam national football team achieved a resounding 6-0 victory over Siheung FC in their first training match during their visit to South Korea. Coach Kim Sang-sik utilized different lineups in each half to assess player adaptation and tactical strategies. However, some Vietnamese football fans questioned the significance of the win, given that the opponent is a team from South Korea's third division.According to the Vietnam Football Federation, the match took place on July 5 in Incheon, South Korea, where Vietnam opened the scoring just two minutes into the game with a goal from Nguyen Tran Viet Cuong. Hai Long and Do Hoang Hen each scored two goals, while Nguyen Dinh Bac added a late goal in the second half.Coach Kim viewed this match as the first evaluation of their training camp in Korea. Siheung FC currently competes in K League 3, and the Vietnam team plans to gradually increase the intensity of their matches against higher-level opponents. Outside the stadium, Vietnamese fans showed their support by waving flags.Vietnam maintained their attacking momentum throughout the first half. In the 31st minute, Hai Long scored a calm finish for an additional goal. Shortly after, in the 38th minute, he netted his second goal with an assist from Viet Cuong.In the second half, the lineup changed as Coach Kim introduced naturalized goalkeeper Patrick Rejiang, along with naturalized players Nguyen Suan Son, Nguyen Thai Loc, and Do Hoang Hen. With the addition of forward Nguyen Dinh Bac, Vietnam continued to dominate the match.Hoang Hen showcased his scoring ability early in the second half, netting a goal in the 48th minute to extend the lead to 4-0. Four minutes later, Suan Son made a quick run and delivered an accurate pass to Hoang Hen, who scored again, making it 5-0. Despite the large score margin, Vietnam did not relent, and in the 83rd minute, Dinh Bac scored to finalize the 6-0 victory.Reactions among Vietnamese football fans were mixed. One user commented, “Winning against a third division team is not something to brag about.” Another remarked, “It seems they had to come to Korea to play a third division team due to the World Cup period.” A fan expressed curiosity about whether Coach Kim viewed the national team as being at the same level as a K League 3 team.Following this match, Vietnam will face Yongin FC and Gangwon FC in succession. Yongin FC is a K League 2 team, while Gangwon FC competes in K League 1. Coach Kim aims to elevate the level of competition to enhance the players' match experience and combinations. The national team will return home on July 14 and will play a friendly match against Myanmar four days later at Thai Nguyen Stadium. After this match, Coach Kim will finalize the roster for the 2026 ASEAN Cup.Meanwhile, the 2026 ASEAN Cup is scheduled to take place from July 24 to August 8. Vietnam has been drawn into Group A alongside Indonesia, Cambodia, Singapore, and Timor-Leste. The team will kick off their title defense on July 24 with an away match against Timor-Leste in Malaysia.* This article has been translated by AI. 2026-07-06 21:28:00
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Germany's TKMS reportedly picked for Canada submarine program SEOUL, July 06 (AJP) - Canada has selected Germany’s TKMS as the preferred bidder for its program to acquire up to 12 new submarines, The Globe and Mail reported Monday, citing unnamed government sources ahead of an expected official announcement. The reported decision would see TKMS’s Type 212CD chosen over South Korea’s KSS-III Batch-II, dealing a setback to Hanwha Ocean after an intense, nearly yearlong competition for one of Canada’s largest-ever military procurement programs. Canadian Prime Minister Mark Carney is expected to formally announce the preferred bidder in Halifax, Nova Scotia, later Monday before departing for a NATO summit in Türkiye. His office had not publicly confirmed the reported selection as of publication. The selection, if confirmed, would open exclusive negotiations with TKMS rather than immediately result in a final contract. Canada has said it aims to sign a contract for the new fleet by 2028 and receive the first submarine by 2035. The Canadian Patrol Submarine Project is aimed at replacing the Royal Canadian Navy’s aging Victoria-class fleet with up to 12 conventionally powered submarines capable of operating across the Arctic, Atlantic and Pacific. Canada identified TKMS and Hanwha Ocean as the project’s two qualified suppliers in August 2025 after assessing their capabilities, construction capacity and delivery schedules. TKMS offered the Type 212CD, which is being developed for the German and Norwegian naval forces. Germany and Norway promoted the proposal as an opportunity for Canada to join a common submarine program with two NATO allies and Arctic partners. The outcome marks a setback for Hanwha Ocean, which had mounted an extensive campaign highlighting the KSS-III Batch-II’s long-range capabilities, delivery schedule and proposed investments in Canadian industry. 2026-07-06 21:16:22 -
Key Ruling Expected in Han Hak-ja's Political Fund Case The first trial of Han Hak-ja, the leader of the Unification Church, regarding violations of the Political Fund Law is nearing its conclusion. The special investigation team led by Min Jung-ki, which is probing allegations related to Kim Geon-hee, has identified Han as the 'key figure' in the church-state collusion scandal, raising interest in the severity of the prosecution's recommendations.According to legal sources on July 6, the 27th Criminal Division of the Seoul Central District Court, presided over by Judge Woo In-seong, will hold a ruling hearing on July 10 for Han and Jung Won-joo, the former chief of staff, on charges of violating the Political Fund Law and the Anti-Bribery Act. The court is expected to conclude the proceedings after hearing the prosecution's final opinion and recommendations, as well as the defense's closing arguments.Han is accused of conspiring with Yoon Young-ho, the former head of the Unification Church, and Jung to deliver 100 million won in cash to Kwon Seong-dong, a member of the National Assembly, in January 2022. Additionally, she faces charges of providing 144 million won in church funds to members of the National Assembly through a method known as 'split donations' between April and July 2022. The prosecution's indictment also details her involvement in delivering expensive gifts, including a necklace and a Chanel bag, to Kim Geon-hee through Jeon Seong-bae, a figure associated with the church.The main point of contention is whether Han directly instructed or approved these actions. The prosecution believes that Han was the final authority on political contacts, the provision of political funds, and the delivery of gifts to Kim. They have built their case based on Yoon's testimony, seized materials, witness statements from church officials, and accounting records to demonstrate a conspiracy between Han and her staff.In contrast, Han's defense argues that Yoon acted independently. They maintain that Han did not receive specific reports or approve any illegal activities, asserting that there is insufficient objective evidence to prove direct instructions from her. In previous court sessions, Han stated, "I never gave 100 million won to Kwon Seong-dong" and "I never gifted anything to Kim Geon-hee," while accusing Yoon of fabricating many falsehoods.The credibility of Yoon's testimony is expected to be a critical factor in the court's decision following the ruling. Yoon testified in court that there were directives from Han, stating that major issues regarding personnel and finances within the Unification Church were reported to and decided by the leader. Han countered this during their face-to-face encounter in court, asking, "Did I instruct any illegal activities?"Previously, the trial court in Yoon's case mentioned Han's approval as a variable. In January, the same court sentenced Yoon to one year and two months in prison, concluding that he executed the crimes after receiving Han's approval. However, since this pertains to Yoon's case, it cannot be definitively assumed that the same conclusion will apply to Han's case.The prosecution is expected to seek a heavier sentence for Han than for Yoon. The prosecution recommended four years for Yoon, who received a sentence of one year and two months. In Han's case, the prosecution is likely to emphasize her role as the highest decision-maker and the multiple charges of violating the Political Fund Law, the Anti-Bribery Act, embezzlement, and obstruction of evidence. Some legal experts suggest the possibility of a double-digit sentence ranging from eight to twelve years.The actual sentence could vary significantly depending on the extent of the acknowledged conspiracy. If the court determines that Han approved both the provision of political funds and the delivery of bribes, the likelihood of a prison sentence increases. If all charges are upheld, a sentence of four to seven years could be possible. Conversely, if the court finds insufficient objective evidence to support Yoon's testimony, it may lead to partial acquittals or a sentence of two to four years, with the possibility of probation.Han is currently undergoing trial while under a suspension of execution due to health issues. The court recently extended this suspension until the end of the month. As the Supreme Court of Japan recently confirmed the dissolution order for the Unification Church and investigations into the church's political donations continue domestically, the outcome of Han's trial is expected to be a pivotal moment in determining the legal responsibilities surrounding the church-state collusion allegations.* This article has been translated by AI. 2026-07-06 21:12:00
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National Assembly Committee to Hold Hearing on Homeplus Crisis The National Assembly's Political Affairs Committee has decided to hold a hearing to determine accountability for the Homeplus corporate rehabilitation crisis.During a full committee meeting on July 6, members discussed plans for the hearing related to the Homeplus situation. Expected participants include MBK Partners, the largest shareholder of Homeplus, and Meritz Financial, the largest creditor.Democratic Party lawmaker Min Byung-deok characterized the crisis as a significant livelihood issue stemming from the reckless leveraged buyout by private equity funds. He emphasized the need to expedite the hearing for the sake of Homeplus workers and partner companies. Min also serves as the chair of the Democratic Party's Euljiro Committee.In response to Min's request, fellow Democratic lawmaker Yoo Dong-soo, who chairs the Political Affairs Committee, stated, "Since the opposition party is not participating, we will proceed with the hearing once an opposition secretary is appointed and discussions are held between the secretaries."The People Power Party is currently boycotting all National Assembly committee schedules in protest against the Democratic Party's unilateral election of 11 standing committee chairs and special committee chairs.Meanwhile, the Democratic Party's Euljiro Committee plans to hold a press conference on July 7 at the National Assembly to condemn MBK Partners and Meritz Financial, urging a resolution to the Homeplus crisis.* This article has been translated by AI. 2026-07-06 21:08:00
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Hanwha Ocean Wins Lawsuit Over Submarine Delivery Delay, to Receive $17 Million Hanwha Ocean will receive hundreds of millions of won from the government due to delays in submarine deliveries. The Supreme Court has ruled in favor of Hanwha Ocean, confirming that the state must return the funds.According to Yonhap News on July 6, the Supreme Court's third division, led by Justice Lee Suk-yeon, upheld a lower court's ruling that ordered the government to pay Hanwha Ocean 22.67 billion won and delay damages in a lawsuit filed by the company.The dismissal of the appeal indicates that the Supreme Court found no significant legal misunderstanding in the lower court's ruling.This dispute originated from a contract signed in 2010 with the Defense Acquisition Program Administration for the construction of the Jangbogo-Ⅱ submarine No. 6. At that time, Hanwha Ocean was to deliver the submarine by November 2016, but the actual delivery occurred about eight months late, in July 2017.The Defense Acquisition Program Administration reported a 237-day delay in delivery and calculated a penalty of 42.8 billion won. Subsequently, Hanwha Ocean paid approximately 30.8 billion won, excluding about 12 billion won that the government had not paid.Hanwha Ocean argued that the delays were due to adverse weather, lack of support from the Defense Acquisition Program Administration, and defective government-supplied materials, asserting that it should not bear full responsibility for the delays.The Defense Acquisition Program Administration acknowledged responsibility for 45 days of the delay, refunding 8.1 billion won plus interest, but maintained that Hanwha Ocean was responsible for the remaining 192 days.In response, Hanwha Ocean filed a lawsuit, claiming that a significant portion of the delays was due to the Defense Acquisition Program Administration's actions.The first trial determined that Hanwha Ocean should be liable for penalties equivalent to 63 days, amounting to about 8.5 billion won. The appellate court later adjusted the amount to 22.67 billion won. The government appealed, but the Supreme Court rejected the appeal, finalizing the ruling.* This article has been translated by AI. 2026-07-06 20:52:00
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i-dle perform 'Gimme Dat Love' at 'We Made' media showcase SEOUL, July 06 (AJP) - i-dle perform their title track "Gimme Dat Love" at the media showcase for the group's ninth mini album We Made at YES24 Concert Hall in Gwangjin-gu, Seoul, on July 6, 2026. 2026-07-06 20:44:48 -
i-dle perform 'Gimme Dat Love' at 'We Made' media showcase SEOUL, July 06 (AJP) - i-dle perform their title track "Gimme Dat Love" at the media showcase for the group's ninth mini album We Made at YES24 Concert Hall in Gwangjin-gu, Seoul, on July 6, 2026. 2026-07-06 20:43:52