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  • Director Na Hong-jin Responds to Controversial Question at Cannes Film Festival
    Director Na Hong-jin Responds to Controversial Question at Cannes Film Festival Director Na Hong-jin addressed the controversy surrounding a rude question posed by a foreign journalist during a press conference at the Cannes Film Festival.On July 6, a media preview and press conference for the film 'Hope' took place at Megabox Coex in Gangnam, Seoul. Na was joined by actors Hwang Jung-min, Jo In-sung, and Jung Ho-yeon.When asked how he felt about the foreign journalist's question at the official press conference for the 79th Cannes Film Festival, Na replied, "Of course, I felt bad."He added, "I don’t think that was the right place to express feeling bad about such comments," and stated, "I don’t want to talk about it any further."During the official press conference held in May at the Palais des Festivals in Cannes, a foreign journalist sparked controversy by addressing actors Michael Fassbender and Alicia Vikander while saying, "I don’t know who the rest of you are," in reference to the Korean actors Hwang Jung-min, Jo In-sung, and Jung Ho-yeon.The journalist also remarked on the casting of Fassbender and Vikander, suggesting it was like getting two actors for the price of one and likening it to a "couple package." This led to online criticism that the question was disrespectful to the Korean actors and racially insensitive.At the time, Na responded, "It’s difficult to bring each of them together," emphasizing that it was a process of effort and persuasion. He further clarified, "It’s not a package deal. Michael is one of my favorite actors, and I had to ask him very earnestly to join us."'Hope' tells the story of Bumsuk (played by Hwang Jung-min), the head of a branch office in the Demilitarized Zone, who faces an unbelievable reality when he hears reports of a tiger sighting from local youths, causing panic in the village. This film marks Na Hong-jin's return after ten years since 'The Wailing' and is invited to compete at the 79th Cannes Film Festival. It is set to be released in theaters on July 15.* This article has been translated by AI. 2026-07-06 18:44:00
  • Hwang Jung-min shines at Hope screening
    Hwang Jung-min shines at 'Hope' screening SEOUL, July 06 (AJP) - Actor Hwang Jung-min poses during a press screening and press conference for the film "Hope" at COEX in Seoul on July 6, 2026. 2026-07-06 18:43:16
  • Na Hong-jins $700 Million Film Hope Set to Revitalize Korean Cinema This Summer
    Na Hong-jin's $700 Million Film 'Hope' Set to Revitalize Korean Cinema This Summer As the Ministry of Culture, Sports and Tourism prepares to distribute additional 6,000 won discount tickets, all eyes are on director Na Hong-jin's new film 'Hope.' This marks Na's return after a decade since 'The Wailing,' and 'Hope' has been invited to compete at the 79th Cannes Film Festival. With a production budget of approximately 700 billion won, it has been touted as one of the most anticipated Korean films of the year. The film has already topped pre-release ticket sales, raising hopes for a revival in the sluggish Korean film market.On July 6, a press screening and media conference for 'Hope' took place at the Megabox Coex in Gangnam, Seoul, featuring director Na Hong-jin and actors Hwang Jung-min, Jo In-sung, and Jung Ho-yeon.'Hope' tells the story of Bamseok (played by Hwang Jung-min), the head of a branch office in the Demilitarized Zone, who faces an alarming situation when local youths report a tiger sighting. This film is Na's fourth invitation to Cannes, showcasing his signature intense genre style seen in previous works like 'The Chaser,' 'The Yellow Sea,' and 'The Wailing.'Regarding casting, Na Hong-jin shared, "I had intended to cast Hwang Jung-min in another film after 'The Wailing,' which was rated for mature audiences. However, when that project fell through, I found it challenging to cast him in a different script. While writing, I envisioned him as Bamseok, making it a natural and inevitable choice."Na explained that Jo In-sung was cast after hearing positive feedback from fellow actors and director Ryoo Seung-wan. He said, "Many actors I know have worked with Jo and spoke highly of him. I thought, 'What’s going on here?' After watching Ryoo's films, I felt confident that we needed to bring him on board. I believed we could create something great together."As for Jung Ho-yeon, Na noted, "She embodied the character I envisioned. I was surprised at how well we matched during our first meeting. I humbly asked her to join, and despite her busy schedule, she graciously made time for us."'Hope' combines large-scale action, creature features, and chase scenes. Na emphasized the importance of safety in the action sequences, stating, "We spent a year preparing storyboards and discussing with the cast and crew to ensure we could execute the action as envisioned. I wanted the action to convey the film's emotions and themes without relying solely on dialogue or explicit descriptions."He added, "Each chapter of the film required different storytelling approaches. As Jo In-sung mentioned, we aimed to maximize the feeling of survival through action. While characters could express their desire to live verbally, I wanted to convey that through action instead. In the first sequence with Hwang Jung-min and Jung Ho-yeon, we aimed to depict the shifting dynamics of predator and prey through action."The actors also engaged in intense action to immerse the audience. Jo In-sung, who performed various stunts including gunfights, horseback riding, and car chases, described the lengthy preparation process that led to the completion of these scenes.He remarked, "I want to share more, but I must avoid spoilers. The final action sequence was particularly challenging for all of us, including Hwang and Jung. I feel a sense of pride in the great scene we created after all the hard work."Notably, the horseback riding action is highlighted as a spectacular element of 'Hope.' Jo In-sung shared that he underwent extensive training for the horseback scenes, stating, "I practiced two to three times a week for three months. I ran on asphalt and even rode in permitted areas to sync with the horse. It was challenging, as horses can react unpredictably, and I realized how difficult it is to coordinate with them. This film provided a valuable learning experience, including horseback riding."Acting without a visible presence posed a unique challenge for the cast. Hwang Jung-min noted, "Acting without a scene partner and relying solely on imagination was a first for me, and I believe it was unfamiliar for all the actors. I had to think creatively about how to maximize my performance."He continued, "There were moments when I had to request specific angles or eye levels while monitoring, but often, there was nothing to react to. It required careful calculation in our performances, as the reactions of others were absent, necessitating a thoroughly planned approach from the start."Jung Ho-yeon added, "At times, we used laser pointers to help with eye lines, or actors would hold creature models. When running or riding, we relied on our imagination. It was a fun and unique experience for all of us."Jo In-sung echoed, "Acting in an empty space was not easy. The key was to maintain the energy of fear and survival. I focused on sustaining that mood throughout my performance."Jung Ho-yeon also expressed that working with Hwang Jung-min and Jo In-sung was a significant challenge for her, stating, "Communicating through eye contact rather than dialogue was prevalent. Keeping up with their pace was personally challenging, but it felt like we became one during the process."Na Hong-jin did not hide his anxiety about the upcoming release, saying, "I feel a tremendous burden and anxiety. I plan to avoid checking audience reactions until the release date. I will do everything I can until then. Ultimately, a film exists because of theaters and audiences. I will do my best to ensure a good viewing experience for the audience in the remaining time."'Hope' features a global cast, including Hwang Jung-min, Jo In-sung, Jung Ho-yeon, Michael Fassbender, Alicia Vikander, Taylor Russell, and Cameron Britton. With a production budget of around 700 billion won, its invitation to the Cannes Film Festival and Na Hong-jin's first film in a decade have positioned it as a key anticipated release in the summer box office. There is keen interest in whether this film can affirm the presence of major Korean cinema. The film is set to hit theaters on July 15.* This article has been translated by AI. 2026-07-06 18:32:00
  • Lee Byung-tae Resigns from Regulatory Reform Committee Amid Controversy
    Lee Byung-tae Resigns from Regulatory Reform Committee Amid Controversy Lee Byung-tae, the vice chairman of the Presidential Regulatory Reform Committee, has resigned unexpectedly, just two days after receiving a "serious warning" from the Blue House. On July 6, the Blue House announced in a media statement, "Lee has expressed his intention to resign, and we have decided to accept it." Earlier, the Blue House had stated, "Due to the gravity of the situation, we recommended Lee Byung-tae's resignation, and he is currently considering his options." According to the Administrative Regulation Basic Act, the vice chairman of the Regulatory Reform Committee, which is at the ministerial level, is guaranteed a two-year term. There are no provisions for dismissal or removal by the appointing authority, which likely led to the recommendation for resignation. Lee, a professor at KAIST with conservative leanings, was appointed directly by President Lee Jae-myung and has now stepped down due to this incident. In a statement posted on Facebook following his resignation, Lee said, "Recently, a post on my personal social media has sparked social controversy and political disputes. I have decided to resign after careful consideration, as I believe I should not burden the appointing authority and the government due to this situation." He reflected, "The reason I joined the Lee Jae-myung administration was because I believed in the president's sincerity to overcome the polarized politics that divide us into opposing camps and to achieve national unity. As someone who has often criticized progressive policies from a conservative perspective, this was not an easy choice for me." Lee added, "I believed it was my duty as a citizen to contribute, even in a small way, to alleviating political polarization and changing the bleak economic future for young people. I confess that I have deeply pondered whether the repeated departures of myself and other conservative figures who were brought in align with the greater cause of national unity." He explained, "I understood my role as maintaining balance to ensure that government policies do not lean too far in one direction from a conservative viewpoint, and I did not hold back in voicing concerns about regulatory reforms and economic policies. The post related to the cheer for Paejae High School, which became a point of contention, was also part of that effort." Lee expressed, "I intended to appeal for our society to be a bit more flexible and tolerant of differing opinions, even regarding simple slogans used in children's sports events, which have been politicized and turned into ideological confrontations. However, ultimately, my intentions led to an escalation of conflict, and I acknowledge my failure to adequately consider the political sensitivities involved." He concluded, "While I am resigning in this manner, I will continue to dream of a truly free country for both individuals and businesses. I apologize for not meeting the expectations placed upon me during my time in this role." Previously, Lee had criticized the severe penalties imposed on the baseball team from Paejae High School for chanting, "Let’s go to Starbucks," during a game against Gwangju Jeil High School, calling it a "sanctification of history" and emphasizing the need to protect freedom of expression. * This article has been translated by AI. 2026-07-06 18:28:00
  • Pump prices drop below 2,000 won amid easing tensions in Middle East
    Pump prices drop below 2,000 won amid easing tensions in Middle East SEOUL, July 6 (AJP) - Pump prices fell to below 2000 won (about US$1.3) this week as international crude oil prices declined amid ongoing talks between Washington and Tehran, following the signing of a memorandum of understanding late last month to end the months-long conflict in the Middle East. According to the Korea National Oil Corporation's website Opinet on Monday, the average retail price of gasoline at gas stations nationwide stood at 1,952.1 won per liter in the first week of July, down 55.7 won from the previous week. The average retail price of diesel also fell 58.9 won from a week earlier to 1,942.4 won per liter. The decline was also partly attributed to government measures to cap fuel prices, which helped lower costs. 2026-07-06 18:25:34
  • Joyworks & Co. Shares Plummet Despite HOKAs Popularity Among Young Consumers
    Joyworks & Co. Shares Plummet Despite HOKA's Popularity Among Young Consumers Joyworks & Co., a KOSDAQ-listed company, is the offline retailer for the popular shoe brand HOKA, which has gained immense popularity among consumers in their 20s and 30s. However, the company's stock price has plummeted, dropping nearly 60% in the past month to the 600-700 won range, effectively turning it into a penny stock. Concerns about delisting have arisen among shareholders as the government has tightened regulations on penny stocks since July. Despite efforts to restructure management, consolidate shares, and issue free shares, the company has struggled to rebound.According to the Korea Exchange, Joyworks & Co.'s stock price fell by 60.78% over the past month, dropping from around 1,740 won at the beginning of last month to 686 won on July 3. This marks the sixth-largest decline among KOSDAQ-listed companies. Its market capitalization has also decreased from 63 billion won a year ago to 13.2 billion won, a decline of about 79%. Joyworks is the exclusive distributor for HOKA in South Korea and holds the rights to its offline business, making the stock's decline puzzling given HOKA's rapid growth amid a running craze in the country.The stock's decline can be traced back to allegations against former CEO Cho Sung-hwan, who was accused of assaulting a competitor's representative earlier this year. This incident sparked a consumer boycott and dampened investor sentiment. As the controversy escalated, questions arose about the continuation of the HOKA distribution contract. In response, the company issued a public apology and announced Cho's resignation on January 7, just two days after the incident. However, the market reacted negatively, with the stock price dropping 30% to below 1,000 won on the next trading day.Following this, Joyworks attempted to turn its fortunes around by highlighting improved performance. The company reported a revenue increase of 6 billion won and an operating profit increase of 2.2 billion won in the fourth quarter of the previous year, attributing this to cost structure improvements and operational efficiency. Measures to restore corporate value included a 5-for-1 stock consolidation in April and a free share issuance of approximately 14.36 million shares. After the announcement of the free share issuance, the stock price rose to the upper 2,000 won range and even peaked at 3,650 won shortly after trading resumed.However, this upward trend was short-lived. By June, the stock price fell back below 1,000 won, and on June 19, it officially became a penny stock. Despite reporting first-quarter revenues of approximately 21.2 billion won and an operating profit of 3.4 billion won, the stock has not managed to recover.Investor anxiety remains high as concerns about trading suspensions and delisting grow. Voices in investor communities express worries about the possibility of delisting, especially with the government tightening delisting reviews for companies with market capitalizations below 20 billion won and stock prices below 1,000 won starting this month.The company is exploring new business opportunities to reverse its fortunes. An extraordinary general meeting scheduled for July 20 will include significant additions to its business objectives, focusing on nuclear-related ventures. These include the sale, transportation, and disposal of radioactive isotopes, decontamination and dismantling of radioactive waste, and manufacturing and selling electronic devices. Industry insiders interpret this as a strategy for business diversification and enhancing corporate value. A company representative stated, "We will announce related matters as soon as they are decided." 2026-07-06 18:16:00
  • PDRN Market Expands as New Players Enter the Field
    PDRN Market Expands as New Players Enter the Field The PDRN market is rapidly growing, prompting domestic pharmaceutical and biotech companies to increase their efforts. PharmaResearch has been at the forefront of expanding the market focused on medical aesthetics, while new entrants are leveraging their research and development capabilities to broaden their reach into cosmetics and medical beauty.According to market research firm Market Intello, the global PDRN market is projected to grow at an annual rate of 12.8%, expanding from approximately $1.2 billion in 2025 to $3.1 billion by 2034.The growth drivers have also diversified. Currently, about 58% of the PDRN market is made up of injectables, but skincare products such as serums, creams, and masks are experiencing rapid growth with an annual increase of over 14%. The expansion of online platforms and direct sales channels is further broadening the scope of usage.In South Korea, PharmaResearch is recognized as a leading company. The firm has developed the aesthetic injectable 'Rejuran' and the joint injection 'Conjuran,' and has expanded its business to include 'Rejuran Cosmetics,' creating a portfolio that encompasses both medical beauty and cosmetics.Park Jong-hyun, a researcher at Daol Investment & Securities, stated, "Investments in Rejuran branding and marketing have translated into growth in the cosmetics sector. With the expansion of medical tourism, the increase in dermatology consumption is expected to continue for the time being."PDRN has been used in treatments for difficult-to-heal wounds, such as burns, and in regenerative medicine. The quality can vary based on the raw material and extraction and purification processes, making manufacturing technology a critical aspect of this field.A representative from PharmaResearch noted, "We were the first in the country to initiate research and commercialization of salmon-derived PN and PDRN, managing the entire process from raw material acquisition to extraction and purification. We implement a unique purification method that does not use surfactants and utilize our proprietary platform, DOT, to ensure stable DNA raw materials."As the applications of PDRN expand, companies are adopting diverse strategies. Hanmi Science, the holding company of Hanmi Pharmaceutical Group, recently launched a premium derma cosmetic brand called 'ADESII.' This brand is based on the company's R&D capabilities, with a focus on a patented raw material called 'H-EGTI.' The brand plans to expand its product line sequentially, starting with the 'Black Pearl PDRN Neo Serum' and including products for whitening, wrinkle improvement, and lifting.Daewoong Pharmaceutical is also expanding its PDRN business through its affiliate, CJ Bio. CJ Bio is developing a PDRN-based skin booster called 'Declash PDRN,' which aims to reduce pain, embossing, and nodule concerns during injection. Clinical trials have already begun, with a target launch next year.CJ Bio has previously expanded its home care product line. The spot patch 'Trudive RX PDRN Live Shot Patch' incorporates Daewoong Pharmaceutical's patented technology 'CLOPAM,' enhancing the strength and stability of the needles until the moment of application. The 'Trudive RX PDRN Roller' is designed in a microneedle system (MTS) format to directly deliver active ingredients to the skin, improving absorption efficiency.Industry experts predict that competition among companies will intensify as the PDRN market expands. Factors such as raw material technology, product development capabilities, brand competitiveness, and international business capabilities will differentiate companies and influence market competitiveness.An industry insider remarked, "As more consumers choose products based on ingredients, we expect a greater variety of products utilizing PDRN. As the market grows, competition to differentiate raw materials, product forms, and application areas will become even more intense." 2026-07-06 18:08:00
  • Incheon Launches Local Tax Delinquency Management Team Following Ulsan
    Incheon Launches Local Tax Delinquency Management Team Following Ulsan The Ministry of the Interior and Safety announced on July 6 that Incheon Metropolitan City will begin operations of its 'Local Tax Delinquency Management Team' (delinquency management team), following Ulsan Metropolitan City.The delinquency management team consists of temporary workers hired by local governments who conduct surveys through phone consultations and on-site visits to assess the actual payment capacity and financial difficulties of delinquent taxpayers.Based on the survey results, dedicated officials will respond strictly to willful delinquents and provide welfare services to those facing financial hardships, implementing tailored follow-up measures based on the type of delinquency.The launch ceremony for the Incheon delinquency management team was held at the Incheon City Hall conference room, attended by Kim Min-jae, Vice Minister of the Interior and Safety. During the event, Kim urged participants to lead efforts in fostering a fair and healthy tax culture in the community.The ceremony included remarks from Kim, Incheon Mayor Park Chan-dae, Incheon City Council Chairman Park Jong-hyuk, and the 134 members of the Incheon delinquency management team. The event featured a report on progress, encouraging speeches, and a reading of the team's resolution.Prior to the official ceremony, training was conducted to enhance the on-site response capabilities of team members, covering local tax and non-tax revenue systems, personal information protection, and guidelines for field investigations and consultations.Incheon began its recruitment process in April, ultimately selecting 134 members in June after reviewing 303 applicants, resulting in a competitive ratio of 2.3 to 1.The government anticipates that delinquency management teams will be fully operational nationwide starting in August. All local governments across the country have completed their plans for operating these teams and are currently in the process of announcing job postings.In addition to Ulsan and Incheon, most other metropolitan governments, including Daegu, Daejeon, and Sejong, plan to complete their hiring by the end of this month.Kim emphasized, “The operation of the delinquency management team provides valuable job opportunities for citizens and represents a meaningful attempt for the community and administration to collaboratively address local issues. We will actively support efforts to ensure stability in Incheon and across local governments nationwide.”* This article has been translated by AI. 2026-07-06 18:08:00
  • New Guidelines Tighten Rules for Dual Listings in South Korea
    New Guidelines Tighten Rules for Dual Listings in South Korea The long-awaited 'dual listing guidelines' were released on July 6, drawing significant attention from the business and venture sectors. The government established a policy in March stating 'principle of prohibition, exceptions allowed' regarding dual listings. The guidelines provide detailed instructions for dual listings, indicating that companies will face stricter and more thorough reviews before being permitted to list again.According to the financial authorities, companies seeking dual listings will be subject to special review criteria rather than standard listing requirements. In addition to examining whether the parent company's board has considered shareholder rights and implemented protection procedures, the review will also assess the subsidiary's operational and managerial independence, the necessity of the listing, and the overall benefits to corporate value compared to disadvantages for common shareholders.Business and venture sectors have described the review process as 'microscopic' and akin to 'passing through a needle's eye.'The scope of the dual listing regulations applies to cases where a listed company effectively controls or is economically identical to an unlisted subsidiary that is being relisted. This includes subsidiaries where the parent company holds more than 20% of the shares and those where the subsidiary holds more than 50% of the shares in a grandchild or great-grandchild company. However, cases where a subsidiary is listed first and the parent company follows, or where an existing listed company conducts a capital increase, are excluded from these regulations, as they do not create a structure that discounts the parent company's stock.To enhance the fairness of shareholder protection procedures, the parent company's board must undergo prior review by an independent special committee when fulfilling five key obligations. This committee must consist of at least three directors or qualified external experts, with the chair being an outside director or having at least two-thirds of the committee made up of outside directors and external experts.Shareholder approval will apply the '3% rule' similar to that used for appointing audit committee members. The voting rights of the largest shareholders and related parties will be limited to 3%, and approval must meet both a majority of attending shareholders and at least one-fourth of total voting rights. Conversely, if shareholder approval is not obtained, the effectiveness of protection measures such as increased dividends, stock buybacks, or in-kind dividends proposed by the company will be subject to individual review.The necessity of the listing will be assessed not only based on funding needs but also by comparing the benefits gained from the listing against the disadvantages incurred by common shareholders. If the purpose is to recover financial investors (FIs) or maintain control over the parent company, it will undergo strict scrutiny. However, if the need for independent funding for research and development or overseas expansion is recognized, the justification for the listing may be strengthened.Notably, while the guidelines present quantitative criteria, they maintain a strong emphasis on 'case-by-case review.' For subsidiaries with low proportions of sales, operating profit, and assets—less than 10% compared to the parent company—shareholder approval is not required. However, even if they fall into this category, if they are recognized as significant subsidiaries in terms of expected corporate value or are part of a physical division, shareholder approval will still be necessary.In advanced industries, while acknowledging the relative importance of funding, they are not uniformly exempt. However, for industries requiring large-scale investments, such as artificial intelligence (AI), biotechnology, and semiconductors, the potential for increased subsidiary value to lead to long-term enhancement of parent company value and the interests of common shareholders will be comprehensively considered.The scope of application has also expanded beyond initial expectations. When listing a subsidiary on a foreign exchange, the parent company's board must fulfill the same obligations to protect shareholders. The Financial Services Commission explained that even for overseas listings, if the domestic parent company must submit a securities registration statement, the Financial Supervisory Service will review it, and violations of disclosure obligations could result in penalties, including fines and trading suspensions. Reverse listings that utilize mergers to achieve listing benefits will also be subject to the same criteria if they fall under dual listing regulations.The government aims to effectively operate the dual listing system in line with the intent of shareholder protection obligations. The Financial Services Commission plans to regularly update the guidelines every six months to address potential regulatory evasion by companies or emerging new issues.* This article has been translated by AI. 2026-07-06 18:08:00
  • Kim Min-seoks Candidacy Sparks Division Among Democratic Party Factions
    Kim Min-seok's Candidacy Sparks Division Among Democratic Party Factions Kim Min-seok, a candidate for the leadership of the Democratic Party, announced his intention to run on July 6, prompting a backlash from the Chincheong faction, which criticized his statement for being inappropriate and indicative of the pitfalls of self-serving politics. The announcement has intensified factional conflicts within the party as it prepares for the upcoming convention in August.Following Kim's declaration, some members of the Chincheong faction voiced their concerns about the content of his announcement. Han Min-soo, a lawmaker who previously served as the secretary to the party leader during Jeong Cheong-rae's tenure, took to Facebook to express his disapproval of Kim's claim that 'the pitfalls of self-serving politics have led to confusion in party and government cooperation.'Han stated, 'Anyone challenging for the leadership of the ruling party should present a vision for the future, concrete policy alternatives, and a clear direction to win the hearts of party members and the public.' He added, 'I was disappointed to see outdated and detached remarks from the very beginning of his candidacy.'Similarly, Lee Sung-yoon criticized Kim's announcement, expecting him to discuss the future vision and policies of the Democratic Party and the Lee Jae-myung administration. 'A candidacy announcement that only blames others is lamentable. Isn't this self-serving politics that leads to the very 'pitfalls' and 'confusion in party-government cooperation' that Kim himself mentioned?' Lee questioned.Lee also criticized Kim for not participating in the vote to lift the state of emergency during the December 3 incident, questioning why he did not rush to the National Assembly despite reportedly communicating with Democratic lawmakers just before the declaration of the emergency.* This article has been translated by AI. 2026-07-06 18:08:00