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Gwangju Military Airport Selected for Honam Semiconductor Cluster The government has selected Gwangju Military Airport as the site for a new semiconductor cluster in the southwestern region of South Korea.As attention turns to the follow-up actions of the government's "Three Mega Projects for a Great Leap Forward," officials aim to resolve site issues quickly before making significant investments.Kang Hoon-sik, chief of staff to the president, announced during a briefing at the Blue House on July 6 that the decision was made to establish the Honam semiconductor industrial complex at Gwangju Military Airport, noting that businesses identified this location as the most suitable among the 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 personally chaired the meeting, urging swift action. He plans to hold related meetings monthly to monitor the progress of the semiconductor cluster and other key projects in various regions.Kang stated, "The president has decided to establish a dedicated organization at the Blue House to oversee the progress of the mega projects and to resolve any inter-departmental disagreements with a senior appointee."The main advantage of the Gwangju Military Airport site is its potential for a large area of approximately 2.5 million pyeong, which has already been leveled due to its airport characteristics, significantly reducing the construction time needed for site development.Kang added, "The site has good accessibility to Gwangju city and KTX, making it favorable for attracting research and production personnel. The logistics accessibility, connecting roads, airports, and ports, has also been reviewed as excellent." He assured that the government would promptly finalize the site selection process and initiate subsequent procedures for industrial complex development after discussions with relevant ministries.Kang reiterated the commitment to accelerate the development of the Yongin cluster, a semiconductor hub in the metropolitan area. He mentioned that, in response to corporate requests, the timeline for the originally planned ten fabs (semiconductor production facilities) would be expedited, including land compensation and the supply of electricity and water.During the meeting, companies also raised concerns about essential infrastructure, securing skilled labor, and improving living conditions related to housing, transportation, and education.Given the nature of the semiconductor industry, it is crucial to maintain momentum while recognizing that this project will transform the entire regional industrial ecosystem, necessitating government support. The government plans to actively back the establishment of the industrial complex, permitting processes, infrastructure, and living conditions.Kang concluded, "The world is currently in the midst of an AI transformation. We will ensure that corporate investment plans lead to actual completion with government support throughout the process."* This article has been translated by AI. 2026-07-06 14:52:00 -
Hanjin CEO Cho Hyun-min Advocates for Fair Market for Women Leaders Hanjin announced that CEO Cho Hyun-min participated in the 2026 Global Small Business Conference held in Washington, D.C. on July 1, where she delivered a keynote speech and participated in a panel discussion.According to Hanjin, Cho served as the keynote speaker at the session titled "Global Voices: Borderless Entrepreneurship" held in the Rayburn House Office Building.Cho stated, "What women leaders truly want in any country is not preferential treatment but a fair market where they can compete based on their abilities." She emphasized that women leaders should be evaluated based on their business excellence, reliability, and capabilities, rather than being labeled as women leaders. To achieve this, she highlighted the need for substantial opportunities, transparent evaluation criteria, and financial support tailored to the growth stages of businesses.She further asserted that women leaders should be viewed not as subjects to be protected but as agents of innovation. Cho explained that women leaders can drive national economic and industrial paradigm shifts by creating jobs, innovating supply chains, and addressing community issues. She remarked, "True support policies for women leaders do not erect protective barriers but create a level playing field. This is the shortcut to revitalizing small businesses and startups and practicing people-centered entrepreneurship."Following her keynote address, Cho also participated as a panelist in the session titled "Women Leaders from a Global Perspective" at the Jack Morton Auditorium at George Washington University.In related news, Hanjin reported a 5.6% increase in consolidated revenue for the first quarter, totaling 769.8 billion won compared to the same period last year. The growth was attributed to increased parcel volumes due to operational efficiencies at facilities like the Daejeon Mega Hub and securing cargo from overseas subsidiaries in North America and Southeast Asia.However, operating profit fell by 38.1% to 16.9 billion won due to rising costs stemming from global geopolitical instability and a decrease in cargo volumes at major domestic ports.* This article has been translated by AI. 2026-07-06 14:48:00 -
Our Asset Trust Expands Inclusive Finance, Providing New Homes for Vulnerable Groups Our Asset Trust is taking steps to support the improvement of dilapidated housing for vulnerable groups as part of its inclusive finance initiative.The company announced the completion of the 'With Our Housing Project' in collaboration with Habitat for Humanity Korea, marking the occasion with a dedication ceremony on June 29. This program aims to assist vulnerable groups living in aging homes by providing support for housing repairs, wallpaper and flooring replacements, and the installation of safety facilities.In November 2022, Our Asset Trust signed a memorandum of understanding with Habitat for Humanity, committing 200 million won to the project. Over the past eight months, the initiative has focused on improving living conditions for ten households in vulnerable situations near the Jeongneung-dong housing redevelopment area and the Cheongnang-dong youth housing REIT project. Employees of Our Asset Trust also participated in on-site activities, including removing flooring and conducting internal maintenance.Since 2023, Our Asset Trust has been collaborating with Habitat for Humanity to continue its social contribution activities centered on housing welfare. This aligns with the inclusive finance strategy promoted by the Woori Financial Group, aimed at supporting housing stability for vulnerable populations and fostering community coexistence.Kim Beom-seok, CEO of Our Asset Trust, stated, "Improving the living environment for vulnerable housing groups is a social responsibility necessary for growing together with the community. We will continue to engage in inclusive finance activities that provide tangible help on the ground." 2026-07-06 14:48:00 -
Three Men Charged with Animal Cruelty for Shooting Dogs with Airsoft Guns The prosecution has sought prison sentences for three men who fired thousands of airsoft pellets at dogs tied up in a restaurant yard in Geoje, South Gyeongsang Province. According to the legal community on July 6, the Busan Eastern District Court held a sentencing hearing on July 3 for the three men in their twenties, who were charged with special property damage. Prosecutors requested two years in prison for two of the men, identified as A and B, and 18 months for the third man, C. The three men entered the restaurant yard in Ilwon-myeon around 1 a.m. on June 8 last year and unleashed a barrage of airsoft pellets at three dogs. Among the intruders, B and C are military personnel, and the military prosecution has also been investigating the incident. According to the investigation, one of the dogs, a 7-year-old named 'Somsomi,' was transported to a veterinary hospital with severe bruising but later died. Another dog, 'Maehwa,' had one eye removed, and a third dog, 'Kkae,' died in May. The military prosecution's investigation revealed that the airsoft gunfire lasted approximately 37 minutes. Lawmakers, including Baek Seon-hee of the Justice Reform Party, received a report from the Ministry of National Defense stating that the perpetrators filmed the incident for enjoyment. The three men approached the restaurant at 1:20 a.m., shone a light to locate the dogs, and used two airsoft guns to repeatedly fire pellets at the three Jack Russell Terriers or throw stones at them. The airsoft guns they had prepared were identified as a 20 cm by 14 cm replica gun and a 19 cm by 14 cm Glock 17 airsoft gun. Possession of replica firearms requires permission from the police chief in the respective city or province due to their similarity to real firearms. However, no charges were filed regarding the death of 'Somsomi,' as it could not be conclusively determined that the airsoft pellets caused the death. Animal protection groups held a press conference outside the courthouse after the prosecution's sentencing request, calling the incident a serious act of violence rather than mere animal cruelty, and urged for severe punishment. The court is expected to deliver its verdict on August 18.* This article has been translated by AI. 2026-07-06 14:44:00 -
Seminar Explores Future of Busan and the Greater Busan-Ulsan-Gyeongnam Region Law Firm Yujip, led by Managing Partner Lim Seong-taek, announced on July 6 that it successfully held a seminar titled "Maritime Capital Busan: The Heart of Strategic Industries and the Future of the Greater Busan-Ulsan-Gyeongnam Region" on July 3 at BEXCO in Busan, in collaboration with the Busan Business Association and Inje University RISE Anchor Project. The seminar aimed to explore development directions for the Greater Busan-Ulsan-Gyeongnam region and discuss institutional responses to legal and management challenges faced by local businesses amid global environmental changes. In a keynote address, Kim Seok-dong, Director of the Yujip Humanities and Social Research Institute, emphasized the need for structural reforms to overcome complex crises, focusing on the theme "The Future of South Korea and the Economic Era of Busan-Ulsan-Gyeongnam." He suggested that the region should leverage its manufacturing and port logistics competitiveness to become a new growth axis for the national economy. The first presentation was delivered by Kim Moon-hee, co-director of the Yujip Busan-Ulsan-Gyeongnam Center, who discussed "The Future of Maritime Capital Busan and Legal Challenges." She stressed the necessity of establishing an institutional foundation to support digital transformation and specialized personnel, stating, "We must enhance global competitiveness through ultra-regional cooperation, Arctic route responses, and the creation of a maritime legal ecosystem." The second presentation was given by Park Hyo-min, a lawyer at Yujip, who addressed the "Sanctions and Export Control Risks and Compliance Challenges for Strategic Industries in Busan-Ulsan-Gyeongnam" in light of the global supply chain restructuring. Park warned of the extraterritorial application risks of U.S. regulations on domestic companies, emphasizing, "Businesses must establish a company-wide compliance system centered on headquarters to continuously monitor regulatory changes." Lim Seong-taek, co-director of the Yujip Busan-Ulsan-Gyeongnam Center, stated, "As the core hub driving South Korea's manufacturing and exports, strengthening the legal and institutional foundation is essential. We will continue to provide local businesses with practical legal solutions and professional insights." In this context, newly elected Busan Mayor Jeon Jae-soo had previously pledged during his campaign to establish a specialized maritime court in Busan and complete the maritime capital package. Mayor Jeon announced plans to invest approximately 500 billion won to build maritime judicial infrastructure in Busan, specializing in disputes related to shipping, shipbuilding, logistics, and marine insurance. He also aims to relocate public institutions under the Ministry of Oceans and Fisheries, attract headquarters of major shipping companies like HMM, and establish a 50 trillion won Southeast Investment Corporation to create a comprehensive maritime cluster.* This article has been translated by AI. 2026-07-06 14:40:00 -
Kyochon Chicken Donates 10 Million Won at Daegu Chicken and Beer Festival Kyochon F&B announced on July 6 that it donated 10 million won to the Daegu Migrant Mission Center during the '2026 Daegu Chicken and Beer Festival Donation Ceremony' held at the Korean Red Cross Daegu Branch on July 3. The ceremony was attended by Lim Hyung-wook, Communication Director of Kyochon F&B, Ko Kyung-soo, Director of the Daegu Migrant Mission Center, and Ko Hong-won, Secretary General of the Korean Red Cross Daegu Branch. The donation will support approximately 1,000 migrants, including marriage immigrants and migrant workers in the Daegu area. It will provide Kyochon Chicken monthly to migrants learning Korean at the center and will be used for programs that assist community integration, such as a summer camp for migrants and a Chuseok celebration event for local migrants. Since 2017, Kyochon F&B has been engaged in community sharing activities linked to the Daegu Chicken and Beer Festival. The company aims to support local neighbors through donations associated with the festival, going beyond just providing enjoyment to visitors. A Kyochon F&B representative stated, "We hope that Kyochon Chicken can be a small source of encouragement for local neighbors through this representative festival. We will continue our sharing activities in ways that Kyochon can contribute." The Daegu Chicken and Beer Festival is a major summer cultural tourism festival in Daegu, centered around chicken and beer, and is the largest food festival in South Korea. This year's event took place from July 1 to July 5 at Duryu Park in Daegu.* This article has been translated by AI. 2026-07-06 14:40:00 -
Samsung Electronics Confirms First Half TAI Payout Rates: Memory 100%, Foundry 75% Samsung Electronics has confirmed the payout rates for its first half Target Achievement Incentive (TAI) for 2026. The Memory Division and CSS will receive the maximum payout of 100%, while the Home Appliances (DA) division will receive only 25%. According to industry sources on July 6, Samsung announced the TAI payout rates via its internal network, with payments scheduled for July 8. In the Device Solutions (DS) sector, the Memory Division, CSS, and common organizations will receive 100% of their base salary. The System LSI and Foundry divisions will receive 75% each. In the Device Experience (DX) sector, the Medical Devices Division and the Korea headquarters will each receive 75%. The Mobile Experience (MX), Video Display (VD), Network, SR, Management Support, and other organizations will receive 50%. The DA division will receive 25%. The Memory Division's performance improvement is attributed to high-bandwidth memory (HBM) and server DRAM, according to industry analysts. TAI is a performance bonus that Samsung Electronics distributes annually in the first and second halves based on the achievement of departmental goals and overall business performance. Payouts can reach up to 100% of base salary depending on division performance. This payout will coincide with the payroll date this month.* This article has been translated by AI. 2026-07-06 14:40:00 -
Hana Bank Faces Lawsuit Over Total Losses in Overseas Real Estate Fund A dispute over a German overseas real estate fund, which has resulted in total losses for investors, has escalated to the courts. While major distributors, including Kookmin Bank, have initiated voluntary compensation procedures, investors from Hana Bank have begun legal action against the bank. According to the financial sector on July 6, Hana Bank investors filed for damage compensation on July 1, claiming that the public fund "Global Real Estate Investment Trust No. 229" (Trianon Fund) was sold improperly. The claim amounts to 70% of the losses, excluding dividends already paid from the investment. The fund invested in the Trianon office building in Frankfurt, Germany. Following a downturn in the global real estate market exacerbated by the COVID-19 pandemic, the fund has entered bankruptcy proceedings. During its offering, the fund raised 186.8 billion won from individual investors, but now all invested capital has been lost. A total of 14 financial institutions, including banks and securities firms, sold this fund. Among them, Kookmin Bank and Woori Bank, along with Korea Investment & Securities and Hana Securities, have either completed compensation or are currently in the process of voluntary adjustments. The compensation rates vary by distributor, ranging from a basic 20-40% to a maximum of 100%. Hana Bank is the second institution to seek court mediation, following Hanwha Investment & Securities. Investors argue that the risks associated with the product were not adequately explained during the sales process, and they were not properly informed about the potential for principal loss, claiming violations of suitability principles and disclosure obligations. This mediation request is expected to have significant implications for other distributors, as it arises amid a trend of voluntary compensation. Investors dissatisfied with the compensation rates or those who do not receive compensation may pursue further legal action. The Financial Supervisory Service maintains that it fundamentally supports the principle of voluntary adjustments. A representative stated, "Disputes over investment products should be resolved through voluntary agreements between the distributor and the investor," adding that specific compensation rates will be determined by each distributor based on individual circumstances and the sales process for each investor. Lee Seong-woo, a lawyer from Hanbyeol Law Firm representing the case, noted, "Many overseas real estate funds were launched around 2018 during a low-interest period, and issues have continued to arise since then. The Hana Bank Trianon Fund lacked sufficient explanations regarding its risks, which is one of the most common reasons for improper sales."* This article has been translated by AI. 2026-07-06 14:32:00 -
LG Expands Sustainable Ecosystem with Enhanced Win-Win Payment System LG is expanding its win-win cooperation system, which previously focused on first-tier partners, to include second- and third-tier suppliers. The initiative aims to enhance the stability of payment collections for suppliers and broaden technical and financial support to establish a sustainable supply chain ecosystem. On July 6, LG held a signing ceremony for the "LG-1st, 2nd, and 3rd Tier Supplier Win-Win Agreement" at the LG Science Park in Magok, Seoul, with the Fair Trade Commission and representatives from first, second, and third-tier suppliers. The event was attended by approximately 170 participants, including Fair Trade Commission Chairman Joo Byeong-ki and CEOs from seven LG affiliates, including LG Electronics, LG Display, LG Innotek, LG Chem, LG Energy Solution, LG Household & Health Care, and LG Uplus. The core of this agreement is the expansion of the win-win payment system. This system ensures that payments made by large corporations to first-tier suppliers are reliably passed down to second-tier and below suppliers. LG plans to maintain a 100% cash payment ratio for first-tier suppliers and increase the "win-win payment rate"—the percentage of payments reaching second-tier and below suppliers—to over 10%, the highest among domestic corporate groups. LG will also provide incentives such as regular evaluation bonuses and financial support to first-tier suppliers utilizing the win-win payment system. Since second-tier and below suppliers may face delays or non-payments, ensuring payment stability from the primary contractor is essential to reducing supply chain risks. Industry experts believe that if the win-win payment system expands to second- and third-tier suppliers, it will significantly reduce uncertainties in payment collections based on the primary contractor's creditworthiness, thereby alleviating financial burdens on suppliers. Last year, LG's seven affiliates paid approximately 13.5 trillion won to first-tier suppliers through the win-win payment system. If a similar amount is disbursed this year, around 1.3 trillion won is expected to be passed on to second-tier suppliers based on the creditworthiness of LG affiliates. LG also plans to allocate over 10% of its approximately 900 billion won growth fund to support second-tier and below suppliers. Additionally, LG will open a welfare mall for employees of partner companies, operated similarly to those for LG affiliates, to assist suppliers with relatively weaker welfare benefits. Support for technological competitiveness will also be strengthened. Since 2019, LG Electronics has provided technology and funding for smart factory transitions to over 250 suppliers. LG Display operates joint research and development and joint patent application programs with its suppliers, while LG Innotek offers training centers to enhance AI capabilities and production technology education for suppliers. LG Chem provides free analysis and testing processes at its technology research institute and CS campus, and LG Uplus supports consulting costs for small suppliers seeking ISO and Inno-Biz certifications. LG Household & Health Care has incorporated payment-linked contract procedures into its internal electronic contract system, allowing suppliers to naturally request linkage conditions. Chairman Joo Byeong-ki of the Fair Trade Commission stated, "The competitiveness and sustainable growth of large corporations are completed on a healthy industrial ecosystem that grows together with suppliers. I hope the win-win culture that starts at LG will deeply take root among first, second, and third-tier suppliers." Ha Beom-jong, head of LG's Management Support Division, said, "Through this win-win agreement, we will promote the expansion of the win-win payment system, increase support for second-tier and below suppliers, and strengthen the foundation for fair trade. We will also expand the scope of win-win cooperation beyond business relationships to include local communities and youth."* This article has been translated by AI. 2026-07-06 14:32:00 -
LG Expands Cooperative System to Support 2nd and 3rd Tier Suppliers with $90 Million Investment LG Group is enhancing its cooperative system to improve payment conditions not only for first-tier suppliers but also for second- and third-tier suppliers. The company plans to encourage participation by offering various incentives to suppliers who actively engage in the program.The Fair Trade Commission announced on July 6 that a signing ceremony for the 'LG Win-Win Agreement for 1st, 2nd, and 3rd Tier Suppliers' was held at LG Science Park, attended by representatives from seven LG affiliates and first, second, and third-tier suppliers.The agreement includes participation from LG Electronics, LG Display, LG Innotek, LG Chem, LG Energy Solution, LG Household & Health Care, and LG Uplus. This agreement marks the third win-win agreement signed among major conglomerates, following SK Group on July 2 and Samsung Group on June 29.The core of this agreement is to improve payment conditions between LG and first- and second-tier suppliers while expanding support for all tiers of suppliers.Specifically, LG will operate payment closings at least three times a month for first-tier suppliers and ensure payments are made within 10 days after each closing. The company aims to increase the 'win-win payment spillover rate'—the percentage of payments made to second-tier suppliers from first-tier payments—to over 10%.First and second-tier suppliers also committed to shortening payment deadlines for their lower-tier suppliers, increasing cash payment ratios, and utilizing win-win payment methods. In return, LG plans to provide various incentives, such as evaluation bonuses and financial support, to suppliers who actively participate.Additionally, LG will expand financial and welfare support for second- and third-tier suppliers. Of the total 900 billion won in the Growth Together Fund, over 90 billion won will be allocated to support suppliers below the second tier. The eligibility for employee welfare mall membership will also be extended to employees of second- and third-tier suppliers.All seven participating affiliates will establish a 'Subcontract Payment Dispute Mediation Body' to prevent disputes related to subcontract payments.The Fair Trade Commission anticipates that approximately 1,300 suppliers within LG's supply chain will benefit from this agreement. LG plans to incorporate the agreement's contents into a fair trade agreement to be signed with suppliers early next year.Chairman Joo Byeong-gi stated, "The competitiveness and sustainable growth of large enterprises are completed on a healthy industrial ecosystem that grows together with suppliers. I hope that a warm culture of win-win cooperation, starting from LG and spreading evenly to first, second, and third-tier suppliers, will take deep root."* This article has been translated by AI. 2026-07-06 14:32:00