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New Iranian Supreme Leader Skips Father's Funeral, Raising Health and Power Concerns Ayatollah Seyyed Mojtaba Khamenei, the new Supreme Leader of Iran, did not attend his father's funeral, raising questions about his health and grip on power. He succeeded his father, Ayatollah Seyyed Ali Khamenei, who died in February following U.S. and Israeli airstrikes. On July 5, local time, Reuters reported that the funeral prayers for the late Supreme Leader were held at Imam Khomeini Grand Mosque in Tehran, attended by his three sons: Mostafa, Masoud, and Meysam. While they prayed beside the casket, the second son, Mojtaba, was notably absent. Iran's state television broadcast the scene of the three brothers praying next to their father's and other family members' caskets without Mojtaba. Some mourners expressed disappointment that the new Supreme Leader did not make an appearance. Mojtaba was reportedly injured in the airstrikes on February 28, suffering wounds to his face and legs. Although Iranian authorities maintain that he is in good health, speculation about his well-being has persisted due to his lack of public appearances. There are also concerns that fears of assassination may explain his absence. Analysts suggest that the Iranian leadership is minimizing the new Supreme Leader's exposure due to the potential for further attacks. Iran began national mourning for the late Supreme Leader on July 4, coinciding with the 250th anniversary of American independence. Thousands of soldiers, seminary students, and ordinary citizens attended the funeral, where participants called for retaliation against the U.S. and Israel. The Guardian reported that chants targeting U.S. President Donald Trump were heard at the funeral. The funeral proceedings will continue through Tehran, the religious city of Qom, and the Shiite holy sites of Najaf and Karbala in Iraq, culminating in the burial of the late Supreme Leader in Mashhad, his northeastern hometown, on July 9.* This article has been translated by AI. 2026-07-06 10:40:00 -
Korea's FX market shifts to 24-hour system in bid to globalize won SEOUL, July 06 (AJP) -South Korea's foreign exchange market began operating on a near 24-hour basis Monday, a milestone reform aimed at making the won more accessible to global investors and strengthening the country's case for inclusion in developed-market indexes. Under the new framework, spot trading will run continuously from 6 a.m. Monday to 6 a.m. Saturday during U.S. daylight-saving time, with the opening and closing shifting to 7 a.m. during U.S. winter time. Deputy Prime Minister and Finance Minister Koo Yun-cheol visited Hana Bank's dealing room in central Seoul at 7:30 a.m. to inspect market conditions on the first day of the new trading regime. Officials from the Ministry of Economy and Finance, the Bank of Korea, Hana Financial Group and Hana Bank attended alongside dealers from domestic banks, overseas branches and exporting companies. The reform marks the final step in a gradual expansion of Korea's FX trading hours. The onshore market operated from 9 a.m. to 3 p.m. between 2005 and 2016 before the closing time was extended to 3:30 p.m. Trading hours were lengthened again in July 2024 to run until 2 a.m. the following day, overlapping with London trading. Despite the launch, the Korean won weakened in early Monday trading, with the U.S. dollar approaching the 1,530-won level. The finance ministry described the overhaul as more than a simple extension of trading hours, calling it a core piece of financial-market infrastructure needed to bring Korea's foreign-exchange market closer to developed-market standards. The ministry said the reform reflects confidence in Korea's external fundamentals, including a record current-account surplus and rising foreign demand for Korean assets following the country's inclusion in the World Government Bond Index. Koo called the launch the starting point for the won's global expansion, saying investors, exporters and importers will be able to trade the currency without being constrained by Seoul business hours. The government expects the longer trading window to allow companies to manage currency risks in real time while creating new business opportunities for domestic financial institutions and brokers. Bank of Korea Assistant Governor Kwon Min-soo said the broader trading session should deepen liquidity and broaden participation in the foreign-exchange market. He added that authorities would closely monitor market conditions and the impact of the new framework. Market participants attending Monday's meeting expressed support for the reform and said banks and companies planned to make active use of the expanded trading environment. The launch also comes as Seoul continues its long-running effort to gain admission to MSCI's developed-market index. MSCI last month kept South Korea in its emerging-market category in its 2026 market classification review, again citing foreign-exchange accessibility as one of the main obstacles. The index provider said the won remains a non-deliverable offshore currency and that liquidity during Korea's extended onshore trading hours has yet to reach the level needed to support execution comparable with developed markets. Market analysts say the extended trading session could strengthen Korea's MSCI case if it enables foreign investors to exchange and hedge won positions throughout global trading hours while reducing reliance on offshore non-deliverable forwards. A deeper overnight market could also improve price discovery and transparency. Whether the reform succeeds, however, will depend less on the official trading schedule than on the liquidity it attracts, bid-ask spreads, foreign participation and settlement efficiency during offshore hours. Other market-access issues also remain under MSCI's review, including omnibus accounts, in-kind transfers, pre-settlement funding requirements and operational burdens related to short-selling compliance. The impact on the bond market is expected to be indirect. Government bonds themselves will not trade around the clock, but overnight moves in the dollar-won exchange rate and swap market may be reflected more quickly when Seoul's bond market opens. If the won becomes more stable and hedging conditions improve, the new system could support foreign demand for won-denominated government bonds as WGBI-related inflows accelerate. Conversely, sharp currency swings during relatively thin overnight trading could weigh on bond prices by raising concerns over imported inflation, financial stability and the Bank of Korea's policy outlook. The finance ministry said maintaining market stability and ensuring smooth settlement under the expanded trading system remain the government's top priorities. Authorities plan to maintain around-the-clock market monitoring while pressing ahead with additional reforms, including a full-scale offshore won settlement system scheduled to begin operation in January 2027. 2026-07-06 10:37:50 -
Korea Launches K-Football Innovation Committee to Reform Governance The K-Football Innovation Committee, aimed at fundamentally improving the structure and personnel of Korean football, officially launched on July 6. The committee, led by the Ministry of Culture, Sports and Tourism, is co-chaired by Minister Choi Hwi-young and Park Ji-sung, a member of FIFA's committee and a legendary captain of Korean football. Notable former players, including Lee Young-pyo and Park Joo-ho, who have experienced advanced systems abroad and are known for their candid critiques, have also joined the initiative. The government's direct involvement in reforming football governance underscores the current crisis facing the Korea Football Association (KFA), which has reached a point where self-regulation is no longer viable. The formation of this committee is rooted in the urgent crisis of Korean football. The national team recently suffered a disastrous exit from the group stage of the 2026 North and Central America World Cup, marked by a lack of strategy and poor performance. However, the real source of public outrage stemmed from the opaque selection process for former coach Hong Myung-bo and the KFA's long-standing administrative issues characterized by nepotism and arbitrary decision-making. The integrity of football administration has been severely compromised, leading to a complete loss of public trust, prompting even the President to call for comprehensive reforms in sports administration. The most pressing task for the Innovation Committee is to overhaul the KFA's opaque decision-making structure. Historically, the KFA has operated under a dysfunctional model dominated by specific networks and factions, leading to systemic paralysis. The committee aims to actively incorporate voices from the field, especially regarding the election of the next association president, to establish a transparent and fair governance model that operates based on a system rather than personal connections. Creating institutional mechanisms for self-regulation is crucial to ensure that personnel renewal goes beyond mere changes in individuals. Securing future competitiveness is also a key focus. The committee plans to completely revamp the domestic youth development system, which has been overly fixated on short-term results, to align with global standards. It is essential to eliminate the chronic issues of academy and club football and implement a long-term talent identification system akin to those in advanced countries to ensure a sustainable future for Korean football. The initiative to introduce data-driven scientific analysis into team management and league operations is timely, as modern football increasingly relies on science rather than intuition, necessitating advanced management systems for national teams. Expectations from football fans and the public for this committee are higher than ever. Trustworthy figures like Park Ji-sung, Lee Young-pyo, and Park Joo-ho, who have no debts to administrative power and solely focus on the future of Korean football, are at the helm. If their rich experiences and insights from advanced leagues are effectively integrated into the reform proposals, it could serve as a powerful catalyst for the much-needed transformation of the KFA. The public's attention is keenly focused on the committee's actions. To avoid being mired in the long-standing controversy of government-controlled football, the Innovation Committee must carry out its reform tasks objectively and in line with international standards, keeping the public's perspective in mind. The KFA should also regard the launch of this committee as a critical warning for its organizational future. If the committee resorts to mere stopgap measures as in the past, it will inevitably face complete alienation from football fans. There is a strong hope that the Innovation Committee will correct the distorted framework of Korean football and serve as a historical turning point, revitalizing it into a 'K-Football' that inspires and brings hope to the public. 2026-07-06 10:32:00 -
Lotte Tour Development Inducted into Korean Service Awards Hall of Fame "We will continue to provide differentiated customer experiences through innovative services," said Baek Hyun, CEO of Lotte Tour Development. Lotte Tour Development has been inducted into the 'Hall of Fame' of the Korean Service Awards, becoming the first company in the domestic travel service industry to achieve this honor. The company announced on July 6 that it was honored at the '2026 Korean Service Awards' ceremony held on July 3 at the Lotte Hotel in Seoul. The Korean Service Awards, organized by the Korean Standards Association (KSA), is a comprehensive service quality evaluation system that assesses factors such as CEO leadership, corporate social responsibility, long-term strategy, and management performance. Award recipients are determined through a rigorous process that includes on-site evaluations and employee satisfaction surveys. The Hall of Fame award is the highest honor given to companies that have received the overall award for five consecutive years and scored above 850 out of 1,000 in expert evaluations. Since winning its first overall award in the travel service category in 2003, Lotte Tour Development has received a total of 16 overall awards, recognizing its commitment to quality. Last year, CEO Baek Hyun was also awarded the CEO Award for successfully establishing the premium brand 'HIGH&'. Baek Hyun stated, "This Hall of Fame induction is not just an award; it recognizes Lotte Tour Development's customer-centric journey over the past half-century. We will not rest on our laurels but will continue to innovate and offer differentiated journeys to ensure customer satisfaction." This achievement is rooted in a strong commitment to customer-centric management. Since its founding in 1971, Lotte Tour Development was the first in the industry to establish a customer satisfaction team, which continues to operate directly under the CEO. Additionally, the company has implemented a mobile real-time satisfaction evaluation system for all travelers, allowing immediate feedback from the field to be integrated into overall management. Meanwhile, at the same event, Kwon Gi-kyung, Executive Director of Lotte Tour Development, received the 'Service Leader Award' for his contributions to service management innovation and enhancing customer satisfaction.* This article has been translated by AI. 2026-07-06 10:28:00 -
HLB Life Science R&D Advances Next-Generation Hemp Drug Development HLB Life Science R&D has demonstrated its research and development capabilities by being selected for five national projects in the first half of this year. On July 6, HLB Life Science R&D announced that it has been chosen as a joint participant in the "Gyeongbuk Industrial Hemp Regulatory Free Zone" project, which is being promoted by the Ministry of SMEs and Startups and the Office for Government Policy Coordination. The project will initiate the development of next-generation drugs based on minor cannabinoids. Other participants in the project include Neoken Bio, Apac, Envider Pharm, Topolab, and ING R, with a total investment of 29.6 billion won. The company plans to establish a comprehensive R&D system that spans from hemp cultivation to raw material production, non-clinical studies, and commercialization in collaboration with the Korea Institute of Science and Technology (KIST) and the Gyeongbuk Bio Industry Research Institute. The core focus of this project is to expand research beyond the existing cannabidiol (CBD) framework to include minor cannabinoids such as cannabigerol (CBG), cannabichromene (CBC), and cannabinol (CBN). Minor cannabinoids are non-psychoactive substances that have been reported to exhibit various biological activities, including anti-inflammatory, neuroprotective, and immune-modulating effects, making them promising candidates for next-generation medical hemp drugs. In this project, HLB Life Science R&D will be responsible for candidate substance discovery and comprehensive non-clinical research. The goal is to secure candidate substances that can enter clinical trials through indication exploration, efficacy evaluation in cell and animal models, pharmacokinetic and pharmacodynamic (PK/PD) analysis, and safety assessments. The company plans to accelerate patent acquisition and commercialization based on the non-clinical data and technologies obtained. It will also explore the potential for technology transfer and joint development by leveraging HLB Group's global drug development experience. With recent successes in securing national projects, HLB Life Science R&D has gained recognition for its capabilities in non-clinical research and candidate substance discovery, strengthening its role as an initial research hub within the group. Currently, HLB Group is developing a new drug pipeline with over 100 research personnel. Industry observers anticipate that significant events, including the FDA's decision on HLB's liver cancer drug approval and the Phase 3 results of HLB Therapeutics' RGN-259, as well as the review of a bile duct cancer drug approval, will soon make the group's R&D achievements more visible. An HLB Life Science R&D representative stated, "Participation in this regulatory free zone marks the starting point for establishing a domestic ecosystem for minor cannabinoid drug development. We aim to secure competitive candidate substances through the accumulation of non-clinical data and pursue global collaborations." Previously, HLB Life Science R&D was selected as a demand company in the "Ultra-Gap Startup Project" under the Ministry of SMEs and Startups' "Link-up 4 Domains AX Program" in the AI drug development sector. This project involves collaborative research to match the drug development experience of existing pharmaceutical companies with cutting-edge AI technology from startups to explore and optimize effective substances.* This article has been translated by AI. 2026-07-06 10:24:00 -
Photo Captures Tension on Washington Metro Amid Independence Day March A photograph taken on July 4, during the U.S. Independence Day celebrations, quickly went viral online, sparking significant reactions. The image shows a Black woman seated on a subway train, surrounded by dozens of masked men. The men are dressed in matching white masks, sunglasses, blue tops, and khaki pants. The photo was captured by Reuters photographer Cheney Orr. These men are reportedly affiliated with the Patriot Front, a white supremacist group. They participated in a march in downtown Washington, D.C., to commemorate the 250th anniversary of American independence, and were later seen using the subway to travel. Participants shouted slogans like "Reclaim America" while waving American flags and Confederate flags. The march took place near the U.S. Capitol, Union Station, and the Eastern Market area. The Washington D.C. police reported no significant clashes or arrests, stating they managed the gathering within the bounds of free expression. The photo was shared widely on platforms like X (formerly Twitter) and Reddit shortly after its release. Actor Wendell Pierce described it as "a photo worthy of a Pulitzer Prize," while other users referred to it as a scene that would be remembered in history, symbolizing contemporary American society. Some compared the image of the Black woman to Rosa Parks, a symbol of the American civil rights movement. The Patriot Front was formed after the 2017 Unite the Right rally in Charlottesville and is classified by American civil rights organizations as a prominent far-right and white supremacist group. Meanwhile, U.S. Secretary of the Interior Doug Burgum commented on the march, stating, "While I cannot agree with the values they espouse, the fundamental principle of America is that democracy complicates free expression. Personally, I find it offensive and unacceptable, but free expression is permitted in America across all domains." * This article has been translated by AI. 2026-07-06 10:24:00 -
Hanwha Ocean Shares Surge Ahead of Canadian Submarine Project Announcement Shares of Hanwha Ocean have risen more than 11% in early trading as anticipation builds for the announcement of the Canadian Submarine Project (CPSP) contractor selection. According to the Korea Exchange, as of 9:42 a.m. on July 6, Hanwha Ocean's stock was trading at 118,900 won, up 12,000 won (11.23%) from the previous trading day. The stock opened at 112,200 won and peaked at 123,000 won during the session. The surge in stock price is attributed to expectations that the Canadian government will announce the CPSP contractor selection results as early as this evening or early tomorrow morning. The Globe and Mail, a prominent Canadian daily, reported, citing multiple government sources, that Canadian Prime Minister Mark Carney is expected to officially announce the CPSP contractor on July 6 local time. The CPSP aims to replace aging Victoria-class submarines by introducing up to 12 diesel submarines, with the total project estimated to be worth up to 60 trillion won. Hanwha Ocean is competing with Germany's ThyssenKrupp Marine Systems (TKMS) for this project. Market analysts believe that the outcome of the contract will be a significant factor influencing Hanwha Ocean's stock performance in the future. In a report released today, Kim Yong-min, a researcher at Yuanta Securities, stated, "In July, Hanwha Ocean's stock price will depend more on the success of the Canadian patrol submarine project, which launched for the first time in 2023, than on earnings announcements," maintaining a 'buy' rating with a target price of 179,000 won.* This article has been translated by AI. 2026-07-06 10:20:00 -
ATEEZ Tops Billboard 200 for Third Time with 'GOLDEN HOUR: Part.5' K-pop group ATEEZ has achieved its third number one on the Billboard 200 chart with their latest mini-album, 'GOLDEN HOUR: Part.5.' According to Billboard on July 5, ATEEZ's new release topped the latest Billboard 200 chart. The album recorded a total of 228,000 album units, combining 223,000 in album sales and 5,000 in equivalent album sales from streaming. This marks the highest first-week sales for ATEEZ in the U.S., surpassing the 195,000 units sold by their previous mini-album, 'GOLDEN HOUR: Part.4,' released in February. ATEEZ previously reached number one on the Billboard 200 with their second studio album, 'THE WORLD EP.FIN: WILL,' and their mini-album, 'GOLDEN HOUR: Part.2.' This is their third time achieving this milestone. Since the release of their mini-album 'THE WORLD EP.1: MOVEMENT,' ATEEZ has placed a total of nine albums in the Billboard 200 top 10, a record for K-pop groups that debuted in the 2020s, according to their agency. In South Korea, 'GOLDEN HOUR: Part.5' also set a personal best for the group, selling over 1.88 million copies in its first week, making it ATEEZ's seventh million-selling album. On July 1, ATEEZ performed their title track 'BAD' on NBC's 'The Kelly Clarkson Show.' They also secured the top spot on KBS2's 'Music Bank' on July 3. Additionally, ATEEZ will hold fan meetings titled 'ATINY'S VOYAGE: TINY MYSTERY' in South Korea from July 17 to 19 and in Japan from August 4 to 6.* This article has been translated by AI. 2026-07-06 10:20:00 -
LH Expands Housing Support for Youth Preparing for Independence in Bucheon LH Housing Welfare Information is expanding its tailored public housing information services for youth preparing for independence in Bucheon, Gyeonggi Province, following its initiatives in Incheon. On July 1, LH Housing Welfare Information announced that it signed a memorandum of understanding with LH Incheon Regional Headquarters and the Gyeonggi Province Independence Support Agency to provide essential public housing information for youth preparing for independence. Under this agreement, LH Housing Welfare Information will participate in the housing support program specifically designed for youth preparing for independence, a specialized initiative of LH Incheon Regional Headquarters. The program will offer comprehensive information on public housing, including the latest policies, personalized consultations using the LH U-Start platform, and support for housing-related living needs. This agreement is particularly significant as it extends the previously limited housing support services for youth preparing for independence from Incheon to the Bucheon area. In addition to supporting the youth themselves, LH Housing Welfare Information will provide practical housing education for staff members of related organizations. Plans also include connecting youth with non-face-to-face housing consultations regarding future public housing use through the LH U-Start platform. Youth preparing for independence often face housing insecurity after leaving protective care, making it crucial to have a support system that easily guides them through public rental and housing benefit programs during their initial stages of independence. LH Housing Welfare Information aims to enhance business synergy by leveraging the functional connections between its parent and subsidiary companies. Utilizing its accumulated experience in counseling youth preparing for independence, the organization plans to support the stable social integration of young people referred through the Gyeonggi Province Independence Support Agency. Hong Seong-pil, CEO of LH Housing Welfare Information, stated, "This collaboration will strengthen the organic functional connections between our parent and subsidiary companies, creating a valuable opportunity to generate social value. We will expand the functionality and accessibility of U-Start consultations to assist youth preparing for independence in taking their first steps." He added, "Using this expansion into Bucheon as a stepping stone, we will continue to broaden our service reach to benefit more regions in the future."* This article has been translated by AI. 2026-07-06 10:20:00 -
Death Toll from Venezuela Earthquake Rises to 3,342 The death toll from a series of earthquakes that struck Venezuela on June 24 has surpassed 3,300. According to Reuters on July 5, the Venezuelan Ministry of Information reported that the number of fatalities has risen to 3,342. The number of injured stands at 16,470, while approximately 17,345 people have been displaced. The hardest-hit area is La Guaira, located north of the capital Caracas. The two major earthquakes that occurred on June 24 caused dozens of buildings to collapse, and thousands are reported missing. Rescue operations are transitioning from searching for survivors to recovering and burying the deceased. AFP reported that international rescue teams are concluding their search efforts and preparing to withdraw, while mourning and burial activities for the victims are intensifying. Reports indicate that Venezuelan authorities have buried over 150 unidentified bodies in individual graves in La Guaira, the region most affected near Caracas. As the scale of the disaster grows, criticism of the government's response is mounting. Locally, there are complaints that rescue and relief efforts were delayed immediately following the earthquake, and that affected residents have not received adequate support. Interim President Delsy Rodriguez addressed these criticisms during a speech commemorating the 215th anniversary of Venezuela's independence. She defended the government's actions, stating that security forces were deployed immediately after the earthquake and announced plans to establish a new military unit to support emergency and disaster response in the future. Meanwhile, the United Nations estimates that the damage from the earthquake amounts to $6.7 billion, roughly 6% of Venezuela's gross domestic product (GDP). Given the pre-existing economic crisis and political turmoil that had already weakened infrastructure and healthcare services, recovery efforts are expected to take considerable time.* This article has been translated by AI. 2026-07-06 10:16:00