Latest by
-
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 -
Cosmax Shares Rise Over 7% on Profit Expectations from U.S. Subsidiary Cosmax is experiencing a strong start to trading as expectations grow for its U.S. subsidiary to turn a profit and improve profitability in the second half of the year. According to the Korea Exchange, as of 10:02 a.m. on July 6, Cosmax shares rose 7.07% (11,900 won) to 180,200 won compared to the previous trading day. The increase in stock price is attributed to positive forecasts from analysts focusing on the performance improvement of the U.S. subsidiary. Hana Securities estimates that Cosmax's consolidated revenue for the second quarter of this year will reach 744 billion won, with an operating profit of 69.6 billion won. This represents a year-on-year increase of 19% and 14%, respectively. The firm also anticipates continued growth for both domestic and overseas subsidiaries. Domestic sales are expected to rise by 15% compared to the same period last year, while revenues from the subsidiaries in China and the U.S. are projected to increase by 21% and 50%, respectively. Additionally, subsidiaries in Indonesia and Thailand are expected to grow by 30% and 10%, contributing to overall performance improvement. Park Jong-dae, a researcher at Hana Securities, stated, "It is encouraging that the U.S. subsidiary is expected to turn a profit as its revenue expands. We anticipate a significant improvement in profitability in the second half of the year, starting from the second quarter." He added, "With the normalization of operations in the U.S. and Southeast Asia, and the downturn in the color cosmetics category having bottomed out, domestic sales of hydrogel masks are expanding, leading to improvements in product mix and profitability." * This article has been translated by AI. 2026-07-06 10:08:00 -
Ruling Party to Submit Special Prosecutor Bill This Week Amid Ballot Shortage The Democratic Party announced it will submit a special prosecutor bill this week to address the ballot shortage issue. The party warned the People Power Party against politicizing the matter.Han Byeong-do, the party's acting leader and floor leader, stated during a Supreme Council meeting, "We will introduce a special prosecutor to uncover the truth behind the incident and hold accountable those responsible for the Election Commission's structural incompetence and internal corruption." He added, "Everyone responsible, regardless of their position, must face legal consequences." He also accused the People Power Party of attempting to use citizens' voting rights as a political tool. While the Democratic Party insists that political considerations should be excluded from the third-party recommendation for the special prosecutor, the People Power Party argues that the opposition should lead the selection process.In response, Supreme Council member Hwang Myeong-seon criticized the People Power Party for trying to exclude the Democratic Party from the special prosecutor recommendation, stating, "If the People Power Party lacks the will to uncover the truth, they should step back and not obstruct the process." Hwang emphasized that the ballot shortage issue is not merely an administrative error but a violation of citizens' voting rights, asserting, "We will leave no room for doubt regarding this matter." 2026-07-06 10:08:00 -
KT to Invest 18 Trillion Won Over Three Years to Become AI Platform Leader KT plans to invest approximately 18 trillion won over the next three years to transform into an artificial intelligence (AI) platform company. The strategy aims to enhance information security and network competitiveness while expanding AI data centers (AIDC) and physical AI infrastructure, as well as developing new businesses such as token factories and stablecoins to secure a leading position in the AI market. On July 6, Park Yoon-young, KT CEO, held his first press conference at the Pullman Ambassador Hotel in Gwangjin-gu, Seoul, where he announced the 'AX Platform Company' strategy. KT aims to strengthen its core telecommunications competitiveness as a national telecommunications provider while transitioning to a platform company that supports AI transformation for public, industrial, and individual sectors. KT will invest about 12 trillion won over the next three years to enhance information security, information technology (IT), and network competitiveness. Approximately 4 trillion won will be allocated to establish a zero-trust security framework and integrate security operation governance. The company plans to separate the roles of Chief Information Security Officer (CISO) and Chief Privacy Officer (CPO) and double its security personnel to bolster its security capabilities. In the network sector, around 8 trillion won will be invested to secure future network technologies, including sixth-generation mobile communication (6G), satellites, and data center interconnections (DCI), with the goal of improving customer experience. KT also plans to expand its operations from geostationary (GEO) satellites to low Earth orbit (LEO) satellites to ensure stable communication networks in disaster and security situations. An investment of approximately 6 trillion won will be directed toward building AI infrastructure. Of this, about 5 trillion won will be used to establish a total of 1 gigawatt of AIDC based on actual demand and to expand AI edge computing. The plan includes connecting central AIDC with AI edges near industrial sites to create ultra-low-latency AI inference environments necessary for physical AI and autonomous driving. To respond to the growing global AI traffic, KT will invest 1 trillion won in undersea cables, expanding supply capacity to over 90 terabits per second. This investment aims to attract domestic AIDC investments from global tech giants and develop Korea into an 'Asian AX connection hub.' In the business-to-business (B2B) sector, KT will expand AI services primarily in finance, public, manufacturing, and healthcare sectors. In finance, it will provide AI contact centers (AICC) and sales agents, while in the public sector, it will promote sovereign AI-based services. In manufacturing and healthcare, KT plans to participate in physical AI demonstration projects led by the Ministry of Science and ICT to expand its business. In the business-to-consumer (B2C) sector, KT will introduce hyper-personalized services that allow customers to design their own plans and benefits. The company aims to provide tailored services based on usage pattern analysis and to digitize the entire process from subscription to customer support. KT also presented 'token factories' and stablecoin businesses as future growth drivers. By leveraging its billing and settlement capabilities accumulated through network operations, KT plans to build a platform that supports the generation, mediation, and billing of AI tokens. Additionally, it will pursue stablecoin-based digital finance initiatives by combining the capabilities of its affiliates, such as K Bank and BC Card. The company aims to expand global collaborations, continuing its partnership with Microsoft while broadening its cooperation with global AI firms like Google and Palantir, as well as domestic AI companies such as Upstage, Rebellion, and Saltlux to strengthen the AI ecosystem. Park stated, "The essence of KT is to be responsible for connecting South Korea," adding, "We will further strengthen our telecommunications competitiveness and create new growth engines in the AI market to enhance South Korea's AX competitiveness." Park officially took office on March 31 and will serve a three-year term until 2029. * This article has been translated by AI. 2026-07-06 10:04:00 -
Climate Ministry Recognizes Achievements in Electric Vehicle Policies The Climate Energy Environment Ministry has selected its electric vehicle expansion policy, which includes the introduction of support funds for transitioning from internal combustion vehicles and an additional 150 billion won in subsidies for electric vehicles, as its top special achievement for the year. On the morning of July 6, the ministry held the "2026 Second Special Achievements and Public Servant Awards Ceremony" at the Han River Flood Control Center in Seocho-gu, Seoul, where it recognized 16 public servants for their outstanding contributions. The special achievements and awards program aims to foster a proactive public service culture by rewarding civil servants who have delivered exceptional results. This marks the second round of awards following the inaugural ceremony in April. Among the award-winning initiatives, four key projects were identified for their contributions to accelerating carbon neutrality and enhancing public safety and environmental protection between March and May of this year. The top special achievement project is the "Establishment of Electric Vehicle and Charging Infrastructure for Decarbonization in the Transportation Sector." The ministry introduced a new support fund for transitioning from internal combustion vehicles to reduce the financial burden of purchasing electric vehicles. Additionally, it implemented a revised charging fee structure and discount programs to alleviate costs for users. In response to high oil prices due to the Middle East conflict, the ministry secured an additional 150 billion won in subsidies for 29,000 electric vehicles to support low-income households and small businesses. Another notable project recognized was the "Innovation of Heat Energy Management Systems to Establish a Foundation for Renewable Heat Transition." The ministry's achievement included amending the enforcement decree of the Renewable Energy Act in March to include air heat energy in the renewable energy category and establishing detailed recognition criteria for heat pump distribution. This initiative is seen as a foundational step toward transitioning from fossil fuel-based heating to environmentally friendly thermal energy. Encouragement awards were given for projects aimed at enhancing flood response through the utilization of existing dams and reservoirs and for the designation of Geumjeongsan National Park, the first urban national park in the southeastern region. The ministry reported that it has secured an additional flood control capacity of 1.04 billion tons by utilizing the storage space of existing dams and reservoirs, resulting in an estimated budget savings of 4 trillion won. Furthermore, the long-delayed designation process for Geumjeongsan National Park was completed, laying the groundwork for ecological conservation and regional tourism revitalization in the southeastern area. Minister Kim Seong-hwan stated, "This achievement reflects our bold efforts to address issues directly impacting the lives of citizens in the transition to decarbonization. We will continue to strive to lead in tackling the challenges posed by the climate crisis."* This article has been translated by AI. 2026-07-06 10:04:00 -
Weekly New York Stock Market Outlook: Focus on Fed Minutes and Earnings Season This week, the New York stock market is expected to focus on the Federal Reserve's June Federal Open Market Committee (FOMC) minutes and the onset of the second-quarter earnings season. Last week, the Dow Jones Industrial Average closed at a record high, but artificial intelligence (AI) and semiconductor stocks faced profit-taking pressures. Although concerns about interest rate hikes have eased somewhat due to slowing employment, the concentration of technology stocks and earnings expectations could increase market volatility. According to financial investment industry sources, the Dow Jones Industrial Average rose about 2% last week, closing at 52,900.07. The S&P 500 index increased by 1.8% to 7,483.24, while the Nasdaq composite rose 2.1% to 25,832.67. However, the Nasdaq's momentum slowed in the latter part of the week due to weakness in semiconductor stocks. The biggest variable is the release of the June FOMC minutes on July 8. The Fed held the benchmark interest rate steady at 3.50% to 3.75% during last month's meeting, stating that "economic activity is solid, but inflation still exceeds the 2% target." How Fed officials interpret the slowing employment and inflation pressures in this minutes will likely influence future interest rate projections. The June employment report released last week alleviated some market concerns about tightening. Nonfarm payrolls in the U.S. increased by only 57,000 in June, with the unemployment rate at 4.2%. Additionally, the employment figures for April and May were revised down by a total of 74,000. While the slowdown in employment may reduce pressure for further rate hikes, it could also raise concerns about economic deceleration, presenting a dual-edged factor for the stock market. The economic data schedule is relatively light. On July 6, the finalized S&P services Purchasing Managers' Index (PMI) and the Institute for Supply Management (ISM) services index will be released. On July 7, the May trade balance will be announced, followed by the May wholesale inventories and FOMC minutes on July 8. Weekly initial jobless claims and June existing home sales will be reported on July 9. The Consumer Price Index (CPI) and Producer Price Index (PPI) are scheduled for release on July 14 and 15, respectively. The earnings reports this week are expected to serve as a preliminary exploration before the main earnings season. Companies such as Levi's, PepsiCo, and Delta Air Lines will report their earnings. Major bank earnings will begin next week. The market anticipates that PepsiCo's results will provide insights into consumer goods demand and pricing effects, while Delta's earnings will shed light on summer travel demand and cost pressures in the airline industry. Expectations for earnings are already high. FactSet estimates that S&P 500 companies' second-quarter net income will increase by 23.3% compared to the same period last year, with a projected revenue growth rate of 12.2%. However, the S&P 500's 12-month forward price-to-earnings ratio (P/E) stands at 20.4, exceeding both the five-year and ten-year averages. If earnings fall short of expectations, valuation pressures may become more pronounced. The movement of AI-related stocks is also crucial. Semiconductor and AI infrastructure stocks, which have driven this year's market rally, are experiencing increased fatigue from recent surges. While expectations for large-cap tech earnings remain high, the concentration of gains in certain stocks raises concerns that profit-taking could lead to increased volatility in the Nasdaq. This week, the New York stock market is likely to moderate its pace rather than establish a clear direction ahead of the Fed minutes and earnings season. While slowing employment may alleviate interest rate burdens, concerns about economic deceleration and the overvaluation of tech stocks persist. The market will be watching for the Fed's potential for further rate hikes, trends in the services sector, and the earnings of consumer and airline stocks as it awaits next week's inflation indicators and major bank earnings.* This article has been translated by AI. 2026-07-06 10:04:00 -
Canada to announce preferred bidder for 12 submarines Monday SEOUL, July 06 (AJP) -Canadian Prime Minister Mark Carney will make a major defense announcement in Halifax, home to the country's largest naval base, on Monday before departing for the NATO summit in Türkiye, with South Korea and Germany awaiting a decision on Canada's multibillion-dollar submarine procurement program. Canadian daily The Globe and Mail reported Sunday, citing two government sources, that Carney is expected to formally announce whether South Korea or Germany has emerged as the preferred bidder for the Canadian Patrol Submarine Project (CPSP). According to the Prime Minister's Office, Carney will unveil "new measures to make Canada more secure, resilient and prosperous" during an announcement scheduled for 5:10 p.m. on Monday local time in Halifax, the Atlantic port city that hosts one of Canada's largest naval bases. The announcement is expected to identify a preferred bidder rather than finalize a contract. Negotiations on pricing, industrial participation and other detailed terms could continue for several years, The Globe and Mail reported. The CPSP aims to replace Canada's aging Victoria-class submarines with a fleet of up to 12 diesel-electric submarines. The program is estimated to be worth as much as C$40 billion, including construction as well as 30 years of maintenance, repair and operational support. South Korea's Hanwha Ocean and Germany's Thyssenkrupp Marine Systems have been shortlisted for the project. According to The Globe and Mail, selecting Hanwha Ocean would mark the first time Canada has procured a major weapons platform from a non-Western supplier, representing a significant shift in Ottawa's defense procurement policy. 2026-07-06 10:02:13 -
Controversy Surrounds Lee Jin-sook's Support for Baejae High School Baseball Team Lee Jin-sook, a lawmaker from the People Power Party, recently sent a supportive wreath to the Baejae High School baseball team, which has faced backlash for comments made during a game against Gwangju High School. The comments included the phrase "We should go to Starbucks," which sparked controversy. In response, Jung Kyung-won, a professor at Dongyang University, criticized her actions, asking, "What is so commendable about that?" On July 5, Lee shared a photo of the wreath on her social media, stating, "Will the Yoon Seok-youl administration put handcuffs on our thoughts?" The wreath featured the message, "What does Starbucks have to do with May 18?" Lee further questioned, "Can someone explain how Starbucks is related to the insult of May 18? If Starbucks symbolizes an insult to May 18 and Gwangju, then it should no longer operate." She added that if the so-called "democratic forces" conclude that the phrase "We should go to Starbucks" is an insult to May 18 and discipline the Baejae baseball team, it would be akin to putting handcuffs on their thoughts. Lee also referenced Education Minister Choi Kyo-jin, who in 2019 referred to the assassination of former President Park Chung-hee as "Tank Day," and YouTube host Choi Wook, who suggested, "We should crush them with tanks." She remarked, "In a world where it is acceptable for an education minister to call the day a president was assassinated 'Tank Day,' and where a leftist can say 'We should crush them with tanks,' we have a problem." Following Lee's remarks, Professor Jung took to social media to express his disapproval, stating, "Lee Jin-sook sent a wreath to Baejae High School. What is so commendable about that?" The controversy also involved a recent incident where a member of the girl group Lasseine used a regional dialect phrase that was deemed offensive, prompting Professor Jung to comment, "Are you satisfied with sacrificing a young idol star on the altar of May 18? Is that truly the country the spirits of May 18 desired?" He urged moderation in such discussions. Previously, Lee Byung-tae, vice-chairman of the Presidential Regulatory Reform Committee, labeled the baseball team's comments as hate speech, stating, "May 18 has become a sanctuary," and likened the situation to North Korea. Writer and broadcaster Heo Ji-woong also criticized Lee Byung-tae's comments, calling them "ugly" and asserting that the remarks made by the Baejae baseball team were indeed hate speech. He described Lee Byung-tae's comments as promoting hate and called for accountability and legislative measures to silence such rhetoric from public officials and politicians. The Baejae baseball team faced backlash after players made comments such as "We should go to Starbucks" and "Tank Day" during a match on June 29, leading to accusations of belittling the May 18 incident. In response to the outcry, the school issued an apology and imposed a six-month suspension on the baseball team. As the controversy continues, around 80 individuals, including faculty, coaches, student-athletes, and parents from Baejae High School, are scheduled to visit Gwangju Ilgo on July 6 to apologize and pay respects at the May 18 cemetery.* This article has been translated by AI. 2026-07-06 10:00:00 -
Samsung C&T Wins London Design Awards for Second Consecutive Year Samsung C&T Construction Division has been recognized for its design excellence, winning the London Design Awards for the second consecutive year. On July 6, the company announced that its "Raemian One Perla Exterior and Community Design" won a gold award in the architectural design category at the 2026 London Design Awards. The London Design Awards is an international design competition organized by the International Awards Association, aimed at discovering outstanding designs and creative projects across various fields, including architecture, interior design, UX, and UI. This year, over 2,000 entries from more than 40 countries were submitted, with 38 global judges selecting winners based on creativity, concept, and ideas. Raemian One Perla was designed around the theme of "a singularly radiant living experience." The project was praised for transforming the apartment from a mere living space into an environment that offers residents a unique experience. The exterior features a geometric design that emphasizes horizontal and vertical lines, enhancing the overall unity of the complex. Contrasting colors and materials, curtain wall aesthetics, and vertical louver elements add depth, while the main building employs a brown color palette to convey a modern image. The wide drop-off area located underground incorporates stone with horizontal patterns and linear lighting to create an upscale atmosphere. The shared lobby features horizontal patterns using stone and metal details, with high ceilings that enhance openness and spatial perception. The internal community design draws inspiration from the name "Perla," which means pearl. Key facilities such as the lobby, sky lounge, dining restaurant, fitness center, swimming pool, and library reflect Raemian's unique spatial interpretation and design strategy. Classic design elements like herringbone, mosaic, and wainscoting, along with high-quality finishes, create an elegant indoor environment. In the luxury housing market, exterior and community design have emerged as key competitive advantages that determine brand value and differentiation of the complex, extending beyond mere aesthetics. Following its success in 2024 at three major global design awards, Samsung C&T has garnered a total of seven awards, including the German iF Design Award and the American IDEA Design Award last year. After winning for "Raemian One Pentas" last year, the company has now achieved back-to-back wins at the London Design Awards with "Raemian One Perla." Kim Myung-seok, Vice President of Samsung C&T's Housing Product Marketing Division, stated, "Based on Raemian's accumulated experience, we aim to enhance the value of life and living spaces through our designs. We will continue to present differentiated solutions that deepen the experiences customers enjoy in their lifestyles."* This article has been translated by AI. 2026-07-06 09:56:00