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POSCO Chairman Jang In-hwa Advocates for Resource Diplomacy in Australia Jang In-hwa, chairman of POSCO Group, attended the 47th Korea-Australia Economic Cooperation Committee (KAEC) annual joint meeting in Adelaide, Australia, on September 2. During the meeting, he proposed enhancing the resource supply chain by combining Australia’s resources with Korea’s advanced technology.The meeting was attended by over 200 officials from both countries, including Australian Foreign Minister Penny Wong, Minister for Trade and Tourism Don Farrell, and Martin Ferguson, chairman of the Australia-Korea Business Council (AKBC).Established in 1979, the KAEC has served as a platform for discussing economic cooperation between the two nations. Participants agreed to use this year, marking the 65th anniversary of diplomatic relations, as an opportunity for a new leap in economic cooperation and emphasized the need to expand collaboration in response to the rapidly changing global supply chain environment.In his opening remarks, Jang stated, "Critical minerals will serve as a new growth axis for industrial cooperation between our two countries, holding greater potential." He highlighted the need to strengthen the supply chain by linking Australia’s abundant resources with Korea’s advanced refining and processing technologies.He also addressed the importance of stabilizing natural gas supply chains and collaborating in renewable energy. Jang urged for an expansion of partnerships into defense, space, and research and development (R&D) sectors, aiming for both countries to become key partners in future advanced industries.During the meeting, cooperation strategies were discussed in three main areas: steel, secondary battery materials, and critical minerals; innovation and R&D; and energy transition and decarbonization.POSCO Group introduced key activities of its Australian Core Resources Research Institute, the first overseas resource-focused research institute of the group, and suggested the need to expand resource cooperation into a technology partnership. POSCO International reported that it is broadening its cooperation scope from traditional resource acquisition to include renewable energy projects.On September 1, the day before the meeting, Jang met with Australian Minister for Industry and Innovation Tim Ayres and Minister for Trade and Tourism Don Farrell to discuss resource cooperation strategies. He also requested support and collaboration from the Australian government to ensure the smooth progress of POSCO Group’s steel, lithium, and energy projects in Australia.Jang also met with Kathleen Conlon, chair of Pilbara Minerals, to discuss expanding cooperation in lithium projects.This initiative aligns with POSCO Group’s 'Triple Core' strategy, which focuses on expanding its business scope in the resource sector, centering on industrial resources like steel, strategic resources like lithium, and energy resources. Australia is a key supplier, accounting for about 70% of POSCO Group’s total raw material procurement.POSCO Group has maintained a cooperative relationship with Australia in steel, secondary battery materials, and energy sectors. Since starting long-term purchases of iron ore in 1971, the group has imported over 1.5 billion tons of Australian raw materials and participated from the early stages in the development of the Roy Hill iron ore mine in 2010.In the secondary battery materials sector, POSCO has been operating a lithium hydroxide production plant in the Yeulchon Industrial Complex in collaboration with Pilbara Minerals. This year, it secured a stake in lithium mines owned by Mineral Resources. In the energy sector, POSCO has been expanding its natural gas business since acquiring Senex Energy in Australia in 2022.Meanwhile, Jang announced in July a new growth strategy for the group, aimed at restructuring its business portfolio around resources, including steel, lithium, and energy, to contribute to national industrial security and supply chain strengthening.* This article has been translated by AI. 2026-09-02 10:40:10 -
Woori Financial Chairman Im Jong-ryong Purchases 5,000 Shares Amid Strategic Moves Im Jong-ryong, chairman of Woori Financial Group, has purchased 5,000 shares of Woori Financial Holdings on the open market.Woori Financial announced on September 2 that Im made the share purchase on August 24, shortly after completing the full integration of Dongyang Life into the company and officially announcing the merger of Dongyang Life and ABL Life. This move reflects the group's commitment to enhancing corporate value.The share buyback included participation from 56 individuals, including Im, representatives from 16 subsidiaries, and executives from the holding company and major subsidiaries.Woori Financial is pursuing diversified revenue structures through balanced growth in both banking and non-banking sectors. The banking division has executed 91% of its annual loan target for productive finance in the first half of this year. In the non-banking sector, the company completed a capital increase for its securities firm in May and began the integration of Dongyang Life and ABL Life last month.A Woori Financial official stated, "The participation of the group's management in the share buyback demonstrates a commitment to responsible management and support for the stock price. We will implement our value-up plans to address undervaluation and meet market expectations for shareholder returns."Im will also hold an investor relations (IR) meeting for European investors this month, following an IR session for Asian investors in June. He plans to discuss the group's profit-generating capabilities, future management direction, and corporate value enhancement plans. 2026-09-02 10:40:00
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Xi Jinping Visits Egypt After 10 Years: Key Reasons Chinese President Xi Jinping visited Egypt for the first time in a decade. Xi and his wife, Peng Liyuan, arrived in Cairo on the evening of September 1, where they were welcomed by Egyptian President Abdel Fattah el-Sisi and his wife at the airport. The two leaders are scheduled to hold a summit on September 2.In a written statement, President Xi said, "China and Egypt have always cooperated with one heart over the past 70 years of diplomatic relations, achieving mutual benefits." He added that during his visit, he would engage in in-depth discussions with President el-Sisi on bilateral relations, comprehensive cooperation, and international and regional issues.In a local media op-ed, Xi described this visit as a return after ten years. He is expected to reaffirm Egypt's status as a key partner for China in the Middle East and Africa.Additionally, cooperation related to the Suez Canal is anticipated to be strengthened. China has already established the China-Egypt Suez Economic and Trade Cooperation Zone near Ain Sokhna, which has around 200 companies and has attracted over $3.8 billion in investment since its establishment in 2008.As trade barriers against Chinese products rise in the U.S. and Europe, Egypt's value as a production and export hub for China is increasing. Recent investments by Chinese companies in Egypt have expanded into manufacturing, renewable energy, automotive, and satellite and space technology. Reuters noted that Xi's visit is drawing attention to the potential for increased Chinese investment in Egypt and enhanced military cooperation between the two nations.Xi's visit comes at a time of significant upheaval in the Middle East. Following the Gaza conflict, the prolonged tensions surrounding Iran have altered security calculations for Middle Eastern countries. While Egypt has been a long-time ally of the U.S., it is broadening its diplomatic options by strengthening ties with China and Russia. Reuters reported that Egypt receives approximately $1.3 billion in military aid from the U.S. annually but is pursuing strategic autonomy by enhancing relations with China, Russia, and Europe.Egypt is both an Arab and African nation, making it a valuable partner for China's Global South diplomacy. Through Egypt, China is expanding its diplomatic and economic network into the Arab world and Africa.When Xi visited Cairo a decade ago in 2016, China viewed Egypt as a key hub for its Belt and Road Initiative. In 2026, China sees Egypt as a central hub for expanding its economic and diplomatic reach in the Middle East and Africa.* This article has been translated by AI. 2026-09-02 10:36:00
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KyoWon Group Supports Flood Recovery Efforts in Geoje and Tongyeong KyoWon Group is providing relief supplies to the flood-affected areas of Geoje and Tongyeong and waiving penalties for customers impacted by damaged rental appliances. The company aims to assist residents in restoring their daily lives by offering not just donations but also repairs and reinstallation of damaged rental products.On September 2, KyoWon Group announced its support for flood recovery efforts in the Geoje and Tongyeong regions. The company plans to deliver 2,200 hygiene and daily necessities worth 40 million won to disaster victims in Tongyeong.The relief supplies include health products from KyoWon Healthcare, as well as toothbrushes, toothpaste, wet wipes, and toilet paper. The items were selected to address the hygiene needs of residents during the recovery process.KyoWon Wells, the rental appliance brand, has been providing additional support to affected customers since August 18. Customers whose rental appliances were damaged or lost due to the heavy rains will have their penalties waived. The company is also offering free disassembly, reinstallation, repairs, and filter replacements.Typically, KyoWon Wells charges for repairs caused by customer negligence and imposes penalties for early contract termination. However, this support initiative does not apply these costs to damages or losses resulting from natural disasters.KyoWon Group described this support as part of Chairman Jang Pyeong-soon’s management philosophy of 'lifelong connections' and its commitment to social contribution. The company has been assisting disaster-affected areas for 26 years.A KyoWon Group representative stated, 'We have initiated this support to provide practical help so that residents and customers in the affected areas can return to their daily lives as soon as possible.'* This article has been translated by AI. 2026-09-02 10:32:10
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Video Shows Man Ejected from Ride at Incheon Amusement Park In a disturbing incident at the Disco Pang Pang ride in Incheon’s Wolmido amusement park, a man in his 30s was ejected from the attraction. Video footage of the event has been released.According to the Incheon Jungbu Police Station, the accident occurred on August 23 at approximately 9:23 PM, when a man identified as A was riding the Disco Pang Pang.A sustained abrasions to his face and arms and was treated at a hospital.The police reported that A stated, "One of my shoes came off, and as I tried to put it back on, I let go of the ride's handle, which caused me to be thrown off."Footage aired on JTBC's 'Incident Report' shows around 20 passengers seated in circular seats, gripping safety handles as the ride spins. The video captures A's shoe flying off, leading to him losing his balance. He then collided with the safety handle before being thrown from the ride, landing on his head and neck.A friend who witnessed the incident described, "A was thrown out of the ride and fell to the ground. It felt strange to see the ride continue operating while he was lying on the ground."In response, the ride's operators stated that after the accident, a safety manager assessed the situation and the victim's condition. They checked the ride's main components to prevent further accidents and announced that passengers wishing to exit could do so. After confirming that the ride was safe, they resumed operations for about 20 seconds to complete the remaining cycle.The operators added that they had reminded passengers twice to hold onto the safety handles and avoid dangerous behavior. However, A's attempt to retrieve his shoe caused him to momentarily release the handle and change his position, which occurred too quickly to predict or prevent.The police are reviewing CCTV footage to investigate whether there was any negligence on the part of the ride operator or facility manager. The local district office conducted a joint inspection of the site after the incident but found no mechanical defects or issues with the facility. They have since issued administrative guidance to strengthen safety management and ensure thorough staff training. 2026-09-02 10:32:00
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Na Kyung-won Calls for Direct Election of Party Committee Chairs Amid Challenges Na Kyung-won, a member of the People Power Party, stated on September 2 that the direct election of party committee chairs is in a "difficult situation" and emphasized that it is time to gather opinions. She criticized the nomination of Yoon Hye-in for Minister of Gender Equality and Family, calling it a "bait" related to the appointment of Kim Seung-won as Minister of Justice.During her appearance on YTN Radio's "Jang Seong-cheol's News Myungdang," Na noted, "Our party members are quite divided, creating a challenging environment." She added, "There is a debate within the party about whether the direct election could actually work against unifying the party, so now is the time to collect opinions."While she acknowledged that a fair voting process could be possible, she mentioned that the leadership is currently hesitant about the system. Amid growing internal dissent against party leader Jang Dong-hyuk, some analysts suggest that the re-election of committee chairs has helped him avoid calls for resignation. Na stated, "His term is guaranteed, so as long as he does not resign, he will maintain his position as leader," and expressed her intention to communicate more about party reform and renewal.Regarding Jang, she remarked, "There are both strengths and weaknesses in his leadership," and added, "As we need to come together, we will work to resolve issues internally."On the nomination of Yoon Hye-in, Na pointed out that it serves as a distraction for the appointment of Kim Seung-won. She said, "In this cabinet reshuffle, Yoon is a scapegoat, while the person they want to quietly push through is Kim Seung-won as Minister of Justice." She criticized, "The core of this reshuffle is the president's intention to cancel the prosecution."* This article has been translated by AI. 2026-09-02 10:32:00
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South Korea Allocates 7.22 Trillion Won for 2027 Veterans Budget The Ministry of Veterans Affairs announced on September 2 that it has proposed a budget of 7.22 trillion won for 2027. This represents an 8.0% increase of 532 billion won compared to the 6.68 trillion won budget for 2026, focusing on significantly enhancing the treatment of national merit recipients and improving access to veteran medical and welfare services. The ministry plans to use the increased budget to prioritize initiatives such as raising and expanding compensation, improving access to veteran medical services, transforming national cemeteries, realizing a global K-veteran initiative, and developing cultural projects in collaboration with the public. A notable aspect of the budget is the strengthened support for veterans. The proposed budget raises the monthly allowance for veterans from 490,000 won to 540,000 won. Additionally, compensation for surviving patriots and the families of independence activists will increase by 5.0% and 3.0%, respectively. The compensation for those with a 7th grade disability and the new child allowance for the Korean War will also rise by 3.5% and 8.7%, respectively, to help close the compensation gap. The safety net for medical and welfare services for veterans will also expand. The number of designated hospitals for veterans will increase from 1,200 to 1,400, allowing veterans to receive care closer to home, and the age limit for hospital support will be lowered from 75 to 65. Infrastructure investments will be made to enhance burial capacity and promote veteran culture. A committee will be established to redesign the Hyochang Park area into a national park that coexists with daily life, culture, and veteran affairs by 2029, and eco-friendly elements and safety management will be strengthened at 12 national cemeteries across the country. To realize the global K-veteran initiative, an organizing committee will be launched for the 2029 World Disabled Veterans Sports Games, the first of its kind in Asia, and the scale of invitations for UN veterans will be increased by 1.5 times compared to previous years. A specialized research team will also be established to investigate the status of overseas independence activists' graves and facilitate the repatriation of remains. Kwon Oh-eul, Minister of Veterans Affairs, stated, "The 2027 budget reflects the government's strong commitment to better support the daily lives of heroes and their families who sacrificed their youth and lives for the nation. The government will strive to provide 'special compensation and medical systems' for veteran families and foster a spirit of love for the country among the public in their daily lives." 2026-09-02 10:32:00
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Kim Min-seok: 2027 Budget Proposal Represents Bold Investment for South Korea's Transformation Kim Min-seok, leader of the Democratic Party, praised the '2027 budget proposal' approved at the Cabinet meeting on September 1, calling it a "bold investment that will lead South Korea's transformation while also ensuring fiscal soundness." He also announced plans to establish a legal foundation for completing the administrative capital in line with President Lee Jae-myung's intention to hold his retirement ceremony in Sejong.During a Supreme Council meeting held at Sejong City Hall on September 2, Kim stated, "The government budget was approved at the Cabinet meeting yesterday. This is a bold investment that will lead South Korea's transformation and also guarantees fiscal soundness." He added that the budget includes strategic allocations for three major mega projects, a future response fund, and self-defense initiatives, as well as a budget aimed at balanced regional development and enhanced support for citizens throughout their life cycles.Kim emphasized that as the ruling party, they will ensure the 2027 budget has a tangible impact on the economy for the public.He noted, "While South Korea's economic growth rate has rebounded and exports surpassed $100 billion for the first time in June, the macroeconomy is recovering, but it has not yet reached the public's perception of the economy. The government and the ruling party feel a heavy sense of responsibility in this regard."He continued, "Based on this budget, we will ensure that the recovery of the macroeconomy translates into a tangible impact on the people's economy, and we will work to ensure that the benefits of growth are shared among all citizens during the National Assembly review process."Additionally, Kim expressed his intention to support the Lee Jae-myung administration's goal of completing the administrative capital through legislative activities in the National Assembly.He stated, "Completing the administrative capital in Sejong is the 50th national task of the Lee Jae-myung government. Since the President has said he will hold his retirement ceremony in Sejong, we will work to complete the legal foundation for the administrative capital in the National Assembly."* This article has been translated by AI. 2026-09-02 10:28:10
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Film Review: 'Bigwang' Explores Redemption Through an Imperfect Family Director Lee Ji-won’s latest film, 'Bigwang,' showcases his signature style, evident even before the credits roll. The film captures the temperature, humidity, and seasonal atmosphere, reflecting the intensity and authenticity that permeate his work. Following his acclaimed film 'Miss Baek,' Lee returns with 'Bigwang,' which delves into themes of solidarity and redemption amidst the struggles of those who have fallen from grace.The story revolves around Jung-gu (played by Ryu Seung-ryong), a former star of Korean baseball, and Nam-mi (played by Ha Ji-won), a once-celebrated actress. Their lives take a dramatic turn when Jung-gu's daughter, Dong-joo (played by Kim Si-ah), suddenly appears, leading to their downfall. As they navigate their separate lives, they are drawn back together to save Dong-joo, who has become a prime suspect in the death of a middle school student. They soon realize that the traumatic events from eight years ago continue to haunt them.The title 'Bigwang' reveals its true meaning only at the film's conclusion. In the context of the game of hwatu, 'bigwang' is a type of card that, while considered a 'light' card, is essential for completing a set of five. It symbolizes how individuals, who may seem incomplete on their own, shine when they come together. The characters in the film embody this notion; each carries their own wounds and deficiencies, but when united, their collective strength becomes evident.This theme of solidarity and redemption resonates with Lee Ji-won’s ongoing exploration of these narratives. In 'Miss Baek,' two individuals saved each other from societal neglect, while in 'Bigwang,' a fractured family reunites to protect one another. The portrayal of characters who, despite being pushed to the brink, refuse to turn their backs on each other, deeply resonates with audiences. Even in moments of despair, Lee ensures that hope remains alive, emphasizing the belief that someone can always reach out to another.Lee’s distinctive use of space and season is also prominent in this film. Key locations, such as the Woorimcheon Bridge and Jung-gu's corridor-style apartment, serve as more than mere backdrops; they reflect the characters' tumultuous lives. The imagery of falling from heights and navigating endless tunnels parallels the struggles faced by the characters. While 'Miss Baek' conveyed a sense of desolation through a winter setting, 'Bigwang' immerses viewers in the oppressive weight of summer, mirroring the characters' burdens.The film's vibrant characters are another strength of 'Bigwang.' Jung-gu, Nam-mi, and Dong-joo are portrayed with a vitality that makes them relatable, as if they could be encountered in everyday life. Their surrounding family members, initially appearing as a burdensome presence, reveal a charming warmth through their bickering and interactions. The audience finds themselves drawn to this endearing yet chaotic family dynamic, which is a testament to the film's emotional power.The ensemble cast fortifies the film's intense narrative. Ryu Seung-ryong and Ha Ji-won command the screen with unprecedented performances, while Kim Si-ah, reuniting with the director after 'Miss Baek,' delivers a compelling portrayal that anchors the story. The addition of Kim Hae-sook, Kim Sun-young, and Kim Young-min enhances the film's depth, their mere presence shifting the film's atmosphere. 'Bigwang' is set to hit theaters on September 2, with a runtime of 109 minutes and a rating of 15 and older.* This article has been translated by AI. 2026-09-02 10:28:00
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S. Korea builds armored ambulance for combat evacuation SEOUL, September 02 (AJP) - South Korea has completed development of an armored ambulance built to reach wounded soldiers in areas its current field ambulances cannot enter. Hyundai Rotem said Tuesday it had finished system development of the vehicle under a program run by the Defense Acquisition Program Administration (DAPA). Design, prototype construction, and test and evaluation were carried out with domestic technology over about two years beginning in 2024. The program cost 14.5 billion won ($10.6 million). The vehicle carries wounded soldiers from the front line to hospitals in the rear, and medics can treat them during the drive. South Korea has been doing that work with the military's standard-issue ambulance and with commercial ambulances. DAPA said both have low mobility and are limited in protection, rough-terrain performance, and cross-country driving, which left them unable to support evacuation close to combat units. That gap matters most for mechanized formations and amphibious landing forces, which push deep into enemy-held ground on offensive maneuvers. DAPA said casualties in those units need evacuation support that can come to them, and it set the standard at treatment within 60 minutes of injury, the interval known as the golden hour. The new vehicle is built on the wheeled command post vehicle, a design already in South Korean service with proven protection and mobility. Hyundai Rotem said it chose that platform because its interior is taller than a standard wheeled armored vehicle, giving enough room for medical equipment and for medics to work. With two medics aboard, the vehicle carries up to six walking wounded or four patients on litters. The compartment holds a litter loading device that moves a patient in and out lying flat, an oxygen supply, an automated external defibrillator, patient monitoring equipment, and a stock of medicines. High-intensity light-emitting diode (LED) lamps in the ceiling light the space. Medical personnel can treat a patient while the vehicle is moving and can draw on remote medical support during the run. The vehicle keeps its interior at a pressure above the outside air to block contaminated air from entering, a measure against chemical and biological attack. DAPA said the vehicle will also be used to evacuate civilian casualties from disaster sites that ordinary vehicles cannot reach. The armored ambulance adds to Hyundai Rotem's wheeled armored vehicle line, which was designed in modules so variants can be built for different missions. The wheeled command post vehicle came out of the same approach. Hyundai Rotem said the completed vehicle should let the military move field casualties more safely and quickly, and that the company would "lead innovation in defense technology that can protect the safety and lives of the public as well as military personnel." DAPA has begun preparing for mass production and said it aims to deliver on schedule. Ko Hyung-seok, the Army brigadier general who heads the agency's maneuver systems bureau, said the vehicle combines mobility, protection and medical equipment in a way that makes it "a core capability for preserving our military's combat power." "We will push ahead with mass production and field deployment without setbacks, so that soldiers can carry out their missions under the firm protection of the state," he said. 2026-09-02 10:21:03