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Hyundai Motor Group Appoints Hong Eun-hee as Head of HMG Energy and Hydrogen Division Hyundai Motor Group announced on August 31 that it has appointed Hong Eun-hee as the new head of HMG Energy and Hydrogen Division to enhance its competitiveness in future energy businesses and strengthen its global leadership in hydrogen.Hong, who previously worked at BP for 18 years after stints at P&G Korea and the Korea Export-Import Bank, has been responsible for business development, strategy formulation, and implementation across various energy sectors, including oil, LNG, hydrogen, and ammonia. She is recognized as a global expert in energy business development, known for connecting market opportunities to actual business outcomes and creating results through collaboration with diverse stakeholders.In particular, Hong has reviewed the profitability and investment feasibility of projects while planning and operating global energy and hydrogen business portfolios. She has demonstrated her ability to convert market opportunities into tangible business by leading the structuring and contract design of projects like the Angola LNG project, which spans resource development to long-term supply and transportation.Based on these achievements, she was appointed Chief of Staff for BP's technology organization in 2021 and later took charge of the newly established hydrogen and ammonia business development organization in 2022. Since 2023, she has overseen BP's global hydrogen business development, collaborating with government agencies in key countries and responding to policies while broadly exploring business models based on customer demand.Hyundai Motor Group expects that Hong's execution capabilities and global network will enhance the competitiveness of its future energy business and accelerate the expansion of the hydrogen ecosystem.Hong stated, "Hyundai Motor Group has already achieved significant results across the entire hydrogen value chain, from hydrogen fuel cell vehicles to clean hydrogen production and charging infrastructure. I will leverage my experience in global energy and hydrogen businesses to seek new opportunities in the future energy sector and contribute to enhancing global competitiveness."With this appointment, Hyundai Motor Group plans to refine its commercialization system, covering everything from strategy formulation and business development to investment review and partnership building in the energy sector.This initiative aims to proactively respond to the energy paradigm shift, secure future growth engines, and strengthen the sustainable growth foundation of its energy business.Meanwhile, former head Ken Ramirez has resigned for personal reasons.* This article has been translated by AI. 2026-08-31 10:24:10 -
Korea Zinc Shares Plunge 8% Amid Intensifying Management Dispute Korea Zinc, embroiled in a management dispute with its largest shareholders, Youngpoong and MBK Partners consortium, saw its shares drop by 8% during trading. The conflict is intensifying ahead of an extraordinary general meeting next month, where both sides are battling over the appointment of an audit committee member.As of 10:17 a.m. on August 31, Korea Zinc's shares were trading at 1,265,000 won, down 110,000 won (8.00%) from the previous trading day, according to the Korea Exchange.The two sides will face off at the extraordinary general meeting on September 9 over the selection of an independent director to serve on the audit committee. Korea Zinc's board has nominated Baek In-kyu, while the Youngpoong and MBK side has put forward Park Yu-kyung. If Baek is appointed, the board's composition will shift to a more favorable 12 to 7 for Korea Zinc.So far, major domestic and international proxy advisory firms have leaned toward supporting Baek's candidacy. According to Korea Zinc, seven firms, including ISS, Glass Lewis, Egan-Jones Proxy Services, PIRC, Sustainalytics, ESG Research Institute, and Korea Proxy Advisory, have expressed support for Baek, while all recommended against Park. In contrast, the Korea ESG Standards Institute opposed Baek and supported Park's appointment.Baek's expertise in accounting and finance has influenced the judgments of key advisory firms. He holds certifications as a CPA in both Korea and the U.S. and has worked as a partner at Deloitte Anjin for nearly 30 years. Korea Proxy Advisory noted the lack of accounting professionals on Korea Zinc's audit committee, emphasizing the need for enhanced expertise. Glass Lewis also positively assessed Baek's experience in accounting and internal controls.As the extraordinary general meeting approaches, tensions are escalating between the two sides. Last week, Youngpoong and MBK raised allegations that Choi Yoon-bum, the chairman of Korea Zinc, misappropriated some funds from investment company funds for investments in private companies.In response, Korea Zinc stated that these claims distort the facts and warned of potential legal action. Given that the outcome of the audit committee member appointment will impact the future board structure, the management dispute is expected to intensify leading up to the extraordinary general meeting on September 9.* This article has been translated by AI. 2026-08-31 10:24:00
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July Industrial Production Stagnates Amid Declines in Consumption and Construction Industrial production in July remained flat compared to the previous month. Consumption fell by over 2%, and construction investment also decreased. In contrast, facility investment rose by 7.5%, driven by increased spending on semiconductor manufacturing equipment and transportation equipment such as aircraft and ships.According to the 'July Industrial Activity Trends' report released by the national data agency on August 31, total industrial production in July was 120.2 (2020=100), showing no change from the previous month. While production in the services and construction sectors declined, increases in manufacturing and public administration production kept overall output stable.Manufacturing output increased by 0.2% from the previous month, influenced by a rise in the production of electronic components and primary metals. The production of electronic components grew due to increased output related to OLED technology. However, automotive production fell by 4.5%, and other transportation equipment saw a 5.0% decline.The decrease in automotive production was partly due to a base effect from increased output in June. Lee Do-won, a statistics officer, noted, "The supply of parts improved after a fire, leading to a significant increase in passenger car production in June, which resulted in a decrease this month due to the base effect."Strikes in the automotive industry also contributed to the production decline. However, Lee clarified, "The strikes are not the main cause but rather one of several factors," adding that the base effect appears to be the primary reason.Production in the services sector dropped by 1.3% from the previous month, with declines in finance, insurance, and professional, scientific, and technical services. The finance and insurance sector saw a 4.8% decrease, impacted by a reduction in stock trading volumes. Lee indicated that the finance and insurance sector's contribution to the overall decline in service production was 0.87 percentage points.Consumption also decreased, with July retail sales falling by 2.4% compared to the previous month. Sales of durable goods, including automobiles and electronics, dropped by 7.7%, while semi-durable goods like clothing fell by 1.4%, and non-durable goods decreased by 0.1%. Year-on-year, retail sales were down by 0.8%.The decline in sales this month followed a significant increase in automotive and durable goods sales last month. Lee explained, "Last month, there was an increase in automotive production and durable goods, but this month, the opposite effect was observed." Sales of electronics also decreased as promotional events ended.Facility investment saw a substantial increase, rising by 7.5% in July compared to the previous month. Investment in machinery grew by 4.2%, while transportation equipment investment surged by 15.4%. Year-on-year, facility investment increased by 24.9%.Lee noted, "This month, investments in semiconductor manufacturing equipment, as well as in aircraft and ships, increased, contributing to the overall 7.5% rise in machinery and transportation equipment investment."Construction investment continued to decline, with construction output down by 1.1% from the previous month and 3.2% year-on-year. A significant factor was a 7.4% decrease in building construction performance compared to the previous month. New construction orders plummeted by 34.0% year-on-year, with civil engineering orders down by 55.0% and building orders down by 23.2%.Economic indicators showed some improvement. The coincident composite index's cyclical fluctuation value rose by 0.8 points to 101.2, while the leading composite index's cyclical fluctuation value increased by 0.4 points to 104.2.The government noted that external uncertainties, such as the Middle East conflict, continue to pose challenges, alongside persistent issues like inflation and declining youth employment.A Ministry of Economy and Finance official stated, "We will strengthen policy efforts to solidify the recovery trend and ensure that the benefits of growth are widely distributed. We will promptly implement measures to restore youth employment and support vulnerable borrowers, as well as enhance support for sectors in need of stability."* This article has been translated by AI. 2026-08-31 10:20:00
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Foreign shopping at Olive Young tops $720 million SEOUL, August 31 (AJP) - CJ Olive Young's sales to foreign shoppers surpassed 1 trillion won ($720 million) by August, reaching the milestone three months earlier than last year as South Korea's K-beauty boom draws overseas visitors beyond Seoul into regional cities. Foreign customers made 11.01 million purchases at Olive Young's domestic stores between January and August, equivalent to roughly one transaction every 0.9 seconds during store operating hours, the health and beauty retailer said Monday. Foreign shoppers now account for 33 percent of the retailer's offline sales, up sharply from just 2 percent in 2022. Customers from 192 countries made purchases this year, with the United States, Singapore, Japan, China and Thailand among its five largest foreign markets. The growth is increasingly spreading outside South Korea's traditional tourism hubs. Foreign sales across Olive Young stores rose 47 percent from a year earlier through August, while sales in Gangwon Province more than doubled, climbing 105 percent. Gyeongju posted an 88 percent increase, followed by Daejeon at 80 percent and Jeonju at 62 percent. Olive Young has been expanding large-format and locally tailored stores outside the Seoul metropolitan area as foreign visitors broaden their travel itineraries. A company survey found foreign shoppers visited an average of 2.8 Olive Young stores during their trips. The retailer currently operates 151 stores designated as "global tourism" locations, accounting for more than 10 percent of its nationwide network. Those stores prioritize multilingual staff and services aimed at overseas visitors. Skincare remained the most popular category, while demand for more specialized products is growing. Foreign sales of dermo skincare jumped about 78 percent from a year earlier through August, while inner-beauty products rose 64 percent. Olive Young said it plans to continue expanding large and specialized stores in regional destinations including Busan and Jeju while improving services for international shoppers. "We will strengthen our role as infrastructure for Korea's tourism industry by utilizing large-format and locally specialized stores not only in Seoul but also across regional areas," an Olive Young official said. AJP Takeaways: Foreign sales at Olive Young surpassed 1 trillion won ($720 million) by August, three months earlier than last year. Foreign shoppers now account for 33 percent of offline sales, up from just 2 percent in 2022. Foreign sales rose 47 percent year-on-year, with growth accelerating outside Seoul, including a 105 percent surge in Gangwon Province. 2026-08-31 10:17:47 -
SK Biopharm CEO Lee Dong-hoon Purchases $1.8 Million in Company Shares, Expresses Confidence in Long-Term Growth Lee Dong-hoon, CEO of SK Biopharm, has purchased 180 million won (approximately $1.8 million) worth of company shares, a move interpreted as a demonstration of management's confidence in the company's growth. SK Biopharm announced on the 31st that Lee acquired 2,000 common shares on the 27th at an average price of 90,898 won per share. This purchase occurred the day after the company revealed the introduction of its next-generation global drug candidate, 'Opacalim.' SK Biopharm plans to develop Opacalim as a key growth driver following Cenobamate. The company stated, "This reflects management's commitment to long-term growth based on the solid growth of Cenobamate and the next-generation growth drivers, including Opacalim." Yoo Chang-ho, head of the strategy division who led the Opacalim licensing agreement, also participated in responsible management by purchasing 500 shares of the company. Additionally, SK Biopharm has announced a global exclusive licensing agreement with Biohaven Pharmaceuticals for the epilepsy drug candidate Opacalim and other Kv7 activator compounds, with a contract value of up to $795 million (approximately 1 trillion won). Opacalim is being developed as a new drug candidate targeting partial seizures in epilepsy patients. It works by activating the Kv7 potassium channels that regulate neuronal excitability. Clinical trials, including 'RISE2' and 'RISE3,' are currently underway, with topline results from RISE3 expected to be announced in the second half of this year.* This article has been translated by AI. 2026-08-31 10:16:00
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Bibigo takes Korean seaweed snacks to U.S. sports crowds SEOUL, August 31 (AJP) - CJ CheilJedang has pushed its flagship Korean-food brand Bibigo into American stadiums, sampling roasted seaweed to tens of thousands of baseball and soccer fans in a campaign to make "gim" a mainstream Western snack. The food giant said Monday it had wrapped up seaweed-sampling events at the home grounds of Major League Soccer's Los Angeles FC and Major League Baseball's San Francisco Giants, distributing around 2,000 packs of Bibigo seaweed across the two dates. The events form part of the Sea-Sports project, a new initiative this year under South Korea's oceans ministry, through which the National Federation of Fisheries Cooperatives is pitching Korean seaweed to American fans as a healthy, convenient snack. CJ CheilJedang served as a core partner in the federation's "GIM" global branding push, running two of the seven planned events. The first sampling took place on Aug. 15 at Los Angeles' BMO Stadium during an LAFC match, timed to coincide with the company's KCON LA culture festival. The second, on Aug. 29 at Oracle Park, was tied to a bobblehead giveaway for South Korean outfielder Lee Jung-hoo as the Giants hosted the Arizona Diamondbacks. "Working with the fisheries federation gave us a meaningful chance to introduce the distinctive taste of bibigo seaweed to American sports fans," a CJ CheilJedang official said, adding that the firm would work to bring Korean seaweed into consumers' daily lives worldwide. AJP Takeaways • CJ CheilJedang sampled about 2,000 packs of bibigo roasted seaweed at Los Angeles FC and San Francisco Giants home games, targeting mainstream U.S. sports crowds rather than Korean-diaspora consumers. • The push is part of the oceans ministry's new Sea-Sports project, with CJ acting as a core partner in the fisheries federation's "GIM" global branding campaign, handling two of seven planned events. • The campaign signals a broader industry bid to reframe Korean seaweed ("gim") as an everyday Western snack, extending the K-food wave beyond restaurants and specialty aisles. 2026-08-31 10:15:16 -
Nexon extends MapleStory into Busan theme park SEOUL, August 31 (AJP) - MapleStory joins the Lotte World Adventure Busan to deepen the all-time favorite game outreach beyond the screen and into physical spaces in the port city of South Korea that has become one of the fastest-growing attractions for foreign visitors, according to Nexon. The autumn-season event opened Aug. 29, titled "MapleStory in Lotteworld Busan," runs across the entire Busan park through Nov. 22, spanning 86 days. At the heart of the event sits "Create Your Own Character," an interactive attraction where visitors scan a QR code, choose a hairstyle and outfit, and watch their creation appear on a digital stage panel. MapleStory players can summon the characters they have raised in-game. The feature drew more than 130,000 participants during the Jamsil run. The park has been dressed to mirror the game's world, with a six-meter-tall inflatable Orange Mushroom trailing soap bubbles, recreated portals and a rendering of Henesys, one of MapleStory's signature towns. A new parade, live busking sets and a photo session with the character Pink Bean round out the lineup, alongside limited merchandise and themed potion drinks. The Busan expansion builds on a spring collaboration at Lotte World Adventure in Jamsil, Seoul, which ran from March to June and performed strongly enough to convince Nexon to take the format to a second park. The company now operates a permanent MapleStory theme zone, Maple Island, at the Jamsil site. The move mirrors a wider bet by Korean game makers on offline intellectual-property expansion, echoing the strategy Nintendo of Japan has pursued through theme-park attractions to stretch its franchises well beyond gaming. AJP Takeaways • Nexon opened its "MapleStory in Lotteworld Busan" collaboration at Lotte World Adventure Busan on Aug. 29, running 86 days through Nov. 22, its first MapleStory theme event outside the Seoul metropolitan area. • The event's flagship "Create Your Own Character" attraction drew more than 130,000 participants during Nexon's earlier spring collaboration at Lotte World Adventure in Jamsil, Seoul, which ran from March to June 2026. • Nexon operates a permanent MapleStory theme zone, Maple Island, at its Jamsil park, part of a broader move by Korean game makers to extend gaming IP into physical attractions, mirroring Nintendo Co.'s theme-park strategy in Japan. 2026-08-31 10:14:41 -
Han Byeong-do Criticizes Opposition's Extreme Rhetoric Following Cabinet Reshuffle Han Byeong-do, the floor leader of the Democratic Party, criticized the People Power Party on August 31 for its extreme rhetoric following the announcement of a cabinet reshuffle the previous day. He stated that the opposition party immediately resorted to accusations of "state terrorism" upon the announcement of the new appointments.During a Supreme Council meeting held at the National Assembly, Han remarked, "Even before the confirmation hearing schedule was set, they have begun to label and smear the nominees." He specifically called out the false claims being spread about Kim Seung-won, the nominee for Minister of Justice, stating, "They are spreading lies that he is a lawyer from the Daejang-dong case. There is no story like this in fiction."Han emphasized that verification should occur during the confirmation hearings based on facts and evidence, arguing that casting doubt before the process begins is tantamount to declaring an intention to politicize the hearings.He also assured that the Democratic Party would thoroughly verify the capabilities and qualifications of public office candidates from the perspective of the public and would respond firmly to any political maneuvers by the opposition. He stressed the importance of completing the confirmation hearings for cabinet members swiftly before the Chuseok holiday to prevent any gaps in government operations.Meanwhile, the Blue House announced the nomination of several key positions the day before, including Lee Hyung-il as Deputy Prime Minister and Minister of Economy, Kim Seung-won as Minister of Justice, Kang Shin-cheol as Minister of National Defense, Lee So-young as Minister of SMEs and Startups, Hong Ji-sun as Minister of Land, Infrastructure and Transport, and Yong Hye-in as Minister of Gender Equality and Family.* This article has been translated by AI. 2026-08-31 10:12:10
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Former Soldier Reflects on Defense Minister Nominee Kang Shin-cheol's Leadership A former soldier's reflection on Kang Shin-cheol, the nominee for Defense Minister and current ambassador to Saudi Arabia, has garnered attention.On August 30, a post appeared on an online community from a soldier who served under Kang when he was the commander of the Army's 11th Division 9th Brigade.The author, identified as A, recalled that Kang was a brigade commander who had primarily worked in the Ministry of Defense and the Blue House before his first assignment to a field unit. "He was someone who rose quickly through the ranks to become a brigade commander, which made the troops quite nervous," A wrote.However, A noted that during individual meetings with about ten soldiers, Kang advised them, "Do not serve for others or the country, but for yourself. The most important thing in your life is you. Do not waste the two years you have here in preparation for when you enter society." A found this message particularly striking, especially since it was a time when the military had not yet fully embraced the emphasis on soldiers' self-development, rights, and welfare, and when abuse within the ranks had not completely disappeared.A also explained that Kang was quick to address soldiers' suggestions and demands for improvement, always keeping his promises. "He ensured that rewards for performance were clear," A recalled, noting that Kang emphasized that "a well-rested military is a strong military," granting combat leave to soldiers who returned from training exercises lasting over a week. This approach fostered a sense of unity among the troops and led to high training performance.One of the most memorable anecdotes A shared was from a march during a special forces training exercise. According to A, the distance covered during the training was about 40 kilometers out and 60 kilometers back, and typically, battalion commanders would use vehicles for transportation.However, A recounted, "While we were marching, I glanced to my left and saw the brigade commander. He marched with us both going and returning." A described Kang as the most admirable adult he had ever encountered, stating, "I want to be like him when I turn 50."Kang continued to rise through the ranks, becoming a four-star general and serving as the deputy commander of the U.S.-South Korea Combined Forces Command during the Moon Jae-in and Yoon Suk-yeol administrations. He gained public attention for his response to North Korean drone provocations.After learning about Kang's past, A searched online for more information and noted, "I found numerous anecdotes from different units, confirming that he is still an impressive person." A added, "Regardless of the Moon and Yoon administrations, the reason he is highly regarded seems to stem from his character."The post has sparked interest among netizens regarding Kang's leadership and actions as a military commander. Reactions varied, with some stating, "Politics is another realm, but he is undoubtedly an impressive person," while others commented, "The challenge is how to integrate the three armies," and "Rather than just anecdotes, he needs to show his future actions."* This article has been translated by AI. 2026-08-31 10:12:00
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Apple Transitions to New CEO John Ternus Amid Challenges Apple will conclude the Tim Cook era on September 1, transitioning to the leadership of John Ternus as the new CEO. Ternus faces numerous challenges, including enhancing artificial intelligence (AI) capabilities, developing next-generation products, securing AI talent, and addressing changes in labor conditions at its largest production base in China.Bloomberg reported on August 30 that Ternus's top priority will be to strengthen Apple's AI competitiveness. Apple has been criticized for lagging behind competitors like Google and OpenAI in the generative AI race. Since last year, the company has been developing a new version of Siri using Google’s Gemini technology, which is expected to be unveiled alongside new iPhone models in September, marking a critical test of Apple's AI capabilities.Developing next-generation products, such as AirPods with AI features, smart glasses, and smart home devices, is also essential for creating new growth drivers beyond the iPhone. Following the release of a foldable iPhone this year, Apple plans to introduce a new model in 2027 to commemorate the 20th anniversary of the iPhone, aiming to sustain its growth trajectory.Ternus is a hardware expert who has worked at Apple for 25 years. He has been involved in the development of the Mac, iPad, and AirPods, overseeing the entire hardware engineering division.However, Bloomberg noted that Ternus lacks experience in critical areas such as finance, sales, legal affairs, government relations, and supply chain management, which are essential for a CEO. As Apple navigates supply chain risks, including recent memory chip shortages and price increases, the roles of the Chief Financial Officer (CFO) and Chief Operating Officer (COO) may become more prominent. Tim Cook will remain as chairman of the board, continuing to manage key external relations, including those with President Donald Trump and the Chinese government.Another challenge for the new CEO will be adjusting production models in response to changes in China's political and economic environment. Rising labor costs and demands for improved working conditions make it increasingly difficult to rely on long hours of labor as in the past.Apple's product release cycles are short, and the company significantly increases order volumes with each new product launch. As a result, suppliers must deliver large quantities in a short time while operating on thin margins.On August 31, The Diplomat, a U.S. foreign affairs magazine, criticized Apple for relying on long working hours, low wages, and illegal overtime from Chinese workers to achieve its high production efficiency and profitability. It suggested that a key test for Ternus will be whether he can maintain the world-class production efficiency established under Cook while changing the structure that places the burden on workers. 2026-08-31 10:12:00