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  • Hong Ji-sun Promises Coordination with Seoul on Housing Supply Issues
    Hong Ji-sun Promises Coordination with Seoul on Housing Supply Issues Hong Ji-sun, the nominee for Minister of Land, Infrastructure and Transport, stated that she will thoroughly coordinate with the Seoul city government regarding housing supply issues, including those related to Yongsan Park. Following the housing supply measures announced on August 13, reconciling differences between the central government and Seoul on urban housing solutions is expected to be one of her first tasks.On her way to the Government Sejong Center on the morning of August 31, Hong told reporters, "Having worked extensively in local government, I have ample experience in how central policies are implemented on the ground. I will ensure sufficient prior consultation with the Seoul city government so that policies can be effectively executed in the field."This statement reflects her awareness of the ongoing differences between the Ministry of Land and the Seoul city government regarding the use of parts of Yongsan Park for housing supply. While the government emphasizes the need to expand housing supply for young people and newlywed couples, the Seoul city government maintains a cautious stance on preserving Yongsan Park and lifting greenbelt restrictions.Hong also stressed the importance of implementing housing supply policies effectively. She remarked, "I believe I have taken on a significant responsibility during a challenging time. I will work to quickly supply quality housing in preferred locations, paying particular attention to the housing stability of young people and newlywed couples."Regarding measures to stabilize the housing market in the metropolitan area, she stated, "Housing policy has a substantial impact on people's lives and market expectations. Above all, consistent and predictable policies are necessary." She added, "We will swiftly implement the housing supply measures announced by the government, ensuring that they are actionable from the start of construction to occupancy."Hong also addressed transportation and regional balanced development issues. She said, "To achieve national balanced development and address disparities in transportation infrastructure between regions, we will strengthen the foundation for region-led growth through support for mega-projects and expansion of transportation infrastructure. I will also pay closer attention to safety management to prevent unfortunate accidents from recurring."As Hong emphasizes her administrative experience in both central and local governments, it appears that the core focus of the Ministry of Land's policies will shift towards ensuring that housing supply announcements translate into actual construction and occupancy through collaboration with local governments like Seoul. She entered public service in 1996 after passing the local government examination and has held various positions, including Director of Road Policy, Director of Construction, Director of Railways, Director of Logistics, and Director of Urban Housing in Gyeonggi Province. She has also served as the second vice minister responsible for roads, railways, aviation, and logistics at the Ministry of Land.* This article has been translated by AI. 2026-08-31 09:56:00
  • Won-Dollar Exchange Rate Shows Upward Pressure Amid Fed Chairs Hawkish Remarks
    Won-Dollar Exchange Rate Shows Upward Pressure Amid Fed Chair's Hawkish Remarks The won-dollar exchange rate is trending upward in the 1,370 won range.As of 9:39 a.m. on August 31, the exchange rate in the Seoul foreign exchange market is 1,378.7 won per U.S. dollar. The rate was trading at 1,379.5 won, up 7.0 won from the previous week's closing price as of 6 a.m. today.This increase is attributed to a stronger dollar following hawkish comments from Federal Reserve Chair Kevin Warsh.At the same time, the dollar index, which measures the dollar's value against six major currencies, fell 0.06% to 99.65.International oil prices dropped on August 28 due to expectations of a recovery in oil transport through the Strait of Hormuz and Warsh's hawkish remarks.October futures for West Texas Intermediate (WTI) crude oil fell 0.16% to $83.40 per barrel, while Brent crude for October delivery decreased 0.43% to $89.31 per barrel.The exchange rate is expected to rise into the 1,380 won range. Min Kyung-won, an economist at Woori Bank, stated, "I expect the rate to attempt a rebound into the high 1,380s, reflecting the rise in government bond yields triggered by Warsh's comments, a strong dollar, and a decrease in risk appetite. Although Warsh did not provide clues about a rate hike, he emphasized that achieving the 2% inflation target is a key task, which has impacted the market with a strong dollar shock."* This article has been translated by AI. 2026-08-31 09:56:00
  • Rate-hike fears drag KOSPI, Nikkei down 2%
    Rate-hike fears drag KOSPI, Nikkei down 2% SEOUL, August 31 (AJP) - Korean stocks opened sharply lower Monday as a hawkish turn by Federal Reserve Chairman Kevin Warsh knocked the chip trade that has carried the market all year. The KOSPI, the main index in Seoul, was down 2.0 percent in early trading. The index shed 138.63 points to 6,650.25. Tokyo took the same blow. The Nikkei 225 was down 1,375.83 points at 65,029.73. The fall of about 2.1 percent left the region's two big chip-exposed markets moving together. Samsung Electronics fell 3.0 percent to 249,250 won ($181) and SK hynix lost 3.1 percent to 1,602,000 won ($1,163). They are the two heaviest weights in the index and the clearest expression of what traders were selling. The damage spread through the chip supply chain rather than the whole market. Samsung Electro-Mechanics dropped 3.4 percent to 1,373,000 won ($997). SK square, the holding company whose main asset is its SK hynix stake, fell 2.9 percent to 998,000 won ($724). Warsh told the Fed's annual Jackson Hole symposium on Friday that the central bank would have work to do if policymakers were not confident inflation was returning to its 2 percent target. Bets on a September increase jumped to 55.7 percent from 35.4 percent the day before, according to the FedWatch tool of Chicago Mercantile Exchange (CME) Group. Higher-for-longer rates hit the most expensive growth assets hardest, and in Seoul that means memory chips. Bank stocks benefited from the expectations of a tightening cycle. KB Financial Group rose 1.1 percent to 173,500 won ($126) and Shinhan Financial Group added 0.6 percent. LG Energy Solution gained 1.2 percent to 374,500 won ($272) as battery and refining names ran against the tape. Doosan Enerbility was the worst large-cap performer, down 4.5 percent at 84,200 won ($61). The power plant and nuclear equipment builder has been one of the market's momentum favorites this year. Foreign investors sold a net 247.2 billion won ($179.4 million) and institutions sold 143.2 billion won ($104.0 million). Individuals bought 327.1 billion won ($237.5 million), absorbing both. The KOSDAQ, the secondary board weighted toward smaller technology and biotech companies, fell harder than the main board, down 2.9 percent at 814.04. The KOSPI closed last week at 6,788.88 after repeatedly failing to hold above 7,000, a level it has approached and lost several times this month. The won traded at 1,377.50 per dollar, marginally stronger than Friday. 2026-08-31 09:55:51
  • Law Firm Wons Kang Jung-woo Publishes Guide on Defense Export Contracts
    Law Firm Won's Kang Jung-woo Publishes Guide on Defense Export Contracts Law Firm Won, led by attorneys Yoon Gi-won and Lee Yoo-jung, announced on August 31 that attorney Kang Jung-woo has published a new book titled 'Conditions of Defense Export Contracts: Practical Contracting in International Defense Transactions.'The book analyzes the legal and contractual risks associated with the increasing international defense transactions, particularly in light of the growing export of K-defense products in the global market. It serves as a practical guide that systematically outlines the essential conditions that must be considered in defense export contracts.It covers a wide range of critical issues that may arise throughout the entire process of international defense transactions, including Incoterms (International Commercial Terms established by the ICC), governing law and the United Nations Convention on Contracts for the International Sale of Goods (CISG), letters of credit and independent bank guarantees, export controls, offsets, technology transfers, and follow-on support.Kang has observed numerous domestic companies and institutions with world-class technology and competitiveness facing unexpected disputes and losses due to neglecting the importance of contract design in defense procurement and litigation.To address this, he wrote the book not just to provide simple contract drafting tips, but to convey the principles of designing contract conditions that can prevent and effectively respond to risks encountered in the field of defense exports.Moreover, the book does not stop at theoretical explanations of each contract condition; it also introduces key case law from South Korea's Supreme Court and lower courts, as well as significant rulings from the United States, the United Kingdom, Germany, Japan, and the European Court of Justice, allowing readers to understand defense contract practices from an international perspective.Additionally, it includes examples of defense export contracts, step-by-step checklists, and an English contract expression glossary, providing practical resources for corporate practitioners and legal professionals to utilize directly in their work.Law Firm Won offers advisory and litigation services across the defense and defense industry, focusing on defense exports, defense procurement, defense regulations, international contracts, and export controls.Lee Yoo-jung emphasized, 'As K-defense continues to grow globally, the legal issues faced by defense companies are becoming increasingly complex. Law Firm Won will continue to provide specialized legal services to support the ongoing growth and global expansion of the defense and defense industry.'* This article has been translated by AI. 2026-08-31 09:52:00
  • DL Construction Appoints Ha Jung-min as New CEO, Strengthening Safety Management
    DL Construction Appoints Ha Jung-min as New CEO, Strengthening Safety Management DL Construction has appointed Ha Jung-min, former Chief Safety Officer (CSO) with over 20 years of experience in construction site and safety management, as its new CEO, aiming to strengthen site-centered safety management. On August 31, DL Construction announced the appointment of Ha Jung-min as CEO. This decision was made with a focus on internal talent, considering skills and capabilities, and aims to reinforce the company's site-centered management approach. Born in 1974, Ha began his career in the construction industry in 2003 when he joined Daelim Industrial (now DL E&C) as a safety management officer. He has since worked on safety management at six major projects, including Saemangeum, the Dodam-Yeongcheon high-speed railway, and the Sejong-Anseong Expressway. He has also held leadership positions in key safety organizations, such as the headquarters' safety training operations team, technical safety team, and safety and health team. Ha has established his expertise in safety by obtaining a construction safety engineer certification. Before becoming CEO, Ha served as a team leader at DL E&C and then as CSO at DL Construction, where he led the establishment of a company-wide safety management system and the promotion of a safety culture starting in 2025. He will continue to serve as CSO alongside his new role as CEO. Ha has notably led the creation of a database of approximately 22,000 construction accident cases and risk factors across 940 types of work, which has been used to develop a safety execution manual system. This system allows workers and managers to access real-time information on risk factors, accident cases, and preventive measures via mobile devices. He has also pushed for a comprehensive overhaul of the company's safety management system, analyzing risk factors across all project phases, including design, construction, quality, and contracts, while redefining safety standards and work processes. This includes enhancing risk assessments and establishing new safety management cost standards for key processes, thereby building a prevention-focused safety management system. In addition to the CEO appointment, DL Construction has also appointed four new executive officers: Noh Sang-woo, Park Dae-ho, Lim Chae-hyun, and Hwang Jin-hyun. The new executives include two individuals born in the late 1970s and two in the early 1980s. The company aims to invigorate its organization by placing young talents who have proven their performance and capabilities in key positions to respond to the changing business environment.* This article has been translated by AI. 2026-08-31 09:52:00
  • Koreas factory output loses steam July, retail sales sag
    Korea's factory output loses steam July, retail sales sag SEOUL, August 31 (AJP) -South Korea's factory output growth sharply eased on a pullback from chip shipments while a key gauge of household consumption fell back in July, suggesting the economy's heavy reliance on chip activity and restricted trickle-down effect of the chip boom on the the broader economy, government data showed Monday. Mining and manufacturing output edged up 0.2 percent in July from the previous month, sharply losing steam from a 6.7 percent surge in June. Growth from a year earlier also slowed to 3.6 percent from 6 percent, according to the Ministry of Data and Statistics. The domestic front was dimmer, with retail sales falling 2.4 percent on month after a 2.7 percent rebound in June. Construction activity also declined 1.1 percent from the previous month and 3.2 percent from a year earlier. Services output dropped 1.3 percent on month, leaving overall industrial production flat after a 2.4 percent increase in June. From a year earlier, total industrial output was still up 3.1 percent. Capital investment remained the sole bright spot, supported by aggressive spending on machinery including semiconductor manufacturing equipment. Facility investment jumped 7.5 percent from June and 24.9 percent from a year earlier, accelerating from respective gains of 6.9 percent and 22.5 percent in June. Investment in machinery rose 4.2 percent on month, while transport equipment investment climbed 15.4 percent on increased spending on ships and aircraft. From a year earlier, machinery investment surged 21.3 percent and transport equipment 32.7 percent. Domestic machinery orders, another gauge of future corporate investment, increased 25.4 percent from a year earlier. Private-sector orders jumped 27 percent, including a 47.9 percent surge among manufacturers, although the pace slowed from June's exceptionally strong 52.4 percent overall increase. The production data were more mixed inside manufacturing. Manufacturing output rose just 0.2 percent from June. Electronic components surged 20.7 percent and primary metals gained 4.2 percent, offsetting declines of 4.5 percent in automobiles and 5 percent in other transport equipment. Semiconductor production itself edged up only 0.5 percent on month and 0.8 percent from a year earlier. Semiconductor shipments fell 7.3 percent from June and 3.4 percent from a year earlier, while inventories rose 10 percent on year. The broader manufacturing picture was somewhat stronger outside the monthly volatility. Factory output excluding electronics and communications products was up 4.5 percent from a year earlier, while machinery production climbed 9.6 percent and automobile production 10.6 percent. Average factory utilization edged up 0.2 percentage point to 74.9 percent. Consumption weakened across all three major goods categories. Sales of durable goods dropped 7.7 percent from June as purchases of passenger cars, home appliances, communications devices and furniture declined. Semi-durable goods including clothing fell 1.4 percent, while nondurable goods slipped 0.1 percent. Overall retail sales were down 0.8 percent from a year earlier. Department-store sales remained 9 percent higher than a year earlier and duty-free sales jumped 13.4 percent, but sales at large discount stores dropped 7.4 percent and specialty retailers fell 3.5 percent. Services also lost momentum after three straight monthly gains. Financial and insurance services fell 4.8 percent from June in line with the sharp cooling in the stock market, professional, scientific and technical services declined 2.7 percent and wholesale and retail services slipped 1.1 percent. Accommodation and food services fell 1.1 percent on month and 1 percent from a year earlier, pointing to continued weakness in spending closely tied to household demand. Construction remained another soft spot. Building activity tumbled 7.4 percent from June, outweighing an 18.5 percent rise in civil engineering work. New construction orders plunged 34 percent from a year earlier, including a 33.7 percent fall in housing orders. Still, broader business-cycle indicators continued to point upward. The coincident composite index's cyclical component, which measures current economic conditions, rose 0.8 point in July, while the leading index's cyclical component gained 0.4 point. AJP Takeaways ○ South Korea's industrial recovery lost momentum in July: mining and manufacturing output rose just 0.2 percent on month after June's 6.7 percent surge, while overall industrial production was flat. ○ Domestic demand stayed weak: retail sales fell 2.4 percent, services output dropped 1.3 percent and construction activity declined 1.1 percent from June. ○ Corporate investment remained the standout: facility investment jumped 7.5 percent on month and 24.9 percent on year, supported by semiconductor manufacturing machinery and transport equipment. 2026-08-31 09:50:20
  • 2.3 billion shares from 38 companies to be released from mandatory holding in September
    2.3 billion shares from 38 companies to be released from mandatory holding in September In September, 2,294,800,000 shares from 38 domestic listed companies will be released from mandatory holding registration.According to the Korea Securities Depository on August 31, the total number of shares subject to the release next month is 2,294,800,000 from 38 companies. Of these, 119,495,566 shares from five companies will be released in the KOSPI market, while 1,099,999,999 shares from 33 companies will be released in the KOSDAQ market.Mandatory holding registration is a system that electronically registers shares held by major shareholders and others with the Depository, preventing them from being sold for a certain period according to relevant regulations.In the KOSPI market, the largest release will come from K Bank, with 81,775,566 shares, accounting for 20% of its issued shares. Other companies include SK Innovation with 18,018,012 shares (11%), Trinity Airlines with 11,357,770 shares (11%), KR Motors with 5,248,463 shares (30%), and Taeyoung Construction with 3,093,857 shares (1%).In the KOSDAQ market, the release amounts and their ratios to issued shares vary significantly. Ivision Works will have 10,624,930 shares (31%) released, Osang Healthcare will see 8,485,603 shares (59%) released, and Nexa Dynamics will have 6,807,866 shares (23%) released. J2K Bio is also notable, with 3,301,500 shares (56%) scheduled for release, indicating a high proportion of released shares compared to its issued shares.Additionally, Bit and Electronics will have 6,139,723 shares (5%), B2N will see 564,423 shares (8%), Central Advanced Materials will have 484,941 shares (4%), Polaris AI Handy will have 4,522,842 shares (19%), and Parataxis Korea will have 478,688 shares (5%) released in succession.A representative from the Depository stated, "There may be some fluctuations or errors, so it is necessary to check the relevant companies' disclosures for accurate information," adding that the figures are based on shares registered for mandatory holding and do not include shares subject to voluntary holding commitments or those from initial public offerings.* This article has been translated by AI. 2026-08-31 09:48:00
  • MNC Solutions Shares Surge 27% Following 15 Billion Won Stock Buyback Announcement
    MNC Solutions Shares Surge 27% Following 15 Billion Won Stock Buyback Announcement 엠앤씨솔루션이 150억원 규모의 자기주식 취득 신탁계약 체결 소식에 급등하고 있다. On August 31, at 9:30 a.m., MNC Solutions shares rose by 4,140 won (27.40%) to 19,250 won compared to the previous trading day. MNC Solutions announced on August 28 that its board of directors had decided to enter into a trust agreement for a stock buyback worth 15 billion won. The contract period runs from August 28 to February 28 of next year, and the company has signed the agreement with Kiwoom Securities.The planned number of shares to be acquired is approximately 996,016 shares, calculated based on the closing price of 15,060 won on August 27, the day before the board resolution. The actual number of shares acquired may vary depending on future stock price fluctuations.The company stated that it plans to retire all shares acquired through this trust agreement to enhance shareholder value. MNC Solutions will disclose specific details regarding the retirement in a future board resolution.Market analysts believe that the decision to not only hold but also retire the shares has positively influenced investor sentiment, contributing to the strong performance of the stock on this day.MNC Solutions is a defense contractor that supplies key components such as gun and turret drive systems, hydraulic systems, and suspension systems for major weapon systems. Recently, the company has been expanding its business into areas such as winches for naval vessels and aerospace.* This article has been translated by AI. 2026-08-31 09:44:10
  • KISA Hosts Realistic Hacking Competition Using Generative AI
    KISA Hosts Realistic Hacking Competition Using Generative AI The Korea Internet & Security Agency (KISA) held a realistic hacking competition utilizing generative artificial intelligence (AI) to assess security vulnerabilities and incident response systems in public institutions' personal data processing systems. Local university students simulated real attack scenarios to identify vulnerabilities, while security personnel from the institutions detected and blocked threats, aiming to enhance cyber threat response capabilities in the generative AI era and foster security talent.KISA announced on August 31 that it, along with the National Intelligence Service branch and the Korea Broadcasting and Telecommunications Commission (KCA), hosted the 'AI Privacy Challenge' competition at the KCA headquarters in Gwangju, Jeollanam-do, to address cyber threats using generative AI.The competition involved simulated hacking scenarios targeting the personal data processing systems operated by KISA and KCA. KISA explained that it assessed security vulnerabilities and incident response systems while providing local university students with hands-on cybersecurity experience using generative AI.According to KISA, the National Intelligence Service branch, KISA, and KCA jointly managed the competition from planning to execution.Students from universities in Gwangju formed teams of three to participate. They used generative AI to identify security vulnerabilities in the personal data processing systems of KISA and KCA and analyzed their impact. In response, security personnel from each institution detected threat information in real-time and performed blocking and recovery actions, validating the effectiveness of their incident response systems.Evaluation criteria for the competition included the significance, applicability, and impact of the identified vulnerabilities. Three teams, including the 'Runaway Ninja Team' from Chonnam National University, received awards for best, excellent, and encouragement categories.Lee Dong-geun, head of KISA's Management Planning Division, stated, “This competition is significant as it involved local university students and institutional security personnel working together in a practical contest. We will continue to focus on creating a safe digital ecosystem and nurturing cybersecurity talent through public-private-academic collaboration.”Jeong Gyeong-gu, head of the KCA's Operations Support Division, remarked, “As we handle various personal data in the course of our work related to spectrum use, broadcasting and telecommunications promotion, national technical qualification testing, and ICT fund management, we will strive to strengthen collaboration with young security talents and ensure the safe protection of personal data.”* This article has been translated by AI. 2026-08-31 09:44:00
  • The Odyssey reigns as Koreas biggest foreign box-office hit for 2026
    'The Odyssey' reigns as Korea's biggest foreign box-office hit for 2026 SEOUL, August 31 (AJP) - Acclaimed filmmaker Christopher Nolan's epic saga, "The Odyssey" has become the highest-grossing foreign film released in South Korea so far this year. According to tickets sales data released by the Korean Film Council on Monday, "The Odyssey," which drew more than 8 million moviegoers in less than a month since its release on Aug. 5, has now surpassed the Hollywood franchise film "Spider-Man: Brand New Day," which opened a week earlier. The two films have drawn cumulative admissions of 8.47 million and 8.45 million, respectively, as of Sunday. The 172-minute film, with a star-studded cast including actors Matt Damon, Robert Pattinson, Anne Hathaway, Charlize Theron and Zendaya has remained at the top of the domestic box office for four consecutive weeks since its opening. The film's popularity has also spread beyond theaters. Short videos and memes featuring characters such as Odysseus, Circe and Argos from Homer's ancient Greek epic have become popular online. Many viewers are also exploring the movie's mythology and hidden details, keeping the buzz around the film steady even weeks after its release. Expectations are now building that "The Odyssey" could reach the milestone of 10 million admissions. If it does, it would become the second film released this year to reach the milestone, following director Jang Hang-jun's "The King's Warden," released in February, as well as this year's first foreign film to do so. "The Odyssey" tells the epic journey of Odysseus, the legendary hero of the Trojan War, as he struggles to return home while facing the gods' anger. AJP Takeaways: • Christopher Nolan's "The Odyssey" became the highest-grossing foreign film in South Korea in 2026, drawing 8.47 million admissions as of Aug. 30, 2026, and surpassing "Spider-Man: Brand New Day" with 8.45 million admissions. • The 172-minute epic has dominated South Korea's box office for four consecutive weeks since its Aug. 5, 2026, release, while its characters, mythology and hidden details have also fueled popular short-form videos and memes online. • "The Odyssey" is now expected to challenge the 10 million-admission milestone in South Korea. If it reaches the mark, it would become the first foreign film and the second film overall released in South Korea in 2026 to surpass 10 million admissions, following Jang Hang-jun's "The King's Warden." 2026-08-31 09:41:46