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  • Major Banks Dominate Seoul Foreign Exchange Market
    Major Banks Dominate Seoul Foreign Exchange Market In the Seoul foreign exchange market, major commercial banks such as Kookmin, Shinhan, Woori, and Hana have ranked among the top performers in spot and swap transactions. In the non-bank sector, Meritz Securities recorded the highest trading volume in both spot and swap transactions.According to the '2026 Foreign Exchange Market League Table' released by the Seoul Foreign Exchange Market Operations Council on August 26, the trading performance of 98 institutions, including overseas foreign exchange business handling institutions (RFI), was compiled from July of last year to June of this year.The top seven institutions in spot trading volume included Kookmin Bank, Industrial Bank of Korea, Shinhan Bank, Woori Bank, Crédit Agricole, Hana Bank, and NH Nonghyup Bank.In foreign exchange swaps, Kookmin Bank, Shinhan Bank, Woori Bank, JPMorgan Chase, Hana Bank, Standard Chartered Bank Korea, and Hong Kong and Shanghai Banking Corporation Korea were among the top seven in trading volume.When combining the total trading volume of spot and swap transactions, Kookmin Bank, Shinhan Bank, Woori Bank, JPMorgan Chase, Hana Bank, BNP Paribas, and NH Nonghyup Bank formed the top ranks.With the extension of trading hours in the foreign exchange market until 2 a.m. the following day, participation in night trading has increased. Among the top institutions in spot trading, Woori Bank had the highest proportion of trades after 3:30 p.m. at 51%, followed closely by NH Nonghyup Bank at 50%. In total trading, including both spot and swaps, NH Nonghyup Bank had the highest proportion of extended hours trading at 43% among the top seven institutions.In the non-bank sector, Meritz Securities ranked first in trading volume for spot, swap, and overall transactions, with extended hours trading proportions of 3%, 6%, and 4%, respectively.* This article has been translated by AI. 2026-08-26 11:40:00
  • SK Biopharm Partners with Biohaven for Epilepsy Drug Development Worth Up to $795 Million
    SK Biopharm Partners with Biohaven for Epilepsy Drug Development Worth Up to $795 Million SK Biopharm has entered into a partnership with Biohaven to acquire a clinical-stage epilepsy drug candidate and related drug development platform. The deal is valued at up to $795 million.On August 26, SK Biopharm announced that it signed a global exclusive licensing agreement with Biohaven for the epilepsy drug candidate Opakalim (BHV-7000), other Kv7 potassium channel activator compounds, and the Kv7 drug development platform.Opakalim is being developed for patients with partial seizures (focal epilepsy). It works by activating the Kv7 potassium channels, which regulate neuronal excitability. Clinical trials, including RISE2 and RISE3, are currently underway, with topline results from RISE3 expected to be released in the second half of this year.The contract is valued at up to $795 million, including a non-refundable upfront payment of $400 million. This payment consists of $350 million upon closing the deal and an additional $50 million one year later. There are also potential milestone payments of up to $395 million based on development and regulatory approvals, with up to $335 million related to Opakalim. Additionally, payments of up to $60 million may be made for other Kv7 activator compounds.The agreement will last for 10 years after product launch or until the expiration of the patent or exclusivity rights, whichever is later.Meanwhile, SK Biopharm reported record quarterly results for the second quarter, with consolidated sales of 247.4 billion won and an operating profit of 97.1 billion won, driven by strong sales of its flagship epilepsy drug, Xcopri (cenobamate), in the U.S. 2026-08-26 11:40:00
  • Asian stocks tread water ahead of Nvidia results
    Asian stocks tread water ahead of Nvidia results SEOUL, August 26 (AJP) — Asian stocks were mostly sidelined Wednesday as investors waited for a cluster of market-moving U.S. events, with South Korea's KOSPI and regional chip shares looking to Nvidia's earnings for their next direction. Markets are bracing for three major catalysts - the U.S. personal consumption expenditures price index, Nvidia's earnings after the bell on Wednesday and Federal Reserve Chairman Kevin Warsh's remarks at the Jackson Hole symposium Friday. Nvidia rose 2.2 percent overnight, snapping its longest losing streak since 2022 ahead of the closely watched results. South Korean stocks swung between gains and losses Wednesday morning as the rebound in U.S. chip shares and falling Treasury yields supported sentiment, while continued foreign selling capped the upside. The benchmark KOSPI traded at 6,798.08, up 0.82 percent, as of 11:25 a.m. The index climbed as high as 6,829.88 shortly after the open before falling to 6,704.10 and recovering. Foreign investors sold a net 416.7 billion won ($301 million) of KOSPI shares. Retail investors bought a net 104.5 billion won, while institutions sold 58.4 billion won. A total of 401 stocks advanced, 445 declined and 58 were unchanged. Chip heavyweights edged higher following the overnight rebound in U.S. semiconductor shares. Samsung Electronics rose 0.39 percent to 258,000 won, while SK hynix gained 0.60 percent to 1,688,000 won. Other large-cap moves were mixed. Samsung C&T climbed 3.00 percent and Samsung Life jumped 5.61 percent. Doosan Enerbility rose 4.21 percent and Shinhan Financial gained 1.41 percent. Hanwha Aerospace dropped 3.90 percent, Samsung Electro-Mechanics fell 3.16 percent and SK Square lost 1.70 percent. Hyundai Motor declined 0.95 percent, LG Energy Solution fell 1.00 percent and Kia slipped 1.48 percent. The junior KOSDAQ fell 0.96 percent to 819.18 as foreign and institutional selling outweighed retail buying. Battery-material and semiconductor-equipment shares were among the weaker performers, with EcoPro BM down 2.93 percent, Jusung Engineering off 3.52 percent and Wonik IPS falling 4.01 percent. The KOSPI's early support followed a broad rebound on Wall Street overnight. The S&P 500 gained 0.32 percent to 7,677.28, the Nasdaq Composite climbed 0.66 percent to 26,151.30 and the Dow Jones Industrial Average added 0.30 percent to 53,577.40. Chipmakers led the recovery after several sessions of heavy selling. Nvidia rose 2.19 percent, snapping a seven-session losing streak. AMD jumped 4.91 percent and Micron Technology gained 2.48 percent, while the Philadelphia Semiconductor Index advanced 1.44 percent. The MSCI Korea ETF gained 3.75 percent and the MSCI Emerging Markets ETF rose 1.72 percent. Falling bond yields and oil prices provided additional support. The U.S. 10-year Treasury yield fell 6.5 basis points to 4.638 percent, while the 30-year yield declined 5.6 basis points to 5.174 percent. Both fell to their lowest levels since early August. Weaker U.S. consumer confidence contributed to the decline in yields. The Conference Board said its consumer confidence index fell 0.8 point from July to 89.4 in August. Oil prices also retreated sharply, with West Texas Intermediate crude down 3.12 percent and Brent crude falling 3.89 percent. The Korean won strengthened slightly to 1,385.20 per dollar from 1,386.10 won in the previous session. Attention is now turning to Nvidia's second-quarter earnings for another signal on the durability of artificial intelligence chip demand. The results carry particular weight for South Korea, where Samsung Electronics and SK hynix have become increasingly sensitive to shifts in expectations for global AI spending and memory demand. Caution was visible elsewhere in Asia. Japan's Nikkei 225 fell 0.41 percent to 65,586.26, with chip shares among the main drags, while China's Shanghai Composite slipped 0.20 percent to 3,881.74. The muted trading reflected a market reluctant to make large bets before the next round of U.S. inflation, chip and monetary-policy signals. AJP Takeaways • Asian stocks were mostly subdued Aug. 26 as investors waited for U.S. inflation data, Nvidia's earnings and Federal Reserve Chairman Kevin Warsh's Jackson Hole remarks. • South Korea's KOSPI rose 0.82 percent as Samsung Electronics and SK hynix gained after a rebound in U.S. chip shares, although foreign investors remained net sellers. • Nvidia's results are expected to provide the next major signal for Asian semiconductor stocks and South Korean chipmakers after recent volatility in AI-related shares. 2026-08-26 11:36:22
  • Samjin Eomuk Launches Seven Chuseok Gift Sets Emphasizing Health and Marine Ecosystem Protection
    Samjin Eomuk Launches Seven Chuseok Gift Sets Emphasizing Health and Marine Ecosystem Protection Samjin Eomuk has launched seven Chuseok gift sets that embody public values such as food health and sustainable marine ecosystem protection.These sets feature a diversified lineup, reflecting various consumer demands, from premium options to practical configurations.All items in the Chuseok gift sets use 100% pollock as the main ingredient, considering consumer health. Additionally, the company has expanded its use of MSC (Marine Stewardship Council) certified ingredients, which promote sustainable fishing practices to protect marine ecosystems, enhancing their eco-friendliness compared to last year.The top-tier 'Luxury Set' and 'Ikgeum-bok Luxury Set Special' include handmade seafood eomuk with abalone, scallops, and shrimp, as well as grilled eomuk and hot pot sauce. The eomuk in these two sets meets gluten-free standards, with gluten content reduced to below 20mg per kilogram.The MSC certification applies differently across the sets. In the Luxury Set, all eomuk products, except for the sauces, are certified. The Luxury Set Special uses certified ingredients for four types of handmade seafood eomuk and the remaining eomuk products, excluding sauces. The Luxury Set Special is limited to 1,500 sets, an increase of 150 from last year's Chuseok offering of 1,350 sets.For practical options, the '1953 Set' 1 and 2, focused on traditional eomuk, and the 'Samjin Premium Set' 1 and 2, suitable for various cooking methods, are being introduced.The 'Samjin Hansang Charim Set,' centered on frozen ready-to-eat meals (HMR), includes skewered eomuk udon, skewered eomuk kimchi udon, hearty eomuk soup, and mini japchae skewers, enhancing everyday usability.Bulk purchases will receive discounts of 2% to 10% depending on the quantity, and all sets come with free shipping.Customers purchasing through the official online store will receive reward points based on their spending, and those buying the Luxury Set will receive a separate discount coupon for the online store.Orders for the gift sets will be accepted through various online and offline channels, including the official Samjin Eomuk online store and nationwide direct stores, until the 21st of next month.* This article has been translated by AI. 2026-08-26 11:36:00
  • Koreas Public Procurement Agency Introduces AI for Technical Evaluations
    Korea's Public Procurement Agency Introduces AI for Technical Evaluations The use of artificial intelligence (AI) in public procurement technical evaluations is set to be implemented. The core objective is to enable AI to analyze vast amounts of technical data, allowing evaluators to access necessary information more quickly.The Procurement Agency announced on August 26 that it will begin a pilot test of the 'AI-based Technical Evaluation Support System' for the evaluation of designated excellent products and negotiation contract proposals.The 'AI-based Technical Evaluation Support System' analyzes specifications and negotiation contract proposals submitted for the designation of excellent products, providing key information related to technology and performance. This system will help evaluators reduce the time spent comparing and searching through documents, allowing for a more efficient review of essential content.During the designation evaluation, AI will analyze the specifications of recently designated similar items and provide comparative data on the technology and performance of the products being applied for against those already designated. Evaluators will be able to view the main technological and performance differences at a glance, and a search function will be available to find necessary technical information and related content.In the evaluation of negotiation contract proposals, AI will first extract key technologies and requirements from the request for proposals, then analyze the bidding proposals. Based on this analysis, the system will summarize whether the proposals meet the requirements of the request and highlight the main strengths and key technological content of each proposal for the evaluators.The evaluation process will also include a feature to provide information on the latest technological trends in relevant fields, along with a chatbot to assist in the evaluation. This will allow AI to be used as a supportive tool in the process of finding and reviewing necessary information within extensive data.This year, during the third designation evaluation of excellent products, the Procurement Agency will test the AI-generated technology and performance comparison analysis for 11 items. In September, it plans to provide AI analysis results for more than five negotiation contract proposals related to information technology projects, aiming to verify the accuracy and usability of the system in actual evaluation settings.Measures have also been put in place to address potential hallucinations or analysis errors that may arise during the use of AI. Evaluators will be able to verify the sources of the information presented by AI through a feature that identifies the original document locations, and all analysis materials will be clearly marked as 'supplementary materials for evaluation reference.' This is to ensure that AI analysis results do not replace the independent judgment of the evaluators.The Procurement Agency plans to continuously improve the system based on feedback from the pilot process and expand its application to other public procurement evaluation areas, including the designation of innovative products.Kim Ji-wook, Director of the Digital Fair Procurement Bureau, stated, "Providing evaluators with precise analysis materials based on AI is expected to enable more objective and rational technical evaluations. We will enhance the credibility of public procurement evaluations through ongoing testing and improvements."* This article has been translated by AI. 2026-08-26 11:36:00
  • Kim Yoon-deok: Yongsan Park Excluded from Upcoming 73,000 New Public Housing Sites
    Kim Yoon-deok: Yongsan Park Excluded from Upcoming 73,000 New Public Housing Sites Kim Yoon-deok, the Minister of Land, Infrastructure and Transport, announced on August 26 that Yongsan Park will not be included in the 73,000 new public housing sites planned for announcement next month.After meeting with Seoul Mayor Oh Se-hoon, Kim responded to questions from reporters regarding whether Yongsan Park would be part of the new housing sites, stating, "From the beginning, Yongsan Park was not included in the 73,000 units."Earlier, the government revealed on August 13 its plan to secure over 100,000 new public housing sites in preferred locations, such as near transportation hubs in the metropolitan area.Among these, the government has already disclosed 27,200 units, including 1,000 units at Yeomchang Park in Gangseo District, 21,700 units in downtown Namyangju, and 4,500 units near Gwangju Station. The remaining sites for the additional 73,000 units will be announced later.However, Kim refrained from commenting on speculation that the additional sites would be concentrated in the Gyeonggi region.He noted, "We are in the process of discussions with Seoul City," adding, "It is not appropriate to talk about unconfirmed matters." He further explained, "If I say something, various interpretations may arise in the market, which could lead to distortions, so I am being cautious."The issue of housing supply at Yongsan Park will be pursued separately from the announcement of the 73,000 units. The Ministry of Land, Infrastructure and Transport has expressed its intention to publicize a plan to utilize some damaged areas of Yongsan Park for housing targeted at young people and newlyweds.Kim stated, "I do not think it must be Yongsan Park specifically," emphasizing that the search for housing for young people and newlyweds in Seoul includes Yongsan as one of the options. He added, "To supply housing at Yongsan Park, public discourse and cooperation with local governments, including Seoul City and Yongsan District, will be necessary."* This article has been translated by AI. 2026-08-26 11:36:00
  • South Korea offered 10 energy infrastructure projects by US
    South Korea offered 10 energy infrastructure projects by US SEOUL, August 26 (AJP) - The United States has invited South Korean companies to join a range of investment-development projects to build energy infrastructure and fertilizer plants on American soil, South Korea's transport ministry said. The Ministry of Land, Infrastructure and Transport said Wednesday it would host about 40 executives from construction firms and trading houses on Thursday at a briefing to showcase the opportunities and gauge each company's appetite for taking part. The U.S. Department of Energy first floated the proposal in January, during a visit to Washington by Minister of Land, Infrastructure and Transport Kim Yun-duk. One project, a lithium and boron plant in Nevada, has since taken concrete shape, with First Vice Minister Kim Yi-tak signing a memorandum of understanding on participation during a July trip to the United States. The ministry said it would present about 10 projects proposed by Washington through high-level talks between the two governments. All are large-scale, long-running ventures drawing in a mix of stakeholders under an investment-development model. Rather than a central government awarding contracts to firms, the arrangement sees the two states jointly source projects and match companies to them — a novel form of government-to-government cooperation, the ministry said. The proposals include a $1.9 billion potassium chloride plant in Michigan and a $2 billion compressed-air energy storage facility in California. Seoul plans to link interested firms with lead developers, financial institutions and public agencies, marshalling a "Team Korea" to press their case abroad. In June, the ministry and its partners, alongside Samsung Heavy Industries, clinched a 4 trillion won ($2.89 billion) floating LNG plant project in Louisiana under the same banner. "Swiftly connecting cooperative projects unearthed through inter-governmental diplomacy to our companies is the key to translating our support missions into visible results," said Kim Seok-ki, director general for construction policy at the ministry, pledging to weave in strategic financing to sharpen firms' chances of winning orders. AJP Takeaways • The U.S. has invited South Korean firms to join about 10 energy infrastructure and fertilizer projects on American soil, South Korea's transport ministry said on August 26, 2026. • The projects, sourced government-to-government rather than through tenders, include a $1.9 billion potassium chloride plant in Michigan and a $2 billion compressed-air energy storage facility in California. • A Nevada lithium-boron plant reached a memorandum of understanding in July 2026, the first of the projects to do so. 2026-08-26 11:31:25
  • U.S. Halts Immigration Visa Processing at Embassies Worldwide
    U.S. Halts Immigration Visa Processing at Embassies Worldwide The Trump administration has temporarily suspended immigration visa processing at U.S. embassies and consulates worldwide, according to a report by the Financial Times on August 25, citing sources.The U.S. State Department plans to conduct "in-depth training" for embassy and consulate staff to filter out "ineligible" immigrants who may rely on government support. The visa application timeline will also be adjusted accordingly.Immigration visa applicants who had interviews scheduled have reportedly received emails notifying them that their interview dates will be rescheduled. However, the State Department did not specify when interviews would resume. A State Department spokesperson stated, "The visa processing schedule will be adjusted due to this training schedule," adding that for the U.S. to prosper, visa applicants must not become a public charge and should not rely on public assistance intended for eligible Americans.Earlier this month, the State Department announced the launch of a global training program to ensure that all consular staff can adequately and consistently evaluate all visa applicants.This move is part of the Trump administration's immigration enforcement policy, following a court ruling that invalidated a recent suspension of visa processing for applicants from 75 countries. Since taking office last year, President Trump has made immigration enforcement a key policy goal, implementing strict anti-immigration measures. Additionally, the Department of Homeland Security has announced plans to formalize a fee of $103,265 for H-1B visa applicants.However, the Trump administration faces increasing criticism for aggressively pursuing anti-immigration policies despite judicial pushback. Brian Simmons, an attorney at the immigration law firm Fragomen in Washington, noted that many immigration visa applicants have already spent thousands of dollars and disrupted their livelihoods to attend interviews, only to have them canceled.* This article has been translated by AI. 2026-08-26 11:20:00
  • Gwangju Mayor Hopes to Promote Hidden Culinary Gems
    Gwangju Mayor Hopes to Promote Hidden Culinary Gems Gwangju Mayor Shin Gye-yong expressed his hope on August 25 that the recent competition would help promote the city's hidden culinary gems to the public.During the third Gwangju Restaurant Selection Competition and awards ceremony, Mayor Shin announced the final selection of five representative restaurants that showcase Gwangju's unique flavors and characteristics.Shin is working with citizens to enhance the competitiveness of local dining establishments and revitalize the neighborhood economy.This year's competition, now in its third iteration, aims not only to identify delicious restaurants but also to discover hidden culinary spots to introduce to residents and visitors, thereby boosting the competitiveness of the local dining industry.Notably, this year's event significantly expanded citizen participation.In addition to expert evaluations, online citizen voting and on-site assessments allowed residents to directly choose Gwangju's representative eateries.Participating restaurants underwent a selection process that included document reviews, hygiene evaluations, and mystery shopper assessments conducted by experts before advancing to the final competition.During the competition, each restaurant showcased its signature dishes, with the final winners determined by a combination of expert evaluations (60%), on-site citizen assessments (20%), and online citizen voting (20%).The results were as follows: the grand prize went to Manchun (Special Sirloin Cutlet Set), the excellence award to Gwangju Aebori-bap (Tulleki Handmade Noodle Soup), and the encouragement award to Sangwol (Hanwoo & Pork Hamburger Set).Additionally, the popular awards were given to Geunirang (Three-Flavor Jokbal) and Poetic (Crete), both of which received significant interest and support from citizens.The winning establishments will receive cash prizes along with certification plaques and banners from Gwangju City.Mayor Shin plans to provide opportunities for these restaurants to participate in major local events, such as the Gwangju Performing Arts Festival, and to support their branding through online and offline promotions.This initiative focuses on creating a virtuous cycle for the local economy, linking restaurant selection, promotion, visitor influx, and revitalization of neighborhood commerce.Shin aims to expand the city’s brand as a desirable destination for visitors by connecting individual restaurants with local tourism, festivals, and cultural content, rather than limiting them to just being recognized as popular eateries.Citizens have generally responded positively to the selection results.Many expressed appreciation for the inclusion of citizen voting and on-site evaluations, noting that it was beneficial for residents to have a say in choosing the best restaurants.One resident remarked, “Having lived in Gwangju for a long time, it was hard to know which places were the representative restaurants at a glance. I’m glad to discover new dining options through this opportunity and hope to confidently recommend them to family and friends visiting Gwangju.”Another resident added, “Rather than repeatedly introducing only famous places, it would be great to uncover long-loved local spots and hidden gems. I hope the selected restaurants continue to be cherished by citizens.”Mayor Shin concluded, “I will actively support the selected restaurants to grow into representative local brands and bring new vitality to the local economy.”* This article has been translated by AI. 2026-08-26 11:12:00
  • The Nostalgic Taste of Tteokbokki: From Schoolyards to Convenience Stores
    The Nostalgic Taste of Tteokbokki: From Schoolyards to Convenience Stores In the past, tteokbokki sold near elementary schools was typically made with wheat rice cakes. These cakes were thinner and softer than their rice counterparts. The gochujang sauce was sweet and slightly spicy, and the fish cakes, simmered for a long time, absorbed the flavor of the sauce. For just a few hundred won, a bowl filled to the brim provided a satisfying meal for hungry students. Adding sundae, or Korean blood sausage, made it even better. Diners would dip the sundae into the tteokbokki sauce and sip the fish cake broth from a cup. This scene likely looked similar across different schools. Today, the food industry is revisiting these familiar flavors. Instead of amplifying spiciness or adding unusual ingredients, products that emphasize traditional tastes, like 'pojangmacha' (street vendor style) and 'old-fashioned tteokbokki,' are becoming more prominent. The tteokbokki brand Geummiok, which started in Seongsu-dong, has recently introduced 'Tteok-Soon' and 'Geunbon.' On August 26, CU launched 'Geummiok King Tteok-Soon Tteokbokki,' which combines tteokbokki and sundae in one dish. It features wheat rice cakes coated in a street vendor-style sauce, served with naked sundae and a side of perilla powder. This is a familiar combination often ordered together at snack shops. On September 2, 'Complete Geummiok Geunbon Tteokbokki' will be released. Rather than replicating the taste of a specific restaurant, it offers a Geummiok-style interpretation of the beloved tteokbokki flavors enjoyed across various regions for years. The dish uses wheat rice cakes, spiced with gochugaru for heat, and adds a subtle sweetness with apple juice. This differs from the currently popular spicy and intense tteokbokki. Geummiok's 'King Jjol-Ra Tteokbokki,' launched in March, topped CU's refrigerated snack sales from April to May. Earlier releases, including rice tteokbokki and soup tteokbokki, also ranked first and fifth in their category shortly after launch. Since entering CU in November 2024, approximately 1.35 million Geummiok products have been sold. The places where people enjoy tteokbokki have changed significantly. Once found at small snack shops near schools, markets, and street vendors, tteokbokki now occupies a substantial space in convenience store refrigerated sections. The products have also evolved. No longer limited to small cups for a quick snack, many now include ramen, jjolmyeon, and sundae, making them suitable for a full meal. Searching for the taste of tteokbokki from those days in a convenience store is a curious experience. Back then, there was no need to travel far for tteokbokki. On the way home from school, there was usually a tteokbokki shop at the entrance of the market or at the end of the alley. It didn’t have to be a famous place. The few hundred won tteokbokki shared with friends was the taste of the neighborhood. Now, that taste has been branded and packaged. Terms like 'pojangmacha style,' 'school front,' and 'geunbon' adorn the convenience store shelves. However, the method of dipping sundae into tteokbokki sauce remains unchanged. The enduring popularity of tteokbokki likely stems from its simplicity. A single bite can evoke memories of a place and the people with whom it was shared. 2026-08-26 11:08:10