Aju Press - Asia News Hub

Journalist

Latest by

KOSPI extends losses on deepening chip selloff SEOUL, August 25 (AJP) - South Korean stocks fell more than 3 percent Tuesday morning as foreign investors took their cue from an overnight rout in U.S. chip stocks to dump Samsung Electronics and SK hynix. The benchmark KOSPI opened at 6,539.37, down 2.35 percent from Monday's close, and extended its decline to 6,490.65, down 3.08 percent, as of 10:22 a.m. The junior KOSDAQ fell 2.9 percent to 789.48. Selling was broad, with 247 stocks advancing and 610 declining, while 41 were unchanged. That marked a sharp contrast with Monday, when more stocks rose than fell even as the index retreated about 3 percent. Foreign investors led the selloff, unloading a net 1.38 trillion won ($998 million) of KOSPI shares. Retail investors bought a net 835.7 billion won, while institutions purchased 316.7 billion won. Samsung Electronics and SK hynix were among the biggest drags on the index. Samsung, which plunged 8.7 percent Monday after its latest shareholder-return plan fell short of market expectations, extended its losses Tuesday morning, falling 3.5 percent to 248,000 won as of around 9:25 a.m. SK hynix dropped 5.45 percent to 1,580,000 won. The chipmaker said it would return 50 percent of its free cash flow to shareholders. Investors, however, had hoped for a more aggressive package including a large share buyback and cancellation after rival SK hynix recently pledged to return at least 50 percent of its free cash flow to shareholders. Analysts nevertheless expect the two chipmakers' large shareholder-return programs to provide some support over the longer term. Pressure on Korean chip stocks intensified after another weak session for U.S. semiconductor shares overnight. On Wall Street Monday, the Dow Jones Industrial Average rose 0.26 percent, but the S&P 500 fell 0.28 percent and the Nasdaq Composite lost 0.76 percent. The Philadelphia Semiconductor Index dropped 2.70 percent. Nvidia fell 2.91 percent, extending its decline to a seventh straight session ahead of its earnings report later this week. Micron Technology dropped 5.83 percent, while AMD and Broadcom lost 3.49 percent and 2.63 percent, respectively. Losses spread across other technology-related stocks in Seoul. SK Square fell 5.58 percent to 1,016,000 won, Samsung Electro-Mechanics dropped 5.92 percent to 1,240,000 won and LG Energy Solution slid 3.87 percent to 348,000 won. Hyundai Motor bucked the weakness after the automaker and its labor union reached a tentative wage agreement following 111 days of negotiations. The deal includes a 100,000 won increase in monthly base pay, performance bonuses worth 400 percent of base pay plus 12.7 million won, and 15 Hyundai Motor shares for each worker. The agreement followed a prolonged labor dispute that included the union's first full-scale strike in a decade. Hyundai Motor shares were up 0.24 percent at 415,000 won in morning trading. Other major blue chips posted more modest declines. Samsung Biologics fell 0.83 percent to 1,560,000 won, Samsung C&T lost 0.82 percent to 361,500 won and Kia slipped 0.61 percent to 130,700 won. Some financial and industrial shares bucked the broader decline. Shinhan Financial rose 2.42 percent to 105,800 won and KB Financial gained 0.55 percent to 164,000 won, while Samsung Life fell 1.75 percent to 280,500 won. Hanwha Aerospace added 0.72 percent to 1,113,000 won and Doosan Enerbility gained 1.92 percent to 74,400 won. Selling was also heavy on the KOSDAQ. As of around 9:29 a.m., retail investors bought a net 106.1 billion won of shares, while foreign and institutional investors sold a net 48.7 billion won and 49 billion won, respectively. Battery-related shares were among the biggest decliners. EcoPro fell 6.14 percent to 82,500 won, while EcoPro BM dropped 5.98 percent to 110,000 won. Biotech and health care stocks also weakened. Alteogen slid 4.84 percent to 305,000 won, HLB fell 2.77 percent to 36,800 won and PharmaResearch lost 2.04 percent to 407,500 won. Semiconductor equipment and technology shares also came under pressure. Wonik IPS fell 3.85 percent to 102,300 won, LEENO Industrial dropped 3.56 percent to 62,300 won, Jusung Engineering declined 2.71 percent to 161,500 won and EO Technics fell 2.71 percent to 377,500 won. Rainbow Robotics was down 2.25 percent at 434,500 won. The Korean won strengthened slightly despite the stock-market selloff, trading at 1,381.90 per dollar as of around 9:42 a.m., compared with 1,382.40 in the previous session. Some external pressures eased overnight. The U.S. 10-year Treasury yield fell 3.8 basis points to 4.696 percent, while the 30-year yield dropped 4.5 basis points to 5.226 percent. West Texas Intermediate crude fell 2.35 percent to $85.01 a barrel. Lower bond yields and oil prices could provide some support, but Tuesday's trading showed investors remained focused on the sharp pullback in semiconductor shares. Analysts said the recent selloff appeared driven more by short-term positioning and profit-taking than by a deterioration in the chip industry's underlying fundamentals. AJP Takeaways • The KOSPI fell more than 3 percent as foreign investors sold a net 1.38 trillion won of shares, with Samsung Electronics and SK hynix leading the decline. • Korean chip stocks extended losses after another weak session for U.S. semiconductors, including declines in Nvidia, Micron, AMD and Broadcom. • Lower U.S. Treasury yields, weaker oil prices and a firmer won offered some support, while analysts said the selloff still appeared driven more by short-term positioning than weaker chip fundamentals. 2026-08-25 10:35:58
Suwon Extends Foreign Land Transaction Approval Zone for One Year The city of Suwon, Gyeonggi Province, announced on August 25 that the foreign land transaction approval zone will be extended for one year, from August 26 to August 25, 2027, following re-designation by the Ministry of Land, Infrastructure and Transport.Under the new regulations, foreign purchases of land exceeding 6 square meters in residential areas and 15 square meters in commercial areas will require approval.According to the Ministry, the volume of foreign housing transactions in the metropolitan area decreased by 27% from 6,024 cases in the same period last year to 4,397 cases between September 2025 and June 2026. In Gyeonggi Province, the decline was 23%.During this period, 66% of foreign housing transactions in the metropolitan area occurred in Gyeonggi Province, with Suwon ranking among the top areas for foreign housing transactions, following Ansan, Bucheon, and Pyeongtaek.The city plans to enhance monitoring of unusual transactions to prevent speculative housing purchases and establish a real estate transaction order focused on genuine demand.A city official stated, "With the re-designation of the foreign land transaction approval zone, we will closely examine speculative housing transactions and unusual dealings. We are committed to ensuring residential stability for citizens and fostering a healthy real estate market environment."The land transaction approval system is designed to curb speculation and promote rational land use by requiring approval from the mayor or district head for transactions within designated areas.* This article has been translated by AI. 2026-08-25 10:32:20
LS Motif Technologies to Collaborate on Custom AI Models for Manufacturing LS Electric's IT service subsidiary, LS ITC, is partnering with AI model development company Motif Technologies to create AI models tailored for manufacturing environments. The strategy aims to go beyond generic AI applications in manufacturing processes by exploring AI utilization that aligns with the specific data and equipment characteristics of production sites.On August 24, LS ITC announced the signing of a memorandum of understanding with Motif Technologies at the LS Yongsan Tower in Seoul. The two companies will identify AI projects that can be applied to actual manufacturing processes and verify their feasibility and effectiveness.This collaboration combines LS ITC's experience in IT and OT infrastructure and operations in manufacturing with Motif Technologies' AI model development capabilities. Motif Technologies recently demonstrated its technical prowess through evaluations of the government's 'National Representative AI' project development initiative.The two companies will initially focus on identifying generative AI applications in the manufacturing sector. They will then progressively validate whether the developed AI models can be utilized in real production environments. Depending on the validation results, they will consider subsequent joint projects. This marks a shift from the previous focus on generic AI in manufacturing to the development of industrial AI specialized in production equipment and process data.LS ITC will play a crucial role in connecting IT and OT in manufacturing environments. While IT handles information areas such as production management and data processing, OT directly controls equipment and production processes. It is essential to link data from both areas to create an environment where AI can detect process anomalies or enhance productivity.LS Group is also expanding its AI transformation in manufacturing. LS Cable and LS Electric are advancing AI-based defect inspection and equipment automation. LS MnM is optimizing processes at the Onsan smelter using AI.In the administrative sector, the group has introduced a common AI platform, 'LS GPT,' to improve work efficiency. This collaboration can be seen as an effort to enhance the applicability of AI models in manufacturing as part of the group's broader AI transformation.Cho Ui-jae, CEO of LS ITC, stated, "The practical capability to connect AI technology to solving real industrial problems and enhancing productivity is as important as the competitiveness of the AI technology itself. We will verify the practicality of AI models specialized for LS Group's manufacturing sites and establish a technical foundation to contribute to the advancement of manufacturing processes."* This article has been translated by AI. 2026-08-25 10:32:10
Actor Jang Dong-yoon to Marry Kim Seung-yoon in October Actor Jang Dong-yoon, 34, will marry fellow actor Kim Seung-yoon, 29, in October.On the 25th, a representative from Jang Dong-yoon's agency, BH Entertainment, stated, "Jang Dong-yoon and Kim Seung-yoon plan to hold a quiet ceremony with their families in October."Jang Dong-yoon also shared on his social media, "I will be marrying someone I have been with for a long time in October. We plan to hold a quiet ceremony with our families."He added, "There were many thoughts and concerns before making the decision to marry, but as we spent time together, we learned more about each other and grew to understand and care for one another more. Now, we have decided to support each other closely and live happily together."He acknowledged that the news might come as a surprise but expressed gratitude for the warm support, stating, "I will continue to strive to show good work as an actor and to grow as a person."Jang Dong-yoon made his debut in 2016 with the web drama 'Game Company Employees' and has appeared in 'School 2017', 'Joseon Exorcist', and 'The Murderer's Exit'. He reportedly developed a relationship with Kim Seung-yoon through their work on 'Joseon Exorcist'. Kim Seung-yoon has appeared in films directed by Hong Sang-soo, including 'In the Water' and 'Please Take Care of My Eagle Brothers'.Additionally, Jang Dong-yoon directed the short films 'Be My Ears' and 'Nuru' in 2023, both of which featured Kim Seung-yoon in leading roles, showcasing his ability to balance work and love.* This article has been translated by AI. 2026-08-25 10:32:10
Com2us' 'Zeus: God of Wrath' Tops Apple App Store Before Launch Com2us' new massive multiplayer online role-playing game (MMORPG) 'Zeus: God of Wrath' has climbed to the top of the domestic app market rankings ahead of its official release.On August 25, Com2us announced that 'Zeus: God of Wrath,' developed by Everton, reached No. 1 in the popular games category on the Apple App Store through pre-downloads alone. The game also secured the No. 6 spot on Google Play.Pre-downloads for 'Zeus: God of Wrath' began on August 24 at 10 a.m. for both PC and mobile platforms.The game will officially launch on the 26th at noon, offering a variety of competitive and growth content based on a reimagined world of Greek mythology, featuring eight unique classes. It also includes convenient features utilizing artificial intelligence (AI) modes.Utilizing Unreal Engine 5, the game promises to deliver an expansive world and large-scale battlefields, allowing players to grow their characters while following mythological journeys and competing with other users.Pre-downloads will remain available on PC and mobile until the official launch. On PC, players can install the game through the official website, the Zeus PC launcher, and Google Play Games, while mobile users can access it via the Google Play Store and Apple App Store.* This article has been translated by AI. 2026-08-25 10:32:00
Gyeongnam Information University Expands Global K-Nail Network with Five Countries Gyeongnam Information University is expanding its global industry-academia cooperation network in the K-beauty sector and strengthening the foundation for students' overseas opportunities.The university announced that it recently held a 'Global K-Nail Industry-Academia Cooperation Agreement Signing and International Forum.' This event was organized by the Anchor Project Group's Global Competency Support Center and the Global K-Beauty Department. It aimed to establish a cooperative foundation for expanding education and technology exchanges with domestic and international beauty institutions, as well as linking participation in international competitions and overseas employment.About 80 participants attended the event, including students from the Global K-Beauty Department and representatives from various universities and institutions. Officials from international beauty organizations, including the Korea Hand Art Styling Association, Japan's JiBC, China's ANA, Taiwan's TNA, Singapore's The Lash Academy, and the UK's HaloKiss, were also present.During the first part of the event, industry-academia cooperation agreements were signed among domestic and international partner organizations. The signatories agreed to jointly promote educational cooperation in K-beauty and nail fields, technology exchanges, participation in international competitions, and connections to overseas employment. The university plans to use this agreement as a pathway to expand students' access to international industry experiences.The second part of the international forum featured a presentation by Lee Son, representative of the Korea Hand Art Styling Association, on 'The Competitiveness of Nail Professionals Created by Nail Technology Instructor Certification and International Competitions.' Rachel WS Poon, representative of HaloKiss in the UK, and Choi Kyung-hee, advisor, discussed 'The Future of the Global Nail Industry and Success Strategies on the World Stage,' introducing trends and strategies for entering overseas markets. A Q&A session with students and international experts followed.Gyeongnam Information University plans to support students in obtaining international certifications and participating in international competitions to enhance their overseas employment capabilities in the Global K-Beauty Department.Im Jun-woo, head of the Anchor Project Group (Vice President of Industry-Academia Cooperation), stated, “This was an opportunity for students to understand the trends in the global nail industry and directly interact with international experts. We will strengthen the system for cultivating global professionals in the K-beauty sector by expanding cooperation with domestic and international industries and specialized institutions.”Gyeongnam Information University Designated as Official KALS Training Institution, Enhancing Emergency Medical EducationGyeongnam Information University has been designated as an official training institution for Korean Advanced Life Support (KALS), expanding its practical training capabilities in the healthcare sector.The university announced that it has been recognized by the Korean Association of Cardiopulmonary Resuscitation as an official KALS Provider training institution.KALS is a specialized training program for emergency medical personnel, including doctors, dentists, nurses, and first-class emergency medical technicians, as well as final-year students in healthcare fields. It provides essential knowledge and emergency procedures needed to respond to cardiac arrest patients in hospitals and ambulances, with a focus on team-based simulation training based on real-life scenarios.Gyeongnam Information University met the designation requirements through its simulation training facilities established under the 'Busan Regional Growth Talent Development System (ANCHOR, formerly RISE Project).' The university has also prepared a professional teaching staff, standardized curriculum, and simulation-centered practical environment. It plans to utilize these resources to expand specialized emergency medical training not only for students but also in collaboration with local healthcare settings.Professor Kang Eun-hee, head of the KALS program and nursing department, remarked, “This designation as a training institution marks the beginning of building an emergency medical education platform that connects the community and healthcare settings. We aim to cultivate specialized healthcare professionals based on the university's educational infrastructure and accumulated capabilities, contributing to the advancement of healthcare services in the community.”Gyeongnam Information University plans to develop detailed training schedules and programs for the official KALS curriculum to enhance the training of specialized healthcare personnel.* This article has been translated by AI. 2026-08-25 10:32:00
Saemaul Geumgo to Support Flood Recovery Efforts in Geoje and Tongyeong Saemaul Geumgo Central Association will provide a total of 160 million won in donations and relief supplies to support flood recovery efforts in Geoje and Tongyeong, which were affected by heavy rainfall.On August 25, Saemaul Geumgo Central Association announced that it will donate 50 million won each to Geoje and Tongyeong in collaboration with the Korean Red Cross, along with 12,000 bottles of water valued at 60 million won. The donations and supplies will be used to assist affected residents and support local recovery efforts.The 'MG Dasum Volunteer Group,' composed of Saemaul Geumgo employees, will also engage in recovery activities at the flood sites. The volunteer group will visit apartments in Geoje that experienced flooding to remove mud from underground parking lots and assist with drainage work.Saemaul Geumgo is also implementing financial support for customers affected by the floods. Until September 18, it will offer extensions on maturities for one year, deferment of principal and interest payments for up to six months, and emergency loans of up to 10 million won for households, small businesses, and SMEs that submit a 'disaster damage confirmation letter.'A representative from Saemaul Geumgo Central Association expressed, "We extend our deepest condolences to the residents suffering from the sudden flooding and will do our utmost to support them and assist with recovery efforts so they can return to their safe daily lives as soon as possible."* This article has been translated by AI. 2026-08-25 10:32:00
Yulchon Law Firm Appoints Former Supreme Court Justice Park Jeong-hwa as Advisor Yulchon LLC (Managing Partner Kang Seok-hoon) announced on August 25 that it has appointed former Supreme Court Justice Park Jeong-hwa as an advisor.Starting September 1, Park will officially begin her work at Yulchon, participating in major litigation and advisory matters based on her over 30 years of experience and expertise as a judge.Park, a graduate of Korea University’s Law School, was appointed as a judge at the Northern District Court of Seoul in 1991. She has served as a judge at various courts, including the Seoul Civil District Court, Daegu District Court, Seoul Family Court, and Seoul High Court. She also worked as a research judge at the Supreme Court’s Patent Division and as a permanent member of the Supreme Court’s Sentencing Commission. Additionally, she has held positions as a presiding judge at the Seoul Administrative Court and as a professor at the Judicial Research and Training Institute, broadening her expertise in judicial practice and judicial education.From 2017 to 2023, Park served as a Supreme Court Justice, handling significant cases across civil, criminal, and administrative law. After her retirement from the Supreme Court, she has been active as a distinguished professor at Korea University’s Law School and as the chair of the compliance committee at Lotte, contributing to legal research and corporate compliance management.Park is noted for being the first female presiding judge at the Seoul Administrative Court since its establishment and the fifth female Supreme Court Justice in history. Throughout her judicial career, she has been recognized for providing balanced judgments based on law and principles in various socially and regionally significant cases, contributing to the protection of the rights of the socially vulnerable and minorities.Yulchon expects to enhance its capacity to respond to major civil, criminal, and administrative cases through Park’s extensive judicial experience and expertise, including her tenure as a Supreme Court Justice. The firm plans to further refine its expertise in major litigation cases and provide more comprehensive and in-depth legal services to its clients.Founded in 1997, Yulchon is one of South Korea's leading law firms, offering a wide range of legal services to corporate and individual clients in areas such as corporate law, finance, fair trade, taxation, real estate and construction, and litigation.* This article has been translated by AI. 2026-08-25 10:28:10
China Replaces Shenzhen Mayor Ahead of APEC Summit In a significant leadership change ahead of the Asia-Pacific Economic Cooperation (APEC) summit in November, Shenzhen has appointed a new mayor. The recent reshuffling of local government leaders in major Chinese cities has drawn attention as the country prepares for the 21st National Congress of the Communist Party next year.On August 24, the Standing Committee of the Shenzhen People's Congress announced the appointment of Li Yun, 53, as the city's deputy mayor and acting mayor. He replaces Chen Weizhong, 55, who stepped down from the mayoral position citing a 'change in job responsibilities.'Born in 1973, Li Yun is a finance expert with a master's degree in monetary banking and a doctorate in global economics from Wuhan University. He has extensive experience in the banking sector, having served as the branch manager of the Agricultural Bank of China in Guizhou Province and as vice president of China Construction Bank in 2021. Last year, he was appointed as the vice governor of Guangdong Province, overseeing financial matters.Li will work alongside Jin Lei, 56, who was appointed as the party secretary of Shenzhen in March. Jin is also known for his background in economics and finance.Hong Yaonan, deputy director of the China Mainland Research Center at Taiwan's Dandai University, noted in the Singapore United Daily that the financial backgrounds of both Jin and Li reflect Shenzhen's role as a leader in reform.Shenzhen, located near Hong Kong, is a key economic city in China and a global hub for high-tech innovation. The timing of this leadership change is particularly noteworthy as the APEC summit approaches.Chen Weizhong, who served as mayor for five years, has been under scrutiny since he was excluded from the selection for Shenzhen's party secretary in March. Speculation suggests he may step back from frontline economic administration and take a position as deputy director of the Guangdong Provincial People's Congress.In addition to Shenzhen, other major Chinese cities are also appointing leaders with experience in economic and industrial sectors to key party and government positions.On August 23, Xin Weiguo, 56, was appointed as the party secretary of Hefei, the capital of Anhui Province, which has rapidly emerged as a hub for high-tech venture investment. His background in state-owned enterprises and local government aligns with Hefei's focus on industrial investment and regional economic development.On August 24, Zheng Li, 57, was appointed as the party secretary of Guiyang, having previously served as the head of the Party Committee of Sichuan Province. Zheng has spent 35 years in Sichuan, particularly in the Chengdu High-tech Industrial Development Zone, where he was responsible for attracting foreign investment.Hong Yaonan remarked that the recent adjustments in high-ranking local officials in China are part of a broader strategy for personnel placement ahead of the 21st Party Congress, highlighting a generational shift as younger officials are promoted to key positions. 2026-08-25 10:28:00
ChabioTech Secures $2.4 Million in Government Funding to Accelerate Clinical Trials for Cell and Gene Therapy Platform ChabioTech is accelerating the clinical entry of its cell and gene therapy (CGT) platform with government support.On August 25, ChabioTech announced that it has been selected for the follow-up research and development (R&D) project of the 2026 K-HERO nurturing and support program, organized by the Ministry of Science and ICT. The K-HERO project aims to identify corporate research institutes with excellent R&D capabilities in national strategic technology fields and support them in securing core and foundational technologies and commercialization.Over the next three and a half years, ChabioTech will receive a total of 3.15 billion won (approximately $2.4 million) in R&D funding to enhance the clinical development capabilities of its mesenchymal stem cell (MSC)-based CGT platform 'CHAMS' and 'CHAGE,' which strengthens cell functions through gene expression.The core of this project is to connect ChabioTech's self-developed standardized raw cell platform 'CHAMS' and 'CHAGE,' which enhances cell functions through gene introduction, to actual drug development.ChabioTech has established a good manufacturing practice (GMP) manufacturing process, cell bank, quality control, and preclinical and clinical development systems based on its MSC research experience. This government project will focus on combining the two platforms to expand into a universal CGT development platform not limited to specific diseases.The first test will be the treatment for idiopathic pulmonary fibrosis (IPF) called 'CHAGE-201.' IPF is a progressive and intractable disease characterized by the gradual fibrosis of lung tissue, leading to decreased lung function. There is a high unmet medical need for new treatment options in an aging society.Through this project, ChabioTech aims to further validate the efficacy and mechanism of action of CHAGE-201, establish a chemical, manufacturing, and quality control (CMC) system including cell bank, GMP manufacturing process, quality testing, and characterization, and complete preclinical safety tests to secure the necessary data for a domestic investigational new drug (IND) application.By validating the clinical applicability of the CHAMS-CHAGE platform and the manufacturing and quality control system through CHAGE-201, the company can utilize this in the development of subsequent candidate substances. Initially, the focus will be on expanding indications centered on fibrotic diseases, followed by plans to broaden the scope to include neurological and autoimmune diseases. Future commercialization efforts will also include candidate substance discovery and global technology transfer and co-development.Nam Soo-yeon, head of R&D at ChabioTech, stated, "With the selection of this project, we will expand our stem cell R&D capabilities into gene-based functional enhancement cell therapy technology and enhance it into a platform linked to clinical and commercialization efforts."Meanwhile, ChabioTech reported that its revenue for the first half of this year reached 646.1 billion won, a 7% increase compared to the same period last year. The net profit was 28.1 billion won, marking a return to profitability.The company attributed the revenue growth to increased sales in its healthcare businesses in the United States, Australia, Singapore, and Japan, as well as the expansion of major affiliates' operations.* This article has been translated by AI. 2026-08-25 10:24:10