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U.S. Deputy Secretary of Climate Energy Highlights Strengthening Korea-U.S. Nuclear Alliance "We will elevate the 70-year Korea-U.S. nuclear alliance to an energy and industrial alliance."Lee Ho-hyun, Deputy Secretary of the Ministry of Climate Energy, visited Washington, D.C. to enhance Korea-U.S. energy security cooperation and expand public-private partnerships.According to the Ministry, Lee attended the 70th anniversary conference of the Korea-U.S. Nuclear Agreement, the Global Energy Forum, and the Korea-U.S. Energy Business Forum from June 8 to 10.The visit aimed to address the rising electricity demand driven by the growth of artificial intelligence (AI) data centers and the semiconductor industry, while expanding the foundation for energy cooperation between Korea and the U.S. As electricity demand surges due to the expansion of AI data centers and advanced industries, ensuring stable power supply and securing critical minerals have emerged as key energy security challenges.In his keynote speech at the 10th Global Energy Forum on June 9, Lee noted that the increase in electricity demand from the proliferation of AI data centers and advanced industries has made grid resilience, energy storage systems (ESS), and critical mineral supply chains essential components of energy security.He introduced the government's energy security strategy, which includes proactive investment in national power grids, expansion of large-scale ESS, introduction of long-term contracts and flexible markets, restructuring power governance, and strengthening international cooperation for critical mineral supply chains.On the final day of his visit, June 10, Lee co-hosted the Korea-U.S. Energy Business Forum with the U.S. Department of Energy. Participants included domestic companies such as Korea Electric Power Corporation, Korea Hydro & Nuclear Power, Korea Water Resources Corporation, LG Energy Solution, and Doosan Enerbility, as well as U.S. firms like JPMorgan, ExxonMobil, and GE Vernova, who discussed energy investments and collaboration on power grids and ESS.Lee also visited Equinix, a global data center company in Virginia, to review strategies for addressing electricity demand from AI data centers and enhancing operational efficiency."Through this visit, we aim to elevate the 70-year Korea-U.S. nuclear alliance to an energy and industrial alliance, establishing a foundation for public-private cooperation where companies from both countries can invest and collaborate together," Lee said. "We will translate the discussed outcomes into concrete cooperative projects."* This article has been translated by AI. 2026-06-11 11:36:00
BlackRock Increases Stake in KT&G to 6.15%, Foreign Ownership Exceeds 51% BlackRock, the world's largest asset management firm, has increased its stake in KT&G. Following a recent announcement of a stake increase by Capital Group, KT&G's foreign ownership has now surpassed 51%. On June 10, KT&G disclosed that BlackRock acquired an additional 6.15% of its shares for investment purposes. This follows BlackRock's acquisition of 5.01% of KT&G shares at the end of January, marking a 1.14 percentage point increase after purchasing an additional 467,350 shares over the past four months. On June 9, Capital Group, a major U.S. investment firm, announced it had increased its stake in KT&G to 7.21%. With assets under management totaling $3.3 trillion, Capital Group is recognized for its strong long-term investment strategy. As a result of the consecutive stake increases by BlackRock and Capital Group, KT&G's foreign ownership rate rose to 51.24% as of this announcement. The surge in foreign ownership is attributed to strong overseas performance and expectations for enhanced shareholder returns. In the first quarter, KT&G reported consolidated revenues of 1.7036 trillion won and operating profits of 364.5 billion won, representing year-on-year increases of 14.3% and 27.6%, respectively. The tobacco division generated revenues of 1.1559 trillion won, a 17% increase, while operating profits rose by 27.2% to 321.6 billion won. The overseas cigarette business saw uniform sales growth across key regions, including Asia-Pacific and Eurasia. First-quarter sales reached 559.6 billion won, a 24.6% increase, setting a new quarterly record. With cost and administrative expense reductions contributing to a 56.1% surge in operating profits, KT&G achieved a 'triple growth' in revenue, operating profit, and sales volume. KT&G reported that President Bang Kyung-man and other executives have actively engaged with global investors through non-deal roadshows (NDRs). Based on qualitative growth driven by its global business, KT&G plans to announce a new shareholder return policy focused on strengthening dividends in the second half of the year. A KT&G representative stated, "The increase in stakes by global asset management firms has reaffirmed the capital market's trust in the company's long-term vision and future growth potential. We will focus on enhancing corporate value through structural profit growth in key businesses like overseas cigarettes and maintaining a top-tier level of shareholder returns in Korea." * This article has been translated by AI. 2026-06-11 11:33:00
Lee Jung-hoo Sets New Record for Most Consecutive Hits by a Korean in MLB Lee Jung-hoo of the San Francisco Giants extended his hitting streak to 18 games, setting a new record for the longest consecutive hits by a Korean player in Major League Baseball (MLB). According to Yonhap News, on June 11, Lee started in a home game against the Washington Nationals at Oracle Park in San Francisco, California, where he recorded two hits, one walk, two runs, and one stolen base in four at-bats. Having already surpassed the records of Choo Shin-soo (currently an advisor for SSG Landers) and Kim Ha-seong (Atlanta Braves), Lee set a new mark for consecutive games with hits. With three consecutive multi-hit games, Lee raised his season batting average from .335 to .338, maintaining his position as the second-highest in MLB with 79 hits in 234 at-bats. Leading off the game, he faced a tough battle against left-handed pitcher Foster Griffin but struck out swinging. The Giants struggled against Griffin, trailing 6-0 until the bottom of the sixth inning, when Matt Chapman hit a solo home run to narrow the gap to 6-1. In the sixth inning, with two outs and no runners on base, Lee connected with a low curveball for a single. In the eighth inning, after drawing a walk, he successfully stole second base and scored on a timely hit by Daniel Suza. In the ninth inning, with no outs and runners on first and second, Lee recorded his second hit of the game. On a 1-2 count, he pushed a fifth pitch outside for a single to left field. This hit set the stage for a dramatic comeback, as the next batter, Eldridge, hit a grand slam, leading the Giants to an 11-10 victory. Since May 15, during his 18-game hitting streak, Lee has achieved 36 hits in 72 at-bats, with a batting average of .500. He has not missed a game during this streak and is expected to take a well-deserved break for about two weeks due to the team's schedule starting June 12.* This article has been translated by AI. 2026-06-11 11:30:00
Altman Expects OpenAI to Go Public Next Year Sam Altman, CEO of OpenAI, has informed employees that the company is expected to go public within the next year. This announcement follows OpenAI's submission of a confidential filing for an initial public offering (IPO) to the U.S. Securities and Exchange Commission. On June 10, Reuters reported, citing the technology news outlet The Information, that Altman conveyed in a message to staff earlier this week that he anticipates OpenAI will go public next year. However, he noted that various factors could either accelerate or delay the timing of the IPO. Altman explained that the reason for submitting the IPO application now is to have options available when the company is ready to go public. He also mentioned that delaying the IPO could be advantageous if OpenAI reaches its goal of recursive self-improvement in artificial intelligence without human intervention more quickly. Additionally, OpenAI is reportedly preparing to conduct a stock sale at $687.69 per share for employees, which would provide liquidity to staff and early investors before the IPO. Previously, OpenAI officially announced on June 8 that it had submitted a confidential S-1 filing to the U.S. Securities and Exchange Commission for its IPO. At that time, the company stated, "We have not yet determined the timing of the IPO," adding that there are tasks that can be accomplished more easily while remaining a private company, which may take time.* This article has been translated by AI. 2026-06-11 11:21:00
US approves $292 million sale of AMRAAM missiles to South Korea SEOUL, June 11 (AJP) - The United States has approved the sale of advanced medium-range air-to-air missiles and related equipment to South Korea in a deal worth $292 million, the State Department said Wednesday. The department said it approved a possible Foreign Military Sale to Seoul of 70 AIM-120C-8 Advanced Medium Range Air-to-Air Missiles, known as AMRAAMs, and two AMRAAM guidance sections. The package also includes AMRAAM containers, control sections, support equipment, spare parts, weapons system support, and classified and unclassified software, according to the department. The State Department said the proposed sale will support U.S. foreign policy and national security objectives by improving the security of a major ally that it described as an important force for political stability and economic progress in the Indo-Pacific region. It said the sale will improve South Korea’s ability to meet current and future threats by expanding its air defense capabilities, deterring regional aggression and ensuring interoperability with U.S. forces. The department added that the proposed sale “will not alter the basic military balance in the region” and “will have no adverse impact on U.S. defense readiness.” 2026-06-11 11:19:28
[[Young People, 2030]] Changing Financing Methods for Home Purchases The financing methods used by the 2030 generation to purchase apartments in Seoul have evolved. During the first wave of home buying in 2020-2021, buyers relied heavily on ultra-low interest rates, credit loans, and overdraft accounts. Recently, however, this generation has shifted to cashing out financial assets such as stocks, bonds, and cryptocurrencies to fund their home purchases, supplemented by first-time homebuyer loan limits. According to data submitted by the Ministry of Land, Infrastructure and Transport to Kim Jong-yang, a lawmaker from the People Power Party, the amount raised by those in their 30s through the sale of stocks, bonds, and cryptocurrencies for home purchases in Seoul reached 721.1 billion won in the first quarter of this year. This figure surpasses the 585.5 billion won raised by those in their 40s and the 464 billion won by those in their 50s. Since 2020, the 40s had consistently raised the most funds in this category, but for the first time, the 30s topped the list in the first quarter of this year. It is important to note that since February of this year, the sale proceeds from cryptocurrencies have been included in the funding plan reports. This change in statistical criteria may affect comparisons with past figures. Nevertheless, it is notable that the 30s have allocated more financial assets toward home purchases than the relatively wealthier 40s and 50s. After cashing out their financial assets, buyers utilized loans to the maximum extent possible. Although the loan-to-value ratio (LTV) for general housing loans in regulated areas has decreased following the 10-15 measures, the limit for first-time buyers remains at 70%. In a climate where the borrowing threshold for general buyers has increased, first-time loans have served as an exception for genuine buyers in the 2030 generation to enter the Seoul apartment market. In fact, the number of individuals in their 30s who purchased a multi-unit building for the first time in Seoul reached 12,403 in the first quarter of this year, doubling from 6,167 in the same period last year. This is the highest number since the first quarter of 2021, when demand surged during the COVID-19 pandemic, which saw 13,438 buyers. This indicates that demand for first-time preferential loans remains concentrated in the market despite high interest rates and loan regulations. The Bank of Korea's household debt statistics also confirm this trend. In the first quarter of this year, the average new housing loan for borrowers in their 30s reached 289.9 million won, the highest on record. The share of new housing loans taken out by those in their 30s also increased to 41.4%, up from 37.1% in the previous quarter. Recently, the approach of the 2030 generation has shifted from "using loans instead of stocks and cryptocurrencies" to "cashing out stocks and cryptocurrencies and adding loans." While the practice of aggressively accumulating credit loans and overdraft accounts has decreased, the tendency to liquidate financial assets and utilize all available loans still reflects a strong inclination toward leveraging. A real estate agent in a mid-range apartment area in Seoul noted, "Recently, buyers in their 30s often check the maximum loan amount they can obtain and then liquidate stocks or cryptocurrencies to make up any cash shortfall. While the atmosphere is not as aggressive as before in terms of taking out large credit loans, the tendency to cash out financial assets and layer on first-time buyer loans remains strong." 2026-06-11 11:18:00
OpenAI CEO to visit South Korea next week SEOUL, June 11 (AJP) - Sam Altman, CEO of OpenAI, who ushered in a revolutionary artificial intelligence (AI)-driven era, is expected to visit South Korea again, according to multiple industry sources on Thursday. In an internal notice, Samsung reportedly told its executives and employees that Altman will give a lecture at its office in Suwon, Gyeonggi Province on June 15. His visit comes as Samsung expands the use of external generative AI tools across its businesses as part of the semiconductor giant's efforts to integrate AI through a full use of services such as ChatGPT, Claude, and Gemini across its work processes. Samsung's DX division, which handles smartphones, TVs and other home appliances, is known to be taking the lead in accelerating AI-driven workplace transformation. Samsung has previously been cautious about using external AI tools due to security concerns, but more recently it has apparently decided to widen access to such services to boost productivity. The AI pioneer's trip to Seoul comes about eight months after his previous visit in October last year. At that time, he met with President Lee Jae Myung at Cheong Wa Dae and also held separate meetings with Samsung chairman Lee Jae-yong and SK Group chairman Chey Tae-won. Altman is expected to arrive here over the weekend, and during his two-day stay, he is likely to meet a handful of other business leaders to discuss AI-related cooperation. 2026-06-11 11:17:28
Import of Honey and Pollen for Beekeeping Requires Animal Quarantine Starting November Starting in the second half of this year, imported honey and pollen for beekeeping will be classified as "animal quarantine targets" in South Korea. As a result, all honey and pollen imported for beekeeping will require animal quarantine procedures for customs clearance beginning six months from now.The Animal and Plant Quarantine Agency announced on June 11 that it issued a notice on May 27 to include honey and pollen for beekeeping in the quarantine category. From the implementation date, all imported honey and pollen for beekeeping will be subject to quarantine as livestock products.This measure reflects concerns raised by beekeeping organizations in 2024 regarding the potential import of bee diseases through foreign "honey feed." Following this, the quarantine agency designated honey and pollen for beekeeping as quarantine targets through four consultations involving quarantine experts and stakeholders.To finalize the import quarantine procedures, the agency is expediting follow-up work, including revising the "Quarantine Methods and Standards for Designated Quarantine Products."Starting November 27 of this year, honey and pollen for beekeeping imported must be accompanied by a quarantine certificate issued by the animal quarantine authority of the exporting country. Additionally, it must be proven that the honey and pollen were produced in areas free from bee diseases or processed in registered facilities that have completed radiation treatment.If imported without radiation treatment, thorough inspections for bee diseases such as American foulbrood and chalkbrood will be required. If pathogens or genetic material related to the target diseases are detected in the inspection results, the entire shipment may be returned or disposed of.In response to recent recurring bee losses due to diseases, the quarantine agency is enhancing communication by introducing the current status of the national quarantine system to beekeeping workers.Choi Jeong-rok, head of the quarantine agency, stated, "The new designation of honey and pollen for beekeeping as quarantine targets aims to prevent the domestic entry of bee diseases and promote the development of the domestic beekeeping industry. We plan to conduct thorough quarantine measures along with meticulous preparations for the new quarantine system."* This article has been translated by AI. 2026-06-11 11:12:00
Naver launches local merchant AI campaign in Busan, timed to BTS concert SEOUL, June 11 (AJP) - Naver began rolling out its first "Local Ground" campaign in the southern port city of Busan, extending the AI-driven growth tools it built online to brick-and-mortar merchants in regional commercial districts. The inaugural campaign runs from Tuesday to Saturday and draws in 104 small and mid-sized stores across busy quarters including Jeonpo-dong, Yeongdo and the Bosu-dong secondhand bookstore alley, the company said. Naver is helping the shops adopt AI-based ordering and payment tools, among them QR ordering and an integrated offline terminal called Npay Connect, while also producing short-form video to showcase the merchants to visitors. The timing is deliberate. With BTS staging global concerts in Busan on June 12 and 13, Naver is sharpening features for foreign users, who can verify their identity with a passport to access its maps, reservation, ordering and payment services and translate storefront signs and menus through its Papago app. The company also held a "Local Meetup" on Wednesday, gathering about 200 staff and local business owners to discuss the role of regional diversity in the AI ecosystem and to share growth cases and AX strategies through its Place, shopping and advertising teams. "Busan is a dynamic city where its own character and culture breathe vividly through every neighborhood and alley," said Hwang Soon-bae, who leads Naver's Impact Synergy group, adding that it was all the more meaningful to launch Local Ground there. 2026-06-11 11:11:33
April Fiscal Balance Shows 36.6 Trillion Won Deficit, Improved by 9.5 Trillion Won As of April this year, South Korea's management fiscal balance recorded a deficit of 36.6 trillion won. While the fiscal balance improved compared to last year due to a significant increase in national tax revenue, the central government's debt has surpassed 1,320 trillion won. According to the "Monthly Fiscal Trends for June" report released by the Ministry of Economy and Finance on June 11, the management fiscal balance showed a deficit of 36.6 trillion won at the end of April. This marks a reduction of 9.5 trillion won compared to the same period last year. The management fiscal balance is an indicator that excludes the balances of social security funds, such as the National Pension, from the consolidated fiscal balance, reflecting the government's actual financial status. During the same period, the consolidated fiscal balance recorded a deficit of 13.2 trillion won, while social security funds showed a surplus of 23.3 trillion won. The improvement in the fiscal balance was driven by an increase in tax revenue. Total revenue for the year to date reached 272.3 trillion won, an increase of 41.3 trillion won compared to the same period last year. Of this, national tax revenue rose by 21.9 trillion won, while non-tax revenue and fund revenue increased by 7.9 trillion won and 11.5 trillion won, respectively. The increase in national tax revenue is attributed mainly to a rise in income tax due to expanded bonuses and an increase in capital gains tax resulting from a recovery in real estate transactions. Additionally, improvements in corporate performance led to higher corporate taxes, a decrease in value-added tax refunds, increased import revenue, and a rise in securities transaction volumes, all contributing to the increase in tax revenue. During the same period, total expenditures reached 285.6 trillion won, an increase of 23.3 trillion won compared to the previous year. However, the growth in total revenue significantly outpaced the increase in expenditures, leading to an overall improvement in the fiscal balance. As of the end of April, the central government's debt stood at 1,321.7 trillion won, an increase of 18.2 trillion won from the previous month. Compared to the end of last year, the balance of government bonds increased by 53.5 trillion won, and the balance of foreign exchange stabilization bonds rose by 4.9 trillion won, while the balance of housing bonds decreased by 14 trillion won. Consequently, the central government's debt has increased by approximately 57 trillion won compared to the end of last year.* This article has been translated by AI. 2026-06-11 11:09:00