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IPARK Hyundai Development Wins $2.45 Billion Contract for 683-Unit Housing Project in Suncheon IPARK Hyundai Development has secured a contract worth 2.45 trillion won ($2.45 billion) for the construction of a 683-unit multi-family housing project in Jorye-dong, Suncheon, South Jeolla Province. The company announced on the 19th that it has been awarded the contract for the Suncheon Jorye-dong IPARK project, commissioned by Youngrim Development. The project will consist of 11 buildings, ranging from four underground floors to 22 above ground, located at 60-16 Jorye-dong. The units will include 491 apartments of 84 square meters, 144 apartments of 116 square meters, and 48 apartments of 143 square meters. Construction is set to begin by the end of this year, with a target completion date in the second half of 2029. The development is strategically located in the city center of Suncheon, providing access to essential living, transportation, and educational infrastructure. It is conveniently situated near Suncheon Station, which serves KTX and SRT trains, and the Dong-Suncheon IC. The area also features industrial complexes, enhancing the proximity of workplaces and residences. Nearby amenities include Suncheon First Hospital, large supermarkets, and a vibrant commercial district, along with schools such as Wangji Elementary and Wangui Middle School. Green spaces, including Wangui Mountain and parks, are also in close proximity. The project will feature a south-facing layout, specialized exterior design, landscaping, and community facilities. Plans include creating a harmonious environment that integrates with the surrounding landscape through the use of three-dimensional facades, canopies, and entrance features. An IPARK Hyundai Development representative stated, "As we undertake this project in Jorye-dong, an area with high residential preference in Suncheon, we will strive to create a landmark that represents the region. Based on our experience supplying over 500,000 housing units, we will ensure the stable execution of this project as well." In addition to the Suncheon Jorye-dong IPARK project, the company has also secured new contracts for various projects, including the construction of the third section of the Southern Inland Railway, the second section of the Gyeongchun National Road, and the expansion of the heavy ion therapy center at Asan Medical Center. Looking ahead, the company plans to continue its bidding activities across the country, including projects in Mokdong District 11 and Gwangmyeong Ha-an Housing Complexes 6 and 7, aiming to meet its contract goals for the year. Meanwhile, IPARK Hyundai Development is expanding its mixed-use development projects centered around Seoul. The company aims to enhance its competitiveness by applying the experience gained from developing and operating the Yongsan IPARK Mall to large-scale projects.* This article has been translated by AI. 2026-08-21 09:16:00 -
BS Hanyang Consortium Wins Contract for Gwangyang Port Route Straightening Project BS Hanyang Consortium has secured a contract for the Gwangyang (Yeocheon) Port Myodo-Sudo route straightening project, valued at 195.7 billion won. On August 20, BS Hanyang announced that its consortium was selected as the final candidate for the project, which was commissioned by the Ministry of Oceans and Fisheries. The consortium includes BS Hanyang as the lead contractor, along with Taeyoung Construction, Daewoo Engineering & Construction, Dongbu Construction, and HJ Heavy Industries. This project aims to improve the congested shipping conditions in the waters near Myodo-dong in Yeosu, Jeollanam-do. It will widen the Myodo-Sudo route from the current 185 meters to 300 meters and deepen the water to 10.5 meters over a 2,760-meter stretch around the Yeosu National Industrial Complex and Gwangyang Port. The total project cost is approximately 195.7 billion won, with a construction period of 70 months from the start date. It will be executed using a turnkey bidding method. Upon completion, the project is expected to facilitate the safe docking of vessels up to 17,000 DWT (deadweight tonnage), enhancing shipping safety and alleviating congestion for both ships and cargo, according to BS Hanyang. BS Hanyang plans to conduct detailed design work for 90 days after starting preliminary construction. They aim to finalize the main construction contract and commence work as early as December this year. A representative from BS Hanyang stated, "The stable docking of large vessels and ensuring navigation safety, along with a safe excavation method through precise ground assessments and designs to prevent water pollution in collaboration with the fishing industry, were highly evaluated, leading to this positive outcome. We will implement a thorough safety management system throughout the construction process to create a high-quality route." Meanwhile, BS Hanyang reported on August 18 that its operating profit for the first half of this year reached 97.3 billion won, a 101.4% increase compared to the same period last year. Revenue was 758.9 billion won, and net profit was 65.5 billion won, reflecting increases of 52.5% and 172.9%, respectively. The company attributed its improved performance to a reduction in low-profit projects and a focus on profitable selective bidding.* This article has been translated by AI. 2026-08-21 09:16:00
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AI Patrol Robots Deployed at Palaces for Enhanced Security Following the deployment of AI patrol robots at Changdeokgung, similar technology is now being tested at Deoksugung and Seororeung. A four-wheeled robot will patrol the relatively flat grounds of Deoksugung, while a bipedal robot will navigate the uneven terrain of Seororeung.The Cultural Heritage Administration announced on August 21 that it is enhancing safety management at palaces and royal tombs through the practical testing of AI patrol robots.This initiative is part of the 'AI Patrol Robot Demonstration Project' led by the Ministry of SMEs and Startups. The Cultural Heritage Administration operated a single AI patrol robot at Changdeokgung for two months starting in February this year, funded by its own budget.For this phase, the types of robots deployed will be tailored to the distinct terrains of the palaces and royal tombs. A four-wheel drive robot will be stationed at the flat Deoksugung, while a bipedal robot will be assigned to the more challenging Seororeung. The goal is to compare and validate which type of robot is better suited for the environments of the palaces and tombs.The AI patrol robots will autonomously navigate designated areas, conducting patrols and using cameras and various sensors to monitor the condition of facilities and the surrounding environment, thereby assisting traditional human patrols.The robots will utilize LiDAR and vision AI for autonomous navigation, and will be equipped with standard and thermal cameras, along with AI video analysis technology, to detect emergencies such as fires, intruders, or visitors collapsing in real time. They will also be linked to a control room to provide guidance and issue warnings, enhancing on-site surveillance and response capabilities.The Cultural Heritage Administration plans to assess not only the robots' operational performance but also their effectiveness in managing safety during actual emergencies involving fires, intrusions, and accidents affecting visitors. Depending on the results of this year's demonstration, the project may be extended into next year.A representative from the Cultural Heritage Administration stated, "Based on the results of this demonstration, we will continue to advance the safety management system for national heritage using advanced technologies such as AI and robotics."* This article has been translated by AI. 2026-08-21 09:12:00
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Blue House Calls Handong Ki's Nomination Process Unprecedented Cho Hee-dae, the Chief Justice of the Supreme Court, has nominated Handong Ki, a senior judge at the Daegu District Court, to succeed former Supreme Court Justice Noh Tae-ack. However, on August 20, it was reported that some officials at the Blue House are considering a request for a 're-nomination' without proceeding with the appointment process.A ruling party official stated, "There are differing opinions regarding the two candidates, including Handong Ki and Kim Seong-soo, a senior judge at the Seoul High Court," adding, "It is possible to consider re-nominating a different candidate instead of Handong Ki."If this occurs, it would effectively reject Cho Hee-dae's nomination request, potentially escalating the conflict surrounding the Supreme Court appointment.In response to questions from reporters about whether the Blue House would reject Handong Ki's nomination, a spokesperson stated, "The nomination of Handong Ki is an unprecedented situation in the constitutional history of South Korea, an unusual one-sided notification that bypassed consultations."However, the spokesperson did not provide a definitive answer regarding the rejection, noting, "This matter requires thorough review of other precedents and laws."If the Blue House ultimately decides to request a re-nomination for Handong Ki, President Yoon Suk-yeol is expected to soon send a confirmation request for Kim Seong-soo to the National Assembly.* This article has been translated by AI. 2026-08-21 09:12:00
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Wild Turkey Revives 1980s 'Gold Foil' with Russell Family's Third Generation “I have completed my grandfather Jimmy Russell's whiskey with a modern perspective.” Bruce Russell, associate master blender of Wild Turkey, defined the product he developed during the launch media day for the 'Austin Nichols Archive Gold Foil Edition 16-Year' held at Campari Korea's headquarters in Seongsu-dong, Seoul, on August 20. This statement reflects his reinterpretation of the whiskey crafted by his grandfather, who has been making Wild Turkey for over 60 years. The event began with an introduction by Kim Tae-wan, brand ambassador for Campari Korea, followed by Bruce Russell's explanation and tasting. The first tasting was of the foundational '101' bourbon. Bruce Russell noted, “The illustration at the bottom of the bottle originates from a hunting trip in the 1940s, which inspired the brand name. The aging process, philosophy, and Jimmy Russell's manufacturing methods are all encapsulated in this 101.” The second tasting featured 'Rare Breed,' known to be Jimmy Russell's favorite product. Bruce Russell explained, “We blend only three aging years: 6, 8, and 12 years.” The final tasting showcased the star of the day, the Gold Foil 16-Year. Bruce Russell stated, “What I wanted most while leading the Gold Foil 16-Year project was to take people back to the past. The original inspiration came from my grandfather's favorite whiskey, which began selling in the 1980s as Wild Turkey 12-Year.” In the 1980s, the official name did not include 'Gold Foil.' Fans nicknamed it 'Cheesy Gold Foil' due to its flashy gold packaging, which they found somewhat tacky, and decades later, this name became the official product title. However, this is not a direct replica of the past product. The original 12-year, 50.5% whiskey has been blended with 16-year or older aged whiskey and bottled at 60%, employing a non-chill filtration method. Bruce Russell explained that in the 1980s, long-aged whiskey was relatively abundant, and sometimes older whiskey was used than indicated on the label. To replicate the deep aging character of that era, he extended the aging period for the current whiskey. He remarked, “Like the whiskeys of the 1980s, this product is also richer and more powerful, featuring traditional baking spices and oak notes, along with flavors reminiscent of dark fruit and dark chocolate.” This product also marks a turning point for Bruce Russell. He is the grandson of Jimmy Russell and son of Eddie Russell, having joined Wild Turkey in 2010. In 2023, the three generations—Jimmy, Eddie, and Bruce—created 'Wild Turkey Generations,' and last year, he completed 'Masters Keep Beacon' with his father, Eddie. However, this is the first time he is leading a standalone series under his own name, the 'Austin Nichols Archive Collection.' Bruce Russell expressed, “I wanted to set the tone for what kind of whiskey maker I will become,” indicating his intention to continue the bold and spicy style of Jimmy Russell while incorporating the characteristics of Eddie's preference for aged whiskeys. Annual Reinterpretation of Past Products... “Collaboration with Fans”The Archive Collection is a new annual limited edition series that follows the 'Masters Keep' series, which ran from 2015 to last year. It draws inspiration from iconic past products and reinterprets them using current whiskey and manufacturing methods each year. Bruce Russell described this as a “collaboration with fans.” The Gold Foil itself is a nickname created by fans, and the packaging includes elements recognizable to fans, such as the hunting trip that inspired the brand name and past turkey illustrations. Regarding the Korean market, he said, “I first came to Korea three years ago, and it was truly enjoyable. Korea is a very interesting market as the bourbon boom has only recently begun.” He added, “The consumer base in Korea is much younger than the averages in the U.S. and Japan, and the absence of a fixed drinking style is also intriguing.” With various drinking methods coexisting, including neat, on the rocks, highballs, and cocktails, he sees significant growth potential. The Gold Foil 16-Year will be released as a limited edition, with approximately 2,000 bottles expected to be distributed in the country. * This article has been translated by AI. 2026-08-21 09:08:00
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Hyundai CEO Plans to Expand Georgia Plant Production to 800,000 by 2028 Hyundai Motor Company CEO José Muñoz announced plans to increase production at the Georgia plant (Hyundai Motor Group Metaplant America) from the current 500,000 units annually to between 700,000 and 800,000 by 2028, as part of its 'Made in America' initiative.In an interview with CNBC on August 20, ahead of the launch of the flagship Genesis GV90 SUV, Muñoz emphasized the importance of the U.S. market, stating, "For us, the U.S. is the most important market after Korea, where our headquarters is located." He also revealed that Hyundai plans to invest $26 billion in the U.S. by 2028, with the expansion of the Georgia plant being a key component of this investment.Muñoz mentioned that Hyundai aims to launch around 10 new models in the U.S. and plans to produce over 80% of the vehicles sold in the U.S. locally by 2030, up from 40% in 2024. "To achieve that goal, we need to expand our production capacity," he said, adding, "We want all these facilities to be operational by 2028. That is our goal." CNBC noted that a production capacity of 700,000 to 800,000 units would make it the largest plant in the U.S. by production capacity, surpassing Tesla and Toyota.Additionally, Muñoz indicated that Hyundai is considering further investments in other locations for the production of trucks and SUVs. Currently, the Georgia plant produces the Ioniq 5, Ioniq 9, and Kia Sportage hybrid models.Muñoz also pointed out that the 15% tariff imposed by the Trump administration on South Korea has accelerated Hyundai's expansion of its U.S. production facilities. He stated, "The tariffs have expedited our localization plans," adding, "The advantage is that we had already started expanding our facilities before the tariffs were announced. Therefore, the tariffs have somewhat accelerated our plans." Hyundai announced its first electric vehicle plant in Georgia in 2022 and has been steadily increasing its investment since then.Since Muñoz became CEO last year, he has aimed to increase production while creating more jobs. Currently, the Georgia plant employs about 8,500 workers and 6,900 contract workers based on a production capacity of 500,000 units.Hyundai's sales in the U.S. have been steadily increasing even before the construction of the Georgia plant. According to automotive market research firm Mobility Global, Hyundai's market share in the U.S. rose from 8.4% in 2020 to 11.2% last year.* This article has been translated by AI. 2026-08-21 09:04:10
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Korean Consumer Goods Exports to China Rise 8.7% in First Half of 2026 Korea's exports of consumer goods to China have rebounded, driven by fashion apparel and food. The government plans to continue this upward trend through live commerce, pop-up stores, and the expansion of local distribution networks and logistics hubs.On August 21, the Ministry of Trade, Industry and Energy held a meeting to review consumer goods exports to China, chaired by Minister Kim Jeong-kwan, with participation from trade officials and representatives from the Korea Trade-Investment Promotion Agency (KOTRA).The Chinese consumer goods market is estimated to be worth over 1 quadrillion won (50 trillion yuan). However, Korea's consumer goods exports to China peaked at $9.3 billion in 2021 and have been on a decline since then. In response, the government has been promoting local government exchanges, certification and distribution network support, and marketing aimed at inland markets and younger consumers since announcing a comprehensive export expansion plan in February.As a result, consumer goods exports to China in the first half of this year reached $3.44 billion, an 8.7% increase compared to the same period last year. By category, fashion apparel exports rose by 33.4%, and food exports increased by 17.7%, driving the overall growth in consumer goods exports. Cosmetic exports also turned positive, increasing by 23.8% in June compared to the same month last year.Regionally, exports to Hubei Province in central China surged by 378%, while exports to Liaoning Province in the northeast rose by 69%, Hainan Province in the south by 62%, and Beijing in the north by 46%. Exports also increased in Shaanxi Province in the west by 33% and Anhui Province in the east by 15%.The Ministry of Trade plans to fully support specialized regional exports in the second half of the year. This includes expanding live commerce broadcasts using platforms like Douyin and Xiaohongshu, which are popular in China. Additionally, K-consumer goods pop-up stores will be established in major Chinese cities to provide consumers with opportunities to experience products firsthand.Through the 'One Trade Office, One Distribution Network' initiative, local trade offices will identify local distribution networks, aiming to develop ten new local distribution channels alongside major platforms like JD.com and Alibaba. New 'K-consumer goods logistics desks' will be established in inland areas such as Chengdu and Xi'an to create a logistics support system connecting coastal and inland regions.Minister Kim Jeong-kwan stated, "The previously sluggish exports of consumer goods to China are showing a meaningful upward trend due to the efforts of both the public and private sectors. We will intensify support for companies in the second half of the year to maintain this momentum for export expansion."* This article has been translated by AI. 2026-08-21 09:04:00
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Labor Department Targets Wage Abuse in Daejeon and Cheongju IT and R&D Firms The Labor Department is launching an initiative to monitor wage abuse in information technology (IT) and research and development (R&D) companies in the Daejeon and Cheongju regions. This action follows the discovery of multiple knowledge service firms that failed to pay overtime, night, and holiday wages during previous inspections.Starting August 21, the Ministry of Employment and Labor will conduct the 'Fifth Relay Inspection on Wage Abuse by Region' targeting IT and R&D firms in Daejeon and Cheongju. The department has been systematically inspecting regions and industries suspected of wage abuse since May, based on anonymous reports to its wage abuse reporting center.Daejeon and Cheongju were selected for this round of inspections due to a high rate of unpaid labor identified during the first round of inspections conducted from February to March. During that period, the Labor Department inspected 101 suspected businesses nationwide, confirming unpaid overtime, night, and holiday wages in 34 cases.Specifically, six cases were identified under the jurisdiction of the Daejeon Regional Employment and Labor Office. Two cases were found in both Daejeon and Cheongju, with five of the violations occurring in knowledge service sectors such as R&D and software development.For instance, one software development company paid only for the fixed overtime hours without verifying actual working hours, resulting in a total of 25 million won in unpaid wages for 14 workers. Another R&D firm failed to specify the calculation method for overtime pay on its wage statements and did not pay one worker 13 million won for hours worked beyond the fixed overtime.Since the first round of inspections, anonymous reports related to knowledge service firms in Daejeon and Cheongju have continued. Reports indicate that some companies do not provide holiday pay or substitute holidays despite being able to accurately measure working hours, and they only recognize some holiday work while failing to pay for weekday overtime.In response, the Labor Department will conduct the fifth round of inspections in the Daejeon and Cheongju regions to reassess the use of fixed wages and prevent abuses such as unpaid labor under the guise of fixed wages.Particularly in the IT and R&D sectors, where working hours can vary based on project schedules and workloads, there is a risk that fixed overtime may be used to bypass accurate recording of working hours. Therefore, labor authorities will focus on reviewing clock-in and clock-out records along with actual wage payment details.Labor Minister Kim Young-hoon stated, "We will eradicate improper labor practices through repeated inspections in regions and industries where wage abuse is suspected, ensuring a workplace culture where workers are fairly compensated for their labor."* This article has been translated by AI. 2026-08-21 09:04:00
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Foreign investors continue selling South Korean stocks while buying bonds SEOUL, August 21 (AJP) - Foreign investors extended their selling streak in South Korean stocks to seven consecutive months, offloading more than 31 trillion won worth of listed shares. By contrast, they remained net buyers of domestic bonds for a fourth straight month, investing about 2.4 trillion won. According to the Financial Supervisory Service (FSS) on Friday, foreigners were net sellers of 31.66 trillion won worth of listed stocks in July. They sold 30.78 trillion won on the main KOSPI and 889 billion won on the junior KOSDAQ. Foreign holdings of South Korean stocks totaled 2,255 trillion won at the end of July, accounting for 35.8 percent of total market capitalization, down 653 trillion won from 2,909 trillion won the previous month. The financial watchdog said the decline in holdings exceeded net selling as a sharp market downturn reduced the value of shares held. By region, the U.S. held 978 trillion won, accounting for 43.4 percent of foreign holdings, followed by Europe at 676 trillion won, Asia at 310 trillion won and the Middle East at 45 trillion won. By contrast, foreign investors bought 4.77 trillion won worth of listed bonds in July, while 2.38 trillion won in bonds matured, resulting in net investment of 2.39 trillion won. They held 336 trillion won worth of listed bonds at the end of July, up 1.3 trillion won from a month earlier and accounting for 11.7 percent of all outstanding bonds. Foreign investors mainly invested in longer-term bonds. They put 2.6 trillion won into government bonds while withdrawing about 200 billion won from special bonds. They also invested 5.18 trillion won in bonds with one to less than five years remaining and 3.15 trillion won in those with five years or more left, while pulling 5.94 trillion won from short-term bonds with less than a year to maturity. AJP Takeaways • Foreign investors sold 31.66 trillion won worth of South Korean listed stocks in July 2026, extending their net selling streak to seven consecutive months. • Foreign investors sold 30.78 trillion won on the KOSPI and 889 billion won on the KOSDAQ in July 2026, contributing to a sharp decline in their total stock holdings. • Foreign holdings of South Korean stocks fell to 2,255 trillion won at the end of July 2026, down 653 trillion won from the previous month and equal to 35.8 percent of total market capitalization. • Foreign investors remained net buyers of South Korean bonds for a fourth consecutive month in July 2026, recording 2.39 trillion won in net investment and raising their bond holdings to 336 trillion won. • Foreign investors favored longer-term South Korean bonds in July 2026, investing 5.18 trillion won in bonds with one to less than five years remaining and 3.15 trillion won in bonds with five years or more to maturity, while withdrawing 5.94 trillion won from bonds maturing within a year. 2026-08-21 09:02:56 -
Musinsa Expands into Vietnam, Following Philippines and Indonesia Musinsa is expanding its Southeast Asian operations into Vietnam, following its entry into the Philippines and Indonesia. On August 21, Musinsa announced a partnership with ACFC (Au Chau Fashion and Cosmetics), a subsidiary of the Vietnamese retail giant IPPG (Imex Pan Pacific Group), to enter the local market. The two companies will jointly develop Musinsa Standard's local business and plan to open offline stores in major areas, including Ho Chi Minh City. IPPG operates over 1,200 stores in Vietnam, representing more than 100 global brands. ACFC also manages over 280 stores across Vietnam, featuring 28 global fashion brands. Musinsa aims to leverage the infrastructure of local partners familiar with the market, rather than building its own distribution network, to accelerate its initial market entry. The decision to enter Vietnam is backed by confirmed online demand. The transaction volume from Musinsa's global store in Vietnam has seen an average annual increase of about 40% over the past three years, from 2021 to 2023. Musinsa plans to attract online customers to its offline stores and tailor its product offerings and marketing strategies to local preferences. Musinsa's expansion in Southeast Asia has gained momentum recently. On August 12, the company signed an exclusive distribution agreement with ACX Holdings, a subsidiary of the Ayala Group in the Philippines, announcing plans to open its first Musinsa Standard store in Glorietta, Makati, in the second half of this year. The transaction volume from Musinsa's global store in the Philippines has increased by an average of about 50% from 2023 to 2025. Two days later, Musinsa revealed an exclusive contract with Indonesian retail giant Mitra Adiperkasa (MAP), which operates over 4,000 stores in more than 80 cities across Indonesia. The transaction volume from Musinsa's global store in Indonesia surged by 70% in the first half of this year compared to the same period last year. As a result, Musinsa is establishing its offline business foundation in the Philippines, Indonesia, and Vietnam by partnering with local retail giants. Given the differing consumer behaviors and distribution structures in each country, the strategy of utilizing local companies' operational experience and distribution networks is seen as advantageous. In Vietnam, Musinsa will position Musinsa Standard at the forefront of its overseas operations, targeting the local middle class and young consumers with its reasonably priced SPA brand. Luis Nguyen, CEO of ACFC, stated, "Based on our understanding of the local market and our distribution and operational capabilities developed over many years of managing global fashion brands, we will ensure that Musinsa Standard offers new fashion choices that align with the tastes and lifestyles of Vietnamese consumers." Choi Un-sik, Chief Brand Officer of Musinsa, remarked, "By combining ACFC's expertise in successfully managing global fashion brands with Musinsa's K-fashion competitiveness, we aim to provide a differentiated brand experience to Vietnamese customers and further solidify our business foundation in Southeast Asia."* This article has been translated by AI. 2026-08-21 09:00:00