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Cortis Surpasses 1 Billion Streams on Spotify Ahead of Debut Anniversary The group Cortis has surpassed 1 billion streams on Spotify. As of July 24, Cortis achieved a total of 1,000,060,000 streams on the global audio and music streaming platform Spotify. This figure includes all tracks released to date, including their first two mini-albums and the song Mention Me from Sony Pictures Animations GOAT. After recording 900 million streams on Spotify on July 4, Cortis added another 100 million streams in less than a month. This marks the highest streaming count among boy groups that debuted in the last five years. The achievement is particularly significant given it comes from just two albums and 13 songs. Cortiss monthly listeners on Spotify have exceeded 12.7 million. The largest number of listeners comes from the United States, followed by Indonesia, South Korea, the Philippines, Brazil, and Japan. The title track of their second mini-album, RedRed, is driving their popularity. Released on April 20, the song has accumulated 160 million streams in about three months. Even after concluding their broadcast activities, it maintains around 1.4 million streams per day. Previous tracks continue to enjoy steady popularity as well. The song Go! from their first mini-album has recorded 216 million streams, while FaSHioN has surpassed 198 million streams. Chart performance remains strong. RedRed has held the top spot on Spotifys Weekly Top Songs Korea chart for 13 consecutive weeks. It has also reached 119th on the Top Songs Global chart weekly and 161st daily, remaining on the chart for 13 weeks and 94 days, respectively. Cortis will continue their activities with offline performances. They are set to take the stage at the Lollapalooza Chicago music festival from July 31 to August 1. Following that, they will embark on their first tour, 2026 Cortis Tour: Put Your Phone Down, starting in Toronto, Canada, on August 4, covering six cities in North America. They will also hold a concert to celebrate their first anniversary on August 22-23 at Korea Universitys Hwajeong Gymnasium in Seoul.* This article has been translated by AI. July 26, 2026 16:00 -
Developer Eleven Construction Returns to Profit Amid UN Base Project Eleven Construction, a leading domestic developer focused on the Yongsan UN Command site, has returned to profitability for the first time in three years. The company reported a consolidated net profit exceeding 180 billion won, driven by the performance of its key subsidiary, Yongsan Eleven. However, over 100 billion won in cash flowed out from operating activities. To translate this accounting rebound into real financial improvement, the company must recover funds from office-tel sales and residential rental deposits to reduce its 1.3 trillion won in project financing (PF).According to an audit report disclosed on the Financial Supervisory Services electronic disclosure system on July 26, Eleven Construction recorded consolidated sales of 407.6 billion won and a net profit of 183.7 billion won last year, marking a return to profit after consecutive losses since 2022.The rebound in performance was largely attributed to Yongsan Eleven, a special purpose company (SPC) responsible for the UN Command site development. Yongsan Eleven recognized sales from office-tel sales last year, generating 216.1 billion won in revenue and a net profit of 133.2 billion won. A significant portion of the consolidated net profit stemmed from the Yongsan project.The net profit also reflected the recognition of deferred tax assets related to carryforward losses. As the potential for taxable income arises, corporate tax expenses decrease, leading to an increase in net profit. While operating profit improved, it is important to note that the entire increase in net profit cannot be viewed as a direct result of cash inflow from operations.Amid a sluggish real estate market and tightening in the PF sector, Eleven Construction has focused its efforts on the UN Command site development rather than expanding into new projects. The companys flagship project, The Parkside Seoul, is a mixed-use development that includes residential units, office-tels, hotels, and commercial facilities on a 44,935 square meter site in Itaewon, Yongsan District, purchased from the Korea Land and Housing Corporation (LH) for 1.05 trillion won in 2017. Hyundai Engineering & Construction is overseeing the construction, which is expected to be completed in 2027.The first test of this strategy was the high-end office-tel The Parkside Suite, which recorded an average subscription competition rate of 1.67 to 1 last year. However, the projects success will depend on the speed of actual contracts and the collection of sales proceeds. Timely receipt of down payments, interim payments, and final payments is crucial for smooth repayment of PF principal and interest and for subsequent construction costs.The companys next major focus is a residential project comprising 420 units. This high-end housing product, primarily featuring larger units, is set to be offered under a private rental scheme in September. The structure involves operating the units as rentals for a period before converting them to sales.By supplying the units as private rentals, the company can set prices according to market conditions and product appeal, avoiding the constraints of price ceilings. However, the immediate cash flow will depend more on the rental deposits collected from tenants than on the future conversion price. The timing of the residential supply and the influx of deposits coincides with the maturity of the PF, making the securing of rental demand a key variable for improving the financial structure.Despite the accounting profit, cash flow remains a concern. Last year, the consolidated cash flow from operating activities recorded a net outflow of 106.7 billion won, marking the third consecutive year of negative cash flow. This indicates that the funds invested in business expenses and construction costs exceeded the cash generated from operations.Inventory assets also exceed 2 trillion won. According to the audit report, unfinished housing amounts to 565.4 billion won, while land holdings total 1.2352 trillion won. Accounts receivable from sales also stand at 160.9 billion won, indicating a lag between recognized sales and actual cash inflow.Consolidated borrowings are approximately 1.7 trillion won, with a debt ratio around 200%. Funds borrowed from related parties have also increased to about 100 billion won. The main PF for the Yongsan development, amounting to 1.3 trillion won, is set to mature in 2027.The speed at which cash generated from the UN Command site is applied to reduce borrowings will significantly impact interest burdens and the capacity for new projects. Delays in collecting final payments from office-tel sales and rental deposits for the residential units could lead to increased financial costs during the maturity extension or refinancing process.Cash recovery is also needed from existing projects outside Yongsan. There are still unsold units and accounts receivable in the Parkrest Haenam project in Jeonnam and the Gochon Central Xi project in Gimpo, Gyeonggi Province. Even if substantial profits are recognized from Yongsan, the overall improvement in cash flow for the company may be limited if funds remain tied up in other projects.Through its focused approach to the UN Command site, Eleven Construction has succeeded in achieving a rebound on its income statement. However, with over 2 trillion won in inventory assets and 1 trillion won in PF remaining, the completion of its recovery will depend on the actual cash inflow rather than just sales and net profit.If the collection of office-tel sales proceeds and residential rental deposits leads to PF repayments and a reduction in borrowings, the UN Command site could remain a flagship project that rescued Eleven Construction from crisis. Conversely, delays in cash recovery could increase the companys exposure to risks tied to the timelines of a single project and the financial market conditions.* This article has been translated by AI. July 26, 2026 15:56
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Ukraine Attacks Iranian Vessel in Caspian Sea, One Crew Member Killed An Iranian vessel was attacked by Ukraine in the Caspian Sea, resulting in the death of one crew member and injuries to another.According to the Financial Times, the Iranian Foreign Ministry reported that an explosion occurred on the Iranian vessel due to the Ukrainian attack early on July 25.The Iranian Foreign Ministry stated, Iran will not hesitate to defend itself, and called on European nations to hold Ukraine accountable if they are genuinely concerned about the escalation of conflict in the Middle East.Ukraine has also acknowledged attacking a vessel linked to Iran in the Caspian Sea. Ukrainian President Volodymyr Zelenskyy announced on X (formerly Twitter) that they targeted a ship used for transporting military cargo related to Iran and Russian warships.However, it has not been immediately confirmed whether the vessel mentioned by President Zelenskyy is the same one reported by the Iranian Foreign Ministry.Iranian Foreign Minister Abbas Araghchi condemned the attack during a phone call with Josep Borrell, the European Unions High Representative for Foreign Affairs and Security Policy, emphasizing the need for a strong response from the UN Security Council and the EU.This incident comes amid ongoing military confrontations between the U.S. and Iran. Despite a memorandum of understanding (MOU) with the U.S. being effectively rendered void, Iran reaffirmed its stance of not intervening in the Russia-Ukraine war.Ukraine has criticized Iran for supplying attack drones to Russia, alleging that Iran supports the war. Iran has denied these allegations or claimed that any transactions occurred before the outbreak of the war.* This article has been translated by AI. July 26, 2026 15:40
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Yen Hits 40-Year Low as Won Strengthens Amid Diverging Trends The value of the yen has fallen to its lowest level in nearly 40 years, while the won continues to strengthen, leading to a two-year low in the won-yen exchange rate. As the decoupling between the won and yen deepens, attention is focused on its impact on domestic companies price competitiveness and the financial market.According to financial sources on July 24, the yens exchange rate against the U.S. dollar was recorded at 163.785 yen, up 0.71 yen from the previous trading day as of 3:30 PM.On July 23, the yen reached as high as 163.986 yen during trading, marking its highest level since December 1986, a span of 39 years and 7 months. Considering that the yen-dollar exchange rate was around 75 yen in 2011, the yens value has effectively halved in 15 years.Amid rising international oil prices due to geopolitical risks surrounding Iran, assessments indicate that the Japanese governments response has remained limited to verbal interventions, failing to curb the yens decline. Concerns over deteriorating fiscal health due to the Takaiichi administrations expansionary fiscal policy have increased, and despite the Bank of Japan raising its policy interest rate to 1% last month, the gap with the U.S. benchmark rate (3.50-3.75%) remains significant, sustaining pressure on the yen.Kim Yu-mi, a researcher at Kiwoom Securities, explained, Despite the Japanese authorities caution regarding foreign exchange market interventions, expectations persist that the interest rate gap with the U.S. will remain for the time being, leading to a weaker yen against the dollar.In contrast, the won is showing strength. On July 24, the won-dollar exchange rate fell to 1,466.6 won, marking its lowest level in about two and a half months since May 7 (1,454.0 won) based on weekly closing prices.Typically, the won and yen move in the same direction, and until last month, both currencies exhibited weakness. However, this month, a clear decoupling phenomenon has emerged. In fact, the won has shown the strongest performance among the G20 currencies. From the beginning of this month until July 24, the wons value against the dollar has risen by 6.24%, the highest increase among major currencies.In South Korea, a significant inflow of dollars due to SK Hynixs American Depositary Receipt (ADR) listing is driving the wons strength. SK Hynix has been gradually converting approximately $26.5 billion raised from its Nasdaq listing and bringing it into the country, which has also led to an increase in dollar selling by domestic exporters.As the won strengthens and the yen weakens, the won-yen exchange rate fell to 889.83 won per 100 yen on July 24, the lowest level in two years since July 2024. This has raised concerns that the increase in demand for yen tech and travel to Japan could widen the service account deficit, potentially hindering domestic recovery.Looking ahead, fluctuations in the yens value could have significant repercussions in international financial markets. If the yen continues to weaken, it may trigger a rise in Japanese government bond yields, impacting the global bond market.Park Sang-hyun, a researcher at iM Securities, stated, While the super weak yen phenomenon may not immediately pose a threat to the financial market, increased volatility in the yen-dollar exchange rate could burden both the financial and asset markets. Further weakness in the yen could lead to rising Japanese government bond yields, which may also exert pressure on U.S. and global bond yields.He added, Conversely, if the Japanese government intervenes directly to prevent the yens decline, a rapid strengthening of the yen could alter global capital flows, increasing asset price volatility.* This article has been translated by AI. July 26, 2026 15:32
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Top Five Financial Groups Report Record Profits Amid Stock Market Surge The top five financial groups in South Korea reported a record net profit of over 13 trillion won in the first half of the year, driven by a booming stock market that significantly boosted non-interest income from their securities affiliates. However, the competitiveness of non-bank subsidiaries emerged as a key factor in determining growth rates, leading to mixed results among the holding companies.According to the financial sector on July 26, the combined net profit of KB, Shinhan, Hana, Woori, and NH Financial Holdings for the first half of the year was 13.1183 trillion won, a 9.7% increase from the same period last year (11.9541 trillion won), marking the highest figure on record for a half-year period.By holding company, KB Financial led with a net profit of 3.8864 trillion won (+13.1%), followed by Shinhan Financial with 3.4427 trillion won (+13.3%), Hana Financial with 2.4029 trillion won (+4.4%), NH Financial with 1.7791 trillion won (+9.2%), and Woori Financial with 1.6090 trillion won (+3.7%). All but Woori Financial set new half-year records.A notable change in this years first-half results was the increased prominence of the non-bank sector. The combined non-interest income of the top five financial groups reached a record 10.7776 trillion won, up 27.6% from the previous year. The surge in commission income from the capital markets during the stock market boom was a major driver of overall performance.The fortunes of the holding companies varied based on the performance of their non-bank subsidiaries. The results from the securities sector increasingly influenced the overall profit growth of the financial groups, with smaller securities affiliates like Hana and Woori Financial showing less improvement compared to KB and Shinhan Financial.KB Financial, which recorded the highest net profit in the first half, saw the contribution of its non-bank subsidiaries rise to 44%. KB Securities generated a net profit of 796.3 billion won, accounting for 21% of the groups total net profit.Shinhan Financial also benefited from Shinhan Investment Corp., which reported a net profit of 577.7 billion won, a 123% increase from the previous year, driving its performance. The contribution from the non-bank sector rose to about 35%. NH Financial also saw its NH Investment & Securities report a net profit of 965.2 billion won in the first half, raising its non-bank contribution to 39.7%, allowing NH Financial to maintain its position as the fourth-largest financial group by net profit, surpassing Woori Financial.In contrast, Hana Financial and Woori Financial struggled to overcome the size disparity of their non-bank subsidiaries, resulting in relatively modest growth. Hana Securities reported a net profit of 273.1 billion won, a 155.7% increase, but its absolute size remained small compared to the leading groups. Woori Investment & Securities also saw a 47% increase in net profit, but it only reached 24.7 billion won.Analysts in the financial sector noted that the performance of non-bank subsidiaries has become increasingly crucial in determining the growth rates and profitability of the holding companies.A financial sector official stated, Amid household loan regulations, the roles of securities and asset management non-bank subsidiaries are becoming more significant in group performance. The competitiveness of the capital markets will continue to be a key factor influencing the profitability of financial holding companies in the second half of the year.* This article has been translated by AI. July 26, 2026 15:08
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Song Young-gil: We Cannot Entrust the Party to Those Who Undermine Lee Jae-myung Song Young-gil, a candidate for the leadership of the Democratic Party of Korea, stated on July 26, We cannot entrust the party to those who undermine President Lee Jae-myung. This remark appears to be a direct criticism of former party leader Jung Cheong-rae amid rising tensions within the party.In a Facebook post, Song emphasized, Judicial reform and prosecutorial reform do not belong to any one candidate. They are promises made by all three candidates and a mandate from the party members. No matter who becomes the party leader, reforms will be carried out.He further asserted, President Lee is a pillar of the Democratic Party. If that pillar collapses, the reforms and the administration will also fall apart, just like a roof that collapses when its support is gone.Additionally, he warned, Reform that merely shouts slogans while shaking the president may receive applause from certain politicians, but it will ultimately lead to defeat in the general elections and a change of government.Song declared, I have maintained my loyalty to the president until the end. Please protect President Lee, the pillar of our party. I will not be a leader who shakes the president but rather a leader who firmly supports that pillar to safeguard the party.Meanwhile, Song has consistently pointed out issues related to Jung Cheong-rae, who has been embroiled in allegations of conflict. In the upcoming party convention, Song, along with former Prime Minister Kim Min-seok, who is aligned with the pro-Lee faction, and Jung, who is associated with the pro-Cheong faction, are competing for the party leadership. Jung has been appealing for support, vowing to protect President Lee, while Song and Kim have publicly criticized him, escalating the conflict.* This article has been translated by AI. July 26, 2026 15:08
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Retail Investors Bet 450 Billion Won on Leveraged ETFs Ahead of Regulations As financial authorities prepare to implement regulations on single stock leveraged exchange-traded products (ETPs), individual investors have significantly increased their purchases of these related products. This surge is interpreted as a response to the upcoming increase in the basic deposit requirement.According to the Korea Exchange and Koscom CHECK, individual investors net bought 453.8 billion won worth of 14 single stock leveraged ETFs and ETNs related to Samsung Electronics and SK Hynix on July 24. They purchased 103.8 billion won in Samsung Electronics-related products and 350 billion won in SK Hynix-related products.Excluding the first trading day after the announcement of supplementary measures on July 20, individual investors had recorded three consecutive days of net selling from July 21 to 23. However, on July 24, they shifted back to net buying with a large-scale bargain purchase. Consequently, the cumulative net purchase from July 20 to 24 reached 115.6 billion won.This buying trend is largely attributed to investors seeking to capitalize on sharply reduced prices. On July 24, Samsung Electronics and SK Hynix saw their stock prices drop by 7% to 8%, leading to a 15% to 16% decline in major single stock leveraged products within a day. Most product prices fell from their listing price of 20,000 won to around 11,000 to 12,000 won, effectively halving their value. With the basic deposit requirement set to increase from 10 million won to 30 million won starting July 31, there appears to be a rush to increase holdings before the regulations take effect.Financial authorities view single stock leveraged products as a significant factor contributing to market volatility, particularly surrounding Samsung Electronics and SK Hynix, and are moving to tighten regulations. Beginning July 31, the basic deposit for single stock leveraged ETFs and ETNs will rise to 30 million won and will only be recognized in cash. Additionally, measures to strengthen liquidity provider (LP) management responsibilities and expand trading unit sizes will be implemented sequentially.However, despite the impending regulations, market volatility remains high. According to the Korea Exchange, the average daily volatility of the KOSPI from July 1 to 24 was 6.23%, surpassing the previous monthly record set during the global financial crisis in October 2008 (6.11%). Last week, the average daily volatility was 4.98%, down from 6.75% the previous week, but still at a high level. The KOSPI and KOSDAQ markets experienced sidecar interventions four and three times, respectively, last week.Han Ji-young, a researcher at Kiwoom Securities, noted, The measures do not include reductions in leverage ratios or restrictions on the establishment of new products, so the impact may be limited. For the time being, market direction will likely be determined more by semiconductor industry conditions and corporate earnings fundamentals than by leverage-related supply and demand issues.* This article has been translated by AI. July 26, 2026 15:04
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High Interest Rates Drive Household Loan Delinquency to a Decade High 국내 주요 시중은행의 건전성 지표에 빨간불이 켜졌다. 고금리 여파로 가계대출 연체율은 10년 만에 최고치로 치솟았고 부실채권(고정이하여신) 규모 역시 8년 만에 최대 수준으로 불어났다. 26일 금융권에 따르면 5대 시중은행(KB국민·신한·하나·우리·NH농협)의 올해 2분기 말 기준 가계대출 연체율 평균은 0.33%로 집계됐다. 이는 1분기(0.32%) 대비 0.01%포인트(p) 상승한 수치로 2016년 1분기(0.36%) 이후 약 10년 만에 가장 높은 수준이다. 가계대출 연체율은 작년 말 평균 0.30%에서 올해 1분기 말 0.32%, 2분기 말 0.33% 등으로 계속해서 오름세를 보이고 있다. 은행별로는 농협은행이 0.48%로 12년 만에 최고치를 기록했다. 하나은행 역시 0.32%로 집계 이래 가장 높은 수치를 보였다. 우리은행은 1분기 말 0.29%에서 0.31%로 올랐다. 반면 KB국민은행은 0.28%에서 0.27%로 낮아졌고, 신한은행은 0.25%를 유지했다. 중소기업 대출 연체율도 상승세다. 5대 은행의 단순 평균치는 지난해 말 0.49%에서 올해 1분기 말 0.57%, 2분기 말 0.58%로 확대됐다. 특히 우리은행의 경우 2분기 말 중소기업 연체율이 0.75%로 팩트북 자료가 존재하는 2019년 1분기 말 이래 가장 높았다. 신한은행(0.49%)도 2017년 2분기 말(0.52%) 이후 9년 만에 가장 높았다. 반면 KB국민(0.37%)·하나(0.59%)·NH농협(0.71%)은 1분기 대비 연체율이 하락했다. 고정이하여신(NPL) 등 건전성 지표도 나빠진 것으로 나타났다. 5대 은행의 고정이하여신 규모는 총 7조4331억원으로 전년 동기(6조4325억원) 대비 약 1조원 폭증했다. 이는 2018년 1분기(8조2143억원) 이후 8년 만에 최대 규모다. 전체 대출 중 고정이하여신이 차지하는 비중도 2분기 기준 0.40%로 2020년 1분기 말 이후 최고 수준을 기록했다. 문제는 한국은행이 통화 정책 방향을 긴축으로 전환하며 대출 부실 압력이 더 커질 수 있다는 점이다. 이미 대출금리는 기준금리 추가 인상 가능성을 반영해 가파르게 오르고 있다. 5대 은행의 고정형 주담대 금리(은행채 5년물 기준)는 연 4.84∼7.57%로 집계됐다. 작년 말(연 3.93∼6.23%)과 비교하면 상단이 1.34%p, 하단이 0.91%p씩 뛰었다. 주택담보대출 고정금리 상단이 7.5%를 넘어선 것은 2022년 4월 이후 처음이다. * This article has been translated by AI. July 26, 2026 15:00
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Yoon Suk Yeol's Trials Continue During Court Recess In accordance with the 6-3-3 principle of the Special Prosecutor Act, the trials involving former President Yoon Suk Yeol will proceed as scheduled this week, despite the court recess. The court will hold a ruling on the first trial regarding violations of the election law and the first hearing of the appeal concerning charges of general defection and abuse of authority. According to legal sources on July 26, the Seoul Central District Courts Criminal Division 21, led by Judge Jo Soon-pyo, will conduct the ruling on Yoons election law violation case on July 27. The ruling will be broadcast live. Yoon is accused of making false statements during a discussion at the Kwanhun Club on December 14, 2021, claiming he had not introduced attorney Lee Nam-seok to former Yongsan Tax Office Chief Yoon Woo-jin, despite having done so while serving as the head of the Central Investigation Division of the Supreme Prosecutors Office in 2012. This was allegedly to mitigate concerns over declining approval ratings during the presidential election. Additionally, he faces charges for stating in a media interview on January 17, 2022, that he had never met Jeon Seong-bae of the Geonjin Law Firm, although he acknowledged having exchanged greetings through party officials, but denied meeting with First Lady Kim Kun-hee. If Yoon receives a sentence of more than 1 million won in fines in this case, the People Power Party will be required to return 39.7 billion won in election funds to the National Election Commission. The special prosecutors team, led by Min Jung-ki, requested a two-year prison sentence during the closing arguments on June 8, stating, The Constitution mandates that the president be elected through direct elections, and the dissemination of false information that influences the voters judgment is a serious crime in itself. On July 29, the Seoul High Courts Criminal Division 1, presided over by Judge Yoon Seong-sik, will hold the first hearing of the appeal regarding Yoons charges of general defection and abuse of authority. Former Defense Minister Kim Yong-hyun and former Army Counterintelligence Command Chief Yeo In-hyung, who face similar charges, will also appear in court. Yoon and others are accused of escalating military tensions by infiltrating drones into Pyongyang to provoke an attack from North Korea, thereby creating a justification for declaring a state of emergency. Former Commander Kim is charged with obstructing the investigation by preparing and submitting false documents related to the drone operations. The first trial court sentenced Yoon to 30 years in prison, marking the first time a former president has been convicted of general defection in South Koreas constitutional history. Former Minister Kim received a heavier sentence of 30 years, exceeding the special prosecutors request of 25 years. Former Commander Yeo was sentenced to 15 years, while former Commander Kim received a three-year sentence with a five-year probation. Given that the first trial was conducted in private due to concerns over national security leaks, it is highly likely that the appeal trial will also be held behind closed doors.* This article has been translated by AI. July 26, 2026 14:52
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U.S. Nuclear Double Standards: Saudi Arabia vs. South Korea In international politics, national interests often take precedence over principles. The recent move by the United States to expand nuclear cooperation with Saudi Arabia, including allowing uranium enrichment, underscores this reality. The U.S., which has emphasized nuclear non-proliferation as a core principle of the international order, is broadening its nuclear collaboration with Saudi Arabia, a nation without a single commercial nuclear power plant. This is not merely an energy policy; it is a strategic choice aimed at countering Chinas influence in the Middle East and securing Saudi Arabia within a U.S.-led security framework. Geopolitical interests are clearly taking precedence over non-proliferation principles.South Korea has diligently upheld the U.S.-led nuclear non-proliferation regime for over half a century since the nuclear armament controversy during the Park Chung-hee administration in the 1970s. The country has faithfully implemented the Treaty on the Non-Proliferation of Nuclear Weapons (NPT) and has accepted significant restrictions on nuclear fuel cycle technologies, such as spent fuel reprocessing and uranium enrichment, under the Korea-U.S. nuclear agreement. Despite possessing world-class capabilities in nuclear power plant design, construction, and operation, South Korea has prioritized the trust of its ally and limited its own actions.South Korea has emerged as a globally recognized nuclear power. It successfully completed the Barakah nuclear power plant in the United Arab Emirates and has demonstrated competitiveness in the European nuclear market. With over 50 years of operational experience and a transparent safety management system recognized by the International Atomic Energy Agency (IAEA), South Koreas nuclear industry is a significant asset. This is why it has been regarded as a model non-proliferation state worldwide.Saudi Arabia, on the other hand, lacks operational experience with nuclear power and has made statements suggesting the possibility of nuclear armament, raising concerns in the international community. Nevertheless, the U.S. is expanding nuclear cooperation with Saudi Arabia due to strategic needs related to countering China and reshaping the Middle Eastern order. The judgment that Saudi Arabia cannot be overlooked, especially as China expands its influence through nuclear power and infrastructure, appears to be a significant factor. While this may be a pragmatic choice for the U.S., it highlights the reality that international politics does not operate solely on principles. When national interests are at stake, interpretations of principles can change.Our perception also needs to evolve. Nuclear power has become a strategic industry that influences national competitiveness, extending beyond just building power plants to include power supply for artificial intelligence (AI) data centers, small modular reactors (SMRs), nuclear fuel cycles, and decommissioning projects. South Korea, with its world-class technological capabilities, should not cling to outdated frameworks. We must reflect on whether we are still waiting for our ally to eventually recognize our efforts, holding onto the belief that we are allies, so they will acknowledge us someday.This shift also carries significant implications for security. As North Koreas nuclear and missile capabilities advance, the need for nuclear-powered submarines has been consistently raised. These submarines are strategic assets capable of long-term submerged operations and long-range missions, not nuclear weapons. While we must approach this matter cautiously within the framework of respecting the international non-proliferation regime and the Korea-U.S. alliance, it is less convincing that the U.S. applies flexible approaches to Saudi Arabia while imposing outdated standards on South Korea.Adhering to non-proliferation principles and accepting excessive constraints in light of changing times are two different issues. We must demand reasonable treatment that aligns with the trust we have built and our world-class technological capabilities. The operational framework of the Korea-U.S. nuclear agreement also needs to be re-evaluated. Alliances cannot endure at the expense of one party. If the U.S. applies principles flexibly based on national interests, South Korea should also pursue a more proactive nuclear strategy centered on its own national interests. This is the mark of a mature alliance and the realistic path we must choose in a rapidly changing international order. July 26, 2026 14:48
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Delay in '8-Week Rule' Leads to Deteriorating Auto Insurance Profits The introduction of the so-called 8-week rule to manage long-term treatment for minor injury patients has been delayed, leading to increased losses in auto insurance. With seasonal factors expected to continue worsening the loss ratio in the second half of the year, forecasts indicate that an annual deficit is unavoidable.According to the insurance industry on July 26, the operating loss for auto insurance among non-life insurers in the first half of this year was 189 billion won, a deterioration of over 200 billion won compared to the same period last year (30.2 billion won). This marks the first deficit in the first half of the year since 2020, when it recorded a loss of 126.2 billion won.The loss ratio for auto insurance increased in the first half of the year, negatively impacting profitability. The cumulative loss ratio for the four major insurers—Samsung Fire & Marine, Hyundai Marine & Fire, DB Insurance, and KB Insurance—averaged 84.5%, up 1.9 percentage points from the same period last year.Although auto insurance premiums were raised by over 1% at the beginning of the year, the effect on premium income has been limited due to reductions in premiums over the past four years. In contrast, costs associated with auto repair fees, parts, and wages for temporary workers have continued to rise, increasing the burden of the loss ratio.Industry insiders cite the long-term treatment of minor injury patients and certain over-treatment practices as major factors exacerbating the loss ratio. As long-term treatment continues at traditional Korean medicine hospitals and clinics, the frequency of high-cost treatments and bundled billing has increased, leading to larger payouts.In fact, the average cost of Korean medicine treatment per minor injury patient among the four major non-life insurers last year was 1.083 million won, nearly three times higher than the cost of Western medicine treatment (355,000 won). Of the 817.4 billion won spent on outpatient Korean medicine, the proportion of patients receiving six or more of eight specific treatments—such as acupuncture, moxibustion, cupping, herbal injections, and chiropractic care—was 64.4%.As a result, the insurance industry is eager for the prompt implementation of the 8-week rule. This rule stipulates that when a minor injury patient requires treatment beyond eight weeks following a traffic accident, a specialized review committee will assess the appropriateness of the treatment.An industry official stated, In the second half of the year, the loss ratio is likely to worsen further due to seasonal factors and rising costs, so an annual deficit is expected. The longer the implementation of the 8-week rule and other regulatory improvements are delayed, the longer the recovery of auto insurance profits will take.* This article has been translated by AI. July 26, 2026 14:32
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Kim Min-seok Questions If Democratic Party Will Support Anti-Myeong Candidates Kim Min-seok, a candidate for the leadership of the Democratic Party, questioned on July 26 whether the party would support three anti-Myeong candidates for the Supreme Council. His remarks come amid escalating tensions between the pro-Myeong (Lee Jae-myung) and pro-Cheong (Jung Cheong-rae) factions.Speaking at a policy meeting held at the Gwangju Institute of Science and Technology, Kim stated, I will make an important prediction. He continued, Those who view politics as arithmetic believe that since three anti-Myeong and pro-Cheong candidates have advanced to the finals, the Supreme Council vote will result in a 3-to-2 outcome. I see politics as a dynamic drama of physics, as was already proven during the second leadership of Lee Jae-myung.He added, It was the same then, and do you think it will be different this time? The results will begin to change as soon as we start. The key point will be whether all pro-Cheong candidates are eliminated by the end of the election.In the preliminary election held on July 23 for the selection of the party leader and Supreme Council members, Kim Min-seok, Song Young-gil, and former leader Jung Cheong-rae advanced to the finals. The Supreme Council candidates include five from the pro-Myeong faction (Kim Young-ho, Park Sun-won, Seo Mi-hwa, Lim Mi-ae, and Kim Yong) and three from the pro-Cheong faction (Lee Sung-yoon, Choi Min-hee, and Han Min-soo).* This article has been translated by AI. July 26, 2026 14:28
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Love, legacy and the price of a chaebol divorce SEOUL, July 26 (AJP) -There is no shortage of Korean dramas built around chaebol heirs falling in love against the odds. Real life has produced stories just as compelling — except that the endings are often written not by scriptwriters but by judges. Record 944 billion won ($680 million) divorce award involving SK Group Chairman Chey Tae-won and former wife Roh Soh-yeong last Friday has added another chapter to the small club of Korea's most consequential corporate breakups, where failed marriages have altered family fortunes, tested succession plans and redefined the legal treatment of billionaire wealth. Unlike television dramas, where romance typically triumphs over wealth and family opposition, Korea's real-life chaebol love stories have often unfolded under relentless public scrutiny, ending in courtroom battles over corporate empires worth trillions of won. The SK saga: A marriage that united business and politics Few unions carried greater symbolic weight than the marriage of Chey Tae-won and Roh Soh-yeong. When they married in 1988, Chey was the son of SK founder Chey Jong-hyun while Roh was the daughter of then-President Roh Tae-woo, creating one of Korea's most influential power couples. Over nearly three decades, Roh stood beside Chey as SK evolved from a domestic energy company into one of the world's most valuable AI memory chipmakers. Their marriage unraveled publicly after Chey disclosed that he had fathered a child outside the marriage and sought divorce in 2017. After years of legal battles culminating in Thursday's remand ruling, the Seoul High Court ordered Chey to pay Roh 944 billion won in cash while recognizing her 33.3 percent contribution to the couple's jointly accumulated wealth over almost 30 years of marriage. The finalized award is the largest publicly disclosed property settlement involving a Korean business family. It follows an earlier appellate ruling in 2024 ordering Chey to pay 1.38 trillion won, which was later overturned by the Supreme Court after it found errors in the lower court's reasoning regarding former President Roh's alleged political slush funds. Samsung's Cinderella romance Long before the SK divorce dominated headlines, another corporate romance had captured the country's imagination. Hotel Shilla President Lee Boo-jin, the eldest daughter of late Samsung Chairman Lee Kun-hee, fell in love with Lim Woo-jae, then a Samsung security employee. Their 1999 marriage was widely portrayed as a rare Cinderella story inside Korea's most powerful conglomerate. The fairy tale ended in 2014 when Lee filed for divorce. During the proceedings, Lim reportedly argued that Lee's personal fortune exceeded 2.5 trillion won and sought more than 1.2 trillion won in property division—the largest publicly known claim in a Korean divorce at the time. The Supreme Court ultimately upheld a property settlement of roughly 14.1 billion won in 2020, a tiny fraction of the amount sought. Legal observers widely interpreted the outcome as reflecting the court's view that Lee's Samsung shareholdings were not subject to division. Lee Jae-yong and Lim Se-ryung: A quiet ending Not every chaebol romance ended in years of courtroom drama. Samsung Electronics Chairman Lee Jae-yong and Daesang Vice Chairwoman Lim Se-ryung divorced in 2009 after 11 years of marriage. The case was settled through mediation within days after proceedings began, and financial terms were never disclosed. Both went on to become prominent business leaders in their own right, with Lee leading Samsung Electronics and Lim emerging as one of Korea's most influential female executives. A retail heir and a television star One of Korea's most talked-about celebrity-business marriages brought together Shinsegae Group Chairman Chung Yong-jin and actress Ko Hyun-jung. The marriage, which attracted enormous public attention, ended in 2003 through mediation only hours after divorce proceedings began. Reports at the time said Chung agreed to pay 1.5 billion won in alimony while retaining custody of the couple's children. The details of any property division, however, were never made public. The gaming founder who paid in shares One of the few founders to divide company ownership rather than cash was NCSoft founder Kim Taek-jin. When his marriage ended in 2004, Kim transferred a 1.76 percent stake in the online game developer to his former spouse. The shares were valued at roughly 30 billion won at the time, making it one of Korea's earliest high-profile examples of equity-based divorce settlements involving a technology entrepreneur. The next blockbuster case Legal and business circles are already watching what could become Korea's next landmark corporate divorce. Smilegate Chief Visionary Officer Kwon Hyuk-bin, whose fortune is estimated at around 8 trillion won, is scheduled to receive a first-instance ruling on Sept. 9 in a divorce case filed in 2022. Local media have reported that his wife is seeking roughly half of his Smilegate shareholding. Following the precedent set in the Chey-Roh litigation, the case is expected to test whether Korean courts are increasingly willing to treat founder-controlled equity in privately held technology companies as marital property. What links these stories is not simply celebrity or wealth. Each has raised difficult questions about how courts value contributions made outside the boardroom, whether family-controlled shareholdings should be divided after decades of marriage, and how personal relationships can reshape the ownership of some of Korea's largest corporations. For a country where chaebol families have long inspired television romances, reality has proved every bit as dramatic—only the scripts are written in court judgments, measured in billions of won, and capable of altering the future of corporate empires. July 26, 2026 14:24 -
Government and Seoul City Diverge on Housing Supply Solutions The South Korean government and Seoul city are at odds over housing supply solutions. While they agree on the need to utilize industrial areas and transit zones, they differ on the supply entities and development methods.According to reports from the government and Seoul city, President Lee Jae-myung expressed concerns during a national discussion on real estate policy on July 23, stating that it is difficult to find new land for housing in Seoul. He questioned the housing supply effects of redevelopment and reconstruction projects, noting, While reconstruction can increase the number of households, it does not seem to significantly increase the total number of units, but rather the size of the units. In redevelopment, it seems common for the total number of households to decrease.Seoul Mayor Oh Se-hoon countered the following day, acknowledging the reality that there is no more land to build homes in Seoul, but he rejected the notion that the supply effects of redevelopment and reconstruction are negligible. He claimed that through the citys ongoing redevelopment projects, more than 310,000 housing units are expected to break ground by 2031, with a net increase of about 87,000 units once all projects are completed.The gap between the two sides was evident during a private meeting on July 24 between Minister of Land, Infrastructure and Transport Kim Yoon-deok and Mayor Oh. The ministry is discussing plans to increase housing in the Yongsan International Business District to around 10,000 units, while Seouls current plan stands at 6,000 units. The city insists that considerations for international business functions and infrastructure such as schools and transportation must be taken into account, and they did not reach an agreement on the supply scale that day.On the other hand, both sides align on increasing housing supply through the repurposing of industrial areas and the utilization of vacant land. During the discussion, it was suggested that underutilized industrial and commercial areas should be converted to mixed-use residential and industrial purposes, and that the conversion of non-residential land to residential use should be expanded based on public contributions. President Lee responded positively to a proposal to convert vacant knowledge industry centers and commercial spaces into residential facilities for public rental by the Korea Land and Housing Corporation, stating, We will expedite this process.Seoul is currently pursuing projects to increase the residential floor area ratio in industrial areas that have already been converted to residential use, allowing for up to 400% increases. The city is working on projects in 32 locations that could yield approximately 27,000 housing units. Areas that still retain industrial functions will be enhanced as high-tech industrial and business hubs, while residential areas will see increased supply through redevelopment and mixed-use development. However, since many of these projects involve redevelopment and reconstruction, Seoul views the utilization of industrial areas as part of a broader strategy for high-density urban development, contrasting with the governments focus on selective conversion of underutilized non-residential land.Transit zones also represent common ground. President Lee announced plans to prioritize high-quality long-term rentals in transit areas for middle-class families, similar to public housing. Seoul is expanding transit-oriented development across the city, incentivizing private mixed-use development in exchange for securing long-term rental housing and infrastructure.Based on the presidents statements and discussions from the forum, the government appears to emphasize selective supply and public rentals, such as the conversion of underutilized non-residential facilities and long-term rentals in transit areas. In contrast, Seoul focuses on enhancing the viability of private redevelopment projects and mixed-use developments while securing a portion of the profits for long-term rental housing and infrastructure.As concerns about housing shortages in Seoul grow, experts suggest that regular consultations between the government and the city are necessary to align on target sites, development density, and public contribution standards. Ko Jong-wan, from the Korea Asset Management Institute, stated, Looking at Taereung, the Yongsan Maintenance Depot, and the Gwacheon Racecourse, a regular consultation body between the central government and local government is needed, especially for the Ministry of Land and Seoul to meet once a month.* This article has been translated by AI. July 26, 2026 14:24
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South Korean Government Expands K-Brand Challenge to Include Fashion and Lifestyle Brands The South Korean government is expanding its K-Brand Challenge to support the overseas expansion of clothing (fashion) and lifestyle brands.On July 26, the Ministry of SMEs and Startups announced that it will recruit nine small businesses to participate in the K-Brand Challenge from July 27 to August 7. This initiative aims to identify small consumer goods companies with high growth potential and nurture them into export firms with global competitiveness.Originally launched in 2024 as the K-Beauty Creator Challenge, the program has been renamed the K-Brand Challenge this year, broadening its focus to include fashion and lifestyle sectors. This change reflects the growing global demand that has expanded from K-Beauty to encompass K-Fashion and K-Lifestyle consumer goods.Eligible candidates include domestic companies with beauty, fashion, or lifestyle brands, or new exporters with less than $5 million in export revenue from the previous year. A total of nine companies will be selected through preliminary, main, and final rounds, with three companies chosen from each category.The selected companies will receive opportunities to participate in domestic and international pop-up stores, consultations with overseas buyers and investors, and export support initiatives such as online marketing assistance and priority selection for export vouchers and overseas certification.Shim Jae-yoon, Director of Global Growth Policy at the Ministry of SMEs and Startups, stated, We will increase policy support to ensure that promising small businesses can expand their excellent products into overseas markets, enhancing the status of K-Brands and leading small business exports.* This article has been translated by AI. July 26, 2026 14:24