Technology and philosophy

Wednesday, June 17, 2026

Ex-Andong Official Faces 80 Million Won Bribery Charge

A previous administrative assistant employed at Andong City Hall in Gyeongsangbuk-do was handed over to investigators for allegedly accepting dozens of millions of won in bribes from a local entrepreneur and assisting them in obtaining contracts.

On the 11th, the Gyeongbuk Provincial Police Department stated that they have detained and submitted Mr. A, a middle-aged individual who previously served as a secretary in Andong City, for alleged corruption charges.

Mr. A is charged with accepting bribes amounting to 80 million won from Mr. B, a company executive involved in a bidding process for a public material procurement contract in Andong City in March 2025, and offering benefits in exchange.

In a targeted effort against deep-rooted graft, law enforcement officials were alerted that Mr. A had been mediating between different powerful groups and taking payments since he became the secretary of Andong City. During the 2022 local elections, Mr. A supported Kwon Ki-chang’s bid for mayor of Andong, who was then running under the People Power Party. After Kwon won the mayoral race, Mr. A was appointed as a secretary—an elected government post comparable to a Grade 6 political role.

The inquiry escalated into an extensive examination once law enforcement obtained proof that stacks of money wrapped with ribbons were sent to a place believed to be Mr. A's workplace.

Law enforcement officers conducted raids at Mr. A's home and workplace, confiscating 70 million won in cash believed to be bribe money along with associated documents, subsequently forwarding his case for legal action.

Director Kim Won-tae from the Gyeongsangbuk-do Provincial Police Department said, "Persistent corruption is a major offense that disrupts equitable societal structure and obstructs local growth. We remain committed to ongoing efforts aimed at eliminating long-standing alliances involving powerful groups connected with municipal authorities."

Power Systems in Aging Hong Kong Buildings Demand Urgent Focus

A 24-hour electricity blackout at Tsuen Wan Centre has led to demands for checks on aging residential buildings to guarantee stable power during the summer months.

Electricity plays a crucial role in densely populated urban areas, particularly in cities like Hong Kong, where apartment towers cannot be lived in without it. major power outage A situation at a Tsuen Wan residential area this week serves as a reminder regarding the reliability of power networks in older buildings amidst more severe climatic conditions.

Over 3,000 occupants in Phase 1 of Tsuen Wan Centre experienced a loss of both water supply and elevator access for more than 24 hours until power was resumed approximately midday on Tuesday. Worries arose regarding the well-being and security of individuals residing in roughly 1,000 units spread across five buildings as well as a facility catering to disabled persons.

Legislator Jody Kwok Fu-yung stated that the absence of power during the intense heat had a "significant effect," with numerous senior citizens, particularly those who live alone, finding it "extremely challenging" to move about.

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Individuals who volunteered should be commended for promptly assisting people with navigating stairs and providing essential items like food and water. The Water Services Department set up potable water containers and sent water tankers close to the impacted structures. The Bureau of Home Affairs established four communal halls to house those in need, and the Tsuen King Circuit Sports Centre was additionally utilized as an emergency refuge.

The power supply is generally dependable in Hong Kong, although there have been some notable electrical service problems in recent years. One instance was a major blackout In 2022, an incident occurred that impacted over 160,000 homes in northwest Hong Kong following a fire at a bridge housing high-voltage CLP power lines. More recently, in February and April of this year, power fluctuations caused several people to be stuck in elevators.

These events have led to demands for investigations to confirm whether there are underlying issues requiring resolution in a city known for its dependable electricity service, within a regulatory framework that guarantees providers a profit from their investments.

Currently, there are demands for residential areas to enhance checks on electrical systems throughout the summer season, as this period presents higher chances of malfunctions due to rainfall, moisture infiltration, or elevated power consumption. Homeowners and administrators are required to fulfill their obligations to guarantee that the energy facilities in older buildings remain compliant with standards.

Tuesday, June 16, 2026

James Handy Found Dead After Stabbing in International Incident

Renowned Hollywood performer James Handy, who had a professional journey lasting over forty years and featured in Top Gun Maverick, Logan, and Jumanji have passed away following an attack where he was stabbed. California home.

The LAPD stated that Handy, 81, was found with stabbing injuries to his chest outside his residence in Tarzana on Wednesday morning.

They were reacting to a statement where a man said to them: 'I am the Son of Man; I have just slain the Man of Sin.'

The police have recognized the suspect as Michael Gledhill, aged 44, the son of Handy's partner, who has since been taken into custody and is currently detained with a bond set at $2 million (£1.5 million).

In a statement, police mentioned: 'The individual stopped passing law enforcement officials, informing them that he was the person they were searching for. The suspect lives at the scene along with his mother, who is the victim's girlfriend.'

As police reached the location, they discovered Handy lying motionless in the front garden.

"The victim was taken to a nearby hospital by Los Angeles Fire Department paramedics, who declared him dead," the police stated.

They further comforted Tarzana locals: “Investigators think this is a one-time event and there seems to be no risk to the general population right now.”

The police have not yet officially revealed a potential reason, with the inquiry still continuing.

The actor's talent agent, Pam Ellis-Evenas, verified the performer's passing in a message to NBC News :'I am deeply saddened to confirm that the man who was assaulted and murdered on Wednesday in Tarzana was the actor James Handy.'

She told the Associated Press: “I couldn’t have wished for a more skilled, modest, or kind client and friend than James Handy.”

Handy was among Hollywood's best-known supporting actors, featured in numerous movies and TV series throughout a career that began in the 1970s.

His latest prominent part was in the 2022 hit film Top Gun: Maverick, co-starring with Tom Cruise in the highly anticipated follow-up.

He was featured in movies such as Logan, Jumanji, The Rocketeer, and Arachnophobia.

On TV, Handy developed a broad portfolio through guest roles in several major American series such as NYPD Blue, The West Wing, Criminal Minds, Castle, and The X-Files.

Widely recognized within the entertainment field as a reliable supporting performer who can enhance even the most minor part, Handy accumulated over 150 film and television roles throughout his professional life.

The announcement of his passing has left fans and peers stunned, prompting extensive responses across social media.

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China Resources New Energy's $3.6B IPO Breaks Records on Shenzhen Exchange

Wind and solar offshoot initiatives launch various projects as China seeks to enhance its protection against global oil crisis impacts

A subsidiary of a government-supported electricity generator, China Resources New Energy Holdings, has broken several records on the Shenzhen Stock Exchange, ahead of its anticipated status as the largest initial public offering (IPO) and the first "red-chip" firm listed on the exchange.

The wind and solar power A producer, established from China Resources Power, announced plans to secure 24.5 billion yuan (US$3.6 billion) through local currency shares on the Shenzhen Stock Exchange, according to a statement released on Thursday.

Should it succeed, China Resources New Energy will become the first company listed in Shenzhen that was established abroad but primarily operates within Mainland China under the... red-chip structure .

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The announcement follows significant economic shifts towards renewable power sources, with increasing petroleum costs driving up inflation rates and compressing company profits. The stock issuance is anticipated to strengthen China's partial separation from the oil crisis by increasing the proportion of renewable energy within overall energy usage.

China Resources New Energy planned to issue 2.1 billion shares via the Shenzhen Stock Exchange on June 22, with this portion accounting for between 16.2 percent and 18.2 percent of its expanded share capital, contingent upon whether the over-allotment option was utilized, as stated.

Revenue will support the building of several renewable energy initiatives totaling 40.4 billion yuan, such as a clean power hub and an eco-friendly sustainable development initiative.

Last year, wind energy contributed 82 percent of the company's overall electric generation, while solar covered the remaining portion, according to the firm.

The first-half profit of China Resources New Energy likely fell by up to 30 percent compared to the previous year, reaching 3.3 billion yuan, according to the report. This decline was attributed to adverse weather, increased expenses, and reduced operational efficiency.

The firm stated that it fulfilled the requirements for red-chip listings on Mainland China stock markets, having a market capitalization exceeding 20 billion yuan and generating revenues of no less than 3 billion yuan in the most recent fiscal year.

Stocks of the parent company China Resources Power fell by 1 percent to HK$19.47 in Hong Kong at the start of Thursday. The power generator stated in a notice submitted to the Hong Kong Stock Exchange that its ownership in the renewable energy division will decrease to approximately 80 percent following the share issue, down from the current 100 percent.

China Resources New Energy is anticipated to overtake Yihai Kerry Arawana Holdings, an edible oil company which earned 13.9 billion yuan in 2020, becoming the largest IPO on the Shenzhen Stock Exchange.

Mortgage Rates Near 8%, Credit Loans Hit 7%

With rising bond market interest rates, bank lending rates are also climbing. As reported by the banking industry on the 11th, the fixed-rate (5-year) mortgage loans from the five largest banks—KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup—are now ranging between 4.51% and 7.5% annually as of the day before.

Only at the close of last month, the maximum interest rate stood at 7.1% per annum, yet it increased by 0.4 percentage points within just two weeks. The fixed-rate home loan rate has gone up by 1.2 percentage points since the start of this year. Following the point where the cap surpassed 7% annually towards the end of March, it is currently nearing the 8% bracket.

The yield on 5-year financial bonds, used as the standard for fixed-rate home mortgages, increased by 0.187 percentage points to an annual rate of 4.394% from the previous month’s close.

◇Banks Reducing Preferential Rates

With fixed-rate mortgage interest rates rising sharply, there has been an increase in demand for adjustable-rate mortgages, which experience more modest rate hikes. To address this trend, financial institutions are increasing their minimum lending rate requirements.

Lately, KB Kookmin Bank has lowered the favorable interest rate for its 'KB Star Apartment Mortgage Loan' (which uses a new balance COFIX-linked six-month floating rate) by 0.2 percentage points. The lending rates are calculated by combining different spreads with the benchmark rate and then deducting the favorable rate. Reducing the favorable rate leads to a higher overall loan rate.

This month, NH Nonghyup Bank increased both the 6-month floating interest rate and the 5-year fixed rate by 0.2 percentage points respectively.

If someone takes out a loan of 500 billion won with an annual interest rate of 6%, repayable over 30 years through fixed monthly payments, they would have to pay roughly 3 million won each month. But if the interest rate goes up to 8% yearly, the monthly payment jumps to approximately 3.6 million won, leading to an extra cost of about 600,000 won every month.

◇ Increasing Credit Card Balances, Higher Interest Rates

With an increase in money entering the stock market, outstanding credit loan amounts, such as those from overdrawn accounts, are growing, along with the interest rates for these loans.

The one-year credit loan interest rates offered by the five largest banks ranged between 4.35% and 6.15%, according to data from the prior day. This represents a rise of 0.29 percentage points at the higher end and 0.23 percentage points at the lower end compared to the end of the previous month, when the range was 4.36% to 5.89%.

Taking a credit loan of 100 million won, a rise in the annual interest rate from 6% to 7% increases the yearly interest cost from 6 million won to 7 million won, resulting in an additional payment of about 80,000 won per month.

This month, the overdraft account balances at the five leading banks surpassed 42 trillion won, reaching the highest point in three years and seven months since late November 2022.

Banks have raised their bond offerings this year, exceeding 100 trillion won.

A representative from the financial industry stated, "With banks boosting their bond offerings to stop deposits from moving into the stock market, financing expenses have gone up, which is now evident in lending interest rates. The pressure on 'debt-to-invest' and 'yeongkkul (soul-extended loan)' categories may intensify."

LASG Unleashes SME Growth via Tourism Powerhouse

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The government of Lagos State has announced intentions to draw in multi-billion-naira investments and create more prospects for local enterprises via the tourism sector.

The authorities highlighted that plans have been developed to draw in funding and position tourism as a key contributor to Lagos' economy.

The Governor’s Special Advisor for Tourism, Arts, and Culture, Idris Aregbe, conveyed this during an update provided to journalists, as reported in a release shared with The PUNCH on Thursday from his office.

He mentioned that the Governor Babajide Sanwo-Olu administration established an intentional structure to reach the goal.

As he outlined the initiatives undertaken by the administration via his office, Aregbe stated that Lagos' cultural sector has the potential to generate employment opportunities, draw investment, and support local business owners.

As he stated, the approach was starting to emerge via various tourism, art, and commercial projects that merge government policies with investments from the private sector.

He highlighted the Lagos Tourism NBC Trade Fair, which was jointly produced with Naija Brand Chick, as the biggest event for small and medium enterprises, attracting over 220 exhibitors and approximately 75,000 participants during its April 2025 Island edition, aiming for sales worth N5 billion as part of its efforts.

He stated that the event resulted in over N1bn in revenue, with a Mainland version in Ikeja subsequently broadening the initiative, aiming for an additional N5bn in total sales.

He claimed that the exhibition demonstrated a key strategic focus of the government.

"The aim is to establish a movement where entertainment drives business and Lagos' creativity stimulates economic development," Aregbe stated.

He pointed out that Lagos is relying on tourist facilities and law enforcement as key factors for economic development.

In the course of the reviewed period, an assistant to Sanwo-Olu mentioned that Lagos established Tourism Support Services, a continuous operation system incorporating organizations like LASTMA, LASEMA, LAWMA, LASAMBUS, the Lagos State Safety Commission, Civil Defence, LNSC, and RRS.

As he stated, the program sought to keep Lagos prepared for visitors during busy times like Detty December, school vacations, religious occasions, and global celebrations.

He mentioned that the seasonal tourism initiative received additional support following the introduction of 101 Days in Lagos, an event schedule launched in September 2025 aimed at organizing and promoting the hot months as a well-structured tourist offering.

He also revealed that the government continues to work on expanding the creative sector via Skill Up Lagos, a initiative that has supported over 1,000 artists within the past 24 months.

The government has additionally leveraged cultural events to support regional commerce. During the Kayo-Kayo Festival in Epe, the department engaged travel bloggers and tourism advocates to highlight Oja Chief, the traditional fish market serving as the festival’s focal point. Furthermore, they arranged complimentary fish deliveries to patrons, which significantly enhanced revenue for female vendors within the marketplace.

Additional cultural activities throughout the time involved visits to the royal palace on Isese Day, backing the Olojo Festival, the launch of Anikulapo, global cultural diplomatic events held in Paris and Harrisburg, and an extensive cultural trip through Lagos' galleries and museums designed to boost the art scene.

Aregbe emphasized that although initiatives aimed at stimulating the economy were in place, the government remained committed to fostering greater involvement from both the private sector and the diaspora.

Throughout the year, we collaborated with Giwa Gardens Water Park and various business companies to provide 100,000 complimentary holiday season tickets and support 1,000 underprivileged kids, an initiative aimed at making leisure activities more accessible and boosting tourist interest.

"Additionally, the Detty Fusion platform, developed in collaboration with Access Bank, was introduced as an innovative tool designed to make it easier for Nigerians both within and outside the country to find events, organize trips, and enjoy Lagos throughout the holiday period," he mentioned.

As per Aregbe, the main objective is to alter how the marketplace perceives Lagos.

Aregbe stated, "From the Culturati event held in December, which attracted over 700 attendees including figures from the culture world, to the unveiling of the Eyo Statue at the John Randle Centre, the government is intentionally shaping a tourist identity based on history, business, and global recognition."

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KOSPI Drops 1.5% as Inflation and AI Profits Weigh On Markets

The South Korean stock market declined by about 1.5% on the 11th due to twin pressures from U.S.-induced inflationary trends and worries regarding the financial viability of the artificial intelligence sector.

On the same day, the KOSPI index remained around the 7,616 mark, declining by 108 points (1.4%) compared to the last trading day. Having exceeded 7,730 the previous day, the index fell sharply into the middle of the 7,400s within one session, temporarily crossing below the 7,400 level, reaching a low of 7,394.46.

Many individual stocks also experienced declines. Samsung Electronics, a key indicator in the semiconductor sector, dropped 4,000 South Korean won (1.4%) to 298,000 won from the prior day, falling under the 300,000-won threshold. Hyundai Motor was trading at 584,000 won, declining roughly 3%, whereas LG Electronics decreased by about 3.3% to 216,500 won.

Significantly, Doosan Enerbility, which had gained due to hopes for nuclear power plants, dropped 5.71% (5,200 won) to 85,900 won, recording the biggest fall among major stocks. Samsung Electro-Mechanics also declined, slipping 2.6% to 1,759,000 won. In contrast, SK Hynix increased approximately 2% to reach 2,080,000 won.

The downward trend of the day was driven by the significant fall in U.S. financial markets from the prior day. The Nasdaq Composite Index dropped 1.98%, while the S&P 500 Index declined by 1.62%, causing a halt in worldwide investor confidence.

Financial institutions viewed the scenario not simply as temporary fluctuations but as an indication of deeper structural issues, with both broader economic factors and company performance experiencing instability at the same time. DS Investment & Securities noted, "This drop is hard to ignore as a quick recovery," further stating, "The market is moving into a long-lasting correction period due to declining wage growth and concerns over AI's financial returns."

What specifically caused the market to freeze was worry about "stagnant consumption" and the "AI bubble hypothesis." DS Investment & Securities noted, "Rising oil prices are increasing the Consumer Price Index (CPI), undermining the U.S. Federal Reserve's justification for lowering interest rates, as real hourly earnings in the United States have shown negative numbers for three straight months, putting significant pressure on consumer spending."

Moreover, uncertainty surrounding the financial performance of AI-focused stocks, which were previously highly favored by investors, came into view. After Broadcom, Oracle also fell short of investor forecasts in its primary software operations, raising deeper questions about whether "AI can genuinely create revenue."