Journalist

SEOYOUNG LEE
  • Lee Jung-hoo Records Two Hits Against Pirates, Achieves Multi-Hit Game After Seven Matches
    Lee Jung-hoo Records Two Hits Against Pirates, Achieves Multi-Hit Game After Seven Matches Lee Jung-hoo of the San Francisco Giants recorded a multi-hit game for the first time in seven matches. On May 9, in a home game against the Pittsburgh Pirates at Oracle Park in San Francisco, Lee started as the leadoff right fielder and went 2-for-4 at the plate. After struggling with his batting earlier in May, Lee's two hits marked his 12th multi-hit game of the season. This was his first multi-hit performance since May 1 against the Philadelphia Phillies. His batting average improved from .263 to .270. In his first at-bat in the opening inning, Lee popped out to right field. However, in the bottom of the third with one out and a runner on first, he connected with a low splitter from Pirates starter Carmen Mlodzinski for a single to right field. Unfortunately, the next batter, Luis Arraez, grounded into a double play, ending the scoring opportunity. Lee added another hit in the bottom of the fifth. With two outs and no runners on base, he hit a 95.6 mph fastball from Mlodzinski for a single to left field. Again, the following batter failed to drive him home. In a missed opportunity, Lee batted with the bases loaded and no outs in the bottom of the seventh while the Giants led 3-1. He hit a line drive to the second baseman and was unable to bring in a run. Arraez later delivered a two-run single, extending the Giants' lead. Lee also contributed defensively, making a notable play in the top of the sixth by chasing down a foul ball from Bryan Reynolds and catching it just in front of the stands. The Giants defeated the Pirates 5-2, snapping a two-game losing streak. Their season record improved to 15 wins and 23 losses, but they remain at the bottom of the National League West. 2026-05-09 15:27:21
  • Kim Jong Un Sends Victory Day Message to Putin, Reaffirms North Korea-Russia Treaty Commitment
    Kim Jong Un Sends Victory Day Message to Putin, Reaffirms North Korea-Russia Treaty Commitment Kim Jong Un, the leader of North Korea, sent a congratulatory message to Russian President Vladimir Putin on the occasion of the 81st anniversary of Victory Day, reaffirming his commitment to the North Korea-Russia treaty. Although there has been speculation about Kim's potential visit to Russia amid recent high-level exchanges between the two countries, the visit did not materialize. According to reports from Yonhap News and the Rodong Sinmun on May 9, Kim stated in his message to President Putin, "I reaffirm that we will always be responsible for fulfilling the obligations of the treaty between our two countries." He reiterated his intention to continue cooperation based on the 'Comprehensive Strategic Partnership Treaty' signed last year. The treaty, which was established during Putin's visit to North Korea in June 2024, includes provisions for military support if one side is attacked. North Korea began to deepen military cooperation with Russia by sending troops to Kursk, near the border with Ukraine, in October of the same year. In his message, Kim described the North Korea-Russia relationship as one that is "writing a brilliant new chapter of independence, dignity, peace, and prosperity in accordance with the common ideals and aspirations of our peoples," expressing his satisfaction and pride in the partnership. He also reaffirmed the North Korean government's commitment to valuing and continuously enhancing the comprehensive strategic partnership. Referring to Putin as a "most friendly comrade," Kim emphasized their close ties. He conveyed heartfelt congratulations to Putin, the Russian leadership, and the brotherly Russian people on the 81st anniversary of the Great Patriotic War victory, stating, "On behalf of the government and people of the Democratic People's Republic of Korea, I extend my most sincere congratulations to you and the entire Russian people." Kim also paid tribute to the veterans of the past who fought valiantly against fascism, stating, "I express my profound respect for the previous generations of soldiers who, with indomitable courage and noble patriotism, defeated fascism and defended humanity's freedom and liberation, as well as world peace and security." This gesture comes as Russia uses Victory Day as a symbol of national unity, with North Korea also showing support for Russia's historical narrative through Kim's message. Kim concluded by stating, "Pyongyang is always with you and the brotherly Russian people," and expressed his hopes for the Russian people to achieve only victory and glory in their future endeavors. He emphasized that Russia's great victory history will continue. Recently, high-level contacts between North Korea and Russia have increased around the first anniversary of the 'Liberation of Kursk,' raising speculation about Kim's attendance at the Victory Day events. However, North Korea was not included in the list of attendees announced by Russia, and Kim's visit did not take place. Concerns over local safety issues, including drone attacks from Ukraine, have been suggested as factors influencing this outcome.* This article has been translated by AI. 2026-05-09 15:18:25
  • Rebidding for Yebyeol Insurance This Month as Heungkuk Fire Insurance Considers Bidding
    Rebidding for Yebyeol Insurance This Month as Heungkuk Fire Insurance Considers Bidding Yebyeol Insurance (formerly MG Insurance) may undergo a rebidding process this month, with Heungkuk Fire Insurance reportedly considering participation. The previous bidding failed due to a lack of competition, as only Korea Investment Holdings submitted a bid. If Heungkuk Fire Insurance enters the bidding, it could alter the dynamics of the sale. As of May 7, financial sources indicate that Heungkuk Fire Insurance is internally evaluating its potential involvement in the rebidding. The Korea Deposit Insurance Corporation (KDIC) has been gauging interest from potential bidders, prompting Heungkuk Fire Insurance to explore its options. Yebyeol Insurance has faced multiple failed sales attempts. After KDIC established it as a bridge insurance company, the initial bidding failed to attract sufficient competition. Preliminary bidders Hana Financial Group and JC Flower did not participate in the main bidding. KDIC plans to confirm interest from potential buyers before making a final decision on the rebidding, which is likely to occur this month. Heungkuk Fire Insurance's interest in acquiring Yebyeol Insurance was previously mentioned earlier this year, but Taekwang Group, its parent company, denied the rumors at that time. However, the current atmosphere suggests a change, with KDIC actively seeking to expand the pool of candidates and Heungkuk Fire Insurance reportedly taking the evaluation process more seriously. Taekwang Group's recent aggressive approach to mergers and acquisitions supports this interpretation. Notably, it participated in the main bidding for Aegis Asset Management last November, demonstrating its intent to grow despite facing competition from private equity firms. The consideration of acquiring Yebyeol Insurance aligns with its strategy to leverage synergies within its financial subsidiaries. If Heungkuk Fire Insurance proceeds with a bid, it would fundamentally change the nature of the sale. While the previous focus was on expanding the non-banking portfolio of financial groups, the entry of an insurance company would highlight market share expansion and the absorption of insurance contracts. For Heungkuk Fire Insurance, acquiring Yebyeol Insurance presents a significant opportunity for rapid growth. As of the end of last year, Heungkuk Fire Insurance's total assets stood at 12.5 trillion won, with a market share of 3.3%. Adding Yebyeol Insurance's assets of around 4 trillion won could elevate its total assets to the high 16 trillion won range and increase its market share to approximately 4.5%. While closing the gap with the top five companies may be challenging, it would enhance its position among mid-sized insurers. However, this transaction differs from typical growth-oriented mergers and acquisitions. The KDIC's support is estimated at around 500 billion won, and the acquiring party may need to inject at least an additional 500 billion won to meet solvency requirements. This indicates that the deal involves more than just expanding size. An industry insider noted, "Considering asset soundness and additional capital burdens, they may withdraw if conditions are not favorable. The extent to which KDIC alleviates the acquirer's burden will be crucial for the success of the rebidding."* This article has been translated by AI. 2026-05-07 21:54:53
  • Credit Union Launches 4% Annual Savings Plan Targeting Three-Year Goals
    Credit Union Launches 4% Annual Savings Plan Targeting Three-Year Goals The Credit Union Central Association has introduced a new savings plan with a three-year maturity. The plan offers a fixed annual interest rate of 4%, providing stability in funding even amid fluctuating interest rates.On May 7, the association announced the launch of the 'Non-Dividend Credit Union 4U Savings Plan.' Members pay a one-time premium upon enrollment and receive a fixed annual interest rate of 4% if they maintain the plan until maturity. This savings plan is similar to savings insurance products offered by insurance companies.A 55-year-old man who pays a one-time premium of 50 million won can expect to receive 54,718,000 won before taxes at maturity, with an estimated return rate of 109.4%.The plan also includes a death benefit. If the contract holder passes away, the death benefit will be the sum of 3% of the one-time premium and the accumulated amount at the time of death. Additionally, participants can make partial withdrawals up to 50% of the surrender value up to 12 times a year.Participants can convert their benefits into an annuity through the 'Non-Dividend Annuity Conversion Special Clause II.' Enrollment is open to individuals aged 15 to 80, with a minimum premium of 1 million won. However, early termination may result in a surrender value lower than the paid premium.On the same day, Chairman Ko Young-cheol and CEO Son Sung-eun became the first customers to enroll at Hanuri Credit Union. Chairman Ko stated, “In a volatile financial market, this product aims to help customers secure their goal funds and plan for retirement. We will continue to introduce products that enhance the financial benefits for our members and customers.” 2026-05-07 09:00:20
  • South Korea to Launch 5th-Generation Indemnity Health Plan With Premiums About 30% Lower
    South Korea to Launch 5th-Generation Indemnity Health Plan With Premiums About 30% Lower A fifth-generation indemnity health insurance plan with lower premiums will go on sale starting on the 6th. The key change is reduced coverage for some noncovered services, including manual therapy, aimed at easing a cycle in which heavy use of noncovered care drives up loss ratios and, in turn, premiums. Financial authorities said on the 5th that 16 life and nonlife insurers will sell the fifth-generation plan starting on the 6th. Premiums are expected to be about 30% lower than fourth-generation plans and at least 50% lower than first- and second-generation plans. The overhaul comes as indemnity insurance faces chronic losses. With broad coverage of noncovered treatment, the loss ratio for first- through fourth-generation plans has reached 119.3%, a factor behind premium hikes. Authorities said they see high risk of overuse in certain nonsevere noncovered items, including manual therapy, extracorporeal shock wave therapy and noncovered injections, and adjusted the benefit structure accordingly. Under the fifth-generation plan, noncovered care is split into severe and nonsevere categories. Coverage levels are maintained for severe noncovered treatment for cancer, cerebrovascular and heart disease, and rare and intractable diseases. A new annual out-of-pocket cap of 5 million won applies to inpatient treatment costs at advanced general hospitals and general hospitals. Coverage for nonsevere noncovered care is reduced. The reimbursement limit is cut to 10 million won from 50 million won, and the coinsurance rate rises to 50% from 30%. Some items, including musculoskeletal physical therapy, extracorporeal shock wave therapy and noncovered injections, are excluded from coverage. Covered benefits are also linked to the national health insurance system. For covered inpatient care, the coinsurance rate remains 20%, but for covered outpatient care, the coinsurance rate will be set in line with the national health insurance patient share. Covered medical costs related to pregnancy and childbirth and developmental disabilities, which were not covered under existing indemnity plans, are newly included. Authorities also prepared options for early-generation policyholders facing high premiums. The measures apply to first- and second-generation policyholders whose contracts, before March 2013, did not require revised terms or re-enrollment. Starting in November, eligible first- and second-generation policyholders can choose either an optional discount rider or a contract-conversion discount program. The optional discount rider keeps the existing contract but lowers premiums by excluding certain benefits, including musculoskeletal physical therapy, extracorporeal shock wave therapy, noncovered injections, and some noncovered MRI and MRA coverage. The contract-conversion discount program offers a 50% discount on fifth-generation premiums for three years for early-generation policyholders who switch. In principle, conversion is possible without separate screening, and policyholders can return to the previous product if they have not received an insurance payout within six months after switching. Authorities said consumers should check benefit changes that come with lower premiums. Switching to the fifth-generation plan or choosing the optional discount rider may be an alternative for people who use medical services less or feel burdened by premiums. Those who frequently use nonsevere noncovered treatments such as manual therapy or noncovered injections may be better off keeping their current coverage.* This article has been translated by AI. 2026-05-05 12:03:16
  • Big 5 Banks’ Mortgage Loans Post Biggest Gain in 8 Months as Household Debt Rises
    Big 5 Banks’ Mortgage Loans Post Biggest Gain in 8 Months as Household Debt Rises Mortgage loan balances at South Korea’s major commercial banks rose by the most in eight months, driven largely by policy-backed lending such as jeonse deposit loans and Didimdol loans, the financial sector said Monday. As of the end of April, outstanding mortgage loans at the five largest banks — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — totaled 612.2443 trillion won, up 1.9104 trillion won from the end of March, according to financial industry data released Monday. It was the biggest monthly increase since August last year, when the balance rose 3.7012 trillion won. Overall household lending also increased. The five banks’ household loan balance stood at 767.2960 trillion won at the end of April, up 1.5670 trillion won from a month earlier — the largest rise since October last year, when it increased 2.5270 trillion won. Industry officials said the mortgage loan increase appears to reflect growth in policy-backed loans rather than a broad recovery in housing transactions. “This month, the increase was led by jeonse-related loans and policy-backed products such as Didimdol loans,” a financial industry official said. “It’s hard to say real estate transactions are high overall, but deals have continued, mainly for apartments on the outskirts of Seoul, and that has pushed up policy-backed lending.” Mortgage loan balances have fluctuated this year, falling 1.4836 trillion won in January, rising 596.7 billion won in February, then slipping 387.2 billion won in March before the increase widened in April. Group loans to individuals rose 220.1 billion won, turning higher for the first time since September 2024. Unsecured personal credit loans, however, swung to a 318.2 billion won decline in April after rising 347.5 billion won in March. Loans to individual business owners increased 362.2 billion won, extending gains for a third straight month. Deposit balances were mixed by product. Time deposits totaled 937.1834 trillion won at the end of April, down 273.1 billion won from a month earlier. Installment savings deposits rose 409.5 billion won to 46.5673 trillion won. Demand deposits, often treated as standby funds, fell 3.3557 trillion won to 696.5524 trillion won, turning lower for the first time in three months.* This article has been translated by AI. 2026-05-04 16:18:23
  • Raon Savings Bank Exits Regulatory Corrective Action; KBI’s SangSangIn Deal Delayed
    Raon Savings Bank Exits Regulatory Corrective Action; KBI’s SangSangIn Deal Delayed Some savings banks in South Korea are emerging from prompt corrective action, easing broader concerns about the sector’s financial health, but restructuring is moving at different speeds by institution. Raon Savings Bank, acquired by KBI Group, has exited a management improvement order after key indicators improved. KBI’s planned acquisition of SangSangIn Savings Bank, however, remains unfinished despite agreement on the sale price, with the share-transfer date pushed back again as post-deal capital plans are reviewed. The Financial Services Commission said it notified Raon Savings Bank and Anguk Savings Bank on April 30 that their management improvement recommendations had been lifted. The two banks had been under the measures since December 2024, exiting about 16 months later. Raon Savings Bank is a regional lender acquired in July last year by KBI Kukin Industry, an affiliate of KBI Group. At the time, financial authorities described the deal as the first case showing market-led restructuring working for a regional savings bank. Since then, Raon’s key soundness indicators have improved: its delinquency ratio fell to 10.42% at the end of last year from 19.03% in 2024, and its liquidity ratio rose to 150% from 109%. By contrast, KBI Group’s additional push to acquire SangSangIn Savings Bank has yet to be completed. SangSangIn agreed to sell about 1.35 million shares of the bank for 110.7 billion won, but the closing date—initially set for the end of March—was postponed to the end of April and has now been extended again to Aug. 31. The transaction has not entered the formal stage of regulators’ review of KBI Group’s eligibility as a major shareholder. The group is believed to be continuing pre-consultations with financial authorities on the deal structure and capital-raising plans before applying for approval of the ownership change. While the sale price is said to have been agreed, the need for additional funding after the acquisition—aimed at improving soundness indicators and boosting capital—has been cited as a key variable. Acquiring a troubled savings bank does not end with buying shares, as buyers typically must follow with cleanup of bad assets, improvements in key indicators and stronger capital buffers. SangSangIn Savings Bank’s burden remains heavy: as of the end of last year, its delinquency ratio stood at 16.9%, among the highest for savings banks with more than 1 trillion won in total assets. Its ratio of substandard-or-worse loans was 22.53%, the highest in the industry. A financial industry official said KBI Group may not feel strong pressure to rush the SangSangIn deal after already acquiring Raon. The official added that because SangSangIn’s delinquency and substandard-loan ratios are high, the burden of normalizing the bank after an acquisition would likely be heavier than it was for Raon.* This article has been translated by AI. 2026-05-04 15:28:15
  • Lotte Insurance Resubmits Turnaround Plan With Capital-Raising Options
    Lotte Insurance Resubmits Turnaround Plan With Capital-Raising Options Lotte Insurance said its newly resubmitted management improvement plan includes steps to bolster capital adequacy, including a capital increase, a potential third-party acquisition and possible transfer of all or part of its business. The company’s earlier plan was not approved, and it subsequently received a formal management improvement order from regulators. With that backdrop, the specificity and feasibility of the new capital-raising measures are expected to be central to the Financial Services Commission’s review. Lotte Insurance said May 4 that it submitted the plan to financial authorities on April 30. The plan includes cutting expenses, disposing of troubled assets, improving staffing and organizational operations, and increasing capital. It also calls for drawing up plans related to a merger, becoming a subsidiary of a financial holding company under the Financial Holding Companies Act, a third-party acquisition, and transferring all or part of its business. Lotte Insurance submitted its first management improvement plan to the commission in January, but it was not approved. The commission then issued a management improvement order, a step above a management improvement recommendation under Korea’s prompt corrective action framework. Industry watchers said the key issue in the review will be whether the capital-strengthening measures are workable. They noted that after the first plan failed to win approval, regulators are likely to focus on whether proposals such as a capital increase or acquisition-related steps are concrete enough to execute. The commission is expected to decide whether to approve the plan within one month of its submission. If approved, Lotte Insurance would proceed with the measures recognized by authorities, including cost cuts, troubled-asset cleanup, operational changes and capital strengthening. If not approved, additional revisions or follow-up steps remain possible. * This article has been translated by AI. 2026-05-04 14:00:17
  • South Korea Financial Regulators Face Key May Decisions on Hong Kong ELS, Lotte Card and Bank Governance
    South Korea Financial Regulators Face Key May Decisions on Hong Kong ELS, Lotte Card and Bank Governance South Korea’s financial industry is on edge ahead of a series of regulatory decisions expected this month, including sanctions tied to mis-selling of Hong Kong H-index equity-linked securities, a customer data leak at Lotte Card, and a broader push to tighten bank governance. While the cases differ, they share a focus on weak internal controls and management accountability, bringing consumer protection and governance responsibilities back into the spotlight. As of Saturday, the Financial Services Commission is expected to place sanctions against banks over the Hong Kong H-index ELS mis-selling on the agenda for its regular meeting on May 13, according to the financial sector. Some had expected the penalty level to be settled around March, but deliberations have dragged on amid concerns about market fallout and possible legal disputes. Key issues include the size of administrative fines and the severity of penalties for executives and employees. At the prior notice stage, the fines were set at 4 trillion won, but they have already been reduced to about 1.4 trillion won. A further large cut could draw criticism for being too lenient, while tougher sanctions could prompt legal challenges from banks. Because the case is one of the largest mis-selling incidents since the Financial Consumer Protection Act took effect, regulators face pressure as the decision could become a benchmark for similar cases. Attention in the card industry is focused on the Lotte Card case. Late last month, the Financial Supervisory Service’s sanctions review committee proposed a heavy penalty of a 4.5-month business suspension over a customer information leak. The final level will be decided after review at an FSC regular meeting. With fewer disputed issues than the Hong Kong ELS case, the process is expected to move quickly once it reaches the FSC agenda. Lotte Card previously received a three-month business suspension in 2014 after a large-scale personal data leak. The latest incident stems from a different cause, but the fact that information security problems have recurred weighed on the proposed penalty. Lotte Card argued for mitigation, citing an external hack and no secondary harm, but the sanctions panel cited inadequate basic security measures, including security patches, as grounds for a heavy penalty. A bank governance overhaul is also a top issue for regulators. A task force has discussed strengthening the responsibilities of outside directors, improving procedures for selecting chief executives, and limiting long-term reappointments. While sanctions address accountability for past incidents, the governance package would reshape decision-making structures across financial firms and could have broader impact. Working-level review at the FSS is largely complete, with only some provisions left for final coordination with the FSC and other bodies. Still, some observers say announcements on high-impact sanctions or reforms could be pushed back until after next month’s local elections. A financial industry official said, “The longer the announcement is delayed, the more uncertainty grows, so we expect the financial authorities to reach conclusions this month,” adding, “Only when the sanction levels and the direction of institutional reforms are clear can financial companies spell out plans to strengthen internal controls and management.”* This article has been translated by AI. 2026-05-03 15:05:19
  • Korea’s Discount Policies Shift Costs to Insurers and Card Issuers
    Korea’s Discount Policies Shift Costs to Insurers and Card Issuers As policy-driven benefits expand — including a vehicle five-day rotation discount rider and broader gasoline discounts — insurers and credit card companies are facing rising costs. While the discounts are billed as support for household finances, critics say the structure repeatedly leaves financial firms to absorb the expense. According to financial authorities on the 27th, the five-day rotation rider offers private auto insurance customers a 2% annual premium discount. Drivers limit use of their cars on designated weekdays based on license plate numbers, then receive a refund at policy expiration for the period they complied. For an annual premium of 700,000 won, the refund is about 14,000 won. Insurers, not the government, pay for the discount. Because the program is policy-driven, participation is effectively unavoidable for insurers, and the burden grows as more customers enroll. The industry warns the effect of premium hikes implemented earlier this year could be offset, or turn into added costs. Signs of weakening profitability are also emerging. The first-quarter auto insurance loss ratio at major nonlife insurers — Samsung Fire & Marine Insurance, Hyundai Marine & Fire Insurance, DB Insurance and KB Insurance — rose to 85.9%, up 3.4 percentage points from a year earlier. Auto insurance is estimated to have posted a deficit of about 130 billion won over the same period. Additional costs tied to operating the rider are another variable. Insurers say they must build and manage systems to verify whether customers drove on restricted days and assign staff to run them, while disputes and complaints over driving records are also possible. Some in the industry have raised the possibility that insurers may need to pay automakers separately to obtain driving data. Limits of similar policies have surfaced before. A “weekday driving discount rider” introduced around 2008 offered a higher discount rate, but was widely seen as a failure due to low enrollment. Credit card companies face a similar squeeze. In line with the government’s inflation response, issuers have expanded gasoline discounts, but card companies are bearing much of the cost. Unlike general co-branded cards, they have less ability to split expenses with merchants, pushing up marketing costs. Profit pressure is intensifying as issuers add fee waivers, cashback and points on top of fuel discounts. Some gasoline discount cards could end up in a “reverse margin” structure, where losses grow as more cards are issued. With higher bond yields raising funding costs, broader discounts add to the strain. The burden goes beyond the discount itself. Card companies also shoulder added expenses for system overhauls, staffing and building infrastructure to link benefits to prices. Market response has also fallen short. One card company said new issuance of its gasoline discount card rose by less than 10% from the previous month even after benefits were expanded, suggesting the bigger discounts are not generating enough demand amid weak consumption. An industry official said, “We agree with the goal of stabilizing people’s livelihoods, but the cost burden is accumulating,” adding, “With funding rates rising as well, management pressure is growing.”* This article has been translated by AI. 2026-04-27 16:07:23