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  • Investors Cautioned on Target Conversion Funds Amid Rising Demand
    Investors Cautioned on Target Conversion Funds Amid Rising Demand 국내 증시에 대한 관심이 높아지면서 공모 목표전환형 펀드 투자 수요가 크게 늘어난 가운데 금융감독원이 투자자들에게 주의를 당부했다. 최근 목표수익률 달성 기간이 크게 짧아졌지만 목표수익률이 확정수익률은 아닌 데다, 목표 달성 후 실제 수익률이 목표치에 못 미칠 수 있어서다. 특히 단기 투자자들이 장기 투자에 유리한 선취수수료형 A클래스에 대거 가입한 것으로 나타났다. 금융감독원은 10일 ‘공모 목표전환형 펀드 현황 및 투자자 유의사항’을 발표하고 목표전환형 펀드 투자 시 상품 구조와 투자기간, 비용 등을 꼼꼼히 살펴야 한다고 밝혔다. 목표전환형 펀드는 일정 기간 자금을 모집한 뒤 주식 등 위험자산에 투자하고 사전에 정한 목표수익률에 도달하면 채권 등 안전자산으로 자동 전환해 만기까지 운용하는 상품이다. 최근 투자 규모는 빠르게 늘고 있다. 공모 목표전환형 펀드 설정액은 2023년 2000억원에서 2024년 1조4000억원, 2025년 5조2000억원으로 급증했다. 올해 상반기에도 3조2000억원이 설정됐다. 목표수익률을 달성하는 데 걸리는 기간도 크게 짧아졌다. 목표를 달성한 펀드의 평균 달성 기간은 2022년 505일에서 2023년 284일, 2024년 249일, 2025년 105일로 줄었으며 올해 상반기에는 57일까지 단축됐다. 문제는 투자자들이 이같은 단기간의 목표 달성만 보고 상품에 접근할 경우 비용이나 위험을 놓칠 수 있다는 점이다. 실제 2025년부터 올해 상반기까지 가입자의 71.8%가 선취판매수수료를 내는 A클래스를 선택했다. A클래스는 가입할 때 판매수수료를 먼저 내는 대신 낮은 판매보수가 적용돼 장기 투자에 유리하다. 반면 C클래스는 선취판매수수료가 없는 대신 판매보수가 높아 단기 투자에 유리하다. 통상 두 클래스의 총보수 비용은 약 2년이 지나면 비슷해지는 만큼 투자기간을 고려하지 않고 A클래스를 선택하면 단기 투자에서 비용 부담이 커질 수 있다. 목표수익률 자체도 확정된 수익률이 아니다. 시장 상황에 따라 목표 달성이 늦어지거나 만기까지 목표를 달성하지 못할 수 있다. 목표 달성 전에는 주식 등 위험자산에 투자하는 만큼 시장 급락 시 원금 손실도 발생할 수 있다. 특히 목표수익률에 도달했다고 해서 실제 수익률이 목표치와 같아지는 것도 아니다. 목표 달성 시점과 안전자산으로 전환되는 시점 사이에 통상 5일가량의 시차가 발생하기 때문이다. 이 기간 주가가 급락하면 전환일 기준 실제 수익률이 목표수익률을 크게 밑돌 수 있다. 금감원은 오는 30일부터 목표전환형 펀드의 핵심 투자위험을 투자설명서에 의무적으로 기재하도록 하는 등 투자자 보호를 강화할 계획이다. 판매사에도 펀드 클래스별 비용 부담과 상품 구조에 대한 설명을 충실히 하도록 지도할 방침이다.* This article has been translated by AI. 2026-09-09 12:08:00
  • Seoul, Chungnam, and Gyeongnam Recognized for Carbon Neutrality Efforts
    Seoul, Chungnam, and Gyeongnam Recognized for Carbon Neutrality Efforts 서울특별시와 충청남도, 경상남도가 올해 탄소중립 이행 성과가 우수한 광역 지방정부로 선정됐다. 기초 지방정부 가운데서는 창원시와 군포시 등 8곳이 이름을 올렸다. 기후에너지환경부와 한국환경공단은 10일부터 이틀간 제주 서귀포시 해비치호텔앤드리조트에서 '지방정부 탄소중립 우수사례 콘퍼런스'를 개최한다고 9일 밝혔다. 행사에는 전국 246개 광역·기초 지방정부와 지역 탄소중립지원센터 관계자 등 250여명이 참석해 지역별 탄소중립 정책과 성과를 공유한다. 올해 탄소중립 이행성과 부문에서는 서울시와 충남도, 경남도가 광역 지방정부 우수사례로 선정됐다. 기초 지방정부 중에서는 경남 창원·진주·김해시, 경기 군포시, 광주 북구, 서울 관악·강남구, 전남 나주시 등 8곳이 선정됐다. 이행협력 부문에서는 전북특별자치도 탄소중립지원센터와 경기도 탄소중립지원센터가 우수 기관으로 뽑혔다. 우수 기관에는 기후부 장관상과 상금 300만원 또는 한국환경공단 이사장상과 상금 200만원이 수여된다. 서울시는 연면적 3만㎡ 이상 비주거용 신축 건축물에 재생열 설비 설치를 의무화하고 건물 부문 온실가스 총량제를 도입한 점에서 좋은 평가를 받았다. 공공·민간 건물의 에너지 사용량 신고·등급제도 시행하고 있다. 충남도는 냉매 사용기기의 설치부터 충전·회수·처리·폐기까지 전 과정을 관리하는 '냉매관리 종합계획'을 수립했다. 농촌 고령층을 대상으로 찾아가는 폐기물 수거 서비스를 운영하고 재활용품 판매 수익을 마을 공동기금으로 환원한 점도 인정받았다. 경남도는 사업별 탄소중립 영향을 분석해 예산 편성에 반영하는 온실가스 감축인지예산제를 운영하고 있다. 준공 후 15년이 지난 노후 공동주택과 민간 건축물의 시설 개선도 지원한다. 기초 지방정부들은 태양광과 수열 히트펌프 보급, 생태하천 복원, 온실가스 흡수원 확충, 다회용기 이용 확대 등의 사업을 추진했다. 기후부는 행사에서 재생에너지와 수송, 전력망, 히트펌프 등 지역 주도로 추진할 수 있는 탄소중립 정책을 소개한다. 전기차 구매보조금 지급을 위한 지방비 확보와 충전 사각지대 발굴, 재생에너지 관련 조례 개정 등 지방정부의 역할도 논의한다. 안세진 기후부 기후에너지정책관은 "지방정부는 국가 전체 배출량의 약 40% 이상에 대한 직접적인 관리 권한을 보유한 핵심 이행 주체"라며 "지역의 탈탄소 녹색 전환 노력이 더욱 확산되길 기대한다"고 밝혔다.* This article has been translated by AI. 2026-09-09 12:04:20
  • Government Calls for Energy Security Cooperation at APEC Meeting
    Government Calls for Energy Security Cooperation at APEC Meeting The government is urging member countries of the Asia-Pacific Economic Cooperation (APEC) to collaborate on energy transition and supply chain stability in response to uncertainties in the energy market stemming from the Middle East.The Ministry of Climate, Energy, and Environment announced on September 9 that Oil Young, head of the Climate and Energy Policy Office, will attend the APEC Energy Ministerial Meeting as the chief representative of the government from September 10 to 11 in Beijing, China.This meeting will focus on the theme of building an innovative and cooperative Asia-Pacific energy community for all. Member countries will discuss energy accessibility for all and ways to create synergies through cooperation between artificial intelligence (AI) and energy.The South Korean government plans to emphasize the importance of energy transition and supply chain cooperation among member countries to address the prolonged uncertainties in the energy market due to the situation in the Middle East. It will also introduce policies aimed at deploying 100 gigawatts of renewable energy capacity by 2030 and establishing an intelligent and decentralized power grid to support this goal.Additionally, the government will share plans for expanding power infrastructure in the AI era. To support the three mega-projects announced in June, it is promoting a 'local production for local consumption' energy supply policy that distributes demand to regions rich in renewable energy and nuclear power, along with modernizing the power grid.Plans to utilize AI for power supply forecasting, optimizing power grid operations, and integrating and operating distributed energy resources through virtual power plants (VPP) will also be presented.Furthermore, the government will announce policy examples aimed at spreading the benefits of energy transition to vulnerable groups and local residents. These include energy vouchers to support energy costs for heating and cooling, energy efficiency improvement projects for low-income households, and the 'Sunlight and Wind Income Village' initiative, which shares profits from solar and wind power with local communities.During the meeting, the government will also pursue bilateral talks with Japan, Canada, and Singapore. These discussions will focus on jointly addressing the heightened uncertainties in the energy market due to the Middle East situation and exploring cooperation in renewable energy, nuclear power, and small modular reactors (SMRs).Oil Young stated, "This is an opportunity to discuss overcoming the energy crisis stemming from the Middle East and to explore future-oriented energy innovations. We aim to share South Korea's energy policies that support advanced industries with the international community and strengthen cooperation with major countries."* This article has been translated by AI. 2026-09-09 12:04:20
  • Professors Demand Full Government Funding for Public Universities
    Professors Demand Full Government Funding for Public Universities 전국 국·공립대학 교수사회가 정부의 지방교육재정교부금 개편과 고등교육 예산 증액 방침을 두고, ▲국·공립대 및 법인대학의 시설·운영 경비 전액 국고 지원과 ▲대학의 자율적 집행을 보장하는 통합재정(블록펀딩·예산총액제)의 전면 도입 등을 정부에 강력히 촉구하고 나섰다. 대한민국 국·공립대학과 법인대학(서울대·인천대) 교수회를 대표하는 전국국공립대학교수회연합회(국교련), 거점국립대학교수회연합회(거국련), 국가중심국공립대학교수회연합회(국중련) 등 3개 단체는 9일 이 같은 내용을 담은 ‘고등교육 재정 확충과 올바른 혁신을 위한 정부의 결단을 촉구한다’는 공동선언문(건의문)을 공식 발표했다. 교수단체들은 최근 정부가 55년간 유지돼 온 지방교육재정교부금의 ‘내국세 정률 연동(20.79%)’ 체계를 손질해 고등교육 예산을 증액하려는 방침에 대해 “학령인구 급감 속에서 고등교육 재정을 확충하려는 정부의 의지는 적극 환영한다”고 밝혔다. 다만 “재정 체계 개편이 전체 교육예산 감축으로 이어져 초·중등 인재 양성 역량을 저해해서는 안 되며, 재정 구조의 변화는 반드시 ‘국가 고등교육 경쟁력 강화’라는 본연의 목적에 부합해야 한다”고 전제했다. 이들은 현재 한국의 고등교육 재정 현실을 ‘참담한 수준’으로 규정했다. 국내총생산(GDP) 대비 고등교육 재정 투입 비율이 약 0.7%에 불과해 경제협력개발기구(OECD) 평균(1.0~1.1%)에 크게 못 미치는 데다, 서울대를 포함한 전국 39개 국·공립대학의 예산 총액을 합쳐도 중국 베이징대 1곳의 3분의 2에도 미치지 못한다는 지적이다. 이로 인해 각 대학이 연구·교육 대신 정부 지원 사업비로 낡은 기초 시설 유지보수에 매달리는 실정이며, 지역소멸 위기와 특정 학문 쏠림까지 겹쳐 AI 등 미래 첨단산업의 토대가 될 기초 학문 생태계가 붕괴 위기에 처했다고 진단했다. 특히 정부의 현행 ‘선택과 집중’ 위주 지원 정책에 대한 날 선 비판도 쏟아냈다. 단체들은 “국가균형발전을 표방했던 ‘서울대 10개 만들기’ 구상은 3개 대학만을 선별 지원하는 일반 사업으로 전락해 거점대 간 갈등을 조장하고 거점-비거점 국·공립대, 국·공립대-사립대 간 상생 협력 체계를 심각하게 훼손했다”며 “글로컬대학 등 실효성 없는 차등 지원 사업을 개선하고 전체 국·공립대를 아우르는 포괄적이고 종합적인 육성책을 마련하라”고 요구했다. 정부가 추진 중인 국립대학법에 대해서도 우려를 표했다. “서울대와 인천대에 법인화를 졸속 도입하고도 자율성 보장과 안정적 지원 약속을 지키지 않은 정부가, 국립대학법 제정을 추진하며 법인화가 불가피하다는 메시지를 주는 것은 국·공립대의 설립 취지를 훼손하는 일”이라며 “재정 지원을 빌미로 한 일방적 통폐합과 법인화 시도를 즉각 중단하고, 교육부-전국국공립대학교총장협의회-국교련이 참여하는 ‘3자 협의체’를 구성해 자율성을 보장하는 법안을 마련해야 한다”고 강조했다. 이 밖에도 교수단체들은 ▲사업별 칸막이를 없앤 통합재정 도입 및 일반재정지원사업 통폐합을 통한 ‘단일 평가 체계’ 구축 ▲공공성·다양성·특성화에 기반한 국·공립대와 사립대의 역할 분담 및 차별화된 육성책 수립 ▲시·도교육청의 효율적 재정 운영 지원과 초·중·고-대학 창의 연계 프로그램 발굴 등을 세부 요구안으로 제시했다. 세 단체는 “대학의 경쟁력은 연구·교육에 전념하는 교수진과 무한한 잠재력을 지닌 학생들에게서 나온다”며 “대한민국 고등교육의 사멸을 막기 위해 대통령과 정부의 즉각적이고 전향적인 결단을 촉구한다”고 밝혔다. 한편 국교련(상임회장 한상욱·전북대), 거국련(상임회장 임정묵·서울대), 국중련(상임회장 조혜영·국립군산대)은 오는 14일 오후 5시 서울 시청 앞 달개비에서 주요 임원진이 참석하는 기자간담회를 열고 성명서 발표 배경과 세부 입장을 설명할 예정이다.* This article has been translated by AI. 2026-09-09 12:04:10
  • Six Paper Companies Fined $2.3 Million for Bid Rigging on Printing Paper
    Six Paper Companies Fined $2.3 Million for Bid Rigging on Printing Paper 농민신문사가 발주한 인쇄용지 입찰에서 낙찰 예정자와 입찰가격 등을 사전에 짠 제지업체 6곳이 공정 당국의 제재를 받았다.The Fair Trade Commission announced that it has imposed corrective orders and fines totaling 3 billion won (approximately $2.3 million) on six companies—Moorim SP, Moorim Paper, Moorim P&P, Hansol Paper, Korea Paper, and Hongwon Paper—for violating the Monopoly Regulation and Fair Trade Act. Hansol Paper and Korea Paper will also be referred to prosecutors.According to the commission, these companies colluded on the bid prices and winning bidders for six printing paper contracts issued by the Farmers' Newspaper from June 2021 to November 2024.The total winning bid amounts for the six contracts were approximately 20.473 billion won. These six companies hold over 95% of the domestic printing paper market share based on their projected 2024 revenues, and about 81% when including imported printing paper.The companies coordinated through meetings and phone calls before the bids to set the winning bidder and bid prices, aiming to prevent low bids and maintain a high winning rate.The average winning rate during the collusion period was about 96.2%, peaking at 99.4%. This is 8.6 percentage points higher than the average winning rate of 87.6% during the non-collusive period from 2018 to 2020.The companies also colluded on the prices of all types of printing paper around the same time. The Fair Trade Commission determined that the paper companies sought to limit competition in the Farmers' Newspaper bids as an extension of their price-fixing efforts, thereby keeping both the winning bid prices and the market prices for printing paper at elevated levels.This action follows the commission's April enforcement against price collusion in the printing paper sector, where it uncovered additional bid rigging by the same companies.A commission official stated, "We will continue to strengthen monitoring of collusion in the paper industry and impose strict penalties in accordance with the law when detected."* This article has been translated by AI. 2026-09-09 12:04:10
  • 10 Million Climate Citizens Initiative Launched, Funding Challenges Ahead
    10 Million Climate Citizens Initiative Launched, Funding Challenges Ahead The government has officially launched the "10 Million Climate Citizens Initiative" to promote climate action in daily life, but securing funding for incentives has emerged as a challenge. The initiative aims to engage 1 million participants by the end of this year, with point rewards being offered, yet the budget for next year's carbon neutrality points remains at the same level as this year.While the government states it currently has the capacity to provide rewards, it plans to pursue additional funding to accommodate the expected increase in participation.The Climate Energy Environment Ministry announced on September 9 that it will operate a unified platform called "Korea Climate Action" on its carbon neutrality points website starting September 10. This follows the official launch of "Korea Climate Action" in June, with the "10 Million Climate Citizens Initiative" as a concrete implementation measure.The ministry has set a target of 1 million climate citizen participants by the end of this year. A ministry official stated, "We are aiming for around 1 million participants by the end of the year."The current budget for carbon neutrality points is approximately 18 billion won, which has been maintained in next year's government budget proposal. If the number of climate citizen participants increases, additional funding for incentives will likely be necessary.The ministry estimates that about 10 billion won of the carbon neutrality points budget can be allocated for climate citizen incentives. A ministry official noted, "We plan to discuss and explain this aspect during budget discussions in the National Assembly."To lower the barriers for participation, the government will provide incentives until the end of this year. Participants who declare themselves as climate citizens on the unified platform will receive 1,000 points, and an additional 1,000 points will be awarded upon completing and certifying their first climate action.If all 1 million participants declare and complete their first climate action by the end of the year, the total incentive required could reach up to 2 billion won. Additionally, climate citizens can earn extra incentives through everyday climate actions linked to the existing carbon neutrality points system. The annual payment limit per individual is set at 70,000 won, with the average actual amount received being around 7,000 won, according to the ministry.The ministry also stated that it currently has the capacity to provide rewards, unlike in the past when the carbon neutrality points budget was quickly exhausted. This was largely due to the previous system of awarding 100 won per electronic receipt, which led to a surge in payouts as usage was automatically tracked through partner company systems. The ministry has since reduced the points for electronic receipts to one-tenth of the previous amount.Each month, the ministry will select key climate actions and expand the linkage with existing carbon neutrality points. In October, it plans to promote cycling, followed by initiatives for installing solar panels on balconies and renting electric vehicles.Climate Minister Kim Sung-hwan stated, "Addressing the climate crisis cannot be achieved solely by the government or specific sectors; it requires the collective actions of individuals in their daily lives to lead to societal change."* This article has been translated by AI. 2026-09-09 12:04:10
  • Q2 Corporate Operating Profit Margin Reaches Record High of 16.9% Driven by Semiconductors and Petrochemicals
    Q2 Corporate Operating Profit Margin Reaches Record High of 16.9% Driven by Semiconductors and Petrochemicals In the second quarter of this year, South Korean companies achieved a record operating profit margin, driven by growth in the semiconductor and petrochemical sectors.According to the Bank of Korea's '2026 Q2 Corporate Management Analysis Results' released on September 9, a sample survey of 4,260 corporations among 26,509 external audit-targeted companies showed that the operating profit margin rose to 16.9%, an increase of 11.8 percentage points compared to the same period last year. This marks the highest figure since the first quarter of 2015.By sector, the operating profit margin for manufacturing soared from 5.1% in the second quarter of last year to 24.0%, nearly a fivefold increase. Excluding Samsung Electronics and SK Hynix, the margin was analyzed at 7.2%. During the same period, the machinery and electrical/electronics sectors surged from 7.4% to 43.0%, while the petrochemical sector rose from 2.5% to 9.5%.The improvement in the operating profit margin for the machinery and electrical/electronics sectors is attributed to the semiconductor industry's characteristics, where the increase in operating profit outpaces revenue growth due to high fixed costs, resulting in an operating leverage effect. The petrochemical sector benefited from increased refining margins due to the ongoing conflict in the Middle East.In contrast, the operating profit margin for non-manufacturing sectors fell slightly from 5.1% to 5.0%. Within the service industry, the transportation sector saw a decline from 7.0% to 4.8% due to rising costs from high oil prices and detours.There was a significant disparity in operating profit margins based on company size. Large corporations saw their operating profit margin rise from 5.1% to 19.1%, a 14 percentage point increase, while small and medium-sized enterprises only increased from 5.0% to 5.3%, a mere 0.3 percentage point rise.The overall revenue growth rate for all companies was reported at 26.7%, up 13.2 percentage points from the previous quarter's 13.5%.By sector, manufacturing revenue growth increased from 21.1% in the first quarter to 39.6%. Excluding Samsung Electronics and SK Hynix, the revenue growth rate was around 14%.The revenue growth rate for machinery and electrical/electronics rose from 52.1% to 88.5%, continuing the trend of increased sales due to favorable semiconductor market conditions. Notably, the growth rate for electronic, video, and communication equipment jumped from 75.7% to 119.7%.Non-manufacturing revenue growth also improved, rising from 3.7% in the previous quarter to 9.7%, driven by increases in the transportation sector (8.1% to 13.6%) and retail (7.1% to 13.7%).The construction sector saw a slight increase from -4.0% to 0.3%, marking a return to revenue growth for the first time in eight quarters, aided by increased construction volume for semiconductor factories.By company size, large corporations increased from 16.0% to 30.5%, while small and medium-sized enterprises rose from 2.4% to 10.2%.In terms of financial stability, the overall debt ratio for companies in the second quarter decreased from 87.0% to 84.5%, and reliance on borrowed funds fell from 23.9% to 22.8% compared to the previous quarter.By sector, the debt ratio for manufacturing dropped from 68.0% to 65.7%, while non-manufacturing decreased from 122.9% to 120.2%. Among company sizes, large corporations saw their debt ratio decline from 83.8% to 79.8%, whereas small and medium-sized enterprises increased from 103.0% to 112.1%.As the profitability and growth of companies continue to improve in the first half of the year, attention is focused on whether this trend will persist in the second half. Lee Mi-joo, head of the Bank of Korea's corporate statistics team, stated, "In the second half, the semiconductor market is expected to remain strong due to robust demand for artificial intelligence (AI) investments. If this trend continues until the end of the third quarter, domestic demand is also expected to show signs of recovery, leading to overall improvements primarily centered around semiconductor manufacturing."She added, "However, given the ongoing situation in the Middle East and uncertainties surrounding U.S. tariff policies, the trajectory will need to be monitored based on corporate management conditions."* This article has been translated by AI. 2026-09-09 12:04:00
  • Financial Support for Housing Supply Accelerated with Weekly Review Meetings
    Financial Support for Housing Supply Accelerated with Weekly Review Meetings The financial authorities are formalizing weekly review meetings to expedite the implementation of financial support measures aimed at expanding housing supply. Following the completion of 12 out of 21 detailed tasks outlined in the August 13 financial comprehensive plan last month, the focus will now shift to monitoring the progress of remaining tasks, including the temporary suspension of project financing (PF) equity ratio regulations and the expansion of PF guarantees and financial sector self-funds.On September 9, the Financial Services Commission (FSC) held a meeting to review the progress of the housing supply promotion financial support measures and future plans related to the August 13 financial comprehensive plan.According to the FSC, 12 of the 21 tasks were completed in August. The commission plans to promptly finalize remaining tasks, including the revision of the Korea Housing Finance Corporation Act and the budget for the Korea Asset Management Corporation (KAMCO) fund.Notably, the equity ratio regulation applicable to residential project financing will be temporarily suspended for two years to promote housing supply. The FSC plans to announce detailed measures, including adjustments to risk weights, provisions, and lending restrictions, based on feedback from the financial and construction sectors as early as this month.However, the equity ratio regulation for non-residential projects, which have a relatively high default rate, will be implemented as scheduled in 2027, and existing soundness regulations for each sector will be maintained.The designation of responsible personnel for each PF project and the selection of closely monitored targets have also been completed. The financial authorities plan to quickly identify and support funding difficulties in the field through the 'PF and Construction Financial Difficulty Resolution Center,' which has been operational since September 1.Efforts to expand syndicate loans are also underway. Regular working meetings with banks and insurance sectors will be held to improve investment targets and structures and to develop detailed plans.Additionally, the financial sector will create more self-funds. Currently, plans for a self-fund totaling 7.3 trillion won are being compiled, with the securities industry expected to establish an additional self-fund of 2.1 trillion won by the end of the year.PF guarantees will be expanded in terms of supply scale and guarantee ratios, and the requirements for guarantees on high-priced and semi-residential properties will be improved. New guarantee products for maintenance projects and rental businesses will also be pursued, along with agreements for insurance sector guarantees.Support for the normalization of PF by KAMCO will continue. With a budget of 500 billion won for next year's KAMCO fund currently under review by the National Assembly, the financial authorities plan to announce a recruitment notice for operators in October in anticipation of budget approval and aim to complete selections by the end of the year. The existing first fund will also focus on completing investments primarily in residential projects.Jeon Yo-seop, head of the FSC's Financial Policy Bureau, stated, "Tasks that can be immediately implemented following the announcement of the August 13 measures are being swiftly carried out. To ensure the rapid advancement of supply tasks, we will formalize review meetings on a weekly basis for the time being and support the promotion of housing supply from a financial perspective."* This article has been translated by AI. 2026-09-09 12:04:00
  • Household Loan Growth Slows in August, Mortgage Loans Rise by 4 Trillion Won
    Household Loan Growth Slows in August, Mortgage Loans Rise by 4 Trillion Won Last month, the growth of household loans from banks slowed. However, mortgage loans saw an increase due to a rise in housing transactions in the metropolitan area.According to the Bank of Korea's financial market trends report released on September 9, the balance of household loans from deposit banks, including policy mortgage loans, stood at 1,198.3 trillion won at the end of August, an increase of 3.4 trillion won from the end of the previous month.The household loan balance surged by 7.6 trillion won in June, marking the largest increase in 22 months since August 2024 (+9.2 trillion won), but the growth rate has slowed for two consecutive months following increases of 5.5 trillion won in July.Lee Seung-yeop, head of the Bank of Korea's market management team, stated, "While the overall increase in household loans has diminished, mortgage loans continue to show a solid upward trend. We need to monitor the impact of the government's real estate measures in August."By loan type, the balance of mortgage loans rose by 4 trillion won to 952.5 trillion won, a larger increase than the previous month (3.5 trillion won). This growth occurred amid a continued decline in demand for jeonse (long-term rental deposits), influenced by increased housing transactions and supply in the metropolitan area since May.The balance of other loans decreased by 6 trillion won to 244.9 trillion won, reversing the previous month's increase of 2 trillion won due to a slowdown in individual stock investments and stricter management of credit loans by banks.As of the end of August, the balance of corporate loans from banks reached 1,430.8 trillion won, an increase of 9.7 trillion won from the end of July. This marks an expansion in growth compared to July (7.7 trillion won).The increase in corporate loans was driven by major banks strengthening their lending operations and the funding needs of companies for bond repayments, with large corporations borrowing an additional 4.9 trillion won. Loans to small and medium-sized enterprises increased by 4.8 trillion won, supported by financial assistance from some banks.After a decrease of 30 trillion won in July, bank deposits turned around to show an increase of 100 billion won in August.Demand deposits fell by 14 trillion won due to corporate withdrawals for tax payments, despite inflows from local government financial execution funds. Following a record drop of 80.8 trillion won in July, the decline has moderated.Time deposits increased by 20 trillion won due to inflows from household funds and temporary deposits from local governments.Asset management companies saw an increase of 23.5 trillion won in deposits, primarily in equity funds.Equity funds rebounded with an increase of 15.5 trillion won in August, following a decline of 56.2 trillion won in July due to rising stock prices. Conversely, bond funds decreased by 3 trillion won due to rising interest rates.Money market funds (MMFs) increased, primarily driven by corporate funds, but only rose by 5.6 trillion won due to seasonal effects from the previous month.* This article has been translated by AI. 2026-09-09 12:04:00
  • Central Group Bond Victims File Criminal Complaints Against Executives
    Central Group Bond Victims File Criminal Complaints Against Executives Individual investors who suffered significant financial losses after investing in corporate bonds issued by JTBC and Central Group have filed a collective criminal complaint against the group's executives and the financial companies involved in the issuance and sale of these bonds.On September 9, the joint legal team representing the victims held a press briefing at the Seoul Bar Association in Seocho-dong, announcing that they had filed complaints against 20 individuals, including executives from Central Group and its affiliates, for violations of the Capital Markets Act with the Seoul Southern District Prosecutors' Office.The complaint includes 319 individual investors who invested in the public corporate bonds of JTBC and Central Daily, as well as short-term electronic bonds based on these assets. The objectively verified losses amount to at least 32.5 billion won.Among the defendants are Hong Seok-hyun, chairman of Central Holdings; Hong Jeong-do, vice chairman of Central Group; and Hong Jeong-in, CEO of Contentree Central, along with other executives from Central Holdings, JTBC, and Central Daily. Additionally, Shinhan Investment Corp., Hanyang Securities, Kiwoom Securities, and JNS Investment Management, along with their employees responsible for securities issuance, distribution, and asset management, are also accused of fraudulent trading.The legal team pointed out that Central Group inflated its financial statements by using hybrid capital securities for inter-affiliate fund recycling and failing to account for losses on uncollectible bonds.Central Group allegedly expanded its apparent capital by having one affiliate acquire hybrid capital securities from another affiliate at risk of capital erosion, subsequently raising funds from individual investors in the market. However, the funds raised did not remain with the issuing company but were diverted to other affiliates, and losses on uncollectible bonds were concealed by not setting aside provisions for bad debts, according to the legal team.As a representative example, the legal team cited the acquisition of 74 billion won in hybrid capital securities issued by JTBC by Central Holdings and Dabo Central in 2024. This allowed JTBC to artificially inflate its capital on paper, creating an appearance of financial soundness, but the funds were not used for JTBC's operations and were instead invested in or loaned to other affiliates, such as Studio Aye Central and Phoenix Sports. Consequently, JTBC was left with only interest and repayment burdens while the actual funds flowed out to other affiliates.The imbalance in accounting evaluations was also highlighted as a serious issue. As of the end of 2025, major affiliates of Central Group reflected approximately 61% of the 1.068 trillion won invested in affiliates as losses, totaling 615 billion won.In contrast, they did not set aside any provisions for the 740.5 billion won in loans and bonds extended to the same affiliates. While the stock values of these affiliates were assessed to have declined, the bonds were misrepresented as fully recoverable.Based on these distorted financial statements, JTBC issued a total of 320 billion won in public corporate bonds across four tranches, of which 245 billion won in principal is currently in a state of default.Lee Bok-hyun, a lawyer and former chairman of the Financial Supervisory Service, also attended the press conference, emphasizing that the complaint is not merely a result of individual companies' financial difficulties but is part of a coordinated plan at the group level.He explained, "Looking at the overall cash flow of the group, there is a series of transactions where funds from the founding family are injected into the holding company and then flow into affiliate support and recovery processes. In the rapidly deteriorating funding environment since 2023, decisions to support funds across individual affiliate lines cannot occur without the involvement of the founding family and the group's CFO, who are the final decision-makers."When asked about the jurisdiction and investigative authority regarding the case, he expressed regret that victims must form their own accounting analysis teams to uncover the facts, despite the case being a large-scale capital market crime with multiple victims. He requested that if direct investigation by the Seoul Southern District Prosecutors' Office is difficult due to the current judicial system structure, the case should be swiftly transferred to the Financial Supervisory Service's special judicial police, which has expertise in capital market crime investigations.He particularly emphasized the necessity of the Financial Supervisory Service's special judicial police's involvement for effective investigations within the year, as there is a risk of delays exceeding one year if the case is transferred to the police or the Serious Crimes Investigation Unit.Regarding the responsibility of the financial companies also named in the complaint, he stated that there is recognition of implied intent. He noted that the lead underwriters and distributors have been deeply communicating with the group's management while conducting bond issuance and investment banking activities for years, and they directly created and sold short-term liquidity products based on hybrid capital securities.He asserted, "Financial investment businesses should act as 'gatekeepers' to resolve information asymmetry in the market, yet they have repeatedly drafted investment prospectuses indicating that repayment risks were manageable while earning substantial fees without disclosing the risks."The legal team and victim representatives clarified that the ultimate goal is not merely to punish the defendants but to achieve substantial recovery of losses through accurate fact-finding and to urge responsible behavior from the management. They strongly requested that investigative agencies conduct swift searches and seizures to trace the flow of funds between affiliates and secure internal documents.Earlier in June, JTBC declared a default of approximately 20 billion won, which triggered a ripple effect throughout the group. Subsequently, all affiliates of Central Group, including Central Daily, Central Holdings, and Megabox Central, applied for court rehabilitation procedures, marking the beginning of a financial crisis for Central Group.Creditors have initiated legal actions against Central Group, its management, and the founding family, and the Seoul Bankruptcy Court has decided to commence legal rehabilitation procedures for five companies within Central Group. Notably, JTBC has been ordered to submit a detailed rehabilitation plan by January 29 of next year.* This article has been translated by AI. 2026-09-09 12:00:00