Korea's Tidal Flats Expected to be Added to UNESCO World Heritage List Korea's tidal flats are expected to be added to the UNESCO World Heritage list. On June 5, the Cultural Heritage Administration and the Ministry of Oceans and Fisheries announced that the International Union for Conservation of Nature (IUCN), an advisory body for natural heritage to the UNESCO World Heritage Committee, has recommended the expansion of the World Heritage designation for "Korea's Tidal Flats Phase 2." The IUCN evaluated that "Korea's Tidal Flats Phase 2" meets the World Heritage criteria for biodiversity and the conservation of endangered species. Consequently, it recommended the approval of a boundary change to expand the existing World Heritage site of "Korea's Tidal Flats." This criterion refers to the most significant and meaningful natural habitats for the conservation of biological diversity, including endangered species, from a scientific and conservation perspective. The application for this expansion includes adding the tidal flats of Yeosu, Goheung, Muan, and Seosan to the existing four tidal flats (Seocheon, Gochang, Sinan, and Boseong-Suncheon) that were inscribed on the World Heritage list during the 44th World Heritage Committee in 2021. If finalized, "Korea's Tidal Flats" will consist of a continuous heritage site with six components: Boseong-Suncheon-Yeosu-Goheung tidal flats, Sinan-Muan Bando tidal flats, Muan Hamhae tidal flats, Gochang tidal flats, Seocheon tidal flats, and Seosan tidal flats. The IUCN suggested that efforts should continue to analyze the additional tidal flat areas and secure community support. It also recommended ensuring the sustainable continuation of traditional fishing and tidal flat resource harvesting practices, as well as strengthening international cooperation with relevant countries to preserve key habitats in the Yellow Sea ecosystem and the East Asia-Australasia migratory bird route. The final decision on the registration of "Korea's Tidal Flats Phase 2" will be made at the 48th UNESCO World Heritage Committee meeting to be held in Busan in July. This will be the first time the World Heritage Committee convenes in Korea. The Cultural Heritage Administration stated, "We plan to actively respond to ensure that the final registration decision is made at this World Heritage Committee meeting, following the recommendations of the IUCN."* This article has been translated by AI. 2026-06-05 15:30:00

Dormant Deposits Can Now Be Received as Toss Pay Money The Financial Consumer Agency has launched a service allowing individuals to receive dormant deposits and insurance payouts as Toss Pay Money. Users can now check their small dormant deposits directly through the Toss app and convert them into prepaid funds for payments. On June 5, the agency announced its collaboration with Toss to initiate this service, starting with dormant deposits and insurance payouts under 500,000 won. The program will be gradually expanded based on the payment trends observed. Dormant deposits refer to funds that have not been accessed for a long period and have reached the expiration of their validity according to laws or terms. The agency manages these funds received from financial institutions and operates the 'Find Your Dormant Deposits' service, allowing rightful owners to check and claim their funds. With this new service, users can verify their dormant deposits in the Toss app and convert them into Toss Pay Money, which can be used for both online and offline transactions immediately. As of the end of May this year, the agency reported that it had returned a total of 167.7 billion won in dormant deposits to rightful owners, with an average payout of 580,000 won per case, marking a 23.2% increase compared to the same period last year. The agency has been expanding its non-face-to-face channels, including financial MyData services, and has been providing mail notifications to the elderly. Starting in the second half of the year, the agency plans to collaborate with the National Pension Service to provide guidance on finding dormant deposits for pension recipients. Dormant deposits can be checked and requested 24/7 on weekdays through the 'Connecting Financial Support' app or the 'Find Your Dormant Deposits' website.* This article has been translated by AI. 2026-06-05 15:27:00

Financial Authority Strengthens NPL Management System for Credit Unions Financial authorities are set to enhance the management system for non-performing loans (NPLs) within credit unions by specifying the scope of asset purchases and pricing criteria for credit union asset management companies. On June 5, the Financial Services Commission announced it will issue a legislative notice for the amendment to the Enforcement Decree of the Credit Union Act. The notice period will last until July 15. This amendment aims to establish detailed provisions mandated by the revised Credit Union Act, which was promulgated in April, and is scheduled to take effect on October 22. The credit union asset management company will be able to purchase assets acquired as non-performing loans by unions and central associations, as well as fixed assets that must be disposed of due to management or financial condition improvements, and fixed assets no longer used in operations due to mergers or business transfers. The purchase price will be based on objective valuations, such as appraised values, while also considering senior claims and lease rights. If determining the price proves difficult, post-settlement will be allowed. The criteria for appointing standing auditors will also be revised. Regional and group unions with total assets exceeding 300 billion won must have a standing auditor. However, certain religious organizations, incorporated associations, and occupational group unions that meet specific criteria may be exempt. Unions with total assets between 200 billion won and 300 billion won can appoint standing auditors voluntarily. The Financial Services Commission expects that this amendment will strengthen the management of non-performing loans and enhance the financial health of credit unions, while also alleviating the operational burdens on smaller unions. The amendment is expected to be finalized in October following reviews by the Legislation Office and approvals from the vice-ministerial and cabinet meetings.* This article has been translated by AI. 2026-06-05 15:21:00

APR Strengthens ESG Management with Release of First Sustainability Report APR announced on June 5 that it has published its 2025 Sustainability Management Report and is establishing an Environmental, Social, and Governance (ESG) management system.According to APR, the report includes key business and financial performance data from January 1 to December 31 of the previous year, along with strategies for promoting sustainable management across environmental, social, and governance areas.The report identifies key ESG issues based on a materiality assessment, which analyzes the impact of corporate activities on the environment and society, as well as how external environmental changes affect the company's finances.The report was prepared in accordance with the Global Reporting Initiative (GRI Standards 2021), a standard for international sustainability reporting. It also incorporates global disclosure indicators such as the Sustainability Accounting Standards Board (SASB) standards and the United Nations Sustainable Development Goals (UN SDGs).In the environmental and social sections, the report introduces the environmental management system, health and safety management, ESG management in the supply chain, and social contribution activities. APR also shared examples of operating standard workplaces for people with disabilities and community donation activities to support vulnerable groups.In the governance section, the report details the strengthening of compliance and ethical management systems. APR is enhancing its related systems centered around an independent compliance organization. Last March, it obtained ISO 37001 certification, an international standard for anti-bribery management systems. The company also completed anti-corruption training and related signature procedures for all employees.An APR representative stated, "We will strengthen trust with stakeholders based on responsible management activities and transparent information disclosure."Meanwhile, APR reported a consolidated revenue of 593.4 billion won and an operating profit of 152.3 billion won for the first quarter of this year, marking increases of 123.0% and 173.7%, respectively, compared to the same period last year.* This article has been translated by AI. 2026-06-05 15:18:00

South Korea Expects Constructive Role from Xi Jinping's Visit to North Korea On June 5, the South Korean government expressed hope that Chinese President Xi Jinping's upcoming state visit to North Korea will play a constructive role in regional stability. The Blue House stated, "We are closely monitoring the situation and expect China to take a constructive role regarding the Korean Peninsula issues." The government added that it hopes exchanges between North Korea and China will contribute positively to peace and stability on the Korean Peninsula, emphasizing ongoing diplomatic communication with China on these matters. A senior official from the Blue House told reporters that they do not view Xi's visit as a sign of a North Korea-China-Russia alliance, but rather as a high-level exchange between North Korea and China. The official clarified, "We do not interpret this as a movement involving the three countries, and we are uncertain how it connects to the U.S.-China summit." A representative from the Unification Ministry stated, "Our policy for peaceful coexistence on the Korean Peninsula supports dialogue and seeks to avoid confrontation. We hope President Xi's visit will advance peaceful coexistence on the Korean Peninsula and in Northeast Asia." Earlier, a spokesperson for the International Liaison Department of the Communist Party of China announced that Xi will visit North Korea from June 8 to 9 at the invitation of Kim Jong Un, General Secretary of the Workers' Party of Korea and Chairman of the State Affairs Commission. This visit marks Xi's second trip to North Korea since Kim Jong Un took power and the first since June 2019. The last meeting between the leaders of North Korea and China occurred about nine months ago when Kim visited Beijing to attend the 80th anniversary of China's victory in the War of Resistance Against Japanese Aggression.* This article has been translated by AI. 2026-06-05 15:18:00

Hanwha Aerospace Faces Financial Scrutiny Under New Safety Regulations Financial authorities are set to implement financial penalties on companies violating the Serious Accident Punishment Act, with Hanwha Aerospace potentially being the first major case under this new regulation. According to financial sector sources on June 5, the Financial Commission has mandated that banks incorporate companies' serious accident histories into their credit assessments starting this year. This initiative follows President Lee Jae-myung's strong criticism of Posco E&C last year after a fatal accident, during which he called for restrictions on bank loans to such companies. As a result, the explosion at Hanwha Aerospace's Daejeon facility is being closely watched as a potential first instance of credit restrictions in the financial sector. In the first quarter of this year, Hanwha Aerospace reported short-term borrowings totaling 6.89 trillion won, with approximately 5.75 trillion won, or 83%, sourced from domestic banks. Major banks such as KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, NH Nonghyup Bank, Industrial Bank of Korea, Export-Import Bank of Korea, Busan Bank, and iM Bank have provided operational and facility funding to Hanwha Aerospace. The company also has about 3.60 trillion won in long-term borrowings from these banks. While there has been no administrative or judicial ruling against Hanwha Aerospace yet, creditor banks are closely monitoring the circumstances of the accident and any potential legal liabilities. Banks evaluate both financial and non-financial factors when assessing corporate credit. Although financial metrics typically carry more weight, the increasing emphasis on environmental, social, and governance (ESG) management has led to a growing importance of non-financial assessments. Following President Lee's demands for stricter financial penalties on accident-prone companies last year, banks are now monitoring Hanwha Aerospace's compliance with the Serious Accident Punishment Act. If Hanwha Aerospace is classified as a company violating the Serious Accident Punishment Act, it could face stricter loan assessments, reduced credit limits, more rigorous evaluations for loan extensions, and adjustments in interest rates. A financial sector source stated, "While we need to consider financial factors, we cannot immediately withdraw loans. However, the non-financial assessments could negatively impact their standing. If it becomes clear that the facility has experienced frequent accidents and safety inspections have not been adequately conducted, it could lead to a downgrade in credit ratings and, in the worst-case scenario, loan withdrawals." However, there are few precedents for applying the financial penalties under the Serious Accident Punishment Act to large corporations, making this incident a crucial test of the regulation's effectiveness. Another financial sector source noted, "If we were to hastily withdraw loans, it could threaten the survival of partner companies. We will carefully consider the severity of the situation and the potential for improvement while strengthening our credit assessments." A representative from the financial authorities remarked, "Once a public announcement confirms a serious accident, banks' credit assessments should be strengthened." 2026-06-05 15:18:00

Korean Party Leaders Song Eon-seok and Jeong Jeom-sik Resign, Call for New Beginning 6.3 local elections prompted the resignation of Song Eon-seok, floor leader of the People Power Party, and Jeong Jeom-sik, the party's policy chief.During a party meeting on June 5, Song announced, "I wish to resign from my position as floor leader." He added, "The results of this election clearly reflect the will of the people. It is a great victory for the wise citizens. The public did not give overwhelming power to any one party or faction, reminding us that the principles of checks and balances and democracy are important." He emphasized that the People Power Party must reflect, innovate, and re-engage with the public, stating, "I believe our party needs a new beginning," and expressed hope for the swift election of a new floor leader to move the party forward. Song's resignation comes ten days before the end of his term on June 15.Jeong also stepped down from his position on the same day. In a post on Facebook, he reflected, "I began this journey with a serious sense of responsibility to fill the void left by my predecessor's resignation in January." He noted that he dedicated his efforts to developing policies that would provide tangible benefits to the public. Jeong expressed gratitude to his fellow lawmakers, party officials, and the public for their support during his tenure, stating, "Although I am stepping down from my title, I will continue to fulfill my role in the field of people's livelihoods."Kwak Gyu-taek, the party's floor spokesperson, spoke to reporters after the meeting about the timing for electing a new floor leader, suggesting it could happen early next week. He mentioned that the floor leader election management committee would hold its first meeting that day to establish a timeline for the election.* This article has been translated by AI. 2026-06-05 15:09:00

Lee to travel to Europe next week ahead of G7 summit in France SEOUL, June 5 (AJP) - President Lee Jae Myung will travel to Europe next week to attend the Group of Seven (G7) summit in France, Cheong Wa Dae said on Friday. In a press briefing in Seoul, national security adviser Wi Sung-lac said Lee is scheduled to visit European countries including Belgium, Italy and the Vatican from June 9 to 18. Lee will begin his two-week trip in Brussels, where he will meet Belgian and EU leaders. "This year marks the 125th anniversary of diplomatic ties with Belgium," Wi said, adding that Lee's stop there will be South Korea's first high-level bilateral summit in about eight years. Lee will then travel to Italy to meet President Sergio Mattarella and hold talks with Prime Minister Giorgia Meloni, whom he met on the sidelines of the U.N. General Assembly in New York in September last year and again during her official visit to Seoul in January. Before attending the G7 summit in Évian-les-Bains, France on June 15-17, Lee will visit the Vatican for a meeting with Pope Leo XIV, roughly a year after the pontiff's inauguration in May last year. Meanwhile, U.S. President Donald Trump is also expected to attend the G7 summit, although it remains to be seen whether the two will make time to sit down for talks. 2026-06-05 15:05:56

Ewha Hakdang Achieves 3.25% Employment Rate for People with Disabilities Minister of Employment and Labor Kim Young-hoon visited the Ewha Hakdang's subsidiary standard workplace for people with disabilities, I-Soo Management, to review measures for expanding job opportunities for individuals with disabilities.On June 5, Kim visited the Ewha Seoul Hospital in Gangseo-gu, Seoul, where he encouraged disabled workers employed by I-Soo Management and assessed the current operational status of the workplace.The subsidiary standard workplace system allows companies or institutions to establish separate subsidiaries focused on employing individuals with disabilities. This system is characterized by identifying suitable job roles for disabled individuals and improving working conditions to provide stable employment.In particular, subsidiary standard workplaces are considered a key means of creating jobs for individuals with developmental disabilities. Among the disabled workers in these workplaces, 65.3% are individuals with developmental disabilities. The proportion of young disabled individuals with developmental disabilities also rose to 69.6% last year, indicating a growing demand for tailored job opportunities.I-Soo Management is recognized as a leading example of disability employment within the school corporation sector. It has developed various job roles, including operating convenience stores and cafes, supporting hospital operations, manufacturing and delivering ready-to-eat meals, and producing baked goods, employing over 100 individuals with developmental disabilities.Additionally, I-Soo Management collaborates with Ewha Womans University's Special Education Department, Department of Physical Education, College of Art and Design, and Music Therapy Department to run sports, cultural, and leisure programs that support workplace adaptation and social participation for disabled workers.Thanks to these efforts, the overall employment rate for individuals with disabilities at the parent organization, Ewha Hakdang, has steadily improved. The employment rate rose from 1.50% in 2020 to 3.25% last year, surpassing the mandatory employment rate of 3.1%.The government provides up to 1.5 billion won in facility investment support for businesses establishing standard workplaces for individuals with disabilities, along with employment consulting, incentives for hiring disabled individuals, and after-work activity support for those with developmental disabilities to help maintain employment.Kim stated, "Employment for individuals with disabilities is not just about providing job opportunities; it is the first step toward social integration. We will actively support the dissemination of best practices, such as identifying suitable job roles for individuals with disabilities, across schools and the healthcare sector." He also directed the formation of a task force to develop practical support measures for expanding employment for individuals with disabilities.* This article has been translated by AI. 2026-06-05 15:03:00

Korea's Fair Trade Commission Targets Hidden Fees in Photography Industry Recently, the Fair Trade Commission (FTC) has taken steps to address the photography industry’s practice of luring consumers with free photo shoots, only to demand additional fees for original photo files or albums and frames. On June 5, the FTC and the Korea Consumer Agency held a meeting with industry representatives, including the Korea Photographers Association and the Korea Professional Photographers Association, to discuss measures to prevent consumer harm during photography services. This meeting was part of the government's "Normalization Project" aimed at resolving information asymmetry in the photography sector. The initiative seeks to improve practices where services are advertised as low-cost or free, but consumers are later charged high fees for original files, album production, or costume rentals. According to the Korea Consumer Agency, there have been 1,670 applications for damage relief related to photography services from 2022 to April of this year. Of these, 262 cases, or 15.7%, were linked to deceptive advertising for “free shoots.” The breakdown shows 62 cases in 2022, 44 in 2023, 61 in 2024, and 77 last year. The agency noted that many consumers who booked services after seeing ads for free photography were later asked to purchase frames or albums under the condition of receiving their original photos. In response, the FTC and the Korea Consumer Agency recommended that businesses disclose detailed price lists, including basic photography fees, the availability of original photo files, album and frame production costs, and costume rental fees on their websites and in their establishments. They also urged businesses to clearly inform consumers about potential additional costs before the shoot and to provide clear guidance during the contract phase. Furthermore, the agencies reminded operators to comply with advertising laws prohibiting misleading advertisements and to disclose compensation standards for damages. Industry representatives expressed their willingness to cooperate with self-improvement efforts. The Korea Photographers Association and the Korea Professional Photographers Association suggested expanding the posting of detailed price lists and pre-service notifications, as well as providing promotional and educational support to help small businesses understand relevant guidelines. An FTC official stated, "We will continue to engage with the photography industry while maintaining ongoing monitoring and enforcement against deceptive practices that harm consumers."* This article has been translated by AI. 2026-06-05 15:03:00