South Korea Launches Financial Reform Initiative Under President Lee Jae-myung The Financial Services Commission has initiated a financial reform effort under the banner of "Inclusive Finance Transformation." President Lee Jae-myung has sharply criticized the financial sector, describing it as engaging in "primitive predatory finance" and emphasizing the need for policies that enhance the public nature of finance and protect vulnerable populations. During the 5th meeting on Inclusive Finance Transformation held at the Credit Recovery Committee's Integrated Support Center for Low-Income Individuals on May 28, Financial Services Commission Chairman Lee Ok-keun stated, "It is now time to examine the structural causes of repeated financial exclusion and develop fundamental improvement measures. Inclusive finance is a transformative process aimed at making finance beneficial to people's lives and saving lives." This meeting aims to redesign the financial system into an "inclusive structure," going beyond merely expanding access to financial services for low-income individuals. President Lee has recently conveyed messages targeting the financial sector, stating, "The belief that 'making money is the only goal' is problematic," and that it is inappropriate to enjoy benefits without bearing burdens, underscoring the necessity for financial reform. The newly launched Inclusive Finance Strategy Promotion Team will operate through four divisions: supervision, policy for low-income individuals, financial industry, and credit infrastructure. Each division will discuss ways to incorporate inclusive finance principles into the management of financial institutions and improve soundness regulations. Notably, the credit infrastructure division will work on enhancing access to finance for low- and medium-credit individuals by moving away from the current credit evaluation methods that favor high-credit individuals and utilizing non-financial information. Additionally, the Financial Services Commission plans to transition the debt collection industry from a registration system to a licensing system to improve long-standing and excessive collection practices. This change aims to strengthen debtor protection through effective management and oversight and to eliminate regulatory arbitrage. Consequently, only corporations with over 50% investment from financial companies that include at least five professionals, such as lawyers, and meet cybersecurity requirements will be allowed to operate in the debt collection industry. To curb excessive collection incentives, the Financial Services Commission will also restrict the dual operation of lending and loan brokerage businesses. This measure aims to reduce the practice of repeatedly engaging in excessive collections after acquiring long-term delinquent debts and to embed debtor protection within the system. The Financial Services Commission plans to prepare a legislative amendment to the Moneylending Business Act, which includes the transition to a licensing system for the debt collection industry, by August and aims to complete the legislative process in the National Assembly by the end of the year. The financial sector anticipates increased pressure for both the expansion of low-income financial services and the tightening of debt collection regulations. Chairman Lee stated, "We will ensure that inclusive finance is not a temporary measure but a structure that operates sustainably within financial companies and the financial system. We will thoroughly discuss and institutionalize this through the promotion team. If the transition to a licensing system for the debt collection industry is implemented smoothly, the industry will qualitatively grow, supporting the credit system while protecting debtors and transforming into a trustworthy market." 2026-05-28 15:34:00

NH Nonghyup Bank Accelerates Transition to Agentic AI Banking with Direct Investment in AI Firm NH Nonghyup Bank is accelerating its transition to an Agentic AI bank through direct investments in AI companies. This move aligns with the government's focus on fostering AI and the trend toward productive finance, aiming to strengthen the integration of finance and advanced technology. On May 28, Nonghyup Bank announced it has signed a memorandum of understanding (MOU) with AI firm Agile Soda for direct investment and business collaboration. The bank determined that strategic investments in AI companies are essential for integrating AI technology across its financial services. This initiative is being recognized as a productive finance example, where the financial sector directly invests in tech firms to support their growth. Through this direct investment, Nonghyup Bank aims to enhance its AI capabilities and plans to establish an AI agent-based banking system by 2027. To achieve this, the bank intends to finalize investment contracts and regulatory filings by June and to launch the AI agent development project in July, accelerating its transition to an AX model. Kang Tae-young, President of Nonghyup Bank, stated, "To achieve the AX transition, having excellent AI professionals is crucial. This direct investment in AI companies will propel us toward becoming an Agentic AI bank that integrates AI into the daily lives of our customers and employees."* This article has been translated by AI. 2026-05-28 15:32:00

Former Presidential Aide Sentenced to 18 Months for Drafting Post-Hoc Martial Law Document Kang Ui-goo, a former aide to the presidential office, was sentenced to 18 months in prison and taken into custody after being found guilty of drafting a post-hoc martial law declaration following the lifting of emergency martial law on December 3. The Seoul Central District Court’s Criminal Division 30, led by Judge Park Ok-hee, sentenced Kang on May 28 for charges including the creation of false documents, damage to public property, and violations of the Presidential Records Management Act. The court stated, "The defendant recognized that the declaration of martial law was not made through the proper procedures involving the Prime Minister and relevant ministers, and created false documents to conceal this procedural flaw." It added, "Despite lacking prior instructions from former President Yoon Suk-yeol, Kang was responsible for drafting the cover page of the martial law declaration and obtaining signatures from former President Yoon, former Prime Minister Han Duck-soo, and former Defense Minister Kim Yong-hyun, indicating significant involvement in the crime. As a senior public official closely assisting the president, the defendant bears a heavy responsibility." However, the court ruled Kang not guilty of using false documents, noting that it was unlikely he actually used them since he stored them in a desk drawer before disposing of them. Regarding sentencing, the court considered that Kang generally acknowledged the facts of the crime and cooperated during the investigation by explaining the circumstances surrounding the document's creation. Kang was charged with creating a cover page for the post-hoc martial law declaration on December 6, 2024, to make it appear as though it followed legal procedures. The document was reportedly signed by former Prime Minister Han, former Minister Kim, and former President Yoon before being stored in Kang's office. Kang is also accused of shredding the document at the request of former Prime Minister Han after the insurrection investigation intensified. Previously, the special investigation team on insurrection, led by Special Prosecutor Jo Eun-seok, sought a five-year prison sentence for Kang.* This article has been translated by AI. 2026-05-28 15:30:00

Lotte Chilsung's Sunhari Jin Surpasses 82 Million Cans Sold in Five Years Lotte Chilsung Beverage's fruit-flavored carbonated drink brand, Sunhari Jin, has achieved cumulative sales of 82 million cans (based on 355ml) within five years of its launch. According to Lotte Chilsung Beverage on May 28, Sunhari Jin recorded approximately 82 million cans sold since the launch of Sunhari Lemon Jin in May 2021, averaging about 45,000 cans sold daily. The growth of Sunhari Jin is also reflected in its revenue. After generating 5.1 billion won in its first year, the brand has seen an average annual growth rate of about 34% through last year. This year, growth has accelerated even further. The company reported that sales in the ready-to-drink (RTD) category reached 6.5 billion won in the first quarter, a 74.4% increase compared to the same period last year. They expect sales for the first half of this year to surpass last year's total annual sales. Lotte Chilsung Beverage attributes this growth to the rising culture of solo drinking and low-alcohol beverages, as well as the trend of mixology, where various alcoholic drinks and beverages are combined. The popularity of highball culture has also contributed to the increased demand for fruit-flavored carbonated drinks. Differentiation in taste and production methods is a key competitive advantage. Instead of using artificial flavors, the company employs a "freeze-extraction method," which involves freezing whole fruits and slowly extracting their essence over 15 days to capture the natural flavors. During a renewal in November 2025, the extraction method was upgraded from "whole lemon extraction" to freeze-extraction, enhancing the flavor and aroma of lemons nearly twofold. At the same time, all products were converted to zero sugar in line with the healthy pleasure trend. The expansion of the product lineup has also been rapid. Following the introduction of Sunhari Grapefruit Jin in November 2025, the company launched Sunhari Yuzu Jin and Sunhari Sangria Jin in March of this year, broadening consumer choices. The alcohol content has been segmented into 4.5%, 7%, and 9% to cater to individual preferences. Marketing efforts have gained momentum as well. A pop-up store titled "Sunhari Jin Island," held in Seongsu-dong, Seoul, attracted over 10,000 visitors in just 11 days. The store featured four zones: "Not Cut Island, Frozen Island, Richly Brewed Island, and Sugar-Free Island," allowing visitors to experience the product features such as freeze-extraction and zero sugar. A new advertising video featuring model Ahn Yoo-jin for the launch of two new products surpassed 24 million views as of May 20, generating significant buzz. A representative from Lotte Chilsung Beverage stated, "This is the result of our continuous efforts to accurately understand changing consumer lifestyles and trends while delivering the true taste and refreshment of real fruit. We plan to solidify our position as the leading fruit-flavored carbonated beverage brand in Korea and continue marketing that satisfies diverse consumer preferences." * This article has been translated by AI. 2026-05-28 15:28:00

Aekyung Industry Discovers Hair Loss Treatment Ingredient from Traditional Herb Aekyung Industry has discovered a new functional ingredient for hair loss treatment derived from the traditional herbal plant Hyeonhoesaek, which has been used historically for its analgesic and anti-inflammatory properties. The company will present its research findings on the new hair loss treatment ingredient at the 14th World Congress for Hair Research (WCHR) taking place at COEX in Seoul from May 28 to 31. Aekyung will showcase the efficacy of L-tetrahydropalmatine (L-THP), a component derived from Hyeonhoesaek, through a poster presentation. Hyeonhoesaek has long been recognized in traditional medicine for its strong analgesic and anti-inflammatory effects. L-THP is known to be a key component mediating these effects, but research on its impact on hair follicles has been limited until now. Aekyung has focused on this unexplored area. The research confirmed that L-THP promotes the proliferation of human-derived dermal papilla cells and outer root sheath cells. It also induced the expression of hair growth factors VSCN, ALP, and VEGF. Notably, in experiments involving human hair follicles, L-THP demonstrated the ability to promote hair growth and inhibit follicle regression, proving its potential as a new functional ingredient for hair loss treatment. Aekyung is not stopping at research; it is also moving quickly toward commercialization. The company has secured patents related to L-THP and registered the ingredient with the International Cosmetic Ingredient Dictionary (ICID). Recent human application tests have also confirmed its excellent efficacy in alleviating hair loss symptoms. Currently, Aekyung is preparing to apply for functional ingredient approval from the Ministry of Food and Drug Safety under the name "tetrahydropalmatine." With verified efficacy and differentiated material competitiveness, Aekyung plans to accelerate its entry into the premium hair care market both domestically and internationally. As the global hair care market increasingly embraces the trend of "skinification," which treats the scalp like skin, interest in high-efficacy ingredients is rising. Aekyung intends to incorporate L-THP into various premium hair care lines, including shampoos and tonics. According to global market research firm Mordor Intelligence, the global hair care market is projected to grow from $78 billion in 2025 to $108.5 billion by 2031. Im Seung-eun, a researcher at Aekyung's Cosmetics Research Institute, stated, "This research is a significant achievement in scientifically proving the hair loss treatment potential of the natural ingredient L-THP. We will strengthen our global market competitiveness through differentiated material research and functional hair care technology development." * This article has been translated by AI. 2026-05-28 15:24:00

Candidates Appeal for Support Ahead of Early Voting in Seoul Mayoral Election On May 28, one day before early voting for the June 3 local elections, Jung Won-o, the Democratic Party candidate for Seoul mayor, and Oh Se-hoon, the People Power Party candidate, appealed for voter support. During a press conference at his campaign office in Sogong-dong, Jung stated, "This election is a choice between establishing citizen safety and life as the top priority of governance and starting a new Seoul that changes daily life for citizens." He urged voters to participate in early voting starting the next day. Jung emphasized, "Let’s begin the change in leadership that protects the lives of citizens with Jung Won-o. Please choose a capable mayor who will get things done, one by one." Oh also held a press conference at his campaign office in Gwancheol-dong later that afternoon to rally support. He described the election as a critical juncture, stating, "This election will determine whether Seoul returns to a stagnant and regressive era or rises to become one of the top three global cities." Oh stressed the need for a prepared mayor who can return to the field immediately after the election to address pressing issues. He added, "The candidate chosen by the people, not one selected unilaterally by those in power, should be responsible for Seoul. Please show how powerful and significant public sentiment is through your votes."* This article has been translated by AI. 2026-05-28 15:24:00

K-pop girl band aespa showcase new album SEOUL, May 28 (AJP) - K-pop girl band aespa showcased a new album at a hotel in southern Seoul on Thursday. Their second full-length album, "LEMONADE," which comes about two years after their first full-length album in May 2024, contains 10 songs including pre-released tracks such as "SHAKIN" and "WDA (Whole Different Animal)" featuring G-Dragon. The album's title track of the same name is an electronic dance tune driven by bold, trendy synth-bass sounds. Other tracks span a wide range of genres including "Switchblade" featuring American rapper Ty Dolla $ign. Upon the album's release, their songs are available on major music-streaming sites as of 1 p.m. 2026-05-28 15:21:05

KOSPI 8,000 mark under threat in first week on rate hike warning SEOUL, May 28 (AJP) -Foreign and institutional investors rattled by escalating U.S.-Iran tensions and the Bank of Korea’s strongest-yet signal of aggressive tightening hammered South Korean equities Thursday, threatening to drag the KOSPI back below the 8,000 mark first breached earlier this week. The benchmark index plunged as low as 7,841 before paring losses to close at 8,114.01, as retail investors rushed in late to scoop up semiconductor heavyweights dumped by institutions. Samsung Electronics fell around 3 percent after sliding as much as 5 percent intraday, while SK hynix erased steep early losses to rebound into positive territory. The chipmaker, which tumbled to as low as 2,151,000 won, recovered to 2,260,000 won by late trading, up 0.76 percent on aggressive retail buying. The selloff accelerated after new Bank of Korea Governor Shin Hyun-song, presiding over his first rate-setting meeting, delivered the clearest warning yet that borrowing costs may rise sharply in the months ahead. “All the signs — price pressure, the growth trajectory, the exchange rate and the real estate market — point in one clear direction,” Shin said, describing the rate outlook as “exceptionally clear.” Shin framed the policy debate around three questions — “when,” “how fast” and “how far” rates may rise — while the central bank’s latest dot plot suggested the benchmark rate could climb as high as 3.25 percent within the year. The remarks sent fresh shockwaves through a retail-driven market rally increasingly fueled by leveraged bets, raising fears that higher borrowing costs could quickly unwind the stock frenzy that has propelled the KOSPI to record territory. 2026-05-28 15:18:13

Director Jeong Yoon-seok Appeals to Constitutional Court After Conviction Documentary director Jeong Yoon-seok, who was convicted for filming a disturbance at the Seoul Western District Court, has filed a constitutional appeal against the court's ruling. On May 28, Jeong held a press conference at the Minbyun office in Seocho-gu, Seoul, alongside several organizations including the Cultural Solidarity, Minbyun Public Interest Human Rights Litigation Center, After the Blacklist, Citizens' Coalition for Media Reform, and the Korean Independent Film Association to explain the background of his appeal. Jeong named the presiding judges of the Seoul Western District Court, the Seoul High Court, and the Supreme Court as respondents in his appeal. He stated, "As I observed the actions of the investigative agencies and judges, I experienced significant confusion regarding my identity as an artist. Despite respecting the court's procedures, I felt compelled to file this appeal because the Supreme Court did not uphold the spirit of the rule of law." He added, "Freedom of expression is essential for artists. If this case is dismissed by the Constitutional Court, I will respect that decision, but I will accept it as an objective truth. There is a need for legislative and executive improvements to enhance the treatment of cultural and artistic professionals." Seo Chae-wan, deputy director of the Minbyun Public Interest Human Rights Litigation Center, argued, "The Supreme Court's ruling contradicts previous decisions made by the Constitutional Court. Despite Jeong explicitly asserting the illegality of his arrest during the appeals process, the court did not consider this, and the Supreme Court deemed it acceptable not to review this issue. This indicates a failure to follow the legal procedures mandated by the Constitution and laws." Seo further claimed, "Not separating the arguments is an abuse of litigation authority and violates Article 22 of the Constitution, which protects artistic rights, as well as Article 68, Section 3. It also violates Articles 19 and 21 of the International Covenant on Civil and Political Rights, which have domestic legal effect under Article 6, Section 1 of the Constitution, and infringes on the principles of proportionality and the essence of rights, as well as equality rights." Previously, Jeong was charged with trespassing and other offenses after entering the Seoul Western District Court with supporters of former President Yoon Suk Yeol shortly after a warrant for Yoon's arrest was issued in January of last year. In court, Jeong defended his actions by stating he entered the premises with a camera for public interest purposes. However, both the first and second trial courts found him guilty and imposed a fine of 2 million won. Unlike the first trial, the second trial court acknowledged that Jeong was focused on filming separately from other protesters. However, it concluded that court staff would have difficulty distinguishing between Jeong and those involved in the disturbance, leading to the guilty verdict. The Supreme Court upheld the lower court's ruling last month, finalizing Jeong's conviction.* This article has been translated by AI. 2026-05-28 15:18:00

Education Ministry Unveils Support Measures for School Field Trips The Ministry of Education is reforming regulations to reduce the legal burdens on teachers related to safety incidents during field trips, including school excursions and retreats. In the event of an accident, the education office will immediately assign a dedicated lawyer to assist with investigations and legal responses. The ministry is also pursuing legal amendments to ensure that teachers are not held civilly or criminally liable unless intentional or gross negligence is proven. According to Yonhap News, the "Support Measures for Field Trips" announced by the Ministry of Education on May 28 includes provisions that apply not only to school trips but also to physical activities on playgrounds and laboratory practices in educational settings. The key to these measures is the amendment of the "School Safety Accident Prevention and Compensation Act." Legal provisions will be established to exempt school principals, staff, and assistants from civil and criminal liability in cases where they do not violate safety management guidelines intentionally or through gross negligence. Currently, teachers can only be exempted from liability if they can demonstrate that they fulfilled their safety obligations. However, if the law is amended, the burden will shift to investigative agencies to prove whether a teacher acted intentionally or with gross negligence. The Ministry of Education stated, "The intent of exemption will be reflected from the investigation and prosecution stages," and the National Police Agency plans to develop separate investigative guidelines that align with the legal amendments. The ministry cited a recent decline in the operation of field trips as a backdrop for these reforms. Last year, the participation rates for elementary school retreats and trips were notably low, with Daejeon at 4.0%, Seoul at 7.7%, Gyeonggi at 9.7%, and Incheon at 13.6%. The Ministry of Education remarked, "There are insufficient legal safeguards to protect teachers in the event of safety incidents," adding that the burden of responsibility on teachers is limiting the operation of field trips, raising concerns about restricted educational opportunities for students. The discussion gained momentum following President Lee Jae-myung's remarks. During a Cabinet meeting last month, he noted, "These days, students are not going on field trips or school excursions," and called for measures to address the issue. The Ministry of Education also plans to significantly strengthen its legal support system. In the future, an education office response team will assist with accident management immediately after an incident, designating a dedicated lawyer to provide comprehensive support from initial legal consultation to investigation and trial responses. Support through the teacher protection fund will also be expanded. Currently, local education offices provide approximately 6.6 million won for legal costs and up to 250 million won for liability support, with discussions ongoing about increasing these amounts. The management of personnel and safety systems for field trips will also be revised. The criteria for assigning support staff will be strengthened from "one staff member for every 50 students" to "one staff member per class." The ministry plans to collaborate with the Fire Agency to secure personnel with emergency response capabilities and establish a platform for schools to utilize around 5,000 support staff nationwide. Additionally, the ministry will expand dedicated personnel at education support offices to reduce the administrative burden on teachers related to contracts, safety inspections, and staff assignments. The current number of dedicated personnel, around 30, will increase by 200 next year. The ministry also aims to enhance pre-safety inspections for programs, facilities, and vehicles in collaboration with local governments and relevant agencies, and plans to expand the "Safe School Trip Service" currently operating in regions like Jeju and Gyeongju to other areas. The Ministry of Education plans to begin the legislative process for amending the School Safety Act in the second half of this year, following consultations with the National Assembly, with an aim to implement the changes in the first half of next year. 2026-05-28 15:16:00