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High-End Monthly Rent Expands Beyond Gangnam to Seongdong and Gwangjin As rental transactions for apartments in Seoul have contracted, the proportion of monthly rents has surpassed half. Demand for high-end monthly rentals, which was previously concentrated in Gangnam and Yongsan, is now spreading to luxury new constructions along the Han River in Seongdong and Gwangjin, indicating a shift in the landscape of Seoul's high-end rental market.According to the Ministry of Land, Infrastructure and Transport's real transaction disclosure system, from January to September 5 of this year, a total of 80,588 rental transactions for apartments in Seoul were recorded. Among these, monthly rent transactions accounted for 44,544 cases, making up 56.3% of all rental agreements.Overall rental transactions have decreased by 19.3% compared to the same period last year (99,820 transactions). In contrast, monthly rent transactions have only decreased by 2.1% from last year's 46,405 cases, showing a relatively stable trend. Despite a significant contraction in rental transactions, the decline in monthly rent transactions has been limited, indicating a continued focus on monthly rental agreements.In the high-end rental market, the range of transaction locations is expanding. As of today, there have been 172 monthly rental contracts in Seoul exceeding 10 million won. While transactions were traditionally concentrated in upscale residential areas like Yongsan, Seocho, and Gangnam, double-digit transactions are now also emerging in Seongdong and Gwangjin, indicating the expansion of high-end rental areas along the Han River.By district, Yongsan recorded the highest number of transactions at 59, followed by Seocho with 35, Gangnam with 28, and Seongdong with 24. Gwangjin had 14 transactions, while Yeongdeungpo had 4, Jongno had 3, Songpa had 2, Seodaemun had 2, and Mapo had 1.Notably, Gwangjin has seen a surge in high-end monthly rental transactions, increasing from just 1 last year to 14 this year, despite an overall contraction in rental transactions. This growth is attributed to the influx of residents into new luxury developments along the Han River, leading to the formation of a new high-end rental market.Of the 14 monthly rental transactions exceeding 10 million won in Gwangjin this year, 13 were from Poseidon's Han River. A 216-square-meter unit at Poseidon's Han River was contracted in July for a deposit of 500 million won and a monthly rent of 25 million won.Seongdong has also seen a series of high-end rental transactions. A 200-square-meter unit at Acro Seoul Forest was contracted in June for a deposit of 500 million won and a monthly rent of 32 to 32.5 million won, while a 136-square-meter unit at Trimage was rented for a deposit of 200 million won and a monthly rent of 19.5 million won.The recent influx of luxury new apartments along the Han River has broadened the options for high-income renters beyond Gangnam and Yongsan. The value of residential products, including upscale communities and river views, is becoming a key factor influencing choices in the high-end rental market.Ko Jong-wan, director of the Korea Asset Management Institute, stated, "The value of residential products, including new constructions, community amenities, and landscaping, is becoming increasingly important. The premium that buildings provide is also reflected in the pricing."The upward trend in monthly rental prices across Seoul continues. Monthly rental prices for apartments in Seoul rose by 1.15% in June and by 1.22% in July. The cumulative increase for the year stands at 5.73%. While overall rental transactions are declining, the relatively stable demand for monthly rentals is contributing to the continued rise in monthly rental prices.* This article has been translated by AI. 2026-09-06 15:12:00
KDRT Releases Video of Rescued Chinese National After 10 Days in Nepal Floods The Korea Disaster Relief Team (KDRT) released a video on September 6 showing the moment a missing Chinese national was rescued in Nepal, ten days after the devastating floods.According to the Ministry of Foreign Affairs, KDRT discovered and rescued the Chinese man on September 5 inside a tunnel at the Upper Trishuli (UT)-1 hydropower project site in the Bagmati Province of central-northern Nepal. He had been trapped since the floods struck the Himalayan region near the Nepal-China border on August 26.KDRT is also conducting search operations for nine missing South Koreans. The area where the Chinese man was found is close to where the South Koreans went missing.In addition to ground searches, KDRT is utilizing helicopters and drones. A KDRT official stated, "One additional team member who can speak English will be deployed for further searches inside the tunnel today," adding that the Nepalese military expressed gratitude for KDRT's efforts after the tunnel rescue operation concluded yesterday.As of now, the floods have claimed 1,375 lives, with 5,531 individuals reported missing. As search operations continue, the number of casualties is expected to rise. 2026-09-06 15:04:00
'Busan sickness' fuels Taiwan travel boom to Busan SEOUL, September 06 (AJP) - Flights between Busan and Taiwan have surged this year as a growing number of Taiwanese travelers visit South Korea’s southern port city, fueled by expanding direct routes and strong demand. A total of 6,609 flights operated between Busan and Taiwan through July, already matching the full-year total for 2024 and reaching 82.9 percent of the 7,976 flights recorded in all of 2025, according to aviation statistics from Korea Airports Corp. Passenger traffic has grown even faster. Some 1.14 million passengers traveled on Busan-Taiwan routes during the first seven months of this year, surpassing the 1.06 million recorded in all of 2024. The full-year figure for 2025 stood at 1.33 million. Airlines have responded by adding flights and launching new services. Taiwanese carriers including EVA Air and Starlux Airlines have expanded their presence, while South Korean carriers have also increased frequencies. Nine airlines currently operate between Busan and Taiwan Taoyuan International Airport near Taipei, while direct services also connect Busan with Kaohsiung and Taichung. Most flights between Busan and Taiwan are reported to have load factors of more than 80 percent. The popularity of Busan has even spawned a new expression on Taiwanese social media, “Busan sickness,” referring to travelers who miss the city after returning home and feel compelled to visit again. Taiwanese travelers were the largest group of foreign visitors to Busan this year. Of the 2.93 million foreign tourists who visited the city through July, about 605,000 were from Taiwan. Busan’s food, combination of mountains and sea, ease of travel and growing network of direct flights are among the factors credited with attracting Taiwanese visitors. Rising demand from Taiwanese travelers has led airlines to expand direct services, further boosting Busan's appeal as a destination. “With no restrictions on traffic rights, it is relatively easy for airlines to launch routes or add flights, and the greater choice of direct services appears to have attracted even more Taiwanese travelers,” an aviation industry official said. Tourism authorities are also stepping up promotions, with Busan targeting repeat Taiwanese visitors through its “Busan sickness” campaign and Taiwan holding a roadshow in Busan last month to attract more South Korean travelers. 2026-09-06 15:02:44
Extension of Financial Contributions for Low-Income Support Raises Concerns in Banking Sector The obligation for financial companies to contribute to low-income finance has been extended by 10 years, leading to a prolonged cost burden for the banking sector. Concerns are growing that the increasing demand for debt adjustment among vulnerable borrowers utilizing policy low-income finance will further strain financial institutions.According to financial authorities and the National Assembly, a bill extending the obligation for financial companies to contribute to the Korea Financial Services Agency was passed during a full meeting of the National Assembly's Political Affairs Committee on September 3. If the bill passes the National Assembly's plenary session, the contribution obligation will be extended until October 8, 2036.As a result, the financial sector's contribution burden will continue for the foreseeable future. Financial institutions are already shouldering a significant amount of contributions to secure resources for policy low-income finance. According to data submitted by the Korea Financial Services Agency to Park Seong-hoon, a member of the National Assembly from the People Power Party, financial companies contributed a total of 14.797 trillion won to the agency from 2022 to June of this year.Yearly contributions have steadily increased, with 2.296 trillion won in 2022, 2.741 trillion won in 2023, and 3.028 trillion won projected for 2024. Last year, contributions reached a record high of 4.396 trillion won, and in the first half of this year alone, they exceeded half of last year's total at 2.393 trillion won.This year, the contribution rates for financial institutions have also increased, adding to their burden. Following an amendment to the enforcement decree in April, the common contribution rate applied to household loan balances rose from 0.06% to 0.1% for banks and from 0.03% to 0.045% for non-bank institutions. Since contributions are calculated based on a percentage of household loan balances, financial institutions will have to pay more even if the loan amounts remain the same. With the extension of the contribution obligation and the increase in rates, the financial sector's cost burden has grown significantly.The household loan balances, which form the basis for calculating contributions, are also on the rise. As of the end of August, the five major banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) reported household loan balances of 782.1192 trillion won, an increase of 3.1401 trillion won from the previous month.However, there are growing concerns about the financial instability of vulnerable borrowers utilizing policy low-income finance. As of June, the subrogation rates were 29.0% for the Sunshine Loan 15, 33.7% for the Special Guarantee for Low-Credit Borrowers, 18.7% for the Sunshine Loan Bank, and 22.9% for the Sunshine Loan Card. This indicates a recurring cycle where guarantee institutions pay on behalf of borrowers who cannot repay their loans, leading financial institutions to seek additional funds to cover these losses.The overall demand for debt adjustment among vulnerable borrowers is also increasing. The number of confirmed cases for rapid debt adjustment, pre-debt adjustment, and personal workouts by the Credit Recovery Commission rose from 121,095 in 2022 to 189,062 last year, marking a 56.1% increase over three years. In the first half of this year, 97,199 individuals confirmed their debt adjustments. As the repayment burden on vulnerable borrowers grows, the demand for policy low-income finance and the need for stable resource acquisition are also increasing.A financial sector official stated, "Financial companies essentially view the contributions to low-income finance as a long-term fixed cost. While there is agreement on the necessity of supporting low-income finance, the ongoing financial burden is significant for these institutions."* This article has been translated by AI. 2026-09-06 15:00:20
Korea's KDB Future Strategy Institute Highlights Consideration of Korea Zinc in Rare Earth Supply Chain As global competition intensifies over rare earth supply chains, a national policy bank in South Korea has emphasized the need to leverage the country's advanced non-ferrous metal refining technology to establish a rare earth supply chain. Korea Zinc has emerged as a key example of utilizing this refining technology for urban mining and critical mineral supply chain development.According to industry sources on September 6, the Korea Development Bank (KDB) Future Strategy Institute stated in its report titled 'Trends in Global Rare Earth Supply Chain Restructuring' that as certain countries tighten their rare earth export controls, refining technology and urban mining could provide a pathway for South Korea. The report highlights the strong technical link between urban mining and the extensive refining expertise and large-scale chemical processing technology accumulated in the non-ferrous metal industry.Rare earth elements are essential strategic resources used in electric vehicles, offshore wind power, and advanced weapon systems such as missiles and fighter jets. Demand for rare earths is particularly concentrated in permanent magnets, with medium rare earths used in high-performance neodymium magnets being crucial in high-tech industries and defense sectors.The KDB Future Strategy Institute identified 'advanced refining technology' and 'position as a demand source' as key competitive advantages that South Korea can leverage in the restructuring of its supply chain, given its lack of domestic rare earth resources.South Korea possesses advanced refining technology and large-scale chemical process control capabilities accumulated through its non-ferrous metal industry. The report noted that recycling rare earths from urban mining has a high degree of technical connectivity with existing non-ferrous metal refining know-how and environmental processing infrastructure held by domestic companies.Korea Zinc was highlighted as a representative company in this context. The institute stated, "Korea Zinc is actively working to secure a core partner position within the U.S.-led supply chain by developing rare earth recycling projects in the United States. It is also pursuing the establishment of a recycling plant to extract rare earths from waste permanent magnets and an integrated refining facility (Project Crucible) that produces 11 critical minerals in the U.S."Building on its world-class non-ferrous metal refining competitiveness, Korea Zinc has continuously advanced its technology for recovering valuable metals from byproducts generated during the zinc and lead refining processes, as well as various secondary raw materials. Since the appointment of Chairman Choi Yoon-beom in 2022, the company has been actively promoting the 'Troika Drive,' focusing on renewable energy, secondary battery materials, and resource recycling, thereby expanding its resource recycling business utilizing secondary raw materials such as electronic waste.Additionally, Korea Zinc is collaborating with the U.S. government and others to advance the construction of a large-scale integrated refining facility, Project Crucible, in Clarksville, Tennessee.Korea Zinc is also accelerating its rare earth initiatives. From April this year until December 2030, the company is undertaking a project to develop core equipment for rare earth processing K-plants with support from the Ministry of Science and ICT. Prior to this, it developed technology to recover rare earth mixtures from waste motors, further enhancing its capabilities in rare earth separation and purification based on recycling technology.A representative from Korea Zinc stated, "Based on decades of accumulated refining, recovery, and resource recycling technology, Korea Zinc will contribute to stabilizing the domestic critical mineral supply chain and will work to build a reliable critical mineral supply chain in cooperation with allied countries, including the United States."Meanwhile, Korea Zinc will hold an extraordinary shareholders' meeting on September 9 to elect four independent auditors and one independent director. Amid a management dispute between Chairman Choi Yoon-beom and MBK Partners and Youngpoong, the outcome is expected to hinge on the votes of institutional, foreign, and minority shareholders regarding the continuation of Project Crucible and enhancing corporate value.* This article has been translated by AI. 2026-09-06 14:56:00
Putin Meets Trump Envoys for Over Three Hours, No Breakthroughs on Ukraine War Russian President Vladimir Putin met with U.S. envoys Steve Witkoff and Jared Kushner on September 5 to discuss ways to end the war in Ukraine for over three hours. Both Russia and the United States described the talks as "very beneficial" and "substantial discussions," but no signs of a breakthrough on key issues emerged.According to Reuters, following the meeting, Yuri Ushakov, a foreign policy advisor to the Kremlin, stated that the U.S. side presented several ideas regarding possible solutions to the conflict. He noted that discussions went beyond simple exchanges of opinions on resolving the Ukraine crisis, delving into economic issues and potential major mutually beneficial U.S.-Russia projects. Overall, he assessed the negotiations as timely and very beneficial for both sides.However, he reported that President Putin expressed confidence in the Russian military's "substantial progress" on the battlefield and reiterated the need to address "all root causes" of the conflict to achieve peace. The "root causes" mentioned by Russia include Ukraine's NATO membership and territorial claims over regions in Ukraine.The Kremlin did not disclose specific details of the talks. Reuters assessed that a breakthrough in peace negotiations between Russia and Ukraine has yet to be achieved.Significant differences remain regarding the end of the war between Russia and Ukraine. President Putin continues to insist that Ukraine must cede control of four regions claimed by Russia and abandon its NATO membership plans. In contrast, Ukraine maintains that it cannot relinquish territory it has defended at great cost.Nonetheless, the visit by the U.S. presidential envoy team is seen as the most important attempt this year to revive peace negotiations between Russia and Ukraine. A White House official told Reuters that the meeting was "substantial" and that further steps would be announced in the coming weeks. Witkoff and Kushner left Moscow shortly after the talks and are scheduled to meet with Ukrainian President Volodymyr Zelensky in Kyiv on September 6.Meanwhile, as both sides continue to escalate long-range missile and drone attacks, President Putin reportedly ordered the Russian military to suspend attacks on Kyiv for three days in light of the U.S. envoy's visit. 2026-09-06 14:40:00
Lee heads to France for state visit to deepen strategic cooperation SEOUL, September 06 (AJP) - President Lee Jae Myung left for France on Sunday for a state visit aimed at expanding cooperation in advanced industries and strengthening ties with Europe. The visit comes at the invitation of French President Emmanuel Macron, who asked Lee during his trip to South Korea in April to co-chair the Lumière Summit, an international film and audiovisual industry gathering in southern France. Lee is scheduled to attend the summit with Macron in Saint-Paul-de-Vence on Monday before traveling to Paris for a two-day state visit beginning Tuesday. Following an official welcoming ceremony, Lee will hold a one-on-one luncheon with Macron at the Élysée Palace, followed by an expanded summit involving delegations from both countries. The two leaders are expected to discuss ways to deepen cooperation in advanced technology sectors including artificial intelligence, space, nuclear energy and biotechnology. Seoul also hopes to expand exchanges involving young people and science and technology, while creating more opportunities for Korean cultural content in the European market. Lee will also attend a Korea-France business roundtable involving more than 20 companies from the two countries and a state dinner hosted by Macron and his wife. The trip comes as South Korea and France mark the 140th anniversary of diplomatic relations this year. His trip is also taking place as search efforts continue in Nepal for nine South Koreans who remain missing following severe flooding. “I will continue to receive updates while in France and make sure that all necessary measures are taken,” Lee said before his departure, adding that he would also carry out his diplomatic responsibilities “for the national interest and future generations.” On the final day of his visit Wednesday, Lee is scheduled to meet French National Assembly President Yaël Braun-Pivet and OECD Secretary-General Mathias Cormann. He is also expected to hold a luncheon with members of the Korean community in France. 2026-09-06 14:34:16
Gmarket Launches First ChatGPT Plugin for Shopping Gmarket is expanding its shopping interface beyond traditional product searches by introducing a generative artificial intelligence (AI) feature.On September 6, Gmarket announced the launch of the 'Gmarket ChatGPT Plugin,' which allows users to explore and receive product recommendations through the ChatGPT platform.Users can log into ChatGPT, select 'Plugins' from the left menu, and enter 'gmarket' in the search bar to connect to the service.This marks the first time a major open market in South Korea has offered direct product exploration and recommendation services within ChatGPT. The plugin connects a wide range of products from Gmarket, including digital goods, electronics, fashion, beauty, groceries, and home and leisure items, to AI shopping.For example, a user can input, 'Recommend a gift set for my parents who love Hanwoo beef, around 200,000 won for Chuseok,' and the AI will suggest products based on the specified criteria such as purpose, price range, and recipient.After reviewing the recommended products, users can navigate to the Gmarket purchase page to complete their transactions. The structure allows for product exploration and recommendations to be conducted by AI, while actual purchases are made through Gmarket.This new feature is also expected to provide sellers with increased exposure for their products, as it allows for visibility beyond traditional portals and shopping platforms to AI-based channels.Gmarket anticipates that the specific presentation of purchasing intentions and conditions will enable more precise recommendations that connect consumer demand with available products.In the future, Gmarket plans to enhance the accuracy of product recommendations based on customer usage patterns and to continuously expand the range of applicable products and categories.* This article has been translated by AI. 2026-09-06 14:32:00
Space Agency and UN Explore AI Solutions for Space Disaster Response with Experts from 25 Countries The Space Agency announced on September 6 that it will host the '2026 International Space Environment Conference (ISWI)' in collaboration with the United Nations from September 7 to 11 at the Glad Hotel in Yeouido, Seoul. The conference will focus on 'International Cooperation and Capacity Building in Space Environment Using Artificial Intelligence (AI).' It aims to address the risks of space radio disasters caused by solar activity, which can significantly impact national infrastructure such as satellites, aviation, navigation, and power communications, while enhancing collaborative research and capabilities within the international community. More than 200 experts from 25 countries, including major space organizations such as the U.S. National Oceanic and Atmospheric Administration (NOAA), NASA, the Max Planck Institute for Solar System Research in Germany, and the National Space Science Center in China, will participate. The event will feature academic exchanges to share international space environment policies and the latest observation and prediction technologies. Keynote speeches from Germany and the U.S. will kick off the conference, which will include 15 sessions and poster presentations on AI-based space environment prediction technologies. Additionally, practical training on ground observation instruments and AI-based space environment data analysis will be provided for participants from Asia and Africa. Plans for a collaborative system between research and operations to utilize the domestic space environment forecasting and warning system, established under the Third Basic Plan for Space Disaster Management, will also be shared. Oh Tae-seok, head of the Space Agency, stated, "The field of space environment is not only essential for preparing for space radio disasters that threaten global infrastructure and human safety through accurate prediction and analysis of solar activity, but it is also a fundamental area for opening the era of space navigation. Through this event, we will further strengthen international cooperation and collaboration in the field of space environment."* This article has been translated by AI. 2026-09-06 14:28:00
Son Heung-min Scores and Assists in LAFC's Draw Against Real Salt Lake Son Heung-min, playing for Los Angeles FC (LAFC) in Major League Soccer (MLS), scored for the first time in eight games. However, his team could not break its winless streak.On September 6, LAFC drew 2-2 against Real Salt Lake in a road match at America First Field in Salt Lake City, Utah.Starting the match and playing the full 90 minutes, Son recorded one goal and one assist, bringing his season total to 5 goals and 11 assists in the regular league. In all competitions this season, including the CONCACAF Champions Cup, he has 7 goals and 18 assists.In the 14th minute, Son and Denis Bouanga combined for the opening goal. Son provided a through ball that Bouanga dribbled past defenders before finishing with a right-footed shot.After conceding an equalizer in the 18th minute, Son became the scorer in the 38th minute. Bouanga, cutting in from the left, passed to Son, who calmly finished with a left-footed shot.This marked Son's first goal since August 2, when he played against the Vancouver Whitecaps, resulting in a 1-1 draw.However, LAFC could not maintain its lead, conceding a goal to Noel Caliskan in the 75th minute.In the 87th minute, Son had a golden opportunity to secure a win. He broke through the defense and attempted a shot after rounding the goalkeeper, but was thwarted by a tackle from DeAndre Yedlin, missing the chance for a decisive goal.With the match ending in a 2-2 draw, LAFC extended its winless streak to six games in the regular season (four draws and two losses) and remains in third place in the Western Conference with 37 points (10 wins, 7 draws, and 7 losses).* This article has been translated by AI. 2026-09-06 14:24:00