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  • Kiaf and Frieze to Open in Seoul on September 2, Attracting Global Galleries
    Kiaf and Frieze to Open in Seoul on September 2, Attracting Global Galleries The global art community is turning its attention to Seoul this September. Hundreds of galleries, from emerging to mega, will gather in the city to showcase a wide array of artworks. However, with the ongoing downturn in the art market, it remains uncertain whether these exhibitions will translate into actual sales.On September 2, the art fairs Frieze Seoul and Kiaf Seoul will kick off at COEX, following a joint press conference held on August 19 at the Westin Chosun Hotel in Seoul's Sogong-dong, where key artworks and programs were unveiled.This year marks the fifth edition of Frieze Seoul, featuring 133 galleries from 30 countries and regions. Renowned international galleries such as Gagosian, Hauser & Wirth, David Zwirner, Pace, White Cube, Lehmann Maupin, and Thaddaeus Ropac will participate, alongside major domestic galleries like Gallery Hyundai, International Gallery, Gana Art, and PKM Gallery.These galleries will highlight artists currently exhibiting or set to exhibit in Korea. Gagosian will present a solo exhibition of British artist Damien Hirst, coinciding with his major retrospective at the National Museum of Modern and Contemporary Art. White Cube will showcase late works by Park Seo-bo in conjunction with the opening of the Park Seo-bo Museum, while Pace Gallery will feature works by Yoo Youngkuk, whose retrospective is currently on display at the Seoul Museum of Art. Lehmann Maupin will present works by Seo Do-ho, who has a large exhibition planned at the National Museum of Modern and Contemporary Art, and Gallery Hyundai will showcase pieces by Kim Chang-yeul, with International Gallery featuring works by Ha Jong-hyun and Kim Yoon-shin.Patrick Lee, director of Frieze Seoul, stated, “Our goal is to bring together world-class galleries and art professionals in Seoul, connecting the art of Korea and the Asia-Pacific region with the global stage.”Kiaf Seoul, now in its 25th year, will feature 175 galleries from 18 countries, including 127 from South Korea. This year, Kiaf has introduced a creative director system, with Jeong Gu-ho overseeing branding, spatial design, and special exhibition planning.The key concern remains sales. While the stock market's strong performance in the first half of the year raised hopes for a recovery in the art market, recent declines have cast doubt on this outlook. Lee Sung-hoon, president of the Korea Galleries Association, remarked, “We had high expectations due to the stock market's activity in the first half, but many have suffered losses due to various economic factors, which may have dampened the effects of the boom.”However, there is a belief that the base of collectors is expanding. Lee noted, “The era of speculative collectors is nearly over, and more families are enjoying art as a part of their lives,” viewing the increase in art enthusiasts as a positive sign. He cautiously added, “I expect the number of collectors to grow, along with sales.”Another point of interest in the art community is the collaboration between Kiaf Seoul and Frieze Seoul. Due to renovations at COEX, the two events will be held at separate venues starting next year, with Kiaf moving to DDP. Lee emphasized that an MOU has been signed to maintain their cooperative relationship, including joint ticket sales, although discussions are ongoing regarding how they will collaborate in light of the venue changes.* This article has been translated by AI. 2026-08-19 15:56:10
  • SK Hynix to Burn 40 Trillion Won in Treasury Shares, Expands Shareholder Returns
    SK Hynix to Burn 40 Trillion Won in Treasury Shares, Expands Shareholder Returns SK Hynix has decided to buy back and completely cancel 40 trillion won worth of its treasury shares to boost its stock price and enhance shareholder value. This marks the largest treasury stock cancellation in the history of South Korean listed companies.On August 19, SK Hynix announced through a public disclosure that its board of directors approved the acquisition and cancellation of treasury shares.The planned acquisition amount totals 40 trillion won, which is equivalent to approximately 24.07 million shares based on the closing price of 1,662,000 won the day before the board resolution. This represents about 3.3% of the total issued shares of 730,492,365. The buyback will commence on August 20 and is expected to be completed within three months, after which all shares will be canceled.The decision to cancel treasury shares is based on the assessment that the current stock price is undervalued compared to the company's intrinsic value.SK Hynix stated, "We are continuing to achieve record performance, driven by our leadership in the artificial intelligence (AI) memory market, and our cash generation capacity has significantly improved, with net cash reaching approximately 69 trillion won as of the end of the second quarter this year."Additionally, the company plans to expand its three-year (2025-2027) shareholder return policy from the previous range of 'up to 50% of cumulative free cash flow (FCF)' to 'more than 50%.' This move fulfills a commitment made in November 2024 to consider early returns if FCF significantly increases before the policy period ends.The methods of returning value to shareholders will include both treasury stock acquisition and cancellation, as well as cash dividends, with plans to review options for increasing dividends, including fixed and special dividends.* This article has been translated by AI. 2026-08-19 15:56:00
  • Household Debt Surpasses 2000 Trillion Won as Loan Regulations Face Challenges
    Household Debt Surpasses 2000 Trillion Won as Loan Regulations Face Challenges Household debt in South Korea has surpassed 2000 trillion won for the first time, putting the financial authorities' household loan regulations to the test. Earlier this year, the authorities set a strict loan growth target of 1.5%, but bank lending has already exceeded this initial goal. As a result, the financial authorities have doubled the target to 3% just four months later, raising questions about the effectiveness of pre-setting annual loan limits.As of August 18, the outstanding household loans from the top five banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) reached 780.22 trillion won, an increase of 1.44 trillion won since the end of July. Given the current growth rate, the increase for this month is expected to be around 3 trillion won.The initial annual target has already been surpassed. Excluding policy loans, the household loan balance at the five major banks was 650.77 trillion won as of August 13, up 5.80 trillion won from the end of last year. This figure exceeds the original growth target of 4.33 trillion won by more than 1 trillion won.In April, the financial authorities set the household loan growth target for this year at 1.5%, lower than last year's performance of 1.7%. However, just four months later, on August 13, they raised the target to 3% and decided to manage group loans such as interim payments, final payments, and relocation loans separately. This adjustment is expected to create approximately 30 trillion won in new lending capacity for the financial sector.Market analysts argue that this adjustment highlights the structural limitations of the total regulation approach. Currently, the method involves setting an annual household loan growth target based on early-year economic growth forecasts and distributing limits among financial institutions. The issue arises when market conditions, such as housing transactions, occupancy rates, interest rates, and property prices, deviate from expectations, forcing financial institutions to adhere to their pre-assigned limits.When loan demand increases more rapidly than anticipated, as seen this year, banks are compelled to sharply adjust new loans to meet their annual targets. Conversely, if genuine loan demand is disrupted, authorities may respond by increasing limits or making exceptions. Managing annual loan demand, which is inherently difficult to predict, with a single figure can lead to a cycle of tightening and loosening regulations.However, abandoning total regulation is also challenging. With household debt exceeding 2000 trillion won, significantly increasing loan supply could reignite household debt growth and overheating in the housing market. This is why the financial authorities have maintained the overall regulatory framework even while doubling the target.Ultimately, the key issue is not whether to manage household loans, but how to do so effectively. Instead of rigidly enforcing fixed targets set at the beginning of the year, there is a need for a more flexible approach that adjusts management goals based on changes in the housing market and loan demand, while also distinguishing between speculative loans and necessary real demand. It is time to redesign a sophisticated management system suitable for the era of 2000 trillion won in household debt. 2026-08-19 15:56:00
  • S. Korea says no one knew Trump would cut joint drills
    S. Korea says no one knew Trump would cut joint drills SEOUL, August 19 (AJP) - South Korea had no advance word that President Donald Trump would order this week's combined military exercises cut back, and neither did officials in his own administration, the Minister of Foreign Affairs said Wednesday. The move shortened the exercise by nearly a week, underscoring a sudden and highly unusual shift in alliance operations. Cho Hyun told the National Assembly's Foreign Affairs and Unification Committee that the government learned of the decision the same way the public did. He noted the revelation came entirely from Trump's post on Truth Social. "What President Trump wrote on Truth Social was not known in advance to our government, and it was not known to United States government officials either," Cho said. "So we received no prior notification." Trump wrote Sunday evening (local time) that he had instructed Defense Secretary Pete Hegseth to substantially reduce the exercises, saying it was too late to cancel them outright. He called the drills costly and said they sent a signal that was totally inappropriate and hostile to North Korea. He also tied the decision to Seoul's refusal to help the U.S. against Iran. The Joint Chiefs of Staff announced Wednesday that Ulchi Freedom Shield will end Friday rather than Aug. 27, cutting the exercise roughly in half at Washington's request. It is the first time a major combined exercise has been altered after it was already underway. Field training will also be scaled back, with the two militaries still working out the details. A U.S. defense official said some live events had been canceled outright and others converted to simulations, adding that essential readiness was preserved. The shortened schedule drops the second half of the exercise, which is a phase built around a counteroffensive. North Korea has for years denounced that specific segment as a rehearsal for invasion. About 18,000 South Korean troops began the exercise Monday alongside U.S. forces. The mobilization proceeded just hours after the social media post appeared. Cho declined to describe the cut as something imposed on Seoul. Defense Minister Ahn Gyu-back had been in close consultation with his U.S. counterparts since the post went up, Cho said, and that consultation was the reason he did not regard the outcome as a unilateral notification. Ahn told the National Assembly's Legislation and Judiciary Committee the same day that no official in either government had known what was coming. He added that he had been in continuous discussion with the U.S. side since. Cho also predicted the reduction would not slow the transfer of wartime operational control of South Korean forces, which reverts to Seoul from Washington under a conditions-based timetable. Because the United States asked for the cut, he said, it cannot then cite the cut as grounds for further delay. President Lee Jae Myung said Tuesday the transfer should proceed during his term without disruption. Trump said Monday at the White House that Kim Jong-un had responded to his overtures, calling the exchanges very positive. Recounting his call with Lee Jae Myung, Trump said the U.S. keeps 39,000 soldiers in South Korea guarding it from Kim Jong-un. In reality, about 28,500 U.S. troops are stationed in the country. Cho called the opening with Pyongyang a shift into a new phase. The government had made every preparation to get a channel to North Korea running again, he said, and would work closely with Washington so that the opening was not wasted. He said the ministry was consulting immediately with U.S. counterparts to keep the alliance from weakening. This was a direct response to concern that Washington might deal with Pyongyang over Seoul's head. Cho also welcomed the proposal from President Lee, made in his Liberation Day address on Aug. 15, for multilateral talks to formally end the Korean War. Cho said he believed it would prove an important breakthrough in relations with the North. Seoul has told Washington where it stands on the outreach to Kim Jong-un and has asked to be briefed on the state of U.S. contacts with Pyongyang. Cho said no reply had come. 2026-08-19 15:53:48
  • Takaichis Word Change Sparks Historical Controversy in Japan
    Takaichi's Word Change Sparks Historical Controversy in Japan Japan's Prime Minister Takaichi Sanae is facing historical perception controversy over a single word added to her war remembrance speech. She changed the phrase "I will not let the horrors of war be repeated" to "I will not let it be repeated," incorporating the auxiliary verb 'se' (せ). This alteration has been interpreted as shifting the responsibility for war from Japan to other countries, suggesting that Japan is preventing others from starting wars.Every year on August 15, which marks both Korea's Liberation Day and Japan's defeat in World War II, a national memorial service for war dead is held in Japan. Attended by the Emperor and representatives of war victims' families, the Prime Minister delivers a speech honoring the victims and pledging peace. The language used in this speech reflects the Prime Minister's historical perspective on war, drawing significant media attention each year.In her first address since taking office, Takaichi stated on the 15th, "I will not let the horrors of war be repeated." This phrase has been used by previous Prime Ministers, starting with Shinzo Abe in 2015, and continued by Yoshihide Suga, Fumio Kishida, and Shigeru Ishiba.Opposition lawmakers criticized Takaichi for obscuring the Japanese government's responsibility for war with her word choice. Kiyomi Tsuzimoto, a member of the Constitutional Democratic Party, wrote on X (formerly Twitter) on the 16th, "Why does the Prime Minister not clearly express her own will and determination?" He argued that the change appears to deny the Japanese government's flawed policy decisions that led to war, suggesting a clumsy attempt to shift blame.Communist Party member Taku Yamazoe also criticized Takaichi on X, stating, "The phrase 'I will not let the horrors of war be repeated' is something the people should say to leaders like Takaichi."Japanese media and experts have noted the significance of the word change. Koji Nakakita, a professor of Japanese politics at Chuo University, told Asahi Shimbun, "'I will not let it be repeated' reads as a declaration of Japan's resolve against war, while 'I will not let the horrors of war be repeated' suggests that Japan is merely a victim pushed into war by others." This could imply a perception that Japan's aggressive actions in World War II were not self-initiated.He added that the phrase could be interpreted as a message to actively strengthen defense capabilities to deter war.On the 15th, Akira Yamada, a professor of modern Japanese history at Meiji University, was quoted by Mainichi Shimbun, stating, "The auxiliary expression 'I will not let it be repeated' reflects a historical perception of Japan as a victim entangled in past wars."A spokesperson from the Prime Minister's Office explained the change was intended to express a stronger commitment to peace, but did not clarify who or what would not be repeated.Criticism has also been raised regarding the connection of this word change to the spirit of the Japanese Constitution's preamble, which states, "The Japanese people resolve that they will not allow the horrors of war to occur again due to the actions of the government." This highlights the commitment of the post-war sovereign people to prevent the government from instigating war again.Asahi Shimbun criticized Takaichi's alteration, stating that the phrase "I will not let it be repeated" reaffirmed the constitutional spirit, suggesting that Takaichi has shifted the responsibility for war from Japan to other countries.Takaichi also did not mention 'reflection' or 'pledge against war' in her speech. These expressions have been included by previous Prime Ministers since Tomiichi Murayama in 1994, but were omitted by Abe starting in 2013. Instead, Abe used the phrase "I will not let the horrors of war be repeated" in 2015, which was continued by Suga and Kishida. Last year, Ishiba revived 'reflection' and 'pledge against war' for the first time in 13 years, but Takaichi's speech saw their omission again.Takaichi has regarded Abe as her 'political mentor.' In March 1995, she responded in the Diet that she could not reflect on the war as she was not a direct participant. Since then, she has maintained that Japan fought to protect itself.Close allies of Takaichi in the Liberal Democratic Party told Asahi Shimbun that she believes it is undesirable to acknowledge Japan's past wrongdoings, interpreting this speech as catering to conservative factions.* This article has been translated by AI. 2026-08-19 15:52:00
  • Special Prosecutor Lee Tae-han to Utilize Forensic Center for Election Investigation
    Special Prosecutor Lee Tae-han to Utilize Forensic Center for Election Investigation Lee Tae-han, the special prosecutor appointed to investigate allegations surrounding the shortage of ballots during the June 3 local elections, visited the joint investigation team established by the prosecution and police on August 19.According to legal sources, the special prosecutor met with Kim Tae-hoon, the head of the joint investigation team and deputy chief prosecutor at the Seoul Central District Prosecutors' Office, around 1 p.m. to discuss the transfer of the case and personnel deployment for about an hour. This was the special prosecutor's first public external activity since his appointment the previous day.After the meeting, Lee told reporters, "The internal situation within the prosecution is not favorable, so it seems difficult to receive full support," but added, "I have requested cooperation to the maximum extent possible." He emphasized the need to utilize personnel from the Supreme Prosecutors' Office's forensic center to verify any alterations, deletions, or restorations of data.Prior to his meeting with Kim, Lee stated regarding the appointment of special prosecutor candidates, "We are prioritizing individuals with a basic understanding of digital forensics and database forensics, and we will consider various factors such as investigative capability and intuition to select reasonable candidates."President Yoon Suk Yeol appointed Lee as the special prosecutor on August 18, selecting him from two candidates recommended by the National Recommendation Committee for Special Prosecutors.The special prosecutor is authorized to investigate the allegations specified in the Special Prosecutor Act for a maximum of 170 days, including the preparation period. Within 20 days, the special prosecutor will secure necessary facilities and request the appointment of special prosecutor candidates. Even during the preparation period, if rapid evidence collection is needed, related investigations can proceed, and the special prosecutor can file charges and maintain prosecutions on the cases received.During the preparation period, the special prosecutor will select 10 candidates for special prosecutor positions and request their appointment from President Yoon, who will appoint five of them within five days. The special prosecutor can request personnel from the Supreme Prosecutors' Office, the Corruption Investigation Office for High-Ranking Officials, and the National Police Agency, aiming to form an investigative team of up to 20 dispatched prosecutors and 70 special investigators.The special prosecutor must complete investigations on each case and decide whether to file charges within 90 days from the day after the preparation period ends. If the investigations are not completed within this timeframe or if it is difficult to decide on charges, the president's approval is required to extend the investigation period twice, each by 30 days.The investigation will focus on allegations including: 1) interference with the exercise of voting rights due to ballot shortages; 2) manipulation of election statistics, including voter turnout; 3) management of important election materials, such as ballot storage boxes; and 4) misconduct related to overseas trips and preferential contracts involving current and former members and staff of the Election Commission, among other related cases identified during the investigation.The joint investigation team has already conducted significant portions of the investigation into the ballot shortage allegations, including interrogating suspects and carrying out compulsory investigations, so the special prosecutor is expected to take over these matters and proceed with the investigation.In connection with this, the joint investigation team is currently investigating the head of the Seocho District Election Commission's office as a suspect regarding the ballot shortage allegations. Additionally, they are questioning officials from the Gyeonggi Province Election Commission regarding the voter statistics manipulation allegations and two officials from the Central Election Commission regarding the overseas trip allegations. 2026-08-19 15:52:00
  • South Koreas Foreign Minister Says Trump Administrations Training Reduction Surprised Both Governments
    South Korea's Foreign Minister Says Trump Administration's Training Reduction Surprised Both Governments South Korea's Foreign Minister Cho Hyun stated that neither the South Korean government nor U.S. officials were aware of President Donald Trump's directive to reduce joint military exercises. During a session of the National Assembly's Foreign Affairs and Unification Committee on August 19, Cho mentioned that he learned about the decision through social media (Truth Social), adding, "Therefore, we were not notified in advance." Following Trump's remarks, Cho instructed the South Korean Embassy in the U.S. to inquire with relevant agencies and discuss countermeasures, noting that communication took place with U.S. Ambassador to South Korea Michelle Steel and other officials. Regarding the reduction of the joint military exercises, Cho said, "I understand that Defense Minister Ahn Kyubak has been closely coordinating with the U.S. side since the information appeared on Truth Social. Since our minister was involved in the discussions, I do not consider it a unilateral notification." On the potential impact of the training reduction on the transfer of wartime operational control, Cho predicted, "Since this reduction is indeed at the request of the U.S., it cannot be used as a reason to delay the transfer of operational control further." Cho also commented on reports that North Korean leader Kim Jong Un responded to Trump's proposal for dialogue, stating that the U.S. is pushing for a North-U.S. summit this fall. He described this as a "turning point in a new phase." He added, "The government has been fully prepared to open dialogue with North Korea and intends to work closely with the U.S. to seize this opportunity." Cho noted that he has communicated this position to the U.S. but has not yet received a response. He also mentioned that inquiries have been made regarding the specifics of North-U.S. contacts. In response to concerns that the U.S. might pursue dialogue with North Korea without involving South Korea, Cho stated, "The Foreign Ministry is taking immediate action through consultations with U.S. agencies to ensure that the South Korea-U.S. alliance is not weakened." Defense Minister Ahn Kyubak also testified before the National Assembly's Legislation and Judiciary Committee, stating, "No officials from either the South Korean or U.S. governments were aware of the content posted by President Trump on social media." He added, "Since then, I have been in close consultation with the U.S. side to discuss various pressing issues." The Joint Chiefs of Staff announced that the ongoing regular U.S.-South Korea joint exercise, Ulchi Freedom Shield (UFS), will be adjusted to conclude by August 21, instead of the originally planned date of August 27. The UFS exercise is a routine joint training aimed at defending the Korean Peninsula in case of emergencies. Unification Minister Jeong Dong-young expressed during the National Assembly's Foreign Affairs and Unification Committee meeting that Trump's directive to reduce the joint military exercises stems from concerns about peace and stability on the Korean Peninsula. He stated, "The Unification Ministry shares this decision by President Trump and hopes it leads to meaningful North-U.S. dialogue and an improvement in inter-Korean relations."* This article has been translated by AI. 2026-08-19 15:48:10
  • Cell Biotech Expands Global Reach with DuoLac Probiotics Export to Africa
    Cell Biotech Expands Global Reach with DuoLac Probiotics Export to Africa Cell Biotech has made its first export of CBT probiotics to South Africa, marking its entry into the African market for the first time since its founding.According to Cell Biotech, the company has expanded its export network to include Africa, completing its reach across all six continents, following previous expansions into Europe, Asia, North America, South America, and Oceania.This export was facilitated through the Vitafoods Europe, the world's largest health supplement expo. Vitafoods Europe encompasses the entire value chain of the health supplement industry, from raw materials to finished products and distribution.Since becoming the first domestic company to participate in this expo in 2002, Cell Biotech has consistently attended for 25 years, broadening its connections with international partners and showcasing the technological prowess of Korean probiotics. The first export to South Africa is a tangible result of the overseas network established at the expo.Building on these international partnerships, Cell Biotech has achieved steady results in various countries. From 2013 to 2025, the cumulative export value of domestic probiotics reached 538.5 billion won, with Cell Biotech accounting for 268.8 billion won, or about 50% of the total. This achievement has allowed Cell Biotech to maintain its position as the top exporter of domestic probiotics for 13 consecutive years.The company's performance varies by country. In Denmark, the home of probiotics, DuoLac has surpassed local brands to capture the top market share in pharmacies. In Germany, a leading market for health supplements, cumulative exports have exceeded $30 million. Additionally, since entering Indonesia in 2001 with its independently developed CBT probiotics, Cell Biotech has achieved the top market share, and DuoLac, launched in Singapore in 2015, has become the number one in the ethical pharmaceutical (ETC) market.Cell Biotech attributes its global market expansion to its independently developed dual coating technology. This technology protects live probiotics with a dual layer of protein and polysaccharides, safeguarding them from stomach acid and bile salts while ensuring safe delivery to the intestines. Clinical trials have demonstrated that this coated probiotics have up to 221 times higher survival rates in the intestines compared to uncoated probiotics.A representative from Cell Biotech stated, "We will continue to expand our global partnerships based on our unique CBT probiotics and dual coating technology, further enhancing the competitiveness of K-probiotics in the global market."Meanwhile, Cell Biotech reported an increase in both revenue and operating profit for the second quarter of this year. The company announced preliminary figures showing revenue of 15.8 billion won, operating profit of 1.6 billion won, and net profit of 3.6 billion won for the second quarter, marking increases of 32.8% in revenue and 28% in operating profit compared to the same period last year.* This article has been translated by AI. 2026-08-19 15:48:00
  • Anyang Fire Department Enhances Emergency Response Capabilities Through Eulji Training
    Anyang Fire Department Enhances Emergency Response Capabilities Through Eulji Training The Anyang Fire Department is enhancing its emergency response capabilities through the Eulji training exercise. The department announced on August 19 that it will conduct the 2026 Eulji training from August 18 to 21 to establish national emergency preparedness and strengthen response capabilities in wartime and emergency situations. This year's Eulji training is a government-wide emergency preparedness drill aimed at checking response procedures and transition systems in various crisis situations, including local provocations before war, and improving the ability to respond quickly in actual emergencies. During the training period, the department will conduct surprise emergency calls for public officials, tabletop exercises based on hypothetical crisis scenarios, and discussions on current issues in wartime, focusing on verifying departmental missions and response procedures in the event of an emergency. Particularly, the training emphasizes enhancing response capabilities to complex crisis situations, such as drone and cyber threats, reflecting recent changes in the security environment, and strengthening cooperation among related agencies. On August 19, the department participated in a realistic training exercise for initial responses to multiple drone threats at the Pyeongchon Art Hall, involving collaboration with the city of Anyang, police, and military agencies to verify response procedures from situation dissemination to on-site actions. Additionally, on August 20, a civil defense evacuation drill will be conducted for all staff, simulating an air raid situation to ensure they are well-versed in quick and safe evacuation procedures during emergencies. In relation to the Eulji training, citizens have expressed positive reactions, noting the importance of preparing for emergency situations that are not commonly encountered in daily life. They appreciate that related agencies are conducting realistic drills. Many believe that training for new types of threats, such as drones, should also include improvements to existing response methods to adapt to the changing security environment. One citizen remarked, “It’s hard to grasp emergency situations in everyday life, but quick responses are crucial when they occur. Seeing the fire department, police, and military training together will encourage citizens to reconsider their emergency response actions.” Meanwhile, Fire Chief Kim Ji-han stated, “The Eulji training is an important exercise to check whether each agency can accurately perform its duties when an actual emergency occurs.” He added, “We will ensure that this training goes beyond formalities and solidifies our readiness to protect the lives and safety of citizens through realistic drills.”* This article has been translated by AI. 2026-08-19 15:48:00
  • Ministry of SMEs to Launch Second Round of Everyones Startup Program
    Ministry of SMEs to Launch Second Round of 'Everyone's Startup' Program The Ministry of SMEs and Startups announced on August 19 that it will begin accepting applications for the second round of the 'Everyone's Startup Project' from August 20 to September 17.The Everyone's Startup initiative is a platform designed to foster entrepreneurial talent by allowing anyone with an idea to pursue a startup, supported by government investment. The first round attracted over 63,000 applicants, from which 5,000 were selected.The second round will double the number of participants to 10,000, with 8,000 spots in the general and technology tracks and 2,000 in the local track. The eligibility for existing entrepreneurs has been expanded from three years to seven years, allowing for re-entrepreneurship. Those who were unsuccessful in the first round will receive preferential treatment.In line with the project's goals, more than 80% of the total participants will be prospective entrepreneurs, and over 70% will be from non-metropolitan areas.Starting on August 21, information sessions for the second round will be held sequentially in 17 regions. These sessions will outline the government's project direction and showcase the achievements of key incubators, including The Invention Lab and Korea University. Specialized support plans from each incubator will also be revealed to prospective participants.Joo Kyung-won, Director of Startup Policy at the Ministry of SMEs and Startups, stated, "The second round of the Everyone's Startup Project has been designed to broaden the doors to entrepreneurship while strengthening the support system based on feedback from the field. We hope to see citizens who are not afraid of failure boldly challenge themselves and share their ideas with the world."* This article has been translated by AI. 2026-08-19 15:48:00