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  • Financial Support for Customers Affected by Heavy Rains in Gyeongnam
    Financial Support for Customers Affected by Heavy Rains in Gyeongnam Financial institutions are providing support to customers affected by the recent heavy rains in the Gyeongnam region, including deferrals on insurance premiums and credit card payments, as well as reductions in loan interest rates. According to the financial sector on the 19th, Samsung Card will defer credit card payment due dates for affected customers from August to October for up to six months. One-time domestic purchases over 10,000 won can be converted to installment payments for up to six months, with all related interest waived. Customers using short-term and long-term card loans will receive a discount of up to 30% on interest rates until the end of October. Long-term card loans maturing during this period can also be extended. Lotte Card is also offering a payment deferral of up to six months for affected customers. For those in arrears, debt collection will be suspended for six months from the date the damage is confirmed, and support will be provided for installment repayment and reduction of late fees. Additionally, interest on card loans and cash services will be reduced by up to 30% until the end of next month. Customers applying for installment card loans during this period will also have the option to switch to a three-month interest-only payment plan. Shinhan Life is deferring insurance premium payments for affected customers for six months. Coverage under insurance contracts will continue normally during the deferral period, and unpaid premiums can be settled in a lump sum or through six-month installments afterward. Customers utilizing insurance policy loans will receive a maximum interest reduction of 1 million won for six months. The company plans to streamline the claims process to expedite insurance payouts. Customers seeking financial support should submit relevant documents, such as a damage confirmation certificate issued by the local government, to the customer service centers of the respective companies.* This article has been translated by AI. 2026-08-19 15:40:00
  • Daewoong Pharmaceutical Launches Daewoong Alliance to Connect Health Data
    Daewoong Pharmaceutical Launches 'Daewoong Alliance' to Connect Health Data Daewoong Pharmaceutical is launching the 'Daewoong Alliance' in collaboration with 12 domestic digital healthcare companies.The company announced on August 19 that it will showcase the Daewoong Alliance at the 'Korea Hospital and Health Tech Fair (KHF) 2026,' taking place at COEX in Seoul until August 21.The Daewoong Alliance is a digital healthcare collaboration model that connects health data generated in hospitals and daily life, extending beyond drug-centered treatment to encompass prevention, diagnosis, treatment, and post-care. Daewoong Pharmaceutical plans to build a healthcare ecosystem based on the '4P paradigm,' which stands for prevention, prediction, precision, and participation.At the event, Daewoong Pharmaceutical will operate a joint exhibition space with 12 partner companies, including Cears, Skylabs, Medical AI, Arc, TR, Puzzle AI, iCoop, Promedius, Everex, AllSoCare, Hurotics, and Exosystems, featuring around 20 booths. The exhibition will be located in the COEX G30 area.The partner companies will demonstrate solutions in various fields, including diagnostics, monitoring, chronic disease management, digital therapy, and medical artificial intelligence (AI). Daewoong Pharmaceutical will host a total of 34 expert lectures over three days, sharing the clinical value of each technology and real-world application cases. Discussions on specific commercialization strategies with hospital representatives will also take place.Daewoong Pharmaceutical aims to leverage its sales and marketing infrastructure in conjunction with the technological capabilities of its partners to position the Daewoong Alliance as a key growth driver in the digital healthcare sector.Lee Chang-jae, CEO of Daewoong Pharmaceutical, stated, "We will establish a total healthcare environment that encompasses disease prediction to post-care based on data."In the first half of this year alone, Daewoong Pharmaceutical invested approximately 7.4 billion won in six companies, expanding its investment areas to include medical AI, data, imaging diagnostics, medical devices, and next-generation therapeutics.The market views this strategy as a proactive approach to securing technologies and products that can synergize with existing pharmaceutical operations, beyond simple equity investments, as well as next-generation pipelines.* This article has been translated by AI. 2026-08-19 15:36:10
  • Lee Seok-yeon Calls on President Yoon to Leave Democratic Party
    Lee Seok-yeon Calls on President Yoon to Leave Democratic Party Lee Seok-yeon, chair of the Presidential Committee on National Integration, publicly urged President Yoon Suk Yeol to resign from the Democratic Party and pursue bipartisan governance. He argued that now, following the conclusion of the party's convention and the establishment of new leadership, is the right time for the president to step down from party affiliation and become a 'president for all.'During an appearance on MBC's '100 Minutes Debate' on the night of August 18, Lee stated, "I would like to publicly suggest one decision to the president. The Democratic Party's convention has ended. Now, resign from the Democratic Party."He added, "As the chair of the National Integration Committee, I must say something that may be uncomfortable for the president. If it is considered a breach of etiquette, I will take responsibility for that as well."Lee cited the escalating political division between the ruling and opposition parties as the backdrop for his resignation proposal. He noted, "The ruling party is competing over who is closer to the president, while the opposition is taking an extreme stance against the president and the government. I am concerned that politics is once again dividing along party lines centered around the president."He emphasized, "The president has repeatedly stated that he wants to be a 'president for all.' Therefore, he must feel the heaviest responsibility for the current national governance challenges and severe national division."Lee also called for the inclusion of citizens who did not support or opposed President Yoon in the governance process. He remarked, "The constitution does not require the president to resign from a party, but if the goal of governance is true national integration, then I hope the president will step outside the political confines of being a party president."Regarding the relationship with the Democratic Party, he stated, "The Democratic Party has elected new leadership through its convention. Now, the party should be entrusted to its new leaders, and the president should return as the president of the people, not just the Democratic Party." He added, "It is essential to govern from a bipartisan perspective, and now is the right time to do so."Lee also urged the president to reach out first to opposition leaders and those who have been critical of him. He advised, "Meet with the opposition leader and listen to the voices of those who have criticized the president the most. The president should surround himself with those who tell him what he does not want to hear rather than those who only tell him what he wants to hear."Furthermore, he stated, "National integration does not begin with demanding concessions from others; it starts with the person who holds the greatest power and authority taking the first step down. The president must do so first."Meanwhile, the broadcast focused on the theme 'Korean Politics on the Edge: What is the Exit?' Lee and Lee Boo-young, honorary director of the Free Press Practice Foundation, discussed the internal conflicts within the Democratic Party following its convention, the turmoil within the People Power Party, and ways to resolve political polarization.* This article has been translated by AI. 2026-08-19 15:36:00
  • KDI raises South Koreas growth forecast to 3.2%
    KDI raises South Korea's growth forecast to 3.2% SEOUL, August 19 (AJP) - South Korea is expected to grow 3.2 percent this year, the Korea Development Institute said on Wednesday. The revised outlook is higher than its previous forecast of 2.5 percent in May, as well as the government's 3 percent estimate and the Bank of Korea (BOK)'s current forecast of 2.6 percent. The state-run think tank attributed the stronger outlook to the global artificial intelligence (AI)-led boom, which has boosted semiconductor exports and facility investment, while giving the BOK more room to tighten monetary policy despite an uneven domestic recovery. KDI also raised its growth forecast for next year to 2.2 percent from 1.7 percent, expecting some of the semiconductor windfall to eventually boost household consumption and employment. It said semiconductors accounted for about 0.6 percentage point of the 0.7-point increase in this year's growth forecast, driven by higher exports, related equipment investment and income effects. More than half of projected growth was linked to the chip sector. KDI also raised its forecast for export volumes to 8.7 percent from 4.6 percent and its equipment investment forecast to 7.9 percent from 3.3 percent. Its current-account surplus forecast surged to $359.7 billion from $239.0 billion as higher semiconductor export prices delivered a sharp improvement in South Korea's terms of trade. The strong growth figures, however, mask an economy where gains remain concentrated among major chipmakers and have yet to reach household incomes, small businesses and domestic services more broadly. Private consumption is projected to expand 2.3 percent, only 0.1 percentage point above KDI's May estimate, while construction investment is expected to edge up just 0.1 percent amid a prolonged regional housing slump and elevated building costs. KDI cut its forecast for employment growth to 110,000 from 170,000, reflecting the semiconductor sector's limited capacity to generate jobs and continued weakness in construction and non-chip manufacturing. Kim Meeroo, head of KDI's macroeconomic and financial policy division, said the 3.2 percent expansion was strong relative to South Korea's potential growth rate but would feel considerably weaker to households because its benefits were concentrated in a narrow part of the economy. KDI kept its overall and core inflation forecasts at 2.7 percent and 2.5 percent and said the policy rate should stay slightly above the nominal neutral rate, which is estimated to be in the mid-2 percent range, though it did not call for a rate hike at any specific BOK meeting. KDI identified a sudden reversal in global AI investment as the principal downside risk because South Korea's rising dependence on semiconductors has made its broader outlook increasingly sensitive to the global chip cycle. Separately, BOK data released earlier in the day showed household debt rose by 25.9 trillion won ($17.4 billion) to a record 2,019.8 trillion won ($1.36 trillion) in the second quarter, surpassing 2,000 trillion won for the first time and marking the largest quarterly increase since the third quarter of 2021. The combination of above-potential growth, persistent underlying inflation and renewed household borrowing has prompted several economists to retain additional rate-hike forecasts even as consumption, construction and employment remain subdued. Park Jeong-woo, an economist at Nomura Securities, said that average retail sales contracted in the second quarter and that labor conditions remained weak, but put the probability of an Aug. 27 rate hike at 60 percent. Others remain more cautious, with Woori Financial Research Institute and KB Securities expecting the BOK to hold at 2.75 percent this month while delivering a hawkish signal, potentially accompanied by one or two dissenting votes for an increase. The latest data therefore reinforce expectations that the BOK's tightening cycle has further to run, but the weakness beneath South Korea's chip-led growth continues to divide economists over whether the next increase comes on Aug. 27 or later in the year. AJP Takeaways • KDI raised South Korea’s 2026 growth forecast to 3.2 percent from 2.5 percent, attributing 0.6 percentage point of the upgrade to semiconductors and their spillover effects. • Export volume is forecast to rise 8.7 percent and equipment investment 7.9 percent, while private consumption grows 2.3 percent, construction investment 0.1 percent and employment by just 110,000. • KDI's outlook and record household credit have kept Bank of Korea rate-hike calls alive ahead of Aug. 27, although economists remain divided between a back-to-back increase and a hawkish hold. 2026-08-19 15:32:37
  • Youth Outrage Over Housing Policies Amid Ongoing Real Estate Controversy
    Youth Outrage Over Housing Policies Amid Ongoing Real Estate Controversy As controversy continues over the government's real estate and housing policies, discontent among the youth demographic has surged on online platforms. On August 19, reactions emerged regarding the restrictions on jeonse loans for one-home owners in the metropolitan area and the proposal for youth rental housing at Yongsan Park. Many expressed frustration, questioning whether the government is suggesting they should live in rental housing as homeownership becomes increasingly difficult.On the same day, a popular online community frequented by young men shared an article titled, 'I can't rent another place while renting out my own.' The government announced that starting next year, it will limit jeonse loan guarantees for one-home owners who do not reside in their properties in the metropolitan area and regulated zones, categorizing them as 'non-resident homeowners for speculative purposes.'In response, users questioned, 'What percentage of homes under 300 million won exist in South Korea?' and lamented, 'Where are those who can't buy a home supposed to live if you are meddling with jeonse and monthly rent? Is it really this hard to own a single home?'Another user pointed out, 'The president himself rented out his home when he ran for office. Now that he’s in the Blue House, he no longer worries about his own home, and it seems he wants to crack down on non-resident homeowners. That’s quite a nasty attitude.'Meanwhile, in another online community with a significant number of young female users, discussions centered around the Blue House's consideration of providing youth rental housing within Yongsan Park. Ha Jun-kyung, the chief of economic growth at the presidential office, emphasized the importance of effectively utilizing the valuable land, mentioning the potential use of some areas for youth housing.However, this community also shared links to petitions opposing the housing supply at Yongsan Park.Users reacted with comments like, 'Isn't it inappropriate for residential use now that it has been deemed unsuitable?' and 'Are young people supposed to live in rentals? When will they save enough to buy a home?' They also questioned whether the demand for youth rental housing truly exists.Past criticisms from the Democratic Party regarding soil contamination and safety issues at Yongsan Park were also revisited. Users compared the party's previous stance on the park's safety with the current consideration of youth rental housing, suggesting a shift in position.One user remarked, 'Since the time of Roh Moo-hyun, Lee Myung-bak, Park Geun-hye, Moon Jae-in, and now Yoon Suk Yeol, all candidates have claimed Yongsan Park is a park. Yet now that Lee Jae-myung is president, the Democratic Party has changed its tune.'This recent online discourse highlights a shared concern among youth regarding housing stability, as they grapple with the implications of the jeonse loan restrictions and the proposed youth rental housing. Many are calling for an environment that enables homeownership rather than a reliance on rental living.* This article has been translated by AI. 2026-08-19 15:32:00
  • Employment in Finance Sector Rises, But Major Banks Cut New Hires by 14%
    Employment in Finance Sector Rises, But Major Banks Cut New Hires by 14% While overall employment in the finance and insurance sectors has increased, the number of new hires at major commercial banks has been declining over the long term. The rise of online transactions and the reduction of physical branches have led to a decreased demand for general bank tellers, prompting a shift in recruitment within the finance sector towards specialized roles in digital IT, investment finance, and non-bank institutions.According to the Financial Services Commission, the '2026 Joint Recruitment Fair for the Finance Sector' is taking place at the Dongdaemun Design Plaza in Seoul over two days, featuring a record 82 financial institutions. The number of participating organizations has steadily increased from 64 in 2023 to 78 in 2024, and 80 last year.Despite the growth of the job fair, new hiring at major commercial banks is generally on the decline. According to the finance sector, the four largest banks—KB Kookmin, Shinhan, Hana, and Woori—plan to hire approximately 510 new employees in the first half of this year, a decrease of 85 positions, or 14.3%, from about 595 in the same period last year.Hiring trends vary by bank. Some banks have increased their hiring numbers compared to last year, but the reductions at other banks have been more significant, leading to an overall decrease among the four major banks. The total number of annual new hires has also dropped from 1,880 in 2023 to 1,320 in 2024, and approximately 1,170 last year, marking a 37.8% decline over two years.The reduction in bank hiring is attributed to changes in the operating environment. The expansion of mobile banking and the consolidation of branches have decreased the demand for general tellers. Banks are now focusing on hiring specialized personnel in areas such as digital IT, data, and corporate finance on an as-needed basis, rather than relying on large-scale regular recruitment.In contrast, overall employment in the finance sector has increased. According to the National Data Agency's Economic Activity Population Survey, the number of employed individuals in finance and insurance reached 825,900 in the second quarter of this year, up by 56,300, or 7.3%, from 769,600 in the second quarter of 2021.However, this statistic includes not only bank employees but also those working in insurance companies and finance-related services, as well as non-wage workers. Therefore, the increase in finance and insurance employment cannot be directly interpreted as a growth in bank jobs. There is also a trend in non-bank sectors to hire experienced workers who can be deployed immediately rather than increasing large-scale new graduate recruitment. The re-employment of voluntary retirees in the banking sector is also reflected in the overall employment figures.Ultimately, even as overall employment in finance and insurance rises, the number of entry-level positions available for young people may be decreasing. Lee Ok-yeon, chairman of the Financial Services Commission, commented, “With the introduction of AI and rapidly changing job requirements, companies are increasingly favoring experienced candidates, making it more challenging for young people to enter the finance sector.” 2026-08-19 15:32:00
  • Ruling Party Pushes for Accelerated Housing Supply Amid Greenbelt Regulation Changes
    Ruling Party Pushes for Accelerated Housing Supply Amid Greenbelt Regulation Changes The Democratic Party announced on August 19 that it has "removed the barriers of total regulation on greenbelts" and stated, "The party and government will respond to the public with 'accelerated housing supply.'" This comes amid differing views between the government and Seoul City, with the Democratic Party appearing to support the government.Park Sung-jun, the party's chief spokesperson, explained in a written briefing that "a proposal to exempt the total regulation on greenbelt areas for large-scale public housing districts was passed at yesterday's Cabinet meeting. This is a follow-up measure to the government's plan announced on January 29 to expand and expedite urban housing supply."He added, "The total regulation has been the biggest institutional barrier that halted projects whenever large-scale public housing districts were designated. This decision opens the way to quickly designate districts of necessary size in needed locations."Park emphasized that the Democratic Party takes seriously the difficulties faced by the public due to the shortage of real estate listings and rising prices in the metropolitan area, stating, "An urgent acceleration of housing supply is necessary. Our proposal to actively utilize vacant land in downtown Seoul for housing supply is aimed at ensuring the public's housing stability."Additionally, he noted that "Kim Yoon-deok, the Minister of Land, Infrastructure and Transport, plans to meet with Seoul Mayor Oh Se-hoon on the 20th to narrow the differences between the city and the government regarding housing supply. We urge the Seoul City not to use citizens' housing stability as a political bargaining chip."In particular, Park called on Mayor Oh to adopt a proactive stance on housing supply plans utilizing vacant land in response to citizens' demands.* This article has been translated by AI. 2026-08-19 15:28:00
  • Parliamentary Committee Disrupted as Opposition Demands Apology from Lawmaker
    Parliamentary Committee Disrupted as Opposition Demands Apology from Lawmaker During a meeting of the National Assembly's Science and Technology Committee on August 19, lawmakers from the Democratic Party demanded a public apology or resignation from Lee Jin-sook, a member of the People Power Party. They accused her of distorting and belittling the May 18 Gwangju Democratization Movement during a forum she hosted on August 13. Lee rejected the claims, arguing that the event was an academic discussion and that she did not make direct statements on the matter, leading to a disruption of the committee's proceedings.The committee was scheduled to address several agenda items, including the appointment of a vice chair, the formation of subcommittees, the extension of petition review periods, and the approval of agency reports and budget expenditures. However, only the appointments of the vice chair and subcommittees were discussed and voted on, while the remaining items were not addressed.Democratic lawmakers criticized Lee as soon as the meeting began. Representative Lee Jeong-heon stated, "I believe the only way for the National Assembly to uphold democracy and a minimum historical conscience is to immediately remove this lawmaker. If we proceed with this meeting, it would be tantamount to granting a pardon for historical distortion."Han Jun-ho, the ruling party's vice chair, also expressed concern, stating, "It is problematic to provide the public authority of the National Assembly to someone who twists historically and judicially confirmed facts and insults victims from specific regions. At the very least, she should apologize for the committee to function smoothly."Committee Chair Song Gi-heon urged Lee to apologize, saying, "The forum has caused emotional distress to many citizens, and there are those who feel pain from it. Please make a personal statement to facilitate the committee's work."In response, Lee stated, "I do not believe we must all express the same opinion on the May 18 Democratization Movement. If the spirit of May 18 is to be included in the constitutional preamble, we need to reflect on it, which is why I co-hosted the forum."She added, "The disruption of the committee is due to the Democratic Party's remarks, which seem to constitute collective violence against me. I do not agree that holding an academic forum would lead to the disruption of this committee. If the Democratic Party holds an academic forum on May 18, I will attend and listen."The People Power Party defended Lee, stating that she merely hosted the forum and did not make any statements regarding May 18. Choi Hyung-doo, the newly appointed opposition vice chair, remarked, "From the first meeting, the Democratic Party has unilaterally questioned Lee's qualifications. This issue has a separate public forum, so we should proceed with the committee's work as planned."As the Democratic Party continued to demand Lee's apology or resignation and she refused to comply, Chair Song declared a recess. However, after more than two hours of recess, which included a meal break, negotiations between the ruling and opposition parties failed, leading to the meeting's adjournment.Chair Song stated, "The Science and Technology Committee deals with issues related to false and manipulated information. Addressing this situation is essential to uphold the minimum principles necessary for our committee to fulfill its role. Today's meeting cannot proceed normally. I sincerely apologize to those who prepared for this meeting."* This article has been translated by AI. 2026-08-19 15:24:20
  • Woojung Free Life Opens 17th Funeral Home Shilnakwon in Anyang
    Woojung Free Life Opens 17th Funeral Home 'Shilnakwon' in Anyang Woojung Free Life announced the opening of its 17th premium funeral home, 'Shilnakwon,' located in Ho-gye-dong, Anyang, Gyeonggi Province.'Anyang Shilnakwon' is the largest among the nationwide Shilnakwon funeral homes, featuring a total area of 11,388 square meters (approximately 3,445 pyeong) and includes VIP rooms 1 and 2, along with 10 viewing rooms. It also offers a ceremony hall suitable for religious services and comfortable viewing areas. The facility can accommodate up to 1,060 people at once, with parking available for 168 vehicles.The design is distinctive, featuring a sleek and modern aesthetic reminiscent of an art museum, while the interior boasts high ceilings and spacious layouts to create a serene atmosphere for mourning.Additionally, the space is designed with community coexistence in mind. The first floor includes 'Shilnakwon Park' and an unmanned café, accessible not only to mourners but also to local residents. The third-floor parking area operates as a shared parking facility for Anyang City.Woojung Free Life plans to engage in various collaborative activities with Anyang City, including hiring local talent, providing funeral support for vulnerable groups, and offering public assistance during disasters.A company representative stated, 'Shilnakwon Anyang is a premium funeral culture space in the southwestern Gyeonggi region. We aim to provide dignified funeral services while also offering convenience to local residents and growing together with the community.'* This article has been translated by AI. 2026-08-19 15:20:00
  • Hwacheon County to Gather Public Input Ahead of 2027 Budget Preparation
    Hwacheon County to Gather Public Input Ahead of 2027 Budget Preparation Hwacheon County, under the 9th elected administration, will gather public input from residents in five towns and villages ahead of preparing the 2027 main budget. This initiative continues the tradition of resident budget briefings established during the 8th administration, with the aim of incorporating community suggestions from the early stages of budget preparation.According to Hwacheon County on August 19, the "2027 Budget Preparation Resident Briefing" will kick off on August 24 at 10 a.m. at the Hwacheon Cultural Arts Center. The same day, a session will be held at 2 p.m. at the Sangseo Township Office.Subsequent meetings are scheduled for August 25 at 10 a.m. at the Gandong Comprehensive Cultural Center, August 26 at 10 a.m. at the Hanam Comprehensive Living Culture Center, and August 28 at 10 a.m. at the Sain Comprehensive Cultural Center.County Mayor Kim Se-hoon and heads of various departments will attend the briefings. The county will explain its major project plans and the basic direction for budget preparation while collecting feedback on local issues and resident suggestions.Mayor Kim will also directly address residents' questions and suggestions during the sessions. Issues that can be immediately reviewed will be considered for inclusion in next year's budget. Suggestions requiring further verification will be assessed by the relevant departments through field investigations and feasibility studies before budget allocation decisions are made.After gathering opinions from the five towns and villages, the county plans to prepare the 2027 main budget and submit it to the Hwacheon County Council.The resident budget briefings in Hwacheon County are part of an ongoing citizen participation program. During the 8th administration, similar briefings were typically held around October to inform residents about financial operations and major projects while collecting feedback on living issues and project proposals.The 9th administration has maintained the existing framework while advancing the timing of public input by more than a month compared to previous years. The goal is to identify projects desired by residents before the budget is finalized, rather than merely explaining projects after the budget has been developed.Changes in policy priorities are also anticipated. While the 8th administration focused on expanding and solidifying existing projects in education, childcare, housing welfare, and tourism, the 9th administration has prioritized increasing residents' income as its top goal. Consequently, there is keen interest in how new directions, such as basic income for rural areas, agricultural support, and income-generating tourism, will be reflected in next year's budget.However, since the resident briefings themselves are not a new initiative, the practical differences between the two administrations are expected to be evident in the number of suggestions received and the scale of the budget.According to Hwacheon County, 74 proposals, including suggestions for basic income in rural areas and small-scale living issues, were submitted during the briefings held last October and November. The county has secured a budget of 44.2 billion won to promote related projects.Mayor Kim Se-hoon stated, "The center of Hwacheon County's financial operations is the citizens. I encourage active participation to create a budget that residents can truly feel and benefit from."* This article has been translated by AI. 2026-08-19 15:16:00