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  • NH Bank Allocates 50 Billion Won for Recovery Support in Gyeongnam Region
    NH Bank Allocates 50 Billion Won for Recovery Support in Gyeongnam Region NH Bank has allocated up to 50 billion won in emergency funds to support farmers in the Gyeongnam region affected by heavy rainfall.On August 19, the National Agricultural Cooperative Federation announced a comprehensive support plan to help affected farms resume operations and recover their daily lives.The emergency funds will be directed to agricultural cooperatives and their members in the impacted areas. The focus will be on addressing crop damage and restoring agricultural infrastructure, taking into account the extent of the damage and local conditions.Recovery equipment, including pumps and water pumps, will be urgently deployed to the affected areas. Support will also include the supply of agricultural materials, pest control, repair of flooded farming equipment, and operation of heavy machinery, along with volunteer assistance from NH Bank employees.If the area is declared a special disaster zone, NH Bank will provide interest-free emergency living stabilization funds of up to 30 million won per household to affected members.NH Bank will offer new funding to affected farmers and residents, applying preferential interest rates of up to 2.1%. Farmers can receive interest rate reductions of up to 2.6%. The bank will also support the deferral of existing loan repayments.In the Geoje area, where access to financial services is limited, mobile banking units will operate to assist residents with cash withdrawals and remittances.For crop and livestock damage, on-site investigations and damage assessments will be conducted promptly to expedite the payment of disaster insurance claims. NH Life Insurance and NH General Insurance will defer premium payments and shorten the claims process to alleviate the financial burden on affected farmers.“I extend my deepest condolences to the farmers and local residents who have suffered significant damage due to the heavy rainfall,” said Kang Ho-dong, Chairman of the National Agricultural Cooperative Federation. “NH Bank will mobilize all its resources for recovery and financial support, as well as to stabilize living conditions and the supply of agricultural products, to ensure that affected farmers can return to their daily lives and farming operations as soon as possible.” 2026-08-19 14:12:00
  • Choi Byung-oh Calls for Innovation Amid U.S. Tariff Volatility and European ESG Regulations
    Choi Byung-oh Calls for Innovation Amid U.S. Tariff Volatility and European ESG Regulations "Let’s secure global leadership through super-gap innovation based on productivity improvement and R&D."Choi Byung-oh, Chairman of the Korea Textile Industry Association and Fashion Group Hyungji, made this statement on August 19 at the Preview in Seoul (PIS) 2026, a global textile sourcing exhibition held at COEX in Gangnam, Seoul. He noted, "As the volatility of U.S. tariff policies increases and European regulations on carbon neutrality and eco-design strengthen, our companies are facing new challenges." He urged the government to pay more attention to protecting the domestic textile and fashion industry's manufacturing base and enhancing its competitiveness.Choi identified artificial intelligence (AI) and sustainability as key changes in the textile and fashion industry. He stated, "Six years after the COVID-19 pandemic, significant changes are underway in daily life and consumer behavior, centered on AI-driven digital transformation and sustainability. I hope this PIS serves as an opportunity for all stakeholders in the textile industry to take a step forward toward the future through cooperation and connection."After the opening ceremony, Choi visited booths of major participating companies, including Hyosung TNC, Toray Advanced Materials, and Daehyun TFC. He examined the latest technologies and products by touching the displayed fabrics and materials, engaging in discussions with industry representatives. At the Hyosung TNC booth, when a staff member appeared nervous while explaining a product, Choi encouraged them with applause, saying, "Please feel free to explain." He also showed interest by taking photos of products being demonstrated at the Korea Textile Association booth.The PIS, which runs until August 21, features 526 companies from 13 countries, including 267 domestic and 259 foreign firms. A representative from the Korea Textile Industry Association noted, "Although the exhibition area has decreased due to COEX renovation, the number of participating companies has actually increased."The composition of overseas buyers has also diversified. Among the invited buyers, those from North America and Europe account for 51.0%, surpassing half, while buyers from Asia, including Japan and Vietnam, make up 47.5%.From North America, sourcing teams and R&D teams from global brand headquarters participated. In Japan, large fashion retail companies and general trading firms attended, while buyers from China and Vietnam visited based on local production bases.A representative from the Korea Textile Industry Association expressed hope that, in line with this year's exhibition concept of CO-OP, domestic and international textile companies will create new collaboration opportunities through PIS. 2026-08-19 14:08:00
  • Gunpo Mayor Han Dae-hee Urges Citizens to Use Fuel Support Funds
    Gunpo Mayor Han Dae-hee Urges Citizens to Use Fuel Support Funds Gunpo Mayor Han Dae-hee is encouraging residents to utilize the fuel support funds to alleviate financial burdens and revitalize local businesses.On August 19, Mayor Han stated, "I urge citizens to use the 'fuel support funds' provided to stabilize their livelihoods and recover the local economy amid rising fuel and commodity prices." This call comes as the deadline for using the funds approaches, set for midnight on August 31.A total of 167,654 residents have received the fuel support funds, with an 86% usage rate as of August 3.Mayor Han emphasized that the initiative is designed to support citizens' financial stability and promote a virtuous cycle in the local economy, particularly benefiting small businesses. He believes the funds should not be seen as a one-time aid but as a means to reduce household burdens while directing consumer spending back to local small businesses.The funds can be used until midnight on August 31, regardless of the payment method, including credit and debit cards, prepaid cards, and Gunpo Money. Any unused balance will automatically expire without refund or extension, reverting to the national and local governments.Eligible spending locations include local businesses and merchants with annual sales under 3 billion won. However, usage is restricted at large supermarkets and in sectors related to entertainment, gambling, and cash-equivalent transactions.Residents have responded positively to the fuel support funds. One citizen remarked, "With both prices and fuel costs rising, the support has helped with food and essential purchases. It's great that I can use it at local stores, benefiting the community." Another resident noted, "Using the funds has brought me back to my usual neighborhood restaurants and small shops. I plan to use the remaining amount to buy necessary items locally before the deadline."Mayor Han urged residents with remaining balances to use the funds before they expire. He added, "We will continue to implement policies that closely monitor citizens' lives and invigorate the local economy, creating tangible changes that residents can feel."* This article has been translated by AI. 2026-08-19 14:04:10
  • Gwangju Metropolitan City Wins National Job Creation Award for AI and Future Vehicles
    Gwangju Metropolitan City Wins National Job Creation Award for AI and Future Vehicles 인공지능(AI)과 미래차, 에너지 산업 육성을 통해 8만명 넘는 고용을 창출한 전남광주통합특별시(구 광주광역시)가 올해 지방정부 일자리정책 평가에서 대통령상을 받았다. 고용노동부는 19일 오후 서울 한국프레스센터에서 '2026년 전국 지방정부 일자리대상' 시상식을 열고 우수 지방정부 73곳을 선정했다고 밝혔다. 행사에는 한성숙 국무총리와 김영훈 노동부 장관, 지방정부 단체장, 지역 일자리 사업 관계자 등 250여명이 참석했다. 대통령상인 종합대상은 전남광주통합특별시가 차지했다. 광역 지방정부 부문 대상은 경상남도, 기초 지방정부 부문 대상은 충남 천안시가 각각 국무총리상을 받았다. 정부는 2012년부터 지방정부 단체장이 임기 중 달성할 일자리 창출 목표와 정책을 주민에게 공개하는 '지역 일자리 공시제'를 시행하고 있다. 공시제 추진 성과를 평가하고 우수 사례를 공유하기 위해 매년 지방정부 일자리대상을 수여한다. 전남광주통합특별시는 산업 전환과 일자리 창출, 맞춤 지원, 일자리 질 개선, 위기 대응을 5대 핵심 과제로 추진해 8만1000명 규모의 고용을 창출했다. 특히 AI와 미래차, 에너지 등 미래 전략산업을 육성하면서 지역 산업 구조 변화에 대응한 점이 높은 평가를 받았다. 금호타이어 광주공장 화재 이후 민관이 함께 고용 안전망을 마련한 점도 수상 배경으로 꼽혔다. 초등학생 자녀를 둔 학부모의 출근 시간을 늦추는 '초등학부모 10시 출근제'와 산업단지 노동자 조식 지원 등 다른 지역으로 확산할 수 있는 생활 밀착형 정책도 시행했다. 광역 부문 대상을 받은 경남은 지역의 산업적 강점과 인재 양성 전략을 결합해 역대 최고 수준인 69.9%의 고용률을 기록했다. 지방정부와 산업계, 학교가 협력해 고등학교 교육부터 취업과 지역 정착까지 이어지는 인재 양성 체계를 구축한 점이 좋은 평가를 받았다. 기초 지방정부 부문 대상을 받은 천안시는 시민 참여를 바탕으로 민·관·학 협력 반도체 인력 양성과 시니어 베이커리 카페 등 지역 맞춤형 일자리 사업을 발굴했다. 일자리 빅데이터 플랫폼을 구축해 정책 추진 성과를 시민과 공유했으며 역대 최대인 39만명의 취업자 수를 달성했다. 김 장관은 "지방 소멸의 위기를 극복하고 지역 노동시장이 자생력을 갖추려면 단순히 일자리의 양을 늘리는 것을 넘어 일자리의 질을 높이는 데 집중해야 한다"며 "중앙정부도 ‘모두가 잘사는 균형성장’이라는 과제 아래 지역이 특성을 살려 성장할 수 있도록 뒷받침하겠다"고 밝혔다. 2026-08-19 14:04:00
  • HD Hyundai Heavy Industries Undergoes Intensive Oversight Following Fatal Accidents
    HD Hyundai Heavy Industries Undergoes Intensive Oversight Following Fatal Accidents The Ministry of Employment and Labor has initiated intensive oversight of HD Hyundai Heavy Industries, following a series of fatal entrapment accidents. Although the company has implemented emergency measures such as a safety shutdown, it has yet to announce specific follow-up actions to prevent further incidents.According to industry sources, two workers died in entrapment accidents at HD Hyundai Heavy Industries' Ulsan and Gunsan shipyards on July 18 and 24, respectively. This brings the total number of officially recorded fatalities from serious accidents at the company to 479 since its founding.The Ministry has deployed a total of 62 inspectors to oversee the Ulsan and Gunsan shipyards, as well as the headquarters and other high-risk facilities identified in 2026. The inspection team includes officials from local labor offices and the Korea Occupational Safety and Health Agency.The Metal Workers' Union of HD Hyundai Heavy Industries issued a statement following the entrapment accidents, claiming, "We reported the issue of unauthorized modifications and removals of safety mechanisms to the Ministry of Employment and Labor in January 2025, but the case was dismissed without charges. There has been no news on special safety inspections, and the company and the Ministry are complicit in ignoring our warnings about foreseeable accidents."The Ministry of Employment and Labor stated, "We will closely monitor the implementation of improvement measures following the accidents, the effectiveness of the safety management system at the headquarters level, and the adequacy of risk assessments across the company."It added, "We will take strict action against any violations identified during the inspections, including immediate legal action, and we will guide the company to develop tangible measures that can be felt on-site for necessary improvements."Furthermore, the Ministry emphasized that due to the recurrence of similar fatal accidents, the oversight will not be a one-time event. They plan to conduct follow-up inspections to ensure the sustained implementation of improvements.HD Hyundai Heavy Industries conducted a 'Safety Shutdown' from July 29 to July 31 to fundamentally eliminate serious accidents and assess safety at its facilities.On July 29, the company held special safety training for all employees, and from July 30 for two days, it halted production across all facilities to re-evaluate risks and conduct comprehensive inspections of high-risk processes, as well as improve safety and disaster prevention equipment and working conditions.At that time, HD Hyundai Heavy Industries expressed, "We feel a heavy responsibility for the recent safety accidents and sincerely apologize to the citizens and workers for the concern caused. We will focus all our efforts on resuming operations only when safety is secured and creating a workplace where all workers, including our partners, can work with peace of mind." 2026-08-19 14:04:00
  • South Korean retail investors flock to leveraged ETFs on Wall Street
    South Korean retail investors flock to leveraged ETFs on Wall Street SEOUL, August 19 (AJP) - South Korean retail investors sharply increased their bets on U.S. stocks in July, pouring billions of dollars into leveraged funds and the American depositary receipts (ADRs) of chipmaker SK hynix amid a retreat in the domestic market, according to an analysis of Korea Securities Depository (KSD) data compiled by AJP on Wednesday. South Korean investors made US$3.79 billion in net purchases of the Direxion Daily Semiconductor Bull 3X Shares (SOXL) in July, making the triple-leveraged semiconductor ETF their top U.S. investment for the month. SK hynix's ADRs came second, with domestic investors buying $1.01 billion and selling $166.5 million of the U.S.-listed securities between July 1 and 31, resulting in net purchases of $843.7 million. The preference for amplified bets extended further down the rankings. ProShares UltraPro QQQ or TQQQ, which seeks three times the Nasdaq-100's daily return, ranked fourth with $350.2 million in net purchases, while the two-times ProShares Ultra QQQ, or QLD, placed sixth at $296.8 million. The concentration was part of a much broader move into U.S. equities. South Korean investors made about $4.5 billion in net purchases of U.S. stocks in July, up sharply from the previous month. The SK hynix purchases stood out for another reason. Although investors can buy the chipmaker's shares directly on the Korea Exchange, its U.S.-listed ADRs drew the second-largest net purchases among U.S.-traded securities in July. Their performance has also diverged since the ADR's U.S. debut. SK hynix's Seoul-listed shares fell 23.8 percent from 2.18 million won on July 10 to 1.66 million won on Aug. 18. Over the same period, SKHY declined just 7.4 percent, from $168.01 to $155.62. The unusual demand and price gap have drawn concerns about speculative excess. Owen Lamont, a senior vice president at Acadian Asset Management, told CNBC that South Korean investors were buying the U.S.-listed security even though they could invest in the same company at home, calling the behavior "absolutely crazy." He compared the discrepancy with pricing distortions seen around the dot-com bubble, when shares representing the same companies sometimes traded at sharply different prices across markets. Indian software firm Infosys, for example, saw its U.S.-listed ADR trade at a 136 percent premium to its domestic shares in March 2000. Beyond SK hynix, relevant data also show that the broader rush into U.S. stocks accelerated sharply in July, with leveraged funds drawing some of the biggest inflows. South Korean investors' net purchases of U.S. equities jumped to about $4.5 billion from $633 million in June. The increase was particularly striking in leveraged products. Net buying of SOXL surged to $3.79 billion from just $40.9 million in June, while purchases of TQQQ more than quadrupled to $350.2 million from $78.4 million. QLD buying rose 15 percent to $296.8 million from $258.1 million. The figures show that July's surge was not simply a broader move into U.S. stocks. Some of the strongest buying was concentrated in products designed to magnify moves in semiconductors and technology. Leveraged ETFs such as SOXL and TQQQ seek three times the daily returns of their underlying indexes, magnifying gains as well as losses. The sharp increase in such bets suggests that the retreat in domestic stocks did little to curb retail investors' appetite for risk, even as more of their money flowed toward Wall Street. AJP Takeaways • South Korean retail investors sharply increased purchases of U.S. stocks in July 2026, with net buying rising to about $4.5 billion from $633 million in June. • The Direxion Daily Semiconductor Bull 3X Shares (SOXL) ranked as Korean investors' most-purchased U.S.-listed security in July, with $3.79 billion in net purchases, up from $40.9 million in June. • SK hynix's American depositary receipts (SKHY) ranked second, drawing $843.7 million in net purchases between July 1 and July 31 despite the chipmaker's shares being directly available in South Korea. • Korean buying also increased in other leveraged technology ETFs, with ProShares UltraPro QQQ (TQQQ) net purchases more than quadrupling to $350.2 million in July and ProShares Ultra QQQ (QLD) rising 15 percent to $296.8 million. 2026-08-19 14:03:09
  • Financial Services Commission Expands Cybersecurity Personnel to Enhance Data Protection
    Financial Services Commission Expands Cybersecurity Personnel to Enhance Data Protection The Financial Services Commission (FSC) is expanding its personnel dedicated to responding to data breaches and enhancing cybersecurity for government information systems. This move comes in the wake of recent cyberattacks targeting government agencies, including a hacking incident at the National Diplomatic Academy that resulted in the potential leak of personal information.According to relevant authorities on August 19, the FSC has announced a legislative proposal to increase its staff by two, specifically for roles related to data protection and information security.The new positions will consist of two level-6 staff members, with one assigned to data protection and the other to information security. This will raise the total number of FSC employees from 273 to 275.This personnel increase aims to strengthen the FSC's response system for data protection and information security. The proposal includes provisions to quickly address risks of data breaches and cyberattacks on government information systems while enhancing the expertise and response capabilities of the staff.Recent cyberattacks targeting both public institutions and private companies have underscored the growing need for specialized personnel to handle these threats. Last month, a hacking attack on the National Diplomatic Academy's training management system revealed that personal information of trainees and instructors had been compromised, prompting calls for a reassessment of the information security systems within government agencies.The personal information held by public institutions can include not only basic details like names and contact information but also sensitive data depending on the nature of their work, which can lead to long-term damage if leaked. Consequently, the government plans to enhance its systems not only to assess the scale of damage and respond after incidents occur but also to regularly check for system vulnerabilities and manage security risks that may arise during the handling of personal information.This personnel expansion is part of a broader inter-agency initiative. In addition to the two positions at the FSC, approximately 70 related personnel will be newly allocated across various government departments.A department official stated, "It is becoming increasingly important to identify risk factors and manage vulnerabilities proactively, rather than just responding after a cyberattack occurs. We plan to establish a comprehensive response system that covers everything from prevention to post-incident measures through dedicated personnel." 2026-08-19 14:00:00
  • Hwang Young-woongs If You Love Gains Popularity Despite KBS Exclusion
    Hwang Young-woong's 'If You Love' Gains Popularity Despite KBS Exclusion Hwang Young-woong's new song 'If You Love' is receiving steady attention despite not being included in the drama's main content.'If You Love' was released on July 14 at 6 PM across various music platforms. Initially announced as part of the KBS 2TV weekend drama 'If You Love, We Will Prescribe,' it ultimately was not included in the show, and the title was excluded from the official OST.KBS stated in a response to viewer petitions on July 24 that the production team learned of Hwang Young-woong's participation in the OST only four episodes before the drama's conclusion. By that time, the music lineup for the final episode had already been finalized, making it difficult to add the song regardless of the controversy surrounding Hwang Young-woong. KBS also communicated to the production company that the song could not be included in the broadcast or used in the official OST title.The music release proceeded as planned. Although it debuted without any broadcast exposure, online reactions emerged immediately after its release. As of August 19, Hwang Young-woong's 'If You Love' music video has surpassed 800,000 views and received 6,048 comments, demonstrating ongoing interest.Netizens have expressed their support in comments such as, 'A voice that seeps deep into the heart,' 'A pleasant tone,' and 'Hwang Young-woong, I support you every day and every moment.''If You Love' features lyrics by Ji-hoon, Hwang Jeong-ki, and Lee Gyu-nak, with composition by Lee Gyu-nak and Hwang Jeong-ki. The song showcases a lyrical melody complemented by Hwang Young-woong's deep vocal tone.* This article has been translated by AI. 2026-08-19 13:56:00
  • HD Hyundai Heavy Industries Launches New Landing Ship for Peru
    HD Hyundai Heavy Industries Launches New Landing Ship for Peru HD Hyundai Heavy Industries has successfully completed its first joint ship construction project abroad.On August 18, the company announced the launch of the Chimbote, the first of two new landing ships for the Peruvian Navy, at the SIMA shipyard in Peru.The Chimbote is one of two landing ships being jointly constructed by HD Hyundai Heavy Industries and SIMA. The company secured a contract in April 2024 for a total of four vessels, including two landing ships, and began simultaneous construction on them.The second ship, the Talara, has also completed all land-based construction processes earlier this month.Both the Chimbote and Talara are multipurpose landing ships designed to perform various missions, including personnel and cargo transport, logistical support, and disaster response. They are named after major port cities in Peru.This export project by HD Hyundai Heavy Industries is seen as a new model for K-ship exports. It transforms the concept of ship exports from 'domestic construction and delivery of finished products' to local joint production through technological cooperation, upgrading the shipbuilding business from mere manufacturing to engineering.Joo Won-ho, CEO of HD Hyundai Heavy Industries, stated, "The launch of the Chimbote is a result of the collaboration between the public and private sectors, a true Team Korea achievement. We will enhance the competitiveness of K-ships and diversify our export markets."Additionally, this joint construction project is linked to the development of the local shipbuilding industry in Peru. The Peruvian government aims to create local jobs, train skilled workers, and expand the shipbuilding supply chain through this project. HD Hyundai Heavy Industries is responsible for design and technical support, while SIMA handles block production, assembly, outfitting, testing, and commissioning. 2026-08-19 13:48:00
  • Household debt surpasses over 2,000 trillion for 1st time
    Household debt surpasses over 2,000 trillion for 1st time SEOUL, August 19 (AJP) - South Korea's total household debt surpassed 2,000 trillion won for the first time in the second quarter, driven by increased borrowing for home purchases and a stock-market rally, adding to the Bank of Korea (BOK)'s policy dilemma after it raised its benchmark interest rate last month. Outstanding household credit reached a record 2,019.8 trillion won (US$1.35 trillion) at the end of June, up 25.9 trillion won from three months earlier, according to preliminary BOK data released on Wednesday. The increase was larger than the revised 14.8 trillion won gain in the first quarter and marked the biggest quarterly rise since the 34.8 trillion won increase recorded in the third quarter of 2021. Household credit rose 3.6 percent from a year earlier and 1.3 percent from the previous quarter. The BOK's household credit figure covers household loans and unpaid credit card purchases. Household loans climbed 24.9 trillion won to 1,891.3 trillion won, while sales credit increased 900 billion won to 128.5 trillion won. Growth in housing-related loans accelerated to 12.2 trillion won from 8.1 trillion won, while other loans, including unsecured bank borrowing and credit extended by securities firms, more than doubled to 12.8 trillion won from 5.4 trillion won. Other loans exceeded the increase in housing-related borrowing for the first time since the second quarter of 2021, when they rose 23.5 trillion won and 17.6 trillion won, respectively. Kim Sung-jun, head of the BOK's financial statistics team, said housing-related and other loans each accounted for roughly half of the second-quarter increase. Housing borrowing was boosted by transactions brought forward ahead of the scheduled end of a temporary suspension of heavier capital-gains taxes on owners of multiple homes, Kim said. The surge in other loans reflected stronger unsecured lending by banks and an unusually large increase in credit supplied by securities firms as buoyant equity prices encouraged leveraged investment. Kim said the stock-market correction that began in the third quarter should help slow securities-related borrowing, suggesting part of the second-quarter jump may prove temporary. The shift was also visible across lenders, with deposit banks adding 13.3 trillion won of household loans after a 200 billion-won decline in the first quarter, while lending by other financial institutions increased 8.6 trillion won from 5.5 trillion won. Non-bank depository institutions added 3.1 trillion won, down sharply from 8.2 trillion won in the previous quarter, as tighter government loan-management measures restrained lending, Kim said. The 2,000 trillion-won milestone is striking, but it does not by itself mean household leverage is rising faster than the economy. Kim said the household-debt-to-nominal-GDP ratio had declined from 88.9 percent in the third quarter of 2025 to 88.1 percent at year-end and 85.3 percent in the first quarter of 2026, although second-quarter nominal GDP data are not yet available. The government has meanwhile relaxed its aggregate household-loan growth guideline to 3 percent from 1.5 percent, potentially adding to credit supply after the second-quarter acceleration. Kim said the effect of loans tied to relocation for redevelopment and reconstruction projects would take time to assess because those projects add housing supply only with a lag. The BOK raised its base rate by 25 basis points to 2.75 percent in July, leaving policymakers to balance renewed asset-backed borrowing against the heavier debt-service burden that further tightening would impose on households. For the central bank, the composition of credit may now matter as much as the headline total: even with the debt-to-GDP ratio drifting lower, a renewed flow of borrowed money into property and stocks can amplify asset prices and financial vulnerabilities. AJP Takeaways · South Korea's household credit reached a record 2,019.8 trillion won at the end of June 2026, rising 25.9 trillion won from the first quarter and exceeding 2,000 trillion won for the first time. · Housing-related loans rose 12.2 trillion won, while other loans increased 12.8 trillion won and outpaced housing borrowing for the first time since the second quarter of 2021 amid strong property transactions and stock-market credit. · The BOK said South Korea's household-debt-to-GDP ratio fell to 85.3 percent in the first quarter, but the renewed borrowing surge and the government's easing of its loan-growth guideline to 3 percent add to the policy trade-off after July's rate increase. 2026-08-19 13:44:44