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Financial Supervisory Service to Hire 95 New Employees Next Year The Financial Supervisory Service (FSS) will hire 95 new comprehensive staff members (Grade 5) through a public competition next year. The recruitment will cover seven fields, including management, law, economics, and information technology (IT).On August 18, the FSS announced the start of the application process for the 2027 recruitment of new comprehensive staff members (Grade 5).The positions available are as follows: 34 in management, 20 in law, 17 in economics, 17 in IT, 4 in statistics, 2 in financial engineering, and 1 in consumer studies, totaling 95 positions.There are no restrictions on education, age, or major, but applicants may only apply in one field. Male candidates must have completed military service or be exempt. Those with professional qualifications such as certified public accountants, lawyers, or actuaries will be given preference in the hiring process.Applications will be accepted from August 19 to September 7. The first written examination is scheduled for September 12, followed by the second written examination on October 17. After the first and second interview rounds, the final successful candidates will be announced between late December and early January.* This article has been translated by AI. 2026-08-18 15:56:00 -
Ruling and Opposition Parties Honor Kim Dae-jung's Legacy on 17th Anniversary of His Death On August 18, the ruling and opposition parties reflected on the legacy of late President Kim Dae-jung, marking the 17th anniversary of his passing. While leaders from the Democratic Party and the broader ruling coalition, including National Assembly Speaker Cho Jung-sik, attended the memorial service, the leadership of the People Power Party canceled their attendance to visit flood-affected areas in Geoje, South Gyeongsang Province.Democratic Party leader Kim Min-seok expressed at the memorial service, honoring his political mentor, "As the youngest secretary to the President, I stand here as the party leader to pay my respects." He added, "We are all disciples of the President, who prioritized practical solutions and the people's livelihood while striving for peace. We will honor and learn from him across party lines with the public."Speaker Cho stated, "The President's life was a testament to overcoming adversity in South Korea's history. He defended democracy amid the oppression of dictatorship, enduring kidnappings, death sentences, imprisonment, and exile, yet never abandoned his historical mission." He pledged that the National Assembly would strive to continue the President's spirit of unity and pragmatism, reinforcing democracy and safeguarding the lives of the people while promoting peace on the Korean Peninsula.President Lee Jae-myung, represented by Chief of Staff Kang Hoon-sik at the memorial, remarked, "Even under the harsh oppression of military dictatorship, he only thought of the people and democracy. We reflect on the President's brilliant insight and legacy, which paved the way for hope amid despair."Former President Moon Jae-in also shared on Facebook, "His call to 'set aside personal interests for the greater good and unite' resonates deeply today. I hope future generations will carry and practice the noble spirit left by the name 'Kim Dae-jung.'"The People Power Party also joined in honoring the late President. Spokesperson Park Chung-kwon stated, "We remember the late President, who never wavered in his belief in the nation's future amid numerous hardships and adversities. He practiced the values of democracy and human rights and worked for peace on the Korean Peninsula."He added, "The spirit of parliamentary democracy that President Kim defended through the first-ever filibuster has been institutionalized through the 2012 National Assembly Advancement Act. However, it is regrettable to see that even this law is now at risk due to the Democratic Party's legislative rush. We ponder what the late President would have said if he were to witness today's National Assembly."He concluded by promising to ensure that the democratic legacy left by the late President does not become a mere slogan in political strife but continues as a principle in South Korean politics. Earlier, the People Power Party had announced its leadership would attend the memorial service but changed their schedule at the last minute to visit the flood-affected areas, resulting in the cancellation of the first meeting between newly elected leader Kim and the party's representative, Jang Dong-hyuk. 2026-08-18 15:52:00
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Taiwan to Distribute Cash Payments of NT$10,000 to Citizens Next Year The Taiwanese government is planning to distribute cash payments of NT$10,000 (approximately $320) to each citizen next year. This initiative aims to share the benefits of rapid economic growth driven by the artificial intelligence (AI) and semiconductor industries.According to Yonhap News on August 18, President Lai Ching-te announced this plan after receiving a report on the '2027 Central Government Budget Proposal' from the Executive Yuan the previous day. President Lai explained that the economic growth resulting from the global demand for AI, high-performance computing (HPC), and cloud services will be returned to the public through what he termed the 'AI bonus.'The rapid growth of Taiwan's economy is attributed to the boom in the AI sector. The Taiwanese statistical authority projects the country's gross domestic product (GDP) growth rate to reach 11.05% this year, the highest level in 39 years since 1987.President Lai emphasized that it is important not to focus solely on average economic growth figures. He stated that attention should also be given to citizens earning below-average incomes and families working hard to make ends meet, ensuring that the benefits of economic growth are more widely distributed.The payments are expected to be made early next year. A government official indicated that if the Legislative Yuan passes the 2027 Central Government Budget Proposal before the end of this year, the NT$10,000 payments could be distributed before the Lunar New Year in February.However, there has been criticism surrounding the cash distribution from the political arena. Chiang Wan-an, the Taipei mayor from the opposition Kuomintang party, pointed out that the ruling Democratic Progressive Party had previously criticized the Kuomintang and the second opposition party, the People’s Party, for proposing the NT$10,000 payments as unconstitutional. He argued that President Lai should clarify the reasons for the sudden policy change.There are also speculations about political motives behind this initiative. Analysts suggest that it may be aimed at securing public support ahead of the local elections in November and laying the groundwork for President Lai's re-election bid in the 2028 presidential election.In particular, some interpret the cash distribution as a strategy to facilitate the passage of a record-high defense budget in the Legislative Yuan. The government is proposing a defense budget of NT$1.1225 trillion (approximately $36 billion) for the upcoming year, the largest in history.This is not the first time Taiwan has provided cash or consumption vouchers to its citizens. During the financial crisis in the late 2000s, the government distributed consumption vouchers worth NT$3,600. In response to the COVID-19 pandemic, it issued consumption vouchers worth NT$3,000 and NT$5,000 in 2020 and 2021, respectively. In 2023, NT$6,000 was distributed to stimulate the economy, and in 2025, NT$10,000 was given to counter the impact of U.S. tariffs. 2026-08-18 15:52:00
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Global regulators to share climate policies at Seoul conference next month SEOUL, August 18 (AJP) - Industry experts and regulators from global financial institutions will gather for a conference in Seoul hosted by the Financial Supervisory Service (FSS) next month, the South Korea's financial watchdog said on Tuesday. Under the theme "Future Climate Finance in the Era of Green Transition," the conference will be held at Ewha Womans University in western Seoul on Sept. 2. to discuss how the financial sector can support efforts to cut carbon emissions and address climate change risks. Financial authorities from overseas will share policies from their markets, while regulators and financial companies will present examples of how they manage climate risks. The FSS will also outline plans to assess how different climate scenarios could affect the financial sector. The FSS said the conference is intended to help financial companies better prepare for those risks while supporting the broader economy's move toward lower emissions. Speakers will include officials from Japan's Financial Services Agency, the Hong Kong Monetary Authority and Britain's Financial Conduct Authority, who will present their respective approaches to helping companies reduce emissions and financing the transition. An executive from Australian bank ANZ will discuss how banks can help finance efforts to reduce carbon emissions. After the conference, an "A.I. Challenge" competition and a recruitment session will be held to help young people explore new career opportunities in the financial sector including green finance. It will invite participants to present ideas for new financial services using artificial intelligence, with financial companies providing feedback on whether the proposals could work in practice. The best-performing teams will receive scholarships as well as benefits when applying for jobs. About 15 major financial companies will also take part in the session, explaining what they look for in applicants and offering practical advice on entering the industry. AJP Takeaways • The Financial Supervisory Service (FSS) and Ewha Womans University will hold an international conference in Seoul on Sept. 2, 2026, focusing on how the financial sector can address climate risks and support efforts to reduce carbon emissions. • Officials from the Japan Financial Services Agency, Hong Kong Monetary Authority and Financial Conduct Authority in Britain will share policies and approaches to managing climate risks and helping companies lower emissions. • The Financial Supervisory Service will outline plans to examine how different climate scenarios could affect South Korea's financial sector. 2026-08-18 15:49:10 -
Does Eating Rice Make You Gain Weight? Examining the Differences Between White and Brown Rice August 18 is designated as 'Rice Day' in South Korea. While rice is a staple for Koreans, it often gets eliminated from diets when people start trying to lose weight due to the perception that 'eating rice leads to weight gain.' So, should one really cut out white rice to lose weight?The Ministry of Agriculture, Food and Rural Affairs held a commemorative event at the Seoul Craft Museum on August 18 for the 12th Rice Day. The date was chosen based on the Chinese character for rice (米), which can be interpreted as 18 (八十八). It also signifies that it takes 88 steps by farmers to produce a single grain of rice.White rice is neither an enemy of dieting nor a perfect health food. Rather than eliminating it, the focus should be on how and how much to consume this staple.However, white rice undergoes more processing than brown rice, resulting in lower fiber content and faster digestion and absorption. This makes whole grains like brown rice and mixed grains relatively more favorable for blood sugar management.According to the Food and Drug Administration's food nutrition database, 100 grams of cooked white rice contains 31.62 grams of carbohydrates, 2.56 grams of protein, and 0.2 grams of dietary fiber, with a low fat content of 0.47 grams. Essentially, rice is a carbohydrate food that provides energy necessary for bodily functions.The drawbacks arise during the milling process. When brown rice is processed to remove the bran and germ, dietary fiber and some vitamins and minerals are also reduced. Data from the FDA indicates that brown rice contains 2.0 grams of dietary fiber per 100 grams, which is higher than that of white rice, and it also has relatively higher levels of minerals like magnesium and zinc.The FDA recommends consuming whole grains like brown rice, which are richer in dietary fiber and minerals compared to refined grains, as a primary source of carbohydrates.In terms of weight management, brown rice may have some advantages. A meta-analysis of 13 randomized controlled trials published in the 2022 journal 'Critical Reviews in Food Science and Nutrition' found that participants consuming brown rice lost an average of 1.63 kilograms more weight, had a body mass index (BMI) 0.58 kg/m² lower, and a waist circumference 2.56 centimeters smaller compared to those eating white rice.Therefore, there is no need to ban white rice from a typical diet, but incorporating brown rice or mixed grains can be nutritionally beneficial. If consuming white rice, it is advisable to control portion sizes and pair it with vegetables and protein sources such as fish, meat, eggs, or tofu. 2026-08-18 15:40:00
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July COFIX Rises 0.13% as Variable Mortgage Rates Increase for Fourth Month The COFIX (Cost of Funds Index), which serves as the benchmark for variable-rate mortgage loans, has risen for the fourth consecutive month. As banks face higher funding costs, variable mortgage rates are expected to increase as well.According to the Korea Federation of Banks on August 18, the COFIX for new transactions in July stands at 3.18%, up 0.13 percentage points from the previous month’s 3.05%.This marks the highest level since December 2024 (3.22%) and reflects a continuous upward trend since April.The balance-based COFIX also increased from 2.94% to 3.00%, a rise of 0.06 percentage points. The new balance-based COFIX rose from 2.54% to 2.65%, an increase of 0.11 percentage points.COFIX represents the weighted average interest rate of funds raised by eight domestic banks. Since it reflects changes in interest rates for deposit products and financial bonds, an increase in COFIX typically leads to higher variable loan rates.Starting August 19, banks will adjust their variable mortgage rates to reflect the new COFIX. KB Kookmin Bank's new variable mortgage rates will range from 4.38% to 5.90%, while Woori Bank's rates will be between 4.69% and 5.89%.* This article has been translated by AI. 2026-08-18 15:36:10
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Government Considers Large Youth Housing Complex in Yongsan Park The government is exploring plans to develop a large youth rental housing complex on approximately 300,000 square meters of the Yongsan Children's Garden in Seoul. As a state-owned site, it does not require land acquisition, and its urban accessibility is excellent. Industry estimates suggest that building high-density small housing units could provide up to 20,000 homes.While the proposal sounds appealing, it is important to note that state-owned land is not free. Instead of paying for land acquisition, the government must sacrifice public assets such as parks, green spaces, and historical sites. Although the government mentions the figure of 20,000 units, it fails to explain the costs associated with this trade-off.If Yongsan Park becomes a candidate site for housing, what will be next? Why not consider Seoul Forest? How long can spaces preserved for their memorial and commemorative value, like the National Cemetery, remain exempt from housing logic? If the relocation of Gimpo Airport becomes a reality, will that site also be filled with homes?While the functions and legal characteristics of these areas differ, the government can change laws and urban planning as needed. Citizens are left wondering what the government prioritizes and where it will draw the line. The fear is straightforward: if the supply numbers are large enough, any place that serves as a foundation for our lives could lose its original value.Parks are not just undeveloped land; they are spaces that sustain citizens' lives in their current state.The process leading to this proposal is also unclear. On August 13, the government announced measures to secure additional housing supply for over 230,000 units in the metropolitan area, but Yongsan Children's Garden was not included. The following day, Minister of Land, Infrastructure and Transport Kim Yun-deok mentioned the entire Yongsan Park as a potential housing site, and three days later, plans for a large rental complex for youth and newlyweds were revealed. A site that was not part of the supply measures quickly transformed into a 'card to resolve the housing crisis for those in their 20s and 30s.'Yongsan Park is not suitable for rapid development. To build housing on the main site, changes to the Yongsan Park Creation Special Act and the comprehensive park master plan are necessary. Soil and groundwater investigations and remediation are also required, but the extent of contamination and the costs and duration of cleanup based on the assumption of residential conversion have not been disclosed.Even the nearby Camp Kim, which was initially suitable for mixed-use development, has faced delays due to contamination cleanup and cultural heritage investigations. Although it was returned in December 2020, the goal for construction is set for 2029. Even if this timeline is met, it will take nine years before the first shovel hits the ground. Given that changes to special laws and park plans are needed, Yongsan Park is unlikely to serve as a quick solution to the current rental crisis. In the meantime, today's 20-somethings will become 30-somethings, and some will no longer qualify as youth under current policies.Despite this, the government's proposal highlights 'Yongsan' and 'youth' while obscuring 'housing.' To fill 20,000 units, high-density small housing development is inevitable. If the government builds small homes densely under the pretext of providing good land for youth, it merely replicates existing youth housing.It remains unclear whether these will be public rentals or privately supported rentals, and how rental prices and duration of residence will be determined. Will residents be able to move to larger homes upon marriage or having children? Will savings from reduced housing costs lead to homeownership? If residents must leave once they exceed a certain age, the complex will merely serve as a large temporary shelter rather than a true housing ladder.If the government intends to build youth housing in Yongsan, it must first design the housing pathways. Rental prices should be set according to income, and residents should be able to transition to larger homes as their family situations change. There should also be mechanisms in place to ensure that savings during the rental period can lead to homeownership.It is easy to say that many homes for youth will be built on good state-owned land. The challenge lies in determining what to preserve and what will remain for the youth who move into those homes. The government has yet to demonstrate a compelling reason to convert Yongsan Park into housing land or to present an appropriate model for youth housing. The name of youth should not serve as a pass to open the gates of the park.What the government needs to address is not the figure of 20,000 units, but why this location is necessary, what will be preserved, and what the youth who move in will leave behind in ten years. 2026-08-18 15:36:00
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Lee keeps wartime control plan as Trump cuts drills SEOUL, August 18 (AJP) - South Korea will take back wartime control of its own troops on schedule and accelerate work on a nuclear-powered submarine, President Lee Jae Myung said Tuesday, a day after U.S. President Donald Trump ordered the allies' annual exercise scaled back. Trump said Sunday (local time) that he had instructed U.S. Defense Secretary Pete Hegseth to "substantially reduce" the drills, writing on his social media platform that it was too late to cancel them outright. He cited his relationship with North Korean leader Kim Jong-un and said South Korea had declined a request to join U.S. efforts against Iran. The exercise, Ulchi Freedom Shield, began Monday and runs through Aug. 27, involving about 18,000 South Korean troops. The Joint Chiefs of Staff said this month that 14 field training events at battalion level or larger were planned, down from 22 last year. Speaking at the Ulchi cabinet meeting at the presidential office Choeng Wa Dae, Lee gave no ground on the timetable. "The return of wartime operational control within this term must be pushed ahead without disruption, in line with the government's original plan," he said. The timing carries weight beyond the rhetoric. Wartime operational control, or OPCON, has stayed with the U.S.-led combined command since the Korean War (1950~1953), and the handover runs through a three-stage certification process. Defense Minister Ahn Gyu-back said in June that verification of the future combined command's full operational capability would be completed at the annual Security Consultative Meeting with the United States later this year. The two governments would then recommend a target year to their presidents. Large-scale exercises are where that capability is tested. Lee argued that the country has already outgrown its dependence. He said South Korea is rated the world's fifth-strongest military and a top-four defense industry power, and that its defense spending amounts to 1.4 times North Korea's gross domestic product. "In terms of weapons systems and force size, it is no exaggeration to say our capacity to defend ourselves is more than sufficient," he said. Lee then turned to the submarine program, the most concrete piece of the self-reliance agenda. He asked officials to "speed up the nuclear submarine project, which will symbolize a more constructive and solid future for the alliance." The defense ministry released its basic development plan in May. The boat is to run on low-enriched uranium fuel with a long refueling cycle, be designed and built domestically, and reach launch in the mid-2030s and service in the late 2030s. Fuel supply depends on Washington. The bilateral nuclear agreement bars South Korea from enriching uranium or reprocessing spent fuel without U.S. consent, and talks on that point have been running since the two leaders agreed last year to support a South Korean boat. He also asked that preparations for a unified armed forces academy proceed without wavering, pointing to changes in how wars are fought. "Recent warfare is evolving into a hybrid form in which conventional combat, terrorism and cyberattacks work together," he said. Before the cabinet meeting, Lee chaired a full session of the National Security Council for the exercise period and reviewed wartime transition procedures across government agencies. "Creating a peace in which there is no need to fight matters most, but we must also prepare for the worst," he said, according to a written briefing by Kang Yu-jung, the chief presidential spokesperson. Kang said Lee made clear that the exercise is defensive, aimed at protecting the lives and safety of South Koreans, and that the country has no intention of attacking North Korea or raising tension on the peninsula. Pyongyang warned Friday of unspecified stern measures, calling the drills a rehearsal for war. Lee instructed officials not to run the exercise the way it has always been run, but to rebuild it around current forms of conflict. 2026-08-18 15:34:48 -
Justice Minister Jeong Seong-ho Resigns, Citing Completion of Prosecutorial Reform Legislation Jeong Seong-ho, the Minister of Justice, who has expressed concerns over key issues surrounding prosecutorial reform, has officially submitted his resignation.According to legal sources on August 18, Jeong submitted his resignation to the Blue House and the Ministry of Personnel Management in the afternoon.In his resignation letter, Jeong cited health reasons, including sleep disorders, and stated that "the major legislation related to prosecutorial reform has been completed." He also expressed his belief that the newly restructured criminal justice system should be completed under new leadership.However, a Blue House official stated, "We ask for your understanding that we cannot confirm matters related to personnel," refraining from commenting on specific issues.Previously, Jeong had hinted at the possibility of resigning multiple times in public settings. During a National Assembly Legislation and Judiciary Committee meeting on July 27, when asked by lawmakers about his intention to resign, he responded, "New wine should be put in new bottles," indicating his willingness to step down.Despite this, the Blue House had drawn a line, stating that Jeong's expression of resignation was not formal. Additionally, it was reported that during a closed Cabinet meeting on August 4, President Lee Jae-myung advised Jeong to "hang in there," suggesting that the Blue House was indirectly discouraging his resignation.This situation arises as a significant organizational restructuring is set to take place in October, with the abolition of the prosecution office and the establishment of the Public Prosecution Service and the Serious Crimes Investigation Agency. The Blue House likely views Jeong's role as essential for ensuring the smooth implementation of these reforms.However, with Jeong's resignation now submitted, significant delays are expected in the follow-up measures for prosecutorial reform and the timeline for restructuring the criminal justice system.The resignation of a Cabinet member must go through a recommendation process by the Ministry of Personnel Management before being finalized by the President. Once the President accepts the resignation, the Ministry of Justice will transition to an acting leadership under Vice Minister Lee Jin-soo.Amid speculation about the next Minister of Justice, names such as Democratic Party lawmakers Park Kyun-taek and Lee Geon-tae, who represented President Lee in legal matters, are being discussed. 2026-08-18 15:32:10
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Justice Minister Jeong Seong-ho Submits Resignation Amid Prosecutorial Reform Jeong Seong-ho, the Minister of Justice, has officially submitted his resignation, raising concerns over key issues surrounding prosecutorial reform, including the abolition of direct investigative powers for prosecutors.According to legal sources on August 18, Jeong submitted his resignation to the Blue House and the Ministry of Personnel Management in the afternoon.In his resignation letter, he cited health reasons, including sleep disorders, and stated that "major legislation related to prosecutorial reform has been completed." He also expressed the belief that the newly restructured criminal justice system should be finalized under new leadership.However, a Blue House official stated, "We ask for your understanding that we cannot confirm matters related to personnel changes," refraining from providing specific details.Previously, Jeong had hinted at the possibility of resigning on several occasions in public settings. During a National Assembly Legislation and Judiciary Committee meeting on July 27, when asked by lawmakers about his intention to resign, he responded, "New wine should be put in new bottles," indicating his willingness to step down.Despite this, the Blue House clarified that Jeong's expression of resignation was not formal. Additionally, it was reported that during a closed Cabinet meeting on August 4, President Lee Jae-myung advised Jeong to "hang in there," suggesting that the Blue House was indirectly discouraging his resignation.This situation arises as a significant organizational restructuring is set to occur in October, with the abolition of the prosecution office and the establishment of the Public Prosecution Service and the Serious Crimes Investigation Agency. The Blue House likely views Jeong's role as essential for ensuring the successful implementation of these reforms.However, with Jeong's resignation now submitted, significant repercussions are anticipated for the follow-up measures related to prosecutorial reform and the timeline for restructuring the criminal justice system.The resignation of a Cabinet member must go through a recommendation process by the Ministry of Personnel Management before receiving final approval from the President. Once the President accepts the resignation, the Ministry of Justice will transition to an acting leadership under Vice Minister Lee Jin-soo.As discussions about the next Minister of Justice continue, names such as Democratic Party lawmakers Park Kyun-taek and Lee Geon-tae, who represented President Lee in legal matters, are being mentioned as potential candidates.* This article has been translated by AI. 2026-08-18 15:32:00