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  • Hyundai Marine & Fire Insurance Reports 36.4% Increase in First-Half Net Profit
    Hyundai Marine & Fire Insurance Reports 36.4% Increase in First-Half Net Profit Hyundai Marine & Fire Insurance announced that its net profit for the first half of the year reached 615.1 billion won, a 36.4% increase compared to the same period last year. Profits from long-term insurance surged to 613.9 billion won, up 105.7%. This increase was attributed to a reduction in the deficit from insurance claims and a one-time gain from the implementation of advanced guidelines for actuarial assumptions. Profits from general insurance rose by 38.9% to 102.2 billion won, benefiting from a base effect due to high claims in the previous year and stabilization of loss ratios. However, the auto insurance segment reported a loss of 10.2 billion won, reversing from profit. Despite a premium increase in February, the cumulative reduction in premiums, rising claims costs, and delays in improvements to the '8-week rule' for treatment of regular patients impacted results. Investment income partially recovered from first-quarter evaluation losses due to rising interest rates but still fell 55.3% year-on-year to 105.8 billion won. In the second quarter, net profit was 391.8 billion won, marking a 58.2% increase from the same period last year. Long-term insurance profits reached 348.0 billion won, while general insurance profits were 52.0 billion won, reflecting increases of 89.0% and 88.0%, respectively. Auto insurance also turned a profit of 3.8 billion won. As of the end of June, the balance of the insurance contract margin (CSM) stood at 9.8944 trillion won, an 11.2% increase from the end of last year. The solvency ratio (K-ICS) improved by 18.9 percentage points to 209.0%, influenced by rising interest rates.* This article has been translated by AI. 2026-08-14 10:40:20
  • Mayor Choi of Anyang: We Must Pass Down the Spirit of Patriotism to Future Generations
    Mayor Choi of Anyang: We Must Pass Down the Spirit of Patriotism to Future Generations Choi Dae-ho, the mayor of Anyang, Gyeonggi Province, expressed the importance of passing down the spirit of patriotism from our ancestors to future generations. In commemoration of the 81st Liberation Day, Mayor Choi is organizing a meaningful event to honor the noble sacrifices of the patriots and to reflect on the historical significance of liberation with the citizens. He stated, "On the morning of the 15th, we will hold the '81st Liberation Day Celebration' in the auditorium on the second floor of the city hall annex." Approximately 600 attendees are expected, including members of the Liberation Association, families of independence activists, veterans' organizations, and local leaders. The event will begin with a performance by the Capital Defense Command Military Band, followed by a national ceremony, awards for distinguished individuals, speeches, a commemorative performance by the Anyang City Youth Choir, singing of the Liberation Day song, and a cheer for independence. This year’s celebration in Anyang is not just a commemoration but also a 'citizen participation historical and cultural event' that allows residents to engage with the local history of the independence movement and share it with future generations. To facilitate understanding, the event will feature digital exhibitions and photo zones for citizens to learn more about the local independence movement history. The Anyang chapter of the Liberation Association will present 'Stories of the Independence Movement with Kim Gu,' and the Independence Hall will showcase a 'Photo Exhibition of the Provisional Government of the Republic of Korea' to reflect on the meaning of liberation and the footsteps of our ancestors. The commemorative exhibition has been running since the 1st, allowing citizens to engage with the history of the independence movement and the spirit of the patriots leading up to the celebration. This initiative is expected to provide families, including children and teenagers, with a more familiar understanding of our local and national independence history. In Anyang, the atmosphere is one of reflection on the sacrifices of our ancestors and the meaning of liberation as the region approaches Liberation Day. For citizens, Liberation Day is more than just a public holiday; it is a day to remember that today’s freedom and peace are made possible by the sacrifices of countless independence activists and patriots. Moreover, with exhibitions and citizen participation programs that allow residents to explore the local history of the independence movement, there is growing anticipation that parents and children will discuss history together and that young people will take an interest in their local heritage. This aligns with Mayor Choi’s ongoing emphasis on citizen participation, communication, intergenerational empathy, honoring veteran families, and fostering unity within the community. Mayor Choi aims to strengthen recognition for independence activists and their families while ensuring that the value of liberation is not confined to a specific generation but shared as a community value among all citizens. Additionally, this Liberation Day serves as an opportunity to take a step further in remembering the sacrifices of our ancestors, passing down their spirit to future generations, and building a community where all citizens share the historical significance. Following the official celebration, a luncheon will be held for members of the Liberation Association and their families to express gratitude and recognition for their contributions. Mayor Choi stated, "Today’s Republic of Korea is built upon the noble sacrifices of the patriots and independence activists who dedicated themselves to the country’s liberation." He added, "I hope this celebration will be a meaningful occasion for citizens to reflect on the significance of liberation and to pass down the spirit of patriotism to future generations."* This article has been translated by AI. 2026-08-14 10:36:10
  • Government and Democratic Party Begin Budget Planning for Next Year
    Government and Democratic Party Begin Budget Planning for Next Year The Democratic Party and the government initiated discussions on the direction and enhancements of next year's budget on August 14. They appear to be considering how to incorporate the three major projects promoted by the Lee Jae-myung administration and the management of surplus tax revenue resulting from the semiconductor boom into the budget.On the morning of the same day, a closed meeting was held at the National Assembly to discuss the direction of the 2027 budget. After the meeting, Han Jeong-ae, chair of the policy committee, told reporters that there was nothing specific to disclose about next year's budget, stating, "The government has not yet submitted a detailed budget proposal, so the approximate size of the budget was not a topic of discussion."Park Sang-hyuk, a lawmaker, noted, "There was a Q&A regarding the direction the government is pursuing for next year's budget," adding that the meeting focused on what aspects would be reflected in the budget and what enhancements were being considered.Since the meeting was held behind closed doors, the Democratic Party avoided providing direct answers regarding the government's economic measures, including next year's budget. When asked if the party agrees with the government's expenditure restructuring plan, Han responded, "No, not necessarily." She also clarified that discussions on the future response fund, initially mentioned as a topic for discussion, were not addressed in the meeting.Furthermore, the Democratic Party announced plans for an official meeting with the government to discuss the budget at the end of this month, indicating that specific discussions related to the budget had not yet taken place. Han stated, "We plan to hold a separate meeting at the end of August, where we will learn about the government's direction and approximate size of the budget."* This article has been translated by AI. 2026-08-14 10:36:00
  • HD Hyundai Heavy Industries Gains Amid Bill Gates Visit, Boosting SMR and Engine Prospects
    HD Hyundai Heavy Industries Gains Amid Bill Gates' Visit, Boosting SMR and Engine Prospects HD Hyundai Heavy Industries is showing strong performance on August 14. The company's stock is rising due to increased expectations for collaboration with TerraPower on small modular reactors (SMRs), coinciding with the visit of Bill Gates, chairman of the Gates Foundation. Additionally, a recent large order for power generation engines has improved investor sentiment.According to the Korea Exchange, as of 9:56 a.m., HD Hyundai Heavy Industries shares were trading at 502,000 won, up 6,000 won (1.21%) from the previous trading day. The stock initially surged 4.23% to reach 517,000 won. At the same time, HD Hyundai's shares also rose by 2.40%.The stock's strength is attributed to Gates' visit, during which he is expected to discuss SMR business collaboration with Chung Ki-sun, chairman of HD Hyundai. Gates is also the founder of TerraPower, a next-generation nuclear power company.HD Hyundai is expanding its cooperation with TerraPower in investment and reactor manufacturing. In November 2022, HD Korea Shipbuilding & Marine Engineering invested $30 million in TerraPower, and in December, HD Hyundai Heavy Industries secured a contract to manufacture the reactor vessel for a 345 MW sodium reactor being built in Wyoming, USA.In May, the two companies signed a basic agreement for the supply of sodium reactors. HD Hyundai Heavy Industries was selected as the preferred negotiator to manufacture and supply key equipment for the sodium reactor enclosure system (RES).As TerraPower begins construction of its first commercial-scale sodium reactor in the U.S., expectations for additional orders are growing. The reactor is being built in Kemmerer, Wyoming, with a target for commercial operation by 2030.The expansion of HD Hyundai Heavy Industries' power generation engine business is also seen as a positive factor for future stock performance. Recently, the company announced a $676 million (approximately 959.1 billion won) order for power generation engines. The 9.6 MW HiMSEN engine-based power generation equipment supplied by HD Hyundai Heavy Industries will be used to provide power to local data centers.Han Young-soo, a researcher at Samsung Securities, noted, "The order size itself accounts for 25% of this year's total order target for the engine business, and this order has allowed the division to exceed its annual order goal. Given that the power equipment sector receives a higher valuation than the shipbuilding industry, the increased share in the power market could justify a premium compared to competitors."* This article has been translated by AI. 2026-08-14 10:32:20
  • Line Games Quiet Surpasses 150,000 Participants in Steam Play Test
    Line Games' 'Quiet' Surpasses 150,000 Participants in Steam Play Test Line Games announced that the number of global participants in the Steam play test for its newly developed PC game 'Quiet' has surpassed 150,000 as of August 14.'Quiet' is a cooperative comedy horror title featuring alien ducks that crash-land on Earth and attempt to escape the watchful eye of their elderly homeowner. The game can be played solo or with up to four players. The Steam play test began on August 3 and exceeded 30,000 participants within just three days.According to Line Games, participants in the 'Quiet' play test are evenly distributed across Asia, Europe, and Latin America. The company analyzed that the game's visual style and core gameplay elements, which focus on cooperation for escape, have received positive feedback.A Line Games representative stated, “We plan to gather diverse user feedback from this Steam play test to accelerate development.”In May, at PlayX4, Line Games showcased playable versions of four new PC titles, including 'Quiet,' the cooperative sci-fi horror game 'Code Exit,' the survivor hack-and-slash game 'Ember and Blade,' and the black comedy visual novel 'Come to My Party.'* This article has been translated by AI. 2026-08-14 10:32:10
  • Finance Chief Urges Support for Homebuyers Loans
    Finance Chief Urges Support for Homebuyers' Loans Lee Ok-yeon, the chairman of the Financial Services Commission, urged the financial sector to ensure seamless support for loans related to moving expenses, interim payments, and final payments for genuine homebuyers.On August 14, during a meeting in Seoul with financial institutions and related agencies to review household debt, Lee emphasized the importance of actively cooperating with the comprehensive real estate finance measures announced by the government the previous day.Lee stated, "With the recent reasonable adjustment of the total household loan target, I ask that the expanded financial sector make every effort to ensure that funds for genuine demand are supplied in a timely and stable manner."He added, "While factors for expanding household loans still exist, speculative demand must be managed more effectively, and financing should be more readily available for those actually building homes and genuine homebuyers."Lee also noted that the adjustment of the total loan target is intended to support genuine demand and should not signal an encouragement of speculative lending. He stressed the importance of the financial sector being attentive to borrowers affected by regulations, as these rules directly impact their funding plans.Furthermore, he called for staff training and system maintenance to prevent confusion in operations, anticipating potential customer inconveniences and complaints.Lee urged active participation in expanding housing supply and normalizing project financing (PF) sites, emphasizing the need for prompt adjustments to the total loan targets by the Financial Supervisory Service to ensure timely funding for genuine demand.In response, the financial sector pledged to diligently implement the measures. The Financial Supervisory Service stated, "To promote housing supply, we will quickly prepare detailed plans to temporarily relax capital ratio regulations for residential projects and closely manage the normalization plans for each project within the sector-specific normalization fund, as well as establish a support center for resolving PF issues."Organizations such as the Korea Housing Finance Corporation, Korea Housing Guarantee Corporation, and SGI Seoul Guarantee announced plans to significantly increase guarantee supply for PF operators to 23 trillion won this year and 33 trillion won next year, while also expanding policy financing and guarantee support for newlywed households and young people.The Korea Banks Association stated, "We will strengthen efforts to ensure sufficient funding related to housing supply while consistently maintaining self-regulation efforts regarding credit loans."Meanwhile, as banks have tightened household loan criteria, the increase in household loans in July has slowed. The total increase in household loans across the financial sector was 6.2 trillion won, down 2.1 trillion won from the previous month. The slowdown was primarily driven by mortgage loans and credit loans. Overall mortgage loans increased by 3.5 trillion won, a decrease from the previous month's increase of 4.5 trillion won. Other loans, including credit loans, also saw a decline of 1.1 trillion won compared to the previous month. 2026-08-14 10:32:10
  • Korean Won Declines Against US Dollar Amid Risk Appetite Recovery
    Korean Won Declines Against US Dollar Amid Risk Appetite Recovery The won-dollar exchange rate is fluctuating in the 1410 won range.As of 9:46 a.m. on August 14, the exchange rate in the Seoul foreign exchange market is 1,416.9 won per US dollar. The rate was trading at 1,418.6 won, down 0.8 won from the previous day's closing price as of 6 a.m.Overnight, US stock markets saw all three major indices rise. The Dow Jones Industrial Average closed up 69.72 points (0.13%) at 53,839.99.The Standard & Poor's (S&P) 500 index rose by 50.49 points (0.65%) to finish at 7,798.99, while the Nasdaq Composite Index increased by 214.54 points (0.81%) to close at 26,803.03.International oil prices fell. October futures for Brent crude and September futures for West Texas Intermediate (WTI) closed down 2.15% and 2.43%, respectively, at $87.07 and $81.25 per barrel.The dollar index, which measures the value of the dollar against six major currencies, decreased by 0.06% to 99.91.The exchange rate is expected to decline further. Min Kyung-won, an economist at Woori Bank, stated, "We anticipate a weaker dollar reflecting reduced bets on consecutive interest rate hikes by the Federal Reserve, leading to a recovery in risk appetite."He added, "With significant foreign net buying, the offshore custody selling to handle customer currency exchange demand could drive further declines in the early trading today, following yesterday's trend."* This article has been translated by AI. 2026-08-14 10:32:00
  • Korean Bar Association Recommends Prosecutor Choi Yong-hoon as Special Inspector Candidate
    Korean Bar Association Recommends Prosecutor Choi Yong-hoon as Special Inspector Candidate The Korean Bar Association has recommended Choi Yong-hoon, a lawyer from K1 Chambers and a graduate of the 27th Judicial Research and Training Institute, as a candidate for Special Inspector.According to the legal community on the 14th, the Bar Association decided the previous day to nominate Choi as its candidate for the Special Inspector position.Choi served as a prosecutor for 24 years after being appointed to the Suwon District Prosecutors' Office following his training at the Judicial Research and Training Institute. He has held various positions, including prosecutor at the Seoul High Prosecutors' Office and Suwon High Prosecutors' Office, as well as the Director of Human Rights Policy at the Supreme Prosecutors' Office. He has been practicing law since 2022.Choi's father, former prosecutor Choi Hwan, played a crucial role in revealing the torture case of Park Jong-chul by ordering an autopsy against police efforts to hastily cremate the body.The Special Inspector's role is to oversee the President's spouse, relatives within the fourth degree, and senior officials at the Blue House.The position was established during the Park Geun-hye administration but remained vacant for ten years after the first Special Inspector, Lee Seok-soo, stepped down in September 2016, with no appointments made during the administrations of Moon Jae-in and Yoon Suk-yeol.In July of last year, President Lee Jae-myung instructed his aides to push for the appointment of a Special Inspector, and the process began when he requested the National Assembly for an appointment in April.The National Assembly will recommend three candidates from among legal professionals who have practiced law for over 15 years, from which the President will appoint one.The nominated candidate will then undergo a confirmation hearing in the National Assembly before being appointed.Previously, the People Power Party recommended prosecutor Kang Ji-sik (27th Judicial Research and Training Institute) in April, while the Democratic Party nominated prosecutor Choi Gil-soo (23rd Judicial Research and Training Institute) last month.The Democratic Party aims to complete the confirmation process by the end of August, before the regular session of the National Assembly.* This article has been translated by AI. 2026-08-14 10:32:00
  • Jung Jeom-sik Criticizes Governments Real Estate Policy as Rehashed and Deceptive
    Jung Jeom-sik Criticizes Government's Real Estate Policy as Rehashed and Deceptive Jung Jeom-sik, the floor leader of the People Power Party, criticized the government's real estate measures announced on August 13, calling it a "rehash of the same content" and warning that if it continues to rely on "deceptive numerical games," it will lose public trust. He has consistently labeled the new measures as "meaningless" and has intensified his attacks on the government.During a policy meeting at the National Assembly on August 14, Jung stated, "The government boasts of over 1.5 million housing units being supplied, but 1.35 million of these are recycled from the public housing supply plan announced in the September 7 measures last year."On the previous day, the government unveiled plans to quickly supply housing to stabilize the rental and sales markets, along with comprehensive financial measures for the real estate market. The plan includes the release of at least 230,000 additional housing units in the metropolitan area through the lifting of development restrictions, with an initial supply of 27,000 units in three locations: Yeomchang Park in Gangseo District, Wabu in Namyangju, and the station area in Gwangju, Gyeonggi Province. The government also plans to announce new land for 73,000 housing units.Jung further pointed out, "In addition to the 1.35 million units, they claim to secure an additional 240,000 units, including 100,000 new sites. However, they have only disclosed the locations for 27,000 units in Gangseo, Namyangju, and Gwangju, leaving the rest undecided and unclear." He criticized the government for presenting complex numbers while only providing 1,000 units in Gangseo for urban areas where housing supply is urgently needed, calling it a "deceptive numerical game to mislead the public."He also noted the absence of policies addressing unsold properties in rural areas or the liquidity issues facing local construction companies, urging the government to recognize the stark realities between the metropolitan area and the provinces. He called for measures to resolve unsold properties in rural areas and stimulate the economy, stating, "The government should provide stable supply signals through the revitalization of reconstruction and redevelopment in the metropolitan area, while promoting private demand in rural areas through easing regulations on multiple homeownership and financial support."Seoul Mayor Oh Se-hoon also attended the meeting, emphasizing that the government must fundamentally change its direction on real estate policy. He called for bold regulatory improvements to enhance project viability and speed, particularly urging a comprehensive review of the "residential occupancy policy" that disrupts the rental market and exacerbates public suffering.Regarding the increased tax burden on long-term homeowners, he stated, "Reducing tax benefits and increasing the tax burden on those unable to live in their homes due to circumstances amounts to a property tax increase. This violent taxation, which shifts the responsibility for policy failures onto the public, must stop." 2026-08-14 10:32:00
  • Kim Koo tops independence fighter searches ahead of Liberation Day
    Kim Koo tops independence fighter searches ahead of Liberation Day SEOUL, August 14 (AJP) - Kim Koo, Ahn Jung-geun and Yu Gwan-sun were among the most searched independence activists on the Independence Hall of Korea's online biographical dictionary this year. The results show how public interest remains centered on Korea's best-known anti-colonial figures ahead of Liberation Day. The Independence Hall of Korea said Friday it analyzed user activity on the Korean Independence Movement Information System's biographical dictionary from Jan. 29 to Aug. 13, finding that the three ranked among the most searched independence figures. Kim, better known by his pen name Baekbeom, served as chairman of the Korean Provisional Government and remains one of the central figures of the independence movement under Japanese colonial rule. This year marks the 150th anniversary of Kim's birth, which UNESCO has designated as an associated commemoration. Ahn Jung-geun is remembered as a symbol of armed resistance for assassinating Ito Hirobumi, Japan's first resident-general of Korea, at Harbin Station in 1909. Yu Gwan-sun, a high school student at Ewha Haktang, was arrested by Japanese police for taking part in the March 1 Independence Movement and died at Seodaemun Prison after being tortured by Japanese authorities. The Independence Hall said the enduring popularity of the three figures reflects their place as symbols of resistance, sacrifice and national self-determination. Kim Eun-ji, a researcher at the Independence Hall's Academic Research Department, said Korea's liberation on Aug. 15 was achieved through the blood, sweat and effort of all who devoted themselves to independence. She said the institution will continue working to introduce lesser-known independence activists to the public through tools such as the digital biographical dictionary. AJP Takeaway: · Kim Koo, Ahn Jung-geun and Yu Gwan-sun were among the most searched independence activists on the Independence Hall of Korea's online biographical dictionary from Jan. 29 to Aug. 13. · The search results show public interest remains concentrated on Korea's most symbolic anti-colonial figures ahead of Liberation Day on Aug. 15. · Kim Koo served as chairman of the Korean Provisional Government, and 2026 marks the 150th anniversary of his birth. 2026-08-14 10:28:48