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  • Korean Air and Asiana Airlines Finalize Merger, Launching Mega Carrier
    Korean Air and Asiana Airlines Finalize Merger, Launching Mega Carrier Korean Air and Asiana Airlines have finalized their merger.On August 12, Korean Air held a regular board meeting at its headquarters in the Seosomun Building in central Seoul, where it approved the merger agreement.Korean Air met the requirements for a small-scale merger under Article 527-3 of the Commercial Act, allowing the board's resolution to substitute for a shareholders' meeting.On the same day, Asiana Airlines convened an extraordinary shareholders' meeting at its headquarters in Oseo-dong, Gangseo-gu, Seoul, where it approved the merger contract.At the Asiana Airlines shareholders' meeting, 81.86% of all shareholders attended, with 99.3% (167,436,677 shares) of those present voting in favor of the proposal. This fulfilled the special resolution requirements set forth in Articles 522 and 434 of the Commercial Act.The merger resolutions from the Korean Air board and the Asiana Airlines shareholders' meeting officially accept the merger agreement that was approved by both companies' boards in May. Korean Air and Asiana Airlines plan to complete remaining procedures, including creditor protection processes, and register the merger by December 17.Korean Air has been progressing smoothly with the post-merger integration (PMI) process since acquiring Asiana Airlines. Following a review by the Ministry of Land, Infrastructure and Transport, the merger was conditionally approved on June 25, and the securities registration statement submitted to financial authorities became effective on July 24.To ensure seamless operations on the launch date of the integrated airline, the companies are closely coordinating with relevant authorities to obtain the Air Operator Certificate (AOC) and necessary operating permits from foreign aviation authorities.With the merger resolutions now complete, the final preparations for the integration of Korean Air and Asiana Airlines are expected to accelerate.In particular, the two airlines plan to strengthen their 'One Team' collaboration framework. They are focusing on system integration and cultural unification to provide safe operations and high-quality service from the first day of the new airline's launch.Korean Air is conducting job training for employees responsible for passenger and cargo services at Asiana Airlines in preparation for the launch of the integrated airline, and training for operational and cabin crew is also underway.The successful completion of joint emergency evacuation drills has demonstrated the capabilities of the crews from both airlines to ensure passenger safety after the merger. Additionally, joint volunteer activities among employees from both companies are expanding.A Korean Air official stated, "We will do our utmost to complete all necessary procedures in the remaining four months before the launch of the integrated airline and to elevate the status of South Korea's aviation industry."* This article has been translated by AI. 2026-08-12 15:04:00
  • Local Supermarkets Demand Action Against Large Retailers Early Delivery Services
    Local Supermarkets Demand Action Against Large Retailers' Early Delivery Services Local supermarket owners are urging the government to halt discussions on allowing early morning deliveries by large retailers and to quickly implement support measures for local businesses. They express growing concern as the influence of online platforms and large retailers continues to rise, despite indicators of economic recovery.On August 12, the Korea Supermarket Cooperative Federation and the People's Solidarity for Participatory Democracy held a press conference in front of the Cheong Wa Dae fountain, stating, "While government statistics may indicate economic recovery, local supermarkets are contemplating closure due to the ongoing crisis in the local economy." They called for urgent measures to address the challenges faced by local businesses.According to the Small Enterprise and Market Service, the Business Sentiment Index (BSI) for small businesses was 55.6 in July, a drop of 8.0 points from the previous month, with an outlook BSI of 71.0 for August, down 6.3 points in a month. A BSI below 100 indicates worsening economic conditions, while above 100 suggests improvement.The number of supermarkets has also significantly decreased. The National Tax Service reported that the number of supermarkets, which exceeded 28,000 during the height of the COVID-19 pandemic in 2022, fell to 26,588 as of June this year.While the government has announced budgets and policy funds for small businesses, the federation pointed out that there are no structural measures to help small business owners in the local economy increase sales and enhance competitiveness.They also expressed concerns over the expansion of business areas by companies like Coupang, Daiso, and Baedal Minjok's B Mart, which have exacerbated their difficulties. In particular, they voiced strong apprehension regarding discussions on allowing early morning and late-night deliveries by large retailers.The federation stated, "There are moves to allow late-night deliveries by large retailers under the pretext of countering Coupang. We must strengthen regulations on online platforms and large retail companies and withdraw the policy allowing late-night deliveries by large retailers." They also proposed expanding support for AI-based shared logistics centers necessary for small retailers and easing regulations for small business owners.They demanded a meeting with the President. Jeong Yeon-hee, president of the Korea Supermarket Cooperative Federation, noted, "While the President has met with large business leaders to hear their difficulties and discuss necessary support, there has been no such dialogue with small business owners. We urge an immediate halt to discussions on late-night deliveries and a direct meeting with representatives of local supermarkets."* This article has been translated by AI. 2026-08-12 15:04:00
  • Koreas Small Business Agency Launches AI Academy for Employees
    Korea's Small Business Agency Launches AI Academy for Employees The Small and Medium Business Administration announced on August 12 that it will pilot an 'AI Academy' aimed at employees of small businesses.The AI Academy is designed to enhance the AI capabilities of employees through hands-on training while also validating the educational model for industry-specific AI contract programs before their implementation.This year, the agency selected 10 new industry-specific AI contract programs that integrate AI with key sectors such as manufacturing, biotechnology, materials and components, and aerospace and defense. Each university plans to launch degree programs starting in March next year.The classes are structured to not only teach generative AI but also to equip employees with the skills to directly address challenges faced by their companies.The Korean Management Association Consulting, serving as an advisory body, is supporting the planning and operation of the training program, which will be conducted in a hybrid format of online and in-person sessions. The participants include about 30 students enrolled in the small business contract programs.The first session took place on August 1 at the Korea University of Engineering and Technology in Siheung, Gyeonggi Province. The Small and Medium Business Administration plans to conduct a total of four training sessions every Saturday until August 22.Kang Seok-jin, the head of the Small and Medium Business Administration, stated, "We will verify the effectiveness of the pilot operation of the AI Academy and continuously cultivate practical talents who can lead the self-sustaining AI transformation (AX) of small businesses in connection with the industry-specific AI contract programs."* This article has been translated by AI. 2026-08-12 14:56:20
  • Actor Ha-young Apologizes for Great-Grandfathers Pro-Japanese Actions
    Actor Ha-young Apologizes for Great-Grandfather's Pro-Japanese Actions Actor Ha-young has issued a personal apology regarding the pro-Japanese actions of her great-grandfather, Ahn Sang-ho. On August 11, Ha-young took to Instagram to express, "I sincerely apologize for the disappointment and hurt caused by matters related to my great-grandfather. Recently, I have reflected on my family's history with a heavy heart after learning about my great-grandfather Ahn Sang-ho's past actions." She continued, "Until now, I only had a fragmented understanding of my great-grandfather's life based on stories passed down through my family. Regrettably, I have spoken about him in various settings as if it were a family pride, in a state of ignorance." Ha-young acknowledged that the recent events prompted her to research her great-grandfather's history, stating, "Through this process, I learned about his pro-Japanese actions. I reflect on how I lightly mentioned my family history without fully understanding the painful history of our country during the Japanese occupation." She also apologized for her initial response to the controversy, saying, "When the issue first arose, I did not have a clear understanding of the facts, which led my agency to issue a statement claiming it was unfounded. I believe it was my inadequacy that allowed a mistaken position to be communicated without sufficient verification. I sincerely apologize for causing further confusion and hurt." Ha-young added, "Not knowing the facts does not excuse me from overlooking or trivializing that history. I take this mistake seriously and sincerely apologize as a descendant. I feel particularly remorseful for causing controversy due to my shortcomings just before Liberation Day." In conclusion, she stated, "I will take a closer look at my family's history and that era, and I will approach history with greater caution in the future. I will strive to study our history deeply and serve with respect for those who contributed to our independence and the well-being of our country. I will put these words into action, not just in speech." Previously, on August 7, Ha-young mentioned her family's background on KBS2's 'Problematic Men in the Rooftop Room,' stating, "My great-grandfather studied Western medicine in Japan and was the first doctor to open a practice in Hanyang. I believe he treated King Gojong." Following the broadcast, allegations regarding Ahn Sang-ho's pro-Japanese activities surfaced online. Ahn Sang-ho is known to have graduated from the Tokyo Jikei Medical School in 1902, becoming the first Korean to obtain a medical license in Japan. After returning to Korea in 1904, he opened a private practice in Jongno 3-ga, Seoul, and treated King Gojong alongside a Japanese doctor in 1919. In response to the controversy, Ha-young's agency initially stated that the claims were "unfounded." However, after Ahn Sang-ho's name was found on a list of council members of the Daijeong Friendship Association, the agency reversed its position within a day. The Daijeong Friendship Association is known to have cooperated with Japanese colonial rule and promoted the integration of Koreans and Japanese, with figures like Lee Wan-yong also associated with the group. In light of the controversy, Ha-young's promotional schedule for her upcoming Netflix series 'This Awful Love' has been adjusted, with all related interviews canceled. 2026-08-12 14:56:20
  • Ruling Party Launches Task Force to Support Housing Market Stabilization
    Ruling Party Launches Task Force to Support Housing Market Stabilization The Democratic Party has launched a task force (TF) to support the real estate supply measures of the Lee Jae-myung administration, set to be announced on the 13th, reaffirming its commitment to mobilizing all resources for comprehensive support. The party also urged the People Power Party to recognize that housing policy should not be a subject of political conflict.On the afternoon of the 12th, the Democratic Party held the inaugural meeting of the 'Housing Market Stabilization TF' at the National Assembly, in collaboration with the Ministry of Land, Infrastructure and Transport, the Ministry of Economy and Finance, and the Financial Services Commission.Attendees included Han Byung-do, the party's acting leader and floor leader, along with Cheon Jun-ho, the deputy floor leader, Kim Han-kyu, the senior policy deputy leader, and Han Jeong-ae, the head of the policy committee. Other members present were lawmakers from the National Assembly's committees on Land, Infrastructure and Transport, Economy and Finance, and Administrative Safety.Han Byung-do stated that the party would exert all possible efforts to achieve housing stability for the public by reviewing policies encompassing supply, taxation, and finance with the government. He emphasized the need for a closer cooperation system between the party and the government to devise effective responses, stating, "It is crucial to act swiftly so that the public can feel the impact, and we will work together to restore the housing ladder."Han Jeong-ae argued for the necessity of cooperation among the central government, local governments, and Seoul to increase housing supply, asserting that all efforts should be made to expand housing availability. She called for an increase in non-apartment housing that can be supplied in the short term and urged a bold acceleration of supply through modular housing.They also called on the People Power Party to cease unnecessary political disputes and cooperate with the government on housing supply measures, given the consensus on the need for such measures.Han Byung-do criticized the People Power Party for blocking the passage of follow-up legislation to support the government's supply measures, despite their claims that supply is the solution to stabilize the housing market. He urged them to stop using the public's livelihood as a bargaining chip and to cooperate in processing the legislation.Han Jeong-ae noted that it has been over eight months since the government's 9-7 measures, and follow-up legislation has yet to be processed. She reiterated that housing policy should not be a subject of political conflict, urging the People Power Party to cooperate in passing related legislation if they agree on the necessity of housing supply measures.* This article has been translated by AI. 2026-08-12 14:56:00
  • AWS Launches Amazon Quick to Target AI Market in South Korea
    AWS Launches 'Amazon Quick' to Target AI Market in South Korea AWS is entering the South Korean enterprise artificial intelligence (AI) agent market with its new product, 'Amazon Quick,' which connects corporate data and work applications. As generative AI evolves into 'agentic AI' capable of performing actual tasks, AWS has expanded its business intelligence (BI) and enterprise data utilization technologies into work-related AI over the past decade.On August 12, AWS Korea held a press conference in Gangnam, Seoul, to introduce the key features of the AI assistant Amazon Quick and its applications both domestically and internationally.Amazon Quick is an AI assistant that integrates over 40 work applications, including Slack, Salesforce, and Google Workspace, along with local files, calendars, and emails. It can analyze data scattered across various platforms and generate reports or automate repetitive tasks using natural language commands. A key feature is its ability to understand the relationships between work data, continuously leveraging the user's work context.Park Hye-young, Chief Solutions Architect at AWS Korea, noted, "AI agents have progressed from merely answering questions or recommending information to making judgments and taking actions themselves." She explained that the use of AI in businesses is expanding from supporting individual tasks like searching and document creation to executing and automating entire workflows.Park emphasized the need for AI tools that can operate across multiple applications. She pointed out that even companies that have adopted generative AI still require employees to navigate various apps for actual work processes. While AI can search for information and draft documents, follow-up tasks like sending emails or scheduling appointments still require manual handling within each application.According to research, office workers spend about 40 hours a month switching between different work applications. "AI can provide answers, but sending emails, scheduling, and recording in internal systems still require accessing each app individually," she said.AWS has validated the effectiveness of Amazon Quick in workplace applications over six months with 200,000 Amazon employees, resulting in over 300,000 automated tasks. The time taken to create reports, which previously required about three hours for data collection, formatting, drafting, and feedback incorporation, has been reduced to around five minutes through natural language commands.The foundation of Amazon Quick is built on AWS's accumulated expertise in enterprise data analysis and utilization over the past decade. AWS began analyzing structured data through its BI service, 'Amazon QuickSight,' in 2015. As corporate needs expanded to include unstructured data like documents and emails, it broadened its scope with 'Amazon Q Business.'Recently, as the use of generative AI has expanded beyond information retrieval and analysis to actual task execution and automation, these functions have been integrated into Amazon Quick. AWS highlighted its unique capability to combine its accumulated enterprise data processing capabilities with connectivity that is not dependent on specific work applications, allowing for expansion from individual to organizational task automation.In South Korea, AWS has already secured adoption cases. According to AWS, Black Yak is utilizing Amazon Quick for natural language-based data analysis in its existing BI operations, while Megazone Cloud has implemented it for automating repetitive tasks and data analysis.Park stated, "Amazon Quick is a service designed for all employees, not just developers, and is structured to be usable at both individual and organizational levels."* This article has been translated by AI. 2026-08-12 14:48:10
  • Savings Bank Collateral Loans Drop Nearly 20% in Three Years
    Savings Bank Collateral Loans Drop Nearly 20% in Three Years The balance of collateral loans backed by savings and deposits at savings banks has decreased by nearly 20% over the past three years. This decline is attributed to a shift of funds to the stock market and a weakening of the savings banks' competitive edge in attracting deposits. This trend contrasts with the recent increase in collateral loans at the five major commercial banks.According to the Financial Supervisory Service's financial statistics information system, as of the end of the first quarter of this year, the balance of collateral loans at 79 savings banks nationwide was 908.33 billion won, down 5.6% from 962.3 billion won at the end of last year. Compared to 1.11866 trillion won at the end of March 2023, this represents an 18.8% decrease.Collateral loans allow customers to borrow up to 95% of their savings and deposits without being subject to the total debt service ratio (DSR) regulations, making them a popular option for those in need of quick, short-term funds.The primary reason for the decline in collateral loans at savings banks is the reduction in their deposit base. According to the Bank of Korea's economic statistics system, the total deposits at savings banks fell from 116.0431 trillion won in March 2023 to 99.5740 trillion won in March this year, a decrease of 14.2%. During the same period, the balance of collateral loans also dropped by 18.8%. As the amount of savings and deposits available for collateral has diminished, related loans have also decreased.The recent boom in the stock market has also contributed to the outflow of funds from savings banks to the securities market. Industry experts suggest that some customers may have opted to withdraw their savings rather than take out collateral loans when they needed cash. Many high-interest savings products have low monthly contribution limits, resulting in smaller amounts available for collateral loans.A representative from a savings bank noted, "Even if the interest rates on savings and deposits are high, the low monthly contribution amounts often mean that the amount available for collateral loans is less than 5 million won. To secure a significant amount, customers typically need to contribute for at least six months, but in urgent situations, the amount available through collateral loans may not be sufficient, leading to cases of early withdrawal of savings and deposits."This trend contrasts with the situation at commercial banks. In July of this year, the balance of collateral loans at the five major commercial banks increased compared to the previous year. This rise is attributed to heightened demand for collateral loans, which are not subject to DSR regulations and offer relatively lower interest rates amid stricter lending regulations. Conversely, the significant reduction in deposits at savings banks has diminished the foundation for supporting such loan demand.However, with the recent slowdown in the stock market and savings banks raising interest rates on savings products to secure deposits, there is potential for a shift in this trend. If savings bank deposits begin to increase again, it may impact the ongoing decline in collateral loans.Another savings bank representative stated, "Collateral loans are typically used for a month or two when cash is urgently needed or when additional loans are unavailable. If the balance of savings and deposits recovers and the barriers to other loans increase, related demand may remain at a certain level."* This article has been translated by AI. 2026-08-12 14:48:00
  • Han Dong-hoon Fails to Appear for Special Prosecutors Inquiry
    Han Dong-hoon Fails to Appear for Special Prosecutor's Inquiry Independent lawmaker Han Dong-hoon did not attend a second inquiry by the special prosecutor's team regarding the ruling party-government meeting held immediately after the lifting of the state of emergency on August 12. The special prosecutor attempted to summon Han at 10 a.m. on the 12th as a witness to discuss the justification for the emergency declaration, but he did not respond. The special prosecutor stated, "He did not submit a reason for his absence," adding, "Considering the limited time left for the investigation, we are not considering a re-summons for him." The investigation period is set to conclude on the 23rd. Previously, the special prosecutor's office had sent a notice through Han's office requesting his appearance as a witness related to the ruling party-government meeting. On August 6, Han expressed on social media, "I have no intention of assisting the political investigation that the Lee Jae-myung administration is trying to conduct, which has kept me under a travel ban for months without reason during the election period and has never called me in until now, only to engage in showy public relations." The special prosecutor suspects that a follow-up meeting took place at the Prime Minister's residence the day after the emergency declaration, where former Minister of Justice Park Seong-jae, former Minister of the Interior and Safety Lee Sang-min, former Chief of Civil Affairs Kim Joo-hyun, and former Minister of Legislation Lee Wan-kyu discussed strategies to respond to the impeachment of former President Yoon Suk-yeol and allegations of insurrection. On August 6, the special prosecutor also summoned former Minister of Government Policy Coordination Bang Gi-seon as a witness.* This article has been translated by AI. 2026-08-12 14:48:00
  • Daegu named first hub for South Koreas AI drug-discovery drive
    Daegu named first hub for South Korea's AI drug-discovery drive SEOUL, August 12 (AJP) - South Korea has designated the southeastern city of Daegu as the first innovation hub for artificial intelligence-driven drug discovery under "K-Moonshot," the government's flagship program to embed AI across national science and technology research. The Ministry of Science and ICT said on Wednesday it had held a launch ceremony in Daegu for a pilot project to build an "AIxBio" research base focused on synthetic new drugs, drawing together universities, companies, hospitals and research institutes in an open innovation ecosystem. At the heart of the Daegu project is a so-called "Lab-in-the-Loop" system, in which AI models, autonomous experiments, validation and data feedback continuously reinforce one another. The ministry said the design aims to let laboratories and algorithms advance in tandem, offering a new paradigm for how medicines are found. The pilot will be run by a Daegu consortium comprising Kyungpook National University, its affiliated hospital, and the Daegu-Gyeongbuk Medical Innovation Foundation, working with firms such as HLB Life Science to verify AI-proposed compounds in partly automated labs. "The competitiveness of future drug development hinges on how effectively we connect and apply AI technology and data within real experimental environments," said Oh Dae-hyun, the ministry's director general for future strategic technology policy, adding that next year the government would build on the pilot's results to expand into other areas of AI-bio. AJP Takeaways • Daegu becomes the first regional hub in the K-Moonshot program's AI drug-discovery mission, hosting a "Lab-in-the-Loop" system that links AI prediction, autonomous experiments and validation in a continuous cycle. • The pilot is led by a consortium of Kyungpook National University, its hospital, and the K-MEDI hub foundation, partnering with firms including HLB Life Science to test AI-proposed compounds in partly automated labs. • The ministry framed the effort as a bid to close the gap with the United States and Britain, which have already built dedicated AI-bio bases, and said next year it would extend the model into other AI-bio fields. 2026-08-12 14:47:14
  • Toss Banks Grow It 31-Day Savings Surpasses 100,000 Accounts in Just Four Days
    Toss Bank's 'Grow It 31-Day Savings' Surpasses 100,000 Accounts in Just Four Days Toss Bank's challenge-based savings product is gaining popularity shortly after its launch.The bank announced on August 12 that its 'Grow It 31-Day Savings' surpassed 100,000 accounts just four days after its release on August 6.This product encourages users to save small amounts daily for 31 days while nurturing a squirrel character. A maximum annual interest rate of 10% (before tax) is applied if users successfully save each day without any additional conditions.According to Toss Bank, 94% of all account holders executed their first deposit on the same day they opened their accounts. Additionally, accounts opened by users under 17 years old exceeded 20,000, making up more than 20% of total accounts.On August 10, Toss Bank also introduced a 'Share My Squirrel' feature, allowing users to create and share images of their nurtured squirrels with friends and family.A Toss Bank representative stated, 'The Grow It 31-Day Savings is designed not just as a product to sign up for, but to help cultivate a daily saving habit. We will continue to strive to make it easy for customers to start saving without pressure and to maintain that habit.'* This article has been translated by AI. 2026-08-12 14:44:10