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  • 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
  • KOSDAQ Companies Call for Eased Delisting Standards Amid Market Turmoil
    KOSDAQ Companies Call for Eased Delisting Standards Amid Market Turmoil The South Korean stock market is facing significant pressure from financial authorities and the Korea Exchange as stricter delisting criteria are enforced. Under the new rules, dozens of companies with stock prices below 1,000 won, known as 'penny stocks,' and those failing to meet the market capitalization requirement of 20 billion won for KOSDAQ are at risk of being designated as management items and facing delisting. As of August 12, 178 out of 1,820 listed KOSDAQ companies, or 9.8%, are in jeopardy due to insufficient market capitalization.Some small and mid-sized listed companies, along with certain market participants, argue that applying these standards during an unprecedented market downturn is excessively harsh, calling for a grace period or relaxation of the rules. However, investor reactions to these complaints have been largely indifferent, with many viewing the situation as a consequence of the companies' own mismanagement and neglect.The plight of some KOSDAQ small-cap firms is dire, with annual revenues barely reaching 3 billion won. These companies often engage in deal roadshows to attract investors when seeking initial public offerings (IPOs) or funding, presenting grand visions for the future. Yet, once they secure investment and complete their listings, they frequently abandon investor relations (IR) activities altogether.In the past year, no analysis reports have been published for 59.9% of KOSDAQ companies, highlighting a severe information gap in the market. This 'IR extinction' phenomenon is particularly pronounced among smaller firms, which tend to disappear from regular investor communications and instead issue excessive convertible bonds and capital increases, undermining shareholder value.Many companies lack even basic press releases or disclosure plans on their websites, and the personnel responsible for disclosures and IR often change frequently, closing off communication channels. While they readily spend company funds on entertainment and leisure, many fail to share even minimal visions or engage with shareholders. This behavior exemplifies a moral hazard, treating company funds as personal assets.Compared to advanced foreign markets, the situation in KOSDAQ is even more disheartening. In the U.S. market, companies can actively engage shareholders through conference calls, even while operating at a loss, to present growth roadmaps. In Japan, shareholders are treated as 'consumers and loyal customers,' with long-term investors receiving coupons for company products or services as part of shareholder benefits, actively promoting stock prices and shareholder returns. In contrast, many lower-tier KOSDAQ companies merely complain about harsh regulations without making genuine efforts to boost their stock prices.The Korea Exchange's consideration of enhancing IR activities and gradually mandating them is part of an effort to address the undervaluation of KOSDAQ and the asymmetry of information. In a climate where analysis reports are scarce and companies remain silent, the distinction between quality and struggling firms blurs, perpetuating a cycle of discounting across the KOSDAQ.The most critical issue is that the burden of delisting falls squarely on retail investors. Some major shareholders and executives, having secured funds through the IPO process, may even find relief in being 'freed from disclosure obligations' if their companies are delisted, a phenomenon that fuels market anger.There are reasons behind the plummeting stock prices and market capitalization. Before blaming the system or expressing grievances, companies should first ask themselves whether they have ever made an effort to present a future vision to shareholders or actively communicate beyond deal roadshows. Have they genuinely worked to support their stock prices?True value enhancement begins not with demands for regulatory relaxation but with a fundamental sense of responsibility toward shareholders and ongoing communication. 2026-08-12 14:44:10
  • Telecom Giants Report Combined Operating Profit of 1.5 Trillion Won
    Telecom Giants Report Combined Operating Profit of 1.5 Trillion Won The combined operating profit of South Korea's three major telecom companies—SK Telecom, KT, and LG Uplus—has risen to 1.5 trillion won for the first time in a year. Although KT's real estate development profits led to a year-on-year decline, improvements in profitability at SK Telecom and LG Uplus, along with growth in new businesses such as artificial intelligence (AI) and data centers, supported the overall performance.On August 12, the combined revenue for the second quarter of the three companies was reported at 14.73 trillion won, a decrease of 5.6% compared to the same period last year. The combined operating profit also fell by 6% to 1.56 trillion won during the same timeframe.This marks the first time since the second quarter of last year that the combined operating profit of the three companies has exceeded 1.5 trillion won. The operating profit had previously increased to 1.51 trillion won in the first quarter of last year and 1.66 trillion won in the second quarter. However, due to hacking incidents and one-time costs, the profit dropped to 748.3 billion won in the third quarter, 516.9 billion won in the fourth quarter, and 1.29 trillion won in the first quarter of this year, falling below 1.5 trillion won for three consecutive quarters.The combined operating profit for the second quarter of this year decreased by 988 billion won compared to last year, primarily due to the base effect from KT's real estate development profits. The decline in KT's operating profit outweighed the increases at SK Telecom and LG Uplus, leading to an overall decrease in operating profit year-on-year.Specifically, SK Telecom reported second-quarter revenue of 4.36 trillion won and an operating profit of 566 billion won, marking increases of 0.5% and 67.3%, respectively, compared to the previous year. The improvement was influenced by a base effect from costs related to last year's SIM card hacking incident and a focus on profitability.KT's revenue was 6.68 trillion won, with an operating profit of 648.3 billion won, reflecting decreases of 10.1% and 36.1%, respectively. The decline was attributed to the base effect from last year's real estate development sales and customer compensation programs related to femtocell hacking.LG Uplus achieved revenue of 3.69 trillion won and an operating profit of 344.5 billion won. While revenue decreased by 3.9% year-on-year, operating profit increased by 13.1%. The growth in service revenue, particularly in enterprise infrastructure and smart home services, along with ongoing cost efficiencies, contributed to the improved profitability.Looking ahead, the three telecom companies plan to strengthen investments in AI data centers (AIDC) and AI infrastructure. The combined revenue from data center-related sales reported by SK Telecom, KT Cloud, and LG Uplus this quarter reached 525.7 billion won, a 35.3% increase from the previous year.In response to the growing demand for AI infrastructure, they have announced plans to expand AIDC. SK Telecom established a specialized company, SK Hyper, last month to develop large-scale data center projects, aiming to gradually expand capacity to 5 gigawatts (GW) by 2029, with plans to reach 15 GW thereafter.KT aims to double its AI transformation (AX) revenue by 2028, focusing on AX infrastructure and solutions as key growth drivers. The company plans to add 1 GW of AIDC capacity and 90 terabits per second (Tbps) of submarine cable capacity by 2031, targeting to become a hub for AX in Asia.LG Uplus is expanding its infrastructure centered around the Paju AIDC, which will be built with a power capacity of 200 megawatts (MW). Last month, LG Uplus decided to invest an additional 1.35 trillion won to construct two new data center buildings and enhance facilities to meet the increasing AI demand. 2026-08-12 14:44:10
  • Actress Ha-young Apologizes for Great-Grandfathers Pro-Japanese Controversy
    Actress Ha-young Apologizes for Great-Grandfather's Pro-Japanese Controversy Actress Ha-young has issued a handwritten apology regarding the pro-Japanese controversy surrounding her great-grandfather.On August 12, she opened her Instagram post by saying, "I sincerely apologize for the disappointment and hurt caused by matters related to my great-grandfather."She continued, "Recently, as I learned about the past actions of my great-grandfather Ahn Sang-ho, I have reflected on my family's history with a heavy heart. Until now, I only had a fragmented understanding of my great-grandfather's life through stories passed down in my family. Regrettably, I have shared these stories in various settings as if they were a source of family pride, despite my ignorance."Ha-young explained that through this incident, she sought out relevant materials and became aware of her great-grandfather's 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 stated.Regarding her agency's initial statement, which claimed the allegations were unfounded, she said, "I also did not know the facts accurately, and my agency's statement was released without sufficient verification. I believe it was my shortcoming that a misleading position was communicated, causing further confusion and hurt, for which I sincerely apologize."Ha-young added, "The matter is so serious and regrettable that I struggled with how to express my apology, which delayed my statement. I believe that my lack of knowledge does not excuse me from facing this history or treating it lightly. I accept this mistake seriously and sincerely apologize as a descendant. I feel particularly remorseful for causing controversy due to my shortcomings just before Liberation Day."She concluded, "I will deeply engrave this incident in my heart. I will take a closer look at my family's history and that era, and I will adopt a more cautious attitude toward history in the future. I will also strive to study our history deeply and serve with respect for the independence activists and all those who contributed to our country's liberation and peace. I will put these words into action, not just in words."Once, Ha-young appeared on KBS 2TV's variety show 'Problematic Men' and introduced her family as a 'four-generation medical family,' stating, "My great-grandfather opened the first Western-style clinic in Hanyang and treated Emperor Gojong." However, it was later revealed that her great-grandfather, Ahn Sang-ho, had pro-Japanese affiliations. He graduated from the Tokyo Jiyu Medical School in 1902, becoming the first Korean to obtain a Japanese medical license and treated Emperor Gojong. He was also listed as a member of the pro-Japanese organization Daijeong Chinhokhoe, which included figures like Lee Wan-yong. This revelation has intensified criticism of Ha-young's family.* This article has been translated by AI. 2026-08-12 14:44:00
  • NH Nonghyup to Expand Chuseok Gift Set Offerings from Budget to Premium Options
    NH Nonghyup to Expand Chuseok Gift Set Offerings from Budget to Premium Options NH Nonghyup is set to introduce a range of special sale products with varying price points, from premium to budget-friendly options, ahead of the upcoming Chuseok holiday.On August 12, NH Nonghyup held its '2026 Chuseok Special Sales Strategy Meeting' to review its sales strategies for holiday gift sets.This year, the company plans to diversify its offerings, focusing on fruits, premium beef, pork, seafood, and health products. It aims to reduce the financial burden on customers by linking new product discounts with credit card promotions.In the livestock category, NH Nonghyup will offer the 'Nonghyup King's Table Gift Set,' which includes premium beef and local ingredients, as well as unique packages like the 'Canned Beef Gift Set' and the 'Hanadak Pork 8 Flavors Gift Set.'For seafood, the company will provide mixed sets featuring dried anchovies and domestic seafood, along with a seaweed gift set priced around 9,900 won. In the agricultural sector, premium mixed fruit sets and traditional fruit and nut sets will include new varieties such as black pearl melons and myth pears.The competition for pre-orders in the Chuseok gift set market is intensifying. Major retailers like Emart, SSG.com, and Lotte Mart began pre-order sales for Chuseok gift sets on August 6, with sales lasting up to 42 days.In 2024, pre-orders accounted for 61.6% of Emart's Chuseok gift set sales, rising to 72.6% last year. Similarly, Lotte Mart saw an increase from 55% in 2023 to 70% last year.NH Nonghyup's strategy to increase both premium and budget-friendly options aligns with industry trends while emphasizing the expansion of domestic agricultural and seafood product sales, which sets it apart.As inflation persists, enhancing the selection of budget-friendly products is a common trend. Lotte Mart has filled more than half of its 900 pre-order gift set offerings with items priced under 50,000 won.Lee Dong-geun, CEO of NH Nonghyup, stated, “We will reduce the holiday burden on customers with a variety of price points and practical benefits, while also working to expand the market for our domestic agricultural and seafood products.”* This article has been translated by AI. 2026-08-12 14:44:00