Latest by
-
Lee Chan-woo of NH Nonghyup Financial Emphasizes Continuous Management Review 이찬우 NH농협금융지주 회장이 "경영계획은 한 번 세우고 끝나는 것이 아니라 환경 변화에 맞춰 끊임없이 점검하고 수정해야 한다"고 강조했다.이 회장은 지난 7일 서울 중구 농협금융지주 본사에서 열린 '하반기 경영전략회의'에서 "각 자회사의 경쟁력을 높이는 동시에 그룹의 자본과 고객, 사업역량을 '원펌(One-Firm)' 관점에서 연결해 실질적인 성과로 만들어야 한다"며 이같이 말했다.이번 회의에는 자회사 최고경영자(CEO)와 집행 간부 등이 참석해 연초 수립한 경영계획을 재점검했다. 단순한 실적 점검을 넘어 계획과 실제 성과의 차이, 시장 환경 변화에 따른 대응 등을 되짚고 이를 하반기 전략에 반영했다.이와 함께 △은행의 핵심 수익 기반 강화 △비은행 부문의 시장 변동성 대응 △보험사 수익성·건전성 관리 △그룹 내 여유자금 운용 전략 등과 관련한 구체적인 실행방안을 논의했다.계열사별 전략을 넘어 그룹 전체의 자본을 효율적으로 배분하고 기업금융과 고객 기반 확대 과정에서 협업을 강화하는 원펌 추진 방향도 구체화했다. 농협금융은 이번 회의를 계기로 '계획-실행-점검-전략 보완'으로 이어지는 경영관리 체계를 고도화할 방침이다. 이 회장은 "논의가 회의로 끝나지 않도록 각 CEO가 실행과 성과로 이어가고, 하반기의 성과와 교훈을 2027년 성장으로 연결해 달라"고 당부했다.* This article has been translated by AI. 2026-08-10 15:36:00 -
Government Launches Task Force to Improve Temporary Housing System After Flooding Following damage caused by heavy rainfall last month, including flooding and structural issues in temporary housing for wildfire victims in North Gyeongsang Province, the government has decided to overhaul the entire system.On August 10, the Ministry of the Interior and Safety announced the formation of a Task Force (TF) dedicated to improving the temporary housing system, with its inaugural meeting commencing today.This TF was established in response to incidents during the heavy rains on July 18-19, when temporary housing units in Gumi-ri, Andong, and Gu-gye, Uiseong, were inundated, raising safety concerns.The TF will be led by the Director of the Disaster Recovery Support Bureau at the Ministry and will include private sector experts in building structure, architectural design, and modular construction, as well as local government officials.The Ministry will review the application of standard design documents for temporary housing, enhance site safety, develop management strategies for disaster situations, address long-term residency issues for occupants, and consider changes to the naming and definitions to align with support objectives.Proposed improvements will be incorporated into revisions of the 'Operational Guidelines for Temporary Housing.' Safety-related issues will be prioritized for amendment by the end of this year, while a comprehensive plan for other matters will be prepared by year-end, with a second round of amendments planned for early next year.The Ministry aims to establish a comprehensive framework for the temporary housing system, focusing on prevention and efficient post-disaster management.Kim Jung-yeol, Director of the Disaster Recovery Support Bureau, stated, "We will improve the safety management system throughout the entire process, from initial support to evacuation, to ensure that disaster victims do not suffer from additional calamities."* This article has been translated by AI. 2026-08-10 15:36:00
-
EcoPro BM higher as $900 million fundraising backs nickel project SEOUL, August 10 (AJP) —Shares of KOSDAQ-listed battery materials maker EcoPro BM rose Monday after the company spelled out how it would use proceeds from its 1.2 trillion won ($850 million) rights offering, with nearly two-thirds earmarked for a nickel smelter project in Indonesia. As of 2:55 p.m., the stock was trading at 114,300 won ($81), up 6.82 percent, after rising as high as 115,400 won earlier in the day. According to a revised securities registration statement filed with South Korea's Financial Supervisory Service (FSS) on Aug. 7, the company kept the size of the fundraising and planned share issuance unchanged from its original June 30 announcement. It plans to issue 9,900,990 new shares at an estimated 121,200 won each. The FSS had requested revisions to the registration statement on July 14. The company submitted an amended filing on July 24 and voluntarily revised it again on Aug. 7, this time providing more details on how the proceeds will be used. Of the roughly 1.2 trillion won to be raised, 915 billion won will be used for investments in other companies, 150 billion won for facilities and 135 billion won for working capital, according to the filing. The largest allocation within the investment funds, 765 billion won, will go toward Bahodopi Nickel Smelting Indonesia (BNSI), a nickel smelter located in Indonesia Green Industrial Park (IGIP). EcoPro BM plans to begin investing in BNSI from the fourth quarter after raising the money through the rights offering. The investment is part of EcoPro Group's broader plan to invest a total of $1 billion in the BNSI project. Including outside investors, the overall investment is expected to reach about $1.85 billion. The project was 39.2 percent complete by the end of July, with initial design and groundwork already finished. The company expects construction to be completed by March 2027, according to the filing. The new shares will first be offered to existing shareholders, with any remaining shares offered to the public. However, adding nearly 9.9 million new shares could reduce existing shareholders' stakes by increasing the total number of shares outstanding. The revised registration statement is scheduled to take effect on Aug. 25. Ahead of that, the company plans to hold a second briefing for retail shareholders on Aug. 21 to explain details of the offering. EcoPro BM, spun off from parent EcoPro in 2016, makes cathode materials used in electric-vehicle batteries. AJP Takeaways • EcoPro BM shares rose 6.82 percent to 114,300 won as of 2:55 p.m. on Aug. 10, 2026, after the company detailed its 1.2 trillion won ($850 million) rights offering. • EcoPro BM plans to allocate 765 billion won of the proceeds to Bahodopi Nickel Smelting Indonesia (BNSI), a nickel smelter in Indonesia Green Industrial Park (IGIP). • The BNSI project was 39.2 percent complete as of July 31, 2026, and EcoPro BM expects construction to be completed by March 2027. • EcoPro Group plans to invest a total of $1 billion in BNSI, while the overall project is expected to attract about $1.85 billion including outside investors. 2026-08-10 15:31:37 -
Strengthening the Leadership of Jang Dong-hyuk Amidst Opposition Challenges Jang Dong-hyuk, leader of the People Power Party, is reinforcing his leadership by reorganizing internal structures, including the Task Force for Evaluating Elected Officials and the Special Committee for Strengthening Organization. This move is seen as an effort to consolidate power around the leadership faction, while the opposition faction, which has called for Jang's resignation, appears to lack a viable alternative.On the 10th, Jang announced the formation of a new Special Committee for Strengthening Organization, appointing Jeong Hee-yong as chair and Gu Ja-geun as vice chair during a party Supreme Council meeting. Additionally, lawmakers Seo Cheon-ho, Kang Myung-gu, and Kim Tae-kyu, along with two local party committee chairs, will join the committee.The committee is expected to address the vacancies in over 30 local party committees, including in Gangneung, Gangwon Province. However, there are concerns that the reorganization may coincide with the planned re-election of local committee chairs at the end of this month, potentially leading to significant changes, including the replacement of current committee chairs who are serving lawmakers.In parallel, the second meeting of the Task Force for Evaluating Elected Officials, which includes current lawmakers, is scheduled for the 11th. During the first meeting on July 28, Jang emphasized the need to nominate candidates who dedicate their expertise and abilities to the public and party members, rather than focusing solely on factional politics or internal disputes. A party reform plan is expected to be announced around the 26th, which will likely include measures to reflect party members' opinions in party affairs, aiming to create a member-centered party.Political analysts suggest that Jang and the leadership faction are using the Special Committee to reorganize local party chairs and the Task Force to reassess current lawmakers. This series of reorganizations is seen as a strategy to promote appointments favoring the leadership faction and strengthen their control within the party.In this context, the opposition faction, which has opposed the 'Jang Dong-hyuk regime,' is reportedly narrowing its own influence. Recently, lawmaker Kwon Young-jin was involved in a physical altercation with floor leader Jeong Jeom-sik, while lawmaker Seo Beom-soo faced backlash for a gaffe during a parliamentary discussion. The party's ethics committee has initiated disciplinary procedures against these lawmakers.Some within the People Power Party believe that the faction of reformist lawmakers, known as 'Alternatives and Future,' has lost momentum after publicly demanding Jang's resignation without presenting a 'post-Jang Dong-hyuk' alternative. Jang has managed to withstand calls for his resignation following the local elections, and there is currently no strong justification for renewed demands for his departure. Consequently, the opposition faction is advocating for a shift from a leader-centered to a 'parliament-centered party' to transform into a party that resonates with the public.Amid these developments, some responsible party members are calling for Jang's resignation, which could introduce variables into the leadership competition. They plan to hold a press conference on the 11th at the National Assembly, urging that Jang's future be decided through a vote by all party members. However, this movement involves about 22,000 responsible party members, a relatively small number compared to the total of approximately 1.1 million members in the People Power Party, making it unlikely to represent a significant force.* This article has been translated by AI. 2026-08-10 15:28:00
-
Krafton turns PUBG danger zone into summer escape SEOUL, August 10 (AJP) - Krafton will open a summer-themed pop-up event called "Blue Zone" at its PUBG-branded space PUBG Seongsu in Seoul starting Tuesday. The event reimagines the in-game "blue zone" — a shrinking boundary that threatens players in the battle royale title Battlegrounds — as a refuge from the summer heat. The venue will host a collaborative exhibition featuring international artists from The Jaunt project and Busan-based Union Gallery, including Travis Weller and Stevie Shao. The artists will paint live murals on site, with finished works on display at the Survivor Hall on the first floor through Aug. 16. Krafton will also open a free cooling shelter with shaded tents and an ice-chilling zone, offering visitors complimentary drinking water. Creator-led programming will run alongside the exhibits, including a running event dubbed the "Frying Pan Run" on Aug. 15 followed by an after-party combining sauna sessions with cold-water plunges, as well as DJ and dance performances. A related "PUBG Seongsu Summer School" class series will continue through Aug. 31. "This 'Blue Zone' reinterprets a symbol of tension and threat from the game into a summer refuge in the middle of the city," a PUBG Seongsu official said, adding that the company hopes both Battlegrounds fans and local residents will enjoy the exhibition, music and lifestyle content together. 2026-08-10 15:26:08 -
Economic outlook remains uncertain despite strong chip exports: KDI SEOUL, August 10 (AJP) - Exports of semiconductors, driven by the artificial intelligence (AI)-fueled memory chip boom, are boosting South Korea's economic recovery, but uncertainty at home and abroad remains as high prices and slowing employment continue to cloud the outlook, a state-run think tank said. In its economic outlook released on Monday, the Korea Development Institute said, "Exports and facility investment posted strong gains, supported in part by robust demand for semiconductors, while consumption also improved as demand for durable goods picked up." It said overall industrial output grew at a relatively solid pace, with services maintaining strong momentum and manufacturing showing a recovery. Manufacturing output rose 5.8 percent in May, with semiconductors, automobiles, machinery and electrical equipment all posting gains. Services output also continued to rise increasing 5.3 percent, led by finance and insurance and professional, scientific and technical services. Consumption continued to improve in June, led by stronger sales of durable goods. Retail sales rose sharply to 4.2 percent, up from 1.5 percent in the previous month. Passenger car sales increased 12.2 percent, helping lift sales of durable goods by 10.9 percent. Sales of semi-durable and nondurable goods also rose 2.2 percent and 1.7 percent, respectively. Facility investment jumped 21.7 percent in June as semiconductor-related investment remained strong, more than double the 9.7 percent growth recorded in the previous month, while construction investment for housing and residential complexes remained weak. An index gauging consumer sentiment also edged up to 106.8 last month from 106.6 a month earlier, remaining above its long-term average. A score above 100 indicates that consumers are generally optimistic about the economy. Although exports continued to grow strongly on rising AI-related demand, surging 62.8 percent in July, the broader economic outlook, however, remains uncertain. "Uncertainty persists at home and abroad as U.S. tariff measures continue to shift and the conflict in the Middle East lingers, while inflation stays high and employment conditions weaken," it said. AJP Takeaways: - AI-driven semiconductor demand is supporting South Korea's recovery, with exports surging 62.8 percent in July as memory chip demand remained strong. - Industrial production showed a broad recovery in May, with manufacturing output rising 5.8 percent and services output increasing 5.3 percent. - Consumer spending continued to improve in June, with retail sales rising 4.2 percent and durable-goods sales increasing 10.9 percent, helped by a 12.2 percent increase in passenger car sales. - Facility investment jumped 21.7 percent in June, more than double the 9.7 percent increase in May, as semiconductor-related investment remained strong, although construction investment stayed weak. - The economic outlook remains uncertain despite stronger exports and domestic demand, as shifting U.S. tariff measures, the lingering Middle East conflict, high inflation and weakening employment conditions pose risks. 2026-08-10 15:23:59 -
Gunpo City Corporation Ranks 6th in National Management Evaluation The Gunpo City Corporation has achieved an 'excellent' rating, ranking 6th among 29 local public enterprises evaluated in the 2026 Local Public Enterprise Management Evaluation conducted by the Ministry of the Interior and Safety. According to the corporation on August 10, the management evaluation assesses various aspects of local public enterprises, including management practices, performance, customer satisfaction, safety management, social responsibility, and financial soundness. This year's evaluation incorporated key factors such as safety management, regional coexistence, and public service to enhance the public nature and accountability of local public enterprises. The corporation has consistently pursued management innovation, employee capability enhancement, customer service improvement, and strengthened safety management based on ESG principles. Notably, in the operation of public sports facilities, efforts have been made to improve accessibility and convenience for people with disabilities, along with various initiatives in energy conservation and community contributions. Additionally, the corporation is involved in significant local issues, including the development of public housing projects in Uiwang, Gunpo, and Ansan, as well as public support for urban renewal projects. The evaluation results signify a comprehensive review of the corporation's management practices and public service improvements. Based on the evaluation results, the corporation plans to address any shortcomings and focus on enhancing service quality and safety management that citizens can feel. Gunpo City Corporation President Bae Jae-guk stated, "This excellent rating is the result of the dedicated efforts of our employees who have done their best in their respective roles for the citizens. I also thank the citizens of Gunpo and the Gunpo City Council for their interest and support." He added, "We will continue to monitor and improve our management practices to provide citizen-centered public services and contribute to the development of Gunpo and the enhancement of citizens' quality of life."* This article has been translated by AI. 2026-08-10 15:12:00
-
Reduced Project Financing, Increased Risk: Concerns Grow in Savings Banks and Mutual Finance Despite significant reductions in project financing (PF) exposure due to restructuring, concerns over asset quality are rising, particularly among mutual finance institutions and savings banks. The financial sector continues to face challenges in maintaining stability as the real estate market recovery lags, compounded by rising market interest rates and construction costs.As of the end of the first quarter of this year, the non-performing asset ratio for mutual finance institutions reached 29.8%, up 4.5 percentage points from 25.3% at the end of last year, marking the highest level among financial sectors. Savings banks followed with a 1.5 percentage point increase to 14.9% during the same period.The non-performing asset ratio indicates the proportion of PF assets held by financial institutions that are deemed to have low viability or are at risk of default. An increase in this ratio suggests a growing likelihood of future losses.Although savings banks have significantly reduced their PF exposure, the quality of their assets has deteriorated. Their PF exposure surged to 150% of equity at the end of 2023 but was reduced to 56% by the end of March this year following major restructuring. However, the non-performing asset ratio rose from 13.4% at the end of last year to 14.9%. Mutual finance institutions reported a PF exposure of 39% relative to their equity, with a notable increase of 700 billion won in non-performing assets compared to the previous quarter, the largest increase in the financial sector.While banks and insurance companies are also seeing increases in non-performing PF assets, the burden is particularly pronounced for savings banks and mutual finance institutions due to their higher exposure relative to equity. If additional defaults occur, the pressure to increase loan loss provisions could significantly impact capital ratios and profitability.Market analysts express concerns that normalizing PF projects may become increasingly difficult. Rising market interest rates lead to higher financial costs for projects, and when combined with escalating construction costs, the overall financial burden increases. If sales do not meet expectations or if project sales are delayed, the recovery of loans may also be postponed, potentially prolonging the need for loan extensions or restructuring.For financial institutions, delays in project resolution mean they must hold related exposures for extended periods. If projects classified as non-performing deteriorate further, the need for increased loan loss provisions could arise. As of the end of March this year, the loan loss provisions for the savings bank sector had risen to 5.7832 trillion won, reversing a previous downward trend since the end of last year.Increased provision burdens directly affect the profitability of financial institutions. The Saemaul Geumgo reported a net loss of 1.2658 trillion won last year due to the sale of delinquent loans and expanded provisions. Experts warn that if PF defaults materialize further, both the burden of provisions and profitability pressures in the second financial sector could intensify.A financial sector official stated, "While PF exposure has decreased, it does not mean that risks have been eliminated. Particularly for savings banks and mutual finance institutions, the burden relative to equity remains significant, and the high proportion of non-performing projects necessitates a careful assessment of the quality of remaining projects and provision burdens. Furthermore, if the recovery of the real estate market and project resolutions are delayed, it could take considerable time to improve stability indicators."* This article has been translated by AI. 2026-08-10 15:12:00
-
Korean Authorities Block 179 Illegal Scam Websites The Broadcasting Media Communication Review Committee (BMCRC) and the National Police Agency have blocked 179 illegal scam websites that lured victims with promises of investment advice, side jobs, and romantic encounters, resulting in losses exceeding 19 billion won (about $150 million).During a meeting on August 10, the BMCRC's Communication Review Subcommittee approved measures to terminate services and block access to these scam sites, following a request from the National Police Agency's Integrated Response Team for Telecommunications Financial Fraud.According to police investigations, these websites have caused an estimated total loss of over 19 billion won through various scams, including investment leading, team missions, and romance fraud.Investment leading scam sites were designed to resemble legitimate financial investment platforms. They used phrases like 'Global Leader Digital Asset Exchange' and 'New Standards in Cryptocurrency Asset Management,' posting financial product price information and promising high returns to entice users to invest.Team mission scams disguised themselves as regular shopping malls selling household goods and electronics. They deceived users into believing they could earn high profits by completing side jobs or purchasing missions, ultimately swindling their money.Romance fraud websites used the lure of conditional dating or romantic relationships to encourage users to sign up and make payments. They presented themselves as 'real dating platforms for lonely men and women' or 'meeting platforms for women,' collecting payments before disappearing.Previously, on July 21, the BMCRC and the National Police Agency shared information on the status of new scam sites and discussed joint measures to prevent damage from the spread of scam information. This latest action aims to strengthen cooperation against illegal scam sites.Lee Yong-bae, head of the BMCRC's Communication Review Division, stated, "Scam sites create numerous victims and cause significant financial harm, constituting a crime that infringes on public welfare. We will work closely with the National Police Agency to swiftly block illegal scam sites."Oh Chang-bae, head of the National Police Agency's Integrated Response Team for Telecommunications Financial Fraud, remarked, "We have been continuously detecting illegal scam sites, including investment leading scams, romance scams, and team mission fraud, in collaboration with relevant agencies such as the Korea Internet & Security Agency (KISA) and telecommunications companies. We will do our utmost to prevent public harm through rapid detection and review coordination."Meanwhile, the total losses from new scams, including investment leading scams, romance scams, team mission fraud, and no-show scams, reached 293.8 billion won in the first quarter of this year, a decrease of 11.7% compared to the previous quarter. 2026-08-10 15:12:00
-
Hyundai's Til Batenberg Joins BYD's Premium Brand Denza Til Batenberg, who previously led Hyundai Motor's high-performance brand 'N' and the Genesis strategy, has joined BYD Group's premium brand Denza.On August 9, Batenberg announced via LinkedIn that he has become the DACH (Germany, Austria, Switzerland) director for Denza.Batenberg joined Hyundai in 2020, serving as the head of N brand management and motorsports before reportedly leaving at the end of last year. During his tenure, he played a key role in developing high-performance models such as the Elantra N, Kona N, and Ioniq 5 N. In 2024, he was set to move to Genesis' global communications and PR team to lead the high-performance 'Magma' project.In his LinkedIn post, Batenberg expressed his excitement about working with the Denza and BYD teams, dealers, and partners to create the next business venture.* This article has been translated by AI. 2026-08-10 15:08:10