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LH President Lee Seong-hoon Prioritizes Housing Supply Speed This Year “Our top priority in management will be to increase the speed of housing supply. To enhance supply speed, we need to improve systems and encourage voluntary participation from employees,” said Lee Seong-hoon, President of the Korea Land and Housing Corporation (LH), during his first press conference since taking office on August 6 in Gwanghwamun, Seoul.He noted, “Due to a lack of construction in recent years, the upcoming supply will be very limited,” adding that “the public land development has also been somewhat sluggish, so it is crucial to significantly increase this to ensure the public feels the impact.”LH plans to reorganize its management structure, including personnel, finance, accounting, promotions, and performance management, to align with the goal of increasing supply speed. Previously, procedures were sequential, but the new plan aims to expedite legally permissible stages as much as possible.Lee explained, “If we have been following a linear process where Stage A must be completed before moving to Stage B, we will now parallelize A, B, and C. We will also start the appraisal for compensation before all preceding procedures are completed, as much as possible.”He identified land compensation as the biggest bottleneck delaying supply. With an increase in compensation demands for new public land and third-phase new towns, he believes that the existing workforce alone cannot meet the government's required supply speed. LH plans to significantly increase temporary workers with experience in compensation tasks and will offer higher pay if necessary.“The stage that takes the longest time until construction begins is compensation,” Lee said. “To drastically shorten the compensation period, we will rapidly increase temporary staff and deploy experienced personnel.” Currently, LH is discussing improvement measures for laws and systems that delay compensation procedures with relevant agencies, including the Ministry of Land, Infrastructure and Transport.Lee emphasized the need to change the existing evaluation system, which penalizes public enterprises for actively investing to expand supply. “In the past, management evaluations were designed to discourage aggressive investment and strictly manage debt,” he pointed out. “If we work hard to increase supply speed, we end up being at a disadvantage in evaluations.”He questioned, “Why should we not be evaluated for expanding the housing supply that the public desires?” and stated that he is actively urging government departments to ensure that supply investments do not negatively impact management evaluations.To expand urban supply, LH will also convert its Seoul Regional Headquarters building in Gangnam into youth housing. This building has been in use since 1973 as the headquarters of the Korea Housing Corporation, and the specific number of housing units and development methods will be determined in consultation with government departments and permitting agencies.Lee stated, “As a result of finding ways for LH to take the lead, we have decided to provide the Seoul Regional Headquarters as housing for young people.”Additionally, he identified restoring the honor of LH's organization as a top priority. “I want to restore the honor of most LH members,” he said, adding, “We will completely sever ties with corruption, misconduct, and abuse of power, and we will take strict action if any issues arise.”* This article has been translated by AI. 2026-08-06 18:40:00
SBI Savings Bank Launches High-Interest 'Living Parking Account' Offering Up to 7.7% SBI Savings Bank announced the launch of its 'Living Parking Account' on August 6, designed for managing living expenses and small surplus funds.The Living Parking Account offers a maximum annual interest rate of 7.7% for balances under 2 million won. Customers can sign up through the Saida Bank application.The base interest rate is 2.7% per year, with the potential for an additional preferential rate of up to 5.0 percentage points if certain conditions are met. These conditions include a 4.0 percentage point rate for new customers, a 0.5 percentage point rate for customers aged 39 and under, and a 0.5 percentage point rate for those who register a simple payment account.If all preferential conditions are met, the maximum annual interest rate of 7.7% applies to balances under 2 million won. The preferential rate for new customers is available for one year from the date of account opening, with interest paid on the first of each month.SBI Savings Bank is also offering a parking account with a 2.7% interest rate for balances up to 100 million won without any conditions. This new product is designed to provide additional interest benefits for young adults and low-income customers using it as a living expense account.To celebrate the product launch, the bank is running a promotional event. New customers who open a Living Parking Account will receive 10,000 won in Naver Pay points. If a referral code is shared and a friend signs up for the product, both the referrer and the new customer will receive prizes. The referral benefit is capped at 50,000 won per person, and the event runs until October 31.An SBI Savings Bank representative stated, “This product was created to offer high interest benefits for everyday living expenses and small surplus funds. We will continue to introduce products and benefits that assist our customers in their daily financial lives.”* This article has been translated by AI. 2026-08-06 18:40:00
Korea Investment & Securities Reports 1.2 Trillion Won Operating Profit in Q2 Korea Investment & Securities reported an operating profit of over 1.2 trillion won for the second quarter. Combined with the first quarter's operating profit, the total for the first half of the year reached 2.171 trillion won, nearly matching last year's annual profit. If this trend continues, the company is expected to surpass 3 trillion won in annual operating profit this year. Analysts believe that after achieving the first annual operating profit and net profit of 2 trillion won in the domestic industry last year, Korea Investment & Securities is poised for another significant leap forward.Korea Financial Group announced on August 6 that its subsidiary, Korea Investment & Securities, recorded a consolidated operating profit of 1.2102 trillion won for the second quarter, a 92.4% increase compared to the same period last year. This figure also represents a 26.1% increase from the previous quarter's profit of 959.9 billion won.During the same period, revenue reached 12.8956 trillion won, up 94.7% year-on-year. The net profit for the quarter was 946.4 billion won, a 64.0% increase. Earnings before tax from continuing operations amounted to 1.296 trillion won, reflecting a 68.4% rise compared to the previous year.The growth trend was even more pronounced in the first half of the year. The operating profit for the first half of 2026 was 2.171 trillion won, an 89.1% increase from the same period last year. Cumulative net profit reached 1.7311 trillion won, up 68.9%, while cumulative revenue soared to 23.4397 trillion won, a 113.6% increase year-on-year.By business segment, brokerage services accounted for the largest share of revenue at 41.2%. This was followed by trading at 27.0%, investment banking at 16.0%, and wealth management at 15.8%. The brokerage segment saw a 44.2% increase in commission income compared to the previous quarter, driven by increased trading volume in the stock market. The wealth management segment experienced a 106.8% rise in commission income from the previous quarter, thanks to the expansion of issuance notes, integrated investment accounts (IMA), and fund sales.In the investment banking segment, the company secured commission income from equity capital markets (ECM), rights offerings, and domestic bond underwriting. The trading segment expanded its revenue through the supply of IMA-related products and connections with investment banking deals.* This article has been translated by AI. 2026-08-06 18:36:20
Osstem Pharma Launches 'Okchi Gum Toothpaste' for Gum Disease Prevention Osstem Pharma has introduced a functional toothpaste aimed at preventing gum disease, expanding its oral care product line primarily through pharmacies.On August 6, Osstem Pharma announced the launch of its new product, 'Okchi Gum Toothpaste,' under its premium pharmacy oral care brand, Okchi.Okchi Gum Toothpaste is designed for daily gum care, helping to prevent gum inflammation from the early stages while also managing plaque and cavities.The product contains three natural ingredients, including a standardized extract from Centella asiatica, which soothes and protects gums, alleviating early symptoms of inflammation such as bleeding and swelling, and helping to prevent periodontal disease. It also includes 1000 ppm of fluoride and plaque-removing agents to enhance cavity prevention and oral hygiene.An Osstem Pharma representative stated, "Preventive care is crucial for gum disease, especially before symptoms appear. We will continue to expand our lineup to support oral health based on our expertise in the dental field."Meanwhile, according to the Health Insurance Review and Assessment Service's '2024 Statistics on Common Outpatient Diseases,' the number of patients with gum disease has reached over 19.58 million, surpassing the number of cold cases, which stands at approximately 17.6 million.* This article has been translated by AI. 2026-08-06 18:36:20
KB Kookmin Card Surpasses 200,000 Issued Youth Check Cards in Eight Months KB Kookmin Card's youth-exclusive check card continues to thrive by offering differentiated benefits that reflect consumer patterns.On August 6, KB Kookmin Card announced that its 'KB Youth Club Check Card' has surpassed 200,000 issued cards, achieving this milestone in just eight months since its launch on December 8, 2025.This card is designed for individuals aged 18 to 29 and allows users to choose between two service packs tailored to their spending habits: hobbies & leisure and shopping & daily life. Users can change their selected service pack each month, providing flexibility to adapt to changing consumption patterns.Thanks to its unique benefits, the card has ranked first in the CardGorilla check card top 100 weekly rankings for 11 consecutive weeks, gaining significant popularity.A representative from KB Kookmin Card stated, 'The KB Youth Club Check Card has been well-received by many customers due to its differentiated benefits that reflect the actual spending patterns and lifestyles of young consumers.'* This article has been translated by AI. 2026-08-06 18:36:10
U.S.-China Trade Tensions Escalate with New Tariffs on Polysilicon As Chinese President Xi Jinping prepares for a visit to the United States next month, trade and technology tensions between the two nations are intensifying. The Trump administration is moving forward with plans to impose tariffs and minimum import prices on polysilicon, a material dominated by China in the global market. In retaliation, China has tightened export reviews on drone-related products and imposed sanctions on U.S. companies and organizations.According to Bloomberg News on August 5, the Trump administration is expected to announce the results of its investigation under Section 232 of the Trade Expansion Act as early as August 6.Officials have discussed imposing a minimum 15% tariff on imported polysilicon and applying minimum import prices to wafers, solar cells, and solar modules made from polysilicon raw materials.Investment bank Ross Capital Partners predicts that the actual tariff rate could rise to between 25% and 35%. However, the final tariff rate and applicable products may change as the Trump administration finalizes the details of the presidential proclamation.This action is based on the findings of an investigation initiated by the U.S. Department of Commerce in July 2025 under Section 232, which allows the president to impose tariffs or import restrictions if certain products are deemed a threat to national security.Polysilicon is a key material used in the solar and semiconductor industries. High-purity electronic-grade polysilicon is used in semiconductors found in smartphones and medical devices, as well as precision-guided munitions and aircraft control systems. Lower-purity solar-grade products are used in the production of crystalline silicon solar panels.The U.S. government aims to protect its polysilicon industry from China's overproduction and low-price strategies while reducing dependence on China in critical supply chains. The U.S. polysilicon industry has also called for strong trade relief measures against products linked to Chinese supply chains during the Department of Commerce's investigation.In response to the U.S.'s ongoing regulations, China has launched countermeasures. On August 5, the Chinese Ministry of Commerce announced that it would strictly review exports of drones and related components and technologies to the U.S., applying a more rigorous approval process.China has also suspended cooperation with U.S. certification agencies for mandatory Chinese certifications. As a result, the export procedures for U.S. products such as electrical appliances, computers, communication equipment, and automobiles to China are expected to become more complicated.In retaliation for U.S. sanctions against Chinese companies over forced labor issues concerning the Uyghur population, China has sanctioned U.S. companies and organizations, including Applied DNA Sciences and Human Rights in China. It has also banned transactions with the certification firm Compliance Testing for supporting U.S. regulations against China.However, China has refrained from implementing more severe measures, such as tightening rare earth export controls. The state-run Global Times described this response as "generally restrained," warning that it would escalate its response if the U.S. imposes further regulations.Experts suggest that while China is applying pressure on the U.S., it is also trying to avoid an uncontrollable escalation of tensions ahead of next month's summit. Li Mingzhang, a professor at Nanyang Technological University, noted that China's decision not to use strong measures like rare earth export controls signals a desire to avoid worsening the situation before the summit.Alfredo Montufar-Helluin, managing director at Ankurra China Advisors, told Reuters that both China and the U.S. seem to prefer targeted measures over sweeping actions, indicating that neither side wants to see tensions spiral out of control.* This article has been translated by AI. 2026-08-06 18:36:10
Daewoo Engineering & Construction Recommends Lee Kang-seok as New CEO Following Kim Bo-hyun's Resignation Daewoo Engineering & Construction has announced the promotion of Lee Kang-seok, head of external cooperation, to vice president and recommended him as the next CEO following the resignation of Kim Bo-hyun.On August 6, Daewoo Engineering & Construction stated that Kim Bo-hyun voluntarily expressed his intention to resign ahead of the expiration of his term, and the company has decided to respect his decision.Lee Kang-seok, currently the head of external cooperation, is set to be recommended as the next CEO.The company explained that Kim's resignation is based on the assessment that he has fulfilled his duties and that new leadership is necessary to ensure the company's continued growth and swift response to the rapidly changing external environment.Kim Bo-hyun oversaw the acquisition process of Daewoo Engineering & Construction as the head of the acquisition team when the company was acquired by the Shinhung Group in 2021. He later took on the role of CEO, focusing on organizational stability, growth, and profitability-centered management.According to the company, Kim has established a foundation for financial soundness through proactive risk management and the reflection of potential risks, leading to a recovery in profitability that exceeded market expectations in the first and second quarters of 2026.To minimize management gaps ahead of a large-scale order in the second half of the year and the end of the emergency management system, Daewoo Engineering & Construction has decided to expedite the CEO selection process compared to previous years. The company plans to swiftly carry out organizational restructuring and subsequent personnel changes under the new CEO.Lee Kang-seok joined Daewoo Engineering & Construction in 1996 and has experience in sales and external cooperation. The company evaluates him as having the capability to enhance domestic and international bidding competitiveness and to communicate and collaborate effectively with stakeholders, including the government, clients, and partners.As Daewoo Engineering & Construction has significantly raised its new order targets for this year, this leadership change is seen as a strategic move ahead of securing large projects and reorganizing the company.A company official stated, “This leadership transition reflects our commitment to achieving a generational change with young and dynamic leadership to respond swiftly and flexibly to the rapidly changing internal and external business environment.”Daewoo Engineering & Construction will finalize the CEO candidate at the board meeting, appoint him as an inside director at the shareholders' meeting, and proceed with the CEO selection process through subsequent board resolutions.A company representative remarked, “Through this leadership transition, we aim to secure both management stability and growth momentum, ensuring the smooth advancement of key projects in the second half of the year.”* This article has been translated by AI. 2026-08-06 18:36:10
Victim of Busan Kick Incident Responds to Media Claims Amid ongoing controversy over the abolition of the prosecution's supplementary investigation authority, Kim Jin-joo, the victim of the Busan kick incident, directly refuted claims made by some media outlets.On August 5, Kim took to her social media to respond to an article stating that the revelation of sexual crimes in the Busan kick incident was not due to a supplementary investigation by the prosecution.She stated, "I have to say this repeatedly: it was the prosecution that did this. The prosecution changed the charges to include attempted murder and rape, which is a significant achievement." She added, "Do you know how difficult it is to change the charges? If you don't know, at least do your research before writing. The victim doesn't even have a lawyer, so how can a victim's attorney express an opinion?"Following her post, it quickly gained traction online.Netizens reacted with comments such as, "The government is doing everything to change public opinion," and "For reference, the Lee Eun-hae case was initially dismissed by the police, but after six months of supplementary investigation prompted by tips from an insurance company and acquaintances, the planned murder was uncovered." Others expressed concerns, saying, "Isn't this putting the public at risk just to protect one corrupt politician?"One user criticized Kim, saying, "Has the victim of the Busan kick incident even read the amended criminal procedure law? Does she realize she is being used as a political tool by the prosecution and the People Power Party? If you want to make a claim, shouldn't you examine the relevant details carefully? Don't incite hatred instead of sympathy."In response, Kim shot back, "I have read the criminal procedure law. It's 112 pages. Get a grip. If you want to make a claim, do some research first. What will you say now? I have read it, but you haven't?"She also shared an article highlighting President Yoon Suk Yeol's recent statement, "I have not read the amended criminal procedure law."This controversy has intensified in light of the recent passage of the amended criminal procedure law in the National Assembly.Previously, the National Assembly passed a bill that completely abolishes the prosecution's supplementary investigation authority. This reform aims to eliminate the prosecution's direct investigation and supplementary investigation functions, while establishing a serious crime investigation agency and a public prosecution office.Concerns about personnel loss and investigative gaps have been raised within the prosecution and police, and voices of concern have emerged online across political lines.In male-dominated communities, comments included, "The system that provided the highest level of legal services to victims has been dismantled to save one person," and "To avoid being investigated, they have jeopardized public safety."In female-dominated communities, reactions included, "I will never vote for the Democratic Party again," and "They changed the system without any measures to address public safety gaps," and "If this continues, we will have no choice but to hand over power." Many expressed a desire to judge based on policies rather than party affiliation.As the significant overhaul of the investigation system, including the abolition of the prosecutor's office and the establishment of a serious crime investigation agency and public prosecution office, approaches, concerns about the reallocation of roles between the prosecution and police, as well as diminished on-site response capabilities, are expected to continue. This controversy surrounding the Busan kick incident is likely to lead to further debate over the appropriateness of the system reform.* This article has been translated by AI. 2026-08-06 18:36:00
Iran and Oman Agree on New Shipping Route Through Hormuz Strait Iran and Oman have reached an agreement on a new safe shipping route for vessels passing through the Hormuz Strait. Once finalized, Iran is expected to gain authority over ships entering the Gulf region.Esmaeil Baghaei, spokesperson for the Iranian Foreign Ministry, announced on August 5 that the two countries have agreed on specific coordinates for the new route after two months of negotiations.The discussions considered the safety of the route, legal issues, security conditions, and environmental impacts. A joint statement detailing the agreement is in the final stages.The proposed plan involves vessels entering the Gulf using a northern route managed by Iran, while outgoing ships would utilize a southern route overseen by Oman.According to Reuters, the negotiations include provisions for Iran to manage vessels entering the Gulf, but the extent of Iran's involvement with outgoing ships is still being negotiated.Kazem Gharibabadi, Iran's Deputy Foreign Minister, stated, "Once the new route is operational, the existing temporary route will be closed," adding that a significant portion of the shipping routes through the strait will pass through Iranian territorial waters.The final agreement has yet to be confirmed. The Associated Press reported that the negotiating teams from both countries have prepared a draft agreement, pending approval from Iran's Supreme Leader. The Iranian government has indicated that the joint statement is still in the finalization phase.Discussions regarding tolls and vessel inspection methods remain key issues. Reuters noted that while Iran and Oman sought to impose transit fees during negotiations, the U.S. and Gulf nations opposed this. Subsequently, the Wall Street Journal reported that the latest draft includes provisions preventing Iran from imposing tolls or service fees. The specifics of costs and inspection methods will only be confirmed once the final agreement is made public.The new route is likely to be used temporarily until a long-term operational plan is established. The Wall Street Journal indicated that the draft includes provisions for operating the route for 60 days, with the possibility of extending the period if necessary. Iran has previously stated that it is discussing operating the temporary route for 2 to 4 months.Iran clarified that the agreement with Oman does not imply a full opening of the Hormuz Strait. Gharibabadi emphasized that discussions about a complete opening of the strait can only occur if the U.S. halts its maritime blockade and military actions against Iranian ports.Baghaei also noted that under the current circumstances of U.S. maritime blockades and military threats, a complete guarantee of vessel safety cannot be achieved solely through agreements between the two countries.The U.S. and Iran have differing claims regarding ongoing negotiations between the two nations. President Donald Trump stated, "We are having very good discussions with Iran," claiming that an agreement to open the Hormuz Strait is imminent. He expressed a preference for a diplomatic solution over military action but warned that if negotiations fail, military action against Iran could resume.In contrast, Iran has rebutted claims of direct negotiations with the U.S., stating that the ongoing discussions are solely between Iran and Oman. However, it acknowledged that the U.S. has sent messages indicating readiness to comply with existing agreements. Iran has not yet decided whether to engage in follow-up negotiations with the U.S.* This article has been translated by AI. 2026-08-06 18:36:00
Mayor Park Kwan-yeol: No Sacrifice of Gwangju Citizens for Yongin Semiconductor Water Supply Project Park Kwan-yeol, the mayor of Gwangju, reiterated on August 6 that "the Yongin semiconductor water supply project cannot proceed at the expense of Gwangju citizens," emphasizing his commitment to protecting citizen rights. On this day, Mayor Park confirmed that the city’s official policy direction was not adequately reflected in discussions with relevant agencies during the process of promoting the Yongin semiconductor industrial complex's integrated water supply project. As a result, he implemented strict measures to establish public service discipline. Since the launch of the 9th elected term, Mayor Park has consistently stated that the Yongin semiconductor industrial complex's integrated water supply project should not proceed on the premise of unilateral sacrifice by Gwangju citizens. In particular, through a one-person protest in front of Samsung Electronics and media interviews, he has urged the government and Samsung Electronics to develop regional coexistence measures, continuously stressing that "projects that only impose sacrifices on Gwangju cannot be accepted." In response, Mayor Park has been operating a special task force for the Yongin semiconductor industrial complex's integrated water supply response and has issued special directives to ensure that the mayor's policy direction and the city’s official stance are reflected in all relevant permits and agency discussions. However, recent discussions with agencies such as the Han River Basin Environmental Office and Gyeonggi Province revealed that this policy stance was not sufficiently reflected, prompting Mayor Park to take strict action to uphold public service discipline. Considering that this is the first instance of this type and evaluating the intent, circumstances, and other factors, Mayor Park opted for a strict warning rather than disciplinary action, stating that he would hold individuals accountable according to relevant regulations if similar incidents occur in the future. The local community has expressed consensus that "the mayor's policies and the city’s official stance must be consistently implemented in administrative processes." Given that the Yongin semiconductor integrated water supply project directly impacts Gwangju's environment and citizens' lives, there are ongoing calls to prioritize citizen rights throughout the entire administrative process. Additionally, there are reactions indicating that "this strict measure has reaffirmed the importance of policy consistency and accountable administration within the public service," with hopes that Gwangju's position will be more clearly reflected in future discussions with the government and relevant agencies. Meanwhile, Mayor Park Kwan-yeol stated, "Gwangju's official stance and policy direction must be consistently reflected in all administrative processes," adding that he will strengthen internal reporting systems and coordination procedures with relevant agencies to protect citizen rights and the future of the region.* This article has been translated by AI. 2026-08-06 18:32:20