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  • BGF Retail Reports 22% Increase in Q2 Operating Profit to 84.9 Billion Won
    BGF Retail Reports 22% Increase in Q2 Operating Profit to 84.9 Billion Won BGF Retail reported strong second-quarter results, driven by robust sales of summer products amid rising temperatures and the impact of fuel cost support funds. The company announced on August 6 that its consolidated operating profit for the second quarter reached 84.9 billion won, a 22.3% increase compared to the same period last year. Sales rose to 2.4268 trillion won, up 6% from the previous year. Net profit increased by 7.6% to 56.8 billion won. For the first half of the year, cumulative operating profit was 123 billion won, a 33.7% increase from the same period last year, while sales grew by 5.6% to 4.5472 trillion won. In June, IBK Investment & Securities had projected BGF Retail's second-quarter operating profit at 79.6 billion won, which was 5.3 billion won higher than the actual figure, exceeding the expected year-on-year growth rate of 14.6%. According to BGF Retail, fewer rainy days and rising average temperatures compared to last year boosted demand for summer products such as beverages and ice cream. The recovery in consumer sentiment, an increase in foreign tourists, and the distribution of fuel cost support funds also contributed to the growth in sales at existing stores. Although there were one-time costs related to a logistics strike, the increase in product sales and improved profitability offset these expenses. Sales of beverages and ice cream, which have relatively higher profit margins, increased. Differentiated products, such as the 'Snack Dessert' series and the convenience food brand 'PBICK The Kitchen,' also drove sales growth. Discount promotions on essential goods, timed with the distribution of fuel cost support funds, further contributed to the positive results. From May 18 to July 3, the government distributed the second round of fuel cost support funds, providing 100,000 to 250,000 won to the bottom 70% of income earners. The funds were issued via credit and debit cards, prepaid cards, and local love gift certificates, allowing use at convenience stores and local small businesses. The product mix has also shifted towards more profitable items. The share of food and processed food in total sales increased by 0.4 percentage points and 0.9 percentage points, respectively, compared to the same period last year, while the share of tobacco decreased, improving the average product profit margin. The store strategy has been refined to better segment the customer base. In response to the rise in single-person and two-person households, BGF Retail has expanded its grocery-focused stores, enhancing the selection of fresh produce, meat, and other items, and introduced 'Smart Grocery' stores. This strategy aims to transform convenience stores, traditionally focused on ready-to-eat meals, into platforms for purchasing ingredients close to home. Specialized stores targeting foreign customers have also increased. Tourist product specialty stores have been established in major tourist areas, featuring items favored by inbound tourists, while stores in areas with a high concentration of foreign residents have strengthened their offerings of local ingredients and imported goods. This approach diversifies product offerings based on customer demographics and expands visitor inflow channels. A BGF Retail representative stated, "Favorable weather conditions, including fewer rainy days and rising average temperatures compared to last year, along with the recovery in consumer sentiment, the impact of fuel cost support funds, and the increase in foreign tourists, have all acted as key momentum for our performance growth."* This article has been translated by AI. 2026-08-06 18:28:10
  • Neowiz Releases Ps Lie for Nintendo Switch 2
    Neowiz Releases 'P's Lie' for Nintendo Switch 2 Neowiz announced the official release of 'P's Lie: Complete Edition' for the Nintendo Switch 2 on August 6. This version combines the main game 'P's Lie' with the downloadable content (DLC) 'P's Lie: Prelude.' It has been optimized for the Nintendo Switch 2 environment and includes updates for improved convenience, as well as new difficulty levels and challenge modes that were added after the initial release.With this launch, Neowiz aims to expand the reach of 'P's Lie' to the Nintendo platform and connect with a broader global audience. A physical package version is set to be released on October 2.Choi Ji-won, the director of 'P's Lie,' stated, “'P's Lie: Complete Edition' is an optimized version that provides a high-quality gameplay experience encompassing both the main game and the DLC in a next-generation console environment. Through this release, we hope to strengthen our connection with Nintendo users and continue the vitality of the 'P's Lie' intellectual property across various platforms.”'P's Lie' was developed by Neowiz Round8 Studio and was initially released in September 2023 for PC and console platforms including PlayStation and Xbox. It has achieved significant success in the global console market, with cumulative sales reaching 4 million units.* This article has been translated by AI. 2026-08-06 18:28:10
  • IBK Industrial Bank Launches Non-Face-to-Face Sunshine Loan for Vulnerable Groups
    IBK Industrial Bank Launches 'Non-Face-to-Face Sunshine Loan' for Vulnerable Groups IBK Industrial Bank is introducing a non-face-to-face financial product to enhance access for low-income and low-credit individuals. The bank announced on August 6 that it will launch the 'i-ONE Sunshine Loan Special Guarantee,' a loan product exclusively for online applications, on August 7. This follows the introduction of the 'IBK Sunshine Loan Special Guarantee' available at bank branches in January, expanding support for vulnerable groups through non-face-to-face channels. Eligible borrowers include salaried individuals who have been employed for at least three months, earn an annual income of 35 million won or less, and have a credit score in the bottom 20% according to external credit rating agencies (NICE, KCB). The loan limit is set at a maximum of 10 million won per person, with an interest rate of 6.0% per year. There are no penalties for early repayment. Borrowers who meet certain conditions, such as having a cumulative delinquency period of 60 days or less, may receive a reduction of up to 1.5 percentage points on the guarantee fee rate. Low-credit individuals who find it difficult to visit bank branches can apply for the loan through the mobile app. Details regarding the loan application and specific conditions will be available starting August 7 on the 'i-ONE Bank' app. An IBK official stated, "We aim to enhance financial accessibility for vulnerable groups by expanding non-face-to-face financial products and will continue to develop practical inclusive finance support measures."* This article has been translated by AI. 2026-08-06 18:28:00
  • Insurance Companies Prepare for Implementation of 8-Week Rule for Auto Insurance Claims
    Insurance Companies Prepare for Implementation of 8-Week Rule for Auto Insurance Claims As the implementation of the so-called '8-week rule' for auto insurance claims approaches next month, the property and casualty insurance industry is ramping up preparations. Insurers are developing a review system and refining compensation procedures, while the Korea Automobile Injury Compensation System (KAIC) has begun establishing a medical review committee to assess the necessity of continued treatment.According to the insurance industry on August 6, insurers are creating a computerized system that incorporates the review process for additional treatments, along with updating internal guidelines.Under the new system, patients classified with injury grades 12 to 14 who seek treatment beyond eight weeks after an accident will need to submit a medical certificate, copies of medical records, and imaging data to their insurance company. The insurer will then forward this information to the KAIC, which will evaluate the necessity for extended treatment through a panel of medical professionals and communicate the results to both the insurer and the patient. Consequently, insurers are establishing a new review request function that was not part of the previous compensation system.The KAIC is also accelerating its preparations for the review system. It is forming a medical review committee consisting of approximately 200 specialists in Western and traditional medicine, while also working to secure medical and administrative personnel to support the review process. Although recruitment for related personnel began in April, the process was halted due to a delay in the system's implementation. With the schedule now confirmed, preparations are resuming.However, some experts predict that the new system may not immediately lead to a reduction in the workload for insurers. Initially, it was expected that unnecessary long-term treatments would decrease, thereby reducing both loss ratios and compensation work. In reality, new tasks such as guiding patients through additional treatment requests, processing review applications, exchanging data with the KAIC, notifying about review results, and handling complaints will be added.An official from one insurance company stated, “Previously, the focus of compensation work was on concluding treatment and reaching agreements. Now, we will have to guide customers through the additional treatment review process and exchange results with the KAIC. While we agree with the intent of the system, we anticipate that initial implementation may lead to more confusion and a heavier workload than expected.”Concerns about a balloon effect have also been raised. Since patients can receive treatment without a separate review up to eight weeks, there is a possibility that some may seek intensive treatment or focus on specific medical services before becoming subject to review. Critics have pointed out that while the new system aims to assess the appropriateness of treatment duration, it has limitations in managing the content of the treatment itself.* This article has been translated by AI. 2026-08-06 18:28:00
  • Russian Black Widow Marriage Scam Targets War Compensation
    Russian 'Black Widow' Marriage Scam Targets War Compensation As the Russia-Ukraine war drags on, a new social issue has emerged in Russia: the so-called 'black widow' scam, which targets death compensation payments for fallen soldiers.Cases of soldiers marrying shortly before deployment and their spouses then claiming survivor benefits after their deaths have prompted calls for action from the Russian parliament.On August 6, CNN reported that as marriage scams aimed at death benefits proliferate, families of the deceased are increasingly losing both their assets and compensation payments.According to the report, a 37-year-old woman named Maria from St. Petersburg recently received notification that her 59-year-old father had died from gunshot wounds on the Ukrainian front. However, the shock did not end there. She learned that just two days before his deployment, her father had married a woman 22 years younger, a fact she was unaware of.The woman who married Maria's father is legally entitled to receive the death compensation from the Russian government. Maria told CNN, "I have never seen or spoken to that woman," adding, "I suspected it was a scam from the beginning." CNN attempted to contact the woman for her perspective but did not receive a response.In Russia, when a soldier is killed in action, a one-time payment of at least 5 million rubles is given to the legal 'next of kin.' Originally intended to support the families of the deceased, this system has recently become a target for organized marriage scams, leading to a growing social problem. Russian authorities and state media refer to these perpetrators as 'black widows.'A recent incident involving a military hospital nurse who allegedly married five soldiers under her care, only to seek compensation after their deaths, has also sparked significant controversy. Reports of 'deathbed marriages,' where soldiers wed just before dying on the front lines, have further fueled public criticism.Analysts suggest that this phenomenon is linked to the Russian government's marriage promotion policies. According to CNN, since the full-scale invasion of Ukraine in February 2022, Russia has actively supported rapid marriages for soldiers. The government has allowed couples to bypass the usual marriage registration waiting period and has promoted mass weddings organized by local governments through state broadcasts.However, there are concerns that this policy is being exploited for criminal purposes. Last year, a real estate agent in Siberia sparked outrage by stating on a podcast, "If you find a man participating in a special military operation and he dies, you can receive 8 million rubles (about $140,000). Many women are buying cheap apartments this way. It’s business." The agent and the podcast host were eventually prosecuted and ordered to perform community service, as well as publicly apologize to soldiers and their families.Leonid Slutsky, a prominent member of the Russian parliament, warned that families of participants in the special military operation need protection from 'black widows' and financial scammers, stating, "This type of crime has reached a serious level."CNN also reported allegations that in some cases, military officials colluded with women to recruit vulnerable men, such as orphans or those without families, arranging marriages and sending them to the front lines to target death benefits.* This article has been translated by AI. 2026-08-06 18:24:20
  • Kakao to Develop AI Agent Marketplace with Government Support
    Kakao to Develop AI Agent Marketplace with Government Support Kakao announced on August 6 that it has been selected as the executing contractor for the 'AI Agent Marketplace Development Support Project,' overseen by the Ministry of Science and ICT and managed by the National Information Society Agency (NIA).The AI Agent Marketplace will serve as a platform where users can search for and utilize AI agent services and tools in one location.Kakao, in partnership with Kakao Enterprise, aims to establish a privately-led open ecosystem by December 2027. The project is expected to be funded with approximately 11 billion won, combining government contributions and private investments.The Kakao consortium plans to create an AI agent ecosystem that offers the entire process from agent registration and verification to exploration, combination, execution, and settlement on a single platform. The first phase is targeted for launch within this year, with a second phase, including an agent studio, planned for 2027.The marketplace will be designed with an open structure that is not dependent on specific clouds or AI models. It will integrate various domestic and international AI models, including Kakao's own AI model, 'Kanana,' and support seamless connections between tools through external APIs (Application Programming Interfaces) and MCPs (Model Context Protocols).To ensure reliability, all registered AI tools will undergo multiple verification processes, including security reviews, sandbox testing, and hallucination control, before being published. A continuous re-verification system will also be implemented during the operational phase.For the construction of this marketplace, the Kakao consortium plans to leverage its technical capabilities. Kakao currently operates the open platform 'PlayMCP,' which hosts over 400 MCP servers, and the AI agent development tool 'AI Agent Builder.' Additionally, it offers a pilot service called 'AI National Secretary' in collaboration with the Ministry of the Interior and Safety.Kakao Enterprise will participate by contributing its operational experience in marketplace entry, verification, and settlement, along with its cloud infrastructure and security capabilities.Furthermore, support programs will be implemented to enhance the ecosystem. Initiatives such as the AI Agent Challenge and hackathons will be conducted to discover outstanding agents and create a virtuous cycle of growth through their entry into the marketplace.Kim Se-woong, leader of Kakao's AI Synergy Performance, stated, "We are at an inflection point where the demand and supply of AI agents are simultaneously opening up. Based on Kakao's AI technology and platform operation experience, we aim to establish a standard for a trustworthy AI agent ecosystem that developers and companies can rely on, and operate it as a sustainable marketplace."In July 2025, Kakao introduced PlayMCP to discover and support various tools for AI agents and facilitate developers' experiments. This open platform allows anyone with a Kakao account to register and test MCP servers, providing an environment for developers both inside and outside Kakao to plan and validate agent-based AI services. Kakao aims to expand connections between AI and various external services, broadening the foundation of the agent-based AI ecosystem.* This article has been translated by AI. 2026-08-06 18:24:20
  • Bank Bond Issuance Surges 40% Ahead of Interest Rate Hike
    Bank Bond Issuance Surges 40% Ahead of Interest Rate Hike 올해 은행채 발행액이 지난해보다 40% 가까이 급증한 것으로 나타났다. 기준금리 추가 인상과 시장금리 상승 가능성에 대비해 은행들이 조달 여건이 더 나빠지기 전에 자금 확보에 나선 것으로 풀이된다. 은행채 발행이 단기간에 몰리면서 은행의 조달비용과 대출금리 상승 압력을 키울 수 있다는 우려도 나온다. According to the Korea Financial Investment Association, as of August 5, the total issuance of bank bonds this year reached 159.19 trillion won, a 38.2% increase from 115.19 trillion won during the same period last year. The surge in bank bond issuance has been primarily driven by state-owned banks. IBK (Industrial Bank of Korea) has issued 53.77 trillion won in bank bonds this year, an 88% increase from 28.49 trillion won during the same period last year. The increase from IBK alone accounts for about 60% of the total rise in bank bond issuance. This trend is attributed to the government's push for productive finance, which has increased the demand for policy financing and loan resources. State-owned banks, having weaker deposit bases than commercial banks, are becoming more reliant on bank bond issuance as they expand policy financing. The five major commercial banks (KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup) have also seen significant increases in bank bond issuance. Their total issuance rose from 18.72 trillion won last year to 37.43 trillion won this year, nearly doubling. This increase is attributed to funds flowing out of bank deposits due to a booming stock market, alongside the need for household and corporate loan resources and the refinancing of maturing bonds. Market analysts believe that banks are accelerating their bond issuance in anticipation of further interest rate hikes and rising market rates. There is a growing demand to secure necessary funds before borrowing costs increase further. A representative from a commercial bank stated, "It is becoming difficult to meet funding needs solely through deposits, and with the possibility of higher borrowing costs in the future, banks appear to be proactively issuing bonds." However, there are concerns that if bank bond issuance becomes concentrated in a short period, it could lead to increased supply burdens. An increase in issuance volume may limit the decline in bank bond rates or exert additional upward pressure. This could raise banks' funding costs, which may be reflected in new loan rates. Bank bond rates serve as a key benchmark for fixed-rate mortgage loans and personal loans. They can also indirectly affect variable-rate mortgage loans through banks' funding costs. Loan rates have already been on a steep rise. As of today, the fixed-rate mortgage loan rates at the five major banks range from 4.65% to 7.44% annually. Compared to the end of June, when rates were between 4.37% and 7.37%, the lower end has increased by 0.28 percentage points, and the upper end has risen by 0.07 percentage points in just over a month. Personal loan rates have also surpassed 6% at the upper end, with rates ranging from 4.76% to 6.17% for one-year terms. A financial sector representative noted, "With the likelihood of further interest rate hikes increasing, if bank bond issuance becomes concentrated, the upward pressure on market rates could intensify. As banks' funding costs rise, this will inevitably be reflected in new loan rates." * This article has been translated by AI. 2026-08-06 18:24:10
  • Baemins Baemin Lunchbox Campaign Video Surpasses 5 Million Views
    Baemin's 'Baemin Lunchbox' Campaign Video Surpasses 5 Million Views Baemin's operator, Woowa Brothers, announced on August 6 that its flagship social contribution initiative, the 'Baemin Lunchbox' campaign video, has garnered millions of views, receiving widespread acclaim.The Baemin Summer Lunchbox program addresses the care gap and food insecurity for children during school breaks by delivering lunchboxes and meal vouchers through school teachers while checking in on the children. Since its inception during the pandemic in 2020, the program has supported approximately 180,000 meals for 7,483 children.The recently popular content features an offline campaign video titled 'Delicious Support for You by Baemin Lunchbox,' which was launched at the National Youth Sports Festival in Busan in May. The campaign aimed to cheer on young athletes' hard work and dedication.To support youth athletes who often struggle to enjoy their favorite foods due to strict training and weight management, Baemin set up food trucks near venues for taekwondo, hockey, wrestling, and archery events, offering popular items like chicken, pizza, tteokbokki, and shaved ice.The video documenting this event surpassed 5 million views on YouTube just 13 days after its release and has currently accumulated 5.32 million views.Last May, Baemin also launched the 'First Delicious Day by Baemin Summer Lunchbox' campaign for Children's Day. The video, which showcased the process of setting up food trucks in elementary school playgrounds for children in mountainous areas with limited access to restaurants, has garnered approximately 8.87 million views.Choi Jong-seok, head of branding at Woowa Brothers, stated, 'It seems that many people resonated with the genuine reactions of the cheerful children. We will continue to create warm content that conveys Baemin's sincerity.'* This article has been translated by AI. 2026-08-06 18:24:10
  • Controversy Surrounds Fairness in Democratic Party Convention Ahead of Vote
    Controversy Surrounds Fairness in Democratic Party Convention Ahead of Vote The Democratic Party's convention is just 11 days away, and controversy over its fairness continues to escalate. Following the so-called 'war of rules,' conflicts have intensified, including counter-complaints to the Election Commission.According to the party on August 6, Election Commission Chairman So Byeong-hoon rejected a decision the previous day regarding the posting of banners that included phrases like 'birthday-based odd-even voting strategy guide' and '100% participation of all members.'The 'birthday-based odd-even voting strategy guide' was proposed by supporters of candidate Jung Cheong-rae and other pro-Jung candidates to increase the number of elected officials during the Supreme Council elections. This has drawn backlash from the pro-establishment faction, which claims it promotes factional politics. The '100% participation of all members' banner was promoted by pro-establishment lawmakers, and Jung has raised concerns about it being an overt attempt to favor a specific candidate. The phrase '100% participation of all members' is championed by candidate Kim Min-seok.Additionally, various criticisms have emerged regarding the rules of this convention, particularly concerning the preferential voting system. This system determines the winner without a separate runoff, allowing the second-choice votes of the third-place candidate to be counted if the first-choice candidate does not achieve a majority in the first round.However, there are concerns that if a candidate with a higher initial support rate is not selected through this system, it could lead to backlash from party members. Both Jung and Kim, who are currently leading in the preliminary rounds, have stated they will accept the results, but there are predictions of dissent among their supporters.Moreover, recent candidates from the pro-establishment faction have pointed out issues with 'dark voting,' questioning the timing of voting that ends before campaigning concludes, and advocating for additional voting opportunities in line with the principle of member sovereignty.In response, Kim appeared on YouTube's 'Kim Eo-jun's News Factory' and stated, 'Realistically, it seems difficult to propose improvements for this election,' but expressed hope that the issue could be discussed with party members before the next convention. Candidate Song Young-gil also remarked the previous day, 'Looking back at this election process, we should be voting after seeing the campaign, but we are campaigning after the voting has ended,' acknowledging the need for improvements.Conversely, Jung has labeled this a 'voting coup,' arguing, 'There has never been an election in any country's history like this. Asking for another voting opportunity after voting has ended is akin to a post-vote.' In this context, Eom Gyeong-young, director of the Era Spirit Research Institute, stated in a phone interview with Aju Economy, 'Given the intensity of the convention, the outcome will likely depend on the rules. Regardless of the results, there are concerns that factional conflicts could escalate to a psychologically divisive state.'* This article has been translated by AI. 2026-08-06 18:24:00
  • LG Uplus Reports Record Earnings in Q2, Plans to Expand AIDC Investments
    LG Uplus Reports Record Earnings in Q2, Plans to Expand AIDC Investments LG Uplus achieved an operating profit of 334.5 billion won in the second quarter of this year, marking its highest quarterly performance to date. The company plans to accelerate the expansion of its artificial intelligence data center (AIDC) business based on stable profitability.On August 6, LG Uplus announced that its consolidated revenue for the second quarter reached 3.6949 trillion won, with service revenue at 3.0765 trillion won and operating profit at 334.5 billion won.Revenue decreased by 3.9% compared to the same period last year. However, service revenue, excluding device sales, increased by 2%. Operating profit rose by 13.1% year-on-year, setting a record for the highest quarterly figure. Excluding one-time factors such as facility usage fees, the operating profit growth rate was approximately 5%.Net profit for the period was 217.7 billion won, a 0.3% increase from the previous year.Breaking it down, total revenue in the mobile sector rose by 0.9% year-on-year to 1.6602 trillion won, driven by an increase in net subscriber additions and the proportion of 5G handset subscriptions. Mobile service revenue, excluding connection fees, was 1.5959 trillion won, up 1.2% from the same period last year.The total number of mobile subscriptions reached approximately 31.467 million, a 5.2% increase from the previous year. In the second quarter, there was a net addition of over 536,000 subscriptions. MNO subscriptions totaled about 22.442 million, while MVNO subscriptions reached approximately 9.025 million, increasing by 7.2% and 0.4%, respectively, compared to the previous year.The number of 5G handset subscribers grew by 6.9% year-on-year to 9.548 million, resulting in a 5G penetration rate of 84.9% among all handset subscribers.Revenue from the smart home sector increased by 4.3% year-on-year to 663.8 billion won, driven by growth in IPTV and high-speed internet subscriptions.Internet revenue grew by 7.6% year-on-year to 325.1 billion won, with a net addition of 38,000 internet subscribers in the second quarter, bringing the total to approximately 5.677 million, a 3.6% increase from the previous year. IPTV revenue also rose by 2.1% year-on-year to 337.7 billion won, with IPTV subscribers reaching 5.776 million, up 1.3% from the previous year.Revenue from the solutions sector, which includes AICC and smart mobility businesses, increased by 6.8% year-on-year to 134.6 billion won, driven by higher messaging revenue. Corporate line revenue rose by 0.2% to 205.7 billion won during the same period.Corporate infrastructure revenue reached 464.4 billion won, an 8.6% increase from the previous year. Notably, the AIDC business achieved 124.1 billion won, a 28.9% increase year-on-year, driven by growth in colocation revenue, contributing to the overall growth of the corporate infrastructure sector.LG Uplus plans to expand its AIDC business based on profitability. CFO Yeom Young-hee stated during a conference call, "We expect facility investments to increase compared to last year due to the expansion of AIDC investments. However, we will execute investments within the EBITDA range to secure stable free cash flow (FCF)."She added, "We plan to enhance capital efficiency and reduce cash flow burdens by combining self-investment with leasing and DBO. We aim to maintain our financial goals by enhancing corporate value without external funding."Jung Young-hoon, head of the corporate AI business, noted, "The current situation shows that demand exceeds supply, leading to rising floor and electricity costs. The Paju AIDC project is expected to improve profitability compared to existing centers."* This article has been translated by AI. 2026-08-06 18:24:00