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IBK Bank Launches Digital Financial Power of Attorney Service IBK Bank has introduced a digital financial service that allows domestic financial transactions to be delegated without international mail.On August 4, IBK Bank announced that it began offering the 'Digital Consular Certification Financial Power of Attorney Service' for overseas Koreans starting July 30.The digital consular certification financial power of attorney allows users to send a power of attorney verified by a consulate in electronic document form to financial institutions, enabling verification of its authenticity.Previously, overseas Koreans had to send a paper power of attorney, verified by a consulate, via international mail to delegate domestic financial tasks. This process was time-consuming and costly, with the risk of documents being lost during transit.With the introduction of this service, powers of attorney can now be transmitted electronically to banks, allowing for quicker processing of domestic financial transactions while abroad. The service reduces the risk of forgery and enhances personal data protection by verifying the authenticity of the electronic documents.An IBK Bank official stated, "We expect that the convenience of financial services for overseas Koreans will significantly improve, and we will continue to expand customer-centric financial services utilizing digital technology."* This article has been translated by AI. 2026-08-04 15:20:20
Behind the Scenes of Netflix's 'Donggung': The Charm of Kkeomeoksari Every production has numerous perspectives. Although the director and actors share the same space and time, their experiences may differ. 'Choi Song-hee's B-Cut' focuses on the vivid behind-the-scenes moments that go beyond the 'A-Cut' captured on screen. It reconstructs the more intense 'B-Cut' moments through interviews with the director and actors. <Editor’s Note>Netflix's series 'Donggung' follows Gucheon (played by Nam Joo-hyuk), who possesses the ability to traverse the world of spirits, and a palace maid named Saenggang (played by Noh Yoon-seo), as they uncover a curse haunting the palace at the king's (played by Jo Seung-woo) request. In its second week of release, the series climbed to second place in Netflix's global Top 10 non-English shows and made the Top 10 lists in 69 countries, including South Korea.The popularity of 'Donggung' extends beyond its storyline to the production elements that brought the spirit world to life, including art, lighting, music, and CGI. Notably, Kkeomeoksari, a spirit that accompanies Gucheon, has become one of the most talked-about characters since its release. Nicknamed 'Post Duffy' and 'Joseon Groot,' Kkeomeoksari, despite its small and cute appearance, plays a strong supporting role, becoming the mascot of 'Donggung.'"Designing Kkeomeoksari was quite challenging. While other spirits have relatively clear roles, Kkeomeoksari needed to be a friendly presence for both Gucheon and the audience, while also having the ability to transform and assist. I spent a lot of time considering how to create that sense of persuasion, going through various designs inspired by textures of stone and clay found in statues and figurines. The original story had a black image, which led to the development of the earthy feel," said Director Choi Jeong-kyu.Cuteness was also a crucial aspect of Kkeomeoksari's character. It was not merely a decorative figure but one that needed to interact continuously with Gucheon. Writers Kwon So-ra and Seo Jae-won previously mentioned that they drew inspiration for Kkeomeoksari from urban legends."Since Kkeomeoksari is a character that needs to interact with Gucheon, cuteness was an important element. The writers expressed that they felt a sense of cuteness in the repeated phrase 'I am Kkeomeoksari' in the original story. I believe that’s why the script was structured to allow for that role," Director Choi added.Nam Joo-hyuk showcased a unique chemistry with Kkeomeoksari. To aid the actors, Director Choi created a model of Kkeomeoksari for them to interact with before filming. This model provided significant assistance compared to relying solely on CGI."There was a model of Kkeomeoksari. Once the shoot began, we had to remove the model, so I spent a lot of time looking at it before we started filming. I thought, 'This character will exist here.' I discussed with the director how Kkeomeoksari would move in certain scenes, which helped me imagine, 'At this moment, it must be here,' while filming," Nam Joo-hyuk explained.During filming, Nam Joo-hyuk believed Kkeomeoksari could become the mascot of the production. He understood that Kkeomeoksari was meant to embody cuteness alongside Gucheon, prompting him to create chemistry with the character."I thought that would be the case and made an effort. Since I was told that Kkeomeoksari would be the character responsible for cuteness in our production, I felt it was important to develop chemistry with it," he said.The chemistry between Saenggang and Gucheon is also a key element of 'Donggung.' Nam Joo-hyuk and Noh Yoon-seo were conscious of not defining their characters' relationship as purely romantic, focusing instead on building emotional depth."I didn’t think of it as a romance. I see Gucheon and Saenggang as having a savior-like relationship where they come to rely on each other, and I believe there is a strong camaraderie. However, I wanted to approach it in a way that allows the audience to perceive it as romantic or as something deeper, like camaraderie or another energy. The script itself didn’t contain romance, so we aimed to allow viewers to imagine various interpretations of Gucheon and Saenggang's relationship," Nam Joo-hyuk said."While acting, I anticipated that there would be various interpretations of Gucheon and Saenggang's relationship, and I hoped many would try to interpret their savior-like bond. I found it interesting and enjoyable to see the many interpretations and imaginations that emerged. I hope viewers continue to imagine more," Noh Yoon-seo added.Director Choi expressed pride in the growing chemistry between Nam Joo-hyuk and Noh Yoon-seo as the episodes progressed. His favorite scene is the hug between Saenggang and Gucheon, noting that the fleeting expressions of the actors added depth to the moment."In Joo-hyuk's case, I liked his expressions before and after saving Saenggang. Especially when Saenggang hugs Gucheon, there’s a brief expression he shows that conveys warmth, as if to say, 'Oh, he’s crying again.' I felt that expression revealed the emotions Gucheon had been harboring for Saenggang throughout the eight episodes. That kind of moment isn’t something that can be directed; it’s a sensation created spontaneously by the actor," Director Choi said.Action scenes depicting the spirit world were also significant. The character Byeolgam originates from traditional torture methods, specifically the 'domoji' technique. Director Choi aimed to convey Gucheon's fatigue and anguish through Byeolgam's actions."Byeolgam is based on the traditional torture method of domoji, where paper is attached to the face and water is poured. I captured the image of the most painful moment experienced by the character. Through Byeolgam's actions, I wanted to show Gucheon's fatigue and anguish in the spirit world. Therefore, Joo-hyuk performed high-difficulty actions himself, and we aimed to capture as much of the actual performance as possible rather than just cutting it together," Director Choi explained."The Byeolgam action was the first action scene we filmed, and we shot it less than a month after starting in December. At that time, I had a cold. I filmed while feeling unwell after stepping outside to get some fresh air, which made me feel worse. I think that contributed to the desperate and powerless action that was completed, as if my energy was being drained like Gucheon. When fighting spirits in the spirit world, I approached it with a defensive mindset, thinking that I needed to send them to a better place, and I believe that kind of powerless action was well executed," Nam Joo-hyuk concluded.* This article has been translated by AI. 2026-08-04 15:20:10
Government Focuses on Urban Land and Non-Apartment Housing to Boost Housing Supply The government is working on follow-up housing supply measures, focusing on urban idle land and non-apartment housing such as villas and officetels. The plan aims to secure land that can be supplied relatively quickly in urban areas and to restart halted non-apartment construction projects.According to the Ministry of Land, Infrastructure and Transport and industry sources, a housing supply plan, following a tax reform proposal, is expected to be announced as early as mid-August. This plan will discuss the residential conversion of semi-industrial areas and non-residential land, the development of public facility relocation sites, and the mixed-use development of aging public buildings.Urban idle land has the advantage of lower land acquisition burdens and the ability to utilize existing transportation and living infrastructure. However, changes in land use, public contributions, infrastructure burdens such as schools and roads, and local government and resident opposition can slow down project timelines. Past examples, such as the Taereung Golf Course and the Yongsan area, have seen government-announced supply sites delayed due to traffic and environmental issues.The key is to not only announce supply plans but also to translate them into actual construction starts. The Ministry reported that from January to May this year, nationwide housing permits totaled 98,694 units, a 10.6% decrease from the same period last year. Construction starts increased by 27.0% to 94,367 units, but in Seoul, where demand is concentrated, the number fell by 10.7% to 9,630 units.Previously, the government announced plans to start construction on 1.35 million units in the metropolitan area by 2030 and to supply 60,000 units using urban idle land and aging public buildings. However, many of these projects are scheduled to begin after 2027, raising concerns about immediate supply shortages.There are calls for local governments to be more actively involved in housing supply by providing financial incentives. This approach would shift from the central government merely designating land to a model where local governments address permitting and infrastructure issues, potentially expanding support from housing and urban funds or transportation facilities.Lee Eun-hyung, a researcher at the Korea Construction Policy Institute, pointed out that the available urban idle land is limited, making it difficult to sustain housing supply based solely on this resource over the long term.Normalizing non-apartment housing supply is seen as a more immediate solution compared to urban idle land. Villas, urban-type housing, and officetels typically have shorter project timelines and have absorbed rental demand from young couples and single-person households. However, following recent rental fraud cases, tenant preferences have declined, and rising construction costs, project financing issues, and stricter guarantee requirements have weakened the supply base.Shin Bo-yeon, a professor at Sejong University’s Department of Real Estate AI Convergence, noted that villas are challenging assets for short-term investment unless redevelopment opportunities arise. Many are operated for rental income by retirees, suggesting that tax incentives should be provided to align supply and demand.To effectively increase supply, comprehensive policy changes regarding housing unit calculations and actual residency regulations are necessary. Even if funding is provided to support housing construction, the lack of demand from buyers to rent out units could hinder project viability.Seo Jin-hyung, a professor at Kwangwoon University’s Department of Real Estate Law, stated that even if green belts are lifted, it would take 7 to 8 years to see actual housing supply. Therefore, simply announcing supply measures while maintaining residency obligations and the one-household, one-home policy will not realistically increase supply. He added that policy changes, such as excluding certain non-apartment units from housing unit calculations, are needed to stimulate both sales and rental demand. 2026-08-04 15:20:10
Hyundai Livart Reports 9% Drop in Q2 Revenue Amid Construction Slowdown Hyundai Livart has reported disappointing results for the second quarter of this year, impacted by a prolonged downturn in the construction market. Analysts suggest that the company's heavy reliance on built-in furniture sales has hindered its performance.In a public disclosure on August 4, Hyundai Livart announced that its consolidated revenue for the second quarter reached 373.1 billion won, a 9.0% decrease compared to the same period last year. During the same timeframe, operating profit rose by 9.4% to 5.6 billion won, while net profit surged by 507.4% to 3.8 billion won.The primary reason for the poor performance is attributed to a decline in the supply of built-in furniture due to the ongoing slump in the housing and construction market. The overall construction industry has been affected by a decrease in apartment occupancy rates and delays in construction starts.Within the furniture industry, Hyundai Livart's business structure, which has a relatively high proportion of built-in furniture sales for new apartments, has exacerbated the decline in performance compared to competitors. The sharp drop in apartment supply from construction companies has significantly impacted the company's B2B (business-to-business) segment.Hyundai Livart plans to accelerate its restructuring and business diversification efforts. The company aims to strengthen its fundamentals through efficient management focused on profitability while actively pursuing new housing maintenance projects and B2B contracts to lay the groundwork for revenue recovery.A Hyundai Livart representative stated, "The ongoing construction market recession has led to a reduction in the supply of built-in furniture, resulting in decreased sales. However, we are committed to maintaining profitability through effective cost management and efficient operations." The representative added, "We plan to actively pursue new housing maintenance projects and B2B contracts to continuously expand our sales." 2026-08-04 15:20:10
Youngpoong and MBK to Withdraw Lawsuit Against Korea Zinc's Extraordinary Shareholders Meeting Youngpoong and MBK Partners have decided to withdraw their lawsuit seeking to annul the resolutions made at Korea Zinc's extraordinary shareholders meeting held in January 2025.According to industry sources on August 4, Youngpoong and MBK Partners have informed the court of their intention to withdraw the lawsuit, believing they have achieved all the objectives for which the lawsuit was originally filed. Consequently, as part of the legal process for resolving the matter with other shareholders, a court recommendation for settlement was issued on July 30. If no objections are raised by the parties involved within the legal timeframe, this decision will be finalized and will have the same effect as a court settlement.The lawsuit was related to the extraordinary shareholders meeting held on January 23, 2025. Youngpoong claimed that Korea Zinc formed a mutual shareholding relationship by acquiring more than 10% of Youngpoong's shares through its overseas affiliate, SMC, just one day before the meeting, which restricted Youngpoong's voting rights on its shares in Korea Zinc.The Seoul Central District Court ruled on March 7 of last year that there were issues with the actions taken by Korea Zinc's Chairman and CEO, Park Gi-deok, which limited Youngpoong's voting rights. As a result, the effectiveness of the resolutions made at the extraordinary shareholders meeting was suspended, and the duties of the four outside directors appointed at that meeting were also halted. Although Korea Zinc contested this decision, the ruling was upheld, and the matters resolved at that shareholders meeting are being addressed in the main lawsuit.The decision to withdraw the lawsuit was influenced by the resignation of the outside directors who had been appointed at that meeting. All four outside directors, whose duties were suspended by the court's ruling, have recently resigned.Youngpoong and MBK Partners also assessed that there was little benefit in continuing the lawsuit regarding the stock split and related amendments to the articles of incorporation. They explained that pursuing the stock split could enhance the accessibility and trading convenience of shares for minority shareholders, rather than canceling the resolutions due to procedural defects.In March of this year, Youngpoong and MBK Partners submitted a proposal to amend the articles of incorporation for a stock split at Korea Zinc's regular shareholders meeting.Youngpoong and MBK Partners stated, "As Korea Zinc's share price exceeded 1 million won, there were constraints in terms of accessibility for general investors and stock circulation. We expect that a stock split will help activate trading and stabilize supply and demand."However, they plan to continue legal actions related to the process of restricting Youngpoong's voting rights, separate from this lawsuit withdrawal. They intend to pursue civil and criminal liability against Chairman Choi Yoon-beom and CEO Park Gi-deok, as well as investigate potential violations of fair trade laws.Youngpoong and MBK Partners remarked, "This lawsuit withdrawal is a decision made after comprehensively considering the issues surrounding the outside directors and the stock split. The responsibility for unlawfully restricting the voting rights of the largest shareholder is a separate matter, and we will pursue related legal accountability to the end."Meanwhile, Korea Zinc has decided to hold an extraordinary shareholders meeting on September 9 to elect one independent audit committee member and four independent directors.* This article has been translated by AI. 2026-08-04 15:20:00
Anyang Mayor Choi Dae-ho Highlights AI Drone Safety Measures Amid Heatwave Choi Dae-ho, the mayor of Anyang, emphasized on August 4 that "drone safety activities addressing heatwaves are a prime example of citizen-centered smart administration in the era of climate crisis." Amid record heat, Mayor Choi is accelerating the establishment of a "smart safety city" by utilizing AI-based autonomous drones to prevent heat-related illnesses. On this day, he stated, "In response to the heatwave warning, we have deployed AI autonomous drones along a 2-kilometer stretch from Chung-hoon Bridge to Sewol Bridge on the Anyangcheon River to broadcast safety messages for heat illness prevention." This initiative aims to prevent heat-related incidents among citizens using the Anyangcheon River, particularly those who walk or exercise alone, by having drones autonomously fly in areas where fixed announcements do not reach, providing safety guidelines. The drones broadcast messages urging people to "limit outdoor activities and stay hydrated" and to "make use of cooling centers," while simultaneously transmitting live footage to the Anyang Disaster Safety Situation Room and the Drone Integrated Situation Room. This allows for the early detection of individuals suspected of heat illness or emergencies, enabling swift responses. Currently, Anyang operates one autonomous drone stationed on the roof of the Anyangcheon Ecological Story Center, conducting five patrols daily along the 2-kilometer stretch from Chung-hoon Bridge to Sewol Bridge. Notably, this response to the heatwave expands the previously rain-focused drone system to include heat-related disasters. Last year, during heavy rainfall, Mayor Choi implemented on-site drone broadcasts, and in October of the same year, he established a system for autonomous operation without on-site deployment. As a result, Mayor Choi has been recognized for enhancing the safety net for citizens by establishing a "four-season smart disaster response system" that actively addresses seasonal disasters such as heavy rain and heatwaves. Local residents have responded positively. Frequent users of the Anyangcheon River expressed, "It’s reassuring to have drones providing announcements even in less visible areas," and noted, "This will be a practical help for elderly individuals or children exercising alone," adding that utilizing drones for both heavy rain and heat reflects smart city governance. Some citizens also remarked, "The ability to monitor emergencies in real-time is a great example of preventive administration that protects lives," expressing hopes for expanded safety management using advanced technology. Meanwhile, Mayor Choi Dae-ho stated, "We will continue to develop Anyang as a smart safety city, utilizing advanced technology for preventive disaster responses, ensuring that citizens can safely enjoy the Anyangcheon River throughout the year."* This article has been translated by AI. 2026-08-04 15:20:00
Musinsa's Beauty Sales Surge 153% in First Half of 2026 Musinsa's private brand, Musinsa Standard Beauty, has achieved its highest sales figures for the first half of the year, driven by a significant increase in skincare product sales.On August 4, Musinsa reported that its online and offline sales for Musinsa Standard Beauty in the first half of 2026 rose approximately 153% compared to the same period last year, reaching 2.5 times the previous year's figures.The growth was primarily fueled by the skincare category. Musinsa Standard Beauty launched eight skincare products, including toners, serums, creams, and cleansing foams, priced between 3,900 and 5,900 won, in September 2025. Since then, the brand has expanded its lineup to 19 products, adding hand creams, lip essences, and sunscreen developed in collaboration with Cosmax. In just about 10 months since the launch, cumulative sales of skincare products have approached 480,000 units.Collaborative products with other brands have also contributed to improved performance. This year, Musinsa Standard Beauty introduced products in partnership with LG Household & Health Care's 'On The Body,' Dorco 'Slick,' and Extreme. The 'Edge Razor Set' launched with Slick on July 9 has surpassed 1,000 units in cumulative sales.Building on its domestic success, Musinsa Standard Beauty plans to expand internationally. The brand will enter the Australian offline retail market this month and aims to launch in China by the end of the year.A representative from Musinsa Standard Beauty stated, "We will continue to introduce products with quality and price competitiveness to strengthen our presence in the global market."Meanwhile, Musinsa will host the offline beauty festival 'Mubupae in Seongsu' from August 21 to 23 in the Seongsu-dong area of Seoul. This year's event, the third of its kind, will feature 65 beauty brands.* This article has been translated by AI. 2026-08-04 15:16:20
Government Protests Japan's Claim to Dokdo in Defense White Paper The South Korean government strongly protested Japan's characterization of Dokdo as its territory in a defense white paper released on August 4. The government stated, "We strongly protest the unjust claim of sovereignty over Dokdo, which is clearly our territory historically, geographically, and under international law, as reiterated in the defense white paper released by the Japanese government, and we urge its immediate retraction." It added, "We reaffirm that Japan's unjust claims do not affect our sovereignty over Dokdo, and we will respond firmly to any provocations regarding Dokdo from Japan." The Ministry of Foreign Affairs plans to summon officials from the Japanese Embassy in South Korea later in the afternoon. In the defense white paper announced after a cabinet meeting, the Japanese government stated, "The territorial issues of the Northern Territories (the four Kuril Islands) and Takeshima (the name Japan uses for Dokdo) remain unresolved." In Japan, the term 'inherent territory' refers to land that has never been foreign territory. This marks the 22nd consecutive year since 2005 that Japan has made unfounded claims regarding Dokdo in its defense white paper. Similar to last year, Japan labeled the location of Dokdo as a "territorial issue surrounding Takeshima" on a map titled "Security Environment Surrounding Our Country." Additionally, on a map titled "Boundary Monitoring in Our Surrounding Sea and Airspace," Japan emphasized its claim to the waters surrounding Dokdo with a blue solid line, and on a map of the Air Defense Identification Zone (ADIZ) of our country and neighboring regions, it referred to Dokdo as Takeshima within South Korea's ADIZ.* This article has been translated by AI. 2026-08-04 15:16:00
Minister Kim Jung-kwan Emphasizes Need for Private Sector in Securing Key Minerals and Considers CPTPP Membership Kim Jung-kwan, the Minister of Trade, Industry and Energy, stated on August 4 that securing key minerals requires collaboration with the private sector, noting, "The capabilities of the private sector are superior, so the government's role is to help create a foundation with the other government." He added, "Since capital investment takes a long time, matching with the private sector is necessary."During a report on the Ministry's work at the Blue House, in response to a question from President Lee Jae-myung regarding key minerals, Minister Kim said, "One of the tasks is to restore the Korea Mine Rehabilitation and Mineral Resources Corporation, as reserves are needed." He reflected on past government mistakes, stating that the corporation and the government should evaluate and invest together.He also mentioned, "We need to fundamentally change the governance related to minerals, and we will prepare and report on this."Additionally, Minister Kim expressed his intention to consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). He stated, "We will review this to secure new markets in ASEAN and Mexico and accelerate exports of K-content and consumer goods," emphasizing the importance of gathering opinions from stakeholders, including the agricultural sector and the National Assembly.The Ministry has set regional goals for its policy objectives in the second half of the year. It plans to address trade environment uncertainties for South Korean companies in the European Union and pursue high-value plant contracts in the Middle East following the recent conflict in the region.With China, the Ministry aims to conclude follow-up negotiations on the Korea-China Free Trade Agreement (FTA) regarding services and investment, while in India, it plans to establish a dedicated industrial complex for South Korean companies. Cooperation in key minerals will be strengthened with South America, and strategic industrial collaboration in shipbuilding and nuclear power will be advanced with the United States.Minister Kim remarked, "President Lee's visit to South America can be said to have been for the Ministry's work related to trade, exports, supply chains, and securing minerals," and he pledged to strive for corresponding results. 2026-08-04 15:16:00
BECUAI hits daily limit on return from capital reduction SEOUL, August 04 (AJP) — Shares of South Korean artificial intelligence (AI) data company BECUAI surged to the daily 30 percent trading limit on Tuesday as trading resumed following a capital reduction, while growing demand for licensed AI training data added to positive sentiment. The stock was trading at 2,990 won ($2.15), up 30 percent from the previous close Tuesday, according to the Korea Exchange. Trading resumed after the company reduced the number of outstanding shares to 6.29 million from 31.45 million. While the capital reduction did not change the company's underlying value, investor sentiment was supported by expectations that the move would help improve shareholder value following a prolonged decline in the stock price. The company said inquiries from domestic and global technology companies have increased after The New York Times sued OpenAI for using its copyrighted articles to train AI models without permission. The case has prompted AI companies to place greater emphasis on licensing news content from publishers to reduce legal risks. The company is also stepping up efforts to boost shareholder value. Chief Executive Officer Im Kyoung-hwan, the company's largest shareholder, plans to increase his stake by about 3 percent through open-market purchases. BECUAI will also hold an investor relations presentation hosted by the KOSDAQ Association on Aug. 10 to introduce its business and growth strategy to institutional investors, shareholders and the media, according to a Korea Exchange filing. Founded in 1998, BECUAI supplies licensed news, video and image data used to train AI models. It also develops AI software and services for corporates, including Samsung Electronics, LG, SK Telecom and KT. 2026-08-04 15:15:33