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  • Yeongdeungpo District Faces Scorching Heat
    Yeongdeungpo District Faces Scorching Heat Heat haze shimmers above a road near a bus transfer center in Yeongdeungpo District, Seoul, as heat wave warnings were issued across most parts of South Korea on Aug. 3, 2026. The daytime high in Seoul soared to 37 degrees Celsius. 2026-08-03 15:57:55
  • Nearly 20,000 firms became 1st-time exporters last year, highest in 5 years
    Nearly 20,000 firms became 1st-time exporters last year, highest in 5 years SEOUL, August 3 (AJP) - Nearly 20,000 South Korean companies exported goods for the first time last year, the highest number in five years, according to data released by the Korea Customs Service (KCS) on Monday. The number of first-time exporters with no export record in the previous three years rose 3.7 percent from a year earlier to 19,746 in 2025, while their combined exports increased 13.2 percent to US$6.9 billion, the highest level since 2019. By product, machinery and computers accounted for the largest share of first-time exporters at 10.9 percent, followed by electrical products at 8.5 percent, cosmetics at 7 percent, plastics at 6.7 percent and automobiles at 5.6 percent. They shipped an average of 1.4 products each. Of them, 72.2 percent exported only one product, while 98.4 percent exported fewer than 10 products. In terms of export value, 15,885 companies or 80 percent of first-time exporters shipped less than US$100,000 worth of goods. Smaller exporters mainly shipped machinery and computers, electrical products and cosmetics, while automobiles accounted for the largest portion among companies exporting between $100,000 and less than $10 million. Exporters with shipments of $10 million or more mainly exported precious metals. First-time exporters shipped goods to 173 countries, with China being the top destination at 14 percent, followed by the United States at 10.9 percent, Japan at 7.5 percent, Vietnam at 6.4 percent and the European Union at 5.3 percent. Each company exported to an average of 1.6 countries, while 15,929 companies, or 80.7 percent, shipped goods to only one country. They were mostly concentrated in Seoul and the metropolitan areas including Incheon and Gyeonggi Province, which accounted for 70.4 percent of the total. 2026-08-03 15:57:50
  • Lotte Insurance Offers Up to 17% Discount on Premiums for Customers Without Chronic Illnesses
    Lotte Insurance Offers Up to 17% Discount on Premiums for Customers Without Chronic Illnesses Lotte Insurance announced on August 3 that it has launched the 'let Simple Health Insurance 3·6·10,' which offers lower premiums for customers without a history of chronic illnesses such as hypertension, diabetes, or dyslipidemia. This product features additional disclosure requirements related to chronic illnesses, refining the enrollment criteria from the existing '3·6·10 Health Insurance.' Customers can enroll if they meet the health status disclosure conditions and have no history of two or more of the three chronic conditions. Customers with no history of any of the three chronic illnesses can reduce their premiums by up to 17% compared to existing products. Those with a history of one chronic illness can also enroll at lower premiums than traditional simple insurance plans. A term extension option is also available to reduce premium burdens. For a 50-year-old male under the first-class injury standard, enrolling in an 80-year term product can be up to 31% cheaper than a 100-year term product. Customers can receive coverage until age 100 by re-enrolling after the 80 or 90-year term. While existing simple insurance plans have lower enrollment thresholds, they often do not adequately reflect individual health statuses in premium calculations. Lotte Insurance explained that by establishing separate disclosure requirements for chronic illnesses, it has lowered the premium burden for relatively healthy customers. A Lotte Insurance representative stated, “This product more accurately reflects the health status of simple disclosure customers in the premium calculation,” adding, “We will continue to introduce products tailored to customers' health conditions and coverage needs.”* This article has been translated by AI. 2026-08-03 15:56:00
  • Bank Executives Take Short Breaks This Summer to Read and Reflect
    Bank Executives Take Short Breaks This Summer to Read and Reflect 4 major bank executives are taking time this summer to recharge by reading management, humanities, and history books. With increasing uncertainty in management for the second half of the year, they plan to refine their strategies through literature focused on customer management, leadership, and crisis resolution. According to the financial sector on August 3, the summer vacation style of the presidents of KB Kookmin, Shinhan, Hana, and Woori banks is characterized by being 'short and intermittent.' With weekly executive meetings and an increase in overseas schedules, most are taking one or two days off at a time. The bank presidents are expected to quietly relax while reading books that address customer service, leadership, and crisis management. Lee Hwan-joo, president of KB Kookmin Bank, plans to read Dr. Kim Tae-soo's "Twelve Major Transformations That Changed World History" during his vacation. The book discusses how choices made during significant crises, from ancient Persian wars to the end of the Cold War, shaped today's world. Lee stated, "The current financial environment is also undergoing a transformation marked by the AI revolution and geopolitical uncertainties. This will help us view structural changes from a macro perspective and develop a long-term outlook." Jung Sang-hyuk, president of Shinhan Bank, has chosen "Detailism" as a recommended book for the vacation. This book encapsulates the management philosophy of a hotelier who served as the general manager of the Shilla Hotel and the representative of the Ambassador Seoul Pullman for 24 years. Jung emphasized the need to meticulously design every moment of customer experience, even in the AI era, reflecting a management philosophy aimed at improving even the smallest aspects of customer service. Lee Ho-sung, president of Hana Bank, plans to read "War and the President." This book explores how leaders' choices during the crisis of World War II altered decades of history, suggesting a reflection on leadership judgment and responsibility in uncertain management environments. Jung Jin-wan, president of Woori Bank, has taken a vacation this week with two books: "Be Happy by Yourself" by Monk Beopjeong and "The Words of the Translated Buddha." Both books emphasize the importance of being present in the moment rather than dwelling on the past or worrying about the future. This choice reflects a commitment to focus on current tasks rather than resting on past achievements or chasing an uncertain future. Woori Bank has identified strengthening internal controls, transitioning to AI, and improving performance as key tasks for the second half of the year. After returning from vacation, the bank presidents are expected to focus on enhancing management performance for the second half of the year. Key issues such as restructuring financial holding governance and household loan regulations remain unresolved, and they must simultaneously pursue profitability management, strengthen internal controls, and expand inclusive finance. Some bank presidents are also approaching the end of their terms. Given that second-half performance and management results could influence their future positions, the financial sector is closely watching their post-vacation management activities. 2026-08-03 15:56:00
  • Seoul weighs flexible leverage ratios as ETF turmoil prompts broader reforms
    Seoul weighs flexible leverage ratios as ETF turmoil prompts broader reforms SEOUL, August 03 (AJP) — South Korea is preparing legislation that would give regulators the authority to lower leverage ratios on single-stock leveraged exchange-traded funds (ETFs) during market turmoil. According to financial authorities on Sunday, the Financial Services Commission (FSC) is drafting amendments to the Financial Investment Services and Capital Markets Act, the country's primary law governing capital markets and investment products, to establish a legal basis for swift market-stabilization measures during periods of extreme volatility. The proposed changes would allow regulators to lower the current two-times leverage ratio of single-stock leveraged ETFs when needed. Existing rules require investor approval before any change can be made, limiting the authorities' ability to respond swiftly when markets come under stress. Authorities are drawing on Hong Kong's newly introduced variable leverage ratio framework, which allows leverage to be adjusted within a predetermined range according to market conditions. FSC Chairman Lee Eog-weon said lowering leverage could help reduce volatility, adding that investor protection and legal safeguards would be taken into account when drafting the legislation. Beyond leverage adjustments, officials are considering further steps to curb speculative trading. These include capping investment in single-stock leveraged ETFs at around 20 percent of an individual's investment portfolio, requiring investors to complete simulated trading before buying the products, raising the current 30 million won ($21,600) minimum cash deposit requirement, and allowing temporary trading restrictions or suspensions during periods of severe market stress. For now, any changes to leverage ratios are not expected to take effect immediately. In the meantime, regulators will first assess the impact of measures introduced on July 31 before deciding whether additional restrictions are necessary. Early indications suggest the existing measures are already having an impact. On July 31, the first day the higher minimum cash deposit requirement took effect, turnover in single-stock leveraged ETFs fell to about 3 trillion won from roughly 12.4 trillion won a day earlier. The impact is also spilling over into the broader ETF market. The Korea Exchange has told asset managers that reviews of new ETF listing applications may take longer than usual this month. While new applications are still being accepted, delays in the review process could postpone the launch of new ETF products. Meanwhile, global investment bank Morgan Stanley struck a more bullish tone on South Korea despite another sharp market decline. With the KOSPI down about 5 percent at 6,264.89 on Monday afternoon, the investment bank upgraded South Korean equities to "Overweight," arguing that the recent unwinding of leveraged positions had eased valuation pressures and created an attractive entry point for investors seeking exposure to the artificial intelligence (AI) trade and the semiconductor supercycle. It said the KOSPI could eventually reach 9,000, implying about 36 percent upside from current levels. The dramatic market swings also drew political attention. Jeong Jeom-sig of the conservative People Power Party (PPP) on Sunday called for a parliamentary investigation into the recent stock market turmoil, arguing that the KOSPI's 16.17 percent two-day plunge followed immediately by a 17.91 percent one-day rebound reflected abnormal market conditions and called for a thorough investigation. "The stock market has been turned into something resembling a casino," he said. "We propose a parliamentary investigation to determine what caused the recent market turmoil." 2026-08-03 15:54:13
  • Special Prosecutors Recommend Transferring Park Sung-jaes Case to National Investigation Agency
    Special Prosecutors Recommend Transferring Park Sung-jae's Case to National Investigation Agency The second special prosecutor team announced on August 3 that it is effectively impossible to initiate a new investigation into former Justice Minister Park Sung-jae's violation of the anti-corruption law within the current investigation period, recommending that the case be referred to the National Investigation Agency.Special Prosecutor Kim Ji-mi held a regular briefing at the special prosecutor's office in Gwacheon, Gyeonggi Province, stating, "The case against former Minister Park, prosecuted by the National Investigation Agency, has been concluded," and added, "Only record retention procedures remain, so it cannot be transferred."However, he noted that an agency with proper investigative authority could initiate a new investigation. He explained, "The results of the investigation conducted by the National Investigation Agency have been rendered invalid due to a dismissal ruling, so it cannot be continued and a new investigation must be initiated."He further stated, "With less than three weeks remaining in the special prosecutor's investigation period, it is practically impossible to reopen and conclude the investigation into this case," emphasizing the need to refer the matter to the National Investigation Agency.On July 31, National Investigation Agency Chief Jo Eun-seok transferred the case against former Minister Park, who received a dismissal ruling for allegedly soliciting the cover-up of an investigation involving Kim Geon-hee, to the special prosecutor's office under the provisions of the Criminal Procedure Act. However, on the same day, the special prosecutor's office stated, "According to Article 18 of the National Investigation Agency Act, cases that have been prosecuted and have a final ruling must be handed over to the Prosecutor General within ten days and cannot be transferred."Previously, former Minister Park was sentenced to 25 years in prison by the 33rd Criminal Division of the Seoul Central District Court (Presiding Judge Lee Jin-kwan) for charges related to insurrection. However, the allegations concerning the violation of the anti-corruption law related to Kim Geon-hee were dismissed. Consequently, the National Investigation Agency withdrew its appeal regarding those charges on July 29.During the regular briefing, Special Prosecutor Kim reported that "13 suspects and 21 witnesses have been investigated." He also mentioned that former Minister of Land, Infrastructure and Transport Won Hee-ryong, who was questioned regarding abuse of power allegations on July 23, did not provide his phone password as initially promised, leading to the postponement of the forensic analysis that was scheduled for last week.The special prosecutor's office later revealed that it had requested the National Forensic Service to unlock the password and plans to conduct an electronic data screening process soon.Additionally, the special prosecutor's office reported that it had uncovered evidence of organized involvement by the Counterintelligence Command in the investigation of the death of Sergeant Chae Sang-byeong. Special Prosecutor Kim stated, "We have detected indications that the 'Guardian TF,' organized by former Capital Defense Command Chief Lee Jin-woo, illegally prepared for a state of emergency while excluding the Joint Chiefs of Staff, and that the Counterintelligence Command was systematically involved in the Chae Sang-byeong case, and we are currently investigating this matter." 2026-08-03 15:52:10
  • Groundbreaking for National AI Computing Center in South Korea
    Groundbreaking for National AI Computing Center in South Korea South Korea has officially begun construction on the National AI Computing Center, a key project aimed at expanding the country's AI infrastructure. The Ministry of Science and ICT held a groundbreaking ceremony on August 3 at the Solarido Data Center Park in Haenam, Jeonnam. Attendees included Deputy Prime Minister Baek Kyung-hwan, lawmakers Park Ji-won, Han Jun-ho, and Ahn Do-geol, as well as Jeonnam Gwangju Mayor Min Hyung-bae, Samsung SDS CEO Lee Joon-hee, and Naver Cloud CEO Kim Yoo-won.Deputy Prime Minister Baek stated, "Today marks a historic moment as South Korea's AI computing era officially begins. Korea will not only be a country that utilizes AI or supplies AI memory semiconductors but will grow into a core nation in the AI supply chain."The National AI Computing Center project faced two failed bids due to concerns over low profitability. However, recent discussions on investments from domestic and international companies, including big tech firms, have improved the project's prospects. The government plans to develop the center not just as basic infrastructure but as an industrial hub for export. Samsung SDS, as the leading company in the consortium, has spearheaded the establishment of Coak, which will oversee the center's construction and operation. CEO Lee Joon-hee emphasized the importance of a collaborative model between the government and private sector to enhance South Korea's AI competitiveness, stating, "As the largest shareholder, I feel a significant sense of responsibility."Lee outlined three main objectives: building top-tier AI infrastructure, expanding public-private partnerships, and promoting regional growth. The aim is to create a high-performance, efficient computing environment that can quickly respond to global technological changes and support the AI computing needs of industry, academia, and research.Efforts will also be made to enhance synergies from public-private cooperation and strengthen communication with relevant agencies to ensure that the center's establishment contributes to national industrial competitiveness and revitalizes the local economy. The goal is to foster an industrial ecosystem in Haenam and the Jeonnam Gwangju area, attracting talent and companies related to AI data centers.Before the center's completion in 2028, some AI computing resources will be provided early from the Samsung SDS data center in 2027. After the center becomes fully operational in 2028, it will supply high-performance AI infrastructure to industry, academia, and research, while also supporting the design, prototyping, and commercial operation of domestic AI semiconductors through a dedicated R&D zone. 2026-08-03 15:48:10
  • Homeplus Prepares for $200 Million in Emergency Funding, Store Reopening Timeline Uncertain
    Homeplus Prepares for $200 Million in Emergency Funding, Store Reopening Timeline Uncertain Homeplus is preparing to reopen its stores with $200 million in emergency operating funds (DIP), but as of 3 p.m. today, the timing of the funding remains uncertain. The company plans to reopen its stores within a week of receiving the funds, but delays could push the reopening past the weekend.According to the retail industry, Homeplus held a meeting today with employees from various stores to gather input on their willingness to return to work after the reopening. The company is assessing whether employees on leave wish to return or continue their leave.Additionally, many indirect workers responsible for parking, cart management, and cleaning have withdrawn, which may require existing staff to take on some of these responsibilities during the initial reopening phase.Homeplus has also begun practical preparations for store operations. Starting today, each store will have one inventory manager capable of operating a forklift, and the company has outlined expected delivery volumes and schedules for incoming products. Discussions are ongoing with suppliers of fresh and processed foods regarding delivery timelines.A Homeplus representative stated, "A certain volume of products is expected to arrive at each store," but acknowledged that delays in confirming the DIP are causing some suppliers' delivery schedules to be postponed.The key to reopening lies in when the $200 million DIP funding, pledged by the largest creditor, Meritz Financial Group, will be received. Homeplus had initially anticipated the funds would be available by today, but reports indicate that the window for receipt has been extended to August 5. Delays in funding will inevitably push back the reopening schedule.Homeplus is eager to reopen 67 key stores to minimize losses from weekend sales. Missing weekend sales could significantly impact revenue and delay the resumption of deliveries from partner companies. Furthermore, if the shutdown continues into next week, the risk of customer attrition and inventory management challenges will increase.A Homeplus representative emphasized, "We will focus all our efforts on normalizing operations and recovering corporate value to ensure that the sacrifices and cooperation of our employees are not in vain," adding that collaboration and support from stakeholders, including partners and the government, are crucial for normalization.Meanwhile, on July 27, Homeplus management and labor agreed to temporarily adjust the timing and method of certain employee compensation to alleviate the company's liquidity burden and secure funds for reopening. As a result, the regular bonuses scheduled for next month will be distributed evenly over six months, and the timing of wage payments will be delayed by two months until March of next year, meaning last month's salary will be paid in September.* This article has been translated by AI. 2026-08-03 15:48:10
  • Boryeong Concludes HIS Youth Finals, Sending Award-Winning Works to the Moon
    Boryeong Concludes HIS Youth Finals, Sending Award-Winning Works to the Moon Boryeong has wrapped up its youth space medicine competition. This year's award-winning works will be sent to the lunar surface as part of South Korea's first moon time capsule project.Boryeong announced on August 3 that the finals of the 3rd Humans In Space Youth (HIS Youth) competition were held on August 1 at the Yonsei University Graduate School of Economics.HIS Youth is a youth space medicine competition co-hosted by Boryeong and the Korea Foundation for the Advancement of Science and Creativity under the slogan 'Children's Dreams in Space.' Since 2024, the event has attracted approximately 1,700 participants, including elementary, middle, and high school students and their teachers from across the country.This year's competition focused on the theme 'Solving Humanity's Health Issues on the Moon.' Participants presented creative ideas related to health and life sciences in the form of art and research, based on the premise of human life on the moon. About 300 attendees were present at the event, including Boryeong CEO Kim Jeong-kyun, Korea Foundation for the Advancement of Science and Creativity Chairman Jeong Woo-sung, officials from the Korea Aerospace Administration, participating students, and parents.During the finals, Dr. Party Karuia from NASA's Astrobiology Portfolio delivered a lecture, introducing participants to trends in space life science research.This year's award-winning works will be sent to the moon's surface through the 'moon time capsule project,' part of NASA's Commercial Lunar Payload Services (CLPS) program, via the IM-3 mission by the private U.S. space company Intuitive Machines. The mission will also carry the lunar space environment monitor 'LUSEM,' developed by the Korea Astronomy and Space Science Institute. This marks the first instance of sending youth creations to the moon in South Korea.Winners from the middle and high school categories will also have the opportunity to visit major U.S. space agencies and companies, including NASA and Intuitive Machines, in October.Kim Jeong-kyun, CEO of Boryeong, stated, 'I hope the creative ideas of HIS Youth students will be realized on Boryeong's platform, leading the space era and space medicine. We will support students in their journey to one day reach the moon and meet their creations again, growing into the second and third astronauts of South Korea.'Meanwhile, Boryeong continues to conduct the citizen participation campaign 'My Wish to the Moon' at major general hospitals and universities nationwide.* This article has been translated by AI. 2026-08-03 15:48:00
  • Ruling Party Forms Task Force to Address Criminal Procedure Law Amendments
    Ruling Party Forms Task Force to Address Criminal Procedure Law Amendments 더불어민주당이 3일 검사의 보완수사권 폐지를 골자로 하는 형사소송법 개정안과 관련, 태스크포스(TF)를 구성해 후속 대응에 나서겠다고 밝혔다. 이와 함께 이재명 대통령을 겨냥해 만든 법안이 아니라고 강조했다. 한병도 당 대표 직무대행 겸 원내대표는 이날 국회에서 열린 형사소송법 개정 국민보고회에서 "민주당은 새로운 형사사법체계가 현장에서 제대로 뿌리내리도록 끝까지 만전을 기하겠다"며 이같이 말했다. 이어 "사회적 약자인 피해자 권익 보호를 위해 당 내에 TF를 설치할 예정"이라고 덧붙였다. TF 단장은 김한규 원내정책수석부대표가 맡는다. 또 국민의힘이 형소법 개정안에 반발하고 있는 것과 관련해 "근거 없는 유언비어로 국민 불안을 부추기고, 검찰 개혁을 되돌리려는 시도를 즉각 멈춰야 한다"고 촉구했다. 국민의힘이 이 대통령의 탄핵을 언급한 것에 대해서는 "거부권 행사를 겁박했다"고 꼬집었다. 아울러 민주당은 전건송치 제도를 추진한다는 방침이다. 아동학대, 성폭력 등 사회적 약자 대상 7대 범죄가 우선이다. 전건송치는 경찰 등 1차 수사기관이 수사한 사건을 검찰에 넘겨 검사가 한 번 더 확인하도록 하는 제도다.또 공소기각 논란에도 선을 그었다. 일각에서 공소기각 사유가 갑작스럽게 추가됐다는 의혹이 제기됐지만, 서영교 법사위원장은 "지난 6월 26일에 김용민 민주당 의원, 박은정 조국혁신당 의원의 안건에 이미 담겨있던 사안"이라며 "한밤중에 끼워 넣었다고 주장하는 주진우 국민의힘 의원과 한동훈 무소속 의원은 검사스러운 접근을 하고 있다. 책임을 지게 될 것"이라고 경고했다. 특히 공소기각 사유 명문화가 이 대통령의 재판을 돕기 위한것 아니냐는 질문에 김승원 법사위 간사는 "법조인이라면 현직 대통령은 재직 중 형사 소추를 당하지 않는다는 조문이 있고, 재직하는 4년 동안 재판이 진행되지 않는다는 것을 누구나 알고 있다"며 "4년 뒤의 일을 지금 개정한다는 생각은 꿈도 못 꿨다"고 강조했다. 그러면서 공소기각 사유에 중대한 위법 수사와 현저한 소추재량권 일탈로 인한 기소라고 적시한 것이 명확하지 않다는 지적에 "형소법에만 '중대한'이라는 단어가 17번, '현저한'이라는 단어가 21번 등장한다. 법률 용어로 봐야 한다"고 반박했다. 2026-08-03 15:48:00