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BOK chief argues rate-hike bias best to contain inflation SEOUL, July 29 (AJP) -Bank of Korea Governor Shin Hyun-song on Wednesday said maintaining a rate-hike bias was the most appropriate way to contain inflation, while stressing that the timing and pace of any further tightening would depend on incoming data and economic conditions. Shin made the remarks at a National Assembly Finance, Economy, Planning and Budget Committee meeting after Democratic Party lawmaker Yoon Hu-deok asked whether the central bank planned to raise rates once or twice more this year. He said the scale and timing of further action would depend on incoming data and economic conditions, offering no estimate of the terminal rate. The BOK raised its benchmark rate by 25 basis points to 2.75 percent on July 16 and said in its parliamentary report that it needed to maintain a tightening stance while monitoring inflation, growth and financial-stability risks. Shin said the central bank was placing greater emphasis on core inflation, which is less directly affected by movements in international oil prices than headline inflation. He said solid economic activity and improving income conditions were adding demand-side pressure, making the recovery in domestic demand an increasingly important driver of inflation. Headline inflation rose from 2.0 percent in January and February to 3.2 percent in June, while inflation excluding food and energy climbed to 2.5 percent. The BOK’s inflation diffusion index, which measures how broadly price increases are spreading, has approached its highest level since 2010 excluding the pandemic period. The central bank said accumulated import costs, exchange-rate effects and stronger domestic demand were likely to keep inflation above its 2 percent target for a considerable period. The BOK also said this year’s economic growth was likely to significantly exceed its May projection of 2.6 percent as global investment in artificial intelligence continued to support semiconductor exports and capital spending. South Korea’s economy expanded 3.8 percent from a year earlier in the first half, with second-quarter gross domestic product growing 0.6 percent from the previous quarter and 3.7 percent year on year. The central bank cautioned, however, that the benefits of the semiconductor boom remained concentrated in a limited number of industries and income groups, constraining its spillover into the broader economy. Rising home prices in the Seoul metropolitan area and increased borrowing for property and equity investment were also cited as financial-stability risks supporting continued tightening. Seoul apartment prices recently rose 0.27 percent in a week, equivalent to an annualized rate of 15.1 percent, while financial-sector household lending increased by between 8 trillion won and 9 trillion won in both May and June. The BOK also warned that equity demand had become concentrated in a small number of AI-related industries, with foreign selling and increased leverage amplifying market volatility. The central bank’s assessment broadly pointed in the same direction as those of other economic authorities, although their emphasis differed on inflation and household debt. Deputy Prime Minister and Finance Minister Koo Yoon-cheol said the government would seek to keep second-half inflation below 3 percent through measures aimed at easing energy and food costs and curbing market manipulation. The positions were not directly contradictory, but the finance ministry placed greater weight on supply measures and near-term headline inflation, while the BOK focused on persistent core-price pressure driven partly by domestic demand. Financial Services Commission Chairman Lee Eog-weon said household debt had fallen to 85.3 percent of GDP in the first quarter from 98.7 percent in 2021 and that slower mortgage growth following the June 27 measures had reduced its influence on the property market. The BOK, by contrast, highlighted the recent monthly increase in lending, rising metropolitan-area housing prices and the expansion of unsecured borrowing used for equity investment, suggesting greater concern about newly accumulating leverage. At 2:30 p.m., the won was trading at 1,444 per dollar, up 18.5 won from the previous session’s daytime close of 1,462.5. The KOSPI was down 7.25 percent at around 5,589 at the same time after a sell-side program-trading sidecar and a market-wide circuit breaker were triggered. Circuit breakers were activated in both the KOSPI and KOSDAQ markets for a second consecutive session for the first time since the systems were introduced. 2026-07-29 15:48:03 -
Kim Ho-young Remains Silent on Ok Joo-hyun's Apology Demand, Congratulates Moon Geun-young on Marriage Musical actor Kim Ho-young, who was asked for an apology by fellow actor Ok Joo-hyun, congratulated actress Moon Geun-young on her marriage news.On July 29, Moon Geun-young posted a handwritten letter on her social media, stating, "I met someone with whom I want to walk the path I have always walked alone, share the times I have struggled alone, and make each other smile over trivial matters. I want to fill our future lives together, not as individuals but as a couple."In response, Kim Ho-young commented on the post, saying, "Congratulations, Geun-young!" along with a clapping emoji.Earlier, on July 8, Ok Joo-hyun referenced the 'Ok Jangpan incident' on her social media.Ok Joo-hyun remarked, "Some may think it is a past issue, and others may wonder why I am bringing it up now. I have expressed my position through various interviews and articles, but the reasons behind my statements and what I endured during that time have not been properly conveyed. At that time, I chose to withdraw the lawsuit because I did not want to escalate the controversy further."She continued, mentioning Kim Ho-young's comments, stating, "I have never targeted my sister. The post was meant to promote my friend's father's Ok Jangpan." She decided not to discuss the issue any further after hearing this explanation.Ok Joo-hyun added, "Just because time has passed does not mean the frame has disappeared. Now, I am not affiliated with any production or work, so I can speak solely as actress Ok Joo-hyun."She also stated, "I have made the decision to leave a production for the sake of everyone involved because I did not want to cause any more harm. During that process, I felt ashamed to be part of this musical community, which is why I opened up to my fans. That is a separate issue from professionalism."Furthermore, she expressed, "What I desire is not a simple emotional conflict. If those words were not directed at me, I want to know why so many people thought of me. And I want to ask why the damage and hurt caused by this have never been explained publicly. I hope my name is not consumed as a mockery of 'Ok Jangpan.'"* This article has been translated by AI. 2026-07-29 15:48:00 -
Cellbiotech Invites International Medical Professionals to Showcase K-Probiotic Technology Cellbiotech has invited medical professionals and partners from Indonesia and Singapore to showcase its research and development (R&D) capabilities and production facilities. The company aims to strengthen its presence in the international market for K-probiotics through expanded collaboration with global healthcare providers.On July 29, Cellbiotech announced that it hosted 64 key doctors and partners from Indonesia and Singapore at its headquarters in Gimpo, where they were introduced to the company's R&D capabilities and production facilities.The event was designed to allow attendees to experience Cellbiotech's proprietary technology and production infrastructure firsthand. Participants toured the research and production facilities, assessing the company's R&D capabilities and quality control systems, while discussing collaboration strategies for expanding into local markets. A cultural exchange program based on Korean food was also conducted.Cellbiotech has been achieving success in international markets, leveraging global partnerships and technological competitiveness. Over the past 13 years, the company has exported a cumulative total of 538.5 billion won in probiotics, with 268.8 billion won, or nearly 50%, coming from exports, maintaining its position as the top exporter of probiotics in South Korea for 13 consecutive years. Currently, K-probiotics are exported to 55 countries, including Denmark, Turkey, Russia, and Mexico.Indonesia and Singapore are key export markets where Cellbiotech has established a strong foundation. The company entered the Indonesian market in 2001, pioneering the market with its proprietary CBT probiotics and currently holds the number one market share. In 2015, it launched the 'DUOLAC' brand in Singapore, achieving the top position in the ethical pharmaceutical (ETC) market.Indonesia presents a challenging market due to strict regulations, including halal certification. The Indonesian Food and Drug Authority (BPOM) requires registration of the genus and species of probiotics, as well as the unique strain numbers from manufacturers, and scientific evidence must be provided for health functional food approval.As of now, 103 probiotic strains are registered with the Indonesian Food and Drug Authority, six of which are Cellbiotech's CBT probiotics. The core strains used in DUOLAC products include CBT-LR5, CBT-LA1, CBT-LP3, CBT-BG7, CBT-BF3, and CBT-ST3.The foundation of Cellbiotech's competitiveness lies in its 'Dual Coating' technology. The company offers products designed to ensure that probiotics survive and reach the intestines, based on its globally patented dual coating technology.Cellbiotech explained that in temperature stability tests conducted at 40 degrees Celsius for two weeks, dual-coated probiotics demonstrated survival rates thousands of times higher than non-coated probiotics. This dual coating technology ensures stability across a wide range of temperatures, from minus 70 degrees to plus 40 degrees, supporting its export competitiveness in 55 countries.A Cellbiotech representative stated, "In many countries, including Indonesia and Singapore, probiotic products are distributed primarily through doctors and pharmacists, making trust with healthcare professionals a crucial factor in market competitiveness. We aim to solidify our collaboration with local medical professionals and partners through this invitation event and accelerate our efforts to penetrate international markets by expanding exchanges with global healthcare providers."* This article has been translated by AI. 2026-07-29 15:45:00
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Powerful quake in Japan prompts South Korea to step up preparedness SEOUL, July 29 (AJP) - The government convened a meeting of seismological experts to discuss response measures after a powerful earthquake struck Japan the previous day, the Ministry of the Interior and Safety said on Wednesday. Participants analyzed the cause of the quake in Japan's Kumamoto Prefecture on the southwestern island of Kyushu and its potential impact on South Korea, while reviewing the country's preparedness for earthquakes and tsunamis as well as coordination among relevant agencies. They agreed that continued monitoring and thorough preparedness are necessary after more than 800 cases of light tremors were reported in South Korea. A total of 11,366 evacuation sites for earthquakes and 680 emergency sites for tsunamis have been designated nationwide. Kim Gwang-yong, head of the Disaster and Safety Management Headquarters, said, "There has been no direct damage in South Korea, but we cannot afford to be complacent," vowing to strengthen earthquake-related measures to ensure public safety. Kumamoto Prefecture was hit by a magnitude 7.1 earthquake at around 4:30 p.m. on Tuesday, leaving 13 people dead as of Wednesday, with no South Korean casualties reported. 2026-07-29 15:44:49 -
Shinhan Life Joins 'Future Tomorrow Work Experience Program' to Support Youth Employment Shinhan Life is stepping up to support youth employment.On July 29, Shinhan Life announced its participation in the '2026 Future Tomorrow Work Experience Program' organized by the Ministry of Employment and Labor.This program aims to provide job experience to unemployed youth under 34 years old, who often lack practical experience as the job market shifts towards frequent hiring and experienced candidates.Participants in the program will work in teams over approximately eight weeks, engaging in real company projects that include job training, project execution, mid-term evaluations, and final presentations. Employees from Shinhan Life will serve as mentors, coaching participants throughout the project and sharing practical insights.Through this initiative, Shinhan Life plans to offer meaningful work experience to young people, enhancing their understanding of the corporate environment and improving their practical skills to boost their employability. In September, the program will culminate in a presentation of project results, with awards for outstanding cases.A Shinhan Life representative stated, "We hope that unemployed youth can gain job experience through programs conducted by the government and companies, while also building confidence and skills."* This article has been translated by AI. 2026-07-29 15:42:00
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Financial Services Commission Aims to Redirect Funds from Real Estate to Stock Market and Advanced Industries The Financial Services Commission (FSC) is grappling with the challenge of redirecting funds from real estate to the stock market and advanced industries. The agency aims to facilitate productive capital movement while managing stock market volatility and the concentration of high-risk products. Additionally, it seeks to stabilize housing prices without restricting loans for genuine homebuyers.During a report to the National Assembly's Political Affairs Committee on July 29, FSC Chairman Lee Ok-yeon stated, "If financial resources excessively flow into real estate, it can stimulate housing prices and create adverse effects that distance people from homeownership. Financial resources should flow into productive sectors that lead to corporate growth, job creation, and income generation."The FSC plans to supply 40 trillion won annually to advanced strategic industries through the National Growth Fund and policy finance. This initiative aims to redirect the flow of funds, which has been heavily concentrated in real estate, towards businesses and industries by activating capital markets and expanding long-term investment.However, the process of attracting funds to the stock market must also involve managing investment risks. Recently, the stock market has experienced significant corrections, leading to increased volatility, with investments pouring into single-stock leveraged exchange-traded funds (ETFs).The market capitalization of single-stock leveraged ETFs has surged from 4.4 trillion won to 11.9 trillion won within about two months of their launch. Starting July 31, the FSC will raise the basic deposit requirement to 30 million won and increase the trading unit from one to twenty shares. The agency also plans to strengthen the responsibility of securities firms and asset managers in managing discrepancies and guiding investors on risks.Despite these measures, market volatility has persisted, prompting calls for a halt or abolition of single-stock leveraged products. The goal is to promote the movement of funds into capital markets while preventing concentration in high-risk products.In terms of real estate financial policy, defining the scope of regulations and exceptions is crucial. The financial authorities are expected to announce housing finance measures by early next week, based on feedback gathered during a national discussion on real estate policy.Chairman Lee reaffirmed the principle of managing household debt by severing the link between finance and housing prices. While this indicates a desire to break the structure that supports housing prices through finance, uniformly tightening loan regulations could adversely affect prospective homeowners, young couples, and other genuine buyers.Consequently, the FSC is considering measures that would tighten loans likely to stimulate housing price increases while easing restrictions on loans for genuine buyers, such as down payment loans. Following concerns that total volume management could block down payment loans, the FSC convened a meeting with deputy heads of lending at the five major banks on July 28 to discuss solutions.Proposals include excluding down payment loans from total household loan management or raising the housing price limit for the mortgage program from the current 600 million won to 900 million won. Conversely, for jeonse loans, which have been identified as factors contributing to rising housing prices, the FSC is considering lowering the guarantee ratio or reducing the loan limits for single-homeowners.Ultimately, the key issue is determining the extent of the definition of genuine buyers. Even non-resident single-homeowners may have unavoidable reasons such as supporting elderly parents, educating children, or job relocations, so a blanket regulation could lead to further harm. An FSC official stated, "We must control housing prices, but we cannot allow loans for genuine buyers to be blocked. The biggest concern is defining the scope of genuine buyers." 2026-07-29 15:42:00
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Gwangju Mayor Park Kwan-yeol Aims to Revitalize Community Through Cultural Activities Gwangju Mayor Park Kwan-yeol expressed his ambition to lead community recovery through the revitalization of lifestyle culture on July 28.During the '2026 Gwangju City Community Center Outstanding Club Competition' held at the Namhansanseong Hall of the Gwangju Cultural Arts Center, Mayor Park injected new energy into the promotion of lifestyle culture led by residents and the activation of local communities.The event was organized to share the skills honed through community center cultural programs with citizens and to enhance communication and unity among neighborhoods, according to Mayor Park.Notably, 13 clubs participated this year, an increase from last year, showcasing the growth and expansion of community autonomy.Significantly, the Shinhyeon-dong Community Center, which opened last year, and the Opo 2-dong Community Center, which opened in April, participated for the first time, marking a meaningful step in the spread of community culture throughout Gwangju.Participants presented a variety of performances, including step box exercises, fusion folk dances, and performance-style Nanta, creating a high-quality stage. The audience, filled with citizens, responded with enthusiastic applause and support, fostering a spirit of community unity.In the competition, the top award went to the Chowol-eup 'Step Power Crew,' while the excellence awards were given to the Gonjiam-eup 'Gonjiam Gogojanggu Team' and the Opo Integrated 'AJ Crew Team.'Additionally, 10 clubs received encouragement awards, recognizing their efforts and passion.The winning Step Power Crew from Chowol-eup will represent Gwangju at the 'Gyeonggi Province Community Culture Competition' on October 17 at the Teleconvention Center of Gyeonggi University in Suwon.Citizens attending the event expressed pride in the high-quality performances by local residents, noting that the community center plays a role beyond mere hobbies in uniting the village. They remarked on the impressive sight of different generations enjoying and supporting each other.Other citizens highlighted the new participation of Shinhyeon-dong and Opo 2-dong, affirming the growth of community autonomy across Gwangju. They expressed hope for more community-driven cultural events in the future to revitalize the local economy and culture.Mayor Park Kwan-yeol stated, 'This competition is a meaningful festival where residents share the achievements they have learned and grown together at the community center with citizens.' He expressed gratitude to all participating teams, the community autonomy committee, and related officials for their passionate performances.He emphasized, 'We will continue to expand citizen-centered community autonomy policies that allow everyone to enjoy culture and leisure and grow together.'* This article has been translated by AI. 2026-07-29 15:39:00
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Seoul office vacancy hits 5-year high on new downtown supply SEOUL, July 29 (AJP) - Seoul's Grade A office vacancy rate rose to 5.8 percent in the second quarter, up 1.8 percentage points from the previous quarter and the highest level since the third quarter of 2021, according to a report released by Cushman & Wakefield Korea, the local arm of the global commercial real estate services firm. The increase was driven by new supply rather than falling demand. Two large towers, G1 Seoul in the Gongpyeong redevelopment zone and Rene Square near Euljiro 3-ga, were completed in the central business district at the same time, adding space that has yet to be absorbed. Average rents rose 1.3 percent from the previous quarter and 5.0 percent from a year earlier. Vacancy in the central business district jumped 3.3 percentage points to 9.0 percent, the steepest rise among Seoul's three major office districts. The report said initial vacancy at the new towers remained despite lease signings by large companies, while existing buildings in the area continued to fill. IQVIA signed a lease at Pine Avenue Tower A, and LG Household & Health Care and the Korea Public Finance Information Service expanded their space at Seoul City Tower. The quarter also saw companies moving between districts. MetLife Korea is relocating its headquarters from the Gangnam business district to G1 Seoul, taking 12,900 square meters, and Lotte Rental is preparing to move from Gangnam to NH NongHyup Tower downtown. Their departures pushed Gangnam's vacancy rate up 0.6 percentage point to 3.1 percent, still the lowest among the three districts. Gangnam also recorded the city's highest average asking rent at 42,444 won per square meter, against a citywide average of 39,883 won. Among new arrivals, Anthropic, the developer of the AI assistant Claude, selected the Centerfield building for its Korea office, a 3,700-square-meter lease. Hyundai Marine & Fire Insurance took 4,100 square meters in the same building, and Hyosung ITX and Wyatt also signed leases in the district. The Yeouido business district saw vacancy rise 0.5 percentage point to 3.7 percent as financial firms continued to relocate and expand. Woori Investment & Securities announced plans to expand within One Sentinel, and the Korea Trade Insurance Corporation is set to relocate to Three IFC. Net absorption across the city totaled 8,251 square meters for the quarter, with the central business district recording 40,143 square meters against negative figures in Gangnam and Yeouido. On the economic front, the report noted that consumer inflation reached 3.2 percent in June, prompting the Bank of Korea to raise its base rate by 25 basis points to 2.75 percent at the start of the third quarter. The 2026 growth forecast was revised up to 2.6 percent on strong semiconductor exports, though higher rates are expected to weigh on domestic demand. Choi Yong-jun, who heads occupier services at Cushman & Wakefield Korea, said the quarter was defined by "a divergence in which a temporary rise in vacancy driven by new prime office supply and a structural realignment across districts are unfolding at the same time." Eul Tower, a 44,900-square-meter project near Euljiro 3-ga, is scheduled for completion in the fourth quarter, and the report forecast that central business district vacancy would hold near current levels through year-end. "The consolidation of the Gangnam district as an essential entry point for global big tech and AI companies will be a key indicator determining the direction of Seoul's office leasing market going forward," Choi said. 2026-07-29 15:37:49 -
Korea Development Bank Selects Five Asset Managers for Southern Region Growth Fund The Korea Development Bank announced on July 29 that it has selected five asset managers for the 2026 Southern Region Growth Support Fund.For the private equity fund, which has a scale of 240 billion won, the selected managers are Deoham Partners and Rilson Private Equity, each with a fundraising target of 120 billion won.Three firms—Reinvestment, Wonik Investment Partners, and E&Investment—were chosen for the venture capital fund, which totals 105 billion won, with each manager required to raise 35 billion won.The fund aims to establish a total of 345 billion won, leveraging an initial investment of 100 billion won from the Korea Development Bank.This initiative is designed to strengthen the regional venture ecosystem in the southern area, which includes Busan, Ulsan, Gyeongnam, Jeonnam, Gwangju, and Jeonbuk, and to enhance business competitiveness through investments in new industries.Experts note that identifying quality investment opportunities within the region will be crucial for the Southern Region Fund to effectively contribute to the growth of local innovative companies.The Korea Development Bank emphasized its commitment to fulfilling its role as a policy finance institution to promote balanced regional development and support the growth of southern firms in line with government policy directions.* This article has been translated by AI. 2026-07-29 15:30:00
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Red Velvet to roll out 'Surfin' Boy' at Seoul fan concert SEOUL, July 29 (AJP) - Red Velvet will perform its new title track "Surfin' Boy" for the first time during a three-day fan concert in Seoul this week, SM Entertainment said Wednesday. The performance comes ahead of the release of the group's new summer EP, its first full-group release in over two years. The group will unveil the song at "2026 Red Velvet FAN-CON ," which runs from July 31 to Aug. 2 at Korea University's Hwajeong Gymnasium. The fan concert sold out during the pre-sale period, while the final performance will be livestreamed globally through Beyond LIVE and Weverse. "Velvet Summer," a five-track EP, is due out at 6 p.m. KST on Aug. 3, two days after the fan concert's final show. The EP marks Red Velvet's first release as a complete five-member group since "Cosmic," which was released in June 2024 to celebrate the group's 10th anniversary. It is also the group's first comeback since Wendy and Yeri left SM Entertainment in April to join separate agencies while remaining members of Red Velvet. Irene, Seulgi and Joy continue to be managed by SM. "Surfin' Boy," the EP's lead single, features lyrics written solely by Joy about revisiting memories of a summer spent with someone special while looking ahead to creating new ones. According to SM Entertainment, the choreography incorporates the Hawaiian "shaka" hand gesture as a key move in the chorus. Red Velvet will also host a countdown livestream through its official YouTube and TikTok channels beginning at 5 p.m. KST on Aug. 3, ahead of the EP's 6 p.m. release. 2026-07-29 15:25:23