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KakaoBank and State Banks Face Labor Strikes Amid Rising Tensions in Finance Sector The summer labor disputes, known as 'Hatu' in the finance sector, are expected to intensify this year. The push for increased bonuses, particularly among internet banks, is gaining momentum, alongside collective actions opposing the regional relocation of financial public institutions.According to the finance sector on July 29, the KakaoBank union plans to strike on July 31, marking its first strike since the bank's establishment in 2017.The union demands an increase in employee wages and bonuses, citing a 3 billion won increase in the cap on executive compensation this year. While the two sides discussed a salary increase of 5-6%, they have yet to reach a final agreement.The company has proposed a plan to distribute bonuses equivalent to 10% of operating profit, combining cash and company stock. It also emphasized that employee treatment has been steadily improving.The average annual income for KakaoBank employees is projected to exceed 100 million won in 2024, rising from 96.91 million won in 2023 and 113.83 million won last year. This figure is comparable to the average annual salary of the four major banks (KB Kookmin, Shinhan, Hana, and Woori), which stands at 122.75 million won. The average bonus per employee has also tripled over the past two years to 18.02 million won.Despite these increases, the union insists that the compensation gap between executives and employees remains significant, prompting their decision to proceed with the strike.The collective actions are not limited to KakaoBank. Unions from the three major state banks—Korea Development Bank, IBK, and Export-Import Bank of Korea—are planning a joint rally on August 11 to oppose the regional relocation of financial public institutions.Following President Lee Jae-myung's announcement on July 23 regarding a large-scale relocation of public institutions during a national discussion on real estate policy, unions are escalating their responses.Relocating the headquarters of state banks would require legislative changes. Observers note that discussions on regional relocation may gain momentum now that the Democratic Party holds the chairmanship of the National Assembly's Political Affairs Committee.The state bank unions argue that relocating would weaken synergies among policy finance institutions, reduce operational efficiency, and inevitably lead to the loss of key personnel. On the same day, the NH Nonghyup branch, which is also mentioned for a potential move to Naju, held a rally against the relocation in Seoul's Gwanghwamun area, attended by 4,000 members.With this year's wage negotiations in the finance sector coinciding with these issues, the potential for prolonged labor disputes is increasing. The finance union is demanding an 8% wage increase, while employers have proposed a 2.5% increase. The finance union is also considering linking wage negotiations with the issue of relocating financial public institutions, leaving open the possibility of a general strike.A finance sector official stated, "This year, issues regarding wages, bonuses, and the regional relocation of financial public institutions have converged, leading to a heightened atmosphere of labor activism among finance unions compared to previous years." 2026-07-29 15:24:10 -
DAXA Supports Non-KRW Exchanges Ahead of October Fraud Compensation Law The Digital Asset Exchange Association (DAXA) is preparing for the revised 'Telecommunications Fraud Compensation Law' set to take effect in October by holding an informational session for non-KRW virtual asset exchanges. On July 28, DAXA conducted a meeting aimed at exchanges that only support trading between cryptocurrencies without KRW deposits and withdrawals. The revised law expands the scope of compensation for fraud victims from cash to include virtual assets. As a result, virtual asset exchanges will now be required to fulfill new obligations related to compensation and payment suspension. During the meeting, participants discussed important considerations for exchanges regarding the application process for compensation claims, payment suspensions, appeals, debt expiration, and the return of victim assets in accordance with the law. DAXA plans to continue supporting the industry to minimize regulatory gaps before the law takes effect and to establish a comprehensive investor protection system that includes both KRW and non-KRW exchanges. Kim Jae-jin, DAXA's Executive Vice President, stated, "I hope this meeting helps operators fully understand their obligations and implement them without issues. DAXA will spare no effort in supporting the entire virtual asset industry, regardless of whether they are KRW or non-KRW exchanges, to comply with regulations and protect investors."* This article has been translated by AI. 2026-07-29 15:24:00
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As Stock Market Loses $1.5 Trillion, Funds Shift Back to Bank Deposits As the KOSPI index lost over 2,000 trillion won in market capitalization from last month's peak, signs of a 'reverse money move' are emerging as funds that had flowed into the stock market are returning to bank deposits. While investor deposits have rapidly decreased, more than 21 trillion won has been directed into fixed-term deposits in just one month.According to the financial sector on July 29, the balance of fixed-term deposits at the five major banks—KB Kookmin, Shinhan, Hana, Woori, and NH Nonghyup—was recorded at 971.883 trillion won as of July 24. This marks an increase of 21.6885 trillion won from the end of last month, the largest rise this year.In contrast, investor deposits surged to a record high of 139.6948 trillion won on July 4 but fell to 104.2975 trillion won by July 23, a decrease of over 35 trillion won in less than two months.As the stock market continues to adjust, investors seeking to avoid risk are turning to fixed-term deposits, which offer stable interest income. The Bank of Korea's recent interest rate hike has also contributed to increased demand for deposits.KB Kookmin, Woori, and Hana banks have raised their major deposit and savings rates to a maximum of 3.20% per year. Shinhan Bank's 'Shinhan My Plus Fixed Deposit' offers up to 3.30%, while NH Nonghyup Bank's main fixed deposits provide up to 3.25%.However, the decrease in market capitalization does not directly translate to a corresponding increase in bank deposits. The decline in market value reflects a reduction in stock prices, and the increase in fixed-term deposits may also include internal fund movements such as demand deposits.Nonetheless, the significant rise in fixed-term deposits alongside the drop in investor deposits indicates a growing risk-averse sentiment due to stock market instability.A financial sector official stated, "Given the likelihood of continued stock market volatility and expectations of further interest rate hikes, competition among banks to attract deposits may intensify again." 2026-07-29 15:21:10
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Hanwha Solutions Reports Strong Q2 Earnings Driven by Solar Business Hanwha Solutions has reported improved earnings for the second quarter of this year, driven by its solar business. The company noted that the funds to be raised through a capital increase have been reduced to half of the initial plan, raising questions about whether profits from key business segments and increased module shipments in the second half will alleviate investment burdens.On July 29, Hanwha Solutions announced that its consolidated revenue for the second quarter of 2026 reached 4.5826 trillion won, with an operating profit of 306.5 billion won. This represents a 47.01% increase in revenue and a 200.33% increase in operating profit compared to the same period last year.All major business segments, including renewable energy, chemicals, and advanced materials, reported profits, contributing to the overall improvement in performance.The renewable energy segment generated 2.4823 trillion won in revenue and 166.4 billion won in operating profit. The increase in solar module sales prices, the sale of development assets, and stable revenue from the U.S. residential energy business all contributed to the improved profitability.The chemicals segment reported revenue of 1.465 trillion won and an operating profit of 87.1 billion won. Despite geopolitical risks from the Middle East, the company maintained a stable production and sales system by timely procurement of raw materials like ethylene.The advanced materials segment achieved revenue of 300.3 billion won and an operating profit of 28.8 billion won, benefiting from strong sales of solar materials in North America.The company also reflected the impact of receiving refunds for previously paid tariffs in the U.S. During the earnings conference call, Hanwha Solutions stated, "A decision was made to refund the import tariffs previously paid, which improved profits by approximately 90 billion won as it was deducted from the cost of sales."However, solar module sales volume in the second quarter saw a slight decline compared to the previous quarter. Hanwha Solutions projects module shipments to reach approximately 2.5 gigawatts in the third quarter, an increase of over 1 gigawatt from the second quarter.If the increase in shipments in the second half leads to improved profitability, the reduced capital increase may alleviate some financial burdens. Hanwha Solutions recently set the final issuance price for the capital increase at 22,100 won per share, resulting in a total amount raised of 1.1713 trillion won, which is half of the initially planned 2.4 trillion won.The company plans to use the raised funds for investments in U.S. solar production facilities and operational funds. However, with a funding gap of about 1.2 trillion won due to the lower issuance price, it will need to enhance its cash generation through operational activities to maintain investment momentum.Regarding a petition filed by a U.S. solar company to classify imports of Korean-made cells as circumvention of trade rules, Hanwha Solutions anticipates limited impact on its business. Although the petition has been submitted to the U.S. Department of Commerce, no official investigation has begun.Hanwha Solutions stated, "Our production system and supply chain are clearly different from the claims made in the petition," adding, "We have sufficient factual and objective evidence to prove that we are not engaged in circumvention of trade rules."The company also noted that a similar petition was filed regarding its Malaysian Qcell factory, but the U.S. Department of Commerce ruled it was not circumvention at that time, suggesting that this current issue is unlikely to affect its operations.Hanwha Solutions views the domestic solar market as a long-term growth driver. The government has set a goal of establishing 100 gigawatts of renewable energy capacity by 2030, which is expected to create diverse demand, including agrivoltaics."Rather than immediately increasing the operating rate of domestic production facilities, we are preparing while observing the policies that will be specified in the second half of the year," the company stated. "If support measures like the Korean Inflation Reduction Act (IRA) are implemented, we can secure additional growth potential in the domestic market."In the field of space solar power, Hanwha Solutions is discussing technological cooperation with global institutions and companies. The company mentioned, "We are conducting discussions on technology collaboration and research and development with leading global institutions and industry players. While we are in talks about specific collaboration plans with some companies, we cannot disclose their names at this time."Hanwha Solutions confirmed that there are no changes to its annual revenue targets, expecting approximately 6 trillion won from its renewable energy EPC business and over 2.7 trillion won from its chemical resin business. In the second half, the company plans to continue improving its performance based on increased solar module shipments, asset sales, and growth in the residential energy business.* This article has been translated by AI. 2026-07-29 15:18:00
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KF-21 Development Concludes After 10 Years and 7 Months, First Delivery to Air Force This Fall The development of the KF-21 Boramae, South Korea's first domestically produced fighter jet, was officially completed on July 29. This marks the conclusion of a system development project that began in December 2015, lasting approximately 10 years and 7 months.The Defense Acquisition Program Administration (DAPA) held a ceremony at the headquarters of Korea Aerospace Industries (KAI) in Sacheon, South Gyeongsang Province, attended by key government officials, representatives from participating organizations and companies, and members of the Indonesian Ministry of Defense, a co-developer.The KF-21 project was initiated in August 2001 following a declaration by then-President Kim Dae-jung to develop a domestic advanced fighter jet. The system development phase began in December 2015, with the first prototype unveiled in April 2021 and the first production model released in March of this year.In May, the KF-21 received a 'combat readiness' certification, overcoming numerous challenges throughout its development.A total of six prototypes were built, and over the past 42 months, more than 1,600 high-difficulty test flights were conducted without a single incident, setting a remarkable record in fighter jet development.DAPA officially announced the end of the KF-21 development on this day, with plans to deliver the first production model to the Republic of Korea Air Force in September.With the KF-21's development, South Korea has become the eighth country in the world to develop an advanced supersonic fighter jet of the 4.5 generation or higher.The KF-21 is a 4.5-generation fighter equipped with an integrated electronic warfare system, capable of reaching a maximum speed of Mach 1.81 (approximately 2,200 km/h) and a range of 2,900 km, with a weapon payload capacity of 7.7 tons. The design also considers future upgrades to enhance stealth capabilities.DAPA plans to deliver an initial batch of 40 KF-21s focused on air-to-air capabilities to the Air Force by 2028. In the long term, an additional 80 units with air-to-ground and air-to-ship capabilities are planned for production by 2032, bringing the total to 120 units for the Air Force.DAPA Administrator Lee Yong-cheol stated, "The success of the KF-21 is a remarkable achievement made possible by the dedication and hard work of all stakeholders and the technical teams involved, as well as the support of the entire nation that believed in our technological capabilities. As the slogan of this event states, 'Success Achieved Together, A Great Leap Towards the Future,' we will promote the excellence of the KF-21 and once again demonstrate South Korea's strength through self-reliance in defense technology."* This article has been translated by AI. 2026-07-29 15:18:00
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Iran to Acquire Up to 400 Chinese Portable Air Defense Missiles Iran is set to receive its first batch of up to 400 Chinese-made portable air defense missiles, according to reports.On July 28, Reuters cited multiple sources stating that Iran has signed a contract to purchase between 300 and 400 portable air defense systems (MANPADS), including the Chinese QW-12 and FN-16 missiles.The QW-12 and FN-16 are infrared-guided, shoulder-fired surface-to-air missiles designed to intercept low-altitude aircraft, helicopters, and drones.The contract is estimated to be worth between $60 million and $70 million, approximately 86.8 billion to 101.3 billion won. This deal is among the largest aimed at enhancing Iran's short-range air defense capabilities since the onset of its conflict with the U.S. and Israel.The transaction was facilitated by Zhongqing Baoshan International Investment, based in Hong Kong. Sources indicated that the company acted as an intermediary between the Iranian side and the Chinese suppliers. However, they noted that the actual delivery schedule and quantities could vary despite the contract being signed.According to the plan established by both parties, the initial shipment is expected to depart from Urumqi in western China and transit through Pakistan before arriving in Iran. It remains unclear whether air or land transport will be used for the segment from Pakistan to Iran.The Inter-Services Public Relations (ISPR) of the Pakistan Army has refuted claims that Pakistan is involved in supplying Chinese air defense weapons to Iran, calling such assertions completely fabricated. The Chinese Foreign Ministry also stated that related reports are "entirely baseless," emphasizing that China has consistently played a role in promoting peace and resolving conflicts.This deal further illustrates the expanding military cooperation between Iran and China. Reuters previously reported that Iran is nearing a separate agreement to acquire Chinese-made anti-ship cruise missiles.* This article has been translated by AI. 2026-07-29 15:12:00
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BC Card Partners with MongoDB to Enhance AI Data Platform BC Card is collaborating with global data platform company MongoDB to enhance its generative artificial intelligence (AI) service capabilities through an upgraded data platform. On July 28, BC Card announced that it signed a memorandum of understanding (MOU) with MongoDB to advance its data platform for AI service competitiveness. The two companies plan to establish an AI-dedicated infrastructure, improve natural language search and AI recommendation features, and create a common data foundation for developing new AI services. BC Card aims to utilize MongoDB's document-based data platform to create an optimized data storage and management environment for AI services, enabling efficient use of various unstructured data, including text, images, and product information. This technology will also be gradually applied to existing AI services. Oh Seong-soo, Executive Director of BC Card, stated, "Through our collaboration with MongoDB, we will secure a common data foundation optimized for AI services and continue to expand the development of new AI services and interconnections between services." * This article has been translated by AI. 2026-07-29 15:12:00
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Kim Hye-kyung Attends Brazilian Korean Film Festival, Promises Cultural Exchange Kim Hye-kyung attended the Brazilian Korean Film Festival on July 28, alongside Brazil's First Lady Janja Lula da Silva, where they pledged to enhance film and cultural exchanges between the two countries. The Korean Film Academy and the University of São Paulo signed a memorandum of understanding (MOU) to facilitate educational and creative collaboration.During the special session of the 15th Brazilian Korean Film Festival held at the São Paulo Municipal Cultural Center, Kim and Janja participated in discussions about the future of film education.According to a written briefing from Ahn Gyu-ryeong, deputy spokesperson for the Blue House, the Brazilian Korean Film Festival has been held annually since 2012 to introduce Korean films and establish a foothold in Brazil. This year's special session included the signing of the MOU between the two film education institutions and screenings of works by emerging Korean filmmakers.In her remarks, Kim stated, "Film is one of the most beautiful arts that connects people's hearts across languages and borders. I hope today marks a valuable starting point for Korean and Brazilian filmmakers to nurture their dreams together."She added, "Korean and Brazilian films authentically convey the values and emotions of life that resonate with everyone, reflecting each country's history and culture. I look forward to our friendship deepening through culture and art."Janja remarked, "Culture is one of the most beautiful paths that connects nations and peoples. Film helps us realize that we share the same hopes, fears, and dreams, transcending borders." She expressed hope that today would foster a friendship that brings the two nations closer together, anticipating a day when films created jointly by Korea and Brazil are screened worldwide.On the same day, the Korean Film Academy and the University of São Paulo formalized their MOU for film and video education and creative exchange. The two institutions aim to strengthen the capabilities of emerging creators from both countries and establish a foundation for human and educational exchanges.Kim emphasized the significance of this collaboration, stating, "It is meaningful that our representative film education institutions have opened the first door to cooperation for future filmmakers, not just stopping at enjoying films. I hope this becomes an opportunity for young filmmakers from both countries to grow together and thrive on the global stage."Both women also watched the short film 'Adult Awareness' by director Oh Jeong-min, a Korean Film Academy graduate. The film humorously yet poignantly explores the conflicts between a mother and daughter, addressing the true meaning of independence.After the screening, Oh explained, "I wanted to humorously depict the darker aspects that exist within families." Sofia Costa Chiagra, a student from the film department at the University of São Paulo, shared her thoughts, saying, "The emotions surrounding family are relatable in Brazil as well. It made me realize that life is ultimately quite similar for everyone."Kim also expressed her admiration for Oh's other work, 'The Eldest Son,' stating, "It seems to have the power to view stories that could happen in any family with warmth and deep affection."After the event, Janja noted, "Today has sparked greater interest in Korean cinema, and I look forward to seeing more Korean films in the future."* This article has been translated by AI. 2026-07-29 15:09:00
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Jeonnam Bio Institute Expands Localized Bio Talent Development with Summer Training The Jeonnam Bio Institute's Bio Pharmaceutical Division is accelerating the training of specialized personnel to enhance the competitiveness of the local bio industry. The program has expanded its educational offerings to include middle and high school students, university students, and current workers, with a focus on strengthening practical training tailored to the region.The Bio Pharmaceutical Division is currently running a summer training program under its localized talent development initiative (CTO, Contract Training Organization), aiming to train over 200 future bio professionals, including middle and high school students and university students, as announced on July 29.The training is designed to provide students with hands-on experience in the bio industry, allowing them to explore career paths.On July 28, the Hwasun Education Support Office conducted field training for about 20 middle school students selected from the Hwasun area. Participants toured research facilities and conducted bio experiments, gaining insights into the research and development processes and the industrial landscape of the bio field.The Bio Pharmaceutical Division also operates a 'Youth Bio Exploration Team' program for adolescents. From July 9 to 15, students from various high schools, including Neungju High School, Naju High School, Damyang High School, and Hwasun Iyang Middle School, participated in practical training sessions covering core bio technologies such as cell culture, endotoxin testing, and HPLC analysis.In August, training will continue for students from Haeryong High School (August 11-12), Hwasun High School (August 19), and Jangheung High School (August 21).Specialized training for university students has also been actively conducted.From July 21 to 23, 43 university students from the Jeonnam region participated in the '2026 Global Bio Campus Workforce Development Program' summer intensive training. Participants learned essential skills required in the industry, including bio pharmaceutical manufacturing processes and GMP (Good Manufacturing Practice) training.The institute reported high satisfaction rates from students and school officials regarding the program. Notably, the expansion of training to include elementary, middle, and high school students, previously focused on university students and workers, has established a tailored educational framework for different growth stages. The involvement of researchers from the Bio Pharmaceutical Division as instructors has also received positive feedback for providing practical, hands-on training.This educational initiative is expected to broaden students' career exploration opportunities, enhance their understanding of the bio industry, and lay the groundwork for developing practical, specialized talent.Seo Dong-sam, head of the Bio Pharmaceutical Division at the Jeonnam Bio Institute, stated, "We are continuously expanding hands-on training to enable local students to experience the bio industry and concretely plan their future careers. We will continue to strengthen tailored education in close cooperation with the local community and strive to cultivate key professionals who will lead the Jeonnam bio industry."Located in the Hwasun Vaccine Industry Special Zone, the Jeonnam Bio Institute's Bio Pharmaceutical Division is equipped with facilities capable of producing raw pharmaceutical materials and both non-clinical and clinical samples. The institute is also investing a total of 6 billion won by the end of this year to establish GMP training rooms, non-GMP laboratories, and advanced educational equipment, focusing on enhancing practical bio education infrastructure.* This article has been translated by AI. 2026-07-29 15:09:00
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Bank Salad Launches Interest Support Program to Alleviate Loan Burdens 뱅크샐러드가 대출 고객의 이자 부담을 덜어주는 '이자지원금' 서비스를 선보이며 대출 사후 관리 서비스를 강화한다. 뱅크샐러드는 신용대출, 전세담보대출, 주택담보대출 보유 고객 대상으로 이자지원금 서비스를 출시했다고 29일 밝혔다. 이번 서비스는 뱅크샐러드를 통해 실행한 대출뿐 아니라 기존에 보유 중인 대출에도 적용되는 것이 특징이다. 고객은 매달 대출 이자를 납부한 뒤 뱅크샐러드 앱에서 이자지원금을 '받기'를 신청하면 해당 월의 지원금을 받을 수 있다. 여러 건의 대출을 보유한 경우에는 대출별로 각각 지원금이 지급된다. 지원금은 무작위 방식으로 지급되며, 일부 고객은 해당 월 납부한 이자의 최대 100%까지 돌려받을 수 있다. 지급된 지원금은 뱅샐머니로 제공되며 연결된 계좌로 즉시 송금할 수 있다. 뱅크샐러드 관계자는 "고금리, 고물가 상황에서 대출 이자 부담이 커진 고객이 데이터·AI 기술을 통해 놓치고 있던 금융 혜택을 찾을 수 있도록 대출 서비스를 강화하고 있다"며 "고객에게 매달 이자 부담을 줄여나가는 동기를 제공하고 지속적인 금융비용 절감으로 이어지는 차별화된 대출 관리 경험을 제공하겠다"고 말했다.* This article has been translated by AI. 2026-07-29 15:09:00