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  • Hite Jinro to Showcase Same-Day Brewed Terra at Jeonju Beer Festival
    Hite Jinro to Showcase Same-Day Brewed Terra at Jeonju Beer Festival Hite Jinro will present Terra, brewed the same day at its Jeonju factory, at the '2026 Jeonju Beer Festival.'On July 28, Hite Jinro announced its special sponsorship of the Jeonju Beer Festival, which will take place from August 6 to 8 at the Jeonbuk National University Sports Complex. The festival will run daily from 6 PM to 11 PM.Now in its 12th year, the Jeonju Beer Festival celebrates the local 'gamak' culture, where residents enjoy simple snacks and beer from neighborhood shops. A key feature of the festival is the sale of beer supplied the same day from the Hite Jinro Jeonju factory. Ten local 'gamak' establishments and ten regular pubs will also participate.This year, the festival will be held at the Jeonbuk National University Sports Complex for the first time, increasing seating capacity from 5,000 to 7,000.Last year, the festival was relocated to Jeonju University Stadium due to the demolition of the previous venue, Jeonju Comprehensive Sports Complex. The move back to Jeonbuk National University aims to expand both the scale of the event and its connection to the surrounding commercial area.At the festival, Hite Jinro will sell same-day brewed Terra and host a tasting event for its new product, 'Terra Sparkling.' The non-alcoholic 'Terra Zero' will also be available.Outside the event venue, a separate sales booth will allow attendees to take home the same-day brewed Terra, which was previously only available for consumption on-site. The festival will also feature experience booths for So-Mak (a mix of soju and beer) certification, tattoo events, fireworks, a gamak concert, and a flash mob.Hite Jinro is strengthening its ties with the local business community. In collaboration with the Jeonbuk National University Merchants Association, the company has designated about 60 cafes and restaurants around the venue as official partner establishments. Festival visitors will receive discounts or additional services at these locations.A Hite Jinro representative stated, “As this is the first festival created in partnership with the Jeonbuk National University area, we have paid special attention to coexistence with the local community. We hope to bring joy to visitors with Terra while also invigorating the local economy.”* This article has been translated by AI. 2026-07-28 14:53:00
  • Foreign visitors plastic spending in South Korea tops 10 trillion won in H1
    Foreign visitors' plastic spending in South Korea tops 10 trillion won in H1 SEOUL, July 28 (AJP) - Foreign tourists' credit card spending in South Korea topped 10 trillion won (US$6 billion) in the first half of this year, the Ministry of Culture, Sports and Tourism said on Tuesday. According to the ministry, foreign visitors spent a cumulative 10.39 trillion won on plastic purchases during the first six months of this year, up 50.8 percent from 6.66 trillion won a year earlier, reaching the milestone about three months earlier than last year, when it was not hit until September. Their spending in June alone rose 66.4 percent from a year earlier to 2.05 trillion won, surpassing the 2 trillion-won mark for a second consecutive month as South Korea welcomed 1.99 million foreign visitors, up 23.1 percent from a year earlier, with first-half arrivals totaling 10.71 million. Foreign visitors are also increasingly traveling beyond the capital region. Preliminary data from Korea Culture and Tourism Institute (KCTI) showed the regional visit rate rose to 34.2 percent from 31.4 percent a year earlier. Arrivals through provincial airports also surged. In June, 395,246 foreign visitors entered South Korea through airports including Cheongju, Daegu, Gimhae, and Jeju, up 42.5 percent from 277,454 a year earlier. Over the same period, arrivals through airports in the capital region increased 18.2 percent. "The rise in arrivals through provincial airports and increased tourist spending are encouraging signs," said Kang Jeong-won, a ministry official, adding that the ministry will continue to support efforts to boost tourism across the country. 2026-07-28 14:50:54
  • KAIST Joins Microsoft’s Global AI Safety Research Program
    KAIST Joins Microsoft’s Global AI Safety Research Program KAIST has become the only institution in South Korea selected for Microsoft’s global artificial intelligence (AI) safety research program, aiming to develop next-generation AI security and reliability technologies.On July 28, KAIST announced that Professor Son Su-el from the Department of Computer Science has been chosen as a research support recipient for the EXTRA (External Red Team Alliance) program, operated by Microsoft’s AI Red Team.EXTRA is a newly launched global research support initiative by Microsoft’s AI Red Team. It aims to validate the safety and security vulnerabilities of AI systems from various perspectives and to expand an independent AI safety research ecosystem. This program is significant as it broadens AI safety assessments beyond internal corporate evaluations to include universities and research institutions worldwide.Microsoft determined that as AI systems become more advanced, it is essential to comprehensively validate expertise across various fields, including cybersecurity, multilingual environments, regional and cultural contexts, AI alignment, and potential misuse. They concluded that a single organization could not adequately assess these risks, leading to the establishment of EXTRA.As part of this selection, KAIST will receive a research grant of $25,000 (approximately 37 million won) from Microsoft for research on AI safety, security, AI alignment, and responsible AI development. This funding will be provided in the form of a 'gift award,' with no specific timeline for the research project, and will be utilized by Professor Son’s research team for their AI security and safety studies.EXTRA includes participation from over ten universities across six continents, in addition to KAIST. Microsoft plans to use this program to expand an independent AI safety research ecosystem and strengthen collaboration between academia and industry.Professor Son stated, "As AI systems rapidly spread across society, ensuring not only performance but also safety and reliability has become paramount. Through our participation in Microsoft’s AI Red Team EXTRA, we aim to systematically analyze various security threats that may arise in real AI service environments and contribute to the development of AI technologies that everyone can use with confidence."* This article has been translated by AI. 2026-07-28 14:50:00
  • Funding Rates Rise Nearly 1% in Six Months, Clouding Card Companies Outlook
    Funding Rates Rise Nearly 1% in Six Months, Clouding Card Companies' Outlook Funding rates for card companies have risen by nearly 1 percentage point in six months, raising concerns about declining profitability in the second half of the year. While the first half of the year saw solid performance due to cost-cutting measures, analysts warn that rising funding costs and stricter household loan management could quickly diminish the ability to maintain these results.According to the Korea Credit Finance Association on July 28, the average funding rate for eight major card companies, including Shinhan, Samsung, Hyundai, KB Kookmin, Lotte, Woori, Hana, and BC Card, was recorded at 4.39% at the end of last month. This marks an increase of 0.93 percentage points compared to the end of last year.The funding rates published by the association are based on the average yield of three-year card bonds calculated by private credit rating agencies such as Korea Asset Evaluation, KIS Asset Management, and NICE P&I. This serves as a key indicator of the funding costs for card companies.By company, the funding rates for Shinhan, Samsung, and KB Kookmin, which have relatively high credit ratings, rose from 3.42% to 4.33% during this period. Lotte's rate increased by more than 1 percentage point, reaching 4.74%.The burden of funding costs continues into the second half of the year. According to the Korea Financial Investment Association, as of July 27, the average yield on three-year bonds rated AA+ was 4.459%, an increase of 0.231 percentage points from the end of last month. Following the Bank of Korea's decision to raise the benchmark interest rate by 0.25 percentage points this month, there are indications of a potential further increase next month, which is expected to exacerbate the funding burden for card companies.Unlike banks, card companies cannot raise funds through deposits, making them highly dependent on marketable funds such as corporate bonds. When market interest rates rise, the cost of issuing bonds directly translates into increased financial costs, putting pressure on profitability.In the first half of the year, four major card companies reported a combined net profit increase of 4.2% compared to the same period last year, thanks to cost efficiency. However, in the second half, the ongoing burden of funding costs, coupled with the government's stricter household loan management, is likely to limit the growth of more profitable businesses such as card loans. Concerns are also emerging that the expansion of mid-interest loan policies could lower the yield on loan assets.A card industry official stated, “As the government's household loan management policy continues, it will be difficult to increase card loan assets in the second half as we did in the first half. If the benchmark interest rate is raised further, the ongoing rise in market interest rates will increase the burden of funding costs, further intensifying profitability pressure.”* This article has been translated by AI. 2026-07-28 14:48:00
  • MakinaRocks Partners with Hanwha Systems to Expand AI in Manufacturing
    MakinaRocks Partners with Hanwha Systems to Expand AI in Manufacturing Physical AI company MakinaRocks is teaming up with Hanwha Systems to expand its AI transformation (AX) initiatives in the manufacturing sector.On July 27, MakinaRocks announced that it had signed a strategic memorandum of understanding (MOU) with Hanwha Systems to enhance AX operations in domestic and international manufacturing sites.The agreement is based on the AX initiatives led by Hanwha Systems, which will provide domain knowledge and foundational technology for the manufacturing industry. MakinaRocks plans to establish a technical cooperation framework leveraging its expertise to accelerate AX across the manufacturing sector.The MOU is set for a duration of three years. Under this agreement, MakinaRocks will participate as a key strategic partner in Hanwha Systems' AI agent development and platform implementation projects. The company will also form a dedicated task force to facilitate close collaboration with Hanwha Systems in the Yeongnam region, a key hub for the manufacturing industry.In the first half of this year, MakinaRocks surpassed 20 billion won in orders, a threefold increase compared to the same period last year, which saw orders of 6.4 billion won. This figure is nearing last year's total annual orders of 20.5 billion won. The defense and aerospace sectors accounted for 27% of the orders, with key clients including the Defense Science Research Institute and Doosan Enerbility. The defense sector alone represented 22% of total revenue last year. With this partnership, MakinaRocks aims to establish a stable business foundation with Hanwha Systems and bolster its expansion in the manufacturing AX sector.Yoon Sung-ho, CEO of MakinaRocks, stated, "The manufacturing sector is a mission-critical industry encompassing processes and equipment, where data security and on-site reliability are paramount. Through our strategic collaboration with Hanwha Systems, we aim to validate our agent development capabilities and position ourselves as an indispensable partner in driving AI transformation in manufacturing."* This article has been translated by AI. 2026-07-28 14:43:00
  • Education Budget Dispute: Finding Solutions Amidst Surplus Funds
    Education Budget Dispute: Finding Solutions Amidst Surplus Funds A tug-of-war is ongoing between the education sector and financial authorities over local education financial grants. While the term may be unfamiliar to many, the essence of these grants is straightforward: they are fixed budgets allocated by the central government to local education offices for the education of elementary, middle, and high school students. According to the current Local Education Financial Grants Act, the government is required to allocate 20.79% of the total domestic tax revenue collected each year as grants. As the national economy grows and overall tax revenue increases, the funds available to education offices automatically swell, even as the school-age population declines sharply. The issue arises at this point. The Ministry of Economy and Finance, which oversees national finances, has strongly pressured, stating, "With the sharp decline in student numbers due to low birth rates, how long can we continue to pour surplus budgets into education offices?" They argue that the proportion of grants linked to domestic tax revenue should be reduced, effectively signaling a cut in the automatic transfer of funds to education offices. In contrast, the education sector's stance is resolute. They assert, "Investments in education for future generations should not be calculated solely based on the current number of students," maintaining a firm position against budget cuts. They argue that the current budget is insufficient to transform outdated school facilities into cutting-edge digital environments and to implement personalized education, claiming that any budget reduction would lead to a regression in education quality. While both sides present valid arguments, public sentiment appears cold. There is a clear history of some education offices mismanaging surplus budgets, leading to inefficient operations. Controversies have arisen over distributing tablet PCs to students without thorough educational impact analysis and the indiscriminate issuance of congratulatory funds for new enrollments. Amid this uncompromising standoff, the Ministry of Education has proposed a compromise that seems practical and reasonable. They suggest partially dismantling the rigid barriers surrounding grants for kindergartens and elementary, middle, and high schools. The proposal aims to redirect some of the surplus budget to invest in universities, which have faced chronic financial difficulties due to years of frozen tuition, and in lifelong education, which is a pressing societal need. From my perspective, it is more beneficial to support the Ministry of Education's proposal for budget utilization rather than the financial authorities' harsh call for a reduction in grant percentages. The paradigm of education is shifting from traditional schooling to lifelong learning that spans from cradle to grave. To overcome the crisis facing local economies and drive innovation, the role of local universities is more crucial than ever. Redirecting wealth concentrated in early childhood, elementary, middle, and high school education towards higher education and lifelong learning is a macro-level solution that can elevate the overall educational competitiveness of the nation. However, there is a heavy prerequisite that the education sector and local education offices must keep in mind. The proposed "opening of budget pathways" should not serve as a license for lax budget management and wasteful practices. If, despite expanding the use of funds to higher education and lifelong learning as suggested by the Ministry of Education, local education offices continue to engage in budgetary practices that stray from their core purpose, the situation will be entirely different. The ball is now back in the court of the education sector. Rather than hoarding surplus resources, there needs to be a grand decision to provide a solid foundation for universities and local communities to coexist and grow together. If education offices fail to use their budgets prudently and efficiently, continuing past wasteful practices, then even if financial authorities wield the sharp "scalpel" of grant percentage cuts, the education sector will have no grounds for complaint. This is the last golden opportunity for the education sector to improve and prove its chronic inefficiencies before lying on the cold operating table. 2026-07-28 14:39:00
  • Korea Electric Power Corporation Launches Solar Project at Substation Sites
    Korea Electric Power Corporation Launches Solar Project at Substation Sites 한국전력이 변전소 유휴부지를 활용해 태양광 발전설비를 설치하는 시범사업에 착수했다. 올해 안산 반월변전소 등 2곳을 시작으로 내년까지 5개 변전소에 총 4.8MW 규모의 설비를 구축한 뒤 2030년까지 전국 500곳으로 사업을 확대할 계획이다. 한국전력은 28일 경기 안산 반월변전소에서 켑코솔라와 변전소 유휴부지 에너지화 시범사업 추진을 위한 업무협약(MOU)을 체결했다고 밝혔다. 이번 사업은 태양광 발전설비 설치가 가능한 변전소 유휴부지를 한전이 발굴해 임대하고 켑코솔라가 해당 부지에 설비를 설치·운영하는 방식으로 추진된다. 한전은 우선 총 5개 변전소에 4.8MW 규모의 태양광 발전설비를 구축할 계획이다. 올해 12월까지 경기 안산 반월변전소 등 2개 변전소에 1.8MW 규모의 설비를 설치하고 내년 상반기에는 성거변전소 등 3곳에 약 3MW를 추가 조성한다. 이번 시범사업이 성공적으로 마무리되면 2027년부터는 공모 방식 등을 통해 사업을 본격 확대할 예정이다. 앞서 한전은 지난 5월 '송변전 유휴자산 에너지화 프로젝트'를 발표하고 2030년까지 전국 변전소 유휴부지 500곳에 총 95㎿ 규모의 태양광 발전설비를 구축한다는 계획을 밝혔다. 김재군 한전 전력계통부사장은 "이번 협약은 지난 5월 발표한 유휴자산 에너지화 프로젝트를 실제 사업으로 구현하는 첫걸음"이라며 "시범사업을 성공적으로 추진해 공공부문 K-RE100 대표 성공 사례를 만들고 국가 탄소중립 실현에도 기여하는 중요한 이정표가 되도록 하겠다"고 말했다.* This article has been translated by AI. 2026-07-28 14:38:00
  • Han Yuwon Enhances Expertise of Direct Production Inspectors
    Han Yuwon Enhances Expertise of Direct Production Inspectors The Korea Small Business and Startups Agency announced on July 28 that it will conduct training to enhance the expertise of direct production inspectors until the end of next month.The direct production verification system is designed to confirm whether small businesses that win contracts through competitive bidding actually produce the products themselves. Since being designated as the agency responsible for the direct production verification system in 2022, Han Yuwon has issued direct production verification certificates to a total of 180,410 companies as of June this year.The training is aimed at 178 newly selected inspectors who were chosen earlier this month. The first session, held the previous day at Han Yuwon in Mokdong, Seoul, included theoretical training on the direct production verification system and the Public Procurement Comprehensive Information Network (SMPP). The training also covered procedural education for conducting inspections and practical exercises based on the experiences and cases of professional inspectors currently performing inspections.Han Yuwon CEO Lee Tae-sik stated, "As the direct production verification system is established to strengthen the competitiveness of the domestic manufacturing base, we will continuously enhance the expertise of inspectors to increase the system's reliability."* This article has been translated by AI. 2026-07-28 14:36:00
  • Han Yuwon Enhances Expertise of Direct Production Inspectors
    Han Yuwon Enhances Expertise of Direct Production Inspectors The Korea Small Business and Startups Agency announced on July 28 that it will conduct training to enhance the expertise of direct production inspectors until the end of next month.The direct production verification system is designed to confirm whether small businesses that win contracts through competitive bidding actually produce the products themselves. Since being designated as the agency responsible for the direct production verification system in 2022, Han Yuwon has issued direct production verification certificates to a total of 180,410 companies as of June this year.The training is aimed at 178 newly selected inspectors who were chosen earlier this month. The first session, held the previous day at Han Yuwon in Mokdong, Seoul, included theoretical training on the direct production verification system and the Public Procurement Comprehensive Information Network (SMPP). The training also covered procedural education for conducting inspections and practical exercises based on the experiences and cases of professional inspectors currently performing inspections.Han Yuwon CEO Lee Tae-sik stated, "As the direct production verification system is established to strengthen the competitiveness of the domestic manufacturing base, we will continuously enhance the expertise of inspectors to increase the system's reliability."* This article has been translated by AI. 2026-07-28 14:36:00
  • Large Corporations Face Increased Fines for Unfair Practices as Fair Trade Commission Proposes Reforms
    Large Corporations Face Increased Fines for Unfair Practices as Fair Trade Commission Proposes Reforms The Fair Trade Commission (FTC) is moving to implement a system that considers the size of companies when imposing fines for unfair practices. The aim is to impose larger fines on major corporations to prevent market disruption. During a report to the National Assembly's Political Affairs Committee on July 28, the FTC stated that it seeks to enhance the effectiveness of economic sanctions. The commission believes that current regulations are insufficient to deter violations and plans to overhaul the fine system. This includes raising the maximum fines and taking company size into account during calculations. Additionally, the FTC will establish guidelines for prosecuting repeated violations related to mandatory data submissions and amend enforcement regulations to allow fines proportional to the unjust gains of company owners. The FTC also plans to actively address unfair practices that exploit international circumstances. This includes a focus on collusion in the chemical, paint, and petroleum sectors, as well as the establishment of dedicated teams for major cases. Investigations will also target practices such as providing kickbacks related to food supplies for welfare facilities. Furthermore, the commission will examine unfair practices in sectors closely related to consumer life. It plans to conduct in-depth analyses of monopolistic market structures and the causes of high prices in products like ice cream, cooking oil, cinema tickets, and online video streaming services. Improvements will also be made in the digital sector. The FTC will identify necessary reforms through a survey of the artificial intelligence (AI) service market. It will publish policy reports analyzing the competitive landscape and transaction status of AI services, such as ChatGPT, and conduct thorough reviews of corporate mergers in digital markets, including virtual assets. To enhance consumer rights, the FTC will review unfair contract terms that require individual guarantees from brides and grooms when booking wedding venues and will establish standard contracts for funeral services. It will also mandate the disclosure of restricted view seating in the entertainment and sports sectors.* This article has been translated by AI. 2026-07-28 14:33:00